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As Of Filer Filing For·On·As Docs:Size 1/29/20 Applied Industrial Techs Inc 10-Q 12/31/19 65:8.5M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.22M 2: EX-31 Certification -- §302 - SOA'02 HTML 36K 3: EX-32 Certification -- §906 - SOA'02 HTML 23K 20: R1 Document and Entity Information HTML 72K 44: R2 Condensed Statements of Consolidated Income HTML 67K (Unaudited) 59: R3 Condensed Statements of Consolidated Comprehensive HTML 56K Income (Unaudited) 32: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 99K 21: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 45K (Parenthetical) 46: R6 Condensed Statements of Consolidated Cash Flows HTML 97K (Unaudited) 61: R7 Condensed Statements of Shareholder's Equity HTML 139K Condensed Statements of Shareholders' Equity (Unaudited) 30: R8 Condensed Statements of Shareholder's Equity HTML 19K Condensed Statements of Shareholders' Equity (Unaudited) (Parentheticals) 23: R9 Basis of Presentation HTML 32K 43: R10 Revenue Recognition Revenue Recognition HTML 223K 63: R11 Business Combinations HTML 29K 31: R12 Goodwill and Intangibles HTML 91K 24: R13 Debt Debt HTML 37K 42: R14 Derivatives Derivatives HTML 28K 62: R15 Fair Value Measurements HTML 25K 29: R16 Shareholders' Equity HTML 182K 22: R17 Leases Leases HTML 56K 45: R18 Segment Information HTML 112K 60: R19 Other Income, Net HTML 46K 36: R20 Basis of Presentation (Policies) HTML 35K 10: R21 Leases Leases (Policies) HTML 25K 50: R22 Revenue Recognition Revenue Recognition (Tables) HTML 227K 54: R23 Goodwill and Intangibles (Tables) HTML 87K 34: R24 Shareholders' Equity (Tables) HTML 183K 9: R25 Leases Leases (Tables) HTML 57K 49: R26 Segment Information (Tables) HTML 113K 53: R27 Other Income, Net (Tables) HTML 45K 33: R28 Basis of Presentation Change in Accounting HTML 24K Principle (Details) 11: R29 Revenue Recognition Revenue Recognition (Details) HTML 42K 18: R30 Revenue Recognition Revenue Recognition (Details HTML 73K 1) 26: R31 Revenue Recognition Revenue Recognition (Details HTML 51K 2) 64: R32 Revenue Recognition Revenue Recognition (Details HTML 26K 3) 47: R33 Business Combinations Business Combinations HTML 42K Textuals (Details) 19: R34 Goodwill and Intangibles (Details) HTML 34K 27: R35 Goodwill and Intangibles (Details 1) HTML 37K 65: R36 Goodwill and Intangibles Goodwill and Intangibles HTML 31K (Details 2) 48: R37 Goodwill and Intangibles (Details Textuals) HTML 91K 17: R38 Debt Debt (Details) HTML 82K 28: R39 Derivatives Derivatives (Details) HTML 24K 14: R40 Fair Value Measurements (Details) HTML 24K 38: R41 Shareholders' Equity Accumulated Other HTML 112K Comprehensive Income (Loss) [Table] (Details) 56: R42 Shareholders' Equity (Details 1 ) HTML 78K 51: R43 Shareholders' Equity Shareholders Equity Details HTML 22K Textuals (Details) 15: R44 Leases Leases (Details) HTML 28K 39: R45 Leases Leases (Details 1) HTML 29K 57: R46 Leases Leases (Details 2) HTML 38K 52: R47 Leases Leases (Details 3) HTML 39K 13: R48 Leases Leases Textuals (Details 4) HTML 29K 40: R49 Segment Information (Details) HTML 47K 25: R50 Segment Information (Details 1) HTML 45K 16: R51 Segment Information (Details Textuals) HTML 29K 41: R52 Other Income, Net (Details) HTML 33K 12: XML IDEA XML File -- Filing Summary XML 116K 58: XML XBRL Instance -- ait12311910q_htm XML 2.78M 35: EXCEL IDEA Workbook of Financial Reports XLSX 69K 5: EX-101.CAL XBRL Calculations -- ait-20191231_cal XML 170K 6: EX-101.DEF XBRL Definitions -- ait-20191231_def XML 545K 7: EX-101.LAB XBRL Labels -- ait-20191231_lab XML 1.29M 8: EX-101.PRE XBRL Presentations -- ait-20191231_pre XML 787K 4: EX-101.SCH XBRL Schema -- ait-20191231 XSD 117K 37: JSON XBRL Instance as JSON Data -- MetaLinks 280± 414K 55: ZIP XBRL Zipped Folder -- 0000109563-20-000025-xbrl Zip 231K
Document |
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 2: | ||||
Item 6: | ||||
PART I: | FINANCIAL INFORMATION |
ITEM I: | FINANCIAL STATEMENTS |
Three Months Ended | Six Months Ended | ||||||||||||||
December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
sales | $ | i 833,375 | $ | i 840,038 | $ | i 1,689,779 | $ | i 1,704,553 | |||||||
Cost
of sales | i 592,141 | i 597,178 | i 1,197,085 | i 1,209,840 | |||||||||||
Gross
profit | i 241,234 | i 242,860 | i 492,694 | i 494,713 | |||||||||||
Selling,
distribution and administrative expense, including depreciation | i 182,489 | i 181,895 | i 372,783 | i 367,409 | |||||||||||
Operating
income | i 58,745 | i 60,965 | i 119,911 | i 127,304 | |||||||||||
Interest
expense, net | i 9,583 | i 9,578 | i 19,642 | i 20,054 | |||||||||||
Other
(income) expense, net | ( i 215 | ) | i 946 | ( i 215 | ) | i 707 | |||||||||
Income
before income taxes | i 49,377 | i 50,441 | i 100,484 | i 106,543 | |||||||||||
Income
tax expense | i 11,346 | i 11,724 | i 23,654 | i 18,888 | |||||||||||
Net
income | $ | i 38,031 | $ | i 38,717 | $ | i 76,830 | $ | i 87,655 | |||||||
Net
income per share - basic | $ | i 0.98 | $ | i 1.00 | $ | i 1.99 | $ | i 2.26 | |||||||
Net
income per share - diluted | $ | i 0.97 | $ | i 0.99 | $ | i 1.97 | $ | i 2.23 | |||||||
Weighted
average common shares outstanding for basic computation | i 38,649 | i 38,743 | i 38,630 | i 38,729 | |||||||||||
Dilutive
effect of potential common shares | i 398 | i 504 | i 370 | i 587 | |||||||||||
Weighted
average common shares outstanding for diluted computation | i 39,047 | i 39,247 | i 39,000 | i 39,316 |
Three
Months Ended | Six Months Ended | ||||||||||||||
December 31, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Net
income per the condensed statements of consolidated income | $ | i 38,031 | $ | i 38,717 | $ | i 76,830 | $ | i 87,655 | |||||||
Other
comprehensive income (loss), before tax: | |||||||||||||||
Foreign currency translation adjustments | i 5,445 | ( i 10,270 | ) | i 1,411 | ( i 4,556 | ) | |||||||||
Post-employment
benefits: | |||||||||||||||
Reclassification of net actuarial gains and prior service cost into other (income) expense, net and included in net periodic pension costs | ( i 16 | ) | ( i 78 | ) | ( i 33 | ) | ( i 153 | ) | |||||||
Cumulative
effect of adopting accounting standard | i — | i — | i — | ( i 50 | ) | ||||||||||
Unrealized
gain (loss) on cash flow hedge | i 1,822 | i — | ( i 358 | ) | i — | ||||||||||
Reclassification
of interest from cash flow hedge into interest expense | i 906 | i — | i 1,333 | i — | |||||||||||
Total
other comprehensive income (loss), before tax | i 8,157 | ( i 10,348 | ) | i 2,353 | ( i 4,759 | ) | |||||||||
Income
tax expense (benefit) related to items of other comprehensive income (loss) | i 584 | ( i 592 | ) | i 27 | ( i 350 | ) | |||||||||
Other
comprehensive income (loss), net of tax | i 7,573 | ( i 9,756 | ) | i 2,326 | ( i 4,409 | ) | |||||||||
Comprehensive
income, net of tax | $ | i 45,604 | $ | i 28,961 | $ | i 79,156 | $ | i 83,246 |
ASSETS | ||||||||
Current assets | ||||||||
Cash
and cash equivalents | $ | i 128,149 | $ | i 108,219 | ||||
Accounts
receivable, net | i 502,894 | i 540,902 | ||||||
Inventories | i 463,609 | i 447,555 | ||||||
Other
current assets | i 47,903 | i 51,462 | ||||||
Total
current assets | i 1,142,555 | i 1,148,138 | ||||||
Property,
less accumulated depreciation of $188,970 and $181,066 | i 126,248 | i 124,303 | ||||||
Operating
lease assets, net | i 85,418 | i — | ||||||
Identifiable
intangibles, net | i 364,519 | i 368,866 | ||||||
Goodwill | i 673,175 | i 661,991 | ||||||
Other
assets | i 27,082 | i 28,399 | ||||||
TOTAL
ASSETS | $ | i 2,418,997 | $ | i 2,331,697 | ||||
LIABILITIES
AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | i 212,312 | $ | i 237,289 | ||||
Current
portion of long-term debt | i 73,771 | i 49,036 | ||||||
Compensation
and related benefits | i 56,772 | i 67,978 | ||||||
Other
current liabilities | i 77,846 | i 69,491 | ||||||
Total
current liabilities | i 420,701 | i 423,794 | ||||||
Long-term
debt | i 874,423 | i 908,850 | ||||||
Other
liabilities | i 161,632 | i 102,019 | ||||||
TOTAL
LIABILITIES | i 1,456,756 | i 1,434,663 | ||||||
Shareholders’
equity | ||||||||
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding | i — | i — | ||||||
Common
stock—no par value; 80,000 shares authorized; 54,213 shares issued; 38,678 and 38,597 outstanding, respectively | i 10,000 | i 10,000 | ||||||
Additional
paid-in capital | i 173,677 | i 172,931 | ||||||
Retained
earnings | i 1,290,685 | i 1,229,148 | ||||||
Treasury
shares—at cost (15,535 and 15,616 shares, respectively) | ( i 414,561 | ) | ( i 415,159 | ) | ||||
Accumulated
other comprehensive loss | ( i 97,560 | ) | ( i 99,886 | ) | ||||
TOTAL
SHAREHOLDERS’ EQUITY | i 962,241 | i 897,034 | ||||||
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | i 2,418,997 | $ | i 2,331,697 |
Six
Months Ended | ||||||||
2019 | 2018 | |||||||
Cash Flows from Operating Activities | ||||||||
Net
income | $ | i 76,830 | $ | i 87,655 | ||||
Adjustments
to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation and amortization of property | i 10,617 | i 10,019 | ||||||
Amortization
of intangibles | i 20,569 | i 21,912 | ||||||
Unrealized
foreign exchange transactions loss (gain) | i 272 | ( i 155 | ) | |||||
Amortization
of stock options and appreciation rights | i 1,494 | i 1,257 | ||||||
Gain
on sale of property | ( i 165 | ) | ( i 105 | ) | ||||
Other
share-based compensation expense | i 1,837 | i 2,351 | ||||||
Changes
in operating assets and liabilities, net of acquisitions | ( i 11,660 | ) | ( i 55,922 | ) | ||||
Other,
net | i 5,105 | ( i 1,432 | ) | |||||
Net
Cash provided by Operating Activities | i 104,899 | i 65,580 | ||||||
Cash
Flows from Investing Activities | ||||||||
Acquisition of businesses, net of cash acquired | ( i 36,390 | ) | ( i 6,900 | ) | ||||
Property
purchases | ( i 11,965 | ) | ( i 7,096 | ) | ||||
Proceeds
from property sales | i 325 | i 244 | ||||||
Other | i — | i 391 | ||||||
Net
Cash used in Investing Activities | ( i 48,030 | ) | ( i 13,361 | ) | ||||
Cash
Flows from Financing Activities | ||||||||
Net repayments under revolving credit facility | i — | ( i 19,500 | ) | |||||
Long-term
debt borrowings | i 25,000 | i 175,000 | ||||||
Long-term
debt repayments | ( i 34,868 | ) | ( i 151,868 | ) | ||||
Payment
of debt issuance costs | ( i 16 | ) | ( i 685 | ) | ||||
Dividends
paid | ( i 24,002 | ) | ( i 23,275 | ) | ||||
Acquisition
holdback payments | ( i 777 | ) | ( i 2,275 | ) | ||||
Exercise
of stock options and appreciation rights | i 330 | i — | ||||||
Taxes
paid for shares withheld for equity awards | ( i 1,988 | ) | ( i 3,318 | ) | ||||
Net
Cash used in Financing Activities | ( i 36,321 | ) | ( i 25,921 | ) | ||||
Effect
of Exchange Rate Changes on Cash | ( i 618 | ) | ( i 621 | ) | ||||
Increase
in Cash and Cash Equivalents | i 19,930 | i 25,677 | ||||||
Cash
and Cash Equivalents at Beginning of Period | i 108,219 | i 54,150 | ||||||
Cash
and Cash Equivalents at End of Period | $ | i 128,149 | $ | i 79,827 |
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 July 1, 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 — $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 — $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 |
For
the Period Ended | 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 July 1, 2018 | i 38,703 | $ | i 10,000 | $ | i 169,383 | $ | i 1,129,678 | $ | ( i 403,875 | ) | $ | ( i 90,223 | ) | $ | i 814,963 | ||||||||||||
Net
income | i 48,938 | i 48,938 | |||||||||||||||||||||||||
Other
comprehensive income | i 5,347 | i 5,347 | |||||||||||||||||||||||||
Cumulative
effect of adopting accounting standards | i 3,056 | i 3,056 | |||||||||||||||||||||||||
Cash
dividends — $0.30 per share | ( i 13 | ) | ( i 13 | ) | |||||||||||||||||||||||
Exercise
of stock appreciation rights and options | i 17 | ( i 855 | ) | ( i 210 | ) | ( i 1,065 | ) | ||||||||||||||||||||
Performance
share awards | i 18 | ( i 844 | ) | ( i 301 | ) | ( i 1,145 | ) | ||||||||||||||||||||
Restricted
stock units | i 16 | ( i 760 | ) | ( i 198 | ) | ( i 958 | ) | ||||||||||||||||||||
Compensation
expense — stock appreciation rights and options | i 651 | i 651 | |||||||||||||||||||||||||
Other
share-based compensation expense | i 1,043 | i 1,043 | |||||||||||||||||||||||||
Other | i 24 | ( i 35 | ) | ( i 11 | ) | ||||||||||||||||||||||
Balance
at September 30, 2018 | i 38,754 | $ | i 10,000 | $ | i 168,618 | $ | i 1,181,683 | $ | ( i 404,619 | ) | $ | ( i 84,876 | ) | $ | i 870,806 | ||||||||||||
Net
income | i 38,717 | i 38,717 | |||||||||||||||||||||||||
Other
comprehensive loss | ( i 9,756 | ) | ( i 9,756 | ) | |||||||||||||||||||||||
Cash
dividends — $0.30 per share | ( i 11,651 | ) | ( i 11,651 | ) | |||||||||||||||||||||||
Exercise
of stock appreciation rights and options | ( i 7 | ) | i 1 | ( i 6 | ) | ||||||||||||||||||||||
Restricted
stock units | i 3 | ( i 140 | ) | i 31 | ( i 109 | ) | |||||||||||||||||||||
Compensation
expense — stock appreciation rights and options | i 606 | i 606 | |||||||||||||||||||||||||
Other
share-based compensation expense | i 1,308 | i 1,308 | |||||||||||||||||||||||||
Other | ( i 1 | ) | i 1 | — | |||||||||||||||||||||||
Balance
at December 31, 2018 | i 38,757 | $ | i 10,000 | $ | i 170,385 | $ | i 1,208,748 | $ | ( i 404,586 | ) | $ | ( i 94,632 | ) | $ | i 889,915 |
Three Months Ended December
31, | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||
Geographic
Areas: | |||||||||||||||||||
United States | $ | i 467,191 | $ | i 253,149 | $ | i 720,340 | $ | i 479,335 | $ | i 247,862 | $ | i 727,197 | |||||||
Canada | i 67,897 | i — | i 67,897 | i 68,569 | i — | i 68,569 | |||||||||||||
Other
countries | i 40,700 | i 4,438 | i 45,138 | i 41,394 | i 2,878 | i 44,272 | |||||||||||||
Total | $ | i 575,788 | $ | i 257,587 | $ | i 833,375 | $ | i 589,298 | $ | i 250,740 | $ | i 840,038 |
Six
Months Ended December 31, | |||||||||||||||||||
2019 | 2018 | ||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid
Power & Flow Control | Total | ||||||||||||||
Geographic Areas: | |||||||||||||||||||
United States | $ | i 960,064 | $ | i 503,262 | $ | i 1,463,326 | $ | i 970,109 | $ | i 504,511 | $ | i 1,474,620 | |||||||
Canada | i 133,843 | i — | i 133,843 | i 137,676 | i — | i 137,676 | |||||||||||||
Other
countries | i 85,041 | i 7,569 | i 92,610 | i 85,562 | i 6,695 | i 92,257 | |||||||||||||
Total | $ | i 1,178,948 | $ | i 510,831 | $ | i 1,689,779 | $ | i 1,193,347 | $ | i 511,206 | $ | i 1,704,553 |
Three
Months Ended December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center
Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||
General Industry | i 34.4 | % | i 41.0 | % | i 36.4 | % | i 35.9 | % | i 46.1 | % | i 38.9 | % | |||||
Industrial
Machinery | i 9.1 | % | i 24.2 | % | i 13.8 | % | i 9.7 | % | i 20.3 | % | i 12.9 | % | |||||
Metals | i 10.7 | % | i 7.6 | % | i 9.8 | % | i 13.6 | % | i 8.5 | % | i 12.1 | % | |||||
Food | i 12.0 | % | i 3.0 | % | i 9.2 | % | i 10.1 | % | i 2.7 | % | i 7.8 | % | |||||
Oil
& Gas | i 8.1 | % | i 1.8 | % | i 6.1 | % | i 10.2 | % | i 2.1 | % | i 7.8 | % | |||||
Chem/Petrochem | i 3.6 | % | i 14.4 | % | i 6.9 | % | i 2.9 | % | i 14.0 | % | i 6.2 | % | |||||
Forest
Products | i 9.5 | % | i 2.9 | % | i 7.5 | % | i 7.1 | % | i 2.9 | % | i 5.9 | % | |||||
Cement
& Aggregate | i 7.8 | % | i 1.0 | % | i 5.7 | % | i 6.0 | % | i 0.9 | % | i 4.5 | % | |||||
Transportation | i 4.8 | % | i 4.1 | % | i 4.6 | % | i 4.5 | % | i 2.5 | % | i 3.9 | % | |||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Six
Months Ended December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center
Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||
General Industry | i 34.6 | % | i 42.4 | % | i 37.0 | % | i 35.8 | % | i 44.9 | % | i 38.4 | % | |||||
Industrial
Machinery | i 9.7 | % | i 23.2 | % | i 13.8 | % | i 9.5 | % | i 20.8 | % | i 12.9 | % | |||||
Metals | i 11.5 | % | i 7.9 | % | i 10.4 | % | i 12.3 | % | i 8.2 | % | i 11.1 | % | |||||
Food | i 11.5 | % | i 2.8 | % | i 8.9 | % | i 10.4 | % | i 2.6 | % | i 8.1 | % | |||||
Oil
& Gas | i 8.7 | % | i 1.9 | % | i 6.6 | % | i 9.9 | % | i 2.1 | % | i 7.6 | % | |||||
Chem/Petrochem | i 3.2 | % | i 13.5 | % | i 6.3 | % | i 3.2 | % | i 14.8 | % | i 6.7 | % | |||||
Forest
Products | i 8.6 | % | i 3.0 | % | i 6.9 | % | i 8.0 | % | i 2.8 | % | i 6.4 | % | |||||
Cement
& Aggregate | i 7.3 | % | i 1.0 | % | i 5.4 | % | i 6.4 | % | i 1.0 | % | i 4.8 | % | |||||
Transportation | i 4.9 | % | i 4.3 | % | i 4.7 | % | i 4.5 | % | i 2.8 | % | i 4.0 | % | |||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Three
Months Ended December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center
Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||
Power Transmission | i 35.4 | % | i 11.8 | % | i 28.1 | % | i 34.3 | % | i 1.3 | % | i 24.4 | % | |||||
General
Maintenance; Hose Products | i 25.0 | % | i 13.3 | % | i 21.4 | % | i 25.4 | % | i 5.8 | % | i 19.6 | % | |||||
Fluid
Power | i 13.4 | % | i 35.8 | % | i 20.3 | % | i 13.7 | % | i 38.1 | % | i 21.0 | % | |||||
Bearings,
Linear & Seals | i 26.2 | % | i 0.4 | % | i 18.2 | % | i 26.6 | % | i 0.4 | % | i 18.8 | % | |||||
Specialty
Flow Control | i — | % | i 38.7 | % | i 12.0 | % | i — | % | i 54.4 | % | i 16.2 | % | |||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Six
Months Ended December 31, | |||||||||||||||||
2019 | 2018 | ||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center
Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||
Power Transmission | i 34.9 | % | i 10.5 | % | i 27.6 | % | i 33.5 | % | i 1.4 | % | i 23.9 | % | |||||
General
Maintenance; Hose Products | i 25.7 | % | i 10.7 | % | i 21.0 | % | i 26.6 | % | i 5.2 | % | i 20.2 | % | |||||
Fluid
Power | i 13.4 | % | i 37.5 | % | i 20.7 | % | i 13.8 | % | i 37.9 | % | i 21.0 | % | |||||
Bearings,
Linear & Seals | i 26.0 | % | i 0.3 | % | i 18.3 | % | i 26.1 | % | i 0.2 | % | i 18.3 | % | |||||
Specialty
Flow Control | i — | % | i 41.0 | % | i 12.4 | % | i — | % | i 55.3 | % | i 16.6 | % | |||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
$ Change | % Change | ||||||||||
Contract assets | $ | i 7,038 | $ | i 8,920 | $ | ( i 1,882 | ) | ( i 21.1 | )% |
3. | i BUSINESS
COMBINATIONS |
Service
Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||
Balance at July 1, 2018 | $ | i 203,084 | $ | i 443,559 | $ | i 646,643 | |||||
Goodwill
acquired during the period | i 9,943 | i 4,798 | i 14,741 | ||||||||
Other,
primarily currency translation | i 607 | i — | i 607 | ||||||||
Balance
at June 30, 2019 | $ | i 213,634 | $ | i 448,357 | $ | i 661,991 | |||||
Goodwill
adjusted/acquired during the period | ( i 3,393 | ) | i 13,819 | i 10,426 | |||||||
Other,
primarily currency translation | i 758 | i — | i 758 | ||||||||
Balance
at December 31, 2019 | $ | i 210,999 | $ | i 462,176 | $ | i 673,175 |
Amount | Accumulated Amortization | Net
Book Value | ||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||
Customer relationships | $ | i 430,253 | $ | i 150,649 | $ | i 279,604 | ||||||
Trade
names | i 111,911 | i 31,113 | i 80,798 | |||||||||
Vendor
relationships | i 11,368 | i 8,561 | i 2,807 | |||||||||
Other | i 2,035 | i 725 | i 1,310 | |||||||||
Total
Identifiable Intangibles | $ | i 555,567 | $ | i 191,048 | $ | i 364,519 |
Amount | Accumulated Amortization | Net Book Value | ||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||
Customer
relationships | $ | i 422,367 | $ | i 135,879 | $ | i 286,488 | ||||||
Trade
names | i 105,946 | i 27,232 | i 78,714 | |||||||||
Vendor
relationships | i 11,367 | i 8,156 | i 3,211 | |||||||||
Other | i 2,702 | i 2,249 | i 453 | |||||||||
Total
Identifiable Intangibles | $ | i 542,382 | $ | i 173,516 | $ | i 368,866 |
Acquisition Cost Allocation | Weighted-Average
Life | |||||
Customer relationships | $ | i 7,160 | i 20.0 | |||
Trade
names | i 4,260 | i 15.0 | ||||
Other | i 980 | i 6.8 | ||||
Total
Intangibles Acquired | $ | i 12,400 | i 17.2 |
Three
Months Ended December 31, 2019 | ||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total
Accumulated other comprehensive (loss) income | |||||||||||||
Balance at October 1, 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 | ) |
Three
Months Ended December 31, 2018 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gain on securities available for sale | Post-employment benefits | Total
Accumulated other comprehensive (loss) income | |||||||||||||
Balance at October 1, 2018 | $ | ( i 82,521 | ) | $ | i — | $ | ( i 2,355 | ) | $ | ( i 84,876 | ) | |||||
Other
comprehensive loss | ( i 9,699 | ) | i — | i — | ( i 9,699 | ) | ||||||||||
Amounts
reclassified from accumulated other comprehensive (loss) income | i — | i — | ( i 57 | ) | ( i 57 | ) | ||||||||||
Net
current-period other comprehensive loss | ( i 9,699 | ) | i — | ( i 57 | ) | ( i 9,756 | ) | |||||||||
Balance
at December 31, 2018 | $ | ( i 92,220 | ) | $ | i — | $ | ( i 2,412 | ) | $ | ( i 94,632 | ) |
Six
Months Ended December 31, 2019 | ||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total
Accumulated other comprehensive (loss) income | |||||||||||||
Balance at July 1, 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 | ) |
Six
Months Ended December 31, 2018 | ||||||||||||||||
Foreign currency translation adjustment | Unrealized gain (loss) on securities available for sale | Post-employment benefits | Total
Accumulated other comprehensive (loss) income | |||||||||||||
Balance at July 1, 2018 | $ | ( i 87,974 | ) | $ | i 50 | $ | ( i 2,299 | ) | $ | ( i 90,223 | ) | |||||
Other
comprehensive loss | ( i 4,246 | ) | i — | i — | ( i 4,246 | ) | ||||||||||
Amounts
reclassified from accumulated other comprehensive (loss) income | i — | i — | ( i 113 | ) | ( i 113 | ) | ||||||||||
Cumulative
effect of adopting accounting standard | i — | ( i 50 | ) | i — | ( i 50 | ) | ||||||||||
Net
current-period other comprehensive loss | ( i 4,246 | ) | ( i 50 | ) | ( i 113 | ) | ( i 4,409 | ) | ||||||||
Balance
at December 31, 2018 | $ | ( i 92,220 | ) | $ | i — | $ | ( i 2,412 | ) | $ | ( i 94,632 | ) |
Three Months Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | ||||||||||||||||||||||
Pre-Tax
Amount | Tax Expense (Benefit) | Net Amount | Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | ||||||||||||||||||
Foreign currency translation adjustments | $ | i 5,445 | $ | ( i 111 | ) | $ | i 5,556 | $ | ( i 10,270 | ) | $ | ( i 571 | ) | $ | ( i 9,699 | ) | |||||||
Post-employment
benefits: | |||||||||||||||||||||||
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension
costs | ( i 16 | ) | ( i 4 | ) | ( i 12 | ) | ( i 78 | ) | ( i 21 | ) | ( i 57 | ) | |||||||||||
Unrealized
loss on cash flow hedge | i 1,822 | i 479 | i 1,343 | i — | i — | i — | |||||||||||||||||
Reclassification
of interest from cash flow hedge into interest expense | i 906 | i 220 | i 686 | i — | i — | i — | |||||||||||||||||
Other
comprehensive income (loss) | $ | i 8,157 | $ | i 584 | $ | i 7,573 | $ | ( i 10,348 | ) | $ | ( i 592 | ) | $ | ( i 9,756 | ) |
Six
Months Ended December 31, | ||||||||||||||||||||||||
2019 | 2018 | |||||||||||||||||||||||
Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | Pre-Tax
Amount | Tax Expense (Benefit) | Net Amount | |||||||||||||||||||
Foreign currency translation adjustments | $ | i 1,411 | $ | ( i 232 | ) | $ | i 1,643 | $ | ( i 4,556 | ) | $ | ( i 310 | ) | $ | ( i 4,246 | ) | ||||||||
Post-employment
benefits: | ||||||||||||||||||||||||
Reclassification of net actuarial gains and prior service
cost into other income, net and included in net periodic pension costs | ( i 33 | ) | ( i 8 | ) | ( i 25 | ) | ( i 153 | ) | ( i 40 | ) | ( i 113 | ) | ||||||||||||
Cumulative
effect of adopting accounting standard | i — | i — | i — | ( i 50 | ) | i — | ( i 50 | ) | ||||||||||||||||
Unrealized
loss on cash flow hedge | ( i 358 | ) | ( i 58 | ) | ( i 300 | ) | i — | i — | i — | |||||||||||||||
Reclassification
of interest from cash flow hedge into interest expense | i 1,333 | i 325 | i 1,008 | i — | i — | i — | ||||||||||||||||||
Other
comprehensive income (loss) | $ | i 2,353 | $ | i 27 | $ | i 2,326 | $ | ( i 4,759 | ) | $ | ( i 350 | ) | $ | ( i 4,409 | ) |
9. | i LEASES |
Operating lease assets, net | $ | i 85,418 | ||
Operating
lease liabilities | ||||
Other current liabilities | $ | i 28,209 | ||
Other
liabilities | i 62,784 | |||
Total operating lease liabilities | $ | i 90,993 |
Weighted average remaining lease term (years) | i 4.6 | ||
Weighted average incremental borrowing rate | i 3.40 | % |
Three
Months Ended December 31, 2019 | Six Months Ended December 31, 2019 | |||||||
Cash paid for operating leases | $ | i 8,731 | $ | i 17,284 | ||||
Right
of use assets obtained in exchange for new operating lease liabilities | $ | i 6,646 | $ | i 18,445 |
Fiscal
Year | Maturity of Operating Lease Liabilities | ||
2020 | $ | i 16,347 | |
2021 | i 26,066 | ||
2022 | i 19,168 | ||
2023 | i 12,987 | ||
2024 | i 9,868 | ||
Thereafter | i 14,044 | ||
Total
lease payments | i 98,480 | ||
Less interest | ( i 7,487 | ) | |
Present
value of lease liabilities | $ | i 90,993 |
Fiscal Year | Operating Leases | ||
2020 | $ | i 33,707 | |
2021 | i 23,407 | ||
2022 | i 16,420 | ||
2023 | i 10,653 | ||
2024 | i 7,838 | ||
Thereafter | i 12,135 | ||
Total
minimum lease payments | $ | i 104,160 |
Three Months Ended | Service Center
Based Distribution | Fluid Power & Flow Control | Total | |||||||||
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 | |||||||||
Net sales | $ | i 589,298 | $ | i 250,740 | $ | i 840,038 | ||||||
Operating
income for reportable segments | i 58,317 | i 29,243 | i 87,560 | |||||||||
Depreciation
and amortization of property | i 3,911 | i 1,127 | i 5,038 | |||||||||
Capital
expenditures | i 3,256 | i 667 | i 3,923 |
Six
Months Ended | Service Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||
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 | |||||||||
Net sales | $ | i 1,193,347 | $ | i 511,206 | $ | i 1,704,553 | ||||||
Operating
income for reportable segments | i 121,126 | i 60,123 | i 181,249 | |||||||||
Assets
used in business | i 1,223,926 | i 1,066,062 | i 2,289,988 | |||||||||
Depreciation
and amortization of property | i 7,822 | i 2,197 | i 10,019 | |||||||||
Capital
expenditures | i 5,700 | i 1,396 | i 7,096 |
Three Months Ended | Six Months Ended | |||||||||||||||
December 31, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Operating
income for reportable segments | $ | i 83,354 | $ | i 87,560 | $ | i 170,571 | $ | i 181,249 | ||||||||
Adjustment
for: | ||||||||||||||||
Intangible amortization—Service Center Based Distribution | i 2,832 | i 3,973 | i 5,886 | i 7,991 | ||||||||||||
Intangible
amortization—Fluid Power & Flow Control | i 7,363 | i 7,018 | i 14,683 | i 13,921 | ||||||||||||
Corporate
and other expense, net | i 14,414 | i 15,604 | i 30,091 | i 32,033 | ||||||||||||
Total
operating income | i 58,745 | i 60,965 | i 119,911 | i 127,304 | ||||||||||||
Interest
expense, net | i 9,583 | i 9,578 | i 19,642 | i 20,054 | ||||||||||||
Other
(income) expense, net | ( i 215 | ) | i 946 | ( i 215 | ) | i 707 | ||||||||||
Income
before income taxes | $ | i 49,377 | $ | i 50,441 | $ | i 100,484 | $ | i 106,543 |
Three Months Ended | Six
Months Ended | |||||||||||||||
December 31, | ||||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Unrealized
(gain) loss on assets held in rabbi trust for a non-qualified deferred compensation plan | $ | ( i 766 | ) | $ | i 1,179 | $ | ( i 821 | ) | $ | i 837 | ||||||
Foreign
currency transactions loss | i 556 | i 7 | i 334 | i 34 | ||||||||||||
Net
other periodic post-employment benefits | ( i 30 | ) | ( i 22 | ) | ( i 60 | ) | ( i 44 | ) | ||||||||
Life
insurance expense (income), net | i 59 | ( i 280 | ) | i 359 | ( i 193 | ) | ||||||||||
Other,
net | ( i 34 | ) | i 62 | ( i 27 | ) | i 73 | ||||||||||
Total
other (income) expense, net | $ | ( i 215 | ) | $ | i 946 | $ | ( i 215 | ) | $ | i 707 |
Index Reading | |||
Month | MCU | PMI | IP |
December
2019 | 77.0 | 47.2 | 105.0 |
November 2019 | 77.4 | 48.1 | 104.8 |
October 2019 | 76.9 | 48.3 | 103.8 |
Three Months Ended December 31, | Change in $'s Versus Prior Period - % (Decrease) Increase | ||||||||
As a Percent of Net Sales | |||||||||
2019 | 2018 | ||||||||
Net
sales | 100.0 | % | 100.0 | % | (0.8 | )% | |||
Gross profit | 28.9 | % | 28.9 | % | (0.7 | )% | |||
Selling,
distribution & administrative expense | 21.9 | % | 21.7 | % | 0.3 | % | |||
Operating income | 7.0 | % | 7.3 | % | (3.6 | )% | |||
Net
income | 4.6 | % | 4.6 | % | (1.8 | )% |
Amount
of change due to | ||||||||||||||||||
Sales by Reportable Segment | Three Months Ended December 31, | Sales (Decrease) Increase | Foreign Currency | Organic Change | ||||||||||||||
2019 | 2018 | Acquisitions | ||||||||||||||||
Service
Center Based Distribution | $ | 575.8 | $ | 589.3 | $ | (13.5 | ) | $ | 7.3 | $ | — | $ | (20.8 | ) | ||||
Fluid
Power & Flow Control | 257.6 | 250.7 | 6.8 | 19.2 | — | (12.4 | ) | |||||||||||
Total | $ | 833.4 | $ | 840.0 | $ | (6.7 | ) | $ | 26.5 | $ | — | $ | (33.2 | ) |
Amount
of change due to | ||||||||||||||||||
Three Months Ended December 31, | Sales (Decrease) Increase | Foreign Currency | Organic Change | |||||||||||||||
Sales by Geographic Area | 2019 | 2018 | Acquisitions | |||||||||||||||
United
States | $ | 720.3 | $ | 727.2 | $ | (6.9 | ) | $ | 26.5 | $ | — | $ | (33.4 | ) | ||||
Canada | 67.9 | 68.6 | (0.7 | ) | — | 0.1 | (0.8 | ) | ||||||||||
Other
countries | 45.2 | 44.2 | 0.9 | — | (0.1 | ) | 1.0 | |||||||||||
Total | $ | 833.4 | $ | 840.0 | $ | (6.7 | ) | $ | 26.5 | $ | — | $ | (33.2 | ) |
Amount
of change due to | ||||||||||||||||||
Three Months Ended December 31, | SD&A Increase | Foreign Currency | Organic Change | |||||||||||||||
2019 | 2018 | Acquisitions | ||||||||||||||||
SD&A | $ | 182.5 | $ | 181.9 | $ | 0.6 | $ | 6.8 | $ | (0.1 | ) | $ | (6.1 | ) |
Six
Months Ended December 31, | Change in $'s Versus Prior Period - % (Decrease) Increase | ||||||||
As a Percent of Net Sales | |||||||||
2019 | 2018 | ||||||||
Net
sales | 100.0 | % | 100.0 | % | (0.9 | )% | |||
Gross profit | 29.2 | % | 29.0 | % | (0.4 | )% | |||
Selling,
distribution & administrative expense | 22.1 | % | 21.6 | % | 1.5 | % | |||
Operating income | 7.1 | % | 7.5 | % | (5.8 | )% | |||
Net
income | 4.5 | % | 5.1 | % | (12.3 | )% |
Amount
of change due to | ||||||||||||||||||
Sales by Reportable Segment | Six Months Ended December 31, | Sales Decrease | Foreign Currency | Organic Change | ||||||||||||||
2019 | 2018 | Acquisitions | ||||||||||||||||
Service Center Based Distribution | $ | 1,179.0 | $ | 1,193.4 | $ | (14.4 | ) | $ | 19.4 | $ | (1.9 | ) | $ | (31.9 | ) | |||
Fluid
Power & Flow Control | 510.8 | 511.2 | (0.4 | ) | 31.4 | — | (31.8 | ) | ||||||||||
Total | $ | 1,689.8 | $ | 1,704.6 | $ | (14.8 | ) | $ | 50.8 | $ | (1.9 | ) | $ | (63.7 | ) |
Amount
of change due to | ||||||||||||||||||
Six Months Ended December 31, | Sales (Decrease) Increase | Foreign Currency | Organic Change | |||||||||||||||
Sales by Geographic Area | 2019 | 2018 | Acquisitions | |||||||||||||||
United
States | $ | 1,463.3 | $ | 1,474.6 | $ | (11.3 | ) | $ | 50.8 | $ | — | $ | (62.1 | ) | ||||
Canada | 133.8 | 137.7 | (3.9 | ) | — | (0.4 | ) | (3.5 | ) | |||||||||
Other
countries | 92.7 | 92.3 | 0.4 | — | (1.5 | ) | 1.9 | |||||||||||
Total | $ | 1,689.8 | $ | 1,704.6 | $ | (14.8 | ) | $ | 50.8 | $ | (1.9 | ) | $ | (63.7 | ) |
Amount
of change due to | ||||||||||||||||||
Six Months Ended December 31, | SD&A Increase | Foreign Currency | Organic Change | |||||||||||||||
2019 | 2018 | Acquisitions | ||||||||||||||||
SD&A | $ | 372.8 | $ | 367.4 | $ | 5.4 | $ | 12.3 | $ | (0.6 | ) | $ | (6.3 | ) |
Six
Months Ended December 31, | ||||||||
Net Cash Provided by (Used in): | 2019 | 2018 | ||||||
Operating Activities | $ | 104,899 | $ | 65,580 | ||||
Investing
Activities | (48,030 | ) | (13,361 | ) | ||||
Financing Activities | (36,321 | ) | (25,921 | ) | ||||
Exchange
Rate Effect | (618 | ) | (621 | ) | ||||
Increase in Cash and Cash Equivalents | $ | 19,930 | $ | 25,677 |
December 31, | |||||||||||||
2019 | 2019 | ||||||||||||
Accounts receivable, gross | $ | 513,224 | $ | 551,400 | |||||||||
Allowance
for doubtful accounts | 10,330 | 10,498 | |||||||||||
Accounts receivable, net | $ | 502,894 | $ | 540,902 | |||||||||
Allowance
for doubtful accounts, % of gross receivables | 2.0 | % | 1.9 | % | |||||||||
Three
Months Ended December 31, | Six Months Ended December 31, | ||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||
Provision for losses on accounts receivable | $ | 2,517 | $ | 921 | $ | 4,692 | $ | 2,085 | |||||
Provision
as a % of net sales | 0.30 | % | 0.11 | % | 0.28 | % | 0.12 | % |
PART II. | OTHER INFORMATION |
ITEM
1. | Legal Proceedings |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
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) |
0 | $0.00 | 0 | 864,618 | |
0 | $0.00 | 0 | 864,618 | |
0 | $0.00 | 0 | 864,618 | |
Total | 0 | $0.00 | 0 | 864,618 |
(1) | On
October 24, 2016, the Board of Directors authorized the repurchase of up to 1.5 million shares of the Company's common stock, replacing the prior authorization. We publicly announced the new authorization on October 26, 2016. Purchases can be made in the open market or in privately negotiated transactions. |
Exhibit No. | Description | |
3.1 | ||
3.2 | ||
4.1 | ||
4.2 | ||
4.3 | ||
4.4 | ||
4.5 | ||
4.6 | ||
10.1 | ||
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: | ||
President & Chief Executive Officer | ||
Date: | ||
Vice President-Chief Financial Officer & Treasurer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
10/30/24 | ||||
12/15/21 | ||||
8/31/21 | ||||
6/30/20 | 10-K, 4 | |||
Filed on: | 1/29/20 | |||
1/17/20 | ||||
For Period end: | 12/31/19 | 11-K, 4, SD | ||
12/15/19 | ||||
12/1/19 | ||||
11/30/19 | ||||
11/1/19 | ||||
10/31/19 | 10-Q | |||
10/30/19 | 8-K | |||
10/1/19 | 4 | |||
9/30/19 | 10-Q, 4 | |||
8/21/19 | ||||
7/1/19 | 4 | |||
6/30/19 | 10-K | |||
3/4/19 | ||||
1/1/19 | ||||
12/31/18 | 10-Q, 11-K, 4, SD | |||
12/15/18 | ||||
11/2/18 | ||||
10/1/18 | 4 | |||
9/30/18 | 10-Q | |||
7/1/18 | ||||
10/26/16 | 8-K | |||
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