10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-000960`
Period End Date	20230331
Filing Date	20230510
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	ese-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

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

Balance Sheet 83 line items

Line Item	Tag	Value	Unit	Period
Net of allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$2.69M	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`	$166.70M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$175.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$48.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$97.72M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$189.82M	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,693 and $2,612, respectively	`AccountsReceivableNetCurrent`	$164.65M	USD	Point-in-time
Preferred stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Accounts receivable, net of allowance for credit losses of $2,693 and $2,612, respectively	`AccountsReceivableNetCurrent`	$180.82M	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	`ContractWithCustomerAssetNetCurrent`	$128.21M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$125.15M	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
Inventories, net	`InventoryNet`	$185.75M	USD	Point-in-time
Inventories, net	`InventoryNet`	$162.40M	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`	$22.70M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$27.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$570.14M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.71M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$572.62M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.75M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	4.99M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	4.85M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $166,699 and $165,322, respectively	`PropertyPlantAndEquipmentNet`	$154.02M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $166,699 and $165,322, respectively	`PropertyPlantAndEquipmentNet`	$155.97M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $189,819 and $175,928, respectively	`IntangibleAssetsNetExcludingGoodwill`	$401.72M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $189,819 and $175,928, respectively	`IntangibleAssetsNetExcludingGoodwill`	$394.46M	USD	Point-in-time
Goodwill	`Goodwill`	$492.71M	USD	Point-in-time
Goodwill	`Goodwill`	$505.19M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$41.42M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$29.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.54M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.11M	USD	Point-in-time
Total assets	`Assets`	$1.68B	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`	$78.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$79.62M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$119.97M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$125.01M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$31.09M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$40.57M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$46.37M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$53.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$297.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$318.13M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$82.02M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$81.15M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$24.85M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$37.66M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$48.29M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$44.95M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$133.00M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$141.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$606.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$601.81M	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 30,751,449 and 30,707,748 shares, respectively	`CommonStockValue`	$308.00K	USD	Point-in-time
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,751,449 and 30,707,748 shares, respectively	`CommonStockValue`	$307.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$304.18M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$301.55M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$905.02M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$933.50M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.02M	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`	$1.22B	USD	Point-in-time
Less treasury stock, at cost: 4,993,372 and 4,854,997 common shares, respectively	`TreasuryStockValue`	$126.96M	USD	Point-in-time
Less treasury stock, at cost: 4,993,372 and 4,854,997 common shares, respectively	`TreasuryStockValue`	$139.18M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.08B	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`	$1.68B	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`	$434.64M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$381.94M	USD	2 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$229.14M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$204.93M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$268.68M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$236.68M	USD	2 Qtrs
Cost of sales	`CostOfRevenue`	$142.30M	USD	1 Quarter
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`	$53.88M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$105.18M	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$12.98M	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$7.03M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$13.89M	USD	2 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.51M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.02M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.27M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.75M	USD	2 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-3.93M	USD	2 Qtrs
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$-314.00K	USD	1 Quarter
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$-712.00K	USD	2 Qtrs
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$571.00K	USD	2 Qtrs
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$604.00K	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$205.79M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$183.26M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$345.43M	USD	2 Qtrs
Total costs and expenses	`CostsAndExpenses`	$392.39M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$42.25M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$36.51M	USD	2 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$23.35M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$21.67M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.47M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$8.40M	USD	2 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$5.08M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.64M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$16.58M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$28.11M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$32.60M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$17.88M	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$1.26	USD	2 Qtrs
Basic - Net earnings	`EarningsPerShareBasic`	$0.64	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.69	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$1.08	USD	2 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.69	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.64	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.08	USD	2 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.26	USD	2 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$32.60M	USD	2 Qtrs
Net earnings	`ProfitLoss`	$28.11M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$24.91M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$24.29M	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$5.31M	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$3.43M	USD	2 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$41.45M	USD	2 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$67.14M	USD	2 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-1.15M	USD	2 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$8.63M	USD	2 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.46M	USD	2 Qtrs
Net cash (used) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$23.00M	USD	2 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$17.90M	USD	2 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.59M	USD	2 Qtrs
Additions to capitalized software and other	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$4.73M	USD	2 Qtrs
Additions to capitalized software and other	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$5.92M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$10.30M	USD	2 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$20.71M	USD	2 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-34.12M	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`	$68.00M	USD	2 Qtrs
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$60.00M	USD	2 Qtrs
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$46.00M	USD	2 Qtrs
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$17.88M	USD	2 Qtrs
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$12.22M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.13M	USD	2 Qtrs
Dividends paid	`PaymentsOfDividends`	$4.15M	USD	2 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.37M	USD	2 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.72M	USD	2 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$17.25M	USD	2 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.72M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-1.13M	USD	2 Qtrs
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$801.00K	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-49.50M	USD	2 Qtrs
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.91M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.72M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.32M	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`	$48.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.72M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.32M	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`	$48.22M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$1.00M	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$3.38M	USD	2 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$13.35M	USD	2 Qtrs
Income taxes paid (including state and foreign)	`IncomeTaxesPaid`	$1.56M	USD	2 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$16.58M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$28.11M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$32.60M	USD	2 Qtrs
Net earnings	`NetIncomeLoss`	$17.88M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.23M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$13.75M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.31M	USD	2 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.81M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$2.23M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$13.75M	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`	$-5.31M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$46.35M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$13.77M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$22.80M	USD	2 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$20.11M	USD	1 Quarter

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