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As Of Filer Filing For·On·As Docs:Size 1/29/21 Applied Industrial Techs Inc. 10-Q 12/31/20 58:7.4M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 897K 2: EX-31 Certification -- §302 - SOA'02 HTML 26K 3: EX-32 Certification -- §906 - SOA'02 HTML 19K 10: R1 Document and Entity Information HTML 69K 11: R2 Condensed Statements of Consolidated Income HTML 77K (Unaudited) 12: R3 Condensed Statements of Consolidated Comprehensive HTML 56K Income (Unaudited) 13: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 101K 14: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 29K (Parenthetical) 15: R6 Condensed Statements of Consolidated Cash Flows HTML 85K (Unaudited) 16: R7 Condensed Statements of Shareholder's Equity HTML 133K Condensed Statements of Shareholders' Equity (Unaudited) 17: R8 Condensed Statements of Shareholder's Equity HTML 17K Condensed Statements of Shareholders' Equity (Unaudited) (Parentheticals) 18: R9 Basis of Presentation HTML 23K 19: R10 Revenue Recognition Revenue Recognition HTML 178K 20: R11 Business Combinations HTML 22K 21: R12 Goodwill and Intangibles HTML 68K 22: R13 Debt HTML 35K 23: R14 Derivatives Derivatives HTML 23K 24: R15 Fair Value Measurements HTML 21K 25: R16 Shareholders' Equity HTML 118K 26: R17 Segment Information HTML 80K 27: R18 Other Income, Net HTML 35K 28: R19 Basis of Presentation (Policies) HTML 27K 29: R20 Revenue Recognition Revenue Recognition (Tables) HTML 180K 30: R21 Goodwill and Intangibles (Tables) HTML 65K 31: R22 Debt (Tables) HTML 29K 32: R23 Shareholders' Equity (Tables) HTML 120K 33: R24 Segment Information (Tables) HTML 79K 34: R25 Other Income, Net (Tables) HTML 34K 35: R26 Revenue Recognition Revenue Recognition (Details) HTML 41K 36: R27 Revenue Recognition Revenue Recognition (Details HTML 71K 1) 37: R28 Revenue Recognition Revenue Recognition (Details HTML 49K 2) 38: R29 Revenue Recognition Revenue Recognition (Details HTML 23K 3) 39: R30 Business Combinations Business Combinations HTML 36K Textuals (Details) 40: R31 Goodwill and Intangibles (Details) HTML 40K 41: R32 Goodwill and Intangibles (Details 1) HTML 34K 42: R33 Goodwill and Intangibles (Details2) HTML 28K 43: R34 Goodwill and Intangibles (Details Textuals) HTML 68K 44: R35 Debt (Details) HTML 40K 45: R36 Debt (Textuals) (Details) HTML 65K 46: R37 Derivatives Derivatives (Details) HTML 24K 47: R38 Fair Value Measurements (Details) HTML 21K 48: R39 Shareholders' Equity Accumulated Other HTML 85K Comprehensive Income (Loss) (Details) 49: R40 Shareholders' Equity (Details) 1 HTML 66K 50: R41 Shareholders' Equity (Textuals) (Details) HTML 19K 51: R42 Segment Information (Details) HTML 46K 52: R43 Segment Information (Details 1) HTML 49K 53: R44 Segment Information (Details Textuals) HTML 27K 54: R45 Other Income, Net (Details) HTML 29K 56: XML IDEA XML File -- Filing Summary XML 102K 9: XML XBRL Instance -- ait-20201231_htm XML 2.48M 55: EXCEL IDEA Workbook of Financial Reports XLSX 71K 5: EX-101.CAL XBRL Calculations -- ait-20201231_cal XML 152K 6: EX-101.DEF XBRL Definitions -- ait-20201231_def XML 532K 7: EX-101.LAB XBRL Labels -- ait-20201231_lab XML 1.15M 8: EX-101.PRE XBRL Presentations -- ait-20201231_pre XML 718K 4: EX-101.SCH XBRL Schema -- ait-20201231 XSD 103K 57: JSON XBRL Instance as JSON Data -- MetaLinks 288± 408K 58: ZIP XBRL Zipped Folder -- 0000109563-21-000028-xbrl Zip 248K
ait-20201231 |
i ☒ | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Ohio | i 34-0117420 | ||||||||||
(State
or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||||||||
i One Applied Plaza | i Cleveland | i Ohio | i 44115 | ||||||||
(Address
of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
i Common Stock, without par value | i AIT | i New York Stock Exchange |
i Large accelerated filer | x | Accelerated filer | o | ||||||||
Non-accelerated filer | o | Smaller reporting company | i ☐ | ||||||||
Emerging
growth company | i ☐ |
Page No. | ||||||||||||||
Part I: | ||||||||||||||
Item 1: | ||||||||||||||
Item 2: | ||||||||||||||
Item 3: | ||||||||||||||
Item 4: | ||||||||||||||
Part II: | ||||||||||||||
Item 1: | ||||||||||||||
Item 1A: | ||||||||||||||
Item 2: | ||||||||||||||
Item 6: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net sales | $ | i 751,287 | $ | i 833,375 | $ | i 1,499,094 | $ | i 1,689,779 | ||||||||||||||||||
Cost of sales | i 541,753 | i 592,141 | i 1,073,779 | i 1,197,085 | ||||||||||||||||||||||
Gross profit | i 209,534 | i 241,234 | i 425,315 | i 492,694 | ||||||||||||||||||||||
Selling,
distribution and administrative expense, including depreciation | i 162,428 | i 182,489 | i 325,901 | i 372,783 | ||||||||||||||||||||||
Intangible and other impairment | i 49,528 | i — | i 49,528 | i — | ||||||||||||||||||||||
Operating (loss) income | ( i 2,422) | i 58,745 | i 49,886 | i 119,911 | ||||||||||||||||||||||
Interest expense, net | i 7,658 | i 9,583 | i 15,311 | i 19,642 | ||||||||||||||||||||||
Other expense (income), net | i 88 | ( i 215) | ( i 89) | ( i 215) | ||||||||||||||||||||||
(Loss) income before income taxes | ( i 10,168) | i 49,377 | i 34,664 | i 100,484 | ||||||||||||||||||||||
Income tax (benefit) expense | ( i 4,834) | i 11,346 | i 5,214 | i 23,654 | ||||||||||||||||||||||
Net (loss) income | $ | ( i 5,334) | $ | i 38,031 | $ | i 29,450 | $ | i 76,830 | ||||||||||||||||||
Net (loss) income per share - basic | $ | ( i 0.14) | $ | i 0.98 | $ | i 0.76 | $ | i 1.99 | ||||||||||||||||||
Net (loss) income per share - diluted | $ | ( i 0.14) | $ | i 0.97 | $ | i 0.75 | $ | i 1.97 | ||||||||||||||||||
Weighted average common shares outstanding for basic computation | i 38,781 | i 38,649 | i 38,751 | i 38,630 | ||||||||||||||||||||||
Dilutive effect of potential common shares | i — | i 398 | i 414 | i 370 | ||||||||||||||||||||||
Weighted average common shares outstanding for diluted computation | i 38,781 | i 39,047 | i 39,165 | i 39,000 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Net (loss) income per the condensed statements of consolidated income | $ | ( i 5,334) | $ | i 38,031 | $ | i 29,450 | $ | i 76,830 | ||||||||||||||||||
Other comprehensive income, before tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | i 14,471 | i 5,445 | i 20,025 | i 1,411 | ||||||||||||||||||||||
Post-employment benefits: | ||||||||||||||||||||||||||
Reclassification of net actuarial losses (gains) and prior service cost into other income, net and included in net periodic pension costs | i 67 | ( i 16) | i 135 | ( i 33) | ||||||||||||||||||||||
Unrealized (loss) gain on cash flow hedge | ( i 2,724) | i 1,822 | ( i 2,741) | ( i 358) | ||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense | i 2,822 | i 906 | i 5,512 | i 1,333 | ||||||||||||||||||||||
Total other comprehensive income, before tax | i 14,636 | i 8,157 | i 22,931 | i 2,353 | ||||||||||||||||||||||
Income tax expense related to items of other comprehensive income | i 79 | i 584 | i 865 | i 27 | ||||||||||||||||||||||
Other comprehensive income, net of tax | i 14,557 | i 7,573 | i 22,066 | i 2,326 | ||||||||||||||||||||||
Comprehensive income, net of tax | $ | i 9,223 | $ | i 45,604 | $ | i 51,516 | $ | i 79,156 |
December
31, 2020 | June 30, 2020 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | i 288,775 | $ | i 268,551 | ||||||||||
Accounts receivable, net | i 444,200 | i 449,998 | ||||||||||||
Inventories | i 363,757 | i 389,150 | ||||||||||||
Other current assets | i 54,864 | i 52,070 | ||||||||||||
Total current assets | i 1,151,596 | i 1,159,769 | ||||||||||||
Property,
less accumulated depreciation of $ i 198,572 and $ i 192,054 | i 120,530 | i 121,901 | ||||||||||||
Operating lease assets, net | i 86,977 | i 90,636 | ||||||||||||
Identifiable intangibles, net | i 294,581 | i 343,215 | ||||||||||||
Goodwill | i 557,257 | i 540,594 | ||||||||||||
Other assets | i 30,076 | i 27,436 | ||||||||||||
TOTAL ASSETS | $ | i 2,241,017 | $ | i 2,283,551 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | i 196,468 | $ | i 186,270 | ||||||||||
Current portion of long-term debt | i 78,638 | i 78,646 | ||||||||||||
Compensation and related benefits | i 67,253 | i 61,887 | ||||||||||||
Other current liabilities | i 83,508 | i 99,280 | ||||||||||||
Total current liabilities | i 425,867 | i 426,083 | ||||||||||||
Long-term debt | i 783,076 | i 855,143 | ||||||||||||
Other liabilities | i 151,367 | i 158,783 | ||||||||||||
TOTAL LIABILITIES | i 1,360,310 | i 1,440,009 | ||||||||||||
Shareholders’ equity | ||||||||||||||
Preferred stock—no par value; i 2,500 shares authorized; none issued or outstanding | i — | i — | ||||||||||||
Common
stock—no par value; i 80,000 shares authorized; i 54,213 shares issued | i 10,000 | i 10,000 | ||||||||||||
Additional paid-in capital | i 175,016 | i 176,492 | ||||||||||||
Retained earnings | i 1,217,582 | i 1,200,570 | ||||||||||||
Treasury
shares—at cost ( i 15,382 and i 15,503 shares, respectively) | ( i 414,527) | ( i 414,090) | ||||||||||||
Accumulated other comprehensive loss | ( i 107,364) | ( i 129,430) | ||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | i 880,707 | i 843,542 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | i 2,241,017 | $ | i 2,283,551 |
Six Months Ended | ||||||||||||||
December 31, | ||||||||||||||
2020 | 2019 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | i 29,450 | $ | i 76,830 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization of property | i 10,561 | i 10,617 | ||||||||||||
Amortization of intangibles | i 18,002 | i 20,569 | ||||||||||||
Intangible and other impairment | i 49,528 | i — | ||||||||||||
Amortization of stock options and appreciation rights | i 1,328 | i 1,494 | ||||||||||||
Other share-based compensation expense | i 2,167 | i 1,837 | ||||||||||||
Changes in operating assets and liabilities, net of acquisitions | i 52,005 | ( i 11,660) | ||||||||||||
Other, net | ( i 3,685) | i 5,212 | ||||||||||||
Net Cash provided by Operating Activities | i 159,356 | i 104,899 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Acquisition of businesses, net of cash acquired | ( i 31,078) | ( i 36,390) | ||||||||||||
Capital expenditures | ( i 8,449) | ( i 11,965) | ||||||||||||
Proceeds from property sales | i 292 | i 325 | ||||||||||||
Net Cash used in Investing Activities | ( i 39,235) | ( i 48,030) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Long-term debt borrowings | i — | i 25,000 | ||||||||||||
Long-term debt repayments | ( i 72,260) | ( i 34,868) | ||||||||||||
Interest rate swap settlement payments | ( i 549) | i — | ||||||||||||
Payment of debt issuance costs | i — | ( i 16) | ||||||||||||
Dividends paid | ( i 24,899) | ( i 24,002) | ||||||||||||
Acquisition holdback payments | ( i 1,138) | ( i 777) | ||||||||||||
Exercise of stock options and appreciation rights | i 163 | i 330 | ||||||||||||
Taxes paid for shares withheld for equity awards | ( i 5,571) | ( i 1,988) | ||||||||||||
Net Cash used in Financing Activities | ( i 104,254) | ( i 36,321) | ||||||||||||
Effect of Exchange Rate Changes on Cash | i 4,357 | ( i 618) | ||||||||||||
Increase in Cash and Cash Equivalents | i 20,224 | i 19,930 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | i 268,551 | i 108,219 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | i 288,775 | $ | i 128,149 |
For
the Period Ended December 31, 2020 | Shares of Common Stock Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares- at Cost | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | i 38,710 | $ | i 10,000 | $ | i 176,492 | $ | i 1,200,570 | $ | ( i 414,090) | $ | ( i 129,430) | $ | i 843,542 | |||||||||||||||||||||||||||||||
Net income | i 34,784 | i 34,784 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 7,509 | i 7,509 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.32 per share | ( i 18) | ( i 18) | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 13 | ( i 277) | i 12 | ( i 265) | ||||||||||||||||||||||||||||||||||||||||
Performance share awards | i 22 | ( i 985) | ( i 20) | ( i 1,005) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i 15 | ( i 593) | i 96 | ( i 497) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 693 | i 693 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 677 | i 677 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 15 | ( i 29) | ( i 14) | |||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | i 38,760 | $ | i 10,000 | $ | i 176,007 | $ | i 1,235,351 | $ | ( i 414,031) | $ | ( i 121,921) | $ | i 885,406 | |||||||||||||||||||||||||||||||
Net loss | ( i 5,334) | ( i 5,334) | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 14,557 | i 14,557 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.32 per share | ( i 12,483) | ( i 12,483) | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 71 | ( i 3,116) | ( i 496) | ( i 3,612) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 635 | i 635 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 1,490 | i 1,490 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 48 | i — | i 48 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | i 38,831 | $ | i 10,000 | $ | i 175,016 | $ | i 1,217,582 | $ | ( i 414,527) | $ | ( i 107,364) | $ | i 880,707 | |||||||||||||||||||||||||||||||
For
the Period Ended December 31, 2019 | Shares of Common Stock Outstanding | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Shares- at Cost | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | i 38,597 | $ | i 10,000 | $ | i 172,931 | $ | i 1,229,148 | $ | ( i 415,159) | $ | ( i 99,886) | $ | i 897,034 | |||||||||||||||||||||||||||||||
Net income | i 38,799 | i 38,799 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 5,247) | ( i 5,247) | ||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of adopting accounting standards | ( i 3,275) | ( i 3,275) | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.31 per share | ( i 20) | ( i 20) | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 5 | ( i 177) | i 61 | ( i 116) | ||||||||||||||||||||||||||||||||||||||||
Performance share awards | i 36 | ( i 1,540) | i 362 | ( i 1,178) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i 16 | ( i 631) | i 200 | ( i 431) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 773 | i 773 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 919 | i 919 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 2 | ( i 52) | ( i 4) | i 23 | ( i 33) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | i 38,656 | $ | i 10,000 | $ | i 172,223 | $ | i 1,264,648 | $ | ( i 414,513) | $ | ( i 105,133) | $ | i 927,225 | |||||||||||||||||||||||||||||||
Net income | i 38,031 | i 38,031 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 7,573 | i 7,573 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.31 per share | ( i 12,017) | ( i 12,017) | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 22 | ( i 185) | ( i 47) | ( i 232) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 721 | i 721 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 918 | i 918 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 23 | ( i 1) | i 22 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | i 38,678 | $ | i 10,000 | $ | i 173,677 | $ | i 1,290,685 | $ | ( i 414,561) | $ | ( i 97,560) | $ | i 962,241 | |||||||||||||||||||||||||||||||
Three Months Ended December 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 | $ | i 417,456 | $ | i 230,358 | $ | i 647,814 | $ | i 467,191 | $ | i 253,149 | $ | i 720,340 | |||||||||||
Canada | i 57,809 | i — | i 57,809 | i 67,897 | i — | i 67,897 | |||||||||||||||||
Other countries | i 40,425 | i 5,239 | i 45,664 | i 40,700 | i 4,438 | i 45,138 | |||||||||||||||||
Total | $ | i 515,690 | $ | i 235,597 | $ | i 751,287 | $ | i 575,788 | $ | i 257,587 | $ | i 833,375 |
Six Months Ended December 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 | $ | i 832,698 | $ | i 459,173 | $ | i 1,291,871 | $ | i 960,064 | $ | i 503,262 | $ | i 1,463,326 | |||||||||||
Canada | i 114,705 | i — | i 114,705 | i 133,843 | i — | i 133,843 | |||||||||||||||||
Other countries | i 81,571 | i 10,947 | i 92,518 | i 85,041 | i 7,569 | i 92,610 | |||||||||||||||||
Total | $ | i 1,028,974 | $ | i 470,120 | $ | i 1,499,094 | $ | i 1,178,948 | $ | i 510,831 | $ | i 1,689,779 |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
General Industry | i 35.8 | % | i 39.8 | % | i 37.1 | % | i 34.4 | % | i 41.0 | % | i 36.4 | % | |||||||||||||||||||||||
Industrial Machinery | i 9.3 | % | i 26.3 | % | i 14.6 | % | i 9.1 | % | i 24.2 | % | i 13.8 | % | |||||||||||||||||||||||
Food | i 14.1 | % | i 3.0 | % | i 10.6 | % | i 12.0 | % | i 3.0 | % | i 9.2 | % | |||||||||||||||||||||||
Metals | i 10.5 | % | i 6.6 | % | i 9.3 | % | i 10.7 | % | i 7.6 | % | i 9.8 | % | |||||||||||||||||||||||
Forest Products | i 10.8 | % | i 3.1 | % | i 8.4 | % | i 9.5 | % | i 2.9 | % | i 7.5 | % | |||||||||||||||||||||||
Chem/Petrochem | i 3.3 | % | i 14.5 | % | i 6.8 | % | i 3.6 | % | i 14.4 | % | i 6.9 | % | |||||||||||||||||||||||
Cement & Aggregate | i 7.6 | % | i 1.0 | % | i 5.5 | % | i 7.8 | % | i 1.0 | % | i 5.7 | % | |||||||||||||||||||||||
Transportation | i 4.9 | % | i 4.6 | % | i 4.8 | % | i 4.8 | % | i 4.1 | % | i 4.6 | % | |||||||||||||||||||||||
Oil & Gas | i 3.7 | % | i 1.1 | % | i 2.9 | % | i 8.1 | % | i 1.8 | % | i 6.1 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
General Industry | i 36.0 | % | i 39.6 | % | i 37.1 | % | i 34.6 | % | i 42.4 | % | i 37.0 | % | |||||||||||||||||||||||
Industrial Machinery | i 9.3 | % | i 26.5 | % | i 14.7 | % | i 9.7 | % | i 23.2 | % | i 13.8 | % | |||||||||||||||||||||||
Food | i 14.1 | % | i 3.0 | % | i 10.6 | % | i 11.5 | % | i 2.8 | % | i 8.9 | % | |||||||||||||||||||||||
Metals | i 10.3 | % | i 6.8 | % | i 9.2 | % | i 11.5 | % | i 7.9 | % | i 10.4 | % | |||||||||||||||||||||||
Forest Products | i 10.8 | % | i 3.0 | % | i 8.4 | % | i 8.6 | % | i 3.0 | % | i 6.9 | % | |||||||||||||||||||||||
Chem/Petrochem | i 3.4 | % | i 13.9 | % | i 6.7 | % | i 3.2 | % | i 13.5 | % | i 6.3 | % | |||||||||||||||||||||||
Cement & Aggregate | i 7.7 | % | i 1.1 | % | i 5.6 | % | i 7.3 | % | i 1.0 | % | i 5.4 | % | |||||||||||||||||||||||
Transportation | i 4.8 | % | i 5.0 | % | i 4.8 | % | i 4.9 | % | i 4.3 | % | i 4.7 | % | |||||||||||||||||||||||
Oil & Gas | i 3.6 | % | i 1.1 | % | i 2.9 | % | i 8.7 | % | i 1.9 | % | i 6.6 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Three Months Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
Power Transmission | i 37.3 | % | i 8.0 | % | i 28.1 | % | i 35.4 | % | i 11.8 | % | i 28.1 | % | |||||||||||||||||||||||
Fluid Power | i 13.3 | % | i 37.1 | % | i 20.8 | % | i 13.4 | % | i 35.8 | % | i 20.3 | % | |||||||||||||||||||||||
Bearings, Linear & Seals | i 28.9 | % | i 0.5 | % | i 20.0 | % | i 26.2 | % | i 0.4 | % | i 18.2 | % | |||||||||||||||||||||||
General Maintenance; Hose Products | i 20.5 | % | i 15.4 | % | i 18.9 | % | i 25.0 | % | i 13.3 | % | i 21.4 | % | |||||||||||||||||||||||
Specialty Flow Control | i — | % | i 39.0 | % | i 12.2 | % | i — | % | i 38.7 | % | i 12.0 | % | |||||||||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % | |||||||||||||||||||||||
Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
Power Transmission | i 37.5 | % | i 7.8 | % | i 28.2 | % | i 34.9 | % | i 10.5 | % | i 27.6 | % | |||||||||||||||||||||||
Fluid Power | i 13.2 | % | i 38.1 | % | i 21.0 | % | i 13.4 | % | i 37.5 | % | i 20.7 | % | |||||||||||||||||||||||
Bearings, Linear & Seals | i 28.9 | % | i 0.4 | % | i 20.0 | % | i 26.0 | % | i 0.3 | % | i 18.3 | % | |||||||||||||||||||||||
General Maintenance; Hose Products | i 20.4 | % | i 14.7 | % | i 18.6 | % | i 25.7 | % | i 10.7 | % | i 21.0 | % | |||||||||||||||||||||||
Specialty Flow Control | i — | % | i 39.0 | % | i 12.2 | % | i — | % | i 41.0 | % | i 12.4 | % | |||||||||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % | |||||||||||||||||||||||
December 31, 2020 | June 30, 2020 | $ Change | % Change | |||||||||||
Contract assets | $ | i 7,314 | $ | i 8,435 | $ | ( i 1,121) | ( i 13.3) | % |
Service Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||||||||
Balance at June 30, 2019 | $ | i 213,634 | $ | i 448,357 | $ | i 661,991 | |||||||||||
Goodwill adjusted/acquired during the period | ( i 3,393) | i 14,667 | i 11,274 | ||||||||||||||
Impairment | i — | ( i 131,000) | ( i 131,000) | ||||||||||||||
Other, primarily currency translation | ( i 1,671) | i — | ( i 1,671) | ||||||||||||||
Balance at June 30, 2020 | $ | i 208,570 | $ | i 332,024 | $ | i 540,594 | |||||||||||
Goodwill acquired during the period | i — | i 13,939 | i 13,939 | ||||||||||||||
Other, primarily currency translation | i 2,724 | i — | i 2,724 | ||||||||||||||
Balance at December 31, 2020 | $ | i 211,294 | $ | i 345,963 | $ | i 557,257 |
December 31, 2020 | Amount | Accumulated Amortization | Net Book Value | |||||||||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||||||||||
Customer relationships | $ | i 354,043 | $ | i 131,233 | $ | i 222,810 | ||||||||||||||
Trade names | i 103,134 | i 34,673 | i 68,461 | |||||||||||||||||
Vendor relationships | i 11,501 | i 9,477 | i 2,024 | |||||||||||||||||
Other | i 1,775 | i 489 | i 1,286 | |||||||||||||||||
Total Identifiable Intangibles | $ | i 470,453 | $ | i 175,872 | $ | i 294,581 |
June 30, 2020 | Amount | Accumulated Amortization | Net Book Value | |||||||||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||||||||||
Customer relationships | $ | i 426,017 | $ | i 162,965 | $ | i 263,052 | ||||||||||||||
Trade names | i 111,453 | i 34,815 | i 76,638 | |||||||||||||||||
Vendor relationships | i 11,329 | i 8,934 | i 2,395 | |||||||||||||||||
Other | i 2,078 | i 948 | i 1,130 | |||||||||||||||||
Total Identifiable Intangibles | $ | i 550,877 | $ | i 207,662 | $ | i 343,215 |
Acquisition Cost Allocation | Weighted-Average life | |||||||||||||
Customer relationships | $ | i 11,820 | i 20.0 | |||||||||||
Trade names | i 1,650 | i 15.0 | ||||||||||||
Other | i 520 | i 6.4 | ||||||||||||
Total Identifiable Intangibles | $ | i 13,990 | i 18.9 |
December 31, 2020 | June 30, 2020 | ||||||||||
Term Loan | $ | i 569,750 | $ | i 589,250 | |||||||
Trade receivable securitization facility | i 162,300 | i 175,000 | |||||||||
Series C notes | i 80,000 | i 120,000 | |||||||||
Series D notes | i 25,000 | i 25,000 | |||||||||
Series E notes | i 25,000 | i 25,000 | |||||||||
Other | i 966 | i 1,026 | |||||||||
Total debt | $ | i 863,016 | $ | i 935,276 | |||||||
Less: unamortized debt issuance costs | i 1,302 | i 1,487 | |||||||||
$ | i 861,714 | $ | i 933,789 |
Three Months Ended December 31, 2020 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at September 30, 2020 | $ | ( i 99,655) | $ | ( i 4,513) | $ | ( i 17,753) | $ | ( i 121,921) | ||||||||||||||||||
Other comprehensive income (loss) | i 14,433 | i — | ( i 2,058) | i 12,375 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 51 | i 2,131 | i 2,182 | ||||||||||||||||||||||
Net current-period other comprehensive income | i 14,433 | i 51 | i 73 | i 14,557 | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( i 85,222) | $ | ( i 4,462) | $ | ( i 17,680) | $ | ( i 107,364) |
Three Months Ended December 31, 2019 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at September 30, 2019 | $ | ( i 90,243) | $ | ( i 2,865) | $ | ( i 12,025) | $ | ( i 105,133) | ||||||||||||||||||
Other comprehensive income | i 5,556 | i — | i 1,343 | i 6,899 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | ( i 12) | i 686 | i 674 | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | i 5,556 | ( i 12) | i 2,029 | i 7,573 | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( i 84,687) | $ | ( i 2,877) | $ | ( i 9,996) | $ | ( i 97,560) |
Six Months Ended December 31, 2020 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at June 30, 2020 | $ | ( i 105,094) | $ | ( i 4,564) | $ | ( i 19,772) | $ | ( i 129,430) | ||||||||||||||||||
Other comprehensive income (loss) | i 19,872 | i — | ( i 2,071) | i 17,801 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 102 | i 4,163 | i 4,265 | ||||||||||||||||||||||
Net current-period other comprehensive income | i 19,872 | i 102 | i 2,092 | i 22,066 | ||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( i 85,222) | $ | ( i 4,462) | $ | ( i 17,680) | $ | ( i 107,364) |
Six Months Ended December 31, 2019 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at June 30, 2019 | $ | ( i 86,330) | $ | ( i 2,852) | $ | ( i 10,704) | $ | ( i 99,886) | ||||||||||||||||||
Other comprehensive income (loss) | i 1,643 | i — | ( i 300) | i 1,343 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | ( i 25) | i 1,008 | i 983 | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | i 1,643 | ( i 25) | i 708 | i 2,326 | ||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( i 84,687) | $ | ( i 2,877) | $ | ( i 9,996) | $ | ( i 97,560) |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | Pre-Tax Amount | Tax (Benefit) Expense | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | i 14,471 | $ | i 38 | $ | i 14,433 | $ | i 5,445 | $ | ( i 111) | $ | i 5,556 | |||||||||||||||||||||||
Post-employment benefits: | |||||||||||||||||||||||||||||||||||
Reclassification of net actuarial losses (gains) and prior service cost into other income, net and included in net periodic pension costs | i 67 | i 16 | i 51 | ( i 16) | ( i 4) | ( i 12) | |||||||||||||||||||||||||||||
Unrealized (gain) loss on cash flow hedge | ( i 2,724) | ( i 666) | ( i 2,058) | i 1,822 | i 479 | i 1,343 | |||||||||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense | i 2,822 | i 691 | i 2,131 | i 906 | i 220 | i 686 | |||||||||||||||||||||||||||||
Other comprehensive income | $ | i 14,636 | $ | i 79 | $ | i 14,557 | $ | i 8,157 | $ | i 584 | $ | i 7,573 |
Six Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | Pre-Tax Amount | Tax (Benefit) Expense | Net Amount | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | i 20,025 | $ | i 153 | $ | i 19,872 | $ | i 1,411 | $ | ( i 232) | $ | i 1,643 | ||||||||||||||||||||||||||
Post-employment benefits: | ||||||||||||||||||||||||||||||||||||||
Reclassification of net actuarial losses (gains) and prior service cost into other income, net and included in net periodic pension costs | i 135 | i 33 | i 102 | ( i 33) | ( i 8) | ( i 25) | ||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | ( i 2,741) | ( i 670) | ( i 2,071) | ( i 358) | ( i 58) | ( i 300) | ||||||||||||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense | i 5,512 | i 1,349 | i 4,163 | i 1,333 | i 325 | i 1,008 | ||||||||||||||||||||||||||||||||
Other comprehensive income | $ | i 22,931 | $ | i 865 | $ | i 22,066 | $ | i 2,353 | $ | i 27 | $ | i 2,326 |
Three Months Ended | Service Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Net sales | $ | i 515,690 | $ | i 235,597 | $ | i 751,287 | ||||||||||||||
Operating income for reportable segments | i 42,654 | i 26,647 | i 69,301 | |||||||||||||||||
Depreciation and amortization of property | i 4,252 | i 957 | i 5,209 | |||||||||||||||||
Capital expenditures | i 4,442 | i 410 | i 4,852 | |||||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Net sales | $ | i 575,788 | $ | i 257,587 | $ | i 833,375 | ||||||||||||||
Operating income for reportable segments | i 53,905 | i 29,449 | i 83,354 | |||||||||||||||||
Depreciation and amortization of property | i 4,280 | i 1,114 | i 5,394 | |||||||||||||||||
Capital expenditures | i 6,239 | i 780 | i 7,019 |
Six Months Ended | Service Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||||||||||
December 31, 2020 | ||||||||||||||||||||
Net sales | $ | i 1,028,974 | $ | i 470,120 | $ | i 1,499,094 | ||||||||||||||
Operating income for reportable segments | i 92,555 | i 52,508 | i 145,063 | |||||||||||||||||
Assets used in business | i 1,257,457 | i 983,560 | i 2,241,017 | |||||||||||||||||
Depreciation and amortization of property | i 8,647 | i 1,914 | i 10,561 | |||||||||||||||||
Capital expenditures | i 7,530 | i 919 | i 8,449 | |||||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Net sales | $ | i 1,178,948 | $ | i 510,831 | $ | i 1,689,779 | ||||||||||||||
Operating income for reportable segments | i 114,265 | i 56,306 | i 170,571 | |||||||||||||||||
Assets used in business | i 1,291,399 | i 1,127,598 | i 2,418,997 | |||||||||||||||||
Depreciation and amortization of property | i 8,458 | i 2,159 | i 10,617 | |||||||||||||||||
Capital expenditures | i 10,434 | i 1,531 | i 11,965 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Operating income for reportable segments | $ | i 69,301 | $ | i 83,354 | $ | i 145,063 | $ | i 170,571 | ||||||||||||||||||
Adjustment for: | ||||||||||||||||||||||||||
Intangible amortization—Service Center Based Distribution | i 982 | i 2,832 | i 3,563 | i 5,886 | ||||||||||||||||||||||
Intangible
amortization—Fluid Power & Flow Control | i 7,293 | i 7,363 | i 14,438 | i 14,683 | ||||||||||||||||||||||
Impairment—Service Center Based Distribution | i 49,528 | i — | i 49,528 | i — | ||||||||||||||||||||||
Corporate and other expense, net | i 13,920 | i 14,414 | i 27,648 | i 30,091 | ||||||||||||||||||||||
Total operating (loss) income | ( i 2,422) | i 58,745 | i 49,886 | i 119,911 | ||||||||||||||||||||||
Interest expense, net | i 7,658 | i 9,583 | i 15,311 | i 19,642 | ||||||||||||||||||||||
Other expense (income), net | i 88 | ( i 215) | ( i 89) | ( i 215) | ||||||||||||||||||||||
(Loss) income before income taxes | $ | ( i 10,168) | $ | i 49,377 | $ | i 34,664 | $ | i 100,484 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||
Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan | $ | ( i 1,643) | $ | ( i 766) | $ | ( i 2,462) | $ | ( i 821) | ||||||||||||||||||
Foreign currency transactions loss | i 1,805 | i 556 | i 2,221 | i 334 | ||||||||||||||||||||||
Net other periodic post-employment benefits (costs) | i 71 | ( i 30) | i 142 | ( i 60) | ||||||||||||||||||||||
Life insurance (income) expense, net | ( i 36) | i 59 | i 141 | i 359 | ||||||||||||||||||||||
Other, net | ( i 109) | ( i 34) | ( i 131) | ( i 27) | ||||||||||||||||||||||
Total other expense (income), net | $ | i 88 | $ | ( i 215) | $ | ( i 89) | $ | ( i 215) |
Index Reading | |||||||||||
Month | MCU | PMI | IP | ||||||||
December 2020 | 74.5 | 60.7 | 102.2 | ||||||||
November 2020 | 73.4 | 57.5 | 101.3 | ||||||||
October 2020 | 73.0 | 59.3 | 100.5 |
Three Months Ended December 31, | Change in $'s Versus Prior Period - % Decrease | |||||||||||||||||||
As a Percent of Net Sales | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | (9.9) | % | ||||||||||||||
Gross profit | 27.9 | % | 28.9 | % | (13.1) | % | ||||||||||||||
Selling, distribution & administrative expense | 21.6 | % | 21.9 | % | (11.0) | % | ||||||||||||||
Operating (loss) income | (0.3) | % | 7.0 | % | (104.1) | % | ||||||||||||||
Net (loss) income | (0.7) | % | 4.6 | % | (114.0) | % |
Sales by Reportable Segment | Three Months Ended December 31, | Sales Decrease | Amount of change due to | |||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2020 | 2019 | Acquisitions | ||||||||||||||||||
Service Center Based Distribution | $ | 515.7 | $ | 575.8 | $ | (60.1) | $ | — | $ | 0.5 | $ | (60.6) | ||||||||
Fluid Power & Flow Control | 235.6 | 257.6 | (22.0) | 4.1 | — | (26.1) | ||||||||||||||
Total | $ | 751.3 | $ | 833.4 | $ | (82.1) | $ | 4.1 | $ | 0.5 | $ | (86.7) |
Three Months Ended December 31, | Sales (Decrease) Increase | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
Sales by Geographic Area | 2020 | 2019 | Acquisitions | |||||||||||||||||
United States | $ | 647.8 | $ | 720.3 | $ | (72.5) | $ | 4.1 | $ | — | $ | (76.6) | ||||||||
Canada | 57.8 | 67.9 | (10.1) | — | 0.8 | (10.9) | ||||||||||||||
Other countries | 45.7 | 45.2 | 0.5 | — | (0.3) | 0.8 | ||||||||||||||
Total | $ | 751.3 | $ | 833.4 | $ | (82.1) | $ | 4.1 | $ | 0.5 | $ | (86.7) |
Three
Months Ended December 31, | SD&A Decrease | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2020 | 2019 | Acquisitions | ||||||||||||||||||
SD&A | $ | 162.4 | $ | 182.5 | $ | (20.1) | $ | 1.6 | $ | 0.2 | $ | (21.9) |
Six Months Ended December 31, 2020 | Change in $'s Versus Prior Period - % Decrease | |||||||||||||||||||
As a Percent of Net Sales | ||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | (11.3) | % | ||||||||||||||
Gross profit | 28.4 | % | 29.2 | % | (13.7) | % | ||||||||||||||
Selling, distribution & administrative expense | 21.7 | % | 22.1 | % | (12.6) | % | ||||||||||||||
Operating income | 3.3 | % | 7.1 | % | (58.4) | % | ||||||||||||||
Net income | 2.0 | % | 4.5 | % | (61.7) | % |
Sales by Reportable Segment | Six Months Ended December 31, | Sales Decrease | Amount of change due to | |||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2020 | 2019 | Acquisitions | ||||||||||||||||||
Service Center Based Distribution | $ | 1,029.0 | $ | 1,179.0 | $ | (150.0) | $ | — | $ | (2.5) | $ | (147.5) | ||||||||
Fluid Power & Flow Control | 470.1 | 510.8 | (40.7) | 13.8 | — | (54.5) | ||||||||||||||
Total | $ | 1,499.1 | $ | 1,689.8 | $ | (190.7) | $ | 13.8 | $ | (2.5) | $ | (202.0) |
Six Months Ended December 31, | Sales Decrease | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
Sales by Geographic Area | 2020 | 2019 | Acquisitions | |||||||||||||||||
United States | $ | 1,291.9 | $ | 1,463.3 | $ | (171.4) | $ | 13.8 | $ | — | $ | (185.2) | ||||||||
Canada | 114.7 | 133.8 | (19.1) | — | 0.2 | (19.3) | ||||||||||||||
Other countries | 92.5 | 92.7 | (0.2) | — | (2.7) | 2.5 | ||||||||||||||
Total | $ | 1,499.1 | $ | 1,689.8 | $ | (190.7) | $ | 13.8 | $ | (2.5) | $ | (202.0) |
Six Months Ended December 31, | SD&A Decrease | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2020 | 2019 | Acquisitions | ||||||||||||||||||
SD&A | $ | 325.9 | $ | 372.8 | $ | (46.9) | $ | 3.7 | $ | (0.3) | $ | (50.3) |
Six Months Ended December 31, | ||||||||||||||
Net Cash Provided by (Used in): | 2020 | 2019 | ||||||||||||
Operating Activities | $ | 159,356 | $ | 104,899 | ||||||||||
Investing Activities | (39,235) | (48,030) | ||||||||||||
Financing Activities | (104,254) | (36,321) | ||||||||||||
Exchange Rate Effect | 4,357 | (618) | ||||||||||||
Increase in Cash and Cash Equivalents | $ | 20,224 | $ | 19,930 |
December 31, 2020 | June 30, 2020 | ||||||||||
Unsecured credit facility | $ | 569,750 | $ | 589,250 | |||||||
Trade receivable securitization facility | 162,300 | 175,000 | |||||||||
Series C notes | 80,000 | 120,000 | |||||||||
Series D notes | 25,000 | 25,000 | |||||||||
Series E notes | 25,000 | 25,000 | |||||||||
Other | 966 | 1,026 | |||||||||
Total debt | $ | 863,016 | $ | 935,276 | |||||||
Less: unamortized debt issuance costs | 1,302 | 1,487 | |||||||||
$ | 861,714 | $ | 933,789 |
December 31, | June 30, | ||||||||||||||||
2020 | 2020 | ||||||||||||||||
Accounts receivable, gross | $ | 461,018 | $ | 463,659 | |||||||||||||
Allowance for doubtful accounts | 16,818 | 13,661 | |||||||||||||||
Accounts receivable, net | $ | 444,200 | $ | 449,998 | |||||||||||||
Allowance
for doubtful accounts, % of gross receivables | 3.6 | % | 2.9 | % | |||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||
Provision for losses on accounts receivable | $ | 697 | $ | 2,517 | $ | 5,795 | $ | 4,692 | |||||||||
Provision as a % of net sales | 0.09 | % | 0.30 | % | 0.39 | % | 0.28 | % |
Period | (a) Total Number of Shares | (b) Average Price Paid per Share ($) | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||
October 1, 2020 to October 31, 2020 | 0 | $0.00 | 0 | 864,618 | ||||||||||
November 1, 2020 to November 30, 2020 | 0 | $0.00 | 0 | 864,618 | ||||||||||
December 1, 2020 to December 31, 2020 | 0 | $0.00 | 0 | 864,618 | ||||||||||
Total | 0 | $0.00 | 0 | 864,618 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
31 | ||||||||
32 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. | ||||||||
(Company) | ||||||||
Date: | January 29, 2021 | By: /s/ Neil A. Schrimsher | ||||||
Neil A. Schrimsher | ||||||||
President & Chief Executive Officer | ||||||||
Date: | January 29, 2021 | By: /s/ David K. Wells | ||||||
David K. Wells | ||||||||
Vice President-Chief Financial Officer & Treasurer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/31/21 | ||||
6/30/21 | 10-K, 4 | |||
Filed on: | 1/29/21 | |||
1/15/21 | ||||
For Period end: | 12/31/20 | 11-K, 4, SD | ||
12/15/20 | ||||
12/1/20 | 4 | |||
11/30/20 | 4 | |||
11/1/20 | ||||
10/31/20 | ||||
10/5/20 | ||||
10/1/20 | ||||
9/30/20 | 10-Q, 4 | |||
6/30/20 | 10-K, 4 | |||
1/1/20 | ||||
12/31/19 | 10-Q, 11-K, 4, SD | |||
12/15/19 | ||||
9/30/19 | 10-Q, 4 | |||
8/21/19 | ||||
6/30/19 | 10-K | |||
12/15/18 | ||||
10/26/16 | 8-K | |||
10/24/16 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/05/19 Applied Industrial Techs Inc. 8-K:1,2,9 10/30/19 13:987K 9/06/18 Applied Industrial Techs Inc. 8-K:1,2,9 8/31/18 3:54M 2/06/18 Applied Industrial Techs Inc. 8-K:1,2,8,9 1/31/18 4:1.8M 7/02/14 Applied Industrial Techs Inc. 8-K:2,9 7/01/14 2:170K 1/27/06 Applied Industrial Techs Inc. 10-Q 12/31/05 5:103K Bowne BCL/FA 11/15/99 Applied Industrial Techs Inc. 10-Q 9/30/99 3:64K Bowne BCL/FA 5/23/97 Applied Industrial Techs Inc. S-4 29:1.1M Bowne BCL/FA |