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10-Q Filing

WATTS WATER TECHNOLOGIES INC CIK: 795403 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001558370-22-006977
Period End Date 20220331
Filing Date 20220504
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance wts-20220327x10q_htm.xml
Balance Sheet 72 line items
Line Item Tag Value Unit Period
Trade accounts receivable, reserve allowances AllowanceForDoubtfulAccountsReceivableCurrent $11.80M USD Point-in-time
Trade accounts receivable, reserve allowances AllowanceForDoubtfulAccountsReceivableCurrent $10.30M 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
Preferred Stock, shares authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Preferred Stock, shares authorized PreferredStockSharesAuthorized 5.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $242.00M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $226.80M USD Point-in-time
Trade accounts receivable, less reserve allowances of $11.8 million at March 27, 2022 and $10.3 million at December 31, 2021 AccountsReceivableNetCurrent $220.90M 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 reserve allowances of $11.8 million at March 27, 2022 and $10.3 million at December 31, 2021 AccountsReceivableNetCurrent $261.70M 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 $119.40M USD Point-in-time
Raw materials InventoryRawMaterialsNetOfReserves $148.10M USD Point-in-time
Work in process InventoryWorkInProcessNetOfReserves $24.50M USD Point-in-time
Work in process InventoryWorkInProcessNetOfReserves $20.40M USD Point-in-time
Finished goods InventoryFinishedGoodsNetOfReserves $229.50M USD Point-in-time
Finished goods InventoryFinishedGoodsNetOfReserves $230.90M USD Point-in-time
Total Inventories InventoryNet $370.70M USD Point-in-time
Total Inventories InventoryNet $402.10M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $29.30M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $27.90M USD Point-in-time
Total Current Assets AssetsCurrent $861.50M USD Point-in-time
Total Current Assets AssetsCurrent $919.90M USD Point-in-time
Property, plant and equipment, at cost PropertyPlantAndEquipmentGross $608.80M USD Point-in-time
Property, plant and equipment, at cost PropertyPlantAndEquipmentGross $603.20M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $408.10M USD Point-in-time
Accumulated depreciation AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment $406.60M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $200.70M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $205.80M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $196.60M USD Point-in-time
Goodwill Goodwill $600.70M USD Point-in-time
Goodwill Goodwill $597.70M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $123.80M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $128.60M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $3.50M USD Point-in-time
Deferred income taxes DeferredIncomeTaxAssetsNet $3.60M USD Point-in-time
Other, net OtherAssetsNoncurrent $61.70M USD Point-in-time
Other, net OtherAssetsNoncurrent $60.60M USD Point-in-time
TOTAL ASSETS Assets $1.86B USD Point-in-time
TOTAL ASSETS Assets $1.78B USD Point-in-time
TOTAL ASSETS Assets $1.90B USD Point-in-time
Accounts payable AccountsPayableCurrent $143.40M USD Point-in-time
Accounts payable AccountsPayableCurrent $156.80M USD Point-in-time
Accrued expenses and other liabilities OtherLiabilitiesCurrent $184.50M USD Point-in-time
Accrued expenses and other liabilities OtherLiabilitiesCurrent $186.90M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $63.50M USD Point-in-time
Accrued compensation and benefits EmployeeRelatedLiabilitiesCurrent $78.20M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $408.50M USD Point-in-time
Total Current Liabilities LiabilitiesCurrent $404.80M USD Point-in-time
LONG-TERM DEBT LongTermDebtNoncurrent $141.90M USD Point-in-time
LONG-TERM DEBT LongTermDebtNoncurrent $202.00M USD Point-in-time
DEFERRED INCOME TAXES DeferredIncomeTaxLiabilitiesNet $40.50M USD Point-in-time
DEFERRED INCOME TAXES DeferredIncomeTaxLiabilitiesNet $46.90M USD Point-in-time
OTHER NONCURRENT LIABILITIES OtherLiabilitiesNoncurrent $91.50M USD Point-in-time
OTHER NONCURRENT LIABILITIES OtherLiabilitiesNoncurrent $87.10M 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 $636.50M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapitalCommonStock $631.20M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $665.90M USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $655.90M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-127.30M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-133.20M USD Point-in-time
Total Stockholders' Equity StockholdersEquity $1.16B USD Point-in-time
Total Stockholders' Equity StockholdersEquity $1.07B USD Point-in-time
Total Stockholders' Equity StockholdersEquity $1.17B USD Point-in-time
Total Stockholders' Equity StockholdersEquity $1.08B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $1.86B USD Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY LiabilitiesAndStockholdersEquity $1.90B USD Point-in-time
Income Statement 35 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $413.30M USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $463.20M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $264.60M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $239.60M USD 1 Quarter
GROSS PROFIT GrossProfit $173.70M USD 1 Quarter
GROSS PROFIT GrossProfit $198.60M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $113.80M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $126.10M USD 1 Quarter
Restructuring RestructuringSettlementAndImpairmentProvisions $300.00K USD 1 Quarter
Restructuring RestructuringSettlementAndImpairmentProvisions $1.00M USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $71.50M USD 1 Quarter
OPERATING INCOME OperatingIncomeLoss $59.60M USD 1 Quarter
Interest income InvestmentIncomeInterest $100.00K USD 1 Quarter
Interest expense InterestExpense $2.00M USD 1 Quarter
Interest expense InterestExpense $1.40M USD 1 Quarter
Other expense (income), net OtherNonoperatingIncomeExpense $300.00K USD 1 Quarter
Other expense (income), net OtherNonoperatingIncomeExpense $-300.00K USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-1.70M USD 1 Quarter
Total other expense NonoperatingIncomeExpense $-1.60M USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $57.90M USD 1 Quarter
INCOME BEFORE INCOME TAXES IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $69.90M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $16.20M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $15.40M USD 1 Quarter
NET INCOME NetIncomeLossAvailableToCommonStockholdersBasic $54.50M USD 1 Quarter
NET INCOME NetIncomeLossAvailableToCommonStockholdersBasic $41.70M USD 1 Quarter
NET INCOME PER SHARE EarningsPerShareBasic $1.23 USD 1 Quarter
NET INCOME PER SHARE EarningsPerShareBasic $1.62 USD 1 Quarter
Weighted average number of shares WeightedAverageNumberOfSharesOutstandingBasic 33.70M shares 1 Quarter
Weighted average number of shares WeightedAverageNumberOfSharesOutstandingBasic 33.80M shares 1 Quarter
NET INCOME PER SHARE EarningsPerShareDiluted $1.61 USD 1 Quarter
NET INCOME PER SHARE EarningsPerShareDiluted $1.23 USD 1 Quarter
Weighted average number of shares WeightedAverageNumberOfDilutedSharesOutstanding 33.90M shares 1 Quarter
Weighted average number of shares WeightedAverageNumberOfDilutedSharesOutstanding 33.80M shares 1 Quarter
Dividends declared per share CommonStockDividendsPerShareCashPaid $0.26 USD 1 Quarter
Dividends declared per share CommonStockDividendsPerShareCashPaid $0.23 USD 1 Quarter
Cash Flow Statement 57 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $41.70M USD 1 Quarter
Net income ProfitLoss $54.50M USD 1 Quarter
Depreciation Depreciation $8.00M USD 1 Quarter
Depreciation Depreciation $7.20M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $3.10M USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $3.80M USD 1 Quarter
Loss on disposal and impairment of property, plant and equipment and other GainLossOnDisposalAndImpairmentOfGoodwillPropertyPlantAndEquipment $-1.30M USD 1 Quarter
Loss on disposal and impairment of property, plant and equipment and other GainLossOnDisposalAndImpairmentOfGoodwillPropertyPlantAndEquipment $-600.00K USD 1 Quarter
Stock-based compensation ShareBasedCompensation $2.90M USD 1 Quarter
Stock-based compensation ShareBasedCompensation $3.30M USD 1 Quarter
Deferred income tax DeferredIncomeTaxNoncashExpenseBenefit $-4.30M USD 1 Quarter
Deferred income tax DeferredIncomeTaxNoncashExpenseBenefit $-5.80M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $43.20M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $44.00M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $34.70M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $18.80M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $4.60M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInOtherOperatingLiabilities $40.00M USD 1 Quarter
Accounts payable, accrued expenses and other liabilities IncreaseDecreaseInOtherOperatingLiabilities $700.00K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-2.00M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $33.90M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $5.60M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $4.90M USD 1 Quarter
Proceeds from the sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $2.90M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-2.00M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-5.60M USD 1 Quarter
Proceeds from long-term borrowings ProceedsFromIssuanceOfLongTermDebt $20.00M USD 1 Quarter
Proceeds from long-term borrowings ProceedsFromIssuanceOfLongTermDebt $60.00M USD 1 Quarter
Payments of long-term debt RepaymentsOfLongTermDebt $20.00M USD 1 Quarter
Payments for withholding taxes on vested awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $9.20M USD 1 Quarter
Payments for withholding taxes on vested awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $12.60M USD 1 Quarter
Payments for finance leases and other FinanceLeasePrincipalPaymentsAndOther $200.00K USD 1 Quarter
Payments for finance leases and other FinanceLeasePrincipalPaymentsAndOther $400.00K USD 1 Quarter
Payments to repurchase common stock PaymentsForRepurchaseOfCommonStock $3.80M USD 1 Quarter
Payments to repurchase common stock PaymentsForRepurchaseOfCommonStock $42.90M USD 1 Quarter
Dividends PaymentsOfOrdinaryDividends $7.80M USD 1 Quarter
Dividends PaymentsOfOrdinaryDividends $9.00M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-21.20M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-4.70M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-4.20M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-2.90M USD 1 Quarter
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $6.50M USD 1 Quarter
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-15.20M USD 1 Quarter
Cash and cash equivalents at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $218.90M USD Point-in-time
Cash and cash equivalents at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $225.40M USD Point-in-time
Cash and cash equivalents at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $226.80M USD Point-in-time
Cash and cash equivalents at beginning of year CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $242.00M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $218.90M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $225.40M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $226.80M USD Point-in-time
CASH AND CASH EQUIVALENTS AT END OF PERIOD CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $242.00M 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 $500.00K USD 1 Quarter
Interest InterestPaidNet $700.00K USD 1 Quarter
Interest InterestPaidNet $2.30M USD 1 Quarter
Income taxes IncomeTaxesPaid $5.00M USD 1 Quarter
Income taxes IncomeTaxesPaid $6.00M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Balance at the beginning of the period StockholdersEquity $1.16B USD Point-in-time
Balance at the beginning of the period StockholdersEquity $1.07B USD Point-in-time
Balance at the beginning of the period StockholdersEquity $1.17B USD Point-in-time
Balance at the beginning of the period StockholdersEquity $1.08B USD Point-in-time
Net income NetIncomeLoss $41.70M USD 1 Quarter
Net income NetIncomeLoss $54.50M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-14.20M USD 1 Quarter
Other comprehensive income OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-5.90M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $48.60M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $27.50M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $2.90M USD 1 Quarter
Stock-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $3.30M USD 1 Quarter
Stock repurchase StockRepurchasedAndRetiredDuringPeriodValue $3.80M USD 1 Quarter
Stock repurchase StockRepurchasedAndRetiredDuringPeriodValue $43.00M USD 1 Quarter
Net change in restricted stock and performance stock units IncreaseDecreaseInValueRestrictedStockAwardNetOfForfeitures $7.40M USD 1 Quarter
Net change in restricted stock and performance stock units IncreaseDecreaseInValueRestrictedStockAwardNetOfForfeitures $10.60M USD 1 Quarter
Common stock dividends DividendsCommonStock $9.00M USD 1 Quarter
Common stock dividends DividendsCommonStock $7.80M USD 1 Quarter
Balance at the end of the period StockholdersEquity $1.16B USD Point-in-time
Balance at the end of the period StockholdersEquity $1.07B USD Point-in-time
Balance at the end of the period StockholdersEquity $1.17B USD Point-in-time
Balance at the end of the period StockholdersEquity $1.08B USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net income NetIncomeLossAvailableToCommonStockholdersBasic $54.50M USD 1 Quarter
Net income NetIncomeLossAvailableToCommonStockholdersBasic $41.70M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-9.40M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-14.10M USD 1 Quarter
Cash flow hedges DerivativeGainLossOnDerivativeNet $-100.00K USD 1 Quarter
Cash flow hedges DerivativeGainLossOnDerivativeNet $3.50M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-14.20M USD 1 Quarter
Other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-5.90M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $48.60M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $27.50M USD 1 Quarter

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

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