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10-Q Filing

ZURN ELKAY WATER SOLUTIONS CORP CIK: 1439288 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001439288-22-000057
Period End Date 20220331
Filing Date 20220427
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance zws-20220331_htm.xml
Filing Contents
Balance Sheet 71 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $96.60M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $73.20M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 125.72M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 125.85M shares Point-in-time
Receivables, net AccountsReceivableNetCurrent $172.10M USD Point-in-time
Receivables, net AccountsReceivableNetCurrent $144.10M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 125.85M shares Point-in-time
Inventories InventoryNet $184.50M USD Point-in-time
Inventories InventoryNet $224.30M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 125.72M shares Point-in-time
Income tax receivable IncomeTaxesReceivable $27.40M USD Point-in-time
Income tax receivable IncomeTaxesReceivable $33.10M USD Point-in-time
Other current assets OtherAssetsCurrent $23.10M USD Point-in-time
Other current assets OtherAssetsCurrent $16.50M USD Point-in-time
Total current assets AssetsCurrent $520.10M USD Point-in-time
Total current assets AssetsCurrent $474.80M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $63.10M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $64.40M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $179.10M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $179.10M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $176.90M USD Point-in-time
Goodwill Goodwill $254.10M USD Point-in-time
Goodwill Goodwill $255.00M USD Point-in-time
Insurance for asbestos claims InsuranceSettlementsReceivableNoncurrent $66.00M USD Point-in-time
Insurance for asbestos claims InsuranceSettlementsReceivableNoncurrent $66.00M USD Point-in-time
Other assets OtherAssetsNoncurrent $39.30M USD Point-in-time
Other assets OtherAssetsNoncurrent $37.50M USD Point-in-time
Total assets Assets $1.12B USD Point-in-time
Total assets Assets $1.08B USD Point-in-time
Current maturities of debt LongTermDebtCurrent $5.60M USD Point-in-time
Current maturities of debt LongTermDebtCurrent $5.60M USD Point-in-time
Trade payables AccountsPayableCurrent $105.10M USD Point-in-time
Trade payables AccountsPayableCurrent $113.70M USD Point-in-time
Compensation and benefits OtherEmployeeRelatedLiabilitiesCurrent $22.00M USD Point-in-time
Compensation and benefits OtherEmployeeRelatedLiabilitiesCurrent $6.60M USD Point-in-time
Current portion of pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities $1.30M USD Point-in-time
Current portion of pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities $1.30M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $106.40M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $87.30M USD Point-in-time
Total current liabilities LiabilitiesCurrent $240.40M USD Point-in-time
Total current liabilities LiabilitiesCurrent $214.50M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $533.90M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $532.90M USD Point-in-time
Pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $57.30M USD Point-in-time
Pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $56.70M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $7.70M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $3.10M USD Point-in-time
Operating lease liability OperatingLeaseLiabilityNoncurrent $7.40M USD Point-in-time
Operating lease liability OperatingLeaseLiabilityNoncurrent $8.90M USD Point-in-time
Reserve for asbestos claims SelfInsuranceReserveNoncurrent $66.00M USD Point-in-time
Reserve for asbestos claims SelfInsuranceReserveNoncurrent $66.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $39.70M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $41.70M USD Point-in-time
Total liabilities Liabilities $951.30M USD Point-in-time
Total liabilities Liabilities $924.90M USD Point-in-time
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 125,847,069 at March 31, 2022 and 125,720,068 at December 31, 2021 CommonStockValue $1.30M USD Point-in-time
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 125,847,069 at March 31, 2022 and 125,720,068 at December 31, 2021 CommonStockValue $1.30M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.44B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $1.44B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.24B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.18B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-74.90M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-72.90M USD Point-in-time
Total stockholders' equity StockholdersEquity $126.40M USD Point-in-time
Total stockholders' equity StockholdersEquity $193.70M USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $1.12B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $1.08B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $205.20M USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $239.60M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $116.80M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $137.70M USD 1 Quarter
Gross profit GrossProfit $88.40M USD 1 Quarter
Gross profit GrossProfit $101.90M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $57.70M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $53.90M USD 1 Quarter
Restructuring and other similar charges RestructuringCharges $1.10M USD 1 Quarter
Restructuring and other similar charges RestructuringCharges $600.00K USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $3.00M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $6.10M USD 1 Quarter
Income from operations OperatingIncomeLoss $43.90M USD 1 Quarter
Income from operations OperatingIncomeLoss $24.00M USD 1 Quarter
Interest expense, net InterestExpense $9.60M USD 1 Quarter
Interest expense, net InterestExpense $4.80M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $300.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $300.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $14.70M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $39.40M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $4.70M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $10.00M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperations $29.40M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperations $10.00M USD 1 Quarter
Income from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity $800.00K USD 1 Quarter
Income from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity $40.00M USD 1 Quarter
Net income attributable to Zurn common stockholders NetIncomeLoss $30.20M USD 1 Quarter
Net income attributable to Zurn common stockholders NetIncomeLoss $50.00M USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.08 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.23 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $0.33 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $0.01 USD 1 Quarter
Net income (in dollars per share) EarningsPerShareBasic $0.42 USD 1 Quarter
Net income (in dollars per share) EarningsPerShareBasic $0.24 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.23 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.08 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $0.01 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $0.32 USD 1 Quarter
Net income (in dollars per share) EarningsPerShareDiluted $0.24 USD 1 Quarter
Net income (in dollars per share) EarningsPerShareDiluted $0.40 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 119.81M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 126.28M shares 1 Quarter
Effect of dilutive equity awards (in shares) WeightedAverageNumberDilutedSharesOutstandingAdjustment 3.83M shares 1 Quarter
Effect of dilutive equity awards (in shares) WeightedAverageNumberDilutedSharesOutstandingAdjustment 2.16M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 128.44M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 123.64M shares 1 Quarter
Cash Flow Statement 60 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $30.20M USD 1 Quarter
Net income ProfitLoss $50.00M USD 1 Quarter
Depreciation Depreciation $14.10M USD 1 Quarter
Depreciation Depreciation $2.30M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssetsIncludingDiscontinuedOperation $3.00M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssetsIncludingDiscontinuedOperation $9.40M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-4.60M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $1.30M USD 1 Quarter
Other non-cash expenses OtherNoncashIncomeExpense $-500.00K USD 1 Quarter
Other non-cash expenses OtherNoncashIncomeExpense $-700.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $14.80M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $3.90M USD 1 Quarter
Receivables IncreaseDecreaseInReceivables $27.70M USD 1 Quarter
Receivables IncreaseDecreaseInReceivables $36.90M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $19.90M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $39.60M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-3.10M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $1.10M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $8.40M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $50.70M USD 1 Quarter
Accruals and other IncreaseDecreaseInAccruedLiabilities $-38.40M USD 1 Quarter
Accruals and other IncreaseDecreaseInAccruedLiabilities $-13.40M USD 1 Quarter
Cash (used for) provided by operating activities NetCashProvidedByUsedInOperatingActivities $71.30M USD 1 Quarter
Cash (used for) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-53.90M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $9.20M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $800.00K USD 1 Quarter
Acquisitions, net of cash acquired ProceedsFromPreviousAcquisition - USD 1 Quarter
Acquisitions, net of cash acquired ProceedsFromPreviousAcquisition $400.00K USD 1 Quarter
Proceeds from dispositions of long-lived assets ProceedsFromSaleOfProductiveAssets $700.00K USD 1 Quarter
Proceeds from dispositions of long-lived assets ProceedsFromSaleOfProductiveAssets $1.30M USD 1 Quarter
Proceeds associated with divestiture of discontinued operations ProceedsFromPaymentsToDivestitureOfBusiness $35.00M USD 1 Quarter
Proceeds associated with divestiture of discontinued operations ProceedsFromPaymentsToDivestitureOfBusiness - USD 1 Quarter
Cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $35.50M USD 1 Quarter
Cash provided by (used for) investing activities NetCashProvidedByUsedInInvestingActivities $-8.10M USD 1 Quarter
Proceeds from borrowings of debt ProceedsFromIssuanceOfDebt $10.00M 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 $11.40M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $2.80M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $500.00K USD 1 Quarter
Taxes withheld and paid on employees' share-based payment awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $500.00K USD 1 Quarter
Taxes withheld and paid on employees' share-based payment awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation - USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $900.00K USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock $10.80M USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock $3.80M USD 1 Quarter
Cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-5.20M USD 1 Quarter
Cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-9.40M USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $200.00K USD 1 Quarter
Effect of exchange rate changes on cash, cash equivalents and restricted cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-2.10M USD 1 Quarter
(Decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $51.70M USD 1 Quarter
(Decrease) increase in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-23.40M USD 1 Quarter
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $73.20M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $96.60M USD Point-in-time
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 $255.60M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $73.20M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $96.60M 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 $255.60M USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $30.20M USD 1 Quarter
Net income NetIncomeLoss $50.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-1.70M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $2.00M USD 1 Quarter
Change in pension and postretirement defined benefit plans, net of tax OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent $100.00K USD 1 Quarter
Change in pension and postretirement defined benefit plans, net of tax OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent - USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTax $48.30M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTax $32.20M USD 1 Quarter

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

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