10-Q Filing

APPLIED INDUSTRIAL TECHNOLOGIES INC CIK: 109563 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000109563-22-000128`
Period End Date	20220930
Filing Date	20221028
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ait-20220930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 63 Income Statement 30 Cash Flow Statement 56 Stockholders Equity 10 Comprehensive Income 18

Balance Sheet 63 line items

Line Item	Tag	Value	Unit	Period
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$215.01M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$218.28M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$147.57M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$184.47M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$674.14M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$656.43M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Inventories	`InventoryNet`	$490.10M	USD	Point-in-time
Inventories	`InventoryNet`	$449.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.21M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$78.69M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$68.81M	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	15.71M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.39B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.36B	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	15.64M	shares	Point-in-time
Property, less accumulated depreciation of $218,280 and $215,015	`PropertyPlantAndEquipmentNet`	$110.54M	USD	Point-in-time
Property, less accumulated depreciation of $218,280 and $215,015	`PropertyPlantAndEquipmentNet`	$111.90M	USD	Point-in-time
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	$103.04M	USD	Point-in-time
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	$108.05M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$242.74M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$250.59M	USD	Point-in-time
Goodwill	`Goodwill`	$563.21M	USD	Point-in-time
Goodwill	`Goodwill`	$561.48M	USD	Point-in-time
Goodwill	`Goodwill`	$560.08M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$65.88M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$59.32M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.45B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.30B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.47B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$259.46M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$277.22M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$181.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$40.17M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$91.17M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$61.23M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$112.63M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$108.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$499.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$451.26M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$649.15M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$649.10M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$154.46M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$152.37M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.30B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.25B	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`	$183.35M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$183.82M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.58B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.50B	USD	Point-in-time
Treasury sharesat cost (15,642 and 15,714 shares, respectively)	`TreasuryStockValue`	$471.85M	USD	Point-in-time
Treasury sharesat cost (15,642 and 15,714 shares, respectively)	`TreasuryStockValue`	$474.53M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-73.93M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-72.30M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.15B	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.22B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.47B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.45B	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`	$1.06B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$636.34M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$755.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$306.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$255.34M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$200.25M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$180.73M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$106.53M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$74.61M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-6.48M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-7.39M	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$312.00K	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$-1.01M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$67.54M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$99.04M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$22.16M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$14.57M	USD	1 Quarter
Net income	`NetIncomeLoss`	$76.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.97M	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$1.38	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$2.00	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$1.36	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$1.97	USD	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.53M	shares	1 Quarter
Weighted average common shares outstanding for basic computation	`WeightedAverageNumberOfSharesOutstandingBasic`	38.50M	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	585,000.00	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`	39.11M	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.08M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$76.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.97M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.48M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.43M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$8.12M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$7.71M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$3.99M	USD	1 Quarter
Provision for losses on accounts receivable	`ProvisionForDoubtfulAccounts`	$798.00K	USD	1 Quarter
Amortization of stock appreciation rights and options	`StockOptionPlanExpense`	$1.42M	USD	1 Quarter
Amortization of stock appreciation rights and options	`StockOptionPlanExpense`	$1.91M	USD	1 Quarter
Other share-based compensation expense	`RestrictedStockExpense`	$1.56M	USD	1 Quarter
Other share-based compensation expense	`RestrictedStockExpense`	$1.94M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$72.07M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$20.40M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-591.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$1.74M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$48.64M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$25.94M	USD	1 Quarter
Net cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	-	USD	1 Quarter
Net cash paid for acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$7.09M	USD	1 Quarter
Cash payments for loans on company-owned life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	-	USD	1 Quarter
Cash payments for loans on company-owned life insurance	`PaymentsForProceedsFromLifeInsurancePolicies`	$14.84M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$3.62M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.55M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$48.00K	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.50M	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.50M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$9.81M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$40.06M	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$6.54M	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$716.00K	USD	1 Quarter
Interest rate swap settlement receipts (payments)	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	$1.64M	USD	1 Quarter
Interest rate swap settlement receipts (payments)	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	$-294.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$12.71M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$13.10M	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$660.00K	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$135.00K	USD	1 Quarter
Exercise of stock appreciation rights and options	`ProceedsFromStockOptionsExercised`	$126.00K	USD	1 Quarter
Exercise of stock appreciation rights and options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.40M	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.14M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-55.52M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-31.98M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-1.83M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-1.59M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-10.43M	USD	1 Quarter
Decrease in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-36.90M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$247.31M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$184.47M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$257.75M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$147.57M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$247.31M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$184.47M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$257.75M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$147.57M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.15B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.22B	USD	Point-in-time
Net income	`NetIncomeLoss`	$76.88M	USD	1 Quarter
Net income	`NetIncomeLoss`	$52.97M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-1.64M	USD	1 Quarter
Other comprehensive (loss) income	`OtherComprehensiveIncomeLossNetOfTax`	$-4.73M	USD	1 Quarter
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.34	USD	1 Quarter
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.33	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.15B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.22B	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`	$76.88M	USD	1 Quarter
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$52.97M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-11.44M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-7.18M	USD	1 Quarter
Reclassification of net actuarial losses and prior service cost into other expense (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 expense (income), net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$8.00K	USD	1 Quarter
Unrealized gain on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$596.00K	USD	1 Quarter
Unrealized gain on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$12.31M	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$-2.58M	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$-796.00K	USD	1 Quarter
Total other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTax`	$-3.93M	USD	1 Quarter
Total other comprehensive income (loss), before tax	`OtherComprehensiveIncomeLossBeforeTax`	$1.68M	USD	1 Quarter
Income tax expense related to items of other comprehensive income (loss)	`OtherComprehensiveIncomeLossTax`	$805.00K	USD	1 Quarter
Income tax expense related to items of other comprehensive income (loss)	`OtherComprehensiveIncomeLossTax`	$3.31M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-1.64M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-4.73M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$75.25M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$48.24M	USD	1 Quarter

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