Zurn Elkay Water Solutions Corp
For the period ended Dec 31, 2023. Filed Feb 6, 2024.
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FY2023 · Filed Feb 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Stockholders' Equity
| CommonStock | AdditionalPaid-InCapital | Retained(Deficit)Earnings | AccumulatedOtherComprehensive(Loss) Income | Non-controlling interest (1) | Total Stockholders’ Equity | |
|---|---|---|---|---|---|---|
| Balance at December 31, 2020 | $1.2 | $1,392.9 | $116.0 | $(73.8) | $3.0 | $1,439.3 |
| Net income | $— | $— | $120.9 | $— | $— | $120.9 |
| Foreign currency translation and other adjustments | — | — | — | (4.2) | — | (4.2) |
| Change in pension and other postretirement defined benefit plans, net of $5.6 million of income tax | — | — | — | 18.4 | — | 18.4 |
| Total comprehensive income | — | — | 120.9 | 14.2 | — | 135.1 |
| Stock-based compensation expense | — | 51.4 | — | — | — | 51.4 |
| Proceeds from exercise of stock options | 0.1 | 24.9 | — | — | — | 25.0 |
| Taxes withheld and paid on employees' share-based payment awards | — | (32.3) | — | — | — | (32.3) |
| Repurchase of common stock (2) | — | — | (0.9) | — | — | (0.9) |
| Dividend received from Spin-Off Transaction | — | — | 486.8 | — | — | 486.8 |
| Distribution of the net assets of the PMC business | — | — | (1,923.3) | (15.3) | (3.0) | (1,941.6) |
| Common stock dividends ($0.30 per share) | — | — | (36.4) | — | — | (36.4) |
| Balance at December 31, 2021 | $1.3 | $1,436.9 | $(1,236.9) | $(74.9) | $— | $126.4 |
| Net income | $— | $— | $61.7 | $— | $— | $61.7 |
| Foreign currency translation and other adjustments | — | — | — | (4.2) | — | (4.2) |
| Change in pension and other postretirement defined benefit plans, net of $2.2 million of income tax | — | — | — | 4.1 | — | 4.1 |
| Total comprehensive income (loss) | — | — | 61.7 | (0.1) | — | 61.6 |
| Stock-based compensation expense | — | 23.2 | — | — | — | 23.2 |
| Proceeds from exercise of stock options | — | 2.5 | — | — | — | 2.5 |
| Taxes withheld and paid on employees' share-based payment awards | — | (0.7) | — | — | — | (0.7) |
| Repurchase of common stock (2) | — | — | (24.7) | — | — | (24.7) |
| Proceeds associated with divestiture of discontinued operations | — | — | 35.0 | — | — | 35.0 |
| Elkay Merger (3) | 0.5 | 1,416.5 | — | — | — | 1,417.0 |
| Common stock dividends ($0.20 per share) | — | (25.3) | — | — | — | (25.3) |
| Balance at December 31, 2022 | $1.8 | $2,853.1 | $(1,164.9) | $(75.0) | $— | $1,615.0 |
| Net income | $— | $— | $112.7 | $— | $— | $112.7 |
| Foreign currency translation and other adjustments | $— | $— | $— | $3.6 | $— | 3.6 |
| Change in pension and other postretirement defined benefit plans, net of $1.2 million of income tax | $— | $— | $— | $3.7 | $— | 3.7 |
| Total comprehensive income | — | — | 112.7 | 7.3 | — | 120.0 |
| Stock-based compensation expense | $— | $41.6 | $— | $— | $— | 41.6 |
| Proceeds from exercise of stock options | $— | $4.3 | $— | $— | $— | 4.3 |
| Taxes withheld and paid on employees' share-based payment awards | $— | $(3.1) | $— | $— | $— | (3.1) |
| Repurchase of common stock (2) | $(0.1) | $— | $(126.0) | $— | $— | (126.1) |
| Elkay Merger (3) | $— | $(5.1) | $— | $— | $— | (5.1) |
| Common stock dividends ($0.29 per share) | $— | $(43.8) | $— | $— | $— | (43.8) |
| Balance at December 31, 2023 | $1.7 | $2,847.0 | $(1,178.2) | $(67.7) | $— | $1,602.8 |
(1)During the transition period ended December 31, 2020, the Company acquired the remaining 30% non-controlling interest in a PMC controlled subsidiary for a cash purchase price of $0.3 million. From the time of this transaction through the Spin-Off Transaction, non-controlling interest represents a 5% non-controlling interest in another PMC joint venture relationship. The Company has no remaining non-controlling interest subsequent to the Spin-Off Transaction.
(2)During the years ended December 31, 2023, 2022, and 2021, the Company repurchased and canceled 5.3 million shares,1.1 million shares and 22.3 thousand shares of common stock at a total cost of $125.0 million, $24.7 million and $0.9 million at a weighted average price of $23.66, $23.00 and $39.27 per share, respectively. For the year ended December 31, 2023, the Company recognized $1.0 million in excise tax on the repurchases. See Note 18 Common Stock Repurchases for additional information.
(3)Refer to Note 3, Acquisitions for additional information regarding the Elkay Merger.
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