10-Q Filing

ZURN ELKAY WATER SOLUTIONS CORP CIK: 1439288 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001439288-21-000073`
Period End Date	20210331
Filing Date	20210427
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	rxn-20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 42 Cash Flow Statement 59 Comprehensive Income 12

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	200.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$255.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$307.30M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	119.55M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	119.72M	shares	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$274.80M	USD	Point-in-time
Receivables, net	`AccountsReceivableNetCurrent`	$310.20M	USD	Point-in-time
Inventories	`InventoryNet`	$330.10M	USD	Point-in-time
Inventories	`InventoryNet`	$348.40M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	119.55M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	119.72M	shares	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$9.80M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$1.40M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$37.40M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$45.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.01B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$907.70M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$434.80M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$426.10M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$516.00M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$524.60M	USD	Point-in-time
Goodwill	`Goodwill`	$1.37B	USD	Point-in-time
Goodwill	`Goodwill`	$1.37B	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$163.90M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$160.80M	USD	Point-in-time
Total assets	`Assets`	$3.49B	USD	Point-in-time
Total assets	`Assets`	$3.40B	USD	Point-in-time
Current maturities of debt	`LongTermDebtCurrent`	$2.40M	USD	Point-in-time
Current maturities of debt	`LongTermDebtCurrent`	$2.50M	USD	Point-in-time
Trade payables	`AccountsPayableCurrent`	$129.40M	USD	Point-in-time
Trade payables	`AccountsPayableCurrent`	$179.00M	USD	Point-in-time
Compensation and benefits	`OtherEmployeeRelatedLiabilitiesCurrent`	$41.90M	USD	Point-in-time
Compensation and benefits	`OtherEmployeeRelatedLiabilitiesCurrent`	$57.00M	USD	Point-in-time
Current portion of pension and postretirement benefit obligations	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$3.10M	USD	Point-in-time
Current portion of pension and postretirement benefit obligations	`PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities`	$3.10M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$129.80M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$125.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$356.30M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$317.50M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.19B	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$1.19B	USD	Point-in-time
Pension and postretirement benefit obligations	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$167.90M	USD	Point-in-time
Pension and postretirement benefit obligations	`PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent`	$171.40M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$119.40M	USD	Point-in-time
Deferred income taxes	`DeferredIncomeTaxLiabilitiesNet`	$118.00M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$164.30M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$162.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.99B	USD	Point-in-time
Total liabilities	`Liabilities`	$1.96B	USD	Point-in-time
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 119,717,064 at March 31, 2021 and 119,549,735 at December 31, 2020	`CommonStockValue`	$1.20M	USD	Point-in-time
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 119,717,064 at March 31, 2021 and 119,549,735 at December 31, 2020	`CommonStockValue`	$1.20M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.41B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.39B	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$116.00M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$154.30M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-75.60M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-73.80M	USD	Point-in-time
Total Rexnord stockholders' equity	`StockholdersEquity`	$1.44B	USD	Point-in-time
Total Rexnord stockholders' equity	`StockholdersEquity`	$1.49B	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$3.10M	USD	Point-in-time
Non-controlling interest	`MinorityInterest`	$3.00M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.44B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.49B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.31B	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.37B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.40B	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$3.49B	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$547.00M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$526.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$318.20M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$330.50M	USD	1 Quarter
Gross profit	`GrossProfit`	$207.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$216.50M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$112.80M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$119.30M	USD	1 Quarter
Restructuring and other similar charges	`RestructuringCharges`	$600.00K	USD	1 Quarter
Restructuring and other similar charges	`RestructuringCharges`	$6.60M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssets`	$9.40M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$78.60M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$88.00M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$13.40M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$11.00M	USD	1 Quarter
Actuarial loss on pension and postretirement benefit obligations	`DefinedBenefitPlanActuarialGainLoss`	$-35.80M	USD	1 Quarter
Actuarial loss on pension and postretirement benefit obligations	`DefinedBenefitPlanActuarialGainLoss`	-	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-3.60M	USD	1 Quarter
Other expense, net	`OtherNonoperatingIncomeExpense`	$-400.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$67.20M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$35.20M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$6.40M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$17.20M	USD	1 Quarter
Equity method investment income (loss)	`IncomeLossFromEquityMethodInvestments`	$100.00K	USD	1 Quarter
Equity method investment income (loss)	`IncomeLossFromEquityMethodInvestments`	$-200.00K	USD	1 Quarter
Net income	`ProfitLoss`	$50.10M	USD	1 Quarter
Net income	`ProfitLoss`	$28.60M	USD	1 Quarter
Non-controlling interest income	`NetIncomeLossAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Non-controlling interest income	`NetIncomeLossAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Net income attributable to Rexnord	`NetIncomeLoss`	$28.50M	USD	1 Quarter
Net income attributable to Rexnord	`NetIncomeLoss`	$50.00M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.23	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.42	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.23	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.40	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	119.81M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	121.78M	shares	1 Quarter
Effect of dilutive equity awards (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	2.56M	shares	1 Quarter
Effect of dilutive equity awards (in shares)	`WeightedAverageNumberDilutedSharesOutstandingAdjustment`	3.83M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	124.34M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	123.64M	shares	1 Quarter

Cash Flow Statement 59 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$50.10M	USD	1 Quarter
Net income	`ProfitLoss`	$28.60M	USD	1 Quarter
Depreciation	`Depreciation`	$13.20M	USD	1 Quarter
Depreciation	`Depreciation`	$14.10M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsIncludingDiscontinuedOperation`	$9.40M	USD	1 Quarter
Amortization of intangible assets	`AmortizationOfIntangibleAssetsIncludingDiscontinuedOperation`	$9.10M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$7.70M	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$1.30M	USD	1 Quarter
Other non-cash expenses	`OtherNoncashIncomeExpense`	$-600.00K	USD	1 Quarter
Other non-cash expenses	`OtherNoncashIncomeExpense`	$-2.50M	USD	1 Quarter
Actuarial loss on pension and postretirement benefit obligations	`DefinedBenefitPlanActuarialGainLoss`	$-35.80M	USD	1 Quarter
Actuarial loss on pension and postretirement benefit obligations	`DefinedBenefitPlanActuarialGainLoss`	-	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$8.20M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$14.80M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$36.90M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$54.30M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$19.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-34.50M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-21.40M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.10M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$50.70M	USD	1 Quarter
Accruals and other	`IncreaseDecreaseInAccruedLiabilities`	$23.90M	USD	1 Quarter
Accruals and other	`IncreaseDecreaseInAccruedLiabilities`	$-13.40M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$71.30M	USD	1 Quarter
Cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$123.90M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.20M	USD	1 Quarter
Expenditures for property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$15.90M	USD	1 Quarter
Acquisitions, net of cash acquired	`ProceedsFromPreviousAcquisition`	$400.00K	USD	3 Qtrs
Acquisitions, net of cash acquired	`ProceedsFromPreviousAcquisition`	$400.00K	USD	1 Quarter
Acquisitions, net of cash acquired	`PaymentsToAcquireBusinessesNetOfCashAcquired`	$59.40M	USD	1 Quarter
Proceeds from dispositions of long-lived assets	`ProceedsFromSaleOfProductiveAssets`	$1.20M	USD	1 Quarter
Proceeds from dispositions of long-lived assets	`ProceedsFromSaleOfProductiveAssets`	$700.00K	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-8.10M	USD	1 Quarter
Cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-74.10M	USD	1 Quarter
Proceeds from borrowings of debt	`ProceedsFromIssuanceOfDebt`	$325.00M	USD	1 Quarter
Proceeds from borrowings of debt	`ProceedsFromIssuanceOfDebt`	-	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$500.00K	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$300.00K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$19.20M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.80M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$900.00K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$80.70M	USD	1 Quarter
Payment of common stock dividends	`PaymentsOfDividendsCommonStock`	$10.80M	USD	1 Quarter
Payment of common stock dividends	`PaymentsOfDividendsCommonStock`	$9.80M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-9.40M	USD	1 Quarter
Cash used for financing activities	`NetCashProvidedByUsedInFinancingActivities`	$253.40M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-6.80M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-2.10M	USD	1 Quarter
Increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$51.70M	USD	1 Quarter
Increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$296.40M	USD	1 Quarter
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$307.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$573.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$277.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.60M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$307.30M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$573.40M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$277.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$255.60M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income attributable to Rexnord	`NetIncomeLoss`	$28.50M	USD	1 Quarter
Net income attributable to Rexnord	`NetIncomeLoss`	$50.00M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-16.30M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-1.70M	USD	1 Quarter
Change in pension and postretirement defined benefit plans, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$3.70M	USD	1 Quarter
Change in pension and postretirement defined benefit plans, net of tax	`OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent`	$100.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.80M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-20.00M	USD	1 Quarter
Non-controlling interest income	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Non-controlling interest income	`ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest`	$100.00K	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$8.60M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$48.30M	USD	1 Quarter

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