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10-Q Filing

PENTAIR PLC CIK: 77360 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000077360-23-000013
Period End Date 20230331
Filing Date 20230427
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance pnr-20230331_htm.xml
Filing Contents
Balance Sheet 62 line items
Line Item Tag Value Unit Period
Accounts and notes receivable, allowances AllowanceForDoubtfulAccountsReceivableCurrent $11.40M USD Point-in-time
Accounts and notes receivable, allowances AllowanceForDoubtfulAccountsReceivableCurrent $10.80M USD Point-in-time
Ordinary shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Ordinary shares, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $119.20M USD Point-in-time
Common stock authorized (in shares) CommonStockSharesAuthorized 426.00M shares Point-in-time
Common stock authorized (in shares) CommonStockSharesAuthorized 426.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $108.90M USD Point-in-time
Accounts receivable, net of allowances of $11.4 and $10.8, respectively AccountsAndNotesReceivableNet $531.50M USD Point-in-time
Accounts receivable, net of allowances of $11.4 and $10.8, respectively AccountsAndNotesReceivableNet $718.10M USD Point-in-time
Common shares issued (in shares) CommonStockSharesIssued 165.00M shares Point-in-time
Common shares issued (in shares) CommonStockSharesIssued 164.50M shares Point-in-time
Inventories InventoryNet $782.80M USD Point-in-time
Inventories InventoryNet $790.00M USD Point-in-time
Other current assets OtherAssetsCurrent $128.10M USD Point-in-time
Other current assets OtherAssetsCurrent $146.60M USD Point-in-time
Total current assets AssetsCurrent $1.56B USD Point-in-time
Total current assets AssetsCurrent $1.77B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $348.80M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $344.50M USD Point-in-time
Goodwill Goodwill $3.25B USD Point-in-time
Goodwill Goodwill $3.26B USD Point-in-time
Intangibles, net IntangibleAssetsNetExcludingGoodwill $1.08B USD Point-in-time
Intangibles, net IntangibleAssetsNetExcludingGoodwill $1.09B USD Point-in-time
Other non-current assets OtherAssetsMiscellaneousNoncurrent $197.30M USD Point-in-time
Other non-current assets OtherAssetsMiscellaneousNoncurrent $210.60M USD Point-in-time
Total other assets OtherAssetsNoncurrent $4.54B USD Point-in-time
Total other assets OtherAssetsNoncurrent $4.56B USD Point-in-time
Total assets Assets $6.45B USD Point-in-time
Total assets Assets $6.67B USD Point-in-time
Accounts payable AccountsPayableCurrent $355.00M USD Point-in-time
Accounts payable AccountsPayableCurrent $331.30M USD Point-in-time
Employee compensation and benefits EmployeeRelatedLiabilitiesCurrent $94.10M USD Point-in-time
Employee compensation and benefits EmployeeRelatedLiabilitiesCurrent $106.00M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $576.20M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $602.10M USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.06B USD Point-in-time
Total current liabilities LiabilitiesCurrent $1.00B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.49B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.32B USD Point-in-time
Pension and other post-retirement compensation and benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $70.80M USD Point-in-time
Pension and other post-retirement compensation and benefits PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $71.10M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $43.90M USD Point-in-time
Deferred tax liabilities DeferredIncomeTaxLiabilitiesNet $43.30M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $244.90M USD Point-in-time
Other non-current liabilities OtherLiabilitiesNoncurrent $253.30M USD Point-in-time
Total liabilities Liabilities $3.86B USD Point-in-time
Total liabilities Liabilities $3.74B USD Point-in-time
Ordinary shares $0.01 par value, 426.0 authorized, 165.0 and 164.5 issued at March 31, 2023 and December 31, 2022, respectively CommonStockValueOutstanding $1.70M USD Point-in-time
Ordinary shares $0.01 par value, 426.0 authorized, 165.0 and 164.5 issued at March 31, 2023 and December 31, 2022, respectively CommonStockValueOutstanding $1.70M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.56B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.55B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.48B USD Point-in-time
Retained earnings RetainedEarningsAccumulatedDeficit $1.39B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-239.00M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-234.10M USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.71B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.50B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.81B USD Point-in-time
Total equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.42B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $6.67B USD Point-in-time
Total liabilities and equity LiabilitiesAndStockholdersEquity $6.45B USD Point-in-time
Income Statement 50 line items
Line Item Tag Value Unit Period
Net sales Revenues $1.03B USD 1 Quarter
Net sales Revenues $999.60M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $667.40M USD 1 Quarter
Cost of goods sold CostOfGoodsAndServicesSold $646.80M USD 1 Quarter
Gross profit GrossProfit $332.20M USD 1 Quarter
Gross profit GrossProfit $381.80M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $173.30M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $164.10M USD 1 Quarter
Research and development expenses ResearchAndDevelopmentExpense $24.90M USD 1 Quarter
Research and development expenses ResearchAndDevelopmentExpense $22.30M USD 1 Quarter
Operating income OperatingIncomeLoss $145.80M USD 1 Quarter
Operating income OperatingIncomeLoss $183.60M USD 1 Quarter
Net interest expense InterestIncomeExpenseNet $-5.70M USD 1 Quarter
Net interest expense InterestIncomeExpenseNet $-32.40M USD 1 Quarter
Other expense OtherNonoperatingIncomeExpense $-100.00K USD 1 Quarter
Other expense OtherNonoperatingIncomeExpense $-700.00K USD 1 Quarter
Income from continuing operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $150.50M USD 1 Quarter
Income from continuing operations before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $140.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $22.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $21.50M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $118.50M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest $128.50M USD 1 Quarter
Income (loss) from discontinued operations, net of tax DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax $-900.00K USD 1 Quarter
Income (loss) from discontinued operations, net of tax DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax $1.20M USD 1 Quarter
Net income ProfitLoss $117.60M USD 1 Quarter
Net income ProfitLoss $129.70M USD 1 Quarter
Net income ProfitLoss $117.60M USD 1 Quarter
Net income ProfitLoss $129.70M USD 1 Quarter
Changes in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $12.10M USD 1 Quarter
Changes in cumulative translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax $-7.40M USD 1 Quarter
Changes in market value of derivative financial instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $6.60M USD 1 Quarter
Changes in market value of derivative financial instruments, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent $-7.20M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $116.80M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $134.60M USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.72 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.78 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $-0.01 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $0.01 USD 1 Quarter
Basic earnings per ordinary share (in dollars per share) EarningsPerShareBasic $0.71 USD 1 Quarter
Basic earnings per ordinary share (in dollars per share) EarningsPerShareBasic $0.79 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.78 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.71 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $0.01 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $-0.01 USD 1 Quarter
Diluted earnings per ordinary share (in dollars per share) EarningsPerShareDiluted $0.70 USD 1 Quarter
Diluted earnings per ordinary share (in dollars per share) EarningsPerShareDiluted $0.79 USD 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 164.80M shares 1 Quarter
Basic (shares) WeightedAverageNumberOfSharesOutstandingBasic 165.30M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 166.50M shares 1 Quarter
Diluted (shares) WeightedAverageNumberOfDilutedSharesOutstanding 165.80M shares 1 Quarter
Cash Flow Statement 64 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $117.60M USD 1 Quarter
Net income ProfitLoss $129.70M USD 1 Quarter
(Income) loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity $-900.00K USD 1 Quarter
(Income) loss from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity $1.20M USD 1 Quarter
Equity income of unconsolidated subsidiaries IncomeLossFromEquityMethodInvestments $500.00K USD 1 Quarter
Equity income of unconsolidated subsidiaries IncomeLossFromEquityMethodInvestments $200.00K USD 1 Quarter
Depreciation Depreciation $13.00M USD 1 Quarter
Depreciation Depreciation $14.70M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $6.60M USD 1 Quarter
Amortization AmortizationOfIntangibleAssets $13.80M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-3.70M USD 1 Quarter
Deferred income taxes DeferredIncomeTaxesAndTaxCredits $-14.00M USD 1 Quarter
Share-based compensation ShareBasedCompensation $6.90M USD 1 Quarter
Share-based compensation ShareBasedCompensation $7.20M USD 1 Quarter
Asset impairment and write-offs AssetImpairmentCharges - USD 1 Quarter
Asset impairment and write-offs AssetImpairmentCharges $4.10M USD 1 Quarter
Amortization of Bridge Financing Fees AmortizationOfFinancingCosts - USD 1 Quarter
Amortization of Bridge Financing Fees AmortizationOfFinancingCosts $2.60M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $116.10M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $184.80M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $95.10M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $-6.00M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $17.40M USD 1 Quarter
Other current assets IncreaseDecreaseInOtherCurrentAssets $23.50M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $10.40M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-24.90M USD 1 Quarter
Employee compensation and benefits IncreaseDecreaseInOtherEmployeeRelatedLiabilities $-37.50M USD 1 Quarter
Employee compensation and benefits IncreaseDecreaseInOtherEmployeeRelatedLiabilities $-12.80M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $-12.40M USD 1 Quarter
Other current liabilities IncreaseDecreaseInOtherCurrentLiabilities $-28.70M USD 1 Quarter
Other non-current assets and liabilities IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet $700.00K USD 1 Quarter
Other non-current assets and liabilities IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet $-1.90M USD 1 Quarter
Net cash used for operating activities NetCashProvidedByUsedInOperatingActivities $-131.50M USD 1 Quarter
Net cash used for operating activities NetCashProvidedByUsedInOperatingActivities $-106.60M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $16.60M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $17.70M USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment - USD 1 Quarter
Proceeds from sale of property and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $200.00K USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $1.40M USD 1 Quarter
Acquisitions, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $-200.00K USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-16.20M USD 1 Quarter
Net cash used for investing activities NetCashProvidedByUsedInInvestingActivities $-19.10M USD 1 Quarter
Net borrowings of revolving long-term debt ProceedsFromRepaymentsOfLinesOfCredit $173.60M USD 1 Quarter
Net borrowings of revolving long-term debt ProceedsFromRepaymentsOfLinesOfCredit $199.60M USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts - USD 1 Quarter
Debt issuance costs PaymentsOfDebtIssuanceCosts $5.80M USD 1 Quarter
Shares issued to employees, net of shares withheld ProceedsIssuanceOfSharesShareBasedPaymentArrangementIncludingOptionExercisedNetOfSharesWithheld $-4.10M USD 1 Quarter
Shares issued to employees, net of shares withheld ProceedsIssuanceOfSharesShareBasedPaymentArrangementIncludingOptionExercisedNetOfSharesWithheld $-5.30M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $36.20M USD 1 Quarter
Dividends paid PaymentsOfDividendsCommonStock $34.70M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $133.30M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $153.80M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $4.60M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-200.00K USD 1 Quarter
Change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $7.80M USD 1 Quarter
Change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $10.30M USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $119.20M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $94.50M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $102.30M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $108.90M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $119.20M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $94.50M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $102.30M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $108.90M USD Point-in-time
Stockholders Equity 24 line items
Line Item Tag Value Unit Period
Dividends (in dollars per share) CommonStockDividendsPerShareDeclared $0.21 USD 1 Quarter
Dividends (in dollars per share) CommonStockDividendsPerShareDeclared $0.22 USD 1 Quarter
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.71B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.50B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.81B USD Point-in-time
Beginning Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.42B USD Point-in-time
Net income ProfitLoss $117.60M USD 1 Quarter
Net income ProfitLoss $129.70M USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTax $-800.00K USD 1 Quarter
Other comprehensive income, net of tax OtherComprehensiveIncomeLossNetOfTax $4.90M USD 1 Quarter
Dividends declared DividendsCommonStock $36.40M USD 1 Quarter
Dividends declared DividendsCommonStock $36.30M USD 1 Quarter
Exercise of options, net of shares tendered for payment StockIssuedDuringPeriodValueStockOptionsExercised $2.50M USD 1 Quarter
Exercise of options, net of shares tendered for payment StockIssuedDuringPeriodValueStockOptionsExercised $500.00K USD 1 Quarter
Issuance of restricted shares, net of cancellations StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $-2.30M USD 1 Quarter
Issuance of restricted shares, net of cancellations StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures $-2.20M USD 1 Quarter
Shares surrendered by employees to pay taxes SharesSurrenderedByEmployees $4.30M USD 1 Quarter
Shares surrendered by employees to pay taxes SharesSurrenderedByEmployees $3.60M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $7.20M USD 1 Quarter
Share-based compensation AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $6.90M USD 1 Quarter
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.71B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.50B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.81B USD Point-in-time
Ending Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $2.42B USD Point-in-time

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

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