10-Q Filing

ESCO TECHNOLOGIES INC CIK: 866706 Q3 2023

Filing Information

Form Type	10-Q
Accession Number	`0001410578-23-001616`
Period End Date	20230630
Filing Date	20230809
Fiscal Year	2023
Fiscal Period	Q3
XBRL Instance	ese-20230630x10q_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`	$2.61M	USD	Point-in-time
Net of allowance for credit losses	`AllowanceForDoubtfulAccountsReceivableCurrent`	$3.11M	USD	Point-in-time
Net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$171.57M	USD	Point-in-time
Net of accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$165.32M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$196.95M	USD	Point-in-time
Net of accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$175.93M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$97.72M	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 $3,112 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 $3,112 and $2,612, respectively	`AccountsReceivableNetCurrent`	$192.15M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$128.28M	USD	Point-in-time
Contract assets	`ContractWithCustomerAssetNetCurrent`	$125.15M	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
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventories	`InventoryNet`	$162.40M	USD	Point-in-time
Inventories	`InventoryNet`	$192.49M	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$22.70M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$24.85M	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
Total current assets	`AssetsCurrent`	$593.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.75M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.71M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$572.62M	USD	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $171,569 and $165,322, respectively	`PropertyPlantAndEquipmentNet`	$155.34M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	5.00M	shares	Point-in-time
Property, plant and equipment, net of accumulated depreciation of $171,569 and $165,322, respectively	`PropertyPlantAndEquipmentNet`	$155.97M	USD	Point-in-time
Treasury stock, shares	`TreasuryStockCommonShares`	4.85M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $196,951 and $175,928, respectively	`IntangibleAssetsNetExcludingGoodwill`	$394.46M	USD	Point-in-time
Intangible assets, net of accumulated amortization of $196,951 and $175,928, respectively	`IntangibleAssetsNetExcludingGoodwill`	$398.42M	USD	Point-in-time
Goodwill	`Goodwill`	$492.71M	USD	Point-in-time
Goodwill	`Goodwill`	$505.59M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$40.31M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$29.15M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$10.03M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$9.54M	USD	Point-in-time
Total assets	`Assets`	$1.70B	USD	Point-in-time
Total assets	`Assets`	$1.65B	USD	Point-in-time
Current maturities of long-term debt	`DebtCurrent`	$20.00M	USD	Point-in-time
Current maturities of long-term debt	`DebtCurrent`	$20.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$78.75M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$76.76M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$125.01M	USD	Point-in-time
Contract liabilities	`ContractWithCustomerLiabilityCurrent`	$122.53M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$38.43M	USD	Point-in-time
Accrued salaries	`AccruedSalariesCurrent`	$40.57M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$51.24M	USD	Point-in-time
Accrued other expenses	`OtherAccruedLiabilitiesCurrent`	$53.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$318.13M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$308.95M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$78.58M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$82.02M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$36.81M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$24.85M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$48.29M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$44.12M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$128.00M	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`	$596.47M	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`	$307.00K	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`	$308.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$301.55M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$305.56M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$905.02M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$959.38M	USD	Point-in-time
Accumulated other comprehensive loss, net of tax	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-18.84M	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`	$1.25B	USD	Point-in-time
Less treasury stock, at cost: 4,995,414 and 4,854,997 common shares, respectively	`TreasuryStockValue`	$126.96M	USD	Point-in-time
Less treasury stock, at cost: 4,995,414 and 4,854,997 common shares, respectively	`TreasuryStockValue`	$139.36M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.03B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.11B	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.05B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.65B	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$1.70B	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$219.07M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$248.75M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$601.00M	USD	3 Qtrs
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$683.39M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$415.95M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$134.45M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$371.13M	USD	3 Qtrs
Cost of sales	`CostOfRevenue`	$147.27M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$142.07M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$55.38M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$160.56M	USD	3 Qtrs
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$47.48M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$21.02M	USD	3 Qtrs
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$7.13M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$6.41M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$19.38M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-6.42M	USD	3 Qtrs
Interest expense, net	`InterestIncomeExpenseNet`	$-1.33M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-2.50M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-3.08M	USD	3 Qtrs
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$106.00K	USD	1 Quarter
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$-966.00K	USD	1 Quarter
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$-1.68M	USD	3 Qtrs
Other expenses (income), net	`OtherOperatingIncomeExpenseNet`	$677.00K	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$535.00M	USD	3 Qtrs
Total costs and expenses	`CostsAndExpenses`	$213.24M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$189.56M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$605.63M	USD	3 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$29.50M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$77.75M	USD	3 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$66.01M	USD	3 Qtrs
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$35.51M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$17.21M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$14.73M	USD	3 Qtrs
Income tax expense	`IncomeTaxExpenseBenefit`	$6.33M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.56M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$27.94M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$60.55M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$51.28M	USD	3 Qtrs
Net earnings	`NetIncomeLoss`	$23.17M	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$0.90	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$2.35	USD	3 Qtrs
Basic - Net earnings	`EarningsPerShareBasic`	$1.08	USD	1 Quarter
Basic - Net earnings	`EarningsPerShareBasic`	$1.98	USD	3 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$2.34	USD	3 Qtrs
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.08	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$0.89	USD	1 Quarter
Diluted - Net earnings	`EarningsPerShareDiluted`	$1.97	USD	3 Qtrs

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`ProfitLoss`	$51.28M	USD	3 Qtrs
Net earnings	`ProfitLoss`	$60.55M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$37.70M	USD	3 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$36.25M	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$5.32M	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$7.01M	USD	3 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$60.17M	USD	3 Qtrs
Changes in assets and liabilities	`IncreaseDecreaseInOperatingCapital`	$72.35M	USD	3 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$9.02M	USD	3 Qtrs
Effect of deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-3.71M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$41.69M	USD	3 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.20M	USD	3 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$15.59M	USD	3 Qtrs
Acquisition of business, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$17.69M	USD	3 Qtrs
Additions to capitalized software and other	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$9.36M	USD	3 Qtrs
Additions to capitalized software and other	`PaymentsToAcquireAdditionalCapitalizedSoftware`	$9.26M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$16.99M	USD	3 Qtrs
Capital expenditures	`PaymentsToAcquireProductiveAssets`	$25.89M	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-43.95M	USD	3 Qtrs
Net cash used by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-50.84M	USD	3 Qtrs
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$88.00M	USD	3 Qtrs
Proceeds from long-term debt and short-term borrowings	`ProceedsFromIssuanceOfDebt`	$111.00M	USD	3 Qtrs
Principal payments on long-term debt and short-term borrowings	`RepaymentsOfDebt`	$93.00M	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
Purchases of common stock into treasury	`PaymentsForRepurchaseOfCommonStock`	$12.40M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.22M	USD	3 Qtrs
Dividends paid	`PaymentsOfDividends`	$6.19M	USD	3 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.79M	USD	3 Qtrs
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-2.56M	USD	3 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-26.15M	USD	3 Qtrs
Net cash (used) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$18.12M	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`	$-777.00K	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-41.67M	USD	3 Qtrs
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$4.79M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.02M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$97.72M	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`	$56.05M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$61.02M	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`	$56.23M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.05M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$5.56M	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`	$18.31M	USD	3 Qtrs

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net Income (Loss)	`NetIncomeLoss`	$27.94M	USD	1 Quarter
Net Income (Loss)	`NetIncomeLoss`	$60.55M	USD	3 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$51.28M	USD	3 Qtrs
Net Income (Loss)	`NetIncomeLoss`	$23.17M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-821.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-11.90M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$12.93M	USD	3 Qtrs
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-17.22M	USD	3 Qtrs
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-821.00K	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`	$-11.90M	USD	1 Quarter
Total other comprehensive income (loss), net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$12.93M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$11.27M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$27.12M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$34.06M	USD	3 Qtrs
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$73.47M	USD	3 Qtrs

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