10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001410578-22-002168`
Period End Date	20220630
Filing Date	20220809
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	ese-20220630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 48 Cash Flow Statement 51 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`	$3.33M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$147.55M	USD	Point-in-time
Less accumulated depreciation and amortization	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$161.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$61.02M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$149.89M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.23M	USD	Point-in-time
Accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$169.27M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $3,328 and $3,445, respectively	`AccountsReceivableNetCurrent`	$146.34M	USD	Point-in-time
Preferred Stock, Par or Stated Value Per Share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for doubtful accounts of $3,328 and $3,445, respectively	`AccountsReceivableNetCurrent`	$168.72M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$115.84M	USD	Point-in-time
Preferred Stock, Shares Authorized	`PreferredStockSharesAuthorized`	10.00M	shares	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
Inventories, net	`InventoryNet`	$147.15M	USD	Point-in-time
Inventories, net	`InventoryNet`	$178.17M	USD	Point-in-time
Common Stock, Par or Stated Value Per Share	`CommonStockParOrStatedValuePerShare`	$0.01	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`	$22.66M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$29.72M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.71M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.67M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$553.47M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$466.15M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $161,177 and $147,551, respectively	`PropertyPlantAndEquipmentNet`	$155.96M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	4.60M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	4.85M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $161,177 and $147,551, respectively	`PropertyPlantAndEquipmentNet`	$154.26M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $169,274 and $149,892, respectively	`IntangibleAssetsNetExcludingGoodwill`	$401.34M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $169,274 and $149,892, respectively	`IntangibleAssetsNetExcludingGoodwill`	$409.25M	USD	Point-in-time
Goodwill	`Goodwill`	$503.44M	USD	Point-in-time
Goodwill	`Goodwill`	$504.85M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$31.85M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$28.92M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.56M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.98M	USD	Point-in-time
Total assets	`Assets`	$1.58B	USD	Point-in-time
Total assets	`Assets`	$1.65B	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`	$70.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$56.67M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$106.05M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$117.86M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$39.77M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$35.26M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$48.23M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$52.51M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$292.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$275.00M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$73.56M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$82.58M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$28.03M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$25.21M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$41.92M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$47.06M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$134.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$181.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$557.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$622.80M	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 30,707,567 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 30,707,567 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`	$299.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$830.99M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$876.05M	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`	$-19.38M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.13B	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.16B	USD	Point-in-time
Less treasury stock, at cost: 4,854,997 and 4,604,741 common shares, respectively	`TreasuryStockValue`	$126.96M	USD	Point-in-time
Less treasury stock, at cost: 4,854,997 and 4,604,741 common shares, respectively	`TreasuryStockValue`	$107.08M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.00B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.03B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.58B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.65B	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$601.00M	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$509.96M	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$219.07M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$181.39M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$371.13M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$134.45M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$316.79M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$113.61M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$142.07M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$42.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.48M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$122.63M	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$4.86M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$19.38M	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.41M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$14.73M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-1.33M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.45M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.08M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-480.00K	USD	1 Quarter
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$-615.00K	USD	1 Quarter
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$1.26M	USD	3 Qtrs
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$677.00K	USD	3 Qtrs
Other (income) expenses, net	`OtherOperatingIncomeExpenseNet`	$106.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$162.45M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$454.33M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$189.56M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$535.00M	USD	3 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$18.94M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$29.50M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$66.01M	USD	3 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$55.63M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$14.73M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$4.03M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$12.50M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$6.33M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$43.13M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$23.17M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$51.28M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$14.91M	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.57	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$1.66	USD	3 Qtrs
Basic - Net earnings	`EarningsPerShareBasic`	$1.98	USD	3 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.65	USD	3 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.97	USD	3 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.89	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$43.13M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$23.17M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$51.28M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$14.91M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.25M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$30.26M	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$5.39M	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$5.32M	USD	3 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$60.17M	USD	3 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$-2.52M	USD	3 Qtrs
Gain on sale of building and land	`GainLossOnSaleOfProperties`	$1.95M	USD	3 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-3.95M	USD	3 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$9.02M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$41.69M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$75.40M	USD	3 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$6.68M	USD	3 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.59M	USD	3 Qtrs
Proceeds from sale of building and land	`ProceedsFromSaleOfLandHeldForUse`	$1.95M	USD	3 Qtrs
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$9.36M	USD	3 Qtrs
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$6.50M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$25.89M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$17.89M	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.84M	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.12M	USD	3 Qtrs
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$111.00M	USD	3 Qtrs
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$80.00M	USD	3 Qtrs
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$94.37M	USD	3 Qtrs
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$64.00M	USD	3 Qtrs
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$19.88M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.22M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.25M	USD	3 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-1.67M	USD	3 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.79M	USD	3 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.12M	USD	3 Qtrs
Net cash provided (used) by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-22.29M	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-4.18M	USD	3 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.81M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$25.80M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.79M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.23M	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`	$78.36M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.02M	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`	$52.56M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$78.36M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.02M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$316.00K	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$1.69M	USD	3 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$5.57M	USD	3 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$21.98M	USD	3 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$43.13M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$23.17M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$51.28M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$14.91M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-17.22M	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-11.90M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$6.00M	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$535.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-11.90M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-17.22M	USD	3 Qtrs
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$535.00K	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$6.00M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$34.06M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$49.13M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$15.44M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$11.27M	USD	1 Quarter

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