2023 Q2 Form 10-Q Financial Statement

#000002964423000055 Filed on June 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q2
Revenue $875.7M $853.2M
YoY Change 2.64% 11.53%
Cost Of Revenue $586.9M $584.2M
YoY Change 0.46% 15.23%
Gross Profit $288.8M $269.0M
YoY Change 7.36% 4.26%
Gross Profit Margin 32.98% 31.53%
Selling, General & Admin $145.8M $140.6M
YoY Change 3.7%
% of Gross Profit 50.48% 52.27%
Research & Development $19.00M $17.40M
YoY Change 9.2%
% of Gross Profit 6.58% 6.47%
Depreciation & Amortization $22.50M $23.50M
YoY Change -4.26% -1.26%
% of Gross Profit 7.79% 8.74%
Operating Expenses $164.8M $158.0M
YoY Change 4.3% 6.33%
Operating Profit $124.0M $111.0M
YoY Change 11.71% 1.46%
Interest Expense -$5.100M $3.800M
YoY Change -234.21% 18.75%
% of Operating Profit -4.11% 3.42%
Other Income/Expense, Net $2.600M $4.100M
YoY Change -36.59% -12.77%
Pretax Income $121.5M $111.3M
YoY Change 9.16% 0.36%
Income Tax $27.80M $28.30M
% Of Pretax Income 22.88% 25.43%
Net Earnings $93.70M $83.00M
YoY Change 12.89% -1.66%
Net Earnings / Revenue 10.7% 9.73%
Basic Earnings Per Share $0.77 $0.67
Diluted Earnings Per Share $0.76 $0.67
COMMON SHARES
Basic Shares Outstanding 121.6M shares 123.4M shares
Diluted Shares Outstanding 123.5M shares 124.6M shares

Balance Sheet

Concept 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $186.0M $168.7M
YoY Change 10.25% -21.64%
Cash & Equivalents $186.0M $168.7M
Short-Term Investments
Other Short-Term Assets $90.60M $83.70M
YoY Change 8.24% 20.43%
Inventory $449.7M $510.7M
Prepaid Expenses
Receivables $626.3M $585.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.353B $1.367B
YoY Change -1.08% 14.07%
LONG-TERM ASSETS
Property, Plant & Equipment $640.9M $591.1M
YoY Change 8.42% -5.62%
Goodwill $380.3M $336.6M
YoY Change 12.98% 4.24%
Intangibles $138.8M $73.80M
YoY Change 88.08%
Long-Term Investments $24.30M $25.60M
YoY Change -5.08% 5.79%
Other Assets $162.9M $150.4M
YoY Change 8.31% -27.24%
Total Long-Term Assets $1.323B $1.152B
YoY Change 14.85% -0.35%
TOTAL ASSETS
Total Short-Term Assets $1.353B $1.367B
Total Long-Term Assets $1.323B $1.152B
Total Assets $2.676B $2.519B
YoY Change 6.2% 6.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $311.1M $335.8M
YoY Change -7.36% 25.25%
Accrued Expenses $105.8M $106.7M
YoY Change -0.84% -10.93%
Deferred Revenue $31.20M
YoY Change
Short-Term Debt $26.60M $31.30M
YoY Change -15.02% 24.7%
Long-Term Debt Due $125.0M
YoY Change
Total Short-Term Liabilities $712.0M $606.5M
YoY Change 17.39% 10.51%
LONG-TERM LIABILITIES
Long-Term Debt $470.5M $607.2M
YoY Change -22.51% 33.57%
Other Long-Term Liabilities $161.6M $76.30M
YoY Change 111.8% -35.5%
Total Long-Term Liabilities $632.1M $76.30M
YoY Change 728.44% -35.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $712.0M $606.5M
Total Long-Term Liabilities $632.1M $76.30M
Total Liabilities $1.377B $1.396B
YoY Change -1.35% 16.18%
SHAREHOLDERS EQUITY
Retained Earnings $2.057B $1.786B
YoY Change 15.17% 13.08%
Common Stock $758.2M $758.2M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.268B
YoY Change 17.63%
Treasury Stock Shares 28.79M shares
Shareholders Equity $1.299B $1.124B
YoY Change
Total Liabilities & Shareholders Equity $2.676B $2.519B
YoY Change 6.2% 6.99%

Cashflow Statement

Concept 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $93.70M $83.00M
YoY Change 12.89% -1.66%
Depreciation, Depletion And Amortization $22.50M $23.50M
YoY Change -4.26% -1.26%
Cash From Operating Activities $133.2M $64.10M
YoY Change 107.8% -37.95%
INVESTING ACTIVITIES
Capital Expenditures $35.20M -$23.30M
YoY Change -251.07% 137.76%
Acquisitions
YoY Change
Other Investing Activities -$62.30M $0.00
YoY Change
Cash From Investing Activities -$97.50M -$23.30M
YoY Change 318.45% 137.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.800M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.30M -37.10M
YoY Change -26.42% -56.3%
NET CHANGE
Cash From Operating Activities 133.2M 64.10M
Cash From Investing Activities -97.50M -23.30M
Cash From Financing Activities -27.30M -37.10M
Net Change In Cash 8.400M 3.700M
YoY Change 127.03% -56.98%
FREE CASH FLOW
Cash From Operating Activities $133.2M $64.10M
Capital Expenditures $35.20M -$23.30M
Free Cash Flow $98.00M $87.40M
YoY Change 12.13% -22.72%

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="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"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating Environment</span></div><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-style:italic;font-weight:700;line-height:120%">Inflation</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%">While inflation was not as significant in the third quarter or the first nine months of fiscal 2023, as compared to the prior year, the Company continues to experience the effects of inflation related to raw materials and other expenses, including labor and energy. These inflationary pressures have had an adverse impact on the Company’s profit margins throughout the third quarter and the first nine months of fiscal 2023, however they have been generally mitigated by pricing actions primarily implemented in the prior year.</span></div>
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OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-73000000.0 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-11600000 usd
us-gaap Reclassification From Aoci Current Period Tax
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-2700000 usd
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-64100000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.24
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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46.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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51.35
us-gaap Stock Issued During Period Shares Stock Options Exercised
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
40.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
53.42
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6850028 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
47.72
CY2023Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1600000 usd
CY2022Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1800000 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
4800000 usd
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
5400000 usd
CY2023Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
4200000 usd
CY2022Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2400000 usd
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
12600000 usd
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
7400000 usd
CY2023Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6400000 usd
CY2022Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6200000 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
19100000 usd
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
18700000 usd
CY2023Q2 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
100000 usd
CY2022Q2 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
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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200000 usd
CY2023Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
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CY2022Q2 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-1800000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-1600000 usd
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-5400000 usd
CY2023Q2 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
3300000 usd
CY2022Q2 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1100000 usd
dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
3300000 usd
dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
2300000 usd
CY2023Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
3300000 usd
CY2022Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1000000.0 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
3400000 usd
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
2000000.0 usd
CY2022Q1 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1200000 usd
CY2022Q2 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1100000 usd
CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022Q3 dci Business Combination Contingent Consideration Arrangements Range Of Outcomes Value High Fair Value
BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHighFairValue
30700000 usd
CY2023Q2 dci Business Combination Contingent Consideration Arrangements Range Of Outcomes Value High Fair Value
BusinessCombinationContingentConsiderationArrangementsRangeOfOutcomesValueHighFairValue
30700000 usd
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Contingent Liability
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1700000 usd
CY2023Q2 us-gaap Loss Contingency Accrual At Carrying Value
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7500000 usd
CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
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7500000 usd
CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
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0 usd
CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0 usd
CY2023Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
4000000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
5800000 usd
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3200000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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CY2023Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2416600000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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309800000 usd
CY2023Q2 us-gaap Assets
Assets
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CY2022Q3 us-gaap Assets
Assets
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CY2022Q4 us-gaap Other Restructuring Costs
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CY2023Q1 us-gaap Restructuring Charges
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9300000 usd
CY2023Q1 us-gaap Severance Costs1
SeveranceCosts1
3100000 usd
CY2023Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
1400000 usd
CY2023Q1 dci Cost Related To Discontinuation Of Programs
CostRelatedToDiscontinuationOfPrograms
4800000 usd

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0000029644-23-000055.txt Edgar Link pending
0000029644-23-000055-xbrl.zip Edgar Link pending
dci-20230430.htm Edgar Link pending
dci-20230430.xsd Edgar Link pending
exhibit31-a20230430.htm Edgar Link pending
exhibit31-b20230430.htm Edgar Link pending
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