10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-000086`
Period End Date	20221231
Filing Date	20230209
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	ese-20221231x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 83 Income Statement 24 Cash Flow Statement 47 Comprehensive Income 8

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Net of allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.67M	USD	Point-in-time
Net of allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.61M	USD	Point-in-time
Net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$165.32M	USD	Point-in-time
Net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$171.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$51.92M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$175.93M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$182.79M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$97.72M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,665 and $2,612, respectively	`AccountsReceivableNetCurrent`	$159.66M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,665 and $2,612, respectively	`AccountsReceivableNetCurrent`	$164.65M	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Contract assets, net	`ContractWithCustomerAssetNetCurrent`	$122.52M	USD	Point-in-time
Contract assets, net	`ContractWithCustomerAssetNetCurrent`	$125.15M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Inventories, net	`InventoryNet`	$181.74M	USD	Point-in-time
Inventories, net	`InventoryNet`	$162.40M	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$18.93M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$22.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$572.62M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.71M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$534.77M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.75M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	4.91M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	4.85M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $171,143 and $165,322, respectively	`PropertyPlantAndEquipmentNet`	$155.97M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $171,143 and $165,322, respectively	`PropertyPlantAndEquipmentNet`	$155.72M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $182,789 and $175,928, respectively	`IntangibleAssetsNetExcludingGoodwill`	$394.46M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $182,789 and $175,928, respectively	`IntangibleAssetsNetExcludingGoodwill`	$394.82M	USD	Point-in-time
Goodwill	`Goodwill`	$498.38M	USD	Point-in-time
Goodwill	`Goodwill`	$492.71M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$42.16M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$29.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.13M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.54M	USD	Point-in-time
Total assets	`Assets`	$1.65B	USD	Point-in-time
Total assets	`Assets`	$1.64B	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`	$73.77M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$78.75M	USD	Point-in-time
Contract liabilities, net	`ContractWithCustomerLiabilityCurrent`	$125.01M	USD	Point-in-time
Contract liabilities, net	`ContractWithCustomerLiabilityCurrent`	$121.22M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$40.57M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$27.34M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$53.80M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$50.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$318.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$292.76M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$81.21M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$82.02M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$38.35M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$24.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$45.27M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$48.29M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$112.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$133.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$606.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$569.59M	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 30,745,335 and 30,707,748 shares, respectively	`CommonStockValue`	$307.00K	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,745,335 and 30,707,748 shares, respectively	`CommonStockValue`	$307.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$300.70M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$301.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$917.68M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$905.02M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-20.25M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-31.76M	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.18B	USD	Point-in-time
Total stockholders' equity before treasury stock	`StockholdersEquityBeforeTreasuryStock`	$1.20B	USD	Point-in-time
Less treasury stock, at cost: 4,912,636 and 4,854,997 common shares, respectively	`TreasuryStockValue`	$126.96M	USD	Point-in-time
Less treasury stock, at cost: 4,912,636 and 4,854,997 common shares, respectively	`TreasuryStockValue`	$132.04M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.07B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.64B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.65B	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$177.01M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$205.50M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$126.38M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$108.31M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$46.63M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$51.30M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.86M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.47M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-733.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.66M	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-33.00K	USD	1 Quarter
Other expenses, net	`OtherOperatingIncomeExpenseNet`	$-398.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$162.17M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$186.60M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$14.84M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$18.90M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.17M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$3.31M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.52M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$14.73M	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.44	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.57	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.44	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$14.73M	USD	1 Quarter
Net earnings	`ProfitLoss`	$11.52M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.37M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$12.17M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$1.86M	USD	1 Quarter
Stock compensation expense	`ShareBasedCompensation`	$1.69M	USD	1 Quarter
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$30.84M	USD	1 Quarter
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$36.92M	USD	1 Quarter
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.04M	USD	1 Quarter
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$7.40M	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.95M	USD	1 Quarter
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.01M	USD	1 Quarter
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.59M	USD	1 Quarter
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$2.79M	USD	1 Quarter
Additions to capitalized software	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$1.96M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$14.13M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$4.79M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-31.68M	USD	1 Quarter
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.59M	USD	1 Quarter
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$17.00M	USD	1 Quarter
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$74.00M	USD	1 Quarter
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$38.00M	USD	1 Quarter
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$30.00M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$2.08M	USD	1 Quarter
Dividends paid	`PaymentsOfDividends`	$2.07M	USD	1 Quarter
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$10.00M	USD	1 Quarter
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$4.15M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.41M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.74M	USD	1 Quarter
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-29.63M	USD	1 Quarter
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$29.19M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$33.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$418.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-517.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-45.80M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.23M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$51.92M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.72M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.72M	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`	$51.92M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.72M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.72M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.88M	USD	1 Quarter
Interest paid	`InterestPaidNet`	$388.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$195.00K	USD	1 Quarter
Income taxes paid	`IncomeTaxesPaid`	$200.00K	USD	1 Quarter

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$11.52M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$14.73M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$11.51M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.50M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$11.51M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-2.50M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$9.02M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$26.24M	USD	1 Quarter

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