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) |