Revenue Recognition Revenue Recognition

9 Months Ended

Mar. 31, 2024

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, 2024 and 2023. Other countries consist of Mexico, Australia, New Zealand, and Singapore.

	Three Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	666,170	$	350,997	$	1,017,167	$	628,816	$	363,945	$	992,761
Canada	73,388		—		73,388		80,133		—		80,133
Other countries	49,798		6,037		55,835		52,650		6,491		59,141
Total	$	789,356	$	357,034	$	1,146,390	$	761,599	$	370,436	$	1,132,035

	Nine Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Geographic Areas:
United States	$	1,885,915	$	1,035,262	$	2,921,177	$	1,795,148	$	1,048,299	$	2,843,447
Canada	225,858		—		225,858		234,605		—		234,605
Other countries	153,389		18,307		171,696		155,226		21,442		176,668
Total	$	2,265,162	$	1,053,569	$	3,318,731	$	2,184,979	$	1,069,741	$	3,254,720

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, 2024 and 2023:

	Three Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	35.6	%	40.7	%	37.2	%	33.9	%	39.9	%	35.8	%
Food	17.3	%	2.5	%	12.7	%	13.1	%	2.7	%	9.7	%
Industrial Machinery	6.8	%	24.3	%	12.2	%	9.7	%	25.9	%	15.0	%
Metals	11.4	%	7.4	%	10.2	%	10.6	%	7.8	%	9.7	%
Forest Products	11.7	%	3.1	%	9.0	%	12.5	%	3.6	%	9.6	%
Chem/Petrochem	2.6	%	15.4	%	6.6	%	2.9	%	14.3	%	6.6	%
Cement & Aggregate	6.7	%	1.1	%	5.0	%	7.9	%	1.2	%	5.7	%
Oil & Gas	4.4	%	1.9	%	3.6	%	5.8	%	1.4	%	4.4	%
Transportation	3.5	%	3.6	%	3.5	%	3.6	%	3.2	%	3.5	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Nine Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
General Industry	34.9	%	39.5	%	36.3	%	33.8	%	40.6	%	36.1	%
Food	15.0	%	2.6	%	11.1	%	13.0	%	2.6	%	9.6	%
Industrial Machinery	8.2	%	24.8	%	13.5	%	10.0	%	26.8	%	15.5	%
Metals	11.0	%	7.7	%	10.0	%	10.7	%	7.7	%	9.7	%
Forest Products	12.0	%	3.2	%	9.2	%	12.0	%	2.9	%	9.0	%
Chem/Petrochem	2.7	%	15.7	%	6.8	%	3.0	%	13.7	%	6.5	%
Cement & Aggregate	7.3	%	1.2	%	5.4	%	7.9	%	1.3	%	5.7	%
Oil & Gas	5.3	%	1.7	%	4.1	%	5.9	%	1.3	%	4.4	%
Transportation	3.6	%	3.6	%	3.6	%	3.7	%	3.1	%	3.5	%
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 nine months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Power Transmission	37.3	%	11.6	%	29.3	%	37.2	%	10.9	%	28.6	%
Fluid Power	14.2	%	36.0	%	21.0	%	13.2	%	34.3	%	20.1	%
General Maintenance; Hose Products & Other	22.0	%	17.1	%	20.4	%	20.6	%	19.1	%	20.1	%
Bearings, Linear & Seals	26.5	%	0.4	%	18.4	%	29.0	%	0.4	%	19.6	%
Specialty Flow Control	—	%	34.9	%	10.9	%	—	%	35.3	%	11.6	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Nine Months Ended March 31,
	2024						2023
	Service Center Based Distribution		Engineered Solutions		Total		Service Center Based Distribution		Engineered Solutions		Total
Power Transmission	37.8	%	11.4	%	29.4	%	37.4	%	10.4	%	28.5	%
Fluid Power	14.1	%	36.8	%	21.3	%	13.1	%	34.9	%	20.3	%
General Maintenance; Hose Products & Other	21.9	%	17.1	%	20.4	%	21.1	%	19.3	%	20.5	%
Bearings, Linear & Seals	26.2	%	0.4	%	18.0	%	28.4	%	0.4	%	19.2	%
Specialty Flow Control	—	%	34.3	%	10.9	%	—	%	35.0	%	11.5	%
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:

	March 31, 2024		June 30, 2023		$ Change		% Change
Contract assets	$	15,125	$	17,911	$	(2,786)	(15.6)	%

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.