Revenue Recognition Revenue Recognition

6 Months Ended

Dec. 31, 2022

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 six months ended December 31, 2022 and 2021. Other countries consist of Mexico, Australia, New Zealand, and Singapore.

	Three Months Ended December 31,
	2022						2021
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	581,452	$	347,745	$	929,197	$	474,412	$	282,355	$	756,767
Canada	74,702		—		74,702		66,263		—		66,263
Other countries	49,238		7,143		56,381		46,543		7,301		53,844
Total	$	705,392	$	354,888	$	1,060,280	$	587,218	$	289,656	$	876,874

	Six Months Ended December 31,
	2022						2021
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	1,166,332	$	684,354	$	1,850,686	$	953,576	$	567,399	$	1,520,975
Canada	154,472		—		154,472		140,829		—		140,829
Other countries	102,576		14,951		117,527		93,684		13,067		106,751
Total	$	1,423,380	$	699,305	$	2,122,685	$	1,188,089	$	580,466	$	1,768,555

The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three and six months ended December 31, 2022 and 2021:

	Three Months Ended December 31,
	2022						2021
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	33.4	%	42.3	%	36.3	%	35.1	%	40.9	%	36.9	%
Industrial Machinery	10.3	%	27.4	%	16.0	%	10.5	%	29.0	%	16.6	%
Metals	10.6	%	7.4	%	9.5	%	11.1	%	7.1	%	9.8	%
Food	13.1	%	2.2	%	9.4	%	12.6	%	2.2	%	9.2	%
Forest Products	11.9	%	2.4	%	8.8	%	10.7	%	2.1	%	7.9	%
Chem/Petrochem	3.0	%	12.9	%	6.4	%	3.1	%	13.8	%	6.6	%
Cement & Aggregate	7.9	%	1.3	%	5.7	%	7.1	%	0.9	%	5.1	%
Oil & Gas	6.3	%	1.2	%	4.6	%	5.4	%	1.2	%	4.0	%
Transportation	3.5	%	2.9	%	3.3	%	4.4	%	2.8	%	3.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Six Months Ended December 31,
	2022						2021
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	33.7	%	41.0	%	36.1	%	34.8	%	39.9	%	36.6	%
Industrial Machinery	10.2	%	27.3	%	15.8	%	10.4	%	29.0	%	16.5	%
Metals	10.7	%	7.6	%	9.7	%	11.1	%	7.2	%	9.8	%
Food	12.9	%	2.5	%	9.5	%	12.6	%	2.4	%	9.2	%
Forest Products	11.9	%	2.5	%	8.8	%	10.5	%	2.3	%	7.8	%
Chem/Petrochem	2.9	%	13.4	%	6.3	%	3.3	%	13.8	%	6.7	%
Cement & Aggregate	7.8	%	1.4	%	5.7	%	7.8	%	1.0	%	5.6	%
Oil & Gas	6.3	%	1.3	%	4.7	%	5.3	%	1.2	%	3.9	%
Transportation	3.6	%	3.0	%	3.4	%	4.2	%	3.2	%	3.9	%
Total	100.0	%	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 six months ended December 31, 2022 and 2021:

	Three Months Ended December 31,
	2022						2021
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Power Transmission	37.5	%	10.1	%	28.4	%	36.6	%	10.4	%	27.9	%
General Maintenance: Hose Products & Other	21.0	%	23.6	%	21.8	%	21.5	%	19.9	%	21.0	%
Fluid Power	13.3	%	34.8	%	20.5	%	13.0	%	37.4	%	21.1	%
Bearings, Linear & Seals	28.2	%	0.5	%	18.9	%	28.9	%	0.5	%	19.5	%
Specialty Flow Control	—	%	31.0	%	10.4	%	—	%	31.8	%	10.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Six Months Ended December 31,
	2022						2021
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Power Transmission	37.5	%	10.1	%	28.5	%	37.1	%	10.2	%	28.3	%
General Maintenance; Hose Products & Other	21.2	%	19.6	%	20.6	%	21.1	%	19.4	%	20.5	%
Fluid Power	13.1	%	35.1	%	20.4	%	12.9	%	37.5	%	21.0	%
Bearings, Linear & Seals	28.2	%	0.4	%	19.0	%	28.9	%	0.5	%	19.6	%
Specialty Flow Control	—	%	34.8	%	11.5	%	—	%	32.4	%	10.6	%
Total	100.0	%	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:

	December 31, 2022		June 30, 2022		$ Change		% Change
Contract assets	$	15,586	$	18,050	$	(2,464)	(13.7)	%

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.