Document
false0000109563 0000109563 2020-04-30 2020-04-30



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

April 30, 2020
Date of Report (date of earliest event reported)

APPLIED INDUSTRIAL TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Ohio
1-2299
34-0117420
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
 
 
One Applied Plaza
Cleveland
Ohio
44115
(Address of Principal Executive Offices)
 
(Zip Code)
(216) 426-4000
Registrant's telephone number, including area code

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, without par value
AIT
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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ITEM 2.02.     RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 30, 2020, Applied Industrial Technologies, Inc. (“Applied”) issued a press release related to its earnings for the third quarter ended March 31, 2020. The release is attached as Exhibit 99.1 to this Report on Form 8-K.

The information in this Report on Form 8-K, including the Exhibit, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.



ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS

(d)    Exhibits.    
            
Exhibit 99.1 - Press release of Applied Industrial Technologies, Inc. dated April 30, 2020.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 
APPLIED INDUSTRIAL TECHNOLOGIES, INC.
 
(Registrant)
 
 
 
 
 
 
 
By:  /s/ Fred D. Bauer          
 
Fred D. Bauer, Vice President-General Counsel & Secretary
Date: April 30, 2020
 







EXHIBIT INDEX


Exhibit No.    Description

99.1



Exhibit
EXHIBIT 99.1

Applied Industrial Technologies Reports Fiscal 2020 Third Quarter Results
Net Sales of $830.8 Million Down 6.2% YoY; Down 9.5% on an Organic Daily Basis
Net Loss of $82.8 Million, or $2.14 Per Share
Adjusted Net Income of $39.6 Million, or $1.02 Per Share
Operating Cash Flow of $64.7 Million; Free Cash Flow of $60.5 Million
Fiscal 2020 Guidance Withdrawn Amid Economic Uncertainty
Declared Dividend of $0.32 Per Share

CLEVELAND, OHIO (April 30, 2020) - Applied Industrial Technologies (NYSE: AIT), a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, and automation technologies, today reported results for its third quarter fiscal 2020 ended March 31, 2020.

Net sales decreased 6.2% to $830.8 million from $885.4 million in the prior year. The change in sales includes a 1.9% increase from acquisitions and a 1.6% benefit from one extra selling day, partially offset by a negative 0.2% impact from foreign currency translation. Excluding these factors, sales decreased 9.5% on an organic daily basis reflecting a 10.9% decline in the Service Center segment and a 6.0% decline in the Fluid Power & Flow Control segment. The Company reported a net loss of $82.8 million, or $2.14 per share. Results include a non-cash goodwill impairment charge of $131.0 million pre-tax ($3.07 per share), non-routine costs of $6.0 million pre-tax ($0.12 per share), and a $1.0 million non-routine tax benefit ($0.03 per share). Excluding these items, the Company reported non-GAAP adjusted net income of $39.6 million, or $1.02 per share.

Neil A. Schrimsher, Applied’s President & Chief Executive Officer, said “We heightened our focus on cost control and cash generation during our third quarter given persistent weak industrial demand that was exacerbated by the initial impact from the COVID-19 pandemic in March. Our top priority during this unprecedented time is the well-being and support of our associates, as well as customers, suppliers, and other business partners. I am incredibly proud of our team’s response, especially the vital role they are playing in keeping essential industries moving and productive across the industrial supply-chain. We are classified as critical infrastructure, and our facilities remain open and operational as they adhere to health and safety policies. We have and will continue to implement proactive measures across our organization as we adapt to current conditions, while staying focused on serving customer requirements and our long-term strategic goals.”

Mr. Schrimsher added, “While the ultimate impact from COVID-19 remains uncertain, we are monitoring the situation closely as it evolves, including mid-teen year-over-year organic sales declines on a days adjusted basis during March and high-teen declines month-to-date in April. Our track record of margin and cost discipline is reinforced in this environment, as evidenced by third quarter adjusted gross margins unchanged and adjusted operating expense down 7.5% organically over the prior year. In addition, we ended March in a positive liquidity position with over $165 million of cash on hand following our strongest third quarter of free cash generation to-date, as well as approximately $250 million of undrawn revolver capacity. We are focused on driving additional cash generation into our fourth quarter, and encouraged by ongoing support across our banking relationships. Combined with our strong industry position as a provider of break-fix MRO products and return enhancing solutions for critical industrial infrastructure, we are poised to manage through the current environment and fully leverage the significant growth opportunities likely to emerge as a recovery eventually unfolds.”






Items Impacting the Quarter
Reported results include a $131.0 million pre-tax non-cash goodwill impairment charge associated with our fiscal 2018 acquisition of FCX Performance, Inc. The charge is the result of end-market softness within our Flow Control operations, and changes in growth projections from the new macroeconomic backdrop. Results also include $6.0 million pre-tax of non-routine costs within the Company’s Service Center segment associated with restructuring and cost actions during the quarter in response to the demand environment, as well as a $1.0 million non-routine tax benefit related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Outlook
Due to the evolving and highly uncertain impact of the COVID-19 pandemic, the Company is withdrawing its fiscal 2020 financial guidance provided on January 23, 2020. The Company’s guidance metrics will be reevaluated in coming months as it fully assesses the impact from COVID-19, continues to take appropriate cost measures, and prepares its fiscal 2021 outlook. Cost measures implemented to-date include reduced discretionary spending, staff alignments, temporary furloughs and pay reductions, suspension of 401(k) company match, and other expense reduction actions.

Dividend
Today the Company also announced that its Board of Directors declared a quarterly cash dividend of $0.32 per common share, payable on May 29, 2020, to shareholders of record on May 15, 2020.

Conference Call Information
Applied will host its quarterly conference call for investors and analysts at 10 a.m. ET
on April 30, 2020. Neil A. Schrimsher - President & CEO, and David K. Wells - CFO will discuss the Company's performance. A supplemental investor deck detailing latest quarter results is available for reference on the investor relations portion of the Company’s website at www.applied.com. To join the call, dial 877-311-4351 (toll free) or 614-999-9139 (for International callers) using conference ID 6267109. A live audio webcast can be accessed online through the investor relations portion of the Company's website at www.applied.com. A replay of the call will be available for two weeks by dialing 855-859-2056 or 800-585-8367 (both toll free), or 404-537-3406 (International) using conference ID 6267109.

About Applied® 
Founded in 1923, Applied Industrial Technologies is a leading value-added distributor of bearings, power transmission products, engineered fluid power components and systems, specialty flow control solutions, automation technologies, and other industrial supplies, serving MRO and OEM customers in virtually every industry. In addition, Applied provides engineering, design and systems integration for industrial, fluid power, and flow control applications, as well as customized mechanical, fabricated rubber, fluid power, and flow control shop services. Applied also offers storeroom services and inventory management solutions that provide added value to its customers. For more information, visit www.applied.com.

This press release contains statements that are forward-looking, as that term is defined by the Securities and Exchange Commission in its rules, regulations and releases. Applied intends that such forward-looking statements be subject to the safe harbors created thereby. Forward-looking statements are often identified by qualifiers such as “will,” “outlook,” “guidance” and derivative or similar expressions. All forward-looking statements are based on current expectations regarding important risk factors including trends in the industrial sector of the economy, the effects of the health crisis associated with the COVID-19 pandemic on our business operations, results of operations, and financial condition, and other risk factors identified in Applied's most recent periodic report and other filings made with the Securities and Exchange Commission, many of which risks are amplified by circumstances arising out of the COVID-19 pandemic. Accordingly, actual results may



differ materially from those expressed in the forward-looking statements, and the making of such statements should not be regarded as a representation by Applied or any other person that the results expressed therein will be achieved. Applied assumes no obligation to update publicly or revise any forward-looking statements, whether due to new information, or events, or otherwise.
# # #
CONTACT INFORMATION

Ryan D. Cieslak
Director - Investor Relations & Treasury
216-426-4887 / rcieslak@applied.com






 
 
 
 
 
 
  APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED INCOME
(In thousands, except per share data)
 
 
 
 
 
 
 
Three Months Ended
March 31,
Nine Months Ended
March 31,
 
2020
2019
 
2020
2019
Net Sales
$
830,797

$
885,443

 
$
2,520,576

$
2,589,996

Cost of sales
594,045

629,884

 
1,791,130

1,839,724

Gross Profit
236,752

255,559

 
729,446

750,272

Selling, distribution and administrative
 
 
 
 
 
 expense, including depreciation
183,702

189,456

 
556,485

556,865

Goodwill & intangible impairment
131,000

31,594

 
131,000

31,594

Operating (Loss) Income
(77,950
)
34,509

 
41,961

161,813

Interest expense, net
8,805

9,947

 
28,447

30,001

Other income, net
(1,428
)
(1,256
)
 
(1,643
)
(549
)
(Loss) Income Before Income Taxes
(85,327
)
25,818

 
15,157

132,361

Income Tax (Benefit) Expense
(2,550
)
9,283

 
21,104

28,171

Net (Loss) Income
$
(82,777
)
$
16,535

 
$
(5,947
)
$
104,190

Net (Loss) Income Per Share - Basic
$
(2.14
)
$
0.43

 
$
(0.15
)
$
2.69

Net (Loss) Income Per Share - Diluted
$
(2.14
)
$
0.42

 
$
(0.15
)
$
2.66

Average Shares Outstanding - Basic
38,682

38,643

 
38,647

38,701

Average Shares Outstanding - Diluted
38,682

39,039

 
38,647

39,222

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1) Applied uses the last-in, first-out (LIFO) method of valuing U.S. inventory. An actual valuation of inventory under the LIFO method can only be made 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.

2) On July 1, 2019, the Company adopted ASC 842 – accounting for leases. Adoption of the new standard resulted in the recognition of right-of-use assets and lease liabilities of $83.5 million and $89.8 million, respectively, on July 1, 2019. In addition, the adoption resulted in an adjustment to opening retained earnings of approximately $3.3 million, net of tax, on July 1, 2019 primarily due to the impairment of certain leases in Canada.

3) In the quarter ending March 31, 2020, the Company recognized a non-cash goodwill impairment charge of $131.0 million related to the Company's FCX Performance, Inc. (FCX) operations within the Fluid Power & Flow Control segment primarily as a result of the overall decline in the industrial economy, specifically slower demand in FCX's end markets.

4) In the quarter ending March 31, 2020, the Company incurred certain non-routine charges primarily related to its U.S. Service Center Based Distribution segment. Total non-routine charges reduced gross profit by $3.9 million, increased the operating loss by $6.0 million, and increased the quarter net loss by $3.6 million.





APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
March 31,
 
June 30,
 
 
 
 
 2020
 
2019
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
  Cash and cash equivalents
 
$
165,464

 
$
108,219

  Accounts receivable, net
 
524,081

 
540,902

  Inventories
 
 
421,201

 
447,555

  Other current assets
 
 
51,773

 
51,462

       Total current assets
 
1,162,519

 
1,148,138

  Property, net
 
 
123,770

 
124,303

  Operating lease assets
 
86,617

 

  Intangibles, net
 
 
352,864

 
368,866

  Goodwill
 
 
 
539,495

 
661,991

  Other assets
 
 
24,264

 
28,399

Total Assets
 
 
$
2,289,529

 
$
2,331,697

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
  Accounts payable
 
 
$
214,253

 
$
237,289

  Current portion of long-term debt
 
78,642

 
49,036

  Other accrued liabilities
 
154,966

 
137,469

       Total current liabilities
 
447,861

 
423,794

  Long-term debt
 
 
864,758

 
908,850

  Other liabilities
 
 
146,350

 
102,019

Total Liabilities
 
 
1,458,969

 
1,434,663

Shareholders' Equity
 
830,560

 
897,034

Total Liabilities and Shareholders' Equity
$
2,289,529

 
$
2,331,697

 
 
 
 
 
 
 
 
 
 
 
 
 
 





APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
 (In thousands)
 
 
Nine Months Ended
March 31,
 
 
 
 
2020
 
2019
 
 
 
 
 
Cash Flows from Operating Activities
 
 
 
 
Net income
 
$
(5,947
)
 
$
104,190

Adjustments to reconcile net income to net cash provided
 
 
 
 
   by operating activities:
 
 
 
 
   Depreciation and amortization of property
 
15,997

 
15,045

   Amortization of intangibles
 
31,671

 
31,823

   Goodwill & intangible impairment
 
131,000

 
31,594

   Amortization of stock appreciation rights and options
 
2,217

 
1,831

   Gain on sale of property
 
(1,274
)
 
(258
)
   Other share-based compensation expense
 
2,046

 
3,716

   Changes in assets and liabilities, net of acquisitions
 
1,406

 
(106,367
)
   Other, net
 
(7,492
)
 
(4,408
)
Net Cash provided by Operating Activities
 
169,624

 
77,166

Cash Flows from Investing Activities
 
 
 
 
   Acquisition of businesses, net of cash acquired
 
(37,237
)
 
(37,526
)
   Property purchases
 
(16,223
)
 
(11,711
)
   Proceeds from property sales
 
1,809

 
649

   Other
 

 
391

Net Cash used in Investing Activities
 
(51,651
)
 
(48,197
)
Cash Flows from Financing Activities
 
 
 
 
   Net repayments under revolving credit facility
 

 
(500
)
   Long-term debt borrowings
 
25,000

 
175,000

   Long-term debt repayments
 
(39,803
)
 
(156,803
)
   Payment of debt issuance costs
 
(22
)
 
(775
)
   Purchases of treasury shares
 

 
(11,158
)
   Dividends paid
 
(36,420
)
 
(35,254
)
   Acquisition holdback payments
 
(2,440
)
 
(2,609
)
   Taxes paid for shares withheld for equity awards
 
(2,604
)
 
(3,371
)
   Exercise of stock appreciation rights and options
 
330

 

Net Cash used in Financing Activities
 
(55,959
)
 
(35,470
)
Effect of Exchange Rate Changes on Cash
 
(4,769
)
 
(282
)
Increase (Decrease) in cash and cash equivalents
 
57,245

 
(6,783
)
Cash and cash equivalents at beginning of Period
 
108,219

 
54,150

Cash and Cash Equivalents at End of Period
 
$
165,464

 
$
47,367







  APPLIED INDUSTRIAL TECHNOLOGIES, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands)

The Company supplemented the reporting of financial information determined under U.S. generally accepted accounting principles (GAAP) with reporting of non-GAAP financial measures.  The Company believes that these non-GAAP measures provide meaningful information to assist shareholders in understanding financial results, assessing prospects for future performance, and provide a better baseline for analyzing trends in our underlying businesses.  Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names.  These non-GAAP financial measures should not be considered in isolation or as a substitute for reported results.  These non-GAAP financial measures reflect an additional way of viewing aspects of operations that, when viewed with GAAP results, provide a more complete understanding of the business.  The Company strongly encourages investors and shareholders to review company financial statements and publicly filed reports in their entirety and not to rely on any single financial measure.
Reconciliation of Net (loss) income and Net (loss) income per share, GAAP financial measures, with Adjusted Net (loss) income and Adjusted Net (loss) income per share, non-GAAP financial measures:





 
 
 
 
 
 
 
 Three Months Ended March 31, 2020
 
Pre-tax
Tax Effect
Net of Tax
Per Share
Diluted Impact
Tax Rate
Net loss and net loss per share
$
(85,327
)
$
(2,550
)
$
(82,777
)
$
(2.14
)
3.0
%
Goodwill impairment
131,000

12,200

118,800

3.07

9.3
%
Non-routine costs
5,997

1,396

4,601

0.12

23.3
%
Non-routine tax benefit

1,010

(1,010
)
(0.03
)
N/M

Adjusted net income and net income per share
$
51,670

$
12,056

$
39,614

$
1.02

23.3
%
 
 
 
 
 
 
 
 Three Months Ended March 31, 2019
 
Pre-tax
Tax Effect
Net of Tax
Per Share
Diluted Impact
Tax Rate
Net income and net income per share
$
25,818

$
9,283

$
16,535

$
0.42

36.0%

Canadian intangible impairment
31,594

8,467

23,127

0.60

26.8
%
Canadian tax valuation allowance

(3,785
)
3,785

0.10

N/M

Non-routine costs
2,300

598

1,702

0.04

26.0
%
Adjusted net income and net income per share
$
59,712

$
14,563

$
45,149

$
1.16

24.4%

 
 
 
 
 
 
 
 Nine Months Ended March 31, 2020
 
Pre-tax
Tax Effect
Net of Tax
Per Share
Diluted Impact
Tax Rate
Net income (loss) and net income (loss) per share
$
15,157

$
21,104

$
(5,947
)
$
(0.15
)
139.2%

Goodwill impairment
131,000

12,200

118,800

3.07

9.3
%
Non-routine costs
7,452

1,747

5,705

0.15

23.4
%
Non-routine tax benefit

1,010

(1,010
)
(0.03
)
N/M

Adjusted net income and net income per share
$
153,609

$
36,061

$
117,548

$
3.04

23.5
%
 
 
 
 
 
 
 
 Nine Months Ended March 31, 2019
 
Pre-tax
Tax Effect
Net of Tax
Per Share
Diluted Impact
Tax Rate
Net income and net income per share
$
132,361

$
28,171

$
104,190

$
2.66

21.3
%
Canadian intangible impairment
31,594

8,467

23,127

0.59

26.8
%
Canadian tax valuation allowance

(3,785
)
3,785

0.10

N/M

Non-routine costs
2,300

598

1,702

0.04

26.0
%
Adjusted net income and net income per share
$
166,255

$
33,451

$
132,804

$
3.39

20.1
%






 
Continued from previous page
 
Reconciliation of Net (loss) income, a GAAP financial measure, to EBITDA, a non-GAAP financial measure:
 
 
 
 
 
 
 
 
 
 Three Months Ended
March 31,
 
 Nine Months Ended
March 31,
 
 
2020
2019
 
2020
2019
 
Net (loss) income
 $ (82,777)
 $ 16,535
 
 $ (5,947)
 $ 104,190
 
Interest expense, net
                8,805
                9,947
 
             28,447
             30,001
 
Income tax expense
              (2,550)
                9,283
 
             21,104
             28,171
 
Depreciation and amortization of property
                5,380
                5,026
 
             15,997
             15,045
 
Amortization of intangibles
             10,048
                9,911
 
             30,617
             31,823
 
EBITDA
 $ (61,094)
 $ 50,702
 
 $ 90,218
 $ 209,230
 
Goodwill & intangible impairment
           131,000
             31,594
 
           131,000
             31,594
 
Non-routine costs
                5,997
                2,300
 
                7,452
                2,300
 
Adjusted EBITDA
 $ 75,903
 $ 84,596
 
 $ 228,670
 $ 243,124
 
 
 
 
 
 
 
 
The Company defines EBITDA as Earnings from operations before Interest, Taxes, Depreciation, and Amortization, a non-GAAP financial measure. Adjusted EBITDA adds back other non-routine costs. EBITDA and Adjusted EBITDA exclude items that may not be indicative of core operating results.
 
Reconciliation of Gross Profit, a GAAP financial measure, with Adjusted Gross Profit and Adjusted Gross Margin, non-GAAP financial measures:
 
 
 Three Months Ended
March 31,
 
 Nine Months Ended
March 31,
 
 
2020
2019
 
2020
2019
 
Net Sales
 $ 830,797
 $ 885,443
 
 $ 2,520,576
 $ 2,589,996
 
Gross Profit
 $ 236,752
 $ 255,559
 
 $ 729,446
 $ 750,272
 
Non-routine costs
                3,900
                   700
 
                3,900
                   700
 
Adjusted Gross Profit
 $ 240,652
 $ 256,259
 
 $ 733,346
 $ 750,972
 
Adjusted Gross Margin
29.0%
28.9%
 
29.1%
29.0%
 
 
 
 
 
 
 
 
Reconciliation of Selling, distribution, and administrative expense (SD&A), a GAAP financial measure, with Adjusted SD&A (or Adjusted Operating expense) a non-GAAP financial measure:
 
 
 Three Months Ended
March 31,
 
 Nine Months Ended
March 31,
 
 
2020
2019
 
2020
2019
 
SD&A
 $ 183,702
 $ 189,456
 
 $ 556,485
 $ 556,865
 
Non-routine costs
              (2,097)
              (1,600)
 
              (3,552)
              (1,600)
 
Adjusted SD&A (Adjusted Operating expense)
 $ 181,605
 $ 187,856
 
 $ 552,933
 $ 555,265
 
 
 
 
 
 
 
 
Adjusted gross profit, adjusted gross margin, and adjusted operating expense exclude non-routine expenses that may not be indicative of core operating results.
 
 
 
 
 
 
 
 
 
Reconciliation of Net Cash provided by Operating activities, a GAAP financial measure, to Free Cash Flow, a non-GAAP financial measure:
 
 
 Three Months Ended
March 31,
 
 Nine Months Ended
March 31,
 
 
2020
2019
 
2020
2019
 
Net Cash provided by Operating Activities
 $ 64,725
 $ 11,586
 
 $ 169,624
 $ 77,166
 
Property purchases
              (4,258)
              (4,615)
 
            (16,223)
            (11,711)
 
Free Cash Flow
 $ 60,467
 $ 6,971
 
 $ 153,401
 $ 65,455
 
 
 
 
 
 
 
 
Free cash flow is defined as net cash provided by operating activities less property purchases.
 


v3.20.1
Cover Page Document
Apr. 30, 2020
Cover [Abstract]  
Entity Central Index Key 0000109563
Document Type 8-K
Document Period End Date Apr. 30, 2020
Entity Registrant Name APPLIED INDUSTRIAL TECHNOLOGIES, INC.
Entity Incorporation, State or Country Code OH
Entity File Number 1-2299
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
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, without par value
Trading Symbol AIT
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false