Applied Industrial (AIT) 10-Q 4 Nov 15 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 16, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	APPLIED INDUSTRIAL TECHNOLOGIES INC
Entity Central Index Key	109,563
Current Fiscal Year End Date	--06-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		39,327,690

Condensed Statements of Consoli

Condensed Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Net Sales	$ 641,904	$ 702,325
Cost of Sales	460,892	507,393
Gross Profit	181,012	194,932
Selling, Distribution and Administrative, including depreciation	139,986	148,767
Operating Income	41,026	46,165
Interest Expense, net	2,187	1,662
Other Expense, net	1,004	244
Income Before Income Taxes	37,835	44,259
Income Tax Expense	13,544	15,137
Net Income	$ 24,291	$ 29,122
Net Income Per Share - Basic	$ 0.61	$ 0.70
Net Income Per Share - Diluted	0.61	0.70
Cash dividends per common share	$ 0.27	$ 0.25
Weighted average common shares outstanding for basic computation	39,613	41,467
Dilutive effect of potential common shares	229	362
Weighted average common shares outstanding for diluted computation	39,842	41,829

Condensed Statements of Consol3

Condensed Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net income per the condensed statements of consolidated income	$ 24,291	$ 29,122
Other comprehensive loss, before tax:
Foreign currency translation adjustments	(27,516)	(19,105)
Post-employment benefits:
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs	130	72
Unrealized loss on investment securities available for sale	(50)	(41)
Total of other comprehensive loss, before tax	(27,436)	(19,074)
Income tax expense related to items of other comprehensive income	34	14
Other comprehensive loss, net of tax	(27,470)	(19,088)
Comprehensive (loss) income, net of tax	$ (3,179)	$ 10,034

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Current assets
Cash and cash equivalents	$ 63,966	$ 69,470
Accounts receivable, less allowances of $11,753 and $10,621	356,606	376,305
Inventories	350,807	362,419
Other current assets	42,527	51,111
Total current assets	813,906	859,305
Property, less accumulated depreciation of $166,060 and $164,343	104,760	104,447
Identifiable intangibles, net	191,708	198,828
Goodwill	248,580	254,406
Deferred tax assets	90	97
Other assets	17,216	17,885
TOTAL ASSETS	1,376,260	1,434,968
Current liabilities
Accounts payable	142,636	179,825
Current portion of long term debt	3,975	3,349
Compensation and related benefits	43,466	63,780
Other current liabilities	68,220	63,118
Total current liabilities	258,297	310,072
Long-term debt	351,340	317,646
Postemployment benefits	19,623	19,627
Other liabilities	36,877	46,295
TOTAL LIABILITIES	666,137	693,640
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	160,407	160,072
Retained Earnings	983,072	969,548
Treasury shares—at cost (14,737 and 14,308 shares)	(355,715)	(338,121)
Accumulated other comprehensive loss	(87,641)	(60,171)
TOTAL SHAREHOLDERS’ EQUITY	710,123	741,328
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,376,260	$ 1,434,968

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Current Assets:
Accounts Receivable, less allowances	$ 11,753	$ 10,621
Noncurrent Assets:
Property, less accumulated depreciation	$ 166,060	$ 164,343
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	14,737,000	14,308,000

Condensed Statements of Consol6

Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash Flows from Operating Activities
Net income	$ 24,291	$ 29,122
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization of property	3,930	4,211
Amortization of intangibles	6,083	6,491
Unrealized foreign exchange transactions loss (gain)	434	(572)
Amortization of stock options and appreciation rights	630	577
Loss (gain) on sale of property	90	(5)
Other share-based compensation expense	628	592
Changes in operating assets and liabilities, net of acquisitions	(23,514)	(58,891)
Other, net	2,016	374
Net Cash provided by (used in) Operating Activities	14,588	(18,101)
Cash Flows from Investing Activities
Acquisition of businesses, net of cash acquired	(11,250)	(129,810)
Property purchases	(3,112)	(3,100)
Proceeds from property sales	113	3
Net Cash used in Investing Activities	(14,249)	(132,907)
Cash Flows from Financing Activities
Borrowings under revolving credit facility	35,000	34,000
Long-term debt borrowings	0	120,238
Long-term debt repayments	(681)	(690)
Purchases of treasury shares	(17,956)	(10,400)
Dividends paid	(10,745)	(10,402)
Excess tax (shortfall) benefits from share-based compensation	(59)	556
Acquisition holdback payments	(7,857)	0
Net Cash used in Financing Activities	(2,298)	133,302
Effect of Exchange Rate Changes on Cash	(3,545)	(1,450)
Decrease in Cash and Cash Equivalents	(5,504)	(19,156)
Cash and Cash Equivalents at Beginning of Period	69,470	71,189
Cash and Cash Equivalents at End of Period	$ 63,966	$ 52,033

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2015
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, 2015 , and the results of its operations and its cash flows for the three month periods ended September 30, 2015 and 2014 , have been included. The condensed consolidated balance sheet as of June 30, 2015 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, 2015 . Operating results for the three month period ended September 30, 2015 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2016 . Inventory The Company uses the 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. Recently Adopted Accounting Guidance 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 adopted ASU 2014-12 in the first quarter of fiscal 2016. The adoption of this update did not have an impact on the financial statements of the Company. Recently Issued Accounting Guidance In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. In April 2015, the FASB issued its final standard on simplifying the presentation of debt issue costs. This standard, issued as ASU 2015-03, requires that all costs incurred to issue debt be presented in the balance sheet as a direct reduction from the carrying value of the debt, similar to the presentation of debt discounts. This update is effective for financial statement periods beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The impact of the adoption of this guidance will result in the reclassification of the unamortized debt issuance costs on the consolidated balance sheets, which were $374 and $394 at September 30, 2015 and June 30, 2015 , respectively. In July 2015, the FASB issued its final standard on simplifying the measurement of inventory. This standard, issued as ASU 2015-11, specifies that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard does not apply to inventory that is measured using LIFO; therefore, it is not applicable to the Company's U.S. inventory values, but does apply to the Company's foreign inventories which are valued using the average cost method. The update is effective for financial statement periods beginning after December 15, 2016, with earlier application permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In September 2015, the FASB issued its final standard on simplifying the accounting for measurement-period adjustments for business combinations. This standard, issued as ASU 2015-16, requires that an entity that is the acquirer in a business combination that identifies adjustments to provisional amounts during the measurement period to recognize those adjustments in the reporting period in which the amounts are determined. This update further requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update is effective for financial statement periods beginning after December 15, 2015, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update, with early adoption permitted. The Company has determined that this update has no impact on the Company's historical financial statements and disclosures. When adjustments to provisional amounts occur in the future, the Company will make the adjustments in the appropriate period and include the required disclosures.

Business Combinations

Business Combinations	3 Months Ended
	Sep. 30, 2015
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 2016 Acquisition On August 3, 2015, the Company acquired substantially all of the net assets of Atlantic Fasteners Co., Inc., a distributor of C-Class consumables including industrial fasteners and related industrial supplies located in Agawam, MA. The acquired business is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $12,500 , net tangible assets acquired were $5,793 and intangibles including goodwill were $6,707 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes $1,250 of acquisition holdback payments which will be paid on the twelve and eighteen-month anniversaries of the acquisition with interest at 2.00% . The Company funded the amount paid for the acquisition at closing from borrowings under the revolving credit facility. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements. Fiscal 2015 Acquisitions 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 is 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% ; $7,100 was paid on the first anniversary in the first quarter of fiscal 2016. The following table summarizes the consideration transferred, assets acquired, and liabilities assumed in connection with the acquisition of Knox based on their estimated fair values at the acquisition date: Knox Acquisition Accounts receivable $ 19,100 Inventories 18,800 Property 3,900 Identifiable intangible assets 58,500 Goodwill 63,200 Total assets acquired 163,500 Accounts payable and accrued liabilities 7,200 Deferred income taxes 24,300 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. Other acquisitions during fiscal 2015 include the acquisition of 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 on July 1, 2014, as well as Ira Pump and Supply Inc. ("Ira Pump") a Texas distributor of oilfield pumps and supplies on November 3, 2014. These companies are included in the Service Center Based Distribution Segment. The total combined consideration for these acquisitions was approximately $54,900 . Net tangible assets acquired were $21,200 and intangibles including goodwill were $33,700 , based upon estimated fair values at the acquisition dates. The estimated fair values related to Ira Pump are preliminary and subject to adjustment. The Company funded these acquisitions from borrowings under our existing debt facilities. Total acquisition holdback payments of $6,900 are being paid at various times through July 2017. The results of operations for the Mexican, Australian and Ira Pump acquisitions are not material for any period presented.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Sep. 30, 2015
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, 2015 are as follows: Service Centers Fluid Power Total Balance at July 1, 2015 $ 253,477 $ 929 $ 254,406 Goodwill acquired during the period 2,316 — 2,316 Other, primarily currency translation (8,142 ) — (8,142 ) Balance at September 30, 2015 $ 247,651 $ 929 $ 248,580 At September 30, 2015 , accumulated goodwill impairment losses, subsequent to fiscal year 2002, totaled $36,605 and related to the Fluid Power Businesses segment. The Company has seven reporting units and performed its annual goodwill impairment assessment as of January 1, 2015. The Company concluded that five of the reporting units had material excesses of fair value compared to their carrying amounts. The Company concluded that two reporting units (Canada service center and Australia / New Zealand) had excess fair value of approximately $39,000 and $4,000 or 15% and 14% , respectively when compared to the carrying amounts of approximately $258,000 and $28,000 , respectively. The techniques used in the Company's impairment test have incorporated a number of assumptions that the Company believes to be reasonable and to reflect market conditions forecast at the assessment date. Assumptions in estimating future cash flows are subject to a high degree of judgment. The Company makes all efforts to forecast future cash flows as accurately as possible with the information available at the time the forecast is made. To this end, the Company evaluates the appropriateness of its assumptions as well as its overall forecasts by comparing projected results of upcoming years with actual results of preceding years and validating that differences therein are reasonable. Key assumptions, all of which are Level 3 inputs, relate to pricing trends, inventory costs, discount rate, customer demand, and the long-term growth and foreign exchange rates. A number of benchmarks from independent industry and other economic publications were also used. Changes in future actual results, assumptions and estimates after the assessment date may lead to an outcome where impairment charges would be required in future periods. Specifically, actual results may vary from the Company’s forecasts and such variations may be material and unfavorable, thereby triggering the need for future impairment tests where the conclusions may differ in reflection of prevailing market conditions. 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, 2015 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 222,926 $ 69,102 $ 153,824 Trade names 42,529 13,850 28,679 Vendor relationships 14,083 7,295 6,788 Non-competition agreements 4,553 2,136 2,417 Total Identifiable Intangibles $ 284,091 $ 92,383 $ 191,708 June 30, 2015 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 225,332 $ 65,789 $ 159,543 Trade names 42,689 13,187 29,502 Vendor relationships 14,465 7,258 7,207 Non-competition agreements 4,578 2,002 2,576 Total Identifiable Intangibles $ 287,064 $ 88,236 $ 198,828 Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. During the three month period ended September 30, 2015 , 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 $ 3,600 15 Trade names 660 15 Non-competition agreements 132 5 Total Intangibles Acquired $ 4,392 15 Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of September 30, 2015 ) for the next five years is as follows: $18,300 for the remainder of 2016 , $22,900 for 2017 , $20,800 for 2018 , $19,200 for 2019 , $17,500 for 2020 and $15,800 for 2021 . A significant portion of our intangible assets relate to recent acquisitions that primarily operate in the oil and gas sectors. Considering the recent downturn in the energy market, a prolonged period of low oil and natural gas prices may result in asset impairments, including potential impairment of the carrying value of our goodwill and finite-lived intangible assets.

Debt (Notes)

Debt (Notes)	3 Months Ended
	Sep. 30, 2015
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, 2015 and June 30, 2015 , the Company had $87,000 and $52,000 , respectively, outstanding under this credit facility. Unused lines under this facility, net of outstanding letters of credit of $3,764 and $3,764 to secure certain insurance obligations, totaled $59,236 and $94,236 at September 30, 2015 and June 30, 2015 , 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, 2015 was 1.13% and June 30, 2015 was 1.15% . Additionally, the Company had letters of credit outstanding with a separate bank, not associated with the revolving credit agreement, in the amount of $1,465 as of September 30, 2015 and $1,841 as of June 30, 2015 , in order to secure certain insurance obligations. 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, 2015 was a rate of 1.25% and at June 30, 2015 was a rate of 1.19% . The term loan had $96,250 and $96,875 outstanding at September 30, 2015 and June 30, 2015 , respectively. In April 2014 the Company assumed $2,359 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, 2015 and June 30, 2015 , $2,065 and $2,120 was outstanding, respectively. At September 30, 2015 and June 30, 2015 , the Company had borrowings outstanding under its unsecured shelf facility agreement with Prudential Investment Management of $170,000 . The "Series C" notes have a principal amount of $120,000 and carry a fixed interest rate of 3.19% ; the principal is due in equal principal payments in July 2020, 2021 and 2022. The "Series D" notes have a principal amount of $50,000 and carry a fixed interest rate of 3.21% ; the principal is due in equal principal payments in October 2019 and 2023. As of September 30, 2015 , $50,000 in additional financing was available under this facility.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Marketable securities measured at fair value at September 30, 2015 and June 30, 2015 totaled $8,912 and $9,330 , respectively. The majority of 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 were valued using quoted market prices (Level 1 in the fair value hierarchy). As of September 30, 2015 and June 30, 2015 , the carrying values of the Company's fixed interest rate debt outstanding under its unsecured shelf facility agreement with Prudential Investment Management approximated fair value (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, 2015
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive loss, are comprised of the following: Three Months Ended September 30, 2015 Foreign currency translation adjustment Unrealized gain (loss) on securities available for sale Postemployment benefits Total Accumulated other comprehensive income (loss) Balance at July 1, 2015 $ (57,244 ) $ (4 ) $ (2,923 ) $ (60,171 ) Other comprehensive loss (27,516 ) (33 ) — (27,549 ) Amounts reclassified from accumulated other comprehensive loss — — 79 79 Net current-period other comprehensive (loss) income, net of taxes (27,516 ) (33 ) 79 (27,470 ) Balance at September 30, 2015 $ (84,760 ) $ (37 ) $ (2,844 ) $ (87,641 ) Other Comprehensive Loss Details of other comprehensive loss are as follows: Three Months Ended September 30, 2015 2014 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (27,516 ) $ — $ (27,516 ) $ (19,105 ) $ — $ (19,105 ) Post-employment benefits: Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs 130 51 79 72 28 44 Unrealized loss on investment securities available for sale (50 ) (17 ) (33 ) (41 ) (14 ) (27 ) Other comprehensive loss $ (27,436 ) $ 34 $ (27,470 ) $ (19,074 ) $ 14 $ (19,088 ) Antidilutive Common Stock Equivalents In the three month periods ended September 30, 2015 and 2014 , respectively, stock options and stock appreciation rights related to 802 and 239 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, 2015
Compensation and Retirement Disclosure [Abstract]
BENEFIT PLANS	BENEFIT PLANS The following table provides summary disclosures of the net periodic post-employment costs recognized for the Company’s post-employment benefit plans: Pension Benefits Retiree Health Care Benefits Three Months Ended September 30, 2015 2014 2015 2014 Components of net periodic cost: Service cost $ 23 $ 24 $ 6 $ 13 Interest cost 216 224 19 24 Expected return on plan assets (123 ) (124 ) — — Recognized net actuarial (gain) loss 228 140 (53 ) (22 ) Amortization of prior service cost 22 22 (68 ) (68 ) Net periodic cost $ 366 $ 286 $ (96 ) $ (53 ) The Company contributed $4,714 to its pension benefit plans and $42 to its retiree health care plans in the three months ended September 30, 2015 . Expected contributions for the remainder of fiscal 2016 are $590 for the pension benefit plans to fund scheduled retirement payments and $130 for retiree health care plans.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Sep. 30, 2015
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 $5,955 and $5,573 , in the three months ended September 30, 2015 and 2014 , respectively, have been eliminated in the Segment Financial Information tables below. Three Months Ended Service Center Based Distribution Fluid Power Businesses Total September 30, 2015 Net sales $ 528,487 $ 113,417 $ 641,904 Operating income for reportable segments 29,959 10,283 40,242 Assets used in business 1,175,149 201,111 1,376,260 Depreciation and amortization of property 3,617 313 3,930 Capital expenditures 2,887 225 3,112 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 Enterprise Resource Planning system (ERP) related assets are included in assets used in business 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, 2015 2014 Operating income for reportable segments $ 40,242 $ 50,468 Adjustment for: Intangible amortization—Service Center Based Distribution 4,572 4,867 Intangible amortization—Fluid Power Businesses 1,511 1,624 Corporate and other (income) expense, net (6,867 ) (2,188 ) Total operating income 41,026 46,165 Interest expense, net 2,187 1,662 Other (income) expense, net 1,004 244 Income before income taxes $ 37,835 $ 44,259 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, 2015 2014 Geographic Areas: United States $ 538,369 $ 561,559 Canada 66,233 99,181 Other countries 37,302 41,585 Total $ 641,904 $ 702,325 Other countries consist of Mexico, Australia and New Zealand.

Other (Income) Expense, Net

Other (Income) Expense, Net	3 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
OTHER (INCOME) EXPENSE, NET	OTHER EXPENSE , NET Other expense, net consists of the following: Three Months Ended September 30, 2015 2014 Unrealized loss on assets held in rabbi trust for a non-qualified deferred compensation plan $ 454 $ 91 Foreign currency transactions loss 523 54 Other, net 27 99 Total other expense, net $ 1,004 $ 244

Subsequent Events (Notes)

Subsequent Events (Notes)	3 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS We have evaluated events and transactions occurring subsequent to September 30, 2015 through the date the financial statements were issued. On October 1, 2015, the Company acquired substantially all of the net assets of S.G. Morris Co. ("SGM") for a purchase price of $14,500 . The Company funded this acquisition from borrowings under the revolving credit facility at a variable interest rate. SGM, headquartered in Cleveland, OH, is a distributor of hydraulic components throughout Ohio, Western Pennsylvania and West Virginia and will be included in the Fluid Power Businesses Segment from October 1, 2015.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory, Policy [Policy Text Block]	Inventory The Company uses the 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 and Changes in Accounting Principles [Text Block]	Recently Adopted Accounting Guidance 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 adopted ASU 2014-12 in the first quarter of fiscal 2016. The adoption of this update did not have an impact on the financial statements of the Company.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. In April 2015, the FASB issued its final standard on simplifying the presentation of debt issue costs. This standard, issued as ASU 2015-03, requires that all costs incurred to issue debt be presented in the balance sheet as a direct reduction from the carrying value of the debt, similar to the presentation of debt discounts. This update is effective for financial statement periods beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The impact of the adoption of this guidance will result in the reclassification of the unamortized debt issuance costs on the consolidated balance sheets, which were $374 and $394 at September 30, 2015 and June 30, 2015 , respectively. In July 2015, the FASB issued its final standard on simplifying the measurement of inventory. This standard, issued as ASU 2015-11, specifies that an entity should measure inventory at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new standard does not apply to inventory that is measured using LIFO; therefore, it is not applicable to the Company's U.S. inventory values, but does apply to the Company's foreign inventories which are valued using the average cost method. The update is effective for financial statement periods beginning after December 15, 2016, with earlier application permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In September 2015, the FASB issued its final standard on simplifying the accounting for measurement-period adjustments for business combinations. This standard, issued as ASU 2015-16, requires that an entity that is the acquirer in a business combination that identifies adjustments to provisional amounts during the measurement period to recognize those adjustments in the reporting period in which the amounts are determined. This update further requires that the acquirer record, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. The update is effective for financial statement periods beginning after December 15, 2015, and should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this update, with early adoption permitted. The Company has determined that this update has no impact on the Company's historical financial statements and disclosures. When adjustments to provisional amounts occur in the future, the Company will make the adjustments in the appropriate period and include the required disclosures.

Business Combinations Business

Business Combinations Business Combinations Assets Acquired Table (Tables)	3 Months Ended
	Sep. 30, 2015
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 estimated fair values at the acquisition date: Knox Acquisition Accounts receivable $ 19,100 Inventories 18,800 Property 3,900 Identifiable intangible assets 58,500 Goodwill 63,200 Total assets acquired 163,500 Accounts payable and accrued liabilities 7,200 Deferred income taxes 24,300 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.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Sep. 30, 2015
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, 2015 are as follows: Service Centers Fluid Power Total Balance at July 1, 2015 $ 253,477 $ 929 $ 254,406 Goodwill acquired during the period 2,316 — 2,316 Other, primarily currency translation (8,142 ) — (8,142 ) Balance at September 30, 2015 $ 247,651 $ 929 $ 248,580 At September 30, 2015 , 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, 2015 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 222,926 $ 69,102 $ 153,824 Trade names 42,529 13,850 28,679 Vendor relationships 14,083 7,295 6,788 Non-competition agreements 4,553 2,136 2,417 Total Identifiable Intangibles $ 284,091 $ 92,383 $ 191,708 June 30, 2015 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 225,332 $ 65,789 $ 159,543 Trade names 42,689 13,187 29,502 Vendor relationships 14,465 7,258 7,207 Non-competition agreements 4,578 2,002 2,576 Total Identifiable Intangibles $ 287,064 $ 88,236 $ 198,828 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, 2015 , 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 $ 3,600 15 Trade names 660 15 Non-competition agreements 132 5 Total Intangibles Acquired $ 4,392 15

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive loss, are comprised of the following: Three Months Ended September 30, 2015 Foreign currency translation adjustment Unrealized gain (loss) on securities available for sale Postemployment benefits Total Accumulated other comprehensive income (loss) Balance at July 1, 2015 $ (57,244 ) $ (4 ) $ (2,923 ) $ (60,171 ) Other comprehensive loss (27,516 ) (33 ) — (27,549 ) Amounts reclassified from accumulated other comprehensive loss — — 79 79 Net current-period other comprehensive (loss) income, net of taxes (27,516 ) (33 ) 79 (27,470 ) Balance at September 30, 2015 $ (84,760 ) $ (37 ) $ (2,844 ) $ (87,641 )
Schedule of Comprehensive Income (Loss) [Table Text Block]	Other Comprehensive Loss Details of other comprehensive loss are as follows: Three Months Ended September 30, 2015 2014 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (27,516 ) $ — $ (27,516 ) $ (19,105 ) $ — $ (19,105 ) Post-employment benefits: Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs 130 51 79 72 28 44 Unrealized loss on investment securities available for sale (50 ) (17 ) (33 ) (41 ) (14 ) (27 ) Other comprehensive loss $ (27,436 ) $ 34 $ (27,470 ) $ (19,074 ) $ 14 $ (19,088 )

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Net periodic costs	The following table provides summary disclosures of the net periodic post-employment costs recognized for the Company’s post-employment benefit plans: Pension Benefits Retiree Health Care Benefits Three Months Ended September 30, 2015 2014 2015 2014 Components of net periodic cost: Service cost $ 23 $ 24 $ 6 $ 13 Interest cost 216 224 19 24 Expected return on plan assets (123 ) (124 ) — — Recognized net actuarial (gain) loss 228 140 (53 ) (22 ) Amortization of prior service cost 22 22 (68 ) (68 ) Net periodic cost $ 366 $ 286 $ (96 ) $ (53 )

Segment and Geographic Inform22

Segment and Geographic Information (Tables)	3 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment financial information	Three Months Ended Service Center Based Distribution Fluid Power Businesses Total September 30, 2015 Net sales $ 528,487 $ 113,417 $ 641,904 Operating income for reportable segments 29,959 10,283 40,242 Assets used in business 1,175,149 201,111 1,376,260 Depreciation and amortization of property 3,617 313 3,930 Capital expenditures 2,887 225 3,112 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 Enterprise Resource Planning system (ERP) related assets are included in assets used in business 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, 2015 2014 Operating income for reportable segments $ 40,242 $ 50,468 Adjustment for: Intangible amortization—Service Center Based Distribution 4,572 4,867 Intangible amortization—Fluid Power Businesses 1,511 1,624 Corporate and other (income) expense, net (6,867 ) (2,188 ) Total operating income 41,026 46,165 Interest expense, net 2,187 1,662 Other (income) expense, net 1,004 244 Income before income taxes $ 37,835 $ 44,259 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, 2015 2014 Geographic Areas: United States $ 538,369 $ 561,559 Canada 66,233 99,181 Other countries 37,302 41,585 Total $ 641,904 $ 702,325 Other countries consist of Mexico, Australia and New Zealand

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	3 Months Ended
	Sep. 30, 2015
Other Income and Expenses [Abstract]
Other expense (income), net	Other expense, net consists of the following: Three Months Ended September 30, 2015 2014 Unrealized loss on assets held in rabbi trust for a non-qualified deferred compensation plan $ 454 $ 91 Foreign currency transactions loss 523 54 Other, net 27 99 Total other expense, net $ 1,004 $ 244

Basis of Presentation Recently

Basis of Presentation Recently Issued Accounting Guidance (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 374	$ 394

Business Combinations Busines25

Business Combinations Business Combinations Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Aug. 03, 2015	Jul. 01, 2014
Atlantic Fasteners Acquisition [Member]
Total Consideration	$ 12,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			$ 5,793
Goodwill plus Intangibles Acquired			6,707
Funding from Holdback Payments			$ 1,250
Debt Instrument, Interest Rate, Stated Percentage			2.00%
Knox Acquisition [Member]
Total Consideration		$ 132,000
Funding from Holdback Payments				$ 14,000
Debt Instrument, Interest Rate, Stated Percentage				1.50%
Business Acquisition, Percentage of Voting Interests Acquired				100.00%
Cash Paid at Closing				$ 118,000
Purchase price	7,100	132,800
Rodensa, GSB & Ira Acquisition [Member] [Member]
Total Consideration		$ 54,900
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				21,200
Goodwill plus Intangibles Acquired				33,700
Funding from Holdback Payments				6,900
Prudential Facility [Member]
Long-term Debt	$ 170,000			$ 120,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate				3.19%

Business Combinations Knox - Fa

Business Combinations Knox - Fair Value of Assets Acquired (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Jul. 01, 2014
Goodwill	$ 248,580		$ 254,406
Knox Acquisition [Member]
Accounts receivable				$ 19,100
Inventories				18,800
Property				3,900
Identifiable intangible assets				58,500
Goodwill				63,200
Total assets acquired				163,500
Accounts payable and accrued liabilities				7,200
Deferred income taxes				24,300
Net assets acquired				$ 132,000
Purchase price	$ 7,100	$ 132,800
Working Capital Adjustments		(800)
Total Consideration		$ 132,000

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)
Changes in the carrying amount of goodwill by reportable segment
Balance at July 1, 2015	$ 254,406
Goodwill acquired during the period	2,316
Other, primarily currency translation	(8,142)
Balance at September 30, 2015	248,580
Service Center Based Distribution Segment [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at July 1, 2015	253,477
Goodwill acquired during the period	2,316
Other, primarily currency translation	(8,142)
Balance at September 30, 2015	247,651
Fluid Power Businesses Segment [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at July 1, 2015	929
Goodwill acquired during the period	0
Other, primarily currency translation	0
Balance at September 30, 2015	$ 929

Goodwill and Intangibles (Det28

Goodwill and Intangibles (Details 1) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Amortization details resulting from business combinations
Amount	$ 284,091	$ 287,064
Accumulated Amortization	92,383	88,236
Net Book Value	191,708	198,828
Total Identifiable Intangible	191,708	198,828
Customer relationships
Amortization details resulting from business combinations
Amount	222,926	225,332
Accumulated Amortization	69,102	65,789
Net Book Value	153,824	159,543
Trade names
Amortization details resulting from business combinations
Amount	42,529	42,689
Accumulated Amortization	13,850	13,187
Net Book Value	28,679	29,502
Vendor relationships
Amortization details resulting from business combinations
Amount	14,083	14,465
Accumulated Amortization	7,295	7,258
Net Book Value	6,788	7,207
Non-competition agreements
Amortization details resulting from business combinations
Amount	4,553	4,578
Accumulated Amortization	2,136	2,002
Net Book Value	$ 2,417	$ 2,576

Goodwill and Intangibles Goodwi

Goodwill and Intangibles Goodwill and Intangibles (Details 2) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Cost Allocation	$ 4,392
Weighted-Average Life	15 years
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Cost Allocation	$ 3,600
Weighted-Average Life	15 years
Trade Names [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Cost Allocation	$ 660
Weighted-Average Life	15 years
Noncompete Agreements [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition Cost Allocation	$ 132
Weighted-Average Life	5 years

Goodwill and Intangibles (Det30

Goodwill and Intangibles (Details Textuals) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Goodwill [Line Items]
Goodwill	$ 248,580	$ 254,406
Goodwill and Intangibles (Textuals) [Abstract]
Amortization expense for the remainder of 2016	18,300
Amortization expense for 2017	22,900
Amortization expense for 2018	20,800
Amortization expense for 2019	19,200
Amortization expense for 2020	17,500
Amortization expense for 2021	15,800
Fluid Power Businesses [Member]
Goodwill [Line Items]
Accumulated goodwill impairment losses	$ 36,605
Canada Service Centers reporting unit [Member]
Goodwill [Line Items]
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount		$ 39,000
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		15.00%
Goodwill		$ 258,000
Australia/New Zealand reporting unit [Member]
Goodwill [Line Items]
Reporting Unit, Amount of Fair Value in Excess of Carrying Amount		$ 4,000
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		14.00%
Goodwill		$ 28,000

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Jul. 01, 2014
Long-term Debt Instruments [Line Items]
Letters of Credit Outstanding, Amount	$ 1,465	$ 1,841
Revolving Credit Facility [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	150,000
Line of Credit Facility, Amount Outstanding	87,000	52,000
Letters of Credit Outstanding, Amount	3,764	3,764
Line of Credit Facility, Remaining Borrowing Capacity	$ 59,236	$ 94,236
Debt, Weighted Average Interest Rate	1.13%	1.15%
Minimum [Member] | Revolving Credit Facility [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.09%
Maximum [Member] | Revolving Credit Facility [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.175%
Prudential Facility [Domain]
Long-term Debt Instruments [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate			3.19%
Long-term Debt	$ 170,000		$ 120,000
Debt Instrument, Unused Borrowing Capacity, Amount	$ 50,000
Prudential Facility - Series C [Member]
Long-term Debt Instruments [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.19%
Long-term Debt	$ 120,000
Prudential Facility - Series D [Member]
Long-term Debt Instruments [Line Items]
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.21%
Long-term Debt	$ 50,000
State of Ohio Assumed Debt [Member]
Long-term Debt Instruments [Line Items]
Debt Instrument, Face Amount	$ 2,359
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.50%
Long-term Debt	$ 2,065	$ 2,120
Term Loan [Member]
Long-term Debt Instruments [Line Items]
Debt Instrument, Face Amount	$ 100,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	1.25%	1.19%
Long-term Debt	$ 96,250	$ 96,875

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jun. 30, 2015
Level 1 [Member] | Recurring [Member]
Fair Value Measurements (Textuals) [Line Items]
Marketable securities	$ 8,912	$ 9,330

Shareholders' Equity Accumulate

Shareholders' Equity Accumulated Other Comprehensive Income (Loss) [Table] (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (60,171)
Other comprehensive loss, Unrealized gain (loss) on securities available for sale	(33)	$ (27)
Net current-period other comprehensive (loss) income, net of taxes, Foreign Currency Translation Adjustment	(27,516)	(19,105)
Net current-period other comprehensive (loss) income, net of taxes, Total accumulated other comprehensive income (loss)	(27,470)	$ (19,088)
Balance at September 30, 2015	(87,641)
Foreign Currency Translation Adjustment [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(57,244)
Other comprehensive loss, Foreign Currency Translation Adjustment	(27,516)
Amounts reclassified from accumulated other comprehensive loss	0
Net current-period other comprehensive (loss) income, net of taxes, Foreign Currency Translation Adjustment	(27,516)
Balance at September 30, 2015	(84,760)
Postemployment benefits [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(2,923)
Other comprehensive loss, Postemployment Benefits,	0
Amounts reclassified from accumulated other comprehensive loss	79
Net current-period other comprehensive (loss) income, net of taxes, Postemployment benefits	79
Balance at September 30, 2015	(2,844)
Unrealized gain (loss) on securities available for sale [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(4)
Other comprehensive loss, Unrealized gain (loss) on securities available for sale	(33)
Amounts reclassified from accumulated other comprehensive loss	0
Net current-period other comprehensive (loss) income, net of taxes, Unrealized gain (loss) on securities available for sale	(33)
Balance at September 30, 2015	(37)
Total Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(60,171)
Other comprehensive loss, Total accumulated other comprehensive income (loss)	(27,549)
Amounts reclassified from accumulated other comprehensive loss	79
Net current-period other comprehensive (loss) income, net of taxes, Total accumulated other comprehensive income (loss)	(27,470)
Balance at September 30, 2015	$ (87,641)

Shareholders' Equity (Details 1

Shareholders' Equity (Details 1 ) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Other comprehensive income (loss):
Foreign currency translation adjustments, before Tax	$ (27,516)	$ (19,105)
Foreign currency translation adjustments, Tax	0	0
Foreign currency translation adjustments, Net of Tax	(27,516)	(19,105)
Post-employment benefits:
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, before Tax	130	72
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Tax	51	28
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Net Of Tax	79	44
Unrealized gain (loss) on investment securities available for sale, before Tax	(50)	(41)
Unrealized gain (loss) on investment securities available for sale, Tax	(17)	(14)
Unrealized gain (loss) on investment securities available for sale, Net of Tax	(33)	(27)
Other comprehensive income (loss), before tax	(27,436)	(19,074)
Other comprehensive income (loss), Tax	34	14
Other comprehensive income (loss), net of tax	$ (27,470)	$ (19,088)

Shareholders' Equity Shareholde

Shareholders' Equity Shareholders Equity Details Textuals (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Statement of Stockholders' Equity [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	802	239

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Pension Benefits [Member]
Components of net periodic cost:
Service cost	$ 23	$ 24
Interest cost	216	224
Expected return on plan assets	(123)	(124)
Recognized net actuarial (gain) loss	228	140
Amortization of prior service cost	22	22
Net periodic cost	366	286
Postretirement Health Coverage [Member]
Components of net periodic cost:
Service cost	6	13
Interest cost	19	24
Expected return on plan assets	0	0
Recognized net actuarial (gain) loss	(53)	(22)
Amortization of prior service cost	(68)	(68)
Net periodic cost	$ (96)	$ (53)

Benefit Plans (Details Textuals

Benefit Plans (Details Textuals) $ in Thousands	3 Months Ended
	Sep. 30, 2015USD ($)
Pension Plans, Defined Benefit [Member]
Benefit Plans (Textuals) [Abstract]
Contribution to benefit plan	$ 4,714
Expected contribution to benefit plans for remainder of fiscal year	590
Postretirement Health Coverage [Member]
Benefit Plans (Textuals) [Abstract]
Contribution to benefit plan	42
Expected contribution to benefit plans for remainder of fiscal year	$ 130

Segment and Geographic Inform38

Segment and Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Segment financial information
Net sales	$ 641,904	$ 702,325
Operating income for reportable segments	41,026	46,165
Assets used in business	1,376,260		$ 1,434,968
Capital expenditures	3,112	3,100
Operating Segments [Member]
Segment financial information
Net sales	641,904	702,325
Operating income for reportable segments	40,242	50,468
Assets used in business	1,376,260	1,468,919
Depreciation and amortization of property	3,930	4,211
Capital expenditures	3,112	3,100
Service Center Based Distribution [Member]
Segment financial information
Net sales	528,487	575,097
Operating income for reportable segments	29,959	37,535
Assets used in business	1,175,149	1,251,565
Depreciation and amortization of property	3,617	3,843
Capital expenditures	2,887	2,738
Fluid Power Businesses [Member]
Segment financial information
Net sales	113,417	127,228
Operating income for reportable segments	10,283	12,933
Assets used in business	201,111	217,354
Depreciation and amortization of property	313	368
Capital expenditures	$ 225	$ 362

Segment and Geographic Inform39

Segment and Geographic Information (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	$ 41,026	$ 46,165
Adjustment for:
Intangible amortization	6,083	6,491
Corporate and other (income) expense, net	(6,867)	(2,188)
Interest Expense, net	2,187	1,662
Other Expense, net	1,004	244
Income before income taxes	37,835	44,259
Operating Segments [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	40,242	50,468
Service Center Based Distribution [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	29,959	37,535
Adjustment for:
Intangible amortization	4,572	4,867
Fluid Power Businesses [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	10,283	12,933
Adjustment for:
Intangible amortization	$ 1,511	$ 1,624

Segment and Geographic Inform40

Segment and Geographic Information (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Net sales are presented in geographic areas
Net Sales	$ 641,904	$ 702,325
United States
Net sales are presented in geographic areas
Net Sales	538,369	561,559
Canada
Net sales are presented in geographic areas
Net Sales	66,233	99,181
Other countries
Net sales are presented in geographic areas
Net Sales	$ 37,302	$ 41,585

Segment and Geographic Inform41

Segment and Geographic Information (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Segment and Geographic Information (Textuals) [Abstract]
Sales primarily from businesses segment	$ 5,955	$ 5,573

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Other Income and Expenses [Abstract]
Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan	$ 454	$ 91
Foreign currency transactions (gain) loss	523	54
Other, net	27	99
Total other (income) expense, net	$ 1,004	$ 244

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Oct. 01, 2015USD ($)
Subsequent Event [Member]
Subsequent Event [Line Items]
Total Purchase Price	$ 14,500