10-Q Filing

WATTS WATER TECHNOLOGIES INC CIK: 795403 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001104659-15-034658`
Period End Date	20150331
Filing Date	20150506
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	wts-20150329.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 81 Income Statement 36 Cash Flow Statement 60 Comprehensive Income 10

Balance Sheet 81 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$10.30M	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$10.60M	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Preferred Stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.10	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$261.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$301.10M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$267.90M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$225.00M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade accounts receivable, less allowance for doubtful accounts of $10.3 million at March 29, 2015 and $10.6 million at December 31, 2014	`AccountsReceivableNetCurrent`	$207.80M	USD	Point-in-time
Trade accounts receivable, less allowance for doubtful accounts of $10.3 million at March 29, 2015 and $10.6 million at December 31, 2014	`AccountsReceivableNetCurrent`	$220.50M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$101.30M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$104.80M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$16.70M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$15.90M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$170.10M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$165.50M	USD	Point-in-time
Total Inventories	`InventoryNet`	$282.70M	USD	Point-in-time
Total Inventories	`InventoryNet`	$291.60M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$27.40M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$25.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$45.60M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetCurrent`	$45.30M	USD	Point-in-time
Asset held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$1.10M	USD	Point-in-time
Asset held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$2.10M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$874.30M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$838.60M	USD	Point-in-time
Property, plant and equipment, at cost	`PropertyPlantAndEquipmentGross`	$526.70M	USD	Point-in-time
Property, plant and equipment, at cost	`PropertyPlantAndEquipmentGross`	$503.20M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$313.70M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$323.40M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$203.30M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$189.50M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$216.00M	USD	Point-in-time
Goodwill	`Goodwill`	$612.00M	USD	Point-in-time
Goodwill	`Goodwill`	$513.90M	USD	Point-in-time
Goodwill	`Goodwill`	$639.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$199.40M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$210.10M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$4.70M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$4.50M	USD	Point-in-time
Other, net	`OtherAssetsNoncurrent`	$16.60M	USD	Point-in-time
Other, net	`OtherAssetsNoncurrent`	$15.90M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.72B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.95B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.86B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$120.80M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$113.00M	USD	Point-in-time
Accrued expenses and other liabilities	`OtherLiabilitiesCurrent`	$138.80M	USD	Point-in-time
Accrued expenses and other liabilities	`OtherLiabilitiesCurrent`	$133.80M	USD	Point-in-time
Accrued pension plan settlements	`DefinedBenefitPensionPlanLiabilitiesCurrent`	$40.00M	USD	Point-in-time
Accrued pension plan settlements	`DefinedBenefitPensionPlanLiabilitiesCurrent`	$40.40M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$39.70M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$44.20M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.70M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$1.90M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$345.70M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$328.60M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT PORTION	`LongTermDebtNoncurrent`	$577.80M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT PORTION	`LongTermDebtNoncurrent`	$577.20M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$77.40M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$73.20M	USD	Point-in-time
OTHER NONCURRENT LIABILITIES	`OtherLiabilitiesNoncurrent`	$33.50M	USD	Point-in-time
OTHER NONCURRENT LIABILITIES	`OtherLiabilitiesNoncurrent`	$34.70M	USD	Point-in-time
Preferred Stock, $0.10 par value; 5,000,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred Stock, $0.10 par value; 5,000,000 shares authorized; no shares issued or outstanding	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$497.40M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$501.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$497.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$500.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-154.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-89.10M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$912.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$847.40M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.95B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.86B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net sales	`SalesRevenueNet`	$365.20M	USD	1 Quarter
Net sales	`SalesRevenueNet`	$356.20M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$231.90M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$225.70M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$130.50M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$133.30M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$105.70M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$103.30M	USD	1 Quarter
Restructuring and other charges, net	`RestructuringSettlementAndImpairmentProvisions`	$4.20M	USD	1 Quarter
Restructuring and other charges, net	`RestructuringSettlementAndImpairmentProvisions`	$2.00M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$25.80M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$22.80M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$200.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$100.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.90M	USD	1 Quarter
Interest expense	`InterestExpense`	$5.90M	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$200.00K	USD	1 Quarter
Other (income) expense, net	`OtherNonoperatingIncomeExpense`	$-400.00K	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-5.50M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-5.20M	USD	1 Quarter
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$20.60M	USD	1 Quarter
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$17.30M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$5.70M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$14.10M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$11.60M	USD	1 Quarter
NET INCOME (in dollars per share)	`EarningsPerShareBasic`	$0.40	USD	1 Quarter
NET INCOME (in dollars per share)	`EarningsPerShareBasic`	$0.33	USD	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	35.40M	shares	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	35.10M	shares	1 Quarter
NET INCOME (in dollars per share)	`EarningsPerShareDiluted`	$0.40	USD	1 Quarter
NET INCOME (in dollars per share)	`EarningsPerShareDiluted`	$0.33	USD	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.50M	shares	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	35.20M	shares	1 Quarter
Dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.15	USD	1 Quarter
Dividends per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.13	USD	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income from continuing operations	`IncomeLossFromContinuingOperations`	$11.60M	USD	1 Quarter
Net income from continuing operations	`IncomeLossFromContinuingOperations`	$14.10M	USD	1 Quarter
Depreciation	`Depreciation`	$7.90M	USD	1 Quarter
Depreciation	`Depreciation`	$8.20M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$3.70M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$5.10M	USD	1 Quarter
Loss on disposal and impairment of goodwill, property, plant and equipment and other	`GainLossOnDisposalAndImpairmentOfPropertyPlantAndEquipment`	$-100.00K	USD	1 Quarter
Loss on disposal and impairment of goodwill, property, plant and equipment and other	`GainLossOnDisposalAndImpairmentOfPropertyPlantAndEquipment`	$-1.10M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.30M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.70M	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxNoncashExpenseBenefit`	$-400.00K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxNoncashExpenseBenefit`	$-1.80M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$21.60M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$15.30M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$400.00K	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.30M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-400.00K	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-17.70M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.80M	USD	1 Quarter
Net cash provided by (used in) continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$800.00K	USD	1 Quarter
Net cash provided by (used in) continuing operations	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-18.70M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.60M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.00M	USD	1 Quarter
Proceeds from the sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$100.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-5.60M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-4.90M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$300.00K	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$400.00K	USD	1 Quarter
Payment of capital leases and other	`RepaymentsOfLongTermCapitalLeaseAndOtherObligations`	$800.00K	USD	1 Quarter
Payment of capital leases and other	`RepaymentsOfLongTermCapitalLeaseAndOtherObligations`	$2.50M	USD	1 Quarter
Proceeds from share transactions under employee stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$500.00K	USD	1 Quarter
Proceeds from share transactions under employee stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$400.00K	USD	1 Quarter
Tax benefit of stock awards exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$500.00K	USD	1 Quarter
Tax benefit of stock awards exercised	`ExcessTaxBenefitFromShareBasedCompensationFinancingActivities`	$100.00K	USD	1 Quarter
Payments to repurchase common stock	`PaymentsForRepurchaseOfCommonStock`	$9.40M	USD	1 Quarter
Payments to repurchase common stock	`PaymentsForRepurchaseOfCommonStock`	$9.40M	USD	1 Quarter
Debt issue costs	`PaymentsOfDebtIssuanceCosts`	$2.00M	USD	1 Quarter
Dividends	`PaymentsOfOrdinaryDividends`	$4.60M	USD	1 Quarter
Dividends	`PaymentsOfOrdinaryDividends`	$5.30M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-18.00M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-15.20M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-19.30M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-1.30M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-42.90M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-39.30M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$261.80M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$301.10M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$267.90M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$225.00M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$261.80M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$301.10M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$267.90M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations`	$225.00M	USD	Point-in-time
Issuance of stock under management stock purchase plan	`NoncashInvestingAndFinancingStockIssuedNetOfWithholding`	$300.00K	USD	1 Quarter
Issuance of stock under management stock purchase plan	`NoncashInvestingAndFinancingStockIssuedNetOfWithholding`	$200.00K	USD	1 Quarter
Interest	`InterestPaid`	$1.20M	USD	1 Quarter
Interest	`InterestPaid`	$300.00K	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$5.80M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$8.00M	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$14.10M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$11.60M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-65.10M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-4.30M	USD	1 Quarter
Amortization of net losses included in net periodic pension cost	`OtherComprehensiveIncomeAmortizationOfNetLossesIncludedInNetPeriodicPensionCost`	$200.00K	USD	1 Quarter
Amortization of net losses included in net periodic pension cost	`OtherComprehensiveIncomeAmortizationOfNetLossesIncludedInNetPeriodicPensionCost`	$200.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-4.10M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-64.90M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$10.00M	USD	1 Quarter
Comprehensive (loss) income	`ComprehensiveIncomeNetOfTax`	$-53.30M	USD	1 Quarter

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