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10-Q Filing

WATTS WATER TECHNOLOGIES INC CIK: 795403 Q1 2019
Filing Information
Form Type 10-Q
Accession Number 0001558370-19-003929
Period End Date 20190331
Filing Date 20190503
Fiscal Year 2019
Fiscal Period Q1
XBRL Instance wts-20190331.xml
Balance Sheet 76 line items
Line Item Tag Value Unit Period
Trade accounts receivable, allowance for doubtful accounts (in dollars) AllowanceForDoubtfulAccountsReceivableCurrent $15.00M USD Point-in-time
Trade accounts receivable, allowance for doubtful accounts (in dollars) AllowanceForDoubtfulAccountsReceivableCurrent $15.30M 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 $184.70M USD Point-in-time
Preferred Stock, shares authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $204.10M USD Point-in-time
Preferred Stock, shares authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $170.20M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $280.20M USD Point-in-time
Trade accounts receivable, less allowance for doubtful accounts of $15.3 million at March 31, 2019 and $15.0 million at December 31, 2018 AccountsReceivableNetCurrent $240.60M USD Point-in-time
Preferred Stock, shares issued PreferredStockSharesIssued 0.00 shares Point-in-time
Trade accounts receivable, less allowance for doubtful accounts of $15.3 million at March 31, 2019 and $15.0 million at December 31, 2018 AccountsReceivableNetCurrent $205.50M 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 $95.20M USD Point-in-time
Raw materials InventoryRawMaterialsNetOfReserves $87.40M USD Point-in-time
Work in process InventoryWorkInProcessNetOfReserves $17.30M USD Point-in-time
Work in process InventoryWorkInProcessNetOfReserves $17.40M USD Point-in-time
Finished goods InventoryFinishedGoodsNetOfReserves $181.30M USD Point-in-time
Finished goods InventoryFinishedGoodsNetOfReserves $182.10M USD Point-in-time
Total Inventories InventoryNet $286.80M USD Point-in-time
Total Inventories InventoryNet $293.90M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssetsCurrent $24.90M USD Point-in-time
Prepaid expenses and other assets PrepaidExpenseAndOtherAssetsCurrent $25.20M USD Point-in-time
Total Current Assets AssetsCurrent $721.30M USD Point-in-time
Total Current Assets AssetsCurrent $729.90M USD Point-in-time
Property, plant and equipment, at cost PropertyPlantAndEquipmentGross $539.20M USD Point-in-time
Property, plant and equipment, at cost PropertyPlantAndEquipmentGross $537.40M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $335.50M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $339.60M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $199.60M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $201.90M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $201.10M USD Point-in-time
Goodwill Goodwill $543.00M USD Point-in-time
Goodwill Goodwill $544.80M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $161.00M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $165.20M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetNoncurrent $1.60M USD Point-in-time
Deferred income taxes DeferredTaxAssetsNetNoncurrent $2.20M USD Point-in-time
Other, net OtherAssetsNoncurrent $47.70M USD Point-in-time
Other, net OtherAssetsNoncurrent $18.90M USD Point-in-time
TOTAL ASSETS Assets $1.69B USD Point-in-time
TOTAL ASSETS Assets $1.68B USD Point-in-time
TOTAL ASSETS Assets $1.65B USD Point-in-time
Accounts payable AccountsPayableCurrent $127.20M USD Point-in-time
Accounts payable AccountsPayableCurrent $111.50M USD Point-in-time
Accrued expenses and other liabilities OtherLiabilitiesCurrent $137.10M USD Point-in-time
Accrued expenses and other liabilities OtherLiabilitiesCurrent $130.60M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $60.90M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $43.20M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $30.00M USD Point-in-time
Current portion of long-term debt LongTermDebtCurrent $30.00M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $321.80M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $348.70M USD Point-in-time
LONG-TERM DEBT, NET OF CURRENT PORTION LongTermDebtNoncurrent $341.10M USD Point-in-time
LONG-TERM DEBT, NET OF CURRENT PORTION LongTermDebtNoncurrent $323.40M USD Point-in-time
DEFERRED INCOME TAXES DeferredTaxLiabilitiesNoncurrent $42.60M USD Point-in-time
DEFERRED INCOME TAXES DeferredTaxLiabilitiesNoncurrent $38.50M USD Point-in-time
OTHER NONCURRENT LIABILITIES OtherLiabilitiesNoncurrent $51.80M USD Point-in-time
OTHER NONCURRENT LIABILITIES OtherLiabilitiesNoncurrent $72.80M 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 $568.30M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $576.60M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $452.10M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $440.70M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-127.00M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-121.10M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $891.30M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $855.80M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $905.10M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $829.00M USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $1.65B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $1.68B USD Point-in-time
Income Statement 35 line items
Line Item Tag Value Unit Period
Net Sales RevenueFromContractWithCustomerExcludingAssessedTax $378.50M USD 1 Quarter
Net Sales RevenueFromContractWithCustomerExcludingAssessedTax $388.70M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $221.80M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $224.50M USD 1 Quarter
GROSS PROFIT GrossProfit $164.20M USD 1 Quarter
GROSS PROFIT GrossProfit $156.70M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $112.80M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $116.10M USD 1 Quarter
Restructuring RestructuringSettlementAndImpairmentProvisions $1.40M USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $46.70M USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $43.90M USD 1 Quarter
Interest income InvestmentIncomeInterest $400.00K USD 1 Quarter
Interest income InvestmentIncomeInterest $100.00K USD 1 Quarter
Interest expense InterestExpense $4.30M USD 1 Quarter
Interest expense InterestExpense $3.60M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-500.00K USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-700.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-4.60M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-4.00M USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $42.70M USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments $39.30M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $11.70M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $11.10M USD 1 Quarter
NET INCOME NetIncomeLossAvailableToCommonStockholdersBasic $28.20M USD 1 Quarter
NET INCOME NetIncomeLossAvailableToCommonStockholdersBasic $31.00M USD 1 Quarter
NET INCOME PER SHARE EarningsPerShareBasic $0.82 USD 1 Quarter
NET INCOME PER SHARE EarningsPerShareBasic $0.91 USD 1 Quarter
Weighted average number of shares (in shares) WeightedAverageNumberOfSharesOutstandingBasic 34.20M shares 1 Quarter
Weighted average number of shares (in shares) WeightedAverageNumberOfSharesOutstandingBasic 34.30M shares 1 Quarter
NET INCOME PER SHARE EarningsPerShareDiluted $0.82 USD 1 Quarter
NET INCOME PER SHARE EarningsPerShareDiluted $0.91 USD 1 Quarter
Weighted average number of shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 34.40M shares 1 Quarter
Weighted average number of shares (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 34.20M shares 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.19 USD 1 Quarter
Dividends declared per share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.21 USD 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $28.20M USD 1 Quarter
Net income ProfitLoss $31.00M USD 1 Quarter
Depreciation Depreciation $7.10M USD 1 Quarter
Depreciation Depreciation $7.50M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $3.90M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $5.60M USD 1 Quarter
Loss on disposal and impairment of property, plant and equipment and other GainLossOnDisposalAndImpairmentOfGoodwillPropertyPlantAndEquipment $-500.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $2.70M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $4.60M USD 1 Quarter
Deferred income tax DeferredIncomeTaxNoncashExpenseBenefit $-4.50M USD 1 Quarter
Deferred income tax DeferredIncomeTaxNoncashExpenseBenefit $4.40M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $13.90M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $36.30M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $7.80M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $19.70M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $1.60M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $-200.00K USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-32.30M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-30.10M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-24.20M USD 1 Quarter
Net cash used in operating activities NetCashProvidedByUsedInOperatingActivities $-26.10M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $7.30M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $6.90M USD 1 Quarter
Business acquisitions, net of cash acquired and other PaymentsToAcquireBusinessesNetOfCashAcquired $1.50M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-8.80M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-6.90M USD 1 Quarter
Proceeds from long-term borrowings ProceedsFromIssuanceOfLongTermDebt $30.00M USD 1 Quarter
Proceeds from long-term borrowings ProceedsFromIssuanceOfLongTermDebt $20.00M USD 1 Quarter
Payments of long-term debt RepaymentsOfLongTermDebt $12.50M USD 1 Quarter
Payments of long-term debt RepaymentsOfLongTermDebt $70.60M USD 1 Quarter
Payment of finance leases and other FinanceLeasePrincipalPaymentsAndOther $7.20M USD 1 Quarter
Payment of finance leases and other FinanceLeasePrincipalPaymentsAndOther $400.00K USD 1 Quarter
Proceeds from share transactions under employee stock plans ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions $600.00K USD 1 Quarter
Payments to repurchase common stock PaymentsForRepurchaseOfCommonStock $6.20M USD 1 Quarter
Payments to repurchase common stock PaymentsForRepurchaseOfCommonStock $5.60M USD 1 Quarter
Dividends PaymentsOfOrdinaryDividends $6.70M USD 1 Quarter
Dividends PaymentsOfOrdinaryDividends $7.30M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-63.90M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-2.00M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $-800.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashAndCashEquivalents $3.30M USD 1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-33.90M USD 1 Quarter
DECREASE IN CASH AND CASH EQUIVALENTS CashAndCashEquivalentsPeriodIncreaseDecrease $-95.50M USD 1 Quarter
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $184.70M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $204.10M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $170.20M USD Point-in-time
Cash and cash equivalents at beginning of year CashAndCashEquivalentsAtCarryingValue $280.20M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $184.70M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $204.10M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $170.20M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashAndCashEquivalentsAtCarryingValue $280.20M USD Point-in-time
Fair value of assets acquired FairValueOfAssetsAndLiabilitiesAcquired $700.00K USD 1 Quarter
Cash paid, net of cash acquired BusinessAcquisitionNetCashPaidNoncashOrPartialNoncashTransaction $1.30M USD 1 Quarter
Liabilities assumed LiabilitiesAssumed1 $600.00K USD 1 Quarter
Issuance of stock under management stock purchase plan NoncashInvestingAndFinancingStockIssuedNetOfWithholding $1.20M USD 1 Quarter
Issuance of stock under management stock purchase plan NoncashInvestingAndFinancingStockIssuedNetOfWithholding $1.10M USD 1 Quarter
Interest InterestPaidNet $4.00M USD 1 Quarter
Interest InterestPaidNet $2.60M USD 1 Quarter
Income taxes IncomeTaxesPaid $2.90M USD 1 Quarter
Income taxes IncomeTaxesPaid $7.00M USD 1 Quarter
Stockholders Equity 25 line items
Line Item Tag Value Unit Period
Balance at the beginning of the period StockholdersEquity $891.30M USD Point-in-time
Balance at the beginning of the period StockholdersEquity $855.80M USD Point-in-time
Balance at the beginning of the period StockholdersEquity $905.10M USD Point-in-time
Balance at the beginning of the period StockholdersEquity $829.00M USD Point-in-time
Change in accounting principle CumulativeEffectOnRetainedEarningsNetOfTax1 $-700.00K USD 1 Quarter
Net income NetIncomeLoss $31.00M USD 1 Quarter
Net income NetIncomeLoss $28.20M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $12.50M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-5.90M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $40.70M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $25.10M USD 1 Quarter
Shares of Class A common stock issued upon the exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $600.00K USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.70M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $4.60M USD 1 Quarter
Stock repurchase StockRepurchasedAndRetiredDuringPeriodValue $6.20M USD 1 Quarter
Stock repurchase StockRepurchasedAndRetiredDuringPeriodValue $5.60M USD 1 Quarter
Issuance of net shares of restricted Class A common stock StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $-1.90M USD 1 Quarter
Net change in restricted stock units IncreaseDecreaseInValueRestrictedStockAwardNetOfForfeitures $3.60M USD 1 Quarter
Net change in restricted stock units IncreaseDecreaseInValueRestrictedStockAwardNetOfForfeitures $1.10M USD 1 Quarter
Common stock dividends DividendsCommonStock $6.70M USD 1 Quarter
Common stock dividends DividendsCommonStock $7.30M USD 1 Quarter
Balance at the end of the period StockholdersEquity $891.30M USD Point-in-time
Balance at the end of the period StockholdersEquity $855.80M USD Point-in-time
Balance at the end of the period StockholdersEquity $905.10M USD Point-in-time
Balance at the end of the period StockholdersEquity $829.00M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLossAvailableToCommonStockholdersBasic $28.20M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $31.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-4.60M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $9.70M USD 1 Quarter
Cash flow hedges UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss $2.80M USD 1 Quarter
Cash flow hedges UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss $-1.30M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $12.50M USD 1 Quarter
Other comprehensive (loss) income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-5.90M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $40.70M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $25.10M USD 1 Quarter

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

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