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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended DECEMBER 31, 2023
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ___ to ___
Commission file number 1-2299
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | |
Ohio | | | 34-0117420 |
(State or other jurisdiction of incorporation or organization) | | | (I.R.S. Employer Identification Number) |
| | | |
One Applied Plaza | Cleveland | Ohio | 44115 |
(Address of principal executive offices) | (Zip Code) |
(216) 426-4000
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Common Stock, without par value | AIT | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
There were 38,669,465 (no par value) shares of common stock outstanding on January 18, 2024.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
INDEX
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Part I: | | | |
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| Item 2: | | | |
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Part II: | | | |
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PART I: FINANCIAL INFORMATION
ITEM I: FINANCIAL STATEMENTS
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(Unaudited)
(In thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | December 31, | | December 31, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Net sales | | $ | 1,077,153 | | | $ | 1,060,280 | | | $ | 2,172,341 | | | $ | 2,122,685 | |
Cost of sales | | 760,063 | | | 751,775 | | | 1,530,169 | | | 1,507,397 | |
Gross profit | | 317,090 | | | 308,505 | | | 642,172 | | | 615,288 | |
Selling, distribution and administrative expense, including depreciation | | 202,496 | | | 195,612 | | | 406,898 | | | 395,863 | |
| | | | | | | | |
Operating income | | 114,594 | | | 112,893 | | | 235,274 | | | 219,425 | |
Interest expense, net | | 1,917 | | | 6,185 | | | 3,237 | | | 12,665 | |
Other (income) expense, net | | (2,924) | | | 758 | | | (2,493) | | | 1,766 | |
Income before income taxes | | 115,601 | | | 105,950 | | | 234,530 | | | 204,994 | |
Income tax expense | | 24,373 | | | 25,493 | | | 49,476 | | | 47,657 | |
Net income | | $ | 91,228 | | | $ | 80,457 | | | $ | 185,054 | | | $ | 157,337 | |
Net income per share - basic | | $ | 2.35 | | | $ | 2.09 | | | $ | 4.78 | | | $ | 4.08 | |
Net income per share - diluted | | $ | 2.32 | | | $ | 2.05 | | | $ | 4.71 | | | $ | 4.02 | |
Weighted average common shares outstanding for basic computation | | 38,744 | | | 38,579 | | | 38,722 | | | 38,552 | |
Dilutive effect of potential common shares | | 558 | | | 629 | | | 585 | | | 610 | |
Weighted average common shares outstanding for diluted computation | | 39,302 | | | 39,208 | | | 39,307 | | | 39,162 | |
See notes to condensed consolidated financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | December 31, | | December 31, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Net income per the condensed statements of consolidated income | | $ | 91,228 | | | $ | 80,457 | | | $ | 185,054 | | | $ | 157,337 | |
| | | | | | | | |
Other comprehensive income, before tax: | | | | | | | | |
Foreign currency translation adjustments | | 9,697 | | | 5,929 | | | 3,427 | | | (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 | | (30) | | | 10 | | | (60) | | | 18 | |
Termination of pension plan | | — | | | 1,031 | | | — | | | 1,031 | |
| | | | | | | | |
Unrealized (loss) gain on cash flow hedge | | (4,536) | | | 548 | | | (902) | | | 12,858 | |
Reclassification of interest from cash flow hedge into interest expense, net | | (4,715) | | | (715) | | | (9,353) | | | 81 | |
Total other comprehensive income (loss), before tax | | 416 | | | 6,803 | | | (6,888) | | | 8,480 | |
Income tax (benefit) expense related to items of other comprehensive income | | (2,308) | | | 259 | | | (2,538) | | | 3,571 | |
Other comprehensive income (loss), net of tax | | 2,724 | | | 6,544 | | | (4,350) | | | 4,909 | |
Comprehensive income, net of tax | | $ | 93,952 | | | $ | 87,001 | | | $ | 180,704 | | | $ | 162,246 | |
See notes to condensed consolidated financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | |
| | December 31, 2023 | | June 30, 2023 |
ASSETS | | | | |
Current assets | | | | |
Cash and cash equivalents | | $ | 412,855 | | | $ | 344,036 | |
Accounts receivable, net | | 659,196 | | | 708,395 | |
Inventories | | 520,155 | | | 501,184 | |
Other current assets | | 89,786 | | | 93,192 | |
Total current assets | | 1,681,992 | | | 1,646,807 | |
Property, less accumulated depreciation of $238,935 and $229,041 | | 113,706 | | | 115,041 | |
Operating lease assets, net | | 104,517 | | | 100,677 | |
Identifiable intangibles, net | | 227,831 | | | 235,549 | |
Goodwill | | 589,356 | | | 578,418 | |
Other assets | | 65,363 | | | 66,840 | |
TOTAL ASSETS | | $ | 2,782,765 | | | $ | 2,743,332 | |
| | | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | |
Current liabilities | | | | |
Accounts payable | | $ | 253,739 | | | $ | 301,685 | |
Current portion of long-term debt | | 25,159 | | | 25,170 | |
Compensation and related benefits | | 72,929 | | | 98,740 | |
Other current liabilities | | 97,299 | | | 114,749 | |
Total current liabilities | | 449,126 | | | 540,344 | |
Long-term debt | | 571,854 | | | 596,926 | |
Other liabilities | | 153,757 | | | 147,625 | |
TOTAL LIABILITIES | | 1,174,737 | | | 1,284,895 | |
Shareholders’ equity | | | | |
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding | | — | | | — | |
Common stock—no par value; 80,000 shares authorized; 54,213 shares issued | | 10,000 | | | 10,000 | |
Additional paid-in capital | | 188,636 | | | 188,646 | |
Retained earnings | | 1,964,090 | | | 1,792,632 | |
Treasury shares—at cost (15,508 and 15,556 shares, respectively) | | (495,052) | | | (477,545) | |
Accumulated other comprehensive loss | | (59,646) | | | (55,296) | |
TOTAL SHAREHOLDERS’ EQUITY | | 1,608,028 | | | 1,458,437 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | | $ | 2,782,765 | | | $ | 2,743,332 | |
See notes to condensed consolidated financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | |
| | Six Months Ended |
| | December 31, |
| | 2023 | | 2022 |
Cash Flows from Operating Activities | | | | |
Net income | | $ | 185,054 | | | $ | 157,337 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization of property | | 11,765 | | | 11,033 | |
Amortization of intangibles | | 14,650 | | | 15,519 | |
Provision for losses on accounts receivable | | 1,026 | | | 9,573 | |
Amortization of stock appreciation rights and options | | 1,710 | | | 1,871 | |
Other share-based compensation expense | | 4,237 | | | 4,001 | |
Changes in operating assets and liabilities, net of acquisitions | | (47,855) | | | (111,542) | |
Other, net | | (2,620) | | | 1,031 | |
Net Cash provided by Operating Activities | | 167,967 | | | 88,823 | |
Cash Flows from Investing Activities | | | | |
Acquisition of businesses, net of cash acquired | | (21,440) | | | (25,516) | |
Capital expenditures | | (9,863) | | | (12,817) | |
Proceeds from property sales | | 471 | | | 128 | |
| | | | |
Net Cash used in Investing Activities | | (30,832) | | | (38,205) | |
Cash Flows from Financing Activities | | | | |
| | | | |
| | | | |
Long-term debt repayments | | (25,125) | | | (40,123) | |
Interest rate swap settlement receipts | | 7,194 | | | 2,684 | |
| | | | |
Purchases of treasury shares | | (10,677) | | | (716) | |
Dividends paid | | (27,155) | | | (26,259) | |
Acquisition holdback payments | | (681) | | | (1,510) | |
Exercise of stock appreciation rights and options | | 127 | | | 127 | |
Taxes paid for shares withheld for equity awards | | (12,914) | | | (3,340) | |
Net Cash used in Financing Activities | | (69,231) | | | (69,137) | |
Effect of Exchange Rate Changes on Cash | | 915 | | | (417) | |
Increase (Decrease) in Cash and Cash Equivalents | | 68,819 | | | (18,936) | |
Cash and Cash Equivalents at Beginning of Period | | 344,036 | | | 184,474 | |
Cash and Cash Equivalents at End of Period | | $ | 412,855 | | | $ | 165,538 | |
See notes to condensed consolidated financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | 38,657 | | | $ | 10,000 | | | $ | 188,646 | | | $ | 1,792,632 | | | $ | (477,545) | | | $ | (55,296) | | | $ | 1,458,437 | |
Net income | | | | | | | | 93,826 | | | | | | | 93,826 | |
Other comprehensive loss | | | | | | | | | | | | (7,074) | | | (7,074) | |
| | | | | | | | | | | | | | |
Cash dividends — $0.35 per share | | | | | | | | (23) | | | | | | | (23) | |
| | | | | | | | | | | | | | |
Treasury shares issued for: | | | | | | | | | | | | | | |
Exercise of stock appreciation rights and options | | 32 | | | | | (1,681) | | | | | (1,912) | | | | | (3,593) | |
Performance share awards | | 54 | | | | | (3,072) | | | | | (3,487) | | | | | (6,559) | |
Restricted stock units | | 13 | | | | | (726) | | | | | (910) | | | | | (1,636) | |
Compensation expense — stock appreciation rights and options | | | | | | 844 | | | | | | | | | 844 | |
Other share-based compensation expense | | | | | | 1,976 | | | | | | | | | 1,976 | |
Other | | (1) | | | | | (1) | | | (3) | | | (78) | | | | | (82) | |
Balance at September 30, 2023 | | 38,755 | | | $ | 10,000 | | | $ | 185,986 | | | $ | 1,886,432 | | | $ | (483,932) | | | $ | (62,370) | | | $ | 1,536,116 | |
Net income | | | | | | | | 91,228 | | | | | | | 91,228 | |
Other comprehensive income | | | | | | | | | | | | 2,724 | | | 2,724 | |
| | | | | | | | | | | | | | |
Cash dividends — $0.35 per share | | | | | | | | (13,607) | | | | | | | (13,607) | |
Purchases of common stock for treasury | | (63) | | | | | | | | | (10,677) | | | | | (10,677) | |
Treasury shares issued for: | | | | | | | | | | | | | | |
Exercise of stock appreciation rights and options | | 11 | | | | | (391) | | | | | (335) | | | | | (726) | |
| | | | | | | | | | | | | | |
Restricted stock units | | 1 | | | | | (86) | | | | | (108) | | | | | (194) | |
Compensation expense — stock appreciation rights and options | | | | | | 866 | | | | | | | | | 866 | |
Other share-based compensation expense | | | | | | 2,261 | | | | | | | | | 2,261 | |
Other | | 1 | | | | | | | 37 | | | | | | | 37 | |
Balance at December 31, 2023 | | 38,705 | | | $ | 10,000 | | | $ | 188,636 | | | $ | 1,964,090 | | | $ | (495,052) | | | $ | (59,646) | | | $ | 1,608,028 | |
See notes to condensed consolidated financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | 38,499 | | | $ | 10,000 | | | $ | 183,822 | | | $ | 1,499,676 | | | $ | (471,848) | | | $ | (72,295) | | | $ | 1,149,355 | |
Net income | | | | | | | | 76,880 | | | | | | | 76,880 | |
Other comprehensive loss | | | | | | | | | | | | (1,635) | | | (1,635) | |
| | | | | | | | | | | | | | |
Cash dividends — $0.34 per share | | | | | | | | | | | | | | |
Purchases of common stock for treasury | | (8) | | | | | | | | | (716) | | | | | (716) | |
Treasury shares issued for: | | | | | | | | | | | | | | |
Exercise of stock appreciation rights and options | | 21 | | | | | (860) | | | | | (366) | | | | | (1,226) | |
Performance share awards | | 23 | | | | | (1,290) | | | | | (758) | | | | | (2,048) | |
Restricted stock units | | 33 | | | | | (1,668) | | | | | (902) | | | | | (2,570) | |
Compensation expense — stock appreciation rights and options | | | | | | 1,424 | | | | | | | | | 1,424 | |
Other share-based compensation expense | | | | | | 1,939 | | | | | | | | | 1,939 | |
Other | | 3 | | | | | (19) | | | (5) | | | 61 | | | | | 37 | |
Balance at September 30, 2022 | | 38,571 | | | $ | 10,000 | | | $ | 183,348 | | | $ | 1,576,551 | | | $ | (474,529) | | | $ | (73,930) | | | $ | 1,221,440 | |
Net income | | | | | | | | 80,457 | | | | | | | 80,457 | |
Other comprehensive income | | | | | | | | | | | | 6,544 | | | 6,544 | |
| | | | | | | | | | | | | | |
Cash dividends — $0.34 per share | | | | | | | | (13,175) | | | | | | | (13,175) | |
| | | | | | | | | | | | | | |
Treasury shares issued for: | | | | | | | | | | | | | | |
Exercise of stock appreciation rights and options | | 28 | | | | | (1,061) | | | | | (878) | | | | | (1,939) | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Compensation expense — stock appreciation rights and options | | | | | | 447 | | | | | | | | | 447 | |
Other share-based compensation expense | | | | | | 2,062 | | | | | | | | | 2,062 | |
Other | | | | | | (1) | | | 41 | | | | | | | 40 | |
Balance at December 31, 2022 | | 38,599 | | | $ | 10,000 | | | $ | 184,795 | | | $ | 1,643,874 | | | $ | (475,407) | | | $ | (67,386) | | | $ | 1,295,876 | |
See notes to condensed consolidated financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
1. BASIS OF PRESENTATION
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position of Applied Industrial Technologies, Inc. (the “Company”, or “Applied”) as of December 31, 2023, and the results of its operations and its cash flows for the six month periods ended December 31, 2023 and 2022, have been included. The condensed consolidated balance sheet as of June 30, 2023 has been derived from the audited consolidated financial statements at that date. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2023.
Operating results for the six month period ended December 31, 2023 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2024.
Inventory
The Company uses the LIFO method of valuing U.S. inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination. LIFO expense of $3,377 and $8,853 in the three months ended December 31, 2023 and 2022, respectively, and $7,968 and $17,913 in the six months ended December 31, 2023 and 2022, respectively, is recorded in cost of sales in the condensed statements of consolidated income.
Recently Issued Accounting Guidance
In December 2023, the FASB issued its final standard to improve income tax disclosures. This standard, issued as ASU 2023-09, requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This update is effective for annual periods beginning after December 15, 2025. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.
In November 2023, the FASB issued its final standard to improve reportable segment disclosures. This standard, issued as ASU 2023-07, requires enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This update is effective for all public entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.
In July 2023, the SEC issued a final rule to require registrants to provide enhanced and standardized disclosures regarding cybersecurity risk management, strategy, governance, and incidents. The final rule establishes new requirements related to material cybersecurity incidents, which would need to be disclosed on Form 8-K within four business days of their being deemed material, and annual disclosures in Form 10-K pertaining to (1) cybersecurity risk management and strategy, (2) management's role in assessing and managing material risks from cybersecurity threats, and (3) the board of directors' oversight of cybersecurity risks. The Form 10-K disclosures are due beginning with annual reports for fiscal years ending on or after December 15, 2023, and the Form 8-K disclosures were due beginning December 18, 2023. The Company will comply with the disclosure requirements set forth in the final rule as each becomes effective.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
2. REVENUE RECOGNITION
Disaggregation of Revenues
The following tables present the Company's net sales by reportable segment and by geographic areas based on the location of the facility shipping the product for the three and six months ended December 31, 2023 and 2022. Other countries consist of Mexico, Australia, New Zealand, and Singapore.
| | | | | | | | | | | | | | | | | | | | | | | |
| 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 | $ | 602,483 | | $ | 342,169 | | $ | 944,652 | | | $ | 581,452 | | $ | 347,745 | | $ | 929,197 | |
Canada | 77,170 | | — | | 77,170 | | | 74,702 | | — | | 74,702 | |
Other countries | 49,620 | | 5,711 | | 55,331 | | | 49,238 | | 7,143 | | 56,381 | |
Total | $ | 729,273 | | $ | 347,880 | | $ | 1,077,153 | | | $ | 705,392 | | $ | 354,888 | | $ | 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 | $ | 1,219,745 | | $ | 684,265 | | $ | 1,904,010 | | | $ | 1,166,332 | | $ | 684,354 | | $ | 1,850,686 | |
Canada | 152,470 | | — | | 152,470 | | | 154,472 | | — | | 154,472 | |
Other countries | 103,591 | | 12,270 | | 115,861 | | | 102,576 | | 14,951 | | 117,527 | |
Total | $ | 1,475,806 | | $ | 696,535 | | $ | 2,172,341 | | | $ | 1,423,380 | | $ | 699,305 | | $ | 2,122,685 | |
The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three and six months ended December 31, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, |
| 2023 | | 2022 |
| Service Center Based Distribution | | Engineered Solutions | | Total | | Service Center Based Distribution | | Engineered Solutions | | Total |
General Industry | 34.5 | % | | 39.6 | % | | 36.0 | % | | 33.4 | % | | 42.3 | % | | 36.3 | % |
Industrial Machinery | 9.0 | % | | 25.0 | % | | 14.2 | % | | 10.3 | % | | 27.4 | % | | 16.0 | % |
Food | 13.7 | % | | 2.5 | % | | 10.1 | % | | 13.1 | % | | 2.2 | % | | 9.4 | % |
Metals | 10.9 | % | | 7.6 | % | | 9.9 | % | | 10.6 | % | | 7.4 | % | | 9.5 | % |
Forest Products | 12.0 | % | | 2.7 | % | | 9.0 | % | | 11.9 | % | | 2.4 | % | | 8.8 | % |
Chem/Petrochem | 2.7 | % | | 15.7 | % | | 6.9 | % | | 3.0 | % | | 12.9 | % | | 6.4 | % |
Cement & Aggregate | 8.2 | % | | 1.4 | % | | 6.0 | % | | 7.9 | % | | 1.3 | % | | 5.7 | % |
Oil & Gas | 5.4 | % | | 1.7 | % | | 4.2 | % | | 6.3 | % | | 1.2 | % | | 4.6 | % |
Transportation | 3.6 | % | | 3.8 | % | | 3.7 | % | | 3.5 | % | | 2.9 | % | | 3.3 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended December 31, |
| 2023 | | 2022 |
| Service Center Based Distribution | | Engineered Solutions | | Total | | Service Center Based Distribution | | Engineered Solutions | | Total |
General Industry | 34.7 | % | | 38.5 | % | | 35.8 | % | | 33.7 | % | | 41.0 | % | | 36.1 | % |
Industrial Machinery | 8.9 | % | | 25.1 | % | | 14.1 | % | | 10.2 | % | | 27.3 | % | | 15.8 | % |
Food | 13.7 | % | | 2.7 | % | | 10.2 | % | | 12.9 | % | | 2.5 | % | | 9.5 | % |
Metals | 10.8 | % | | 7.9 | % | | 9.9 | % | | 10.7 | % | | 7.6 | % | | 9.7 | % |
Forest Products | 12.2 | % | | 3.3 | % | | 9.4 | % | | 11.9 | % | | 2.5 | % | | 8.8 | % |
Chem/Petrochem | 2.7 | % | | 15.9 | % | | 6.9 | % | | 2.9 | % | | 13.4 | % | | 6.3 | % |
Cement & Aggregate | 7.6 | % | | 1.3 | % | | 5.6 | % | | 7.8 | % | | 1.4 | % | | 5.7 | % |
Oil & Gas | 5.7 | % | | 1.6 | % | | 4.4 | % | | 6.3 | % | | 1.3 | % | | 4.7 | % |
Transportation | 3.7 | % | | 3.7 | % | | 3.7 | % | | 3.6 | % | | 3.0 | % | | 3.4 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
The following tables present the Company’s percentage of revenue by reportable segment and product line for the three and six months ended December 31, 2023 and 2022:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended December 31, |
| 2023 | | 2022 |
| Service Center Based Distribution | | Engineered Solutions | | Total | | Service Center Based Distribution | | Engineered Solutions | | Total |
Power Transmission | 38.4 | % | | 12.4 | % | | 30.0 | % | | 37.5 | % | | 10.1 | % | | 28.4 | % |
General Maintenance; Hose Products & Other | 22.7 | % | | 17.9 | % | | 21.1 | % | | 21.0 | % | | 23.6 | % | | 21.8 | % |
Fluid Power | 13.9 | % | | 35.8 | % | | 21.0 | % | | 13.3 | % | | 34.8 | % | | 20.5 | % |
Bearings, Linear & Seals | 25.0 | % | | 0.4 | % | | 17.1 | % | | 28.2 | % | | 0.5 | % | | 18.9 | % |
Specialty Flow Control | — | % | | 33.5 | % | | 10.8 | % | | — | % | | 31.0 | % | | 10.4 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 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 | 38.0 | % | | 11.3 | % | | 29.4 | % | | 37.5 | % | | 10.1 | % | | 28.5 | % |
Fluid Power | 14.0 | % | | 37.3 | % | | 21.5 | % | | 13.1 | % | | 35.1 | % | | 20.4 | % |
General Maintenance; Hose Products & Other | 22.0 | % | | 16.9 | % | | 20.4 | % | | 21.2 | % | | 19.6 | % | | 20.6 | % |
Bearings, Linear & Seals | 26.0 | % | | 0.5 | % | | 17.8 | % | | 28.2 | % | | 0.4 | % | | 19.0 | % |
Specialty Flow Control | — | % | | 34.0 | % | | 10.9 | % | | — | % | | 34.8 | % | | 11.5 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
Contract Assets
The Company’s contract assets consist of un-billed amounts resulting from contracts for which revenue is recognized over time using the cost-to-cost method, and for which revenue recognized exceeds the amount billed to the customer.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
Activity related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows:
| | | | | | | | | | | | | | |
| December 31, 2023 | June 30, 2023 | $ Change | % Change |
Contract assets | $ | 12,360 | | $ | 17,911 | | $ | (5,551) | | (31.0) | % |
The difference between the opening and closing balances of the Company's contract assets primarily results from the timing difference between the Company's performance and when the customer is billed.
3. BUSINESS COMBINATIONS
The operating results of all acquired entities are included within the consolidated operating results of the Company from the date of each respective acquisition.
Fiscal 2024 Acquisitions
On September 1, 2023, the Company acquired substantially all of the net assets of Bearing Distributors, Inc. (BDI), a Columbia, South Carolina based provider of bearings, power transmission, industrial motion, and related service and repair capabilities. BDI is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $18,000, net tangible assets acquired were $4,384, and intangible assets including goodwill were $13,616 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes $1,800 of acquisition holdback payments, which are included in other current liabilities and other liabilities on the condensed consolidated balance sheet as of December 31, 2023, and which will be paid on the first and second anniversaries of the acquisition date with interest at a fixed rate of 3.0% per annum. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements.
On August 1, 2023, the Company acquired substantially all of the net assets of Cangro Industries, Inc. (Cangro), a Farmingdale, New York based provider of bearings, power transmission, industrial motion, and related service and repair capabilities. Cangro is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $6,219, net tangible assets acquired were $2,175, and intangible assets including goodwill were $4,044 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes $930 of acquisition holdback payments, which are included in other current liabilities and other liabilities on the condensed consolidated balance sheet as of December 31, 2023, and which will be paid on the first, second, and third anniversaries of the acquisition date with interest at a fixed rate of 1.0% per annum. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements.
Fiscal 2023 Acquisitions
On March 31, 2023, the Company acquired substantially all of the net assets of Advanced Motion Systems Inc. (AMS), a western New York based provider of automation products, services, and engineered solutions focused on a full range of machine vision, robotics, and motion control products and technologies. AMS is included in the Engineered Solutions segment. The purchase price for the acquisition was $10,118, net tangible assets acquired were $1,768, and intangible assets including goodwill were $8,350 based upon estimated fair values at the acquisition date. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements.
On November 1, 2022, the Company acquired substantially all of the net assets of Automation, Inc., a Minneapolis, Minnesota based provider of automation products, services, and engineered solutions focused on machine vision, collaborative and mobile robotics, motion control, intelligent sensors, pneumatics, and other related products and solutions. Automation, Inc. is included in the Engineered Solutions segment. The purchase price for the acquisition was $25,617, net tangible assets acquired were $3,639, and intangible assets including goodwill were $21,978 based upon estimated fair values at the acquisition date. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
4. GOODWILL AND INTANGIBLES
The changes in the carrying amount of goodwill for both the Service Center Based Distribution segment and the Engineered Solutions segment for the fiscal year ended June 30, 2023 and the six month period ended December 31, 2023 are as follows:
| | | | | | | | | | | | | | | | | |
| Service Center Based Distribution | | Engineered Solutions | | Total |
Balance at June 30, 2022 | $ | 211,010 | | | $ | 352,195 | | | $ | 563,205 | |
Goodwill acquired during the period | — | | | 14,517 | | | 14,517 | |
| | | | | |
Other, primarily currency translation | 221 | | | 475 | | | 696 | |
Balance at June 30, 2023 | $ | 211,231 | | | $ | 367,187 | | | $ | 578,418 | |
Goodwill acquired during the period | 9,489 | | | 1,249 | | | 10,738 | |
| | | | | |
Other, primarily currency translation | 200 | | | — | | | 200 | |
Balance at December 31, 2023 | $ | 220,920 | | | $ | 368,436 | | | $ | 589,356 | |
During the first quarter of fiscal 2024, the Company recorded an adjustment to the preliminary estimated fair value of
intangible assets related to the AMS acquisition. The fair value of the trade name was reduced by $1,249, with a
corresponding increase to goodwill of $1,249. During the second quarter of fiscal 2024, the Company recorded an adjustment to the preliminary estimated fair value of intangible assets related to the BDI acquisition. The fair value of the trade name was reduced by $2,130, and the fair value of the customer relationship was increased by $70, with a corresponding combined increase to goodwill of $2,060.
The Company has eight (8) reporting units for which an annual goodwill impairment assessment was performed as of January 1, 2023. The Company concluded that all of the the reporting units’ fair values exceeded their carrying amounts by at least 20% as of January 1, 2023.
At December 31, 2023 and June 30, 2023, accumulated goodwill impairment losses subsequent to fiscal year 2002 totaled $64,794 related to the Service Center Based Distribution segment and $167,605 related to the Engineered Solutions segment.
The Company’s identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following:
| | | | | | | | | | | | | | | | | | | | |
December 31, 2023 | | Amount | | Accumulated Amortization | | Net Book Value |
Finite-Lived Identifiable Intangibles: | | | | | | |
Customer relationships | | $ | 372,289 | | | $ | 200,123 | | | $ | 172,166 | |
Trade names | | 85,584 | | | 31,942 | | | 53,642 | |
Vendor relationships | | 425 | | | 425 | | | — | |
Other | | 3,446 | | | 1,423 | | | 2,023 | |
Total Identifiable Intangibles | | $ | 461,744 | | | $ | 233,913 | | | $ | 227,831 | |
| | | | | | | | | | | | | | | | | | | | |
June 30, 2023 | | Amount | | Accumulated Amortization | | Net Book Value |
Finite-Lived Identifiable Intangibles: | | | | | | |
Customer relationships | | $ | 364,572 | | | $ | 188,804 | | | $ | 175,768 | |
Trade names | | 108,301 | | | 50,823 | | | 57,478 | |
Vendor relationships | | 9,861 | | | 9,744 | | | 117 | |
Other | | 3,347 | | | 1,161 | | | 2,186 | |
Total Identifiable Intangibles | | $ | 486,081 | | | $ | 250,532 | | | $ | 235,549 | |
Fully amortized amounts are written off.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
During the six month period ended December 31, 2023, the Company acquired identifiable intangible assets with a preliminary acquisition cost allocation and weighted-average life as follows:
| | | | | | | | | | | | | | |
| | Acquisition Cost Allocation | | Weighted-Average life |
Customer relationships | | $ | 7,541 | | | 20.0 |
Trade names | | 530 | | | 3.0 |
Other | | 100 | | | 5.0 |
Total Identifiable Intangibles | | $ | 8,171 | | | 18.7 |
Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable.
Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of December 31, 2023) for the next five years is as follows: $13,100 for the remainder of 2024, $25,600 for 2025, $23,900 for 2026, $22,000 for 2027, $20,300 for 2028 and $18,900 for 2029.
5. DEBT
A summary of long-term debt, including the current portion, follows:
| | | | | | | | | | | |
| 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 | |
Revolving Credit Facility & Term Loan
In December 2021, the Company entered into a new revolving credit facility with a group of banks to refinance the existing credit facility as well as provide funds for ongoing working capital and other general corporate purposes. The revolving credit facility provides a $900,000 unsecured revolving credit facility and an uncommitted accordion feature which allows the Company to request an increase in the borrowing commitments, or incremental term loans, under the credit facility in aggregate principal amounts of up to $500,000. In May 2023, the Company and the administrative agent entered into an amendment to the credit facility to replace LIBOR as a reference rate available for use in the computation of interest and replace it with SOFR. Borrowings under this agreement bear interest, at the Company's election, at either the base rate plus a margin that ranges from 0 to 55 basis points based on net leverage ratio or SOFR plus a margin that ranges from 80 to 155 basis points based on the net leverage ratio. Unused lines under this facility, net of outstanding letters of credit of $200 to secure certain insurance obligations, totaled $516,208 at December 31, 2023 and June 30, 2023, and were available to fund future acquisitions or other capital and operating requirements. The interest rate on the revolving credit facility was 6.26% and 6.11% as of December 31, 2023 and June 30, 2023, respectively.
Additionally, the Company had letters of credit outstanding with separate banks, not associated with the revolving credit agreement, in the amount of $4,046 as of December 31, 2023 and June 30, 2023 in order to secure certain insurance obligations.
Trade Receivable Securitization Facility
In August 2018, the Company established a trade receivable securitization facility (the “AR Securitization Facility”). On March 26, 2021, the Company amended the AR Securitization Facility to expand the eligible receivables, which increased the maximum availability to $250,000 and increased the fees on the AR Securitization Facility to 0.98% per year. On August 4, 2023, the Company amended the AR Securitization Facility, extended the term to August 4, 2026, and reduced the drawn fees to 0.90% per year. Availability is further subject to changes in the credit ratings of our
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
customers, customer concentration levels or certain characteristics of the accounts receivable being transferred and, therefore, at certain times, we may not be able to fully access the $250,000 of funding available under the AR Securitization Facility. The AR Securitization Facility effectively increases the Company’s borrowing capacity by collateralizing a portion of the amount of the U.S. operations’ trade accounts receivable. The Company uses the proceeds from the AR Securitization Facility as an alternative to other forms of debt, effectively reducing borrowing costs. In May 2023, the Company entered into an amendment to the AR Securitization Facility to replace LIBOR as a reference rate available for use in the computation of interest and replace it with SOFR, therefore borrowings under this facility carry variable interest rates tied to SOFR. The interest rate on the AR Securitization Facility as of December 31, 2023 and June 30, 2023 was 6.36% and 6.16%, respectively.
Unsecured Shelf Facility
At December 31, 2023 and June 30, 2023, the Company had borrowings outstanding under its unsecured shelf facility agreement with Prudential Investment Management of $25,000 and $50,000, respectively. Fees on this facility range from 0.25% to 1.25% per year based on the Company's leverage ratio at each quarter end. The "Series D" notes carried a fixed interest rate of 3.21%, and the remaining principal balance of $25,000 was paid in October 2023. The “Series E” notes have a principal amount of $25,000, carry a fixed interest rate of 3.08%, and are due in October 2024.
Other Long-Term Borrowing
In 2014, the Company assumed $2,359 of debt as a part of the headquarters facility acquisition. The 1.50% fixed interest rate note is held by the State of Ohio Development Services Agency, and matures in November 2024.
6. DERIVATIVES
Risk Management Objective of Using Derivatives
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.
For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified into interest expense, net in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt.
In January 2019, the Company entered into an interest rate swap to mitigate variability in forecasted interest payments on $463,000 of the Company’s U.S. dollar-denominated unsecured variable rate debt. The notional amount declines over time. The interest rate swap effectively converts a portion of the floating rate interest payment into a fixed rate interest payment. The Company designated the interest rate swap as a pay-fixed, receive-floating interest rate swap instrument and is accounting for this derivative as a cash flow hedge. During the quarter ended December 31, 2020, the Company completed a transaction to amend and extend the interest rate swap agreement which resulted in an extension of the maturity date by an additional three years and a decrease of the weighted average fixed pay rate from 2.61% to 1.63%. The pay-fixed interest rate swap is considered a hybrid instrument with a financing component and an embedded at-market derivative that was designated as a cash flow hedge. In May 2023, the Company entered into bilaterial agreements with its swap counterparties to transition its interest rate swap agreements to SOFR, and further decreased the weighted average fixed pay rate to 1.58%. The Company made various Accounting Standards Codification Topic 848 elections related to changes in critical terms of the hedging relationship due to reference rate
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
reform to not result in a dedesignation of the hedging relationship. As of May 31, 2023, the Company's interest rate swap agreement was indexed to SOFR.
The interest rate swap converted $384,000 of variable rate debt to a rate of 2.48% as of December 31, 2023. The interest rate swap converted $384,000 of variable rate debt to a rate of 2.59% as of June 30, 2023. The fair value (Level 2 in the fair value hierarchy) of the interest rate cash flow hedge was $18,631 and $27,044 as of December 31, 2023 and June 30, 2023, respectively, which is included in other current assets and other assets in the condensed consolidated balance sheet. Amounts reclassified from other comprehensive income, before tax, to interest expense, net totaled $(4,715) and $(715) for the three months ended December 31, 2023 and 2022, respectively, and $(9,353) and $81 for the six months ended December 31, 2023 and 2022, respectively.
7. FAIR VALUE MEASUREMENTS
Marketable securities measured at fair value at December 31, 2023 and June 30, 2023 totaled $20,893 and $18,637, respectively. The majority of these marketable securities are held in a rabbi trust for a non-qualified deferred compensation plan. The marketable securities are included in other assets on the accompanying condensed consolidated balance sheets and their fair values were determined using quoted market prices (Level 1 in the fair value hierarchy).
As of December 31, 2023 and June 30, 2023, the carrying values of the Company's fixed interest rate debt outstanding under its unsecured shelf facility agreement with Prudential Investment Management approximated fair value (Level 2 in the fair value hierarchy). The revolving credit facility and the AR Securitization Facility contain variable interest rates and their carrying values approximate fair value (Level 2 in the fair value hierarchy).
8. SHAREHOLDERS' EQUITY
Accumulated Other Comprehensive Loss
Changes in the accumulated other comprehensive loss are comprised of the following amounts, shown net of taxes:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | $ | (89,391) | | | $ | (221) | | | $ | 27,242 | | | $ | (62,370) | | | |
Other comprehensive income (loss) | | 9,724 | | | — | | | (3,411) | | | 6,313 | | | |
Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | (23) | | | (3,566) | | | (3,589) | | | |
| | | | | | | | | | |
Net current-period other comprehensive income (loss) | | 9,724 | | | (23) | | | (6,977) | | | 2,724 | | | |
Balance at December 31, 2023 | | $ | (79,667) | | | $ | (244) | | | $ | 20,265 | | | $ | (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 | | $ | (102,259) | | | $ | (1,297) | | | $ | 29,626 | | | $ | (73,930) | |
Other comprehensive income | | 5,885 | | | 777 | | | 414 | | | 7,076 | |
Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | 7 | | | (539) | | | (532) | |
Net current-period other comprehensive income (loss) | | 5,885 | | | 784 | | | (125) | | | 6,544 | |
Balance at December 31, 2022 | | $ | (96,374) | | | $ | (513) | | | $ | 29,501 | | | $ | (67,386) | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | $ | (83,099) | | | $ | (197) | | | $ | 28,000 | | | $ | (55,296) | |
Other comprehensive income (loss) | | 3,432 | | | — | | | (667) | | | 2,765 | |
Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | (47) | | | (7,068) | | | (7,115) | |
| | | | | | | | |
Net current-period other comprehensive income (loss) | | 3,432 | | | (47) | | | (7,735) | | | (4,350) | |
Balance at December 31, 2023 | | $ | (79,667) | | | $ | (244) | | | $ | 20,265 | | | $ | (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 | | $ | (90,738) | | | $ | (1,303) | | | $ | 19,746 | | | $ | (72,295) | |
Other comprehensive (loss) income | | (5,636) | | | 777 | | | 9,694 | | | 4,835 | |
Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | 13 | | | 61 | | | 74 | |
| | | | | | | | |
Net current-period other comprehensive (loss) income | | (5,636) | | | 790 | | | 9,755 | | | 4,909 | |
Balance at December 31, 2022 | | $ | (96,374) | | | $ | (513) | | | $ | 29,501 | | | $ | (67,386) | |
Other Comprehensive Income
Details of other comprehensive income are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | $ | 9,697 | | | $ | (27) | | | $ | 9,724 | | | $ | 5,929 | | | $ | 44 | | | $ | 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 | (30) | | | (7) | | | (23) | | | 10 | | | 3 | | | 7 | |
Termination of pension plan | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | |
Unrealized (loss) gain on cash flow hedge | (4,536) | | | (1,125) | | | (3,411) | | | 548 | | | 134 | | | 414 | |
Reclassification of interest from cash flow hedge into interest expense, net | (4,715) | | | (1,149) | | | (3,566) | | | (715) | | | (176) | | | (539) | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Other comprehensive income | $ | 416 | | | $ | (2,308) | | | $ | 2,724 | | | $ | 6,803 | | | $ | 259 | | | $ | 6,544 | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | $ | 3,427 | | | $ | (5) | | | $ | 3,432 | | | $ | (5,508) | | | $ | 128 | | | $ | (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 | | (60) | | | (13) | | | (47) | | | 18 | | | 5 | | | 13 | |
Termination of pension plan | | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | |
| | | | | | | | | | | | |
Unrealized (loss) gain on cash flow hedge | | (902) | | | (235) | | | (667) | | | 12,858 | | | 3,164 | | | 9,694 | |
Reclassification of interest from cash flow hedge into interest expense, net | | (9,353) | | | (2,285) | | | (7,068) | | | 81 | | | 20 | | | 61 | |
Other comprehensive (loss) income | | $ | (6,888) | | | $ | (2,538) | | | $ | (4,350) | | | $ | 8,480 | | | $ | 3,571 | | | $ | 4,909 | |
Anti-dilutive Common Stock Equivalents
In the three month periods ended December 31, 2023 and 2022, stock options and stock appreciation rights related to 101 and 82 shares of common stock, respectively, were not included in the computation of diluted earnings per share for the period then ended as they were anti-dilutive. In the six month periods ended December 31, 2023 and 2022, stock options and stock appreciation rights related to 103 and 109 shares of common stock, respectively, were not included in the computation of diluted earnings per share for the period then ended as they were anti-dilutive.
9. SEGMENT INFORMATION
The accounting policies of the Company’s reportable segments are generally the same as those used to prepare the condensed consolidated financial statements. LIFO expense of $3,377 and $8,853 in the three months ended December 31, 2023 and 2022, respectively, and $7,968 and $17,913 in the six months ended December 31, 2023 and 2022, respectively, is recorded in cost of sales in the condensed statements of consolidated income, and is included in operating income for the related reportable segment, as the Company allocates LIFO expense between the segments. Intercompany sales, primarily from the Engineered Solutions segment to the Service Center Based Distribution segment, of $12,457 and $11,695, in the three months ended December 31, 2023 and 2022, respectively, and $24,775 and $22,213 in the six months ended December 31, 2023 and 2022 respectively, have been eliminated in the Segment Financial Information tables below.
| | | | | | | | | | | | | | | | | | | | |
Three Months Ended | | Service Center Based Distribution | | Engineered Solutions | | Total |
December 31, 2023 | | | | | | |
Net sales | | $ | 729,273 | | | $ | 347,880 | | | $ | 1,077,153 | |
Operating income for reportable segments | | 91,440 | | | 51,167 | | | 142,607 | |
| | | | | | |
Depreciation and amortization of property | | 4,355 | | | 1,693 | | | 6,048 | |
Capital expenditures | | 4,400 | | | 1,123 | | | 5,523 | |
| | | | | | |
December 31, 2022 | | | | | | |
Net sales | | $ | 705,392 | | | $ | 354,888 | | | $ | 1,060,280 | |
Operating income for reportable segments | | 86,484 | | | 51,626 | | | 138,110 | |
| | | | | | |
Depreciation and amortization of property | | 4,474 | | | 1,078 | | | 5,552 | |
Capital expenditures | | 4,751 | | | 2,512 | | | 7,263 | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands, except per share amounts) (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
Six Months Ended | | Service Center Based Distribution | | Engineered Solutions | | Total |
December 31, 2023 | | | | | | |
Net sales | | $ | 1,475,806 | | | $ | 696,535 | | | $ | 2,172,341 | |
Operating income for reportable segments | | 188,321 | | | 100,762 | | | 289,083 | |
Assets used in business | | 1,759,794 | | | 1,022,971 | | | 2,782,765 | |
Depreciation and amortization of property | | 8,791 | | | 2,974 | | | 11,765 | |
Capital expenditures | | 8,034 | | | 1,829 | | | 9,863 | |
| | | | | | |
December 31, 2022 | | | | | | |
Net sales | | $ | 1,423,380 | | | $ | 699,305 | | | $ | 2,122,685 | |
Operating income for reportable segments | | 175,293 | | | 97,160 | | | 272,453 | |
Assets used in business | | 1,454,040 | | | 1,068,864 | | | 2,522,904 | |
Depreciation and amortization of property | | 8,923 | | | 2,110 | | | 11,033 | |
Capital expenditures | | 8,316 | | | 4,501 | | | 12,817 | |
A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Six Months Ended |
| | December 31, | | December 31, |
| | 2023 | | 2022 | | 2023 | | 2022 |
Operating income for reportable segments | | $ | 142,607 | | | $ | 138,110 | | | $ | 289,083 | | | $ | 272,453 | |
Adjustment for: | | | | | | | | |
Intangible amortization—Service Center Based Distribution | | 922 | | | 730 | | | 1,599 | | | 1,488 | |
Intangible amortization—Engineered Solutions | | 6,335 | | | 7,084 | | | 13,051 | | | 14,031 | |
| | | | | | | | |
| | | | | | | | |
Corporate and other expense, net | | 20,756 | | | 17,403 | | | 39,159 | | | 37,509 | |
Total operating income | | 114,594 | | | 112,893 | | | 235,274 | | | 219,425 | |
Interest expense, net | | 1,917 | | | 6,185 | | | 3,237 | | | 12,665 | |
Other (income) expense, net | | (2,924) | | | 758 | | | (2,493) | | | 1,766 | |
Income before income taxes | | $ | 115,601 | | | $ | 105,950 | | | $ | 234,530 | | | $ | 204,994 | |
The change in corporate and other expense, net is due to changes in corporate expenses, as well as in the amounts and levels of certain expenses being allocated to the segments. The expenses being allocated include corporate charges for working capital, logistics support, and other items.
10. OTHER (INCOME) EXPENSE, NET
Other (income) expense, net consists of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 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 | | $ | (1,938) | | | $ | (1,065) | | | $ | (1,385) | | | $ | (238) | |
Foreign currency transactions (gain) loss | | (832) | | | 700 | | | (903) | | | 928 | |
Net other periodic post-employment costs | | 26 | | | 1,176 | | | 51 | | | 1,319 | |
Life insurance income, net | | (107) | | | (104) | | | (244) | | | (215) | |
Other, net | | (73) | | | 51 | | | (12) | | | (28) | |
Total other (income) expense, net | | $ | (2,924) | | | $ | 758 | | | $ | (2,493) | | | $ | 1,766 | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
With more than 6,300 employees across North America, Australia, New Zealand, and Singapore, Applied Industrial Technologies (“Applied,” the “Company,” “We,” “Us” or “Our”) is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO (Maintenance, Repair & Operations) and OEM (Original Equipment Manufacturer) end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise. We have a long tradition of growth dating back to 1923, the year our business was founded in Cleveland, Ohio. During the second quarter of fiscal 2024, business was conducted in the United States, Puerto Rico, Canada, Mexico, Australia, New Zealand, and Singapore from 585 facilities.
The following is Management's Discussion and Analysis of significant factors which have affected our financial condition, results of operations and cash flows during the periods included in the accompanying condensed consolidated balance sheets, statements of consolidated income, consolidated comprehensive income and consolidated cash flows. When reviewing the discussion and analysis set forth below, please note that the majority of SKUs (Stock Keeping Units) we sell in any given period were not necessarily sold in the comparable period of the prior year, resulting in the inability to quantify certain commonly used comparative metrics analyzing sales, such as changes in product mix and volume.
Overview
Consolidated sales for the quarter ended December 31, 2023 increased $16.9 million or 1.6% compared to the prior year quarter, with acquisitions increasing sales by $14.4 million or 1.4% and favorable foreign currency translation of $3.0 million increasing sales by 0.3%. The Company had operating income of $114.6 million, or operating margin of 10.6% of sales for the quarter ended December 31, 2023 compared to an operating income of $112.9 million, or operating margin of 10.6% of sales for the same quarter in the prior year. The quarter ended December 31, 2023 had net income of $91.2 million compared to net income of $80.5 million in the prior year quarter. The current ratio was 3.7 to 1 at December 31, 2023 and 3.0 to 1 at June 30, 2023.
Applied monitors several economic indices that have been key indicators for industrial economic activity in the United States. These include the Industrial Production (IP) and Manufacturing Capacity Utilization (MCU) indices published by the Federal Reserve Board and the Purchasing Managers Index (PMI) published by the Institute for Supply Management (ISM). Historically, our performance correlates well with the MCU, which measures productivity and calculates a ratio of actual manufacturing output versus potential full capacity output. When manufacturing plants are running at a high rate of capacity, they tend to wear out machinery and require replacement parts.
The MCU (total industry) and IP indices have decreased since September 2023. The MCU for December 2023 was 78.6, which is down from the September and June revised readings of 79.5 and 78.9, respectively. The ISM PMI registered 47.4 in December, down from the September 2023 reading of 49.0 and up from the June 2023 reading of 46.0. The indices for the months during the current quarter, along with the indices for the prior fiscal year end and prior quarter end, were as follows:
| | | | | | | | | | | |
| 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 |
The number of Company employees was 6,365 at December 31, 2023, 6,223 at June 30, 2023, and 6,157 at December 31, 2022. The number of operating facilities totaled 585 at December 31, 2023, 577 at June 30, 2023, and 567 at December 31, 2022.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations
Three Months Ended December 31, 2023 and 2022
The following table is included to aid in review of Applied's condensed statements of consolidated income.
| | | | | | | | | | | | | | | | | | | | |
| | 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 | % |
During the quarter ended December 31, 2023, sales increased $16.9 million or 1.6% compared to the prior year quarter, with sales from acquisitions adding $14.4 million or 1.4%, and favorable foreign currency translation accounting for a increase of $3.0 million or 0.3%. There were 61 selling days in the quarters ended December 31, 2023 and December 31, 2022. Excluding the impact of businesses acquired and foreign currency translation, sales were down $0.5 million or 0.1% during the quarter, holding relatively steady despite headwinds from the technology sector.
The following table shows changes in sales by reportable segment (amounts in millions).
| | | | | | | | | | | | | | | | | | | | |
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) | |
Sales from our Service Center Based Distribution segment, which operates primarily in MRO markets, increased $23.9 million or 3.4%. Acquisitions within this segment increased sales by $11.0 million or 1.6% and favorable foreign currency translation increased sales by $3.0 million or 0.4%. Excluding the impact of businesses acquired and foreign currency translation, sales increased $9.9 million or 1.4%, due to benefits from sales process initiatives as well as solid growth across national accounts and fluid power MRO in the U.S.
Sales from our Engineered Solutions segment decreased $7.0 million or 2.0%. Acquisitions within this segment increased sales by $3.4 million or 1.0%. Excluding the impact of businesses acquired, sales decreased $10.4 million or 3.0%, driven by reduced activity across the technology sector. The decrease in sales was moderated by sustained growth across core industrial & mobile fluid power, and flow control markets.
The following table shows changes in sales by geographic area. Other countries includes Mexico, Australia, New Zealand, and Singapore (amounts in millions).
| | | | | | | | | | | | | | | | | | | | |
| 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) | |
Sales in our U.S. operations were up $15.5 million or 1.7%, as acquisitions added $14.4 million or 1.6%. Excluding the impact of businesses acquired, U.S. sales were up $1.1 million or 0.1%. Sales from our Canadian operations increased $2.5 million or
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
3.3%. Unfavorable foreign currency translation decreased Canadian sales by $0.1 million or 0.2%. Excluding the impact of foreign currency translation, Canadian sales increased $2.6 million or 3.5%. Consolidated sales from our other country operations, which include Mexico, Australia, New Zealand, and Singapore, decreased $1.1 million or 1.9% from the prior year. Favorable foreign currency translation increased other country sales by $3.1 million or 5.6%. Excluding the impact of currency translation, other country sales were down $4.2 million, or 7.5% during the quarter.
Our gross profit margin was 29.4% in the quarter ended December 31, 2023 compared to 29.1% in the prior year quarter. The gross profit margin for the current year quarter was positively impacted by 51 basis points due to a $5.5 million decrease in LIFO.
The following table shows the changes in selling, distribution and administrative expense (SD&A) (amounts in millions).
| | | | | | | | | | | | | | | | | | | | |
| 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 | |
SD&A consists of associate compensation, benefits and other expenses associated with selling, purchasing, warehousing, supply chain management and providing marketing and distribution of the Company's products, as well as costs associated with a variety of administrative functions such as human resources, information technology, treasury, accounting, insurance, legal, and facility related expenses. SD&A was 18.8% of sales in the quarter ended December 31, 2023 compared to 18.4% in the prior year quarter. SD&A increased $6.9 million or 3.5% compared to the prior year quarter. Changes in foreign currency exchange rates had the effect of increasing SD&A during the quarter ended December 31, 2023 by $0.3 million or 0.2% compared to the prior year quarter. SD&A from businesses acquired added $4.1 million or 2.1% of SD&A expenses, including $0.4 million of intangibles amortization related to acquisitions. Excluding the impact of businesses acquired and the favorable currency translation impact, SD&A increased $2.5 million or 1.2% during the quarter ended December 31, 2023 compared to the prior year quarter.
Operating income increased $1.7 million, and as a percent of sales, was 10.6% for both the quarter ended December 31, 2023 and the prior year quarter.
Operating income, as a percentage of sales for the Service Center Based Distribution segment increased to 12.5% in the current year quarter from 12.3% in the prior year quarter. Operating income, as a percentage of sales for the Engineered Solutions segment increased to 14.7% in the current year quarter from 14.5% in the prior year quarter.
Interest expense, net decreased $4.3 million from the prior year quarter primarily due to reduced debt levels and greater interest income from higher cash balances and investment yields.
Other (income) expense, net was income of $2.9 million for the current year quarter, which included unrealized gains on investments held by non-qualified deferred compensation trusts of $1.9 million, net favorable foreign currency transaction gains of $0.8 million, and $0.2 million of other income. During the prior year quarter, other (income) expense, net was expense of $0.8 million, which included net other periodic benefit costs primarily related to the termination of the qualified defined benefit retirement plan of $1.2 million and net unfavorable foreign currency transaction losses of $0.7 million, offset by unrealized gains on investments held by non-qualified deferred compensation trusts of $1.1 million.
The effective income tax rate was 21.1% for the quarter ended December 31, 2023 compared to 24.1% for the quarter ended December 31, 2022. The decrease in the effective tax rate is primarily due to the reversal of a tax valuation allowance related to Mexico during the quarter ended December 31, 2023.
As a result of the factors addressed above, net income for the quarter ended December 31, 2023 increased $10.8 million compared to the prior year quarter. Net income per share was $2.32 per share for the quarter ended December 31, 2023 compared to $2.05 per share in the prior year quarter.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Results of Operations
Six Months Ended December 31, 2023 and 2022
The following table is included to aid in review of Applied's condensed statements of consolidated income.
| | | | | | | | | | | | | | | | | | | | |
| | 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 | % |
During the six months ended December 31, 2023, sales increased $49.7 million or 2.3% compared to the prior year period, with sales from acquisitions adding $26.0 million or 1.2% and favorable foreign currency translation of $5.4 million of increasing sales by 0.3%. There were 124 selling days in the six months ended December 31, 2023 and 125 selling days in the six months ended December 31, 2022. Excluding the impact of businesses acquired and foreign currency translation, sales were up $18.3 million or 0.8% during the period, driven by an increase of 1.6% from operations reflecting support from secular tailwinds and internal sales initiatives, despite headwinds from the technology sector, offset by a 0.8% headwind due to one less sales day.
The following table shows changes in sales by reportable segment (amounts in millions).
| | | | | | | | | | | | | | | | | | | | |
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 | |
Sales from our Service Center Based Distribution segment, which operates primarily in MRO markets, increased $52.4 million or 3.7%. Acquisitions within this segment increased sales by $14.9 million or 1.1% and favorable foreign currency translation increased sales by $5.4 million or 0.4%. Excluding the impact of businesses acquired and foreign currency translation, sales increased $32.1 million or 2.2%, driven by an increase of 3.0% from operations due to benefits from sales process initiatives as well as solid growth across national accounts and fluid power MRO in the U.S., offset by a 0.8% headwind due to one less sales day.
Sales from our Engineered Solutions segment decreased $2.7 million or 0.4%. Acquisitions within this segment increased sales by $11.1 million or 1.6%. Excluding the impact of businesses acquired, sales decreased $13.8 million or 2.0%, driven by a decrease of 1.2% from operations primarily as a result of reduced activity across the technology sector, in addition to a decrease of 0.8% due to one less sales day. The decrease in sales was moderated by sustained growth across core industrial & mobile fluid power, and flow control markets.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The following table shows changes in sales by geographic area. Other countries includes Mexico, Australia, New Zealand, and Singapore (amounts in millions).
| | | | | | | | | | | | | | | | | | | | |
| 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 | |
Sales in our U.S. operations were up $53.3 million or 2.9%, as acquisitions added $26.0 million or 1.4%. Excluding the impact of businesses acquired, U.S. sales were up $27.3 million or 1.5%, driven by an increase of 2.3% from operations offset by 0.8% due to one less sales day. Sales from our Canadian operations decreased $2.0 million or 1.3%. Unfavorable foreign currency translation decreased Canadian sales by $2.4 million or 1.5%. Excluding the impact of foreign currency translation, Canadian sales were up $0.4 million or 0.2%, driven by an increase of 1.0% from operations, offset by 0.8% due to one less sales day. Consolidated sales from our other country operations, which include Mexico, Australia, New Zealand, and Singapore, decreased $1.6 million or 1.4% from the prior year. Favorable foreign currency translation increased other country sales by $7.8 million or 6.6%. Excluding the impact of currency translation, other country sales were down $9.4 million, or 8.0%, during the period.
Our gross profit margin was 29.6% in the six months ended December 31, 2023 compared to 29.0% in the prior year period. The gross profit margin for the current year period was positively impacted by 46 basis points due to a $9.9 million decrease in LIFO expense.
The following table shows the changes in selling, distribution and administrative expense (SD&A) (amounts in millions).
| | | | | | | | | | | | | | | | | | | | |
| 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 | |
SD&A consists of associate compensation, benefits and other expenses associated with selling, purchasing, warehousing, supply chain management and providing marketing and distribution of the Company's products, as well as costs associated with a variety of administrative functions such as human resources, information technology, treasury, accounting, insurance, legal, and facility related expenses. SD&A was 18.7% of sales in the six months ended December 31, 2023 compared to 18.6% in the prior year period. SD&A increased $11.0 million or 2.8% compared to the prior year period. Changes in foreign currency exchange rates had the effect of increasing SD&A during the six months ended December 31, 2023 by $0.5 million or 0.1% compared to the prior year period. SD&A from businesses acquired added $7.4 million or 1.9% of SD&A expenses, including $0.8 million of intangibles amortization related to acquisitions. Excluding the impact of businesses acquired and the unfavorable currency translation impact, SD&A increased $3.1 million or 0.8% during the six months ended December 31, 2023 compared to the prior year period.
Operating income increased $15.8 million, and as a percent of sales increased to 10.8% from 10.3% during the prior year period.
Operating income, as a percentage of sales for the Service Center Based Distribution segment increased to 12.8% in the current year period from 12.3% in the prior year period. Operating income, as a percentage of sales for the Engineered Solutions segment increased to 14.5% in the current year period from 13.9% in the prior year period.
Interest expense, net decreased $9.4 million from the prior year period primarily due to reduced debt levels and greater interest income from higher cash balances and investment yields.
Other (income) expense, net was income of $2.5 million for the six months ended December 31, 2023, which included unrealized gains on investments held by non-qualified deferred compensation trusts of $1.4 million, net favorable foreign currency transaction gains of $0.9 million, and $0.2 million of other income. During the prior year period, other (income) expense, net was expense of $1.8 million, which included net other periodic benefit costs primarily related to the termination of
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
the qualified defined benefit retirement plan of $1.3 million and net unfavorable foreign currency transaction losses of $0.9 million, offset by unrealized gains on investments held by non-qualified deferred compensation trusts of $0.2 million and $0.2 million of other income.
The effective income tax rate was 21.1% for the six months ended December 31, 2023 compared to 23.2% for the six months ended December 31, 2022. The decrease in the effective tax rate is primarily due to the reversal of a tax valuation allowance related to Mexico during the six months ended December 31, 2023, as well as compensation-related deductions during the six months ended December 31, 2023. We expect our full year tax rate for fiscal 2024 to be in the 23.0% to 24.0% range.
As a result of the factors addressed above, net income for the six months ended December 31, 2023 increased $27.7 million compared to the prior year period. Net income was $4.71 per share for the six months ended December 31, 2023 compared to $4.02 per share in the prior year period.
Trends and Factors Impacting our Business
Our Engineered Solutions reportable segment includes our Automation operations focused on advanced automation technologies and related engineered solutions. We continue to strategically expand this area of our business through both acquisitions and organic investments. The Automation reporting unit has a goodwill balance of $50,640 as of December 31, 2023, as well as customer relationship intangible assets with a combined net book value of $23,476 as of December 31, 2023. As we continue to expand our Automation operations, we have and will continue to make strategic moves and operational decisions that could result in a change of customer and end-market mix to support our growth and profitability in this growing area of our business. This could include reduced business or the termination of certain customer relationships that could decrease expected future cash flows. The timing and extent of these business circumstances and events could negatively impact the estimated fair values of the Automation reporting unit and customer relationship intangible assets and trigger an impairment of certain intangible assets, if the fair values of the reporting unit or intangible assets fall below their carrying values.
Liquidity and Capital Resources
Our primary source of capital is cash flow from operations, supplemented as necessary by bank borrowings or other sources of debt. At December 31, 2023, we had total debt obligations outstanding of $597.1 million compared to $622.2 million at June 30, 2023. Management expects that our existing cash, cash equivalents, funds available under the revolving credit facility, and cash provided from operations will be sufficient to finance normal working capital needs in each of the countries in which we operate, payment of dividends, acquisitions, investments in properties, facilities and equipment, debt service, and the purchase of additional Company common stock. Management also believes that additional long-term debt and line of credit financing could be obtained based on the Company's credit standing and financial strength.
The Company's working capital at December 31, 2023 was $1,232.9 million, compared to $1,106.5 million at June 30, 2023. The current ratio was 3.7 to 1 at December 31, 2023 and 3.0 to 1 at June 30, 2023.
Net Cash Flows
The following table is included to aid in review of Applied's condensed statements of consolidated cash flows (amounts in thousands).
| | | | | | | | | | | |
| 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) | |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
The increase in cash provided by operating activities during the six months ended December 31, 2023 is driven by increased operating results and by changes in working capital during the period. Changes in working capital between periods caused a $63.7 million increase in cash provided by operating activities, driven by (amounts in thousands):
| | | | | | | | | | | |
| Six Months Ended December 31, |
| 2023 | | 2022 |
Accounts Receivable | $ | 54,428 | | | $ | (6,167) | |
Inventories | (14,540) | | | (72,295) | |
Accounts payable | (49,047) | | | (10,931) | |
Net cash used in investing activities during the six months ended December 31, 2023 decreased from the prior period primarily due to $21.4 million used for the acquisition of Cangro Industries, Inc. and Bearing Distributors, Inc. in the current year compared to $25.5 million used for the acquisition of Automation, Inc., in the prior year period.
Net cash used in financing activities during the six months ended December 31, 2023 increased from the prior year period primarily due to $10.7 million of cash being used for the purchase of treasury shares during the six months ended December 31, 2023 compared to $0.7 million used in the prior year period and $12.9 million of cash being used for taxes paid for shares withheld for equity awards in the six months ended December 31, 2023 compared to $3.3 million used in the period year period. This was offset by a change in net debt activity, as there were $25.1 million of debt payments in the current year compared to $40.1 million in the prior year period.
Share Repurchases
The Board of Directors has authorized the repurchase of shares of the Company's common stock. These purchases may be made in open market and negotiated transactions, from time to time, depending upon market conditions. During the three and six months ended December 31, 2023, the Company acquired 62,947 shares of treasury stock on the open market for $10.7 million. During the three months ended December 31, 2022, the Company did not acquire any shares of treasury stock on the open market. During the six months ended December 31, 2022, the Company acquired 8,000 shares of treasury stock for $0.7 million. At December 31, 2023, we had authorization to repurchase 1,437,053 shares.
Borrowing Arrangements
A summary of long-term debt, including the current portion, follows (amounts in thousands):
| | | | | | | | | | | |
| 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 | |
Revolving Credit Facility & Term Loan
In December 2021, the Company entered into a new revolving credit facility with a group of banks to refinance the existing credit facility as well as provide funds for ongoing working capital and other general corporate purposes. The revolving credit facility provides a $900.0 million unsecured revolving credit facility and an uncommitted accordion feature which allows the Company to request an increase in the borrowing commitments, or incremental term loans, under the credit facility in aggregate principal amounts of up to $500.0 million. In May 2023, the Company and the administrative agent entered into an amendment to the credit facility to replace LIBOR as a reference rate available for use in the computation of interest and replace it with SOFR. Borrowings under this agreement bear interest, at the Company's election, at either the base rate plus a margin that ranges from 0 to 55 basis points based on net leverage ratio or SOFR plus a margin that ranges from 80 to 155 basis points based on the net leverage ratio. Unused lines under this facility, net of outstanding letters of credit of $0.2 million to secure certain insurance obligations, totaled $516.2 million at December 31, 2023 and June 30, 2023, and were available to fund future
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
acquisitions or other capital and operating requirements. The interest rate on the revolving credit facility was 6.26% and 6.11% as of December 31, 2023 and June 30, 2023, respectively.
Additionally, the Company had letters of credit outstanding with separate banks, not associated with the revolving credit agreement, in the amount of $4.0 million as of December 31, 2023 and June 30, 2023 in order to secure certain insurance obligations.
Trade Receivable Securitization Facility
In August 2018, the Company established a trade receivable securitization facility (the “AR Securitization Facility”). On March 26, 2021, the Company amended the AR Securitization Facility to expand the eligible receivables, which increased the maximum availability to $250.0 million and increased the fees on the AR Securitization Facility to 0.98% per year. On August 4, 2023, the Company amended the AR Securitization Facility, extended the term to August 4, 2026, and reduced the drawn fees to 0.90% per year. Availability is further subject to changes in the credit ratings of our customers, customer concentration levels or certain characteristics of the accounts receivable being transferred and, therefore, at certain times, we may not be able to fully access the $250.0 million of funding available under the AR Securitization Facility. The AR Securitization Facility effectively increases the Company’s borrowing capacity by collateralizing a portion of the amount of the U.S. operations’ trade accounts receivable. The Company uses the proceeds from the AR Securitization Facility as an alternative to other forms of debt, effectively reducing borrowing costs. In May 2023, the Company entered into an amendment to the AR Securitization Facility to replace LIBOR as a reference rate available for use in the computation of interest and replace it with SOFR, therefore borrowings under this facility carry variable interest rates tied to SOFR. The interest rate on the AR Securitization Facility as of December 31, 2023 and June 30, 2023 was 6.36% and 6.16%, respectively.
Unsecured Shelf Facility
At December 31, 2023 and June 30, 2023, the Company had borrowings outstanding under its unsecured shelf facility agreement with Prudential Investment Management of $25.0 million and $50.0 million, respectively. Fees on this facility range from 0.25% to 1.25% per year based on the Company's leverage ratio at each quarter end. The "Series D" notes carried a fixed interest rate of 3.21%, and the remaining principal balance of $25.0 million was paid in October 2023. The “Series E” notes have a principal amount of $25.0 million, carry a fixed interest rate of 3.08%, and are due in October 2024.
Other Long-Term Borrowing
In 2014, the Company assumed $2.4 million of debt as a part of the headquarters facility acquisition. The 1.50% fixed interest rate note is held by the State of Ohio Development Services Agency, and matures in November 2024.
The Company entered into an interest rate swap which mitigates variability in forecasted interest payments on $384.0 million of the Company’s U.S. dollar-denominated unsecured variable rate debt. For more information, see note 6, Derivatives, to the consolidated financial statements, included in Item 1 under the caption “Notes to Condensed Consolidated Financial Statements.”
The credit facility and the unsecured shelf facility contain restrictive covenants regarding liquidity, net worth, financial ratios, and other covenants. At December 31, 2023, the most restrictive of these covenants required that the Company have net indebtedness less than 3.75 times consolidated income before interest, taxes, depreciation and amortization (as defined). At December 31, 2023, the Company's net indebtedness was 0.4 times consolidated income before interest, taxes, depreciation and amortization (as defined). The Company was in compliance with all financial covenants at December 31, 2023.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Accounts Receivable Analysis
The following table is included to aid in analysis of accounts receivable and the associated provision for losses on accounts receivable (amounts in thousands): | | | | | | | | | | | | | | | | | |
| | | | 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 | % |
Accounts receivable are reported at net realizable value and consist of trade receivables from customers. Management monitors accounts receivable by reviewing Days Sales Outstanding (DSO) and the aging of receivables for each of the Company's locations.
On a consolidated basis, DSO was 55.1 at December 31, 2023 and June 30, 2023, respectively.
As of December 31, 2023, approximately 1.9% of our accounts receivable balances are more than 90 days past due, compared to 2.5% at June 30, 2023. On an overall basis, our provision for losses on accounts receivable represents 0.01% of our sales in the three months ended December 31, 2023, compared to 0.53% of sales for the three months ended December 31, 2022, and 0.05% of sales for the six months ended December 31, 2023 compared to 0.45% of sales for the six months ended December 31, 2022. The decrease primarily relates to provisions recorded in the prior year for customer credit deterioration and bankruptcies primarily in the U.S. operations of the Service Center Based Distribution segment, as well as improved collections performance. Historically, this percentage is around 0.10% to 0.15%. Management believes the overall receivables aging and provision for losses on accounts receivable are at reasonable levels.
Inventory Analysis
Inventories are valued using the last-in, first-out (LIFO) method for U.S. inventories and the average cost method for foreign inventories. Management uses an inventory turnover ratio to monitor and evaluate inventory. Management calculates this ratio on an annual as well as a quarterly basis, and believes that using average costs to determine the inventory turnover ratio instead of LIFO costs provides a more useful analysis. The annualized inventory turnover based on average costs was 4.3 for the period ended December 31, 2023 and 4.4 for the period ended June 30, 2023.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
Cautionary Statement Under Private Securities Litigation Reform Act
Management’s Discussion and Analysis contains statements that are forward-looking based on management’s current expectations about the future. Forward-looking statements are often identified by qualifiers, such as “guidance”, “expect”, “believe”, “plan”, “intend”, “will”, “should”, “could”, “would”, “anticipate”, “estimate”, “forecast”, “may”, "optimistic" and derivative or similar words or expressions. Similarly, descriptions of objectives, strategies, plans, or goals are also forward-looking statements. These statements may discuss, among other things, expected growth, future sales, future cash flows, future capital expenditures, future performance, and the anticipation and expectations of the Company and its management as to future occurrences and trends. The Company intends that the forward-looking statements be subject to the safe harbors established in the Private Securities Litigation Reform Act of 1995 and by the Securities and Exchange Commission in its rules, regulations and releases.
Readers are cautioned not to place undue reliance on any forward-looking statements. All forward-looking statements are based on current expectations regarding important risk factors, many of which are outside the Company’s control. Accordingly, actual results may differ materially from those expressed in the forward-looking statements, and the making of those statements should not be regarded as a representation by the Company or any other person that the results expressed in the statements will be achieved. In addition, the Company assumes no obligation publicly to update or revise any forward-looking statements, whether because of new information or events, or otherwise, except as may be required by law.
Important risk factors include, but are not limited to, the following: risks relating to the operations levels of our customers and the economic factors that affect them; continuing risks relating to the effects of the COVID-19 pandemic; inflationary or deflationary trends in the cost of products, energy, labor and other operating costs, and changes in the prices for products and services relative to the cost of providing them; reduction in supplier inventory purchase incentives; loss of key supplier authorizations, lack of product availability (such as due to supply chain strains), changes in supplier distribution programs, inability of suppliers to perform, and transportation disruptions; changes in customer preferences for products and services of the nature and brands sold by us; changes in customer procurement policies and practices; competitive pressures; our reliance on information systems and risks relating to their proper functioning, the security of those systems, and the data stored in or transmitted through them; the impact of economic conditions on the collectability of trade receivables; reduced demand for our products in targeted markets due to reasons including consolidation in customer industries; our ability to retain and attract qualified sales and customer service personnel and other skilled executives, managers and professionals; our ability to identify and complete acquisitions, integrate them effectively, and realize their anticipated benefits; the variability, timing and nature of new business opportunities including acquisitions, alliances, customer relationships, and supplier authorizations; the incurrence of debt and contingent liabilities in connection with acquisitions; our ability to access capital markets as needed on reasonable terms; disruption of operations at our headquarters or distribution centers; risks and uncertainties associated with our foreign operations, including volatile economic conditions, political instability, cultural and legal differences, and currency exchange fluctuations; the potential for goodwill and intangible asset impairment; changes in accounting policies and practices; our ability to maintain effective internal control over financial reporting; organizational changes within the Company; risks related to legal proceedings to which we are a party; potentially adverse government regulation, legislation, or policies, both enacted and under consideration, including with respect to federal tax policy, labor policy, international trade, data privacy and security, and government contracting; and the occurrence of extraordinary events (including prolonged labor disputes, power outages, telecommunication outages, terrorist acts, war, public health emergency, earthquakes, extreme weather events, other natural disasters, fires, floods, and accidents). Other factors and unanticipated events could also adversely affect our business, financial condition, or results of operations. Risks can also change over time. Further, the disclosure of a risk should not be interpreted to imply that the risk has not already materialized.
We discuss certain of these matters and other risk factors more fully throughout this Form 10-Q as well as other of our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended June 30, 2023.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 3: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
For quantitative and qualitative disclosures about market risk, see Item 7A "Quantitative and Qualitative Disclosures About Market Risk" in our Annual Report on Form 10-K for the year ended June 30, 2023.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
ITEM 4: CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company's management, under the supervision and with the participation of the Chief Executive Officer (CEO) and Chief Financial Officer (CFO), evaluated the effectiveness of the Company's disclosure controls and procedures, as defined in Exchange Act Rule 13a-15(e), as of the end of the period covered by this report. Based on that evaluation, the CEO and CFO have concluded that the Company's disclosure controls and procedures are effective.
Changes in Internal Control Over Financial Reporting
There have not been any changes in internal control over financial reporting during the three months ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. Legal Proceedings
The Company is a party to pending legal proceedings with respect to various product liability, commercial, personal injury, employment, and other matters. Although it is not possible to predict the outcome of these proceedings or the range of reasonably possible loss, the Company does not expect, based on circumstances currently known, that the ultimate resolution of any of these proceedings will have, either individually or in the aggregate, a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows.
ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchases of common stock in the quarter ended December 31, 2023 were as follows:
| | | | | | | | | | | | | | |
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 |
(1)On August 9, 2022, 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 August 11, 2022. Purchases can be made in the open market or in privately negotiated transactions. The authorization is in effect until all shares are purchased, or the Board revokes or amends the authorization.
ITEM 5. Other Information
Rule 10b5-1 Trading Plans and Non-Rule 10b5-1 Trading Arrangements
During the quarter ended December 31, 2023, none of the Company’s directors or officers (as defined in Rule 16a-1(f)) adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that (i) was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or (ii) that constituted a “non-Rule 10b5-1 trading arrangement” as defined in Regulation S-K 408(c) of the Securities Exchange Act of 1934, as amended, except as follows:
On November 2, 2023, Neil A. Schrimsher, the Company’s President and Chief Executive Officer, provided his irrevocable consent to contribute, at a later date, 93,750 shares of Company common stock to an exchange fund in exchange for shares of that fund. The exchange fund transaction closed on December 14, 2023, and on that date Mr. Schrimsher’s shares were contributed to the fund at a value of $169.72 per share. The exchange fund transaction constitutes a “non-Rule 10b5-1 trading arrangement.”
ITEM 6. Exhibits
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Exhibit No. | | Description |
3.1 | | |
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3.2 | | |
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4.1 | | |
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4.2 | | |
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4.3 | | |
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4.4 | | |
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4.5 | | |
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4.6 | | |
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4.7 | | |
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4.8 | | Receivables Financing Agreement dated as of August 31, 2018 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.1 to the Company's Form 8-K filed September 6, 2018, SEC File No. 1-2299, and incorporated here by reference). |
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4.9 | | Amendment No. 1 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty dated as of March 26, 2021 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.2 to the Company's Form 8-K filed March 29, 2021, SEC File No. 1-2299, and incorporated here by reference). |
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4.10 | | Amendment No. 2 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty, dated as of May 12, 2023, by and among AIT Receivables, LLC, Applied Industrial Technologies, Inc., PNC Bank, National Association, Regions Bank, and PNC Capital Markets LLC (filed as Exhibit 4.10 to Applied’s Form 10-K for the fiscal year ended June 30, 2023, SEC File No. 1-2299, and incorporated here by reference). |
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4.11 | | Purchase and Sale Agreement dated as of August 31, 2018 among various entities listed on Schedule I thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to the Company's Form 8-K filed September 6, 2018, SEC File No. 1-2299, and incorporated here by reference). |
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4.12 | | Amendment No. 1 to Purchase and Sale Agreement dated as of November 19, 2018 among Applied Industrial Technologies, Inc. and various of its affiliates, as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer, (filed as Exhibit 4.10 to the Company’s Form 10-Q for the quarter ended March 31, 2021, SEC File No. 1-2299, and incorporated here by reference). |
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4.13 | | Amendment No. 2 to Purchase and Sale Agreement dated as of March 26, 2021 among various entities listed on Schedule 1 thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to the Company's Form 8-K filed March 29, 2021, SEC File No. 1-2299, and incorporated here by reference). |
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4.14 | | Amendment No. 3 to Receivables Financing Agreement and Reaffirmation of Performance Guaranty dated as of August 6, 2023 among AIT Receivables LLC, as borrower, PNC Bank, National Association, as administrative agent, Applied Industrial Technologies, Inc., as initial servicer, PNC Capital Markets LLC, as structuring agent, and the additional persons from time to time party thereto, as lenders (filed as Exhibit 10.1 to Applied’s Form 8-K filed August 9, 2023, SEC File No. 1-2299, and incorporated here by reference). |
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4.15 | | Amendment No. 3 to Purchase and Sale Agreement dated as of August 4, 2023 among various entities listed on Schedule I thereto (including Applied Industrial Technologies, Inc.), as originators, Applied Industrial Technologies, Inc., as servicer, and AIT Receivables LLC, as buyer (filed as Exhibit 10.2 to Applied’s Form 8-K filed August 9, 2023, SEC File No. 1-2299, and incorporated here by reference). |
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10.1 | | |
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31 | | |
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32 | | |
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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. |
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104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
The Company will furnish a copy of any exhibit described above and not contained herein upon payment of a specified reasonable fee which shall be limited to the Company’s reasonable expenses in furnishing the exhibit.
Certain instruments with respect to long-term debt have not been filed as exhibits because the total amount of securities authorized under any one of the instruments does not exceed 10 percent of the total assets of the Company and its subsidiaries on a consolidated basis. The Company agrees to furnish to the Securities and Exchange Commission, upon request, a copy of each such instrument.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | |
| | 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 |
EXHIBIT 31
Certifications of Disclosure in Quarterly Report on Form 10-Q
I, Neil A. Schrimsher, President & Chief Executive Officer, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Applied Industrial Technologies, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | |
Date: January 26, 2024 | By: /s/ Neil A. Schrimsher |
| Neil A. Schrimsher |
| President & Chief Executive Officer |
I, David K. Wells, Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Applied Industrial Technologies, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | |
Date: January 26, 2024 | By: /s/ David K. Wells |
| David K. Wells |
| Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer |
EXHIBIT 32
[The following certification accompanies Applied Industrial Technologies'
Quarterly Report on Form 10-Q for the quarter ended December 30, 2023, and is not filed, as provided in applicable SEC releases.]
Certification of Principal Executive Officer and
Principal Financial Officer Pursuant to
18 U.S.C. 1350
In connection with the Form 10-Q (the “Report”) of Applied Industrial Technologies, Inc. (the “Company”) for the period ending December 30, 2023, we, Neil A. Schrimsher, President & Chief Executive Officer, and David K. Wells, Vice President-Chief Financial Officer & Treasurer of the Company, certify that:
(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
| | |
/s/ Neil A. Schrimsher | | /s/ David K. Wells |
Neil A. Schrimsher | | David K. Wells |
President & Chief Executive Officer | | Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer |
| | |
Date: January 26, 2024 | | |
| | |
[A signed original of this written statement required by Section 906 has been provided to Applied Industrial Technologies, Inc. and will be retained by Applied Industrial Technologies, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.]
v3.23.4
Document and Entity Information - shares
|
6 Months Ended |
|
Dec. 31, 2023 |
Jan. 18, 2024 |
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Dec. 31, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
1-2299
|
|
Entity Registrant Name |
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
|
|
Entity Incorporation, State or Country Code |
OH
|
|
Entity Tax Identification Number |
34-0117420
|
|
Entity Address, Address Line One |
One Applied Plaza
|
|
Entity Address, City or Town |
Cleveland
|
|
Entity Address, State or Province |
OH
|
|
Entity Address, Postal Zip Code |
44115
|
|
City Area Code |
216
|
|
Local Phone Number |
426-4000
|
|
Title of 12(b) Security |
Common Stock, without par value
|
|
Trading Symbol |
AIT
|
|
Security Exchange Name |
NYSE
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
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Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
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Document and Entity Information [Abstract] |
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Entity Central Index Key |
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2024
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v3.23.4
Condensed Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 1,077,153
|
$ 1,060,280
|
$ 2,172,341
|
$ 2,122,685
|
Cost of sales |
760,063
|
751,775
|
1,530,169
|
1,507,397
|
Gross profit |
317,090
|
308,505
|
642,172
|
615,288
|
Selling, distribution and administrative expense, including depreciation |
202,496
|
195,612
|
406,898
|
395,863
|
Operating income |
114,594
|
112,893
|
235,274
|
219,425
|
Interest expense, net |
1,917
|
6,185
|
3,237
|
12,665
|
Other (income) expense, net |
(2,924)
|
758
|
(2,493)
|
1,766
|
Income before income taxes |
115,601
|
105,950
|
234,530
|
204,994
|
Income tax expense |
24,373
|
25,493
|
49,476
|
47,657
|
Net income |
$ 91,228
|
$ 80,457
|
$ 185,054
|
$ 157,337
|
Net income per share - basic |
$ 2.35
|
$ 2.09
|
$ 4.78
|
$ 4.08
|
Net income per share - diluted |
$ 2.32
|
$ 2.05
|
$ 4.71
|
$ 4.02
|
Weighted average common shares outstanding for basic computation |
38,744
|
38,579
|
38,722
|
38,552
|
Dilutive effect of potential common shares |
558
|
629
|
585
|
610
|
Weighted average common shares outstanding for diluted computation |
39,302
|
39,208
|
39,307
|
39,162
|
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v3.23.4
Condensed Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Net income per the condensed statements of consolidated income |
$ 91,228
|
$ 80,457
|
$ 185,054
|
$ 157,337
|
Other comprehensive income, before tax: |
|
|
|
|
Foreign currency translation adjustments |
9,697
|
5,929
|
3,427
|
(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 |
(30)
|
10
|
(60)
|
18
|
Termination of pension plan |
0
|
1,031
|
0
|
1,031
|
Unrealized (loss) gain on cash flow hedge |
(4,536)
|
548
|
(902)
|
12,858
|
Reclassification of interest from cash flow hedge into interest expense, net |
(4,715)
|
(715)
|
(9,353)
|
81
|
Total other comprehensive income (loss), before tax |
416
|
6,803
|
(6,888)
|
8,480
|
Income tax (benefit) expense related to items of other comprehensive income |
(2,308)
|
259
|
(2,538)
|
3,571
|
Other comprehensive income (loss), net of tax |
2,724
|
6,544
|
(4,350)
|
4,909
|
Comprehensive income, net of tax |
$ 93,952
|
$ 87,001
|
$ 180,704
|
$ 162,246
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.4
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 412,855
|
$ 344,036
|
Accounts receivable, net |
659,196
|
708,395
|
Inventories |
520,155
|
501,184
|
Other current assets |
89,786
|
93,192
|
Total current assets |
1,681,992
|
1,646,807
|
Property, less accumulated depreciation of $238,935 and $229,041 |
113,706
|
115,041
|
Operating lease assets, net |
104,517
|
100,677
|
Identifiable intangibles, net |
227,831
|
235,549
|
Goodwill |
589,356
|
578,418
|
Other assets |
65,363
|
66,840
|
TOTAL ASSETS |
2,782,765
|
2,743,332
|
Current liabilities |
|
|
Accounts payable |
253,739
|
301,685
|
Current portion of long-term debt |
25,159
|
25,170
|
Compensation and related benefits |
72,929
|
98,740
|
Other current liabilities |
97,299
|
114,749
|
Total current liabilities |
449,126
|
540,344
|
Long-term debt |
571,854
|
596,926
|
Other liabilities |
153,757
|
147,625
|
TOTAL LIABILITIES |
1,174,737
|
1,284,895
|
Shareholders’ equity |
|
|
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding |
$ 0
|
0
|
Preferred Stock, Shares Authorized |
2,500
|
|
Common stock—no par value; 80,000 shares authorized; 54,213 shares issued |
$ 10,000
|
10,000
|
Common Stock, Shares Authorized |
80,000
|
|
Common Stock, Shares, Issued |
54,213
|
|
Additional paid-in capital |
$ 188,636
|
188,646
|
Retained earnings |
1,964,090
|
1,792,632
|
Treasury shares—at cost (15,508 and 15,556 shares, respectively) |
$ 495,052
|
$ 477,545
|
Treasury Stock, Common, Shares |
15,508
|
15,556
|
Accumulated other comprehensive loss |
$ (59,646)
|
$ (55,296)
|
TOTAL SHAREHOLDERS’ EQUITY |
1,608,028
|
1,458,437
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 2,782,765
|
$ 2,743,332
|
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v3.23.4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Noncurrent Assets: |
|
|
Property, less accumulated depreciation |
$ 238,935
|
$ 229,041
|
Shareholders’ equity |
|
|
Preferred stock, shares authorized |
2,500
|
|
Common stock, shares authorized |
80,000
|
|
Common stock, shares issued |
54,213
|
|
Treasury Stock, Common, Shares |
15,508
|
15,556
|
X |
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v3.23.4
Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Net income |
$ 185,054
|
$ 157,337
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation and amortization of property |
11,765
|
11,033
|
Amortization of intangibles |
14,650
|
15,519
|
Provision for losses on accounts receivable |
1,026
|
9,573
|
Amortization of stock appreciation rights and options |
1,710
|
1,871
|
Other share-based compensation expense |
4,237
|
4,001
|
Changes in operating assets and liabilities, net of acquisitions |
(47,855)
|
(111,542)
|
Other, net |
(2,620)
|
1,031
|
Net Cash provided by Operating Activities |
167,967
|
88,823
|
Cash Flows from Investing Activities |
|
|
Acquisition of businesses, net of cash acquired |
(21,440)
|
(25,516)
|
Capital expenditures |
(9,863)
|
(12,817)
|
Proceeds from property sales |
471
|
128
|
Net Cash used in Investing Activities |
(30,832)
|
(38,205)
|
Cash Flows from Financing Activities |
|
|
Long-term debt repayments |
25,125
|
40,123
|
Interest rate swap settlement receipts |
(7,194)
|
(2,684)
|
Purchases of treasury shares |
(10,677)
|
(716)
|
Dividends paid |
(27,155)
|
(26,259)
|
Acquisition holdback payments |
681
|
1,510
|
Exercise of stock appreciation rights and options |
127
|
127
|
Taxes paid for shares withheld for equity awards |
(12,914)
|
(3,340)
|
Net Cash used in Financing Activities |
(69,231)
|
(69,137)
|
Effect of Exchange Rate Changes on Cash |
915
|
(417)
|
Increase (Decrease) in Cash and Cash Equivalents |
68,819
|
(18,936)
|
Cash and Cash Equivalents at Beginning of Period |
344,036
|
184,474
|
Cash and Cash Equivalents at End of Period |
$ 412,855
|
$ 165,538
|
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v3.23.4
Condensed Statements of Shareholder's Equity Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock [Member] |
Common Stock [Member]
Stock Options and Stock Appreciation Rights [ Member]
|
Common Stock [Member]
Performance Shares [Member]
|
Common Stock [Member]
Restricted Stock Units (RSUs) [Member]
|
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Stock Options and Stock Appreciation Rights [ Member]
|
Additional Paid-in Capital [Member]
Performance Shares [Member]
|
Additional Paid-in Capital [Member]
Restricted Stock Units (RSUs) [Member]
|
Retained Earnings [Member] |
Treasury Shares- at Cost |
Treasury Shares- at Cost
Stock Options and Stock Appreciation Rights [ Member]
|
Treasury Shares- at Cost
Performance Shares [Member]
|
Treasury Shares- at Cost
Restricted Stock Units (RSUs) [Member]
|
Total Accumulated Other Comprehensive Income (Loss) [Member] |
Parent [Member] |
Parent [Member]
Stock Options and Stock Appreciation Rights [ Member]
|
Parent [Member]
Performance Shares [Member]
|
Parent [Member]
Restricted Stock Units (RSUs) [Member]
|
Beginning balance, shares at Jun. 30, 2022 |
|
38,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
|
$ 10,000
|
|
|
|
$ 183,822
|
|
|
|
$ 1,499,676
|
$ (471,848)
|
|
|
|
$ (72,295)
|
$ 1,149,355
|
|
|
|
Net income |
$ 76,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,880
|
|
|
|
Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,635)
|
(1,635)
|
|
|
|
Cash Dividends per Common Share |
$ 0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Stock, Shares, Acquired |
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
|
|
|
|
|
|
|
|
|
|
(716)
|
|
|
|
|
(716)
|
|
|
|
Exercise of stock appreciation rights and options, shares |
|
|
21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance share awards, shares |
|
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
|
|
33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
$ (860)
|
$ (1,290)
|
$ (1,668)
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock appreciation rights and options |
|
|
|
|
|
|
|
|
|
|
|
$ (366)
|
|
|
|
|
|
|
|
Performance share awards |
|
|
|
|
|
|
|
|
|
|
|
|
$ (758)
|
|
|
|
|
|
|
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ (902)
|
|
|
|
|
|
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ (1,226)
|
$ (2,048)
|
$ (2,570)
|
Compensation expense |
|
|
|
|
|
1,939
|
1,424
|
|
|
|
|
|
|
|
|
1,939
|
1,424
|
|
|
Stockholders' Equity, Other Shares |
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
(19)
|
|
|
|
(5)
|
61
|
|
|
|
|
37
|
|
|
|
Ending balance, shares at Sep. 30, 2022 |
|
38,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
|
$ 10,000
|
|
|
|
183,348
|
|
|
|
1,576,551
|
(474,529)
|
|
|
|
(73,930)
|
1,221,440
|
|
|
|
Beginning balance, shares at Jun. 30, 2022 |
|
38,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2022 |
|
$ 10,000
|
|
|
|
183,822
|
|
|
|
1,499,676
|
(471,848)
|
|
|
|
(72,295)
|
1,149,355
|
|
|
|
Net income |
$ 157,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income |
4,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,909
|
|
|
|
|
Ending balance, shares at Dec. 31, 2022 |
|
38,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2022 |
|
$ 10,000
|
|
|
|
184,795
|
|
|
|
1,643,874
|
(475,407)
|
|
|
|
(67,386)
|
1,295,876
|
|
|
|
Beginning balance, shares at Sep. 30, 2022 |
|
38,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Sep. 30, 2022 |
|
$ 10,000
|
|
|
|
183,348
|
|
|
|
1,576,551
|
(474,529)
|
|
|
|
(73,930)
|
1,221,440
|
|
|
|
Net income |
80,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,457
|
|
|
|
Other comprehensive (loss) income |
$ 6,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,544
|
6,544
|
|
|
|
Cash Dividends per Common Share |
$ 0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends |
|
|
|
|
|
|
|
|
|
(13,175)
|
|
|
|
|
|
(13,175)
|
|
|
|
Exercise of stock appreciation rights and options, shares |
|
|
28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
(1,061)
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock appreciation rights and options |
|
|
|
|
|
|
|
|
|
|
|
(878)
|
|
|
|
|
|
|
|
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,939)
|
|
|
Compensation expense |
|
|
|
|
|
2,062
|
447
|
|
|
|
|
|
|
|
|
2,062
|
447
|
|
|
Other |
|
|
|
|
|
(1)
|
|
|
|
41
|
|
|
|
|
|
40
|
|
|
|
Ending balance, shares at Dec. 31, 2022 |
|
38,599
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2022 |
|
$ 10,000
|
|
|
|
184,795
|
|
|
|
1,643,874
|
(475,407)
|
|
|
|
(67,386)
|
1,295,876
|
|
|
|
Beginning balance, shares at Jun. 30, 2023 |
|
38,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 1,458,437
|
$ 10,000
|
|
|
|
188,646
|
|
|
|
1,792,632
|
(477,545)
|
|
|
|
(55,296)
|
1,458,437
|
|
|
|
Net income |
$ 93,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
93,826
|
|
|
|
Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,074)
|
(7,074)
|
|
|
|
Cash Dividends per Common Share |
$ 0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends |
|
|
|
|
|
|
|
|
|
(23)
|
|
|
|
|
|
(23)
|
|
|
|
Exercise of stock appreciation rights and options, shares |
|
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance share awards, shares |
|
|
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
(1,681)
|
$ (3,072)
|
(726)
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock appreciation rights and options |
|
|
|
|
|
|
|
|
|
|
|
(1,912)
|
|
|
|
|
|
|
|
Performance share awards |
|
|
|
|
|
|
|
|
|
|
|
|
$ (3,487)
|
|
|
|
|
|
|
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
(910)
|
|
|
|
|
|
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,593)
|
$ (6,559)
|
(1,636)
|
Compensation expense |
|
|
|
|
|
1,976
|
844
|
|
|
|
|
|
|
|
|
1,976
|
844
|
|
|
Stockholders' Equity, Other Shares |
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
(1)
|
|
|
|
(3)
|
(78)
|
|
|
|
|
(82)
|
|
|
|
Ending balance, shares at Sep. 30, 2023 |
|
38,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
|
$ 10,000
|
|
|
|
185,986
|
|
|
|
1,886,432
|
(483,932)
|
|
|
|
(62,370)
|
1,536,116
|
|
|
|
Beginning balance, shares at Jun. 30, 2023 |
|
38,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2023 |
$ 1,458,437
|
$ 10,000
|
|
|
|
188,646
|
|
|
|
1,792,632
|
(477,545)
|
|
|
|
(55,296)
|
1,458,437
|
|
|
|
Net income |
185,054
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive (loss) income |
(4,350)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,350)
|
|
|
|
|
Ending balance, shares at Dec. 31, 2023 |
|
38,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2023 |
1,608,028
|
$ 10,000
|
|
|
|
188,636
|
|
|
|
1,964,090
|
(495,052)
|
|
|
|
(59,646)
|
1,608,028
|
|
|
|
Beginning balance, shares at Sep. 30, 2023 |
|
38,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Sep. 30, 2023 |
|
$ 10,000
|
|
|
|
185,986
|
|
|
|
1,886,432
|
(483,932)
|
|
|
|
(62,370)
|
1,536,116
|
|
|
|
Net income |
91,228
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,228
|
|
|
|
Other comprehensive (loss) income |
$ 2,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,724
|
2,724
|
|
|
|
Cash Dividends per Common Share |
$ 0.35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends |
|
|
|
|
|
|
|
|
|
(13,607)
|
|
|
|
|
|
(13,607)
|
|
|
|
Treasury Stock, Shares, Acquired |
|
(63)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Stock, Value, Acquired, Cost Method |
|
|
|
|
|
|
|
|
|
|
(10,677)
|
|
|
|
|
(10,677)
|
|
|
|
Exercise of stock appreciation rights and options, shares |
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
(391)
|
|
$ (86)
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock appreciation rights and options |
|
|
|
|
|
|
|
|
|
|
|
$ (335)
|
|
|
|
|
|
|
|
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ (108)
|
|
|
|
|
|
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(726)
|
|
$ (194)
|
Compensation expense |
|
|
|
|
|
2,261
|
$ 866
|
|
|
|
|
|
|
|
|
2,261
|
$ 866
|
|
|
Stockholders' Equity, Other Shares |
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
|
|
|
37
|
|
|
|
|
|
37
|
|
|
|
Ending balance, shares at Dec. 31, 2023 |
|
38,705
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Dec. 31, 2023 |
$ 1,608,028
|
$ 10,000
|
|
|
|
$ 188,636
|
|
|
|
$ 1,964,090
|
$ (495,052)
|
|
|
|
$ (59,646)
|
$ 1,608,028
|
|
|
|
X |
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v3.23.4
Condensed Statements of Shareholder's Equity Condensed Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares
|
3 Months Ended |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Cash Dividends per Common Share |
$ 0.35
|
$ 0.35
|
$ 0.34
|
$ 0.34
|
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v3.23.4
Basis of Presentation
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
BASIS OF PRESENTATION |
BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position of Applied Industrial Technologies, Inc. (the “Company”, or “Applied”) as of December 31, 2023, and the results of its operations and its cash flows for the six month periods ended December 31, 2023 and 2022, have been included. The condensed consolidated balance sheet as of June 30, 2023 has been derived from the audited consolidated financial statements at that date. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2023. Operating results for the six month period ended December 31, 2023 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2024. Inventory The Company uses the LIFO method of valuing U.S. inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination. LIFO expense of $3,377 and $8,853 in the three months ended December 31, 2023 and 2022, respectively, and $7,968 and $17,913 in the six months ended December 31, 2023 and 2022, respectively, is recorded in cost of sales in the condensed statements of consolidated income. Recently Issued Accounting Guidance In December 2023, the FASB issued its final standard to improve income tax disclosures. This standard, issued as ASU 2023-09, requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This update is effective for annual periods beginning after December 15, 2025. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In November 2023, the FASB issued its final standard to improve reportable segment disclosures. This standard, issued as ASU 2023-07, requires enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This update is effective for all public entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In July 2023, the SEC issued a final rule to require registrants to provide enhanced and standardized disclosures regarding cybersecurity risk management, strategy, governance, and incidents. The final rule establishes new requirements related to material cybersecurity incidents, which would need to be disclosed on Form 8-K within four business days of their being deemed material, and annual disclosures in Form 10-K pertaining to (1) cybersecurity risk management and strategy, (2) management's role in assessing and managing material risks from cybersecurity threats, and (3) the board of directors' oversight of cybersecurity risks. The Form 10-K disclosures are due beginning with annual reports for fiscal years ending on or after December 15, 2023, and the Form 8-K disclosures were due beginning December 18, 2023. The Company will comply with the disclosure requirements set forth in the final rule as each becomes effective.
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v3.23.4
Revenue Recognition Revenue Recognition
|
6 Months Ended |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue from Contract with Customer [Text Block] |
REVENUE RECOGNITION Disaggregation of Revenues The following tables present the Company's net sales by reportable segment and by geographic areas based on the location of the facility shipping the product for the three and six months ended December 31, 2023 and 2022. Other countries consist of Mexico, Australia, New Zealand, and Singapore. | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 602,483 | | $ | 342,169 | | $ | 944,652 | | | $ | 581,452 | | $ | 347,745 | | $ | 929,197 | | Canada | 77,170 | | — | | 77,170 | | | 74,702 | | — | | 74,702 | | Other countries | 49,620 | | 5,711 | | 55,331 | | | 49,238 | | 7,143 | | 56,381 | | Total | $ | 729,273 | | $ | 347,880 | | $ | 1,077,153 | | | $ | 705,392 | | $ | 354,888 | | $ | 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 | $ | 1,219,745 | | $ | 684,265 | | $ | 1,904,010 | | | $ | 1,166,332 | | $ | 684,354 | | $ | 1,850,686 | | Canada | 152,470 | | — | | 152,470 | | | 154,472 | | — | | 154,472 | | Other countries | 103,591 | | 12,270 | | 115,861 | | | 102,576 | | 14,951 | | 117,527 | | Total | $ | 1,475,806 | | $ | 696,535 | | $ | 2,172,341 | | | $ | 1,423,380 | | $ | 699,305 | | $ | 2,122,685 | |
The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three and six months ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | 2023 | | 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 34.5 | % | | 39.6 | % | | 36.0 | % | | 33.4 | % | | 42.3 | % | | 36.3 | % | Industrial Machinery | 9.0 | % | | 25.0 | % | | 14.2 | % | | 10.3 | % | | 27.4 | % | | 16.0 | % | Food | 13.7 | % | | 2.5 | % | | 10.1 | % | | 13.1 | % | | 2.2 | % | | 9.4 | % | Metals | 10.9 | % | | 7.6 | % | | 9.9 | % | | 10.6 | % | | 7.4 | % | | 9.5 | % | Forest Products | 12.0 | % | | 2.7 | % | | 9.0 | % | | 11.9 | % | | 2.4 | % | | 8.8 | % | Chem/Petrochem | 2.7 | % | | 15.7 | % | | 6.9 | % | | 3.0 | % | | 12.9 | % | | 6.4 | % | Cement & Aggregate | 8.2 | % | | 1.4 | % | | 6.0 | % | | 7.9 | % | | 1.3 | % | | 5.7 | % | Oil & Gas | 5.4 | % | | 1.7 | % | | 4.2 | % | | 6.3 | % | | 1.2 | % | | 4.6 | % | Transportation | 3.6 | % | | 3.8 | % | | 3.7 | % | | 3.5 | % | | 2.9 | % | | 3.3 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 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 | 34.7 | % | | 38.5 | % | | 35.8 | % | | 33.7 | % | | 41.0 | % | | 36.1 | % | Industrial Machinery | 8.9 | % | | 25.1 | % | | 14.1 | % | | 10.2 | % | | 27.3 | % | | 15.8 | % | Food | 13.7 | % | | 2.7 | % | | 10.2 | % | | 12.9 | % | | 2.5 | % | | 9.5 | % | Metals | 10.8 | % | | 7.9 | % | | 9.9 | % | | 10.7 | % | | 7.6 | % | | 9.7 | % | Forest Products | 12.2 | % | | 3.3 | % | | 9.4 | % | | 11.9 | % | | 2.5 | % | | 8.8 | % | Chem/Petrochem | 2.7 | % | | 15.9 | % | | 6.9 | % | | 2.9 | % | | 13.4 | % | | 6.3 | % | Cement & Aggregate | 7.6 | % | | 1.3 | % | | 5.6 | % | | 7.8 | % | | 1.4 | % | | 5.7 | % | Oil & Gas | 5.7 | % | | 1.6 | % | | 4.4 | % | | 6.3 | % | | 1.3 | % | | 4.7 | % | Transportation | 3.7 | % | | 3.7 | % | | 3.7 | % | | 3.6 | % | | 3.0 | % | | 3.4 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
The following tables present the Company’s percentage of revenue by reportable segment and product line for the three and six months ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | 2023 | | 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 38.4 | % | | 12.4 | % | | 30.0 | % | | 37.5 | % | | 10.1 | % | | 28.4 | % | General Maintenance; Hose Products & Other | 22.7 | % | | 17.9 | % | | 21.1 | % | | 21.0 | % | | 23.6 | % | | 21.8 | % | Fluid Power | 13.9 | % | | 35.8 | % | | 21.0 | % | | 13.3 | % | | 34.8 | % | | 20.5 | % | Bearings, Linear & Seals | 25.0 | % | | 0.4 | % | | 17.1 | % | | 28.2 | % | | 0.5 | % | | 18.9 | % | Specialty Flow Control | — | % | | 33.5 | % | | 10.8 | % | | — | % | | 31.0 | % | | 10.4 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 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 | 38.0 | % | | 11.3 | % | | 29.4 | % | | 37.5 | % | | 10.1 | % | | 28.5 | % | Fluid Power | 14.0 | % | | 37.3 | % | | 21.5 | % | | 13.1 | % | | 35.1 | % | | 20.4 | % | General Maintenance; Hose Products & Other | 22.0 | % | | 16.9 | % | | 20.4 | % | | 21.2 | % | | 19.6 | % | | 20.6 | % | Bearings, Linear & Seals | 26.0 | % | | 0.5 | % | | 17.8 | % | | 28.2 | % | | 0.4 | % | | 19.0 | % | Specialty Flow Control | — | % | | 34.0 | % | | 10.9 | % | | — | % | | 34.8 | % | | 11.5 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
Contract Assets The Company’s contract assets consist of un-billed amounts resulting from contracts for which revenue is recognized over time using the cost-to-cost method, and for which revenue recognized exceeds the amount billed to the customer. Activity related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows: | | | | | | | | | | | | | | | | December 31, 2023 | June 30, 2023 | $ Change | % Change | Contract assets | $ | 12,360 | | $ | 17,911 | | $ | (5,551) | | (31.0) | % |
The difference between the opening and closing balances of the Company's contract assets primarily results from the timing difference between the Company's performance and when the customer is billed.
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v3.23.4
Business Combinations
|
6 Months Ended |
Dec. 31, 2023 |
Business Combinations [Abstract] |
|
Business Combination Disclosure [Text Block] |
BUSINESS COMBINATIONS The operating results of all acquired entities are included within the consolidated operating results of the Company from the date of each respective acquisition. Fiscal 2024 Acquisitions On September 1, 2023, the Company acquired substantially all of the net assets of Bearing Distributors, Inc. (BDI), a Columbia, South Carolina based provider of bearings, power transmission, industrial motion, and related service and repair capabilities. BDI is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $18,000, net tangible assets acquired were $4,384, and intangible assets including goodwill were $13,616 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes $1,800 of acquisition holdback payments, which are included in other current liabilities and other liabilities on the condensed consolidated balance sheet as of December 31, 2023, and which will be paid on the first and second anniversaries of the acquisition date with interest at a fixed rate of 3.0% per annum. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements. On August 1, 2023, the Company acquired substantially all of the net assets of Cangro Industries, Inc. (Cangro), a Farmingdale, New York based provider of bearings, power transmission, industrial motion, and related service and repair capabilities. Cangro is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $6,219, net tangible assets acquired were $2,175, and intangible assets including goodwill were $4,044 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes $930 of acquisition holdback payments, which are included in other current liabilities and other liabilities on the condensed consolidated balance sheet as of December 31, 2023, and which will be paid on the first, second, and third anniversaries of the acquisition date with interest at a fixed rate of 1.0% per annum. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements. Fiscal 2023 Acquisitions On March 31, 2023, the Company acquired substantially all of the net assets of Advanced Motion Systems Inc. (AMS), a western New York based provider of automation products, services, and engineered solutions focused on a full range of machine vision, robotics, and motion control products and technologies. AMS is included in the Engineered Solutions segment. The purchase price for the acquisition was $10,118, net tangible assets acquired were $1,768, and intangible assets including goodwill were $8,350 based upon estimated fair values at the acquisition date. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements. On November 1, 2022, the Company acquired substantially all of the net assets of Automation, Inc., a Minneapolis, Minnesota based provider of automation products, services, and engineered solutions focused on machine vision, collaborative and mobile robotics, motion control, intelligent sensors, pneumatics, and other related products and solutions. Automation, Inc. is included in the Engineered Solutions segment. The purchase price for the acquisition was $25,617, net tangible assets acquired were $3,639, and intangible assets including goodwill were $21,978 based upon estimated fair values at the acquisition date. The Company funded this acquisition using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements.
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- DefinitionThe entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).
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v3.23.4
Goodwill and Intangibles
|
6 Months Ended |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLES |
GOODWILL AND INTANGIBLES The changes in the carrying amount of goodwill for both the Service Center Based Distribution segment and the Engineered Solutions segment for the fiscal year ended June 30, 2023 and the six month period ended December 31, 2023 are as follows: | | | | | | | | | | | | | | | | | | | Service Center Based Distribution | | Engineered Solutions | | Total | Balance at June 30, 2022 | $ | 211,010 | | | $ | 352,195 | | | $ | 563,205 | | Goodwill acquired during the period | — | | | 14,517 | | | 14,517 | | | | | | | | Other, primarily currency translation | 221 | | | 475 | | | 696 | | Balance at June 30, 2023 | $ | 211,231 | | | $ | 367,187 | | | $ | 578,418 | | Goodwill acquired during the period | 9,489 | | | 1,249 | | | 10,738 | | | | | | | | Other, primarily currency translation | 200 | | | — | | | 200 | | Balance at December 31, 2023 | $ | 220,920 | | | $ | 368,436 | | | $ | 589,356 | |
During the first quarter of fiscal 2024, the Company recorded an adjustment to the preliminary estimated fair value of intangible assets related to the AMS acquisition. The fair value of the trade name was reduced by $1,249, with a corresponding increase to goodwill of $1,249. During the second quarter of fiscal 2024, the Company recorded an adjustment to the preliminary estimated fair value of intangible assets related to the BDI acquisition. The fair value of the trade name was reduced by $2,130, and the fair value of the customer relationship was increased by $70, with a corresponding combined increase to goodwill of $2,060. The Company has eight (8) reporting units for which an annual goodwill impairment assessment was performed as of January 1, 2023. The Company concluded that all of the the reporting units’ fair values exceeded their carrying amounts by at least 20% as of January 1, 2023. At December 31, 2023 and June 30, 2023, accumulated goodwill impairment losses subsequent to fiscal year 2002 totaled $64,794 related to the Service Center Based Distribution segment and $167,605 related to the Engineered Solutions segment. The Company’s identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following: | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived Identifiable Intangibles: | | | | | | | Customer relationships | | $ | 372,289 | | | $ | 200,123 | | | $ | 172,166 | | Trade names | | 85,584 | | | 31,942 | | | 53,642 | | Vendor relationships | | 425 | | | 425 | | | — | | Other | | 3,446 | | | 1,423 | | | 2,023 | | Total Identifiable Intangibles | | $ | 461,744 | | | $ | 233,913 | | | $ | 227,831 | |
| | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived Identifiable Intangibles: | | | | | | | Customer relationships | | $ | 364,572 | | | $ | 188,804 | | | $ | 175,768 | | Trade names | | 108,301 | | | 50,823 | | | 57,478 | | Vendor relationships | | 9,861 | | | 9,744 | | | 117 | | Other | | 3,347 | | | 1,161 | | | 2,186 | | Total Identifiable Intangibles | | $ | 486,081 | | | $ | 250,532 | | | $ | 235,549 | |
Fully amortized amounts are written off. During the six month period ended December 31, 2023, the Company acquired identifiable intangible assets with a preliminary acquisition cost allocation and weighted-average life as follows: | | | | | | | | | | | | | | | | | Acquisition Cost Allocation | | Weighted-Average life | Customer relationships | | $ | 7,541 | | | 20.0 | Trade names | | 530 | | | 3.0 | Other | | 100 | | | 5.0 | Total Identifiable Intangibles | | $ | 8,171 | | | 18.7 |
Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable. Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of December 31, 2023) for the next five years is as follows: $13,100 for the remainder of 2024, $25,600 for 2025, $23,900 for 2026, $22,000 for 2027, $20,300 for 2028 and $18,900 for 2029.
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v3.23.4
Debt
|
6 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
Debt Disclosure [Text Block] |
DEBT A summary of long-term debt, including the current portion, follows: | | | | | | | | | | | | | 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 | |
Revolving Credit Facility & Term Loan In December 2021, the Company entered into a new revolving credit facility with a group of banks to refinance the existing credit facility as well as provide funds for ongoing working capital and other general corporate purposes. The revolving credit facility provides a $900,000 unsecured revolving credit facility and an uncommitted accordion feature which allows the Company to request an increase in the borrowing commitments, or incremental term loans, under the credit facility in aggregate principal amounts of up to $500,000. In May 2023, the Company and the administrative agent entered into an amendment to the credit facility to replace LIBOR as a reference rate available for use in the computation of interest and replace it with SOFR. Borrowings under this agreement bear interest, at the Company's election, at either the base rate plus a margin that ranges from 0 to 55 basis points based on net leverage ratio or SOFR plus a margin that ranges from 80 to 155 basis points based on the net leverage ratio. Unused lines under this facility, net of outstanding letters of credit of $200 to secure certain insurance obligations, totaled $516,208 at December 31, 2023 and June 30, 2023, and were available to fund future acquisitions or other capital and operating requirements. The interest rate on the revolving credit facility was 6.26% and 6.11% as of December 31, 2023 and June 30, 2023, respectively. Additionally, the Company had letters of credit outstanding with separate banks, not associated with the revolving credit agreement, in the amount of $4,046 as of December 31, 2023 and June 30, 2023 in order to secure certain insurance obligations. Trade Receivable Securitization Facility In August 2018, the Company established a trade receivable securitization facility (the “AR Securitization Facility”). On March 26, 2021, the Company amended the AR Securitization Facility to expand the eligible receivables, which increased the maximum availability to $250,000 and increased the fees on the AR Securitization Facility to 0.98% per year. On August 4, 2023, the Company amended the AR Securitization Facility, extended the term to August 4, 2026, and reduced the drawn fees to 0.90% per year. Availability is further subject to changes in the credit ratings of our customers, customer concentration levels or certain characteristics of the accounts receivable being transferred and, therefore, at certain times, we may not be able to fully access the $250,000 of funding available under the AR Securitization Facility. The AR Securitization Facility effectively increases the Company’s borrowing capacity by collateralizing a portion of the amount of the U.S. operations’ trade accounts receivable. The Company uses the proceeds from the AR Securitization Facility as an alternative to other forms of debt, effectively reducing borrowing costs. In May 2023, the Company entered into an amendment to the AR Securitization Facility to replace LIBOR as a reference rate available for use in the computation of interest and replace it with SOFR, therefore borrowings under this facility carry variable interest rates tied to SOFR. The interest rate on the AR Securitization Facility as of December 31, 2023 and June 30, 2023 was 6.36% and 6.16%, respectively. Unsecured Shelf Facility At December 31, 2023 and June 30, 2023, the Company had borrowings outstanding under its unsecured shelf facility agreement with Prudential Investment Management of $25,000 and $50,000, respectively. Fees on this facility range from 0.25% to 1.25% per year based on the Company's leverage ratio at each quarter end. The "Series D" notes carried a fixed interest rate of 3.21%, and the remaining principal balance of $25,000 was paid in October 2023. The “Series E” notes have a principal amount of $25,000, carry a fixed interest rate of 3.08%, and are due in October 2024. Other Long-Term Borrowing In 2014, the Company assumed $2,359 of debt as a part of the headquarters facility acquisition. The 1.50% fixed interest rate note is held by the State of Ohio Development Services Agency, and matures in November 2024.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.4
Derivatives Derivatives
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6 Months Ended |
Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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Derivative Instruments and Hedging Activities Disclosure [Text Block] |
DERIVATIVES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified into interest expense, net in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. In January 2019, the Company entered into an interest rate swap to mitigate variability in forecasted interest payments on $463,000 of the Company’s U.S. dollar-denominated unsecured variable rate debt. The notional amount declines over time. The interest rate swap effectively converts a portion of the floating rate interest payment into a fixed rate interest payment. The Company designated the interest rate swap as a pay-fixed, receive-floating interest rate swap instrument and is accounting for this derivative as a cash flow hedge. During the quarter ended December 31, 2020, the Company completed a transaction to amend and extend the interest rate swap agreement which resulted in an extension of the maturity date by an additional three years and a decrease of the weighted average fixed pay rate from 2.61% to 1.63%. The pay-fixed interest rate swap is considered a hybrid instrument with a financing component and an embedded at-market derivative that was designated as a cash flow hedge. In May 2023, the Company entered into bilaterial agreements with its swap counterparties to transition its interest rate swap agreements to SOFR, and further decreased the weighted average fixed pay rate to 1.58%. The Company made various Accounting Standards Codification Topic 848 elections related to changes in critical terms of the hedging relationship due to reference rate reform to not result in a dedesignation of the hedging relationship. As of May 31, 2023, the Company's interest rate swap agreement was indexed to SOFR. The interest rate swap converted $384,000 of variable rate debt to a rate of 2.48% as of December 31, 2023. The interest rate swap converted $384,000 of variable rate debt to a rate of 2.59% as of June 30, 2023. The fair value (Level 2 in the fair value hierarchy) of the interest rate cash flow hedge was $18,631 and $27,044 as of December 31, 2023 and June 30, 2023, respectively, which is included in other current assets and other assets in the condensed consolidated balance sheet. Amounts reclassified from other comprehensive income, before tax, to interest expense, net totaled $(4,715) and $(715) for the three months ended December 31, 2023 and 2022, respectively, and $(9,353) and $81 for the six months ended December 31, 2023 and 2022, respectively.
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v3.23.4
Fair Value Measurements
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6 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
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FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS Marketable securities measured at fair value at December 31, 2023 and June 30, 2023 totaled $20,893 and $18,637, respectively. The majority of these marketable securities are held in a rabbi trust for a non-qualified deferred compensation plan. The marketable securities are included in other assets on the accompanying condensed consolidated balance sheets and their fair values were determined using quoted market prices (Level 1 in the fair value hierarchy). As of December 31, 2023 and June 30, 2023, the carrying values of the Company's fixed interest rate debt outstanding under its unsecured shelf facility agreement with Prudential Investment Management approximated fair value (Level 2 in the fair value hierarchy). The revolving credit facility and the AR Securitization Facility contain variable interest rates and their carrying values approximate fair value (Level 2 in the fair value hierarchy).
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.4
Shareholders' Equity
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6 Months Ended |
Dec. 31, 2023 |
Stockholders' Equity Note [Abstract] |
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SHAREHOLDERS' EQUITY |
SHAREHOLDERS' EQUITY Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive loss are comprised of the following amounts, shown net of taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $ | (89,391) | | | $ | (221) | | | $ | 27,242 | | | $ | (62,370) | | | | Other comprehensive income (loss) | | 9,724 | | | — | | | (3,411) | | | 6,313 | | | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | (23) | | | (3,566) | | | (3,589) | | | | | | | | | | | | | | | Net current-period other comprehensive income (loss) | | 9,724 | | | (23) | | | (6,977) | | | 2,724 | | | | Balance at December 31, 2023 | | $ | (79,667) | | | $ | (244) | | | $ | 20,265 | | | $ | (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 | | $ | (102,259) | | | $ | (1,297) | | | $ | 29,626 | | | $ | (73,930) | | Other comprehensive income | | 5,885 | | | 777 | | | 414 | | | 7,076 | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | 7 | | | (539) | | | (532) | | Net current-period other comprehensive income (loss) | | 5,885 | | | 784 | | | (125) | | | 6,544 | | Balance at December 31, 2022 | | $ | (96,374) | | | $ | (513) | | | $ | 29,501 | | | $ | (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 | | $ | (83,099) | | | $ | (197) | | | $ | 28,000 | | | $ | (55,296) | | Other comprehensive income (loss) | | 3,432 | | | — | | | (667) | | | 2,765 | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | (47) | | | (7,068) | | | (7,115) | | | | | | | | | | | Net current-period other comprehensive income (loss) | | 3,432 | | | (47) | | | (7,735) | | | (4,350) | | Balance at December 31, 2023 | | $ | (79,667) | | | $ | (244) | | | $ | 20,265 | | | $ | (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 | | $ | (90,738) | | | $ | (1,303) | | | $ | 19,746 | | | $ | (72,295) | | Other comprehensive (loss) income | | (5,636) | | | 777 | | | 9,694 | | | 4,835 | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | 13 | | | 61 | | | 74 | | | | | | | | | | | Net current-period other comprehensive (loss) income | | (5,636) | | | 790 | | | 9,755 | | | 4,909 | | Balance at December 31, 2022 | | $ | (96,374) | | | $ | (513) | | | $ | 29,501 | | | $ | (67,386) | |
Other Comprehensive Income Details of other comprehensive income are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 9,697 | | | $ | (27) | | | $ | 9,724 | | | $ | 5,929 | | | $ | 44 | | | $ | 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 | (30) | | | (7) | | | (23) | | | 10 | | | 3 | | | 7 | | Termination of pension plan | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | | Unrealized (loss) gain on cash flow hedge | (4,536) | | | (1,125) | | | (3,411) | | | 548 | | | 134 | | | 414 | | Reclassification of interest from cash flow hedge into interest expense, net | (4,715) | | | (1,149) | | | (3,566) | | | (715) | | | (176) | | | (539) | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income | $ | 416 | | | $ | (2,308) | | | $ | 2,724 | | | $ | 6,803 | | | $ | 259 | | | $ | 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 | | $ | 3,427 | | | $ | (5) | | | $ | 3,432 | | | $ | (5,508) | | | $ | 128 | | | $ | (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 | | (60) | | | (13) | | | (47) | | | 18 | | | 5 | | | 13 | | Termination of pension plan | | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | | | | | | | | | | | | | | | Unrealized (loss) gain on cash flow hedge | | (902) | | | (235) | | | (667) | | | 12,858 | | | 3,164 | | | 9,694 | | Reclassification of interest from cash flow hedge into interest expense, net | | (9,353) | | | (2,285) | | | (7,068) | | | 81 | | | 20 | | | 61 | | Other comprehensive (loss) income | | $ | (6,888) | | | $ | (2,538) | | | $ | (4,350) | | | $ | 8,480 | | | $ | 3,571 | | | $ | 4,909 | |
Anti-dilutive Common Stock Equivalents In the three month periods ended December 31, 2023 and 2022, stock options and stock appreciation rights related to 101 and 82 shares of common stock, respectively, were not included in the computation of diluted earnings per share for the period then ended as they were anti-dilutive. In the six month periods ended December 31, 2023 and 2022, stock options and stock appreciation rights related to 103 and 109 shares of common stock, respectively, were not included in the computation of diluted earnings per share for the period then ended as they were anti-dilutive.
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v3.23.4
Segment Information
|
6 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
SEGMENT INFORMATION The accounting policies of the Company’s reportable segments are generally the same as those used to prepare the condensed consolidated financial statements. LIFO expense of $3,377 and $8,853 in the three months ended December 31, 2023 and 2022, respectively, and $7,968 and $17,913 in the six months ended December 31, 2023 and 2022, respectively, is recorded in cost of sales in the condensed statements of consolidated income, and is included in operating income for the related reportable segment, as the Company allocates LIFO expense between the segments. Intercompany sales, primarily from the Engineered Solutions segment to the Service Center Based Distribution segment, of $12,457 and $11,695, in the three months ended December 31, 2023 and 2022, respectively, and $24,775 and $22,213 in the six months ended December 31, 2023 and 2022 respectively, have been eliminated in the Segment Financial Information tables below. | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Service Center Based Distribution | | Engineered Solutions | | Total | December 31, 2023 | | | | | | | Net sales | | $ | 729,273 | | | $ | 347,880 | | | $ | 1,077,153 | | Operating income for reportable segments | | 91,440 | | | 51,167 | | | 142,607 | | | | | | | | | Depreciation and amortization of property | | 4,355 | | | 1,693 | | | 6,048 | | Capital expenditures | | 4,400 | | | 1,123 | | | 5,523 | | | | | | | | | December 31, 2022 | | | | | | | Net sales | | $ | 705,392 | | | $ | 354,888 | | | $ | 1,060,280 | | Operating income for reportable segments | | 86,484 | | | 51,626 | | | 138,110 | | | | | | | | | Depreciation and amortization of property | | 4,474 | | | 1,078 | | | 5,552 | | Capital expenditures | | 4,751 | | | 2,512 | | | 7,263 | |
| | | | | | | | | | | | | | | | | | | | | Six Months Ended | | Service Center Based Distribution | | Engineered Solutions | | Total | December 31, 2023 | | | | | | | Net sales | | $ | 1,475,806 | | | $ | 696,535 | | | $ | 2,172,341 | | Operating income for reportable segments | | 188,321 | | | 100,762 | | | 289,083 | | Assets used in business | | 1,759,794 | | | 1,022,971 | | | 2,782,765 | | Depreciation and amortization of property | | 8,791 | | | 2,974 | | | 11,765 | | Capital expenditures | | 8,034 | | | 1,829 | | | 9,863 | | | | | | | | | December 31, 2022 | | | | | | | Net sales | | $ | 1,423,380 | | | $ | 699,305 | | | $ | 2,122,685 | | Operating income for reportable segments | | 175,293 | | | 97,160 | | | 272,453 | | Assets used in business | | 1,454,040 | | | 1,068,864 | | | 2,522,904 | | Depreciation and amortization of property | | 8,923 | | | 2,110 | | | 11,033 | | Capital expenditures | | 8,316 | | | 4,501 | | | 12,817 | |
A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | December 31, | | December 31, | | | 2023 | | 2022 | | 2023 | | 2022 | Operating income for reportable segments | | $ | 142,607 | | | $ | 138,110 | | | $ | 289,083 | | | $ | 272,453 | | Adjustment for: | | | | | | | | | Intangible amortization—Service Center Based Distribution | | 922 | | | 730 | | | 1,599 | | | 1,488 | | Intangible amortization—Engineered Solutions | | 6,335 | | | 7,084 | | | 13,051 | | | 14,031 | | | | | | | | | | | | | | | | | | | | Corporate and other expense, net | | 20,756 | | | 17,403 | | | 39,159 | | | 37,509 | | Total operating income | | 114,594 | | | 112,893 | | | 235,274 | | | 219,425 | | Interest expense, net | | 1,917 | | | 6,185 | | | 3,237 | | | 12,665 | | Other (income) expense, net | | (2,924) | | | 758 | | | (2,493) | | | 1,766 | | Income before income taxes | | $ | 115,601 | | | $ | 105,950 | | | $ | 234,530 | | | $ | 204,994 | |
The change in corporate and other expense, net is due to changes in corporate expenses, as well as in the amounts and levels of certain expenses being allocated to the segments. The expenses being allocated include corporate charges for working capital, logistics support, and other items.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.4
Other Income, Net
|
6 Months Ended |
Dec. 31, 2023 |
Other Income and Expenses [Abstract] |
|
OTHER EXPENSE (INCOME), NET |
OTHER (INCOME) EXPENSE, NET Other (income) expense, net consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $ | (1,938) | | | $ | (1,065) | | | $ | (1,385) | | | $ | (238) | | Foreign currency transactions (gain) loss | | (832) | | | 700 | | | (903) | | | 928 | | Net other periodic post-employment costs | | 26 | | | 1,176 | | | 51 | | | 1,319 | | Life insurance income, net | | (107) | | | (104) | | | (244) | | | (215) | | Other, net | | (73) | | | 51 | | | (12) | | | (28) | | Total other (income) expense, net | | $ | (2,924) | | | $ | 758 | | | $ | (2,493) | | | $ | 1,766 | |
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v3.23.4
Basis of Presentation (Policies)
|
6 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Inventory, Policy [Policy Text Block] |
Inventory The Company uses the LIFO method of valuing U.S. inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each fiscal year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination. LIFO expense of $3,377 and $8,853 in the three months ended December 31, 2023 and 2022, respectively, and $7,968 and $17,913 in the six months ended December 31, 2023 and 2022, respectively, is recorded in cost of sales in the condensed statements of consolidated income.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recently Issued Accounting Guidance In December 2023, the FASB issued its final standard to improve income tax disclosures. This standard, issued as ASU 2023-09, requires public business entities to annually disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. This update is effective for annual periods beginning after December 15, 2025. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In November 2023, the FASB issued its final standard to improve reportable segment disclosures. This standard, issued as ASU 2023-07, requires enhanced disclosures about significant segment expenses, enhanced interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This update is effective for all public entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In July 2023, the SEC issued a final rule to require registrants to provide enhanced and standardized disclosures regarding cybersecurity risk management, strategy, governance, and incidents. The final rule establishes new requirements related to material cybersecurity incidents, which would need to be disclosed on Form 8-K within four business days of their being deemed material, and annual disclosures in Form 10-K pertaining to (1) cybersecurity risk management and strategy, (2) management's role in assessing and managing material risks from cybersecurity threats, and (3) the board of directors' oversight of cybersecurity risks. The Form 10-K disclosures are due beginning with annual reports for fiscal years ending on or after December 15, 2023, and the Form 8-K disclosures were due beginning December 18, 2023. The Company will comply with the disclosure requirements set forth in the final rule as each becomes effective.
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- DefinitionDisclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.
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v3.23.4
Revenue Recognition Revenue Recognition (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue from External Customers by Geographic Areas [Table Text Block] |
The following tables present the Company's net sales by reportable segment and by geographic areas based on the location of the facility shipping the product for the three and six months ended December 31, 2023 and 2022. Other countries consist of Mexico, Australia, New Zealand, and Singapore. | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 602,483 | | $ | 342,169 | | $ | 944,652 | | | $ | 581,452 | | $ | 347,745 | | $ | 929,197 | | Canada | 77,170 | | — | | 77,170 | | | 74,702 | | — | | 74,702 | | Other countries | 49,620 | | 5,711 | | 55,331 | | | 49,238 | | 7,143 | | 56,381 | | Total | $ | 729,273 | | $ | 347,880 | | $ | 1,077,153 | | | $ | 705,392 | | $ | 354,888 | | $ | 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 | $ | 1,219,745 | | $ | 684,265 | | $ | 1,904,010 | | | $ | 1,166,332 | | $ | 684,354 | | $ | 1,850,686 | | Canada | 152,470 | | — | | 152,470 | | | 154,472 | | — | | 154,472 | | Other countries | 103,591 | | 12,270 | | 115,861 | | | 102,576 | | 14,951 | | 117,527 | | Total | $ | 1,475,806 | | $ | 696,535 | | $ | 2,172,341 | | | $ | 1,423,380 | | $ | 699,305 | | $ | 2,122,685 | |
|
Disaggregation of Revenue [Table Text Block] |
The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three and six months ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | 2023 | | 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 34.5 | % | | 39.6 | % | | 36.0 | % | | 33.4 | % | | 42.3 | % | | 36.3 | % | Industrial Machinery | 9.0 | % | | 25.0 | % | | 14.2 | % | | 10.3 | % | | 27.4 | % | | 16.0 | % | Food | 13.7 | % | | 2.5 | % | | 10.1 | % | | 13.1 | % | | 2.2 | % | | 9.4 | % | Metals | 10.9 | % | | 7.6 | % | | 9.9 | % | | 10.6 | % | | 7.4 | % | | 9.5 | % | Forest Products | 12.0 | % | | 2.7 | % | | 9.0 | % | | 11.9 | % | | 2.4 | % | | 8.8 | % | Chem/Petrochem | 2.7 | % | | 15.7 | % | | 6.9 | % | | 3.0 | % | | 12.9 | % | | 6.4 | % | Cement & Aggregate | 8.2 | % | | 1.4 | % | | 6.0 | % | | 7.9 | % | | 1.3 | % | | 5.7 | % | Oil & Gas | 5.4 | % | | 1.7 | % | | 4.2 | % | | 6.3 | % | | 1.2 | % | | 4.6 | % | Transportation | 3.6 | % | | 3.8 | % | | 3.7 | % | | 3.5 | % | | 2.9 | % | | 3.3 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 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 | 34.7 | % | | 38.5 | % | | 35.8 | % | | 33.7 | % | | 41.0 | % | | 36.1 | % | Industrial Machinery | 8.9 | % | | 25.1 | % | | 14.1 | % | | 10.2 | % | | 27.3 | % | | 15.8 | % | Food | 13.7 | % | | 2.7 | % | | 10.2 | % | | 12.9 | % | | 2.5 | % | | 9.5 | % | Metals | 10.8 | % | | 7.9 | % | | 9.9 | % | | 10.7 | % | | 7.6 | % | | 9.7 | % | Forest Products | 12.2 | % | | 3.3 | % | | 9.4 | % | | 11.9 | % | | 2.5 | % | | 8.8 | % | Chem/Petrochem | 2.7 | % | | 15.9 | % | | 6.9 | % | | 2.9 | % | | 13.4 | % | | 6.3 | % | Cement & Aggregate | 7.6 | % | | 1.3 | % | | 5.6 | % | | 7.8 | % | | 1.4 | % | | 5.7 | % | Oil & Gas | 5.7 | % | | 1.6 | % | | 4.4 | % | | 6.3 | % | | 1.3 | % | | 4.7 | % | Transportation | 3.7 | % | | 3.7 | % | | 3.7 | % | | 3.6 | % | | 3.0 | % | | 3.4 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
The following tables present the Company’s percentage of revenue by reportable segment and product line for the three and six months ended December 31, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, | | 2023 | | 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 38.4 | % | | 12.4 | % | | 30.0 | % | | 37.5 | % | | 10.1 | % | | 28.4 | % | General Maintenance; Hose Products & Other | 22.7 | % | | 17.9 | % | | 21.1 | % | | 21.0 | % | | 23.6 | % | | 21.8 | % | Fluid Power | 13.9 | % | | 35.8 | % | | 21.0 | % | | 13.3 | % | | 34.8 | % | | 20.5 | % | Bearings, Linear & Seals | 25.0 | % | | 0.4 | % | | 17.1 | % | | 28.2 | % | | 0.5 | % | | 18.9 | % | Specialty Flow Control | — | % | | 33.5 | % | | 10.8 | % | | — | % | | 31.0 | % | | 10.4 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 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 | 38.0 | % | | 11.3 | % | | 29.4 | % | | 37.5 | % | | 10.1 | % | | 28.5 | % | Fluid Power | 14.0 | % | | 37.3 | % | | 21.5 | % | | 13.1 | % | | 35.1 | % | | 20.4 | % | General Maintenance; Hose Products & Other | 22.0 | % | | 16.9 | % | | 20.4 | % | | 21.2 | % | | 19.6 | % | | 20.6 | % | Bearings, Linear & Seals | 26.0 | % | | 0.5 | % | | 17.8 | % | | 28.2 | % | | 0.4 | % | | 19.0 | % | Specialty Flow Control | — | % | | 34.0 | % | | 10.9 | % | | — | % | | 34.8 | % | | 11.5 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
|
Contract with Customer, Asset and Liability [Table Text Block] |
Contract Assets The Company’s contract assets consist of un-billed amounts resulting from contracts for which revenue is recognized over time using the cost-to-cost method, and for which revenue recognized exceeds the amount billed to the customer. Activity related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows: | | | | | | | | | | | | | | | | December 31, 2023 | June 30, 2023 | $ Change | % Change | Contract assets | $ | 12,360 | | $ | 17,911 | | $ | (5,551) | | (31.0) | % |
The difference between the opening and closing balances of the Company's contract assets primarily results from the timing difference between the Company's performance and when the customer is billed.
|
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v3.23.4
Goodwill and Intangibles (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Changes in the carrying amount of goodwill by reportable segment |
The changes in the carrying amount of goodwill for both the Service Center Based Distribution segment and the Engineered Solutions segment for the fiscal year ended June 30, 2023 and the six month period ended December 31, 2023 are as follows: | | | | | | | | | | | | | | | | | | | Service Center Based Distribution | | Engineered Solutions | | Total | Balance at June 30, 2022 | $ | 211,010 | | | $ | 352,195 | | | $ | 563,205 | | Goodwill acquired during the period | — | | | 14,517 | | | 14,517 | | | | | | | | Other, primarily currency translation | 221 | | | 475 | | | 696 | | Balance at June 30, 2023 | $ | 211,231 | | | $ | 367,187 | | | $ | 578,418 | | Goodwill acquired during the period | 9,489 | | | 1,249 | | | 10,738 | | | | | | | | Other, primarily currency translation | 200 | | | — | | | 200 | | Balance at December 31, 2023 | $ | 220,920 | | | $ | 368,436 | | | $ | 589,356 | |
|
Schedule of Intangible Assets |
The Company’s identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following: | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived Identifiable Intangibles: | | | | | | | Customer relationships | | $ | 372,289 | | | $ | 200,123 | | | $ | 172,166 | | Trade names | | 85,584 | | | 31,942 | | | 53,642 | | Vendor relationships | | 425 | | | 425 | | | — | | Other | | 3,446 | | | 1,423 | | | 2,023 | | Total Identifiable Intangibles | | $ | 461,744 | | | $ | 233,913 | | | $ | 227,831 | |
| | | | | | | | | | | | | | | | | | | | | June 30, 2023 | | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived Identifiable Intangibles: | | | | | | | Customer relationships | | $ | 364,572 | | | $ | 188,804 | | | $ | 175,768 | | Trade names | | 108,301 | | | 50,823 | | | 57,478 | | Vendor relationships | | 9,861 | | | 9,744 | | | 117 | | Other | | 3,347 | | | 1,161 | | | 2,186 | | Total Identifiable Intangibles | | $ | 486,081 | | | $ | 250,532 | | | $ | 235,549 | |
Fully amortized amounts are written off.
|
Schedule of Acquired Finite-Lived Intangible Assets by Major Class |
During the six month period ended December 31, 2023, the Company acquired identifiable intangible assets with a preliminary acquisition cost allocation and weighted-average life as follows: | | | | | | | | | | | | | | | | | Acquisition Cost Allocation | | Weighted-Average life | Customer relationships | | $ | 7,541 | | | 20.0 | Trade names | | 530 | | | 3.0 | Other | | 100 | | | 5.0 | Total Identifiable Intangibles | | $ | 8,171 | | | 18.7 |
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v3.23.4
Debt (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
A summary of long-term debt, including the current portion, follows: | | | | | | | | | | | | | 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 | |
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v3.23.4
Shareholders' Equity (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive loss are comprised of the following amounts, shown net of taxes: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $ | (89,391) | | | $ | (221) | | | $ | 27,242 | | | $ | (62,370) | | | | Other comprehensive income (loss) | | 9,724 | | | — | | | (3,411) | | | 6,313 | | | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | (23) | | | (3,566) | | | (3,589) | | | | | | | | | | | | | | | Net current-period other comprehensive income (loss) | | 9,724 | | | (23) | | | (6,977) | | | 2,724 | | | | Balance at December 31, 2023 | | $ | (79,667) | | | $ | (244) | | | $ | 20,265 | | | $ | (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 | | $ | (102,259) | | | $ | (1,297) | | | $ | 29,626 | | | $ | (73,930) | | Other comprehensive income | | 5,885 | | | 777 | | | 414 | | | 7,076 | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | 7 | | | (539) | | | (532) | | Net current-period other comprehensive income (loss) | | 5,885 | | | 784 | | | (125) | | | 6,544 | | Balance at December 31, 2022 | | $ | (96,374) | | | $ | (513) | | | $ | 29,501 | | | $ | (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 | | $ | (83,099) | | | $ | (197) | | | $ | 28,000 | | | $ | (55,296) | | Other comprehensive income (loss) | | 3,432 | | | — | | | (667) | | | 2,765 | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | (47) | | | (7,068) | | | (7,115) | | | | | | | | | | | Net current-period other comprehensive income (loss) | | 3,432 | | | (47) | | | (7,735) | | | (4,350) | | Balance at December 31, 2023 | | $ | (79,667) | | | $ | (244) | | | $ | 20,265 | | | $ | (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 | | $ | (90,738) | | | $ | (1,303) | | | $ | 19,746 | | | $ | (72,295) | | Other comprehensive (loss) income | | (5,636) | | | 777 | | | 9,694 | | | 4,835 | | Amounts reclassified from accumulated other comprehensive (loss) income | | — | | | 13 | | | 61 | | | 74 | | | | | | | | | | | Net current-period other comprehensive (loss) income | | (5,636) | | | 790 | | | 9,755 | | | 4,909 | | Balance at December 31, 2022 | | $ | (96,374) | | | $ | (513) | | | $ | 29,501 | | | $ | (67,386) | |
|
Schedule of Comprehensive Income (Loss) [Table Text Block] |
Other Comprehensive Income Details of other comprehensive income are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 9,697 | | | $ | (27) | | | $ | 9,724 | | | $ | 5,929 | | | $ | 44 | | | $ | 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 | (30) | | | (7) | | | (23) | | | 10 | | | 3 | | | 7 | | Termination of pension plan | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | | Unrealized (loss) gain on cash flow hedge | (4,536) | | | (1,125) | | | (3,411) | | | 548 | | | 134 | | | 414 | | Reclassification of interest from cash flow hedge into interest expense, net | (4,715) | | | (1,149) | | | (3,566) | | | (715) | | | (176) | | | (539) | | | | | | | | | | | | | | | | | | | | | | | | | | Other comprehensive income | $ | 416 | | | $ | (2,308) | | | $ | 2,724 | | | $ | 6,803 | | | $ | 259 | | | $ | 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 | | $ | 3,427 | | | $ | (5) | | | $ | 3,432 | | | $ | (5,508) | | | $ | 128 | | | $ | (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 | | (60) | | | (13) | | | (47) | | | 18 | | | 5 | | | 13 | | Termination of pension plan | | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | | | | | | | | | | | | | | | Unrealized (loss) gain on cash flow hedge | | (902) | | | (235) | | | (667) | | | 12,858 | | | 3,164 | | | 9,694 | | Reclassification of interest from cash flow hedge into interest expense, net | | (9,353) | | | (2,285) | | | (7,068) | | | 81 | | | 20 | | | 61 | | Other comprehensive (loss) income | | $ | (6,888) | | | $ | (2,538) | | | $ | (4,350) | | | $ | 8,480 | | | $ | 3,571 | | | $ | 4,909 | |
|
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v3.23.4
Segment Information (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
Segment financial information |
| | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Service Center Based Distribution | | Engineered Solutions | | Total | December 31, 2023 | | | | | | | Net sales | | $ | 729,273 | | | $ | 347,880 | | | $ | 1,077,153 | | Operating income for reportable segments | | 91,440 | | | 51,167 | | | 142,607 | | | | | | | | | Depreciation and amortization of property | | 4,355 | | | 1,693 | | | 6,048 | | Capital expenditures | | 4,400 | | | 1,123 | | | 5,523 | | | | | | | | | December 31, 2022 | | | | | | | Net sales | | $ | 705,392 | | | $ | 354,888 | | | $ | 1,060,280 | | Operating income for reportable segments | | 86,484 | | | 51,626 | | | 138,110 | | | | | | | | | Depreciation and amortization of property | | 4,474 | | | 1,078 | | | 5,552 | | Capital expenditures | | 4,751 | | | 2,512 | | | 7,263 | |
| | | | | | | | | | | | | | | | | | | | | Six Months Ended | | Service Center Based Distribution | | Engineered Solutions | | Total | December 31, 2023 | | | | | | | Net sales | | $ | 1,475,806 | | | $ | 696,535 | | | $ | 2,172,341 | | Operating income for reportable segments | | 188,321 | | | 100,762 | | | 289,083 | | Assets used in business | | 1,759,794 | | | 1,022,971 | | | 2,782,765 | | Depreciation and amortization of property | | 8,791 | | | 2,974 | | | 11,765 | | Capital expenditures | | 8,034 | | | 1,829 | | | 9,863 | | | | | | | | | December 31, 2022 | | | | | | | Net sales | | $ | 1,423,380 | | | $ | 699,305 | | | $ | 2,122,685 | | Operating income for reportable segments | | 175,293 | | | 97,160 | | | 272,453 | | Assets used in business | | 1,454,040 | | | 1,068,864 | | | 2,522,904 | | Depreciation and amortization of property | | 8,923 | | | 2,110 | | | 11,033 | | Capital expenditures | | 8,316 | | | 4,501 | | | 12,817 | |
|
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | December 31, | | December 31, | | | 2023 | | 2022 | | 2023 | | 2022 | Operating income for reportable segments | | $ | 142,607 | | | $ | 138,110 | | | $ | 289,083 | | | $ | 272,453 | | Adjustment for: | | | | | | | | | Intangible amortization—Service Center Based Distribution | | 922 | | | 730 | | | 1,599 | | | 1,488 | | Intangible amortization—Engineered Solutions | | 6,335 | | | 7,084 | | | 13,051 | | | 14,031 | | | | | | | | | | | | | | | | | | | | Corporate and other expense, net | | 20,756 | | | 17,403 | | | 39,159 | | | 37,509 | | Total operating income | | 114,594 | | | 112,893 | | | 235,274 | | | 219,425 | | Interest expense, net | | 1,917 | | | 6,185 | | | 3,237 | | | 12,665 | | Other (income) expense, net | | (2,924) | | | 758 | | | (2,493) | | | 1,766 | | Income before income taxes | | $ | 115,601 | | | $ | 105,950 | | | $ | 234,530 | | | $ | 204,994 | |
|
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- DefinitionTabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.
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v3.23.4
Other Income, Net (Tables)
|
6 Months Ended |
Dec. 31, 2023 |
Other Income and Expenses [Abstract] |
|
Other expense (income), net |
Other (income) expense, net consists of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $ | (1,938) | | | $ | (1,065) | | | $ | (1,385) | | | $ | (238) | | Foreign currency transactions (gain) loss | | (832) | | | 700 | | | (903) | | | 928 | | Net other periodic post-employment costs | | 26 | | | 1,176 | | | 51 | | | 1,319 | | Life insurance income, net | | (107) | | | (104) | | | (244) | | | (215) | | Other, net | | (73) | | | 51 | | | (12) | | | (28) | | Total other (income) expense, net | | $ | (2,924) | | | $ | 758 | | | $ | (2,493) | | | $ | 1,766 | |
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v3.23.4
Basis of Presentation (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
|
|
|
Inventory, LIFO Reserve, Period Charge |
$ 3,377
|
$ 8,853
|
$ 7,968
|
$ 17,913
|
X |
- DefinitionThe change in the inventory reserve representing the cumulative difference in cost between the first in, first out and the last in, first out inventory valuation methods, which change has been reflected in the statement of income during the period.
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v3.23.4
Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 1,077,153
|
$ 1,060,280
|
$ 2,172,341
|
$ 2,122,685
|
UNITED STATES |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
944,652
|
929,197
|
1,904,010
|
1,850,686
|
CANADA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
77,170
|
74,702
|
152,470
|
154,472
|
Other Countries [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
55,331
|
56,381
|
115,861
|
117,527
|
Service Center Based Distribution Segment [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
729,273
|
705,392
|
1,475,806
|
1,423,380
|
Service Center Based Distribution Segment [Member] | UNITED STATES |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
602,483
|
581,452
|
1,219,745
|
1,166,332
|
Service Center Based Distribution Segment [Member] | CANADA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
77,170
|
74,702
|
152,470
|
154,472
|
Service Center Based Distribution Segment [Member] | Other Countries [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
49,620
|
49,238
|
103,591
|
102,576
|
Engineered Solutions Segment [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
347,880
|
354,888
|
696,535
|
699,305
|
Engineered Solutions Segment [Member] | UNITED STATES |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
342,169
|
347,745
|
684,265
|
684,354
|
Engineered Solutions Segment [Member] | CANADA |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
0
|
0
|
0
|
0
|
Engineered Solutions Segment [Member] | Other Countries [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 5,711
|
$ 7,143
|
$ 12,270
|
$ 14,951
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.4
Revenue Recognition Revenue Recognition (Details 1)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
General Industry [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
36.00%
|
36.30%
|
35.80%
|
36.10%
|
Industrial Machinery [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
14.20%
|
16.00%
|
14.10%
|
15.80%
|
Food [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
10.10%
|
9.40%
|
10.20%
|
9.50%
|
Metals [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
9.90%
|
9.50%
|
9.90%
|
9.70%
|
Forest Products [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
9.00%
|
8.80%
|
9.40%
|
8.80%
|
Chem/Petrochem [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
6.90%
|
6.40%
|
6.90%
|
6.30%
|
Cement & Aggregate [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
6.00%
|
5.70%
|
5.60%
|
5.70%
|
Oil & Gas [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
4.20%
|
4.60%
|
4.40%
|
4.70%
|
Transportation [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
3.70%
|
3.30%
|
3.70%
|
3.40%
|
Total |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Service Center Based Distribution Segment [Member] | General Industry [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
34.50%
|
33.40%
|
34.70%
|
33.70%
|
Service Center Based Distribution Segment [Member] | Industrial Machinery [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
9.00%
|
10.30%
|
8.90%
|
10.20%
|
Service Center Based Distribution Segment [Member] | Food [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
13.70%
|
13.10%
|
13.70%
|
12.90%
|
Service Center Based Distribution Segment [Member] | Metals [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
10.90%
|
10.60%
|
10.80%
|
10.70%
|
Service Center Based Distribution Segment [Member] | Forest Products [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
12.00%
|
11.90%
|
12.20%
|
11.90%
|
Service Center Based Distribution Segment [Member] | Chem/Petrochem [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
2.70%
|
3.00%
|
2.70%
|
2.90%
|
Service Center Based Distribution Segment [Member] | Cement & Aggregate [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
8.20%
|
7.90%
|
7.60%
|
7.80%
|
Service Center Based Distribution Segment [Member] | Oil & Gas [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
5.40%
|
6.30%
|
5.70%
|
6.30%
|
Service Center Based Distribution Segment [Member] | Transportation [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
3.60%
|
3.50%
|
3.70%
|
3.60%
|
Service Center Based Distribution Segment [Member] | Total |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Engineered Solutions Segment [Member] | General Industry [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
39.60%
|
42.30%
|
38.50%
|
41.00%
|
Engineered Solutions Segment [Member] | Industrial Machinery [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
25.00%
|
27.40%
|
25.10%
|
27.30%
|
Engineered Solutions Segment [Member] | Food [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
2.50%
|
2.20%
|
2.70%
|
2.50%
|
Engineered Solutions Segment [Member] | Metals [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
7.60%
|
7.40%
|
7.90%
|
7.60%
|
Engineered Solutions Segment [Member] | Forest Products [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
2.70%
|
2.40%
|
3.30%
|
2.50%
|
Engineered Solutions Segment [Member] | Chem/Petrochem [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
15.70%
|
12.90%
|
15.90%
|
13.40%
|
Engineered Solutions Segment [Member] | Cement & Aggregate [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
1.40%
|
1.30%
|
1.30%
|
1.40%
|
Engineered Solutions Segment [Member] | Oil & Gas [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
1.70%
|
1.20%
|
1.60%
|
1.30%
|
Engineered Solutions Segment [Member] | Transportation [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
3.80%
|
2.90%
|
3.70%
|
3.00%
|
Engineered Solutions Segment [Member] | Total |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
X |
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v3.23.4
Revenue Recognition Revenue Recognition (Details 2)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Power Transmission [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
30.00%
|
28.40%
|
29.40%
|
28.50%
|
General Maintenance; Hose Products [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
21.10%
|
21.80%
|
20.40%
|
20.60%
|
Fluid Power [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
21.00%
|
20.50%
|
21.50%
|
20.40%
|
Bearings, Linear & Seals [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
17.10%
|
18.90%
|
17.80%
|
19.00%
|
Specialty Flow Control [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
10.80%
|
10.40%
|
10.90%
|
11.50%
|
Service Center Based Distribution Segment [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Service Center Based Distribution Segment [Member] | Power Transmission [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
38.40%
|
37.50%
|
38.00%
|
37.50%
|
Service Center Based Distribution Segment [Member] | General Maintenance; Hose Products [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
22.70%
|
21.00%
|
22.00%
|
21.20%
|
Service Center Based Distribution Segment [Member] | Fluid Power [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
13.90%
|
13.30%
|
14.00%
|
13.10%
|
Service Center Based Distribution Segment [Member] | Bearings, Linear & Seals [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
25.00%
|
28.20%
|
26.00%
|
28.20%
|
Service Center Based Distribution Segment [Member] | Specialty Flow Control [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
0.00%
|
0.00%
|
0.00%
|
0.00%
|
Engineered Solutions Segment [Member] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
Engineered Solutions Segment [Member] | Power Transmission [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
12.40%
|
10.10%
|
11.30%
|
10.10%
|
Engineered Solutions Segment [Member] | General Maintenance; Hose Products [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
17.90%
|
23.60%
|
16.90%
|
19.60%
|
Engineered Solutions Segment [Member] | Fluid Power [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
35.80%
|
34.80%
|
37.30%
|
35.10%
|
Engineered Solutions Segment [Member] | Bearings, Linear & Seals [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
0.40%
|
0.50%
|
0.50%
|
0.40%
|
Engineered Solutions Segment [Member] | Specialty Flow Control [Domain] |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Disaggregated Revenue by Product Line, Percent |
33.50%
|
31.00%
|
34.00%
|
34.80%
|
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v3.23.4
Business Combinations Business Combinations Textuals (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
|
|
|
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 01, 2023 |
Aug. 01, 2023 |
Mar. 31, 2023 |
Nov. 01, 2022 |
Bearing Distributors, Inc. |
|
|
|
|
|
|
Total Consideration |
$ 18,000
|
|
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net |
|
|
$ 4,384
|
|
|
|
Intangible Assets, Net (Including Goodwill) |
|
|
13,616
|
|
|
|
Funding from Holdback Payments |
|
|
$ 1,800
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
3.00%
|
|
|
|
Cangro Industries, Inc. |
|
|
|
|
|
|
Total Consideration |
$ 6,219
|
|
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net |
|
|
|
$ 2,175
|
|
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
4,044
|
|
|
Funding from Holdback Payments |
|
|
|
$ 930
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
1.00%
|
|
|
Advanced Motion Systems, Inc. |
|
|
|
|
|
|
Total Consideration |
|
$ 10,118
|
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net |
|
|
|
|
$ 1,768
|
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
|
$ 8,350
|
|
Automation, Inc |
|
|
|
|
|
|
Total Consideration |
|
$ 25,617
|
|
|
|
|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net |
|
|
|
|
|
$ 3,639
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
|
|
$ 21,978
|
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Goodwill and Intangibles (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Dec. 31, 2023 |
Jun. 30, 2023 |
Changes in the carrying amount of goodwill by reportable segment |
|
|
Balance at beginning of period |
$ 578,418
|
$ 563,205
|
Goodwill acquired during the period |
10,738
|
14,517
|
Other, primarily currency translation |
200
|
696
|
Balance at end of period |
589,356
|
578,418
|
Service Center Based Distribution Segment [Member] |
|
|
Changes in the carrying amount of goodwill by reportable segment |
|
|
Balance at beginning of period |
211,231
|
211,010
|
Goodwill acquired during the period |
9,489
|
0
|
Other, primarily currency translation |
200
|
221
|
Balance at end of period |
220,920
|
211,231
|
Engineered Solutions Segment [Member] |
|
|
Changes in the carrying amount of goodwill by reportable segment |
|
|
Balance at beginning of period |
367,187
|
352,195
|
Goodwill acquired during the period |
1,249
|
14,517
|
Other, primarily currency translation |
0
|
475
|
Balance at end of period |
$ 368,436
|
$ 367,187
|
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v3.23.4
Goodwill and Intangibles (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Amortization details resulting from business combinations |
|
|
Amount |
$ 461,744
|
$ 486,081
|
Accumulated Amortization |
233,913
|
250,532
|
Net Book Value |
227,831
|
235,549
|
Customer relationships |
|
|
Amortization details resulting from business combinations |
|
|
Amount |
372,289
|
364,572
|
Accumulated Amortization |
200,123
|
188,804
|
Net Book Value |
172,166
|
175,768
|
Trade names |
|
|
Amortization details resulting from business combinations |
|
|
Amount |
85,584
|
108,301
|
Accumulated Amortization |
31,942
|
50,823
|
Net Book Value |
53,642
|
57,478
|
Vendor relationships |
|
|
Amortization details resulting from business combinations |
|
|
Amount |
425
|
9,861
|
Accumulated Amortization |
425
|
9,744
|
Net Book Value |
0
|
117
|
Other Intangible Assets |
|
|
Amortization details resulting from business combinations |
|
|
Amount |
3,446
|
3,347
|
Accumulated Amortization |
1,423
|
1,161
|
Net Book Value |
$ 2,023
|
$ 2,186
|
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v3.23.4
Goodwill and Intangibles (Details Textuals) $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023 |
Jan. 01, 2023 |
Goodwill [Line Items] |
|
|
|
|
Number of Reporting Units |
|
|
8
|
|
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount |
|
|
|
20.00%
|
Goodwill and Intangibles (Textuals) [Abstract] |
|
|
|
|
Amortization expense for the remainder of 2024 |
$ 13,100
|
|
|
|
Amortization expense for 2025 |
25,600
|
|
|
|
Amortization expense for 2026 |
23,900
|
|
|
|
Amortization expense for 2027 |
22,000
|
|
|
|
Amortization expense for 2028 |
20,300
|
|
|
|
Amortization expense for 2029 |
18,900
|
|
|
|
Bearing Distributors, Inc. | Customer Relationships [Member] |
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
Finite-Lived Intangible Assets, Purchase Accounting Adjustments |
70
|
|
|
|
Bearing Distributors, Inc. | Trade Names [Member] |
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
Finite-Lived Intangible Assets, Purchase Accounting Adjustments |
2,130
|
|
|
|
Advanced Motion Systems, Inc. | Trade Names [Member] |
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
Finite-Lived Intangible Assets, Purchase Accounting Adjustments |
|
$ 1,249
|
|
|
Service Center Based Distribution Segment [Member] |
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
Accumulated goodwill impairment losses |
64,794
|
|
|
|
Service Center Based Distribution Segment [Member] | Bearing Distributors, Inc. |
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
Goodwill adjusted during the period |
2,060
|
|
|
|
Engineered Solutions Segment [Member] |
|
|
|
|
Goodwill [Line Items] |
|
|
|
|
Accumulated goodwill impairment losses |
$ 167,605
|
|
|
|
Engineered Solutions Segment [Member] | Advanced Motion Systems, Inc. |
|
|
|
|
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|
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v3.23.4
Debt (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Jun. 30, 2023 |
Long-term Debt Instruments [Line Items] |
|
|
Revolving credit facility |
$ 383,592
|
$ 383,592
|
Total debt |
597,123
|
622,248
|
Less: unamortized debt issuance costs |
110
|
152
|
Debt, Long-term and Short-term, Combined Amount |
597,013
|
622,096
|
Asset-backed Securities, Securitized Loans and Receivables [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Trade receivable securitization facility |
188,300
|
188,300
|
Prudential Facility - Series D [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Long-term Debt |
0
|
25,000
|
Prudential Facility - Series E [Member] [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Long-term Debt |
25,000
|
25,000
|
State of Ohio Assumed Debt [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Long-term Debt |
$ 231
|
$ 356
|
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v3.23.4
Debt (Textuals) (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
Dec. 31, 2023 |
Jun. 30, 2023 |
Long-term Debt Instruments [Line Items] |
|
|
Letters of Credit Outstanding, Amount |
$ 4,046
|
|
Asset-backed Securities, Securitized Loans and Receivables [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Debt Instrument, Face Amount |
$ 250,000
|
|
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate |
6.36%
|
6.16%
|
Debt Instrument, Interest Rate, Stated Percentage |
0.90%
|
0.98%
|
Prudential Facility [Domain] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Long-term Debt |
$ 25,000
|
$ 50,000
|
Prudential Facility [Domain] | Minimum [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Debt Instrument, Interest Rate, Stated Percentage |
0.25%
|
|
Prudential Facility [Domain] | Maximum [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Debt Instrument, Interest Rate, Stated Percentage |
1.25%
|
|
Prudential Facility - Series D [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Long-term Debt |
$ 0
|
25,000
|
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate |
3.21%
|
|
Prudential Facility - Series E [Member] [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Long-term Debt |
$ 25,000
|
25,000
|
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate |
3.08%
|
|
State of Ohio Assumed Debt [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Debt Instrument, Face Amount |
$ 2,359
|
|
Long-term Debt |
$ 231
|
$ 356
|
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate |
1.50%
|
|
Revolving Credit Facility [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 900,000
|
|
Debt Instrument, Face Amount |
500,000
|
|
Letters of Credit Outstanding, Amount |
200
|
|
Line of Credit Facility, Remaining Borrowing Capacity |
$ 516,208
|
|
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate |
6.26%
|
6.11%
|
Revolving Credit Facility [Member] | Minimum [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Variable interest rate, base rate plus margin |
0.00%
|
|
Variable interest rate, SOFR plus margin |
8000.00%
|
|
Revolving Credit Facility [Member] | Maximum [Member] |
|
|
Long-term Debt Instruments [Line Items] |
|
|
Variable interest rate, base rate plus margin |
5500.00%
|
|
Variable interest rate, SOFR plus margin |
15500.00%
|
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v3.23.4
Derivatives Derivatives (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Derivative [Line Items] |
|
|
|
|
|
|
|
Derivative, Amount of Hedged Item |
$ 384,000
|
|
$ 384,000
|
|
$ 384,000
|
|
$ 463,000
|
Derivative, Fixed Interest Rate |
1.58%
|
|
1.58%
|
|
1.63%
|
2.61%
|
|
Derivative, Variable Interest Rate |
2.48%
|
|
2.48%
|
|
2.59%
|
|
|
Interest Rate Cash Flow Hedge Asset at Fair Value |
$ 18,631
|
|
$ 18,631
|
|
$ 27,044
|
|
|
Reclassification of interest from cash flow hedge into interest expense, net |
$ (4,715)
|
$ (715)
|
$ (9,353)
|
$ 81
|
|
|
|
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v3.23.4
Shareholders' Equity Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Balance at beginning of period |
|
$ (55,296)
|
|
|
$ (55,296)
|
|
Other comprehensive income (loss), Cash flow hedge |
$ (3,411)
|
|
$ 414
|
|
(667)
|
$ 9,694
|
Amounts reclassified from accumulated other comprehensive (loss) income, Cash flow hedge |
(3,566)
|
|
(539)
|
|
(7,068)
|
61
|
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment |
9,724
|
|
5,885
|
|
3,432
|
(5,636)
|
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss) |
2,724
|
|
6,544
|
|
(4,350)
|
4,909
|
Balance at end of period |
(59,646)
|
|
|
|
(59,646)
|
|
Reclassification out of Accumulated Other Comprehensive Income [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Amounts reclassified from accumulated other comprehensive (loss) income |
(3,589)
|
|
(532)
|
|
(7,115)
|
74
|
Amounts reclassified from accumulated other comprehensive (loss) income, Postemployment benefits |
(23)
|
|
7
|
|
(47)
|
13
|
Amounts reclassified from accumulated other comprehensive (loss) income, Cash flow hedge |
(3,566)
|
|
(539)
|
|
(7,068)
|
61
|
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Balance at beginning of period |
(89,391)
|
(83,099)
|
(102,259)
|
$ (90,738)
|
(83,099)
|
(90,738)
|
Other comprehensive income (loss), Foreign Currency Translation Adjustment |
9,724
|
|
5,885
|
|
3,432
|
(5,636)
|
Amounts reclassified from accumulated other comprehensive (loss) income |
0
|
|
0
|
|
0
|
0
|
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment |
9,724
|
|
5,885
|
|
3,432
|
(5,636)
|
Balance at end of period |
(79,667)
|
(89,391)
|
(96,374)
|
(102,259)
|
(79,667)
|
(96,374)
|
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Balance at beginning of period |
(221)
|
(197)
|
(1,297)
|
(1,303)
|
(197)
|
(1,303)
|
Other comprehensive income (loss), Postemployment Benefits, |
0
|
|
777
|
|
0
|
777
|
Net current-period other comprehensive income (loss), net of taxes, Postemployment benefits |
(23)
|
|
784
|
|
(47)
|
790
|
Balance at end of period |
(244)
|
(221)
|
(513)
|
(1,297)
|
(244)
|
(513)
|
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Balance at beginning of period |
27,242
|
28,000
|
29,626
|
19,746
|
28,000
|
19,746
|
Other comprehensive income (loss), Cash flow hedge |
(3,411)
|
|
414
|
|
(667)
|
9,694
|
Net current-period other comprehensive income (loss), net of taxes, Cash flow hedge |
(6,977)
|
|
(125)
|
|
(7,735)
|
9,755
|
Balance at end of period |
20,265
|
27,242
|
29,501
|
29,626
|
20,265
|
29,501
|
AOCI Attributable to Parent [Member] |
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
Balance at beginning of period |
(62,370)
|
(55,296)
|
(73,930)
|
(72,295)
|
(55,296)
|
(72,295)
|
Other comprehensive income (loss), Total accumulated other comprehensive income (loss) |
6,313
|
|
7,076
|
|
2,765
|
4,835
|
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss) |
2,724
|
(7,074)
|
6,544
|
(1,635)
|
(4,350)
|
4,909
|
Balance at end of period |
$ (59,646)
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v3.23.4
Shareholders' Equity (Details) 1 - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Other comprehensive income (loss): |
|
|
|
|
Foreign currency translation adjustments, before Tax |
$ 9,697
|
$ 5,929
|
$ 3,427
|
$ (5,508)
|
Foreign currency translation adjustments, Tax |
(27)
|
44
|
(5)
|
128
|
Foreign currency translation adjustments, Net of Tax |
9,724
|
5,885
|
3,432
|
(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, before Tax |
(30)
|
10
|
(60)
|
18
|
Reclassification of net actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs, Tax |
(7)
|
3
|
(13)
|
5
|
Reclassification of net actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs, Net of Tax |
(23)
|
7
|
(47)
|
13
|
Termination of Pension Plan, before Tax |
0
|
1,031
|
0
|
1,031
|
Termination of Pension Plan, Tax |
0
|
254
|
0
|
254
|
Termination of Pension Plan, Net of Tax |
0
|
777
|
0
|
777
|
Unrealized (loss) gain on cash flow hedge, before Tax |
(4,536)
|
548
|
(902)
|
12,858
|
Unrealized (loss) gain on cash flow hedge, Tax |
(1,125)
|
134
|
(235)
|
3,164
|
Unrealized (loss) gain on cash flow hedge, Net of Tax |
(3,411)
|
414
|
(667)
|
9,694
|
Reclassification of interest from cash flow hedge into interest expense, net |
(4,715)
|
(715)
|
(9,353)
|
81
|
Reclassification of interest from cash flow hedge into interest expense, Tax |
(1,149)
|
(176)
|
(2,285)
|
20
|
Reclassification of interest from cash flow hedge into interest expense, Net of Tax |
(3,566)
|
(539)
|
(7,068)
|
61
|
Other comprehensive (loss) income, before tax |
416
|
6,803
|
(6,888)
|
8,480
|
Other comprehensive (loss) income, tax |
(2,308)
|
259
|
(2,538)
|
3,571
|
Other comprehensive (loss) income, net of tax |
$ 2,724
|
$ 6,544
|
$ (4,350)
|
$ 4,909
|
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v3.23.4
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net sales |
$ 1,077,153
|
$ 1,060,280
|
$ 2,172,341
|
$ 2,122,685
|
|
Operating income for reportable segments |
114,594
|
112,893
|
235,274
|
219,425
|
|
Assets used in business |
2,782,765
|
2,522,904
|
2,782,765
|
2,522,904
|
$ 2,743,332
|
Depreciation and amortization of property |
6,048
|
5,552
|
11,765
|
11,033
|
|
Capital expenditures |
5,523
|
7,263
|
9,863
|
12,817
|
|
Service Center Based Distribution Segment [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net sales |
729,273
|
705,392
|
1,475,806
|
1,423,380
|
|
Operating income for reportable segments |
91,440
|
86,484
|
188,321
|
175,293
|
|
Assets used in business |
1,759,794
|
1,454,040
|
1,759,794
|
1,454,040
|
|
Depreciation and amortization of property |
4,355
|
4,474
|
8,791
|
8,923
|
|
Capital expenditures |
4,400
|
4,751
|
8,034
|
8,316
|
|
Engineered Solutions Segment [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Net sales |
347,880
|
354,888
|
696,535
|
699,305
|
|
Operating income for reportable segments |
51,167
|
51,626
|
100,762
|
97,160
|
|
Assets used in business |
1,022,971
|
1,068,864
|
1,022,971
|
1,068,864
|
|
Depreciation and amortization of property |
1,693
|
1,078
|
2,974
|
2,110
|
|
Capital expenditures |
1,123
|
2,512
|
1,829
|
4,501
|
|
Reportable Segments Total |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Operating income for reportable segments |
$ 142,607
|
$ 138,110
|
$ 289,083
|
$ 272,453
|
|
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- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.4
Segment Information (Details 1) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
|
|
|
|
Operating income for reportable segments |
$ 114,594
|
$ 112,893
|
$ 235,274
|
$ 219,425
|
Adjustment for: |
|
|
|
|
Intangible amortization |
|
|
14,650
|
15,519
|
Corporate and other expense, net |
20,756
|
17,403
|
39,159
|
37,509
|
Operating income |
114,594
|
112,893
|
235,274
|
219,425
|
Interest expense, net |
1,917
|
6,185
|
3,237
|
12,665
|
Other (income) expense, net |
(2,924)
|
758
|
(2,493)
|
1,766
|
Income before income taxes |
115,601
|
105,950
|
234,530
|
204,994
|
Reportable Segments Total |
|
|
|
|
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
|
|
|
|
Operating income for reportable segments |
142,607
|
138,110
|
289,083
|
272,453
|
Adjustment for: |
|
|
|
|
Operating income |
142,607
|
138,110
|
289,083
|
272,453
|
Service Center Based Distribution Segment [Member] |
|
|
|
|
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
|
|
|
|
Operating income for reportable segments |
91,440
|
86,484
|
188,321
|
175,293
|
Adjustment for: |
|
|
|
|
Intangible amortization |
922
|
730
|
1,599
|
1,488
|
Operating income |
91,440
|
86,484
|
188,321
|
175,293
|
Engineered Solutions Segment [Member] |
|
|
|
|
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
|
|
|
|
Operating income for reportable segments |
51,167
|
51,626
|
100,762
|
97,160
|
Adjustment for: |
|
|
|
|
Intangible amortization |
6,335
|
7,084
|
13,051
|
14,031
|
Operating income |
$ 51,167
|
$ 51,626
|
$ 100,762
|
$ 97,160
|
X |
- DefinitionCorporate and other expense (income), net.
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v3.23.4
Segment Information (Details Textuals) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Inventory, LIFO Reserve, Period Charge |
$ 3,377
|
$ 8,853
|
$ 7,968
|
$ 17,913
|
Net sales |
1,077,153
|
1,060,280
|
2,172,341
|
2,122,685
|
Intersegment Eliminations [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Net sales |
$ 12,457
|
$ 11,695
|
$ 24,775
|
$ 22,213
|
X |
- DefinitionThe change in the inventory reserve representing the cumulative difference in cost between the first in, first out and the last in, first out inventory valuation methods, which change has been reflected in the statement of income during the period.
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v3.23.4
Other Income, Net (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Other Income and Expenses [Abstract] |
|
|
|
|
Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan |
$ (1,938)
|
$ (1,065)
|
$ (1,385)
|
$ (238)
|
Foreign currency transactions (gain) loss |
(832)
|
700
|
(903)
|
928
|
Net other periodic post-employment costs |
26
|
1,176
|
51
|
1,319
|
Life insurance income, net |
(107)
|
(104)
|
(244)
|
(215)
|
Other, net |
(73)
|
51
|
(12)
|
(28)
|
Total other (income) expense, net |
$ (2,924)
|
$ 758
|
$ (2,493)
|
$ 1,766
|
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