10-Q Filing

APPLIED INDUSTRIAL TECHNOLOGIES INC CIK: 109563 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0000109563-20-000096`
Period End Date	20200930
Filing Date	20201029
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ait-20200930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 30 Cash Flow Statement 46 Stockholders Equity 10 Comprehensive Income 18

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$268.55M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$271.06M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$450.00M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$192.05M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$447.03M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$197.14M	USD	Point-in-time
Inventories	`InventoryNet`	$389.15M	USD	Point-in-time
Inventories	`InventoryNet`	$365.36M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$52.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$52.89M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.16B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.14B	USD	Point-in-time
Property, less accumulated depreciation of $197,143 and $192,054	`PropertyPlantAndEquipmentNet`	$120.28M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.21M	shares	Point-in-time
Property, less accumulated depreciation of $197,143 and $192,054	`PropertyPlantAndEquipmentNet`	$121.90M	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	15.45M	shares	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$90.64M	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	15.50M	shares	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$89.62M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$343.21M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$333.61M	USD	Point-in-time
Goodwill	`Goodwill`	$540.59M	USD	Point-in-time
Goodwill	`Goodwill`	$661.99M	USD	Point-in-time
Goodwill	`Goodwill`	$541.36M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$28.04M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$27.44M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.28B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.25B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.43B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$186.27M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$181.63M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$78.65M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$78.65M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$65.17M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$61.89M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$99.28M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$88.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$426.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$414.05M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$792.83M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$855.14M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$158.78M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$156.97M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.44B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.36B	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`	$176.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$176.49M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.24B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.20B	USD	Point-in-time
Treasury sharesat cost (15,453 and 15,503 shares, respectively)	`TreasuryStockValue`	$414.03M	USD	Point-in-time
Treasury sharesat cost (15,453 and 15,503 shares, respectively)	`TreasuryStockValue`	$414.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-121.92M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-129.43M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$843.54M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$885.41M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.28B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.25B	USD	Point-in-time
Cash, Cash Equivalents, and Short-term Investments	`CashCashEquivalentsAndShortTermInvestments`	$268.55M	USD	Point-in-time
Cash, Cash Equivalents, and Short-term Investments	`CashCashEquivalentsAndShortTermInvestments`	$271.06M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$450.00M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$447.03M	USD	Point-in-time
Inventory, Net	`InventoryNet`	$389.15M	USD	Point-in-time
Inventory, Net	`InventoryNet`	$365.36M	USD	Point-in-time
Other Assets, Current	`OtherAssetsCurrent`	$52.07M	USD	Point-in-time
Other Assets, Current	`OtherAssetsCurrent`	$52.89M	USD	Point-in-time
Assets, Current	`AssetsCurrent`	$1.16B	USD	Point-in-time
Assets, Current	`AssetsCurrent`	$1.14B	USD	Point-in-time
Property, less accumulated depreciation of $197,143 and $192,054	`PropertyPlantAndEquipmentNet`	$120.28M	USD	Point-in-time
Property, less accumulated depreciation of $197,143 and $192,054	`PropertyPlantAndEquipmentNet`	$121.90M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$90.64M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$89.62M	USD	Point-in-time
Intangible Assets, Net (Excluding Goodwill)	`IntangibleAssetsNetExcludingGoodwill`	$343.21M	USD	Point-in-time
Intangible Assets, Net (Excluding Goodwill)	`IntangibleAssetsNetExcludingGoodwill`	$333.61M	USD	Point-in-time
Goodwill	`Goodwill`	$540.59M	USD	Point-in-time
Goodwill	`Goodwill`	$661.99M	USD	Point-in-time
Goodwill	`Goodwill`	$541.36M	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$28.04M	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$27.44M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$747.81M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$856.40M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$532.03M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$604.94M	USD	1 Quarter
Gross profit	`GrossProfit`	$215.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$251.46M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$190.29M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$163.47M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$52.31M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$61.17M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-10.06M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.65M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$177.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$44.83M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$51.11M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$10.05M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$12.31M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.78M	USD	1 Quarter
Net income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$1.00	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$0.89	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$1.00	USD	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.61M	shares	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.72M	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	366,000.00	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`	39.09M	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	38.96M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$34.78M	USD	1 Quarter
Net income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.22M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.35M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$10.37M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$9.73M	USD	1 Quarter
Other share-based compensation expense	`ShareBasedCompensation`	$677.00K	USD	1 Quarter
Other share-based compensation expense	`ShareBasedCompensation`	$919.00K	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$-24.56M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$8.68M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-6.05M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-2.61M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$50.02M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$81.84M	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$35.70M	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$4.95M	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$3.60M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$88.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$193.00K	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.40M	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-40.56M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$62.45M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$4.93M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$11.98M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$12.41M	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$201.00K	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$521.00K	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.80M	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`	$-77.18M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.25M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-598.00K	USD	1 Quarter
Increase (decrease) in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.51M	USD	1 Quarter
Increase (decrease) in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.02M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$108.22M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$98.20M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$268.55M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$271.06M	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`	$98.20M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$268.55M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$271.06M	USD	Point-in-time
Other share-based compensation expense	`ShareBasedCompensation`	$677.00K	USD	1 Quarter
Other share-based compensation expense	`ShareBasedCompensation`	$919.00K	USD	1 Quarter

Stockholders Equity 10 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`	$0.32	USD	1 Quarter
Beginning balance	`StockholdersEquity`	$843.54M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$885.41M	USD	Point-in-time
Net income	`NetIncomeLoss`	$34.78M	USD	1 Quarter
Net income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$7.51M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-5.25M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$843.54M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$885.41M	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`	$34.78M	USD	1 Quarter
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$38.80M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$5.55M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-4.03M	USD	1 Quarter
Reclassification of net actuarial losses (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 losses (gains) and prior service cost into other income, net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$68.00K	USD	1 Quarter
Unrealized loss on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$-17.00K	USD	1 Quarter
Unrealized loss on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$-2.18M	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`	$-2.69M	USD	1 Quarter
Total other comprehensive income ( loss), before tax	`OtherComprehensiveIncomeLossBeforeTax`	$-5.80M	USD	1 Quarter
Total other comprehensive income ( loss), before tax	`OtherComprehensiveIncomeLossBeforeTax`	$8.29M	USD	1 Quarter
Income tax expense (benefit) related to items of other comprehensive loss	`OtherComprehensiveIncomeLossTax`	$786.00K	USD	1 Quarter
Income tax expense (benefit) related to items of other comprehensive loss	`OtherComprehensiveIncomeLossTax`	$-557.00K	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.51M	USD	1 Quarter
Other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-5.25M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$42.29M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$33.55M	USD	1 Quarter

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