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10-Q Filing

ZURN ELKAY WATER SOLUTIONS CORP CIK: 1439288 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001439288-23-000077
Period End Date 20230331
Filing Date 20230425
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance zws-20230331_htm.xml
Filing Contents
Balance Sheet 72 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
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $124.80M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $74.80M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 200.00M shares Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 176.88M shares Point-in-time
Receivables, net AccountsReceivableNetCurrent $219.70M USD Point-in-time
Receivables, net AccountsReceivableNetCurrent $223.00M USD Point-in-time
Common stock, shares issued (in shares) CommonStockSharesIssued 175.13M shares Point-in-time
Inventories InventoryNet $349.10M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 176.88M shares Point-in-time
Inventories InventoryNet $366.70M USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 175.13M shares Point-in-time
Income taxes receivable IncomeTaxesReceivable $10.20M USD Point-in-time
Income taxes receivable IncomeTaxesReceivable $18.30M USD Point-in-time
Other current assets OtherAssetsCurrent $28.00M USD Point-in-time
Other current assets OtherAssetsCurrent $24.70M USD Point-in-time
Total current assets AssetsCurrent $757.50M USD Point-in-time
Total current assets AssetsCurrent $681.80M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $183.80M USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization $201.50M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $995.00M USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.01B USD Point-in-time
Goodwill Goodwill $777.00M USD Point-in-time
Goodwill Goodwill $790.70M USD Point-in-time
Insurance for asbestos claims InsuranceSettlementsReceivableNoncurrent $72.10M USD Point-in-time
Insurance for asbestos claims InsuranceSettlementsReceivableNoncurrent $72.10M USD Point-in-time
Other assets OtherAssetsNoncurrent $68.90M USD Point-in-time
Other assets OtherAssetsNoncurrent $63.90M USD Point-in-time
Total assets Assets $2.86B USD Point-in-time
Total assets Assets $2.81B USD Point-in-time
Current maturities of debt LongTermDebtCurrent $6.30M USD Point-in-time
Current maturities of debt LongTermDebtCurrent $5.70M USD Point-in-time
Trade payables AccountsPayableCurrent $116.90M USD Point-in-time
Trade payables AccountsPayableCurrent $84.00M USD Point-in-time
Compensation and benefits OtherEmployeeRelatedLiabilitiesCurrent $9.40M USD Point-in-time
Compensation and benefits OtherEmployeeRelatedLiabilitiesCurrent $19.20M USD Point-in-time
Current portion of pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities $1.60M USD Point-in-time
Current portion of pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities $1.60M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $145.90M USD Point-in-time
Other current liabilities OtherLiabilitiesCurrent $128.30M USD Point-in-time
Total current liabilities LiabilitiesCurrent $229.60M USD Point-in-time
Total current liabilities LiabilitiesCurrent $289.30M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $550.30M USD Point-in-time
Long-term debt LongTermDebtNoncurrent $530.20M USD Point-in-time
Pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $50.50M USD Point-in-time
Pension and postretirement benefit obligations PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent $51.40M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $221.40M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $216.90M USD Point-in-time
Operating lease liability OperatingLeaseLiabilityNoncurrent $34.20M USD Point-in-time
Operating lease liability OperatingLeaseLiabilityNoncurrent $38.40M USD Point-in-time
Reserve for asbestos claims SelfInsuranceReserveNoncurrent $79.00M USD Point-in-time
Reserve for asbestos claims SelfInsuranceReserveNoncurrent $79.00M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $44.40M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $44.90M USD Point-in-time
Total liabilities Liabilities $1.21B USD Point-in-time
Total liabilities Liabilities $1.25B USD Point-in-time
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 175,132,260 at March 31, 2023 and 176,876,406 at December 31, 2022 CommonStockValue $1.80M USD Point-in-time
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 175,132,260 at March 31, 2023 and 176,876,406 at December 31, 2022 CommonStockValue $1.80M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.85B USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $2.85B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.18B USD Point-in-time
Retained deficit RetainedEarningsAccumulatedDeficit $-1.16B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-75.00M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-75.10M USD Point-in-time
Total stockholders' equity StockholdersEquity $1.61B USD Point-in-time
Total stockholders' equity StockholdersEquity $193.70M USD Point-in-time
Total stockholders' equity StockholdersEquity $126.40M USD Point-in-time
Total stockholders' equity StockholdersEquity $1.60B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $2.86B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $2.81B USD Point-in-time
Income Statement 46 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $372.10M USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $239.60M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $137.70M USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $223.30M USD 1 Quarter
Gross profit GrossProfit $148.80M USD 1 Quarter
Gross profit GrossProfit $101.90M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $53.90M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $88.50M USD 1 Quarter
Restructuring and other similar charges RestructuringCharges $1.90M USD 1 Quarter
Restructuring and other similar charges RestructuringCharges $1.10M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $14.70M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssets $3.00M USD 1 Quarter
Income from operations OperatingIncomeLoss $43.90M USD 1 Quarter
Income from operations OperatingIncomeLoss $43.70M USD 1 Quarter
Interest expense, net InterestExpense $9.60M USD 1 Quarter
Interest expense, net InterestExpense $4.80M USD 1 Quarter
Other (expense) income, net OtherNonoperatingIncomeExpense $-2.40M USD 1 Quarter
Other (expense) income, net OtherNonoperatingIncomeExpense $300.00K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $39.40M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $31.70M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $10.00M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $9.10M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperations $29.40M USD 1 Quarter
Net income from continuing operations IncomeLossFromContinuingOperations $22.60M USD 1 Quarter
Income from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity $200.00K USD 1 Quarter
Income from discontinued operations, net of tax IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity $800.00K USD 1 Quarter
Net income NetIncomeLoss $22.80M USD 1 Quarter
Net income NetIncomeLoss $30.20M USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.13 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerBasicShare $0.23 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare - USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare $0.01 USD 1 Quarter
Net (loss) income (in dollars per share) EarningsPerShareBasic $0.24 USD 1 Quarter
Net (loss) income (in dollars per share) EarningsPerShareBasic $0.13 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.13 USD 1 Quarter
Continuing operations (in dollars per share) IncomeLossFromContinuingOperationsPerDilutedShare $0.23 USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare - USD 1 Quarter
Discontinued operations (in dollars per share) IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare $0.01 USD 1 Quarter
Net (loss) income (in dollars per share) EarningsPerShareDiluted $0.13 USD 1 Quarter
Net (loss) income (in dollars per share) EarningsPerShareDiluted $0.24 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 126.28M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 176.42M shares 1 Quarter
Effect of dilutive equity awards (in shares) WeightedAverageNumberDilutedSharesOutstandingAdjustment 2.16M shares 1 Quarter
Effect of dilutive equity awards (in shares) WeightedAverageNumberDilutedSharesOutstandingAdjustment 1.97M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 178.38M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 128.44M shares 1 Quarter
Cash Flow Statement 58 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $22.80M USD 1 Quarter
Net income NetIncomeLoss $30.20M USD 1 Quarter
Depreciation Depreciation $2.30M USD 1 Quarter
Depreciation Depreciation $8.10M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssetsIncludingDiscontinuedOperation $14.70M USD 1 Quarter
Amortization of intangible assets AmortizationOfIntangibleAssetsIncludingDiscontinuedOperation $3.00M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-900.00K USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $-4.60M USD 1 Quarter
Other non-cash expenses OtherNoncashIncomeExpense $-500.00K USD 1 Quarter
Other non-cash expenses OtherNoncashIncomeExpense $-300.00K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $10.30M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $3.90M USD 1 Quarter
Receivables IncreaseDecreaseInReceivables $3.20M USD 1 Quarter
Receivables IncreaseDecreaseInReceivables $27.70M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $4.20M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $39.60M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $1.10M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-12.40M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-33.00M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $8.40M USD 1 Quarter
Accruals and other IncreaseDecreaseInAccruedLiabilities $-24.10M USD 1 Quarter
Accruals and other IncreaseDecreaseInAccruedLiabilities $-38.40M USD 1 Quarter
Cash provided by (used for) operating activities NetCashProvidedByUsedInOperatingActivities $5.00M USD 1 Quarter
Cash provided by (used for) operating activities NetCashProvidedByUsedInOperatingActivities $-53.90M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipmentIncludingDiscontinuedOperations $5.20M USD 1 Quarter
Expenditures for property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipmentIncludingDiscontinuedOperations $800.00K USD 1 Quarter
Proceeds from dispositions of long-lived assets ProceedsFromSaleOfProductiveAssets - 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 (used for) provided by investing activities NetCashProvidedByUsedInInvestingActivities $35.50M USD 1 Quarter
Cash (used for) provided by investing activities NetCashProvidedByUsedInInvestingActivities $-5.20M USD 1 Quarter
Proceeds from borrowings of debt ProceedsFromIssuanceOfDebt $13.00M USD 1 Quarter
Proceeds from borrowings of debt ProceedsFromIssuanceOfDebt $10.00M USD 1 Quarter
Repayments of debt RepaymentsOfLongTermDebt $11.40M USD 1 Quarter
Repayments of debt RepaymentsOfLongTermDebt $14.60M USD 1 Quarter
Proceeds from exercise of stock options ProceedsFromStockOptionsExercised $600.00K 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 - USD 1 Quarter
Taxes withheld and paid on employees' share-based payment awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $500.00K USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock $37.00M USD 1 Quarter
Repurchase of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock $3.80M USD 1 Quarter
Payment of common stock dividends PaymentsOfDividendsCommonStock $12.30M USD 1 Quarter
Cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-5.20M USD 1 Quarter
Cash used for financing activities NetCashProvidedByUsedInFinancingActivities $-50.30M 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 $500.00K USD 1 Quarter
Decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-23.40M USD 1 Quarter
Decrease in cash, cash equivalents and restricted cash CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-50.00M USD 1 Quarter
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 $73.20M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $124.80M USD Point-in-time
Cash, cash equivalents and restricted cash at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $74.80M 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 $73.20M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $124.80M USD Point-in-time
Cash, cash equivalents and restricted cash at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $74.80M USD Point-in-time
Comprehensive Income 8 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $22.80M USD 1 Quarter
Net income NetIncomeLoss $30.20M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $2.00M USD 1 Quarter
Foreign currency translation adjustments OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-100.00K USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $2.00M USD 1 Quarter
Other comprehensive (loss) income, net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-100.00K USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTax $32.20M USD 1 Quarter
Total comprehensive income ComprehensiveIncomeNetOfTax $22.70M USD 1 Quarter

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

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