Revenue

6 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Performance Obligations

The Company elects to apply the practical expedient to exclude from this disclosure revenue related to performance obligations if the product has an alternative use and the Company does not have an enforceable right to payment for the performance completed to date, including a normal profit margin, in the event of termination for convenience. The Company maintains a backlog of confirmed orders, which totaled approximately $269,814 at March 31, 2022. This backlog represents the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as of the end of the reporting period. The Company estimates that the majority of these performance obligations will be satisfied within the next twelve to twenty-four months.

Disaggregation of Revenue

In accordance with Topic 606, the Company disaggregates revenue from contracts with customers into source of revenue, reportable operating segment, and geographical regions. The Company determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606, which is to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors.

Information regarding the source of revenue:

	Three Months Ended March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
Revenue from contracts with customers recognized under Topic 606	$	382,758	$	297,919	$	700,529	$	583,107
Other(1)	43,970		48,645		92,467		85,650
Total	$	426,728	$	346,564	$	792,996	$	668,757

(1)     Other revenue relates to revenue recognized pursuant to ASU 2016-02, Leases (Topic 842), primarily attributable to long term rentals.

Information regarding revenue disaggregated by source of revenue and segment is as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
Integrated Solutions and Services
Revenue from capital projects	$	70,702	$	52,093	$	137,804	$	102,719
Revenue from aftermarket	62,271		32,501		91,569		59,647
Revenue from service	161,867		139,540		310,513		276,485
Total	$	294,840	$	224,134	$	539,886	$	438,851
Applied Product Technologies
Revenue from capital projects	$	91,778	$	90,296	$	175,662	$	167,185
Revenue from aftermarket	35,024		27,576		67,308		52,930
Revenue from service	5,086		4,558		10,140		9,791
Total	$	131,888	$	122,430	$	253,110	$	229,906
Total Revenue
Revenue from capital projects	$	162,480	$	142,389	$	313,466	$	269,904
Revenue from aftermarket	97,295		60,077		158,877		112,577
Revenue from service	166,953		144,098		320,653		286,276
Total	$	426,728	$	346,564	$	792,996	$	668,757

Information regarding revenue disaggregated by geographic area is as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2022		2021		2022		2021
United States	$	352,639	$	274,681	$	647,347	$	538,812
Asia	28,042		26,976		58,947		49,581
Europe	28,641		31,527		54,270		52,812
Canada	13,748		10,636		26,409		21,815
Australia	3,658		2,744		6,023		5,737
Total	$	426,728	$	346,564	$	792,996	$	668,757

Contract Balances

The Company performs its obligations under a contract with a customer by transferring products and/or services in exchange for consideration from the customer. The Company receives payments from customers based on a billing schedule as established in its contracts.

Contract assets relate to costs incurred to perform in advance of scheduled billings. Contract liabilities relate to payments received in advance of performance under the contracts. Change in contract assets and liabilities are due to the Company’s performance under the contract.

The tables below provide a roll-forward of contract assets and contract liabilities balances for the periods presented:

	Six Months Ended March 31,
Contract assets(a)	2022		2021
Balance at beginning of period	$	72,746	$	80,759
Recognized in current period	206,859		147,593
Reclassified to accounts receivable	(179,967)		(153,964)
Foreign currency	(136)		413
Balance at end of period	$	99,502	$	74,801

(a)     Excludes receivable balances which are disclosed on the Consolidated Balance Sheets.

	Six Months Ended March 31,
Contract Liabilities	2022		2021
Balance at beginning of period	$	55,883	$	26,259
Recognized in current period	174,518		158,452
Amounts in beginning balance reclassified to revenue	(44,292)		(20,703)
Current period amounts reclassified to revenue	(130,629)		(127,684)
Foreign currency	113		570
Balance at end of period	$	55,593	$	36,894