Revenue from Contract with Customer [Text Block] | 3 Effective July 1, 2018, No. 2014 09, 606 not June 30, 2018. not 605. 606 Under the Company’s historical accounting policies, non-developmental long-term contracts were recognized when the goods were transferred to the customer. Upon adoption, contracts for highly customized customer products that have no 606. 606, Upon adoption, we recognized a reduction to retained earnings of $1.0 $0.7 $0.6 $1.5 June 30, 2018 June 30, 2018, 606 2018 Cumulative (in thousands) Effect Net sales $ (799 ) Cost of Sales (574 ) Income tax expense 340 Net Loss (1,033 ) Effective Date Reported June 30, 2018 ASC 606 Adjustments As Adjusted July 1, 2018 Inventories $ 127,223 $ (574 ) $ 126,649 Accounts receivable 134,228 703 134,931 Accrued liabilities 65,575 1,502 67,077 Deferred income taxes 26,816 (340 ) 26,476 Retained earnings 761,430 (1,033 ) 760,397 Note that above amounts as of June 30 The following tables reconcile the balances as presented as of and for the three nine March 31, 2019 Three Months Ended March 31, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 193,771 $ (3,324 ) $ 190,447 Cost of sales 131,981 (2,460 ) 129,521 Gross profit 61,790 (864 ) 60,926 Provision for income taxes 3,833 (250 ) 3,583 Income from continuing operations 7,304 (614 ) 6,690 Income (loss) from discontinued operations, net of income taxes 18,965 - 18,965 Net income (loss) $ 26,269 $ (614 ) $ 25,655 Nine Months Ended March 31, 2019 As Presented Impact of ASC 606 Balances Without adoption of ASC 606 Net sales $ 582,380 $ (9,179 ) $ 573,201 Cost of sales 384,402 (7,742 ) 376,660 Gross profit 197,978 (1,437 ) 196,541 Provision for income taxes 13,535 (416 ) 13,119 Income from continuing operations 34,071 (1,021 ) 33,050 Income (loss) from discontinued operations, net of income taxes 21,450 195 21,645 Net income (loss) $ 55,521 $ (826 ) $ 54,695 As of March 31, 2019 As Presented Impact o f ASC 606 Balances Without adoption of ASC 606 ASSETS Prepaid Expenses $ 27,115 $ (10,407 ) $ 16,708 Inventories 103,383 7,742 111,125 LIABILITIES Income taxes payable 4,762 84 4,846 Retained earnings 808,417 402 808,819 Disaggregation of Revenue from Contracts with Customers The following table presents revenue disaggregated by product line and segment (in thousands): Three Months Ended Revenue by Product Line March 31, 2019 March 31, 2018 Refrigeration $ 46,883 $ 52,245 Merchandising & Display 7,662 8,814 Pumps 9,321 9,822 Total Food Service Equipment 63,866 70,881 Engraving Services 34,505 30,375 Engraving Products 2,630 3,374 Total Engraving 37,135 33,749 Engineering Technologies Components 27,467 23,426 Electronics 50,197 51,213 Hydraulics Cylinders and System 15,106 12,878 Total Revenue by Product Line $ 193,771 $ 192,147 The following table presents revenue disaggregated by product line and segment (in thousands): Nine Months Ended Revenue by Product Line March 31, 2019 March 31, 2018 Refrigeration $ 153,955 168,562 Merchandising & Display 25,638 25,720 Pumps 25,262 27,571 Total Food Service Equipment 204,855 221,853 Engraving Services 104,159 90,499 Engraving Products 7,443 9,958 Total Engraving 111,602 100,457 Engineering Technologies Components 71,818 65,621 Electronics 154,347 144,082 Hydraulics Cylinders and System 39,758 34,969 Total Revenue by Product Line $ 582,380 566,982 The following table presents revenue from continuing operations disaggregated by geography based on company’s locations (in thousands): Three Months Ended Nine Months Ended Net sales March 31, 2019 March 31, 2019 United States $ 126,910 381,615 Asia Pacific 25,608 81,649 EMEA (1) 37,271 105,775 Other Americas 3,982 13,341 Total $ 193,771 582,380 ( 1 The following table presents revenue from continuing operations disaggregated by timing of recognition (in thousands): Three Months Ended Timing of Revenue Recognition March 31, 2019 March 31, 2018 Products and services transferred at a point in time $ 184,950 $ 187,970 Products transferred over time 8,821 4,177 Net Sales $ 193,771 $ 192,147 Nine Months Ended Timing of Revenue Recognition March 31, 2019 March 31, 2018 Products and services transferred at a point in time $ 360,948 $ 555,923 Products transferred over time 21,432 11,059 Net Sales $ 582,380 $ 566,982 Contract Balances Contract assets represent sales recognized in excess of billings related to work completed but not Contract liabilities are customer deposits for which revenue has not The following table provides information about contract assets and liability balances as of March 31, 2019 ( Balance at Beginning of Period Additions Deductions Balance at End of Period Nine months ended March 31, 2019 Contract assets: Accounts receivable $ 5,655 $ 23,500 $ 24,844 $ 4,311 Unbilled services 5,904 13,708 8,938 10,674 Contract liabilities: Customer deposits 2,552 4,612 1,881 5,283 During the three nine March 31, 2019, March 31, 2019 Revenue recognized in the period from: Three months ended Nine months ended Amounts included in the contract liability balance at the beginning of the period $ 1,378 $ 1,881 The timing of revenue recognition, invoicing and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. When consideration is received from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the goods and services are transferred to the customer and all revenue recognition criteria have been met. |