v3.23.1
Revenue Recognition Revenue Recognition
 9 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE RECOGNITION
Disaggregation of Revenues
The following tables present the Company's net sales by reportable segment and by geographic areas based on the location of the facility shipping the product for the three and nine months ended March 31, 2023 and 2022. Other countries consist of Mexico, Australia, New Zealand, and Singapore.
Three Months Ended March 31,
20232022
Service Center Based DistributionEngineered SolutionsTotalService Center Based DistributionEngineered SolutionsTotal
Geographic Areas:
United States$628,816 $363,945 $992,761 $541,622 $314,626 $856,248 
Canada80,133 — 80,133 70,493 — 70,493 
Other countries52,650 6,491 59,141 46,883 7,038 53,921 
Total$761,599 $370,436 $1,132,035 $658,998 $321,664 $980,662 
Nine Months Ended March 31,
20232022
Service Center Based DistributionEngineered SolutionsTotalService Center Based DistributionEngineered SolutionsTotal
Geographic Areas:
United States$1,795,148 $1,048,299 $2,843,447 $1,495,198 $882,025 $2,377,223 
Canada234,605 — 234,605 211,322 — 211,322 
Other countries155,226 21,442 176,668 140,567 20,105 160,672 
Total$2,184,979 $1,069,741 $3,254,720 $1,847,087 $902,130 $2,749,217 

The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three and nine months ended March 31, 2023 and 2022:
Three Months Ended March 31,
 20232022
Service Center Based DistributionEngineered SolutionsTotalService Center Based DistributionEngineered SolutionsTotal
General Industry33.9 %39.9 %35.8 %35.2 %40.5 %36.8 %
Industrial Machinery9.7 %25.9 %15.0 %10.6 %27.9 %16.3 %
Metals10.6 %7.8 %9.7 %11.4 %7.7 %10.2 %
Food13.1 %2.7 %9.7 %12.6 %2.7 %9.4 %
Forest Products12.5 %3.6 %9.6 %10.8 %2.1 %7.9 %
Chem/Petrochem2.9 %14.3 %6.6 %2.9 %13.3 %6.3 %
Cement & Aggregate7.9 %1.2 %5.7 %7.1 %1.1 %5.2 %
Oil & Gas5.8 %1.4 %4.4 %5.5 %1.1 %4.1 %
Transportation3.6 %3.2 %3.5 %3.9 %3.6 %3.8 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Nine Months Ended March 31,
 20232022
Service Center Based DistributionEngineered SolutionsTotalService Center Based DistributionEngineered SolutionsTotal
General Industry33.8 %40.6 %36.1 %34.8 %40.1 %36.5 %
Industrial Machinery10.0 %26.8 %15.5 %10.5 %28.6 %16.4 %
Metals10.7 %7.7 %9.7 %11.2 %7.4 %10.0 %
Food13.0 %2.6 %9.6 %12.6 %2.5 %9.3 %
Forest Products12.0 %2.9 %9.0 %10.6 %2.2 %7.9 %
Chem/Petrochem3.0 %13.7 %6.5 %3.2 %13.6 %6.6 %
Cement & Aggregate7.9 %1.3 %5.7 %7.6 %1.1 %5.4 %
Oil & Gas5.9 %1.3 %4.4 %5.4 %1.2 %4.0 %
Transportation3.7 %3.1 %3.5 %4.1 %3.3 %3.9 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
The following tables present the Company’s percentage of revenue by reportable segment and product line for the three and nine months ended March 31, 2023 and 2022:
Three Months Ended March 31,
 20232022
Service Center Based DistributionEngineered SolutionsTotalService Center Based DistributionEngineered SolutionsTotal
Power Transmission37.2 %10.9 %28.6 %36.3 %11.5 %28.2 %
Fluid Power13.2 %34.3 %20.1 %12.7 %36.5 %20.5 %
General Maintenance; Hose Products & Other20.6 %19.1 %20.1 %21.1 %18.8 %20.4 %
Bearings, Linear & Seals29.0 %0.4 %19.6 %29.9 %0.5 %20.2 %
Specialty Flow Control— %35.3 %11.6 %— %32.7 %10.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Nine Months Ended March 31,
 20232022
Service Center Based DistributionEngineered SolutionsTotalService Center Based DistributionEngineered SolutionsTotal
Power Transmission37.4 %10.4 %28.5 %36.8 %10.7 %28.3 %
Fluid Power13.1 %34.9 %20.3 %12.8 %37.1 %20.8 %
General Maintenance; Hose Products & Other21.1 %19.3 %20.5 %21.1 %19.2 %20.4 %
Bearings, Linear & Seals28.4 %0.4 %19.2 %29.3 %0.5 %19.8 %
Specialty Flow Control— %35.0 %11.5 %— %32.5 %10.7 %
Total100.0 %100.0 %100.0 %100.0 %100.0 %100.0 %
Contract Assets
The Company’s contract assets consist of un-billed amounts resulting from contracts for which revenue is recognized over time using the cost-to-cost method, and for which revenue recognized exceeds the amount billed to the customer.
Activity related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows:
March 31, 2023June 30, 2022$ Change% Change
Contract assets$19,356 $18,050 $1,306 7.2 %
The difference between the opening and closing balances of the Company's contract assets primarily results from the timing difference between the Company's performance and when the customer is billed.