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As Of Filer Filing For·On·As Docs:Size 12/04/20 Donaldson Co. Inc. 10-Q 10/31/20 81:6.1M |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 564K 2: EX-10.A Material Contract HTML 31K 3: EX-10.AN Material Contract HTML 95K 4: EX-10.AO Material Contract HTML 103K 5: EX-31.A Certification -- §302 - SOA'02 HTML 26K 6: EX-31.B Certification -- §302 - SOA'02 HTML 26K 7: EX-32 Certification -- §906 - SOA'02 HTML 23K 14: R1 Cover Page HTML 74K 15: R2 Condensed Consolidated Statements of Earnings HTML 76K 16: R3 Condensed Consolidated Statements of Comprehensive HTML 51K Income 17: R4 Condensed Consolidated Statements of Comprehensive HTML 28K Income (Parenthetical) 18: R5 Condensed Consolidated Balance Sheets HTML 113K 19: R6 Condensed Consolidated Balance Sheets HTML 39K (Parenthetical) 20: R7 Condensed Consolidated Statements of Cash Flows HTML 94K 21: R8 Condensed Consolidated Statements of Changes in HTML 51K Shareholders' Equity 22: R9 Summary of Significant Accounting Policies HTML 30K 23: R10 Acquisitions and Divestitures HTML 24K 24: R11 Supplemental Balance Sheet Information HTML 38K 25: R12 Earnings Per Share HTML 36K 26: R13 Goodwill and Intangible Assets HTML 48K 27: R14 Revenue HTML 37K 28: R15 Warranty HTML 31K 29: R16 Stock-Based Compensation HTML 50K 30: R17 Employee Benefit Plans HTML 43K 31: R18 Income Taxes HTML 27K 32: R19 Fair Value Measurements HTML 74K 33: R20 Shareholders' Equity HTML 25K 34: R21 Accumulated Other Comprehensive Loss HTML 68K 35: R22 Guarantees HTML 36K 36: R23 Commitments and Contingencies HTML 24K 37: R24 Segment Reporting HTML 58K 38: R25 Borrowings HTML 25K 39: R26 Summary of Significant Accounting Policies HTML 31K (Policies) 40: R27 Supplemental Balance Sheet Information (Tables) HTML 42K 41: R28 Earnings Per Share (Tables) HTML 35K 42: R29 Goodwill and Intangible Assets (Tables) HTML 50K 43: R30 Revenue (Tables) HTML 32K 44: R31 Warranty (Tables) HTML 31K 45: R32 Stock-Based Compensation (Tables) HTML 53K 46: R33 Employee Benefit Plans (Tables) HTML 36K 47: R34 Fair Value Measurements (Tables) HTML 79K 48: R35 Accumulated Other Comprehensive Loss (Tables) HTML 68K 49: R36 Guarantees (Tables) HTML 38K 50: R37 Segment Reporting (Tables) HTML 54K 51: R38 Summary of Significant Accounting Policies HTML 32K (Details) 52: R39 Acquisitions and Divestitures (Details) HTML 32K 53: R40 Supplemental Balance Sheet Information (Inventory) HTML 30K (Details) 54: R41 Supplemental Balance Sheet Information (Property, HTML 40K Plant and Equipment) (Details) 55: R42 Earnings Per Share (Details) HTML 23K 56: R43 Earnings Per Share (Information Necessary to HTML 50K Calculate Basic and Diluted Net Earnings Per Common Share) (Details) 57: R44 Goodwill and Intangible Assets (Reconciliation of HTML 34K Goodwill) (Details) 58: R45 Goodwill and Intangible Assets (Reconciliation of HTML 37K Intangible Assets) (Details) 59: R46 Revenue (Disaggregation of Revenue by Geographical HTML 35K Area) (Details) 60: R47 Revenue (Narrative) (Details) HTML 28K 61: R48 Warranty (Details) HTML 31K 62: R49 Stock-Based Compensation (Narratives) (Details) HTML 41K 63: R50 Stock-Based Compensation (Compensation Expense) HTML 30K (Details) 64: R51 Stock-Based Compensation (Summary of Stock Option HTML 42K Activity) (Details) 65: R52 Stock-Based Compensation (Summary of Performance HTML 45K Award Activity) (Details) 66: R53 Employee Benefit Plans (Details) HTML 53K 67: R54 Employee Benefit Plans (Components of Net Periodic HTML 42K Pension Costs) (Details) 68: R55 Income Taxes (Details) HTML 27K 69: R56 Fair Value Measurements (Details) HTML 48K 70: R57 Fair Value Measurements (Derivatives on the HTML 48K Balance Sheet) (Details) 71: R58 Fair Value Measurements Fair Value Measurements HTML 37K (Pre-tax Impact of Derivatives) (Details) 72: R59 Shareholders' Equity (Details) HTML 34K 73: R60 Accumulated Other Comprehensive Loss (Details) HTML 80K 74: R61 Guarantees (Details) HTML 41K 75: R62 Segment Reporting (Details) HTML 23K 76: R63 Segment Reporting (Summary of Segment Detail) HTML 54K (Details) 77: R64 Borrowings (Details) HTML 34K 79: XML IDEA XML File -- Filing Summary XML 144K 13: XML XBRL Instance -- dci-20201031_htm XML 1.40M 78: EXCEL IDEA Workbook of Financial Reports XLSX 77K 9: EX-101.CAL XBRL Calculations -- dci-20201031_cal XML 181K 10: EX-101.DEF XBRL Definitions -- dci-20201031_def XML 428K 11: EX-101.LAB XBRL Labels -- dci-20201031_lab XML 1.25M 12: EX-101.PRE XBRL Presentations -- dci-20201031_pre XML 725K 8: EX-101.SCH XBRL Schema -- dci-20201031 XSD 117K 80: JSON XBRL Instance as JSON Data -- MetaLinks 347± 485K 81: ZIP XBRL Zipped Folder -- 0000029644-20-000060-xbrl Zip 244K
dci-20201031 |
i Delaware | i 41-0222640 | |||||||
(State or other jurisdiction of | (I.R.S. Employer | |||||||
incorporation or organization) | Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, $5.00 par value | i DCI | i New York Stock Exchange |
i Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | i ☐ | |||||||||||
Emerging growth company | i ☐ |
Item 1. Financial Statements |
Three Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net sales | $ | i 636.6 | $ | i 672.7 | |||||||||||||||||||
Cost of sales | i 413.9 | i 441.4 | |||||||||||||||||||||
Gross profit | i 222.7 | i 231.3 | |||||||||||||||||||||
Operating expenses | i 135.5 | i 142.6 | |||||||||||||||||||||
Operating income | i 87.2 | i 88.7 | |||||||||||||||||||||
Interest expense | i 3.5 | i 4.7 | |||||||||||||||||||||
Other expense (income), net | i 1.5 | ( i 2.6) | |||||||||||||||||||||
Earnings before income taxes | i 82.2 | i 86.6 | |||||||||||||||||||||
Income taxes | i 20.3 | i 21.6 | |||||||||||||||||||||
Net earnings | $ | i 61.9 | $ | i 65.0 | |||||||||||||||||||
Weighted average shares – basic | i 126.8 | i 126.9 | |||||||||||||||||||||
Weighted average shares – diluted | i 128.0 | i 128.6 | |||||||||||||||||||||
Net earnings per share – basic | $ | i 0.49 | $ | i 0.51 | |||||||||||||||||||
Net earnings per share – diluted | $ | i 0.48 | $ | i 0.51 | |||||||||||||||||||
Three
Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net earnings | $ | i 61.9 | $ | i 65.0 | |||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation (loss) income | ( i 5.0) | i 8.1 | |||||||||||||||||||||
Pension
liability adjustment, net of deferred taxes of $( i 1.5) and $ i 0.1,
respectively | i 6.1 | i 0.8 | |||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Gain
on hedging derivatives, net of deferred taxes of $ i 0.0 and $ i 0.2,
respectively | i 0.3 | i 0.3 | |||||||||||||||||||||
Reclassifications
of (gains) losses on hedging derivatives to net earnings, net of taxes of $( i 0.2) and $( i 0.7),
respectively | ( i 0.2) | i 1.2 | |||||||||||||||||||||
Total derivatives | i 0.1 | i 1.5 | |||||||||||||||||||||
Net other comprehensive income | i 1.2 | i 10.4 | |||||||||||||||||||||
Comprehensive income | $ | i 63.1 | $ | i 75.4 |
October
31, 2020 | July 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 270.0 | $ | i 236.6 | |||||||
Accounts
receivable, less allowances of $ i 8.2 and $ i 6.2, respectively | i 465.1 | i 455.3 | |||||||||
Inventories, net | i 329.5 | i 322.7 | |||||||||
Prepaid expenses and other current assets | i 79.0 | i 82.1 | |||||||||
Total current assets | i 1,143.6 | i 1,096.7 | |||||||||
Property,
plant and equipment, net | i 617.1 | i 631.6 | |||||||||
Goodwill | i 315.0 | i 316.8 | |||||||||
Other long-term assets | i 193.7 | i 199.5 | |||||||||
Total assets | $ | i 2,269.4 | $ | i 2,244.6 | |||||||
Liabilities and Shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Short-term borrowings | $ | i 1.0 | $ | i 3.8 | |||||||
Current maturities of long-term debt | i 5.7 | i 5.7 | |||||||||
Trade accounts payable | i 209.4 | i 187.7 | |||||||||
Current income taxes | i 27.5 | i 17.6 | |||||||||
Other current liabilities | i 175.8 | i 192.0 | |||||||||
Total current liabilities | i 419.4 | i 406.8 | |||||||||
Long-term debt | i 576.3 | i 617.4 | |||||||||
Other long-term liabilities | i 210.2 | i 216.6 | |||||||||
Total liabilities | i 1,205.9 | i 1,240.8 | |||||||||
Redeemable non-controlling interest | i 10.9 | i 10.9 | |||||||||
Shareholders’ equity: | |||||||||||
Preferred stock, $ i i 1.00 /
par value, i i 1,000,000 /
shares authorized, i i none / issued | i — | i — | |||||||||
Common
stock, $ i i 5.00 / par value, i i 240,000,000 /
shares authorized, i i 151,643,194 / shares issued | i 758.2 | i 758.2 | |||||||||
Additional paid-in capital | i 2.7 | i — | |||||||||
Retained earnings | i 1,491.9 | i 1,430.0 | |||||||||
Non-controlling interest | i 5.8 | i 5.8 | |||||||||
Stock-compensation plans | i 13.0 | i 15.9 | |||||||||
Accumulated other comprehensive loss | ( i 182.8) | ( i 184.0) | |||||||||
Treasury
stock, i 25,323,054 and i 25,304,515 shares, respectively, at cost | ( i 1,036.2) | ( i 1,033.0) | |||||||||
Total shareholders’ equity | i 1,052.6 | i 992.9 | |||||||||
Total liabilities and shareholders’ equity | $ | i 2,269.4 | $ | i 2,244.6 |
Three
Months Ended October 31, | |||||||||||
2020 | 2019 | ||||||||||
Operating activities | |||||||||||
Net earnings | $ | i 61.9 | $ | i 65.0 | |||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | i 23.3 | i 21.2 | |||||||||
Deferred income taxes | ( i 2.9) | i 3.1 | |||||||||
Stock-based compensation expense | i 6.3 | i 6.6 | |||||||||
Other, net | i 7.3 | i 7.1 | |||||||||
Changes in operating assets and liabilities | i 33.0 | ( i 16.9) | |||||||||
Net cash provided by operating activities | i 128.9 | i 86.1 | |||||||||
Investing activities | |||||||||||
Net expenditures on property, plant and equipment | ( i 18.8) | ( i 37.1) | |||||||||
Net cash used in investing activities | ( i 18.8) | ( i 37.1) | |||||||||
Financing activities | |||||||||||
Proceeds from long-term debt | i — | i 122.9 | |||||||||
Repayments of long-term debt | ( i 40.0) | ( i 111.1) | |||||||||
Change in short-term borrowings | ( i 2.8) | i 58.2 | |||||||||
Purchase of treasury stock | ( i 15.6) | ( i 65.0) | |||||||||
Dividends paid | ( i 26.6) | ( i 26.6) | |||||||||
Tax withholding payments for stock compensation transactions | ( i 2.2) | ( i 4.1) | |||||||||
Exercise of stock options | i 8.3 | i 11.0 | |||||||||
Net cash used in financing activities | ( i 78.9) | ( i 14.7) | |||||||||
Effect of exchange rate changes on cash | i 2.2 | ( i 2.1) | |||||||||
Increase in cash and cash equivalents | i 33.4 | i 32.2 | |||||||||
Cash and cash equivalents, beginning of period | i 236.6 | i 177.8 | |||||||||
Cash and cash equivalents, end of period | $ | i 270.0 | $ | i 210.0 | |||||||
Supplemental cash flow information | |||||||||||
Income taxes paid | $ | i 13.2 | $ | i 11.4 | |||||||
Interest paid | $ | i 3.6 | $ | i 5.6 | |||||||
Supplemental disclosure of non-cash operating and investing transactions | |||||||||||
Accrued property, plant and equipment additions | $ | i 5.0 | $ | i 16.6 | |||||||
Leased assets obtained in exchange for new operating lease liabilities | $ | i 1.2 | $ | i 13.0 |
Common Stock | Additional Paid-in Capital | Retained Earnings | Non- Controlling Interest | Stock Compensation Plans | Accumulated Other Comprehensive Loss | Treasury Stock | Total | ||||||||||||||||||||||||||||||||||||||||
Balance July 31, 2020 | $ | i 758.2 | $ | i — | $ | i 1,430.0 | $ | i 5.8 | $ | i 15.9 | $ | ( i 184.0) | $ | ( i 1,033.0) | $ | i 992.9 | |||||||||||||||||||||||||||||||
Net earnings | i 61.9 | i 61.9 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 1.2 | i 1.2 | |||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired | ( i 15.6) | ( i 15.6) | |||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | i 0.1 | i 0.1 | |||||||||||||||||||||||||||||||||||||||||||||
Stock compensation and other activity | i 2.7 | ( i 0.1) | ( i 2.9) | i 12.4 | i 12.1 | ||||||||||||||||||||||||||||||||||||||||||
Balance October 31, 2020 | $ | i 758.2 | $ | i 2.7 | $ | i 1,491.9 | $ | i 5.8 | $ | i 13.0 | $ | ( i 182.8) | $ | ( i 1,036.2) | $ | i 1,052.6 | |||||||||||||||||||||||||||||||
Balance July 31, 2019 | $ | i 758.2 | $ | i — | $ | i 1,281.5 | $ | i 5.4 | $ | i 21.7 | $ | ( i 192.9) | $ | ( i 981.2) | $ | i 892.7 | |||||||||||||||||||||||||||||||
Net earnings | i 65.0 | i 65.0 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 10.4 | i 10.4 | |||||||||||||||||||||||||||||||||||||||||||||
Treasury stock acquired | ( i 65.0) | ( i 65.0) | |||||||||||||||||||||||||||||||||||||||||||||
Dividends declared | i 0.2 | i 0.2 | |||||||||||||||||||||||||||||||||||||||||||||
Stock compensation and other activity | ( i 0.7) | i | ( i 6.6) | i 21.0 | i 13.7 | ||||||||||||||||||||||||||||||||||||||||||
Balance October 31, 2019 | $ | i 758.2 | $ | i — | $ | i 1,346.0 | $ | i 5.4 | $ | i 15.1 | $ | ( i 182.5) | $ | ( i 1,025.2) | $ | i 917.0 | |||||||||||||||||||||||||||||||
October 31, 2020 | July
31, 2020 | ||||||||||
Raw materials | $ | i 110.1 | $ | i 109.6 | |||||||
Work in process | i 33.8 | i 32.8 | |||||||||
Finished products | i 185.6 | i 180.3 | |||||||||
Inventories, net | $ | i 329.5 | $ | i 322.7 |
October 31, 2020 | July 31, 2020 | ||||||||||
Land | $ | i 24.8 | $ | i 24.9 | |||||||
Buildings | i 384.8 | i 384.5 | |||||||||
Machinery and equipment | i 906.2 | i 880.1 | |||||||||
Computer software | i 143.8 | i 145.4 | |||||||||
Construction in progress | i 77.4 | i 102.8 | |||||||||
Less: accumulated depreciation | ( i 919.9) | ( i 906.1) | |||||||||
Property, plant and equipment, net | $ | i 617.1 | $ | i 631.6 |
Three
Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net earnings for basic and diluted earnings per share computation | $ | i 61.9 | $ | i 65.0 | |||||||||||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Weighted average common shares – basic | i 126.8 | i 126.9 | |||||||||||||||||||||
Dilutive impact of share-based awards | i 1.2 | i 1.7 | |||||||||||||||||||||
Weighted average common shares – diluted | i 128.0 | i 128.6 | |||||||||||||||||||||
Net earnings per share – basic | $ | i 0.49 | $ | i 0.51 | |||||||||||||||||||
Net earnings per share – diluted | $ | i 0.48 | $ | i 0.51 |
Engine Products | Industrial Products | Total | |||||||||||||||
Balance as of July 31, 2020 | $ | i 84.8 | $ | i 232.0 | $ | i 316.8 | |||||||||||
Goodwill acquired | i — | i — | i — | ||||||||||||||
Currency translation | ( i 0.2) | ( i 1.6) | ( i 1.8) | ||||||||||||||
Balance as of October 31, 2020 | $ | i 84.6 | $ | i 230.4 | $ | i 315.0 |
Gross Carrying Amount | Accumulated Amortization | Total | |||||||||||||||
Customer relationships | $ | i 104.5 | $ | ( i 51.4) | $ | i 53.1 | |||||||||||
Patents, trademarks and technology | i 23.8 | ( i 12.1) | i 11.7 | ||||||||||||||
Total intangible assets, net | $ | i 128.3 | $ | ( i 63.5) | $ | i 64.8 |
Gross Carrying Amount | Accumulated Amortization | Total | |||||||||||||||
Customer relationships | $ | i 105.2 | $ | ( i 50.0) | $ | i 55.2 | |||||||||||
Patents, trademarks and technology | i 23.7 | ( i 11.6) | i 12.1 | ||||||||||||||
Total intangible assets, net | $ | i 128.9 | $ | ( i 61.6) | $ | i 67.3 |
Three Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
United States and Canada | $ | i 251.0 | $ | i 286.9 | |||||||||||||||||||
Europe, Middle East and Africa | i 187.8 | i 194.8 | |||||||||||||||||||||
Asia Pacific | i 144.1 | i 133.5 | |||||||||||||||||||||
Latin America | i 53.7 | i 57.5 | |||||||||||||||||||||
Total net sales | $ | i 636.6 | $ | i 672.7 |
Three
Months Ended October 31, | |||||||||||
2020 | 2019 | ||||||||||
Balance at beginning of period | $ | i 9.5 | $ | i 11.2 | |||||||
Accruals for warranties issued during the reporting period | i 0.1 | i 0.4 | |||||||||
Accruals related to pre-existing warranties (including changes in estimates) | ( i 0.4) | ( i 0.3) | |||||||||
Less: settlements made during the period | ( i 0.8) | ( i 1.0) | |||||||||
Balance at end of period | $ | i 8.4 | $ | i 10.3 |
Three Months Ended October 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Pretax compensation expense associated with stock options | $ | i 5.1 | $ | i 5.3 | ||||||||||||||||||||||
Tax benefits associated with stock options | $ | i 0.6 | $ | i 1.1 | ||||||||||||||||||||||
Options Outstanding | Weighted Average Exercise Price | ||||||||||
Outstanding as of July 31, 2020 | i 6,533,979 | $ | i 42.44 | ||||||||
Granted | i 946,100 | i 46.06 | |||||||||
Exercised | ( i 269,215) | i 32.33 | |||||||||
Canceled | ( i 10,433) | i 52.77 | |||||||||
Outstanding as of October 31, 2020 | i 7,200,431 | $ | i 43.28 |
Three Months Ended October 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Pretax compensation expense associated with performance-based awards | $ | i 0.9 | $ | i 0.9 | ||||||||||||||||||||||
Performance Shares Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||
Non-vested at July 31, 2020 | i 198,200 | $ | i 54.93 | |||||||||||
Granted | i 106,100 | i 46.06 | ||||||||||||
Vested | i — | i — | ||||||||||||
Canceled/forfeited | i — | i — | ||||||||||||
Non-vested at October 31, 2020 | i 304,300 | $ | i 51.84 |
Three Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net periodic benefit costs: | |||||||||||||||||||||||
Service cost | $ | i 2.2 | $ | i 1.6 | |||||||||||||||||||
Interest cost | i 2.4 | i 3.4 | |||||||||||||||||||||
Expected return on assets | ( i 5.8) | ( i 6.5) | |||||||||||||||||||||
Prior service cost amortization | i 0.1 | i 0.2 | |||||||||||||||||||||
Actuarial loss amortization | i 2.2 | i 1.6 | |||||||||||||||||||||
Curtailment charge | i 0.8 | i — | |||||||||||||||||||||
Net periodic benefit costs | $ | i 1.9 | $ | i 0.3 | |||||||||||||||||||
Fair Values Significant Other Observable Inputs | ||||||||||||||||||||||||||||||||||||||
Notional Amounts | Assets (1) | Liabilities (2) (3) | ||||||||||||||||||||||||||||||||||||
October 31, | July 31, | October 31, | July 31, | October 31, | July 31, | |||||||||||||||||||||||||||||||||
2020 | 2020 | 2020 | 2020 | 2020 | 2020 | |||||||||||||||||||||||||||||||||
Forward foreign currency exchange contracts | $ | i 29.3 | $ | i 26.2 | $ | i 3.7 | $ | i 2.1 | $ | ( i 0.9) | $ | ( i 1.4) | ||||||||||||||||||||||||||
Net investment hedge | i 55.8 | i 55.8 | i 1.1 | i 1.2 | ( i 0.3) | i — | ||||||||||||||||||||||||||||||||
Interest
rate swap | i 40.0 | i — | i 0.2 | i — | i — | i — | ||||||||||||||||||||||||||||||||
Total | $ | i 125.1 | $ | i 82.0 | $ | i 5.0 | $ | i 3.3 | $ | ( i 1.2) | $ | ( i 1.4) | ||||||||||||||||||||||||||
Pre-tax Gains (Losses) Recognized in Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||
Three Months Ended October 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Forward foreign currency exchange contracts | $ | i 0.8 | $ | ( i 0.7) | ||||||||||||||||||||||
Net investment hedge | $ | ( i 0.7) | $ | i 0.8 | ||||||||||||||||||||||
Interest rate swap | $ | i 0.2 | $ | i — |
Pre-tax (Gains) Losses Reclassified from Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||
Three Months Ended October 31, | ||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||
Forward foreign currency exchange contracts | $ | i — | $ | i 1.9 | ||||||||||||||||||||||
Net investment hedge | $ | i — | $ | i — | ||||||||||||||||||||||
Interest rate swap | $ | i — | $ | i — |
Foreign Currency Translation Adjustment | Pension Benefits | Derivative Financial Instruments | Total | |||||||||||||||||||||||
Balance as of July 31, 2020, net of tax | $ | ( i 74.0) | $ | ( i 110.0) | $ | i — | $ | ( i 184.0) | ||||||||||||||||||
Other comprehensive (loss) income before reclassifications and tax | ( i 5.0) | i 4.0 | (1) | i 0.3 | ( i 0.7) | |||||||||||||||||||||
Tax expense | i — | ( i 1.0) | i — | ( i 1.0) | ||||||||||||||||||||||
Other comprehensive (loss) income before reclassifications, net of tax | ( i 5.0) | i 3.0 | i 0.3 | ( i 1.7) | ||||||||||||||||||||||
Reclassifications, before tax | i — | i 3.6 | i — | i 3.6 | ||||||||||||||||||||||
Tax expense | i — | ( i 0.5) | ( i 0.2) | ( i 0.7) | ||||||||||||||||||||||
Reclassifications, net of tax | i — | i 3.1 | (2) | ( i 0.2) | (3) | i 2.9 | ||||||||||||||||||||
Other comprehensive (loss) income, net of tax | ( i 5.0) | i 6.1 | i 0.1 | i 1.2 | ||||||||||||||||||||||
Balance as of October 31, 2020, net of tax | $ | ( i 79.0) | $ | ( i 103.9) | $ | i 0.1 | $ | ( i 182.8) | ||||||||||||||||||
Balance as of July 31, 2019, net of tax | $ | ( i 92.7) | $ | ( i 99.0) | $ | ( i 1.2) | $ | ( i 192.9) | ||||||||||||||||||
Other comprehensive income before reclassifications and tax | i 8.1 | i — | i 0.1 | i 8.2 | ||||||||||||||||||||||
Tax benefit | i — | i — | i 0.2 | i 0.2 | ||||||||||||||||||||||
Other comprehensive income before reclassifications, net of tax | i 8.1 | i — | i 0.3 | i 8.4 | ||||||||||||||||||||||
Reclassifications, before tax | i — | i 0.7 | i 1.9 | i 2.6 | ||||||||||||||||||||||
Tax benefit (expense) | i — | i 0.1 | ( i 0.7) | ( i 0.6) | ||||||||||||||||||||||
Reclassifications, net of tax | i — | i 0.8 | (2) | i 1.2 | (3) | i 2.0 | ||||||||||||||||||||
Other comprehensive income, net of tax | i 8.1 | i 0.8 | i 1.5 | i 10.4 | ||||||||||||||||||||||
Balance as of October 31, 2019, net of tax | $ | ( i 84.6) | $ | ( i 98.2) | $ | i 0.3 | $ | ( i 182.5) |
October 31, 2020 | July 31, 2020 | |||||||||||||
Outstanding debt (the Company guarantees half) | $ | i 38.9 | $ | i 40.0 | ||||||||||
Contingent liability for standby letters of credit | $ | i 7.7 | $ | i 7.5 | ||||||||||
Amounts drawn for letters of credit | $ | i — | $ | i — |
Three Months Ended October 31, | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||||
Investment
earnings from AFSI (1) | $ | i 0.4 | $ | i 0.1 | ||||||||||||||||||||||||||||||||||
Royalty
income from AFSI (1) | $ | i 1.6 | $ | i 1.9 |
Three Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Engine Products segment | $ | i 436.2 | $ | i 459.2 | |||||||||||||||||||
Industrial Products segment | i 200.4 | i 213.5 | |||||||||||||||||||||
Total | $ | i 636.6 | $ | i 672.7 | |||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||
Engine Products segment | $ | i 60.4 | $ | i 62.4 | |||||||||||||||||||
Industrial Products segment | i 27.5 | i 29.5 | |||||||||||||||||||||
Corporate and Unallocated | ( i 5.7) | ( i 5.3) | |||||||||||||||||||||
Total | $ | i 82.2 | $ | i 86.6 |
Three Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Engine Products segment | |||||||||||||||||||||||
Off-Road | $ | i 64.8 | $ | i 68.6 | |||||||||||||||||||
On-Road | i 32.0 | i 40.7 | |||||||||||||||||||||
Aftermarket | i 317.0 | i 319.4 | |||||||||||||||||||||
Aerospace and Defense | i 22.4 | i 30.5 | |||||||||||||||||||||
Engine Products segment net sales | i 436.2 | i 459.2 | |||||||||||||||||||||
Industrial Products segment | |||||||||||||||||||||||
Industrial Filtration Solutions | i 135.6 | i 149.0 | |||||||||||||||||||||
Gas Turbine Systems | i 23.0 | i 20.7 | |||||||||||||||||||||
Special Applications | i 41.8 | i 43.8 | |||||||||||||||||||||
Industrial Products segment net sales | i 200.4 | i 213.5 | |||||||||||||||||||||
Total net sales | $ | i 636.6 | $ | i 672.7 |
Three Months Ended October 31, | |||||||||||||||||||||||
2020 | % of sales | 2019 | % of sales | ||||||||||||||||||||
Net sales | $ | 636.6 | $ | 672.7 | |||||||||||||||||||
Cost of sales | 413.9 | 65.0 | % | 441.4 | 65.6 | % | |||||||||||||||||
Gross profit | 222.7 | 35.0 | 231.3 | 34.4 | |||||||||||||||||||
Operating expenses | 135.5 | 21.3 | 142.6 | 21.2 | |||||||||||||||||||
Operating income | 87.2 | 13.7 | 88.7 | 13.2 | |||||||||||||||||||
Interest expense | 3.5 | 0.5 | 4.7 | 0.7 | |||||||||||||||||||
Other expense (income), net | 1.5 | 0.2 | (2.6) | (0.4) | |||||||||||||||||||
Earnings before income taxes | 82.2 | 12.9 | 86.6 | 12.9 | |||||||||||||||||||
Income taxes | 20.3 | 3.2 | 21.6 | 3.2 | |||||||||||||||||||
Net earnings | $ | 61.9 | 9.7 | % | $ | 65.0 | 9.7 | % |
Three
Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Net sales | |||||||||||||||||||||||
Engine Products segment | $ | 436.2 | $ | 459.2 | |||||||||||||||||||
Industrial Products segment | 200.4 | 213.5 | |||||||||||||||||||||
Total | $ | 636.6 | $ | 672.7 | |||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||
Engine Products segment | $ | 60.4 | $ | 62.4 | |||||||||||||||||||
Industrial Products segment | 27.5 | 29.5 | |||||||||||||||||||||
Corporate
and Unallocated (1) | (5.7) | (5.3) | |||||||||||||||||||||
Total | $ | 82.2 | $ | 86.6 |
Three Months
Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Engine Products segment | |||||||||||||||||||||||
Off-Road | $ | 64.8 | $ | 68.6 | |||||||||||||||||||
On-Road | 32.0 | 40.7 | |||||||||||||||||||||
Aftermarket | 317.0 | 319.4 | |||||||||||||||||||||
Aerospace and Defense | 22.4 | 30.5 | |||||||||||||||||||||
Engine Products segment net sales | $ | 436.2 | $ | 459.2 | |||||||||||||||||||
Engine Products segment earnings before income taxes | $ | 60.4 | $ | 62.4 |
Three Months Ended October 31, | |||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||
Industrial Products segment | |||||||||||||||||||||||
Industrial Filtration Solutions | $ | 135.6 | $ | 149.0 | |||||||||||||||||||
Gas Turbine Systems | 23.0 | 20.7 | |||||||||||||||||||||
Special Applications | 41.8 | 43.8 | |||||||||||||||||||||
Industrial Products segment net sales | $ | 200.4 | $ | 213.5 | |||||||||||||||||||
Industrial Products segment earnings before income taxes | $ | 27.5 | $ | 29.5 |
Period | Total
Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
August 1 - August 31, 2020 | — | $ | — | — | 10,719,455 | |||||||||||||||||||||
September 1 - September 30, 2020 | 167,891 | 46.88 | 167,891 | 10,551,564 | ||||||||||||||||||||||
October 1 - October 31, 2020 | 162,338 | 50.26 | 153,697 | 10,397,867 | ||||||||||||||||||||||
Total | 330,229 | $ | 48.54 | 321,588 | 10,397,867 |
101 | The following information from Donaldson Company, Inc. Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2020, as filed with the Securities and Exchange Commission, formatted in inline eXtensible Business Reporting Language (iXBRL): (i) the Condensed Consolidated Statements of Earnings, (ii) the Condensed Consolidated Statements of Comprehensive Income, (iii) the Condensed Consolidated Balance Sheets, (iv) the Condensed Consolidated Statements of Cash Flows, (v) the Condensed Consolidated Statements of Changes in Shareholders’ Equity and (vi) the Notes to Condensed Consolidated Financial Statements | ||||
104 | The
cover page from Donaldson Company Inc.’s Quarterly Report on Form 10-Q for the quarter ended October 31, 2020, formatted in iXBRL (included as Exhibit 101). |
* | Exhibit has previously been filed with the Securities and Exchange Commission and is incorporated herein by reference as an exhibit. | ||||
** | Denotes compensatory plan or management contract. |
DONALDSON COMPANY, INC. | ||||||||
(Registrant) |
Date: December 4, 2020 | By: | /s/ Tod E. Carpenter | ||||||
Tod E. Carpenter Chairman, President and Chief Executive Officer (duly authorized officer) | ||||||||
Date: December 4, 2020 | By: | /s/ Scott J. Robinson | ||||||
Scott J. Robinson Senior Vice President and Chief Financial Officer (principal financial officer) | ||||||||
Date: December 4, 2020 | By: | /s/ Peter J. Keller | ||||||
Peter J. Keller Corporate Controller (principal accounting officer) |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
7/21/22 | ||||
7/31/21 | 10-K | |||
5/17/21 | ||||
12/22/20 | ||||
12/7/20 | 4 | |||
Filed on: | 12/4/20 | 4 | ||
11/30/20 | ||||
11/20/20 | 8-K, DEF 14A | |||
11/12/20 | ||||
For Period end: | 10/31/20 | |||
9/30/20 | ||||
8/31/20 | ||||
7/31/20 | 10-K, S-8 POS | |||
10/31/19 | 10-Q | |||
7/31/19 | 10-K | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/22/23 Donaldson Co. Inc. 10-K 7/31/23 123:14M 9/23/22 Donaldson Co. Inc. 10-K 7/31/22 123:17M 9/24/21 Donaldson Co. Inc. 10-K 7/31/21 115:13M |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 7/29/16 Donaldson Co. Inc. 8-K:5,9 7/29/16 2:91K American Fin’l P… Inc/FA 3/01/12 Donaldson Co. Inc. 10-Q 1/31/12 79:3.5M American Fin’l P… Inc/FA |