XML 57 R18.htm IDEA: XBRL DOCUMENT
v3.19.3

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.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration