$PNR
PENTAIR plc

2022 Q1 Form 10-Q Financial Statement

#000007736022000015 Filed on April 21, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $999.6M $865.9M
YoY Change 15.44% 21.96%
Cost Of Revenue $667.4M $550.7M
YoY Change 21.19% 20.14%
Gross Profit $332.2M $315.2M
YoY Change 5.39% 25.28%
Gross Profit Margin 33.23% 36.4%
Selling, General & Admin $164.1M $136.6M
YoY Change 20.13% 3.56%
% of Gross Profit 49.4% 43.34%
Research & Development $22.30M $21.50M
YoY Change 3.72% 13.16%
% of Gross Profit 6.71% 6.82%
Depreciation & Amortization $13.00M $12.70M
YoY Change 2.36% 9.48%
% of Gross Profit 3.91% 4.03%
Operating Expenses $186.4M $158.1M
YoY Change 17.9% 4.77%
Operating Profit $145.8M $157.1M
YoY Change -7.19% 56.01%
Interest Expense -$5.700M -$5.100M
YoY Change 11.76% -26.09%
% of Operating Profit -3.91% -3.25%
Other Income/Expense, Net -$100.0K -$400.0K
YoY Change -75.0% -133.33%
Pretax Income $140.0M $151.6M
YoY Change -7.65% 63.71%
Income Tax $21.50M $20.50M
% Of Pretax Income 15.36% 13.52%
Net Earnings $117.6M $128.6M
YoY Change -8.55% 76.89%
Net Earnings / Revenue 11.76% 14.85%
Basic Earnings Per Share $0.71 $0.77
Diluted Earnings Per Share $0.70 $0.77
COMMON SHARES
Basic Shares Outstanding 165.3M shares 166.2M shares
Diluted Shares Outstanding 166.5M shares 167.7M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.3M $95.00M
YoY Change 7.68% -43.79%
Cash & Equivalents $102.3M $95.00M
Short-Term Investments
Other Short-Term Assets $134.6M $118.0M
YoY Change 14.07% 4.52%
Inventory $656.2M $429.1M
Prepaid Expenses
Receivables $697.2M $620.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.542B $1.209B
YoY Change 27.57% -9.79%
LONG-TERM ASSETS
Property, Plant & Equipment $315.0M $293.4M
YoY Change 7.36% 4.52%
Goodwill $2.493B $2.367B
YoY Change 5.33% 4.89%
Intangibles $420.0M $315.5M
YoY Change 33.12% -3.37%
Long-Term Investments
YoY Change
Other Assets $3.119B $2.882B
YoY Change 8.22% 2.7%
Total Long-Term Assets $3.434B $3.176B
YoY Change 8.14% 2.87%
TOTAL ASSETS
Total Short-Term Assets $1.542B $1.209B
Total Long-Term Assets $3.434B $3.176B
Total Assets $4.976B $4.384B
YoY Change 13.5% -0.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $396.8M $297.1M
YoY Change 33.56% 10.78%
Accrued Expenses $395.2M $300.0M
YoY Change 31.73% 40.19%
Deferred Revenue $30.00M $23.60M
YoY Change 27.12% 21.03%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.014B $823.9M
YoY Change 23.12% 20.66%
LONG-TERM LIABILITIES
Long-Term Debt $1.091B $932.4M
YoY Change 17.02% -35.72%
Other Long-Term Liabilities $189.6M $231.4M
YoY Change -18.06% 21.34%
Total Long-Term Liabilities $1.281B $1.164B
YoY Change 10.04% -29.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.014B $823.9M
Total Long-Term Liabilities $1.281B $1.164B
Total Liabilities $2.472B $2.190B
YoY Change 12.86% -13.57%
SHAREHOLDERS EQUITY
Retained Earnings $1.133B $726.5M
YoY Change 55.9% 64.33%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.504B $2.194B
YoY Change
Total Liabilities & Shareholders Equity $4.976B $4.384B
YoY Change 13.5% -0.96%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $117.6M $128.6M
YoY Change -8.55% 76.89%
Depreciation, Depletion And Amortization $13.00M $12.70M
YoY Change 2.36% 9.48%
Cash From Operating Activities -$131.5M -$19.00M
YoY Change 592.11% -88.3%
INVESTING ACTIVITIES
Capital Expenditures $17.70M $13.20M
YoY Change 34.09% -29.41%
Acquisitions $1.400M $0.00
YoY Change -100.0%
Other Investing Activities -$1.400M $3.400M
YoY Change -141.18%
Cash From Investing Activities -$19.10M -$9.800M
YoY Change 94.9% -62.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $9.600M
YoY Change -100.0% -91.67%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $153.8M $34.60M
YoY Change 344.51% -87.59%
NET CHANGE
Cash From Operating Activities -$131.5M -$19.00M
Cash From Investing Activities -$19.10M -$9.800M
Cash From Financing Activities $153.8M $34.60M
Net Change In Cash $7.800M $12.90M
YoY Change -39.53% -85.14%
FREE CASH FLOW
Cash From Operating Activities -$131.5M -$19.00M
Capital Expenditures $17.70M $13.20M
Free Cash Flow -$149.2M -$32.20M
YoY Change 363.35% -82.22%

Facts In Submission

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1400000 USD
CY2021Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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199600000 USD
CY2021Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
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92400000 USD
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5800000 USD
CY2021Q1 us-gaap Payments Of Debt Issuance Costs
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CY2022Q1 pnr Proceeds Issuance Of Shares Share Based Payment Arrangement Including Option Exercised Net Of Shares Withheld
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CY2021Q1 pnr Proceeds Issuance Of Shares Share Based Payment Arrangement Including Option Exercised Net Of Shares Withheld
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CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
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9600000 USD
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34700000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
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33300000 USD
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CY2021Q1 us-gaap Payments For Hedge Financing Activities
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14700000 USD
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153800000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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34600000 USD
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4600000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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7100000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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7800000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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12900000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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82100000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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102300000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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95000000.0 USD
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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5200000 USD
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5600000 USD
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q1 us-gaap Revenue Remaining Performance Obligation
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CY2022Q1 us-gaap Contract With Customer Asset Net Current
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48600000 USD
CY2021Q4 us-gaap Contract With Customer Asset Net Current
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48800000 USD
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38500000 USD
CY2021Q4 us-gaap Contract With Customer Liability
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ContractWithCustomerAssetLiabilityNet
10100000 USD
CY2021Q4 pnr Contract With Customer Asset Liability Net
ContractWithCustomerAssetLiabilityNet
9400000 USD
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700000 USD
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700000 USD
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CY2021Q1 us-gaap Share Based Compensation
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P6Y4M24D
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5500000 USD
CY2021Q1 pnr Transformation Costs
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7400000 USD
CY2021Q1 pnr Total Restructuring And Transformation Costs
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1100000 USD
CY2022Q1 pnr Total Restructuring And Transformation Costs
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7400000 USD
CY2021Q1 pnr Total Restructuring And Transformation Costs
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CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q4 us-gaap Inventory Raw Materials And Supplies
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CY2022Q1 us-gaap Inventory Work In Process
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92400000 USD
CY2021Q4 us-gaap Inventory Work In Process
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CY2022Q1 us-gaap Inventory Finished Goods
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CY2021Q4 us-gaap Inventory Finished Goods
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CY2021Q4 us-gaap Inventory Net
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CY2022Q1 us-gaap Contract With Customer Asset Net Current
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CY2021Q4 us-gaap Contract With Customer Asset Net Current
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CY2021Q4 us-gaap Other Prepaid Expense Current
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CY2022Q1 us-gaap Other Assets Current
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CY2021Q4 us-gaap Other Assets Current
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CY2022Q1 us-gaap Land And Land Improvements
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34600000 USD
CY2021Q4 us-gaap Land And Land Improvements
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34800000 USD
CY2022Q1 us-gaap Buildings And Improvements Gross
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194100000 USD
CY2021Q4 us-gaap Buildings And Improvements Gross
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194500000 USD
CY2022Q1 us-gaap Machinery And Equipment Gross
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CY2021Q4 us-gaap Machinery And Equipment Gross
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CY2021Q4 us-gaap Capitalized Computer Software Gross
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CY2022Q1 us-gaap Construction In Progress Gross
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CY2021Q4 us-gaap Construction In Progress Gross
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62800000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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662500000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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655900000 USD
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315000000.0 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
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310000000.0 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q1 us-gaap Deferred Income Tax Assets Net
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23100000 USD
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23100000 USD
CY2022Q1 us-gaap Deferred Compensation Plan Assets
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23700000 USD
CY2021Q4 us-gaap Deferred Compensation Plan Assets
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25600000 USD
CY2022Q1 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
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9700000 USD
CY2021Q4 us-gaap Foreign Currency Contract Asset Fair Value Disclosure
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CY2021Q4 pnr Other Long Term Assets
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205800000 USD
CY2021Q4 us-gaap Other Assets Miscellaneous Noncurrent
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207100000 USD
CY2022Q1 us-gaap Dividends Payable Current
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41300000 USD
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
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40500000 USD
CY2022Q1 us-gaap Accrued Exchange Fee Rebate Current And Noncurrent
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CY2021Q4 us-gaap Accrued Exchange Fee Rebate Current And Noncurrent
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198700000 USD
CY2022Q1 pnr Accrued Freight
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CY2021Q4 pnr Accrued Freight
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36500000 USD
CY2022Q1 us-gaap Contract With Customer Liability Current
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CY2021Q4 us-gaap Contract With Customer Liability Current
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31200000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
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CY2021Q4 us-gaap Operating Lease Liability Current
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25600000 USD
CY2022Q1 us-gaap Taxes Payable Current And Noncurrent
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31100000 USD
CY2021Q4 us-gaap Taxes Payable Current And Noncurrent
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CY2022Q1 us-gaap Restructuring Reserve
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CY2021Q4 us-gaap Restructuring Reserve
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CY2022Q1 us-gaap Unrecognized Tax Benefits
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CY2022Q1 us-gaap Other Liabilities Current
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CY2021Q4 us-gaap Other Liabilities Current
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CY2022Q1 us-gaap Operating Lease Liability Noncurrent
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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62600000 USD
CY2022Q1 us-gaap Accrued Income Taxes Noncurrent
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34000000.0 USD
CY2021Q4 us-gaap Accrued Income Taxes Noncurrent
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34100000 USD
CY2022Q1 us-gaap Self Insurance Reserve Noncurrent
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44600000 USD
CY2021Q4 us-gaap Self Insurance Reserve Noncurrent
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42600000 USD
CY2022Q1 us-gaap Deferred Compensation Liability Current
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23700000 USD
CY2021Q4 us-gaap Deferred Compensation Liability Current
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25600000 USD
CY2022Q1 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
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1100000 USD
CY2021Q4 us-gaap Foreign Currency Contracts Liability Fair Value Disclosure
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9500000 USD
CY2022Q1 pnr Other Long Term Liabilities
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CY2021Q4 pnr Other Long Term Liabilities
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CY2022Q1 us-gaap Other Liabilities Noncurrent
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CY2021Q4 us-gaap Other Liabilities Noncurrent
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202900000 USD
CY2021Q4 us-gaap Goodwill
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2504500000 USD
CY2022Q1 us-gaap Goodwill Purchase Accounting Adjustments
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CY2022Q1 us-gaap Goodwill
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CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
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602900000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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356400000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
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246500000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
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605100000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
352200000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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252900000 USD
CY2022Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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776400000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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356400000 USD
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
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420000000.0 USD
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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780200000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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352200000 USD
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
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428000000.0 USD
CY2022Q1 us-gaap Amortization Of Intangible Assets
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6600000 USD
CY2021Q1 us-gaap Amortization Of Intangible Assets
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7100000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
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16800000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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21000000.0 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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20500000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
20500000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
19200000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
17900000 USD
CY2022Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
11500000 USD
CY2021Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
8500000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
1091100000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
894100000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Rolling Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths
88300000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
88300000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
200000000.0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
19300000 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
395000000.0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
400000000.0 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1102600000 USD
CY2021Q1 us-gaap Payments For Hedge Financing Activities
PaymentsForHedgeFinancingActivities
14700000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.154
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
37300000 USD
CY2022Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
600000 USD
CY2021Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
700000 USD
CY2022Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
600000 USD
CY2021Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
500000 USD
CY2022Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
100000 USD
CY2021Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
100000 USD
CY2022Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1100000 USD
CY2021Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1100000 USD
CY2022Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2022Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.21
CY2022Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
34700000 USD
CY2021Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
33000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
140000000.0 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
151600000 USD
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
40500000 USD
CY2022Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
13300000 USD
CY2022Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
12500000 USD
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
41300000 USD
CY2022Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
101700000 USD
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
104500000 USD
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1091100000 USD

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