10-Q Filing

APPLIED INDUSTRIAL TECHNOLOGIES INC CIK: 109563 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000109563-21-000097`
Period End Date	20210930
Filing Date	20211028
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	ait-20210930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 10 Comprehensive Income 18

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$257.75M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$247.31M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$516.32M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$204.33M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$530.82M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$208.99M	USD	Point-in-time
Inventories	`InventoryNet`	$377.98M	USD	Point-in-time
Inventories	`InventoryNet`	$362.55M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$59.96M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$54.45M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.20B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.21B	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Property, less accumulated depreciation of $208,991 and $204,326	`PropertyPlantAndEquipmentNet`	$113.81M	USD	Point-in-time
Property, less accumulated depreciation of $208,991 and $204,326	`PropertyPlantAndEquipmentNet`	$115.59M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.21M	shares	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$94.48M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$87.11M	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	15.76M	shares	Point-in-time
Treasury shares	`TreasuryStockShares`	15.70M	shares	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$274.41M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$279.63M	USD	Point-in-time
Goodwill	`Goodwill`	$540.59M	USD	Point-in-time
Goodwill	`Goodwill`	$562.79M	USD	Point-in-time
Goodwill	`Goodwill`	$560.08M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$47.12M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$32.83M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.25B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.30B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.27B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$210.99M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$208.16M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$88.40M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$43.52M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$77.66M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$65.51M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$101.93M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$98.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$427.70M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$466.83M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$784.86M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$730.31M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$129.48M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$126.71M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.34B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.33B	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`	$177.01M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$179.57M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.29B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.35B	USD	Point-in-time
Treasury sharesat cost (15,756 and 15,697 shares, respectively)	`TreasuryStockValue`	$462.56M	USD	Point-in-time
Treasury sharesat cost (15,756 and 15,697 shares, respectively)	`TreasuryStockValue`	$455.79M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-93.09M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-97.82M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$976.57M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$932.55M	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.27B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.30B	USD	Point-in-time
Cash, Cash Equivalents, and Short-term Investments	`CashCashEquivalentsAndShortTermInvestments`	$257.75M	USD	Point-in-time
Cash, Cash Equivalents, and Short-term Investments	`CashCashEquivalentsAndShortTermInvestments`	$247.31M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$516.32M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$530.82M	USD	Point-in-time
Inventory, Net	`InventoryNet`	$377.98M	USD	Point-in-time
Inventory, Net	`InventoryNet`	$362.55M	USD	Point-in-time
Other Assets, Current	`OtherAssetsCurrent`	$59.96M	USD	Point-in-time
Other Assets, Current	`OtherAssetsCurrent`	$54.45M	USD	Point-in-time
Assets, Current	`AssetsCurrent`	$1.20B	USD	Point-in-time
Assets, Current	`AssetsCurrent`	$1.21B	USD	Point-in-time
Property, less accumulated depreciation of $208,991 and $204,326	`PropertyPlantAndEquipmentNet`	$113.81M	USD	Point-in-time
Property, less accumulated depreciation of $208,991 and $204,326	`PropertyPlantAndEquipmentNet`	$115.59M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$94.48M	USD	Point-in-time
Operating Lease, Right-of-Use Asset	`OperatingLeaseRightOfUseAsset`	$87.11M	USD	Point-in-time
Intangible Assets, Net (Excluding Goodwill)	`IntangibleAssetsNetExcludingGoodwill`	$274.41M	USD	Point-in-time
Intangible Assets, Net (Excluding Goodwill)	`IntangibleAssetsNetExcludingGoodwill`	$279.63M	USD	Point-in-time
Goodwill	`Goodwill`	$540.59M	USD	Point-in-time
Goodwill	`Goodwill`	$562.79M	USD	Point-in-time
Goodwill	`Goodwill`	$560.08M	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$47.12M	USD	Point-in-time
Other Assets, Noncurrent	`OtherAssetsNoncurrent`	$32.83M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$891.68M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$747.81M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$636.34M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$532.03M	USD	1 Quarter
Gross profit	`GrossProfit`	$215.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$255.34M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$163.47M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$180.73M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$74.61M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$52.31M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.39M	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`	$312.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.54M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$44.83M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$10.05M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.57M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.78M	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$1.38	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$0.89	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$1.36	USD	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.72M	shares	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.50M	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	366,000.00	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	582,000.00	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`	39.08M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$52.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.78M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.43M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.35M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$8.12M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$9.73M	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$1.91M	USD	1 Quarter
Amortization of stock options and appreciation rights	`StockOptionPlanExpense`	$693.00K	USD	1 Quarter
Other share-based compensation expense	`RestrictedStockExpense`	$1.56M	USD	1 Quarter
Other share-based compensation expense	`RestrictedStockExpense`	$677.00K	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`	$20.40M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-6.05M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$941.00K	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$81.84M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$48.64M	USD	1 Quarter
Net cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$7.09M	USD	1 Quarter
Net cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Cash payments for loans on company-owned life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$14.84M	USD	1 Quarter
Cash payments for loans on company-owned life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	-	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$3.62M	USD	1 Quarter
Property purchases	`PaymentsToAcquireProductiveAssets`	$3.60M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$193.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$48.00K	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.50M	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.40M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$62.45M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$9.81M	USD	1 Quarter
Payments for Repurchase of Common Stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Payments for Repurchase of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$6.54M	USD	1 Quarter
Payments for (Proceeds from) Derivative Instrument, Financing Activities	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	$1.64M	USD	1 Quarter
Payments for (Proceeds from) Derivative Instrument, Financing Activities	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	-	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$12.41M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$12.71M	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$135.00K	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$521.00K	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.14M	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.80M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-77.18M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.98M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$1.25M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.59M	USD	1 Quarter
(Decrease) Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.43M	USD	1 Quarter
(Decrease) Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.51M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$271.06M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashAndCashEquivalentsAtCarryingValue`	$247.31M	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`	$257.75M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$271.06M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashAndCashEquivalentsAtCarryingValue`	$247.31M	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`	$257.75M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$976.57M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$932.55M	USD	Point-in-time
Net income	`NetIncomeLoss`	$52.97M	USD	1 Quarter
Net income	`NetIncomeLoss`	$34.78M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-4.73M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$7.51M	USD	1 Quarter
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.32	USD	1 Quarter
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.33	USD	1 Quarter
Ending balance	`StockholdersEquity`	$976.57M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$932.55M	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`	$52.97M	USD	1 Quarter
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$34.78M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$5.55M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-7.18M	USD	1 Quarter
Reclassification of net actuarial losses 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 losses and prior service cost into other income, net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$68.00K	USD	1 Quarter
Unrealized gain (loss) on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$596.00K	USD	1 Quarter
Unrealized gain (loss) on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$-17.00K	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$-2.69M	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$-2.58M	USD	1 Quarter
Total other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$8.29M	USD	1 Quarter
Total other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$-3.93M	USD	1 Quarter
Income tax expense related to items of other comprehensive (loss) income	`OtherComprehensiveIncomeLossTax`	$786.00K	USD	1 Quarter
Income tax expense related to items of other comprehensive (loss) income	`OtherComprehensiveIncomeLossTax`	$805.00K	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-4.73M	USD	1 Quarter
Other comprehensive (loss) income, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$7.51M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$48.24M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$42.29M	USD	1 Quarter

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