10-Q Filing

APPLIED INDUSTRIAL TECHNOLOGIES INC CIK: 109563 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0000109563-18-000129`
Period End Date	20180930
Filing Date	20181101
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	ait-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 32 Cash Flow Statement 54 Comprehensive Income 18

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$54.15M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$56.41M	USD	Point-in-time
Accounts receivable, less allowances of $14,332 and $13,566	`AccountsReceivableNetCurrent`	$565.46M	USD	Point-in-time
Accounts receivable, less allowances of $14,332 and $13,566	`AccountsReceivableNetCurrent`	$548.81M	USD	Point-in-time
Accounts Receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$13.57M	USD	Point-in-time
Accounts Receivable, less allowances	`AllowanceForDoubtfulAccountsReceivableCurrent`	$14.33M	USD	Point-in-time
Inventories	`InventoryNet`	$431.66M	USD	Point-in-time
Inventories	`InventoryNet`	$422.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$32.99M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$35.55M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$179.97M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$175.30M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.09B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.06B	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Property, less accumulated depreciation of $179,972 and $175,300	`PropertyPlantAndEquipmentNet`	$121.34M	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Property, less accumulated depreciation of $179,972 and $175,300	`PropertyPlantAndEquipmentNet`	$119.78M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$425.80M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$435.95M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Goodwill	`Goodwill`	$206.13M	USD	Point-in-time
Goodwill	`Goodwill`	$646.64M	USD	Point-in-time
Goodwill	`Goodwill`	$647.53M	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
Other assets	`OtherAssetsNoncurrent`	$23.49M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$23.79M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
TOTAL ASSETS	`Assets`	$2.29B	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.31B	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	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
Accounts payable	`AccountsPayableCurrent`	$241.88M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.75M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$256.89M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.70M	shares	Point-in-time
Treasury shares	`TreasuryStockShares`	15.46M	shares	Point-in-time
Treasury shares	`TreasuryStockShares`	15.51M	shares	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$19.18M	USD	Point-in-time
Current portion of long term debt	`LongTermDebtCurrent`	$19.18M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$73.37M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$62.99M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$83.11M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$70.11M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$394.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$432.55M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$944.52M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$953.22M	USD	Point-in-time
Postemployment benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$11.98M	USD	Point-in-time
Postemployment benefits	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$9.21M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$81.72M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$78.28M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.43B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.47B	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; 38,754 and 38,703 outstanding, respectively	`CommonStockValue`	$10.00M	USD	Point-in-time
Common stockno par value; 80,000 shares authorized; 54,213 shares issued; 38,754 and 38,703 outstanding, respectively	`CommonStockValue`	$10.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$169.38M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$168.62M	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$1.18B	USD	Point-in-time
Retained Earnings	`RetainedEarningsAccumulatedDeficit`	$1.13B	USD	Point-in-time
Treasury sharesat cost (15,459 and 15,510 shares, respectively)	`TreasuryStockValue`	$404.62M	USD	Point-in-time
Treasury sharesat cost (15,459 and 15,510 shares, respectively)	`TreasuryStockValue`	$403.88M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-84.88M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-90.22M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$814.96M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$870.81M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.29B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.31B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$864.51M	USD	1 Quarter
Net Sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$680.70M	USD	1 Quarter
Cost of Sales	`CostOfGoodsAndServicesSold`	$612.66M	USD	1 Quarter
Cost of Sales	`CostOfGoodsAndServicesSold`	$488.28M	USD	1 Quarter
Gross Profit	`GrossProfit`	$192.42M	USD	1 Quarter
Gross Profit	`GrossProfit`	$251.85M	USD	1 Quarter
Selling, Distribution and Administrative, including depreciation	`SellingGeneralAndAdministrativeExpense`	$185.51M	USD	1 Quarter
Selling, Distribution and Administrative, including depreciation	`SellingGeneralAndAdministrativeExpense`	$140.59M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$51.84M	USD	1 Quarter
Operating Income	`OperatingIncomeLoss`	$66.34M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.17M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-10.48M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$711.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$239.00K	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$56.10M	USD	1 Quarter
Income Before Income Taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$50.38M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$16.66M	USD	1 Quarter
Income Tax Expense	`IncomeTaxExpenseBenefit`	$7.16M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$48.94M	USD	1 Quarter
Net Income	`NetIncomeLoss`	$33.72M	USD	1 Quarter
Net Income Per Share - Basic	`EarningsPerShareBasic`	$1.26	USD	1 Quarter
Net Income Per Share - Basic	`EarningsPerShareBasic`	$0.87	USD	1 Quarter
Net Income Per Share - Diluted	`EarningsPerShareDiluted`	$1.24	USD	1 Quarter
Net Income Per Share - Diluted	`EarningsPerShareDiluted`	$0.86	USD	1 Quarter
Cash dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.30	USD	1 Quarter
Cash dividends per common share	`CommonStockDividendsPerShareCashPaid`	$0.29	USD	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.93M	shares	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.71M	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	404,000.00	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	650,000.00	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.36M	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.34M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$48.94M	USD	1 Quarter
Net income	`NetIncomeLoss`	$33.72M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$3.93M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$4.98M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$5.83M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$10.92M	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$577.00K	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$651.00K	USD	1 Quarter
Other share-based compensation expense	`ShareBasedCompensation`	$778.00K	USD	1 Quarter
Other share-based compensation expense	`ShareBasedCompensation`	$1.04M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$35.02M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$53.18M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$1.55M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$369.00K	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$11.80M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$9.44M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$5.01M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$3.17M	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$6.34M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$283.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$77.00K	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.07M	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.10M	USD	1 Quarter
Net repayments under revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	-	USD	1 Quarter
Net repayments under revolving credit facility	`ProceedsFromRepaymentsOfLinesOfCredit`	$-19.50M	USD	1 Quarter
Long-term debt borrowings	`ProceedsFromRepaymentsOfOtherLongTermDebt`	$175.00M	USD	1 Quarter
Long-term debt borrowings	`ProceedsFromRepaymentsOfOtherLongTermDebt`	-	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$839.00K	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$146.93M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$685.00K	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$13.76M	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$11.33M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$11.33M	USD	1 Quarter
Acquisition holdback payments	`OtherPaymentsToAcquireBusinesses`	$219.00K	USD	1 Quarter
Acquisition holdback payments	`OtherPaymentsToAcquireBusinesses`	$319.00K	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.06M	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.20M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-27.30M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.88M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.64M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$432.00K	USD	1 Quarter
Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-27.29M	USD	1 Quarter
Increase (Decrease) in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.26M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$77.77M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$105.06M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$56.41M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$54.15M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$77.77M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$105.06M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$56.41M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$54.15M	USD	Point-in-time

Comprehensive Income 18 line items

Line Item	Tag	Value	Unit	Period
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$48.94M	USD	1 Quarter
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$33.72M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$8.16M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$5.71M	USD	1 Quarter
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$-75.00K	USD	1 Quarter
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$-14.00K	USD	1 Quarter
Unrealized loss on investment securities available for sale	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	$-4.00K	USD	1 Quarter
Unrealized loss on investment securities available for sale	`OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax`	-	USD	1 Quarter
Cumulative effect of adopting accounting standard	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax`	-	USD	1 Quarter
Cumulative effect of adopting accounting standard	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax`	$-50.00K	USD	1 Quarter
Total of other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$8.14M	USD	1 Quarter
Total of other comprehensive income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$5.59M	USD	1 Quarter
Income tax expense (benefit) related to items of other comprehensive income	`OtherComprehensiveIncomeLossTax`	$242.00K	USD	1 Quarter
Income tax expense (benefit) related to items of other comprehensive income	`OtherComprehensiveIncomeLossTax`	$-11.00K	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$8.15M	USD	1 Quarter
Other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.35M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$54.28M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$41.87M	USD	1 Quarter

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