10-Q Filing

WATTS WATER TECHNOLOGIES INC CIK: 795403 Q1 2017

Filing Information

Form Type	10-Q
Accession Number	`0001558370-17-003963`
Period End Date	20170331
Filing Date	20170509
Fiscal Year	2017
Fiscal Period	Q1
XBRL Instance	wts-20170402.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 76 Income Statement 36 Cash Flow Statement 69 Comprehensive Income 10

Balance Sheet 76 line items

Line Item	Tag	Value	Unit	Period
Trade accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$14.10M	USD	Point-in-time
Trade accounts receivable, allowance for doubtful accounts (in dollars)	`AllowanceForDoubtfulAccountsReceivableCurrent`	$14.20M	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	`CashAndCashEquivalentsAtCarryingValue`	$259.40M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$287.00M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$296.20M	USD	Point-in-time
Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$338.40M	USD	Point-in-time
Trade accounts receivable, less allowance for doubtful accounts of $14.1 million at April 2, 2017 and $14.2 million at December 31, 2016	`AccountsReceivableNetCurrent`	$211.40M	USD	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred Stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Trade accounts receivable, less allowance for doubtful accounts of $14.1 million at April 2, 2017 and $14.2 million at December 31, 2016	`AccountsReceivableNetCurrent`	$198.00M	USD	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`	$78.80M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$81.50M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$14.30M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$13.70M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$144.20M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$162.00M	USD	Point-in-time
Total Inventories	`InventoryNet`	$239.40M	USD	Point-in-time
Total Inventories	`InventoryNet`	$255.10M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$41.90M	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$40.50M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$3.10M	USD	Point-in-time
Assets held for sale	`AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent`	$3.00M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$798.40M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$819.40M	USD	Point-in-time
Property, plant and equipment, at cost	`PropertyPlantAndEquipmentGross`	$498.10M	USD	Point-in-time
Property, plant and equipment, at cost	`PropertyPlantAndEquipmentGross`	$506.30M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$316.50M	USD	Point-in-time
Accumulated depreciation	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$308.40M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$189.80M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$189.70M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$185.30M	USD	Point-in-time
Goodwill	`Goodwill`	$532.70M	USD	Point-in-time
Goodwill	`Goodwill`	$537.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$202.50M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$197.90M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$2.30M	USD	Point-in-time
Deferred income taxes	`DeferredTaxAssetsNetNoncurrent`	$3.00M	USD	Point-in-time
Other, net	`OtherAssetsNoncurrent`	$15.90M	USD	Point-in-time
Other, net	`OtherAssetsNoncurrent`	$16.80M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.74B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.73B	USD	Point-in-time
TOTAL ASSETS	`Assets`	$1.76B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$104.20M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$101.10M	USD	Point-in-time
Accrued expenses and other liabilities	`OtherLiabilitiesCurrent`	$136.80M	USD	Point-in-time
Accrued expenses and other liabilities	`OtherLiabilitiesCurrent`	$124.90M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$48.50M	USD	Point-in-time
Accrued compensation and benefits	`EmployeeRelatedLiabilitiesCurrent`	$40.60M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$139.10M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$117.80M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$387.50M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$425.50M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT PORTION	`LongTermDebtNoncurrent`	$511.30M	USD	Point-in-time
LONG-TERM DEBT, NET OF CURRENT PORTION	`LongTermDebtNoncurrent`	$505.80M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$48.60M	USD	Point-in-time
DEFERRED INCOME TAXES	`DeferredTaxLiabilitiesNoncurrent`	$53.40M	USD	Point-in-time
OTHER NONCURRENT LIABILITIES	`OtherLiabilitiesNoncurrent`	$41.50M	USD	Point-in-time
OTHER NONCURRENT LIABILITIES	`OtherLiabilitiesNoncurrent`	$38.50M	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`	$539.50M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$535.20M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$348.50M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$356.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-142.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-150.80M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$736.30M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$757.00M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.76B	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$1.74B	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`SalesRevenueNet`	$347.20M	USD	1 Quarter
Net Sales	`SalesRevenueNet`	$344.20M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$203.40M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$209.00M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$135.20M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$143.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$107.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$102.60M	USD	1 Quarter
Restructuring	`RestructuringSettlementAndImpairmentProvisions`	$500.00K	USD	1 Quarter
Restructuring	`RestructuringSettlementAndImpairmentProvisions`	$1.40M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$31.20M	USD	1 Quarter
OPERATING INCOME	`OperatingIncomeLoss`	$35.70M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$200.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$200.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$4.80M	USD	1 Quarter
Interest expense	`InterestExpense`	$6.70M	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$-300.00K	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$2.20M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-4.30M	USD	1 Quarter
Total other expense	`NonoperatingIncomeExpense`	$-4.90M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$30.80M	USD	1 Quarter
INCOME BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$26.90M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$9.10M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$10.70M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$16.20M	USD	1 Quarter
NET INCOME	`NetIncomeLossAvailableToCommonStockholdersBasic`	$21.70M	USD	1 Quarter
NET INCOME PER SHARE	`EarningsPerShareBasic`	$0.47	USD	1 Quarter
NET INCOME PER SHARE	`EarningsPerShareBasic`	$0.63	USD	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	34.40M	shares	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	34.40M	shares	1 Quarter
NET INCOME PER SHARE	`EarningsPerShareDiluted`	$0.63	USD	1 Quarter
NET INCOME PER SHARE	`EarningsPerShareDiluted`	$0.47	USD	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.50M	shares	1 Quarter
Weighted average number of shares (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	34.50M	shares	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.17	USD	1 Quarter
Dividends declared per share (in dollars per share)	`CommonStockDividendsPerShareCashPaid`	$0.18	USD	1 Quarter

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$16.20M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$21.70M	USD	1 Quarter
Depreciation	`Depreciation`	$7.30M	USD	1 Quarter
Depreciation	`Depreciation`	$6.60M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$5.10M	USD	1 Quarter
Amortization of intangibles	`AmortizationOfIntangibleAssets`	$5.50M	USD	1 Quarter
Loss on disposal and impairment of goodwill, property, plant and equipment and other	`GainLossOnDisposalAndImpairmentOfGoodwillPropertyPlantAndEquipment`	$-300.00K	USD	1 Quarter
Loss on disposal and impairment of goodwill, property, plant and equipment and other	`GainLossOnDisposalAndImpairmentOfGoodwillPropertyPlantAndEquipment`	$-400.00K	USD	1 Quarter
Gain on acquisition	`BusinessAcquisitionGainLossRecognized`	$1.70M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.90M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.80M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxNoncashExpenseBenefit`	$1.00M	USD	1 Quarter
Deferred income tax	`DeferredIncomeTaxNoncashExpenseBenefit`	$-5.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.50M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$16.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$19.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$14.30M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.30M	USD	1 Quarter
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$2.70M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-12.70M	USD	1 Quarter
Accounts payable, accrued expenses and other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-22.00M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-21.90M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-9.10M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.80M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.20M	USD	1 Quarter
Proceeds from the sale of property, plant and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$100.00K	USD	1 Quarter
Restricted cash	`IncreaseInRestrictedCash`	$18.20M	USD	1 Quarter
Net proceeds from the sale of asset, and other	`ProceedsFromSaleOfOtherProductiveAssets`	$1.90M	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$2.10M	USD	1 Quarter
Business acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$-100.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-29.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-3.80M	USD	1 Quarter
Proceeds from long-term borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$300.00M	USD	1 Quarter
Proceeds from long-term borrowings	`ProceedsFromIssuanceOfLongTermDebt`	$10.00M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$275.40M	USD	1 Quarter
Payments of long-term debt	`RepaymentsOfLongTermDebt`	$38.90M	USD	1 Quarter
Payment of capital leases and other	`RepaymentsOfLongTermCapitalLeaseAndOtherObligations`	$3.30M	USD	1 Quarter
Payment of capital leases and other	`RepaymentsOfLongTermCapitalLeaseAndOtherObligations`	$500.00K	USD	1 Quarter
Proceeds from share transactions under employee stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$300.00K	USD	1 Quarter
Proceeds from share transactions under employee stock plans	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions`	$600.00K	USD	1 Quarter
Payments to repurchase common stock	`PaymentsForRepurchaseOfCommonStock`	$4.40M	USD	1 Quarter
Payments to repurchase common stock	`PaymentsForRepurchaseOfCommonStock`	$12.50M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$2.10M	USD	1 Quarter
Dividends	`PaymentsOfOrdinaryDividends`	$6.20M	USD	1 Quarter
Dividends	`PaymentsOfOrdinaryDividends`	$5.90M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-42.50M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$4.20M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$4.00M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$10.30M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-51.40M	USD	1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-36.80M	USD	1 Quarter
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$259.40M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$287.00M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$296.20M	USD	Point-in-time
Cash and cash equivalents at beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$338.40M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$259.40M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$287.00M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$296.20M	USD	Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$338.40M	USD	Point-in-time
Fair value of assets acquired	`FairValueOfAssetsAndLiabilitiesAcquired`	$5.70M	USD	1 Quarter
Cash paid, net of cash acquired	`BusinessAcquisitionNetCashPaidNoncashOrPartialNoncashTransaction`	$2.10M	USD	1 Quarter
Gain on acquisition	`PretaxGainOnAcquisition`	$1.70M	USD	1 Quarter
Liabilities assumed	`LiabilitiesAssumed1`	$1.90M	USD	1 Quarter
Issuance of stock under management stock purchase plan	`NoncashInvestingAndFinancingStockIssuedNetOfWithholding`	$700.00K	USD	1 Quarter
Issuance of stock under management stock purchase plan	`NoncashInvestingAndFinancingStockIssuedNetOfWithholding`	$900.00K	USD	1 Quarter
Interest	`InterestPaid`	$4.00M	USD	1 Quarter
Interest	`InterestPaid`	$1.20M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$5.50M	USD	1 Quarter
Income taxes	`IncomeTaxesPaid`	$5.00M	USD	1 Quarter

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$16.20M	USD	1 Quarter
Net income	`NetIncomeLossAvailableToCommonStockholdersBasic`	$21.70M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$7.90M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$24.40M	USD	1 Quarter
Cash flow hedges, net of tax	`UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss`	$100.00K	USD	1 Quarter
Cash flow hedges, net of tax	`UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss`	$-200.00K	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$24.20M	USD	1 Quarter
Other comprehensive income	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$8.00M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$40.40M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$29.70M	USD	1 Quarter

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