XML 19 R9.htm IDEA: XBRL DOCUMENT
v3.20.2

Revenue Recognition | 9 Months Ended
--- | ---
Sep. 30, 2020
Deferred Revenue Disclosure [Abstract] |
Revenue Recognition | Revenue Recognition As part of the Company's revenue recognition analysis, it concluded that it has two separate performance obligations, and accordingly, two separate revenue streams: products and services. Under the definition of a contract as defined by ASC 606, the Company considers contracts to be created at the time an order to purchase product is agreed upon regardless of whether or not there is a written contract. Performance Obligations Lawson has two operating segments; the Lawson segment and the Bolt Supply segment. The Lawson segment has two distinct performance obligations offered to its customers: a product performance obligation and a service performance obligation. Although the Company has identified that it offers its customers both a product and a service obligation, the customer only receives one invoice per transaction with no price breakout between these obligations. The Company does not price its offerings based on any breakout between these obligations. The Lawson segment, including the recent Partsmaster acquisition, offers a vendor managed inventory ("VMI") service proposition to its customers. A portion of these services, primarily related to stocking of product and maintenance of the MRO inventory, is provided a short period of time after control of the purchased product has been transferred to the customer. Since some components of VMI service have not been provided at the time the control of the product transfers to the customer, that portion of expected consideration is deferred until the time that those services have been provided. The Bolt Supply segment does not provide VMI services for its customers or provide services in addition to product sales to customers. In previous financial statements, the Company presented the disaggregated components of total revenue: product revenue and service revenue, along with the cost of sales associated with each of these revenue streams as the service revenues exceeded 10% of consolidated sales. Since the Company qualifies as a smaller reporting company, the Company has elected to discontinue disclosure of the disaggregated components of revenue and cost of sales in its c ondensed consolidated statements of income and comprehensive income and in the related notes to the condensed consolidated financial statements. This presentation decision is effective beginning with this Quarterly Report on Form 10-Q for the period ended September 30, 2020. For the three and nine months ended September 30, 2019, service revenue of $10.3 million and $29.9 million, respectively, were reported as service revenue which have now been combined as reported within total revenue. Disaggregated revenue by geographic area follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(Dollars in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
United States | $ | 72,030 |  |  | $ | 75,160 |  |  | $ | 202,709 |  |  | $ | 225,327 |
Canada | 18,247 |  |  | 19,619 |  |  | 50,749 |  |  | 56,892 |
Consolidated total | $ | 90,277 |  |  | $ | 94,779 |  |  | $ | 253,458 |  |  | $ | 282,219 |
Disaggregated revenue by product type follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Fastening Systems | 22.3 | % |  | 24.1 | % |  | 22.7 | % |  | 24.0 | %
Specialty Chemicals | 13.3 | % |  | 11.7 | % |  | 11.7 | % |  | 11.6 | %
Fluid Power | 12.6 | % |  | 15.1 | % |  | 13.2 | % |  | 15.2 | %
Cutting Tools and Abrasives | 12.2 | % |  | 13.1 | % |  | 13.1 | % |  | 13.1 | %
Electrical | 10.0 | % |  | 10.4 | % |  | 10.2 | % |  | 10.8 | %
Safety | 7.0 | % |  | 4.7 | % |  | 6.4 | % |  | 4.7 | %
Aftermarket Automotive Supplies | 7.0 | % |  | 7.6 | % |  | 7.1 | % |  | 7.9 | %
Welding and Metal Repair | 1.4 | % |  | 1.3 | % |  | 1.4 | % |  | 1.5 | %
Other | 14.2 | % |  | 12.0 | % |  | 14.2 | % |  | 11.2 | %
Consolidated Total | 100.0% |  | 100.0% |  | 100.0% |  | 100.0%

X
- References No definition available. + Details
Name: | us-gaap_DeferredRevenueDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration