Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Oct. 15, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
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-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 41,280,636 |
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, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Net Sales | $702,325 | $605,305 |
Cost of Sales | 507,393 | 435,510 |
Gross Profit | 194,932 | 169,795 |
Selling, Distribution and Administrative, including depreciation | 148,767 | 130,256 |
Operating Income | 46,165 | 39,539 |
Interest (Income) Expense, net | 1,662 | 61 |
Other (Income) Expense, net | 244 | -1,091 |
Income Before Income Taxes | 44,259 | 40,569 |
Income Tax Expense | 15,137 | 13,725 |
Net Income | $29,122 | $26,844 |
Net Income Per Share - Basic | $0.70 | $0.64 |
Net Income Per Share - Diluted | $0.70 | $0.63 |
Cash dividends per common share | $0.25 | $0.23 |
Weighted average common shares outstanding for basic computation | 41,467 | 42,157 |
Dilutive effect of potential common shares | 362 | 480 |
Weighted average common shares outstanding for diluted computation | 41,829 | 42,637 |
Condensed_Statements_of_Consol1
Condensed Statements of Consolidated Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net income per the condensed statements of consolidated income | $29,122 | $26,844 |
Other comprehensive income (loss), before tax: | ' | ' |
Foreign currency translation adjustments | -19,105 | 550 |
Postemployment benefits: | ' | ' |
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs | 72 | 95 |
Unrealized gain (loss) on investment securities available for sale | -41 | 34 |
Total of other comprehensive income (loss), before tax | -19,074 | 679 |
Income tax expense related to items of other comprehensive income | 14 | 48 |
Other comprehensive income (loss), net of tax | -19,088 | 631 |
Comprehensive income, net of tax | $10,034 | $27,475 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $52,033 | $71,189 |
Accounts receivable, less allowances of $10,513 and $10,385 | 403,521 | 375,732 |
Inventories | 367,291 | 335,747 |
Other current assets | 51,915 | 53,480 |
Total current assets | 874,760 | 836,148 |
Property, less accumulated depreciation of $160,063 and $156,872 | 106,683 | 103,596 |
Identifiable Intangibles, net | 208,497 | 159,508 |
Goodwill | 259,156 | 193,494 |
Deferred tax assets | 260 | 21,166 |
Other assets | 19,563 | 20,257 |
TOTAL ASSETS | 1,468,919 | 1,334,169 |
Current liabilities | ' | ' |
Accounts payable | 145,614 | 172,401 |
Current portion of long term debt | 2,842 | 2,720 |
Compensation and related benefits | 47,687 | 55,760 |
Other current liabilities | 75,839 | 60,074 |
Total current liabilities | 271,982 | 290,955 |
Long-term debt | 321,418 | 167,992 |
Postemployment benefits | 19,073 | 23,611 |
Other liabilities | 65,741 | 51,303 |
TOTAL LIABILITIES | 678,214 | 533,861 |
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 | 158,001 | 156,999 |
Retained Earnings | 915,482 | 896,776 |
Treasury shares—at cost (12,825 and 12,650 shares) | -272,075 | -261,852 |
Accumulated other comprehensive income (loss) | -20,703 | -1,615 |
TOTAL SHAREHOLDERS’ EQUITY | 790,705 | 800,308 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $1,468,919 | $1,334,169 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Current Assets: | ' | ' |
Accounts Receivable, less allowances | $10,513 | $10,385 |
Noncurrent Assets: | ' | ' |
Property, less accumulated depreciation | $160,063 | $156,872 |
Shareholders’ Equity | ' | ' |
Preferred stock, 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, 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 shares | 12,825,000 | 12,650,000 |
Condensed_Statements_of_Consol2
Condensed Statements of Consolidated Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities | ' | ' |
Net income | $29,122 | $26,844 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization of property | 4,211 | 3,431 |
Amortization of intangibles | 6,491 | 3,249 |
Unrealized foreign exchange transactions (gain) loss | -572 | -291 |
Amortization of stock options and appreciation rights | 577 | 636 |
(Gain) loss on sale of property | -5 | 35 |
Other share-based compensation expense | 592 | 754 |
Changes in operating assets and liabilities, net of acquisitions | -58,891 | -18,014 |
Other, net | 374 | 312 |
Net Cash (used in) provided by Operating Activities | -18,101 | 16,956 |
Cash Flows from Investing Activities | ' | ' |
Property purchases | -3,100 | -1,571 |
Proceeds from property sales | 3 | 183 |
Acquisition of businesses, net of cash acquired | -129,810 | 0 |
Net Cash used in Investing Activities | -132,907 | -1,388 |
Cash Flows from Financing Activities | ' | ' |
Borrowings under revolving credit facility | 34,000 | 0 |
Long-term debt borrowings | 120,238 | 0 |
Long-term debt repayments | -690 | 0 |
Purchases of treasury shares | -10,400 | -3,001 |
Dividends paid | -10,402 | -9,746 |
Excess tax benefits from share-based compensation | 556 | 1,516 |
Acquisition holdback payments | 0 | -606 |
Net Cash provided by (used in) Financing Activities | 133,302 | -11,837 |
Effect of Exchange Rate Changes on Cash | -1,450 | -18 |
(Decrease) Increase in Cash and Cash Equivalents | -19,156 | 3,713 |
Cash and Cash Equivalents at Beginning of Period | 71,189 | 73,164 |
Cash and Cash Equivalents at End of Period | $52,033 | $76,877 |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Sep. 30, 2014 | |
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, 2014, and the results of its operations and its cash flows for the three month periods ended September 30, 2014 and 2013, have been included. The condensed consolidated balance sheet as of June 30, 2014 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, 2014. | |
Operating results for the three month period ended September 30, 2014 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2015. | |
Change in Accounting Principle - U.S. Inventory Costing Methodology | |
Over the past eight quarters, the Company has been implementing SAP as its new Enterprise Resource Planning system (ERP) at its U.S. service centers. As implementation occurred at each service center, the method used to apply the link chain dollar value last-in first-out (LIFO) method of accounting changed for the inventories at that location. The new inventory costing methodology utilizes the weighted average cost method to determine the current year LIFO indices as well as any new LIFO layers established, whereas previously, current costs were used. Upon completion of the implementation, on July 1, 2014 the Company changed its accounting policy to the new method. Differences between amounts recognized in the financial statements during the implementation period and the previous accounting policy prior to July 1, 2014 were immaterial. | |
The Company believes that this change in accounting principle is preferable under the circumstances because weighted average cost will provide a better reflection of actual transactions and inventory purchases resulting in improved matching of actual costs and current revenues, will result in greater consistency in inventory costing across the organization as certain other U.S. locations were previously using weighted average cost for similar LIFO calculations in their legacy inventory systems, and the new ERP system will make inventory costing a more efficient process within the U.S. ASC 250, Accounting Changes and Error Corrections, requires that unless it is impracticable to do so, the voluntary adoption of a new accounting principle should be done retrospectively to all prior periods. Before July 1, 2014, the Company’s former ERP system did not capture weighted average costs within the U.S. and the data needed to recalculate previous LIFO indices does not exist. Thus, the Company has concluded it is impracticable to recognize a cumulative effect or to retrospectively apply the effect of this change in accounting principle prior to July 1, 2014, but believes that those effects would be immaterial in all periods. | |
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 $1,200 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 $1,200. | |
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. | |
New Accounting Pronouncements | |
In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. The standard, issued as Accounting Standards Update (ASU) 2014-09, outlines a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The core principle of this model is that "an entity recognizes revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services." The update is effective for financial statement periods beginning after December 15, 2016, with early adoption prohibited. The Company is currently determining the impact of this pronouncement on its financial statements and related disclosures. | |
In June 2014, the FASB issued its final standard on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard, issued as (ASU) 2014-12, clarifies that a performance target that affects vesting and that can be achieved after the requisite service period, should be treated as a performance condition. The update is effective for financial statement periods beginning after December 15, 2015, with early adoption permitted. The Company is currently determining the impact of this pronouncement on its financial statements and related disclosures. |
Business_Combinations
Business Combinations | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Business Combination Disclosure [Text Block] | ' | |||
BUSINESS COMBINATIONS | ||||
The operating results of all acquired entities are included within the consolidated operating results of the Company from the date of each respective acquisition. | ||||
Fiscal 2015 | ||||
On July 1, 2014, the Company acquired 100% of the outstanding stock of Knox Oil Field Supply Inc. (“Knox”), headquartered in San Angelo, Texas, for total consideration of $132,000, including cash paid of $118,000 at closing. The primary reason for the acquisition of Knox is to complement and expand the Company’s capabilities to serve the upstream oil and gas industry in the United States. As a distributor of oilfield supplies and related services, this business will be included in the Service Center Based Distribution Segment. The Company funded the acquisition by drawing $120,000 from the previously uncommitted shelf facility with Prudential Investment Management at a fixed interest rate of 3.19% with an average seven year life. The remaining $14,000 purchase price will be paid as acquisition holdback payments on the first three anniversaries of the acquisition with interest at a fixed rate of 1.5%. | ||||
The following table summarizes the consideration transferred, assets acquired, and liabilities assumed in connection with the acquisition of Knox based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment: | ||||
Knox Acquisition | ||||
Accounts receivable | $ | 20,100 | ||
Inventories | 18,900 | |||
Property | 3,600 | |||
Identifiable intangible assets | 58,500 | |||
Goodwill | 70,500 | |||
Total assets acquired | 171,600 | |||
Accounts payable and accrued liabilities | 10,300 | |||
Deferred income taxes | 29,300 | |||
Net assets acquired | $ | 132,000 | ||
Purchase price | 132,800 | |||
Reconciliation of fair value transferred: | ||||
Working Capital Adjustments | (800 | ) | ||
Total Consideration | $ | 132,000 | ||
None of the goodwill acquired is expected to be deductible for income tax purposes. The goodwill recognized is attributable primarily to expected synergies and other benefits that the Company believes will result from the acquisition of Knox. | ||||
Also on July 1, 2014, the Company acquired substantially all of the net assets of Rodamientos y Derivados del Norte S.A. de C.V., a Mexican distributor of bearings and power transmission products and related products, and Great Southern Bearings / Northam Bearings, a Western Australia distributor of bearings and power transmission products for combined consideration of approximately $12,600. Tangible assets acquired was $10,400 and intangibles including goodwill was $2,200, based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The Company funded these acquisitions from borrowings under the revolving credit facility. Total acquisition holdback payments of $1,600 will be paid in equal increments on the following three anniversaries of the acquisition. The results of operations for the Mexican and Australian acquisitions are not material for any period presented. | ||||
Fiscal 2014 | ||||
On May 1, 2014, the Company acquired 100% of the outstanding stock of Reliance Industrial Products (“Reliance”), headquartered in Nisku, Alberta, Canada, with operations in Western Canada and the Western United States, for total consideration in the amount of $179,800; tangible assets acquired was $27,500 and intangibles including goodwill was $152,300, based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The primary reason for the acquisition is to provide the Company enhanced capabilities to serve the upstream oil and gas industry in the United States and Canada. A distributor of fluid conveyance and oilfield supplies, this business is included in the Service Center Based Distribution Segment. The Company funded the acquisition by using available cash in Canada in the amount of $31,900, existing revolving credit facilities of $36,600 and a new $100,000 five year term loan facility, with the remainder of $20,000 to be paid in equal amounts as acquisition holdback payments on the first two anniversaries of the acquisition, plus interest at 2% per annum. | ||||
During December 2013, the Company acquired substantially all of the net assets of Texas Oilpatch Services Corporation (Tops), a Texas distributor of bearings, oil seals, power transmission products, and related replacement parts to the oilfield industry. The acquired business is included in the Service Center Based Distribution segment. The consideration paid for this acquisition was $17,000, tangible assets acquired was $3,900 and intangibles, including goodwill was $13,100. The purchase price includes $2,550 of acquisition holdback payments which have been paid into an escrow account controlled by a third party. The acquisition price and the results of operations of Tops are not material in relation to the Company’s consolidated financial statements. | ||||
Pro Forma Financial Information | ||||
The following unaudited pro forma consolidated results of operations have been prepared as if the Reliance and Knox acquisitions (including the related acquisition costs) had occurred at the beginning of the first quarter of fiscal 2014: | ||||
Pro forma, three months ended September 30: | 2013 | |||
Sales | $ | 663,010 | ||
Operating income | $ | 44,746 | ||
Net income | $ | 29,089 | ||
Diluted net income per share | $ | 0.68 | ||
These pro forma amounts have been calculated after applying the Company’s accounting policies and adjusting the results to reflect additional depreciation and amortization assuming the fair value adjustments to property, plant, and equipment, and amortizable intangible assets had been applied as of July 1, 2013. In addition, pro forma adjustments have been made for the interest expense that would have been incurred as a result of the indebtedness used to finance the acquisitions. The pro forma net income amounts also incorporate an adjustment to the recorded income tax expense for the income tax effect of the pro forma adjustments described above. These pro forma results of operations do not include any anticipated synergies or other effects of the planned integrations; accordingly, such pro forma adjustments do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred as the date indicated or that may result in the future. |
Goodwill_and_Intangibles
Goodwill and Intangibles | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
GOODWILL AND INTANGIBLES | ' | ||||||||||||
GOODWILL AND INTANGIBLES | |||||||||||||
The changes in the carrying amount of goodwill for both the Service Center Based Distribution segment and the Fluid Power Businesses segment for the three month period ended September 30, 2014 are as follows: | |||||||||||||
Service Centers | Fluid Power | Total | |||||||||||
Balance at July 1, 2014 | $ | 192,565 | $ | 929 | $ | 193,494 | |||||||
Goodwill acquired during the period | 71,361 | — | 71,361 | ||||||||||
Other, primarily currency translation | (5,699 | ) | — | (5,699 | ) | ||||||||
Balance at September 30, 2014 | $ | 258,227 | $ | 929 | $ | 259,156 | |||||||
At September 30, 2014, accumulated goodwill impairment losses, subsequent to fiscal year 2002, totaled $36,605 and related to the Fluid Power Businesses segment. | |||||||||||||
The Company’s identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following: | |||||||||||||
September 30, 2014 | Amount | Accumulated | Net Book | ||||||||||
Amortization | Value | ||||||||||||
Finite-Lived Identifiable Intangibles: | |||||||||||||
Customer relationships | $ | 217,668 | $ | 52,751 | $ | 164,917 | |||||||
Trade names | 43,316 | 11,153 | 32,163 | ||||||||||
Vendor relationships | 15,144 | 6,793 | 8,351 | ||||||||||
Non-competition agreements | 4,528 | 1,462 | 3,066 | ||||||||||
Total Identifiable Intangibles | $ | 280,656 | $ | 72,159 | $ | 208,497 | |||||||
June 30, 2014 | Amount | Accumulated | Net Book | ||||||||||
Amortization | Value | ||||||||||||
Finite-Lived Identifiable Intangibles: | |||||||||||||
Customer relationships | $ | 170,395 | $ | 48,285 | $ | 122,110 | |||||||
Trade names | 36,912 | 10,394 | 26,518 | ||||||||||
Vendor relationships | 15,446 | 6,628 | 8,818 | ||||||||||
Non-competition agreements | 3,322 | 1,260 | 2,062 | ||||||||||
Total Identifiable Intangibles | $ | 226,075 | $ | 66,567 | $ | 159,508 | |||||||
Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. | |||||||||||||
During the three month period ended September 30, 2014, the Company acquired identifiable intangible assets with a preliminary acquisition cost allocation and weighted-average life as follows: | |||||||||||||
Acquisition Cost Allocation | Weighted-Average Life | ||||||||||||
Customer relationships | $ | 51,494 | 20 | ||||||||||
Trade names | 6,928 | 5 | |||||||||||
Vendor relationships | 9 | 5 | |||||||||||
Non-competition agreements | 1,300 | 5 | |||||||||||
Total Intangibles Acquired | $ | 59,731 | 18 | ||||||||||
Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of September 30, 2014) for the next five years is as follows: $19,800 for the remainder of 2015, $24,500 for 2016, $23,100 for 2017, $21,000 for 2018, $19,200 for 2019 and $16,300 for 2020. |
Debt_Notes
Debt (Notes) | 3 Months Ended |
Sep. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Debt Disclosure [Text Block] | ' |
DEBT | |
Revolving Credit Facility | |
The Company has a revolving credit facility with a group of banks expiring in May 2017. This agreement provides for unsecured borrowings of up to $150,000. Fees on this facility range from 0.09% to 0.175% per year based upon the Company's leverage ratio at each quarter end. Borrowings under this agreement carry variable interest rates tied to either LIBOR, prime, or the bank’s cost of funds at the Company’s discretion. This agreement also enables the Company to refinance this debt on a long-term basis. At September 30, 2014 and June 30, 2014, the Company had $103,000 and $69,000 outstanding under this credit facility, respectively. Unused lines under this facility, net of outstanding letters of credit of $8,900 and $8,700 to secure certain insurance obligations, totaled $38,100 and $72,300 at September 30, 2014 and June 30, 2014, respectively and are available to fund future acquisitions or other capital and operating requirements. The weighted average interest rate on the revolving credit facility outstanding as of September 30, 2014 and June 30, 2014 was 0.85%. | |
Long-Term Borrowings | |
The Company entered into a $100,000 unsecured five-year term loan with a group of banks in April 2014, with a final maturity date in April 2019. Borrowings under this agreement carry a variable interest rate tied to LIBOR, which at September 30, 2014 and June 30, 2014 was a rate of 1.06%. The term loan had $98,800 and $99,400 outstanding at September 30, 2014 and June 30, 2014, respectively. | |
In April 2014 the Company assumed $2,400 of debt as a part of the headquarters facility acquisition. The 1.5% fixed interest rate note is held by the State of Ohio Development Services Agency, maturing in May 2024. At September 30, 2014 and June 30, 2014, $2,300 was outstanding. | |
At September 30, 2014, the Company had borrowings outstanding under its uncommitted unsecured shelf facility agreement with Prudential Investment Management of $120,000. These "Series C" borrowings carry a fixed interest rate of 3.19%, which is due in equal principal payments in July of 2020, 2021 and 2022. As of September 30, 2014, $5,000 in additional financing was available under this facility. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2014 | |
Fair Value Disclosures [Abstract] | ' |
FAIR VALUE MEASUREMENTS | ' |
FAIR VALUE MEASUREMENTS | |
Marketable securities measured at fair value at September 30, 2014 and June 30, 2014 totaled $10,957 and $11,011, 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 accompanying condensed consolidated balance sheets and their fair values are based upon quoted market prices in an active market (Level 1 in the fair value hierarchy). | |
The fair value of the uncommitted shelf facility agreement with Prudential Investment Management is $120,000 at September 30, 2014. (Level 2 in the fair value hierarchy) | |
The revolving credit facility and the term loan contain variable interest rates and their carrying values approximate fair value (Level 2 in the fair value hierarchy). |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
SHAREHOLDERS' EQUITY | ' | ||||||||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Changes in the accumulated other comprehensive income (loss), are comprised of the following: | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
Foreign currency translation adjustment | Unrealized gain (loss) on securities available for sale | Postemployment benefits | Total Accumulated other comprehensive income (loss) | ||||||||||||||||||||||
Balance at July 1, 2014 | $ | 989 | $ | 21 | $ | (2,625 | ) | $ | (1,615 | ) | |||||||||||||||
Other comprehensive income (loss) | (19,105 | ) | (27 | ) | (19,132 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 44 | 44 | |||||||||||||||||||||
Net current-period other comprehensive income (loss), net of taxes | (19,105 | ) | (27 | ) | 44 | (19,088 | ) | ||||||||||||||||||
Balance at September 30, 2014 | $ | (18,116 | ) | $ | (6 | ) | $ | (2,581 | ) | $ | (20,703 | ) | |||||||||||||
Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Details of other comprehensive income (loss) are as follows: | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | ||||||||||||||||||||
Foreign currency translation adjustments | $ | (19,105 | ) | $ | (19,105 | ) | $ | 550 | $ | — | $ | 550 | |||||||||||||
Postemployment benefits: | |||||||||||||||||||||||||
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs | 72 | 28 | 44 | 95 | 37 | 58 | |||||||||||||||||||
Unrealized gain (loss) on investment securities available for sale | (41 | ) | (14 | ) | (27 | ) | 34 | 11 | 23 | ||||||||||||||||
Other comprehensive income (loss) | $ | (19,074 | ) | $ | 14 | $ | (19,088 | ) | $ | 679 | $ | 48 | $ | 631 | |||||||||||
Antidilutive Common Stock Equivalents | |||||||||||||||||||||||||
In the three month periods ended September 30, 2014 and 2013, respectively, stock options and stock appreciation rights related to 239 and 272 shares of common stock, 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, 2014 | |||||||||||||||||
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, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic cost: | |||||||||||||||||
Service cost | $ | 24 | $ | 19 | $ | 13 | $ | 12 | |||||||||
Interest cost | 224 | 295 | 24 | 35 | |||||||||||||
Expected return on plan assets | (124 | ) | (104 | ) | — | — | |||||||||||
Recognized net actuarial (gain) loss | 140 | 153 | (22 | ) | (9 | ) | |||||||||||
Amortization of prior service cost | 22 | 20 | (68 | ) | (68 | ) | |||||||||||
Net periodic cost | $ | 286 | $ | 383 | $ | (53 | ) | $ | (30 | ) | |||||||
The Company contributed $5,832 to its pension benefit plans and $40 to its retiree health care plans in the three months ended September 30, 2014. Expected contributions for the remainder of fiscal 2015 are $570 for the pension benefit plans to fund scheduled retirement payments and $120 for retiree health care plans. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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. Intercompany sales primarily from the Fluid Power Businesses segment to the Service Center Based Distribution segment of $5,573 and $5,533, in the three months ended September 30, 2014 and 2013, respectively, have been eliminated in the Segment Financial Information tables below. | |||||||||||||
Three Months Ended | Service Center Based Distribution | Fluid Power Businesses | Total | ||||||||||
September 30, 2014 | |||||||||||||
Net sales | $ | 575,097 | $ | 127,228 | $ | 702,325 | |||||||
Operating income for reportable segments | 37,535 | 12,933 | 50,468 | ||||||||||
Assets used in business | 1,251,565 | 217,354 | 1,468,919 | ||||||||||
Depreciation and amortization of property | 3,843 | 368 | 4,211 | ||||||||||
Capital expenditures | 2,738 | 362 | 3,100 | ||||||||||
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 | ||||||||||
Enterprise Resource Planning system (ERP) related assets are included in assets used in business and capital expenditures within the Service Center Based Distribution segment. | |||||||||||||
A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows: | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Operating income for reportable segments | $ | 50,468 | $ | 37,829 | |||||||||
Adjustment for: | |||||||||||||
Intangible amortization—Service Center Based Distribution | 4,867 | 1,495 | |||||||||||
Intangible amortization—Fluid Power Businesses | 1,624 | 1,754 | |||||||||||
Corporate and other (income) expense, net | (2,188 | ) | (4,959 | ) | |||||||||
Total operating income | 46,165 | 39,539 | |||||||||||
Interest expense, net | 1,662 | 61 | |||||||||||
Other (income) expense, net | 244 | (1,091 | ) | ||||||||||
Income before income taxes | $ | 44,259 | $ | 40,569 | |||||||||
The change in corporate and other (income) expense, net is due to changes in the amounts and levels 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 facility shipping the product and are as follows: | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Geographic Areas: | |||||||||||||
United States | $ | 561,559 | $ | 501,051 | |||||||||
Canada | 99,181 | 69,747 | |||||||||||
Other countries | 41,585 | 34,507 | |||||||||||
Total | $ | 702,325 | $ | 605,305 | |||||||||
Other countries consist of Mexico, Australia and New Zealand. |
Other_Income_Expense_Net
Other (Income) Expense, Net | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan | $ | 91 | $ | (596 | ) | ||||
Elimination of one-month Canadian reporting lag, effective July 1, 2013 | — | (1,167 | ) | ||||||
Foreign currency transactions (gain) loss | 54 | 605 | |||||||
Other, net | 99 | 67 | |||||||
Total other (income) expense, net | $ | 244 | $ | (1,091 | ) | ||||
Subsequent_Events_Notes
Subsequent Events (Notes) | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
SUBSEQUENT EVENTS | |
We have evaluated subsequent events and transactions subsequent to September 30, 2014, through the date the financial statements were issued. | |
On November 3, 2014, the Company acquired substantially all of the net assets of Ira Pump and Supply Inc. (Ira Pump), headquartered in Ira, Texas. The acquisition of Ira Pump further expands the Company's capabilities to serve the upstream oil and gas industry in the United States. As a distributor of oilfield pumps and supplies, this business will be included in the Service Center Based Distribution Segment. The financial results of the operations acquired will be included in the Company's results of operations from November 3, 2014. | |
On October 30, 2014, the Company amended and increased its unsecured shelf facility with Prudential Investment Management to provide an available borrowing capacity of $100,000. The Company borrowed $50,000 to fund the acquisition as well as working capital needs. These "Series D" borrowings carry a fixed interest rate of 3.21%, with equal principal payments due in October of 2019 and 2023, leaving a remaining borrowing capacity on the unsecured shelf facility of $50,000. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | |
Sep. 30, 2014 | 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 - U.S. Inventory Costing Methodology | Change in Accounting Principle - Alignment of Canadian Subsidiary Reporting | |
Over the past eight quarters, the Company has been implementing SAP as its new Enterprise Resource Planning system (ERP) at its U.S. service centers. As implementation occurred at each service center, the method used to apply the link chain dollar value last-in first-out (LIFO) method of accounting changed for the inventories at that location. The new inventory costing methodology utilizes the weighted average cost method to determine the current year LIFO indices as well as any new LIFO layers established, whereas previously, current costs were used. Upon completion of the implementation, on July 1, 2014 the Company changed its accounting policy to the new method. Differences between amounts recognized in the financial statements during the implementation period and the previous accounting policy prior to July 1, 2014 were immaterial. | 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 $1,200 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 $1,200. | |
The Company believes that this change in accounting principle is preferable under the circumstances because weighted average cost will provide a better reflection of actual transactions and inventory purchases resulting in improved matching of actual costs and current revenues, will result in greater consistency in inventory costing across the organization as certain other U.S. locations were previously using weighted average cost for similar LIFO calculations in their legacy inventory systems, and the new ERP system will make inventory costing a more efficient process within the U.S. ASC 250, Accounting Changes and Error Corrections, requires that unless it is impracticable to do so, the voluntary adoption of a new accounting principle should be done retrospectively to all prior periods. Before July 1, 2014, the Company’s former ERP system did not capture weighted average costs within the U.S. and the data needed to recalculate previous LIFO indices does not exist. Thus, the Company has concluded it is impracticable to recognize a cumulative effect or to retrospectively apply the effect of this change in accounting principle prior to July 1, 2014, but believes that those effects would be immaterial in all periods. | ||
Inventory, Policy [Policy Text Block] | ' | ' |
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. | ||
Description of New Accounting Pronouncements Not yet Adopted [Text Block] | ' | ' |
New Accounting Pronouncements | ||
In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. The standard, issued as Accounting Standards Update (ASU) 2014-09, outlines a single comprehensive model for entities to use in the accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry specific guidance. The core principle of this model is that "an entity recognizes revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services." The update is effective for financial statement periods beginning after December 15, 2016, with early adoption prohibited. The Company is currently determining the impact of this pronouncement on its financial statements and related disclosures. | ||
In June 2014, the FASB issued its final standard on accounting for share-based payments when the terms of an award provide that a performance target could be achieved after the requisite service period. The standard, issued as (ASU) 2014-12, clarifies that a performance target that affects vesting and that can be achieved after the requisite service period, should be treated as a performance condition. The update is effective for financial statement periods beginning after December 15, 2015, with early adoption permitted. The Company is currently determining the impact of this pronouncement on its financial statements and related disclosures. | ||
Business_Combinations_Business
Business Combinations Business Combinations Assets Acquired Table (Tables) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ' | |||
The following table summarizes the consideration transferred, assets acquired, and liabilities assumed in connection with the acquisition of Knox based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment: | ||||
Knox Acquisition | ||||
Accounts receivable | $ | 20,100 | ||
Inventories | 18,900 | |||
Property | 3,600 | |||
Identifiable intangible assets | 58,500 | |||
Goodwill | 70,500 | |||
Total assets acquired | 171,600 | |||
Accounts payable and accrued liabilities | 10,300 | |||
Deferred income taxes | 29,300 | |||
Net assets acquired | $ | 132,000 | ||
Purchase price | 132,800 | |||
Reconciliation of fair value transferred: | ||||
Working Capital Adjustments | (800 | ) | ||
Total Consideration | $ | 132,000 | ||
None of the goodwill acquired is expected to be deductible for income tax purposes. The goodwill recognized is attributable primarily to expected synergies and other benefits that the Company believes will result from the acquisition of Knox. | ||||
The following table summarizes the consideration transferred, assets acquired, and liabilities assumed in connection with the acquisition of Knox based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment: | ||||
Knox Acquisition | ||||
Accounts receivable | $ | 20,100 | ||
Inventories | 18,900 | |||
Property | 3,600 | |||
Identifiable intangible assets | 58,500 | |||
Goodwill | 70,500 | |||
Total assets acquired | 171,600 | |||
Accounts payable and accrued liabilities | 10,300 | |||
Deferred income taxes | 29,300 | |||
Net assets acquired | $ | 132,000 | ||
Purchase price | 132,800 | |||
Reconciliation of fair value transferred: | ||||
Working Capital Adjustments | (800 | ) | ||
Total Consideration | $ | 132,000 | ||
Business_Combinations_Business1
Business Combinations Business Combination, Pro Forma Financial Information Table (Tables) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Business Combinations [Abstract] | ' | |||
Business Acquisition, Pro Forma Information [Table Text Block] | ' | |||
The following unaudited pro forma consolidated results of operations have been prepared as if the Reliance and Knox acquisitions (including the related acquisition costs) had occurred at the beginning of the first quarter of fiscal 2014: | ||||
Pro forma, three months ended September 30: | 2013 | |||
Sales | $ | 663,010 | ||
Operating income | $ | 44,746 | ||
Net income | $ | 29,089 | ||
Diluted net income per share | $ | 0.68 | ||
Goodwill_and_Intangibles_Table
Goodwill and Intangibles (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
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 both the Service Center Based Distribution segment and the Fluid Power Businesses segment for the three month period ended September 30, 2014 are as follows: | |||||||||||||
Service Centers | Fluid Power | Total | |||||||||||
Balance at July 1, 2014 | $ | 192,565 | $ | 929 | $ | 193,494 | |||||||
Goodwill acquired during the period | 71,361 | — | 71,361 | ||||||||||
Other, primarily currency translation | (5,699 | ) | — | (5,699 | ) | ||||||||
Balance at September 30, 2014 | $ | 258,227 | $ | 929 | $ | 259,156 | |||||||
At September 30, 2014, 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 identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following: | |||||||||||||
September 30, 2014 | Amount | Accumulated | Net Book | ||||||||||
Amortization | Value | ||||||||||||
Finite-Lived Identifiable Intangibles: | |||||||||||||
Customer relationships | $ | 217,668 | $ | 52,751 | $ | 164,917 | |||||||
Trade names | 43,316 | 11,153 | 32,163 | ||||||||||
Vendor relationships | 15,144 | 6,793 | 8,351 | ||||||||||
Non-competition agreements | 4,528 | 1,462 | 3,066 | ||||||||||
Total Identifiable Intangibles | $ | 280,656 | $ | 72,159 | $ | 208,497 | |||||||
June 30, 2014 | Amount | Accumulated | Net Book | ||||||||||
Amortization | Value | ||||||||||||
Finite-Lived Identifiable Intangibles: | |||||||||||||
Customer relationships | $ | 170,395 | $ | 48,285 | $ | 122,110 | |||||||
Trade names | 36,912 | 10,394 | 26,518 | ||||||||||
Vendor relationships | 15,446 | 6,628 | 8,818 | ||||||||||
Non-competition agreements | 3,322 | 1,260 | 2,062 | ||||||||||
Total Identifiable Intangibles | $ | 226,075 | $ | 66,567 | $ | 159,508 | |||||||
Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. | |||||||||||||
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||
During the three month period ended September 30, 2014, the Company acquired identifiable intangible assets with a preliminary acquisition cost allocation and weighted-average life as follows: | |||||||||||||
Acquisition Cost Allocation | Weighted-Average Life | ||||||||||||
Customer relationships | $ | 51,494 | 20 | ||||||||||
Trade names | 6,928 | 5 | |||||||||||
Vendor relationships | 9 | 5 | |||||||||||
Non-competition agreements | 1,300 | 5 | |||||||||||
Total Intangibles Acquired | $ | 59,731 | 18 | ||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||
Changes in the accumulated other comprehensive income (loss), are comprised of the following: | |||||||||||||||||||||||||
Three Months Ended September 30, 2014 | |||||||||||||||||||||||||
Foreign currency translation adjustment | Unrealized gain (loss) on securities available for sale | Postemployment benefits | Total Accumulated other comprehensive income (loss) | ||||||||||||||||||||||
Balance at July 1, 2014 | $ | 989 | $ | 21 | $ | (2,625 | ) | $ | (1,615 | ) | |||||||||||||||
Other comprehensive income (loss) | (19,105 | ) | (27 | ) | (19,132 | ) | |||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | — | 44 | 44 | |||||||||||||||||||||
Net current-period other comprehensive income (loss), net of taxes | (19,105 | ) | (27 | ) | 44 | (19,088 | ) | ||||||||||||||||||
Balance at September 30, 2014 | $ | (18,116 | ) | $ | (6 | ) | $ | (2,581 | ) | $ | (20,703 | ) | |||||||||||||
Schedule of Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||||||||||||
Details of other comprehensive income (loss) are as follows: | |||||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | Pre-Tax Amount | Tax Expense (Benefit) | Net Amount | ||||||||||||||||||||
Foreign currency translation adjustments | $ | (19,105 | ) | $ | (19,105 | ) | $ | 550 | $ | — | $ | 550 | |||||||||||||
Postemployment benefits: | |||||||||||||||||||||||||
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs | 72 | 28 | 44 | 95 | 37 | 58 | |||||||||||||||||||
Unrealized gain (loss) on investment securities available for sale | (41 | ) | (14 | ) | (27 | ) | 34 | 11 | 23 | ||||||||||||||||
Other comprehensive income (loss) | $ | (19,074 | ) | $ | 14 | $ | (19,088 | ) | $ | 679 | $ | 48 | $ | 631 | |||||||||||
Benefit_Plans_Tables
Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
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, | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Components of net periodic cost: | |||||||||||||||||
Service cost | $ | 24 | $ | 19 | $ | 13 | $ | 12 | |||||||||
Interest cost | 224 | 295 | 24 | 35 | |||||||||||||
Expected return on plan assets | (124 | ) | (104 | ) | — | — | |||||||||||
Recognized net actuarial (gain) loss | 140 | 153 | (22 | ) | (9 | ) | |||||||||||
Amortization of prior service cost | 22 | 20 | (68 | ) | (68 | ) | |||||||||||
Net periodic cost | $ | 286 | $ | 383 | $ | (53 | ) | $ | (30 | ) | |||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment financial information | ' | ||||||||||||
Three Months Ended | Service Center Based Distribution | Fluid Power Businesses | Total | ||||||||||
September 30, 2014 | |||||||||||||
Net sales | $ | 575,097 | $ | 127,228 | $ | 702,325 | |||||||
Operating income for reportable segments | 37,535 | 12,933 | 50,468 | ||||||||||
Assets used in business | 1,251,565 | 217,354 | 1,468,919 | ||||||||||
Depreciation and amortization of property | 3,843 | 368 | 4,211 | ||||||||||
Capital expenditures | 2,738 | 362 | 3,100 | ||||||||||
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 | ||||||||||
Enterprise Resource Planning system (ERP) related assets are included in assets used in business and capital expenditures within the Service Center Based Distribution segment. | |||||||||||||
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, | |||||||||||||
2014 | 2013 | ||||||||||||
Operating income for reportable segments | $ | 50,468 | $ | 37,829 | |||||||||
Adjustment for: | |||||||||||||
Intangible amortization—Service Center Based Distribution | 4,867 | 1,495 | |||||||||||
Intangible amortization—Fluid Power Businesses | 1,624 | 1,754 | |||||||||||
Corporate and other (income) expense, net | (2,188 | ) | (4,959 | ) | |||||||||
Total operating income | 46,165 | 39,539 | |||||||||||
Interest expense, net | 1,662 | 61 | |||||||||||
Other (income) expense, net | 244 | (1,091 | ) | ||||||||||
Income before income taxes | $ | 44,259 | $ | 40,569 | |||||||||
The change in corporate and other (income) expense, net is due to changes in the amounts and levels 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 facility shipping the product and are as follows: | |||||||||||||
Three Months Ended | |||||||||||||
September 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Geographic Areas: | |||||||||||||
United States | $ | 561,559 | $ | 501,051 | |||||||||
Canada | 99,181 | 69,747 | |||||||||||
Other countries | 41,585 | 34,507 | |||||||||||
Total | $ | 702,325 | $ | 605,305 | |||||||||
Other countries consist of Mexico, Australia and New Zealand |
Other_Income_Expense_Net_Table
Other (Income) Expense, Net (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Other Income and Expenses [Abstract] | ' | ||||||||
Other expense (income), net | ' | ||||||||
Other (income) expense, net consists of the following: | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan | $ | 91 | $ | (596 | ) | ||||
Elimination of one-month Canadian reporting lag, effective July 1, 2013 | — | (1,167 | ) | ||||||
Foreign currency transactions (gain) loss | 54 | 605 | |||||||
Other, net | 99 | 67 | |||||||
Total other (income) expense, net | $ | 244 | $ | (1,091 | ) | ||||
Basis_of_Presentation_Change_i
Basis of Presentation Change in Accounting Principle (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $0 | $1,167 |
Net Sales Impact [Member] [Member] | ' | ' |
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $1,200 | ' |
Business_Combinations_Business2
Business Combinations Business Combinations Textuals (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | 1-May-14 | Dec. 31, 2013 | Jul. 01, 2014 | Sep. 30, 2014 | Jul. 01, 2014 |
Knox Acquisition [Member] | Knox Acquisition [Member] | Rodensa & GSB Acquisition [Member] | Rodensa & GSB Acquisition [Member] | Reliance Acquisition [Member] | Reliance Acquisition [Member] | Tops Acquisition [Member] | Tops Acquisition [Member] | Prudential Facility [Member] | Prudential Facility [Member] | |
Business Acquisition, Percentage of Voting Interests Acquired | ' | 100.00% | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Total Consideration | $132,000 | ' | $12,600 | ' | $179,800 | ' | $17,000 | ' | ' | ' |
Cash Paid at Closing | ' | 118,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | ' | ' | ' | ' | ' | ' | 120,000 | 120,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.19% |
Funding from Holdback Payments | ' | 14,000 | ' | 1,600 | ' | 20,000 | ' | 2,550 | ' | ' |
Debt Instrument, Interest Rate During Period | 1.50% | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Total assets acquired | ' | 171,600 | ' | 10,400 | ' | 27,500 | ' | 3,900 | ' | ' |
Goodwill plus Intangibles Acquired | ' | ' | ' | 2,200 | ' | 152,300 | ' | 13,100 | ' | ' |
Funding from Canadian Cash | ' | ' | ' | ' | ' | 31,900 | ' | ' | ' | ' |
Funding From Existing Credit Facility | ' | ' | ' | ' | ' | 36,600 | ' | ' | ' | ' |
Funding from New Credit Facility | ' | ' | ' | ' | ' | $100,000 | ' | ' | ' | ' |
Business_Combinations_Knox_Fai
Business Combinations Knox - Fair Value of Assets Acquired (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 |
In Thousands, unless otherwise specified | Knox Acquisition [Member] | Knox Acquisition [Member] | ||
Accounts receivable | ' | ' | ' | $20,100 |
Inventories | ' | ' | ' | 18,900 |
Property | ' | ' | ' | 3,600 |
Identifiable intangible assets | ' | ' | ' | 58,500 |
Goodwill | 259,156 | 193,494 | ' | 70,500 |
Total assets acquired | ' | ' | ' | 171,600 |
Accounts payable and accrued liabilities | ' | ' | ' | 10,300 |
Deferred income taxes | ' | ' | ' | 29,300 |
Net assets acquired | ' | ' | ' | 132,000 |
Purchase price | ' | ' | 132,800 | ' |
Working Capital Adjustments | ' | ' | -800 | ' |
Total Consideration | ' | ' | $132,000 | ' |
Business_Combinations_Pro_Form
Business Combinations Pro - Forma Information (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 |
Business Combinations [Abstract] | ' |
Sales | $663,010 |
Operating income | 44,746 |
Net income | $29,089 |
Diluted net income per share | $0.68 |
Goodwill_and_Intangibles_Detai
Goodwill and Intangibles (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Changes in the carrying amount of goodwill by reportable segment | ' |
Balance at July 1, 2014 | $193,494 |
Goodwill acquired during the period | 71,361 |
Other, primarily currency translation | -5,699 |
Balance at September 30, 2014 | 259,156 |
Service Center Based Distribution Segment [Member] | ' |
Changes in the carrying amount of goodwill by reportable segment | ' |
Balance at July 1, 2014 | 192,565 |
Goodwill acquired during the period | 71,361 |
Other, primarily currency translation | -5,699 |
Balance at September 30, 2014 | 258,227 |
Fluid Power Businesses Segment [Member] | ' |
Changes in the carrying amount of goodwill by reportable segment | ' |
Balance at July 1, 2014 | 929 |
Goodwill acquired during the period | 0 |
Other, primarily currency translation | 0 |
Balance at September 30, 2014 | $929 |
Goodwill_and_Intangibles_Detai1
Goodwill and Intangibles (Details 1) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Amortization details resulting from business combinations | ' | ' |
Amount | $280,656 | $226,075 |
Accumulated Amortization | 72,159 | 66,567 |
Net Book Value | 208,497 | 159,508 |
Total Identifiable Intangible | 208,497 | 159,508 |
Customer relationships | ' | ' |
Amortization details resulting from business combinations | ' | ' |
Amount | 217,668 | 170,395 |
Accumulated Amortization | 52,751 | 48,285 |
Net Book Value | 164,917 | 122,110 |
Trade names | ' | ' |
Amortization details resulting from business combinations | ' | ' |
Amount | 43,316 | 36,912 |
Accumulated Amortization | 11,153 | 10,394 |
Net Book Value | 32,163 | 26,518 |
Vendor relationships | ' | ' |
Amortization details resulting from business combinations | ' | ' |
Amount | 15,144 | 15,446 |
Accumulated Amortization | 6,793 | 6,628 |
Net Book Value | 8,351 | 8,818 |
Non-competition agreements | ' | ' |
Amortization details resulting from business combinations | ' | ' |
Amount | 4,528 | 3,322 |
Accumulated Amortization | 1,462 | 1,260 |
Net Book Value | $3,066 | $2,062 |
Goodwill_and_Intangibles_Goodw
Goodwill and Intangibles Goodwill and Intangibles (Details 2) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquisition Cost Allocation | $59,731 |
Weighted-Average Life | '18 years |
Customer Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquisition Cost Allocation | 51,494 |
Weighted-Average Life | '20 years |
Trade Names [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquisition Cost Allocation | 6,928 |
Weighted-Average Life | '5 years |
Vendor Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquisition Cost Allocation | 9 |
Weighted-Average Life | '5 years |
Noncompete Agreements [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Acquisition Cost Allocation | $1,300 |
Weighted-Average Life | '5 years |
Goodwill_and_Intangibles_Detai2
Goodwill and Intangibles (Details Textuals) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill and Intangibles (Textuals) [Abstract] | ' |
Amortization expense for the remainder of 2015 | $19,800 |
Amortization expense for 2016 | 24,500 |
Amortization expense for 2017 | 23,100 |
Amortization expense for 2018 | 21,000 |
Amortization expense for 2019 | 19,200 |
Amortization expense for 2020 | 16,300 |
Fluid Power Businesses [Member] | ' |
Goodwill [Line Items] | ' |
Accumulated goodwill impairment losses | $36,605 |
Debt_Details
Debt (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Maximum [Member] | Prudential Facility [Domain] | Prudential Facility [Domain] | Prudential Facility - Series C [Member] | State of Ohio Assumed Debt [Member] | Term Loan [Member] | Term Loan [Member] |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Percentage | ' | ' | 0.09% | 0.18% | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | 103,000 | 69,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of Credit Outstanding, Amount | 8,900 | 8,700 | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 38,100 | 72,300 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 0.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | 2,400 | 100,000 | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | ' | ' | ' | ' | ' | 3.19% | 3.19% | 1.50% | 1.06% | ' |
Long-term Debt | ' | ' | ' | ' | 120,000 | 120,000 | ' | 2,300 | 98,800 | 99,400 |
Debt Instrument, Unused Borrowing Capacity, Amount | ' | ' | ' | ' | $5,000 | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring [Member], USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value Measurements (Textuals) [Line Items] | ' | ' |
Marketable securities | $10,957 | $11,011 |
Prudential Facility [Domain] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value Measurements (Textuals) [Line Items] | ' | ' |
Debt Instrument, Fair Value Disclosure | $120,000 | ' |
Shareholders_Equity_Accumulate
Shareholders' Equity Accumulated Other Comprehensive Income (Loss) [Table] (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance at beginning of period | ($1,615) | ' |
Other Comprehensive Income (Loss), Unrealized gain (loss) on securities available for sale | -27 | 23 |
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment | -19,105 | 550 |
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss) | -19,088 | 631 |
Balance at September 30, 2014 | -20,703 | ' |
Foreign Currency Translation Adjustment [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance at beginning of period | 989 | ' |
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment | -19,105 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' |
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment | -19,105 | ' |
Balance at September 30, 2014 | -18,116 | ' |
Postemployment benefits [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance at beginning of period | -2,625 | ' |
Other Comprehensive Income (Loss), Postemployment Benefits, | ' | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 44 | ' |
Net current-period other comprehensive income (loss), net of taxes, Postemployment benefits | 44 | ' |
Balance at September 30, 2014 | -2,581 | ' |
Unrealized gain (loss) on securities available for sale [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance at beginning of period | 21 | ' |
Other Comprehensive Income (Loss), Unrealized gain (loss) on securities available for sale | -27 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | ' |
Net current-period other comprehensive income (loss), net of taxes, Unrealized gain (loss) on securities available for sale | -27 | ' |
Balance at September 30, 2014 | -6 | ' |
Total Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Balance at beginning of period | -1,615 | ' |
Other Comprehensive Income (Loss), Total accumulated other comprehensive income (loss) | -19,132 | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 44 | ' |
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss) | -19,088 | ' |
Balance at September 30, 2014 | ($20,703) | ' |
Shareholders_Equity_Details_1
Shareholders' Equity (Details 1 ) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Other comprehensive income (loss): | ' | ' |
Foreign currency translation adjustments, before Tax | ($19,105) | $550 |
Foreign currency translation adjustments, Tax | ' | 0 |
Foreign currency translation adjustments, Net of Tax | -19,105 | 550 |
Postemployment benefits: | ' | ' |
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, before Tax | 72 | 95 |
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Tax | 28 | 37 |
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Net Of Tax | 44 | 58 |
Unrealized gain (loss) on investment securities available for sale, before Tax | -41 | 34 |
Unrealized gain (loss) on investment securities available for sale, Tax | -14 | 11 |
Unrealized gain (loss) on investment securities available for sale, Net of Tax | -27 | 23 |
Other comprehensive income (loss), before tax | -19,074 | 679 |
Other comprehensive income (loss), Tax | 14 | 48 |
Other comprehensive income (loss), net of tax | ($19,088) | $631 |
Shareholders_Equity_Shareholde
Shareholders' Equity Shareholders Equity Details Textuals (Details) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 239 | 272 |
Benefit_Plans_Details
Benefit Plans (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Pension Benefits [Member] | ' | ' |
Components of net periodic cost: | ' | ' |
Service cost | $24 | $19 |
Interest cost | 224 | 295 |
Expected return on plan assets | -124 | -104 |
Recognized net actuarial (gain) loss | 140 | 153 |
Amortization of prior service cost | 22 | 20 |
Net periodic cost | 286 | 383 |
Retiree Health Care Benefits [Member] | ' | ' |
Components of net periodic cost: | ' | ' |
Service cost | 13 | 12 |
Interest cost | 24 | 35 |
Expected return on plan assets | 0 | 0 |
Recognized net actuarial (gain) loss | -22 | -9 |
Amortization of prior service cost | -68 | -68 |
Net periodic cost | ($53) | ($30) |
Benefit_Plans_Details_Textuals
Benefit Plans (Details Textuals) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Pension Plans, Defined Benefit [Member] | ' |
Benefit Plans (Textuals) [Abstract] | ' |
Contribution to benefit plan | $5,832 |
Expected contribution to benefit plans for remainder of fiscal year | 570 |
Retiree Health Care Benefits [Member] | ' |
Benefit Plans (Textuals) [Abstract] | ' |
Contribution to benefit plan | 40 |
Expected contribution to benefit plans for remainder of fiscal year | $120 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Segment financial information | ' | ' | ' |
Net sales | $702,325 | $605,305 | ' |
Operating income for reportable segments | 46,165 | 39,539 | ' |
Assets used in business | 1,468,919 | ' | 1,334,169 |
Depreciation and amortization of property | 4,211 | 3,431 | ' |
Capital expenditures | 3,100 | 1,571 | ' |
Operating Segments [Member] | ' | ' | ' |
Segment financial information | ' | ' | ' |
Operating income for reportable segments | 50,468 | 37,829 | ' |
Service Center Based Distribution [Member] | ' | ' | ' |
Segment financial information | ' | ' | ' |
Net sales | 575,097 | 492,072 | ' |
Operating income for reportable segments | 37,535 | 28,372 | ' |
Assets used in business | 1,251,565 | 841,770 | ' |
Depreciation and amortization of property | 3,843 | 2,999 | ' |
Capital expenditures | 2,738 | 1,394 | ' |
Fluid Power Businesses [Member] | ' | ' | ' |
Segment financial information | ' | ' | ' |
Net sales | 127,228 | 113,233 | ' |
Operating income for reportable segments | 12,933 | 9,457 | ' |
Assets used in business | 217,354 | 208,319 | ' |
Depreciation and amortization of property | 368 | 432 | ' |
Capital expenditures | 362 | 177 | ' |
Reportable Subsegments [Member] | ' | ' | ' |
Segment financial information | ' | ' | ' |
Assets used in business | $1,468,919 | $1,050,089 | ' |
Segment_and_Geographic_Informa3
Segment and Geographic Information (Details 1) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ' | ' |
Total operating income | $46,165 | $39,539 |
Adjustment for: | ' | ' |
Intangible amortization | 6,491 | 3,249 |
Corporate and other expense (income), net | -2,188 | -4,959 |
Interest (Income) Expense, net | 1,662 | 61 |
Other (Income) Expense, net | 244 | -1,091 |
Income before income taxes | 44,259 | 40,569 |
Operating Segments [Member] | ' | ' |
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ' | ' |
Total operating income | 50,468 | 37,829 |
Service Center Based Distribution [Member] | ' | ' |
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ' | ' |
Total operating income | 37,535 | 28,372 |
Adjustment for: | ' | ' |
Intangible amortization | 4,867 | 1,495 |
Fluid Power Businesses [Member] | ' | ' |
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ' | ' |
Total operating income | 12,933 | 9,457 |
Adjustment for: | ' | ' |
Intangible amortization | $1,624 | $1,754 |
Segment_and_Geographic_Informa4
Segment and Geographic Information (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Net sales are presented in geographic areas | ' | ' |
Net Sales | $702,325 | $605,305 |
United States | ' | ' |
Net sales are presented in geographic areas | ' | ' |
Net Sales | 561,559 | 501,051 |
Canada | ' | ' |
Net sales are presented in geographic areas | ' | ' |
Net Sales | 99,181 | 69,747 |
Other countries | ' | ' |
Net sales are presented in geographic areas | ' | ' |
Net Sales | $41,585 | $34,507 |
Segment_and_Geographic_Informa5
Segment and Geographic Information (Details Textuals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Segment and Geographic Information (Textuals) [Abstract] | ' | ' |
Sales primarily from businesses segment | $5,573 | $5,533 |
Other_Income_Expense_Net_Detai
Other (Income) Expense, Net (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Other Income and Expenses [Abstract] | ' | ' |
Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan | $91 | ($596) |
Elimination of one-month Canadian reporting lag, effective July 1, 2013 | 0 | -1,167 |
Foreign currency transactions (gain) loss | 54 | 605 |
Other, net | 99 | 67 |
Total other (income) expense, net | $244 | ($1,091) |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], USD $) | 1 Months Ended |
In Thousands, unless otherwise specified | Nov. 03, 2014 |
Prudential Facility [Domain] | ' |
Subsequent Event [Line Items] | ' |
Increase in Borrowing Capacity | $100,000 |
Debt Instrument, Unused Borrowing Capacity, Amount | 50,000 |
Prudential Facility - Series D [Domain] | ' |
Subsequent Event [Line Items] | ' |
Debt Instrument, Increase (Decrease), Net | $50,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.21% |