10-Q Filing

APPLIED INDUSTRIAL TECHNOLOGIES INC CIK: 109563 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0000109563-15-000163`
Period End Date	20150930
Filing Date	20151104
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	ait-20150930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 32 Cash Flow Statement 56 Comprehensive Income 16

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$69.47M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$63.97M	USD	Point-in-time
Accounts Receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$11.75M	USD	Point-in-time
Accounts receivable, less allowances of $11,753 and $10,621	`AccountsReceivableNetCurrent`	$376.31M	USD	Point-in-time
Accounts receivable, less allowances of $11,753 and $10,621	`AccountsReceivableNetCurrent`	$356.61M	USD	Point-in-time
Accounts Receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$10.62M	USD	Point-in-time
Inventories	`InventoryNet`	$350.81M	USD	Point-in-time
Inventories	`InventoryNet`	$362.42M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$164.34M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$51.11M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$166.06M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$42.53M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$859.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$813.91M	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Property, less accumulated depreciation of $166,060 and $164,343	`PropertyPlantAndEquipmentNet`	$104.45M	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Property, less accumulated depreciation of $166,060 and $164,343	`PropertyPlantAndEquipmentNet`	$104.76M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$198.83M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$191.71M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$254.41M	USD	Point-in-time
Goodwill	`Goodwill`	$248.58M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$90.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetNoncurrent`	$97.00K	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$17.89M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$17.22M	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.43B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$1.38B	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.21M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.21M	shares	Point-in-time
Treasury shares	`TreasuryStockShares`	14.74M	shares	Point-in-time
Treasury shares	`TreasuryStockShares`	14.31M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$142.64M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$179.82M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$3.98M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$3.35M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$43.47M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$63.78M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$63.12M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$68.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$258.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$310.07M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$317.65M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$351.34M	USD	Point-in-time
Postemployment benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$19.63M	USD	Point-in-time
Postemployment benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$19.62M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$46.30M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.88M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$666.14M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$693.64M	USD	Point-in-time
Preferred stockno par value; 2,500 shares authorized; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stockno par value; 2,500 shares authorized; none issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stockno par value; 80,000 shares authorized; 54,213 shares issued	`CommonStockValue`	$10.00M	USD	Point-in-time
Common stockno par value; 80,000 shares authorized; 54,213 shares issued	`CommonStockValue`	$10.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$160.07M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$160.41M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$983.07M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$969.55M	USD	Point-in-time
Treasury sharesat cost (14,737 and 14,308 shares)	`TreasuryStockValue`	$338.12M	USD	Point-in-time
Treasury sharesat cost (14,737 and 14,308 shares)	`TreasuryStockValue`	$355.71M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-60.17M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-87.64M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$741.33M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$710.12M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.43B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$1.38B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$641.90M	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$702.33M	USD	1 Quarter
Cost of Sales	`CostOfGoodsAndServicesSold`	$460.89M	USD	1 Quarter
Cost of Sales	`CostOfGoodsAndServicesSold`	$507.39M	USD	1 Quarter
Gross Profit	`GrossProfit`	$181.01M	USD	1 Quarter
Gross Profit	`GrossProfit`	$194.93M	USD	1 Quarter
Selling, Distribution and Administrative, including depreciation	`SellingGeneralAndAdministrativeExpense`	$139.99M	USD	1 Quarter
Selling, Distribution and Administrative, including depreciation	`SellingGeneralAndAdministrativeExpense`	$148.77M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$41.03M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$46.16M	USD	1 Quarter
Interest Expense, net	`InterestIncomeExpenseNet`	$-1.66M	USD	1 Quarter
Interest Expense, net	`InterestIncomeExpenseNet`	$-2.19M	USD	1 Quarter
Other Expense, net	`OtherNonoperatingIncomeExpense`	$-244.00K	USD	1 Quarter
Other Expense, net	`OtherNonoperatingIncomeExpense`	$-1.00M	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$44.26M	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$37.84M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$13.54M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$15.14M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$29.12M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$24.29M	USD	1 Quarter
Net Income Per Share - Basic	`EarningsPerShareBasic`	$0.61	USD	1 Quarter
Net Income Per Share - Basic	`EarningsPerShareBasic`	$0.70	USD	1 Quarter
Net Income Per Share - Diluted	`EarningsPerShareDiluted`	$0.61	USD	1 Quarter
Net Income Per Share - Diluted	`EarningsPerShareDiluted`	$0.70	USD	1 Quarter
Cash dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.27	USD	1 Quarter
Cash dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.25	USD	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	41.47M	shares	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	39.61M	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	362,000.00	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	229,000.00	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	41.83M	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.84M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$29.12M	USD	1 Quarter
Net income	`NetIncomeLoss`	$24.29M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$3.93M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$4.21M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$6.08M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$6.49M	USD	1 Quarter
Unrealized foreign exchange transactions loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$572.00K	USD	1 Quarter
Unrealized foreign exchange transactions loss (gain)	`ForeignCurrencyTransactionGainLossUnrealized`	$-434.00K	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$630.00K	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$577.00K	USD	1 Quarter
Loss (gain) on sale of property	`GainLossOnSaleOfPropertyPlantEquipment`	$-90.00K	USD	1 Quarter
Loss (gain) on sale of property	`GainLossOnSaleOfPropertyPlantEquipment`	$5.00K	USD	1 Quarter
Other share-based compensation expense	`OtherShareBasedCompensationExpense`	$628.00K	USD	1 Quarter
Other share-based compensation expense	`OtherShareBasedCompensationExpense`	$592.00K	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$23.51M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$58.89M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-374.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-2.02M	USD	1 Quarter
Net Cash provided by (used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$14.59M	USD	1 Quarter
Net Cash provided by (used in) Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.10M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$11.25M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$129.81M	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$3.11M	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$3.10M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$113.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$3.00K	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-132.91M	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.25M	USD	1 Quarter
Borrowings under revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$34.00M	USD	1 Quarter
Borrowings under revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$35.00M	USD	1 Quarter
Long-term debt borrowings	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$120.24M	USD	1 Quarter
Long-term debt borrowings	`ProceedsFromRepaymentsOfOtherLongTermDebt`	-	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$690.00K	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$681.00K	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$17.96M	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$10.40M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$10.74M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$10.40M	USD	1 Quarter
Excess tax (shortfall) benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$-59.00K	USD	1 Quarter
Excess tax (shortfall) benefits from share-based compensation	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$556.00K	USD	1 Quarter
Acquisition holdback payments	`OtherPaymentsToAcquireBusinesses`	$7.86M	USD	1 Quarter
Acquisition holdback payments	`OtherPaymentsToAcquireBusinesses`	-	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$133.30M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.30M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-3.54M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.45M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.50M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-19.16M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$63.97M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$69.47M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$71.19M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$52.03M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$63.97M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$69.47M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$71.19M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$52.03M	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$29.12M	USD	1 Quarter
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$24.29M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-19.11M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-27.52M	USD	1 Quarter
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs	`Othercomprehensiveincomereclassificationofdefinedbenefitplansnetgainslossesandpriorservicecostbeforetax`	$72.00K	USD	1 Quarter
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs	`Othercomprehensiveincomereclassificationofdefinedbenefitplansnetgainslossesandpriorservicecostbeforetax`	$130.00K	USD	1 Quarter
Unrealized loss on investment securities available for sale	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-50.00K	USD	1 Quarter
Unrealized loss on investment securities available for sale	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-41.00K	USD	1 Quarter
Total of other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$-19.07M	USD	1 Quarter
Total of other comprehensive loss, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$-27.44M	USD	1 Quarter
Income tax expense related to items of other comprehensive income	`OtherComprehensiveIncomeLossTax`	$14.00K	USD	1 Quarter
Income tax expense related to items of other comprehensive income	`OtherComprehensiveIncomeLossTax`	$34.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-27.47M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-19.09M	USD	1 Quarter
Comprehensive (loss) income, net of tax	`ComprehensiveIncomeNetOfTax`	$10.03M	USD	1 Quarter
Comprehensive (loss) income, net of tax	`ComprehensiveIncomeNetOfTax`	$-3.18M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.