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As Of Filer Filing For·On·As Docs:Size 1/26/24 Applied Industrial Techs Inc. 10-Q 12/31/23 59:6.8M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 1.41M 2: EX-31 Certification -- §302 - SOA'02 HTML 27K 3: EX-32 Certification -- §906 - SOA'02 HTML 19K 9: R1 Document and Entity Information HTML 69K 10: R2 Condensed Statements of Consolidated Income HTML 83K (Unaudited) 11: R3 Condensed Statements of Consolidated Comprehensive HTML 64K Income (Unaudited) 12: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 125K 13: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 30K (Parenthetical) 14: R6 Condensed Statements of Consolidated Cash Flows HTML 86K (Unaudited) 15: R7 Condensed Statements of Shareholder's Equity HTML 154K Condensed Statements of Shareholders' Equity (Unaudited) 16: R8 Condensed Statements of Shareholder's Equity HTML 17K Condensed Statements of Shareholders' Equity (Unaudited) (Parentheticals) 17: R9 Basis of Presentation HTML 25K 18: R10 Revenue Recognition Revenue Recognition HTML 180K 19: R11 Business Combinations HTML 24K 20: R12 Goodwill and Intangibles HTML 63K 21: R13 Debt HTML 38K 22: R14 Derivatives Derivatives HTML 25K 23: R15 Fair Value Measurements HTML 21K 24: R16 Shareholders' Equity HTML 130K 25: R17 Segment Information HTML 80K 26: R18 Other Income, Net HTML 35K 27: R19 Basis of Presentation (Policies) HTML 27K 28: R20 Revenue Recognition Revenue Recognition (Tables) HTML 181K 29: R21 Goodwill and Intangibles (Tables) HTML 68K 30: R22 Debt (Tables) HTML 28K 31: R23 Shareholders' Equity (Tables) HTML 130K 32: R24 Segment Information (Tables) HTML 78K 33: R25 Other Income, Net (Tables) HTML 35K 34: R26 Basis of Presentation (Details) HTML 19K 35: R27 Revenue Recognition Revenue Recognition (Details) HTML 44K 36: R28 Revenue Recognition Revenue Recognition (Details HTML 73K 1) 37: R29 Revenue Recognition Revenue Recognition (Details HTML 51K 2) 38: R30 Revenue Recognition Revenue Recognition (Details HTML 23K 3) 39: R31 Business Combinations Business Combinations HTML 39K Textuals (Details) 40: R32 Goodwill and Intangibles (Details) HTML 32K 41: R33 Goodwill and Intangibles (Details 1) HTML 35K 42: R34 Goodwill and Intangibles (Details2) HTML 28K 43: R35 Goodwill and Intangibles (Details Textuals) HTML 61K 44: R36 Debt (Details) HTML 41K 45: R37 Debt (Textuals) (Details) HTML 60K 46: R38 Derivatives Derivatives (Details) HTML 28K 47: R39 Fair Value Measurements (Details) HTML 22K 48: R40 Shareholders' Equity Accumulated Other HTML 86K Comprehensive Income (Loss) (Details) 49: R41 Shareholders' Equity (Details) 1 HTML 75K 50: R42 Shareholders' Equity (Textuals) (Details) HTML 19K 51: R43 Segment Information (Details) HTML 51K 52: R44 Segment Information (Details 1) HTML 47K 53: R45 Segment Information (Details Textuals) HTML 27K 54: R46 Other Income, Net (Details) HTML 30K 57: XML IDEA XML File -- Filing Summary XML 104K 55: XML XBRL Instance -- ait-20231231_htm XML 2.11M 56: EXCEL IDEA Workbook of Financial Report Info XLSX 110K 5: EX-101.CAL XBRL Calculations -- ait-20231231_cal XML 121K 6: EX-101.DEF XBRL Definitions -- ait-20231231_def XML 544K 7: EX-101.LAB XBRL Labels -- ait-20231231_lab XML 1.11M 8: EX-101.PRE XBRL Presentations -- ait-20231231_pre XML 706K 4: EX-101.SCH XBRL Schema -- ait-20231231 XSD 105K 58: JSON XBRL Instance as JSON Data -- MetaLinks 361± 533K 59: ZIP XBRL Zipped Folder -- 0000109563-24-000024-xbrl Zip 254K
ait-20231231 |
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 | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | ☐ | 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 5: | ||||||||||||||
Item 6: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net sales | $ | i 1,077,153 | $ | i 1,060,280 | $ | i 2,172,341 | $ | i 2,122,685 | ||||||||||||||||||
Cost of sales | i 760,063 | i 751,775 | i 1,530,169 | i 1,507,397 | ||||||||||||||||||||||
Gross profit | i 317,090 | i 308,505 | i 642,172 | i 615,288 | ||||||||||||||||||||||
Selling,
distribution and administrative expense, including depreciation | i 202,496 | i 195,612 | i 406,898 | i 395,863 | ||||||||||||||||||||||
Operating income | i 114,594 | i 112,893 | i 235,274 | i 219,425 | ||||||||||||||||||||||
Interest expense, net | i 1,917 | i 6,185 | i 3,237 | i 12,665 | ||||||||||||||||||||||
Other (income) expense, net | ( i 2,924) | i 758 | ( i 2,493) | i 1,766 | ||||||||||||||||||||||
Income before income taxes | i 115,601 | i 105,950 | i 234,530 | i 204,994 | ||||||||||||||||||||||
Income tax expense | i 24,373 | i 25,493 | i 49,476 | i 47,657 | ||||||||||||||||||||||
Net income | $ | i 91,228 | $ | i 80,457 | $ | i 185,054 | $ | i 157,337 | ||||||||||||||||||
Net income per share - basic | $ | i 2.35 | $ | i 2.09 | $ | i 4.78 | $ | i 4.08 | ||||||||||||||||||
Net income per share - diluted | $ | i 2.32 | $ | i 2.05 | $ | i 4.71 | $ | i 4.02 | ||||||||||||||||||
Weighted average common shares outstanding for basic computation | i 38,744 | i 38,579 | i 38,722 | i 38,552 | ||||||||||||||||||||||
Dilutive effect of potential common shares | i 558 | i 629 | i 585 | i 610 | ||||||||||||||||||||||
Weighted average common shares outstanding for diluted computation | i 39,302 | i 39,208 | i 39,307 | i 39,162 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Net income per the condensed statements of consolidated income | $ | i 91,228 | $ | i 80,457 | $ | i 185,054 | $ | i 157,337 | ||||||||||||||||||
Other comprehensive income, before tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | i 9,697 | i 5,929 | i 3,427 | ( i 5,508) | ||||||||||||||||||||||
Post-employment benefits: | ||||||||||||||||||||||||||
Reclassification of net actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs | ( i 30) | i 10 | ( i 60) | i 18 | ||||||||||||||||||||||
Termination of pension plan | i — | i 1,031 | i — | i 1,031 | ||||||||||||||||||||||
Unrealized (loss) gain on cash flow hedge | ( i 4,536) | i 548 | ( i 902) | i 12,858 | ||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense, net | ( i 4,715) | ( i 715) | ( i 9,353) | i 81 | ||||||||||||||||||||||
Total other comprehensive income (loss), before tax | i 416 | i 6,803 | ( i 6,888) | i 8,480 | ||||||||||||||||||||||
Income tax (benefit) expense related to items of other comprehensive income | ( i 2,308) | i 259 | ( i 2,538) | i 3,571 | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax | i 2,724 | i 6,544 | ( i 4,350) | i 4,909 | ||||||||||||||||||||||
Comprehensive income, net of tax | $ | i 93,952 | $ | i 87,001 | $ | i 180,704 | $ | i 162,246 |
December
31, 2023 | June 30, 2023 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | i 412,855 | $ | i 344,036 | ||||||||||
Accounts receivable, net | i 659,196 | i 708,395 | ||||||||||||
Inventories | i 520,155 | i 501,184 | ||||||||||||
Other current assets | i 89,786 | i 93,192 | ||||||||||||
Total current assets | i 1,681,992 | i 1,646,807 | ||||||||||||
Property, less
accumulated depreciation of $ i 238,935 and $ i 229,041 | i 113,706 | i 115,041 | ||||||||||||
Operating lease assets, net | i 104,517 | i 100,677 | ||||||||||||
Identifiable intangibles, net | i 227,831 | i 235,549 | ||||||||||||
Goodwill | i 589,356 | i 578,418 | ||||||||||||
Other assets | i 65,363 | i 66,840 | ||||||||||||
TOTAL ASSETS | $ | i 2,782,765 | $ | i 2,743,332 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | i 253,739 | $ | i 301,685 | ||||||||||
Current portion of long-term debt | i 25,159 | i 25,170 | ||||||||||||
Compensation and related benefits | i 72,929 | i 98,740 | ||||||||||||
Other current liabilities | i 97,299 | i 114,749 | ||||||||||||
Total current liabilities | i 449,126 | i 540,344 | ||||||||||||
Long-term debt | i 571,854 | i 596,926 | ||||||||||||
Other liabilities | i 153,757 | i 147,625 | ||||||||||||
TOTAL LIABILITIES | i 1,174,737 | i 1,284,895 | ||||||||||||
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 188,636 | i 188,646 | ||||||||||||
Retained earnings | i 1,964,090 | i 1,792,632 | ||||||||||||
Treasury
shares—at cost ( i 15,508 and i 15,556 shares, respectively) | ( i 495,052) | ( i 477,545) | ||||||||||||
Accumulated other comprehensive loss | ( i 59,646) | ( i 55,296) | ||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | i 1,608,028 | i 1,458,437 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | i 2,782,765 | $ | i 2,743,332 |
Six Months Ended | ||||||||||||||
December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | i 185,054 | $ | i 157,337 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization of property | i 11,765 | i 11,033 | ||||||||||||
Amortization of intangibles | i 14,650 | i 15,519 | ||||||||||||
Provision for losses on accounts receivable | i 1,026 | i 9,573 | ||||||||||||
Amortization of stock appreciation rights and options | i 1,710 | i 1,871 | ||||||||||||
Other share-based compensation expense | i 4,237 | i 4,001 | ||||||||||||
Changes in operating assets and liabilities, net of acquisitions | ( i 47,855) | ( i 111,542) | ||||||||||||
Other, net | ( i 2,620) | i 1,031 | ||||||||||||
Net Cash provided by Operating Activities | i 167,967 | i 88,823 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Acquisition of businesses, net of cash acquired | ( i 21,440) | ( i 25,516) | ||||||||||||
Capital expenditures | ( i 9,863) | ( i 12,817) | ||||||||||||
Proceeds from property sales | i 471 | i 128 | ||||||||||||
Net Cash used in Investing Activities | ( i 30,832) | ( i 38,205) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Long-term debt repayments | ( i 25,125) | ( i 40,123) | ||||||||||||
Interest rate swap settlement receipts | i 7,194 | i 2,684 | ||||||||||||
Purchases of treasury shares | ( i 10,677) | ( i 716) | ||||||||||||
Dividends paid | ( i 27,155) | ( i 26,259) | ||||||||||||
Acquisition holdback payments | ( i 681) | ( i 1,510) | ||||||||||||
Exercise of stock appreciation rights and options | i 127 | i 127 | ||||||||||||
Taxes paid for shares withheld for equity awards | ( i 12,914) | ( i 3,340) | ||||||||||||
Net Cash used in Financing Activities | ( i 69,231) | ( i 69,137) | ||||||||||||
Effect of Exchange Rate Changes on Cash | i 915 | ( i 417) | ||||||||||||
Increase (Decrease) in Cash and Cash Equivalents | i 68,819 | ( i 18,936) | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | i 344,036 | i 184,474 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | i 412,855 | $ | i 165,538 |
For
the Period Ended December 31, 2023 | 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, 2023 | i 38,657 | $ | i 10,000 | $ | i 188,646 | $ | i 1,792,632 | $ | ( i 477,545) | $ | ( i 55,296) | $ | i 1,458,437 | |||||||||||||||||||||||||||||||
Net income | i 93,826 | i 93,826 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 7,074) | ( i 7,074) | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.35 per share | ( i 23) | ( i 23) | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 32 | ( i 1,681) | ( i 1,912) | ( i 3,593) | ||||||||||||||||||||||||||||||||||||||||
Performance share awards | i 54 | ( i 3,072) | ( i 3,487) | ( i 6,559) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i 13 | ( i 726) | ( i 910) | ( i 1,636) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 844 | i 844 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 1,976 | i 1,976 | ||||||||||||||||||||||||||||||||||||||||||
Other | ( i 1) | ( i 1) | ( i 3) | ( i 78) | ( i 82) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | i 38,755 | $ | i 10,000 | $ | i 185,986 | $ | i 1,886,432 | $ | ( i 483,932) | $ | ( i 62,370) | $ | i 1,536,116 | |||||||||||||||||||||||||||||||
Net income | i 91,228 | i 91,228 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 2,724 | i 2,724 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.35 per share | ( i 13,607) | ( i 13,607) | ||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock for treasury | ( i 63) | ( i 10,677) | ( i 10,677) | |||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 11 | ( i 391) | ( i 335) | ( i 726) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i 1 | ( i 86) | ( i 108) | ( i 194) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 866 | i 866 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 2,261 | i 2,261 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 1 | i 37 | i 37 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | i 38,705 | $ | i 10,000 | $ | i 188,636 | $ | i 1,964,090 | $ | ( i 495,052) | $ | ( i 59,646) | $ | i 1,608,028 |
For
the Period Ended December 31, 2022 | 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, 2022 | i 38,499 | $ | i 10,000 | $ | i 183,822 | $ | i 1,499,676 | $ | ( i 471,848) | $ | ( i 72,295) | $ | i 1,149,355 | |||||||||||||||||||||||||||||||
Net income | i 76,880 | i 76,880 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 1,635) | ( i 1,635) | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.34 per share | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock for treasury | ( i 8) | ( i 716) | ( i 716) | |||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 21 | ( i 860) | ( i 366) | ( i 1,226) | ||||||||||||||||||||||||||||||||||||||||
Performance share awards | i 23 | ( i 1,290) | ( i 758) | ( i 2,048) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i 33 | ( i 1,668) | ( i 902) | ( i 2,570) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 1,424 | i 1,424 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 1,939 | i 1,939 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 3 | ( i 19) | ( i 5) | i 61 | i 37 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | i 38,571 | $ | i 10,000 | $ | i 183,348 | $ | i 1,576,551 | $ | ( i 474,529) | $ | ( i 73,930) | $ | i 1,221,440 | |||||||||||||||||||||||||||||||
Net income | i 80,457 | i 80,457 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 6,544 | i 6,544 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.34 per share | ( i 13,175) | ( i 13,175) | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 28 | ( i 1,061) | ( i 878) | ( i 1,939) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 447 | i 447 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 2,062 | i 2,062 | ||||||||||||||||||||||||||||||||||||||||||
Other | ( i 1) | i 41 | i 40 | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | i 38,599 | $ | i 10,000 | $ | i 184,795 | $ | i 1,643,874 | $ | ( i 475,407) | $ | ( i 67,386) | $ | i 1,295,876 |
Three Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Service Center Based Distribution | Engineered Solutions | Total | Service Center Based Distribution | Engineered Solutions | Total | ||||||||||||||||||
Geographic Areas: | |||||||||||||||||||||||
United States | $ | i 602,483 | $ | i 342,169 | $ | i 944,652 | $ | i 581,452 | $ | i 347,745 | $ | i 929,197 | |||||||||||
Canada | i 77,170 | i — | i 77,170 | i 74,702 | i — | i 74,702 | |||||||||||||||||
Other countries | i 49,620 | i 5,711 | i 55,331 | i 49,238 | i 7,143 | i 56,381 | |||||||||||||||||
Total | $ | i 729,273 | $ | i 347,880 | $ | i 1,077,153 | $ | i 705,392 | $ | i 354,888 | $ | i 1,060,280 |
Six Months Ended December 31, | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Service Center Based Distribution | Engineered Solutions | Total | Service Center Based Distribution | Engineered Solutions | Total | ||||||||||||||||||
Geographic Areas: | |||||||||||||||||||||||
United States | $ | i 1,219,745 | $ | i 684,265 | $ | i 1,904,010 | $ | i 1,166,332 | $ | i 684,354 | $ | i 1,850,686 | |||||||||||
Canada | i 152,470 | i — | i 152,470 | i 154,472 | i — | i 154,472 | |||||||||||||||||
Other countries | i 103,591 | i 12,270 | i 115,861 | i 102,576 | i 14,951 | i 117,527 | |||||||||||||||||
Total | $ | i 1,475,806 | $ | i 696,535 | $ | i 2,172,341 | $ | i 1,423,380 | $ | i 699,305 | $ | i 2,122,685 |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Engineered Solutions | Total | Service Center Based Distribution | Engineered Solutions | Total | ||||||||||||||||||||||||||||||
General Industry | i 34.5 | % | i 39.6 | % | i 36.0 | % | i 33.4 | % | i 42.3 | % | i 36.3 | % | |||||||||||||||||||||||
Industrial Machinery | i 9.0 | % | i 25.0 | % | i 14.2 | % | i 10.3 | % | i 27.4 | % | i 16.0 | % | |||||||||||||||||||||||
Food | i 13.7 | % | i 2.5 | % | i 10.1 | % | i 13.1 | % | i 2.2 | % | i 9.4 | % | |||||||||||||||||||||||
Metals | i 10.9 | % | i 7.6 | % | i 9.9 | % | i 10.6 | % | i 7.4 | % | i 9.5 | % | |||||||||||||||||||||||
Forest Products | i 12.0 | % | i 2.7 | % | i 9.0 | % | i 11.9 | % | i 2.4 | % | i 8.8 | % | |||||||||||||||||||||||
Chem/Petrochem | i 2.7 | % | i 15.7 | % | i 6.9 | % | i 3.0 | % | i 12.9 | % | i 6.4 | % | |||||||||||||||||||||||
Cement & Aggregate | i 8.2 | % | i 1.4 | % | i 6.0 | % | i 7.9 | % | i 1.3 | % | i 5.7 | % | |||||||||||||||||||||||
Oil & Gas | i 5.4 | % | i 1.7 | % | i 4.2 | % | i 6.3 | % | i 1.2 | % | i 4.6 | % | |||||||||||||||||||||||
Transportation | i 3.6 | % | i 3.8 | % | i 3.7 | % | i 3.5 | % | i 2.9 | % | i 3.3 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Engineered Solutions | Total | Service Center Based Distribution | Engineered Solutions | Total | ||||||||||||||||||||||||||||||
General Industry | i 34.7 | % | i 38.5 | % | i 35.8 | % | i 33.7 | % | i 41.0 | % | i 36.1 | % | |||||||||||||||||||||||
Industrial Machinery | i 8.9 | % | i 25.1 | % | i 14.1 | % | i 10.2 | % | i 27.3 | % | i 15.8 | % | |||||||||||||||||||||||
Food | i 13.7 | % | i 2.7 | % | i 10.2 | % | i 12.9 | % | i 2.5 | % | i 9.5 | % | |||||||||||||||||||||||
Metals | i 10.8 | % | i 7.9 | % | i 9.9 | % | i 10.7 | % | i 7.6 | % | i 9.7 | % | |||||||||||||||||||||||
Forest Products | i 12.2 | % | i 3.3 | % | i 9.4 | % | i 11.9 | % | i 2.5 | % | i 8.8 | % | |||||||||||||||||||||||
Chem/Petrochem | i 2.7 | % | i 15.9 | % | i 6.9 | % | i 2.9 | % | i 13.4 | % | i 6.3 | % | |||||||||||||||||||||||
Cement & Aggregate | i 7.6 | % | i 1.3 | % | i 5.6 | % | i 7.8 | % | i 1.4 | % | i 5.7 | % | |||||||||||||||||||||||
Oil & Gas | i 5.7 | % | i 1.6 | % | i 4.4 | % | i 6.3 | % | i 1.3 | % | i 4.7 | % | |||||||||||||||||||||||
Transportation | i 3.7 | % | i 3.7 | % | i 3.7 | % | i 3.6 | % | i 3.0 | % | i 3.4 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Engineered Solutions | Total | Service Center Based Distribution | Engineered Solutions | Total | ||||||||||||||||||||||||||||||
Power Transmission | i 38.4 | % | i 12.4 | % | i 30.0 | % | i 37.5 | % | i 10.1 | % | i 28.4 | % | |||||||||||||||||||||||
General Maintenance; Hose Products & Other | i 22.7 | % | i 17.9 | % | i 21.1 | % | i 21.0 | % | i 23.6 | % | i 21.8 | % | |||||||||||||||||||||||
Fluid Power | i 13.9 | % | i 35.8 | % | i 21.0 | % | i 13.3 | % | i 34.8 | % | i 20.5 | % | |||||||||||||||||||||||
Bearings, Linear & Seals | i 25.0 | % | i 0.4 | % | i 17.1 | % | i 28.2 | % | i 0.5 | % | i 18.9 | % | |||||||||||||||||||||||
Specialty Flow Control | i — | % | i 33.5 | % | i 10.8 | % | i — | % | i 31.0 | % | i 10.4 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Six Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Engineered Solutions | Total | Service Center Based Distribution | Engineered Solutions | Total | ||||||||||||||||||||||||||||||
Power Transmission | i 38.0 | % | i 11.3 | % | i 29.4 | % | i 37.5 | % | i 10.1 | % | i 28.5 | % | |||||||||||||||||||||||
Fluid Power | i 14.0 | % | i 37.3 | % | i 21.5 | % | i 13.1 | % | i 35.1 | % | i 20.4 | % | |||||||||||||||||||||||
General Maintenance; Hose Products & Other | i 22.0 | % | i 16.9 | % | i 20.4 | % | i 21.2 | % | i 19.6 | % | i 20.6 | % | |||||||||||||||||||||||
Bearings, Linear & Seals | i 26.0 | % | i 0.5 | % | i 17.8 | % | i 28.2 | % | i 0.4 | % | i 19.0 | % | |||||||||||||||||||||||
Specialty Flow Control | i — | % | i 34.0 | % | i 10.9 | % | i — | % | i 34.8 | % | i 11.5 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
December 31, 2023 | June 30, 2023 | $ Change | % Change | |||||||||||
Contract assets | $ | i 12,360 | $ | i 17,911 | $ | ( i 5,551) | ( i 31.0) | % |
Service Center Based Distribution | Engineered Solutions | Total | |||||||||||||||
Balance at June 30, 2022 | $ | i 211,010 | $ | i 352,195 | $ | i 563,205 | |||||||||||
Goodwill acquired during the period | i — | i 14,517 | i 14,517 | ||||||||||||||
Other, primarily currency translation | i 221 | i 475 | i 696 | ||||||||||||||
Balance at June 30, 2023 | $ | i 211,231 | $ | i 367,187 | $ | i 578,418 | |||||||||||
Goodwill acquired during the period | i 9,489 | i 1,249 | i 10,738 | ||||||||||||||
Other, primarily currency translation | i 200 | i — | i 200 | ||||||||||||||
Balance at December 31, 2023 | $ | i 220,920 | $ | i 368,436 | $ | i 589,356 |
December 31, 2023 | Amount | Accumulated Amortization | Net
Book Value | |||||||||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||||||||||
Customer relationships | $ | i 372,289 | $ | i 200,123 | $ | i 172,166 | ||||||||||||||
Trade names | i 85,584 | i 31,942 | i 53,642 | |||||||||||||||||
Vendor relationships | i 425 | i 425 | i — | |||||||||||||||||
Other | i 3,446 | i 1,423 | i 2,023 | |||||||||||||||||
Total Identifiable Intangibles | $ | i 461,744 | $ | i 233,913 | $ | i 227,831 |
June 30, 2023 | Amount | Accumulated Amortization | Net Book Value | |||||||||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||||||||||
Customer relationships | $ | i 364,572 | $ | i 188,804 | $ | i 175,768 | ||||||||||||||
Trade names | i 108,301 | i 50,823 | i 57,478 | |||||||||||||||||
Vendor relationships | i 9,861 | i 9,744 | i 117 | |||||||||||||||||
Other | i 3,347 | i 1,161 | i 2,186 | |||||||||||||||||
Total Identifiable Intangibles | $ | i 486,081 | $ | i 250,532 | $ | i 235,549 |
Acquisition Cost Allocation | Weighted-Average life | |||||||||||||
Customer relationships | $ | i 7,541 | i 20.0 | |||||||||||
Trade names | i 530 | i 3.0 | ||||||||||||
Other | i 100 | i 5.0 | ||||||||||||
Total Identifiable Intangibles | $ | i 8,171 | i 18.7 |
December 31, 2023 | June 30, 2023 | ||||||||||
Revolving credit facility | $ | i 383,592 | i 383,592 | ||||||||
Trade receivable securitization facility | i 188,300 | i 188,300 | |||||||||
Series D notes | i — | i 25,000 | |||||||||
Series E notes | i 25,000 | i 25,000 | |||||||||
Other | i 231 | i 356 | |||||||||
Total debt | $ | i 597,123 | $ | i 622,248 | |||||||
Less: unamortized debt issuance costs | i 110 | i 152 | |||||||||
$ | i 597,013 | $ | i 622,096 |
Three Months Ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | ( i 89,391) | $ | ( i 221) | $ | i 27,242 | $ | ( i 62,370) | ||||||||||||||||||||||||
Other comprehensive income (loss) | i 9,724 | i — | ( i 3,411) | i 6,313 | ||||||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | ( i 23) | ( i 3,566) | ( i 3,589) | ||||||||||||||||||||||||||||
Net current-period other comprehensive income (loss) | i 9,724 | ( i 23) | ( i 6,977) | i 2,724 | ||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | ( i 79,667) | $ | ( i 244) | $ | i 20,265 | $ | ( i 59,646) |
Three Months Ended December 31, 2022 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at September 30, 2022 | $ | ( i 102,259) | $ | ( i 1,297) | $ | i 29,626 | $ | ( i 73,930) | ||||||||||||||||||
Other comprehensive income | i 5,885 | i 777 | i 414 | i 7,076 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 7 | ( i 539) | ( i 532) | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | i 5,885 | i 784 | ( i 125) | i 6,544 | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( i 96,374) | $ | ( i 513) | $ | i 29,501 | $ | ( i 67,386) |
Six Months Ended December 31, 2023 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at June 30, 2023 | $ | ( i 83,099) | $ | ( i 197) | $ | i 28,000 | $ | ( i 55,296) | ||||||||||||||||||
Other comprehensive income (loss) | i 3,432 | i — | ( i 667) | i 2,765 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | ( i 47) | ( i 7,068) | ( i 7,115) | ||||||||||||||||||||||
Net current-period other comprehensive income (loss) | i 3,432 | ( i 47) | ( i 7,735) | ( i 4,350) | ||||||||||||||||||||||
Balance at December 31, 2023 | $ | ( i 79,667) | $ | ( i 244) | $ | i 20,265 | $ | ( i 59,646) |
Six Months Ended December 31, 2022 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at June 30, 2022 | $ | ( i 90,738) | $ | ( i 1,303) | $ | i 19,746 | $ | ( i 72,295) | ||||||||||||||||||
Other comprehensive (loss) income | ( i 5,636) | i 777 | i 9,694 | i 4,835 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 13 | i 61 | i 74 | ||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( i 5,636) | i 790 | i 9,755 | i 4,909 | ||||||||||||||||||||||
Balance at December 31, 2022 | $ | ( i 96,374) | $ | ( i 513) | $ | i 29,501 | $ | ( i 67,386) |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Pre-Tax Amount | Tax Benefit | Net Amount | Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | i 9,697 | $ | ( i 27) | $ | i 9,724 | $ | i 5,929 | $ | i 44 | $ | i 5,885 | |||||||||||||||||||||||
Post-employment benefits: | |||||||||||||||||||||||||||||||||||
Reclassification of net actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs | ( i 30) | ( i 7) | ( i 23) | i 10 | i 3 | i 7 | |||||||||||||||||||||||||||||
Termination of pension plan | i — | i — | i — | i 1,031 | i 254 | i 777 | |||||||||||||||||||||||||||||
Unrealized (loss) gain on cash flow hedge | ( i 4,536) | ( i 1,125) | ( i 3,411) | i 548 | i 134 | i 414 | |||||||||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense, net | ( i 4,715) | ( i 1,149) | ( i 3,566) | ( i 715) | ( i 176) | ( i 539) | |||||||||||||||||||||||||||||
Other comprehensive income | $ | i 416 | $ | ( i 2,308) | $ | i 2,724 | $ | i 6,803 | $ | i 259 | $ | i 6,544 |
Six Months Ended December 31, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Pre-Tax Amount | Tax Benefit | Net Amount | Pre-Tax Amount | Tax Expense | Net Amount | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | i 3,427 | $ | ( i 5) | $ | i 3,432 | $ | ( i 5,508) | $ | i 128 | $ | ( i 5,636) | ||||||||||||||||||||||||||
Post-employment benefits: | ||||||||||||||||||||||||||||||||||||||
Reclassification of net actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs | ( i 60) | ( i 13) | ( i 47) | i 18 | i 5 | i 13 | ||||||||||||||||||||||||||||||||
Termination of pension plan | i — | i — | i — | i 1,031 | i 254 | i 777 | ||||||||||||||||||||||||||||||||
Unrealized (loss) gain on cash flow hedge | ( i 902) | ( i 235) | ( i 667) | i 12,858 | i 3,164 | i 9,694 | ||||||||||||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense, net | ( i 9,353) | ( i 2,285) | ( i 7,068) | i 81 | i 20 | i 61 | ||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | $ | ( i 6,888) | $ | ( i 2,538) | $ | ( i 4,350) | $ | i 8,480 | $ | i 3,571 | $ | i 4,909 |
Three Months Ended | Service Center Based Distribution | Engineered Solutions | Total | |||||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Net sales | $ | i 729,273 | $ | i 347,880 | $ | i 1,077,153 | ||||||||||||||
Operating income for reportable segments | i 91,440 | i 51,167 | i 142,607 | |||||||||||||||||
Depreciation and amortization of property | i 4,355 | i 1,693 | i 6,048 | |||||||||||||||||
Capital expenditures | i 4,400 | i 1,123 | i 5,523 | |||||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Net sales | $ | i 705,392 | $ | i 354,888 | $ | i 1,060,280 | ||||||||||||||
Operating income for reportable segments | i 86,484 | i 51,626 | i 138,110 | |||||||||||||||||
Depreciation and amortization of property | i 4,474 | i 1,078 | i 5,552 | |||||||||||||||||
Capital expenditures | i 4,751 | i 2,512 | i 7,263 |
Six Months Ended | Service Center Based Distribution | Engineered Solutions | Total | |||||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Net sales | $ | i 1,475,806 | $ | i 696,535 | $ | i 2,172,341 | ||||||||||||||
Operating income for reportable segments | i 188,321 | i 100,762 | i 289,083 | |||||||||||||||||
Assets used in business | i 1,759,794 | i 1,022,971 | i 2,782,765 | |||||||||||||||||
Depreciation and amortization of property | i 8,791 | i 2,974 | i 11,765 | |||||||||||||||||
Capital expenditures | i 8,034 | i 1,829 | i 9,863 | |||||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Net sales | $ | i 1,423,380 | $ | i 699,305 | $ | i 2,122,685 | ||||||||||||||
Operating income for reportable segments | i 175,293 | i 97,160 | i 272,453 | |||||||||||||||||
Assets used in business | i 1,454,040 | i 1,068,864 | i 2,522,904 | |||||||||||||||||
Depreciation and amortization of property | i 8,923 | i 2,110 | i 11,033 | |||||||||||||||||
Capital expenditures | i 8,316 | i 4,501 | i 12,817 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Operating income for reportable segments | $ | i 142,607 | $ | i 138,110 | $ | i 289,083 | $ | i 272,453 | ||||||||||||||||||
Adjustment for: | ||||||||||||||||||||||||||
Intangible amortization—Service Center Based Distribution | i 922 | i 730 | i 1,599 | i 1,488 | ||||||||||||||||||||||
Intangible amortization—Engineered Solutions | i 6,335 | i 7,084 | i 13,051 | i 14,031 | ||||||||||||||||||||||
Corporate and other expense, net | i 20,756 | i 17,403 | i 39,159 | i 37,509 | ||||||||||||||||||||||
Total operating income | i 114,594 | i 112,893 | i 235,274 | i 219,425 | ||||||||||||||||||||||
Interest expense, net | i 1,917 | i 6,185 | i 3,237 | i 12,665 | ||||||||||||||||||||||
Other (income) expense, net | ( i 2,924) | i 758 | ( i 2,493) | i 1,766 | ||||||||||||||||||||||
Income before income taxes | $ | i 115,601 | $ | i 105,950 | $ | i 234,530 | $ | i 204,994 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan | $ | ( i 1,938) | $ | ( i 1,065) | $ | ( i 1,385) | $ | ( i 238) | ||||||||||||||||||
Foreign currency transactions (gain) loss | ( i 832) | i 700 | ( i 903) | i 928 | ||||||||||||||||||||||
Net other periodic post-employment costs | i 26 | i 1,176 | i 51 | i 1,319 | ||||||||||||||||||||||
Life insurance income, net | ( i 107) | ( i 104) | ( i 244) | ( i 215) | ||||||||||||||||||||||
Other, net | ( i 73) | i 51 | ( i 12) | ( i 28) | ||||||||||||||||||||||
Total other (income) expense, net | $ | ( i 2,924) | $ | i 758 | $ | ( i 2,493) | $ | i 1,766 |
Index Reading | |||||||||||
Month | MCU | PMI | IP | ||||||||
December 2023 | 78.6 | 47.4 | 99.1 | ||||||||
November 2023 | 78.6 | 46.7 | 99.0 | ||||||||
October 2023 | 78.7 | 46.7 | 98.8 | ||||||||
September 2023 | 79.5 | 49.0 | 99.6 | ||||||||
June 2023 | 78.9 | 46.0 | 99.1 |
Three Months Ended December 31, | Change in $'s Versus Prior Period - % Increase | |||||||||||||||||||
As a Percent of Net Sales | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 1.6 | % | ||||||||||||||
Gross profit | 29.4 | % | 29.1 | % | 2.8 | % | ||||||||||||||
Selling, distribution & administrative expense | 18.8 | % | 18.4 | % | 3.5 | % | ||||||||||||||
Operating income | 10.6 | % | 10.6 | % | 1.5 | % | ||||||||||||||
Net income | 8.5 | % | 7.6 | % | 13.4 | % |
Sales by Reportable Segment | Three Months Ended December 31, | Sales Increase (Decrease) | Amount of change due to | |||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2023 | 2022 | Acquisitions | ||||||||||||||||||
Service Center Based Distribution | $ | 729.3 | $ | 705.4 | $ | 23.9 | $ | 11.0 | $ | 3.0 | $ | 9.9 | ||||||||
Engineered Solutions | 347.9 | 354.9 | (7.0) | 3.4 | — | (10.4) | ||||||||||||||
Total | $ | 1,077.2 | $ | 1,060.3 | $ | 16.9 | $ | 14.4 | $ | 3.0 | $ | (0.5) |
Three Months Ended December 31, | Sales Increase (Decrease) | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
Sales by Geographic Area | 2023 | 2022 | Acquisitions | |||||||||||||||||
United States | $ | 944.7 | $ | 929.2 | $ | 15.5 | $ | 14.4 | $ | — | $ | 1.1 | ||||||||
Canada | 77.2 | 74.7 | 2.5 | — | (0.1) | 2.6 | ||||||||||||||
Other countries | 55.3 | 56.4 | (1.1) | — | 3.1 | (4.2) | ||||||||||||||
Total | $ | 1,077.2 | $ | 1,060.3 | $ | 16.9 | $ | 14.4 | $ | 3.0 | $ | (0.5) |
Three Months Ended December 31, | SD&A Increase | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2023 | 2022 | Acquisitions | ||||||||||||||||||
SD&A | $ | 202.5 | $ | 195.6 | $ | 6.9 | $ | 4.8 | $ | 0.3 | $ | 1.8 |
Six Months Ended December 31, | Change
in $'s Versus Prior Period - % Increase | |||||||||||||||||||
As a Percent of Net Sales | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 2.3 | % | ||||||||||||||
Gross profit | 29.6 | % | 29.0 | % | 4.4 | % | ||||||||||||||
Selling, distribution & administrative expense | 18.7 | % | 18.6 | % | 2.8 | % | ||||||||||||||
Operating income | 10.8 | % | 10.3 | % | 7.2 | % | ||||||||||||||
Net income | 8.5 | % | 7.4 | % | 17.6 | % |
Sales by Reportable Segment | Six Months Ended December 31, | Sales Increase (Decrease) | Amount of change due to | |||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2023 | 2022 | Acquisitions | ||||||||||||||||||
Service Center Based Distribution | $ | 1,475.8 | $ | 1,423.4 | $ | 52.4 | $ | 14.9 | $ | 5.4 | $ | 32.1 | ||||||||
Engineered Solutions | 696.5 | 699.3 | (2.7) | 11.1 | — | (13.8) | ||||||||||||||
Total | $ | 2,172.3 | $ | 2,122.7 | $ | 49.7 | $ | 26.0 | $ | 5.4 | $ | 18.3 |
Six Months Ended December 31, | Sales Increase (Decrease) | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
Sales by Geographic Area | 2023 | 2022 | Acquisitions | |||||||||||||||||
United States | $ | 1,904.0 | $ | 1,850.7 | $ | 53.3 | $ | 26.0 | $ | — | $ | 27.3 | ||||||||
Canada | 152.5 | 154.5 | (2.0) | — | (2.4) | 0.4 | ||||||||||||||
Other countries | 115.8 | 117.5 | (1.6) | — | 7.8 | (9.4) | ||||||||||||||
Total | $ | 2,172.3 | $ | 2,122.7 | $ | 49.7 | $ | 26.0 | $ | 5.4 | $ | 18.3 |
Six
Months Ended December 31, | SD&A Increase | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2023 | 2022 | Acquisitions | ||||||||||||||||||
SD&A | $ | 406.9 | $ | 395.9 | $ | 11.0 | $ | 7.4 | $ | 0.5 | $ | 3.1 |
Six Months Ended December 31, | |||||||||||
Net Cash Provided by (Used in): | 2023 | 2022 | |||||||||
Operating Activities | $ | 167,967 | $ | 88,823 | |||||||
Investing Activities | (30,832) | (38,205) | |||||||||
Financing Activities | (69,231) | (69,137) | |||||||||
Exchange Rate Effect | 915 | (417) | |||||||||
Increase (Decrease) in Cash and Cash Equivalents | $ | 68,819 | $ | (18,936) |
Six Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Accounts Receivable | $ | 54,428 | $ | (6,167) | |||||||
Inventories | (14,540) | (72,295) | |||||||||
Accounts payable | (49,047) | (10,931) |
December 31, 2023 | June 30, 2023 | ||||||||||
Revolving credit facility | $ | 383,592 | $ | 383,592 | |||||||
Trade receivable securitization facility | 188,300 | 188,300 | |||||||||
Series D notes | — | 25,000 | |||||||||
Series E notes | 25,000 | 25,000 | |||||||||
Other | 231 | 356 | |||||||||
Total debt | $ | 597,123 | $ | 622,248 | |||||||
Less: unamortized debt issuance costs | 110 | 152 | |||||||||
$ | 597,013 | $ | 622,096 |
December 31, | June 30, | ||||||||||||||||
2023 | 2023 | ||||||||||||||||
Accounts receivable, gross | $ | 674,756 | $ | 730,729 | |||||||||||||
Allowance for doubtful accounts | 15,560 | 22,334 | |||||||||||||||
Accounts receivable, net | $ | 659,196 | $ | 708,395 | |||||||||||||
Allowance for doubtful accounts, % of gross receivables | 2.3 | % | 3.1 | % | |||||||||||||
Three Months Ended December 31, | Six Months Ended December 31, | ||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
Provision for losses on accounts receivable | $ | 159 | $ | 5,579 | $ | 1,026 | $ | 9,573 | |||||||||
Provision as a % of net sales | 0.01 | % | 0.53 | % | 0.05 | % | 0.45 | % |
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, 2023 to October 31, 2023 | 0 | $0.00 | 0 | 1,500,000 | ||||||||||
November 1, 2023 to November 30, 2023 | 0 | $0.00 | 0 | 1,500,000 | ||||||||||
December 1, 2023 to December 31, 2023 | 62,947 | $169.61 | 62,947 | 1,437,053 | ||||||||||
Total | 62,947 | $169.61 | 62,947 | 1,437,053 |
Exhibit No. | Description | |||||||
3.1 | ||||||||
3.2 |
4.1 | ||||||||
4.2 | ||||||||
4.3 | ||||||||
4.4 | ||||||||
4.5 | ||||||||
4.6 | ||||||||
4.7 | ||||||||
4.8 | ||||||||
4.9 | ||||||||
4.10 | ||||||||
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
4.14 | ||||||||
4.15 | ||||||||
10.1 | ||||||||
31 | ||||||||
32 | ||||||||
101 | The following financial information from Applied Industrial Technologies Inc.'s Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Condensed Statements of Consolidated Income, (ii) the Condensed Statements of Consolidated Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Statements of Consolidated Cash Flows, (v) the Condensed Statements of Shareholders' Equity, and (vi) the Notes to Condensed Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. | ||||||||
(Company) | ||||||||
Date: | January 26, 2024 | By: /s/ Neil A. Schrimsher | ||||||
Neil A. Schrimsher | ||||||||
President & Chief Executive Officer | ||||||||
Date: | January 26, 2024 | By: /s/ David K. Wells | ||||||
David K. Wells | ||||||||
Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
8/4/26 | ||||
12/15/25 | ||||
12/15/24 | ||||
6/30/24 | ||||
Filed on: | 1/26/24 | |||
1/18/24 | ||||
For Period end: | 12/31/23 | 4 | ||
12/18/23 | 4 | |||
12/15/23 | ||||
12/14/23 | 4 | |||
12/1/23 | ||||
11/30/23 | ||||
11/2/23 | ||||
11/1/23 | 144, 4 | |||
10/31/23 | ||||
10/1/23 | ||||
9/30/23 | 10-Q, 4 | |||
9/1/23 | ||||
8/4/23 | 8-K | |||
8/1/23 | ||||
6/30/23 | 10-K, 4, 8-K, ARS | |||
5/31/23 | ||||
3/31/23 | 10-Q, 4 | |||
1/1/23 | ||||
12/31/22 | 10-Q, 11-K, 4, SD | |||
11/1/22 | 4, 8-K | |||
9/30/22 | 10-Q, 4 | |||
8/11/22 | 3, 4, 8-K | |||
8/9/22 | 3, 4, 8-K | |||
6/30/22 | 10-K, 4 | |||
3/26/21 | 8-K | |||
12/31/20 | 10-Q, 11-K, 4, SD | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 10/27/23 Applied Industrial Techs Inc. 10-Q 9/30/23 60:5.4M 8/11/23 Applied Industrial Techs Inc. 10-K 6/30/23 98:13M 8/09/23 Applied Industrial Techs Inc. 8-K:1,2,9 8/04/23 12:237K Donnelley … Solutions/FA 11/01/22 Applied Industrial Techs Inc. 8-K:1,9 10/28/22 11:239K 12/14/21 Applied Industrial Techs Inc. 8-K:1,2,9 12/09/21 12:1.5M 4/30/21 Applied Industrial Techs Inc. 10-Q 3/31/21 61:7.8M 3/29/21 Applied Industrial Techs Inc. 8-K:1,2,9 3/26/21 14:477K 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 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 |