UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(MARK ONE)



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2021


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______

COMMISSION FILE NUMBER 1-10596

ESCO TECHNOLOGIES INC.

(Exact name of registrant as specified in its charter)


MISSOURI	43-1554045
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

9900A CLAYTON ROAD
ST. LOUIS, MISSOURI	63124-1186
(Address of principal executive offices)	(Zip Code)

(314) 213-7200

(Registrant’s telephone number, including area code)

Securities registered pursuant to section 12(b) of the Act:

		Name of each exchange
Title of each class	Trading Symbol(s)	on which registered
Common Stock, par value $0.01 per share	ESE	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer	☒	Accelerated filer	☐

Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Class		Shares outstanding at July 31, 2021
Common stock, $.01 par value per share		26,061,432

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except per share amounts)


	Three Months Ended
	June 30,
	2021		2020

Net sales	$	181,394	172,665
Costs and expenses:
Cost of sales		113,610	107,686
Selling, general and administrative expenses		42,882	36,936
Amortization of intangible assets		4,864	5,535
Interest expense, net		480	1,523
Other expenses (income), net		615	(824)
Total costs and expenses		162,451	150,856

Earnings before income taxes		18,943	21,809
Income tax expense		4,034	3,122
Net earnings	$	14,909	18,687

Earnings per share:
Basic -
Net earnings		0.57	0.72

Diluted -
Net earnings	$	0.57	0.72

See accompanying notes to consolidated financial statements.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except per share amounts)


	Nine Months Ended
	June 30,
	2021		2020

Net sales	$	509,962		524,885
Costs and expenses:
Cost of sales		316,785		327,655
Selling, general and administrative expenses		122,628		119,023
Amortization of intangible assets		14,729		16,565
Interest expense, net		1,453		5,264
Other (income) expenses, net		(1,265)		174
Total costs and expenses		454,330		468,681

Earnings before income taxes		55,632		56,204
Income tax expense		12,501		8,931
Earnings from continuing operations		43,131		47,273
Loss from discontinued operations, net of tax expense of $269		—		(601)
Gain on sale of discontinued operations, net of tax expense of $23,734		—		76,614
Earnings from discontinued operations		—		76,013

Net earnings	$	43,131		123,286

Earnings per share:
Basic — Continuing operations	$	1.66		1.82
— Discontinued operations		—		2.92
— Net earnings	$	1.66		4.74

Diluted — Continuing operations	$	1.65		1.81
— Discontinued operations		—		2.91
— Net earnings	$	1.65		4.72

See accompanying notes to consolidated financial statements.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands)


	Three Months Ended			Nine Months Ended
	June 30,			June 30,
	2021		2020	2021		2020
Net earnings	$	14,909	18,687		43,131	123,286
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		535	2,802		6,000	(160)
Total other comprehensive income (loss), net of tax		535	2,802		6,000	(160)
Comprehensive income	$	15,444	21,489		49,131	123,126

See accompanying notes to consolidated financial statements.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands)


	June 30,		September 30,
	2021		2020
ASSETS
Current assets:
Cash and cash equivalents	$	78,359		52,560
Accounts receivable, net		135,343		144,082
Contract assets		94,768		94,302
Inventories, net		141,113		135,296
Other current assets		21,282		17,053
Total current assets		470,865		443,293
Property, plant and equipment, net of accumulated depreciation of $144,642 and $130,534, respectively		141,967		139,870
Intangible assets, net of accumulated amortization of $143,792 and $129,063, respectively		343,346		346,632
Goodwill		411,732		408,063
Operating lease assets		30,426		21,390
Other assets		10,347		10,938
Total assets	$	1,408,683		1,370,186

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current maturities of long-term debt and short-term borrowings	$	20,000		22,368
Accounts payable		50,921		50,525
Contract liabilities		105,822		100,551
Accrued salaries		33,132		32,149
Accrued other expenses		43,517		50,436
Total current liabilities		253,392		256,029
Deferred tax liabilities		56,992		60,170
Non-current operating lease liabilities		26,458		16,785
Other liabilities		38,987		38,176
Long-term debt		28,000		40,000
Total liabilities		403,829		411,160
Shareholders’ equity:
Preferred stock, par value $.01 per share, authorized 10,000,000 shares		—		—
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,665,868 and 30,645,625 shares, respectively		307		306
Additional paid-in capital		296,578		293,682
Retained earnings		812,709		775,829
Accumulated other comprehensive income (loss), net of tax		2,343		(3,657)
		1,111,937		1,066,160
Less treasury stock, at cost: 4,604,741 and 4,607,911 common shares, respectively		(107,083)		(107,134)
Total shareholders’ equity		1,004,854		959,026
Total liabilities and shareholders’ equity	$	1,408,683		1,370,186

See accompanying notes to consolidated financial statements.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)


	Nine Months Ended
	June 30,
	2021		2020
Cash flows from operating activities:
Net earnings	$	43,131	123,286
Earnings from discontinued operations		—	(76,013)
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		30,259	31,066
Stock compensation expense		5,386	4,184
Changes in assets and liabilities		2,520	(20,926)
Gain on sale of building and land		(1,950)	—
Pension contributions		—	(10,000)
Effect of deferred taxes		(3,946)	2,155
Net cash provided by operating activities – continuing operations		75,400	53,752
Net cash used by operating activities – discontinued operations		—	(14,737)
Net cash provided by operating activities		75,400	39,015
Cash flows from investing activities:
Acquisition of business, net of cash acquired		(6,684)	—
Proceeds from sale of building and land		1,950	—
Capital expenditures		(17,887)	(28,291)
Additions to capitalized software		(6,500)	(6,564)
Net cash used by investing activities – continuing operations		(29,121)	(34,855)
Proceeds from sale of discontinued operations		—	183,812
Capital expenditures – discontinued operations		—	(1,728)
Net cash provided by investing activities – discontinued operations		—	182,084
Net cash (used) provided by investing activities		(29,121)	147,229
Cash flows from financing activities:
Proceeds from long-term debt and short-term borrowings		80,000	11,577
Principal payments on long-term debt and short-term borrowings		(94,368)	(145,000)
Dividends paid		(6,251)	(6,240)
Other		(1,672)	(3,127)
Net cash used by financing activities – continuing operations		(22,291)	(142,790)
Net cash used by financing activities – discontinued operations		—	(2,140)
Net cash used by financing activities		(22,291)	(144,930)
Effect of exchange rate changes on cash and cash equivalents		1,811	1,617
Net increase in cash and cash equivalents		25,799	42,931
Cash and cash equivalents, beginning of period		52,560	61,808
Cash and cash equivalents, end of period	$	78,359	104,739

Supplemental cash flow information:
Interest paid	$	316	4,669
Income taxes paid (including state and foreign)		21,982	23,435

See accompanying notes to consolidated financial statements.

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. BASIS OF PRESENTATION

The accompanying consolidated financial statements, in the opinion of management, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods presented. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required for annual financial statements by accounting principles generally accepted in the United States of America (GAAP). As a result of the pension plan termination referenced in the fourth quarter of 2020, certain prior year amounts have been reclassified to conform with the current year presentation. For further information, refer to the consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2020.

The Company’s results for the three-month and nine-month periods ended June 30, 2021 are not necessarily indicative of the results for the entire 2021 fiscal year. References to the third quarters of 2021 and 2020 represent the fiscal quarters ended June 30, 2021 and 2020, respectively. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. Actual results could differ from those estimates.

2. EARNINGS PER SHARE (EPS)

Basic EPS is calculated using the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted average number of common shares outstanding during the period plus shares issuable upon the assumed exercise of dilutive common share options and vesting of unvested restricted share units (restricted shares) by using the treasury stock method. The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands):


	Three Months		Nine Months
	Ended June 30,		Ended June 30,
	2021	2020	2021	2020
Weighted Average Shares Outstanding — Basic	26,045	26,031	26,040	26,002
Dilutive Options and Restricted Shares	169	103	159	128
Adjusted Shares — Diluted	26,214	26,134	26,199	26,130

3. SHARE-BASED COMPENSATION

The Company provides compensation benefits to certain key employees under several share-based plans providing for performance-accelerated restricted shares (restricted shares), and to non-employee directors under a non-employee directors compensation plan.

Performance-Accelerated Restricted Share Awards

Compensation expense related to the restricted share awards was $2.5 million and $4.5 million for the three and nine-month periods ended June 30, 2021, respectively, and $1.0 million and $3.2 million for the corresponding periods in 2020. There were 229,602 non-vested shares outstanding as of June 30, 2021.

Non-Employee Directors Plan

Compensation expense related to the non-employee director grants was $0.3 million and $1.0 million for the three and nine-month periods ended June 30, 2021, respectively, and $0.3 million and $1.0 million for the corresponding periods in 2020.

The total share-based compensation cost that has been recognized in the results of operations and included within selling, general and administrative expenses (SG&A) was $2.8 million and $5.5 million for the three and nine-month periods ended June 30, 2021, respectively, and $1.3 million and $4.2 million for the corresponding periods in 2020. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $0.4 million and $1.1 million for the three

and nine-month periods ended June 30, 2021, respectively, and $0.2 million and $0.9 million for the corresponding periods in 2020. As of June 30, 2021, there was $9.2 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a remaining weighted-average period of 1.9 years.

4. INVENTORIES

Inventories, net, from continuing operations consist of the following:


	June 30,		September 30,
(In thousands)	2021		2020
Finished goods	$	28,732	28,471
Work in process		37,874	30,183
Raw materials		74,507	76,642
Total inventories	$	141,113	135,296

5. GOODWILL AND OTHER INTANGIBLE ASSETS

Included on the Company’s Consolidated Balance Sheets at June 30, 2021 and September 30, 2020 are the following intangible assets gross carrying amounts and accumulated amortization from continuing operations:


	June 30,		September 30,
(Dollars in thousands)	2021		2020
Goodwill	$	411,732	408,063

Intangible assets with determinable lives:
Patents
Gross carrying amount	$	2,144	2,092
Less: accumulated amortization		943	858
Net	$	1,201	1,234

Capitalized software
Gross carrying amount	$	91,388	84,888
Less: accumulated amortization		62,111	57,302
Net	$	29,277	27,586

Customer relationships
Gross carrying amount	$	229,385	227,178
Less: accumulated amortization		76,986	67,643
Net	$	152,399	159,535

Other
Gross carrying amount	$	5,358	5,156
Less: accumulated amortization		3,730	3,260
Net	$	1,628	1,896
Intangible assets with indefinite lives:
Trade names	$	158,841	156,381

The changes in the carrying amount of goodwill attributable to each business segment for the nine months ended June 30, 2021 is as follows on a continuing operations basis:


				Aerospace
(Dollars in millions)	USG		Test	& Defense	Total
Balance as of September 30, 2020		271.9	34.1	102.1	408.1
Acquisition activity		—	—	2.2	2.2
Foreign currency translation		1.4	—	—	1.4
Balance as of June 30, 2021	$	273.3	34.1	104.3	411.7

The economic uncertainty, changes in the propensity for the general public to travel by air, and reductions in demand for commercial aircraft as a result of the COVID-19 pandemic have adversely impacted net sales and operating results in certain of the Aerospace and Defense reporting units. There were no impairment charges incurred for the three and nine-month periods ended June 30, 2021, however, the fair value of the Mayday and Westland reporting units, included in the Aerospace and Defense segment, exceeded carrying value by less than 10%. At June 30, 2021, we had $30 million and $18 million of goodwill recorded for Mayday and Westland, respectively.

6. BUSINESS SEGMENT INFORMATION

The Company is organized based on the products and services that it offers and classifies its continuing business operations in three reportable segments for financial reporting purposes: Aerospace & Defense, Utility Solutions Group (USG), and RF Shielding and Test (Test). The Aerospace & Defense segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair), Westland Technologies Inc. (Westland), Mayday Manufacturing Co. and its affiliate Hi-Tech Metals, Inc. (collectively referred to as Mayday) and Globe Composite Solutions, LLC (Globe). The companies within this segment primarily design and manufacture specialty filtration, fluid control and naval products, including hydraulic filter elements and fluid control devices used in aerospace and defense applications; unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned aircraft and submarines; products and systems to reduce vibration and/or acoustic signatures and otherwise reduce or obscure a vessel’s signature, and other communications, sealing, surface control and hydrodynamic related applications to enhance U.S. Navy maritime survivability; precision-tolerance machined components for the aerospace and defense industry; and metal processing services. The USG segment’s operations consist primarily of Doble Engineering Company and Morgan Schaffer Ltd. (together Doble), and NRG Systems, Inc. (NRG). Doble is an industry leader in the development, manufacture and delivery of diagnostic testing solutions that enable electric power grid operators to assess the integrity of high voltage power delivery equipment. NRG designs and manufactures decision support tools for the renewable energy industry, primarily wind and solar. The Test segment’s operations consist primarily of ETS-Lindgren Inc. (ETS-Lindgren). ETS-Lindgren is an industry leader in providing its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. ETS-Lindgren also manufactures radio frequency shielding products and components used by manufacturers of medical equipment, communications systems, electronic products, and shielded rooms for high-security data processing and secure communication.

Management evaluates and measures the performance of its reportable segments based on “Net Sales” and “EBIT”, which are detailed in the table below. EBIT is defined as earnings from continuing operations before interest and taxes. The table below is presented on the basis of continuing operations and excludes discontinued operations.


	Three Months			Nine Months
	Ended June 30,			Ended June 30,
(In thousands)	2021		2020	2021	2020
NET SALES
Aerospace & Defense	$	85,576	84,072	234,720	256,707
USG		47,704	42,577	141,799	139,179
Test		48,114	46,016	133,443	128,999
Consolidated totals	$	181,394	172,665	509,962	524,885

EBIT
Aerospace & Defense	$	16,714	17,409	41,980	51,658
USG		8,227	6,156	27,683	20,310
Test		6,751	7,177	17,781	17,483
Corporate (loss)		(12,269)	(7,410)	(30,359)	(27,983)
Consolidated EBIT		19,423	23,332	57,085	61,468
Less: Interest expense		(480)	(1,523)	(1,453)	(5,264)
Earnings before income taxes	$	18,943	21,809	55,632	56,204

Non-GAAP Financial Measures

The financial measure “EBIT” is presented in the above table and elsewhere in this Report. EBIT on a consolidated basis is a non-GAAP financial measure. Management believes that EBIT is useful in assessing the operational profitability of the Company’s business segments because it excludes interest and taxes, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by management in determining resource allocations within the Company as well as incentive compensation. A reconciliation of EBIT to net earnings from continuing operations is set forth in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations – EBIT.

The Company believes that the presentation of EBIT provides important supplemental information to investors to facilitate comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. However, the Company’s non-GAAP financial measures may not be comparable to other companies’ non-GAAP financial performance measures. Furthermore, the use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

7. DEBT

The Company’s debt is summarized as follows:


	June 30,		September 30,
(In thousands)	2021		2020
Total borrowings	$	48,000	62,368
Current portion of long-term debt and short-term borrowings		(20,000)	(22,368)
Total long-term debt, less current portion	$	28,000	40,000

The Credit Facility includes a $500 million revolving line of credit as well as provisions allowing for the increase of the credit facility commitment amount by an additional $250 million, if necessary, with the consent of the lenders. The bank syndication supporting the facility is comprised of a diverse group of eight banks led by JP Morgan Chase Bank, N.A., as Administrative Agent. The Credit Facility matures September 27, 2024.

At June 30, 2021, the Company had approximately $444 million available to borrow under the Credit Facility, plus the $250 million increase option, subject to lender approval, in addition to $78.4 million cash on hand. The Company classified $20.0 million as the current portion of long-term debt as of June 30, 2021, as the Company intends to repay this amount within the next twelve months; however, the Company has no contractual obligation to repay such amount during the next twelve months. The letters of credit issued and outstanding under the Credit Facility totaled $8.4 million at June 30, 2021.

9. SHAREHOLDERS’ EQUITY

The change in shareholders’ equity for the first three and nine months of 2021 and 2020 is shown below (in thousands):


	Three Months Ended June 30,		Nine Months Ended June 30,
	2021	2020	2021	2020

Common stock
Beginning balance	306	306	306	306
Stock plans	1	1	1	1
Ending balance	307	307	307	307

Additional paid-in-capital
Beginning balance	295,796	294,787	293,682	292,408
Stock plans	782	(2,156)	2,896	223
Ending balance	296,578	292,631	296,578	292,631

Retained earnings
Beginning balance	799,884	785,184	775,829	684,741
Net earnings common stockholders	14,909	18,687	43,131	123,286
Dividends paid	(2,084)	(2,084)	(6,251)	(6,240)
Ending balance	812,709	801,787	812,709	801,787

Accumulated other comprehensive income (loss)
Beginning balance	1,808	(46,936)	(3,657)	(43,974)
Foreign currency translation	535	2,802	6,000	(160)
Ending balance	2,343	(44,134)	2,343	(44,134)

Treasury stock
Beginning balance	(107,134)	(107,134)	(107,134)	(107,259)
Issued under stock plans	51	—	51	125
Ending balance	(107,083)	(107,134)	(107,083)	(107,134)

Total equity	1,004,854	943,457	1,004,854	943,457

10. FAIR VALUE MEASUREMENTS

The accounting guidance establishes a three-level hierarchy for disclosure of fair value measurements, based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date, as follows:

●

Level 1 – inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

●

Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value measurement.

Financial Assets and Liabilities

The Company has estimated the fair value of its financial instruments as of June 30, 2021 and September 30, 2020 using available market information or other appropriate valuation methodologies. The carrying amounts of cash and cash equivalents, receivables, inventories, payables, debt and other current assets and liabilities approximate fair value because of the short maturity of those instruments.

uncertainty of net sales and cash flows are affected by economic factors. The tables below also include a reconciliation of the disaggregated revenue within each reportable segment on a continuing operations basis.


Three months ended June 30, 2021	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	34,708	$	46,735	$	42,063	$	123,506
U.S. Government		50,868		969		6,051		57,888
Total revenues	$	85,576	$	47,704	$	48,114	$	181,394

Geographic location:
United States	$	75,701	$	32,111	$	27,719	$	135,531
International		9,875		15,593		20,395		45,863
Total revenues	$	85,576	$	47,704	$	48,114	$	181,394

Revenue recognition method:
Point in time	$	37,513	$	35,242	$	9,673	$	82,428
Over time		48,063		12,462		38,441		98,966
Total revenues	$	85,576	$	47,704	$	48,114	$	181,394


Nine months ended June 30, 2021	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	95,712	$	139,149	$	118,089	$	352,950
U.S. Government		139,008		2,650		15,354		157,012
Total revenues	$	234,720	$	141,799	$	133,443	$	509,962

Geographic location:
United States	$	205,527	$	96,601	$	73,950	$	376,078
International		29,193		45,198		59,493		133,884
Total revenues	$	234,720	$	141,799	$	133,443	$	509,962

Revenue recognition method:
Point in time	$	103,492	$	105,173	$	27,789	$	236,454
Over time		131,228		36,626		105,654		273,508
Total revenues	$	234,720	$	141,799	$	133,443	$	509,962

Revenues by customer type, geographic location, and revenue recognition method for the three and nine-month periods ended June 30, 2020 are presented in the tables below.


Three months ended June 30, 2020	Aerospace
(In thousands)	& Defense		USG		Test		Total
Customer type:
Commercial	$	37,485	$	39,740	$	38,737	$	115,962
U.S. Government		46,587		2,837		7,279		56,703
Total revenues	$	84,072	$	42,577	$	46,016	$	172,665

Geographic location:
United States	$	73,476	$	26,499	$	19,441	$	119,416
International		10,596		16,078		26,575		53,249
Total revenues	$	84,072	$	42,577	$	46,016	$	172,665


(In thousands)	Level 1		Level 2		Level 3	Total
Assets (Liabilities):
Forward contracts	$	—	(27)	$	—	(27)