XML 28 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Note 3. Revenue from Contracts with Customers (Notes)
 12 Months Ended
Jun. 30, 2021
Revenue from Contracts with Customers [Abstract]  
Revenue from Contract with Customer Revenue from Contracts with Customers
Our revenue from contracts with customers is generated primarily from manufacturing services provided for the production of electronic assemblies, electronic and non-electronic components, medical devices, medical disposables, precision molded plastics, and automation, test, and inspection equipment in automotive, medical, industrial, and public safety applications, to the specifications and designs of our customers.
The following table disaggregates our revenue by end market vertical for fiscal years 2021, 2020, and 2019:
Year Ended
(Amounts in Millions)202120202019
Vertical Markets:
Automotive$551.5 $457.4 $474.3 
Medical384.8 397.8 367.5 
Industrial293.7 271.0 255.9 
Public Safety48.1 56.2 66.2 
Other13.7 18.2 17.9 
Total net sales$1,291.8 $1,200.6 $1,181.8 
For fiscal years 2021, 2020, and 2019, approximately 89%, 78%, and 70% of our net sales, respectively, were recognized over time as manufacturing services were performed under a customer contract on a product with no alternative use and for which we have an enforceable right to payment for performance completed to date. The remaining sales revenues were recognized at a point in time when the customer obtained control of the products.
The timing differences of revenue recognition, billings to our customers, and cash collections from our customers result in billed accounts receivable and unbilled accounts receivable. Contract assets on the Consolidated Balance Sheets relate to unbilled accounts receivable and occur when revenue is recognized over time as manufacturing services are provided and the billing to the customer has not yet occurred as of the balance sheet date, which are generally transferred to receivables in the next fiscal quarter due to the short-term nature of the manufacturing cycle. Contract assets were $45.9 million and $70.4 million as of June 30, 2021 and 2020, respectively.
In limited circumstances, the Company may receive payments from customers in advance of the satisfaction of performance obligations primarily for tooling or other miscellaneous services or costs. These advance payments are recognized as contract liabilities until the performance obligations are completed and are included in Accrued expenses on the Consolidated Balance Sheets, which amounted to $7.6 million and $7.1 million as of June 30, 2021 and 2020, respectively. Our performance obligations are short term in nature and therefore our contract liabilities are all expected to be settled within twelve months.