Applied Industrial (AIT) 10-Q 31 Oct 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2019	Oct. 18, 2019
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
Document Transition Report	false
Entity File Number	1-2299
Entity Registrant Name	APPLIED INDUSTRIAL TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code	OH
Entity Tax Identification Number	34-0117420
Entity Address, Address Line One	One Applied Plaza
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44115
City Area Code	216
Local Phone Number	426-4000
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	AIT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		38,655,628
Document and Entity Information [Abstract]
Entity Central Index Key	0000109563
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Statements of Consoli

Condensed Statements of Consolidated Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 856,404	$ 864,515
Cost of sales	604,944	612,662
Gross profit	251,460	251,853
Selling, distribution and administrative expense, including depreciation	190,294	185,514
Operating income	61,166	66,339
Interest expense, net	10,059	10,476
Other income, net	0	(239)
Income before income taxes	51,107	56,102
Income tax expense	12,308	7,164
Net income	$ 38,799	$ 48,938
Net income per share - basic	$ 1	$ 1.26
Net income per share - diluted	$ 1	$ 1.24
Weighted average common shares outstanding for basic computation	38,611	38,714
Dilutive effect of potential common shares	350	650
Weighted average common shares outstanding for diluted computation	38,961	39,364

Condensed Statements of Conso_2

Condensed Statements of Consolidated Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Net income per the condensed statements of consolidated income	$ 38,799	$ 48,938
Other comprehensive (loss) income, before tax:
Foreign currency translation adjustments	(4,034)	5,714
Post-employment benefits:
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs	(17)	(75)
Cumulative effect of adopting accounting standard	0	(50)
Unrealized loss on cash flow hedge	(2,180)	0
Reclassification of interest from cash flow hedge into interest expense	(427)	0
Total other comprehensive (loss) income, before tax	(5,804)	5,589
Income tax (benefit) expense related to items of other comprehensive (loss) income	(557)	242
Other comprehensive (loss) income, net of tax	(5,247)	5,347
Comprehensive income, net of tax	$ 33,552	$ 54,285

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Current assets
Cash and cash equivalents	$ 98,204	$ 108,219
Accounts receivable, net	529,330	540,902
Inventories	465,165	447,555
Other current assets	52,224	51,462
Total current assets	1,144,923	1,148,138
Property, less accumulated depreciation of $184,989 and $181,066	125,094	124,303
Operating lease assets, net	86,557	0
Identifiable intangibles, net	374,871	368,866
Goodwill	671,476	661,991
Other assets	26,811	28,399
TOTAL ASSETS	2,429,732	2,331,697
Current liabilities
Accounts payable	229,368	237,289
Current portion of long-term debt	93,912	49,036
Compensation and related benefits	63,973	67,978
Other current liabilities	91,469	69,491
Total current liabilities	478,722	423,794
Long-term debt	859,172	908,850
Other liabilities	164,613	102,019
TOTAL LIABILITIES	1,502,507	1,434,663
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; 38,655 and 38,597 outstanding, respectively	10,000	10,000
Additional paid-in capital	172,223	172,931
Retained earnings	1,264,648	1,229,148
Treasury shares—at cost (15,558 and 15,616 shares, respectively)	(414,513)	(415,159)
Accumulated other comprehensive loss	(105,133)	(99,886)
TOTAL SHAREHOLDERS’ EQUITY	927,225	897,034
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 2,429,732	$ 2,331,697

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Noncurrent Assets:
Property, less accumulated depreciation	$ 184,989	$ 181,066
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	38,655,000	38,597,000
Treasury shares	15,558,000	15,616,000

Condensed Statements of Conso_3

Condensed Statements of Consolidated Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Flows from Operating Activities
Net income	$ 38,799	$ 48,938
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property	5,223	4,981
Amortization of intangibles	10,374	10,921
Amortization of stock options and appreciation rights	773	651
Other share-based compensation expense	919	1,043
Changes in operating assets and liabilities, net of acquisitions	(8,682)	(53,184)
Other, net	2,612	(1,553)
Net Cash provided by Operating Activities	50,018	11,797
Cash Flows from Investing Activities
Acquisition of businesses, net of cash acquired	(35,703)	0
Property purchases	(4,946)	(3,173)
Proceeds from property sales	88	77
Net Cash used in Investing Activities	(40,561)	(3,096)
Cash Flows from Financing Activities
Net repayments under revolving credit facility	0	(19,500)
Long-term debt borrowings	0	175,000
Long-term debt repayments	4,934	146,934
Payment of debt issuance costs	0	(685)
Dividends paid	(11,985)	(11,334)
Acquisition holdback payments	201	219
Taxes paid for shares withheld for equity awards	(1,754)	(3,203)
Net Cash used in Financing Activities	(18,874)	(6,875)
Effect of Exchange Rate Changes on Cash	(598)	432
(Decrease) increase in Cash and Cash Equivalents	(10,015)	2,258
Cash and Cash Equivalents at Beginning of Period	108,219	54,150
Cash and Cash Equivalents at End of Period	$ 98,204	$ 56,408

Condensed Statements of Shareho

Condensed Statements of Shareholder's Equity Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Common Stock [Member]Stock Options and Stock Appreciation Rights [ Member]	Common Stock [Member]Performance Shares [Member]	Common Stock [Member]Restricted Stock Units (RSUs) [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Stock Options and Stock Appreciation Rights [ Member]	Additional Paid-in Capital [Member]Performance Shares [Member]	Additional Paid-in Capital [Member]Restricted Stock Units (RSUs) [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Treasury Stock [Member]Stock Options and Stock Appreciation Rights [ Member]	Treasury Stock [Member]Performance Shares [Member]	Treasury Stock [Member]Restricted Stock Units (RSUs) [Member]	Total Accumulated Other Comprehensive Income (Loss) [Member]	Parent [Member]	Parent [Member]Stock Options and Stock Appreciation Rights [ Member]	Parent [Member]Performance Shares [Member]	Parent [Member]Restricted Stock Units (RSUs) [Member]
Beginning balance, shares at Jun. 30, 2018		38,703
Beginning balance at Jun. 30, 2018		$ 10,000				$ 169,383				$ 1,129,678	$ (403,875)				$ (90,223)	$ 814,963
Net income	$ 48,938															48,938
Other comprehensive (loss) income, net of tax	$ 5,347														5,347	5,347
Cumulative effect of adopting accounting standards | Adjustments for New Accounting Pronouncement [Member]										3,056						3,056
Cash dividends										(13)						(13)
Exercise of stock appreciation rights and options, shares			17
Performance share awards, shares				18
Restricted stock units, shares					16
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units							$ (855)	$ (844)	$ (760)
Exercise of stock appreciation rights and options												$ (210)
Performance share awards													$ (301)
Restricted stock units														$ (198)
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units																	$ (1,065)	$ (1,145)	$ (958)
Compensation expense						1,043	651									1,043	651
Other										24	(35)					(11)
Ending balance, shares at Sep. 30, 2018		38,754
Ending balance at Sep. 30, 2018		$ 10,000				168,618				1,181,683	(404,619)				(84,876)	870,806
Beginning balance, shares at Jun. 30, 2019	38,597	38,597
Beginning balance at Jun. 30, 2019	$ 897,034	$ 10,000				172,931				1,229,148	(415,159)				(99,886)	897,034
Net income	38,799															38,799
Other comprehensive (loss) income, net of tax	$ (5,247)														(5,247)	(5,247)
Cumulative effect of adopting accounting standards | Adjustments for New Accounting Pronouncement [Member]										(3,275)						(3,275)
Cash dividends										(20)						(20)
Exercise of stock appreciation rights and options, shares			5
Performance share awards, shares				36
Restricted stock units, shares					16
Additional Paid in Capital, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units							(177)	$ (1,540)	$ (631)
Exercise of stock appreciation rights and options												$ 61
Performance share awards													$ 362
Restricted stock units														$ 200
Total Shareholders' Equity, Exercise of stock appreciation rights and options, Performance share awards, Restricted stock units																	(116)	$ (1,178)	$ (431)
Compensation expense						919	$ 773									919	$ 773
Stockholders' Equity, Other Shares		2
Other						(52)				(4)	23					(33)
Ending balance, shares at Sep. 30, 2019	38,655	38,656
Ending balance at Sep. 30, 2019	$ 927,225	$ 10,000				$ 172,223				$ 1,264,648	$ (414,513)				$ (105,133)	$ 927,225

Condensed Statements of Share_2

Condensed Statements of Shareholder's Equity Condensed Statements of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash Dividends per Common Share	$ 0.31	$ 0.30

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 2019
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, 2019 , and the results of its operations and its cash flows for the three month periods ended September 30, 2019 and 2018 , have been included. The condensed consolidated balance sheet as of June 30, 2019 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, 2019 . Operating results for the three month period ended September 30, 2019 are not necessarily indicative of the results that may be expected for the remainder of the fiscal year ending June 30, 2020 . Inventory The Company uses the LIFO method of valuing U.S. inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination. Recently Adopted Accounting Guidance Leases 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. This update is effective for annual financial statement periods beginning after December 15, 2018, with earlier application permitted. In July 2018, the FASB issued ASU 2018-10 which clarifies the guidance in ASU 2016-02 and ASU 2018-11 which provides entities with an additional transition method option for adopting the new standard. In December 2018 and January 2019, the FASB issued ASU 2018-20 and ASU 2019-01, respectively, which further clarify the guidance. The Company adopted the new guidance effective July 1, 2019 using the optional transition method, which required application of the new guidance to only those leases that existed at the date of adoption. The Company elected the “package of practical expedients,” which permitted the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. Adoption of the new standard resulted in the recognition of right-of-use (ROU) assets and lease liabilities of $83,533 and $89,778 , respectively, on July 1, 2019. The difference between the ROU assets and lease liabilities related primarily to the impairment of certain leases in Canada and the United States. In addition, the adoption resulted in an adjustment to opening retained earnings of approximately $3,275 , net of tax, on July 1, 2019 primarily due to the impairment of the leases. The standard did not have a material impact on the Company’s condensed statements of consolidated income or cash flows. Cash Flows 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 adopted the new guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company's financial statements or related disclosures. Recently Issued Accounting Guidance 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. In November 2018, April 2019, and May 2019 the FASB issued ASU 2018-19, ASU 2019-04, and ASU 2019-05, respectively, which clarify the guidance in ASU 2016-13. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.

Revenue Recognition Revenue Rec

Revenue Recognition Revenue Recognition	3 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer [Text Block]	REVENUE RECOGNITION Disaggregation of Revenues The following tables present the Company's net sales by reportable segment and by geographic areas based on the location of the facility shipping the product for the three months ended September 30, 2019 and 2018 . Other countries consist of Mexico, Australia, New Zealand, and Singapore. Three Months Ended September 30, 2019 2018 Service Center Based Distribution Fluid Power & Flow Control Total Service Center Based Distribution Fluid Power & Flow Control Total Geographic Areas: United States $ 492,873 $ 250,113 $ 742,986 $ 490,774 $ 256,649 $ 747,423 Canada 65,946 — 65,946 69,107 — 69,107 Other countries 44,341 3,131 47,472 44,168 3,817 47,985 Total $ 603,160 $ 253,244 $ 856,404 $ 604,049 $ 260,466 $ 864,515 The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 Service Center Based Distribution Fluid Power & Flow Control Total General Industry 34.8 % 43.7 % 37.5 % Industrial Machinery 10.2 % 22.1 % 13.7 % Metals 12.4 % 8.2 % 11.1 % Food 11.1 % 2.7 % 8.6 % Oil & Gas 9.3 % 1.9 % 7.1 % Chem/Petrochem 2.8 % 12.7 % 5.7 % Forest Products 7.7 % 3.1 % 6.4 % Cement & Aggregate 6.8 % 1.0 % 5.1 % Transportation 4.9 % 4.6 % 4.8 % Total 100.0 % 100.0 % 100.0 % Three Months Ended September 30, 2018 Service Center Based Distribution Fluid Power & Flow Control Total General Industry 35.8 % 44.0 % 38.3 % Industrial Machinery 9.2 % 21.4 % 12.9 % Metals 11.1 % 7.8 % 10.1 % Food 10.8 % 2.5 % 8.3 % Oil & Gas 9.6 % 2.1 % 7.3 % Chem/Petrochem 3.5 % 15.6 % 7.1 % Forest Products 8.7 % 2.6 % 6.9 % Cement & Aggregate 6.8 % 1.0 % 5.0 % Transportation 4.5 % 3.0 % 4.1 % Total 100.0 % 100.0 % 100.0 % The following tables present the Company’s percentage of revenue by reportable segment and product line for the three months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 Service Center Based Distribution Fluid Power & Flow Control Total Power Transmission 34.5 % 9.3 % 27.1 % Fluid Power 13.3 % 39.7 % 21.1 % General Maintenance; Hose Products 26.3 % 8.0 % 20.9 % Bearings, Linear & Seals 25.9 % 0.3 % 18.3 % Specialty Flow Control — % 42.7 % 12.6 % Total 100.0 % 100.0 % 100.0 % Three Months Ended September 30, 2018 Service Center Based Distribution Fluid Power & Flow Control Total Power Transmission 32.8 % 1.5 % 23.3 % Fluid Power 14.0 % 37.6 % 21.1 % General Maintenance; Hose Products 27.6 % 4.7 % 20.8 % Bearings, Linear & Seals 25.6 % — % 17.9 % Specialty Flow Control — % 56.2 % 16.9 % Total 100.0 % 100.0 % 100.0 % Contract Assets The Company’s contract assets consist of un-billed amounts resulting from contracts for which revenue is recognized over time using the cost-to-cost method, and for which revenue recognized exceeds the amount billed to the customer. Activity related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows: September 30, 2019 June 30, 2019 $ Change % Change Contract assets $ 7,338 $ 8,920 $ (1,582 ) (17.7 )% The difference between the opening and closing balances of the Company's contract assets primarily results from the timing difference between the Company's performance and when the customer is billed.

Business Combinations

Business Combinations	3 Months Ended
	Sep. 30, 2019
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 2020 Acquisition On August 21, 2019, the Company acquired 100% of the outstanding shares of Olympus Controls, a Portland, Oregon automation solutions provider - including design, assembly, integration, and distribution - of motion control, machine vision, and robotic technologies. Olympus Controls is included in the Fluid Power & Flow Control segment. The purchase price for the acquisition was $34,901 , net tangible assets acquired were $9,464 , and intangible assets including goodwill was $25,437 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. 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 2019 Acquisitions On March 4, 2019, the Company acquired substantially all of the net assets of MilRoc Distribution (MilRoc) and Woodward Steel (Woodward). MilRoc is an Oklahoma based distributor of oilfield specific products, namely pumps and valves, as well as equipment repair services and industrial parts to the oil & gas industry. Woodward is an Oklahoma based steel supplier to the oil & gas and agriculture industries. MilRoc and Woodward are both included in the Service Center Based Distribution segment. The purchase price for the acquisition was $35,000 , net tangible assets acquired were $17,788 , and intangible assets including goodwill was $17,212 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes acquisition holdback payments of $4,375 , which are included in other current liabilities and other liabilities on the condensed consolidated balance sheet as of September 30, 2019 , and which will be paid on the first, second, and third anniversaries of the acquisition date with interest at a fixed rate of 2.0% 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. On November 2, 2018, the Company acquired substantially all of the net assets of Fluid Power Sales, Inc. (FPS), a Baldwinsville, New York based manufacturer and distributor of fluid power components, specializing in the engineering and fabrication of manifolds and power units. FPS is included in the Fluid Power & Flow Control segment. The purchase price for the acquisition was $8,100 , net tangible assets acquired were $4,150 , and goodwill was $3,950 based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. The purchase price includes acquisition holdback payments of $1,200 , which is included in other current liabilities and other liabilities on the condensed consolidated balance sheet as of September 30, 2019 , and which will be paid on the first and second anniversaries of the acquisition date 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.

Goodwill and Intangibles

Goodwill and Intangibles	3 Months Ended
	Sep. 30, 2019
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 & Flow Control segment for the fiscal year ended June 30, 2019 and the three month period ended September 30, 2019 are as follows: Service Center Based Distribution Fluid Power & Flow Control Total Balance at July 1, 2018 $ 203,084 $ 443,559 $ 646,643 Goodwill acquired during the period 9,943 4,798 14,741 Other, primarily currency translation 607 — 607 Balance at June 30, 2019 $ 213,634 $ 448,357 $ 661,991 Goodwill adjusted/acquired during the period (3,393 ) 12,773 9,380 Other, primarily currency translation 105 — 105 Balance at September 30, 2019 $ 210,346 $ 461,130 $ 671,476 During the first quarter of fiscal 2020, the Company recorded an adjustment to the preliminary estimated fair value of intangible assets related to the MilRoc/Woodward acquisition. The fair values of the customer relationships, trade name, and non-compete intangible assets were increased by $1,524 , $1,809 , and $60 , respectively, with a corresponding total decrease to goodwill of $3,393 . The changes to the preliminary estimated fair values resulted in an increase to amortization expense of $303 during the first quarter of fiscal 2020, which is recorded in selling, distribution, and administrative expense on the condensed statements of consolidated income. The Company has seven ( 7 ) reporting units for which an annual goodwill impairment assessment was performed as of January 1, 2019. The Company concluded that all of the reporting units’ fair value exceeded their carrying amounts by at least 20% as of January 1, 2019. Specifically, the Canada reporting unit's fair value exceeded its carrying value by 25% , and the reporting unit comprised of the FCX Performance Inc. operations' fair value exceeded its carrying value by 20% . The Canada and FCX reporting units have goodwill balances of $28,067 and $440,012 , respectively, as of September 30, 2019 . 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, and requires management to make significant estimates and assumptions related to forecasts of future revenues, operating margins, and discount rates. The market approach utilizes an analysis of comparable publicly traded companies and requires management to make significant estimates and assumptions related to the forecasts of future revenues, earnings before interest, taxes, depreciation, and amortization (EBITDA) and multiples that are applied to management’s forecasted revenues and EBITDA estimates. Changes in future results, assumptions, and estimates after the measurement date may lead to an outcome where additional 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 impairment if the Company determines that the fair values of its reporting units have fallen below their carrying values. Certain events or circumstances that could reasonably be expected to negatively affect the underlying key assumptions and ultimately impact the estimated fair value of the Company’s reporting units may include such items as: (i) a decrease in expected future cash flows, specifically, a decrease in sales volume driven by a prolonged weakness in customer demand or other pressures adversely affecting our long-term sales trends; (ii) inability to achieve the sales from our strategic growth initiatives. At September 30, 2019 and June 30, 2019 , 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 & Flow Control 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, 2019 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 435,325 $ 142,389 $ 292,936 Trade names 107,695 29,189 78,506 Vendor relationships 11,306 8,315 2,991 Non-competition agreements 1,462 1,024 438 Total Identifiable Intangibles $ 555,788 $ 180,917 $ 374,871 June 30, 2019 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 422,367 $ 135,879 $ 286,488 Trade names 105,946 27,232 78,714 Vendor relationships 11,367 8,156 3,211 Non-competition agreements 2,702 2,249 453 Total Identifiable Intangibles $ 542,382 $ 173,516 $ 368,866 Amounts include the impact of foreign currency translation. Fully amortized amounts are written off. During the three month period ended September 30, 2019 , 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 $ 12,664 20 Total Intangibles Acquired $ 12,664 20 Estimated future amortization expense by fiscal year (based on the Company’s identifiable intangible assets as of September 30, 2019 ) for the next five years is as follows: $30,200 for the remainder of 2020 , $38,600 for 2021 , $36,400 for 2022 , $34,200 for 2023 , $30,000 for 2024 and $26,000 for 2025 .

Debt Debt

Debt Debt	3 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	DEBT Revolving Credit Facility & Term Loan In January 2018, the Company refinanced its existing credit facility and entered into a new five-year credit facility with a group of banks expiring in January 2023 . This agreement provides for a $780,000 unsecured term loan and a $250,000 unsecured revolving credit facility. Fees on this facility range from 0.10% to 0.20% 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, 2019 and June 30, 2019 , the Company had $608,750 and $613,625 , respectively, outstanding under the term loan. The interest rate on the term loan as of September 30, 2019 and June 30, 2019 was 3.81% and 4.19% , respectively. The Company had no amount outstanding under the revolver at September 30, 2019 or June 30, 2019 . Unused lines under this facility, net of outstanding letters of credit of $2,462 and $3,215 , respectively, to secure certain insurance obligations, totaled $247,538 and $246,785 at September 30, 2019 and June 30, 2019 , respectively, and were available to fund future acquisitions or other capital and operating requirements. Additionally, the Company had letters of credit outstanding with a separate bank, not associated with the revolving credit agreement, in the amount of $3,087 and $2,698 as of September 30, 2019 and June 30, 2019 , respectively, in order to secure certain insurance obligations. Trade Receivable Securitization Facility In August 2018, the Company established a trade receivable securitization facility (the “AR Securitization Facility”) with a termination date of August 31, 2021 . The maximum availability under the AR Securitization Facility is $175,000 . Availability is further subject to changes in the credit ratings of our customers, customer concentration levels or certain characteristics of the accounts receivable being transferred and, therefore, at certain times, we may not be able to fully access the $175,000 of funding available under the AR Securitization Facility. The AR Securitization Facility effectively increases the Company’s borrowing capacity by collateralizing a portion of the amount of the Service Center Based Distribution reportable segment’s U.S. operations’ trade accounts receivable. The collateralized trade accounts receivable is equal to the borrowed amount outstanding under the AR Securitization Facility and there are no restrictions on cash or other assets. The Company uses the proceeds from the AR Securitization Facility as an alternative to other forms of debt, effectively reducing borrowing costs. Borrowings under this facility carry variable interest rates tied to LIBOR and fees on the AR Securitization Facility are 0.90% per year. As of September 30, 2019 , and June 30, 2019 , the Company borrowed $175,000 under the AR Securitization Facility. The interest rate on the AR securitization as of September 30, 2019 and June 30, 2019 was 3.04% and 3.33% , respectively. Other Long-Term Borrowings At September 30, 2019 and June 30, 2019 , the Company had borrowings outstanding under its unsecured shelf facility agreement with Prudential Investment Management of $170,000 . Fees on this facility range from 0.25% to 1.25% per year based on the Company's leverage ratio at each quarter end. 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 , carry a fixed interest rate of 3.21% , and are due in equal principal payments in October 2019 and 2023. In 2014, the Company assumed $2,359 of debt as a part of the headquarters facility acquisition. The 1.50% fixed interest rate note is held by the State of Ohio Development Services Agency, maturing in May 2024. At September 30, 2019 and June 30, 2019 , $1,145 and $1,204 was outstanding, respectively. Unamortized debt issue costs of $577 are included as a reduction of current portion of long-term debt on the condensed consolidated balance sheets as of September 30, 2019 and June 30, 2019 . Unamortized debt issue costs of $1,234 and $1,366 are included as a reduction of long-term debt on the condensed consolidated balance sheets as of September 30, 2019 and June 30, 2019 , respectively.

Derivatives Derivatives

Derivatives Derivatives	3 Months Ended
	Sep. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	DERIVATIVES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive loss and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. In January 2019, the Company entered into an interest rate swap to mitigate variability in forecasted interest payments on $463,000 of the Company’s U.S. dollar-denominated unsecured variable rate debt. The interest rate swap effectively converts a portion of the floating rate interest payment into a fixed rate interest payment. The Company designated the interest rate swap as a pay-fixed, receive-floating interest rate swap instrument and is accounting for this derivative as a cash flow hedge. The interest rate swap converts $463,000 of variable rate debt to a rate of 3.88% . The fair value of the interest rate cash flow hedge was $15,955 and $14,202 as of September 30, 2019 and June 30, 2019 (Level 2 in the fair value hierarchy), respectively, which is included in other current liabilities and other liabilities in the condensed consolidated balance sheet. Realized losses related to the interest rate cash flow hedge were not material during the three months ended September 30, 2019 .

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Sep. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Marketable securities measured at fair value at September 30, 2019 and June 30, 2019 totaled $11,360 and $11,246 , 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 determined using quoted market prices (Level 1 in the fair value hierarchy). As of September 30, 2019 and June 30, 2019 , 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, the term loan and the AR Securitization Facility 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, 2019
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS' EQUITY Accumulated Other Comprehensive Loss Changes in the accumulated other comprehensive loss are comprised of the following amounts, shown net of taxes: Three Months Ended September 30, 2019 Foreign currency translation adjustment Post-employment benefits Cash flow hedge Total Accumulated other comprehensive (loss) income Balance at July 1, 2019 $ (86,330 ) $ (2,852 ) $ (10,704 ) $ (99,886 ) Other comprehensive loss (3,913 ) — (1,643 ) (5,556 ) Amounts reclassified from accumulated other comprehensive (loss) income — (13 ) 322 309 Net current-period other comprehensive loss (3,913 ) (13 ) (1,321 ) (5,247 ) Balance at September 30, 2019 $ (90,243 ) $ (2,865 ) $ (12,025 ) $ (105,133 ) Three Months Ended September 30, 2018 Foreign currency translation adjustment Unrealized gain on securities available for sale Post-employment benefits Total Accumulated other comprehensive (loss) income Balance at July 1, 2018 $ (87,974 ) $ 50 $ (2,299 ) $ (90,223 ) Other comprehensive income 5,453 — — 5,453 Amounts reclassified from accumulated other comprehensive (loss) income — — (56 ) (56 ) Net current-period other comprehensive income (loss) 5,453 (50 ) (56 ) 5,347 Balance at September 30, 2018 $ (82,521 ) $ — $ (2,355 ) $ (84,876 ) Other Comprehensive (Loss) Income Details of other comprehensive (loss) income are as follows: Three Months Ended September 30, 2019 2018 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (4,034 ) $ (121 ) $ (3,913 ) $ 5,714 $ 261 $ 5,453 Post-employment benefits: Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs (17 ) (4 ) (13 ) (75 ) (19 ) (56 ) Unrealized loss on cash flow hedge (2,180 ) (537 ) (1,643 ) — — — Reclassification of interest from cash flow hedge into interest expense 427 105 322 — — — Cumulative effect of adopting accounting standard — — — (50 ) — (50 ) Other comprehensive (loss) income $ (5,804 ) $ (557 ) $ (5,247 ) $ 5,589 $ 242 $ 5,347 Anti-dilutive Common Stock Equivalents In the three month periods ended September 30, 2019 and 2018 , respectively, stock options and stock appreciation rights related to 740 and 250

Leases Leases

Leases Leases	3 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Leases of Lessee Disclosure [Text Block]	LEASES The Company leases facilities for certain service centers, warehouses, distribution centers and office space. The Company also leases office equipment and vehicles. All leases are classified as operating. The Company’s leases expire at various dates through 2031, with terms ranging from 1 year to 15 years. Many of the Company’s real estate leases contain renewal provisions to extend lease terms up to 5 years. The exercise of renewal options is solely at the Company’s discretion. The Company’s lease agreements do not contain material variable lease payments, residual value guarantees or restrictive covenants. The Company does not recognize right-of-use assets or lease liabilities for short-term leases with initial terms of 12 months or less. Leased vehicles comprise the majority of the Company’s short-term leases. All other leases are recorded on the balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing lease payment obligations. The Company’s leases do not provide implicit rates; therefore the Company uses its incremental borrowing rate as the discount rate for measuring lease liabilities. Non-lease components are accounted for separately from lease components. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution and administrative expense on the condensed statements of consolidated income. Operating lease costs and short-term lease costs for the three months ended September 30, 2019 were $8,300 and $2,597 , respectively. Variable lease costs and sublease income were not material. Information related to operating leases is as follows: As of September 30, 2019 Operating lease assets, net $ 86,557 Operating lease liabilities Other current liabilities $ 29,253 Other liabilities 63,332 Total operating lease liabilities $ 92,585 Three Months Ended September 30, 2019 Weighted average remaining lease term 4.6 Weighted average incremental borrowing rate 3.43 % Cash paid for operating leases $ 8,553 Right of use assets obtained in exchange for new operating lease liabilities $ 11,799 The table below summarizes the aggregate maturities of operating lease liabilities of more than one year for each of the next five years: Fiscal Year Maturity of Operating Lease Liabilities 2020 $ 24,706 2021 25,177 2022 18,042 2023 11,940 2024 9,124 Thereafter 12,640 Total lease payments 101,629 Less interest (9,044 ) Present value of lease liabilities $ 92,585 The table below summarizes the future minimum annual rental commitments for operating leases accounted for in accordance with Accounting Standards Codification Topic 840, Leases as of June 30, 2019 : Fiscal Year Operating Leases 2020 $ 33,707 2021 23,407 2022 16,420 2023 10,653 2024 7,838 Thereafter 12,135 Total minimum lease payments $ 104,160

Segment Information

Segment Information	3 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The accounting policies of the Company’s reportable segments are generally the same as those used to prepare the condensed consolidated financial statements. LIFO expense of $358 and $1,671 is recorded in cost of sales in the condensed statements of income for the three months ended September 30, 2019 and 2018 , respectively, and is included in operating income for the Service Center Based Distribution segment. The Company allocates LIFO expense between the segments in the fourth quarter of its fiscal year. Intercompany sales, primarily from the Fluid Power & Flow Control segment to the Service Center Based Distribution segment, of $7,313 and $6,916 , in the three months ended September 30, 2019 and 2018 , respectively, have been eliminated in the Segment Financial Information tables below. Three Months Ended Service Center Based Distribution Fluid Power & Flow Control Total September 30, 2019 Net sales $ 603,160 $ 253,244 $ 856,404 Operating income for reportable segments 60,360 26,857 87,217 Assets used in business 1,289,592 1,140,140 2,429,732 Depreciation and amortization of property 4,178 1,045 5,223 Capital expenditures 4,195 751 4,946 September 30, 2018 Net sales $ 604,049 $ 260,466 $ 864,515 Operating income for reportable segments 62,809 30,880 93,689 Assets used in business 1,227,815 1,077,873 2,305,688 Depreciation and amortization of property 3,911 1,070 4,981 Capital expenditures 2,444 729 3,173 A reconciliation of operating income for reportable segments to the condensed consolidated income before income taxes is as follows: Three Months Ended September 30, 2019 2018 Operating income for reportable segments $ 87,217 $ 93,689 Adjustment for: Intangible amortization—Service Center Based Distribution 3,054 4,018 Intangible amortization—Fluid Power & Flow Control 7,320 6,903 Corporate and other expense, net 15,677 16,429 Total operating income 61,166 66,339 Interest expense, net 10,059 10,476 Other income, net — (239 ) Income before income taxes $ 51,107 $ 56,102 The change in corporate and other expense, net is due to changes in corporate expenses, as well as in the amounts and levels of certain expenses being allocated to the segments. The expenses being allocated include corporate charges for working capital, logistics support and other items.

Other Income, Net

Other Income, Net	3 Months Ended
	Sep. 30, 2019
Other Income and Expenses [Abstract]
OTHER INCOME, NET	OTHER INCOME, NET Other income, net consists of the following: Three Months Ended September 30, 2019 2018 Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan $ (55 ) $ (342 ) Foreign currency transactions (gain) loss (222 ) 27 Net other periodic post-employment benefits (30 ) (22 ) Life insurance expense, net 300 87 Other, net 7 11 Total other income, net $ — $ (239 )

Subsequent Events Subsequent Ev

Subsequent Events Subsequent Events	3 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS We have evaluated events and transactions occurring subsequent to September 30, 2019 through the date the financial statements were issued. On October 30, 2019, the Company authorized the issuance of its senior unsecured promissory notes under its unsecured shelf facility agreement with Prudential Investment Management (the “Series E" notes) in the aggregate principal amount of $25,000 , with a maturity date of October 30, 2024, carrying a fixed interest rate of 3.08% .

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory, Policy [Policy Text Block]	Inventory The Company uses the LIFO method of valuing U.S. inventories. An actual valuation of inventory under the LIFO method can be made only at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels and costs and are subject to the final year-end LIFO inventory determination.
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	Recently Adopted Accounting Guidance Leases 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. This update is effective for annual financial statement periods beginning after December 15, 2018, with earlier application permitted. In July 2018, the FASB issued ASU 2018-10 which clarifies the guidance in ASU 2016-02 and ASU 2018-11 which provides entities with an additional transition method option for adopting the new standard. In December 2018 and January 2019, the FASB issued ASU 2018-20 and ASU 2019-01, respectively, which further clarify the guidance. The Company adopted the new guidance effective July 1, 2019 using the optional transition method, which required application of the new guidance to only those leases that existed at the date of adoption. The Company elected the “package of practical expedients,” which permitted the Company to not reassess under the new standard its prior conclusions about lease identification, lease classification and initial direct costs. Adoption of the new standard resulted in the recognition of right-of-use (ROU) assets and lease liabilities of $83,533 and $89,778 , respectively, on July 1, 2019. The difference between the ROU assets and lease liabilities related primarily to the impairment of certain leases in Canada and the United States. In addition, the adoption resulted in an adjustment to opening retained earnings of approximately $3,275 , net of tax, on July 1, 2019 primarily due to the impairment of the leases. The standard did not have a material impact on the Company’s condensed statements of consolidated income or cash flows. Cash Flows 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 adopted the new guidance in the first quarter of fiscal 2020. The adoption of this guidance did not have a material impact on the Company's financial statements or related disclosures.
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	Recently Issued Accounting Guidance 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. In November 2018, April 2019, and May 2019 the FASB issued ASU 2018-19, ASU 2019-04, and ASU 2019-05, respectively, which clarify the guidance in ASU 2016-13. The Company has not yet determined the impact of this pronouncement on its financial statements and related disclosures.

Leases Leases (Policies)

Leases Leases (Policies)	3 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lessee, Leases [Policy Text Block]	The Company leases facilities for certain service centers, warehouses, distribution centers and office space. The Company also leases office equipment and vehicles. All leases are classified as operating. The Company’s leases expire at various dates through 2031, with terms ranging from 1 year to 15 years. Many of the Company’s real estate leases contain renewal provisions to extend lease terms up to 5 years. The exercise of renewal options is solely at the Company’s discretion. The Company’s lease agreements do not contain material variable lease payments, residual value guarantees or restrictive covenants. The Company does not recognize right-of-use assets or lease liabilities for short-term leases with initial terms of 12 months or less. Leased vehicles comprise the majority of the Company’s short-term leases. All other leases are recorded on the balance sheet with right-of-use assets representing the right to use the underlying asset for the lease term and lease liabilities representing lease payment obligations. The Company’s leases do not provide implicit rates; therefore the Company uses its incremental borrowing rate as the discount rate for measuring lease liabilities. Non-lease components are accounted for separately from lease components. The Company’s operating lease expense is recognized on a straight-line basis over the lease term and is recorded in selling, distribution and administrative expense on the condensed statements of consolidated income. Operating lease costs and short-term lease costs for the three months ended September 30, 2019 were $8,300 and $2,597 , respectively. Variable lease costs and sublease income were not material.

Revenue Recognition Revenue R_2

Revenue Recognition Revenue Recognition (Tables)	3 Months Ended
	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenue from External Customers by Geographic Areas [Table Text Block]	The following tables present the Company's net sales by reportable segment and by geographic areas based on the location of the facility shipping the product for the three months ended September 30, 2019 and 2018 . Other countries consist of Mexico, Australia, New Zealand, and Singapore. Three Months Ended September 30, 2019 2018 Service Center Based Distribution Fluid Power & Flow Control Total Service Center Based Distribution Fluid Power & Flow Control Total Geographic Areas: United States $ 492,873 $ 250,113 $ 742,986 $ 490,774 $ 256,649 $ 747,423 Canada 65,946 — 65,946 69,107 — 69,107 Other countries 44,341 3,131 47,472 44,168 3,817 47,985 Total $ 603,160 $ 253,244 $ 856,404 $ 604,049 $ 260,466 $ 864,515
Disaggregation of Revenue [Table Text Block]	The following tables present the Company’s percentage of revenue by reportable segment and product line for the three months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 Service Center Based Distribution Fluid Power & Flow Control Total Power Transmission 34.5 % 9.3 % 27.1 % Fluid Power 13.3 % 39.7 % 21.1 % General Maintenance; Hose Products 26.3 % 8.0 % 20.9 % Bearings, Linear & Seals 25.9 % 0.3 % 18.3 % Specialty Flow Control — % 42.7 % 12.6 % Total 100.0 % 100.0 % 100.0 % Three Months Ended September 30, 2018 Service Center Based Distribution Fluid Power & Flow Control Total Power Transmission 32.8 % 1.5 % 23.3 % Fluid Power 14.0 % 37.6 % 21.1 % General Maintenance; Hose Products 27.6 % 4.7 % 20.8 % Bearings, Linear & Seals 25.6 % — % 17.9 % Specialty Flow Control — % 56.2 % 16.9 % Total 100.0 % 100.0 % 100.0 % Contract Assets
Contract with Customer, Asset and Liability [Table Text Block]	The Company’s contract assets consist of un-billed amounts resulting from contracts for which revenue is recognized over time using the cost-to-cost method, and for which revenue recognized exceeds the amount billed to the customer. Activity related to contract assets, which are included in other current assets on the condensed consolidated balance sheet, is as follows: September 30, 2019 June 30, 2019 $ Change % Change Contract assets $ 7,338 $ 8,920 $ (1,582 ) (17.7 )% The difference between the opening and closing balances of the Company's contract assets primarily results from the timing difference between the Company's performance and when the customer is billed.
All Sectors [Domain]
Disaggregation of Revenue [Line Items]
Disaggregation of Revenue [Table Text Block]	The following tables present the Company’s percentage of revenue by reportable segment and major customer industry for the three months ended September 30, 2019 and 2018 : Three Months Ended September 30, 2019 Service Center Based Distribution Fluid Power & Flow Control Total General Industry 34.8 % 43.7 % 37.5 % Industrial Machinery 10.2 % 22.1 % 13.7 % Metals 12.4 % 8.2 % 11.1 % Food 11.1 % 2.7 % 8.6 % Oil & Gas 9.3 % 1.9 % 7.1 % Chem/Petrochem 2.8 % 12.7 % 5.7 % Forest Products 7.7 % 3.1 % 6.4 % Cement & Aggregate 6.8 % 1.0 % 5.1 % Transportation 4.9 % 4.6 % 4.8 % Total 100.0 % 100.0 % 100.0 % Three Months Ended September 30, 2018 Service Center Based Distribution Fluid Power & Flow Control Total General Industry 35.8 % 44.0 % 38.3 % Industrial Machinery 9.2 % 21.4 % 12.9 % Metals 11.1 % 7.8 % 10.1 % Food 10.8 % 2.5 % 8.3 % Oil & Gas 9.6 % 2.1 % 7.3 % Chem/Petrochem 3.5 % 15.6 % 7.1 % Forest Products 8.7 % 2.6 % 6.9 % Cement & Aggregate 6.8 % 1.0 % 5.0 % Transportation 4.5 % 3.0 % 4.1 % Total 100.0 % 100.0 % 100.0 %

Goodwill and Intangibles (Table

Goodwill and Intangibles (Tables)	3 Months Ended
	Sep. 30, 2019
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 & Flow Control segment for the fiscal year ended June 30, 2019 and the three month period ended September 30, 2019 are as follows: Service Center Based Distribution Fluid Power & Flow Control Total Balance at July 1, 2018 $ 203,084 $ 443,559 $ 646,643 Goodwill acquired during the period 9,943 4,798 14,741 Other, primarily currency translation 607 — 607 Balance at June 30, 2019 $ 213,634 $ 448,357 $ 661,991 Goodwill adjusted/acquired during the period (3,393 ) 12,773 9,380 Other, primarily currency translation 105 — 105 Balance at September 30, 2019 $ 210,346 $ 461,130 $ 671,476
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, 2019 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 435,325 $ 142,389 $ 292,936 Trade names 107,695 29,189 78,506 Vendor relationships 11,306 8,315 2,991 Non-competition agreements 1,462 1,024 438 Total Identifiable Intangibles $ 555,788 $ 180,917 $ 374,871 June 30, 2019 Amount Accumulated Amortization Net Book Value Finite-Lived Identifiable Intangibles: Customer relationships $ 422,367 $ 135,879 $ 286,488 Trade names 105,946 27,232 78,714 Vendor relationships 11,367 8,156 3,211 Non-competition agreements 2,702 2,249 453 Total Identifiable Intangibles $ 542,382 $ 173,516 $ 368,866 Amounts include the impact of foreign currency translation. Fully amortized amounts are written off.
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class [Table Text Block]	During the three month period ended September 30, 2019 , 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 $ 12,664 20 Total Intangibles Acquired $ 12,664 20

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Sep. 30, 2019
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 are comprised of the following amounts, shown net of taxes: Three Months Ended September 30, 2019 Foreign currency translation adjustment Post-employment benefits Cash flow hedge Total Accumulated other comprehensive (loss) income Balance at July 1, 2019 $ (86,330 ) $ (2,852 ) $ (10,704 ) $ (99,886 ) Other comprehensive loss (3,913 ) — (1,643 ) (5,556 ) Amounts reclassified from accumulated other comprehensive (loss) income — (13 ) 322 309 Net current-period other comprehensive loss (3,913 ) (13 ) (1,321 ) (5,247 ) Balance at September 30, 2019 $ (90,243 ) $ (2,865 ) $ (12,025 ) $ (105,133 ) Three Months Ended September 30, 2018 Foreign currency translation adjustment Unrealized gain on securities available for sale Post-employment benefits Total Accumulated other comprehensive (loss) income Balance at July 1, 2018 $ (87,974 ) $ 50 $ (2,299 ) $ (90,223 ) Other comprehensive income 5,453 — — 5,453 Amounts reclassified from accumulated other comprehensive (loss) income — — (56 ) (56 ) Net current-period other comprehensive income (loss) 5,453 (50 ) (56 ) 5,347 Balance at September 30, 2018 $ (82,521 ) $ — $ (2,355 ) $ (84,876 )
Schedule of Comprehensive Income (Loss) [Table Text Block]	Other Comprehensive (Loss) Income Details of other comprehensive (loss) income are as follows: Three Months Ended September 30, 2019 2018 Pre-Tax Amount Tax Expense (Benefit) Net Amount Pre-Tax Amount Tax Expense (Benefit) Net Amount Foreign currency translation adjustments $ (4,034 ) $ (121 ) $ (3,913 ) $ 5,714 $ 261 $ 5,453 Post-employment benefits: Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs (17 ) (4 ) (13 ) (75 ) (19 ) (56 ) Unrealized loss on cash flow hedge (2,180 ) (537 ) (1,643 ) — — — Reclassification of interest from cash flow hedge into interest expense 427 105 322 — — — Cumulative effect of adopting accounting standard — — — (50 ) — (50 ) Other comprehensive (loss) income $ (5,804 ) $ (557 ) $ (5,247 ) $ 5,589 $ 242 $ 5,347

Leases Leases (Tables)

Leases Leases (Tables)	3 Months Ended
	Sep. 30, 2019
Leases [Abstract]
Lessee, Operating Leases [Text Block]	Information related to operating leases is as follows: As of September 30, 2019 Operating lease assets, net $ 86,557 Operating lease liabilities Other current liabilities $ 29,253 Other liabilities 63,332 Total operating lease liabilities $ 92,585
Lease, Cost [Table Text Block]	Three Months Ended September 30, 2019 Weighted average remaining lease term 4.6 Weighted average incremental borrowing rate 3.43 % Cash paid for operating leases $ 8,553 Right of use assets obtained in exchange for new operating lease liabilities $ 11,799
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	The table below summarizes the aggregate maturities of operating lease liabilities of more than one year for each of the next five years: Fiscal Year Maturity of Operating Lease Liabilities 2020 $ 24,706 2021 25,177 2022 18,042 2023 11,940 2024 9,124 Thereafter 12,640 Total lease payments 101,629 Less interest (9,044 ) Present value of lease liabilities $ 92,585
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	The table below summarizes the future minimum annual rental commitments for operating leases accounted for in accordance with Accounting Standards Codification Topic 840, Leases as of June 30, 2019 : Fiscal Year Operating Leases 2020 $ 33,707 2021 23,407 2022 16,420 2023 10,653 2024 7,838 Thereafter 12,135 Total minimum lease payments $ 104,160

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Sep. 30, 2019
Segment Reporting [Abstract]
Segment financial information	Three Months Ended Service Center Based Distribution Fluid Power & Flow Control Total September 30, 2019 Net sales $ 603,160 $ 253,244 $ 856,404 Operating income for reportable segments 60,360 26,857 87,217 Assets used in business 1,289,592 1,140,140 2,429,732 Depreciation and amortization of property 4,178 1,045 5,223 Capital expenditures 4,195 751 4,946 September 30, 2018 Net sales $ 604,049 $ 260,466 $ 864,515 Operating income for reportable segments 62,809 30,880 93,689 Assets used in business 1,227,815 1,077,873 2,305,688 Depreciation and amortization of property 3,911 1,070 4,981 Capital expenditures 2,444 729 3,173
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, 2019 2018 Operating income for reportable segments $ 87,217 $ 93,689 Adjustment for: Intangible amortization—Service Center Based Distribution 3,054 4,018 Intangible amortization—Fluid Power & Flow Control 7,320 6,903 Corporate and other expense, net 15,677 16,429 Total operating income 61,166 66,339 Interest expense, net 10,059 10,476 Other income, net — (239 ) Income before income taxes $ 51,107 $ 56,102

Other Income, Net (Tables)

Other Income, Net (Tables)	3 Months Ended
	Sep. 30, 2019
Other Income and Expenses [Abstract]
Other (income) expense, net	Other income, net consists of the following: Three Months Ended September 30, 2019 2018 Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan $ (55 ) $ (342 ) Foreign currency transactions (gain) loss (222 ) 27 Net other periodic post-employment benefits (30 ) (22 ) Life insurance expense, net 300 87 Other, net 7 11 Total other income, net $ — $ (239 )

Basis of Presentation Change in

Basis of Presentation Change in Accounting Principle (Details) - Accounting Standards Update 2016-02 [Member] $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 83,533
Other Liabilities [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	89,778
Retained Earnings [Member]
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification	$ 3,275

Revenue Recognition Revenue R_3

Revenue Recognition Revenue Recognition (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 856,404	$ 864,515
UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	742,986	747,423
CANADA
Disaggregation of Revenue [Line Items]
Net sales	65,946	69,107
Other Countries [Member]
Disaggregation of Revenue [Line Items]
Net sales	47,472	47,985
Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	603,160	604,049
Service Center Based Distribution Segment [Member] | UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	492,873	490,774
Service Center Based Distribution Segment [Member] | CANADA
Disaggregation of Revenue [Line Items]
Net sales	65,946	69,107
Service Center Based Distribution Segment [Member] | Other Countries [Member]
Disaggregation of Revenue [Line Items]
Net sales	44,341	44,168
Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	253,244	260,466
Fluid Power & Flow Control Segment [Member] | UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	250,113	256,649
Fluid Power & Flow Control Segment [Member] | CANADA
Disaggregation of Revenue [Line Items]
Net sales	0	0
Fluid Power & Flow Control Segment [Member] | Other Countries [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 3,131	$ 3,817

Revenue Recognition Revenue R_4

Revenue Recognition Revenue Recognition (Details 1)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
General Industry [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	37.50%	38.30%
General Industry [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	34.80%	35.80%
General Industry [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	43.70%	44.00%
Industrial Machinery [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	13.70%	12.90%
Industrial Machinery [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	10.20%	9.20%
Industrial Machinery [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	22.10%	21.40%
Metals [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	11.10%	10.10%
Metals [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	12.40%	11.10%
Metals [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	8.20%	7.80%
Food [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	8.60%	8.30%
Food [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	11.10%	10.80%
Food [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	2.70%	2.50%
Oil & Gas [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	7.10%	7.30%
Oil & Gas [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	9.30%	9.60%
Oil & Gas [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	1.90%	2.10%
Chem/Petrochem [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	5.70%	7.10%
Chem/Petrochem [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	2.80%	3.50%
Chem/Petrochem [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	12.70%	15.60%
Forest Products [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	6.40%	6.90%
Forest Products [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	7.70%	8.70%
Forest Products [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	3.10%	2.60%
Cement & Aggregate [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	5.10%	5.00%
Cement & Aggregate [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	6.80%	6.80%
Cement & Aggregate [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	1.00%	1.00%
Transportation [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	4.80%	4.10%
Transportation [Domain] | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	4.90%	4.50%
Transportation [Domain] | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	4.60%	3.00%
Total
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	100.00%	100.00%
Total | Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	100.00%	100.00%
Total | Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Customer Industry, Percent	100.00%	100.00%

Revenue Recognition Revenue R_5

Revenue Recognition Revenue Recognition (Details 2)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	100.00%	100.00%
Power Transmission [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	27.10%	23.30%
Fluid Power [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	21.10%	21.10%
General Maintenance; Hose Products [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	20.90%	20.80%
Bearings, Linear & Seals [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	18.30%	17.90%
Specialty Flow Control [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	12.60%	16.90%
Service Center Based Distribution Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	100.00%	100.00%
Service Center Based Distribution Segment [Member] | Power Transmission [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	34.50%	32.80%
Service Center Based Distribution Segment [Member] | Fluid Power [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	13.30%	14.00%
Service Center Based Distribution Segment [Member] | General Maintenance; Hose Products [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	26.30%	27.60%
Service Center Based Distribution Segment [Member] | Bearings, Linear & Seals [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	25.90%	25.60%
Service Center Based Distribution Segment [Member] | Specialty Flow Control [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	0.00%	0.00%
Fluid Power & Flow Control Segment [Member]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	100.00%	100.00%
Fluid Power & Flow Control Segment [Member] | Power Transmission [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	9.30%	1.50%
Fluid Power & Flow Control Segment [Member] | Fluid Power [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	39.70%	37.60%
Fluid Power & Flow Control Segment [Member] | General Maintenance; Hose Products [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	8.00%	4.70%
Fluid Power & Flow Control Segment [Member] | Bearings, Linear & Seals [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	0.30%	0.00%
Fluid Power & Flow Control Segment [Member] | Specialty Flow Control [Domain]
Disaggregation of Revenue [Line Items]
Disaggregated Revenue by Product Line, Percent	42.70%	56.20%

Revenue Recognition Revenue R_6

Revenue Recognition Revenue Recognition (Details 3) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 7,338	$ 8,920
Contract Assets Period $ Change	$ (1,582)
Contract Assets Period % Change	(17.70%)

Business Combinations Business

Business Combinations Business Combinations Textuals (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Aug. 21, 2019	Mar. 04, 2019	Nov. 02, 2018
Olympus Controls [Member]
Business Acquisition, Percentage of Voting Interests Acquired		100.00%
Total Consideration	$ 34,901
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net		$ 9,464
Intangible Assets, Net (Including Goodwill)		$ 25,437
MilRoc [Member] [Domain]
Total Consideration	35,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net			$ 17,788
Intangible Assets, Net (Including Goodwill)			17,212
Funding from Holdback Payments			$ 4,375
Debt Instrument, Interest Rate, Stated Percentage			2.00%
Fluid Power Sales [Member]
Total Consideration	$ 8,100
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net				$ 4,150
Intangible Assets, Net (Including Goodwill)				3,950
Funding from Holdback Payments				$ 1,200
Debt Instrument, Interest Rate, Stated Percentage				1.50%

Goodwill and Intangibles (Detai

Goodwill and Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Changes in the carrying amount of goodwill by reportable segment
Balance at beginning of period	$ 661,991	$ 646,643
Goodwill adjusted/acquired during the period	9,380	14,741
Other, primarily currency translation	105	607
Balance at September 30, 2019	671,476	661,991
Service Center Based Distribution Segment [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at beginning of period	213,634	203,084
Goodwill adjusted/acquired during the period	(3,393)	9,943
Other, primarily currency translation	105	607
Balance at September 30, 2019	210,346	213,634
Fluid Power Businesses Segment [Member]
Changes in the carrying amount of goodwill by reportable segment
Balance at beginning of period	448,357	443,559
Goodwill adjusted/acquired during the period	12,773	4,798
Other, primarily currency translation	0	0
Balance at September 30, 2019	$ 461,130	$ 448,357

Goodwill and Intangibles (Det_2

Goodwill and Intangibles (Details 1) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Amortization details resulting from business combinations
Amount	$ 555,788	$ 542,382
Accumulated Amortization	180,917	173,516
Net Book Value	374,871	368,866
Customer relationships
Amortization details resulting from business combinations
Amount	435,325	422,367
Accumulated Amortization	142,389	135,879
Net Book Value	292,936	286,488
Trade names
Amortization details resulting from business combinations
Amount	107,695	105,946
Accumulated Amortization	29,189	27,232
Net Book Value	78,506	78,714
Vendor relationships
Amortization details resulting from business combinations
Amount	11,306	11,367
Accumulated Amortization	8,315	8,156
Net Book Value	2,991	3,211
Non-competition agreements
Amortization details resulting from business combinations
Amount	1,462	2,702
Accumulated Amortization	1,024	2,249
Net Book Value	$ 438	$ 453

Goodwill and Intangibles Goodwi

Goodwill and Intangibles Goodwill and Intangibles (Details 2) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 12,664
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived Intangible Assets Acquired	$ 12,664
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	20 years

Goodwill and Intangibles (Det_3

Goodwill and Intangibles (Details Textuals) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Goodwill [Line Items]
Letters of Credit Outstanding, Amount	$ 3,087		$ 2,698
Finite-Lived Intangible Assets, Gross	555,788		542,382
Amortization of Intangible Assets	$ 10,374	$ 10,921
Number of Reporting Units	7
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	20.00%
Goodwill	$ 671,476		661,991	$ 646,643
Goodwill and Intangibles (Textuals) [Abstract]
Amortization expense for the remainder of 2020	30,200
Amortization expense for 2021	38,600
Amortization expense for 2022	36,400
Amortization expense for 2023	34,200
Amortization expense for 2024	30,000
Amortization expense for 2025	26,000
Service Center Based Distribution Segment [Member]
Goodwill [Line Items]
Goodwill	210,346		213,634	203,084
Accumulated goodwill impairment losses	64,794
Fluid Power Businesses Segment [Member]
Goodwill [Line Items]
Goodwill	461,130		448,357	$ 443,559
Accumulated goodwill impairment losses	$ 36,605
Canada [Member]
Goodwill [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	25.00%
Goodwill	$ 28,067
FCX Performance, Inc [Member] [Member]
Goodwill [Line Items]
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount	20.00%
Goodwill	$ 440,012
Customer Relationships [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross	435,325		422,367
Trade Names [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross	107,695		105,946
Noncompete Agreements [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross	1,462		$ 2,702
MilRoc [Member] [Domain]
Goodwill [Line Items]
Goodwill, Purchase Accounting Adjustments	3,393
Amortization of Intangible Assets	303
MilRoc [Member] [Domain] | Customer Relationships [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross	1,524
MilRoc [Member] [Domain] | Trade Names [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross	1,809
MilRoc [Member] [Domain] | Noncompete Agreements [Member]
Goodwill [Line Items]
Finite-Lived Intangible Assets, Gross	$ 60

Debt Debt (Details)

Debt Debt (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Long-term Debt Instruments [Line Items]
Letters of Credit Outstanding, Amount	$ 3,087,000	$ 2,698,000
Debt Issuance Costs, Gross, Current	577,000
Debt Issuance Cost, Gross, Noncurrent	1,234,000	1,366,000
Revolving Credit Facility [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	250,000,000
Letters of Credit Outstanding, Amount	2,462,000	3,215,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 247,538,000	246,785,000
Revolving Credit Facility [Member] | Minimum [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.10%
Revolving Credit Facility [Member] | Maximum [Member]
Long-term Debt Instruments [Line Items]
Line of Credit Facility, Commitment Fee Percentage	0.20%
Long-term Debt [Member]
Long-term Debt Instruments [Line Items]
Debt Instrument, Face Amount	$ 780,000,000
Long-term Debt	$ 608,750,000	$ 613,625,000
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.81%	4.19%
Asset-backed Securities, Securitized Loans and Receivables [Member]
Long-term Debt Instruments [Line Items]
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate	3.04%	3.33%
Principal Amount Outstanding on Loans Securitized or Asset-backed Financing Arrangement	$ 175,000,000
Debt Instrument, Fee	0.0090
Prudential Facility [Domain]
Long-term Debt Instruments [Line Items]
Debt Instrument, Face Amount	$ 170,000,000
Prudential Facility [Domain] | Minimum [Member]
Long-term Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	0.25%
Prudential Facility [Domain] | Maximum [Member]
Long-term Debt Instruments [Line Items]
Debt Instrument, Interest Rate, Stated Percentage	1.25%
Prudential Facility - Series C [Member]
Long-term Debt Instruments [Line Items]
Long-term Debt	$ 120,000,000
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	$ 50,000,000
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	$ 2,359,000
Long-term Debt	$ 1,145,000	$ 1,204,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	1.50%

Derivatives Derivatives (Detail

Derivatives Derivatives (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Derivative [Line Items]
Derivative, Amount of Hedged Item	$ 463,000
Derivative, Fixed Interest Rate	3.88%
Interest Rate Cash Flow Hedge Asset at Fair Value	$ 15,955	$ 14,202

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Level 1 [Member] | Recurring [Member]
Fair Value Measurements (Textuals) [Line Items]
Marketable securities	$ 11,360	$ 11,246

Shareholders' Equity Accumulate

Shareholders' Equity Accumulated Other Comprehensive Income (Loss) [Table] (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	$ (99,886)
Other comprehensive income (loss), Cash flow hedge	(1,643)	$ 0
Amounts reclassified from accumulated other comprehensive (loss) income	309	(56)
Amounts reclassified from accumulated other comprehensive (loss) income, Post-employment benefits	(13)	(56)
Amounts reclassified from accumulated other comprehensive (loss) income, Cash flow hedge	322	0
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment	(3,913)	5,453
Net current-period other comprehensive income (loss), net of taxes, Securities Available for Sale	0	(50)
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss)	(5,247)	5,347
Balance at end of period	(105,133)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(86,330)	(87,974)
Other comprehensive income (loss), Foreign Currency Translation Adjustment	(3,913)	5,453
Amounts reclassified from accumulated other comprehensive (loss) income	0	0
Net current-period other comprehensive income (loss), net of taxes, Foreign Currency Translation Adjustment	(3,913)	5,453
Balance at end of period	(90,243)	(82,521)
Unrealized gain (loss) on securities available for sale [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period		50
Other comprehensive income (loss), Unrealized gain (loss) on securities available for sale		0
Amounts reclassified from accumulated other comprehensive (loss) income		0
Net current-period other comprehensive income (loss), net of taxes, Securities Available for Sale		(50)
Balance at end of period		0
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(2,852)	(2,299)
Other comprehensive income (loss), Postemployment Benefits,	0	0
Net current-period other comprehensive income (loss), net of taxes, Postemployment benefits	(13)	(56)
Balance at end of period	(2,865)	(2,355)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(10,704)
Other comprehensive income (loss), Cash flow hedge	(1,643)
Net current-period other comprehensive income (loss), net of taxes, Cash flow hedge	(1,321)
Balance at end of period	(12,025)
Total Accumulated Other Comprehensive Income (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance at beginning of period	(99,886)	(90,223)
Other comprehensive income (loss), Total accumulated other comprehensive income (loss)	(5,556)	5,453
Net current-period other comprehensive income (loss), net of taxes, Total accumulated other comprehensive income (loss)	(5,247)	5,347
Balance at end of period	$ (105,133)	$ (84,876)

Shareholders' Equity (Details 1

Shareholders' Equity (Details 1 ) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Other comprehensive income (loss):
Foreign currency translation adjustments, before Tax	$ (4,034)	$ 5,714
Foreign currency translation adjustments, Tax	(121)	261
Foreign currency translation adjustments, Net of Tax	(3,913)	5,453
Post-employment benefits:
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs, before Tax	(17)	(75)
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs, Tax	(4)	(19)
Reclassification of net actuarial gains and prior service cost into other income, net and included in net periodic pension costs, Net of Tax	(13)	(56)
Unrealized loss on cash flow hedge, before Tax	(2,180)	0
Unrealized loss on cash flow hedge, Tax	(537)	0
Unrealized loss on cash flow hedge, Net of Tax	(1,643)	0
Reclassification of interest from cash flow hedge into interest expense, before Tax	427	0
Reclassification of interest from cash flow hedge into interest expense, Tax	105	0
Reclassification of interest from cash flow hedge into interest expense, Net of Tax	322	0
Cumulative effect of adopting accounting standard, before tax	0	(50)
Cumulative effect of adopting accounting standard, tax	0	0
Cumulative effect of adopting accounting standard, Net of Tax	0	(50)
Other comprehensive (loss) income, before tax	(5,804)	5,589
Other comprehensive (loss) income, tax	(557)	242
Other comprehensive (loss) income, net of tax	$ (5,247)	$ 5,347

Shareholders' Equity Shareholde

Shareholders' Equity Shareholders Equity Details Textuals (Details) - shares shares in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Stockholders' Equity [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	740	250

Leases Leases (Details)

Leases Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease assets, net	$ 86,557	$ 0
Operating lease liabilities [Abstract]
Other current liabilities	29,253
Other liabilities	63,332
Total operating lease liabilities	$ 92,585

Leases Leases (Details 1)

Leases Leases (Details 1) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Leases [Abstract]
Weighted average remaining lease term	4 years 7 months 6 days
Weighted average incremental borrowing rate	3.43%
Cash paid for operating leases	$ 8,553
Right of use assets obtained in exchange for new operating lease liabilities	$ 11,799

Leases Leases (Details 2)

Leases Leases (Details 2) $ in Thousands	Sep. 30, 2019USD ($)
Leases [Abstract]
Maturity of Operating Lease Liabilities, 2020	$ 24,706
Maturity of Operating Lease Liabilities, 2021	25,177
Maturity of Operating Lease Liabilities, 2022	18,042
Maturity of Operating Lease Liabilities, 2023	11,940
Maturity of Operating Lease Liabilities, 2024	9,124
Maturity of Operating Lease Liabilities, Thereafter	12,640
Total lease payments	101,629
Less interest	(9,044)
Present value of lease liabilities	$ 92,585

Leases Leases (Details 3)

Leases Leases (Details 3) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
Operating Leases, Future Minimum Payments Due, 2020	$ 33,707
Operating Leases, Future Minimum Payments Due, 2021	23,407
Operating Leases, Future Minimum Payments Due, 2022	16,420
Operating Leases, Future Minimum Payments Due, 2023	10,653
Operating Leases, Future Minimum Payments Due, 2024	7,838
Operating Leases, Future Minimum Payments, Due Thereafter	12,135
Total minimum lease payments	$ 104,160

Leases Leases Textuals (Details

Leases Leases Textuals (Details 4) $ in Thousands	3 Months Ended
	Sep. 30, 2019USD ($)
Lessee, Operating Lease, Renewal Term	5 years
Operating Lease, Cost	$ 8,300
Short-term Lease, Cost	$ 2,597
Minimum [Member]
Lessee, Operating Lease, Term of Contract	1 year
Maximum [Member]
Lessee, Operating Lease, Term of Contract	15 years

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 856,404	$ 864,515
Operating income for reportable segments	61,166	66,339
Assets used in business	2,429,732		$ 2,331,697
Depreciation and amortization of property	5,223	4,981
Capital expenditures	4,946	3,173
Service Center Based Distribution [Member]
Segment Reporting Information [Line Items]
Net sales	603,160	604,049
Operating income for reportable segments	60,360	62,809
Assets used in business	1,289,592	1,227,815
Depreciation and amortization of property	4,178	3,911
Capital expenditures	4,195	2,444
Fluid Power & Flow Control Segment [Member]
Segment Reporting Information [Line Items]
Net sales	253,244	260,466
Operating income for reportable segments	26,857	30,880
Assets used in business	1,140,140	1,077,873
Depreciation and amortization of property	1,045	1,070
Capital expenditures	751	729
Operating Segments [Member]
Segment Reporting Information [Line Items]
Net sales	856,404	864,515
Operating income for reportable segments	87,217	93,689
Assets used in business	2,429,732	2,305,688
Depreciation and amortization of property	5,223	4,981
Capital expenditures	$ 4,946	$ 3,173

Segment Information (Details 1)

Segment Information (Details 1) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	$ 61,166	$ 66,339
Adjustment for:
Amortization of Intangible Assets	10,374	10,921
Corporate and other expense, net	15,677	16,429
Interest expense, net	10,059	10,476
Other income, net	0	(239)
Income before income taxes	51,107	56,102
Operating Segments [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	87,217	93,689
Service Center Based Distribution [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	60,360	62,809
Adjustment for:
Amortization of Intangible Assets	3,054	4,018
Fluid Power & Flow Control Segment [Member]
Reconciliation of operating income for reportable segments to the consolidated income before income taxes
Total operating income	26,857	30,880
Adjustment for:
Amortization of Intangible Assets	$ 7,320	$ 6,903

Segment Information (Details Te

Segment Information (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Inventory, LIFO Reserve, Period Charge	$ 358	$ 1,671
Net sales	856,404	864,515
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ 7,313	$ 6,916

Other Income, Net (Details)

Other Income, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Other Income and Expenses [Abstract]
Unrealized gain on assets held in rabbi trust for a non-qualified deferred compensation plan	$ (55)	$ (342)
Foreign currency transactions (gain) loss	(222)	27
Net other periodic post-employment benefits	(30)	(22)
Life insurance expense, net	300	87
Other, net	7	11
Total other income, net	$ 0	$ (239)

Subsequent Events Subsequent _2

Subsequent Events Subsequent Events (Details) - Prudential Facility - Series E [Member] [Domain] - Subsequent Event [Member] $ in Thousands	Oct. 30, 2019USD ($)
Subsequent Event [Line Items]
Long-term Debt	$ 25,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate	3.08%