10-Q Filing

APPLIED INDUSTRIAL TECHNOLOGIES INC CIK: 109563 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0000109563-19-000115`
Period End Date	20190930
Filing Date	20191031
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ait9301910qnew_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 75 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 14 Comprehensive Income 20

Balance Sheet 75 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$98.20M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$108.22M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$529.33M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$181.07M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$184.99M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$540.90M	USD	Point-in-time
Inventories	`InventoryNet`	$465.17M	USD	Point-in-time
Inventories	`InventoryNet`	$447.56M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$52.22M	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$51.46M	USD	Point-in-time
Preferred stock, par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.15B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.14B	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property, less accumulated depreciation of $184,989 and $181,066	`PropertyPlantAndEquipmentNet`	$125.09M	USD	Point-in-time
Property, less accumulated depreciation of $184,989 and $181,066	`PropertyPlantAndEquipmentNet`	$124.30M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	-	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
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	$86.56M	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$374.87M	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$368.87M	USD	Point-in-time
Goodwill	`Goodwill`	$671.48M	USD	Point-in-time
Goodwill	`Goodwill`	$646.64M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Goodwill	`Goodwill`	$661.99M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$28.40M	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
Other assets	`OtherAssetsNoncurrent`	$26.81M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.60M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	38.66M	shares	Point-in-time
TOTAL ASSETS	`Assets`	$2.33B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.43B	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	15.62M	shares	Point-in-time
Treasury shares	`TreasuryStockShares`	15.56M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$229.37M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$237.29M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$93.91M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$49.04M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$63.97M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$67.98M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$91.47M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$69.49M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$478.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$423.79M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$908.85M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$859.17M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$102.02M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$164.61M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.43B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.50B	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; 38,655 and 38,597 outstanding, respectively	`CommonStockValue`	$10.00M	USD	Point-in-time
Common stockno par value; 80,000 shares authorized; 54,213 shares issued; 38,655 and 38,597 outstanding, respectively	`CommonStockValue`	$10.00M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$172.22M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$172.93M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.26B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.23B	USD	Point-in-time
Treasury sharesat cost (15,558 and 15,616 shares, respectively)	`TreasuryStockValue`	$415.16M	USD	Point-in-time
Treasury sharesat cost (15,558 and 15,616 shares, respectively)	`TreasuryStockValue`	$414.51M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-99.89M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-105.13M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$897.03M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$927.23M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.43B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.33B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$864.51M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$856.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$604.94M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$612.66M	USD	1 Quarter
Gross profit	`GrossProfit`	$251.46M	USD	1 Quarter
Gross profit	`GrossProfit`	$251.85M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$190.29M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$185.51M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$61.17M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$66.34M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-10.06M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-10.48M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$239.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$51.11M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$56.10M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.16M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$12.31M	USD	1 Quarter
Net income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$48.94M	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$1.00	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$1.26	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$1.24	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$1.00	USD	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.71M	shares	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.61M	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	650,000.00	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	350,000.00	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.96M	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.36M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$48.94M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$4.98M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.22M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$10.37M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$10.92M	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$651.00K	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$773.00K	USD	1 Quarter
Other share-based compensation expense	`ShareBasedCompensation`	$919.00K	USD	1 Quarter
Other share-based compensation expense	`ShareBasedCompensation`	$1.04M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$8.68M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$53.18M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-2.61M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$1.55M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$11.80M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$50.02M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$35.70M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$4.95M	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$3.17M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$77.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$88.00K	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.10M	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.56M	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`	$146.93M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$4.93M	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$685.00K	USD	1 Quarter
Payment of debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$11.98M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$11.33M	USD	1 Quarter
Acquisition holdback payments	`OtherPaymentsToAcquireBusinesses`	$201.00K	USD	1 Quarter
Acquisition holdback payments	`OtherPaymentsToAcquireBusinesses`	$219.00K	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$3.20M	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.75M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-18.87M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-6.88M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-598.00K	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$432.00K	USD	1 Quarter
(Decrease) increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-10.02M	USD	1 Quarter
(Decrease) increase in Cash and Cash Equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$2.26M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$98.20M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$108.22M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$54.15M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$56.41M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$98.20M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$108.22M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$54.15M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$56.41M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.31	USD	1 Quarter
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.30	USD	1 Quarter
Beginning balance, shares	`CommonStockSharesOutstanding`	38.60M	shares	Point-in-time
Beginning balance, shares	`CommonStockSharesOutstanding`	38.66M	shares	Point-in-time
Beginning balance	`StockholdersEquity`	$897.03M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$927.23M	USD	Point-in-time
Net income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$48.94M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.35M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-5.25M	USD	1 Quarter
Ending balance, shares	`CommonStockSharesOutstanding`	38.60M	shares	Point-in-time
Ending balance, shares	`CommonStockSharesOutstanding`	38.66M	shares	Point-in-time
Ending balance	`StockholdersEquity`	$897.03M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$927.23M	USD	Point-in-time

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$48.94M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-4.03M	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`	$-17.00K	USD	1 Quarter
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$-75.00K	USD	1 Quarter
Cumulative effect of adopting accounting standard	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax`	$-50.00K	USD	1 Quarter
Cumulative effect of adopting accounting standard	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeTax`	-	USD	1 Quarter
Unrealized loss on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$-2.18M	USD	1 Quarter
Unrealized loss on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	-	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$427.00K	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	-	USD	1 Quarter
Total other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$-5.80M	USD	1 Quarter
Total other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$5.59M	USD	1 Quarter
Income tax (benefit) expense related to items of other comprehensive (loss) income	`OtherComprehensiveIncomeLossTax`	$-557.00K	USD	1 Quarter
Income tax (benefit) expense related to items of other comprehensive (loss) income	`OtherComprehensiveIncomeLossTax`	$242.00K	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$5.35M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-5.25M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$33.55M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$54.28M	USD	1 Quarter

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