Revenue Recognition Revenue Recognition

6 Months Ended

Dec. 31, 2019

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, 2019 and 2018. Other countries consist of Mexico, Australia, New Zealand, and Singapore.

	Three Months Ended December 31,
	2019						2018
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Geographic Areas:
United States	$	467,191	$	253,149	$	720,340	$	479,335	$	247,862	$	727,197
Canada	67,897		—		67,897		68,569		—		68,569
Other countries	40,700		4,438		45,138		41,394		2,878		44,272
Total	$	575,788	$	257,587	$	833,375	$	589,298	$	250,740	$	840,038

	Six Months Ended December 31,
	2019						2018
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Geographic Areas:
United States	$	960,064	$	503,262	$	1,463,326	$	970,109	$	504,511	$	1,474,620
Canada	133,843		—		133,843		137,676		—		137,676
Other countries	85,041		7,569		92,610		85,562		6,695		92,257
Total	$	1,178,948	$	510,831	$	1,689,779	$	1,193,347	$	511,206	$	1,704,553

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, 2019 and 2018:

	Three Months Ended December 31,
	2019						2018
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
General Industry	34.4	%	41.0	%	36.4	%	35.9	%	46.1	%	38.9	%
Industrial Machinery	9.1	%	24.2	%	13.8	%	9.7	%	20.3	%	12.9	%
Metals	10.7	%	7.6	%	9.8	%	13.6	%	8.5	%	12.1	%
Food	12.0	%	3.0	%	9.2	%	10.1	%	2.7	%	7.8	%
Oil & Gas	8.1	%	1.8	%	6.1	%	10.2	%	2.1	%	7.8	%
Chem/Petrochem	3.6	%	14.4	%	6.9	%	2.9	%	14.0	%	6.2	%
Forest Products	9.5	%	2.9	%	7.5	%	7.1	%	2.9	%	5.9	%
Cement & Aggregate	7.8	%	1.0	%	5.7	%	6.0	%	0.9	%	4.5	%
Transportation	4.8	%	4.1	%	4.6	%	4.5	%	2.5	%	3.9	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Six Months Ended December 31,
	2019						2018
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
General Industry	34.6	%	42.4	%	37.0	%	35.8	%	44.9	%	38.4	%
Industrial Machinery	9.7	%	23.2	%	13.8	%	9.5	%	20.8	%	12.9	%
Metals	11.5	%	7.9	%	10.4	%	12.3	%	8.2	%	11.1	%
Food	11.5	%	2.8	%	8.9	%	10.4	%	2.6	%	8.1	%
Oil & Gas	8.7	%	1.9	%	6.6	%	9.9	%	2.1	%	7.6	%
Chem/Petrochem	3.2	%	13.5	%	6.3	%	3.2	%	14.8	%	6.7	%
Forest Products	8.6	%	3.0	%	6.9	%	8.0	%	2.8	%	6.4	%
Cement & Aggregate	7.3	%	1.0	%	5.4	%	6.4	%	1.0	%	4.8	%
Transportation	4.9	%	4.3	%	4.7	%	4.5	%	2.8	%	4.0	%
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, 2019 and 2018:

	Three Months Ended December 31,
	2019						2018
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Power Transmission	35.4	%	11.8	%	28.1	%	34.3	%	1.3	%	24.4	%
General Maintenance; Hose Products	25.0	%	13.3	%	21.4	%	25.4	%	5.8	%	19.6	%
Fluid Power	13.4	%	35.8	%	20.3	%	13.7	%	38.1	%	21.0	%
Bearings, Linear & Seals	26.2	%	0.4	%	18.2	%	26.6	%	0.4	%	18.8	%
Specialty Flow Control	—	%	38.7	%	12.0	%	—	%	54.4	%	16.2	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Six Months Ended December 31,
	2019						2018
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Power Transmission	34.9	%	10.5	%	27.6	%	33.5	%	1.4	%	23.9	%
General Maintenance; Hose Products	25.7	%	10.7	%	21.0	%	26.6	%	5.2	%	20.2	%
Fluid Power	13.4	%	37.5	%	20.7	%	13.8	%	37.9	%	21.0	%
Bearings, Linear & Seals	26.0	%	0.3	%	18.3	%	26.1	%	0.2	%	18.3	%
Specialty Flow Control	—	%	41.0	%	12.4	%	—	%	55.3	%	16.6	%
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, 2019		June 30, 2019		$ Change			% Change
Contract assets	$	7,038	$	8,920	$	(1,882	)	(21.1	)%

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.