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Revenue recognition
 9 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
Revenue is derived primarily from the sale of products in a variety of mobile, industrial and aerospace markets. A majority of the Company’s revenues are recognized at a point in time. However, a portion of the Company’s revenues are recognized over time.
Diversified Industrial Segment revenues by technology platform:
Three Months EndedNine Months Ended
March 31,March 31,
2023202220232022
Motion Systems$1,017,974 $895,839 $2,837,403 $2,568,166 
Flow and Process Control1,298,204 1,197,590 3,675,928 3,386,417 
Filtration and Engineered Materials1,550,927 1,360,643 4,378,931 3,875,843 
Total$3,867,105 $3,454,072 $10,892,262 $9,830,426 
Aerospace Systems Segment revenues by primary market:
Three Months EndedNine Months Ended
March 31,March 31,
2023202220232022
Commercial original equipment manufacturer ("OEM")$398,502 $226,976 $1,045,850 $649,631 
Commercial aftermarket381,883 128,486 938,129 367,530 
Military OEM244,451 176,242 649,179 531,348 
Military aftermarket169,724 100,611 443,831 294,841 
Total$1,194,560 $632,315 $3,076,989 $1,843,350 
Upon completing the Acquisition, we reviewed the disaggregation of revenue disclosure for the Aerospace Systems Segment and believe that disaggregation by primary market provides more meaningful information than disaggregation by product platform.
Total Company revenues by geographic region based on the Company's selling operation's location:
Three Months EndedNine Months Ended
March 31,March 31,
2023202220232022
North America$3,364,157 $2,645,106 $9,278,815 $7,451,153 
Europe1,054,157 829,392 2,750,159 2,344,533 
Asia Pacific590,017 560,250 1,777,550 1,735,574 
Latin America53,334 51,639 162,727 142,516 
Total$5,061,665 $4,086,387 $13,969,251 $11,673,776 
The majority of revenues from the Aerospace Systems Segment are generated from sales to customers within North America.
Contract balances
Contract assets and contract liabilities are reported on a contract-by-contract basis. Contract assets reflect revenue recognized and performance obligations satisfied in advance of customer billing. Contract liabilities relate to payments received in advance of the satisfaction of performance under the contract. Payments from customers are received based on the terms established in the contract with the customer.
Total contract assets and contract liabilities are as follows:
March 31,
2023		June 30,
2022
Contract assets, current (included within Prepaid expenses and other)$116,516 $28,546 
Contract assets, noncurrent (included within Investments and other assets)25,800 794 
Total contract assets142,316 29,340 
Contract liabilities, current (included within Other accrued liabilities)(235,206)(60,472)
Contract liabilities, noncurrent (included within Other liabilities)(105,195)(2,225)
Total contract liabilities(340,401)(62,697)
Net contract liabilities$(198,085)$(33,357)
Net contract liabilities at March 31, 2023 increased from the June 30, 2022 amount primarily due to timing differences between when revenue was recognized and the receipt of advance payments as well as acquiring Meggitt's contract liabilities in excess of Meggitt's contract assets. During the nine months ended March 31, 2023, approximately $39 million of revenue was recognized that was included in the contract liabilities at June 30, 2022.
Remaining performance obligations
Our backlog represents written firm orders from a customer to deliver products and, in the case of blanket purchase orders, only includes the portion of the order for which a schedule or release has been agreed to with the customer. We believe our backlog represents our unsatisfied or partially unsatisfied performance obligations. Backlog at March 31, 2023 was $10.9 billion, of which approximately 84 percent is expected to be recognized as revenue within the next 12 months and the balance thereafter.