Applied Industrial Technologies Files 10-K/A Amendment

TL;DR

Applied Industrial Technologies filed an updated 10-K for FY24 on 9/10.

AI Summary

Applied Industrial Technologies Inc. filed a 10-K/A amendment on September 10, 2024, for the fiscal year ending June 30, 2024. The filing provides updated financial information and disclosures for the company, which is involved in wholesale machinery and equipment distribution.

Why It Matters

This amendment provides updated financial reporting for Applied Industrial Technologies Inc., crucial for investors and analysts to assess the company's performance and financial health.

Risk Assessment

Risk Level: low — This filing is an amendment to a standard annual report (10-K), indicating routine financial updates rather than a significant new risk event.

Key Numbers

• FY2024 — Fiscal Year End (The period covered by the 10-K/A filing.)
• 20240630 — Report Date (The specific date for which financial information is reported.)
• 20240910 — Filing Date (The date the amendment was submitted to the SEC.)

Key Players & Entities

• APPLIED INDUSTRIAL TECHNOLOGIES INC (company) — Filer
• 0000109563-24-000092.txt (document) — Filing document name
• 20240910 (date) — Filing date
• 20240630 (date) — Fiscal year end
• BEARINGS INC /OH/ (company) — Former company name
• BROWN JIM STORES INC (company) — Former company name

FAQ

Filing Documents

• ait-20240630.htm (10-K/A) — 1634KB
• ait-2024630x10kaexx23.htm (EX-23) — 3KB
• ait-2024630x10kaexx24xpoa.htm (EX-24) — 13KB
• ait-2024630x10kaexx31.htm (EX-31) — 27KB
• ait-2024630x10kaexx32.htm (EX-32) — 8KB
• 0000109563-24-000092.txt ( ) — 10197KB
• ait-20240630.xsd (EX-101.SCH) — 49KB
• ait-20240630_cal.xml (EX-101.CAL) — 94KB
• ait-20240630_def.xml (EX-101.DEF) — 365KB
• ait-20240630_lab.xml (EX-101.LAB) — 777KB
• ait-20240630_pre.xml (EX-101.PRE) — 568KB
• ait-20240630_htm.xml (XML) — 1810KB

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data Report of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) 1 Consolidated Balance Sheets as of June 30, 2024 and 2023 5

Notes to Consolidated Financial Statements 8

Notes to Consolidated Financial Statements 8

Controls and Procedures 31

Item 9A. Controls and Procedures 31 PART IV

Exhibits and Financial Statement Schedules 33

Item 15. Exhibits and Financial Statement Schedules 33 SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS 37 SIGNATURES 38 T a b l e o f C o n t e n t s

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the shareholders and the Board of Directors of Applied Industrial Technologies, Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Applied Industrial Technologies, Inc. and subsidiaries (the "Company") as of June 30, 2024 and 2023, the related statements of consolidated income, comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended June 30, 2024, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2024, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2024, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 16, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchan

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (In thousands, except per share amounts) NOTE 1: BUSINESS AND ACCOUNTING POLICIES

Business

Business Applied Industrial Technologies, Inc. and subsidiaries (the "Company," "Applied," "us," "we," or "our") is a leading value-added distributor and technical solutions provider of industrial motion, fluid power, flow control, automation technologies, and related maintenance supplies. Our leading brands, specialized services, and comprehensive knowledge serve MRO (Maintenance, Repair & Operations) and OEM (Original Equipment Manufacturer) end users in virtually all industrial markets through our multi-channel capabilities that provide choice, convenience, and expertise. Although the Company does not generally manufacture the products it sells, it does assemble and repair certain products and systems. Consolidation The consolidated financial statements include the accounts of Applied Industrial Technologies, Inc. and its subsidiaries. Intercompany transactions and balances have been eliminated in consolidation. Foreign Currency The financial statements of the Company's Canadian, Mexican, Australian, and New Zealand subsidiaries are measured using local currencies as their functional currencies. Assets and liabilities are translated into U.S. dollars at current exchange rates, while income and expenses are translated at average exchange rates. Translation gains and losses are reported in other comprehensive income (loss) in the statements of consolidated comprehensive income. Gains and losses resulting from transactions denominated in foreign currencies are included in the statements of consolidated income as a component of other expense (income), net. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the perio

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View this 10-K/A filing on SEC EDGAR