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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
Amendment No. 1
(Mark One)
| | | | | |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the fiscal year ended JUNE 30, 2024
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 No.) |
| | | |
1 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 |
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes ☒ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes ☐ No ☒
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 ☐
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 ☐
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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.1D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter (December 31, 2023): $6,623,721,000.
The registrant had outstanding 38,358,730 shares of common stock as of August 2, 2024.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the proxy statement for the annual meeting of shareholders of Applied Industrial Technologies, Inc., to be held October 22, 2024, are incorporated by reference into Parts II, III, and IV of this Form 10-K.
EXPLANATORY NOTE
Applied Industrial Technologies, Inc. (the "Company") is filing this Amendment No. 1 on Form 10-K/A to its Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the "Original Filing"), which was filed with the Securities and Exchange Commission ("SEC") on August 16, 2024, solely for the purpose of adding the conformed signature of Deloitte & Touche LLP to the Report of Independent Registered Public Accounting Firm included in Item 8 and Item 9A of Part II of the Original Filing (the "Audit Reports"). The signed Audit Reports were received by the Company prior to the Original Filing being filed with the SEC, but the conformed signature in the Audit Reports was inadvertently omitted from the Original Filing.
Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment No. 1 contains the complete text of Item 8. Financial Statements and Supplementary Data, Item 9A. Controls and Procedures, and Item 15. Exhibits, Financial Statement Schedules, as well as certifications of the Company's Principal Executive Officer and Principal Financial Officer required under Items 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, each dated as of the date of this Amendment.
Except as expressly set forth in this Amendment No. 1, no other changes have been made to the Original Filing, and this Form 10-K/A does not modify, amend or update in any way the financial or other information contained in the Original Filing. This Form 10-K/A speaks as of the filing date of the Original Filing and does not reflect events that may have occurred subsequent to the filing date of the Original Filing. Accordingly, this Amendment No. 1 should be read together with the Original Filing.
TABLE OF CONTENTS
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Item 8. Financial Statements and Supplementary Data | |
| Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34) | |
| Statements of Consolidated Income for the years ended June 30, 2024, 2023, and 2022 | |
| Statements of Consolidated Comprehensive Income for the years ended June 30, 2024, 2023, and 2022 | |
| Consolidated Balance Sheets as of June 30, 2024 and 2023 | |
| Statements of Consolidated Cash Flows for the years ended June 30, 2024, 2023, and 2022 | |
| Statements of Consolidated Shareholders' Equity for the years ended June 30, 2024, 2023, and 2022 | |
| Notes to Consolidated Financial Statements | |
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Item 9A. Controls and Procedures | |
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PART IV | |
Item 15. Exhibits and Financial Statement Schedules | |
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SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | |
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SIGNATURES | |
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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Applied Industrial Technologies, Inc.
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Applied Industrial Technologies, Inc. and subsidiaries (the “Company”) as of June 30, 2024 and 2023, the related statements of consolidated income, comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended June 30, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2024, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 16, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Goodwill - A reporting unit within the Engineered Solutions segment - Refer to Notes 1 and 5 to the financial statements
Critical Audit Matter Description
The Company’s evaluation of goodwill for impairment involves the comparison of the fair value of each reporting unit to its carrying value. The Company determines the fair value of its reporting units using the income and market approaches. The determination of the fair value using the income approach requires management to make significant estimates and assumptions related to forecasts of future revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA), and discount rates. The determination of the fair value using the market approach requires management to make significant estimates and assumptions related to the forecasts of future revenues, EBITDA and multiples that are applied to management’s forecasted revenues and EBITDA estimates. The fair value of all reporting units exceeded their carrying value as of the measurement date and, therefore, no impairment was recognized.
Given the nature of operations for one reporting unit within the Engineered Solutions segment, the sensitivity of this reporting unit to changes in the economy, this reporting unit’s historical performance as compared to projections, and the difference between its fair value and the carrying value, auditing management’s judgments regarding forecasts of
future revenues and EBITDA, as well as selection of the discount rate, and selection of multiples applied to management’s forecasted revenues and EBITDA estimates for this reporting unit, required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the forecasts of future revenues and EBITDA (“forecasts”), and the selection of the discount rate and selection of multiples applied to management’s forecasted revenues and EBITDA estimates (“market multiples”) for this reporting unit included the following, among others:
•We tested the design and effectiveness of controls over management’s goodwill impairment evaluation, such as controls related to management’s forecasts and the selection of the discount rate and market multiples used.
•We evaluated management’s ability to accurately forecast by comparing actual results to management’s historical forecasts.
•We evaluated the reasonableness of management’s forecasts by comparing the current forecasts to (1) historical results, (2) internal communications to management and the Board of Directors at the reporting unit level and/or at a consolidated level, and (3) forecasted information included in industry reports for the various industries the reporting unit operates within.
•With the assistance of our fair value specialists, we evaluated the discount rate, including testing the underlying source information and the mathematical accuracy of the calculations, and developing a range of independent estimates and comparing those to the discount rate selected by management.
•With the assistance of our fair value specialists, we evaluated the market multiples by evaluating the selected comparable publicly traded companies and the adjustments made for differences in growth prospects and risk profiles between the reporting unit and the comparable publicly traded companies. We tested the underlying source information and mathematical accuracy of the calculations.
Inventory - Refer to Notes 1 and 4 to the financial statements
Critical Audit Matter Description
As of June 30, 2024, the Company holds inventory across a large number of locations, including distribution centers, service centers, repair shops and engineered solutions operations. The Company’s processes to track and determine consolidated inventory relies on a perpetual inventory system that varies by location based in part upon the information technology (IT) system relevant to the location. Auditing the existence of inventory requires significant effort, the involvement of IT specialists due to the integration of IT systems that track physical inventory quantities by location, and auditor judgment in testing due to the disaggregation of inventory across the locations and the processes and controls in place. Judgment relates to assessing whether we have obtained sufficient audit evidence, including determining the number of locations to visit.
How the Critical Audit Matter Was Addressed in the Audit
Our audit procedures related to the existence of inventory included the following, among others:
•With the assistance of our IT specialists, we tested the design and effectiveness of controls over management’s process to account for the physical existence of inventory, which included general IT controls as well as automated and manual business process controls.
•We involved senior team members to determine the extent and number of location counts to test.
•As part of our testing of the design and effectiveness of controls and of inventory, we observed management’s count procedures at certain locations and obtained and evaluated management’s audit evidence over counts at certain locations.
•We investigated any identified variations in inventory counts performed and considered the impact in the context of the inventory balance as a whole.
/s/ DELOITTE & TOUCHE LLP
Cleveland, Ohio
August 16, 2024
We have served as the Company's auditor since 1966.
STATEMENTS OF CONSOLIDATED INCOME
(In thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, | | 2024 | | 2023 | | 2022 |
Net sales | | $ | 4,479,406 | | | $ | 4,412,794 | | | $ | 3,810,676 | |
Cost of sales | | 3,142,753 | | | 3,125,829 | | | 2,703,760 | |
Gross profit | | 1,336,653 | | | 1,286,965 | | | 1,106,916 | |
Selling, distribution and administrative expense, including depreciation | | 840,830 | | | 813,814 | | | 749,058 | |
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Operating income | | 495,823 | | | 473,151 | | | 357,858 | |
Interest expense | | 20,544 | | | 24,790 | | | 26,785 | |
Interest income | | (17,713) | | | (3,151) | | | (522) | |
Other (income) expense, net | | (5,138) | | | 1,701 | | | 1,805 | |
Income before income taxes | | 498,130 | | | 449,811 | | | 329,790 | |
Income tax expense | | 112,368 | | | 103,072 | | | 72,376 | |
Net income | | $ | 385,762 | | | $ | 346,739 | | | $ | 257,414 | |
Net income per share — basic | | $ | 9.98 | | | $ | 8.98 | | | $ | 6.69 | |
Net income per share — diluted | | $ | 9.83 | | | $ | 8.84 | | | $ | 6.58 | |
See notes to consolidated financial statements.
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME
(In thousands)
| | | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, | | 2024 | | 2023 | | 2022 | |
Net income per the statements of consolidated income | | $ | 385,762 | | | $ | 346,739 | | | $ | 257,414 | | |
| | | | | | | |
Other comprehensive (loss) income, before tax: | | | | | | | |
Foreign currency translation adjustments | | (12,544) | | | 7,723 | | | (9,862) | | |
Post-employment benefits: | | | | | | | |
Actuarial (loss) gain on re-measurement | | (134) | | | 405 | | | 2,839 | | |
Termination of pension plan | | — | | | 1,031 | | | — | | |
Reclassification of net actuarial (gains) losses and prior service cost into other (income) expense, net and included in net periodic pension costs | | (117) | | | 36 | | | 300 | | |
Unrealized gain on cash flow hedge | | 5,958 | | | 18,174 | | | 26,204 | | |
Reclassification of interest from cash flow hedge into interest expense | | (18,683) | | | (7,285) | | | 11,361 | | |
Total other comprehensive (loss) income, before tax | | (25,520) | | | 20,084 | | | 30,842 | | |
Income tax (benefit) expense related to items of other comprehensive income | | (3,250) | | | 3,085 | | | 10,045 | | |
Other comprehensive (loss) income, net of tax | | (22,270) | | | 16,999 | | | 20,797 | | |
Comprehensive income | | $ | 363,492 | | | $ | 363,738 | | | $ | 278,211 | | |
See notes to consolidated financial statements.
CONSOLIDATED BALANCE SHEETS
(In thousands)
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June 30, | | 2024 | | 2023 |
Assets | | | | |
Current assets | | | | |
Cash and cash equivalents | | $ | 460,617 | | | $ | 344,036 | |
Accounts receivable, net | | 724,878 | | | 708,395 | |
Inventories | | 488,258 | | | 501,184 | |
Other current assets | | 96,148 | | | 93,192 | |
Total current assets | | 1,769,901 | | | 1,646,807 | |
Property — at cost | | | | |
Land | | 14,160 | | | 14,219 | |
Buildings | | 115,262 | | | 109,884 | |
Equipment, including computers and software | | 233,745 | | | 219,979 | |
Total property — at cost | | 363,167 | | | 344,082 | |
Less accumulated depreciation | | 244,640 | | | 229,041 | |
Property — net | | 118,527 | | | 115,041 | |
Operating lease assets, net | | 133,289 | | | 100,677 | |
Identifiable intangibles, net | | 245,870 | | | 235,549 | |
Goodwill | | 619,395 | | | 578,418 | |
Other assets | | 64,928 | | | 66,840 | |
Total Assets | | $ | 2,951,910 | | | $ | 2,743,332 | |
Liabilities | | | | |
Current liabilities | | | | |
Accounts payable | | $ | 266,949 | | | $ | 301,685 | |
Current portion of long-term debt | | 25,055 | | | 25,170 | |
Compensation and related benefits | | 93,204 | | | 98,740 | |
Other current liabilities | | 115,892 | | | 114,749 | |
Total current liabilities | | 501,100 | | | 540,344 | |
Long-term debt | | 572,279 | | | 596,926 | |
Other liabilities | | 189,750 | | | 147,625 | |
Total Liabilities | | 1,263,129 | | | 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; 38,409 and 38,657 shares outstanding, respectively | | 10,000 | | | 10,000 | |
Additional paid-in capital | | 193,778 | | | 188,646 | |
Retained earnings | | 2,121,838 | | | 1,792,632 | |
Treasury shares — at cost (15,804 and 15,556 shares, respectively) | | (559,269) | | | (477,545) | |
Accumulated other comprehensive loss | | (77,566) | | | (55,296) | |
Total Shareholders’ Equity | | 1,688,781 | | | 1,458,437 | |
Total Liabilities and Shareholders’ Equity | | $ | 2,951,910 | | | $ | 2,743,332 | |
See notes to consolidated financial statements.
STATEMENTS OF CONSOLIDATED CASH FLOWS
(In thousands) | | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, | | 2024 | | 2023 | | 2022 |
Cash Flows from Operating Activities | | | | | | |
Net income | | $ | 385,762 | | | $ | 346,739 | | | $ | 257,414 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | |
| | | | | | |
Depreciation and amortization of property | | 23,431 | | | 22,266 | | | 21,676 | |
Amortization of intangibles | | 28,923 | | | 30,805 | | | 31,879 | |
Amortization of stock appreciation rights and options | | 3,448 | | | 2,785 | | | 3,284 | |
Deferred income taxes | | (1,074) | | | (5,716) | | | 15,176 | |
(Recoveries of) provision for losses on accounts receivable | | (205) | | | 5,619 | | | 3,193 | |
Other share-based compensation expense | | 9,496 | | | 9,576 | | | 8,558 | |
Other | | (1,309) | | | 1,145 | | | (1,752) | |
Changes in operating assets and liabilities, net of acquisitions: | | | | | | |
Accounts receivable | | (1,925) | | | (51,059) | | | (145,519) | |
Inventories | | 18,387 | | | (42,977) | | | (92,425) | |
Other operating assets | | (25,897) | | | (25,254) | | | (4,982) | |
Accounts payable | | (39,272) | | | 37,682 | | | 53,597 | |
Other operating liabilities | | (28,372) | | | 12,355 | | | 37,471 | |
Cash provided by Operating Activities | | 371,393 | | | 343,966 | | | 187,570 | |
Cash Flows from Investing Activities | | | | | | |
Cash paid for acquisition of businesses, net of cash acquired | | (72,090) | | | (35,785) | | | (6,964) | |
Capital expenditures | | (24,864) | | | (26,476) | | | (18,124) | |
Proceeds from property sales | | 576 | | | 1,428 | | | 1,107 | |
Life insurance proceeds | | 971 | | | — | | | 3,158 | |
Cash payments for loans on company-owned life insurance | | — | | | — | | | (14,835) | |
| | | | | | |
Cash used in Investing Activities | | (95,407) | | | (60,833) | | | (35,658) | |
Cash Flows from Financing Activities | | | | | | |
Repayments under revolving credit facility | | — | | | (27,000) | | | — | |
Borrowings under revolving credit facility | | 408 | | | — | | | 410,592 | |
| | | | | | |
Long-term debt repayments | | (25,251) | | | (40,247) | | | (550,493) | |
Interest rate swap settlement receipts (payments) | | 14,470 | | | 8,800 | | | (5,703) | |
Payment of debt issuance costs | | — | | | — | | | (1,956) | |
Purchases of treasury shares | | (73,388) | | | (716) | | | (13,784) | |
Dividends paid | | (55,879) | | | (53,446) | | | (51,805) | |
| | | | | | |
Acquisition holdback payments | | (681) | | | (1,510) | | | (2,361) | |
Exercise of stock appreciation rights and options | | 127 | | | 127 | | | 555 | |
Taxes paid for shares withheld | | (16,274) | | | (12,896) | | | (8,074) | |
| | | | | | |
Cash used in Financing Activities | | (156,468) | | | (126,888) | | | (223,029) | |
Effect of exchange rate changes on cash | | (2,937) | | | 3,317 | | | (2,154) | |
Increase (decrease) in cash and cash equivalents | | 116,581 | | | 159,562 | | | (73,271) | |
Cash and cash equivalents at beginning of year | | 344,036 | | | 184,474 | | | 257,745 | |
Cash and Cash Equivalents at End of Year | | $ | 460,617 | | | $ | 344,036 | | | $ | 184,474 | |
Supplemental Cash Flow Information | | | | | | |
Cash paid during the year for: | | | | | | |
Income taxes | | $ | 116,311 | | | $ | 108,084 | | | $ | 53,301 | |
Interest (includes interest rate swap settlements) | | $ | 23,978 | | | $ | 22,567 | | | $ | 20,164 | |
See notes to consolidated financial statements.
STATEMENTS OF CONSOLIDATED SHAREHOLDERS' EQUITY
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the Years Ended June 30, 2024, 2023 and 2022 | | Shares of Common Stock Outstanding | | Common Stock | | Additional Paid-In Capital | | Retained Earnings | | Treasury Shares- at Cost | | Accumulated Other Comprehensive Loss | | Total Shareholders' Equity |
Balance at June 30, 2021 | | 38,516 | | | $ | 10,000 | | | $ | 177,014 | | | $ | 1,294,413 | | | $ | (455,789) | | | $ | (93,092) | | | $ | 932,546 | |
Net income | | | | | | | | 257,414 | | | | | | | 257,414 | |
Other comprehensive income | | | | | | | | | | | | 20,797 | | | 20,797 | |
Cash dividends — $1.34 per share | | | | | | | | (52,175) | | | | | | | (52,175) | |
Purchases of common stock for treasury | | (149) | | | | | | | | | (13,784) | | | | | (13,784) | |
Treasury shares issued for: | | | | | | | | | | | | | | |
Exercise of stock appreciation rights and options | | 104 | | | | | (3,945) | | | | | (2,132) | | | | | (6,077) | |
Performance share awards | | 5 | | | | | (222) | | | | | (73) | | | | | (295) | |
Restricted stock units | | 12 | | | | | (598) | | | | | (138) | | | | | (736) | |
Compensation expense — stock appreciation rights | | | | | | 3,284 | | | | | | | | | 3,284 | |
Other share-based compensation expense | | | | | | 8,558 | | | | | | | | | 8,558 | |
Other | | 11 | | | | | (269) | | | 24 | | | 68 | | | | | (177) | |
Balance at June 30, 2022 | | 38,499 | | | 10,000 | | | 183,822 | | | 1,499,676 | | | (471,848) | | | (72,295) | | | 1,149,355 | |
Net income | | | | | | | | 346,739 | | | | | | | 346,739 | |
Other comprehensive income | | | | | | | | | | | | 16,999 | | | 16,999 | |
Cash dividends — $1.38 per share | | | | | | | | (53,887) | | | | | | | (53,887) | |
Purchases of common stock for treasury | | (8) | | | | | | | | | (716) | | | | | (716) | |
Treasury shares issued for: | | | | | | | | | | | | | | |
Exercise of stock appreciation rights and options | | 92 | | | | | (4,256) | | | | | (3,773) | | | | | (8,029) | |
Performance share awards | | 23 | | | | | (1,290) | | | | | (758) | | | | | (2,048) | |
Restricted stock units | | 34 | | | | | (1,712) | | | | | (932) | | | | | (2,644) | |
Compensation expense — stock appreciation rights | | | | | | 2,785 | | | | | | | | | 2,785 | |
Other share-based compensation expense | | | | | | 9,576 | | | | | | | | | 9,576 | |
Other | | 17 | | | | | (279) | | | 104 | | | 482 | | | | | 307 | |
Balance at June 30, 2023 | | 38,657 | | | 10,000 | | | 188,646 | | | 1,792,632 | | | (477,545) | | | (55,296) | | | 1,458,437 | |
Net income | | | | | | | | 385,762 | | | | | | | 385,762 | |
Other comprehensive loss | | | | | | | | | | | | (22,270) | | | (22,270) | |
Cash dividends — $1.44 per share | | | | | | | | (56,560) | | | | | | | (56,560) | |
Purchases of common stock for treasury | | (398) | | | | | | | | | (73,388) | | | | | (73,388) | |
Treasury shares issued for: | | | | | | | | | | | | | | |
Exercise of stock appreciation rights and options | | 73 | | | | | (3,611) | | | | | (3,886) | | | | | (7,497) | |
Performance share awards | | 54 | | | | | (3,072) | | | | | (3,487) | | | | | (6,559) | |
Restricted stock units | | 16 | | | | | (905) | | | | | (1,108) | | | | | (2,013) | |
Compensation expense — stock appreciation rights | | | | | | 3,448 | | | | | | | | | 3,448 | |
Other share-based compensation expense | | | | | | 9,496 | | | | | | | | | 9,496 | |
Other | | 7 | | | | | (224) | | | 4 | | | 145 | | | | | (75) | |
Balance at June 30, 2024 | | 38,409 | | | $ | 10,000 | | | $ | 193,778 | | | $ | 2,121,838 | | | $ | (559,269) | | | $ | (77,566) | | | $ | 1,688,781 | |
See notes to consolidated financial statements.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except per share amounts)
NOTE 1: BUSINESS AND ACCOUNTING POLICIES
Business
Applied Industrial Technologies, Inc. and subsidiaries (the “Company,” “Applied,” "us," "we," 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. Although the Company does not generally manufacture the products it sells, it does assemble and repair certain products and systems.
Consolidation
The consolidated financial statements include the accounts of Applied Industrial Technologies, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.
Foreign Currency
The financial statements of the Company’s Canadian, Mexican, Australian, and New Zealand subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss) in the statements of consolidated comprehensive income. Gains and losses resulting from transactions denominated in foreign currencies are included in the statements of consolidated income as a component of other expense (income), net.
Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements.
Cash and Cash Equivalents
The Company considers all short-term, highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.
Marketable Securities
The primary marketable security investments of the Company include money market and mutual funds held in a rabbi trust for a non-qualified deferred compensation plan. These are included in other assets in the consolidated balance sheets, are classified as trading securities, and are reported at fair value based on quoted market prices. Changes in the fair value of the investments during the period are recorded in other expense (income), net in the statements of consolidated income.
Concentration of Credit Risk
The Company has a broad customer base representing many diverse industries across North America, Australia, New Zealand, Singapore, and Costa Rica. As such, the Company does not believe that a significant concentration of credit risk exists in its accounts receivable. The Company’s cash and cash equivalents consist of deposits with commercial banks and regulated non-bank subsidiaries. While the Company monitors the creditworthiness of these institutions, a crisis in the financial systems could limit access to funds and/or result in the loss of principal. The terms of these deposits and investments provide that all monies are available to the Company upon demand.
Accounts Receivable
Accounts receivable are stated at their estimated net realizable value and consist of amounts billed or billable and currently due from customers.
Allowances for Doubtful Accounts
The Company maintains an allowance for doubtful accounts, which reflects management’s best estimate of probable losses based on an analysis of customer accounts, known troubled accounts, historical experience with write-offs, and other currently available evidence. Initially, the Company estimates an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience. This initial estimate is adjusted based on recent trends of customers and industries estimated to be greater credit risks, trends within the entire customer
pool, and changes in the overall aging of accounts receivable. Accounts are written off against the allowance when it becomes evident collection will not occur. While the Company has a large customer base that is geographically dispersed, a general economic downturn in any of the industry segments in which the Company operates could result in higher than expected defaults, and therefore, the need to revise estimates for bad debts. The allowance for doubtful accounts was $13,063 and $22,334 at June 30, 2024 and June 30, 2023, respectively.
Inventories
Inventories are valued at average cost, using the last-in, first-out (LIFO) method for U.S. inventories and the average cost method for foreign inventories. The Company adopted the link chain dollar value LIFO method of accounting for U.S. inventories in fiscal 1974. At June 30, 2024, approximately 14.9% of the Company’s domestic inventory dollars relate to LIFO layers added in the 1970s. The Company maintains five LIFO pools based on the following product groupings: bearings, power transmission products, rubber products, fluid power products, and other products. LIFO layers and/or liquidations are determined consistently year-to-year.
The Company evaluates the recoverability of its slow moving and inactive inventories at least quarterly. The Company estimates the recoverable cost of such inventory by product type while considering factors such as its age, historic and current demand trends, the physical condition of the inventory, as well as assumptions regarding future demand. The Company’s ability to recover its cost for slow moving or obsolete inventory can be affected by such factors as general market conditions, future customer demand, and relationships with suppliers. Historically, the Company’s inventories have demonstrated long shelf lives, are not highly susceptible to obsolescence, and, in certain instances, can be eligible for return under supplier return programs.
Supplier Purchasing Programs
The Company enters into agreements with certain suppliers providing inventory purchase incentives. The Company’s inventory purchase incentive arrangements are unique to each supplier and are generally annual programs ending at either the Company’s fiscal year end or the supplier’s year end; however, program length and ending dates can vary. Incentives are received in the form of cash or credits against purchases upon attainment of specified purchase volumes and are received either monthly, quarterly, or annually. The incentives are generally a specified percentage of the Company’s net purchases based upon achieving specific purchasing volume levels. These percentages can increase or decrease based on changes in the volume of purchases. The Company accrues for the receipt of these inventory purchase incentives based upon cumulative purchases of inventory. The percentage level utilized is based upon the estimated total volume of purchases expected during the life of the program. Supplier programs are analyzed each quarter to determine the appropriateness of the amount of purchase incentives accrued. Upon program completion, differences between estimates and actual incentives subsequently received have not been material. Benefits under these supplier purchasing programs are recognized under the Company’s inventory accounting methods as a reduction of cost of sales when the inventories representing these purchases are recorded as cost of sales. Accrued incentives expected to be settled as a credit against future purchases are reported on the consolidated balance sheets as an offset to amounts due to the related supplier.
Property and Related Depreciation and Amortization
Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets and is included in selling, distribution, and administrative expense in the accompanying statements of consolidated income. Buildings, building improvements and leasehold improvements are depreciated over ten to thirty years or the life of the lease if a shorter period, and equipment is depreciated over three to ten years. The Company capitalizes internal use software development costs in accordance with guidance on accounting for costs of computer software developed or obtained for internal use. Amortization of software begins when it is ready for its intended use, and is computed on a straight-line basis over the estimated useful life of the software, generally not to exceed twelve years. Capitalized software and hardware costs are classified as property on the consolidated balance sheets. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the asset group's recorded value cannot be recovered from undiscounted future cash flows. Impairment losses, if any, would be measured based upon the difference between the carrying amount of an asset group and its fair value.
Goodwill and Intangible Assets
Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is not amortized. Goodwill is reviewed for impairment annually as of January 1 or whenever changes in conditions indicate an evaluation should be completed. These conditions could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. The Company utilizes the income and market approaches to determine the fair value of reporting units. Evaluating impairment requires significant judgment by management,
including estimated future operating results, estimated future cash flows, the long-term rate of growth of the business, and determination of an appropriate discount rate. While the Company uses available information to prepare the estimates and evaluations, actual results could differ significantly.
The Company recognizes acquired identifiable intangible assets such as customer relationships, trade names, vendor relationships, and non-competition agreements apart from goodwill. Customer relationship identifiable intangibles are amortized using the sum-of-the-years-digits method or the expected cash flow method over estimated useful lives consistent with assumptions used in the determination of their value. Amortization of all other finite-lived identifiable intangible assets is computed using the straight-line method over the estimated period of benefit. Amortization of identifiable intangible assets is included in selling, distribution and administrative expense in the accompanying statements of consolidated income. Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable. If circumstances require a finite-lived intangible asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to the carrying value of the asset. If the carrying value of the finite-lived intangible asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value determined through a discounted cash flow model. Identifiable intangible assets with indefinite lives are reviewed for impairment on an annual basis or whenever changes in conditions indicate an evaluation should be completed. The Company does not currently have any indefinite-lived identifiable intangible assets.
Self-Insurance Liabilities
The Company maintains business insurance programs with significant self-insured retention covering workers’ compensation, business, automobile, general product liability and other claims. The Company accrues estimated losses including those incurred but not reported using actuarial calculations, models and assumptions based on historical loss experience. The Company also maintains a self-insured health benefits plan which provides medical benefits to U.S. based employees electing coverage under the plan. The Company estimates its reserve for all unpaid medical claims, including those incurred but not reported, based on historical experience, adjusted as necessary based upon management’s reasoned judgment.
Revenue Recognition
The Company primarily sells purchased products distributed through its network of service centers and recognizes revenue at a point in time when control of the product transfers to the customer, typically upon shipment from an Applied facility or directly from a supplier. For products that ship directly from suppliers to customers, Applied generally acts as the principal in the transaction and recognizes revenue on a gross basis. Revenue recognized over time is not significant. Revenue is measured as the amount of consideration expected to be received in exchange for the products and services provided, net of allowances for product returns, variable consideration, and any taxes collected from customers that will be remitted to governmental authorities. Shipping and handling costs are recognized in net sales when they are billed to the customer. The Company has elected to account for shipping and handling activities as fulfillment costs. There are no significant costs associated with obtaining customer contracts.
Payment terms with customers vary by the type and location of the customer and the products or services offered. The Company does not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant.
The Company’s products are generally sold with a right of return and may include variable consideration in the form of incentives, discounts, credits, or rebates. Product returns are estimated based on historical return rates. The returns reserve was $10,815 and $12,635 at June 30, 2024 and June 30, 2023, respectively.
The Company estimates and recognizes variable consideration based on historical experience to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to a customer. The Company records variable consideration as an adjustment to the transaction price in the period it is incurred. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant.
Shipping and Handling Costs
The Company records freight payments to third parties in cost of sales and internal delivery costs in selling, distribution and administrative expense in the accompanying statements of consolidated income. Internal delivery costs in selling, distribution and administrative expense were approximately $24,620, $22,170, and $17,890 for the fiscal years ended June 30, 2024, 2023, and 2022, respectively.
Income Taxes
Income taxes are determined based upon income and expenses recorded for financial reporting purposes. Deferred income taxes are recorded for estimated future tax effects of differences between the bases of assets and liabilities for financial reporting and income tax purposes, giving consideration to enacted tax laws. Uncertain tax positions meeting a more-likely-than-not recognition threshold are recognized in accordance with Accounting Standards Codification (ASC) Topic 740 - Income Taxes. The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in the provision for income taxes.
Share-Based Compensation
Share-based compensation represents the cost related to share-based awards granted to employees under the 2023 Long-Term Performance Plan, the 2019 Long-Term Performance Plan, or the 2015 Long-Term Performance Plan. The Company measures share-based compensation cost at the grant date, based on the estimated fair value of the award and recognizes the cost over the requisite service period. Non-qualified stock appreciation rights (SARs) and stock options are granted with an exercise price equal to the closing market price of the Company’s common stock at the date of grant and the fair values are determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. SARs and stock option awards generally vest over four years of continuous service and have ten-year contractual terms. The fair value of restricted stock awards, restricted stock units (RSUs), and performance shares are based on the closing market price of Company common stock on the grant date.
Treasury Shares
Shares of common stock repurchased by the Company are recorded at cost as treasury shares and result in a reduction of shareholders’ equity in the consolidated balance sheets. The Company uses the weighted-average cost method for determining the cost of shares reissued. The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital.
Derivatives
The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
Retirement Savings Plan
Substantially all U.S. employees participate in the Applied Industrial Technologies, Inc. Retirement Savings Plan, a 401(k) plan. Participants may elect 401(k) contributions of up to 50% of their compensation, subject to Internal Revenue Code maximums. The Company partially matches 401(k) contributions by participants. The Company’s expense for matching of employees’ 401(k) contributions was $9,670, $9,989 and $9,149 during 2024, 2023 and 2022, respectively.
Deferred Compensation Plans
The Company maintains deferred compensation plans that enable certain employees of the Company to defer receipt of a portion of their compensation. Rabbi trusts have been established to hold and provide a measure of security for investments that fund benefits payments under these plans. Assets held in these rabbi trusts consist of investments in money market and mutual funds and Company common stock.
Post-employment Benefit Plans
The Company provides the following post-employment benefits which, except for the Qualified Defined Benefit Retirement Plan and Key Executive Restoration Plan, are unfunded:
Supplemental Executive Retirement Benefits Plan
The Company has a non-qualified pension plan to provide supplemental retirement benefits to certain officers. Benefits are payable and determinable at retirement based upon a percentage of the participant’s historical compensation. The Executive Organization and Compensation Committee of the Board of Directors froze participant benefits (credited service and final average earnings) and entry into the Supplemental Executive Retirement Benefits Plan (SERP) effective December 31, 2011. The Company recorded net periodic benefit costs associated with the SERP of $289, $399, and $450 in fiscal 2024, 2023, and 2022, respectively. The Company expects to make payments of approximately $1,300 under the SERP in fiscal 2025 and 2026, respectively.
Key Executive Restoration Plan
In fiscal 2012, the Company adopted the Key Executive Restoration Plan (KERP), a funded, non-qualified deferred compensation plan, to replace the SERP. The Company recorded $446, $456, and $514 of expense associated with this plan in fiscal 2024, 2023, and 2022, respectively.
Qualified Defined Benefit Retirement Plan
The Company's qualified defined benefit retirement plan provided benefits to certain hourly employees at retirement based on length of service and date of retirement. The plan accruals were frozen as of April 16, 2018, and employees were permitted to participate in the Retirement Savings Plan, following that date. The Company terminated the defined benefit retirement plan effective February 28, 2022. Participants elected to receive benefits as either a lump sum payment or through an annuity contract and the settlement of $8,895 was paid from plan assets in the second quarter of fiscal 2023. As a result of the plan termination, the Company recognized a loss of $1,184 in the year ended June 30, 2023, which was recorded in other (income) expense, net in the statements of consolidated income. The Company recorded net periodic costs associated with this plan of $282 in fiscal 2022.
Retiree Health Care Benefits
The Company provides health care benefits, through third-party policies, to eligible retired employees who pay a specified monthly premium. Premium payments are based upon current insurance rates for the type of coverage provided and are adjusted annually. Certain monthly health care premium payments are partially subsidized by the Company. Additionally, in conjunction with a fiscal 1998 acquisition, the Company assumed the obligation for a post-retirement medical benefit plan which provides health care benefits to eligible retired employees at no cost to the individual. The Company recorded net periodic benefits associated with these plans of $186, $113, and $123 in fiscal 2024, 2023, and 2022, respectively.
The Company has determined that the related disclosures under ASC Topic 715 - Compensation, Retirement Benefits, for these post-employment benefit plans are not material to the consolidated financial statements.
Leases
The Company leases facilities for certain service centers, warehouses, distribution centers, and office space. The Company also leases office equipment and vehicles. All leases are classified as operating. The Company’s leases expire at various dates through 2036, with terms ranging from 1 year to 15 years. Many of the Company’s real estate leases contain renewal provisions to extend lease terms up to 5 years. The exercise of renewal options is solely at the Company’s discretion. The Company’s lease agreements do not contain material variable lease payments, residual value guarantees, or restrictive covenants. The Company does not recognize right-of-use assets or lease liabilities for short-term leases with initial terms of 12 months or less. Leased vehicles comprise the majority of the Company’s short-term leases. All other leases are recorded on the balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing lease payment obligations. The Company’s leases do not provide implicit rates; therefore the Company uses its incremental borrowing rate as the discount rate for measuring lease liabilities. Non-lease components are accounted for separately from lease components. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution, and administrative expense on the 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, 2024. 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, enhances 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, 2023, with the interim disclosure requirements being effective for fiscal years beginning after December 15, 2024. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.
NOTE 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 years ended June 30, 2024, 2023, and 2022. Other countries consist of Mexico, Australia, New Zealand, Singapore, and Costa Rica.
| | | | | | | | | | | |
| Year Ended June 30, 2024 |
| Service Center Based Distribution | Engineered Solutions | Total |
Geographic Areas: | | | |
United States | $ | 2,540,427 | | $ | 1,391,762 | | $ | 3,932,189 | |
Canada | 310,210 | | — | | 310,210 | |
Other Countries | 205,918 | | 31,089 | | 237,007 | |
Total | $ | 3,056,555 | | $ | 1,422,851 | | $ | 4,479,406 | |
| | | | | | | | | | | |
| Year Ended June 30, 2023 |
| Service Center Based Distribution | Engineered Solutions | Total |
Geographic Areas: | | | |
United States | $ | 2,441,281 | | $ | 1,419,140 | | $ | 3,860,421 | |
Canada | 315,499 | | — | | 315,499 | |
Other Countries | 210,062 | | 26,812 | | 236,874 | |
Total | $ | 2,966,842 | | $ | 1,445,952 | | $ | 4,412,794 | |
| | | | | | | | | | | |
| Year Ended June 30, 2022 |
| Service Center Based Distribution | Engineered Solutions | Total |
Geographic Areas: | | | |
United States | $ | 2,081,566 | | $ | 1,218,184 | | $ | 3,299,750 | |
Canada | 291,530 | | — | | 291,530 | |
Other Countries | 192,508 | | 26,888 | | 219,396 | |
Total | $ | 2,565,604 | | $ | 1,245,072 | | $ | 3,810,676 | |
The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the years ended June 30, 2024, 2023, and 2022:
| | | | | | | | | | | | | | | | | |
| Year Ended June 30, 2024 |
| Service Center Based Distribution | | Engineered Solutions | | Total |
General Industry | 35.0 | % | | 38.7 | % | | 36.2 | % |
Industrial Machinery | 8.2 | % | | 24.2 | % | | 13.3 | % |
Food | 15.0 | % | | 2.8 | % | | 11.1 | % |
Metals | 10.9 | % | | 7.9 | % | | 10.0 | % |
Forest Products | 12.0 | % | | 3.2 | % | | 9.2 | % |
Chem/Petrochem | 2.7 | % | | 16.0 | % | | 6.9 | % |
Cement & Aggregate | 7.4 | % | | 1.3 | % | | 5.5 | % |
Oil & Gas | 5.1 | % | | 1.7 | % | | 4.0 | % |
Transportation | 3.7 | % | | 4.2 | % | | 3.8 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | |
| Year Ended June 30, 2023 |
| Service Center Based Distribution | | Engineered Solutions | | Total |
General Industry | 34.0 | % | | 41.2 | % | | 36.2 | % |
Industrial Machinery | 9.8 | % | | 26.1 | % | | 15.2 | % |
Food | 13.2 | % | | 2.7 | % | | 9.8 | % |
Metals | 10.6 | % | | 7.5 | % | | 9.6 | % |
Forest Products | 12.1 | % | | 2.8 | % | | 9.1 | % |
Chem/Petrochem | 2.8 | % | | 13.9 | % | | 6.4 | % |
Cement & Aggregate | 7.8 | % | | 1.3 | % | | 5.7 | % |
Oil & Gas | 6.0 | % | | 1.4 | % | | 4.5 | % |
Transportation | 3.7 | % | | 3.1 | % | | 3.5 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | |
| Year Ended June 30, 2022 |
| Service Center Based Distribution | | Engineered Solutions | | Total |
General Industry | 34.9 | % | | 40.1 | % | | 36.7 | % |
Industrial Machinery | 10.3 | % | | 28.3 | % | | 16.2 | % |
Food | 12.6 | % | | 2.5 | % | | 9.3 | % |
Metals | 11.2 | % | | 7.4 | % | | 9.9 | % |
Forest Products | 10.8 | % | | 2.4 | % | | 8.0 | % |
Chem/Petrochem | 3.1 | % | | 13.8 | % | | 6.6 | % |
Cement & Aggregate | 7.6 | % | | 1.0 | % | | 5.5 | % |
Oil & Gas | 5.4 | % | | 1.2 | % | | 4.0 | % |
Transportation | 4.1 | % | | 3.3 | % | | 3.8 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
The following tables present the Company’s percentage of revenue by reportable segment and product line for the years ended June 30, 2024, 2023, and 2022:
| | | | | | | | | | | | | | | | | |
| Year Ended June 30, 2024 |
| Service Center Based Distribution | | Engineered Solutions | | Total |
Power Transmission | 37.7 | % | | 11.3 | % | | 29.4 | % |
Fluid Power | 14.1 | % | | 36.3 | % | | 21.1 | % |
General Maintenance; Hose Products | 22.1 | % | | 17.2 | % | | 20.5 | % |
Bearings, Linear & Seals | 26.1 | % | | 0.4 | % | | 18.0 | % |
Specialty Flow Control | — | % | | 34.8 | % | | 11.0 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | |
| Year Ended June 30, 2023 |
| Service Center Based Distribution | | Engineered Solutions | | Total |
Power Transmission | 37.3 | % | | 10.6 | % | | 28.5 | % |
Fluid Power | 13.3 | % | | 34.3 | % | | 20.2 | % |
General Maintenance; Hose Products | 21.1 | % | | 19.3 | % | | 20.6 | % |
Bearings, Linear & Seals | 28.3 | % | | 0.4 | % | | 19.1 | % |
Specialty Flow Control | — | % | | 35.4 | % | | 11.6 | % |
Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | |
| Year Ended June 30, 2022 |
| Service Center Based Distribution | | Engineered Solutions | | Total |
Power Transmission | 37.1 | % | | 10.6 | % | | 28.4 | % |
Fluid Power | 12.8 | % | | 37.2 | % | | 20.8 | % |
General Maintenance; Hose Products | 20.9 | % | | 18.9 | % | | 20.3 | % |
Bearings, Linear & Seals | 29.2 | % | | 0.4 | % | | 19.8 | % |
Specialty Flow Control | — | % | | 32.9 | % | | 10.7 | % |
Total | 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 consolidated balance sheet, is as follows:
| | | | | | | | | | | | | | |
| June 30, 2024 | June 30, 2023 | $ Change | % Change |
Contract assets | $ | 12,648 | | $ | 17,911 | | $ | (5,263) | | (29.4) | % |
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.
NOTE 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 May 1, 2024, the Company acquired 100% of the outstanding shares of Grupo Kopar (Kopar), a Monterrey, Mexico based provider of emerging automation technologies and engineered solutions. Kopar is included in the Engineered Solutions segment. The purchase price for the acquisition was $61,225, net liabilities assumed were $2,529, and intangible assets including goodwill were $63,754 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. 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 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, and industrial motion products, and related service and repair capabilities. BDI is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $17,926, net tangible assets acquired were $4,086, and intangible assets including goodwill were $13,840 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 consolidated balance sheet as of June 30, 2024, 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 consolidated balance sheet as of June 30, 2024, 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.
Fiscal 2022 Acquisitions
On August 18, 2021, the Company acquired substantially all of the net assets of R.R. Floody Company (Floody), a Rockford, Illinois provider of high technology solutions for advanced factory automation. Floody is included in the Engineered Solutions segment. The purchase price for the acquisition was $8,038, net tangible assets acquired were $1,040, and intangible assets including goodwill were $6,998 based upon estimated fair values at the acquisition date. The purchase price included $1,000 of acquisition holdback payments, of which $500 was paid during the year-ended June 30, 2023, and the remaining $500 was paid during the year-ended June 30, 2024. 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.
NOTE 4: INVENTORIES
Inventories consist of the following:
| | | | | | | | | | | | | | |
June 30, | | 2024 | | 2023 |
U.S. inventories at average cost | | $ | 557,313 | | | $ | 558,299 | |
Foreign inventories at average cost | | 156,873 | | | 158,165 | |
| | 714,186 | | | 716,464 | |
Less: Excess of average cost over LIFO cost for U.S. inventories | | 225,928 | | | 215,280 | |
Inventories on consolidated balance sheets | | $ | 488,258 | | | $ | 501,184 | |
The overall impact of LIFO layer liquidations increased gross profit by $1,160, $127, and $501 in fiscal 2024, fiscal 2023, and fiscal 2022, respectively.
NOTE 5: 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 years ended June 30, 2024 and 2023 are as follows: | | | | | | | | | | | | | | | | | |
| Service Center Based Distribution | | Engineered Solutions | | Total |
Balance at July 1, 2022 | $ | 211,010 | | | $ | 352,195 | | | $ | 563,205 | |
Goodwill acquired during the year | — | | | 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 year | 9,712 | | | 32,634 | | | 42,346 | |
| | | | | |
Other, primarily currency translation | (1,369) | | | — | | | (1,369) | |
Balance at June 30, 2024 | $ | 219,574 | | | $ | 399,821 | | | $ | 619,395 | |
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, 2024. Based on the assessment performed, the Company concluded that the fair value of all of the reporting units exceeded their carrying amount as of January 1, 2024, therefore no impairment exists.
At June 30, 2024 and 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:
| | | | | | | | | | | | | | | | | |
June 30, 2024 | Amount | | Accumulated Amortization | | Net Book Value |
Finite-Lived Intangibles: | | | | | |
Customer relationships | $ | 394,114 | | | $ | 205,422 | | | $ | 188,692 | |
Trade names | 88,848 | | | 34,891 | | | 53,957 | |
| | | | | |
Other | 4,946 | | | 1,725 | | | 3,221 | |
Total Intangibles | $ | 487,908 | | | $ | 242,038 | | | $ | 245,870 | |
| | | | | | | | | | | | | | | | | |
June 30, 2023 | Amount | | Accumulated Amortization | | Net Book Value |
Finite-Lived 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 Intangibles | $ | 486,081 | | | $ | 250,532 | | | $ | 235,549 | |
Amounts include the impact of foreign currency translation. Fully amortized amounts are written off.
During fiscal 2024, the Company acquired identifiable intangible assets with an acquisition cost allocation and weighted-average life as follows: | | | | | | | | | | | |
| Acquisition Cost Allocation | | Weighted-Average Life |
Customer relationships | $ | 35,131 | | | 20.0 |
Trade names | 3,810 | | | 13.3 |
Other | 1,600 | | | 6.7 |
Total Intangibles Acquired | $ | 40,541 | | | 18.9 |
Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable.
Amortization of identifiable intangibles totaled $28,923, $30,805, and $31,879 in fiscal 2024, 2023, and 2022, respectively, and is included in selling, distribution and administrative expense in the statements of consolidated income. Future amortization expense based on the Company’s identifiable intangible assets as of June 30, 2024 is estimated to be $29,300 for 2025, $27,300 for 2026, $25,200 for 2027, $23,400 for 2028, and $21,800 for 2029.
NOTE 6: DEBT
A summary of long-term debt, including the current portion, follows: | | | | | | | | | | | | | | |
June 30, | | 2024 | | 2023 |
Revolving credit facility | | $ | 384,000 | | | $ | 383,592 | |
Trade receivable securitization facility | | 188,300 | | | 188,300 | |
| | | | |
Series D Notes | | — | | | 25,000 | |
Series E Notes | | 25,000 | | | 25,000 | |
Other | | 105 | | | 356 | |
Total debt | | $ | 597,405 | | | $ | 622,248 | |
Less: unamortized debt issuance costs | | 71 | | | 152 | |
| | $ | 597,334 | | | $ | 622,096 | |
Revolving Credit Facility & Term Loan
In December 2021, the Company entered into a five-year 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 with SOFR as a reference rate available for use in the computation of interest. 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 the net leverage ratio or SOFR plus a margin that ranges from 80 to 155 basis points based on the net leverage ratio. Available borrowing under this facility, without exercising the accordion feature and net of outstanding letters of credit of $200 to secure certain insurance obligations, totaled $515,800 and $516,208 at June 30, 2024 and June 30, 2023, respectively, and were available to fund future acquisitions or other capital and operating requirements. The interest rate on the revolving credit facility was 6.24% and 6.11% as of June 30, 2024 and June 30, 2023, respectively.
Additionally, the Company had letters of credit outstanding not associated with the revolving credit agreement, in the amount of $4,046 as of June 30, 2024 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 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 with SOFR as a reference rate available for use in the computation of interest, therefore borrowings under this facility carry variable interest rates tied to SOFR. The interest rate on the AR Securitization Facility as of June 30, 2024 and June 30, 2023 was 6.35% and 6.16%, respectively.
Unsecured Shelf Facility
At June 30, 2024 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.
The table below summarizes the aggregate maturities of amounts outstanding under long-term borrowing arrangements for each of the next five years:
| | | | | |
Fiscal Year | Aggregate Maturity |
2025 | $ | 25,105 | |
2026 | — | |
2027 | 572,300 | |
2028 | — | |
2029 | — | |
| |
Covenants
The credit facility and the unsecured shelf facility contain restrictive covenants regarding liquidity, net worth, financial ratios, and other covenants. At June 30, 2024, 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 June 30, 2024, the Company's net indebtedness was less than 0.3 times consolidated income before interest, taxes, depreciation and amortization (as defined). The Company was in compliance with all financial covenants at June 30, 2024.
NOTE 7: 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 this objective, 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 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 fiscal 2021, the Company completed a transaction to amend and extend the interest rate swap agreement which resulted in an extension of the maturity date to January 31, 2026 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 bilateral 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 ASC 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 June 30, 2024 and 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 $18,081 and $27,044 as of June 30, 2024 and June 30, 2023, respectively, which is included in other current assets and other assets in the consolidated balance sheet. Amounts reclassified from other comprehensive (loss) income, before tax, to interest expense totaled $(18,683), $(7,285), and $11,361 for fiscal 2024, 2023, and 2022, respectively.
NOTE 8: FAIR VALUE MEASUREMENTS
Marketable securities measured at fair value at June 30, 2024 and June 30, 2023 totaled $22,519 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 consolidated balance sheets and their fair values were valued using quoted market prices (Level 1 in the fair value hierarchy).
As of June 30, 2024, the carrying value of the Company's fixed interest rate debt outstanding under its unsecured shelf facility agreement with Prudential Investment Management approximates fair value (Level 2 in the fair value hierarchy).
The revolving credit facility contains variable interest rates and its carrying value approximates fair value (Level 2 in the fair value hierarchy).
NOTE 9: INCOME TAXES
Income Before Income Taxes
The components of income before income taxes are as follows:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
U.S. | $ | 467,785 | | | $ | 423,316 | | | $ | 287,367 | |
Foreign | 30,345 | | | 26,495 | | | 42,423 | |
Income before income taxes | $ | 498,130 | | | $ | 449,811 | | | $ | 329,790 | |
Provision
The provision for income taxes consists of:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
Current: | | | | | |
Federal | $ | 86,501 | | | $ | 84,294 | | | $ | 40,608 | |
State and local | 23,016 | | | 19,026 | | | 10,188 | |
Foreign | 3,925 | | | 5,468 | | | 6,404 | |
Total current | 113,442 | | | 108,788 | | | 57,200 | |
Deferred: | | | | | |
Federal | (791) | | | (1,881) | | | 12,467 | |
State and local | 1,159 | | | (84) | | | 2,659 | |
Foreign | (1,442) | | | (3,751) | | | 50 | |
Total deferred | (1,074) | | | (5,716) | | | 15,176 | |
Total | $ | 112,368 | | | $ | 103,072 | | | $ | 72,376 | |
Effective Tax RatesThe following reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
Statutory income tax rate | 21.0 | % | | 21.0 | % | | 21.0 | % |
Effects of: | | | | | |
State and local taxes | 4.0 | | | 3.5 | | | 3.3 | |
Stock compensation | (1.2) | | | (1.0) | | | (1.5) | |
GILTI/FDII | (0.4) | | | (0.2) | | | 0.2 | |
R & D credit | (0.4) | | | (0.4) | | | (0.4) | |
U.S. tax on foreign income, net | (0.1) | | | — | | | (0.4) | |
Impact of foreign operations | 0.3 | | | 0.2 | | | 0.4 | |
Non-deductibles/Deductible dividend | 0.9 | | | 0.6 | | | 0.2 | |
Interest deduction | (0.4) | | | (0.4) | | | (0.6) | |
Valuation allowance | (0.7) | | | (0.6) | | | (0.6) | |
Other, net | (0.4) | | | 0.2 | | | 0.3 | |
Effective income tax rate | 22.6 | % | | 22.9 | % | | 21.9 | % |
Consolidated Balance Sheets
Significant components of the Company’s deferred tax assets and liabilities are as follows:
| | | | | | | | | | | |
June 30, | 2024 | | 2023 |
Deferred tax assets: | | | |
Compensation liabilities not currently deductible | $ | 18,646 | | | $ | 17,726 | |
Other expenses and reserves not currently deductible | 15,008 | | | 18,215 | |
| | | |
Leases | 34,771 | | | 26,345 | |
| | | |
Net operating loss carryforwards | 6,340 | | | 6,809 | |
Capitalization of R&D costs | 17,584 | | | 11,646 | |
Other | 300 | | | 381 | |
Total deferred tax assets | $ | 92,649 | | | $ | 81,122 | |
Less: Valuation allowance | (158) | | | (3,459) | |
Deferred tax assets, net of valuation allowance | $ | 92,491 | | | $ | 77,663 | |
Deferred tax liabilities: | | | |
Inventories | $ | (18,086) | | | $ | (15,174) | |
Goodwill and intangibles | (63,733) | | | (52,463) | |
Leases | (34,473) | | | (26,179) | |
Hedging instrument | (5,965) | | | (9,081) | |
Depreciation and differences in property bases | (10,506) | | | (9,757) | |
Total deferred tax liabilities | (132,763) | | | (112,654) | |
Net deferred tax liabilities | $ | (40,272) | | | $ | (34,991) | |
Net deferred tax liabilities are classified as follows: | | | |
Other assets | $ | 11,306 | | | $ | 9,990 | |
Other liabilities | (51,578) | | | (44,981) | |
Net deferred tax liabilities | $ | (40,272) | | | $ | (34,991) | |
As of June 30, 2024 and 2023, the Company had foreign net operating loss carryforwards of approximately $24,627 and $29,374, respectively, the tax benefit of which is approximately $6,146 and $6,440, respectively. These loss carryforwards will expire at various dates beginning in 2036. As of June 30, 2024 and 2023, the Company had state net operating loss carryforwards, the tax benefit of which is approximately $194 and $466, respectively, which will expire at various dates beginning in 2034.
Valuation allowances are provided against deferred tax assets where it is considered more-likely-than-not that the Company will not realize the benefit of such assets. The remaining net deferred tax asset is the amount management believes is more-likely-than-not of being realized. The realization of these deferred tax assets can be impacted by changes to tax laws, statutory tax rates and future income levels. The Company evaluates the realization of its deferred tax assets each quarter throughout the year. During the years ended June 30, 2024 and 2023, the Company recorded a net tax benefit related to the change in valuation allowances of $3,283 and $2,657, respectively. The total valuation allowance provided against the deferred tax assets is $158 and $3,415 as of June 30, 2024 and 2023, respectively.
As of June 30, 2024, the Company had accumulated undistributed earnings of non-U.S. subsidiaries of approximately $186,420. The vast majority of such earnings have previously been subjected to the one-time transition tax or the Global Intangible Low Taxed Income (GILTI) inclusion. Therefore, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of our foreign investments would generally be limited to foreign withholding and state income taxes. In addition, we expect foreign tax credits would be available to either offset or partially reduce the tax cost in the event of a distribution. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs.
Unrecognized Income Tax Benefits
The Company and its subsidiaries file income tax returns in U.S. federal, various state, local, and foreign jurisdictions. The following table sets forth the changes in the amount of unrecognized tax benefits for the years ended June 30, 2024, 2023, and 2022:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
Unrecognized Income Tax Benefits at beginning of the year | $ | 4,821 | | | $ | 4,926 | | | $ | 5,230 | |
Current year tax positions | 105 | | | 622 | | | 505 | |
Prior year tax positions | (412) | | | (86) | | | (83) | |
Expirations of statutes of limitations | (1,466) | | | (641) | | | (726) | |
| | | | | |
Unrecognized Income Tax Benefits at end of year | $ | 3,048 | | | $ | 4,821 | | | $ | 4,926 | |
The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes. During 2024, 2023, and 2022, the Company recognized $296, $239, and $(362) of expense (income), respectively, for interest and penalties related to unrecognized income tax benefits in its statements of consolidated income. The Company had a liability for penalties and interest of $1,411, $1,115, and $876 as of June 30, 2024, 2023, and 2022, respectively. The Company anticipates a decrease to unrecognized income tax benefits within the next twelve months of approximately $2,250, of which all would affect the effective income tax rate. Included in the balance of unrecognized income tax benefits at June 30, 2024, 2023, and 2022 are $2,946, $4,722, and $4,813 respectively, of income tax benefits that, if recognized, would affect the effective income tax rate.
The Company is subject to U.S. federal income tax examinations for the tax years 2019 through 2024 and to state and local income tax examinations for the tax years 2018 through 2024. In addition, the Company is subject to foreign income tax examinations for the tax years 2017 through 2024.
The Company’s unrecognized income tax benefits are included in other liabilities in the consolidated balance sheets since payment of cash is not expected within one year, or as a reduction of a deferred tax asset.
NOTE 10: SHAREHOLDERS’ EQUITY
Treasury Shares
At June 30, 2024, 128 shares of the Company’s common stock held as treasury shares were restricted as collateral under escrow arrangements relating to change in control and director and officer indemnification agreements.
Accumulated Other Comprehensive Loss
Changes in the accumulated other comprehensive loss for the years ended June 30, 2024, 2023, and 2022, are composed of the following amounts, shown net of taxes:
| | | | | | | | | | | | | | | | | | | | | | | |
| Foreign currency translation adjustment | | Post-employment benefits | | Cash flow hedge | | Total accumulated other comprehensive loss |
Balance at July 1, 2021 | $ | (80,838) | | | $ | (3,673) | | | $ | (8,581) | | | $ | (93,092) | |
Other comprehensive (loss) income | (9,900) | | | 2,142 | | | 19,770 | | | 12,012 | |
Amounts reclassified from accumulated other comprehensive loss | — | | | 228 | | | 8,557 | | | 8,785 | |
| | | | | | | |
Net current-period other comprehensive (loss) income | (9,900) | | | 2,370 | | | 28,327 | | | 20,797 | |
Balance at June 30, 2022 | (90,738) | | | (1,303) | | | 19,746 | | | (72,295) | |
Other comprehensive income | 7,639 | | | 1,082 | | | 13,759 | | | 22,480 | |
Amounts reclassified from accumulated other comprehensive loss | — | | | 24 | | | (5,505) | | | (5,481) | |
Net current-period other comprehensive income | 7,639 | | | 1,106 | | | 8,254 | | | 16,999 | |
Balance at June 30, 2023 | (83,099) | | | (197) | | | 28,000 | | | (55,296) | |
Other comprehensive (loss) income | (12,467) | | | (101) | | | 4,499 | | | (8,069) | |
Amounts reclassified from accumulated other comprehensive loss | — | | | (93) | | | (14,108) | | | (14,201) | |
Net current-period other comprehensive loss | (12,467) | | | (194) | | | (9,609) | | | (22,270) | |
Balance at June 30, 2024 | $ | (95,566) | | | $ | (391) | | | $ | 18,391 | | | $ | (77,566) | |
Other Comprehensive (Loss) Income
Details of other comprehensive (loss) income are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
| Pre-Tax Amount | | Tax (Benefit) Expense | | Net Amount | | Pre-Tax Amount | | Tax Expense (Benefit) | | Net Amount | | Pre-Tax Amount | | Tax Expense | | Net Amount |
Foreign currency translation adjustments | $ | (12,544) | | | $ | (77) | | | $ | (12,467) | | | $ | 7,723 | | | $ | 84 | | | $ | 7,639 | | | $ | (9,862) | | | $ | 38 | | | $ | (9,900) | |
Post-employment benefits: | | | | | | | | | | | | | | | | | |
Actuarial (loss) gain on re-measurement | (134) | | | (33) | | | (101) | | | 405 | | | 100 | | | 305 | | | 2,839 | | | 697 | | | 2,142 | |
Reclassification of actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs | (117) | | | (24) | | | (93) | | | 36 | | | 12 | | | 24 | | | 300 | | | 72 | | | 228 | |
Termination of pension plan | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | | | — | | | — | | | — | |
Unrealized gain on cash flow hedge | 5,958 | | | 1,459 | | | 4,499 | | | 18,174 | | | 4,415 | | | 13,759 | | | 26,204 | | | 6,434 | | | 19,770 | |
Reclassification of interest from cash flow hedge into interest expense | (18,683) | | | (4,575) | | | (14,108) | | | (7,285) | | | (1,780) | | | (5,505) | | | 11,361 | | | 2,804 | | | 8,557 | |
| | | | | | | | | | | | | | | | | |
Other comprehensive (loss) income | $ | (25,520) | | | $ | (3,250) | | | $ | (22,270) | | | $ | 20,084 | | | $ | 3,085 | | | $ | 16,999 | | | $ | 30,842 | | | $ | 10,045 | | | $ | 20,797 | |
Net Income Per Share
Basic net income per share is based on the weighted-average number of common shares outstanding. Diluted net income per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing net income per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include Restricted Stock Units ("RSUs") and restricted stock awards. The Company calculated basic and diluted net income per share under both the treasury stock method and the two-class method. For the years presented there were no material differences in the net income per share amounts calculated using the two methods. Accordingly, the treasury stock method is disclosed below.
The following table presents amounts used in computing net income per share and the effect on the weighted-average number of shares of dilutive potential common shares:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
Net Income | $ | 385,762 | | | $ | 346,739 | | | $ | 257,414 | |
Average Shares Outstanding: | | | | | |
Weighted-average common shares outstanding for basic computation | 38,672 | | | 38,592 | | | 38,471 | |
Dilutive effect of potential common shares | 585 | | | 628 | | | 634 | |
Weighted-average common shares outstanding for dilutive computation | 39,257 | | | 39,220 | | | 39,105 | |
Net Income Per Share — Basic | $ | 9.98 | | | $ | 8.98 | | | $ | 6.69 | |
Net Income Per Share — Diluted | $ | 9.83 | | | $ | 8.84 | | | $ | 6.58 | |
Stock awards relating to 99, 84 and 106 shares of common stock were outstanding at June 30, 2024, 2023 and 2022, respectively, but were not included in the computation of diluted earnings per share for the fiscal years then ended as they were anti-dilutive.
NOTE 11: SHARE-BASED COMPENSATION
Share-Based Incentive Plans
Following approval by the Company's shareholders in October 2023, the 2023 Long-Term Performance Plan (the "2023 Plan") replaced the 2019 Long-Term Performance Plan. The 2023 Plan, which expires in 2028, provides for granting of SARs, stock options, stock awards, cash awards, and such other awards or combination thereof as the Executive Organization and Compensation Committee or, in the case of director awards, the Corporate Governance & Sustainability Committee of the Board of Directors (together referred to as the "Committee") may determine to officers, other key employees and members of the Board of Directors. Grants are generally made at regularly scheduled committee meetings. Compensation costs charged to expense under award programs paid (or to be paid) with shares (including SARs, performance shares, restricted stock, and RSUs) are summarized in the table below:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
SARs | $ | 3,448 | | | $ | 2,785 | | | $ | 3,284 | |
Performance shares | 4,232 | | | 5,302 | | | 4,549 | |
Restricted stock and RSUs | 5,264 | | | 4,274 | | | 4,009 | |
Total compensation costs under award programs | $ | 12,944 | | | $ | 12,361 | | | $ | 11,842 | |
Such amounts are included in selling, distribution, and administrative expense in the accompanying statements of consolidated income. The total income tax benefit recognized in the statements of consolidated income for share-based compensation plans was $5,885, $7,886, and $5,105 for fiscal 2024, 2023, and 2022, respectively. It has been the practice of the Company to issue shares from treasury to satisfy requirements of awards paid with shares.
The aggregate unrecognized compensation cost for share-based award programs with the potential to be paid at June 30, 2024 is summarized in the table below:
| | | | | | | | | | | |
June 30, | 2024 | | Average Expected Period of Expected Recognition (Years) |
SARs | $ | 5,113 | | | 2.6 |
Performance shares | 6,415 | | | 1.7 |
Restricted stock and RSUs | 3,050 | | | 2.1 |
Total unrecognized compensation costs under award programs | $ | 14,578 | | | 2.1 |
Cost of these programs will be recognized as expense over the weighted-average remaining vesting period of 2.1 years. The aggregate number of shares of common stock which may be awarded under the 2023 Plan is 1,600; shares available for future grants at June 30, 2024 were 1,584.
Stock Appreciation Rights and Stock Options
The weighted-average assumptions used for SARs grants issued in fiscal 2024, 2023, and 2022 are:
| | | | | | | | | | | | | | | | | |
| 2024 | | 2023 | | 2022 |
Expected life, in years | 6.0 | | 6.2 | | 6.4 |
Risk free interest rate | 4.1 | % | | 2.9 | % | | 1.0 | % |
Dividend yield | 1.0 | % | | 1.3 | % | | 1.5 | % |
Volatility | 37.0 | % | | 35.5 | % | | 34.3 | % |
Per share fair value of SARs granted during the year | $55.65 | | $35.98 | | $26.18 |
The expected life is based upon historical exercise experience of the officers, other key employees, and members of the Board of Directors. The risk free interest rate is based upon U.S. Treasury zero-coupon bonds with remaining terms equal to the expected life of the SARs. The assumed dividend yield has been estimated based upon the Company’s historical results and expectations for changes in dividends and stock prices. The volatility assumption is calculated based upon historical daily price observations of the Company’s common stock for a period equal to the expected life.
SARs are redeemable solely in Company common stock. The exercise price of stock option awards may be settled by the holder with cash or by tendering Company common stock.
A summary of SARs and stock options activity is presented below:
| | | | | | | | | | | |
| Shares | | Weighted-Average Exercise Price |
Year Ended June 30, 2024 | |
(Shares in thousands) | |
Outstanding, beginning of year | 816 | | | $ | 70.11 | |
Granted | 102 | | | 143.72 | |
Exercised | (188) | | | 61.25 | |
Forfeited | (18) | | | 83.67 | |
Outstanding, end of year | 712 | | | $ | 82.65 | |
Exercisable at end of year | 472 | | | $ | 65.93 | |
Expected to vest at end of year | 706 | | | $ | 82.29 | |
The weighted-average remaining contractual terms for SARs and stock options outstanding, exercisable, and expected to vest at June 30, 2024 were 5.8, 4.6, and 5.8 years, respectively. The aggregate intrinsic values of SARs and stock options outstanding, exercisable, and expected to vest at June 30, 2024 were $79,326 $60,488, and $78,921, respectively. The aggregate intrinsic value of the SARs and stock options exercised during fiscal 2024, 2023, and 2022 was $19,700, $20,170, and $17,015, respectively.
The total fair value of shares vested during fiscal 2024, 2023, and 2022 was $2,550, $2,691, and $2,341, respectively.
Performance Shares
Performance shares are paid in shares of Applied stock at the end of a three-year period provided the Company achieves goals established by the Committee. The number of Applied shares payable will vary depending on the level of the goals achieved.
A summary of non-vested performance shares activity at June 30, 2024 is presented below:
| | | | | | | | | | | |
| Shares | | Weighted-Average Grant-Date Fair Value |
Year Ended June 30, 2024 | |
(Shares in thousands) | |
Non-vested, beginning of year | 159 | | | $ | 66.74 | |
Awarded | 42 | | | 99.79 | |
| | | |
Vested | (100) | | | 53.50 | |
Non-vested, end of year | 101 | | | $ | 93.73 | |
The Committee set three one-year goals for each of the 2024, 2023, and 2022 grants. Each fiscal year during the three-year term has its own separate goals, tied to the Company’s earnings before interest, tax, depreciation, and amortization (EBITDA) and after-tax return on assets (ROA). Achievement during any particular fiscal year is awarded and “banked” for payout at the end of the three-year term. For the outstanding grants as of June 30, 2024, the maximum number of shares that could be earned in future periods was 53.
Restricted Stock and Restricted Stock Units
Under the 2023 Plan, restricted stock award recipients have voting rights with respect to their shares, but are restricted from selling or transferring the shares prior to vesting; dividends are accrued and paid upon vesting. Restricted stock awards vest over periods of one to four years. RSUs are grants valued in shares of Applied stock, but shares are not issued until the grants vest three to five years from the award date, assuming continued employment with Applied; dividend equivalents on RSUs are accrued and paid upon vesting.
A summary of the status of the Company’s non-vested restricted stock and RSUs at June 30, 2024 is presented below:
| | | | | | | | | | | |
| Shares | | Weighted-Average Grant-Date Fair Value |
Year Ended June 30, 2024 | |
(Share amounts in thousands) | |
Non-vested, beginning of year | 143 | | | $ | 83.35 | |
Granted | 29 | | | 151.53 | |
Forfeitures | (4) | | | 84.96 | |
Vested | (38) | | | 81.50 | |
Non-vested, end of year | 130 | | | $ | 99.05 | |
NOTE 12: LEASES
The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution and administrative expense on the statements of consolidated income. Operating lease costs and short-term lease costs were $38,905 and $12,683, respectively, for the year ended June 30, 2024 and $35,982 and $9,153, respectively, for the year ended June 30, 2023. Variable lease costs and sublease income were not material.
Information related to operating leases is as follows:
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June 30, | | 2024 | | 2023 |
Operating lease assets, net | | $ | 133,289 | | | $ | 100,677 | |
| | | | |
Operating lease liabilities | | | | |
Other current liabilities | | $ | 33,466 | | | $ | 31,173 | |
Other liabilities | | 104,143 | | | 72,704 | |
Total operating lease liabilities | | $ | 137,609 | | | $ | 103,877 | |
| | | | | | | | | | | | | | |
June 30, | | 2024 | | 2023 |
Weighted average remaining lease term (years) | | 5.5 | | 4.9 |
Weighted average incremental borrowing rate | | 4.51 | % | | 3.67 | % |
| | | | | | | | | | | | | | |
Year Ended June 30, | | 2024 | | 2023 |
Cash paid for operating leases | | $ | 38,130 | | | $ | 35,545 | |
Right of use assets obtained in exchange for new operating lease liabilities | | $ | 67,535 | | | $ | 30,605 | |
The table below summarizes the aggregate maturities of liabilities pertaining to operating leases with terms greater than one year for each of the next five years:
| | | | | |
Fiscal Year | Maturity of Operating Lease Liabilities |
2025 | $ | 38,617 | |
2026 | 33,357 | |
2027 | 26,843 | |
2028 | 19,466 | |
2029 | 14,208 | |
Thereafter | 23,456 | |
Total lease payments | 155,947 | |
Less interest | 18,338 | |
Present value of lease liabilities | $ | 137,609 | |
The Company maintains lease agreements for many of the operating facilities of businesses it acquires from previous owners. In many cases, the previous owners of the business acquired become employees of Applied and occupy
management positions within those businesses. The payments under lease agreements of this nature totaled $2,250 in 2024, $1,500 in 2023, and $2,100 in 2022.
NOTE 13: SEGMENT INFORMATION
The Company's reportable segments are: Service Center Based Distribution and Engineered Solutions. These reportable segments contain the Company's various operating segments which have been aggregated based upon similar economic and operating characteristics. The Service Center Based Distribution segment operates through local service centers and distribution centers with a focus on providing products and services addressing the maintenance and repair of motion control infrastructure and production equipment. Products primarily include industrial bearings, motors, belting, drives, couplings, pumps, linear motion products, hydraulic and pneumatic components, filtration supplies, and hoses, as well as other related supplies for general operational needs of customers’ machinery and equipment. The Engineered Solutions segment includes our operations that specialize in distributing, engineering, designing, integrating, and repairing hydraulic and pneumatic fluid power technologies, and engineered flow control products and services. This segment also includes our operations that focus on advanced automation solutions including machine vision, robotics, motion control, and smart technologies.
The accounting policies of the Company’s reportable segments are generally the same as those described in Note 1. Intercompany sales, primarily from the Engineered Solutions segment to the Service Center Based Distribution segment of $52,574, $48,450, and $37,163, in 2024, 2023, and 2022, respectively, have been eliminated in the following table.
Segment Financial Information
| | | | | | | | | | | | | | | | | |
| Service Center Based Distribution | | Engineered Solutions | | Total |
Year Ended June 30, 2024 | | | | | |
Net sales | $ | 3,056,555 | | | $ | 1,422,851 | | | $ | 4,479,406 | |
Operating income for reportable segments | 400,182 | | | 206,844 | | | 607,026 | |
Assets used in the business | 1,865,269 | | | 1,086,641 | | | 2,951,910 | |
Depreciation and amortization of property | 17,700 | | | 5,731 | | | 23,431 | |
Capital expenditures | 18,040 | | | 6,824 | | | 24,864 | |
Year Ended June 30, 2023 | | | | | |
Net sales | $ | 2,966,842 | | | $ | 1,445,952 | | | $ | 4,412,794 | |
Operating income for reportable segments | 373,439 | | | 203,404 | | | 576,843 | |
Assets used in the business | 1,736,393 | | | 1,006,939 | | | 2,743,332 | |
Depreciation and amortization of property | 17,932 | | | 4,334 | | | 22,266 | |
Capital expenditures | 15,390 | | | 11,086 | | | 26,476 | |
Year Ended June 30, 2022 | | | | | |
Net sales | $ | 2,565,604 | | | $ | 1,245,072 | | | $ | 3,810,676 | |
Operating income for reportable segments | 301,881 | | | 156,644 | | | 458,525 | |
Assets used in the business | 1,455,293 | | | 997,295 | | | 2,452,588 | |
Depreciation and amortization of property | 17,509 | | | 4,167 | | | 21,676 | |
Capital expenditures | 14,486 | | | 3,638 | | | 18,124 | |
A reconciliation of operating income for reportable segments to the consolidated income before income taxes
is as follows:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
Operating income for reportable segments | $ | 607,026 | | | $ | 576,843 | | | $ | 458,525 | |
Adjustments for: | | | | | |
Intangible amortization — Service Center Based Distribution | 3,188 | | | 2,857 | | | 3,435 | |
Intangible amortization — Engineered Solutions | 25,735 | | | 27,948 | | | 28,444 | |
| | | | | |
| | | | | |
Corporate and other expense, net | 82,280 | | | 72,887 | | | 68,788 | |
Total operating income | 495,823 | | | 473,151 | | | 357,858 | |
Interest expense, net | 2,831 | | | 21,639 | | | 26,263 | |
Other (income) expense, net | (5,138) | | | 1,701 | | | 1,805 | |
Income before income taxes | $ | 498,130 | | | $ | 449,811 | | | $ | 329,790 | |
Fluctuations in corporate and other expense, net, are 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.
Geographic Information
Long-lived assets are based on physical locations and are composed of the net book value of property and right of use assets. Information by geographic area is as follows:
| | | | | | | | | | | |
June 30, | 2024 | | 2023 |
Long-Lived Assets: | | | |
United States | $ | 209,987 | | | $ | 176,025 | |
Canada | 26,436 | | | 29,817 | |
Other Countries | 15,393 | | | 9,876 | |
Total | $ | 251,816 | | | $ | 215,718 | |
NOTE 14: COMMITMENTS AND CONTINGENCIES
The Company is a party to various pending judicial and administrative proceedings. Based on circumstances currently known, the Company does not expect that the ultimate resolution of any of these matters 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.
NOTE 15: OTHER (INCOME) EXPENSE, NET
Other (income) expense, net, consists of the following:
| | | | | | | | | | | | | | | | | |
Year Ended June 30, | 2024 | | 2023 | | 2022 |
Unrealized (gain) loss on assets held in rabbi trust for a non-qualified deferred compensation plan | $ | (3,300) | | | $ | (2,223) | | | $ | 2,612 | |
Foreign currency transaction (gains) losses | (1,099) | | | 3,284 | | | (65) | |
Net other periodic post-employment costs | 114 | | | 1,470 | | | 610 | |
Life insurance income, net | (855) | | | (668) | | | (1,374) | |
Other, net | 2 | | | (162) | | | 22 | |
Total other (income) expense, net | $ | (5,138) | | | $ | 1,701 | | | $ | 1,805 | |
NOTE 16: SUBSEQUENT EVENTS
We have evaluated events and transactions occurring subsequent to June 30, 2024 through the date the financial statements were issued.
On August 1, 2024, the Company acquired substantially all of the net assets of Total Machine Solutions (TMS) and 100% of the outstanding shares of Stanley Proctor. TMS is a Fairfield, NJ provider of electrical and mechanical power transmission products and solutions including bearings, drives, motors, conveyor components, and related repair services. The purchase price for TMS was $6,500 and it is included in the Service Center Based Distribution segment. Stanley Proctor, based in Twinsburg, OH, provides hydraulic, pneumatic, measurement, control, and instrumentation components, as well as fluid power engineered systems. The purchase price for Stanley Proctor was $3,200 and it is included in the Engineered Solutions segment. The Company funded both acquisitions using available cash.
ITEM 9A. 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.
Management's Report on Internal Control over Financial Reporting
The Management of Applied Industrial Technologies, Inc. is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed by, or under the supervision of, the President & Chief Executive Officer and the Vice President - Chief Financial Officer, Treasurer, & Principal Accounting Officer, and effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America.
The Company’s internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the Company are being made only in accordance with authorizations of the Company’s Management and Board of Directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the consolidated financial statements.
Because of inherent limitations, internal control over financial reporting can provide only reasonable, not absolute, assurance with respect to the preparation and presentation of the consolidated financial statements and may not prevent or detect misstatements. Further, because of changes in conditions, effectiveness of internal control over financial reporting may vary over time.
Management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of June 30, 2024. This evaluation was based on the criteria set forth in the framework "Internal Control - Integrated Framework (2013)" issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, Management determined that the Company’s internal control over financial reporting was effective as of June 30, 2024.
The effectiveness of the Company’s internal control over financial reporting has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report which is included herein.
| | | | | | | | |
/s/ Neil A. Schrimsher | | /s/ David K. Wells |
President & Chief Executive Officer | | Vice President - Chief Financial Officer, Treasurer, & Principal Accounting Officer |
August 16, 2024
Changes in Internal Control Over Financial Reporting
There have not been any changes in internal control over financial reporting during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the shareholders and the Board of Directors of Applied Industrial Technologies, Inc.
Opinion on Internal Control over Financial Reporting
We have audited the internal control over financial reporting of Applied Industrial Technologies, Inc. and subsidiaries (the “Company”) as of June 30, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by COSO.
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended June 30, 2024, of the Company and our report dated August 16, 2024, expressed an unqualified opinion on those financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control over Financial Reporting
A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ DELOITTE & TOUCHE LLP
Cleveland, Ohio
August 16, 2024
PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE.
(a)1. Financial Statements.
The following consolidated financial statements, notes thereto, the reports of independent registered public accounting firm, and supplemental data are included in Item 8 of this report:
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• | Report of Independent Registered Public Accounting Firm |
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• | Statements of Consolidated Income for the Years Ended June 30, 2024, 2023, and 2022 |
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• | Statements of Consolidated Comprehensive Income for the Years Ended June 30, 2024, 2023, and 2022 |
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• | Consolidated Balance Sheets at June 30, 2024 and 2023 |
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• | Statements of Consolidated Cash Flows for the Years Ended June 30, 2024, 2023, and 2022 |
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• | Statements of Consolidated Shareholders' Equity For the Years Ended June 30, 2024, 2023, and 2022 |
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• | Notes to Consolidated Financial Statements for the Years Ended June 30, 2024, 2023, and 2022 |
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• | Supplementary Data: |
(a)2. Financial Statement Schedule.
The following schedule is included in this Part IV, and is found in this report at the page indicated:
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| Page No. |
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| Schedule II - Valuation and Qualifying Accounts: Pg. 37 |
All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission have been omitted because they are not required under the related instructions, are not applicable, or the required information is included in the consolidated financial statements and notes thereto.
(a)3. Exhibits.
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* Asterisk indicates an executive compensation plan or arrangement. |
Exhibit No. | Description |
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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 | First Amendment Agreement, dated as of May 12, 2023, among Applied Industrial Technologies, Inc., KeyBank National Association as Agent, and the Lenders set forth therein (filed as Exhibit 4.7 to the Company's Form 10-K for the fiscal year ended June 30, 2023 filed August 11, 2023, SEC File No. 1-2299, and incorporated here by reference). |
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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 Applied'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 Applied'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 the Company's Form 10-K for the fiscal year ended June 30, 2023 filed August 11, 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 Applied'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 Applied'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 Applied's Form 8-K filed March 29, 2021, SEC File No. 1-2299, and incorporated here by reference). |
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4.14 | |
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4.15 | 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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4.16 | 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 | A written description of Applied's director compensation program is incorporated by reference to Applied’s proxy statement for the annual meeting of shareholders to be held October 22, 2024 under the caption “Director Compensation.” |
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101 | The following financial information from Applied Industrial Technologies, Inc.'s Annual Report on Form 10-K for the year ended June 30, 2024, formatted in Inline XBRL (Extensible Business Reporting Language) includes: (i) the Statements of Consolidated Income, (ii) the Statements of Consolidated Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Statements of Consolidated Cash Flows, (v) the Statements of Consolidated Shareholders' Equity, and (vi) the Notes to the Consolidated Financial Statements. |
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104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
Applied 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 Applied'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.
APPLIED INDUSTRIAL TECHNOLOGIES, INC. & SUBSIDIARIES
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
YEARS ENDED JUNE 30, 2024, 2023, AND 2022
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
COLUMN A | | COLUMN B | | COLUMN C | | | COLUMN D | | | COLUMN E |
DESCRIPTION | | Balance at Beginning of Period | | (Deductions) Additions Charged to Cost and Expenses | | (Deductions) Additions Charged to Other Accounts | | | Deductions from Reserve | | | Balance at End of Period |
Year Ended June 30, 2024 | | | | | | | | | | | | |
Reserve deducted from assets to which it applies — | | | | | | | | | | | | |
Accounts receivable: | | | | | | | | | | | | |
Allowance for doubtful accounts | | $ | 22,334 | | | $ | (205) | | | $ | — | | | | $ | 9,066 | | (B) | | $ | 13,063 | |
Returns reserve | | 12,635 | | | — | | | (1,820) | | (A) | | — | | | | 10,815 | |
| | $ | 34,969 | | | $ | (205) | | | $ | (1,820) | | | | $ | 9,066 | | | | $ | 23,878 | |
Year Ended June 30, 2023 | | | | | | | | | | | | |
Reserve deducted from assets to which it applies — | | | | | | | | | | | | |
Accounts receivable: | | | | | | | | | | | | |
Allowance for doubtful accounts | | $ | 17,522 | | | $ | 5,619 | | | $ | — | | | | $ | 807 | | (B) | | $ | 22,334 | |
Returns reserve | | 10,522 | | | — | | | 2,113 | | (A) | | — | | | | 12,635 | |
| | $ | 28,044 | | | $ | 5,619 | | | $ | 2,113 | | | | $ | 807 | | | | $ | 34,969 | |
Year Ended June 30, 2022 | | | | | | | | | | | | |
Reserve deducted from assets to which it applies — | | | | | | | | | | | | |
Accounts receivable: | | | | | | | | | | | | |
Allowance for doubtful accounts | | $ | 16,455 | | | $ | 3,193 | | | $ | — | | | | $ | 2,126 | | (B) | | $ | 17,522 | |
Returns reserve | | 9,772 | | | — | | | 750 | | (A) | | — | | | | 10,522 | |
| | $ | 26,227 | | | $ | 3,193 | | | $ | 750 | | | | $ | 2,126 | | | | $ | 28,044 | |
(A)Amounts in the years ending June 30, 2024, 2023 and 2022 represent reserves recorded for the return of merchandise by customers. The Company adopted ASC 606 - Revenue from Contracts with Customers effective July 1, 2018 which requires the Company's sales returns reserve to be established at the gross sales value with an asset established for the value of the expected product to be returned.
(B)Amounts represent uncollectible accounts charged off.
SIGNATURES.
Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
| | | | | | | | |
/s/ Neil A. Schrimsher | | /s/ David K. Wells |
Neil A. Schrimsher President & Chief Executive Officer | | David K. Wells Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer |
Date: September 10, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.
| | | | | | | | |
* | | * |
Madhuri A. Andrews, Director | | Shelly M. Chadwick, Director |
| | |
* | | * |
Mary Dean Hall, Director | | Dan P. Komnenovich, Director |
| | |
* | | * |
Robert J. Pagano, Jr., Director | | Vincent K. Petrella, Director |
| | |
* | | /s/ Neil A. Schrimsher |
Joe A. Raver, Director | | Neil A. Schrimsher, President & Chief Executive Officer and Director |
| | |
* | | * |
Peter C. Wallace, Director and Chairman | | Richard J. Simoncic, Director |
| | |
/s/ Jon S. Ploetz |
Jon S. Ploetz, as attorney in fact |
for persons indicated by “*” |
Date: September 10, 2024
EXHIBIT 23
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement Nos. 333-275306, 333-234645, 333-207922, 333-179354, 333-138054, 333-124574, 333-83809, 033-65513, 033-53361, and 033-53401 on Form S-8 of our reports dated August 16, 2024, relating to the financial statements of Applied Industrial Technologies, Inc. and subsidiaries (the “Company”), and the effectiveness of the Company's internal control over financial reporting, appearing in this Annual Report on Form 10-K of the Company for the year ended June 30, 2024.
/s/ Deloitte & Touche LLP
Cleveland, Ohio
September 10, 2024
EXHIBIT 24
Power of Attorney
KNOW ALL PERSONS BY THESE PRESENTS: That each of the undersigned directors and/or officers of Applied Industrial Technologies, Inc., an Ohio corporation (“Applied”), hereby constitutes and appoints Jon S. Ploetz and David K. Wells, and each of them, his or her true and lawful attorneys-in-fact and agents, with full power to act without the other, to sign Applied’s Annual Report on Form 10-K/A for the year ended June 30, 2024, to be filed with the Securities and Exchange Commission under the provisions of the Securities Exchange Act of 1934, as amended; to file such report and the exhibits thereto and any and all other documents in connection therewith, including without limitation, any additional amendments related thereto, with the Securities and Exchange Commission; and to do and perform any and all other acts and things requisite and necessary to be done in connection with the foregoing as fully as he or she might or could do in person, hereby ratifying and confirming all that said attorneys in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.
Dated: September 10, 2024
| | | | | | | | |
/s/ Madhuri A. Andrews | | |
Madhuri A. Andrews | | Director |
| | |
/s/ Shelly M. Chadwick | | |
Shelly M. Chadwick | | Director |
| | |
/s/ Mary Dean Hall | | |
Mary Dean Hall | | Director |
| | |
/s/ Dan P. Komnenovich | | |
Dan P. Komnenovich | | Director |
| | |
/s/ Robert J. Pagano, Jr. | | |
Robert J. Pagano, Jr. | | Director |
| | |
/s/ Vincent K. Petrella | | |
Vincent K. Petrella | | Director |
| | |
/s/ Joe A. Raver | | |
Joe A. Raver | | Director |
| | |
/s/ Richard J. Simoncic | | |
Richard J. Simoncic | | Director |
| | |
/s/ Peter C. Wallace | | |
Peter C. Wallace | | Director |
EXHIBIT 31
APPLIED INDUSTRIAL TECHNOLOGIES, INC. FORM 10-K FOR
FISCAL YEAR ENDED JUNE 30, 2024
CERTIFICATIONS
I, Neil A. Schrimsher, certify that:
| | | | | | | | |
1 | | I have reviewed this annual report on Form 10-K 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: September 10, 2024 | | /s/ Neil A. Schrimsher |
| | Neil A. Schrimsher |
| | President & Chief Executive Officer |
I, David K. Wells, certify that:
| | | | | | | | |
1 | | I have reviewed this annual report on Form 10-K 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: September 10, 2024 | | /s/ David K. Wells |
| | David K. Wells |
| | Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer |
EXHIBIT 32
APPLIED INDUSTRIAL TECHNOLOGIES, INC. FORM 10-K FOR
FISCAL YEAR ENDED JUNE 30, 2024
[The following certification accompanies the Annual Report on Form 10-K for the year
ended June 30, 2024, and is not filed, as provided in applicable SEC releases.]
CERTIFICATIONS PURSUANT TO 18 U.S.C. 1350
In connection with the Form 10-K (the “Report”) of Applied Industrial Technologies, Inc. (the “Company”) for the period ending June 30, 2024, 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 President & Chief Executive Officer | | David K. Wells Vice President-Chief Financial Officer, Treasurer, & Principal Accounting Officer |
| | |
Dated: September 10, 2024 | | |
[A signed original of this written statement 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.]
v3.24.2.u1
Document and Entity Information - USD ($) $ in Thousands |
12 Months Ended |
|
|
Jun. 30, 2024 |
Aug. 02, 2024 |
Dec. 31, 2023 |
Document Information [Line Items] |
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Entity File Number |
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Entity Registrant Name |
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
|
|
|
Entity Incorporation, State or Country Code |
OH
|
|
|
Entity Tax Identification Number |
34-0117420
|
|
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Entity Address, Address Line One |
1 Applied Plaza
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Entity Address, City or Town |
Cleveland
|
|
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Entity Address, State or Province |
OH
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|
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Entity Address, Postal Zip Code |
44115
|
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|
City Area Code |
216
|
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Local Phone Number |
426-4000
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Title of 12(b) Security |
Common Stock, without par value
|
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Trading Symbol |
AIT
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Security Exchange Name |
NYSE
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Entity Well-known Seasoned Issuer |
Yes
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Entity Voluntary Filers |
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Yes
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2024
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FY
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Applied Industrial Technologies, Inc. (the "Company") is filing this Amendment No. 1 on Form 10-K/A to its Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the "Original Filing"), which was filed with the Securities and Exchange Commission ("SEC") on August 16, 2024, solely for the purpose of adding the conformed signature of Deloitte & Touche LLP to the Report of Independent Registered Public Accounting Firm included in Item 8 and Item 9A of Part II of the Original Filing (the "Audit Reports"). The signed Audit Reports were received by the Company prior to the Original Filing being filed with the SEC, but the conformed signature in the Audit Reports was inadvertently omitted from the Original Filing.Pursuant to Rule 12b-15 of the Securities Exchange Act of 1934, as amended, this Amendment No. 1 contains the complete text of Item 8. Financial Statements and Supplementary Data, Item 9A. Controls and Procedures, and Item 15. Exhibits, Financial Statement Schedules, as well as certifications of the Company's Principal Executive Officer and Principal Financial Officer required under Items 302 and 906 of the Sarbanes-Oxley Act of 2002, as amended, each dated as of the date of this Amendment.Except as expressly set forth in this Amendment No. 1, no other changes have been made to the Original Filing, and this Form 10-K/A does not modify, amend or update in any way the financial or other information contained in the Original Filing. This Form 10-K/A speaks as of the filing date of the Original Filing and does not reflect events that may have occurred subsequent to the filing date of the Original Filing. Accordingly, this Amendment No. 1 should be read together with the Original Filing.
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Auditor Name |
DELOITTE & TOUCHE LLP
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34
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Cleveland, Ohio
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v3.24.2.u1
Commitments and Contingencies
|
12 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES The Company is a party to various pending judicial and administrative proceedings. Based on circumstances currently known, the Company does not expect that the ultimate resolution of any of these matters 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.
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v3.24.2.u1
Statements of Consolidated Income - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
Net sales |
$ 4,479,406
|
$ 4,412,794
|
$ 3,810,676
|
Cost of sales |
3,142,753
|
3,125,829
|
2,703,760
|
Gross profit |
1,336,653
|
1,286,965
|
1,106,916
|
Selling, distribution and administrative expense, including depreciation |
840,830
|
813,814
|
749,058
|
Operating income |
495,823
|
473,151
|
357,858
|
Interest expense |
20,544
|
24,790
|
26,785
|
Interest income |
(17,713)
|
(3,151)
|
(522)
|
Other (income) expense, net |
(5,138)
|
1,701
|
1,805
|
Income before income taxes |
498,130
|
449,811
|
329,790
|
Income tax expense |
112,368
|
103,072
|
72,376
|
Net income |
$ 385,762
|
$ 346,739
|
$ 257,414
|
Net income per share — basic |
$ 9.98
|
$ 8.98
|
$ 6.69
|
Net income per share — diluted |
$ 9.83
|
$ 8.84
|
$ 6.58
|
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v3.24.2.u1
Statements of Consolidated Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
Net income per the statements of consolidated income |
$ 385,762
|
$ 346,739
|
$ 257,414
|
Other comprehensive (loss) income, before tax: |
|
|
|
Foreign currency translation adjustments |
(12,544)
|
7,723
|
(9,862)
|
Post-employment benefits: |
|
|
|
Actuarial (loss) gain on re-measurement |
(134)
|
405
|
2,839
|
Termination of pension plan |
0
|
1,031
|
0
|
Reclassification of net actuarial (gains) losses and prior service cost into other (income) expense, net and included in net periodic pension costs |
(117)
|
36
|
300
|
Unrealized gain on cash flow hedge |
5,958
|
18,174
|
26,204
|
Reclassification of interest from cash flow hedge into interest expense |
(18,683)
|
(7,285)
|
11,361
|
Total other comprehensive (loss) income, before tax |
(25,520)
|
20,084
|
30,842
|
Income tax (benefit) expense related to items of other comprehensive income |
(3,250)
|
3,085
|
10,045
|
Other comprehensive (loss) income, net of tax |
(22,270)
|
16,999
|
20,797
|
Comprehensive income |
$ 363,492
|
$ 363,738
|
$ 278,211
|
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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v3.24.2.u1
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Current assets |
|
|
Cash and cash equivalents |
$ 460,617
|
$ 344,036
|
Accounts receivable, net |
724,878
|
708,395
|
Inventories |
488,258
|
501,184
|
Other current assets |
96,148
|
93,192
|
Total current assets |
1,769,901
|
1,646,807
|
Property — at cost |
|
|
Land |
14,160
|
14,219
|
Buildings |
115,262
|
109,884
|
Equipment, including computers and software |
233,745
|
219,979
|
Total property — at cost |
363,167
|
344,082
|
Less accumulated depreciation |
244,640
|
229,041
|
Property — net |
118,527
|
115,041
|
Operating lease assets, net |
133,289
|
100,677
|
Identifiable intangibles, net |
245,870
|
235,549
|
Goodwill |
619,395
|
578,418
|
Other assets |
64,928
|
66,840
|
Total Assets |
2,951,910
|
2,743,332
|
Current liabilities |
|
|
Accounts payable |
266,949
|
301,685
|
Current portion of long-term debt |
25,055
|
25,170
|
Compensation and related benefits |
93,204
|
98,740
|
Other current liabilities |
115,892
|
114,749
|
Total current liabilities |
501,100
|
540,344
|
Long-term debt |
572,279
|
596,926
|
Other liabilities |
189,750
|
147,625
|
Total Liabilities |
1,263,129
|
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; 38,409 and 38,657 shares outstanding, respectively |
$ 10,000
|
$ 10,000
|
Common Stock, Shares authorized |
80,000
|
|
Common Stock, Shares, Issued |
54,213
|
|
Common Stock, Shares, Outstanding |
38,409
|
38,657
|
Additional paid-in capital |
$ 193,778
|
$ 188,646
|
Retained earnings |
2,121,838
|
1,792,632
|
Treasury shares — at cost (15,804 and 15,556 shares, respectively) |
$ (559,269)
|
$ (477,545)
|
Treasury Stock, Shares |
15,804
|
15,556
|
Accumulated other comprehensive loss |
$ (77,566)
|
$ (55,296)
|
Total Shareholders’ Equity |
1,688,781
|
1,458,437
|
Total Liabilities and Shareholders’ Equity |
$ 2,951,910
|
$ 2,743,332
|
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v3.24.2.u1
Statements of Consolidated Cash Flows - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Net income |
$ 385,762
|
$ 346,739
|
$ 257,414
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization of property |
23,431
|
22,266
|
21,676
|
Amortization of intangibles |
28,923
|
30,805
|
31,879
|
Amortization of stock appreciation rights and options |
3,448
|
2,785
|
3,284
|
Deferred income taxes |
(1,074)
|
(5,716)
|
15,176
|
(Recoveries of) provision for losses on accounts receivable |
(205)
|
5,619
|
3,193
|
Other share-based compensation expense |
9,496
|
9,576
|
8,558
|
Other |
(1,309)
|
1,145
|
(1,752)
|
Changes in operating assets and liabilities, net of acquisitions: |
|
|
|
Accounts receivable |
(1,925)
|
(51,059)
|
(145,519)
|
Inventories |
18,387
|
(42,977)
|
(92,425)
|
Other operating assets |
(25,897)
|
(25,254)
|
(4,982)
|
Accounts payable |
(39,272)
|
37,682
|
53,597
|
Other operating liabilities |
(28,372)
|
12,355
|
37,471
|
Cash provided by Operating Activities |
371,393
|
343,966
|
187,570
|
Cash Flows from Investing Activities |
|
|
|
Cash paid for acquisition of businesses, net of cash acquired |
(72,090)
|
(35,785)
|
(6,964)
|
Capital expenditures |
(24,864)
|
(26,476)
|
(18,124)
|
Proceeds from property sales |
576
|
1,428
|
1,107
|
Life insurance proceeds |
971
|
0
|
3,158
|
Cash payments for loans on company-owned life insurance |
0
|
0
|
(14,835)
|
Cash used in Investing Activities |
(95,407)
|
(60,833)
|
(35,658)
|
Cash Flows from Financing Activities |
|
|
|
Repayments under revolving credit facility |
0
|
27,000
|
0
|
Borrowings under revolving credit facility |
408
|
0
|
410,592
|
Long-term debt repayments |
(25,251)
|
(40,247)
|
(550,493)
|
Interest rate swap settlement receipts (payments) |
14,470
|
8,800
|
(5,703)
|
Payment of debt issuance costs |
0
|
0
|
(1,956)
|
Purchases of treasury shares |
(73,388)
|
(716)
|
(13,784)
|
Dividends paid |
(55,879)
|
(53,446)
|
(51,805)
|
Acquisition holdback payments |
(681)
|
(1,510)
|
(2,361)
|
Exercise of stock appreciation rights and options |
127
|
127
|
555
|
Taxes paid for shares withheld |
(16,274)
|
(12,896)
|
(8,074)
|
Cash used in Financing Activities |
(156,468)
|
(126,888)
|
(223,029)
|
Effect of exchange rate changes on cash |
(2,937)
|
3,317
|
(2,154)
|
Increase (decrease) in cash and cash equivalents |
116,581
|
159,562
|
(73,271)
|
Cash and cash equivalents at beginning of year |
344,036
|
184,474
|
257,745
|
Cash and Cash Equivalents at End of Year |
460,617
|
344,036
|
184,474
|
Cash paid during the year for: |
|
|
|
Income taxes |
116,311
|
108,084
|
53,301
|
Interest (includes interest rate swap settlements) |
$ 23,978
|
$ 22,567
|
$ 20,164
|
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v3.24.2.u1
Statements of Consolidated Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands |
Total |
Stock Options and Stock Appreciation Rights [ Member] |
Common Stock |
Additional Paid-in Capital |
Additional Paid-in Capital
Stock Options and Stock Appreciation Rights [ Member]
|
Additional Paid-in Capital
Performance Shares [Member]
|
Additional Paid-in Capital
Restricted Stock Units (RSUs) [Member]
|
Retained Earnings |
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]
|
Accumulated Other Comprehensive Income (Loss) |
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, 2021 |
|
|
38,516
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning balance at Jun. 30, 2021 |
|
|
$ 10,000
|
$ 177,014
|
|
|
|
$ 1,294,413
|
$ (455,789)
|
|
|
|
$ (93,092)
|
$ 932,546
|
|
|
|
Net income |
$ 257,414
|
|
|
|
|
|
|
|
|
|
|
|
|
257,414
|
|
|
|
Other comprehensive income (loss) |
$ 20,797
|
|
|
|
|
|
|
|
|
|
|
|
20,797
|
20,797
|
|
|
|
Cash dividends per share |
$ 1.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends - $1.34, $1.38, and $1.44 per share for 2022, 2023, and 2024 respectively |
|
|
|
|
|
|
|
(52,175)
|
|
|
|
|
|
(52,175)
|
|
|
|
Purchases of common stock for treasury, shares |
|
|
(149)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock for treasury |
|
|
|
|
|
|
|
|
(13,784)
|
|
|
|
|
(13,784)
|
|
|
|
Treasury shares issued for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock appreciation rights and options, shares |
|
|
104
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
$ (3,945)
|
$ (222)
|
$ (598)
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
|
|
|
|
|
|
|
|
|
$ (2,132)
|
|
|
|
|
|
|
|
Performance share awards, shares |
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance share awards |
|
|
|
|
|
|
|
|
|
|
$ (73)
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
$ (138)
|
|
|
|
|
|
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ (6,077)
|
$ (295)
|
$ (736)
|
Compensation expense |
|
|
|
8,558
|
3,284
|
|
|
|
|
|
|
|
|
8,558
|
3,284
|
|
|
Other, shares |
|
|
11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
(269)
|
|
|
|
24
|
68
|
|
|
|
|
(177)
|
|
|
|
Ending balance, shares at Jun. 30, 2022 |
|
|
38,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Jun. 30, 2022 |
|
|
$ 10,000
|
183,822
|
|
|
|
1,499,676
|
(471,848)
|
|
|
|
(72,295)
|
1,149,355
|
|
|
|
Net income |
$ 346,739
|
|
|
|
|
|
|
|
|
|
|
|
|
346,739
|
|
|
|
Other comprehensive income (loss) |
$ 16,999
|
|
|
|
|
|
|
|
|
|
|
|
16,999
|
16,999
|
|
|
|
Cash dividends per share |
$ 1.38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends - $1.34, $1.38, and $1.44 per share for 2022, 2023, and 2024 respectively |
|
|
|
|
|
|
|
(53,887)
|
|
|
|
|
|
(53,887)
|
|
|
|
Purchases of common stock for treasury, shares |
|
|
(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock for treasury |
|
|
|
|
|
|
|
|
(716)
|
|
|
|
|
(716)
|
|
|
|
Treasury shares issued for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock appreciation rights and options, shares |
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
(4,256)
|
(1,290)
|
(1,712)
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
|
|
|
|
|
|
|
|
|
(3,773)
|
|
|
|
|
|
|
|
Performance share awards, shares |
|
|
23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance share awards |
|
|
|
|
|
|
|
|
|
|
(758)
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
(932)
|
|
|
|
|
|
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8,029)
|
(2,048)
|
(2,644)
|
Compensation expense |
|
|
|
9,576
|
2,785
|
|
|
|
|
|
|
|
|
9,576
|
2,785
|
|
|
Other, shares |
|
|
17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
(279)
|
|
|
|
104
|
482
|
|
|
|
|
307
|
|
|
|
Ending balance, shares at Jun. 30, 2023 |
38,657
|
|
38,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Jun. 30, 2023 |
$ 1,458,437
|
|
$ 10,000
|
188,646
|
|
|
|
1,792,632
|
(477,545)
|
|
|
|
(55,296)
|
1,458,437
|
|
|
|
Net income |
385,762
|
|
|
|
|
|
|
|
|
|
|
|
|
385,762
|
|
|
|
Other comprehensive income (loss) |
$ (22,270)
|
|
|
|
|
|
|
|
|
|
|
|
(22,270)
|
(22,270)
|
|
|
|
Cash dividends per share |
$ 1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends - $1.34, $1.38, and $1.44 per share for 2022, 2023, and 2024 respectively |
|
|
|
|
|
|
|
(56,560)
|
|
|
|
|
|
(56,560)
|
|
|
|
Purchases of common stock for treasury, shares |
|
|
(398)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of common stock for treasury |
|
|
|
|
|
|
|
|
(73,388)
|
|
|
|
|
(73,388)
|
|
|
|
Treasury shares issued for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise of stock appreciation rights and options, shares |
|
188
|
73
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
(3,611)
|
$ (3,072)
|
$ (905)
|
|
|
|
|
|
|
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
|
|
|
|
|
|
|
|
|
$ (3,886)
|
|
|
|
|
|
|
|
Performance share awards, shares |
|
|
54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance share awards |
|
|
|
|
|
|
|
|
|
|
$ (3,487)
|
|
|
|
|
|
|
Restricted stock units, shares |
|
|
16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
$ (1,108)
|
|
|
|
|
|
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(7,497)
|
$ (6,559)
|
$ (2,013)
|
Compensation expense |
|
|
|
9,496
|
$ 3,448
|
|
|
|
|
|
|
|
|
9,496
|
$ 3,448
|
|
|
Other, shares |
|
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
(224)
|
|
|
|
4
|
145
|
|
|
|
|
(75)
|
|
|
|
Ending balance, shares at Jun. 30, 2024 |
38,409
|
|
38,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending balance at Jun. 30, 2024 |
$ 1,688,781
|
|
$ 10,000
|
$ 193,778
|
|
|
|
$ 2,121,838
|
$ (559,269)
|
|
|
|
$ (77,566)
|
$ 1,688,781
|
|
|
|
X |
- Definition
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v3.24.2.u1
Business and Accounting Policies
|
12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Business Description and Accounting Policies |
BUSINESS AND ACCOUNTING POLICIES Business Applied Industrial Technologies, Inc. and subsidiaries (the “Company,” “Applied,” "us," "we," 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. Although the Company does not generally manufacture the products it sells, it does assemble and repair certain products and systems. Consolidation The consolidated financial statements include the accounts of Applied Industrial Technologies, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Foreign Currency The financial statements of the Company’s Canadian, Mexican, Australian, and New Zealand subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss) in the statements of consolidated comprehensive income. Gains and losses resulting from transactions denominated in foreign currencies are included in the statements of consolidated income as a component of other expense (income), net. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. Marketable Securities The primary marketable security investments of the Company include money market and mutual funds held in a rabbi trust for a non-qualified deferred compensation plan. These are included in other assets in the consolidated balance sheets, are classified as trading securities, and are reported at fair value based on quoted market prices. Changes in the fair value of the investments during the period are recorded in other expense (income), net in the statements of consolidated income. Concentration of Credit Risk The Company has a broad customer base representing many diverse industries across North America, Australia, New Zealand, Singapore, and Costa Rica. As such, the Company does not believe that a significant concentration of credit risk exists in its accounts receivable. The Company’s cash and cash equivalents consist of deposits with commercial banks and regulated non-bank subsidiaries. While the Company monitors the creditworthiness of these institutions, a crisis in the financial systems could limit access to funds and/or result in the loss of principal. The terms of these deposits and investments provide that all monies are available to the Company upon demand. Accounts Receivable Accounts receivable are stated at their estimated net realizable value and consist of amounts billed or billable and currently due from customers. Allowances for Doubtful Accounts The Company maintains an allowance for doubtful accounts, which reflects management’s best estimate of probable losses based on an analysis of customer accounts, known troubled accounts, historical experience with write-offs, and other currently available evidence. Initially, the Company estimates an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience. This initial estimate is adjusted based on recent trends of customers and industries estimated to be greater credit risks, trends within the entire customer pool, and changes in the overall aging of accounts receivable. Accounts are written off against the allowance when it becomes evident collection will not occur. While the Company has a large customer base that is geographically dispersed, a general economic downturn in any of the industry segments in which the Company operates could result in higher than expected defaults, and therefore, the need to revise estimates for bad debts. The allowance for doubtful accounts was $13,063 and $22,334 at June 30, 2024 and June 30, 2023, respectively. Inventories Inventories are valued at average cost, using the last-in, first-out (LIFO) method for U.S. inventories and the average cost method for foreign inventories. The Company adopted the link chain dollar value LIFO method of accounting for U.S. inventories in fiscal 1974. At June 30, 2024, approximately 14.9% of the Company’s domestic inventory dollars relate to LIFO layers added in the 1970s. The Company maintains five LIFO pools based on the following product groupings: bearings, power transmission products, rubber products, fluid power products, and other products. LIFO layers and/or liquidations are determined consistently year-to-year. The Company evaluates the recoverability of its slow moving and inactive inventories at least quarterly. The Company estimates the recoverable cost of such inventory by product type while considering factors such as its age, historic and current demand trends, the physical condition of the inventory, as well as assumptions regarding future demand. The Company’s ability to recover its cost for slow moving or obsolete inventory can be affected by such factors as general market conditions, future customer demand, and relationships with suppliers. Historically, the Company’s inventories have demonstrated long shelf lives, are not highly susceptible to obsolescence, and, in certain instances, can be eligible for return under supplier return programs. Supplier Purchasing Programs The Company enters into agreements with certain suppliers providing inventory purchase incentives. The Company’s inventory purchase incentive arrangements are unique to each supplier and are generally annual programs ending at either the Company’s fiscal year end or the supplier’s year end; however, program length and ending dates can vary. Incentives are received in the form of cash or credits against purchases upon attainment of specified purchase volumes and are received either monthly, quarterly, or annually. The incentives are generally a specified percentage of the Company’s net purchases based upon achieving specific purchasing volume levels. These percentages can increase or decrease based on changes in the volume of purchases. The Company accrues for the receipt of these inventory purchase incentives based upon cumulative purchases of inventory. The percentage level utilized is based upon the estimated total volume of purchases expected during the life of the program. Supplier programs are analyzed each quarter to determine the appropriateness of the amount of purchase incentives accrued. Upon program completion, differences between estimates and actual incentives subsequently received have not been material. Benefits under these supplier purchasing programs are recognized under the Company’s inventory accounting methods as a reduction of cost of sales when the inventories representing these purchases are recorded as cost of sales. Accrued incentives expected to be settled as a credit against future purchases are reported on the consolidated balance sheets as an offset to amounts due to the related supplier. Property and Related Depreciation and Amortization Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets and is included in selling, distribution, and administrative expense in the accompanying statements of consolidated income. Buildings, building improvements and leasehold improvements are depreciated over ten to thirty years or the life of the lease if a shorter period, and equipment is depreciated over three to ten years. The Company capitalizes internal use software development costs in accordance with guidance on accounting for costs of computer software developed or obtained for internal use. Amortization of software begins when it is ready for its intended use, and is computed on a straight-line basis over the estimated useful life of the software, generally not to exceed twelve years. Capitalized software and hardware costs are classified as property on the consolidated balance sheets. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the asset group's recorded value cannot be recovered from undiscounted future cash flows. Impairment losses, if any, would be measured based upon the difference between the carrying amount of an asset group and its fair value. Goodwill and Intangible Assets Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is not amortized. Goodwill is reviewed for impairment annually as of January 1 or whenever changes in conditions indicate an evaluation should be completed. These conditions could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. The Company utilizes the income and market approaches to determine the fair value of reporting units. Evaluating impairment requires significant judgment by management, including estimated future operating results, estimated future cash flows, the long-term rate of growth of the business, and determination of an appropriate discount rate. While the Company uses available information to prepare the estimates and evaluations, actual results could differ significantly. The Company recognizes acquired identifiable intangible assets such as customer relationships, trade names, vendor relationships, and non-competition agreements apart from goodwill. Customer relationship identifiable intangibles are amortized using the sum-of-the-years-digits method or the expected cash flow method over estimated useful lives consistent with assumptions used in the determination of their value. Amortization of all other finite-lived identifiable intangible assets is computed using the straight-line method over the estimated period of benefit. Amortization of identifiable intangible assets is included in selling, distribution and administrative expense in the accompanying statements of consolidated income. Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable. If circumstances require a finite-lived intangible asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to the carrying value of the asset. If the carrying value of the finite-lived intangible asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value determined through a discounted cash flow model. Identifiable intangible assets with indefinite lives are reviewed for impairment on an annual basis or whenever changes in conditions indicate an evaluation should be completed. The Company does not currently have any indefinite-lived identifiable intangible assets. Self-Insurance Liabilities The Company maintains business insurance programs with significant self-insured retention covering workers’ compensation, business, automobile, general product liability and other claims. The Company accrues estimated losses including those incurred but not reported using actuarial calculations, models and assumptions based on historical loss experience. The Company also maintains a self-insured health benefits plan which provides medical benefits to U.S. based employees electing coverage under the plan. The Company estimates its reserve for all unpaid medical claims, including those incurred but not reported, based on historical experience, adjusted as necessary based upon management’s reasoned judgment. Revenue Recognition The Company primarily sells purchased products distributed through its network of service centers and recognizes revenue at a point in time when control of the product transfers to the customer, typically upon shipment from an Applied facility or directly from a supplier. For products that ship directly from suppliers to customers, Applied generally acts as the principal in the transaction and recognizes revenue on a gross basis. Revenue recognized over time is not significant. Revenue is measured as the amount of consideration expected to be received in exchange for the products and services provided, net of allowances for product returns, variable consideration, and any taxes collected from customers that will be remitted to governmental authorities. Shipping and handling costs are recognized in net sales when they are billed to the customer. The Company has elected to account for shipping and handling activities as fulfillment costs. There are no significant costs associated with obtaining customer contracts. Payment terms with customers vary by the type and location of the customer and the products or services offered. The Company does not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. The Company’s products are generally sold with a right of return and may include variable consideration in the form of incentives, discounts, credits, or rebates. Product returns are estimated based on historical return rates. The returns reserve was $10,815 and $12,635 at June 30, 2024 and June 30, 2023, respectively. The Company estimates and recognizes variable consideration based on historical experience to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to a customer. The Company records variable consideration as an adjustment to the transaction price in the period it is incurred. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Shipping and Handling Costs The Company records freight payments to third parties in cost of sales and internal delivery costs in selling, distribution and administrative expense in the accompanying statements of consolidated income. Internal delivery costs in selling, distribution and administrative expense were approximately $24,620, $22,170, and $17,890 for the fiscal years ended June 30, 2024, 2023, and 2022, respectively. Income Taxes Income taxes are determined based upon income and expenses recorded for financial reporting purposes. Deferred income taxes are recorded for estimated future tax effects of differences between the bases of assets and liabilities for financial reporting and income tax purposes, giving consideration to enacted tax laws. Uncertain tax positions meeting a more-likely-than-not recognition threshold are recognized in accordance with Accounting Standards Codification (ASC) Topic 740 - Income Taxes. The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in the provision for income taxes. Share-Based Compensation Share-based compensation represents the cost related to share-based awards granted to employees under the 2023 Long-Term Performance Plan, the 2019 Long-Term Performance Plan, or the 2015 Long-Term Performance Plan. The Company measures share-based compensation cost at the grant date, based on the estimated fair value of the award and recognizes the cost over the requisite service period. Non-qualified stock appreciation rights (SARs) and stock options are granted with an exercise price equal to the closing market price of the Company’s common stock at the date of grant and the fair values are determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. SARs and stock option awards generally vest over four years of continuous service and have ten-year contractual terms. The fair value of restricted stock awards, restricted stock units (RSUs), and performance shares are based on the closing market price of Company common stock on the grant date. Treasury Shares Shares of common stock repurchased by the Company are recorded at cost as treasury shares and result in a reduction of shareholders’ equity in the consolidated balance sheets. The Company uses the weighted-average cost method for determining the cost of shares reissued. The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital. Derivatives The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Retirement Savings Plan Substantially all U.S. employees participate in the Applied Industrial Technologies, Inc. Retirement Savings Plan, a 401(k) plan. Participants may elect 401(k) contributions of up to 50% of their compensation, subject to Internal Revenue Code maximums. The Company partially matches 401(k) contributions by participants. The Company’s expense for matching of employees’ 401(k) contributions was $9,670, $9,989 and $9,149 during 2024, 2023 and 2022, respectively. Deferred Compensation Plans The Company maintains deferred compensation plans that enable certain employees of the Company to defer receipt of a portion of their compensation. Rabbi trusts have been established to hold and provide a measure of security for investments that fund benefits payments under these plans. Assets held in these rabbi trusts consist of investments in money market and mutual funds and Company common stock. Post-employment Benefit Plans The Company provides the following post-employment benefits which, except for the Qualified Defined Benefit Retirement Plan and Key Executive Restoration Plan, are unfunded: Supplemental Executive Retirement Benefits Plan The Company has a non-qualified pension plan to provide supplemental retirement benefits to certain officers. Benefits are payable and determinable at retirement based upon a percentage of the participant’s historical compensation. The Executive Organization and Compensation Committee of the Board of Directors froze participant benefits (credited service and final average earnings) and entry into the Supplemental Executive Retirement Benefits Plan (SERP) effective December 31, 2011. The Company recorded net periodic benefit costs associated with the SERP of $289, $399, and $450 in fiscal 2024, 2023, and 2022, respectively. The Company expects to make payments of approximately $1,300 under the SERP in fiscal 2025 and 2026, respectively. Key Executive Restoration Plan In fiscal 2012, the Company adopted the Key Executive Restoration Plan (KERP), a funded, non-qualified deferred compensation plan, to replace the SERP. The Company recorded $446, $456, and $514 of expense associated with this plan in fiscal 2024, 2023, and 2022, respectively. Qualified Defined Benefit Retirement Plan The Company's qualified defined benefit retirement plan provided benefits to certain hourly employees at retirement based on length of service and date of retirement. The plan accruals were frozen as of April 16, 2018, and employees were permitted to participate in the Retirement Savings Plan, following that date. The Company terminated the defined benefit retirement plan effective February 28, 2022. Participants elected to receive benefits as either a lump sum payment or through an annuity contract and the settlement of $8,895 was paid from plan assets in the second quarter of fiscal 2023. As a result of the plan termination, the Company recognized a loss of $1,184 in the year ended June 30, 2023, which was recorded in other (income) expense, net in the statements of consolidated income. The Company recorded net periodic costs associated with this plan of $282 in fiscal 2022. Retiree Health Care Benefits The Company provides health care benefits, through third-party policies, to eligible retired employees who pay a specified monthly premium. Premium payments are based upon current insurance rates for the type of coverage provided and are adjusted annually. Certain monthly health care premium payments are partially subsidized by the Company. Additionally, in conjunction with a fiscal 1998 acquisition, the Company assumed the obligation for a post-retirement medical benefit plan which provides health care benefits to eligible retired employees at no cost to the individual. The Company recorded net periodic benefits associated with these plans of $186, $113, and $123 in fiscal 2024, 2023, and 2022, respectively. The Company has determined that the related disclosures under ASC Topic 715 - Compensation, Retirement Benefits, for these post-employment benefit plans are not material to the consolidated financial statements. Leases The Company leases facilities for certain service centers, warehouses, distribution centers, and office space. The Company also leases office equipment and vehicles. All leases are classified as operating. The Company’s leases expire at various dates through 2036, with terms ranging from 1 year to 15 years. Many of the Company’s real estate leases contain renewal provisions to extend lease terms up to 5 years. The exercise of renewal options is solely at the Company’s discretion. The Company’s lease agreements do not contain material variable lease payments, residual value guarantees, or restrictive covenants. The Company does not recognize right-of-use assets or lease liabilities for short-term leases with initial terms of 12 months or less. Leased vehicles comprise the majority of the Company’s short-term leases. All other leases are recorded on the balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing lease payment obligations. The Company’s leases do not provide implicit rates; therefore the Company uses its incremental borrowing rate as the discount rate for measuring lease liabilities. Non-lease components are accounted for separately from lease components. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution, and administrative expense on the 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, 2024. 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, enhances 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, 2023, with the interim disclosure requirements being effective for fiscal years beginning after December 15, 2024. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.
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v3.24.2.u1
Revenue Recognition Revenue Recognition
|
12 Months Ended |
Jun. 30, 2024 |
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 years ended June 30, 2024, 2023, and 2022. Other countries consist of Mexico, Australia, New Zealand, Singapore, and Costa Rica. | | | | | | | | | | | | | Year Ended June 30, 2024 | | Service Center Based Distribution | Engineered Solutions | Total | Geographic Areas: | | | | United States | $ | 2,540,427 | | $ | 1,391,762 | | $ | 3,932,189 | | Canada | 310,210 | | — | | 310,210 | | Other Countries | 205,918 | | 31,089 | | 237,007 | | Total | $ | 3,056,555 | | $ | 1,422,851 | | $ | 4,479,406 | |
| | | | | | | | | | | | | Year Ended June 30, 2023 | | Service Center Based Distribution | Engineered Solutions | Total | Geographic Areas: | | | | United States | $ | 2,441,281 | | $ | 1,419,140 | | $ | 3,860,421 | | Canada | 315,499 | | — | | 315,499 | | Other Countries | 210,062 | | 26,812 | | 236,874 | | Total | $ | 2,966,842 | | $ | 1,445,952 | | $ | 4,412,794 | |
| | | | | | | | | | | | | Year Ended June 30, 2022 | | Service Center Based Distribution | Engineered Solutions | Total | Geographic Areas: | | | | United States | $ | 2,081,566 | | $ | 1,218,184 | | $ | 3,299,750 | | Canada | 291,530 | | — | | 291,530 | | Other Countries | 192,508 | | 26,888 | | 219,396 | | Total | $ | 2,565,604 | | $ | 1,245,072 | | $ | 3,810,676 | |
The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the years ended June 30, 2024, 2023, and 2022: | | | | | | | | | | | | | | | | | | | Year Ended June 30, 2024 | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 35.0 | % | | 38.7 | % | | 36.2 | % | Industrial Machinery | 8.2 | % | | 24.2 | % | | 13.3 | % | Food | 15.0 | % | | 2.8 | % | | 11.1 | % | Metals | 10.9 | % | | 7.9 | % | | 10.0 | % | Forest Products | 12.0 | % | | 3.2 | % | | 9.2 | % | Chem/Petrochem | 2.7 | % | | 16.0 | % | | 6.9 | % | Cement & Aggregate | 7.4 | % | | 1.3 | % | | 5.5 | % | Oil & Gas | 5.1 | % | | 1.7 | % | | 4.0 | % | Transportation | 3.7 | % | | 4.2 | % | | 3.8 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2023 | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 34.0 | % | | 41.2 | % | | 36.2 | % | Industrial Machinery | 9.8 | % | | 26.1 | % | | 15.2 | % | Food | 13.2 | % | | 2.7 | % | | 9.8 | % | Metals | 10.6 | % | | 7.5 | % | | 9.6 | % | Forest Products | 12.1 | % | | 2.8 | % | | 9.1 | % | Chem/Petrochem | 2.8 | % | | 13.9 | % | | 6.4 | % | Cement & Aggregate | 7.8 | % | | 1.3 | % | | 5.7 | % | Oil & Gas | 6.0 | % | | 1.4 | % | | 4.5 | % | Transportation | 3.7 | % | | 3.1 | % | | 3.5 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 34.9 | % | | 40.1 | % | | 36.7 | % | Industrial Machinery | 10.3 | % | | 28.3 | % | | 16.2 | % | Food | 12.6 | % | | 2.5 | % | | 9.3 | % | Metals | 11.2 | % | | 7.4 | % | | 9.9 | % | Forest Products | 10.8 | % | | 2.4 | % | | 8.0 | % | Chem/Petrochem | 3.1 | % | | 13.8 | % | | 6.6 | % | Cement & Aggregate | 7.6 | % | | 1.0 | % | | 5.5 | % | Oil & Gas | 5.4 | % | | 1.2 | % | | 4.0 | % | Transportation | 4.1 | % | | 3.3 | % | | 3.8 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
The following tables present the Company’s percentage of revenue by reportable segment and product line for the years ended June 30, 2024, 2023, and 2022: | | | | | | | | | | | | | | | | | | | Year Ended June 30, 2024 | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 37.7 | % | | 11.3 | % | | 29.4 | % | Fluid Power | 14.1 | % | | 36.3 | % | | 21.1 | % | General Maintenance; Hose Products | 22.1 | % | | 17.2 | % | | 20.5 | % | Bearings, Linear & Seals | 26.1 | % | | 0.4 | % | | 18.0 | % | Specialty Flow Control | — | % | | 34.8 | % | | 11.0 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2023 | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 37.3 | % | | 10.6 | % | | 28.5 | % | Fluid Power | 13.3 | % | | 34.3 | % | | 20.2 | % | General Maintenance; Hose Products | 21.1 | % | | 19.3 | % | | 20.6 | % | Bearings, Linear & Seals | 28.3 | % | | 0.4 | % | | 19.1 | % | Specialty Flow Control | — | % | | 35.4 | % | | 11.6 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 37.1 | % | | 10.6 | % | | 28.4 | % | Fluid Power | 12.8 | % | | 37.2 | % | | 20.8 | % | General Maintenance; Hose Products | 20.9 | % | | 18.9 | % | | 20.3 | % | Bearings, Linear & Seals | 29.2 | % | | 0.4 | % | | 19.8 | % | Specialty Flow Control | — | % | | 32.9 | % | | 10.7 | % | Total | 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 consolidated balance sheet, is as follows: | | | | | | | | | | | | | | | | June 30, 2024 | June 30, 2023 | $ Change | % Change | Contract assets | $ | 12,648 | | $ | 17,911 | | $ | (5,263) | | (29.4) | % |
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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v3.24.2.u1
Business Combinations
|
12 Months Ended |
Jun. 30, 2024 |
Business Combinations [Abstract] |
|
BUSINESS COMBINATIONS |
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 May 1, 2024, the Company acquired 100% of the outstanding shares of Grupo Kopar (Kopar), a Monterrey, Mexico based provider of emerging automation technologies and engineered solutions. Kopar is included in the Engineered Solutions segment. The purchase price for the acquisition was $61,225, net liabilities assumed were $2,529, and intangible assets including goodwill were $63,754 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. 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 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, and industrial motion products, and related service and repair capabilities. BDI is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $17,926, net tangible assets acquired were $4,086, and intangible assets including goodwill were $13,840 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 consolidated balance sheet as of June 30, 2024, 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 consolidated balance sheet as of June 30, 2024, 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. Fiscal 2022 Acquisitions On August 18, 2021, the Company acquired substantially all of the net assets of R.R. Floody Company (Floody), a Rockford, Illinois provider of high technology solutions for advanced factory automation. Floody is included in the Engineered Solutions segment. The purchase price for the acquisition was $8,038, net tangible assets acquired were $1,040, and intangible assets including goodwill were $6,998 based upon estimated fair values at the acquisition date. The purchase price included $1,000 of acquisition holdback payments, of which $500 was paid during the year-ended June 30, 2023, and the remaining $500 was paid during the year-ended June 30, 2024. 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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v3.24.2.u1
Inventories
|
12 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
INVENTORIES |
INVENTORIES Inventories consist of the following: | | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | U.S. inventories at average cost | | $ | 557,313 | | | $ | 558,299 | | Foreign inventories at average cost | | 156,873 | | | 158,165 | | | | 714,186 | | | 716,464 | | Less: Excess of average cost over LIFO cost for U.S. inventories | | 225,928 | | | 215,280 | | Inventories on consolidated balance sheets | | $ | 488,258 | | | $ | 501,184 | |
The overall impact of LIFO layer liquidations increased gross profit by $1,160, $127, and $501 in fiscal 2024, fiscal 2023, and fiscal 2022, respectively.
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.2.u1
Goodwill and Intangibles
|
12 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLES |
GOODWILL AND INTANGIBLESThe changes in the carrying amount of goodwill for both the Service Center Based Distribution segment and the Engineered Solutions segment for the years ended June 30, 2024 and 2023 are as follows: | | | | | | | | | | | | | | | | | | | Service Center Based Distribution | | Engineered Solutions | | Total | Balance at July 1, 2022 | $ | 211,010 | | | $ | 352,195 | | | $ | 563,205 | | Goodwill acquired during the year | — | | | 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 year | 9,712 | | | 32,634 | | | 42,346 | | | | | | | | Other, primarily currency translation | (1,369) | | | — | | | (1,369) | | Balance at June 30, 2024 | $ | 219,574 | | | $ | 399,821 | | | $ | 619,395 | |
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, 2024. Based on the assessment performed, the Company concluded that the fair value of all of the reporting units exceeded their carrying amount as of January 1, 2024, therefore no impairment exists. At June 30, 2024 and 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: | | | | | | | | | | | | | | | | | | June 30, 2024 | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived Intangibles: | | | | | | Customer relationships | $ | 394,114 | | | $ | 205,422 | | | $ | 188,692 | | Trade names | 88,848 | | | 34,891 | | | 53,957 | | | | | | | | Other | 4,946 | | | 1,725 | | | 3,221 | | Total Intangibles | $ | 487,908 | | | $ | 242,038 | | | $ | 245,870 | |
| | | | | | | | | | | | | | | | | | June 30, 2023 | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived 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 Intangibles | $ | 486,081 | | | $ | 250,532 | | | $ | 235,549 | |
Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. During fiscal 2024, the Company acquired identifiable intangible assets with an acquisition cost allocation and weighted-average life as follows: | | | | | | | | | | | | | Acquisition Cost Allocation | | Weighted-Average Life | Customer relationships | $ | 35,131 | | | 20.0 | Trade names | 3,810 | | | 13.3 | Other | 1,600 | | | 6.7 | Total Intangibles Acquired | $ | 40,541 | | | 18.9 |
Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable. Amortization of identifiable intangibles totaled $28,923, $30,805, and $31,879 in fiscal 2024, 2023, and 2022, respectively, and is included in selling, distribution and administrative expense in the statements of consolidated income. Future amortization expense based on the Company’s identifiable intangible assets as of June 30, 2024 is estimated to be $29,300 for 2025, $27,300 for 2026, $25,200 for 2027, $23,400 for 2028, and $21,800 for 2029.
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v3.24.2.u1
Debt
|
12 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
DEBT |
DEBTA summary of long-term debt, including the current portion, follows: | | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | Revolving credit facility | | $ | 384,000 | | | $ | 383,592 | | Trade receivable securitization facility | | 188,300 | | | 188,300 | | | | | | | Series D Notes | | — | | | 25,000 | | Series E Notes | | 25,000 | | | 25,000 | | Other | | 105 | | | 356 | | Total debt | | $ | 597,405 | | | $ | 622,248 | | Less: unamortized debt issuance costs | | 71 | | | 152 | | | | $ | 597,334 | | | $ | 622,096 | |
Revolving Credit Facility & Term Loan In December 2021, the Company entered into a five-year 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 with SOFR as a reference rate available for use in the computation of interest. 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 the net leverage ratio or SOFR plus a margin that ranges from 80 to 155 basis points based on the net leverage ratio. Available borrowing under this facility, without exercising the accordion feature and net of outstanding letters of credit of $200 to secure certain insurance obligations, totaled $515,800 and $516,208 at June 30, 2024 and June 30, 2023, respectively, and were available to fund future acquisitions or other capital and operating requirements. The interest rate on the revolving credit facility was 6.24% and 6.11% as of June 30, 2024 and June 30, 2023, respectively. Additionally, the Company had letters of credit outstanding not associated with the revolving credit agreement, in the amount of $4,046 as of June 30, 2024 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 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 with SOFR as a reference rate available for use in the computation of interest, therefore borrowings under this facility carry variable interest rates tied to SOFR. The interest rate on the AR Securitization Facility as of June 30, 2024 and June 30, 2023 was 6.35% and 6.16%, respectively. Unsecured Shelf Facility At June 30, 2024 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. The table below summarizes the aggregate maturities of amounts outstanding under long-term borrowing arrangements for each of the next five years: | | | | | | Fiscal Year | Aggregate Maturity | 2025 | $ | 25,105 | | 2026 | — | | 2027 | 572,300 | | 2028 | — | | 2029 | — | | | |
Covenants The credit facility and the unsecured shelf facility contain restrictive covenants regarding liquidity, net worth, financial ratios, and other covenants. At June 30, 2024, 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 June 30, 2024, the Company's net indebtedness was less than 0.3 times consolidated income before interest, taxes, depreciation and amortization (as defined). The Company was in compliance with all financial covenants at June 30, 2024.
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v3.24.2.u1
Derivatives Derivatives
|
12 Months Ended |
Jun. 30, 2024 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
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 this objective, 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 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 fiscal 2021, the Company completed a transaction to amend and extend the interest rate swap agreement which resulted in an extension of the maturity date to January 31, 2026 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 bilateral 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 ASC 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 June 30, 2024 and 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 $18,081 and $27,044 as of June 30, 2024 and June 30, 2023, respectively, which is included in other current assets and other assets in the consolidated balance sheet. Amounts reclassified from other comprehensive (loss) income, before tax, to interest expense totaled $(18,683), $(7,285), and $11,361 for fiscal 2024, 2023, and 2022, respectively.
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v3.24.2.u1
Fair Value Measurements
|
12 Months Ended |
Jun. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
FAIR VALUE MEASUREMENTS Marketable securities measured at fair value at June 30, 2024 and June 30, 2023 totaled $22,519 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 consolidated balance sheets and their fair values were valued using quoted market prices (Level 1 in the fair value hierarchy). As of June 30, 2024, the carrying value of the Company's fixed interest rate debt outstanding under its unsecured shelf facility agreement with Prudential Investment Management approximates fair value (Level 2 in the fair value hierarchy). The revolving credit facility contains variable interest rates and its carrying value approximates 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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v3.24.2.u1
Income Taxes
|
12 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
INCOME TAXES Income Before Income Taxes The components of income before income taxes are as follows: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | U.S. | $ | 467,785 | | | $ | 423,316 | | | $ | 287,367 | | Foreign | 30,345 | | | 26,495 | | | 42,423 | | Income before income taxes | $ | 498,130 | | | $ | 449,811 | | | $ | 329,790 | |
Provision The provision for income taxes consists of: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Current: | | | | | | Federal | $ | 86,501 | | | $ | 84,294 | | | $ | 40,608 | | State and local | 23,016 | | | 19,026 | | | 10,188 | | Foreign | 3,925 | | | 5,468 | | | 6,404 | | Total current | 113,442 | | | 108,788 | | | 57,200 | | Deferred: | | | | | | Federal | (791) | | | (1,881) | | | 12,467 | | State and local | 1,159 | | | (84) | | | 2,659 | | Foreign | (1,442) | | | (3,751) | | | 50 | | Total deferred | (1,074) | | | (5,716) | | | 15,176 | | Total | $ | 112,368 | | | $ | 103,072 | | | $ | 72,376 | | Effective Tax RatesThe following reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Statutory income tax rate | 21.0 | % | | 21.0 | % | | 21.0 | % | Effects of: | | | | | | State and local taxes | 4.0 | | | 3.5 | | | 3.3 | | Stock compensation | (1.2) | | | (1.0) | | | (1.5) | | GILTI/FDII | (0.4) | | | (0.2) | | | 0.2 | | R & D credit | (0.4) | | | (0.4) | | | (0.4) | | U.S. tax on foreign income, net | (0.1) | | | — | | | (0.4) | | Impact of foreign operations | 0.3 | | | 0.2 | | | 0.4 | | Non-deductibles/Deductible dividend | 0.9 | | | 0.6 | | | 0.2 | | Interest deduction | (0.4) | | | (0.4) | | | (0.6) | | Valuation allowance | (0.7) | | | (0.6) | | | (0.6) | | Other, net | (0.4) | | | 0.2 | | | 0.3 | | Effective income tax rate | 22.6 | % | | 22.9 | % | | 21.9 | % |
Consolidated Balance Sheets Significant components of the Company’s deferred tax assets and liabilities are as follows: | | | | | | | | | | | | June 30, | 2024 | | 2023 | Deferred tax assets: | | | | Compensation liabilities not currently deductible | $ | 18,646 | | | $ | 17,726 | | Other expenses and reserves not currently deductible | 15,008 | | | 18,215 | | | | | | Leases | 34,771 | | | 26,345 | | | | | | Net operating loss carryforwards | 6,340 | | | 6,809 | | Capitalization of R&D costs | 17,584 | | | 11,646 | | Other | 300 | | | 381 | | Total deferred tax assets | $ | 92,649 | | | $ | 81,122 | | Less: Valuation allowance | (158) | | | (3,459) | | Deferred tax assets, net of valuation allowance | $ | 92,491 | | | $ | 77,663 | | Deferred tax liabilities: | | | | Inventories | $ | (18,086) | | | $ | (15,174) | | Goodwill and intangibles | (63,733) | | | (52,463) | | Leases | (34,473) | | | (26,179) | | Hedging instrument | (5,965) | | | (9,081) | | Depreciation and differences in property bases | (10,506) | | | (9,757) | | Total deferred tax liabilities | (132,763) | | | (112,654) | | Net deferred tax liabilities | $ | (40,272) | | | $ | (34,991) | | Net deferred tax liabilities are classified as follows: | | | | Other assets | $ | 11,306 | | | $ | 9,990 | | Other liabilities | (51,578) | | | (44,981) | | Net deferred tax liabilities | $ | (40,272) | | | $ | (34,991) | |
As of June 30, 2024 and 2023, the Company had foreign net operating loss carryforwards of approximately $24,627 and $29,374, respectively, the tax benefit of which is approximately $6,146 and $6,440, respectively. These loss carryforwards will expire at various dates beginning in 2036. As of June 30, 2024 and 2023, the Company had state net operating loss carryforwards, the tax benefit of which is approximately $194 and $466, respectively, which will expire at various dates beginning in 2034. Valuation allowances are provided against deferred tax assets where it is considered more-likely-than-not that the Company will not realize the benefit of such assets. The remaining net deferred tax asset is the amount management believes is more-likely-than-not of being realized. The realization of these deferred tax assets can be impacted by changes to tax laws, statutory tax rates and future income levels. The Company evaluates the realization of its deferred tax assets each quarter throughout the year. During the years ended June 30, 2024 and 2023, the Company recorded a net tax benefit related to the change in valuation allowances of $3,283 and $2,657, respectively. The total valuation allowance provided against the deferred tax assets is $158 and $3,415 as of June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had accumulated undistributed earnings of non-U.S. subsidiaries of approximately $186,420. The vast majority of such earnings have previously been subjected to the one-time transition tax or the Global Intangible Low Taxed Income (GILTI) inclusion. Therefore, any additional taxes due with respect to such earnings or the excess of the amount for financial reporting over the tax basis of our foreign investments would generally be limited to foreign withholding and state income taxes. In addition, we expect foreign tax credits would be available to either offset or partially reduce the tax cost in the event of a distribution. We intend, however, to indefinitely reinvest these earnings and expect future U.S. cash generation to be sufficient to meet future U.S. cash needs. Unrecognized Income Tax Benefits The Company and its subsidiaries file income tax returns in U.S. federal, various state, local, and foreign jurisdictions. The following table sets forth the changes in the amount of unrecognized tax benefits for the years ended June 30, 2024, 2023, and 2022: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Unrecognized Income Tax Benefits at beginning of the year | $ | 4,821 | | | $ | 4,926 | | | $ | 5,230 | | Current year tax positions | 105 | | | 622 | | | 505 | | Prior year tax positions | (412) | | | (86) | | | (83) | | Expirations of statutes of limitations | (1,466) | | | (641) | | | (726) | | | | | | | | Unrecognized Income Tax Benefits at end of year | $ | 3,048 | | | $ | 4,821 | | | $ | 4,926 | |
The Company recognizes interest and penalties related to uncertain tax positions in the provision for income taxes. During 2024, 2023, and 2022, the Company recognized $296, $239, and $(362) of expense (income), respectively, for interest and penalties related to unrecognized income tax benefits in its statements of consolidated income. The Company had a liability for penalties and interest of $1,411, $1,115, and $876 as of June 30, 2024, 2023, and 2022, respectively. The Company anticipates a decrease to unrecognized income tax benefits within the next twelve months of approximately $2,250, of which all would affect the effective income tax rate. Included in the balance of unrecognized income tax benefits at June 30, 2024, 2023, and 2022 are $2,946, $4,722, and $4,813 respectively, of income tax benefits that, if recognized, would affect the effective income tax rate. The Company is subject to U.S. federal income tax examinations for the tax years 2019 through 2024 and to state and local income tax examinations for the tax years 2018 through 2024. In addition, the Company is subject to foreign income tax examinations for the tax years 2017 through 2024. The Company’s unrecognized income tax benefits are included in other liabilities in the consolidated balance sheets since payment of cash is not expected within one year, or as a reduction of a deferred tax asset.
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v3.24.2.u1
Shareholders' Equity
|
12 Months Ended |
Jun. 30, 2024 |
Stockholders' Equity Note [Abstract] |
|
SHAREHOLDERS' EQUITY |
SHAREHOLDERS’ EQUITY Treasury Shares At June 30, 2024, 128 shares of the Company’s common stock held as treasury shares were restricted as collateral under escrow arrangements relating to change in control and director and officer indemnification agreements. Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive loss for the years ended June 30, 2024, 2023, and 2022, are composed of the following amounts, shown net of taxes: | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | | Post-employment benefits | | Cash flow hedge | | Total accumulated other comprehensive loss | Balance at July 1, 2021 | $ | (80,838) | | | $ | (3,673) | | | $ | (8,581) | | | $ | (93,092) | | Other comprehensive (loss) income | (9,900) | | | 2,142 | | | 19,770 | | | 12,012 | | Amounts reclassified from accumulated other comprehensive loss | — | | | 228 | | | 8,557 | | | 8,785 | | | | | | | | | | Net current-period other comprehensive (loss) income | (9,900) | | | 2,370 | | | 28,327 | | | 20,797 | | Balance at June 30, 2022 | (90,738) | | | (1,303) | | | 19,746 | | | (72,295) | | Other comprehensive income | 7,639 | | | 1,082 | | | 13,759 | | | 22,480 | | Amounts reclassified from accumulated other comprehensive loss | — | | | 24 | | | (5,505) | | | (5,481) | | Net current-period other comprehensive income | 7,639 | | | 1,106 | | | 8,254 | | | 16,999 | | Balance at June 30, 2023 | (83,099) | | | (197) | | | 28,000 | | | (55,296) | | Other comprehensive (loss) income | (12,467) | | | (101) | | | 4,499 | | | (8,069) | | Amounts reclassified from accumulated other comprehensive loss | — | | | (93) | | | (14,108) | | | (14,201) | | Net current-period other comprehensive loss | (12,467) | | | (194) | | | (9,609) | | | (22,270) | | Balance at June 30, 2024 | $ | (95,566) | | | $ | (391) | | | $ | 18,391 | | | $ | (77,566) | |
Other Comprehensive (Loss) Income Details of other comprehensive (loss) income are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | | Pre-Tax Amount | | Tax (Benefit) Expense | | Net Amount | | Pre-Tax Amount | | Tax Expense (Benefit) | | Net Amount | | Pre-Tax Amount | | Tax Expense | | Net Amount | Foreign currency translation adjustments | $ | (12,544) | | | $ | (77) | | | $ | (12,467) | | | $ | 7,723 | | | $ | 84 | | | $ | 7,639 | | | $ | (9,862) | | | $ | 38 | | | $ | (9,900) | | Post-employment benefits: | | | | | | | | | | | | | | | | | | Actuarial (loss) gain on re-measurement | (134) | | | (33) | | | (101) | | | 405 | | | 100 | | | 305 | | | 2,839 | | | 697 | | | 2,142 | | Reclassification of actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs | (117) | | | (24) | | | (93) | | | 36 | | | 12 | | | 24 | | | 300 | | | 72 | | | 228 | | Termination of pension plan | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | | | — | | | — | | | — | | Unrealized gain on cash flow hedge | 5,958 | | | 1,459 | | | 4,499 | | | 18,174 | | | 4,415 | | | 13,759 | | | 26,204 | | | 6,434 | | | 19,770 | | Reclassification of interest from cash flow hedge into interest expense | (18,683) | | | (4,575) | | | (14,108) | | | (7,285) | | | (1,780) | | | (5,505) | | | 11,361 | | | 2,804 | | | 8,557 | | | | | | | | | | | | | | | | | | | | Other comprehensive (loss) income | $ | (25,520) | | | $ | (3,250) | | | $ | (22,270) | | | $ | 20,084 | | | $ | 3,085 | | | $ | 16,999 | | | $ | 30,842 | | | $ | 10,045 | | | $ | 20,797 | |
Net Income Per Share Basic net income per share is based on the weighted-average number of common shares outstanding. Diluted net income per share includes the dilutive effect of potential common shares outstanding. Under the two-class method of computing net income per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. The Company’s participating securities include Restricted Stock Units ("RSUs") and restricted stock awards. The Company calculated basic and diluted net income per share under both the treasury stock method and the two-class method. For the years presented there were no material differences in the net income per share amounts calculated using the two methods. Accordingly, the treasury stock method is disclosed below. The following table presents amounts used in computing net income per share and the effect on the weighted-average number of shares of dilutive potential common shares: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Net Income | $ | 385,762 | | | $ | 346,739 | | | $ | 257,414 | | Average Shares Outstanding: | | | | | | Weighted-average common shares outstanding for basic computation | 38,672 | | | 38,592 | | | 38,471 | | Dilutive effect of potential common shares | 585 | | | 628 | | | 634 | | Weighted-average common shares outstanding for dilutive computation | 39,257 | | | 39,220 | | | 39,105 | | Net Income Per Share — Basic | $ | 9.98 | | | $ | 8.98 | | | $ | 6.69 | | Net Income Per Share — Diluted | $ | 9.83 | | | $ | 8.84 | | | $ | 6.58 | |
Stock awards relating to 99, 84 and 106 shares of common stock were outstanding at June 30, 2024, 2023 and 2022, respectively, but were not included in the computation of diluted earnings per share for the fiscal years then ended as they were anti-dilutive.
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- DefinitionThe entire disclosure for equity.
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v3.24.2.u1
Share - Based Compensation
|
12 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
|
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION Share-Based Incentive Plans Following approval by the Company's shareholders in October 2023, the 2023 Long-Term Performance Plan (the "2023 Plan") replaced the 2019 Long-Term Performance Plan. The 2023 Plan, which expires in 2028, provides for granting of SARs, stock options, stock awards, cash awards, and such other awards or combination thereof as the Executive Organization and Compensation Committee or, in the case of director awards, the Corporate Governance & Sustainability Committee of the Board of Directors (together referred to as the "Committee") may determine to officers, other key employees and members of the Board of Directors. Grants are generally made at regularly scheduled committee meetings. Compensation costs charged to expense under award programs paid (or to be paid) with shares (including SARs, performance shares, restricted stock, and RSUs) are summarized in the table below: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | SARs | $ | 3,448 | | | $ | 2,785 | | | $ | 3,284 | | Performance shares | 4,232 | | | 5,302 | | | 4,549 | | Restricted stock and RSUs | 5,264 | | | 4,274 | | | 4,009 | | Total compensation costs under award programs | $ | 12,944 | | | $ | 12,361 | | | $ | 11,842 | |
Such amounts are included in selling, distribution, and administrative expense in the accompanying statements of consolidated income. The total income tax benefit recognized in the statements of consolidated income for share-based compensation plans was $5,885, $7,886, and $5,105 for fiscal 2024, 2023, and 2022, respectively. It has been the practice of the Company to issue shares from treasury to satisfy requirements of awards paid with shares.
The aggregate unrecognized compensation cost for share-based award programs with the potential to be paid at June 30, 2024 is summarized in the table below: | | | | | | | | | | | | June 30, | 2024 | | Average Expected Period of Expected Recognition (Years) | SARs | $ | 5,113 | | | 2.6 | Performance shares | 6,415 | | | 1.7 | Restricted stock and RSUs | 3,050 | | | 2.1 | Total unrecognized compensation costs under award programs | $ | 14,578 | | | 2.1 |
Cost of these programs will be recognized as expense over the weighted-average remaining vesting period of 2.1 years. The aggregate number of shares of common stock which may be awarded under the 2023 Plan is 1,600; shares available for future grants at June 30, 2024 were 1,584. Stock Appreciation Rights and Stock Options The weighted-average assumptions used for SARs grants issued in fiscal 2024, 2023, and 2022 are: | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Expected life, in years | 6.0 | | 6.2 | | 6.4 | Risk free interest rate | 4.1 | % | | 2.9 | % | | 1.0 | % | Dividend yield | 1.0 | % | | 1.3 | % | | 1.5 | % | Volatility | 37.0 | % | | 35.5 | % | | 34.3 | % | Per share fair value of SARs granted during the year | $55.65 | | $35.98 | | $26.18 |
The expected life is based upon historical exercise experience of the officers, other key employees, and members of the Board of Directors. The risk free interest rate is based upon U.S. Treasury zero-coupon bonds with remaining terms equal to the expected life of the SARs. The assumed dividend yield has been estimated based upon the Company’s historical results and expectations for changes in dividends and stock prices. The volatility assumption is calculated based upon historical daily price observations of the Company’s common stock for a period equal to the expected life. SARs are redeemable solely in Company common stock. The exercise price of stock option awards may be settled by the holder with cash or by tendering Company common stock. A summary of SARs and stock options activity is presented below: | | | | | | | | | | | | | Shares | | Weighted-Average Exercise Price | Year Ended June 30, 2024 | | (Shares in thousands) | | Outstanding, beginning of year | 816 | | | $ | 70.11 | | Granted | 102 | | | 143.72 | | Exercised | (188) | | | 61.25 | | Forfeited | (18) | | | 83.67 | | Outstanding, end of year | 712 | | | $ | 82.65 | | Exercisable at end of year | 472 | | | $ | 65.93 | | Expected to vest at end of year | 706 | | | $ | 82.29 | |
The weighted-average remaining contractual terms for SARs and stock options outstanding, exercisable, and expected to vest at June 30, 2024 were 5.8, 4.6, and 5.8 years, respectively. The aggregate intrinsic values of SARs and stock options outstanding, exercisable, and expected to vest at June 30, 2024 were $79,326 $60,488, and $78,921, respectively. The aggregate intrinsic value of the SARs and stock options exercised during fiscal 2024, 2023, and 2022 was $19,700, $20,170, and $17,015, respectively. The total fair value of shares vested during fiscal 2024, 2023, and 2022 was $2,550, $2,691, and $2,341, respectively. Performance Shares Performance shares are paid in shares of Applied stock at the end of a three-year period provided the Company achieves goals established by the Committee. The number of Applied shares payable will vary depending on the level of the goals achieved. A summary of non-vested performance shares activity at June 30, 2024 is presented below: | | | | | | | | | | | | | Shares | | Weighted-Average Grant-Date Fair Value | Year Ended June 30, 2024 | | (Shares in thousands) | | Non-vested, beginning of year | 159 | | | $ | 66.74 | | Awarded | 42 | | | 99.79 | | | | | | Vested | (100) | | | 53.50 | | Non-vested, end of year | 101 | | | $ | 93.73 | |
The Committee set three one-year goals for each of the 2024, 2023, and 2022 grants. Each fiscal year during the three-year term has its own separate goals, tied to the Company’s earnings before interest, tax, depreciation, and amortization (EBITDA) and after-tax return on assets (ROA). Achievement during any particular fiscal year is awarded and “banked” for payout at the end of the three-year term. For the outstanding grants as of June 30, 2024, the maximum number of shares that could be earned in future periods was 53. Restricted Stock and Restricted Stock Units Under the 2023 Plan, restricted stock award recipients have voting rights with respect to their shares, but are restricted from selling or transferring the shares prior to vesting; dividends are accrued and paid upon vesting. Restricted stock awards vest over periods of one to four years. RSUs are grants valued in shares of Applied stock, but shares are not issued until the grants vest three to five years from the award date, assuming continued employment with Applied; dividend equivalents on RSUs are accrued and paid upon vesting. A summary of the status of the Company’s non-vested restricted stock and RSUs at June 30, 2024 is presented below: | | | | | | | | | | | | | Shares | | Weighted-Average Grant-Date Fair Value | Year Ended June 30, 2024 | | (Share amounts in thousands) | | Non-vested, beginning of year | 143 | | | $ | 83.35 | | Granted | 29 | | | 151.53 | | Forfeitures | (4) | | | 84.96 | | Vested | (38) | | | 81.50 | | Non-vested, end of year | 130 | | | $ | 99.05 | |
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- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.24.2.u1
Leases
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12 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Lessee, Operating Leases |
LEASES The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution and administrative expense on the statements of consolidated income. Operating lease costs and short-term lease costs were $38,905 and $12,683, respectively, for the year ended June 30, 2024 and $35,982 and $9,153, respectively, for the year ended June 30, 2023. Variable lease costs and sublease income were not material. Information related to operating leases is as follows: | | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | Operating lease assets, net | | $ | 133,289 | | | $ | 100,677 | | | | | | | Operating lease liabilities | | | | | Other current liabilities | | $ | 33,466 | | | $ | 31,173 | | Other liabilities | | 104,143 | | | 72,704 | | Total operating lease liabilities | | $ | 137,609 | | | $ | 103,877 | |
| | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | Weighted average remaining lease term (years) | | 5.5 | | 4.9 | Weighted average incremental borrowing rate | | 4.51 | % | | 3.67 | % |
| | | | | | | | | | | | | | | Year Ended June 30, | | 2024 | | 2023 | Cash paid for operating leases | | $ | 38,130 | | | $ | 35,545 | | Right of use assets obtained in exchange for new operating lease liabilities | | $ | 67,535 | | | $ | 30,605 | |
The table below summarizes the aggregate maturities of liabilities pertaining to operating leases with terms greater than one year for each of the next five years: | | | | | | Fiscal Year | Maturity of Operating Lease Liabilities | 2025 | $ | 38,617 | | 2026 | 33,357 | | 2027 | 26,843 | | 2028 | 19,466 | | 2029 | 14,208 | | Thereafter | 23,456 | | Total lease payments | 155,947 | | Less interest | 18,338 | | Present value of lease liabilities | $ | 137,609 | |
The Company maintains lease agreements for many of the operating facilities of businesses it acquires from previous owners. In many cases, the previous owners of the business acquired become employees of Applied and occupy management positions within those businesses. The payments under lease agreements of this nature totaled $2,250 in 2024, $1,500 in 2023, and $2,100 in 2022.
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- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
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v3.24.2.u1
Segment Information
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12 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
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SEGMENT INFORMATION |
SEGMENT INFORMATION The Company's reportable segments are: Service Center Based Distribution and Engineered Solutions. These reportable segments contain the Company's various operating segments which have been aggregated based upon similar economic and operating characteristics. The Service Center Based Distribution segment operates through local service centers and distribution centers with a focus on providing products and services addressing the maintenance and repair of motion control infrastructure and production equipment. Products primarily include industrial bearings, motors, belting, drives, couplings, pumps, linear motion products, hydraulic and pneumatic components, filtration supplies, and hoses, as well as other related supplies for general operational needs of customers’ machinery and equipment. The Engineered Solutions segment includes our operations that specialize in distributing, engineering, designing, integrating, and repairing hydraulic and pneumatic fluid power technologies, and engineered flow control products and services. This segment also includes our operations that focus on advanced automation solutions including machine vision, robotics, motion control, and smart technologies. The accounting policies of the Company’s reportable segments are generally the same as those described in Note 1. Intercompany sales, primarily from the Engineered Solutions segment to the Service Center Based Distribution segment of $52,574, $48,450, and $37,163, in 2024, 2023, and 2022, respectively, have been eliminated in the following table. Segment Financial Information | | | | | | | | | | | | | | | | | | | Service Center Based Distribution | | Engineered Solutions | | Total | Year Ended June 30, 2024 | | | | | | Net sales | $ | 3,056,555 | | | $ | 1,422,851 | | | $ | 4,479,406 | | Operating income for reportable segments | 400,182 | | | 206,844 | | | 607,026 | | Assets used in the business | 1,865,269 | | | 1,086,641 | | | 2,951,910 | | Depreciation and amortization of property | 17,700 | | | 5,731 | | | 23,431 | | Capital expenditures | 18,040 | | | 6,824 | | | 24,864 | | Year Ended June 30, 2023 | | | | | | Net sales | $ | 2,966,842 | | | $ | 1,445,952 | | | $ | 4,412,794 | | Operating income for reportable segments | 373,439 | | | 203,404 | | | 576,843 | | Assets used in the business | 1,736,393 | | | 1,006,939 | | | 2,743,332 | | Depreciation and amortization of property | 17,932 | | | 4,334 | | | 22,266 | | Capital expenditures | 15,390 | | | 11,086 | | | 26,476 | | Year Ended June 30, 2022 | | | | | | Net sales | $ | 2,565,604 | | | $ | 1,245,072 | | | $ | 3,810,676 | | Operating income for reportable segments | 301,881 | | | 156,644 | | | 458,525 | | Assets used in the business | 1,455,293 | | | 997,295 | | | 2,452,588 | | Depreciation and amortization of property | 17,509 | | | 4,167 | | | 21,676 | | Capital expenditures | 14,486 | | | 3,638 | | | 18,124 | |
A reconciliation of operating income for reportable segments to the consolidated income before income taxes is as follows: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Operating income for reportable segments | $ | 607,026 | | | $ | 576,843 | | | $ | 458,525 | | Adjustments for: | | | | | | Intangible amortization — Service Center Based Distribution | 3,188 | | | 2,857 | | | 3,435 | | Intangible amortization — Engineered Solutions | 25,735 | | | 27,948 | | | 28,444 | | | | | | | | | | | | | | Corporate and other expense, net | 82,280 | | | 72,887 | | | 68,788 | | Total operating income | 495,823 | | | 473,151 | | | 357,858 | | Interest expense, net | 2,831 | | | 21,639 | | | 26,263 | | Other (income) expense, net | (5,138) | | | 1,701 | | | 1,805 | | Income before income taxes | $ | 498,130 | | | $ | 449,811 | | | $ | 329,790 | |
Fluctuations in corporate and other expense, net, are 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. Geographic Information Long-lived assets are based on physical locations and are composed of the net book value of property and right of use assets. Information by geographic area is as follows: | | | | | | | | | | | | June 30, | 2024 | | 2023 | Long-Lived Assets: | | | | United States | $ | 209,987 | | | $ | 176,025 | | Canada | 26,436 | | | 29,817 | | Other Countries | 15,393 | | | 9,876 | | Total | $ | 251,816 | | | $ | 215,718 | |
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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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v3.24.2.u1
Other Income, Net
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12 Months Ended |
Jun. 30, 2024 |
Other Income and Expenses [Abstract] |
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OTHER EXPENSE (INCOME), NET |
OTHER (INCOME) EXPENSE, NET Other (income) expense, net, consists of the following: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Unrealized (gain) loss on assets held in rabbi trust for a non-qualified deferred compensation plan | $ | (3,300) | | | $ | (2,223) | | | $ | 2,612 | | Foreign currency transaction (gains) losses | (1,099) | | | 3,284 | | | (65) | | Net other periodic post-employment costs | 114 | | | 1,470 | | | 610 | | Life insurance income, net | (855) | | | (668) | | | (1,374) | | Other, net | 2 | | | (162) | | | 22 | | Total other (income) expense, net | $ | (5,138) | | | $ | 1,701 | | | $ | 1,805 | |
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- DefinitionThe entire disclosure for other income or other expense items (both operating and nonoperating). Sources of nonoperating income or nonoperating expense that may be disclosed, include amounts earned from dividends, interest on securities, profits (losses) on securities, net and miscellaneous other income or income deductions.
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v3.24.2.u1
Subsequent Events Subsequent Events
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12 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
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Subsequent Events [Text Block] |
SUBSEQUENT EVENTS We have evaluated events and transactions occurring subsequent to June 30, 2024 through the date the financial statements were issued. On August 1, 2024, the Company acquired substantially all of the net assets of Total Machine Solutions (TMS) and 100% of the outstanding shares of Stanley Proctor. TMS is a Fairfield, NJ provider of electrical and mechanical power transmission products and solutions including bearings, drives, motors, conveyor components, and related repair services. The purchase price for TMS was $6,500 and it is included in the Service Center Based Distribution segment. Stanley Proctor, based in Twinsburg, OH, provides hydraulic, pneumatic, measurement, control, and instrumentation components, as well as fluid power engineered systems. The purchase price for Stanley Proctor was $3,200 and it is included in the Engineered Solutions segment. The Company funded both acquisitions using available cash.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
Schedule II - Valuation and Qualifying Accounts
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12 Months Ended |
Jun. 30, 2024 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] |
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VALUATION AND QUALIFYING ACCOUNTS |
APPLIED INDUSTRIAL TECHNOLOGIES, INC. & SUBSIDIARIES SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED JUNE 30, 2024, 2023, AND 2022 (in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | COLUMN A | | COLUMN B | | COLUMN C | | | COLUMN D | | | COLUMN E | DESCRIPTION | | Balance at Beginning of Period | | (Deductions) Additions Charged to Cost and Expenses | | (Deductions) Additions Charged to Other Accounts | | | Deductions from Reserve | | | Balance at End of Period | Year Ended June 30, 2024 | | | | | | | | | | | | | Reserve deducted from assets to which it applies — | | | | | | | | | | | | | Accounts receivable: | | | | | | | | | | | | | Allowance for doubtful accounts | | $ | 22,334 | | | $ | (205) | | | $ | — | | | | $ | 9,066 | | (B) | | $ | 13,063 | | Returns reserve | | 12,635 | | | — | | | (1,820) | | (A) | | — | | | | 10,815 | | | | $ | 34,969 | | | $ | (205) | | | $ | (1,820) | | | | $ | 9,066 | | | | $ | 23,878 | | Year Ended June 30, 2023 | | | | | | | | | | | | | Reserve deducted from assets to which it applies — | | | | | | | | | | | | | Accounts receivable: | | | | | | | | | | | | | Allowance for doubtful accounts | | $ | 17,522 | | | $ | 5,619 | | | $ | — | | | | $ | 807 | | (B) | | $ | 22,334 | | Returns reserve | | 10,522 | | | — | | | 2,113 | | (A) | | — | | | | 12,635 | | | | $ | 28,044 | | | $ | 5,619 | | | $ | 2,113 | | | | $ | 807 | | | | $ | 34,969 | | Year Ended June 30, 2022 | | | | | | | | | | | | | Reserve deducted from assets to which it applies — | | | | | | | | | | | | | Accounts receivable: | | | | | | | | | | | | | Allowance for doubtful accounts | | $ | 16,455 | | | $ | 3,193 | | | $ | — | | | | $ | 2,126 | | (B) | | $ | 17,522 | | Returns reserve | | 9,772 | | | — | | | 750 | | (A) | | — | | | | 10,522 | | | | $ | 26,227 | | | $ | 3,193 | | | $ | 750 | | | | $ | 2,126 | | | | $ | 28,044 | |
(A)Amounts in the years ending June 30, 2024, 2023 and 2022 represent reserves recorded for the return of merchandise by customers. The Company adopted ASC 606 - Revenue from Contracts with Customers effective July 1, 2018 which requires the Company's sales returns reserve to be established at the gross sales value with an asset established for the value of the expected product to be returned. (B)Amounts represent uncollectible accounts charged off.
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- DefinitionThe entire disclosure for valuation and qualifying accounts and reserves.
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v3.24.2.u1
Business and Accounting Policies (Policies)
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12 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
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Business |
Business Applied Industrial Technologies, Inc. and subsidiaries (the “Company,” “Applied,” "us," "we," 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. Although the Company does not generally manufacture the products it sells, it does assemble and repair certain products and systems.
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Consolidation |
Consolidation The consolidated financial statements include the accounts of Applied Industrial Technologies, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation.
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Foreign Currency |
Foreign Currency The financial statements of the Company’s Canadian, Mexican, Australian, and New Zealand subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss) in the statements of consolidated comprehensive income. Gains and losses resulting from transactions denominated in foreign currencies are included in the statements of consolidated income as a component of other expense (income), net.
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Estimates |
Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the period. Actual results may differ from the estimates and assumptions used in preparing the consolidated financial statements.
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Cash and Cash Equivalents |
Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value.
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Marketable Securities |
Marketable Securities The primary marketable security investments of the Company include money market and mutual funds held in a rabbi trust for a non-qualified deferred compensation plan. These are included in other assets in the consolidated balance sheets, are classified as trading securities, and are reported at fair value based on quoted market prices. Changes in the fair value of the investments during the period are recorded in other expense (income), net in the statements of consolidated income.
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Concentration Risk, Credit Risk, Policy |
Concentration of Credit Risk The Company has a broad customer base representing many diverse industries across North America, Australia, New Zealand, Singapore, and Costa Rica. As such, the Company does not believe that a significant concentration of credit risk exists in its accounts receivable. The Company’s cash and cash equivalents consist of deposits with commercial banks and regulated non-bank subsidiaries. While the Company monitors the creditworthiness of these institutions, a crisis in the financial systems could limit access to funds and/or result in the loss of principal. The terms of these deposits and investments provide that all monies are available to the Company upon demand.
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Accounts Receivable |
Accounts Receivable Accounts receivable are stated at their estimated net realizable value and consist of amounts billed or billable and currently due from customers.
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Allowances for Doubtful Accounts |
Allowances for Doubtful Accounts The Company maintains an allowance for doubtful accounts, which reflects management’s best estimate of probable losses based on an analysis of customer accounts, known troubled accounts, historical experience with write-offs, and other currently available evidence. Initially, the Company estimates an allowance for doubtful accounts as a percentage of net sales based on historical bad debt experience. This initial estimate is adjusted based on recent trends of customers and industries estimated to be greater credit risks, trends within the entire customer pool, and changes in the overall aging of accounts receivable. Accounts are written off against the allowance when it becomes evident collection will not occur. While the Company has a large customer base that is geographically dispersed, a general economic downturn in any of the industry segments in which the Company operates could result in higher than expected defaults, and therefore, the need to revise estimates for bad debts. The allowance for doubtful accounts was $13,063 and $22,334 at June 30, 2024 and June 30, 2023, respectively.
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Inventories |
Inventories Inventories are valued at average cost, using the last-in, first-out (LIFO) method for U.S. inventories and the average cost method for foreign inventories. The Company adopted the link chain dollar value LIFO method of accounting for U.S. inventories in fiscal 1974. At June 30, 2024, approximately 14.9% of the Company’s domestic inventory dollars relate to LIFO layers added in the 1970s. The Company maintains five LIFO pools based on the following product groupings: bearings, power transmission products, rubber products, fluid power products, and other products. LIFO layers and/or liquidations are determined consistently year-to-year. The Company evaluates the recoverability of its slow moving and inactive inventories at least quarterly. The Company estimates the recoverable cost of such inventory by product type while considering factors such as its age, historic and current demand trends, the physical condition of the inventory, as well as assumptions regarding future demand. The Company’s ability to recover its cost for slow moving or obsolete inventory can be affected by such factors as general market conditions, future customer demand, and relationships with suppliers. Historically, the Company’s inventories have demonstrated long shelf lives, are not highly susceptible to obsolescence, and, in certain instances, can be eligible for return under supplier return programs.
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Supplier Purchasing Programs |
Supplier Purchasing Programs The Company enters into agreements with certain suppliers providing inventory purchase incentives. The Company’s inventory purchase incentive arrangements are unique to each supplier and are generally annual programs ending at either the Company’s fiscal year end or the supplier’s year end; however, program length and ending dates can vary. Incentives are received in the form of cash or credits against purchases upon attainment of specified purchase volumes and are received either monthly, quarterly, or annually. The incentives are generally a specified percentage of the Company’s net purchases based upon achieving specific purchasing volume levels. These percentages can increase or decrease based on changes in the volume of purchases. The Company accrues for the receipt of these inventory purchase incentives based upon cumulative purchases of inventory. The percentage level utilized is based upon the estimated total volume of purchases expected during the life of the program. Supplier programs are analyzed each quarter to determine the appropriateness of the amount of purchase incentives accrued. Upon program completion, differences between estimates and actual incentives subsequently received have not been material. Benefits under these supplier purchasing programs are recognized under the Company’s inventory accounting methods as a reduction of cost of sales when the inventories representing these purchases are recorded as cost of sales. Accrued incentives expected to be settled as a credit against future purchases are reported on the consolidated balance sheets as an offset to amounts due to the related supplier.
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Property and related Depreciation and Amortization |
Property and Related Depreciation and Amortization Property and equipment are recorded at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets and is included in selling, distribution, and administrative expense in the accompanying statements of consolidated income. Buildings, building improvements and leasehold improvements are depreciated over ten to thirty years or the life of the lease if a shorter period, and equipment is depreciated over three to ten years. The Company capitalizes internal use software development costs in accordance with guidance on accounting for costs of computer software developed or obtained for internal use. Amortization of software begins when it is ready for its intended use, and is computed on a straight-line basis over the estimated useful life of the software, generally not to exceed twelve years. Capitalized software and hardware costs are classified as property on the consolidated balance sheets. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the asset group's recorded value cannot be recovered from undiscounted future cash flows. Impairment losses, if any, would be measured based upon the difference between the carrying amount of an asset group and its fair value.
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Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is not amortized. Goodwill is reviewed for impairment annually as of January 1 or whenever changes in conditions indicate an evaluation should be completed. These conditions could include a significant change in the business climate, legal factors, operating performance indicators, competition, or sale or disposition of a significant portion of a reporting unit. The Company utilizes the income and market approaches to determine the fair value of reporting units. Evaluating impairment requires significant judgment by management, including estimated future operating results, estimated future cash flows, the long-term rate of growth of the business, and determination of an appropriate discount rate. While the Company uses available information to prepare the estimates and evaluations, actual results could differ significantly. The Company recognizes acquired identifiable intangible assets such as customer relationships, trade names, vendor relationships, and non-competition agreements apart from goodwill. Customer relationship identifiable intangibles are amortized using the sum-of-the-years-digits method or the expected cash flow method over estimated useful lives consistent with assumptions used in the determination of their value. Amortization of all other finite-lived identifiable intangible assets is computed using the straight-line method over the estimated period of benefit. Amortization of identifiable intangible assets is included in selling, distribution and administrative expense in the accompanying statements of consolidated income. Identifiable intangible assets with finite lives are reviewed for impairment when changes in conditions indicate carrying value may not be recoverable. If circumstances require a finite-lived intangible asset be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by the asset to the carrying value of the asset. If the carrying value of the finite-lived intangible asset is not recoverable on an undiscounted cash flow basis, impairment is recognized to the extent that the carrying value exceeds its fair value determined through a discounted cash flow model. Identifiable intangible assets with indefinite lives are reviewed for impairment on an annual basis or whenever changes in conditions indicate an evaluation should be completed. The Company does not currently have any indefinite-lived identifiable intangible assets.
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Self-Insurance Liabilities |
Self-Insurance Liabilities The Company maintains business insurance programs with significant self-insured retention covering workers’ compensation, business, automobile, general product liability and other claims. The Company accrues estimated losses including those incurred but not reported using actuarial calculations, models and assumptions based on historical loss experience. The Company also maintains a self-insured health benefits plan which provides medical benefits to U.S. based employees electing coverage under the plan. The Company estimates its reserve for all unpaid medical claims, including those incurred but not reported, based on historical experience, adjusted as necessary based upon management’s reasoned judgment.
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Revenue Recognition |
Revenue Recognition The Company primarily sells purchased products distributed through its network of service centers and recognizes revenue at a point in time when control of the product transfers to the customer, typically upon shipment from an Applied facility or directly from a supplier. For products that ship directly from suppliers to customers, Applied generally acts as the principal in the transaction and recognizes revenue on a gross basis. Revenue recognized over time is not significant. Revenue is measured as the amount of consideration expected to be received in exchange for the products and services provided, net of allowances for product returns, variable consideration, and any taxes collected from customers that will be remitted to governmental authorities. Shipping and handling costs are recognized in net sales when they are billed to the customer. The Company has elected to account for shipping and handling activities as fulfillment costs. There are no significant costs associated with obtaining customer contracts. Payment terms with customers vary by the type and location of the customer and the products or services offered. The Company does not adjust the promised amount of consideration for the effects of significant financing components based on the expectation that the period between when the Company transfers a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Arrangements with customers that include payment terms extending beyond one year are not significant. The Company’s products are generally sold with a right of return and may include variable consideration in the form of incentives, discounts, credits, or rebates. Product returns are estimated based on historical return rates. The returns reserve was $10,815 and $12,635 at June 30, 2024 and June 30, 2023, respectively. The Company estimates and recognizes variable consideration based on historical experience to determine the expected amount to which the Company will be entitled in exchange for transferring the promised goods or services to a customer. The Company records variable consideration as an adjustment to the transaction price in the period it is incurred. The realization of variable consideration occurs within a short period of time from product delivery; therefore, the time value of money effect is not significant. Shipping and Handling Costs The Company records freight payments to third parties in cost of sales and internal delivery costs in selling, distribution and administrative expense in the accompanying statements of consolidated income. Internal delivery costs in selling, distribution and administrative expense were approximately $24,620, $22,170, and $17,890 for the fiscal years ended June 30, 2024, 2023, and 2022, respectively.
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Income Taxes |
Income Taxes Income taxes are determined based upon income and expenses recorded for financial reporting purposes. Deferred income taxes are recorded for estimated future tax effects of differences between the bases of assets and liabilities for financial reporting and income tax purposes, giving consideration to enacted tax laws. Uncertain tax positions meeting a more-likely-than-not recognition threshold are recognized in accordance with Accounting Standards Codification (ASC) Topic 740 - Income Taxes. The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in the provision for income taxes.
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Share-Based Compensation |
Share-Based Compensation Share-based compensation represents the cost related to share-based awards granted to employees under the 2023 Long-Term Performance Plan, the 2019 Long-Term Performance Plan, or the 2015 Long-Term Performance Plan. The Company measures share-based compensation cost at the grant date, based on the estimated fair value of the award and recognizes the cost over the requisite service period. Non-qualified stock appreciation rights (SARs) and stock options are granted with an exercise price equal to the closing market price of the Company’s common stock at the date of grant and the fair values are determined using a Black-Scholes option pricing model, which incorporates assumptions regarding the expected volatility, the expected option life, the risk-free interest rate and the expected dividend yield. SARs and stock option awards generally vest over four years of continuous service and have ten-year contractual terms. The fair value of restricted stock awards, restricted stock units (RSUs), and performance shares are based on the closing market price of Company common stock on the grant date.
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Treasury Shares |
Treasury Shares Shares of common stock repurchased by the Company are recorded at cost as treasury shares and result in a reduction of shareholders’ equity in the consolidated balance sheets. The Company uses the weighted-average cost method for determining the cost of shares reissued. The difference between the cost of the shares and the reissuance price is added to or deducted from additional paid-in capital.
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Derivatives |
Derivatives The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Derivatives may also be designated as hedges of the foreign currency exposure of a net investment in a foreign operation. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. In accordance with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio.
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Retirement Savings Plan, Deferred Compensation Plans, and Post-employment Benefit Plans |
Retirement Savings Plan Substantially all U.S. employees participate in the Applied Industrial Technologies, Inc. Retirement Savings Plan, a 401(k) plan. Participants may elect 401(k) contributions of up to 50% of their compensation, subject to Internal Revenue Code maximums. The Company partially matches 401(k) contributions by participants. The Company’s expense for matching of employees’ 401(k) contributions was $9,670, $9,989 and $9,149 during 2024, 2023 and 2022, respectively. Deferred Compensation Plans The Company maintains deferred compensation plans that enable certain employees of the Company to defer receipt of a portion of their compensation. Rabbi trusts have been established to hold and provide a measure of security for investments that fund benefits payments under these plans. Assets held in these rabbi trusts consist of investments in money market and mutual funds and Company common stock. Post-employment Benefit Plans The Company provides the following post-employment benefits which, except for the Qualified Defined Benefit Retirement Plan and Key Executive Restoration Plan, are unfunded: Supplemental Executive Retirement Benefits Plan The Company has a non-qualified pension plan to provide supplemental retirement benefits to certain officers. Benefits are payable and determinable at retirement based upon a percentage of the participant’s historical compensation. The Executive Organization and Compensation Committee of the Board of Directors froze participant benefits (credited service and final average earnings) and entry into the Supplemental Executive Retirement Benefits Plan (SERP) effective December 31, 2011. The Company recorded net periodic benefit costs associated with the SERP of $289, $399, and $450 in fiscal 2024, 2023, and 2022, respectively. The Company expects to make payments of approximately $1,300 under the SERP in fiscal 2025 and 2026, respectively. Key Executive Restoration Plan In fiscal 2012, the Company adopted the Key Executive Restoration Plan (KERP), a funded, non-qualified deferred compensation plan, to replace the SERP. The Company recorded $446, $456, and $514 of expense associated with this plan in fiscal 2024, 2023, and 2022, respectively. Qualified Defined Benefit Retirement Plan The Company's qualified defined benefit retirement plan provided benefits to certain hourly employees at retirement based on length of service and date of retirement. The plan accruals were frozen as of April 16, 2018, and employees were permitted to participate in the Retirement Savings Plan, following that date. The Company terminated the defined benefit retirement plan effective February 28, 2022. Participants elected to receive benefits as either a lump sum payment or through an annuity contract and the settlement of $8,895 was paid from plan assets in the second quarter of fiscal 2023. As a result of the plan termination, the Company recognized a loss of $1,184 in the year ended June 30, 2023, which was recorded in other (income) expense, net in the statements of consolidated income. The Company recorded net periodic costs associated with this plan of $282 in fiscal 2022. Retiree Health Care Benefits The Company provides health care benefits, through third-party policies, to eligible retired employees who pay a specified monthly premium. Premium payments are based upon current insurance rates for the type of coverage provided and are adjusted annually. Certain monthly health care premium payments are partially subsidized by the Company. Additionally, in conjunction with a fiscal 1998 acquisition, the Company assumed the obligation for a post-retirement medical benefit plan which provides health care benefits to eligible retired employees at no cost to the individual. The Company recorded net periodic benefits associated with these plans of $186, $113, and $123 in fiscal 2024, 2023, and 2022, respectively. The Company has determined that the related disclosures under ASC Topic 715 - Compensation, Retirement Benefits, for these post-employment benefit plans are not material to the consolidated financial statements.
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Leases |
Leases The Company leases facilities for certain service centers, warehouses, distribution centers, and office space. The Company also leases office equipment and vehicles. All leases are classified as operating. The Company’s leases expire at various dates through 2036, with terms ranging from 1 year to 15 years. Many of the Company’s real estate leases contain renewal provisions to extend lease terms up to 5 years. The exercise of renewal options is solely at the Company’s discretion. The Company’s lease agreements do not contain material variable lease payments, residual value guarantees, or restrictive covenants. The Company does not recognize right-of-use assets or lease liabilities for short-term leases with initial terms of 12 months or less. Leased vehicles comprise the majority of the Company’s short-term leases. All other leases are recorded on the balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing lease payment obligations. The Company’s leases do not provide implicit rates; therefore the Company uses its incremental borrowing rate as the discount rate for measuring lease liabilities. Non-lease components are accounted for separately from lease components. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution, and administrative expense on the statements of consolidated income.
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Recently Issued Accounting Guidance |
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, 2024. 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, enhances 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, 2023, with the interim disclosure requirements being effective for fiscal years beginning after December 15, 2024. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.
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v3.24.2.u1
Revenue Recognition Revenue Recognition (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue from External Customers by Geographic Areas [Table Text Block] |
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 years ended June 30, 2024, 2023, and 2022. Other countries consist of Mexico, Australia, New Zealand, Singapore, and Costa Rica. | | | | | | | | | | | | | Year Ended June 30, 2024 | | Service Center Based Distribution | Engineered Solutions | Total | Geographic Areas: | | | | United States | $ | 2,540,427 | | $ | 1,391,762 | | $ | 3,932,189 | | Canada | 310,210 | | — | | 310,210 | | Other Countries | 205,918 | | 31,089 | | 237,007 | | Total | $ | 3,056,555 | | $ | 1,422,851 | | $ | 4,479,406 | |
| | | | | | | | | | | | | Year Ended June 30, 2023 | | Service Center Based Distribution | Engineered Solutions | Total | Geographic Areas: | | | | United States | $ | 2,441,281 | | $ | 1,419,140 | | $ | 3,860,421 | | Canada | 315,499 | | — | | 315,499 | | Other Countries | 210,062 | | 26,812 | | 236,874 | | Total | $ | 2,966,842 | | $ | 1,445,952 | | $ | 4,412,794 | |
| | | | | | | | | | | | | Year Ended June 30, 2022 | | Service Center Based Distribution | Engineered Solutions | Total | Geographic Areas: | | | | United States | $ | 2,081,566 | | $ | 1,218,184 | | $ | 3,299,750 | | Canada | 291,530 | | — | | 291,530 | | Other Countries | 192,508 | | 26,888 | | 219,396 | | Total | $ | 2,565,604 | | $ | 1,245,072 | | $ | 3,810,676 | |
|
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 years ended June 30, 2024, 2023, and 2022: | | | | | | | | | | | | | | | | | | | Year Ended June 30, 2024 | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 35.0 | % | | 38.7 | % | | 36.2 | % | Industrial Machinery | 8.2 | % | | 24.2 | % | | 13.3 | % | Food | 15.0 | % | | 2.8 | % | | 11.1 | % | Metals | 10.9 | % | | 7.9 | % | | 10.0 | % | Forest Products | 12.0 | % | | 3.2 | % | | 9.2 | % | Chem/Petrochem | 2.7 | % | | 16.0 | % | | 6.9 | % | Cement & Aggregate | 7.4 | % | | 1.3 | % | | 5.5 | % | Oil & Gas | 5.1 | % | | 1.7 | % | | 4.0 | % | Transportation | 3.7 | % | | 4.2 | % | | 3.8 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2023 | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 34.0 | % | | 41.2 | % | | 36.2 | % | Industrial Machinery | 9.8 | % | | 26.1 | % | | 15.2 | % | Food | 13.2 | % | | 2.7 | % | | 9.8 | % | Metals | 10.6 | % | | 7.5 | % | | 9.6 | % | Forest Products | 12.1 | % | | 2.8 | % | | 9.1 | % | Chem/Petrochem | 2.8 | % | | 13.9 | % | | 6.4 | % | Cement & Aggregate | 7.8 | % | | 1.3 | % | | 5.7 | % | Oil & Gas | 6.0 | % | | 1.4 | % | | 4.5 | % | Transportation | 3.7 | % | | 3.1 | % | | 3.5 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | General Industry | 34.9 | % | | 40.1 | % | | 36.7 | % | Industrial Machinery | 10.3 | % | | 28.3 | % | | 16.2 | % | Food | 12.6 | % | | 2.5 | % | | 9.3 | % | Metals | 11.2 | % | | 7.4 | % | | 9.9 | % | Forest Products | 10.8 | % | | 2.4 | % | | 8.0 | % | Chem/Petrochem | 3.1 | % | | 13.8 | % | | 6.6 | % | Cement & Aggregate | 7.6 | % | | 1.0 | % | | 5.5 | % | Oil & Gas | 5.4 | % | | 1.2 | % | | 4.0 | % | Transportation | 4.1 | % | | 3.3 | % | | 3.8 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
The following tables present the Company’s percentage of revenue by reportable segment and product line for the years ended June 30, 2024, 2023, and 2022: | | | | | | | | | | | | | | | | | | | Year Ended June 30, 2024 | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 37.7 | % | | 11.3 | % | | 29.4 | % | Fluid Power | 14.1 | % | | 36.3 | % | | 21.1 | % | General Maintenance; Hose Products | 22.1 | % | | 17.2 | % | | 20.5 | % | Bearings, Linear & Seals | 26.1 | % | | 0.4 | % | | 18.0 | % | Specialty Flow Control | — | % | | 34.8 | % | | 11.0 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2023 | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 37.3 | % | | 10.6 | % | | 28.5 | % | Fluid Power | 13.3 | % | | 34.3 | % | | 20.2 | % | General Maintenance; Hose Products | 21.1 | % | | 19.3 | % | | 20.6 | % | Bearings, Linear & Seals | 28.3 | % | | 0.4 | % | | 19.1 | % | Specialty Flow Control | — | % | | 35.4 | % | | 11.6 | % | Total | 100.0 | % | | 100.0 | % | | 100.0 | % |
| | | | | | | | | | | | | | | | | | | Year Ended June 30, 2022 | | Service Center Based Distribution | | Engineered Solutions | | Total | Power Transmission | 37.1 | % | | 10.6 | % | | 28.4 | % | Fluid Power | 12.8 | % | | 37.2 | % | | 20.8 | % | General Maintenance; Hose Products | 20.9 | % | | 18.9 | % | | 20.3 | % | Bearings, Linear & Seals | 29.2 | % | | 0.4 | % | | 19.8 | % | Specialty Flow Control | — | % | | 32.9 | % | | 10.7 | % | Total | 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 consolidated balance sheet, is as follows: | | | | | | | | | | | | | | | | June 30, 2024 | June 30, 2023 | $ Change | % Change | Contract assets | $ | 12,648 | | $ | 17,911 | | $ | (5,263) | | (29.4) | % |
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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v3.24.2.u1
Inventories (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Items of Inventories |
Inventories consist of the following: | | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | U.S. inventories at average cost | | $ | 557,313 | | | $ | 558,299 | | Foreign inventories at average cost | | 156,873 | | | 158,165 | | | | 714,186 | | | 716,464 | | Less: Excess of average cost over LIFO cost for U.S. inventories | | 225,928 | | | 215,280 | | Inventories on consolidated balance sheets | | $ | 488,258 | | | $ | 501,184 | |
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v3.24.2.u1
Goodwill and Intangibles (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill [Table Text Block] |
The changes in the carrying amount of goodwill for both the Service Center Based Distribution segment and the Engineered Solutions segment for the years ended June 30, 2024 and 2023 are as follows: | | | | | | | | | | | | | | | | | | | Service Center Based Distribution | | Engineered Solutions | | Total | Balance at July 1, 2022 | $ | 211,010 | | | $ | 352,195 | | | $ | 563,205 | | Goodwill acquired during the year | — | | | 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 year | 9,712 | | | 32,634 | | | 42,346 | | | | | | | | Other, primarily currency translation | (1,369) | | | — | | | (1,369) | | Balance at June 30, 2024 | $ | 219,574 | | | $ | 399,821 | | | $ | 619,395 | |
|
Schedule of Finite-Lived Intangible Assets [Table Text Block] |
The Company's identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following: | | | | | | | | | | | | | | | | | | June 30, 2024 | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived Intangibles: | | | | | | Customer relationships | $ | 394,114 | | | $ | 205,422 | | | $ | 188,692 | | Trade names | 88,848 | | | 34,891 | | | 53,957 | | | | | | | | Other | 4,946 | | | 1,725 | | | 3,221 | | Total Intangibles | $ | 487,908 | | | $ | 242,038 | | | $ | 245,870 | |
| | | | | | | | | | | | | | | | | | June 30, 2023 | Amount | | Accumulated Amortization | | Net Book Value | Finite-Lived 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 Intangibles | $ | 486,081 | | | $ | 250,532 | | | $ | 235,549 | |
|
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] |
During fiscal 2024, the Company acquired identifiable intangible assets with an acquisition cost allocation and weighted-average life as follows: | | | | | | | | | | | | | Acquisition Cost Allocation | | Weighted-Average Life | Customer relationships | $ | 35,131 | | | 20.0 | Trade names | 3,810 | | | 13.3 | Other | 1,600 | | | 6.7 | Total Intangibles Acquired | $ | 40,541 | | | 18.9 |
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v3.24.2.u1
Debt Debt (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Debt |
A summary of long-term debt, including the current portion, follows: | | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | Revolving credit facility | | $ | 384,000 | | | $ | 383,592 | | Trade receivable securitization facility | | 188,300 | | | 188,300 | | | | | | | Series D Notes | | — | | | 25,000 | | Series E Notes | | 25,000 | | | 25,000 | | Other | | 105 | | | 356 | | Total debt | | $ | 597,405 | | | $ | 622,248 | | Less: unamortized debt issuance costs | | 71 | | | 152 | | | | $ | 597,334 | | | $ | 622,096 | |
|
Schedule of Maturities of Long-term Debt [Table Text Block] |
The table below summarizes the aggregate maturities of amounts outstanding under long-term borrowing arrangements for each of the next five years: | | | | | | Fiscal Year | Aggregate Maturity | 2025 | $ | 25,105 | | 2026 | — | | 2027 | 572,300 | | 2028 | — | | 2029 | — | | | |
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v3.24.2.u1
Income Taxes (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Income Tax Disclosure [Abstract] |
|
Components of income before income taxes |
The components of income before income taxes are as follows: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | U.S. | $ | 467,785 | | | $ | 423,316 | | | $ | 287,367 | | Foreign | 30,345 | | | 26,495 | | | 42,423 | | Income before income taxes | $ | 498,130 | | | $ | 449,811 | | | $ | 329,790 | |
|
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
The provision for income taxes consists of: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Current: | | | | | | Federal | $ | 86,501 | | | $ | 84,294 | | | $ | 40,608 | | State and local | 23,016 | | | 19,026 | | | 10,188 | | Foreign | 3,925 | | | 5,468 | | | 6,404 | | Total current | 113,442 | | | 108,788 | | | 57,200 | | Deferred: | | | | | | Federal | (791) | | | (1,881) | | | 12,467 | | State and local | 1,159 | | | (84) | | | 2,659 | | Foreign | (1,442) | | | (3,751) | | | 50 | | Total deferred | (1,074) | | | (5,716) | | | 15,176 | | Total | $ | 112,368 | | | $ | 103,072 | | | $ | 72,376 | |
|
Reconciliations of federal statutory income tax rate and Company's effective income tax rate |
The following reconciles the U.S. federal statutory income tax rate to the Company’s effective income tax rate: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Statutory income tax rate | 21.0 | % | | 21.0 | % | | 21.0 | % | Effects of: | | | | | | State and local taxes | 4.0 | | | 3.5 | | | 3.3 | | Stock compensation | (1.2) | | | (1.0) | | | (1.5) | | GILTI/FDII | (0.4) | | | (0.2) | | | 0.2 | | R & D credit | (0.4) | | | (0.4) | | | (0.4) | | U.S. tax on foreign income, net | (0.1) | | | — | | | (0.4) | | Impact of foreign operations | 0.3 | | | 0.2 | | | 0.4 | | Non-deductibles/Deductible dividend | 0.9 | | | 0.6 | | | 0.2 | | Interest deduction | (0.4) | | | (0.4) | | | (0.6) | | Valuation allowance | (0.7) | | | (0.6) | | | (0.6) | | Other, net | (0.4) | | | 0.2 | | | 0.3 | | Effective income tax rate | 22.6 | % | | 22.9 | % | | 21.9 | % |
|
Components of the Company's net deferred tax assets |
Significant components of the Company’s deferred tax assets and liabilities are as follows: | | | | | | | | | | | | June 30, | 2024 | | 2023 | Deferred tax assets: | | | | Compensation liabilities not currently deductible | $ | 18,646 | | | $ | 17,726 | | Other expenses and reserves not currently deductible | 15,008 | | | 18,215 | | | | | | Leases | 34,771 | | | 26,345 | | | | | | Net operating loss carryforwards | 6,340 | | | 6,809 | | Capitalization of R&D costs | 17,584 | | | 11,646 | | Other | 300 | | | 381 | | Total deferred tax assets | $ | 92,649 | | | $ | 81,122 | | Less: Valuation allowance | (158) | | | (3,459) | | Deferred tax assets, net of valuation allowance | $ | 92,491 | | | $ | 77,663 | | Deferred tax liabilities: | | | | Inventories | $ | (18,086) | | | $ | (15,174) | | Goodwill and intangibles | (63,733) | | | (52,463) | | Leases | (34,473) | | | (26,179) | | Hedging instrument | (5,965) | | | (9,081) | | Depreciation and differences in property bases | (10,506) | | | (9,757) | | Total deferred tax liabilities | (132,763) | | | (112,654) | | Net deferred tax liabilities | $ | (40,272) | | | $ | (34,991) | | Net deferred tax liabilities are classified as follows: | | | | Other assets | $ | 11,306 | | | $ | 9,990 | | Other liabilities | (51,578) | | | (44,981) | | Net deferred tax liabilities | $ | (40,272) | | | $ | (34,991) | |
|
Schedule of Unrecognized Tax Benefits Roll Forward |
The Company and its subsidiaries file income tax returns in U.S. federal, various state, local, and foreign jurisdictions. The following table sets forth the changes in the amount of unrecognized tax benefits for the years ended June 30, 2024, 2023, and 2022: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Unrecognized Income Tax Benefits at beginning of the year | $ | 4,821 | | | $ | 4,926 | | | $ | 5,230 | | Current year tax positions | 105 | | | 622 | | | 505 | | Prior year tax positions | (412) | | | (86) | | | (83) | | Expirations of statutes of limitations | (1,466) | | | (641) | | | (726) | | | | | | | | Unrecognized Income Tax Benefits at end of year | $ | 3,048 | | | $ | 4,821 | | | $ | 4,926 | |
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v3.24.2.u1
Shareholders' Equity (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Stockholders' Equity Note [Abstract] |
|
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
Changes in the accumulated other comprehensive loss for the years ended June 30, 2024, 2023, and 2022, are composed of the following amounts, shown net of taxes: | | | | | | | | | | | | | | | | | | | | | | | | | Foreign currency translation adjustment | | Post-employment benefits | | Cash flow hedge | | Total accumulated other comprehensive loss | Balance at July 1, 2021 | $ | (80,838) | | | $ | (3,673) | | | $ | (8,581) | | | $ | (93,092) | | Other comprehensive (loss) income | (9,900) | | | 2,142 | | | 19,770 | | | 12,012 | | Amounts reclassified from accumulated other comprehensive loss | — | | | 228 | | | 8,557 | | | 8,785 | | | | | | | | | | Net current-period other comprehensive (loss) income | (9,900) | | | 2,370 | | | 28,327 | | | 20,797 | | Balance at June 30, 2022 | (90,738) | | | (1,303) | | | 19,746 | | | (72,295) | | Other comprehensive income | 7,639 | | | 1,082 | | | 13,759 | | | 22,480 | | Amounts reclassified from accumulated other comprehensive loss | — | | | 24 | | | (5,505) | | | (5,481) | | Net current-period other comprehensive income | 7,639 | | | 1,106 | | | 8,254 | | | 16,999 | | Balance at June 30, 2023 | (83,099) | | | (197) | | | 28,000 | | | (55,296) | | Other comprehensive (loss) income | (12,467) | | | (101) | | | 4,499 | | | (8,069) | | Amounts reclassified from accumulated other comprehensive loss | — | | | (93) | | | (14,108) | | | (14,201) | | Net current-period other comprehensive loss | (12,467) | | | (194) | | | (9,609) | | | (22,270) | | Balance at June 30, 2024 | $ | (95,566) | | | $ | (391) | | | $ | 18,391 | | | $ | (77,566) | |
|
Schedule of Comprehensive Income (Loss) |
Details of other comprehensive (loss) income are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | | Pre-Tax Amount | | Tax (Benefit) Expense | | Net Amount | | Pre-Tax Amount | | Tax Expense (Benefit) | | Net Amount | | Pre-Tax Amount | | Tax Expense | | Net Amount | Foreign currency translation adjustments | $ | (12,544) | | | $ | (77) | | | $ | (12,467) | | | $ | 7,723 | | | $ | 84 | | | $ | 7,639 | | | $ | (9,862) | | | $ | 38 | | | $ | (9,900) | | Post-employment benefits: | | | | | | | | | | | | | | | | | | Actuarial (loss) gain on re-measurement | (134) | | | (33) | | | (101) | | | 405 | | | 100 | | | 305 | | | 2,839 | | | 697 | | | 2,142 | | Reclassification of actuarial losses and prior service cost into other (income) expense, net and included in net periodic pension costs | (117) | | | (24) | | | (93) | | | 36 | | | 12 | | | 24 | | | 300 | | | 72 | | | 228 | | Termination of pension plan | — | | | — | | | — | | | 1,031 | | | 254 | | | 777 | | | — | | | — | | | — | | Unrealized gain on cash flow hedge | 5,958 | | | 1,459 | | | 4,499 | | | 18,174 | | | 4,415 | | | 13,759 | | | 26,204 | | | 6,434 | | | 19,770 | | Reclassification of interest from cash flow hedge into interest expense | (18,683) | | | (4,575) | | | (14,108) | | | (7,285) | | | (1,780) | | | (5,505) | | | 11,361 | | | 2,804 | | | 8,557 | | | | | | | | | | | | | | | | | | | | Other comprehensive (loss) income | $ | (25,520) | | | $ | (3,250) | | | $ | (22,270) | | | $ | 20,084 | | | $ | 3,085 | | | $ | 16,999 | | | $ | 30,842 | | | $ | 10,045 | | | $ | 20,797 | |
|
Computation of basic and diluted earnings per share |
| | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Net Income | $ | 385,762 | | | $ | 346,739 | | | $ | 257,414 | | Average Shares Outstanding: | | | | | | Weighted-average common shares outstanding for basic computation | 38,672 | | | 38,592 | | | 38,471 | | Dilutive effect of potential common shares | 585 | | | 628 | | | 634 | | Weighted-average common shares outstanding for dilutive computation | 39,257 | | | 39,220 | | | 39,105 | | Net Income Per Share — Basic | $ | 9.98 | | | $ | 8.98 | | | $ | 6.69 | | Net Income Per Share — Diluted | $ | 9.83 | | | $ | 8.84 | | | $ | 6.58 | |
|
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- DefinitionThe entire disclosure for earnings per share.
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v3.24.2.u1
Share - Based Compensation (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
|
Schedule of share based compensation expense |
Following approval by the Company's shareholders in October 2023, the 2023 Long-Term Performance Plan (the "2023 Plan") replaced the 2019 Long-Term Performance Plan. The 2023 Plan, which expires in 2028, provides for granting of SARs, stock options, stock awards, cash awards, and such other awards or combination thereof as the Executive Organization and Compensation Committee or, in the case of director awards, the Corporate Governance & Sustainability Committee of the Board of Directors (together referred to as the "Committee") may determine to officers, other key employees and members of the Board of Directors. Grants are generally made at regularly scheduled committee meetings. Compensation costs charged to expense under award programs paid (or to be paid) with shares (including SARs, performance shares, restricted stock, and RSUs) are summarized in the table below: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | SARs | $ | 3,448 | | | $ | 2,785 | | | $ | 3,284 | | Performance shares | 4,232 | | | 5,302 | | | 4,549 | | Restricted stock and RSUs | 5,264 | | | 4,274 | | | 4,009 | | Total compensation costs under award programs | $ | 12,944 | | | $ | 12,361 | | | $ | 11,842 | |
|
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] |
The aggregate unrecognized compensation cost for share-based award programs with the potential to be paid at June 30, 2024 is summarized in the table below: | | | | | | | | | | | | June 30, | 2024 | | Average Expected Period of Expected Recognition (Years) | SARs | $ | 5,113 | | | 2.6 | Performance shares | 6,415 | | | 1.7 | Restricted stock and RSUs | 3,050 | | | 2.1 | Total unrecognized compensation costs under award programs | $ | 14,578 | | | 2.1 |
|
Weighted-average assumptions used for SARs and stock option grants issued |
The weighted-average assumptions used for SARs grants issued in fiscal 2024, 2023, and 2022 are: | | | | | | | | | | | | | | | | | | | 2024 | | 2023 | | 2022 | Expected life, in years | 6.0 | | 6.2 | | 6.4 | Risk free interest rate | 4.1 | % | | 2.9 | % | | 1.0 | % | Dividend yield | 1.0 | % | | 1.3 | % | | 1.5 | % | Volatility | 37.0 | % | | 35.5 | % | | 34.3 | % | Per share fair value of SARs granted during the year | $55.65 | | $35.98 | | $26.18 |
|
Summary of SARs and stock option activity |
A summary of SARs and stock options activity is presented below: | | | | | | | | | | | | | Shares | | Weighted-Average Exercise Price | Year Ended June 30, 2024 | | (Shares in thousands) | | Outstanding, beginning of year | 816 | | | $ | 70.11 | | Granted | 102 | | | 143.72 | | Exercised | (188) | | | 61.25 | | Forfeited | (18) | | | 83.67 | | Outstanding, end of year | 712 | | | $ | 82.65 | | Exercisable at end of year | 472 | | | $ | 65.93 | | Expected to vest at end of year | 706 | | | $ | 82.29 | |
|
Schedule of Nonvested Performance-Based Units Activity |
A summary of non-vested performance shares activity at June 30, 2024 is presented below: | | | | | | | | | | | | | Shares | | Weighted-Average Grant-Date Fair Value | Year Ended June 30, 2024 | | (Shares in thousands) | | Non-vested, beginning of year | 159 | | | $ | 66.74 | | Awarded | 42 | | | 99.79 | | | | | | Vested | (100) | | | 53.50 | | Non-vested, end of year | 101 | | | $ | 93.73 | |
|
Schedule of Nonvested Restricted Stock Units Activity |
A summary of the status of the Company’s non-vested restricted stock and RSUs at June 30, 2024 is presented below: | | | | | | | | | | | | | Shares | | Weighted-Average Grant-Date Fair Value | Year Ended June 30, 2024 | | (Share amounts in thousands) | | Non-vested, beginning of year | 143 | | | $ | 83.35 | | Granted | 29 | | | 151.53 | | Forfeitures | (4) | | | 84.96 | | Vested | (38) | | | 81.50 | | Non-vested, end of year | 130 | | | $ | 99.05 | |
|
X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
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v3.24.2.u1
Leases (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Lease, Cost |
Information related to operating leases is as follows: | | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | Operating lease assets, net | | $ | 133,289 | | | $ | 100,677 | | | | | | | Operating lease liabilities | | | | | Other current liabilities | | $ | 33,466 | | | $ | 31,173 | | Other liabilities | | 104,143 | | | 72,704 | | Total operating lease liabilities | | $ | 137,609 | | | $ | 103,877 | |
| | | | | | | | | | | | | | | June 30, | | 2024 | | 2023 | Weighted average remaining lease term (years) | | 5.5 | | 4.9 | Weighted average incremental borrowing rate | | 4.51 | % | | 3.67 | % |
| | | | | | | | | | | | | | | Year Ended June 30, | | 2024 | | 2023 | Cash paid for operating leases | | $ | 38,130 | | | $ | 35,545 | | Right of use assets obtained in exchange for new operating lease liabilities | | $ | 67,535 | | | $ | 30,605 | |
|
Lessee, Operating Lease, Liability, Maturity |
The table below summarizes the aggregate maturities of liabilities pertaining to operating leases with terms greater than one year for each of the next five years: | | | | | | Fiscal Year | Maturity of Operating Lease Liabilities | 2025 | $ | 38,617 | | 2026 | 33,357 | | 2027 | 26,843 | | 2028 | 19,466 | | 2029 | 14,208 | | Thereafter | 23,456 | | Total lease payments | 155,947 | | Less interest | 18,338 | | Present value of lease liabilities | $ | 137,609 | |
|
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- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.
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v3.24.2.u1
Segment Information (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Segment financial information |
Segment Financial Information | | | | | | | | | | | | | | | | | | | Service Center Based Distribution | | Engineered Solutions | | Total | Year Ended June 30, 2024 | | | | | | Net sales | $ | 3,056,555 | | | $ | 1,422,851 | | | $ | 4,479,406 | | Operating income for reportable segments | 400,182 | | | 206,844 | | | 607,026 | | Assets used in the business | 1,865,269 | | | 1,086,641 | | | 2,951,910 | | Depreciation and amortization of property | 17,700 | | | 5,731 | | | 23,431 | | Capital expenditures | 18,040 | | | 6,824 | | | 24,864 | | Year Ended June 30, 2023 | | | | | | Net sales | $ | 2,966,842 | | | $ | 1,445,952 | | | $ | 4,412,794 | | Operating income for reportable segments | 373,439 | | | 203,404 | | | 576,843 | | Assets used in the business | 1,736,393 | | | 1,006,939 | | | 2,743,332 | | Depreciation and amortization of property | 17,932 | | | 4,334 | | | 22,266 | | Capital expenditures | 15,390 | | | 11,086 | | | 26,476 | | Year Ended June 30, 2022 | | | | | | Net sales | $ | 2,565,604 | | | $ | 1,245,072 | | | $ | 3,810,676 | | Operating income for reportable segments | 301,881 | | | 156,644 | | | 458,525 | | Assets used in the business | 1,455,293 | | | 997,295 | | | 2,452,588 | | Depreciation and amortization of property | 17,509 | | | 4,167 | | | 21,676 | | Capital expenditures | 14,486 | | | 3,638 | | | 18,124 | |
|
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
A reconciliation of operating income for reportable segments to the consolidated income before income taxes is as follows: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Operating income for reportable segments | $ | 607,026 | | | $ | 576,843 | | | $ | 458,525 | | Adjustments for: | | | | | | Intangible amortization — Service Center Based Distribution | 3,188 | | | 2,857 | | | 3,435 | | Intangible amortization — Engineered Solutions | 25,735 | | | 27,948 | | | 28,444 | | | | | | | | | | | | | | Corporate and other expense, net | 82,280 | | | 72,887 | | | 68,788 | | Total operating income | 495,823 | | | 473,151 | | | 357,858 | | Interest expense, net | 2,831 | | | 21,639 | | | 26,263 | | Other (income) expense, net | (5,138) | | | 1,701 | | | 1,805 | | Income before income taxes | $ | 498,130 | | | $ | 449,811 | | | $ | 329,790 | |
|
Information by geographic area |
| | | | | | | | | | | | June 30, | 2024 | | 2023 | Long-Lived Assets: | | | | United States | $ | 209,987 | | | $ | 176,025 | | Canada | 26,436 | | | 29,817 | | Other Countries | 15,393 | | | 9,876 | | Total | $ | 251,816 | | | $ | 215,718 | |
|
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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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v3.24.2.u1
Other Income, Net (Tables)
|
12 Months Ended |
Jun. 30, 2024 |
Other Income and Expenses [Abstract] |
|
Other Expense (Income), net |
Other (income) expense, net, consists of the following: | | | | | | | | | | | | | | | | | | Year Ended June 30, | 2024 | | 2023 | | 2022 | Unrealized (gain) loss on assets held in rabbi trust for a non-qualified deferred compensation plan | $ | (3,300) | | | $ | (2,223) | | | $ | 2,612 | | Foreign currency transaction (gains) losses | (1,099) | | | 3,284 | | | (65) | | Net other periodic post-employment costs | 114 | | | 1,470 | | | 610 | | Life insurance income, net | (855) | | | (668) | | | (1,374) | | Other, net | 2 | | | (162) | | | 22 | | Total other (income) expense, net | $ | (5,138) | | | $ | 1,701 | | | $ | 1,805 | |
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v3.24.2.u1
Business and Accounting Policies Textuals (Details) $ in Thousands |
12 Months Ended |
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Allowance for Doubtful Accounts Receivable, Current |
$ 13,063
|
$ 22,334
|
|
Company's domestic inventory relate to LIFO layers |
14.90%
|
|
|
Number of LIFO pools maintained (in pools) |
5
|
|
|
Revenue Recognition, Sales Returns Reserve |
$ 10,815
|
12,635
|
|
Shipping and Handling Costs |
$ 24,620
|
22,170
|
$ 17,890
|
Vesting period of SARs and stock option awards |
4 years
|
|
|
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent |
50.00%
|
|
|
Defined Contribution Plan, Cost |
$ 9,670
|
9,989
|
9,149
|
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) |
289
|
399
|
450
|
Defined Benefit Plan, Expected Future Benefit Payment, Next Twelve Months |
$ 1,300
|
|
|
Defined Benefit Plan, Plan Assets, Payment for Settlement |
|
8,895
|
|
Lessee, Operating Lease, Renewal Term |
5 years
|
|
|
KERP [Member] |
|
|
|
Defined Contribution Plan, Cost |
$ 446
|
456
|
514
|
Pension Plan [Member] |
|
|
|
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) |
|
|
282
|
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement |
|
1,184
|
|
Other Postretirement Benefits Plan |
|
|
|
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) |
$ 186
|
$ (113)
|
$ (123)
|
Computer Software, Intangible Asset [Member] |
|
|
|
Finite-Lived Intangible Asset, Useful Life |
12 years
|
|
|
Buildings,BuildingsImprovementsandLeaseholdImprovementsMinimumUsefulLife [Member] |
|
|
|
Property, Plant and Equipment, Useful Life |
10 years
|
|
|
Buildings,BuildingsImprovementsandLeaseholdImprovements MaximumUsefulLife [Member] |
|
|
|
Property, Plant and Equipment, Useful Life |
30 years
|
|
|
PropertyandEquipmentMinimumUsefulLife [Member] |
|
|
|
Property, Plant and Equipment, Useful Life |
3 years
|
|
|
PropertyandEquipmentMaximumUsefulLife [Member] |
|
|
|
Property, Plant and Equipment, Useful Life |
10 years
|
|
|
Minimum [Member] |
|
|
|
Lessee, Operating Lease, Term of Contract |
1 year
|
|
|
Maximum [Member] |
|
|
|
Lessee, Operating Lease, Term of Contract |
15 years
|
|
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v3.24.2.u1
Revenue Recognition Revenue Recognition (Details 1) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
$ 4,479,406
|
$ 4,412,794
|
$ 3,810,676
|
UNITED STATES |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
3,932,189
|
3,860,421
|
3,299,750
|
CANADA |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
310,210
|
315,499
|
291,530
|
Other Countries [Member] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
237,007
|
236,874
|
219,396
|
Service Center Based Distribution Segment [Member] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
3,056,555
|
2,966,842
|
2,565,604
|
Service Center Based Distribution Segment [Member] | UNITED STATES |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
2,540,427
|
2,441,281
|
2,081,566
|
Service Center Based Distribution Segment [Member] | CANADA |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
310,210
|
315,499
|
291,530
|
Service Center Based Distribution Segment [Member] | Other Countries [Member] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
205,918
|
210,062
|
192,508
|
Engineered Solutions Segment |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
1,422,851
|
1,445,952
|
1,245,072
|
Engineered Solutions Segment | UNITED STATES |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
1,391,762
|
1,419,140
|
1,218,184
|
Engineered Solutions Segment | CANADA |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
0
|
0
|
0
|
Engineered Solutions Segment | Other Countries [Member] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Net sales |
$ 31,089
|
$ 26,812
|
$ 26,888
|
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v3.24.2.u1
Revenue Recognition Revenue Recognition (Details 2)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
General Industry [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
36.20%
|
36.20%
|
36.70%
|
Industrial Machinery [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
13.30%
|
15.20%
|
16.20%
|
Food [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
11.10%
|
9.80%
|
9.30%
|
Metals [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
10.00%
|
9.60%
|
9.90%
|
Forest Products [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
9.20%
|
9.10%
|
8.00%
|
Chem/Petrochem [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
6.90%
|
6.40%
|
6.60%
|
Cement & Aggregate [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
5.50%
|
5.70%
|
5.50%
|
Oil & Gas [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
4.00%
|
4.50%
|
4.00%
|
Transportation [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
3.80%
|
3.50%
|
3.80%
|
Total |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
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 |
35.00%
|
34.00%
|
34.90%
|
Service Center Based Distribution Segment [Member] | Industrial Machinery [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
8.20%
|
9.80%
|
10.30%
|
Service Center Based Distribution Segment [Member] | Food [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
15.00%
|
13.20%
|
12.60%
|
Service Center Based Distribution Segment [Member] | Metals [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
10.90%
|
10.60%
|
11.20%
|
Service Center Based Distribution Segment [Member] | Forest Products [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
12.00%
|
12.10%
|
10.80%
|
Service Center Based Distribution Segment [Member] | Chem/Petrochem [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
2.70%
|
2.80%
|
3.10%
|
Service Center Based Distribution Segment [Member] | Cement & Aggregate [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
7.40%
|
7.80%
|
7.60%
|
Service Center Based Distribution Segment [Member] | Oil & Gas [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
5.10%
|
6.00%
|
5.40%
|
Service Center Based Distribution Segment [Member] | Transportation [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
3.70%
|
3.70%
|
4.10%
|
Service Center Based Distribution Segment [Member] | Total |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
100.00%
|
100.00%
|
100.00%
|
Engineered Solutions Segment | General Industry [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
38.70%
|
41.20%
|
40.10%
|
Engineered Solutions Segment | Industrial Machinery [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
24.20%
|
26.10%
|
28.30%
|
Engineered Solutions Segment | Food [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
2.80%
|
2.70%
|
2.50%
|
Engineered Solutions Segment | Metals [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
7.90%
|
7.50%
|
7.40%
|
Engineered Solutions Segment | Forest Products [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
3.20%
|
2.80%
|
2.40%
|
Engineered Solutions Segment | Chem/Petrochem [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
16.00%
|
13.90%
|
13.80%
|
Engineered Solutions Segment | Cement & Aggregate [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
1.30%
|
1.30%
|
1.00%
|
Engineered Solutions Segment | Oil & Gas [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
1.70%
|
1.40%
|
1.20%
|
Engineered Solutions Segment | Transportation [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
4.20%
|
3.10%
|
3.30%
|
Engineered Solutions Segment | Total |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Customer Industry, Percent |
100.00%
|
100.00%
|
100.00%
|
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v3.24.2.u1
Revenue Recognition Revenue Recognition (Details 3)
|
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
100.00%
|
100.00%
|
100.00%
|
Power Transmission [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
29.40%
|
28.50%
|
28.40%
|
Fluid Power [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
21.10%
|
20.20%
|
20.80%
|
General Maintenance; Hose Products [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
20.50%
|
20.60%
|
20.30%
|
Bearings, Linear & Seals [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
18.00%
|
19.10%
|
19.80%
|
Specialty Flow Control [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
11.00%
|
11.60%
|
10.70%
|
Service Center Based Distribution Segment [Member] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
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 |
37.70%
|
37.30%
|
37.10%
|
Service Center Based Distribution Segment [Member] | Fluid Power [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
14.10%
|
13.30%
|
12.80%
|
Service Center Based Distribution Segment [Member] | General Maintenance; Hose Products [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
22.10%
|
21.10%
|
20.90%
|
Service Center Based Distribution Segment [Member] | Bearings, Linear & Seals [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
26.10%
|
28.30%
|
29.20%
|
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%
|
Engineered Solutions Segment |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
100.00%
|
100.00%
|
100.00%
|
Engineered Solutions Segment | Power Transmission [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
11.30%
|
10.60%
|
10.60%
|
Engineered Solutions Segment | Fluid Power [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
36.30%
|
34.30%
|
37.20%
|
Engineered Solutions Segment | General Maintenance; Hose Products [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
17.20%
|
19.30%
|
18.90%
|
Engineered Solutions Segment | Bearings, Linear & Seals [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
0.40%
|
0.40%
|
0.40%
|
Engineered Solutions Segment | Specialty Flow Control [Domain] |
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
Disaggregated Revenue by Product Line, Percent |
34.80%
|
35.40%
|
32.90%
|
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v3.24.2.u1
Business Combinations Textuals (Details) - USD ($) $ in Thousands |
12 Months Ended |
|
|
|
|
|
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
May 01, 2024 |
Sep. 01, 2023 |
Aug. 01, 2023 |
Mar. 31, 2023 |
Nov. 01, 2022 |
Aug. 18, 2021 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Repayments of Other Debt |
$ 681
|
$ 1,510
|
$ 2,361
|
|
|
|
|
|
|
Grupo Kopar |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Business Acquisition, Percentage of Voting Interests Acquired |
|
|
|
100.00%
|
|
|
|
|
|
Business Combination, Consideration Transferred |
61,225
|
|
|
|
|
|
|
|
|
Net tangible assets acquired / liabilities assumed |
|
|
|
$ (2,529)
|
|
|
|
|
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
$ 63,754
|
|
|
|
|
|
Bearing Distributors, Inc. |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Business Combination, Consideration Transferred |
17,926
|
|
|
|
|
|
|
|
|
Net tangible assets acquired / liabilities assumed |
|
|
|
|
$ 4,086
|
|
|
|
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
|
13,840
|
|
|
|
|
Funding from Holdback Payments |
|
|
|
|
$ 1,800
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
3.00%
|
|
|
|
|
Cangro Industries, Inc. |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Business Combination, Consideration Transferred |
6,219
|
|
|
|
|
|
|
|
|
Net tangible assets acquired / liabilities assumed |
|
|
|
|
|
$ 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 |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Business Combination, Consideration Transferred |
|
10,118
|
|
|
|
|
|
|
|
Net tangible assets acquired / liabilities assumed |
|
|
|
|
|
|
$ 1,768
|
|
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
|
|
|
$ 8,350
|
|
|
Automation, Inc |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Business Combination, Consideration Transferred |
|
25,617
|
|
|
|
|
|
|
|
Net tangible assets acquired / liabilities assumed |
|
|
|
|
|
|
|
$ 3,639
|
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
|
|
|
|
$ 21,978
|
|
R.R. Floody |
|
|
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
Business Combination, Consideration Transferred |
|
|
$ 8,038
|
|
|
|
|
|
|
Net tangible assets acquired / liabilities assumed |
|
|
|
|
|
|
|
|
$ 1,040
|
Intangible Assets, Net (Including Goodwill) |
|
|
|
|
|
|
|
|
6,998
|
Funding from Holdback Payments |
|
|
|
|
|
|
|
|
$ 1,000
|
Repayments of Other Debt |
$ 500
|
$ 500
|
|
|
|
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v3.24.2.u1
Inventories (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Inventory [Line Items] |
|
|
U.S. inventories at average cost |
$ 557,313
|
$ 558,299
|
Foreign inventories at average cost |
156,873
|
158,165
|
Inventory, Gross, Total |
714,186
|
716,464
|
Less: Excess of average cost over LIFO cost for U.S. inventories |
225,928
|
215,280
|
Inventories on consolidated balance sheets |
$ 488,258
|
$ 501,184
|
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v3.24.2.u1
Goodwill and Intangibles (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Changes in the carrying amount of goodwill by reportable segment |
|
|
Goodwill, beginning balance |
$ 578,418
|
$ 563,205
|
Goodwill acquired during the year |
42,346
|
14,517
|
Other, primarily currency translation |
(1,369)
|
696
|
Goodwill, ending balance |
619,395
|
578,418
|
Service Center Based Distribution Segment [Member] |
|
|
Changes in the carrying amount of goodwill by reportable segment |
|
|
Goodwill, beginning balance |
211,231
|
211,010
|
Goodwill acquired during the year |
9,712
|
0
|
Other, primarily currency translation |
(1,369)
|
221
|
Goodwill, ending balance |
219,574
|
211,231
|
Engineered Solutions Segment |
|
|
Changes in the carrying amount of goodwill by reportable segment |
|
|
Goodwill, beginning balance |
367,187
|
352,195
|
Goodwill acquired during the year |
32,634
|
14,517
|
Other, primarily currency translation |
0
|
475
|
Goodwill, ending balance |
$ 399,821
|
$ 367,187
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Goodwill and Intangibles (Details 1) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Amount |
$ 487,908
|
$ 486,081
|
Accumulated Amortization |
242,038
|
250,532
|
Net Book Value |
245,870
|
235,549
|
Customer Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Amount |
394,114
|
364,572
|
Accumulated Amortization |
205,422
|
188,804
|
Net Book Value |
188,692
|
175,768
|
Trade Names [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Amount |
88,848
|
108,301
|
Accumulated Amortization |
34,891
|
50,823
|
Net Book Value |
53,957
|
57,478
|
Vendor Relationships [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Amount |
|
9,861
|
Accumulated Amortization |
|
9,744
|
Net Book Value |
|
117
|
Other Intangible Assets |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Amount |
4,946
|
3,347
|
Accumulated Amortization |
1,725
|
1,161
|
Net Book Value |
$ 3,221
|
$ 2,186
|
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Goodwill and Intangibles Textuals (Details 3) $ in Thousands |
3 Months Ended |
12 Months Ended |
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Goodwill Textuals |
|
|
|
|
|
Number of Reporting Units |
|
|
8
|
|
|
Amortization of intangibles |
|
|
$ 28,923
|
$ 30,805
|
$ 31,879
|
Goodwill and Intangibles (Textuals) [Abstract] |
|
|
|
|
|
Amortization Expense for For 2025 |
|
|
29,300
|
|
|
Amortization Expense for For 2026 |
|
|
27,300
|
|
|
Amortization Expense for For 2027 |
|
|
25,200
|
|
|
Amortization Expense for For 2028 |
|
|
23,400
|
|
|
Amortization Expense for For 2029 |
|
|
21,800
|
|
|
Advanced Motion Systems, Inc | Trade Names [Member] |
|
|
|
|
|
Goodwill Textuals |
|
|
|
|
|
Finite-Lived Intangible Assets, Purchase Accounting Adjustments |
|
$ 1,249
|
|
|
|
Bearing Distributors, Inc. | Trade Names [Member] |
|
|
|
|
|
Goodwill Textuals |
|
|
|
|
|
Finite-Lived Intangible Assets, Purchase Accounting Adjustments |
$ 2,130
|
|
|
|
|
Bearing Distributors, Inc. | Customer Relationships [Member] |
|
|
|
|
|
Goodwill Textuals |
|
|
|
|
|
Finite-Lived Intangible Assets, Purchase Accounting Adjustments |
70
|
|
|
|
|
Service Center Based Distribution Segment [Member] |
|
|
|
|
|
Goodwill Textuals |
|
|
|
|
|
Accumulated goodwill impairment losses |
|
|
64,794
|
|
|
Amortization of intangibles |
|
|
3,188
|
2,857
|
3,435
|
Service Center Based Distribution Segment [Member] | Bearing Distributors, Inc. |
|
|
|
|
|
Goodwill Textuals |
|
|
|
|
|
Goodwill, Purchase Accounting Adjustments |
$ 2,060
|
|
|
|
|
Engineered Solutions Segment |
|
|
|
|
|
Goodwill Textuals |
|
|
|
|
|
Accumulated goodwill impairment losses |
|
|
167,605
|
|
|
Amortization of intangibles |
|
|
$ 25,735
|
$ 27,948
|
$ 28,444
|
Engineered Solutions Segment | Advanced Motion Systems, Inc |
|
|
|
|
|
Goodwill Textuals |
|
|
|
|
|
Goodwill, Purchase Accounting Adjustments |
|
$ 1,249
|
|
|
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v3.24.2.u1
Debt Debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Debt Instrument [Line Items] |
|
|
Revolving credit facility |
$ 384,000
|
$ 383,592
|
Total debt |
597,405
|
622,248
|
Less: unamortized debt issuance costs |
71
|
152
|
Debt, Long-term and Short-term, Combined Amount |
597,334
|
622,096
|
Asset-backed Securities, Securitized Loans and Receivables [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Trade receivable securitization facility |
188,300
|
188,300
|
Prudential Facility - Series D [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Long-term Debt |
0
|
25,000
|
Prudential Facility - Series E |
|
|
Debt Instrument [Line Items] |
|
|
Long-term Debt |
25,000
|
25,000
|
State of Ohio Assumed Debt [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Long-term Debt |
$ 105
|
$ 356
|
X |
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Debt Textuals (Details) - USD ($) $ in Thousands |
12 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Debt Instrument [Line Items] |
|
|
Letters of Credit Outstanding, Amount |
$ 4,046
|
|
Line of Credit Facility, Remaining Borrowing Capacity |
515,800
|
$ 516,208
|
Asset-backed Securities, Securitized Loans and Receivables [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Face Amount |
$ 250,000
|
|
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate |
6.35%
|
6.16%
|
Debt Instrument, Interest Rate, Stated Percentage |
0.90%
|
0.98%
|
Prudential Facility [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Long-term Debt |
$ 25,000
|
$ 50,000
|
Prudential Facility [Member] | Minimum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Interest Rate, Stated Percentage |
0.25%
|
|
Prudential Facility [Member] | Maximum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Interest Rate, Stated Percentage |
1.25%
|
|
Prudential Facility - Series D [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Long-term Debt |
$ 0
|
25,000
|
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate |
3.21%
|
|
Prudential Facility - Series E |
|
|
Debt Instrument [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] |
|
|
Debt Instrument [Line Items] |
|
|
Debt Instrument, Face Amount |
$ 2,359
|
|
Long-term Debt |
$ 105
|
$ 356
|
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate |
1.50%
|
|
Revolving Credit Facility [Member] |
|
|
Debt Instrument [Line Items] |
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
$ 900,000
|
|
Debt Instrument, Face Amount |
500,000
|
|
Letters of Credit Outstanding, Amount |
$ 200
|
|
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate |
6.24%
|
6.11%
|
Revolving Credit Facility [Member] | Minimum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
VariableInterestRateLIBORPlusMargin |
0.00%
|
|
Variable interest rate, SOFR plus margin |
8000.00%
|
|
Revolving Credit Facility [Member] | Maximum [Member] |
|
|
Debt Instrument [Line Items] |
|
|
VariableInterestRateLIBORPlusMargin |
5500.00%
|
|
Variable interest rate, SOFR plus margin |
15500.00%
|
|
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v3.24.2.u1
Derivatives Derivatives Textuals (Details) - USD ($) $ in Thousands |
12 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
|
|
|
Derivative, Amount of Hedged Item |
$ 384,000
|
|
$ 463,000
|
|
Derivative, Fixed Interest Rate |
1.58%
|
|
1.63%
|
2.61%
|
Derivative, Variable Interest Rate |
2.48%
|
2.59%
|
|
|
Interest Rate Cash Flow Hedge Asset at Fair Value |
$ 18,081
|
$ 27,044
|
|
|
Reclassification of interest from cash flow hedge into interest expense |
$ (18,683)
|
$ (7,285)
|
$ 11,361
|
|
X |
- DefinitionAmount of hedged item in hedging relationship. Excludes hedged asset or liability.
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v3.24.2.u1
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Components of income before income taxes |
|
|
|
U.S. |
$ 467,785
|
$ 423,316
|
$ 287,367
|
Foreign |
30,345
|
26,495
|
42,423
|
Income before income taxes |
$ 498,130
|
$ 449,811
|
$ 329,790
|
v3.24.2.u1
Income Taxes (Details 1) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Current: |
|
|
|
Federal |
$ 86,501
|
$ 84,294
|
$ 40,608
|
State and local |
23,016
|
19,026
|
10,188
|
Foreign |
3,925
|
5,468
|
6,404
|
Total current |
113,442
|
108,788
|
57,200
|
Deferred: |
|
|
|
Federal |
(791)
|
(1,881)
|
12,467
|
State and local |
1,159
|
(84)
|
2,659
|
Foreign |
(1,442)
|
(3,751)
|
50
|
Total deferred |
(1,074)
|
(5,716)
|
15,176
|
Total |
$ 112,368
|
$ 103,072
|
$ 72,376
|
X |
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v3.24.2.u1
Income Taxes (Details 3) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Deferred tax assets: |
|
|
Compensation liabilities not currently deductible |
$ 18,646
|
$ 17,726
|
Other expenses and reserves not currently deductible |
15,008
|
18,215
|
Leases |
34,771
|
26,345
|
Net operating loss carryforwards |
6,340
|
6,809
|
Capitalization of R&D costs |
17,584
|
11,646
|
Other |
300
|
381
|
Total deferred tax assets |
92,649
|
81,122
|
Less: Valuation allowance |
(158)
|
(3,459)
|
Deferred tax assets, net of valuation allowance |
92,491
|
77,663
|
Deferred tax liabilities: |
|
|
Inventories |
(18,086)
|
(15,174)
|
Goodwill and intangibles |
(63,733)
|
(52,463)
|
Leases |
(34,473)
|
(26,179)
|
Hedging instrument |
(5,965)
|
(9,081)
|
Depreciation and differences in property bases |
(10,506)
|
(9,757)
|
Total deferred tax liabilities |
(132,763)
|
(112,654)
|
Net deferred tax liabilities |
(40,272)
|
(34,991)
|
Net deferred tax liabilities are classified as follows: |
|
|
Net deferred tax liabilities |
(40,272)
|
(34,991)
|
Other Assets |
|
|
Net deferred tax liabilities are classified as follows: |
|
|
Other assets |
11,306
|
9,990
|
Other Liabilities [Member] |
|
|
Net deferred tax liabilities are classified as follows: |
|
|
Other liabilities |
$ 51,578
|
$ 44,981
|
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v3.24.2.u1
Income Taxes (Details 4) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Reconciliation of the Company's total gross unrecognized income tax benefits |
|
|
|
Unrecognized Income Tax Benefits at beginning of the year |
$ 4,821
|
$ 4,926
|
$ 5,230
|
Current year tax positions |
105
|
622
|
505
|
Prior year tax positions |
(412)
|
(86)
|
(83)
|
Expirations of statutes of limitations |
(1,466)
|
(641)
|
(726)
|
Unrecognized Income Tax Benefits at end of year |
$ 3,048
|
$ 4,821
|
$ 4,926
|
X |
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v3.24.2.u1
Income Taxes Textuals (Details 5) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign |
$ 24,627
|
$ 29,374
|
|
Operating Loss Carryforwards |
6,146
|
6,440
|
|
Deferred Tax Assets, Operating Loss Carryforwards, State and Local |
194
|
466
|
|
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount |
3,283
|
2,657
|
|
Deferred Tax Assets, Valuation Allowance |
158
|
3,459
|
|
Undistributed Earnings Of Foreign Subsidiaries On Which No Provision Has Been Made For Income Taxes |
186,420
|
|
|
Income Tax Examination, Penalties and Interest Expense |
296
|
239
|
$ (362)
|
Income Tax Examination, Penalties and Interest Accrued |
1,411
|
1,115
|
876
|
Decrease in Unrecognized Tax Benefits is Reasonably Possible |
2,250
|
|
|
Unrecognized income tax benefits that would affect the effective income tax rate |
$ 2,946
|
4,722
|
$ 4,813
|
MEXICO |
|
|
|
Deferred Tax Assets, Valuation Allowance |
|
$ 3,415
|
|
X |
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v3.24.2.u1
Shareholders' Equity (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Beginning Balance |
$ (55,296)
|
|
|
Other comprehensive income (loss), Cash flow hedge |
4,499
|
$ 13,759
|
$ 19,770
|
Amounts reclassified from accumulated other comprehensive loss, post-employment benefits |
(93)
|
24
|
228
|
Amounts reclassified from accumulated other comprehensive loss, cash flow hedge |
14,108
|
5,505
|
(8,557)
|
Net current-period other comprehensive income (loss), Foreign currency translation adjustment |
(12,467)
|
7,639
|
(9,900)
|
Net current-period other comprehensive loss |
(22,270)
|
16,999
|
20,797
|
Ending Balance |
(77,566)
|
(55,296)
|
|
Reclassification out of Accumulated Other Comprehensive Income [Member] |
|
|
|
Amounts reclassified from accumulated other comprehensive loss |
(14,201)
|
(5,481)
|
8,785
|
Amounts reclassified from accumulated other comprehensive loss, post-employment benefits |
(93)
|
24
|
228
|
Amounts reclassified from accumulated other comprehensive loss, cash flow hedge |
(14,108)
|
(5,505)
|
8,557
|
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] |
|
|
|
Beginning Balance |
(83,099)
|
(90,738)
|
(80,838)
|
Other comprehensive income (loss), foreign currency translation adjustment, net of tax |
(12,467)
|
7,639
|
(9,900)
|
Amounts reclassified from accumulated other comprehensive loss |
0
|
0
|
0
|
Net current-period other comprehensive income (loss), Foreign currency translation adjustment |
(12,467)
|
7,639
|
(9,900)
|
Ending Balance |
(95,566)
|
(83,099)
|
(90,738)
|
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] |
|
|
|
Beginning Balance |
(197)
|
(1,303)
|
(3,673)
|
Other comprehensive income (loss), postemployment benefits |
(101)
|
1,082
|
2,142
|
Net current-period other comprehensive income (loss), Post-employment benefits |
(194)
|
1,106
|
2,370
|
Ending Balance |
(391)
|
(197)
|
(1,303)
|
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] |
|
|
|
Beginning Balance |
28,000
|
19,746
|
(8,581)
|
Other comprehensive income (loss), Cash flow hedge |
4,499
|
13,759
|
19,770
|
Net current-period other comprehensive income (loss), Cash flow hedge |
(9,609)
|
8,254
|
28,327
|
Ending Balance |
18,391
|
28,000
|
19,746
|
AOCI Attributable to Parent [Member] |
|
|
|
Beginning Balance |
(55,296)
|
(72,295)
|
(93,092)
|
Other comprehensive income (loss), Total accumulated other comprehensive (loss) income |
(8,069)
|
22,480
|
12,012
|
Net current-period other comprehensive loss |
(22,270)
|
16,999
|
20,797
|
Ending Balance |
$ (77,566)
|
$ (55,296)
|
$ (72,295)
|
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v3.24.2.u1
Shareholders' Equity OCI (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Other comprehensive income (loss): |
|
|
|
Foreign currency translation adjustment pre-tax amount |
$ (12,544)
|
$ 7,723
|
$ (9,862)
|
Foreign currency translation adjustment, tax expense (benefit) |
(77)
|
84
|
38
|
Foreign Currency Translation Adjustment, Net Amount |
(12,467)
|
7,639
|
(9,900)
|
Actuarial gain on remeasurement, pre-tax amount |
(134)
|
405
|
2,839
|
Actuarial gain on remeasurement, tax expense (benefit) |
(33)
|
100
|
697
|
Actuarial gain on remeasurement, net amount |
(101)
|
305
|
2,142
|
Reclassification of actuarial losses and prior service cost into other expense (income), net and included in net periodic pension costs, pre-tax amount |
(117)
|
36
|
300
|
Reclassification of actuarial losses and prior service cost into other expense (income), net and included in net periodic pension costs, tax expense (benefit) |
(24)
|
12
|
72
|
Reclassification of actuarial losses and prior service cost into other expense (income), net and included in net periodic pension costs, net amount |
(93)
|
24
|
228
|
Termination of pension plan, Pre-Tax Amount |
0
|
1,031
|
0
|
Termination of pension plan, Tax Expense |
0
|
254
|
0
|
Termination of pension plan, Net Amount |
0
|
777
|
0
|
Unrealized gain on cash flow hedge, Pre-tax amount |
5,958
|
18,174
|
26,204
|
Unrealized gain on cash flow hedge, Tax expense |
1,459
|
4,415
|
6,434
|
Unrealized gain on cash flow hedge, Net amount |
4,499
|
13,759
|
19,770
|
Reclassification of interest from cash flow hedge into interest expense, Pre-tax amount |
18,683
|
7,285
|
(11,361)
|
Reclassification of interest from cash flow hedge into interest expense, tax expense (benefit) |
4,575
|
1,780
|
(2,804)
|
Reclassification of interest from cash flow hedge into interest expense, net amount |
14,108
|
5,505
|
(8,557)
|
Other Comprehensive Income (Loss), pre-tax amount |
(25,520)
|
20,084
|
30,842
|
Other Comprehensive Income (Loss), tax expense (benefit) |
(3,250)
|
3,085
|
10,045
|
Other comprehensive income (loss) |
$ (22,270)
|
$ 16,999
|
$ 20,797
|
X |
- DefinitionOther comprehensive income (loss):
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v3.24.2.u1
Shareholders' Equity Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
Net income |
$ 385,762
|
$ 346,739
|
$ 257,414
|
Average Shares Outstanding: |
|
|
|
Weighted-average common shares outstanding for basic computation |
38,672
|
38,592
|
38,471
|
Dilutive effect of potential common shares |
585
|
628
|
634
|
Weighted-average common shares outstanding for dilutive computation |
39,257
|
39,220
|
39,105
|
Net income per share — basic |
$ 9.98
|
$ 8.98
|
$ 6.69
|
Net income per share — diluted |
$ 9.83
|
$ 8.84
|
$ 6.58
|
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12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Compensation costs charged to expense under award programs |
|
|
|
Total compensation costs under award programs |
$ 12,944
|
$ 12,361
|
$ 11,842
|
Stock Options and Stock Appreciation Rights [ Member] |
|
|
|
Compensation costs charged to expense under award programs |
|
|
|
Total compensation costs under award programs |
3,448
|
2,785
|
3,284
|
Performance Shares [Member] |
|
|
|
Compensation costs charged to expense under award programs |
|
|
|
Total compensation costs under award programs |
4,232
|
5,302
|
4,549
|
Restricted stock and Restricted Stock units [Member] |
|
|
|
Compensation costs charged to expense under award programs |
|
|
|
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$ 5,264
|
$ 4,274
|
$ 4,009
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12 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] |
|
Outstanding, beginning of year, Shares | shares |
816
|
Granted, Shares | shares |
102
|
Exercised, Shares | shares |
(188)
|
Forfeited, Shares | shares |
(18)
|
Outstanding, end of year, Shares | shares |
712
|
Exercisable at end of year, Shares | shares |
472
|
Expected to Vest at end of year, Shares | shares |
706
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] |
|
Outstanding, beginning of year, Weighted-Average Exercise Price | $ / shares |
$ 70.11
|
Granted, Weighted-Average Exercise Price | $ / shares |
143.72
|
Exercised, Weighted-Average Exercise Price | $ / shares |
61.25
|
Forfeited, Weighted-Average Exercise Price | $ / shares |
83.67
|
Outstanding, end of year, Weighted-Average Exercise Price | $ / shares |
82.65
|
Exercisable at end of year, Weighted-Average Exercise Price | $ / shares |
65.93
|
Expected to Vest at end of year, Weighted-Average Exercise Price | $ / shares |
$ 82.29
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12 Months Ended |
Jun. 30, 2024
$ / shares
shares
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$ 66.74
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99.79
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53.50
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$ 93.73
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Share - Based Compensation (Details 5) - Restricted stock and Restricted Stock units [Member] shares in Thousands |
12 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
Beginning Balance, Shares | shares |
143
|
Beginning Balance, Weighted-Average Grant-Date Fair Value | $ / shares |
$ 83.35
|
Granted, shares | shares |
29
|
Granted, Weighted-Average Exercise Price | $ / shares |
$ 151.53
|
Forfeited, Shares | shares |
(4)
|
Forfeitures, Weighted-Average Grant-Date Fair Value | $ / shares |
$ 84.96
|
Vested, Shares | shares |
(38)
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Vested, Weighted-Average Grant- Date Fair Value | $ / shares |
$ 81.50
|
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130
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Ending Balance, Weighted-Average Grant-Date Fair Value | $ / shares |
$ 99.05
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v3.24.2.u1
Share - Based Compensation Textuals (Details) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition |
2 years 1 month 6 days
|
|
|
Aggregate number of shares of common stock awarded under the 2023 Plan |
1,600
|
|
|
Shares available for future grants |
1,584
|
|
|
Stock Compensation Plan [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense |
$ 5,885
|
$ 7,886
|
$ 5,105
|
Stock Options and Stock Appreciation Rights [ Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition |
2 years 7 months 6 days
|
|
|
Weighted-average remaining contractual terms for SARs/stock options outstanding |
5 years 9 months 18 days
|
|
|
Weighted-average remaining contractual terms for SARs/stock options exercisable |
4 years 7 months 6 days
|
|
|
Weighted-average remaining contractual terms for SARs/stock options expected to vest |
5 years 9 months 18 days
|
|
|
Aggregate intrinsic values of SARs and stock options outstanding |
$ 79,326
|
|
|
Aggregate intrinsic values of SARs/stock options exercisable |
60,488
|
|
|
Aggregate intrinsic values of SARs/stock options expected to vest |
78,921
|
|
|
Aggregate intrinsic values of SARs/stock options exercised during period |
19,700
|
20,170
|
17,015
|
Total fair value of shares vested |
$ 2,550
|
$ 2,691
|
$ 2,341
|
Performance Shares [Member] |
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition |
1 year 8 months 12 days
|
|
|
Shares available for future grants |
53
|
|
|
X |
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Leases (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Leases [Abstract] |
|
|
Operating lease assets, net |
$ 133,289
|
$ 100,677
|
Other current liabilities |
Other Liabilities, Current
|
Other Liabilities, Current
|
Other liabilities |
Other Liabilities, Noncurrent
|
Other Liabilities, Noncurrent
|
Total operating lease liabilities |
Other Liabilities
|
Other Liabilities
|
Weighted average remaining lease term (years) |
5 years 6 months
|
4 years 10 months 24 days
|
Weighted average incremental borrowing rate |
4.51%
|
3.67%
|
Cash paid for operating leases |
$ 38,130
|
$ 35,545
|
Right of use assets obtained in exchange for new operating lease liabilities |
$ 67,535
|
$ 30,605
|
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v3.24.2.u1
Leases (Details 1) $ in Thousands |
Jun. 30, 2024
USD ($)
|
Lessee, Operating Lease, Liability, Payment, Due |
|
2025 |
$ 38,617
|
2026 |
33,357
|
2027 |
26,843
|
2028 |
19,466
|
2029 |
14,208
|
Thereafter |
23,456
|
Total lease payments |
155,947
|
Less interest |
18,338
|
Present value of lease liabilities |
$ 137,609
|
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v3.24.2.u1
Leases Leases Textuals (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Leases [Abstract] |
|
|
|
Operating Lease, Cost |
$ 38,905
|
$ 35,982
|
|
Short-term Lease, Cost |
12,683
|
9,153
|
|
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$ 2,250
|
$ 1,500
|
$ 2,100
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v3.24.2.u1
Segment Information (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment financial information |
|
|
|
Net sales |
$ 4,479,406
|
$ 4,412,794
|
$ 3,810,676
|
Operating income for reportable segments |
495,823
|
473,151
|
357,858
|
Assets used in the business |
2,951,910
|
2,743,332
|
2,452,588
|
Depreciation and amortization of property |
23,431
|
22,266
|
21,676
|
Capital expenditures |
24,864
|
26,476
|
18,124
|
Service Center Based Distribution Segment [Member] |
|
|
|
Segment financial information |
|
|
|
Net sales |
3,056,555
|
2,966,842
|
2,565,604
|
Operating income for reportable segments |
400,182
|
373,439
|
301,881
|
Assets used in the business |
1,865,269
|
1,736,393
|
1,455,293
|
Depreciation and amortization of property |
17,700
|
17,932
|
17,509
|
Capital expenditures |
18,040
|
15,390
|
14,486
|
Engineered Solutions Segment |
|
|
|
Segment financial information |
|
|
|
Net sales |
1,422,851
|
1,445,952
|
1,245,072
|
Operating income for reportable segments |
206,844
|
203,404
|
156,644
|
Assets used in the business |
1,086,641
|
1,006,939
|
997,295
|
Depreciation and amortization of property |
5,731
|
4,334
|
4,167
|
Capital expenditures |
6,824
|
11,086
|
3,638
|
Reportable Segments |
|
|
|
Segment financial information |
|
|
|
Operating income for reportable segments |
$ 607,026
|
$ 576,843
|
$ 458,525
|
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v3.24.2.u1
Segment Information (Details 1) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
|
|
|
Operating income for reportable segments |
$ 495,823
|
$ 473,151
|
$ 357,858
|
Adjustments for: |
|
|
|
Intangible amortization |
28,923
|
30,805
|
31,879
|
Operating income |
495,823
|
473,151
|
357,858
|
Interest expense, net |
2,831
|
21,639
|
26,263
|
Other (income) expense, net |
(5,138)
|
1,701
|
1,805
|
Income before income taxes |
498,130
|
449,811
|
329,790
|
Reportable Segments |
|
|
|
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
|
|
|
Operating income for reportable segments |
607,026
|
576,843
|
458,525
|
Adjustments for: |
|
|
|
Operating income |
607,026
|
576,843
|
458,525
|
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 |
400,182
|
373,439
|
301,881
|
Adjustments for: |
|
|
|
Intangible amortization |
3,188
|
2,857
|
3,435
|
Operating income |
400,182
|
373,439
|
301,881
|
Engineered Solutions Segment |
|
|
|
Reconciliation of operating income for reportable segments to the consolidated income before income taxes |
|
|
|
Operating income for reportable segments |
206,844
|
203,404
|
156,644
|
Adjustments for: |
|
|
|
Intangible amortization |
25,735
|
27,948
|
28,444
|
Operating income |
206,844
|
203,404
|
156,644
|
Corporate and Other [Member] |
|
|
|
Adjustments for: |
|
|
|
Corporate and other expense, net |
$ 82,280
|
$ 72,887
|
$ 68,788
|
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Segment Information (Details 2) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenues From External Customers and Long Lived Assets [Line Items] |
|
|
Long-Lived Assets |
$ 251,816
|
$ 215,718
|
United States [Member] |
|
|
Revenues From External Customers and Long Lived Assets [Line Items] |
|
|
Long-Lived Assets |
209,987
|
176,025
|
Canada [Member] |
|
|
Revenues From External Customers and Long Lived Assets [Line Items] |
|
|
Long-Lived Assets |
26,436
|
29,817
|
Other Countries [Member] |
|
|
Revenues From External Customers and Long Lived Assets [Line Items] |
|
|
Long-Lived Assets |
$ 15,393
|
$ 9,876
|
X |
- DefinitionLong-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets.
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Segment Information Textuals (Details 3) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
Net sales |
$ 4,479,406
|
$ 4,412,794
|
$ 3,810,676
|
Intersegment Eliminations [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Net sales |
$ 52,574
|
$ 48,450
|
$ 37,163
|
X |
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v3.24.2.u1
Other Income, Net (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Unrealized (gain) loss on assets held in rabbi trust for a non-qualified deferred compensation plan |
$ (3,300)
|
$ (2,223)
|
$ 2,612
|
Foreign currency transaction (gains) losses |
(1,099)
|
3,284
|
(65)
|
Net other periodic post-employment costs |
114
|
1,470
|
610
|
Life insurance income, net |
(855)
|
(668)
|
(1,374)
|
Other, net |
2
|
|
22
|
Other, net |
|
(162)
|
|
Total other (income) expense, net |
$ (5,138)
|
$ 1,701
|
$ 1,805
|
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v3.24.2.u1
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2022 |
SEC Schedule, 12-09, Allowance, Credit Loss [Member] |
|
|
|
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
|
Balance at beginning of period |
|
$ 34,969
|
$ 28,044
|
$ 26,227
|
Deductions charged to costs and expenses |
|
(205)
|
|
|
Additions charged to costs and expenses |
|
|
5,619
|
3,193
|
(Deductions) Additions Charged to Other Accounts |
|
(1,820)
|
2,113
|
750
|
Deductions from reserves |
|
9,066
|
807
|
2,126
|
Balance at end of period |
|
23,878
|
34,969
|
28,044
|
Allowance for Doubtful Account [Member] |
|
|
|
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
|
Balance at beginning of period |
|
22,334
|
17,522
|
16,455
|
Deductions charged to costs and expenses |
|
(205)
|
|
|
Additions charged to costs and expenses |
|
|
5,619
|
3,193
|
(Deductions) Additions Charged to Other Accounts |
|
0
|
0
|
0
|
Deductions from reserves |
|
9,066
|
807
|
2,126
|
Balance at end of period |
|
13,063
|
22,334
|
17,522
|
Sales Returns and Allowances [Member] |
|
|
|
|
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] |
|
|
|
|
Balance at beginning of period |
|
12,635
|
10,522
|
9,772
|
Additions charged to costs and expenses |
|
0
|
0
|
0
|
(Deductions) Additions Charged to Other Accounts |
[1] |
(1,820)
|
2,113
|
750
|
Deductions from reserves |
[2] |
0
|
0
|
0
|
Balance at end of period |
|
$ 10,815
|
$ 12,635
|
$ 10,522
|
|
|
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