10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001410578-22-001243`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	ese-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 48 Cash Flow Statement 50 Comprehensive Income 16

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.44M	USD	Point-in-time
Allowance for Doubtful Accounts Receivable, Current	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.40M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$156.24M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$147.55M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$149.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$54.32M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.23M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$162.87M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $3,403 and $3,445, respectively	`AccountsReceivableNetCurrent`	$146.34M	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $3,403 and $3,445, respectively	`AccountsReceivableNetCurrent`	$140.50M	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
Contract assets	`ContractWithCustomerAssetNetCurrent`	$111.45M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$93.77M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	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
Inventories, net	`InventoryNet`	$175.15M	USD	Point-in-time
Inventories, net	`InventoryNet`	$147.15M	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
Other current assets	`OtherAssetsCurrent`	$31.97M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$22.66M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.67M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$466.15M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$513.40M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.71M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $156,237 and $147,551, respectively	`PropertyPlantAndEquipmentNet`	$156.96M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.60M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $156,237 and $147,551, respectively	`PropertyPlantAndEquipmentNet`	$154.26M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	4.83M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $162,869 and $149,892, respectively	`IntangibleAssetsNetExcludingGoodwill`	$409.25M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $162,869 and $149,892, respectively	`IntangibleAssetsNetExcludingGoodwill`	$407.20M	USD	Point-in-time
Goodwill	`Goodwill`	$504.85M	USD	Point-in-time
Goodwill	`Goodwill`	$508.41M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$30.14M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$31.85M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.98M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.68M	USD	Point-in-time
Total assets	`Assets`	$1.63B	USD	Point-in-time
Total assets	`Assets`	$1.58B	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$20.00M	USD	Point-in-time
Current maturities of long-term debt and short-term borrowings	`DebtCurrent`	$20.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$71.81M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$56.67M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$108.63M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$106.05M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$30.15M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$39.77M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$47.20M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$52.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$277.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$275.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$82.19M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$73.56M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$28.03M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$26.30M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$47.06M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$42.33M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$176.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$134.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$557.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$604.61M	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 30,705,913 and 30,666,173 shares, respectively	`CommonStockValue`	$307.00K	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,705,913 and 30,666,173 shares, respectively	`CommonStockValue`	$307.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$297.64M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$298.35M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$830.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$854.95M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.16M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-7.47M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.15B	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.13B	USD	Point-in-time
Less treasury stock, at cost: 4,826,545 and 4,604,741 common shares, respectively	`TreasuryStockValue`	$107.08M	USD	Point-in-time
Less treasury stock, at cost: 4,826,545 and 4,604,741 common shares, respectively	`TreasuryStockValue`	$124.96M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$990.66M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.58B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.63B	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$165.89M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$328.57M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$204.93M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$381.94M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$203.18M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$103.55M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$236.68M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$128.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.96M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$94.59M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$79.75M	USD	2 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$38.75M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.87M	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$12.98M	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$4.92M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.51M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.02M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-973.00K	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-432.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.75M	USD	2 Qtrs
Other income, net	`OtherOperatingIncomeExpenseNet`	$571.00K	USD	2 Qtrs
Other income, net	`OtherOperatingIncomeExpenseNet`	$1.88M	USD	2 Qtrs
Other income, net	`OtherOperatingIncomeExpenseNet`	$604.00K	USD	1 Quarter
Other income, net	`OtherOperatingIncomeExpenseNet`	$1.90M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$291.88M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$145.75M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$183.26M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$345.43M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$21.67M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$36.69M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$36.51M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$20.15M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$8.47M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.75M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.08M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$8.40M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$15.40M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$16.58M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$28.22M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$28.11M	USD	2 Qtrs
Basic - Net earnings	`EarningsPerShareBasic`	$0.59	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$1.08	USD	2 Qtrs
Basic - Net earnings	`EarningsPerShareBasic`	$0.64	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$1.08	USD	2 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.59	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.08	USD	2 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.08	USD	2 Qtrs

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$15.40M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$16.58M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$28.22M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$28.11M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$24.29M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$20.11M	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$3.43M	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$2.75M	USD	2 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-9.18M	USD	2 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$41.45M	USD	2 Qtrs
Gain on sale of building and land	`GainLossOnSaleOfProperties`	$1.95M	USD	2 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$8.63M	USD	2 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-989.00K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.00M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$57.32M	USD	2 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$6.68M	USD	2 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.59M	USD	2 Qtrs
Proceeds from sale of building and land	`ProceedsFromSaleOfLandHeldForUse`	$1.95M	USD	2 Qtrs
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$4.73M	USD	2 Qtrs
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$3.97M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$13.15M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$20.71M	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-21.86M	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.03M	USD	2 Qtrs
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$88.00M	USD	2 Qtrs
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$34.00M	USD	2 Qtrs
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$46.00M	USD	2 Qtrs
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$74.37M	USD	2 Qtrs
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$17.88M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.15M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.17M	USD	2 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.72M	USD	2 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$17.25M	USD	2 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-44.53M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.13M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.17M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.91M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.91M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.65M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$52.56M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.23M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.32M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.65M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$52.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.23M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.32M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.00M	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$281.00K	USD	2 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$1.56M	USD	2 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$14.05M	USD	2 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$15.40M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$16.58M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$28.22M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$28.11M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.31M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.81M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$5.46M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$116.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-5.31M	USD	2 Qtrs
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.81M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$116.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$5.46M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.77M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$15.52M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$22.80M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$33.69M	USD	2 Qtrs

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