Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Jan. 15, 2016 | |
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 | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 39,256,654 |
Condensed Statements of Consoli
Condensed Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||||
Net Sales | $ 610,346 | $ 691,702 | $ 1,252,250 | $ 1,394,027 |
Cost of Sales | 437,179 | 495,989 | 898,071 | 1,003,382 |
Gross Profit | 173,167 | 195,713 | 354,179 | 390,645 |
Selling, Distribution and Administrative, including depreciation | 134,805 | 148,906 | 274,791 | 297,673 |
Operating Income | 38,362 | 46,807 | 79,388 | 92,972 |
Interest Expense, net | 2,158 | 1,955 | 4,345 | 3,617 |
Other Expense, net | 55 | 380 | 1,059 | 624 |
Income Before Income Taxes | 36,149 | 44,472 | 73,984 | 88,731 |
Income Tax Expense | 12,202 | 14,765 | 25,746 | 29,902 |
Net Income | $ 23,947 | $ 29,707 | $ 48,238 | $ 58,829 |
Net Income Per Share - Basic | $ 0.61 | $ 0.72 | $ 1.22 | $ 1.42 |
Net Income Per Share - Diluted | 0.61 | 0.72 | 1.22 | 1.41 |
Cash dividends per common share | $ 0.27 | $ 0.25 | $ 0.54 | $ 0.50 |
Weighted average common shares outstanding for basic computation | 39,262 | 41,228 | 39,437 | 41,348 |
Dilutive effect of potential common shares | 223 | 305 | 224 | 330 |
Weighted average common shares outstanding for diluted computation | 39,485 | 41,533 | 39,661 | 41,678 |
Condensed Statements of Consol3
Condensed Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income per the condensed statements of consolidated income | $ 23,947 | $ 29,707 | $ 48,238 | $ 58,829 |
Other comprehensive loss, before tax: | ||||
Foreign currency translation adjustments | (6,743) | (17,558) | (34,259) | (36,663) |
Postemployment benefits: | ||||
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs | 127 | 71 | 257 | 143 |
Unrealized (loss) gain on investment securities available for sale | (13) | 94 | (63) | 53 |
Total of other comprehensive loss, before tax | (6,629) | (17,393) | (34,065) | (36,467) |
Income tax expense related to items of other comprehensive income | 44 | 60 | 78 | 74 |
Other comprehensive loss, net of tax | (6,673) | (17,453) | (34,143) | (36,541) |
Comprehensive income, net of tax | $ 17,274 | $ 12,254 | $ 14,095 | $ 22,288 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Current assets | ||
Cash and cash equivalents | $ 55,634 | $ 69,470 |
Accounts receivable, less allowances of $11,894 and $10,621 | 329,287 | 376,305 |
Inventories | 359,726 | 362,419 |
Other current assets | 36,177 | 37,816 |
Total current assets | 780,824 | 846,010 |
Property, less accumulated depreciation of $168,344 and $164,343 | 106,470 | 104,447 |
Identifiable intangibles, net | 185,009 | 198,828 |
Goodwill | 249,267 | 254,406 |
Deferred tax assets | 11,938 | 10,980 |
Other assets | 16,887 | 17,885 |
TOTAL ASSETS | 1,350,395 | 1,432,556 |
Current liabilities | ||
Accounts payable | 114,824 | 179,825 |
Current portion of long term debt | 3,350 | 3,349 |
Compensation and related benefits | 40,310 | 63,780 |
Other current liabilities | 62,890 | 63,118 |
Total current liabilities | 221,374 | 310,072 |
Long-term debt | 363,640 | 317,646 |
Postemployment benefits | 19,619 | 19,627 |
Other liabilities | 38,195 | 43,883 |
TOTAL LIABILITIES | 642,828 | 691,228 |
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 | 160,668 | 160,072 |
Retained earnings | 996,392 | 969,548 |
Treasury shares—at cost (14,963 and 14,308 shares) | (365,179) | (338,121) |
Accumulated other comprehensive income (loss) | (94,314) | (60,171) |
TOTAL SHAREHOLDERS’ EQUITY | 707,567 | 741,328 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,350,395 | $ 1,432,556 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Current Assets: | ||
Accounts Receivable, less allowances | $ 11,894 | $ 10,621 |
Noncurrent Assets: | ||
Property, less accumulated depreciation | $ 168,344 | $ 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 | 14,963,000 | 14,308,000 |
Condensed Statements of Consol6
Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows from Operating Activities | ||
Net income | $ 48,238 | $ 58,829 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of property | 8,010 | 8,331 |
Amortization of intangibles | 12,325 | 13,059 |
Unrealized foreign exchange transactions loss (gain) | 65 | (790) |
Amortization of stock options and appreciation rights | 939 | 825 |
Loss (gain) on sale of property | 51 | (4) |
Other share-based compensation expense | 954 | 679 |
Changes in operating assets and liabilities, net of acquisitions | (39,090) | (80,863) |
Other, net | 1,451 | 1,107 |
Net Cash provided by Operating Activities | 32,943 | 1,173 |
Cash Flows from Investing Activities | ||
Property purchases | (5,737) | (7,806) |
Proceeds from property sales | 194 | 187 |
Acquisition of businesses, net of cash acquired | (23,250) | (165,646) |
Net Cash used in Investing Activities | (28,793) | (173,265) |
Cash Flows from Financing Activities | ||
Borrowings under revolving credit facility | 18,000 | 10,000 |
Long-term debt borrowings | 125,000 | 170,241 |
Long-term debt repayments | (97,006) | (1,597) |
Purchases of treasury shares | (27,767) | (21,849) |
Dividends paid | (21,369) | (20,742) |
Excess tax benefits from share-based compensation | 49 | 906 |
Acquisition holdback payments | (10,614) | (287) |
Exercise of stock options and appreciation rights | 264 | 120 |
Net Cash provided by (used in) Financing Activities | (13,443) | 136,792 |
Effect of Exchange Rate Changes on Cash | (4,543) | (2,705) |
Decrease in Cash and Cash Equivalents | (13,836) | (38,005) |
Cash and Cash Equivalents at Beginning of Period | 69,470 | 71,189 |
Cash and Cash Equivalents at End of Period | $ 55,634 | $ 33,184 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 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 December 31, 2015 , and the results of its operations for the three and six month periods ended December 31, 2015 and 2014 and its cash flows for the six month periods ended December 31, 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 and six month periods ended December 31, 2015 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2016 . Change in Accounting Principle - Deferred Income Taxes In November 2015, the FASB issued its final standard on the simplification of the presentation of deferred income taxes. The standard, issued as ASU 2015-17, requires that deferred tax liabilities and assets be classified as non-current in the condensed consolidated balance sheet. This update is effective for financial statement periods beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company has early adopted ASU 2015-17 in the second quarter of fiscal 2016. The Company has applied the new standard retrospectively to the prior period presented in the Condensed Consolidated Balance Sheets; the impact of this change in accounting principle on balances previously reported as of June 30, 2015 was as follows: As of June 30, 2015 Balance Sheet Line Item As Previously Reported Restated Change Other current assets 51,111 37,816 (13,295 ) Deferred tax assets 97 10,980 10,883 Other liabilities 46,295 43,883 (2,412 ) 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. 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. New Accounting Pronouncements 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 $563 and $394 at December 31, 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 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 | 6 Months Ended |
Dec. 31, 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 Acquisitions On August 3, 2015, the Company acquired substantially all of the net assets of Atlantic Fasteners Co., Inc. ("Atlantic Fasteners"), a distributor of C-Class consumables including industrial fasteners and related industrial supplies located in Agawam, MA. Atlantic Fasteners is included in the Service Center Based Distribution segment. On October 1, 2015, the Company acquired substantially all of the net assets of S.G. Morris Co. ("SGM"). SGM, headquartered in Cleveland, OH, is a distributor of hydraulic components throughout Ohio, Western Pennsylvania and West Virginia and is included in the Fluid Power Businesses Segment. The total combined consideration for these acquisitions was approximately $27,000 , net tangible assets acquired were $16,410 and intangibles including goodwill were $10,590 based upon preliminary estimated fair values at the acquisition dates, which are subject to adjustment. The total combined consideration includes $3,750 of acquisition holdback payments, included in other current liabilities and other liabilities on the condensed consolidated balance sheets, which will be paid plus interest at various times through October 2018. The Company funded the amounts paid for the acquisitions at closing from borrowings under the revolving credit facility at variable interest rates. The acquisition prices and the results of operations for the acquired entities 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 $21,000 and intangibles including goodwill were $33,900 , based upon estimated fair values at the acquisition dates. 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 | 6 Months Ended |
Dec. 31, 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 six month period ended December 31, 2015 are as follows: Service Centers Fluid Power Total Balance at July 1, 2015 $ 253,477 $ 929 $ 254,406 Goodwill acquired during the period 3,285 1,813 5,098 Other, primarily currency translation (10,237 ) — (10,237 ) Balance at December 31, 2015 $ 246,525 $ 2,742 $ 249,267 At December 31, 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: December 31, 2015 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 219,623 $ 73,262 $ 146,361 Trade names 42,152 14,580 27,572 Vendor relationships 14,112 7,545 6,567 Non-competition agreements 6,585 2,076 4,509 Total Identifiable Intangibles $ 282,472 $ 97,463 $ 185,009 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 six month period ended December 31, 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 $ 2,930 15 Trade names 1,190 15 Non-competition agreements 490 5 Total Intangibles Acquired $ 4,610 Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of December 31, 2015 ) for the next five years is as follows: $12,000 for the remainder of 2016 , $22,600 for 2017 , $20,500 for 2018 , $18,900 for 2019 , $17,100 for 2020 and $15,700 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) | 6 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | DEBT In December 2015, the Company entered into a new five-year credit facility with a group of banks expiring in December 2020. This agreement provides for a $125,000 unsecured term loan and a $250,000 unsecured revolving credit facility. Borrowings under this agreement carry variable interest rates tied to either LIBOR or prime at the Company's discretion. At December 31, 2015 , the Company had $125,000 outstanding under the term loan and $70,000 outstanding under the revolver. Unused lines under this facility, net of outstanding letters of credit of $3,677 to secure certain insurance obligations, totaled $176,323 at December 31, 2015 , and are available to fund future acquisitions or other capital and operating requirements. The interest rate on the term loan as of December 31, 2015 was 1.44% . The weighted average interest rate on the revolving credit facility outstanding as of December 31, 2015 was 1.31% . The new credit facility replaced the Company's previous term loan and revolving credit facility agreements. The Company had $96,875 outstanding at June 30, 2015 under the previous term loan agreement, which carried a variable interest rate tied to LIBOR and was 1.19% at June 30, 2015 . At June 30, 2015 , the Company had $52,000 outstanding under the previous revolving credit facility. Unused lines under this facility, net of outstanding letters of credit of $3,764 to secure certain insurance obligations, totaled $94,236 at June 30, 2015 and were available to fund future acquisitions or other capital and operating requirements. The weighted average interest rate on the revolving credit facility outstanding as of 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 $2,000 as of December 31, 2015 and $1,841 as of June 30, 2015 , in order to secure certain insurance obligations. Other Long-Term Borrowings In April 2014, the Company assumed $2,359 of debt as a part of its 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 December 31, 2015 and June 30, 2015 , $2,009 and $2,120 was outstanding, respectively. At December 31, 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% , and are 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% , and are due in equal principal payments in October 2019 and 2023. As of December 31, 2015 , $50,000 in additional financing was available under this facility. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS Marketable securities measured at fair value at December 31, 2015 and June 30, 2015 totaled $8,850 and $9,330 , 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 debt outstanding under the shelf facility agreement with Prudential Investment Management approximates carrying value at December 31, 2015 (Level 2 in the fair value hierarchy). The revolving credit facility and the term loan contain variable interest rates and their carrying values approximated fair value at both December 31, 2015 and June 30, 2015 (Level 2 in the fair value hierarchy). |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 Foreign currency translation adjustment Unrealized loss on securities available for sale Postemployment benefits Total Accumulated other comprehensive income (loss) Balance at September 30, 2015 $ (84,760 ) $ (37 ) $ (2,844 ) $ (87,641 ) Other comprehensive loss (6,743 ) (8 ) — (6,751 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 78 78 Net current-period other comprehensive (loss) income, net of taxes (6,743 ) (8 ) 78 (6,673 ) Balance at December 31, 2015 $ (91,503 ) $ (45 ) $ (2,766 ) $ (94,314 ) Six Months Ended December 31, 2015 Foreign currency translation adjustment Unrealized 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 (34,259 ) (41 ) — (34,300 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 157 157 Net current-period other comprehensive (loss) income, net of taxes (34,259 ) (41 ) 157 (34,143 ) Balance at December 31, 2015 $ (91,503 ) $ (45 ) $ (2,766 ) $ (94,314 ) Other Comprehensive Income (Loss) Details of other comprehensive income (loss) are as follows: Three Months Ended December 31, 2015 2014 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (6,743 ) $ (6,743 ) $ (17,558 ) $ — $ (17,558 ) Postemployment benefits: Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs 127 49 78 71 28 43 Unrealized (loss) gain on investment securities available for sale (13 ) (5 ) (8 ) 94 32 62 Other comprehensive income (loss) $ (6,629 ) $ 44 $ (6,673 ) $ (17,393 ) $ 60 $ (17,453 ) Six Months Ended December 31, 2015 2014 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (34,259 ) $ — $ (34,259 ) $ (36,663 ) $ — $ (36,663 ) Postemployment benefits: Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs 257 100 157 143 56 87 Unrealized (loss) gain on investment securities available for sale (63 ) (22 ) (41 ) 53 18 35 Other comprehensive income (loss) $ (34,065 ) $ 78 $ (34,143 ) $ (36,467 ) $ 74 $ (36,541 ) Anti-dilutive Common Stock Equivalents In the three month periods ended December 31, 2015 and 2014 , stock options and stock appreciation rights related to 702 and 440 thousand 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. In the six month periods ended December 31, 2015 and 2014 , stock options and stock appreciation rights related to 776 and 309 thousand 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 | 6 Months Ended |
Dec. 31, 2015 | |
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 December 31, 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 229 140 (53 ) (22 ) Amortization of prior service cost 21 22 (68 ) (68 ) Net periodic cost $ 366 $ 286 $ (96 ) $ (53 ) Pension Benefits Retiree Health Care Benefits Six Months Ended December 31, 2015 2014 2015 2014 Components of net periodic cost: Service cost $ 46 $ 48 $ 12 $ 26 Interest cost 432 448 38 48 Expected return on plan assets (246 ) (248 ) — — Recognized net actuarial loss (gain) 457 280 (106 ) (44 ) Amortization of prior service cost 43 44 (136 ) (136 ) Net periodic cost $ 732 $ 572 $ (192 ) $ (106 ) The Company contributed $4,885 to its pension benefit plans and $85 to its retiree health care plans in the six months ended December 31, 2015 . Expected contributions for the remainder of fiscal 2016 are $420 for the pension benefit plans to fund scheduled retirement payments and $90 for retiree health care plans. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Dec. 31, 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 $5,666 and $6,063 , in the three months ended December 31, 2015 and 2014 , respectively, and $11,234 and $11,636 in the six months ended December 31, 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 December 31, 2015 Net sales $ 507,906 $ 102,440 $ 610,346 Operating income for reportable segments 28,401 8,745 37,146 Depreciation and amortization of property 3,695 385 4,080 Capital expenditures 2,424 201 2,625 December 31, 2014 Net sales $ 569,537 $ 122,165 $ 691,702 Operating income for reportable segments 34,580 12,224 46,804 Depreciation and amortization of property 3,769 351 4,120 Capital expenditures 4,336 370 4,706 Six Months Ended Service Center Based Distribution Fluid Power Businesses Total December 31, 2015 Net sales $ 1,041,513 $ 210,737 $ 1,252,250 Operating income for reportable segments 57,302 19,007 76,309 Assets used in business 1,143,601 206,794 1,350,395 Depreciation and amortization of property 7,312 698 8,010 Capital expenditures 5,311 426 5,737 December 31, 2014 Net sales $ 1,144,634 $ 249,393 $ 1,394,027 Operating income for reportable segments 72,115 25,157 97,272 Assets used in business 1,275,416 205,034 1,480,450 Depreciation and amortization of property 7,612 719 8,331 Capital expenditures 7,074 732 7,806 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Operating income for reportable segments $ 37,146 $ 46,804 $ 76,309 $ 97,272 Adjustment for: Intangible amortization—Service Center Based Distribution 4,714 5,018 9,286 9,885 Intangible amortization—Fluid Power Businesses 1,528 1,550 3,039 3,174 Corporate and other (income) expense, net (7,458 ) (6,571 ) (15,404 ) (8,759 ) Total operating income 38,362 46,807 79,388 92,972 Interest expense, net 2,158 1,955 4,345 3,617 Other expense, net 55 380 1,059 624 Income before income taxes $ 36,149 $ 44,472 $ 73,984 $ 88,731 The change in corporate and other (income) expense, net is due to changes in the amounts and levels of certain supplier support benefits and 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Geographic Areas: United States $ 509,399 $ 549,805 $ 1,047,768 $ 1,111,364 Canada 67,647 103,523 133,880 202,704 Other countries 33,300 38,374 70,602 79,959 Total $ 610,346 $ 691,702 $ 1,252,250 $ 1,394,027 Other countries consist of Mexico, Australia and New Zealand. |
Other (Income) Expense, Net
Other (Income) Expense, Net | 6 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
OTHER (INCOME) EXPENSE, NET | OTHER EXPENSE, NET Other expense, net consists of the following: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Unrealized (gain) loss on assets held in rabbi trust for a non-qualified deferred compensation plan $ (275 ) $ (264 ) $ 179 $ (173 ) Foreign currency transactions loss 148 574 671 627 Other, net 182 70 209 170 Total other expense, net $ 55 $ 380 $ 1,059 $ 624 |
Subsequent Events (Notes)
Subsequent Events (Notes) | 6 Months Ended |
Dec. 31, 2015 | |
Subsequent Event [Line Items] | |
Subsequent Events [Text Block] | 10. SUBSEQUENT EVENTS We have evaluated events and transactions occurring subsequent to December 31, 2015 through the date the financial statements were issued. On January 4, 2016, the Company acquired substantially all of the net assets of HUB Industrial Supply ("HUB") for a purchase price of $33,000 . The Company funded this acquisition from borrowings under the revolving credit facility at a variable interest rate. HUB is a distributor of consumable industrial products and will be included in the Service Center Based Distribution Segment from January 4, 2016. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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. 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. Change in Accounting Principle - Deferred Income Taxes In November 2015, the FASB issued its final standard on the simplification of the presentation of deferred income taxes. The standard, issued as ASU 2015-17, requires that deferred tax liabilities and assets be classified as non-current in the condensed consolidated balance sheet. This update is effective for financial statement periods beginning after December 15, 2016, and interim periods within those fiscal years, with early adoption permitted. The Company has early adopted ASU 2015-17 in the second quarter of fiscal 2016. The Company has applied the new standard retrospectively to the prior period presented in the Condensed Consolidated Balance Sheets; the impact of this change in accounting principle on balances previously reported as of June 30, 2015 was as follows: As of June 30, 2015 Balance Sheet Line Item As Previously Reported Restated Change Other current assets 51,111 37,816 (13,295 ) Deferred tax assets 97 10,980 10,883 Other liabilities 46,295 43,883 (2,412 ) |
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. 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 $563 and $394 at December 31, 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 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. |
Basis of Presentation Change in
Basis of Presentation Change in Accounting Principle, Effect of Retrospective Adoption (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As of June 30, 2015 Balance Sheet Line Item As Previously Reported Restated Change Other current assets 51,111 37,816 (13,295 ) Deferred tax assets 97 10,980 10,883 Other liabilities 46,295 43,883 (2,412 ) |
Business Combinations Business
Business Combinations Business Combinations Assets Acquired Table (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | 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) | 6 Months Ended |
Dec. 31, 2015 | |
Goodwill [Line Items] | |
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 six month period ended December 31, 2015 are as follows: Service Centers Fluid Power Total Balance at July 1, 2015 $ 253,477 $ 929 $ 254,406 Goodwill acquired during the period 3,285 1,813 5,098 Other, primarily currency translation (10,237 ) — (10,237 ) Balance at December 31, 2015 $ 246,525 $ 2,742 $ 249,267 At December 31, 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: December 31, 2015 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 219,623 $ 73,262 $ 146,361 Trade names 42,152 14,580 27,572 Vendor relationships 14,112 7,545 6,567 Non-competition agreements 6,585 2,076 4,509 Total Identifiable Intangibles $ 282,472 $ 97,463 $ 185,009 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 six month period ended December 31, 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 $ 2,930 15 Trade names 1,190 15 Non-competition agreements 490 5 Total Intangibles Acquired $ 4,610 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
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 December 31, 2015 Foreign currency translation adjustment Unrealized loss on securities available for sale Postemployment benefits Total Accumulated other comprehensive income (loss) Balance at September 30, 2015 $ (84,760 ) $ (37 ) $ (2,844 ) $ (87,641 ) Other comprehensive loss (6,743 ) (8 ) — (6,751 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 78 78 Net current-period other comprehensive (loss) income, net of taxes (6,743 ) (8 ) 78 (6,673 ) Balance at December 31, 2015 $ (91,503 ) $ (45 ) $ (2,766 ) $ (94,314 ) Six Months Ended December 31, 2015 Foreign currency translation adjustment Unrealized 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 (34,259 ) (41 ) — (34,300 ) Amounts reclassified from accumulated other comprehensive income (loss) — — 157 157 Net current-period other comprehensive (loss) income, net of taxes (34,259 ) (41 ) 157 (34,143 ) Balance at December 31, 2015 $ (91,503 ) $ (45 ) $ (2,766 ) $ (94,314 ) |
Schedule of Comprehensive Income (Loss) [Table Text Block] | Details of other comprehensive income (loss) are as follows: Three Months Ended December 31, 2015 2014 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (6,743 ) $ (6,743 ) $ (17,558 ) $ — $ (17,558 ) Postemployment benefits: Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs 127 49 78 71 28 43 Unrealized (loss) gain on investment securities available for sale (13 ) (5 ) (8 ) 94 32 62 Other comprehensive income (loss) $ (6,629 ) $ 44 $ (6,673 ) $ (17,393 ) $ 60 $ (17,453 ) Six Months Ended December 31, 2015 2014 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (34,259 ) $ — $ (34,259 ) $ (36,663 ) $ — $ (36,663 ) Postemployment benefits: Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs 257 100 157 143 56 87 Unrealized (loss) gain on investment securities available for sale (63 ) (22 ) (41 ) 53 18 35 Other comprehensive income (loss) $ (34,065 ) $ 78 $ (34,143 ) $ (36,467 ) $ 74 $ (36,541 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
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 December 31, 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 229 140 (53 ) (22 ) Amortization of prior service cost 21 22 (68 ) (68 ) Net periodic cost $ 366 $ 286 $ (96 ) $ (53 ) Pension Benefits Retiree Health Care Benefits Six Months Ended December 31, 2015 2014 2015 2014 Components of net periodic cost: Service cost $ 46 $ 48 $ 12 $ 26 Interest cost 432 448 38 48 Expected return on plan assets (246 ) (248 ) — — Recognized net actuarial loss (gain) 457 280 (106 ) (44 ) Amortization of prior service cost 43 44 (136 ) (136 ) Net periodic cost $ 732 $ 572 $ (192 ) $ (106 ) |
Segment and Geographic Inform23
Segment and Geographic Information (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment financial information | Three Months Ended Service Center Based Distribution Fluid Power Businesses Total December 31, 2015 Net sales $ 507,906 $ 102,440 $ 610,346 Operating income for reportable segments 28,401 8,745 37,146 Depreciation and amortization of property 3,695 385 4,080 Capital expenditures 2,424 201 2,625 December 31, 2014 Net sales $ 569,537 $ 122,165 $ 691,702 Operating income for reportable segments 34,580 12,224 46,804 Depreciation and amortization of property 3,769 351 4,120 Capital expenditures 4,336 370 4,706 Six Months Ended Service Center Based Distribution Fluid Power Businesses Total December 31, 2015 Net sales $ 1,041,513 $ 210,737 $ 1,252,250 Operating income for reportable segments 57,302 19,007 76,309 Assets used in business 1,143,601 206,794 1,350,395 Depreciation and amortization of property 7,312 698 8,010 Capital expenditures 5,311 426 5,737 December 31, 2014 Net sales $ 1,144,634 $ 249,393 $ 1,394,027 Operating income for reportable segments 72,115 25,157 97,272 Assets used in business 1,275,416 205,034 1,480,450 Depreciation and amortization of property 7,612 719 8,331 Capital expenditures 7,074 732 7,806 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Operating income for reportable segments $ 37,146 $ 46,804 $ 76,309 $ 97,272 Adjustment for: Intangible amortization—Service Center Based Distribution 4,714 5,018 9,286 9,885 Intangible amortization—Fluid Power Businesses 1,528 1,550 3,039 3,174 Corporate and other (income) expense, net (7,458 ) (6,571 ) (15,404 ) (8,759 ) Total operating income 38,362 46,807 79,388 92,972 Interest expense, net 2,158 1,955 4,345 3,617 Other expense, net 55 380 1,059 624 Income before income taxes $ 36,149 $ 44,472 $ 73,984 $ 88,731 The change in corporate and other (income) expense, net is due to changes in the amounts and levels of certain supplier support benefits and 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 Six Months Ended December 31, December 31, 2015 2014 2015 2014 Geographic Areas: United States $ 509,399 $ 549,805 $ 1,047,768 $ 1,111,364 Canada 67,647 103,523 133,880 202,704 Other countries 33,300 38,374 70,602 79,959 Total $ 610,346 $ 691,702 $ 1,252,250 $ 1,394,027 Other countries consist of Mexico, Australia and New Zealand |
Other (Income) Expense, Net (Ta
Other (Income) Expense, Net (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Other expense (income), net | Other expense, net consists of the following: Three Months Ended Six Months Ended December 31, December 31, 2015 2014 2015 2014 Unrealized (gain) loss on assets held in rabbi trust for a non-qualified deferred compensation plan $ (275 ) $ (264 ) $ 179 $ (173 ) Foreign currency transactions loss 148 574 671 627 Other, net 182 70 209 170 Total other expense, net $ 55 $ 380 $ 1,059 $ 624 |
Basis of Presentation Change 25
Basis of Presentation Change in Accounting Principle (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Other Assets, Current | $ 36,177 | $ 37,816 |
Other Liabilities, Noncurrent | 38,195 | 43,883 |
Unamortized Debt Issuance Expense | $ 563 | 394 |
Scenario, Previously Reported [Member] | ||
Other Assets, Current | 51,111 | |
Deferred Tax Assets, Net, Noncurrent | 97 | |
Other Liabilities, Noncurrent | 46,295 | |
Restatement Adjustment [Member] | ||
Other Assets, Current | 37,816 | |
Deferred Tax Assets, Net, Noncurrent | 10,980 | |
Other Liabilities, Noncurrent | 43,883 | |
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Other Assets, Current | (13,295) | |
Deferred Tax Assets, Net, Noncurrent | 10,883 | |
Other Liabilities, Noncurrent | $ (2,412) |
Business Combinations Busines26
Business Combinations Business Combinations Textuals (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 01, 2014 | |
Atlantic Fasteners & S.G. Morris Acquisitions [Member] | ||||
Total Consideration | $ 27,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 16,410 | |||
Goodwill plus Intangibles Acquired | 10,590 | |||
Acquisition Holdback Payable | $ 3,750 | |||
Knox Acquisition [Member] | ||||
Total Consideration | $ 132,000 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 132,000 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Cash Paid at Closing | $ 118,000 | |||
Funding from Holdback Payments | 14,000 | |||
Debt Instrument, Interest Rate During Period | 1.50% | |||
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 | 21,000 | |||
Goodwill plus Intangibles Acquired | 33,900 | |||
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 | 6 Months Ended | |||
Sep. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Jun. 30, 2015 | Jul. 01, 2014 | |
Goodwill | $ 249,267 | $ 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 | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Changes in the carrying amount of goodwill by reportable segment | |
Balance at July 1, 2015 | $ 254,406 |
Goodwill acquired during the period | 5,098 |
Other, primarily currency translation | (10,237) |
Balance at December 31, 2015 | 249,267 |
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 | 3,285 |
Other, primarily currency translation | (10,237) |
Balance at December 31, 2015 | 246,525 |
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 | 1,813 |
Other, primarily currency translation | 0 |
Balance at December 31, 2015 | $ 2,742 |
Goodwill and Intangibles (Det29
Goodwill and Intangibles (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Amortization details resulting from business combinations | ||
Amount | $ 282,472 | $ 287,064 |
Accumulated Amortization | 97,463 | 88,236 |
Net Book Value | 185,009 | 198,828 |
Total Identifiable Intangible | 185,009 | 198,828 |
Customer relationships | ||
Amortization details resulting from business combinations | ||
Amount | 219,623 | 225,332 |
Accumulated Amortization | 73,262 | 65,789 |
Net Book Value | 146,361 | 159,543 |
Trade names | ||
Amortization details resulting from business combinations | ||
Amount | 42,152 | 42,689 |
Accumulated Amortization | 14,580 | 13,187 |
Net Book Value | 27,572 | 29,502 |
Vendor relationships | ||
Amortization details resulting from business combinations | ||
Amount | 14,112 | 14,465 |
Accumulated Amortization | 7,545 | 7,258 |
Net Book Value | 6,567 | 7,207 |
Non-competition agreements | ||
Amortization details resulting from business combinations | ||
Amount | 6,585 | 4,578 |
Accumulated Amortization | 2,076 | 2,002 |
Net Book Value | $ 4,509 | $ 2,576 |
Goodwill and Intangibles Goodwi
Goodwill and Intangibles Goodwill and Intangibles (Details 2) $ in Thousands | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquisition Cost Allocation | $ 4,610 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquisition Cost Allocation | $ 2,930 |
Weighted-Average Life | 15 years |
Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquisition Cost Allocation | $ 1,190 |
Weighted-Average Life | 15 years |
Noncompete Agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquisition Cost Allocation | $ 490 |
Weighted-Average Life | 5 years |
Goodwill and Intangibles (Det31
Goodwill and Intangibles (Details Textuals) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Goodwill [Line Items] | ||
Goodwill | $ 249,267 | $ 254,406 |
Goodwill and Intangibles (Textuals) [Abstract] | ||
Amortization expense for the remainder of 2016 | 12,000 | |
Amortization expense for 2017 | 22,600 | |
Amortization expense for 2018 | 20,500 | |
Amortization expense for 2019 | 18,900 | |
Amortization expense for 2020 | 17,100 | |
Amortization expense for 2021 | 15,700 | |
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 | Dec. 31, 2015 | Jun. 30, 2015 | Jul. 01, 2014 |
Line of Credit Facility [Line Items] | |||
Letters of Credit Outstanding, Amount | $ 2,000 | $ 1,841 | |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000 | ||
Line of Credit Facility, Amount Outstanding | 70,000 | 52,000 | |
Letters of Credit Outstanding, Amount | 3,677 | 3,764 | |
Line of Credit Facility, Remaining Borrowing Capacity | $ 176,323 | $ 94,236 | |
Debt, Weighted Average Interest Rate | 1.31% | 1.15% | |
Prudential Facility [Domain] | |||
Line of Credit Facility [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 | ||
State of Ohio Assumed Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Face Amount | $ 2,359 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.50% | ||
Long-term Debt | $ 2,009 | $ 2,120 | |
Term Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.44% | 1.19% | |
Debt Instrument, Face Amount | $ 125,000 | ||
Long-term Debt | $ 125,000 | $ 96,875 | |
Prudential Facility - Series D [Member] | Prudential Facility [Domain] | |||
Line of Credit Facility [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.21% | ||
Prudential Facility - Series D [Domain] | Prudential Facility [Domain] | |||
Line of Credit Facility [Line Items] | |||
Long-term Debt | $ 50,000 | ||
Prudential Facility - Series C [Member] | Prudential Facility [Domain] | |||
Line of Credit Facility [Line Items] | |||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.19% | ||
Long-term Debt | $ 120,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Level 1 [Member] | Recurring [Member] | ||
Fair Value Measurements (Textuals) [Line Items] | ||
Marketable securities | $ 8,850 | $ 9,330 |
Shareholders' Equity Accumulate
Shareholders' Equity Accumulated Other Comprehensive Income (Loss) [Table] (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (60,171) | |||
Other Comprehensive Loss, Unrealized loss on securities available for sale | $ (8) | $ 62 | (41) | $ 35 |
Net current-period other comprehensive (loss) income, net of taxes, Foreign Currency Translation Adjustment | (6,743) | (17,558) | (34,259) | (36,663) |
Net current-period other comprehensive (loss) income, net of taxes, Total accumulated other comprehensive income (loss) | (6,673) | $ (17,453) | (34,143) | $ (36,541) |
Balance at December 31, 2015 | (94,314) | (94,314) | ||
Foreign Currency Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (84,760) | (57,244) | ||
Other Comprehensive Loss, Foreign Currency Translation Adjustment | (6,743) | (34,259) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Net current-period other comprehensive (loss) income, net of taxes, Foreign Currency Translation Adjustment | (6,743) | (34,259) | ||
Balance at December 31, 2015 | (91,503) | (91,503) | ||
Unrealized loss on securities available for sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (37) | (4) | ||
Other Comprehensive Loss, Unrealized loss on securities available for sale | (8) | (41) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | ||
Net current-period other comprehensive (loss) income, net of taxes, Unrealized gain (loss) on securities available for sale | (8) | (41) | ||
Balance at December 31, 2015 | (45) | (45) | ||
Postemployment benefits [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (2,844) | (2,923) | ||
Other Comprehensive Loss, Postemployment Benefits, | 0 | 0 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 78 | 157 | ||
Net current-period other comprehensive (loss) income, net of taxes, Postemployment benefits | 78 | 157 | ||
Balance at December 31, 2015 | (2,766) | (2,766) | ||
Total Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (87,641) | (60,171) | ||
Other Comprehensive Loss, Total accumulated other comprehensive income (loss) | (6,751) | (34,300) | ||
Amounts reclassified from accumulated other comprehensive income (loss) | 78 | 157 | ||
Net current-period other comprehensive (loss) income, net of taxes, Total accumulated other comprehensive income (loss) | (6,673) | (34,143) | ||
Balance at December 31, 2015 | $ (94,314) | $ (94,314) |
Shareholders' Equity (Details 1
Shareholders' Equity (Details 1 ) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments, before Tax | $ (6,743) | $ (17,558) | $ (34,259) | $ (36,663) |
Foreign currency translation adjustments, Tax | 0 | 0 | ||
Foreign currency translation adjustments, Net of Tax | $ (6,743) | (17,558) | (34,259) | (36,663) |
Postemployment benefits: | ||||
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, before Tax | 127 | 71 | 257 | 143 |
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Tax | 49 | 28 | 100 | 56 |
Reclassification of actuarial losses and prior service cost into SD&A expense and included in net periodic pension costs, Net Of Tax | 78 | 43 | 157 | 87 |
Unrealized (loss) gain on investment securities available for sale, before Tax | (13) | 94 | (63) | 53 |
Unrealized (loss) gain on investment securities available for sale, Tax | (5) | 32 | (22) | 18 |
Unrealized (loss) gain on investment securities available for sale, Net of Tax | (8) | 62 | (41) | 35 |
Other comprehensive income (loss), before tax | (6,629) | (17,393) | (34,065) | (36,467) |
Other comprehensive income (loss), Tax | 44 | 60 | 78 | 74 |
Other comprehensive income (loss), net of tax | $ (6,673) | $ (17,453) | $ (34,143) | $ (36,541) |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders Equity Details Textuals (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 702 | 440 | 776 | 309 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Pension Benefits [Member] | ||||
Components of net periodic cost: | ||||
Service cost | $ 23 | $ 24 | $ 46 | $ 48 |
Interest cost | 216 | 224 | 432 | 448 |
Expected return on plan assets | (123) | (124) | (246) | (248) |
Recognized net actuarial (gain) loss | 229 | 140 | 457 | 280 |
Amortization of prior service cost | 21 | 22 | 43 | 44 |
Net periodic cost | 366 | 286 | 732 | 572 |
Retiree Health Care Benefits [Member] | ||||
Components of net periodic cost: | ||||
Service cost | 6 | 13 | 12 | 26 |
Interest cost | 19 | 24 | 38 | 48 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Recognized net actuarial (gain) loss | (53) | (22) | (106) | (44) |
Amortization of prior service cost | (68) | (68) | (136) | (136) |
Net periodic cost | $ (96) | $ (53) | $ (192) | $ (106) |
Benefit Plans (Details Textuals
Benefit Plans (Details Textuals) $ in Thousands | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Pension Plans, Defined Benefit [Member] | |
Benefit Plans (Textuals) [Abstract] | |
Contribution to benefit plan | $ 4,885 |
Expected contribution to benefit plans for remainder of fiscal year | 420 |
Retiree Health Care Benefits [Member] | |
Benefit Plans (Textuals) [Abstract] | |
Contribution to benefit plan | 85 |
Expected contribution to benefit plans for remainder of fiscal year | $ 90 |
Segment and Geographic Inform39
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
Segment financial information | |||||
Net sales | $ 610,346 | $ 691,702 | $ 1,252,250 | $ 1,394,027 | |
Operating income for reportable segments | 38,362 | 46,807 | 79,388 | 92,972 | |
Assets used in business | 1,350,395 | 1,480,450 | 1,350,395 | 1,480,450 | $ 1,432,556 |
Depreciation and amortization of property | 4,080 | 4,120 | 8,010 | 8,331 | |
Capital expenditures | 2,625 | 4,706 | 5,737 | 7,806 | |
Operating Segments [Member] | |||||
Segment financial information | |||||
Operating income for reportable segments | 37,146 | 46,804 | 76,309 | 97,272 | |
Service Center Based Distribution [Member] | |||||
Segment financial information | |||||
Net sales | 507,906 | 569,537 | 1,041,513 | 1,144,634 | |
Operating income for reportable segments | 28,401 | 34,580 | 57,302 | 72,115 | |
Assets used in business | 1,143,601 | 1,275,416 | 1,143,601 | 1,275,416 | |
Depreciation and amortization of property | 3,695 | 3,769 | 7,312 | 7,612 | |
Capital expenditures | 2,424 | 4,336 | 5,311 | 7,074 | |
Fluid Power Businesses [Member] | |||||
Segment financial information | |||||
Net sales | 102,440 | 122,165 | 210,737 | 249,393 | |
Operating income for reportable segments | 8,745 | 12,224 | 19,007 | 25,157 | |
Assets used in business | 206,794 | 205,034 | 206,794 | 205,034 | |
Depreciation and amortization of property | 385 | 351 | 698 | 719 | |
Capital expenditures | $ 201 | $ 370 | $ 426 | $ 732 |
Segment and Geographic Inform40
Segment and Geographic Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ||||
Total operating income | $ 38,362 | $ 46,807 | $ 79,388 | $ 92,972 |
Adjustment for: | ||||
Intangible amortization | 12,325 | 13,059 | ||
Corporate and other (income) expense, net | (7,458) | (6,571) | (15,404) | (8,759) |
Interest Expense, net | 2,158 | 1,955 | 4,345 | 3,617 |
Other Expense, net | 55 | 380 | 1,059 | 624 |
Income before income taxes | 36,149 | 44,472 | 73,984 | 88,731 |
Operating Segments [Member] | ||||
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ||||
Total operating income | 37,146 | 46,804 | 76,309 | 97,272 |
Service Center Based Distribution [Member] | ||||
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ||||
Total operating income | 28,401 | 34,580 | 57,302 | 72,115 |
Adjustment for: | ||||
Intangible amortization | 4,714 | 5,018 | 9,286 | 9,885 |
Fluid Power Businesses [Member] | ||||
Reconciliation of operating income for reportable segments to the consolidated income before income taxes | ||||
Total operating income | 8,745 | 12,224 | 19,007 | 25,157 |
Adjustment for: | ||||
Intangible amortization | $ 1,528 | $ 1,550 | $ 3,039 | $ 3,174 |
Segment and Geographic Inform41
Segment and Geographic Information (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net sales are presented in geographic areas | ||||
Net Sales | $ 610,346 | $ 691,702 | $ 1,252,250 | $ 1,394,027 |
United States | ||||
Net sales are presented in geographic areas | ||||
Net Sales | 509,399 | 549,805 | 1,047,768 | 1,111,364 |
Canada | ||||
Net sales are presented in geographic areas | ||||
Net Sales | 67,647 | 103,523 | 133,880 | 202,704 |
Other countries | ||||
Net sales are presented in geographic areas | ||||
Net Sales | $ 33,300 | $ 38,374 | $ 70,602 | $ 79,959 |
Segment and Geographic Inform42
Segment and Geographic Information (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment and Geographic Information (Textuals) [Abstract] | ||||
Sales primarily from businesses segment | $ 5,666 | $ 6,063 | $ 11,234 | $ 11,636 |
Other (Income) Expense, Net (De
Other (Income) Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Income and Expenses [Abstract] | ||||
Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan | $ (275) | $ (264) | $ 179 | $ (173) |
Foreign currency transactions loss | 148 | 574 | 671 | 627 |
Other, net | 182 | 70 | 209 | 170 |
Total other expense, net | $ 55 | $ 380 | $ 1,059 | $ 624 |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 04, 2016USD ($) |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Total Purchase Price | $ 33,000 |