Applied Industrial (AIT) 10-Q 8 Nov 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information Document	3 Months Ended
	Sep. 30, 2013	Oct. 15, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'APPLIED INDUSTRIAL TECHNOLOGIES INC	'
Entity Central Index Key	'0000109563	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Large Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	42,164,870

Condensed_Statements_of_Consol

Condensed Statements of Consolidated Income (Unaudited) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Income Statement [Abstract]	'	'
Net Sales	$605,305	$610,519
Cost of Sales	435,510	445,986
Gross Profit	169,795	164,533
Selling, Distribution and Administrative, including depreciation	130,256	120,215
Operating Income	39,539	44,318
Interest Expense, net	61	25
Other (Income) Expense, net	-1,091	-459
Income Before Income Taxes	40,569	44,752
Income Tax Expense	13,725	15,220
Net Income	$26,844	$29,532
Net Income Per Share - Basic	$0.64	$0.70
Net Income Per Share - Diluted	$0.63	$0.70
Cash dividends per common share	$0.23	$0.21
Weighted average common shares outstanding for basic computation	42,157	41,966
Dilutive effect of potential common shares	480	511
Weighted average common shares outstanding for diluted computation	42,637	42,477

Condensed_Statements_of_Consol1

Condensed Statements of Consolidated Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net income per the condensed statements of consolidated income	$26,844	$29,532
Other comprehensive income (loss), before tax:	'	'
Foreign currency translation adjustments	550	9,001
Postemployment benefits:	'	'
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs	95	218
Unrealized gain (loss) on investment securities available for sale	34	23
Total of other comprehensive income (loss), before tax	679	9,242
Income tax expense related to items of other comprehensive income	48	94
Other comprehensive income (loss), net of tax	631	9,148
Comprehensive income, net of tax	$27,475	$38,680

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Current assets	'	'
Cash and cash equivalents	$76,877	$73,164
Accounts receivable, less allowances of $7,582 and $7,737	320,281	329,880
Inventories	302,404	281,417
Other current assets	34,174	52,819
Total current assets	733,736	737,280
Property, less accumulated depreciation of $160,592 and $157,506	81,149	83,243
Intangibles, net	87,961	91,267
Goodwill	106,973	106,849
Deferred tax assets	20,568	21,026
Other assets	19,702	19,041
TOTAL ASSETS	1,050,089	1,058,706
Current liabilities	'	'
Accounts payable	131,195	136,575
Compensation and related benefits	45,373	63,899
Other current liabilities	49,007	45,426
Total current liabilities	225,575	245,900
Postemployment benefits	25,340	30,919
Other liabilities	24,552	22,272
TOTAL LIABILITIES	275,467	299,091
Shareholders’ Equity	'	'
Preferred stock—no par value; 2,500 shares authorized; none issued or outstanding	0	0
Common stock—no par value; 80,000 shares authorized; 54,213 shares issued	10,000	10,000
Additional paid-in capital	154,492	153,893
Income retained for use in the business	841,448	824,362
Treasury shares—at cost (12,031 and 12,044 shares)	-228,528	-225,219
Accumulated other comprehensive income (loss)	-2,790	-3,421
TOTAL SHAREHOLDERS’ EQUITY	774,622	759,615
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$1,050,089	$1,058,706

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets Parenthetical (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, except Share data, unless otherwise specified
Accounts Receivable, allowances	$7,582	$7,737
Less accumulated depreciation	$160,592	$157,506
Preferred Stock, No Par Value	$0	$0
Preferred Stock, Shares Authorized	2,500,000	2,500,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, No Par Value	$0	$0
Common Stock, Shares Authorized	80,000,000	80,000,000
Common Stock, Shares, Issued	54,213,000	54,213,000
Treasury Stock, Shares	12,031,000	12,044,000

Condensed_Statements_of_Consol2

Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash Flows from Operating Activities	'	'
Net income	$26,844	$29,532
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization of property	3,431	3,022
Amortization of intangibles	3,249	3,055
Unrealized foreign exchange transactions gain	-291	-286
Amortization of stock options and appreciation rights	636	809
Loss (gain) on sale of property	35	-117
Other share-based compensation expense	754	1,035
Changes in assets and liabilities, net of acquisitions	-18,014	-13,456
Other, net	312	353
Net Cash provided by Operating Activities	16,956	23,947
Cash Flows from Investing Activities	'	'
Property purchases	-1,571	-3,892
Proceeds from property sales	183	243
Net cash paid for acquisition of businesses, net of cash acquired	0	-35,409
Net Cash used in Investing Activities	-1,388	-39,058
Cash Flows from Financing Activities	'	'
Purchases of treasury shares	-3,001	0
Dividends paid	-9,746	-8,867
Excess tax benefits from share-based compensation	1,516	1,168
Acquisition holdback payments	-606	-760
Exercise of stock options and appreciation rights	0	36
Net Cash used in Financing Activities	-11,837	-8,423
Effect of Exchange Rate Changes on Cash	-18	1,765
Increase (Decrease) in Cash and Cash Equivalents	3,713	-21,769
Cash and Cash Equivalents at Beginning of Period	73,164	78,442
Cash and Cash Equivalents at End of Period	$76,877	$56,673

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
BASIS OF PRESENTATION	'
	BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position of Applied Industrial Technologies, Inc. (the “Company”, or “Applied”) as of September 30, 2013, and the results of its operations for the three month periods ended September 30, 2013 and 2012 and its cash flows for the three months ended September 30, 2013 and 2012, have been included. The condensed consolidated balance sheet as of June 30, 2013 has been derived from the audited consolidated financial statements at that date. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended June 30, 2013.
	Operating results for the three month period ended September 30, 2013 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2014.
	Change in Accounting Principle - Alignment of Canadian Subsidiary Reporting
	Effective July 1, 2013, the Company aligned the consolidation of the Company’s Canadian subsidiary in the consolidated financial statements which previously included results on a one month reporting lag. The Company believes that this change in accounting principle is preferable as it provides contemporaneous reporting within our consolidated financial statements. In accordance with applicable accounting literature, the elimination of a one month reporting lag of a subsidiary is treated as a change in accounting principle and requires retrospective application. The Company has determined that the effect of this change is not material to the financial statements for all periods presented and therefore, the Company has not presented retrospective application of this change. The net impact of the lag elimination of $1.2 million of income for the month of June 2013 has been included within “Other (Income) Expense, net” on the Statement of Consolidated Income for the first quarter of fiscal 2014. The three months ended September 30, 2013 reflect the same results, had the financial statements been retrospectively adjusted, with the exception of net income which would have decreased $1.2 million. Net sales, operating income and net income for the three months ended September 30, 2012, would have decreased by $1.5 million, $0.8 million and $0.8 million respectively had the financial statements been retrospectively adjusted.
	Inventory
	The Company uses the last-in, first-out (LIFO) method of valuing U.S. inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination.

Goodwill_and_Intangibles

Goodwill and Intangibles	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
GOODWILL AND INTANGIBLES	'
	GOODWILL AND INTANGIBLES
	The changes in the carrying amount of goodwill for the three month period ended September 30, 2013 are as follows:
		Service Center Based Distribution			Fluid Power Businesses			Total
	Balance at July 1, 2013	$	105,920		$	929		$	106,849
	Goodwill acquired during the period	—			—			—
	Other, primarily currency translation	124			—			124
	Balance at September 30, 2013	$	106,044		$	929		$	106,973
	At September 30, 2013, accumulated goodwill impairment losses subsequent to fiscal year 2002, totaled $36,605 and related to the Fluid Power Businesses segment.
	The Company’s intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following:
	September 30, 2013		Amount			Accumulated			Net Book
						Amortization			Value
	Finite-Lived Intangibles:
	Customer relationships		$	101,009		$	41,146		$	59,863
	Trade names		26,436			8,987			17,449
	Vendor relationships		15,352			5,684			9,668
	Non-competition agreements		3,290			2,309			981
	Total Intangibles		$	146,087		$	58,126		$	87,961
	June 30, 2013		Amount			Accumulated			Net Book
						Amortization			Value
	Finite-Lived Intangibles:
	Customer relationships		$	100,854		$	38,844		$	62,010
	Trade names		26,690			8,643			18,047
	Vendor relationships		15,433			5,443			9,990
	Non-competition agreements		4,743			3,523			1,220
	Total Intangibles		$	147,720		$	56,453		$	91,267
	Amounts include the impact of foreign currency translation. Fully amortized amounts are written off.
	Estimated future amortization expense by fiscal year (based on the Company’s intangible assets as of September 30, 2013) is as follows: $9,700 for the remainder of 2014, $11,400 for 2015, $10,300 for 2016, $9,600 for 2017, $8,400 for 2018 and $7,500 for 2019.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
FAIR VALUE MEASUREMENTS	'
	FAIR VALUE MEASUREMENTS
	Marketable securities measured at fair value at September 30, 2013 and June 30, 2013 totaled $10,906 and $10,483, respectively. These marketable securities are held in a rabbi trust for a non-qualified deferred compensation plan. The marketable securities are included in other assets on the condensed consolidated balance sheets and their fair values were derived using quoted market prices (Level 1 in the fair value hierarchy).

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Sep. 30, 2013
Stockholders' Equity Note [Abstract]	'
SHAREHOLDERS' EQUITY	'
	SHAREHOLDERS' EQUITY
	Accumulated Other Comprehensive Income (Loss)
	Changes in the accumulated other comprehensive income (loss) for the three months ended September 30, 2013, is comprised of the following:
		Foreign currency translation adjustment		Unrealized gain (loss) on securities available for sale			Postemployment benefits			Total Accumulated other comprehensive income (loss)
	Balance at July 1, 2013	$	360	$	(52	)	$	(3,729	)	$	(3,421	)
	Other comprehensive income (loss)	550		23						573
	Amounts reclassified from accumulated other comprehensive income (loss)						58			58
	Net current-period other comprehensive income (loss), net of taxes	550		23			58			631
	Balance at September 30, 2013	$	910	$	(29	)	$	(3,671	)	$	(2,790	)
	Other Comprehensive Income (Loss)
	Details of other comprehensive income (loss) are as follows:
		Three Months Ended September 30,
		2013								2012
		Pre-Tax Amount		Tax Expense (Benefit)			Net Amount			Pre-Tax Amount			Tax Expense (Benefit)		Net Amount
	Foreign currency translation adjustments	$	550	$	—		$	550		$	9,001		$	—	$	9,001
	Postemployment benefits:
	Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs	95		37			58			218			85		133
	Unrealized gain (loss) on investment securities available for sale	34		11			23			23			9		14
	Other comprehensive income (loss)	$	679	$	48		$	631		$	9,242		$	94	$	9,148
	Antidilutive Common Stock Equivalents
	In the three month periods ended September 30, 2013 and 2012, stock options and stock appreciation rights related to the acquisition of 272 and 221 shares of common stock, respectively, were not included in the computation of diluted earnings per share for the periods then ended as they were anti-dilutive.

Benefit_Plans

Benefit Plans	3 Months Ended
	Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]	'
BENEFIT PLANS	'
	BENEFIT PLANS
	The following table provides summary disclosures of the net periodic postemployment costs recognized for the Company’s postemployment benefit plans:
		Pension Benefits						Retiree Health Care
								Benefits
	Three Months Ended September 30,	2013			2012			2013			2012
	Components of net periodic cost:
	Service cost	$	19		$	19		$	12		$	20
	Interest cost	295			315			35			47
	Expected return on plan assets	(104		)	(101		)
	Recognized net actuarial loss (gain)	153			184			(9		)	(13		)
	Amortization of prior service cost	20			21			(68		)	27
	Net periodic cost	$	383		$	438		$	(30	)	$	81
	The Company contributed $5,108 to its pension benefit plans and $50 to its retiree health care plans in the three months ended September 30, 2013. Expected contributions for the remainder of fiscal 2014 are $1,600 for the pension benefit plans to fund scheduled retirement payments and $200 for retiree health care plans.

Segment_and_Geographic_Informa

Segment and Geographic Information	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
SEGMENT AND GEOGRAPHIC INFORMATION	'
	SEGMENT AND GEOGRAPHIC INFORMATION
	The accounting policies of the Company’s reportable segments are generally the same as those used to prepare the condensed consolidated financial statements. Sales primarily from the Fluid Power Businesses segment to the Service Center Based Distribution segment of $5,533 and $3,735, in the three months ended September 30, 2013 and 2012, respectively, have been eliminated in the Segment Financial Information tables below.
	Three Months Ended	Service Center Based Distribution			Fluid Power Businesses			Total
	September 30, 2013
	Net sales	$	492,072		$	113,233		$	605,305
	Operating income for reportable segments	28,372			9,457			37,829
	Assets used in business	841,770			208,319			1,050,089
	Depreciation and amortization of property	2,999			432			3,431
	Capital expenditures	1,394			177			1,571
	September 30, 2012
	Net sales	$	497,826		$	112,693		$	610,519
	Operating income for reportable segments	33,720			10,536			44,256
	Assets used in business	787,028			214,739			1,001,767
	Depreciation and amortization of property	2,564			458			3,022
	Capital expenditures	3,714			178			3,892
	ERP related assets are included in assets used in business and capital expenditures within the Service Center Based Distribution segment. Within the geographic disclosures, these assets are included in the United States. Expenses associated with the ERP are included in Corporate and other expense (income), net, line in the reconciliation of operating income for reportable segments to the consolidated income before taxes table below.
	A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows:
		Three Months Ended
		September 30,
		2013			2012
	Operating income for reportable segments	$	37,829		$	44,256
	Adjustment for:
	Intangible amortization—Service Center Based Distribution	1,495			1,223
	Intangible amortization—Fluid Power Businesses	1,754			1,832
	Corporate and other expense (income), net	(4,959		)	(3,117		)
	Total operating income	39,539			44,318
	Interest expense, net	61			25
	Other (income) expense, net	(1,091		)	(459		)
	Income before income taxes	$	40,569		$	44,752
	The change in corporate and other expense (income), net is due to changes in the levels and amounts of expenses being allocated to the segments. The expenses being allocated include corporate charges for working capital, logistics support and other items.
	Net sales are presented in geographic areas based on the location of the company making the sale and are as follows:
		Three Months Ended
		September 30,
		2013			2012
	Geographic Areas:
	United States	$	501,051		$	499,536
	Canada	69,747			74,211
	Other countries	34,507			36,772
	Total	$	605,305		$	610,519
	Other countries consist of Mexico, Australia and New Zealand.

Other_Income_Expense_Net

Other (Income) Expense, Net	3 Months Ended
	Sep. 30, 2013
Other Income and Expenses [Abstract]	'
OTHER (INCOME) EXPENSE, NET	'
	OTHER (INCOME) EXPENSE , NET
	Other (income) expense, net consists of the following:
		Three Months Ended
		September 30,
		2013			2012
	Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan	$	(596	)	$	(441	)
	Foreign currency transactions (gain) loss	605			(81		)
	Elimination of one-month Canadian reporting lag effective July 1, 2013	(1,167		)	—
	Other, net	67			63
	Total other (income) expense, net	$	(1,091	)	$	(459	)

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	'
	Change in Accounting Principle - Alignment of Canadian Subsidiary Reporting
	Effective July 1, 2013, the Company aligned the consolidation of the Company’s Canadian subsidiary in the consolidated financial statements which previously included results on a one month reporting lag. The Company believes that this change in accounting principle is preferable as it provides contemporaneous reporting within our consolidated financial statements. In accordance with applicable accounting literature, the elimination of a one month reporting lag of a subsidiary is treated as a change in accounting principle and requires retrospective application. The Company has determined that the effect of this change is not material to the financial statements for all periods presented and therefore, the Company has not presented retrospective application of this change. The net impact of the lag elimination of $1.2 million of income for the month of June 2013 has been included within “Other (Income) Expense, net” on the Statement of Consolidated Income for the first quarter of fiscal 2014. The three months ended September 30, 2013 reflect the same results, had the financial statements been retrospectively adjusted, with the exception of net income which would have decreased $1.2 million. Net sales, operating income and net income for the three months ended September 30, 2012, would have decreased by $1.5 million, $0.8 million and $0.8 million respectively had the financial statements been
Inventory	'
	Inventory
	The Company uses the last-in, first-out (LIFO) method of valuing U.S. inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination.

Goodwill_and_Intangibles_Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Sep. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'
Changes in the carrying amount of goodwill by reportable segment	'
	The changes in the carrying amount of goodwill for the three month period ended September 30, 2013 are as follows:
		Service Center Based Distribution			Fluid Power Businesses			Total
	Balance at July 1, 2013	$	105,920		$	929		$	106,849
	Goodwill acquired during the period	—			—			—
	Other, primarily currency translation	124			—			124
	Balance at September 30, 2013	$	106,044		$	929		$	106,973
	At September 30, 2013, accumulated goodwill impairment losses subsequent to fiscal year 2002, totaled $36,605 and related to the Fluid Power Businesses segment.
Schedule of Intangible Assets	'
	The Company’s intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following:
	September 30, 2013		Amount			Accumulated			Net Book
						Amortization			Value
	Finite-Lived Intangibles:
	Customer relationships		$	101,009		$	41,146		$	59,863
	Trade names		26,436			8,987			17,449
	Vendor relationships		15,352			5,684			9,668
	Non-competition agreements		3,290			2,309			981
	Total Intangibles		$	146,087		$	58,126		$	87,961
	June 30, 2013		Amount			Accumulated			Net Book
						Amortization			Value
	Finite-Lived Intangibles:
	Customer relationships		$	100,854		$	38,844		$	62,010
	Trade names		26,690			8,643			18,047
	Vendor relationships		15,433			5,443			9,990
	Non-competition agreements		4,743			3,523			1,220
	Total Intangibles		$	147,720		$	56,453		$	91,267
	Amounts include the impact of foreign currency translation. Fully amortized amounts are written off.

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2013
Shareholders' Equity (Tables) [Abstract]	'
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
	Accumulated Other Comprehensive Income (Loss)
	Changes in the accumulated other comprehensive income (loss) for the three months ended September 30, 2013, is comprised of the following:
		Foreign currency translation adjustment		Unrealized gain (loss) on securities available for sale			Postemployment benefits			Total Accumulated other comprehensive income (loss)
	Balance at July 1, 2013	$	360	$	(52	)	$	(3,729	)	$	(3,421	)
	Other comprehensive income (loss)	550		23						573
	Amounts reclassified from accumulated other comprehensive income (loss)						58			58
	Net current-period other comprehensive income (loss), net of taxes	550		23			58			631
	Balance at September 30, 2013	$	910	$	(29	)	$	(3,671	)	$	(2,790	)
Schedule of Other Comprehensive Income (Loss) [Table Text Block]	'
	Other Comprehensive Income (Loss)
	Details of other comprehensive income (loss) are as follows:
		Three Months Ended September 30,
		2013								2012
		Pre-Tax Amount		Tax Expense (Benefit)			Net Amount			Pre-Tax Amount			Tax Expense (Benefit)		Net Amount
	Foreign currency translation adjustments	$	550	$	—		$	550		$	9,001		$	—	$	9,001
	Postemployment benefits:
	Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs	95		37			58			218			85		133
	Unrealized gain (loss) on investment securities available for sale	34		11			23			23			9		14
	Other comprehensive income (loss)	$	679	$	48		$	631		$	9,242		$	94	$	9,148

Benefit_Plans_Tables

Benefit Plans (Tables)	3 Months Ended
	Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]	'
Net periodic costs	'
	The following table provides summary disclosures of the net periodic postemployment costs recognized for the Company’s postemployment benefit plans:
		Pension Benefits						Retiree Health Care
								Benefits
	Three Months Ended September 30,	2013			2012			2013			2012
	Components of net periodic cost:
	Service cost	$	19		$	19		$	12		$	20
	Interest cost	295			315			35			47
	Expected return on plan assets	(104		)	(101		)
	Recognized net actuarial loss (gain)	153			184			(9		)	(13		)
	Amortization of prior service cost	20			21			(68		)	27
	Net periodic cost	$	383		$	438		$	(30	)	$	81

Segment_and_Geographic_Informa1

Segment and Geographic Information (Tables)	3 Months Ended
	Sep. 30, 2013
Segment Reporting [Abstract]	'
Segment financial information	'
	Three Months Ended	Service Center Based Distribution			Fluid Power Businesses			Total
	September 30, 2013
	Net sales	$	492,072		$	113,233		$	605,305
	Operating income for reportable segments	28,372			9,457			37,829
	Assets used in business	841,770			208,319			1,050,089
	Depreciation and amortization of property	2,999			432			3,431
	Capital expenditures	1,394			177			1,571
	September 30, 2012
	Net sales	$	497,826		$	112,693		$	610,519
	Operating income for reportable segments	33,720			10,536			44,256
	Assets used in business	787,028			214,739			1,001,767
	Depreciation and amortization of property	2,564			458			3,022
	Capital expenditures	3,714			178			3,892
Reconciliation of operating income for reportable segments to the consolidated income before income taxes	'
	A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows:
		Three Months Ended
		September 30,
		2013			2012
	Operating income for reportable segments	$	37,829		$	44,256
	Adjustment for:
	Intangible amortization—Service Center Based Distribution	1,495			1,223
	Intangible amortization—Fluid Power Businesses	1,754			1,832
	Corporate and other expense (income), net	(4,959		)	(3,117		)
	Total operating income	39,539			44,318
	Interest expense, net	61			25
	Other (income) expense, net	(1,091		)	(459		)
	Income before income taxes	$	40,569		$	44,752
	The change in corporate and other expense (income), net is due to changes in the levels and amounts of expenses being allocated to the segments. The expenses being allocated include corporate charges for working capital, logistics support and other items.
Net sales are presented in geographic areas	'
	Net sales are presented in geographic areas based on the location of the company making the sale and are as follows:
		Three Months Ended
		September 30,
		2013			2012
	Geographic Areas:
	United States	$	501,051		$	499,536
	Canada	69,747			74,211
	Other countries	34,507			36,772
	Total	$	605,305		$	610,519

Other_Income_Expense_Net_Table

Other (Income) Expense, Net (Tables)	3 Months Ended
	Sep. 30, 2013
Other Income and Expenses [Abstract]	'
Other expense (income), net	'
	Other (income) expense, net consists of the following:
		Three Months Ended
		September 30,
		2013			2012
	Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan	$	(596	)	$	(441	)
	Foreign currency transactions (gain) loss	605			(81		)
	Elimination of one-month Canadian reporting lag effective July 1, 2013	(1,167		)	—
	Other, net	67			63
	Total other (income) expense, net	$	(1,091	)	$	(459	)

Basis_of_Presentation_Change_i

Basis of Presentation Change in Accounting Principle (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
New Accounting Pronouncements or Change in Accounting Principle [Line Items]	'	'
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income	$1,167	'
Sales Revenue, Net [Member]	'	'
New Accounting Pronouncements or Change in Accounting Principle [Line Items]	'	'
Impact of Retrospective Adjustment	1,167	800
Net Sales Impact [Member] [Member]	'	'
New Accounting Pronouncements or Change in Accounting Principle [Line Items]	'	'
Impact of Retrospective Adjustment	'	1,500
Operating Income Impact [Member]	'	'
New Accounting Pronouncements or Change in Accounting Principle [Line Items]	'	'
Impact of Retrospective Adjustment	'	$800

Goodwill_and_Intangibles_Detai

Goodwill and Intangibles (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013
Changes in the carrying amount of goodwill by reportable segment	'
Balance at July 1, 2013	$106,849
Goodwill acquired during the period	0
Other, primarily currency translation	124
Balance at September 30, 2013	106,973
Fluid Power Businesses [Member]	'
Changes in the carrying amount of goodwill by reportable segment	'
Balance at July 1, 2013	929
Other, primarily currency translation	0
Balance at September 30, 2013	929
Service Center Based Distribution Segment [Member]	'
Changes in the carrying amount of goodwill by reportable segment	'
Balance at July 1, 2013	105,920
Other, primarily currency translation	124
Balance at September 30, 2013	$106,044

Goodwill_and_Intangibles_Detai1

Goodwill and Intangibles (Details 1) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Amortization details resulting from business combinations	'	'
Amount	$146,087	$147,720
Accumulated Amortization	58,126	56,453
Net Book Value	87,961	91,267
Customer relationships [Member]	'	'
Amortization details resulting from business combinations	'	'
Amount	101,009	100,854
Accumulated Amortization	41,146	38,844
Net Book Value	59,863	62,010
Trade Names [Member]	'	'
Amortization details resulting from business combinations	'	'
Amount	26,436	26,690
Accumulated Amortization	8,987	8,643
Net Book Value	17,449	18,047
Vendor Relationships [Member]	'	'
Amortization details resulting from business combinations	'	'
Amount	15,352	15,433
Accumulated Amortization	5,684	5,443
Net Book Value	9,668	9,990
Non-competition agreements [Member]	'	'
Amortization details resulting from business combinations	'	'
Amount	3,290	4,743
Accumulated Amortization	2,309	3,523
Net Book Value	$981	$1,220

Goodwill_and_Intangibles_Detai2

Goodwill and Intangibles (Details Textuals) (USD $)	Sep. 30, 2013
In Thousands, unless otherwise specified
Goodwill and Intangibles (Textuals) [Abstract]	'
Amortization expense for the remainder of 2014	$9,700
Amortization expense for 2015	11,400
Amortization expense for 2016	10,300
Amortization expense for 2017	9,600
Amortization expense for 2018	8,400
Amortization expense for 2019	7,500
Fluid Power Businesses [Member]	'
Goodwill [Line Items]	'
Accumulated goodwill impairment losses	$36,605

Fair_Value_Measurements_Fair_V

Fair Value Measurements Fair Value Disclosures (Details) (Fair Value, Measurements, Recurring [Member], Fair Value, Inputs, Level 1 [Member], USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, Fair Value Disclosure	$10,906	$10,483

Shareholders_Equity_Accumulate

Shareholders' Equity Accumulated Other Comprehensive Income (Loss) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Balance at June 30, 2013	($3,421)	'
Other Comprehensive Income (Loss), Unrealized gain (loss) on securities available for sale	23	14
Net current-period other comprehensive income (loss), net of taxes, Foreign currency translation adjustment	550	9,001
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss)	631	9,148
Balance at September 30, 2013	-2,790	'
Foreign Currency Translation Adjustment [Member]	'	'
Balance at June 30, 2013	360	'
Other Comprehensive Income (Loss), Foreign currency translation adjustment	550	'
Amounts reclassified from accumulated other comprehensive income (loss)	'	'
Net current-period other comprehensive income (loss), net of taxes, Foreign currency translation adjustment	550	'
Balance at September 30, 2013	910	'
Unrealized gain (loss) on securities available for sale [Member]	'	'
Balance at June 30, 2013	-52	'
Other Comprehensive Income (Loss), Unrealized gain (loss) on securities available for sale	23	'
Amounts reclassified from accumulated other comprehensive income (loss)	'	'
Net current-period other comprehensive income (loss), net of taxes, Unrealized gain (loss) on securities available for sale	23	'
Balance at September 30, 2013	-29	'
Postemployment benefits [Member]	'	'
Balance at June 30, 2013	-3,729	'
Other Comprehensive Income (Loss), Postemployment benefits,	'	'
Amounts reclassified from accumulated other comprehensive income (loss)	58	'
Net current-period other comprehensive income (loss), net of taxes, Postemployment benefits	58	'
Balance at September 30, 2013	-3,671	'
Total accumulated other comprehensive income (loss) [Member]	'	'
Balance at June 30, 2013	-3,421	'
Other Comprehensive Income (Loss), Total accumulated other comprehensive income (loss)	573	'
Amounts reclassified from accumulated other comprehensive income (loss)	58	'
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss)	631	'
Balance at September 30, 2013	($2,790)	'

Shareholders_Equity_Details_Te

Shareholders' Equity (Details Textuals ) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Shareholders' Equity (Tables) [Abstract]	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	272	221
Other comprehensive income (loss):	'	'
Foreign currency translation adjustments, before Tax	$550	$9,001
Foreign currency translation adjustments, Tax	0	0
Foreign currency translation adjustments, Net of Tax	550	9,001
Postemployment benefits:	'	'
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, before Tax	95	218
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Tax	37	85
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Net Of Tax	58	133
Unrealized gain (loss) on investment securities available for sale, before Tax	34	23
Unrealized gain (loss) on investment securities available for sale, Tax	11	9
Unrealized gain (loss) on investment securities available for sale, Net of Tax	23	14
Other comprehensive income (loss), before Tax	679	9,242
Other comprehensive income (loss), Tax	48	94
Other comprehensive income (loss), net of tax	$631	$9,148

Benefit_Plans_Details

Benefit Plans (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Pension Benefits [Member]	'	'
Components of net periodic cost:	'	'
Service cost	$19	$19
Interest cost	295	315
Expected return on plan assets	-104	-101
Recognized net actuarial loss (gain)	153	184
Amortization of prior service cost	20	21
Net periodic cost	383	438
Retiree Health Care Benefits [Member]	'	'
Components of net periodic cost:	'	'
Service cost	12	20
Interest cost	35	47
Recognized net actuarial loss (gain)	-9	-13
Amortization of prior service cost	-68	27
Net periodic cost	($30)	$81

Benefit_Plans_Details_Textuals

Benefit Plans (Details Textuals) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2014
Pension Plans, Defined Benefit [Member]	'	'
Benefit Plans (Textuals) [Abstract]	'	'
Contribution to benefit plan	$5,108	'
Expected contribution to benefit plans for remainder of fiscal year	'	1,600
Retiree Health Care Benefits [Member]	'	'
Benefit Plans (Textuals) [Abstract]	'	'
Contribution to benefit plan	50	'
Expected contribution to benefit plans for remainder of fiscal year	'	$200

Segment_and_Geographic_Informa2

Segment and Geographic Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Jun. 30, 2013
Segment financial information	'	'	'
Net sales	$605,305	$610,519	'
Operating income for reportable segments	39,539	44,318	'
Assets used in business	1,050,089	1,001,767	1,058,706
Depreciation and amortization of property	3,431	3,022	'
Capital expenditures	1,571	3,892	'
Operating Segments [Member]	'	'	'
Segment financial information	'	'	'
Operating income for reportable segments	37,829	44,256	'
Assets used in business	1,050,089	'	'
Service Center Based Distribution [Member]	'	'	'
Segment financial information	'	'	'
Net sales	492,072	497,826	'
Operating income for reportable segments	28,372	33,720	'
Assets used in business	841,770	787,028	'
Depreciation and amortization of property	2,999	2,564	'
Capital expenditures	1,394	3,714	'
Fluid Power Businesses [Member]	'	'	'
Segment financial information	'	'	'
Net sales	113,233	112,693	'
Operating income for reportable segments	9,457	10,536	'
Assets used in business	208,319	214,739	'
Depreciation and amortization of property	432	458	'
Capital expenditures	$177	$178	'

Segment_and_Geographic_Informa3

Segment and Geographic Information (Details 1) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Reconciliation of operating income for reportable segments to the consolidated income before income taxes	'	'
Operating income for reportable segments	$39,539	$44,318
Adjustment for:	'	'
Intangible amortization	3,249	3,055
Corporate and other expense (income), net	-4,959	-3,117
Interest Expense, net	61	25
Other (Income) Expense, net	-1,091	-459
Income before income taxes	40,569	44,752
Operating Segments [Member]	'	'
Reconciliation of operating income for reportable segments to the consolidated income before income taxes	'	'
Operating income for reportable segments	37,829	44,256
Service Center Based Distribution [Member]	'	'
Reconciliation of operating income for reportable segments to the consolidated income before income taxes	'	'
Operating income for reportable segments	28,372	33,720
Adjustment for:	'	'
Intangible amortization	1,495	1,223
Fluid Power Businesses [Member]	'	'
Reconciliation of operating income for reportable segments to the consolidated income before income taxes	'	'
Operating income for reportable segments	9,457	10,536
Adjustment for:	'	'
Intangible amortization	$1,754	$1,832

Segment_and_Geographic_Informa4

Segment and Geographic Information (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net sales are presented in geographic areas	'	'
Net Sales	$605,305	$610,519
United States [Member]	'	'
Net sales are presented in geographic areas	'	'
Net Sales	501,051	499,536
Canada [Member]	'	'
Net sales are presented in geographic areas	'	'
Net Sales	69,747	74,211
Other countries [Member]	'	'
Net sales are presented in geographic areas	'	'
Net Sales	$34,507	$36,772

Segment_and_Geographic_Informa5

Segment and Geographic Information (Details Textuals) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Segment and Geographic Information (Textuals) [Abstract]	'	'
Sales primarily from businesses segment	$5,533	$3,735

Other_Income_Expense_Net_Detai

Other (Income) Expense, Net (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Other Income and Expenses [Abstract]	'	'
Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan	($596)	($441)
Foreign currency transactions (gain) loss	605	-81
Elimination of one-month Canadian reporting lag effective July 1, 2013	-1,167	'
Other, net	67	63
Other (Income) Expense, net	($1,091)	($459)