Applied Industrial (AIT) 10-Q 26 Oct 17 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2017	Oct. 13, 2017
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, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		38,815,205

Condensed Statements of Consoli

Condensed Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net Sales	$ 680,701	$ 624,848
Cost of Sales	488,277	446,518
Gross Profit	192,424	178,330
Selling, Distribution and Administrative, including depreciation	140,587	134,911
Operating Income	51,837	43,419
Interest Expense, net	2,166	2,146
Other Income, net	(711)	(197)
Income Before Income Taxes	50,382	41,470
Income Tax Expense	16,661	14,099
Net Income	$ 33,721	$ 27,371
Net Income Per Share - Basic	$ 0.87	$ 0.70
Net Income Per Share - Diluted	0.86	0.70
Cash dividends per common share	$ 0.29	$ 0.28
Weighted average common shares outstanding for basic computation	38,932	39,044
Dilutive effect of potential common shares	404	338
Weighted average common shares outstanding for diluted computation	39,336	39,382

Condensed Statements of Consol3

Condensed Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Net income per the condensed statements of consolidated income	$ 33,721	$ 27,371
Other comprehensive income (loss), before tax:
Foreign currency translation adjustments	8,159	(2,349)
Post-employment benefits:
Reclassification of net actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs	(14)	127
Unrealized (loss) gain on investment securities available for sale	(4)	26
Total of other comprehensive income (loss), before tax	8,141	(2,196)
Income tax (benefit) expense related to items of other comprehensive income	(11)	61
Other comprehensive income (loss), net of tax	8,152	(2,257)
Comprehensive income, net of tax	$ 41,873	$ 25,114

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Current assets
Cash and cash equivalents	$ 77,769	$ 105,057
Accounts receivable, less allowances of $9,812 and $9,628	405,572	390,931
Inventories	364,979	345,145
Other current assets	28,559	41,409
Total current assets	876,879	882,542
Property, less accumulated depreciation of $170,163 and $166,143	111,313	108,068
Identifiable intangibles, net	159,848	163,562
Goodwill	209,834	206,135
Deferred tax assets	9,242	8,985
Other assets	17,791	18,303
TOTAL ASSETS	1,384,907	1,387,595
Current liabilities
Accounts payable	165,233	180,614
Current portion of long term debt	5,595	4,814
Compensation and related benefits	49,774	58,785
Other current liabilities	59,658	65,540
Total current liabilities	280,260	309,753
Long-term debt	285,175	286,769
Postemployment benefits	15,603	16,715
Other liabilities	30,201	29,102
TOTAL LIABILITIES	611,239	642,339
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; 38,815 and 39,041 outstanding, respectively	10,000	10,000
Additional paid-in capital	164,998	164,655
Retained Earnings	1,067,473	1,033,751
Treasury shares—at cost (15,398 and 15,172 shares, respectively)	(395,253)	(381,448)
Accumulated other comprehensive loss	(73,550)	(81,702)
TOTAL SHAREHOLDERS’ EQUITY	773,668	745,256
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,384,907	$ 1,387,595

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Current Assets:
Accounts Receivable, less allowances	$ 9,812	$ 9,628
Noncurrent Assets:
Property, less accumulated depreciation	$ 170,163	$ 166,143
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
Common stock, shares outstanding	38,815,000	39,041,000
Treasury shares	15,398,000	15,172,000

Condensed Statements of Consol6

Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash Flows from Operating Activities
Net income	$ 33,721	$ 27,371
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property	3,927	3,650
Amortization of intangibles	5,831	6,237
Unrealized foreign exchange transactions (gain) loss	(601)	248
Amortization of stock options and appreciation rights	577	809
Gain on sale of property	(198)	(1,068)
Other share-based compensation expense	778	555
Changes in operating assets and liabilities, net of acquisitions	(35,025)	2,835
Other, net	430	1,227
Net Cash provided by Operating Activities	9,440	41,864
Cash Flows from Investing Activities
Acquisition of businesses, net of cash acquired	(5,014)	0
Property purchases	(6,336)	(2,999)
Proceeds from property sales	283	1,747
Net Cash used in Investing Activities	(11,067)	(1,252)
Cash Flows from Financing Activities
Net repayments under revolving credit facility	0	(22,000)
Long-term debt repayments	(839)	(838)
Purchases of treasury shares	(13,761)	(3,048)
Dividends paid	(11,327)	(10,943)
Acquisition holdback payments	(319)	(4,444)
Exercise of stock options and appreciation rights	0	108
Taxes paid for shares withheld for equity awards	(1,056)	(987)
Net Cash used in Financing Activities	(27,302)	(42,152)
Effect of Exchange Rate Changes on Cash	1,641	(299)
Decrease in Cash and Cash Equivalents	(27,288)	(1,839)
Cash and Cash Equivalents at Beginning of Period	105,057	59,861
Cash and Cash Equivalents at End of Period	$ 77,769	$ 58,022

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2017
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, 2017 , and the results of its operations and its cash flows for the three month periods ended September 30, 2017 and 2016 , have been included. The condensed consolidated balance sheet as of June 30, 2017 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, 2017 . Operating results for the three month period ended September 30, 2017 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2018 . Change in Accounting Principle - Net Periodic and Post-retirement Benefit Costs In March 2017, the FASB issued its final standard on improving the presentation of net periodic pension and postretirement benefit costs. This standard, issued as ASU 2017-07, requires that an employer report the service cost component for defined benefit plans and postretirement plans in the same line item in the income statement as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This update is effective for annual financial statement periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period. The Company early adopted ASU 2017-07 in the first quarter of fiscal 2018. The impact of the adoption of this guidance resulted in the reclassification of the other components of net benefit cost from selling, distribution, and administrative expense to other income, net in the condensed statements of consolidated income, resulting in an increase to operating income. There is no impact to income before income taxes, net income, or net income per share. The amounts reclassified resulted in an increase in operating income of $201 for the three months ended September 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 Issued Accounting Guidance In May 2014, the FASB issued its final standard on the recognition of revenue from contracts with customers. In February 2016, the FASB issued its final standard on accounting for leases. This standard, issued as ASU 2016-02, requires that an entity that is a lessee recognize lease assets and lease liabilities on the balance sheet for all leases and disclose key information about leasing arrangements. The core principle of this update is that a "lessee should recognize the assets and liabilities that arise from leases." This update is effective for annual and interim financial statement periods beginning after December 15, 2018, with earlier application permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In June 2016, the FASB issued its final standard on measurement of credit losses on financial instruments. This standard, issued as ASU 2016-13, requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In August 2016, the FASB issued its final standard on the classification of certain cash receipts and cash payments within the statement of cash flows. This standard, issued as ASU 2016-15, makes a number of changes meant to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. This update is effective for annual and interim financial statement periods beginning after December 15, 2018, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In October 2016, the FASB issued its final standard on the income tax consequences of intra-entity transfers of assets other than inventory. This standard, issued as ASU 2016-16, requires that an entity recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset other than inventory. This update is effective for annual and interim financial statement periods beginning after December 15, 2017, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In January 2017, the FASB issued its final standard on simplifying the test for goodwill impairment. This standard, issued as ASU 2017-04, eliminates step 2 from the goodwill impairment test and instead requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This update is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. Upon adoption, the Company will apply this guidance prospectively to its annual and interim goodwill impairment tests and disclose the change in accounting principle. In May 2017, the FASB issued its final standard on scope of modification accounting. This standard, issued as 2017-09, provides guidance about which change to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This update is effective for annual and interim financial statement periods beginning after December 15, 2017, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.

Business Combinations

Business Combinations	3 Months Ended
	Sep. 30, 2017
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 2018 Acquisition On July 3, 2017, the Company acquired 100% of the outstanding stock of DICOFASA, a distributor of accessories and components for hydraulic systems and lubrication, located in Puebla, Mexico. DICOFASA is included in the Service Center Based Distribution segment. The purchase price for the acquisition was $5,920 , net tangible assets acquired were $3,460 , and goodwill was $2,460 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes $906 of acquisition holdback payments, included in other current liabilities and other liabilities on the condensed consolidated balance sheets, which will be paid on the first three anniversaries of the acquisition with interest at a fixed rate of 1.5% per annum. The Company funded this acquisition using available cash. 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 2017 Acquisition On March 3, 2017, the Company acquired substantially all of the net assets of Sentinel Fluid Controls ("Sentinel"), a distributor of hydraulic and lubrication components, systems and solutions operating from four locations - Toledo, OH, New Berlin, WI, Valparaiso, IN, and Indianapolis, IN. Sentinel is included in the Fluid Power Businesses segment. The purchase price for the acquisition was $3,755 , net tangible assets acquired were $3,130 , and goodwill was $625 based upon estimated fair values at the acquisition date. The purchase price included $982 of acquisition holdback payments. The remaining balance of $807 is included in other current liabilities and other liabilities on the condensed consolidated balance sheets, which will be paid plus interest at various times in the future. The Company funded the amount paid for the acquisition at closing using available cash. The acquisition price and the results of operations for the acquired entity are not material in relation to the Company's consolidated financial statements.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Sep. 30, 2017
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 fiscal year ended June 30, 2017 and the three month period ended September 30, 2017 are as follows: Service Centers Fluid Power Total Balance at July 1, 2016 $ 198,486 $ 4,214 $ 202,700 Goodwill acquired during the period 3,220 625 3,845 Other, primarily currency translation 34 (444 ) (410 ) Balance at June 30, 2017 $ 201,740 $ 4,395 $ 206,135 Goodwill acquired during the period 2,460 — 2,460 Other, primarily currency translation 1,239 — 1,239 Balance at September 30, 2017 $ 205,439 $ 4,395 $ 209,834 During the first quarter of fiscal 2017 , the Company recorded an adjustment to the preliminary estimated fair value of intangible assets related to the HUB acquisition. The fair values of the customer relationships and trade names intangible assets were decreased by $2,636 and $584 , respectively, with a corresponding total increase to goodwill of $3,220 . The changes to the preliminary estimated fair values resulted in a decrease to amortization expense of $156 during the three months ended September 30, 2016 , which is recorded in selling, distribution and administrative expense on the condensed statements of consolidated income. The Company has six ( 6 ) reporting units for which an annual goodwill impairment assessment was performed as of January 1, 2017. The Company concluded that all of the reporting units’ fair value exceeded their carrying amounts by at least 20% as of January 1, 2017. The fair values of the reporting units in accordance with the goodwill impairment test were determined using the Income and Market approaches. The Income approach employs the discounted cash flow method reflecting projected cash flows expected to be generated by market participants and then adjusted for time value of money factors. The Market approach utilizes an analysis of comparable publicly traded companies. The techniques used in the Company's impairment tests have incorporated a number of assumptions that the Company believes to be reasonable and to reflect known market conditions at the measurement dates. Assumptions in estimating future cash flows are subject to a degree of judgment. The Company makes all efforts to forecast future cash flows as accurately as possible with the information available at the measurement date. The Company evaluates the appropriateness of its assumptions and overall forecasts by comparing projected results of upcoming years with actual results of preceding years. Key Level 3 based assumptions relate to pricing trends, inventory costs, customer demand, and revenue growth. A number of benchmarks from independent industry and other economic publications were also used. Changes in future results, assumptions, and estimates after the measurement 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. Further, continued adverse market conditions could result in the recognition of additional impairment if the Company determines that the fair values of its reporting units have fallen below their carrying values. At September 30, 2017 and June 30, 2017 , accumulated goodwill impairment losses subsequent to fiscal year 2002 totaled $64,794 related to the Service Center Based Distribution segment and $36,605 related to the Fluid Power Businesses segment. The Company’s identifiable intangible assets resulting from business combinations are amortized over their estimated period of benefit and consist of the following: September 30, 2017 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 235,945 $ 106,142 $ 129,803 Trade names 44,223 20,164 24,059 Vendor relationships 14,179 9,404 4,775 Non-competition agreements 3,780 2,569 1,211 Total Identifiable Intangibles $ 298,127 $ 138,279 $ 159,848 June 30, 2017 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 235,009 $ 102,414 $ 132,595 Trade names 43,873 19,295 24,578 Vendor relationships 14,152 9,141 5,011 Non-competition agreements 3,788 2,410 1,378 Total Identifiable Intangibles $ 296,822 $ 133,260 $ 163,562 Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of September 30, 2017 ) for the next five years is as follows: $17,100 for the remainder of 2018 , $21,000 for 2019 , $19,200 for 2020 , $17,600 for 2021 , $16,100 for 2022 and $14,600 for 2023 .

Debt (Notes)

Debt (Notes)	3 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT Revolving Credit Facility & Term Loan In December 2015, the Company entered into a 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. 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 or prime at the Company’s discretion. At September 30, 2017 and June 30, 2017 , the Company had $119,531 and $120,313 , respectively, outstanding under the term loan, and no amounts outstanding under the revolver. Unused lines under this facility, net of outstanding letters of credit of $2,534 and $2,441 to secure certain insurance obligations, totaled $247,466 and $247,559 at September 30, 2017 and June 30, 2017 , respectively and are available to fund future acquisitions or other capital and operating requirements. The interest rate on the term loan was 2.25% as of September 30, 2017 and as of June 30, 2017 . Additionally, the Company had letters of credit outstanding with a separate bank, not associated with the revolving credit agreement, in the amount of $2,698 as of September 30, 2017 and June 30, 2017 , in order to secure certain insurance obligations. Other Long-Term Borrowings At September 30, 2017 and June 30, 2017 , 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 September 30, 2017 , $50,000 in additional financing was available under this facility. 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, 2017 and June 30, 2017 , $1,612 and $1,669 was outstanding, respectively. Unamortized debt issue costs of $105 are included as a reduction of current portion of long-term debt on the condensed consolidated balance sheets as of September 30, 2017 and June 30, 2017 . Unamortized debt issue costs of $268 and $294 are included as a reduction of long-term debt on the condensed consolidated balance sheets as of September 30, 2017 and June 30, 2017 , respectively.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Marketable securities measured at fair value at September 30, 2017 and June 30, 2017 totaled $10,584 and $10,481 , 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, 2017 and June 30, 2017 , 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, 2017
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive (loss) income, are comprised of the following amounts shown net of taxes: Three Months Ended September 30, 2017 Foreign currency translation adjustment Unrealized gain (loss) on securities available for sale Postemployment benefits Total Accumulated other comprehensive (loss) income Balance at July 1, 2017 $ (79,447 ) $ 21 $ (2,276 ) $ (81,702 ) Other comprehensive income (loss) 8,159 (3 ) — 8,156 Amounts reclassified from accumulated other comprehensive (loss) income — — (4 ) (4 ) Net current-period other comprehensive income (loss) 8,159 (3 ) (4 ) 8,152 Balance at September 30, 2017 $ (71,288 ) $ 18 $ (2,280 ) $ (73,550 ) Three Months Ended September 30, 2016 Foreign currency translation adjustment Unrealized (loss) gain on securities available for sale Postemployment benefits Total Accumulated other comprehensive (loss) income Balance at July 1, 2016 $ (81,685 ) $ (38 ) $ (3,823 ) $ (85,546 ) Other comprehensive (loss) income (2,349 ) 15 — (2,334 ) Amounts reclassified from accumulated other comprehensive (loss) income — — 77 77 Net current-period other comprehensive (loss) income (2,349 ) 15 77 (2,257 ) Balance at September 30, 2016 $ (84,034 ) $ (23 ) $ (3,746 ) $ (87,803 ) Other Comprehensive Income (Loss) Details of other comprehensive income (loss) are as follows: Three Months Ended September 30, 2017 2016 Pre-Tax Amount Tax Benefit Net Amount Pre-Tax Amount Tax Expense Net Amount Foreign currency translation adjustments $ 8,159 $ — $ 8,159 $ (2,349 ) $ — $ (2,349 ) Post-employment benefits: Reclassification of net actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs (14 ) (10 ) (4 ) 127 50 77 Unrealized (loss) gain on investment securities available for sale (4 ) (1 ) (3 ) 26 11 15 Other comprehensive loss $ 8,141 $ (11 ) $ 8,152 $ (2,196 ) $ 61 $ (2,257 ) Antidilutive Common Stock Equivalents In the three month periods ended September 30, 2017 and 2016 , respectively, stock options and stock appreciation rights related to 293 and 680 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, 2017
Retirement Benefits [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, 2017 2016 2017 2016 Components of net periodic cost: Service cost $ 31 $ 31 $ 5 $ 7 Interest cost 183 173 13 16 Expected return on plan assets (118 ) (115 ) — — Recognized net actuarial loss (gain) 106 218 (39 ) (45 ) Amortization of prior service cost 7 22 (92 ) (68 ) Net periodic cost $ 209 $ 329 $ (113 ) $ (90 ) In accordance with the Company's adoption of ASU 2017-07, the Company reports the service cost component of the net periodic post-employment costs in the same line item in the income statement as other compensation costs arising from services rendered by the employees during the period. The other components of net periodic post-employment costs are presented in the income statement separately from the service cost component and outside a subtotal of income from operations. Therefore, $36 and $38 of service costs are included in selling, distribution and administrative expense, and $60 and $201 of net other periodic post-employment costs are included in other income, net in the condensed statements of consolidated income for the three months ended September 30, 2017 and 2016 , respectively. The Company contributed $900 to its pension benefit plans and $47 to its retiree health care plans in the three months ended September 30, 2017 . Expected contributions for the remainder of fiscal 2018 are $1,920 for the pension benefit plans to fund scheduled retirement payments and $143 for retiree health care plans.

Segment and Geographic Informat

Segment and Geographic Information	3 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHIC INFORMATION	SEGMENT AND GEOGRAPHIC INFORMATION Effective July 1, 2017, the Company completed a number of changes to its organizational structure that resulted in a change in how the Company manages its businesses, allocates resources and measures performance. As a result, the Company has revised its reportable segments to reflect how management currently reviews financial information and makes operating decisions. All Canadian and Mexican subsidiaries are now grouped under the Service Center Based Distribution segment. All prior-period amounts have been adjusted to reflect the reportable segment change. 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 $6,091 and $5,264 , in the three months ended September 30, 2017 and 2016 , respectively, have been eliminated in the Segment Financial Information tables below. Three Months Ended Service Center Based Distribution Fluid Power Businesses Total September 30, 2017 Net sales $ 568,913 $ 111,788 $ 680,701 Operating income for reportable segments 33,722 13,290 47,012 Assets used in business 1,182,784 202,123 1,384,907 Depreciation and amortization of property 3,669 258 3,927 Capital expenditures 5,548 788 6,336 September 30, 2016 Net sales $ 529,230 $ 95,618 $ 624,848 Operating income for reportable segments 26,996 10,478 37,474 Assets used in business 1,147,199 152,240 1,299,439 Depreciation and amortization of property 3,416 234 3,650 Capital expenditures 2,924 75 2,999 Enterprise Resource Planning system (ERP) related assets are included 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, 2017 2016 Operating income for reportable segments $ 47,012 $ 37,474 Adjustment for: Intangible amortization—Service Center Based Distribution 4,512 4,846 Intangible amortization—Fluid Power Businesses 1,319 1,391 Corporate and other income, net (10,656 ) (12,182 ) Total operating income 51,837 43,419 Interest expense, net 2,166 2,146 Other income, net (711 ) (197 ) Income before income taxes $ 50,382 $ 41,470 The change in corporate and other income, net is due to changes in corporate expenses, as well as 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 September 30, 2017 2016 Geographic Areas: United States $ 567,545 $ 523,367 Canada 66,817 62,581 Other countries 46,339 38,900 Total $ 680,701 $ 624,848 Other countries consist of Mexico, Australia, New Zealand, and Singapore.

Other (Income) Expense, Net

Other (Income) Expense, Net	3 Months Ended
	Sep. 30, 2017
Other Income and Expenses [Abstract]
OTHER (INCOME) EXPENSE, NET	OTHER INCOME , NET Other income, net consists of the following: Three Months Ended September 30, 2017 2016 Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan $ (368 ) $ (330 ) Foreign currency transactions gain (311 ) (150 ) Net other periodic post-employment costs 60 201 Other, net (92 ) 82 Total other income, net $ (711 ) $ (197 )

Subsequent Events (Notes)

Subsequent Events (Notes)	3 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS We have evaluated events and transactions occurring subsequent to September 30, 2017 through the date the financial statements were issued.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Change in Accounting Principle - Net Periodic and Post-retirement Benefit Costs In March 2017, the FASB issued its final standard on improving the presentation of net periodic pension and postretirement benefit costs. This standard, issued as ASU 2017-07, requires that an employer report the service cost component for defined benefit plans and postretirement plans in the same line item in the income statement as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. This update is effective for annual financial statement periods beginning after December 15, 2017, including interim periods within those annual periods. Early adoption is permitted as of the beginning of an annual period. The Company early adopted ASU 2017-07 in the first quarter of fiscal 2018. The impact of the adoption of this guidance resulted in the reclassification of the other components of net benefit cost from selling, distribution, and administrative expense to other income, net in the condensed statements of consolidated income, resulting in an increase to operating income. There is no impact to income before income taxes, net income, or net income per share. The amounts reclassified resulted in an increase in operating income of $201 for the three months ended September 30, 2016 .
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.
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 February 2016, the FASB issued its final standard on accounting for leases. This standard, issued as ASU 2016-02, requires that an entity that is a lessee recognize lease assets and lease liabilities on the balance sheet for all leases and disclose key information about leasing arrangements. The core principle of this update is that a "lessee should recognize the assets and liabilities that arise from leases." This update is effective for annual and interim financial statement periods beginning after December 15, 2018, with earlier application permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In June 2016, the FASB issued its final standard on measurement of credit losses on financial instruments. This standard, issued as ASU 2016-13, requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. This update is effective for annual and interim financial statement periods beginning after December 15, 2019, with early adoption permitted for financial statement periods beginning after December 15, 2018. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In August 2016, the FASB issued its final standard on the classification of certain cash receipts and cash payments within the statement of cash flows. This standard, issued as ASU 2016-15, makes a number of changes meant to add or clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. This update is effective for annual and interim financial statement periods beginning after December 15, 2018, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In October 2016, the FASB issued its final standard on the income tax consequences of intra-entity transfers of assets other than inventory. This standard, issued as ASU 2016-16, requires that an entity recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs and eliminates the exception for an intra-entity transfer of an asset other than inventory. This update is effective for annual and interim financial statement periods beginning after December 15, 2017, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures. In January 2017, the FASB issued its final standard on simplifying the test for goodwill impairment. This standard, issued as ASU 2017-04, eliminates step 2 from the goodwill impairment test and instead requires an entity to perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge would be recognized for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This update is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted. Upon adoption, the Company will apply this guidance prospectively to its annual and interim goodwill impairment tests and disclose the change in accounting principle. In May 2017, the FASB issued its final standard on scope of modification accounting. This standard, issued as 2017-09, provides guidance about which change to the terms or conditions of a share-based payment award require an entity to apply modification accounting. This update is effective for annual and interim financial statement periods beginning after December 15, 2017, with early adoption permitted. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Sep. 30, 2017
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 fiscal year ended June 30, 2017 and the three month period ended September 30, 2017 are as follows: Service Centers Fluid Power Total Balance at July 1, 2016 $ 198,486 $ 4,214 $ 202,700 Goodwill acquired during the period 3,220 625 3,845 Other, primarily currency translation 34 (444 ) (410 ) Balance at June 30, 2017 $ 201,740 $ 4,395 $ 206,135 Goodwill acquired during the period 2,460 — 2,460 Other, primarily currency translation 1,239 — 1,239 Balance at September 30, 2017 $ 205,439 $ 4,395 $ 209,834
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, 2017 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 235,945 $ 106,142 $ 129,803 Trade names 44,223 20,164 24,059 Vendor relationships 14,179 9,404 4,775 Non-competition agreements 3,780 2,569 1,211 Total Identifiable Intangibles $ 298,127 $ 138,279 $ 159,848 June 30, 2017 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 235,009 $ 102,414 $ 132,595 Trade names 43,873 19,295 24,578 Vendor relationships 14,152 9,141 5,011 Non-competition agreements 3,788 2,410 1,378 Total Identifiable Intangibles $ 296,822 $ 133,260 $ 163,562 Amounts include the impact of foreign currency translation. Fully amortized amounts are written off.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive (loss) income, are comprised of the following amounts shown net of taxes: Three Months Ended September 30, 2017 Foreign currency translation adjustment Unrealized gain (loss) on securities available for sale Postemployment benefits Total Accumulated other comprehensive (loss) income Balance at July 1, 2017 $ (79,447 ) $ 21 $ (2,276 ) $ (81,702 ) Other comprehensive income (loss) 8,159 (3 ) — 8,156 Amounts reclassified from accumulated other comprehensive (loss) income — — (4 ) (4 ) Net current-period other comprehensive income (loss) 8,159 (3 ) (4 ) 8,152 Balance at September 30, 2017 $ (71,288 ) $ 18 $ (2,280 ) $ (73,550 ) Three Months Ended September 30, 2016 Foreign currency translation adjustment Unrealized (loss) gain on securities available for sale Postemployment benefits Total Accumulated other comprehensive (loss) income Balance at July 1, 2016 $ (81,685 ) $ (38 ) $ (3,823 ) $ (85,546 ) Other comprehensive (loss) income (2,349 ) 15 — (2,334 ) Amounts reclassified from accumulated other comprehensive (loss) income — — 77 77 Net current-period other comprehensive (loss) income (2,349 ) 15 77 (2,257 ) Balance at September 30, 2016 $ (84,034 ) $ (23 ) $ (3,746 ) $ (87,803 )	Three Months Ended September 30, 2016 Foreign currency translation adjustment Unrealized (loss) gain on securities available for sale Postemployment benefits Total Accumulated other comprehensive (loss) income Balance at July 1, 2016 $ (81,685 ) $ (38 ) $ (3,823 ) $ (85,546 ) Other comprehensive (loss) income (2,349 ) 15 — (2,334 ) Amounts reclassified from accumulated other comprehensive (loss) income — — 77 77 Net current-period other comprehensive (loss) income (2,349 ) 15 77 (2,257 ) Balance at September 30, 2016 $ (84,034 ) $ (23 ) $ (3,746 ) $ (87,803 )
Schedule of Comprehensive Income (Loss) [Table Text Block]	Other Comprehensive Income (Loss) Details of other comprehensive income (loss) are as follows: Three Months Ended September 30, 2017 2016 Pre-Tax Amount Tax Benefit Net Amount Pre-Tax Amount Tax Expense Net Amount Foreign currency translation adjustments $ 8,159 $ — $ 8,159 $ (2,349 ) $ — $ (2,349 ) Post-employment benefits: Reclassification of net actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs (14 ) (10 ) (4 ) 127 50 77 Unrealized (loss) gain on investment securities available for sale (4 ) (1 ) (3 ) 26 11 15 Other comprehensive loss $ 8,141 $ (11 ) $ 8,152 $ (2,196 ) $ 61 $ (2,257 )

Benefit Plans (Tables)

Benefit Plans (Tables)	3 Months Ended
	Sep. 30, 2017
Retirement Benefits [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, 2017 2016 2017 2016 Components of net periodic cost: Service cost $ 31 $ 31 $ 5 $ 7 Interest cost 183 173 13 16 Expected return on plan assets (118 ) (115 ) — — Recognized net actuarial loss (gain) 106 218 (39 ) (45 ) Amortization of prior service cost 7 22 (92 ) (68 ) Net periodic cost $ 209 $ 329 $ (113 ) $ (90 )

Segment and Geographic Inform21

Segment and Geographic Information (Tables)	3 Months Ended
	Sep. 30, 2017
Segment Reporting [Abstract]
Segment financial information	Three Months Ended Service Center Based Distribution Fluid Power Businesses Total September 30, 2017 Net sales $ 568,913 $ 111,788 $ 680,701 Operating income for reportable segments 33,722 13,290 47,012 Assets used in business 1,182,784 202,123 1,384,907 Depreciation and amortization of property 3,669 258 3,927 Capital expenditures 5,548 788 6,336 September 30, 2016 Net sales $ 529,230 $ 95,618 $ 624,848 Operating income for reportable segments 26,996 10,478 37,474 Assets used in business 1,147,199 152,240 1,299,439 Depreciation and amortization of property 3,416 234 3,650 Capital expenditures 2,924 75 2,999 Enterprise Resource Planning system (ERP) related assets are included 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, 2017 2016 Operating income for reportable segments $ 47,012 $ 37,474 Adjustment for: Intangible amortization—Service Center Based Distribution 4,512 4,846 Intangible amortization—Fluid Power Businesses 1,319 1,391 Corporate and other income, net (10,656 ) (12,182 ) Total operating income 51,837 43,419 Interest expense, net 2,166 2,146 Other income, net (711 ) (197 ) Income before income taxes $ 50,382 $ 41,470 The change in corporate and other income, net is due to changes in
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, 2017 2016 Geographic Areas: United States $ 567,545 $ 523,367 Canada 66,817 62,581 Other countries 46,339 38,900 Total $ 680,701 $ 624,848 Other countries consist of Mexico, Australia, New Zealand

Other (Income) Expense, Net (Ta

Other (Income) Expense, Net (Tables)	3 Months Ended
	Sep. 30, 2017
Other Income and Expenses [Abstract]
Other expense (income), net	Other income, net consists of the following: Three Months Ended September 30, 2017 2016 Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan $ (368 ) $ (330 ) Foreign currency transactions gain (311 ) (150 ) Net other periodic post-employment costs 60 201 Other, net (92 ) 82 Total other income, net $ (711 ) $ (197 )

Basis of Presentation Change in

Basis of Presentation Change in Accounting Principle (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Net other periodic post-employment costs	$ 60	$ 201
New Accounting Principles, Early Adoption [Domain]
Net other periodic post-employment costs		$ 201

Business Combinations Business

Business Combinations Business Combinations Textuals (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Jul. 03, 2017	Mar. 03, 2017
DICOFASA [Member] [Domain]
Business Acquisition, Percentage of Voting Interests Acquired			100.00%
Business Combination, Consideration Transferred	$ 5,920
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	3,460
Intangible Assets, Net (Including Goodwill)	2,460
Funding from Holdback Payments			$ 906
Debt Instrument, Interest Rate, Stated Percentage			1.50%
Sentinel Fluid Controls [Member]
Business Combination, Consideration Transferred		$ 3,755
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		3,130
Intangible Assets, Net (Including Goodwill)		$ 625
Funding from Holdback Payments				$ 982
Sentinel Fluid Controls [Member] | Other Liabilities [Member]
Funding from Holdback Payments	$ 807

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Changes in the carrying amount of goodwill by reportable segment
Balance at beginning of period	$ 206,135	$ 202,700
Goodwill acquired during the period	2,460	3,845
Other, primarily currency translation	1,239	(410)
Balance at September 30, 2017	209,834	206,135
Service Center Based Distribution Segment [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at beginning of period	201,740	198,486
Goodwill acquired during the period	2,460	3,220
Other, primarily currency translation	1,239	34
Balance at September 30, 2017	205,439	201,740
Fluid Power Businesses Segment [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at beginning of period	4,395	4,214
Goodwill acquired during the period	0	625
Other, primarily currency translation	0	(444)
Balance at September 30, 2017	$ 4,395	$ 4,395

Goodwill and Intangibles (Det26

Goodwill and Intangibles (Details 1) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Amortization details resulting from business combinations
Amount	$ 298,127	$ 296,822
Accumulated Amortization	138,279	133,260
Net Book Value	159,848	163,562
Customer relationships
Amortization details resulting from business combinations
Amount	235,945	235,009
Accumulated Amortization	106,142	102,414
Net Book Value	129,803	132,595
Trade names
Amortization details resulting from business combinations
Amount	44,223	43,873
Accumulated Amortization	20,164	19,295
Net Book Value	24,059	24,578
Vendor relationships
Amortization details resulting from business combinations
Amount	14,179	14,152
Accumulated Amortization	9,404	9,141
Net Book Value	4,775	5,011
Non-competition agreements
Amortization details resulting from business combinations
Amount	3,780	3,788
Accumulated Amortization	2,569	2,410
Net Book Value	$ 1,211	$ 1,378

Goodwill and Intangibles (Det27

Goodwill and Intangibles (Details Textuals) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)
Goodwill [Line Items]
Number of Reporting Units		6
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		20.00%
Goodwill and Intangibles (Textuals) [Abstract]
Amortization expense for the remainder of 2018			$ 17,100
Amortization expense for 2019			21,000
Amortization expense for 2020			19,200
Amortization expense for 2021			17,600
Amortization expense for 2022			16,100
Amortization expense for 2023			14,600
Service Center Based Distribution Segment [Member]
Goodwill [Line Items]
Goodwill, Purchase Accounting Adjustments		$ 3,220
Accumulated goodwill impairment losses			64,794
Fluid Power Businesses Segment [Member]
Goodwill [Line Items]
Accumulated goodwill impairment losses			$ 36,605
Measurement period adjustment impact [Domain]
Goodwill [Line Items]
Amortization	$ 156
Customer Relationships [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments		2,636
Trade Names [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Purchase Accounting Adjustments		$ 584

Debt (Details)

Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017
Long-term Debt Instruments [Line Items]
Letters of Credit Outstanding, Amount	$ 2,698
Debt Issuance Costs, Gross, Current	105
Debt Issuance Cost, Gross, Noncurrent	268	$ 294
Revolving Credit Facility [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	250,000
Letters of Credit Outstanding, Amount	2,534	2,441
Line of Credit Facility, Remaining Borrowing Capacity	$ 247,466	247,559
Revolving Credit Facility [Member] | Minimum [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.09%
Revolving Credit Facility [Member] | Maximum [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.175%
Long-term Debt [Member]
Long-term Debt Instruments [Line Items]
Debt Instrument, Face Amount	$ 125,000
Long-term Debt	$ 119,531	120,313
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	2.25%
Prudential Facility [Domain]
Long-term Debt Instruments [Line Items]
Long-term Debt	$ 170,000
Debt Instrument, Unused Borrowing Capacity, Amount	50,000
Prudential Facility - Series C [Member]
Long-term Debt Instruments [Line Items]
Long-term Debt	$ 120,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.19%
Prudential Facility - Series D [Member]
Long-term Debt Instruments [Line Items]
Long-term Debt	$ 50,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.21%
State of Ohio Assumed Debt [Member]
Long-term Debt Instruments [Line Items]
Debt Instrument, Face Amount	$ 2,359
Long-term Debt	$ 1,612	$ 1,669
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.50%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Jun. 30, 2017
Level 1 [Member] | Recurring [Member]
Fair Value Measurements (Textuals) [Line Items]
Marketable securities	$ 10,584	$ 10,481

Shareholders' Equity Accumulate

Shareholders' Equity Accumulated Other Comprehensive Income (Loss) [Table] (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (81,702)
Other comprehensive income (loss), Unrealized gain (loss) on securities available for sale	(3)	$ 15
Amounts reclassified from accumulated other comprehensive (loss) income	(4)	77
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment	8,159	(2,349)
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss)	8,152	(2,257)
Balance at end of period	(73,550)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(79,447)	(81,685)
Other comprehensive income (loss), Foreign Currency Translation Adjustment	8,159	(2,349)
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment	8,159	(2,349)
Balance at end of period	(71,288)	(84,034)
Unrealized gain (loss) on securities available for sale [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	21	(38)
Other comprehensive income (loss), Unrealized gain (loss) on securities available for sale	(3)	15
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net current-period other comprehensive income (loss), net of taxes, Unrealized gain (loss) on securities available for sale	(3)	15
Balance at end of period	18	(23)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(2,276)	(3,823)
Other comprehensive income (loss), Postemployment Benefits,	0	0
Net current-period other comprehensive income (loss), net of taxes, Postemployment benefits	(4)	77
Balance at end of period	(2,280)	(3,746)
Total Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(81,702)	(85,546)
Other comprehensive income (loss), Total accumulated other comprehensive income (loss)	8,156	(2,334)
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss)	8,152	(2,257)
Balance at end of period	$ (73,550)	$ (87,803)

Shareholders' Equity (Details 1

Shareholders' Equity (Details 1 ) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Other comprehensive income (loss):
Foreign currency translation adjustments, before Tax	$ 8,159	$ (2,349)
Foreign currency translation adjustments, Tax	0	0
Foreign currency translation adjustments, Net of Tax	8,159	(2,349)
Post-employment benefits:
Reclassification of net actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs, before Tax	(14)	127
Reclassification of net actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs, Tax	10	(50)
Reclassification of net actuarial (gains) losses and prior service cost into other income, net and included in net periodic pension costs, Net of Tax	(4)	77
Unrealized (loss) gain on investment securities available for sale, before Tax	(4)	26
Unrealized (loss) gain on investment securities available for sale, Tax	(1)	11
Unrealized (loss) gain on investment securities available for sale, Net of Tax	(3)	15
Other comprehensive income (loss), before tax	8,141	(2,196)
Other comprehensive income (loss), Tax	(11)	61
Other comprehensive income (loss), net of tax	$ 8,152	$ (2,257)

Shareholders' Equity Shareholde

Shareholders' Equity Shareholders Equity Details Textuals (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Statement of Stockholders' Equity [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	293	680

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Components of net periodic cost:
Service cost	$ 36	$ 38
Pension Benefits [Member]
Components of net periodic cost:
Service cost	31	31
Interest cost	183	173
Expected return on plan assets	(118)	(115)
Recognized net actuarial loss (gain)	106	218
Amortization of prior service cost	7	22
Net periodic cost	209	329
Postretirement Health Coverage [Member]
Components of net periodic cost:
Service cost	5	7
Interest cost	13	16
Expected return on plan assets	0	0
Recognized net actuarial loss (gain)	(39)	(45)
Amortization of prior service cost	(92)	(68)
Net periodic cost	$ (113)	$ (90)

Benefit Plans (Details Textuals

Benefit Plans (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	$ 36	$ 38
Net other periodic post-employment costs	60	201
Pension Plans, Defined Benefit [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	31	31
Benefit Plans (Textuals) [Abstract]
Contribution to benefit plan	900
Expected contribution to benefit plans for remainder of fiscal year	1,920
Postretirement Health Coverage [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Service Cost	5	$ 7
Benefit Plans (Textuals) [Abstract]
Contribution to benefit plan	47
Expected contribution to benefit plans for remainder of fiscal year	$ 143

Segment and Geographic Inform35

Segment and Geographic Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
Segment financial information
Net sales	$ 680,701	$ 624,848
Operating income for reportable segments	51,837	43,419
Assets used in business	1,384,907		$ 1,387,595
Depreciation and amortization of property	3,927	3,650
Capital expenditures	6,336	2,999
Service Center Based Distribution [Member]
Segment financial information
Net sales	568,913	529,230
Operating income for reportable segments	33,722	26,996
Assets used in business	1,182,784	1,147,199
Depreciation and amortization of property	3,669	3,416
Capital expenditures	5,548	2,924
Fluid Power Businesses [Member]
Segment financial information
Net sales	111,788	95,618
Operating income for reportable segments	13,290	10,478
Assets used in business	202,123	152,240
Depreciation and amortization of property	258	234
Capital expenditures	788	75
Operating Segments [Member]
Segment financial information
Net sales	680,701	624,848
Operating income for reportable segments	47,012	37,474
Assets used in business	1,384,907	1,299,439
Depreciation and amortization of property	3,927	3,650
Capital expenditures	$ 6,336	$ 2,999

Segment and Geographic Inform36

Segment and Geographic Information (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	$ 51,837	$ 43,419
Adjustment for:
Intangible amortization	5,831	6,237
Corporate and other income, net	(10,656)	(12,182)
Interest Expense, net	2,166	2,146
Other Income, net	(711)	(197)
Income before income taxes	50,382	41,470
Operating Segments [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	47,012	37,474
Service Center Based Distribution [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	33,722	26,996
Adjustment for:
Intangible amortization	4,512	4,846
Fluid Power Businesses [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	13,290	10,478
Adjustment for:
Intangible amortization	$ 1,319	$ 1,391

Segment and Geographic Inform37

Segment and Geographic Information (Details 2) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Net sales are presented in geographic areas
Net Sales	$ 680,701	$ 624,848
United States
Net sales are presented in geographic areas
Net Sales	567,545	523,367
Canada
Net sales are presented in geographic areas
Net Sales	66,817	62,581
Other countries
Net sales are presented in geographic areas
Net Sales	$ 46,339	$ 38,900

Segment and Geographic Inform38

Segment and Geographic Information (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Segment Reporting Information [Line Items]
Net Sales	$ 680,701	$ 624,848
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net Sales	$ 6,091	$ 5,264

Other (Income) Expense, Net (De

Other (Income) Expense, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Other Income and Expenses [Abstract]
Unrealized (gain) loss on assets held in rabbi trust for a nonqualified deferred compensation plan	$ (368)	$ (330)
Foreign currency transactions (gain) loss	(311)	(150)
Net other periodic post-employment costs	60	201
Other, net	(92)	82
Total other income, net	$ (711)	$ (197)