Revenue Recognition Revenue Recognition

9 Months Ended

Mar. 31, 2020

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, 2020 and 2019. Other countries consist of Mexico, Australia, New Zealand, and Singapore.

	Three Months Ended March 31,
	2020						2019
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Geographic Areas:
United States	$	473,069	$	251,913	$	724,982	$	520,180	$	251,922	$	772,102
Canada	59,912		—		59,912		66,725		—		66,725
Other countries	41,387		4,516		45,903		43,533		3,083		46,616
Total	$	574,368	$	256,429	$	830,797	$	630,438	$	255,005	$	885,443

	Nine Months Ended March 31,
	2020						2019
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Geographic Areas:
United States	$	1,433,133	$	755,175	$	2,188,308	$	1,490,289	$	756,433	$	2,246,722
Canada	193,755		—		193,755		204,401		—		204,401
Other countries	126,428		12,085		138,513		129,095		9,778		138,873
Total	$	1,753,316	$	767,260	$	2,520,576	$	1,823,785	$	766,211	$	2,589,996

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, 2020 and 2019:

	Three Months Ended March 31,
	2020						2019
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
General Industry	34.8	%	39.9	%	36.4	%	35.8	%	41.7	%	37.5	%
Industrial Machinery	9.9	%	24.7	%	14.5	%	10.2	%	24.2	%	14.2	%
Metals	11.1	%	6.5	%	9.7	%	12.0	%	8.6	%	11.0	%
Food	12.0	%	3.1	%	9.3	%	10.5	%	2.5	%	8.2	%
Forest Products	9.8	%	5.7	%	8.5	%	7.0	%	3.6	%	6.0	%
Chem/Petrochem	3.3	%	12.8	%	6.2	%	2.8	%	12.8	%	5.7	%
Oil & Gas	7.3	%	1.3	%	5.4	%	10.1	%	2.3	%	7.9	%
Cement & Aggregate	7.2	%	1.3	%	5.4	%	6.9	%	1.0	%	5.2	%
Transportation	4.6	%	4.7	%	4.6	%	4.7	%	3.3	%	4.3	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Nine Months Ended March 31,
	2020						2019
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
General Industry	34.6	%	41.6	%	36.7	%	35.9	%	44.0	%	38.2	%
Industrial Machinery	9.7	%	23.7	%	13.9	%	9.7	%	22.0	%	13.3	%
Metals	11.3	%	7.4	%	10.1	%	12.2	%	8.3	%	11.1	%
Food	11.6	%	2.9	%	9.0	%	10.4	%	2.5	%	8.1	%
Forest Products	9.0	%	3.9	%	7.4	%	7.6	%	3.0	%	6.3	%
Chem/Petrochem	3.2	%	13.3	%	6.3	%	3.1	%	14.1	%	6.3	%
Oil & Gas	8.7	%	1.7	%	6.6	%	10.0	%	2.2	%	7.7	%
Cement & Aggregate	7.2	%	1.1	%	5.4	%	6.5	%	1.0	%	4.9	%
Transportation	4.7	%	4.4	%	4.6	%	4.6	%	2.9	%	4.1	%
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, 2020 and 2019:

	Three Months Ended March 31,
	2020						2019
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Power Transmission	34.8	%	8.5	%	26.6	%	34.5	%	2.3	%	25.2	%
Fluid Power	13.3	%	40.5	%	21.7	%	13.5	%	41.3	%	21.5	%
General Maintenance; Hose Products	24.0	%	12.2	%	20.4	%	24.7	%	4.7	%	18.9	%
Bearings, Linear & Seals	27.9	%	0.3	%	19.4	%	27.3	%	0.4	%	19.6	%
Specialty Flow Control	—	%	38.5	%	11.9	%	—	%	51.3	%	14.8	%
Total	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%

	Nine Months Ended March 31,
	2020						2019
	Service Center Based Distribution		Fluid Power & Flow Control		Total		Service Center Based Distribution		Fluid Power & Flow Control		Total
Power Transmission	34.7	%	9.9	%	27.2	%	33.8	%	1.7	%	24.3	%
Fluid Power	13.3	%	38.4	%	20.9	%	13.7	%	39.0	%	21.2	%
General Maintenance; Hose Products	25.5	%	11.1	%	21.1	%	26.0	%	5.0	%	19.7	%
Bearings, Linear & Seals	26.5	%	0.3	%	18.6	%	26.5	%	0.3	%	18.8	%
Specialty Flow Control	—	%	40.3	%	12.2	%	—	%	54.0	%	16.0	%
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, 2020		June 30, 2019		$ Change			% Change
Contract assets	$	7,690	$	8,920	$	(1,230	)	(13.8	)%

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.