10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001144204-19-038765`
Period End Date	20190630
Filing Date	20190809
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	ese-20190630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 79 Income Statement 48 Cash Flow Statement 52 Comprehensive Income 20

Balance Sheet 79 line items

Line Item	Tag	Value	Unit	Period
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$125.75M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$115.73M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$92.27M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$106.24M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$30.48M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$38.96M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$163.74M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$168.68M	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
Contract assets	`ContractWithCustomerAssetNetCurrent`	$53.03M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$99.50M	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$126.82M	USD	Point-in-time
Inventories, net	`InventoryNet`	$135.42M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.53M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.60M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$13.36M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$16.26M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.62M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$450.21M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$396.02M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.62M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $125,747 and $115,728, respectively	`PropertyPlantAndEquipmentNet`	$151.54M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $125,747 and $115,728, respectively	`PropertyPlantAndEquipmentNet`	$134.95M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $106,239 and $92,274, respectively	`IntangibleAssetsNetExcludingGoodwill`	$336.62M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $106,239 and $92,274, respectively	`IntangibleAssetsNetExcludingGoodwill`	$345.35M	USD	Point-in-time
Goodwill	`Goodwill`	$381.68M	USD	Point-in-time
Goodwill	`Goodwill`	$381.65M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$6.04M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$7.14M	USD	Point-in-time
Total assets	`Assets`	$1.33B	USD	Point-in-time
Total assets	`Assets`	$1.27B	USD	Point-in-time
Short-term borrowings and current maturities of long-term debt	`DebtCurrent`	$20.92M	USD	Point-in-time
Short-term borrowings and current maturities of long-term debt	`DebtCurrent`	$20.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$59.33M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$63.03M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$53.76M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$49.03M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$29.38M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$29.91M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$35.81M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$39.08M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$199.74M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$200.53M	USD	Point-in-time
Pension obligations	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$14.61M	USD	Point-in-time
Pension obligations	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$16.29M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$66.29M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$64.79M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$36.66M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$24.10M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$200.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$197.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$514.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$505.71M	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 30,596,940 and 30,534,786 shares, respectively	`CommonStockValue`	$306.00K	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,596,940 and 30,534,786 shares, respectively	`CommonStockValue`	$305.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$291.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$291.19M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$661.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$606.84M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-33.45M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.53M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$919.07M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$866.80M	USD	Point-in-time
Less treasury stock, at cost: 4,615,627 and 4,623,958 common shares, respectively	`TreasuryStockValue`	$107.26M	USD	Point-in-time
Less treasury stock, at cost: 4,615,627 and 4,623,958 common shares, respectively	`TreasuryStockValue`	$107.39M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$727.25M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$759.41M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$811.81M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.33B	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.27B	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$576.31M	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$192.22M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$540.50M	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$199.77M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$122.17M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$346.91M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$363.03M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$122.81M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$122.81M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$43.40M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$126.07M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$39.91M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$4.61M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$4.69M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$13.96M	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$13.62M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-6.46M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-1.97M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-5.79M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-2.24M	USD	1 Quarter
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$656.00K	USD	1 Quarter
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$2.04M	USD	3 Qtrs
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$-992.00K	USD	3 Qtrs
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$-2.64M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$168.91M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$490.80M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$506.81M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$174.87M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$69.50M	USD	3 Qtrs
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$24.89M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$23.32M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$49.70M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$4.30M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$13.32M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-13.98M	USD	3 Qtrs
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$4.83M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$63.68M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$19.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$56.18M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$20.07M	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.77	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$2.17	USD	3 Qtrs
Basic - Net earnings	`EarningsPerShareBasic`	$0.73	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$2.46	USD	3 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.77	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.73	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$2.45	USD	3 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$2.15	USD	3 Qtrs

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$63.68M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$19.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$56.18M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$20.07M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$28.35M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$28.76M	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$3.86M	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$3.88M	USD	3 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$41.85M	USD	3 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$9.45M	USD	3 Qtrs
Change in property, plant and equipment due to gain on sale of building	`GainLossOnSaleOfPropertyPlantEquipment`	$8.92M	USD	3 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$1.49M	USD	3 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-23.09M	USD	3 Qtrs
Pension contributions	`PensionContributions`	$2.50M	USD	3 Qtrs
Pension contributions	`PensionContributions`	$9.41M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$37.04M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$53.94M	USD	3 Qtrs
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$937.00K	USD	3 Qtrs
Acquisition of businesses, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$11.45M	USD	3 Qtrs
Additions to capitalized software	`PaymentsToAcquireSoftware`	$7.12M	USD	3 Qtrs
Additions to capitalized software	`PaymentsToAcquireSoftware`	$6.21M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.54M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$26.46M	USD	3 Qtrs
Proceeds from sale of building and land	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$17.20M	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.40M	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.10M	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$53.00M	USD	3 Qtrs
Proceeds from long-term debt	`ProceedsFromIssuanceOfLongTermDebt`	$32.92M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$66.00M	USD	3 Qtrs
Principal payments on long-term debt	`RepaymentsOfLongTermDebt`	$35.00M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.22M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.21M	USD	3 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.89M	USD	3 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-3.23M	USD	3 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-11.54M	USD	3 Qtrs
Net cash used by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.09M	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-8.00K	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-626.00K	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$8.48M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.26M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$38.96M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.52M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.48M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.26M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$38.96M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.52M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.48M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$43.26M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$5.56M	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$6.33M	USD	3 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$4.34M	USD	3 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$18.51M	USD	3 Qtrs

Comprehensive Income 20 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$63.68M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$19.02M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$56.18M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$20.07M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.01M	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-6.87M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$1.84M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.74M	USD	3 Qtrs
Net unrealized (loss) gain on derivative instruments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$7.00K	USD	1 Quarter
Net unrealized (loss) gain on derivative instruments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$62.00K	USD	1 Quarter
Net unrealized (loss) gain on derivative instruments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$-94.00K	USD	3 Qtrs
Net unrealized (loss) gain on derivative instruments	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax`	$-93.00K	USD	3 Qtrs
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-6.93M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.83M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.92M	USD	3 Qtrs
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.65M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$54.26M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$21.90M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$61.04M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$12.09M	USD	1 Quarter

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