10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-016643`
Period End Date	20201231
Filing Date	20210209
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ese-20201231x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 37 Cash Flow Statement 55 Comprehensive Income 8

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$130.53M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$135.50M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$134.00M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$129.06M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$52.56M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$57.36M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$144.08M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$143.68M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Contract assets, net	`ContractWithCustomerAssetNetCurrent`	$93.76M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Contract assets, net	`ContractWithCustomerAssetNetCurrent`	$96.75M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$136.19M	USD	Point-in-time
Inventories, net	`InventoryNet`	$144.05M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.39M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.65M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.65M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$17.05M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$452.25M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.61M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$446.63M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $135,500 and $130,534, respectively	`PropertyPlantAndEquipmentNet`	$141.54M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $135,500 and $130,534, respectively	`PropertyPlantAndEquipmentNet`	$139.87M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $134,005 and $129,063, respectively	`IntangibleAssetsNetExcludingGoodwill`	$347.44M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $134,005 and $129,063, respectively	`IntangibleAssetsNetExcludingGoodwill`	$346.63M	USD	Point-in-time
Goodwill	`Goodwill`	$408.06M	USD	Point-in-time
Goodwill	`Goodwill`	$411.16M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$21.39M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$20.32M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.94M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.88M	USD	Point-in-time
Total assets	`Assets`	$1.38B	USD	Point-in-time
Total assets	`Assets`	$1.37B	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$22.37M	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$21.84M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$50.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$44.20M	USD	Point-in-time
Contract liabilities, net	`ContractWithCustomerLiabilityCurrent`	$100.55M	USD	Point-in-time
Contract liabilities, net	`ContractWithCustomerLiabilityCurrent`	$112.29M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$32.15M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$27.20M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$49.10M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$50.44M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$256.03M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$254.62M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$60.94M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$60.40M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$15.75M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$16.79M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$39.21M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$38.18M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$40.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$34.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$403.98M	USD	Point-in-time
Total liabilities	`Liabilities`	$411.93M	USD	Point-in-time
Preferred stock, par value $.01 per share, authorized 10,000,000 shares	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, par value $.01 per share, authorized 10,000,000 shares	`PreferredStockValue`	-	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,645,625 and 30,645,625 shares, respectively	`CommonStockValue`	$306.00K	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,645,625 and 30,645,625 shares, respectively	`CommonStockValue`	$306.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$293.68M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$294.74M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$790.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$778.40M	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.69M	USD	Point-in-time
Accumulated other comprehensive income (loss), net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-3.66M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.09B	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.07B	USD	Point-in-time
Less treasury stock, at cost: 4,607,911 and 4,607,911 common shares, respectively	`TreasuryStockValue`	$107.13M	USD	Point-in-time
Less treasury stock, at cost: 4,607,911 and 4,607,911 common shares, respectively	`TreasuryStockValue`	$107.13M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$915.49M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$979.60M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$961.60M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.37B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.38B	USD	Point-in-time

Income Statement 37 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$162.95M	USD	1 Quarter
(Loss) earnings from discontinued operations, net of tax benefit	`DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod`	$269.00K	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$171.73M	USD	1 Quarter
Gain on sale of discontinued operations, tax expense	`DiscontinuedOperationTaxEffectOfIncomeLossFromDisposalOfDiscontinuedOperation`	$23.73M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$106.73M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$98.78M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$41.00M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$42.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$5.81M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$4.95M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-541.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.42M	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-295.00K	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-23.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$145.29M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$157.36M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$14.37M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$17.66M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.97M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.61M	USD	1 Quarter
Earnings from continuing operations	`IncomeLossFromContinuingOperations`	$13.69M	USD	1 Quarter
Earnings from continuing operations	`IncomeLossFromContinuingOperations`	$10.76M	USD	1 Quarter
Loss from discontinued operations, net of tax benefit of $269	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax`	$-601.00K	USD	1 Quarter
Gain on sale of discontinued operations, net of tax expense of $23,734	`DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax`	$76.61M	USD	1 Quarter
Earnings from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$76.01M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$86.78M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.69M	USD	1 Quarter
Basic - Continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.41	USD	1 Quarter
Basic - Continuing operations	`IncomeLossFromContinuingOperationsPerBasicShare`	$0.53	USD	1 Quarter
Basic - Discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare`	$2.93	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$3.34	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.53	USD	1 Quarter
Diluted - Continuing operations	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.41	USD	1 Quarter
Diluted - Continuing operations	`IncomeLossFromContinuingOperationsPerDilutedShare`	$0.52	USD	1 Quarter
Diluted - Discontinued operations	`DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare`	$2.91	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.52	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$3.32	USD	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$86.78M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.69M	USD	1 Quarter
Earnings from discontinued operations	`IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity`	$76.01M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.54M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$10.01M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$1.37M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$1.45M	USD	1 Quarter
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-264.00K	USD	1 Quarter
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$19.05M	USD	1 Quarter
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-370.00K	USD	1 Quarter
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-538.00K	USD	1 Quarter
Net cash provided by operating activities - continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$24.79M	USD	1 Quarter
Net cash provided by operating activities - continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$3.33M	USD	1 Quarter
Net cash used by operating activities - discontinued operations	`CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations`	$-622.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$2.71M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$24.79M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$6.51M	USD	1 Quarter
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$1.92M	USD	1 Quarter
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$1.55M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$12.65M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$5.97M	USD	1 Quarter
Net cash used by investing activities - continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-14.57M	USD	1 Quarter
Net cash used by investing activities - continuing operations	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-14.04M	USD	1 Quarter
Proceeds from sale of discontinued operations	`ProceedsFromDivestitureOfBusinesses`	$184.00M	USD	1 Quarter
Capital expenditures - discontinued operations	`CapitalExpenditureIncurredDiscontinuedOperations`	$1.73M	USD	1 Quarter
Net cash provided by investing activities - discontinued operations	`CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations`	$182.27M	USD	1 Quarter
Net cash (used) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$167.70M	USD	1 Quarter
Net cash (used) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-14.04M	USD	1 Quarter
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$10.00M	USD	1 Quarter
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$30.00M	USD	1 Quarter
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$145.00M	USD	1 Quarter
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$36.52M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$2.08M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$2.08M	USD	1 Quarter
Net cash used by financing activities - continuing operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-137.08M	USD	1 Quarter
Net cash used by financing activities - continuing operations	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-8.61M	USD	1 Quarter
Net cash used by financing activities - discontinued operations	`CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations`	$-2.14M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-8.61M	USD	1 Quarter
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-139.22M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.65M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$3.70M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.80M	USD	1 Quarter
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$34.88M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$96.69M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.81M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$52.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$57.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$96.69M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.81M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$52.56M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$2.15M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$179.00K	USD	1 Quarter
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$305.00K	USD	1 Quarter
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$4.34M	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$86.78M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$13.69M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$3.92M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.35M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$3.92M	USD	1 Quarter
Total other comprehensive income, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$5.35M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$90.70M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$19.04M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.