Revenue

6 Months Ended

Mar. 31, 2023

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 $407,197 at March 31, 2023. 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,
	2023		2022		2023		2022
Revenue from contracts with customers recognized under Topic 606	$	429,239	$	382,758	$	820,670	$	700,529
Other(1)	48,558		43,970		92,973		92,467
Total	$	477,797	$	426,728	$	913,643	$	792,996

(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,
	2023		2022		2023		2022
Integrated Solutions and Services
Capital	$	87,761	$	70,702	$	165,407	$	137,804
Aftermarket	60,805		62,271		118,245		91,569
Service	180,333		161,867		350,673		310,513
Total	$	328,899	$	294,840	$	634,325	$	539,886
Applied Product Technologies
Capital	$	99,412	$	91,778	$	187,477	$	175,662
Aftermarket	44,673		35,024		81,913		67,308
Service	4,813		5,086		9,928		10,140
Total	$	148,898	$	131,888	$	279,318	$	253,110
Total Revenue
Capital	$	187,173	$	162,480	$	352,884	$	313,466
Aftermarket	105,478		97,295		200,158		158,877
Service	185,146		166,953		360,601		320,653
Total	$	477,797	$	426,728	$	913,643	$	792,996

Information regarding revenue disaggregated by geographic area is as follows:

	Three Months Ended March 31,				Six Months Ended March 31,
	2023		2022		2023		2022
United States	$	394,143	$	352,639	$	755,365	$	647,347
Asia	33,447		28,042		67,968		58,947
Europe	33,377		28,641		57,864		54,270
Canada	13,085		13,748		26,259		26,409
Australia	3,745		3,658		6,187		6,023
Total	$	477,797	$	426,728	$	913,643	$	792,996

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. Changes 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)	2023		2022
Balance at beginning of period	$	102,123	$	72,746
Recognized in current period	205,347		206,859
Reclassified to accounts receivable	(193,671)		(179,967)
Foreign currency	1,662		(136)
Balance at end of period	$	115,461	$	99,502

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

	Six Months Ended March 31,
Contract Liabilities	2023		2022
Balance at beginning of period	$	62,439	$	55,883
Recognized in current period	212,122		174,518
Amounts in beginning balance reclassified to revenue	(49,217)		(44,292)
Current period amounts reclassified to revenue	(150,520)		(130,629)
Foreign currency	688		113
Balance at end of period	$	75,512	$	55,593