10-Q Filing

APPLIED INDUSTRIAL TECHNOLOGIES INC CIK: 109563 Q1 2024

Filing Information

Form Type	10-Q
Accession Number	`0000109563-23-000105`
Period End Date	20230930
Filing Date	20231027
Fiscal Year	2024
Fiscal Period	Q1
XBRL Instance	ait-20230930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 54 Stockholders Equity 10 Comprehensive Income 18

Balance Sheet 68 line items

Line Item	Tag	Value	Unit	Period
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$229.04M	USD	Point-in-time
Property, less accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$233.34M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$360.42M	USD	Point-in-time
Cash and cash equivalents	`CashCashEquivalentsAndShortTermInvestments`	$344.04M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$694.92M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$708.39M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	2.50M	shares	Point-in-time
Inventories	`InventoryNet`	$507.64M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Inventories	`InventoryNet`	$501.18M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$81.29M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$93.19M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	54.21M	shares	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	15.46M	shares	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	15.56M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$1.64B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.65B	USD	Point-in-time
Property, less accumulated depreciation of $233,340 and $229,041	`PropertyPlantAndEquipmentNet`	$115.04M	USD	Point-in-time
Property, less accumulated depreciation of $233,340 and $229,041	`PropertyPlantAndEquipmentNet`	$113.70M	USD	Point-in-time
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	$102.14M	USD	Point-in-time
Operating lease assets, net	`OperatingLeaseRightOfUseAsset`	$100.68M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$237.10M	USD	Point-in-time
Identifiable intangibles, net	`IntangibleAssetsNetExcludingGoodwill`	$235.55M	USD	Point-in-time
Goodwill	`Goodwill`	$586.48M	USD	Point-in-time
Goodwill	`Goodwill`	$563.21M	USD	Point-in-time
Goodwill	`Goodwill`	$578.42M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$66.82M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$66.84M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.74B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.47B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$2.75B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$301.69M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$259.79M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$25.17M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$25.17M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$62.45M	USD	Point-in-time
Compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$98.74M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$114.75M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$119.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$466.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$540.34M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$596.88M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$596.93M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$147.62M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$150.95M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.28B	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$1.21B	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
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	2.50M	shares	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
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	80.00M	shares	Point-in-time
Common Stock, Shares, Issued	`CommonStockSharesIssued`	54.21M	shares	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$185.99M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$188.65M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.79B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.89B	USD	Point-in-time
Treasury sharesat cost (15,458 and 15,556 shares, respectively)	`TreasuryStockValue`	$477.55M	USD	Point-in-time
Treasury sharesat cost (15,458 and 15,556 shares, respectively)	`TreasuryStockValue`	$483.93M	USD	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	15.46M	shares	Point-in-time
Treasury Stock, Common, Shares	`TreasuryStockCommonShares`	15.56M	shares	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-55.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-62.37M	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.54B	USD	Point-in-time
TOTAL SHAREHOLDERS EQUITY	`StockholdersEquity`	$1.46B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.75B	USD	Point-in-time
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	`LiabilitiesAndStockholdersEquity`	$2.74B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.06B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.10B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$770.11M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$755.62M	USD	1 Quarter
Gross profit	`GrossProfit`	$325.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$306.78M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$200.25M	USD	1 Quarter
Selling, distribution and administrative expense, including depreciation	`SellingGeneralAndAdministrativeExpense`	$204.40M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$120.68M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$106.53M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-6.48M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.32M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-1.01M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-431.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$99.04M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$118.93M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$22.16M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$25.10M	USD	1 Quarter
Net income	`NetIncomeLoss`	$93.83M	USD	1 Quarter
Net income	`NetIncomeLoss`	$76.88M	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$2.42	USD	1 Quarter
Net income per share - basic	`EarningsPerShareBasic`	$2.00	USD	1 Quarter
Net income per share - diluted	`EarningsPerShareDiluted`	$2.39	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`	38.70M	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	610,000.00	shares	1 Quarter
Dilutive effect of potential common shares	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	585,000.00	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.31M	shares	1 Quarter
Weighted average common shares outstanding for diluted computation	`WeightedAverageNumberOfDilutedSharesOutstanding`	39.11M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$93.83M	USD	1 Quarter
Net income	`NetIncomeLoss`	$76.88M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.48M	USD	1 Quarter
Depreciation and amortization of property	`Depreciation`	$5.72M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$7.39M	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`	$867.00K	USD	1 Quarter
Amortization of stock appreciation rights and options	`StockOptionPlanExpense`	$844.00K	USD	1 Quarter
Amortization of stock appreciation rights and options	`StockOptionPlanExpense`	$1.42M	USD	1 Quarter
Other share-based compensation expense	`RestrictedStockExpense`	$1.98M	USD	1 Quarter
Other share-based compensation expense	`RestrictedStockExpense`	$1.94M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$45.24M	USD	1 Quarter
Changes in operating assets and liabilities, net of acquisitions	`IncreaseDecreaseInOperatingCapital`	$72.07M	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-831.00K	USD	1 Quarter
Other, net	`OtherNoncashIncomeExpense`	$-591.00K	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$25.94M	USD	1 Quarter
Net Cash provided by Operating Activities	`NetCashProvidedByUsedInOperatingActivities`	$66.21M	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`	$21.44M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$4.34M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.55M	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$123.00K	USD	1 Quarter
Proceeds from property sales	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$56.00K	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.50M	USD	1 Quarter
Net Cash used in Investing Activities	`NetCashProvidedByUsedInInvestingActivities`	$-25.66M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$40.06M	USD	1 Quarter
Long-term debt repayments	`RepaymentsOfOtherLongTermDebt`	$62.00K	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	$716.00K	USD	1 Quarter
Purchases of treasury shares	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Interest rate swap settlement receipts	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	$-3.56M	USD	1 Quarter
Interest rate swap settlement receipts	`PaymentsForProceedsFromDerivativeInstrumentFinancingActivities`	$-294.00K	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$13.55M	USD	1 Quarter
Dividends paid	`PaymentsOfDividendsCommonStock`	$13.10M	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$562.00K	USD	1 Quarter
Acquisition holdback payments	`RepaymentsOfOtherDebt`	$660.00K	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`	$11.87M	USD	1 Quarter
Taxes paid for shares withheld for equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.40M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-55.52M	USD	1 Quarter
Net Cash used in Financing Activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.48M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-1.69M	USD	1 Quarter
Effect of Exchange Rate Changes on Cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-1.83M	USD	1 Quarter
Increase (decrease) in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-36.90M	USD	1 Quarter
Increase (decrease) in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$16.38M	USD	1 Quarter
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$360.42M	USD	Point-in-time
Cash and Cash Equivalents at Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$147.57M	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`	$344.04M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$360.42M	USD	Point-in-time
Cash and Cash Equivalents at End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$147.57M	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`	$344.04M	USD	Point-in-time

Stockholders Equity 10 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.54B	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$1.46B	USD	Point-in-time
Net income	`NetIncomeLoss`	$93.83M	USD	1 Quarter
Net income	`NetIncomeLoss`	$76.88M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-1.64M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-7.07M	USD	1 Quarter
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.35	USD	1 Quarter
Cash Dividends per Common Share	`CommonStockDividendsPerShareCashPaid`	$0.34	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.54B	USD	Point-in-time
Ending balance	`StockholdersEquity`	$1.46B	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`	$93.83M	USD	1 Quarter
Net income per the condensed statements of consolidated income	`NetIncomeLoss`	$76.88M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-6.27M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax`	$-11.44M	USD	1 Quarter
Reclassification of net actuarial (gains) losses and prior service cost into other expense, net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$8.00K	USD	1 Quarter
Reclassification of net actuarial (gains) losses and prior service cost into other expense, net and included in net periodic pension costs	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansBeforeTax`	$-30.00K	USD	1 Quarter
Unrealized gain on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$12.31M	USD	1 Quarter
Unrealized gain on cash flow hedge	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax`	$3.63M	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense, net	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$4.64M	USD	1 Quarter
Reclassification of interest from cash flow hedge into interest expense, net	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax`	$-796.00K	USD	1 Quarter
Total other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$-7.30M	USD	1 Quarter
Total other comprehensive (loss) income, before tax	`OtherComprehensiveIncomeLossBeforeTax`	$1.68M	USD	1 Quarter
Income tax expense related to items of other comprehensive (loss) income	`OtherComprehensiveIncomeLossTax`	$3.31M	USD	1 Quarter
Income tax expense related to items of other comprehensive (loss) income	`OtherComprehensiveIncomeLossTax`	$-230.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-1.64M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-7.07M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$86.75M	USD	1 Quarter
Comprehensive income, net of tax	`ComprehensiveIncomeNetOfTax`	$75.25M	USD	1 Quarter

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