2022 Q1 Form 10-Q Financial Statement

#000002964422000030 Filed on March 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $802.5M $760.9M $679.1M
YoY Change 18.17% 19.53% 2.58%
Cost Of Revenue $552.7M $503.9M $453.8M
YoY Change 21.79% 21.74% 3.42%
Gross Profit $249.8M $257.0M $225.3M
YoY Change 10.87% 15.4% 0.94%
Gross Profit Margin 31.13% 33.78% 33.18%
Selling, General & Admin $137.5M $133.0M
YoY Change
% of Gross Profit 55.04% 51.75%
Research & Development $16.60M $16.50M
YoY Change
% of Gross Profit 6.65% 6.42%
Depreciation & Amortization $23.70M $23.80M $23.30M
YoY Change 1.72% 2.15% 7.87%
% of Gross Profit 9.49% 9.26% 10.34%
Operating Expenses $154.1M $149.5M $149.2M
YoY Change 3.28% 10.33% 7.57%
Operating Profit $95.70M $107.5M $76.10M
YoY Change 25.76% 23.28% -9.94%
Interest Expense $3.600M $3.400M $3.300M
YoY Change 9.09% -2.86% -26.67%
% of Operating Profit 3.76% 3.16% 4.34%
Other Income/Expense, Net $2.400M $0.00 $1.100M
YoY Change 118.18% -100.0% -60.71%
Pretax Income $94.50M $104.1M $73.90M
YoY Change 27.88% 26.64% -10.75%
Income Tax $22.70M $27.00M $17.70M
% Of Pretax Income 24.02% 25.94% 23.95%
Net Earnings $71.80M $77.10M $56.20M
YoY Change 27.76% 24.56% -12.73%
Net Earnings / Revenue 8.95% 10.13% 8.28%
Basic Earnings Per Share $0.58 $0.62 $0.44
Diluted Earnings Per Share $0.57 $0.61 $0.44
COMMON SHARES
Basic Shares Outstanding 123.9M shares 124.4M shares 126.6M shares
Diluted Shares Outstanding 125.6M shares 126.3M shares 128.2M shares

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $170.4M $200.8M $207.3M
YoY Change -17.8% -25.63% -1.8%
Cash & Equivalents $170.4M $200.8M $207.3M
Short-Term Investments
Other Short-Term Assets $92.20M $86.90M $78.50M
YoY Change 17.45% 10.0% -6.77%
Inventory $480.7M $444.7M $347.6M
Prepaid Expenses
Receivables $553.4M $545.1M $492.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.314B $1.296B $1.126B
YoY Change 16.68% 13.31% 0.45%
LONG-TERM ASSETS
Property, Plant & Equipment $601.0M $609.7M $624.3M
YoY Change -3.73% -1.2% 0.19%
Goodwill $344.3M $320.6M $322.1M
YoY Change 6.89% 1.78% 4.41%
Intangibles $79.40M $59.20M
YoY Change
Long-Term Investments $23.70M $23.90M
YoY Change
Other Assets $152.4M $153.2M $198.4M
YoY Change -23.19% -20.91% 310.77%
Total Long-Term Assets $1.177B $1.143B $1.145B
YoY Change 2.82% 1.5% 0.33%
TOTAL ASSETS
Total Short-Term Assets $1.314B $1.296B $1.126B
Total Long-Term Assets $1.177B $1.143B $1.145B
Total Assets $2.491B $2.439B $2.271B
YoY Change 9.7% 7.45% 0.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $324.5M $310.0M $228.1M
YoY Change 42.26% 48.04% 8.57%
Accrued Expenses $89.60M $108.6M $99.40M
YoY Change -9.86% 283.78%
Deferred Revenue
YoY Change
Short-Term Debt $63.90M $41.20M $16.70M
YoY Change 282.63% 4020.0% -51.87%
Long-Term Debt Due $5.700M
YoY Change -88.6%
Total Short-Term Liabilities $638.5M $581.9M $499.5M
YoY Change 27.83% 38.75% 0.26%
LONG-TERM LIABILITIES
Long-Term Debt $553.9M $548.1M $495.1M
YoY Change 11.88% -4.89% -16.9%
Other Long-Term Liabilities $77.10M $85.00M $202.1M
YoY Change -61.85% -59.56% 346.14%
Total Long-Term Liabilities $77.10M $85.00M $202.1M
YoY Change -61.85% -59.56% 346.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $638.5M $581.9M $499.5M
Total Long-Term Liabilities $77.10M $85.00M $202.1M
Total Liabilities $1.375B $1.323B $1.197B
YoY Change 14.86% 9.68% -8.72%
SHAREHOLDERS EQUITY
Retained Earnings $1.703B $1.686B $1.494B
YoY Change 13.93% 13.0% 10.36%
Common Stock $758.2M $758.2M $758.2M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.231B $1.230B $1.054B
YoY Change 16.88% 18.66% 3.93%
Treasury Stock Shares 28.10M shares 28.13M shares 25.54M shares
Shareholders Equity $1.117B $1.116B $1.074B
YoY Change
Total Liabilities & Shareholders Equity $2.491B $2.439B $2.271B
YoY Change 9.7% 7.45% 0.39%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $71.80M $77.10M $56.20M
YoY Change 27.76% 24.56% -12.73%
Depreciation, Depletion And Amortization $23.70M $23.80M $23.30M
YoY Change 1.72% 2.15% 7.87%
Cash From Operating Activities $36.90M $42.90M $73.40M
YoY Change -49.73% -66.72% -19.07%
INVESTING ACTIVITIES
Capital Expenditures -$15.20M $18.30M -$11.60M
YoY Change 31.03% -2.66% -72.77%
Acquisitions
YoY Change
Other Investing Activities -$49.00M
YoY Change
Cash From Investing Activities -$64.20M -$18.30M -$11.60M
YoY Change 453.45% -2.66% -72.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $102.9M
YoY Change 559.62%
Debt Paid & Issued, Net $35.00M
YoY Change -12.5%
Cash From Financing Activities -200.0K -$45.50M -131.7M
YoY Change -99.85% -42.33% 172.67%
NET CHANGE
Cash From Operating Activities 36.90M $42.90M 73.40M
Cash From Investing Activities -64.20M -$18.30M -11.60M
Cash From Financing Activities -200.0K -$45.50M -131.7M
Net Change In Cash -27.50M -$22.00M -69.90M
YoY Change -60.66% -165.87% 34850.0%
FREE CASH FLOW
Cash From Operating Activities $36.90M $42.90M $73.40M
Capital Expenditures -$15.20M $18.30M -$11.60M
Free Cash Flow $52.10M $24.60M $85.00M
YoY Change -38.71% -77.66% -36.23%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amount of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The effects of the ongoing Coronavirus (COVID-19) pandemic continue to impact global economic conditions. The Company continues to experience supply chain disruptions, including global logistics and labor challenges and constrained supplies of steel, petrochemical products and filter media. These disruptions have slowed the Company’s production speed and increased lead times. The Company has undertaken steps to mitigate these negative impacts, such as qualifying additional suppliers. These disruptions impeded the Company’s ability to meet streng</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">thening demand. This dynamic impacted results in the first half of fiscal 2022 and is expected to continue throughout fiscal 2022.</span></div>
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ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2600000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
41000000.0 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Settlements1
DefinedBenefitPlanRecognizedNetGainLossDueToSettlements1
1200000 USD
CY2021 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
800000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.27
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.21
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6444743 shares
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
44.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
878305 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
59.36
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
287742 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
37.16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
21562 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
52.23
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7013744 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
46.22
CY2022Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1800000 USD
CY2021Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1800000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
3600000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
4000000.0 USD
CY2022Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2500000 USD
CY2021Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2500000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
5000000.0 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
4900000 USD
CY2022Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6200000 USD
CY2021Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
5800000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
12500000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
11500000 USD
CY2022Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
0 USD
CY2021Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
100000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
100000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
200000 USD
CY2022Q1 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-1800000 USD
CY2021Q1 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-1900000 USD
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-3600000 USD
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-4100000 USD
CY2022Q1 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1200000 USD
CY2021Q1 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
0 USD
dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1200000 USD
dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
0 USD
CY2022Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
CY2021Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
-800000 USD
CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1100000 USD
CY2021Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
500000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1000000.0 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
2500000 USD
CY2022Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1200000 USD
CY2020Q4 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
800000 USD
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
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7500000 USD
CY2021Q3 us-gaap Loss Contingency Accrual At Carrying Value
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7700000 USD
CY2022Q1 us-gaap Letters Of Credit Outstanding Amount
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0 USD
CY2021Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0 USD
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2000000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3200000 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1900000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3700000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
802500000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
679100000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1563400000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1315800000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
94500000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
73900000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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198500000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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156100000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
802500000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
679100000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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1563400000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1315800000 USD

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