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As Of Filer Filing For·On·As Docs:Size 4/28/22 Applied Industrial Techs Inc. 10-Q 3/31/22 59:7.7M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 939K 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 70K 10: R2 Condensed Statements of Consolidated Income HTML 78K (Unaudited) 11: R3 Condensed Statements of Consolidated Comprehensive HTML 56K Income (Unaudited) 12: R4 Condensed Consolidated Balance Sheets (Unaudited) HTML 102K 13: R5 Condensed Consolidated Balance Sheets (Unaudited) HTML 29K (Parenthetical) 14: R6 Condensed Statements of Consolidated Cash Flows HTML 91K (Unaudited) 15: R7 Condensed Statements of Shareholder's Equity HTML 176K 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 21K 18: R10 Revenue Recognition Revenue Recognition HTML 178K 19: R11 Business Combinations HTML 22K 20: R12 Goodwill and Intangibles HTML 66K 21: R13 Debt HTML 38K 22: R14 Derivatives Derivatives HTML 23K 23: R15 Fair Value Measurements HTML 21K 24: R16 Shareholders' Equity HTML 119K 25: R17 Segment Information HTML 81K 26: R18 Other Income, Net HTML 35K 27: R19 Basis of Presentation (Policies) HTML 21K 28: R20 Revenue Recognition Revenue Recognition (Tables) HTML 179K 29: R21 Goodwill and Intangibles (Tables) HTML 64K 30: R22 Debt (Tables) HTML 30K 31: R23 Shareholders' Equity (Tables) HTML 120K 32: R24 Segment Information (Tables) HTML 79K 33: R25 Other Income, Net (Tables) HTML 35K 34: R26 Basis of Presentation (Details) HTML 20K 35: R27 Revenue Recognition Revenue Recognition (Details) HTML 42K 36: R28 Revenue Recognition Revenue Recognition (Details HTML 71K 1) 37: R29 Revenue Recognition Revenue Recognition (Details HTML 49K 2) 38: R30 Revenue Recognition Revenue Recognition (Details HTML 23K 3) 39: R31 Business Combinations Business Combinations HTML 44K Textuals (Details) 40: R32 Goodwill and Intangibles (Details) HTML 31K 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 50K 44: R36 Debt (Details) HTML 47K 45: R37 Debt (Textuals) (Details) HTML 83K 46: R38 Derivatives Derivatives (Details) HTML 30K 47: R39 Fair Value Measurements (Details) HTML 21K 48: R40 Shareholders' Equity Accumulated Other HTML 91K Comprehensive Income (Loss) (Details) 49: R41 Shareholders' Equity (Details) 1 HTML 67K 50: R42 Shareholders' Equity (Textuals) (Details) HTML 19K 51: R43 Segment Information (Details) HTML 46K 52: R44 Segment Information (Details 1) HTML 50K 53: R45 Segment Information (Details Textuals) HTML 28K 54: R46 Other Income, Net (Details) HTML 29K 57: XML IDEA XML File -- Filing Summary XML 104K 55: XML XBRL Instance -- ait-20220331_htm XML 2.60M 56: EXCEL IDEA Workbook of Financial Reports XLSX 72K 5: EX-101.CAL XBRL Calculations -- ait-20220331_cal XML 126K 6: EX-101.DEF XBRL Definitions -- ait-20220331_def XML 533K 7: EX-101.LAB XBRL Labels -- ait-20220331_lab XML 1.16M 8: EX-101.PRE XBRL Presentations -- ait-20220331_pre XML 739K 4: EX-101.SCH XBRL Schema -- ait-20220331 XSD 105K 58: JSON XBRL Instance as JSON Data -- MetaLinks 287± 410K 59: ZIP XBRL Zipped Folder -- 0000109563-22-000044-xbrl Zip 256K
ait-20220331 |
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: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net sales | $ | i 980,662 | $ | i 840,937 | $ | i 2,749,217 | $ | i 2,340,031 | ||||||||||||||||||
Cost of sales | i 693,338 | i 593,712 | i 1,948,928 | i 1,667,491 | ||||||||||||||||||||||
Gross profit | i 287,324 | i 247,225 | i 800,289 | i 672,540 | ||||||||||||||||||||||
Selling,
distribution and administrative expense, including depreciation | i 191,481 | i 172,758 | i 551,655 | i 498,659 | ||||||||||||||||||||||
Impairment expense | i — | i — | i — | i 49,528 | ||||||||||||||||||||||
Operating income | i 95,843 | i 74,467 | i 248,634 | i 124,353 | ||||||||||||||||||||||
Interest expense, net | i 5,852 | i 7,608 | i 20,249 | i 22,919 | ||||||||||||||||||||||
Other expense (income), net | i 469 | ( i 1,657) | ( i 712) | ( i 1,746) | ||||||||||||||||||||||
Income before income taxes | i 89,522 | i 68,516 | i 229,097 | i 103,180 | ||||||||||||||||||||||
Income tax expense | i 21,216 | i 12,453 | i 50,796 | i 17,667 | ||||||||||||||||||||||
Net income | $ | i 68,306 | $ | i 56,063 | $ | i 178,301 | $ | i 85,513 | ||||||||||||||||||
Net income per share - basic | $ | i 1.78 | $ | i 1.44 | $ | i 4.63 | $ | i 2.21 | ||||||||||||||||||
Net income per share - diluted | $ | i 1.75 | $ | i 1.42 | $ | i 4.56 | $ | i 2.18 | ||||||||||||||||||
Weighted average common shares outstanding for basic computation | i 38,453 | i 38,835 | i 38,470 | i 38,779 | ||||||||||||||||||||||
Dilutive effect of potential common shares | i 645 | i 577 | i 632 | i 482 | ||||||||||||||||||||||
Weighted average common shares outstanding for diluted computation | i 39,098 | i 39,412 | i 39,102 | i 39,261 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Net income per the condensed statements of consolidated income | $ | i 68,306 | $ | i 56,063 | $ | i 178,301 | $ | i 85,513 | ||||||||||||||||||
Other comprehensive income, before tax: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | i 6,782 | ( i 496) | ( i 1,183) | i 19,529 | ||||||||||||||||||||||
Post-employment benefits: | ||||||||||||||||||||||||||
Reclassification of net actuarial losses and prior service cost into other expense (income), net and included in net periodic pension costs | i 74 | i 68 | i 224 | i 203 | ||||||||||||||||||||||
Unrealized gain on cash flow hedge | i 17,738 | i 8,758 | i 23,201 | i 6,017 | ||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense | i 2,462 | i 2,992 | i 7,632 | i 8,504 | ||||||||||||||||||||||
Total other comprehensive income, before tax | i 27,056 | i 11,322 | i 29,874 | i 34,253 | ||||||||||||||||||||||
Income tax expense related to items of other comprehensive income | i 4,977 | i 2,829 | i 7,638 | i 3,694 | ||||||||||||||||||||||
Other comprehensive income, net of tax | i 22,079 | i 8,493 | i 22,236 | i 30,559 | ||||||||||||||||||||||
Comprehensive income, net of tax | $ | i 90,385 | $ | i 64,556 | $ | i 200,537 | $ | i 116,072 |
March
31, 2022 | June 30, 2021 | |||||||||||||
ASSETS | ||||||||||||||
Current assets | ||||||||||||||
Cash and cash equivalents | $ | i 188,084 | $ | i 257,745 | ||||||||||
Accounts receivable, net | i 618,079 | i 516,322 | ||||||||||||
Inventories | i 425,373 | i 362,547 | ||||||||||||
Other current assets | i 63,504 | i 59,961 | ||||||||||||
Total current assets | i 1,295,040 | i 1,196,575 | ||||||||||||
Property,
less accumulated depreciation of $ i 212,463 and $ i 204,326 | i 111,166 | i 115,589 | ||||||||||||
Operating lease assets, net | i 95,049 | i 87,111 | ||||||||||||
Identifiable intangibles, net | i 258,501 | i 279,628 | ||||||||||||
Goodwill | i 563,751 | i 560,077 | ||||||||||||
Other assets | i 60,064 | i 32,827 | ||||||||||||
TOTAL ASSETS | $ | i 2,383,571 | $ | i 2,271,807 | ||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||
Current liabilities | ||||||||||||||
Accounts payable | $ | i 247,639 | $ | i 208,162 | ||||||||||
Current portion of long-term debt | i 40,166 | i 43,525 | ||||||||||||
Compensation and related benefits | i 81,518 | i 77,657 | ||||||||||||
Other current liabilities | i 95,033 | i 98,356 | ||||||||||||
Total current liabilities | i 464,356 | i 427,700 | ||||||||||||
Long-term debt | i 681,197 | i 784,855 | ||||||||||||
Other liabilities | i 139,624 | i 126,706 | ||||||||||||
TOTAL LIABILITIES | i 1,285,177 | i 1,339,261 | ||||||||||||
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 183,100 | i 177,014 | ||||||||||||
Retained earnings | i 1,446,847 | i 1,294,413 | ||||||||||||
Treasury
shares—at cost ( i 15,769 and i 15,697 shares, respectively) | ( i 470,697) | ( i 455,789) | ||||||||||||
Accumulated other comprehensive loss | ( i 70,856) | ( i 93,092) | ||||||||||||
TOTAL SHAREHOLDERS’ EQUITY | i 1,098,394 | i 932,546 | ||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | i 2,383,571 | $ | i 2,271,807 |
Nine Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash Flows from Operating Activities | ||||||||||||||
Net income | $ | i 178,301 | $ | i 85,513 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization of property | i 16,215 | i 15,641 | ||||||||||||
Amortization of intangibles | i 24,096 | i 26,238 | ||||||||||||
Impairment expense | i — | i 49,528 | ||||||||||||
Amortization of stock options and appreciation rights | i 2,897 | i 1,930 | ||||||||||||
Other share-based compensation expense | i 6,064 | i 4,660 | ||||||||||||
Changes in operating assets and liabilities, net of acquisitions | ( i 106,136) | i 33,574 | ||||||||||||
Other, net | i 12,386 | ( i 13,675) | ||||||||||||
Net Cash provided by Operating Activities | i 133,823 | i 203,409 | ||||||||||||
Cash Flows from Investing Activities | ||||||||||||||
Acquisition of businesses, net of cash acquired | ( i 6,974) | ( i 30,023) | ||||||||||||
Capital expenditures | ( i 11,674) | ( i 12,177) | ||||||||||||
Proceeds from property sales | i 494 | i 691 | ||||||||||||
Life insurance proceeds | i 3,159 | i — | ||||||||||||
Cash payments for loans on company-owned life insurance | ( i 14,835) | i — | ||||||||||||
Net Cash used in Investing Activities | ( i 29,830) | ( i 41,509) | ||||||||||||
Cash Flows from Financing Activities | ||||||||||||||
Net borrowings under revolving credit facility | i 442,592 | i — | ||||||||||||
Long-term debt repayments | ( i 550,432) | ( i 82,070) | ||||||||||||
Interest rate swap settlement payments | ( i 4,812) | ( i 2,122) | ||||||||||||
Payment of debt issuance costs | ( i 1,956) | ( i 399) | ||||||||||||
Purchases of treasury shares | ( i 13,604) | i — | ||||||||||||
Dividends paid | ( i 38,612) | ( i 37,772) | ||||||||||||
Acquisition holdback payments | ( i 2,361) | ( i 2,344) | ||||||||||||
Exercise of stock options and appreciation rights | i 224 | i 163 | ||||||||||||
Taxes paid for shares withheld for equity awards | ( i 4,405) | ( i 5,990) | ||||||||||||
Net Cash used in Financing Activities | ( i 173,366) | ( i 130,534) | ||||||||||||
Effect of Exchange Rate Changes on Cash | ( i 288) | i 4,099 | ||||||||||||
(Decrease) increase in Cash and Cash Equivalents | ( i 69,661) | i 35,465 | ||||||||||||
Cash and Cash Equivalents at Beginning of Period | i 257,745 | i 268,551 | ||||||||||||
Cash and Cash Equivalents at End of Period | $ | i 188,084 | $ | i 304,016 |
For
the Period Ended March 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, 2021 | i 38,516 | $ | i 10,000 | $ | i 177,014 | $ | i 1,294,413 | $ | ( i 455,789) | $ | ( i 93,092) | $ | i 932,546 | |||||||||||||||||||||||||||||||
Net income | i 52,969 | i 52,969 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( i 4,731) | ( i 4,731) | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.33 per share | i — | i — | ||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock for treasury | ( i 77) | ( i 6,537) | ( i 6,537) | |||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 3 | ( i 116) | i 8 | ( i 108) | ||||||||||||||||||||||||||||||||||||||||
Performance share awards | i 5 | ( i 222) | ( i 73) | ( i 295) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i 12 | ( i 572) | ( i 120) | ( i 692) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 1,907 | i 1,907 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 1,563 | i 1,563 | ||||||||||||||||||||||||||||||||||||||||||
Other | ( i 2) | ( i 7) | ( i 45) | ( i 52) | ||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | i 38,457 | $ | i 10,000 | $ | i 179,574 | $ | i 1,347,375 | $ | ( i 462,556) | $ | ( i 97,823) | $ | i 976,570 | |||||||||||||||||||||||||||||||
Net income | i 57,026 | i 57,026 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 4,888 | i 4,888 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.33 per share | ( i 12,759) | ( i 12,759) | ||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock for treasury | ( i 35) | ( i 3,527) | ( i 3,527) | |||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 35 | ( i 1,639) | ( i 832) | ( i 2,471) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 609 | i 609 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 1,705 | i 1,705 | ||||||||||||||||||||||||||||||||||||||||||
Other | ( i 4) | ( i 1) | i 13 | ( i 364) | ( i 352) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | i 38,453 | $ | i 10,000 | $ | i 180,248 | $ | i 1,391,655 | $ | ( i 467,279) | $ | ( i 92,935) | $ | i 1,021,689 | |||||||||||||||||||||||||||||||
Net income | i 68,306 | i 68,306 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 22,079 | i 22,079 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.34 per share | ( i 13,131) | ( i 13,131) | ||||||||||||||||||||||||||||||||||||||||||
Purchases of common stock for treasury | ( i 35) | ( i 3,540) | ( i 3,540) | |||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | — | |||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 16 | ( i 40) | ( i 130) | ( i 170) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i — | ( i 18) | ( i 16) | ( i 34) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 381 | i 381 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 2,796 | i 2,796 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 10 | ( i 267) | i 17 | i 268 | i 18 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | i 38,444 | i 10,000 | i 183,100 | i 1,446,847 | ( i 470,697) | ( i 70,856) | i 1,098,394 |
For
the Period Ended March 31, 2021 | 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 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 | |||||||||||||||||||||||||||||||
Net income | i 56,063 | i 56,063 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 8,493 | i 8,493 | ||||||||||||||||||||||||||||||||||||||||||
Cash
dividends — $ i 0.33 per share | ( i 12,878) | ( i 12,878) | ||||||||||||||||||||||||||||||||||||||||||
Treasury shares issued for: | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock appreciation rights and options | i 11 | ( i 379) | ( i 40) | ( i 419) | ||||||||||||||||||||||||||||||||||||||||
Restricted stock units | i 4 | ( i 147) | ( i 1) | ( i 148) | ||||||||||||||||||||||||||||||||||||||||
Compensation expense — stock appreciation rights and options | i 602 | i 602 | ||||||||||||||||||||||||||||||||||||||||||
Other share-based compensation expense | i 2,493 | i 2,493 | ||||||||||||||||||||||||||||||||||||||||||
Other | i 13 | ( i 354) | ( i 6) | i 354 | ( i 6) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | i 38,859 | $ | i 10,000 | $ | i 177,231 | $ | i 1,260,761 | $ | ( i 414,214) | $ | ( i 98,871) | $ | i 934,907 |
Three Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||
Geographic Areas: | |||||||||||||||||||||||
United States | $ | i 541,622 | $ | i 314,626 | $ | i 856,248 | $ | i 461,945 | $ | i 262,672 | $ | i 724,617 | |||||||||||
Canada | i 70,493 | i — | i 70,493 | i 66,146 | i — | i 66,146 | |||||||||||||||||
Other countries | i 46,883 | i 7,038 | i 53,921 | i 44,801 | i 5,373 | i 50,174 | |||||||||||||||||
Total | $ | i 658,998 | $ | i 321,664 | $ | i 980,662 | $ | i 572,892 | $ | i 268,045 | $ | i 840,937 |
Nine Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||
Geographic Areas: | |||||||||||||||||||||||
United States | $ | i 1,495,198 | $ | i 882,025 | $ | i 2,377,223 | $ | i 1,294,643 | $ | i 721,845 | $ | i 2,016,488 | |||||||||||
Canada | i 211,322 | i — | i 211,322 | i 180,851 | i — | i 180,851 | |||||||||||||||||
Other countries | i 140,567 | i 20,105 | i 160,672 | i 126,372 | i 16,320 | i 142,692 | |||||||||||||||||
Total | $ | i 1,847,087 | $ | i 902,130 | $ | i 2,749,217 | $ | i 1,601,866 | $ | i 738,165 | $ | i 2,340,031 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
General Industry | i 35.2 | % | i 40.5 | % | i 36.8 | % | i 35.1 | % | i 41.1 | % | i 37.0 | % | |||||||||||||||||||||||
Industrial Machinery | i 10.6 | % | i 27.9 | % | i 16.3 | % | i 10.1 | % | i 26.7 | % | i 15.4 | % | |||||||||||||||||||||||
Metals | i 11.4 | % | i 7.7 | % | i 10.2 | % | i 10.9 | % | i 6.9 | % | i 9.6 | % | |||||||||||||||||||||||
Food | i 12.6 | % | i 2.7 | % | i 9.4 | % | i 13.2 | % | i 2.6 | % | i 9.8 | % | |||||||||||||||||||||||
Forest Products | i 10.8 | % | i 2.1 | % | i 7.9 | % | i 10.9 | % | i 2.7 | % | i 8.3 | % | |||||||||||||||||||||||
Chem/Petrochem | i 2.9 | % | i 13.3 | % | i 6.3 | % | i 3.2 | % | i 13.5 | % | i 6.5 | % | |||||||||||||||||||||||
Cement & Aggregate | i 7.1 | % | i 1.1 | % | i 5.2 | % | i 8.1 | % | i 1.1 | % | i 5.9 | % | |||||||||||||||||||||||
Oil & Gas | i 5.5 | % | i 1.1 | % | i 4.1 | % | i 3.8 | % | i 1.1 | % | i 2.9 | % | |||||||||||||||||||||||
Transportation | i 3.9 | % | i 3.6 | % | i 3.8 | % | i 4.7 | % | i 4.3 | % | i 4.6 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Nine Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
General Industry | i 34.8 | % | i 40.1 | % | i 36.5 | % | i 35.6 | % | i 40.1 | % | i 36.9 | % | |||||||||||||||||||||||
Industrial Machinery | i 10.5 | % | i 28.6 | % | i 16.4 | % | i 9.6 | % | i 26.6 | % | i 15.0 | % | |||||||||||||||||||||||
Metals | i 11.2 | % | i 7.4 | % | i 10.0 | % | i 10.5 | % | i 6.8 | % | i 9.4 | % | |||||||||||||||||||||||
Food | i 12.6 | % | i 2.5 | % | i 9.3 | % | i 13.8 | % | i 2.9 | % | i 10.3 | % | |||||||||||||||||||||||
Forest Products | i 10.6 | % | i 2.2 | % | i 7.9 | % | i 10.9 | % | i 2.9 | % | i 8.4 | % | |||||||||||||||||||||||
Chem/Petrochem | i 3.2 | % | i 13.6 | % | i 6.6 | % | i 3.4 | % | i 13.7 | % | i 6.6 | % | |||||||||||||||||||||||
Cement & Aggregate | i 7.6 | % | i 1.1 | % | i 5.4 | % | i 7.8 | % | i 1.1 | % | i 5.7 | % | |||||||||||||||||||||||
Oil & Gas | i 5.4 | % | i 1.2 | % | i 4.0 | % | i 3.7 | % | i 1.1 | % | i 2.9 | % | |||||||||||||||||||||||
Transportation | i 4.1 | % | i 3.3 | % | i 3.9 | % | i 4.7 | % | i 4.8 | % | i 4.8 | % | |||||||||||||||||||||||
Total | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % | i 100.0 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
Power Transmission | i 36.3 | % | i 11.5 | % | i 28.2 | % | i 37.2 | % | i 7.7 | % | i 27.8 | % | |||||||||||||||||||||||
Fluid Power | i 12.7 | % | i 36.5 | % | i 20.5 | % | i 13.4 | % | i 38.3 | % | i 21.3 | % | |||||||||||||||||||||||
General Maintenance: Hose Products & Other | i 21.1 | % | i 18.8 | % | i 20.4 | % | i 20.5 | % | i 18.8 | % | i 20.0 | % | |||||||||||||||||||||||
Bearings, Linear & Seals | i 29.9 | % | i 0.5 | % | i 20.2 | % | i 28.9 | % | i 0.2 | % | i 19.7 | % | |||||||||||||||||||||||
Specialty Flow Control | i — | % | i 32.7 | % | i 10.7 | % | i — | % | i 35.0 | % | i 11.2 | % | |||||||||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
Nine Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Service Center Based Distribution | Fluid Power & Flow Control | Total | Service Center Based Distribution | Fluid Power & Flow Control | Total | ||||||||||||||||||||||||||||||
Power Transmission | i 36.8 | % | i 10.7 | % | i 28.3 | % | i 37.4 | % | i 7.8 | % | i 28.0 | % | |||||||||||||||||||||||
Fluid Power | i 12.8 | % | i 37.1 | % | i 20.8 | % | i 13.3 | % | i 38.2 | % | i 21.1 | % | |||||||||||||||||||||||
General Maintenance; Hose Products & Other | i 21.1 | % | i 19.2 | % | i 20.4 | % | i 20.4 | % | i 16.0 | % | i 19.1 | % | |||||||||||||||||||||||
Bearings, Linear & Seals | i 29.3 | % | i 0.5 | % | i 19.8 | % | i 28.9 | % | i 0.4 | % | i 19.9 | % | |||||||||||||||||||||||
Specialty Flow Control | i — | % | i 32.5 | % | i 10.7 | % | i — | % | i 37.6 | % | i 11.9 | % | |||||||||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % | i 100 | % |
March 31, 2022 | June 30, 2021 | $ Change | % Change | |||||||||||
Contract assets | $ | i 16,400 | $ | i 15,178 | $ | i 1,222 | i 8.1 | % |
Service Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||||||||
Balance at June 30, 2020 | $ | i 208,570 | $ | i 332,024 | $ | i 540,594 | |||||||||||
Goodwill acquired during the period | i — | i 15,757 | i 15,757 | ||||||||||||||
Other, primarily currency translation | i 3,726 | i — | i 3,726 | ||||||||||||||
Balance at June 30, 2021 | $ | i 212,296 | $ | i 347,781 | $ | i 560,077 | |||||||||||
Goodwill acquired during the period | i — | i 3,531 | i 3,531 | ||||||||||||||
Other, primarily currency translation | ( i 287) | i 430 | i 143 | ||||||||||||||
Balance at March 31, 2022 | $ | i 212,009 | $ | i 351,742 | $ | i 563,751 |
March 31, 2022 | Amount | Accumulated Amortization | Net
Book Value | |||||||||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||||||||||
Customer relationships | $ | i 354,754 | $ | i 161,686 | $ | i 193,068 | ||||||||||||||
Trade names | i 105,655 | i 42,901 | i 62,754 | |||||||||||||||||
Vendor relationships | i 11,464 | i 10,472 | i 992 | |||||||||||||||||
Other | i 2,321 | i 634 | i 1,687 | |||||||||||||||||
Total Identifiable Intangibles | $ | i 474,194 | $ | i 215,693 | $ | i 258,501 |
June 30, 2021 | Amount | Accumulated Amortization | Net Book Value | |||||||||||||||||
Finite-Lived Identifiable Intangibles: | ||||||||||||||||||||
Customer relationships | $ | i 353,028 | $ | i 143,862 | $ | i 209,166 | ||||||||||||||
Trade names | i 104,780 | i 37,626 | i 67,154 | |||||||||||||||||
Vendor relationships | i 11,469 | i 9,859 | i 1,610 | |||||||||||||||||
Other | i 2,070 | i 372 | i 1,698 | |||||||||||||||||
Total Identifiable Intangibles | $ | i 471,347 | $ | i 191,719 | $ | i 279,628 |
Acquisition Cost Allocation | Weighted-Average life | |||||||||||||
Customer relationships | $ | i 1,884 | i 20.0 | |||||||||||
Trade names | i 879 | i 15.0 | ||||||||||||
Other | i 251 | i 6.5 | ||||||||||||
Total Identifiable Intangibles | $ | i 3,014 | i 17.4 |
March 31, 2022 | June 30, 2021 | ||||||||||
Revolving credit facility | $ | i 442,592 | $ | i — | |||||||
Term Loan | i — | i 550,250 | |||||||||
Trade receivable securitization facility | i 188,300 | i 188,300 | |||||||||
Series C notes | i 40,000 | i 40,000 | |||||||||
Series D notes | i 25,000 | i 25,000 | |||||||||
Series E notes | i 25,000 | i 25,000 | |||||||||
Other | i 664 | i 846 | |||||||||
Total debt | $ | i 721,556 | $ | i 829,396 | |||||||
Less: unamortized debt issuance costs | i 193 | i 1,016 | |||||||||
$ | i 721,363 | $ | i 828,380 |
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( i 88,817) | $ | ( i 3,559) | $ | ( i 559) | $ | ( i 92,935) | ||||||||||||||||||
Other comprehensive income | i 6,783 | i — | i 13,382 | i 20,165 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 56 | i 1,858 | i 1,914 | ||||||||||||||||||||||
Net current-period other comprehensive income | i 6,783 | i 56 | i 15,240 | i 22,079 | ||||||||||||||||||||||
Balance at March 31, 2022 | $ | ( i 82,034) | $ | ( i 3,503) | $ | i 14,681 | $ | ( i 70,856) |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( i 85,222) | $ | ( i 4,462) | $ | ( i 17,680) | $ | ( i 107,364) | ||||||||||||||||||
Other comprehensive (loss) income | ( i 434) | i — | i 6,615 | i 6,181 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 52 | i 2,260 | i 2,312 | ||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( i 434) | i 52 | i 8,875 | i 8,493 | ||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( i 85,656) | $ | ( i 4,410) | $ | ( i 8,805) | $ | ( i 98,871) |
Nine Months Ended March 31, 2022 | ||||||||||||||||||||||||||
Foreign currency translation adjustment | Post-employment benefits | Cash flow hedge | Total Accumulated other comprehensive (loss) income | |||||||||||||||||||||||
Balance at June 30, 2021 | $ | ( i 80,838) | $ | ( i 3,673) | $ | ( i 8,581) | $ | ( i 93,092) | ||||||||||||||||||
Other comprehensive (loss) income | ( i 1,196) | i — | i 17,504 | i 16,308 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 170 | i 5,758 | i 5,928 | ||||||||||||||||||||||
Net current-period other comprehensive (loss) income | ( i 1,196) | i 170 | i 23,262 | i 22,236 | ||||||||||||||||||||||
Balance at March 31, 2022 | $ | ( i 82,034) | $ | ( i 3,503) | $ | i 14,681 | $ | ( i 70,856) |
Nine Months Ended March 31, 2021 | ||||||||||||||||||||||||||
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 | i 19,438 | i — | i 4,544 | i 23,982 | ||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | i — | i 154 | i 6,423 | i 6,577 | ||||||||||||||||||||||
Net current-period other comprehensive income | i 19,438 | i 154 | i 10,967 | i 30,559 | ||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( i 85,656) | $ | ( i 4,410) | $ | ( i 8,805) | $ | ( i 98,871) |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
Pre-Tax Amount | Tax (Benefit) Expense | Net Amount | Pre-Tax Amount | Tax (Benefit) Expense | Net Amount | ||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | i 6,782 | $ | ( i 1) | $ | i 6,783 | $ | ( i 496) | $ | ( i 62) | $ | ( i 434) | |||||||||||||||||||||||
Post-employment benefits: | |||||||||||||||||||||||||||||||||||
Reclassification of net actuarial losses and prior service cost into other expense (income), net and included in net periodic pension costs | i 74 | i 18 | i 56 | i 68 | i 16 | i 52 | |||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | i 17,738 | i 4,356 | i 13,382 | i 8,758 | i 2,143 | i 6,615 | |||||||||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense | i 2,462 | i 604 | i 1,858 | i 2,992 | i 732 | i 2,260 | |||||||||||||||||||||||||||||
Other comprehensive income | $ | i 27,056 | $ | i 4,977 | $ | i 22,079 | $ | i 11,322 | $ | i 2,829 | $ | i 8,493 |
Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||
Pre-Tax Amount | Tax Expense | Net Amount | Pre-Tax Amount | Tax Expense | Net Amount | |||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | $ | ( i 1,183) | $ | i 13 | $ | ( i 1,196) | $ | i 19,529 | $ | i 91 | $ | i 19,438 | ||||||||||||||||||||||||||
Post-employment benefits: | ||||||||||||||||||||||||||||||||||||||
Reclassification of net actuarial losses and prior service cost into other expense (income), net and included in net periodic pension costs | i 224 | i 54 | i 170 | i 203 | i 49 | i 154 | ||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge | i 23,201 | i 5,697 | i 17,504 | i 6,017 | i 1,473 | i 4,544 | ||||||||||||||||||||||||||||||||
Reclassification of interest from cash flow hedge into interest expense | i 7,632 | i 1,874 | i 5,758 | i 8,504 | i 2,081 | i 6,423 | ||||||||||||||||||||||||||||||||
Other comprehensive income | $ | i 29,874 | $ | i 7,638 | $ | i 22,236 | $ | i 34,253 | $ | i 3,694 | $ | i 30,559 |
Three Months Ended | Service Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||||||||||
March 31, 2022 | ||||||||||||||||||||
Net sales | $ | i 658,998 | $ | i 321,664 | $ | i 980,662 | ||||||||||||||
Operating income for reportable segments | i 81,640 | i 40,586 | i 122,226 | |||||||||||||||||
Depreciation and amortization of property | i 4,362 | i 990 | i 5,352 | |||||||||||||||||
Capital expenditures | i 3,435 | i 729 | i 4,164 | |||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Net sales | $ | i 572,892 | $ | i 268,045 | $ | i 840,937 | ||||||||||||||
Operating income for reportable segments | i 65,553 | i 30,829 | i 96,382 | |||||||||||||||||
Depreciation and amortization of property | i 4,230 | i 850 | i 5,080 | |||||||||||||||||
Capital expenditures | i 3,150 | i 578 | i 3,728 |
Nine Months Ended | Service Center Based Distribution | Fluid Power & Flow Control | Total | |||||||||||||||||
March 31, 2022 | ||||||||||||||||||||
Net sales | $ | i 1,847,087 | $ | i 902,130 | $ | i 2,749,217 | ||||||||||||||
Operating income for reportable segments | i 213,743 | i 111,817 | i 325,560 | |||||||||||||||||
Assets used in business | i 1,401,236 | i 982,335 | i 2,383,571 | |||||||||||||||||
Depreciation and amortization of property | i 13,112 | i 3,103 | i 16,215 | |||||||||||||||||
Capital expenditures | i 9,571 | i 2,103 | i 11,674 | |||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Net sales | $ | i 1,601,866 | $ | i 738,165 | $ | i 2,340,031 | ||||||||||||||
Operating income for reportable segments | i 158,108 | i 83,337 | i 241,445 | |||||||||||||||||
Assets used in business | i 1,385,648 | i 919,740 | i 2,305,388 | |||||||||||||||||
Depreciation and amortization of property | i 12,877 | i 2,764 | i 15,641 | |||||||||||||||||
Capital expenditures | i 10,680 | i 1,497 | i 12,177 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Operating income for reportable segments | $ | i 122,226 | $ | i 96,382 | $ | i 325,560 | $ | i 241,445 | ||||||||||||||||||
Adjustment for: | ||||||||||||||||||||||||||
Intangible amortization—Service Center Based Distribution | i 848 | i 944 | i 2,621 | i 4,507 | ||||||||||||||||||||||
Intangible
amortization—Fluid Power & Flow Control | i 7,043 | i 7,293 | i 21,475 | i 21,731 | ||||||||||||||||||||||
Impairment—Service Center Based Distribution | i — | i — | i — | i 49,528 | ||||||||||||||||||||||
Corporate and other expense, net | i 18,492 | i 13,678 | i 52,830 | i 41,326 | ||||||||||||||||||||||
Total operating income (loss) | i 95,843 | i 74,467 | i 248,634 | i 124,353 | ||||||||||||||||||||||
Interest expense, net | i 5,852 | i 7,608 | i 20,249 | i 22,919 | ||||||||||||||||||||||
Other expense (income), net | i 469 | ( i 1,657) | ( i 712) | ( i 1,746) | ||||||||||||||||||||||
Income before income taxes | $ | i 89,522 | $ | i 68,516 | $ | i 229,097 | $ | i 103,180 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Unrealized loss (gain) on assets held in rabbi trust for a non-qualified deferred compensation plan | $ | i 1,090 | $ | ( i 642) | $ | i 150 | $ | ( i 3,104) | ||||||||||||||||||
Foreign currency transactions loss (gain) | i 413 | ( i 485) | i 63 | i 1,736 | ||||||||||||||||||||||
Net other periodic post-employment costs | i 152 | i 71 | i 457 | i 213 | ||||||||||||||||||||||
Life insurance income, net | ( i 1,157) | ( i 543) | ( i 1,311) | ( i 402) | ||||||||||||||||||||||
Other, net | ( i 29) | ( i 58) | ( i 71) | ( i 189) | ||||||||||||||||||||||
Total other expense (income), net | $ | i 469 | $ | ( i 1,657) | $ | ( i 712) | $ | ( i 1,746) |
Index Reading | |||||||||||
Month | MCU | PMI | IP | ||||||||
March 2022 | 78.3 | 57.1 | 102.6 | ||||||||
February 2022 | 77.7 | 58.6 | 101.7 | ||||||||
January 2022 | 77.0 | 57.6 | 100.5 | ||||||||
December 2021 | 76.3 | 58.8 | 100.4 | ||||||||
June 2021 | 75.7 | 60.9 | 98.2 |
Three Months Ended March 31, | Change in $'s Versus Prior Period - % Increase | |||||||||||||||||||
As a Percent of Net Sales | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 16.6 | % | ||||||||||||||
Gross profit | 29.3 | % | 29.4 | % | 16.2 | % | ||||||||||||||
Selling, distribution & administrative expense | 19.5 | % | 20.5 | % | 10.8 | % | ||||||||||||||
Operating income | 9.8 | % | 8.9 | % | 28.7 | % | ||||||||||||||
Net income | 7.0 | % | 6.7 | % | 21.8 | % |
Sales by Reportable Segment | Three Months Ended March 31, | Sales Increase | Amount of change due to | |||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2022 | 2021 | Acquisitions | ||||||||||||||||||
Service Center Based Distribution | $ | 659.0 | $ | 572.9 | $ | 86.1 | $ | — | $ | (1.1) | $ | 87.2 | ||||||||
Fluid Power & Flow Control | 321.7 | 268.0 | 53.6 | 3.5 | — | 50.1 | ||||||||||||||
Total | $ | 980.7 | $ | 840.9 | $ | 139.7 | $ | 3.5 | $ | (1.1) | $ | 137.3 |
Three Months Ended March 31, | Sales Increase | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
Sales by Geographic Area | 2022 | 2021 | Acquisitions | |||||||||||||||||
United States | $ | 856.2 | $ | 724.6 | $ | 131.6 | $ | 3.5 | $ | — | $ | 128.1 | ||||||||
Canada | 70.5 | 66.1 | 4.3 | — | 0.1 | 4.2 | ||||||||||||||
Other countries | 54.0 | 50.2 | 3.8 | — | (1.2) | 5.0 | ||||||||||||||
Total | $ | 980.7 | $ | 840.9 | $ | 139.7 | $ | 3.5 | $ | (1.1) | $ | 137.3 |
Three
Months Ended March 31, | SD&A Increase | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2022 | 2021 | Acquisitions | ||||||||||||||||||
SD&A | $ | 191.5 | $ | 172.8 | $ | 18.7 | $ | 0.9 | $ | (0.4) | $ | 18.2 |
Nine
Months Ended March 31, 2022 | Change in $'s Versus Prior Period - % Increase | |||||||||||||||||||
As a Percent of Net Sales | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Net sales | 100.0 | % | 100.0 | % | 17.5 | % | ||||||||||||||
Gross profit | 29.1 | % | 28.7 | % | 19.0 | % | ||||||||||||||
Selling, distribution & administrative expense | 20.1 | % | 21.3 | % | 10.6 | % | ||||||||||||||
Operating income | 9.0 | % | 5.3 | % | 99.9 | % | ||||||||||||||
Net income | 6.5 | % | 3.7 | % | 108.5 | % |
Sales by Reportable Segment | Nine Months Ended March 31, | Sales Increase | Amount of change due to | |||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2022 | 2021 | Acquisitions | ||||||||||||||||||
Service Center Based Distribution | $ | 1,847.1 | $ | 1,601.9 | $ | 245.2 | $ | — | $ | 6.9 | $ | 238.3 | ||||||||
Fluid Power & Flow Control | 902.1 | 738.2 | 164.0 | 31.1 | — | 132.9 | ||||||||||||||
Total | $ | 2,749.2 | $ | 2,340.1 | $ | 409.2 | $ | 31.1 | $ | 6.9 | $ | 371.2 |
Nine
Months Ended March 31, | Sales Increase | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
Sales by Geographic Area | 2022 | 2021 | Acquisitions | |||||||||||||||||
United States | $ | 2,377.2 | $ | 2,016.5 | $ | 360.7 | $ | 31.1 | $ | — | $ | 329.6 | ||||||||
Canada | 211.3 | 180.9 | 30.5 | — | 5.5 | 25.0 | ||||||||||||||
Other countries | 160.7 | 142.7 | 18.0 | — | 1.4 | 16.6 | ||||||||||||||
Total | $ | 2,749.2 | $ | 2,340.1 | $ | 409.2 | $ | 31.1 | $ | 6.9 | $ | 371.2 |
Nine
Months Ended March 31, | SD&A Increase | Amount of change due to | ||||||||||||||||||
Foreign Currency | Organic Change | |||||||||||||||||||
2022 | 2021 | Acquisitions | ||||||||||||||||||
SD&A | $ | 551.7 | $ | 498.7 | $ | 53.0 | $ | 8.1 | $ | 1.6 | $ | 43.3 |
Nine Months Ended March 31, | |||||||||||
Net Cash Provided by (Used in): | 2022 | 2021 | |||||||||
Operating Activities | $ | 133,823 | $ | 203,409 | |||||||
Investing Activities | (29,830) | (41,509) | |||||||||
Financing Activities | (173,366) | (130,534) | |||||||||
Exchange Rate Effect | (288) | 4,099 | |||||||||
(Decrease) Increase in Cash and Cash Equivalents | $ | (69,661) | $ | 35,465 |
Accounts receivable | $ | (50,537) | |||
Inventories | $ | (106,225) | |||
Accounts payable | $ | 20,556 |
March 31, 2022 | March 31, 2021 | ||||||||||
Revolving credit facility | $ | 442,592 | $ | — | |||||||
Term Loan | — | 550,250 | |||||||||
Trade receivable securitization facility | 188,300 | 188,300 | |||||||||
Series C notes | 40,000 | 40,000 | |||||||||
Series D notes | 25,000 | 25,000 | |||||||||
Series E notes | 25,000 | 25,000 | |||||||||
Other | 664 | 846 | |||||||||
Total debt | $ | 721,556 | $ | 829,396 | |||||||
Less: unamortized debt issuance costs | 193 | 1,016 | |||||||||
$ | 721,363 | $ | 828,380 |
March 31, | June 30, | ||||||||||||||||
2022 | 2021 | ||||||||||||||||
Accounts receivable, gross | $ | 636,177 | $ | 532,777 | |||||||||||||
Allowance for doubtful accounts | 18,098 | 16,455 | |||||||||||||||
Accounts receivable, net | $ | 618,079 | $ | 516,322 | |||||||||||||
Allowance for doubtful accounts, % of gross receivables | 2.8 | % | 3.1 | % | |||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Provision for losses on accounts receivable | $ | 1,577 | $ | (200) | $ | 2,905 | $ | 5,595 | |||||||||
Provision as a % of net sales | 0.16 | % | (0.02) | % | 0.11 | % | 0.24 | % |
Period | (a) Total Number of Shares (1) | (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 (2) | ||||||||||
January 1, 2022 to January 31, 2022 | 0 | $0.00 | 0 | 352,960 | ||||||||||
February 1, 2022 to February 28, 2022 | 12 | $98.77 | 0 | 352,960 | ||||||||||
March 1, 2022 to March 31, 2022 | 35,000 | $101.15 | 35,000 | 317,960 | ||||||||||
Total | 35,012 | $101.15 | 35,000 | 317,960 |
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 | ||||||||
31 | ||||||||
32 | ||||||||
101 | The following financial information from Applied Industrial Technologies Inc.'s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022 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: | April 28, 2022 | By: /s/ Neil A. Schrimsher | ||||||
Neil A. Schrimsher | ||||||||
President & Chief Executive Officer | ||||||||
Date: | April 28, 2022 | By: /s/ David K. Wells | ||||||
David K. Wells | ||||||||
Vice President-Chief Financial Officer & Treasurer |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
3/26/24 | ||||
6/30/22 | 4 | |||
Filed on: | 4/28/22 | 8-K | ||
4/15/22 | ||||
For Period end: | 3/31/22 | 4 | ||
3/1/22 | 4 | |||
2/28/22 | ||||
2/1/22 | ||||
1/31/22 | 4 | |||
1/1/22 | ||||
12/31/21 | 10-Q, 11-K, 4, SD | |||
9/30/21 | 10-Q, 4 | |||
8/18/21 | ||||
6/30/21 | 10-K, 4 | |||
3/31/21 | 10-Q, 4 | |||
3/26/21 | 8-K | |||
12/31/20 | 10-Q, 11-K, 4, SD | |||
10/5/20 | ||||
9/30/20 | 10-Q, 4 | |||
6/30/20 | 10-K, 4 | |||
10/26/16 | 8-K | |||
10/24/16 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 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 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 |