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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Mueller Water Products Inc | NYSE:MWA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.05 | 0.31% | 16.23 | 16.42 | 16.135 | 16.39 | 967,324 | 01:00:00 |
|
Delaware
|
|
20-3547095
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification No.)
|
|
Item 1.
|
FINANCIAL STATEMENTS
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
|
|||||||
|
December 31,
|
|
September 30,
|
||||
|
2017
|
|
2017
|
||||
|
(in millions, except share amounts)
|
||||||
Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
348.3
|
|
|
$
|
361.7
|
|
Receivables, net
|
107.4
|
|
|
145.3
|
|
||
Inventories
|
155.2
|
|
|
138.9
|
|
||
Other current assets
|
26.5
|
|
|
24.4
|
|
||
Total current assets
|
637.4
|
|
|
670.3
|
|
||
Property, plant and equipment, net
|
122.3
|
|
|
122.3
|
|
||
Intangible assets
|
434.6
|
|
|
439.3
|
|
||
Other noncurrent assets
|
25.9
|
|
|
26.4
|
|
||
Total assets
|
$
|
1,220.2
|
|
|
$
|
1,258.3
|
|
|
|
|
|
||||
Liabilities and equity:
|
|
|
|
||||
Current portion of long-term debt
|
$
|
5.6
|
|
|
$
|
5.6
|
|
Accounts payable
|
51.3
|
|
|
82.5
|
|
||
Other current liabilities
|
46.1
|
|
|
53.5
|
|
||
Total current liabilities
|
103.0
|
|
|
141.6
|
|
||
Long-term debt
|
474.3
|
|
|
475.0
|
|
||
Deferred income taxes
|
76.2
|
|
|
115.1
|
|
||
Other noncurrent liabilities
|
32.4
|
|
|
37.1
|
|
||
Total liabilities
|
685.9
|
|
|
768.8
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 11)
|
|
|
|
||||
|
|
|
|
||||
Common stock: 600,000,000 shares authorized; 158,539,376 and 158,590,383 shares outstanding at December 31, 2017 and September 30, 2017, respectively
|
1.6
|
|
|
1.6
|
|
||
Additional paid-in capital
|
1,482.4
|
|
|
1,494.2
|
|
||
Accumulated deficit
|
(900.5
|
)
|
|
(955.6
|
)
|
||
Accumulated other comprehensive loss
|
(50.2
|
)
|
|
(51.8
|
)
|
||
Total Company stockholders’ equity
|
533.3
|
|
|
488.4
|
|
||
Noncontrolling interest
|
1.0
|
|
|
1.1
|
|
||
Total equity
|
534.3
|
|
|
489.5
|
|
||
Total liabilities and equity
|
$
|
1,220.2
|
|
|
$
|
1,258.3
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
|
|||||||
|
Three months ended
|
||||||
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions, except per share amounts)
|
||||||
Net sales
|
$
|
178.3
|
|
|
$
|
167.2
|
|
Cost of sales
|
122.9
|
|
|
115.4
|
|
||
Gross profit
|
55.4
|
|
|
51.8
|
|
||
Operating expenses:
|
|
|
|
||||
Selling, general and administrative
|
39.8
|
|
|
36.3
|
|
||
Gain on sale of idle property
|
(9.0
|
)
|
|
—
|
|
||
Strategic reorganization and other charges
|
3.9
|
|
|
1.3
|
|
||
Total operating expenses
|
34.7
|
|
|
37.6
|
|
||
Operating income
|
20.7
|
|
|
14.2
|
|
||
Pension costs other than service
|
0.2
|
|
|
0.3
|
|
||
Interest expense, net
|
5.2
|
|
|
6.4
|
|
||
Income before income taxes
|
15.3
|
|
|
7.5
|
|
||
Income tax expense (benefit)
|
(39.8
|
)
|
|
2.1
|
|
||
Income from continuing operations
|
55.1
|
|
|
5.4
|
|
||
Income from discontinued operations
|
—
|
|
|
1.3
|
|
||
Net income
|
$
|
55.1
|
|
|
$
|
6.7
|
|
|
|
|
|
||||
Income per basic share:
|
|
|
|
||||
Continuing operations
|
$
|
0.35
|
|
|
$
|
0.03
|
|
Discontinued operations
|
—
|
|
|
0.01
|
|
||
Net income
|
$
|
0.35
|
|
|
$
|
0.04
|
|
|
|
|
|
||||
Income per diluted share:
|
|
|
|
||||
Continuing operations
|
$
|
0.34
|
|
|
$
|
0.03
|
|
Discontinued operations
|
—
|
|
|
0.01
|
|
||
Net income
|
$
|
0.34
|
|
|
$
|
0.04
|
|
|
|
|
|
||||
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
158.5
|
|
|
161.8
|
|
||
Diluted
|
160.0
|
|
|
164.6
|
|
||
|
|
|
|
||||
Dividends declared per share
|
$
|
0.04
|
|
|
$
|
0.03
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
|
|||||||
|
Three months ended
|
||||||
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Net income
|
$
|
55.1
|
|
|
$
|
6.7
|
|
Other comprehensive income (loss):
|
|
|
|
||||
Pension
|
0.8
|
|
|
1.0
|
|
||
Income tax effects
|
(0.3
|
)
|
|
(0.4
|
)
|
||
Foreign currency translation
|
0.1
|
|
|
(1.5
|
)
|
||
Derivative fair value change
|
1.6
|
|
|
4.7
|
|
||
Income tax effects
|
(0.6
|
)
|
|
(1.8
|
)
|
||
|
1.6
|
|
|
2.0
|
|
||
Comprehensive income
|
$
|
56.7
|
|
|
$
|
8.7
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF EQUITY THREE MONTHS ENDED DECEMBER 31, 2017 (UNAUDITED) |
|||||||||||||||||||||||
|
Common
stock
|
|
Additional
paid-in
capital
|
|
Accumulated
deficit
|
|
Accumulated
other
comprehensive
loss
|
|
Non-controlling interest
|
|
Total
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Balance at September 30, 2017
|
$
|
1.6
|
|
|
$
|
1,494.2
|
|
|
$
|
(955.6
|
)
|
|
$
|
(51.8
|
)
|
|
$
|
1.1
|
|
|
$
|
489.5
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
55.1
|
|
|
—
|
|
|
(0.1
|
)
|
|
55.0
|
|
||||||
Dividends declared
|
—
|
|
|
(6.3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6.3
|
)
|
||||||
Stock repurchased under buyback program
|
—
|
|
|
(10.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.0
|
)
|
||||||
Shares retained for employee taxes
|
—
|
|
|
(1.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.8
|
)
|
||||||
Stock-based compensation
|
—
|
|
|
2.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.0
|
|
||||||
Common stock issued
|
—
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
1.6
|
|
||||||
Balance at December 31, 2017
|
$
|
1.6
|
|
|
$
|
1,482.4
|
|
|
$
|
(900.5
|
)
|
|
$
|
(50.2
|
)
|
|
$
|
1.0
|
|
|
$
|
534.3
|
|
MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
|
|||||||
|
Three months ended
|
||||||
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
55.1
|
|
|
$
|
6.7
|
|
Less income from discontinued operations
|
—
|
|
|
1.3
|
|
||
Income from continuing operations
|
55.1
|
|
|
5.4
|
|
||
Adjustments to reconcile income from continuing operations to net cash provided by (used in) operating activities:
|
|
|
|
||||
Depreciation
|
4.9
|
|
|
4.9
|
|
||
Amortization
|
5.7
|
|
|
5.4
|
|
||
Stock-based compensation
|
2.0
|
|
|
1.8
|
|
||
Retirement plans
|
0.7
|
|
|
0.8
|
|
||
Deferred income taxes
|
(39.7
|
)
|
|
(2.1
|
)
|
||
Gain on sale of idle property
|
(9.0
|
)
|
|
—
|
|
||
Other, net
|
0.7
|
|
|
0.3
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
38.4
|
|
|
27.4
|
|
||
Inventories
|
(16.3
|
)
|
|
(12.2
|
)
|
||
Other assets
|
(0.8
|
)
|
|
(0.8
|
)
|
||
Liabilities
|
(41.2
|
)
|
|
(50.8
|
)
|
||
Net cash provided by (used in) operating activities of continuing operations
|
0.5
|
|
|
(19.9
|
)
|
||
Investing activities:
|
|
|
|
||||
Capital expenditures
|
(6.4
|
)
|
|
(4.2
|
)
|
||
Proceeds from sales of assets
|
7.4
|
|
|
—
|
|
||
Net cash provided by (used in) investing activities of continuing operations
|
1.0
|
|
|
(4.2
|
)
|
||
Financing activities:
|
|
|
|
||||
Dividends
|
(6.3
|
)
|
|
(4.8
|
)
|
||
Employee taxes related to stock-based compensation
|
(1.8
|
)
|
|
(2.5
|
)
|
||
Repayments of debt
|
(1.2
|
)
|
|
(1.3
|
)
|
||
Common stock issued
|
4.3
|
|
|
0.4
|
|
||
Stock repurchased under buyback program
|
(10.0
|
)
|
|
—
|
|
||
Other
|
—
|
|
|
0.1
|
|
||
Net cash used in financing activities of continuing operations
|
(15.0
|
)
|
|
(8.1
|
)
|
||
Net cash flows from discontinued operations:
|
|
|
|
||||
Operating activities
|
—
|
|
|
12.4
|
|
||
Investing activities
|
—
|
|
|
(2.1
|
)
|
||
Financing activities
|
—
|
|
|
(0.1
|
)
|
||
Net cash provided by discontinued operations
|
—
|
|
|
10.2
|
|
||
Effect of currency exchange rate changes on cash
|
0.1
|
|
|
(0.7
|
)
|
||
Net change in cash and cash equivalents
|
(13.4
|
)
|
|
(22.7
|
)
|
||
Cash and cash equivalents at beginning of period
|
361.7
|
|
|
195.0
|
|
||
Cash and cash equivalents at end of period
|
$
|
348.3
|
|
|
$
|
172.3
|
|
Note 1.
|
Organization
|
|
Three months ended
|
||
|
December 31, 2017
|
||
|
(in millions)
|
||
Beginning balance
|
$
|
3.3
|
|
Expense
|
2.3
|
|
|
Payments
|
(1.4
|
)
|
|
Ending balance
|
$
|
4.2
|
|
Note 2.
|
Discontinued Operations and Divestitures
|
|
Three months ended
|
||
|
December 31, 2016
|
||
|
(in millions)
|
||
Net sales
|
$
|
83.1
|
|
Cost of sales
|
62.8
|
|
|
Gross profit
|
20.3
|
|
|
Operating expenses:
|
|
||
Selling, general and administrative
|
18.3
|
|
|
Other charges
|
0.2
|
|
|
Total operating expenses
|
18.5
|
|
|
Operating income
|
1.8
|
|
|
Income tax expense
|
0.5
|
|
|
Income from discontinued operations
|
$
|
1.3
|
|
Note 3.
|
Income Taxes
|
Note 4.
|
Borrowing Arrangements
|
|
December 31,
|
|
September 30,
|
||||
|
2017
|
|
2017
|
||||
|
(in millions)
|
||||||
ABL Agreement
|
$
|
—
|
|
|
$
|
—
|
|
Term Loan
|
483.7
|
|
|
484.8
|
|
||
Other
|
1.7
|
|
|
1.7
|
|
||
|
485.4
|
|
|
486.5
|
|
||
Less deferred financing costs
|
5.5
|
|
|
5.9
|
|
||
Less current portion
|
5.6
|
|
|
5.6
|
|
||
Long-term debt
|
$
|
474.3
|
|
|
$
|
475.0
|
|
Note 5.
|
Derivative Financial Instruments
|
|
December 31,
|
|
September 30,
|
||||
|
2017
|
|
2017
|
||||
|
(in millions)
|
||||||
Interest rate swap contracts, designated as cash flow hedges:
|
|
|
|
||||
Other current liabilities
|
$
|
0.7
|
|
|
$
|
1.2
|
|
Other noncurrent liabilities
|
0.2
|
|
|
1.3
|
|
||
|
$
|
0.9
|
|
|
$
|
2.5
|
|
|
|
|
|
||||
Currency swap contracts, not designated as hedges:
|
|
|
|
||||
Other noncurrent liabilities
|
$
|
1.3
|
|
|
$
|
1.3
|
|
Note 6.
|
Retirement Plans
|
|
Three months ended
|
||||||
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Service cost
|
$
|
0.5
|
|
|
$
|
0.5
|
|
Pension costs other than service:
|
|
|
|
||||
Interest cost
|
3.6
|
|
|
3.6
|
|
||
Expected return on plan assets
|
(4.2
|
)
|
|
(4.3
|
)
|
||
Amortization of actuarial net loss
|
0.8
|
|
|
1.0
|
|
||
|
0.2
|
|
|
0.3
|
|
||
Net periodic benefit cost
|
$
|
0.7
|
|
|
$
|
0.8
|
|
Note 7.
|
Stock-based Compensation Plans
|
|
|
Number granted
|
|
Weighted average grant date fair value per instrument
|
|
Total grant date fair value
(in millions)
|
|||||
Restricted stock units
|
|
171,288
|
|
|
$
|
12.41
|
|
|
$
|
2.1
|
|
Employee stock purchase plan instruments
|
|
35,099
|
|
|
2.28
|
|
|
0.1
|
|
||
Phantom Plan awards
|
|
160,672
|
|
|
12.41
|
|
|
2.0
|
|
||
PRSUs: 2018 award
|
|
57,092
|
|
|
12.41
|
|
|
0.7
|
|
||
2017 award
|
|
71,070
|
|
|
12.41
|
|
|
0.9
|
|
||
2016 award
|
|
71,072
|
|
|
12.41
|
|
|
0.9
|
|
||
|
|
|
|
|
|
$
|
6.7
|
|
Note 8.
|
Supplemental Balance Sheet Information
|
|
December 31,
|
|
September 30,
|
||||
|
2017
|
|
2017
|
||||
|
(in millions)
|
||||||
Inventories:
|
|
|
|
||||
Purchased components and raw material
|
$
|
74.3
|
|
|
$
|
67.7
|
|
Work in process
|
37.8
|
|
|
35.6
|
|
||
Finished goods
|
43.1
|
|
|
35.6
|
|
||
|
$
|
155.2
|
|
|
$
|
138.9
|
|
|
|
|
|
||||
Other current assets:
|
|
|
|
||||
Maintenance and repair tooling
|
$
|
3.2
|
|
|
$
|
3.3
|
|
Income taxes
|
11.9
|
|
|
10.9
|
|
||
Other
|
11.4
|
|
|
10.2
|
|
||
|
$
|
26.5
|
|
|
$
|
24.4
|
|
|
|
|
|
||||
Property, plant and equipment:
|
|
|
|
||||
Land
|
$
|
5.5
|
|
|
$
|
5.6
|
|
Buildings
|
51.4
|
|
|
53.4
|
|
||
Machinery and equipment
|
270.0
|
|
|
266.7
|
|
||
Construction in progress
|
25.2
|
|
|
24.7
|
|
||
|
352.1
|
|
|
350.4
|
|
||
Accumulated depreciation
|
(229.8
|
)
|
|
(228.1
|
)
|
||
|
$
|
122.3
|
|
|
$
|
122.3
|
|
Other current liabilities:
|
|
|
|
||||
Compensation and benefits
|
$
|
18.2
|
|
|
$
|
26.9
|
|
Customer rebates
|
8.1
|
|
|
6.5
|
|
||
Taxes other than income taxes
|
2.4
|
|
|
3.2
|
|
||
Warranty
|
3.7
|
|
|
3.5
|
|
||
Income taxes
|
0.8
|
|
|
0.9
|
|
||
Environmental
|
1.2
|
|
|
1.3
|
|
||
Interest
|
0.7
|
|
|
0.6
|
|
||
Restructuring
|
4.2
|
|
|
3.3
|
|
||
Other
|
6.8
|
|
|
7.3
|
|
||
|
$
|
46.1
|
|
|
$
|
53.5
|
|
Note 9.
|
Segment Information
|
|
Three months ended
|
||||||
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Net sales, excluding intercompany:
|
|
|
|
||||
Infrastructure
|
$
|
160.1
|
|
|
$
|
146.3
|
|
Technologies
|
18.2
|
|
|
20.9
|
|
||
|
$
|
178.3
|
|
|
$
|
167.2
|
|
Intercompany sales:
|
|
|
|
||||
Infrastructure
|
$
|
—
|
|
|
$
|
1.1
|
|
Technologies
|
—
|
|
|
—
|
|
||
|
$
|
—
|
|
|
$
|
1.1
|
|
Operating income (loss):
|
|
|
|
||||
Infrastructure
|
$
|
28.1
|
|
|
$
|
26.2
|
|
Technologies
|
(4.7
|
)
|
|
(2.2
|
)
|
||
Corporate
|
(2.7
|
)
|
|
(9.8
|
)
|
||
|
$
|
20.7
|
|
|
$
|
14.2
|
|
Depreciation and amortization:
|
|
|
|
||||
Infrastructure
|
$
|
9.1
|
|
|
$
|
9.0
|
|
Technologies
|
1.4
|
|
|
1.2
|
|
||
Corporate
|
0.1
|
|
|
0.1
|
|
||
|
$
|
10.6
|
|
|
$
|
10.3
|
|
Strategic reorganization and other charges:
|
|
|
|
||||
Infrastructure
|
$
|
—
|
|
|
$
|
0.1
|
|
Technologies
|
0.1
|
|
|
—
|
|
||
Corporate
|
3.8
|
|
|
1.2
|
|
||
|
$
|
3.9
|
|
|
$
|
1.3
|
|
Capital expenditures:
|
|
|
|
||||
Infrastructure
|
$
|
4.8
|
|
|
$
|
3.0
|
|
Technologies
|
1.5
|
|
|
1.1
|
|
||
Corporate
|
0.1
|
|
|
0.1
|
|
||
|
$
|
6.4
|
|
|
$
|
4.2
|
|
Note 10.
|
Accumulated Other Comprehensive Loss
|
|
Pension, net of tax
|
|
Foreign currency translation
|
|
Derivative instruments, net of tax
|
|
Total
|
||||||||
|
|
||||||||||||||
Balance at September 30, 2017
|
$
|
(47.0
|
)
|
|
$
|
(3.3
|
)
|
|
$
|
(1.5
|
)
|
|
$
|
(51.8
|
)
|
Current period other comprehensive income (loss)
|
0.5
|
|
|
0.1
|
|
|
1.0
|
|
|
1.6
|
|
||||
Balance at December 31, 2017
|
$
|
(46.5
|
)
|
|
$
|
(3.2
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(50.2
|
)
|
Note 11.
|
Commitments and Contingencies
|
Note 12.
|
Subsequent Events
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Three months ended December 31, 2017
|
||||||||||||||
|
Infrastructure
|
|
Technologies
|
|
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
160.1
|
|
|
$
|
18.2
|
|
|
$
|
—
|
|
|
$
|
178.3
|
|
Gross profit
|
$
|
52.5
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
$
|
55.4
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
24.4
|
|
|
7.5
|
|
|
7.9
|
|
|
39.8
|
|
||||
Gain on sale of idle property
|
—
|
|
|
—
|
|
|
(9.0
|
)
|
|
(9.0
|
)
|
||||
Strategic reorganization and other charges
|
—
|
|
|
0.1
|
|
|
3.8
|
|
|
3.9
|
|
||||
|
24.4
|
|
|
7.6
|
|
|
2.7
|
|
|
34.7
|
|
||||
Operating income (loss)
|
$
|
28.1
|
|
|
$
|
(4.7
|
)
|
|
$
|
(2.7
|
)
|
|
20.7
|
|
|
Pension costs other than service
|
|
|
|
|
|
|
0.2
|
|
|||||||
Interest expense, net
|
|
|
|
|
|
|
5.2
|
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
15.3
|
|
|||||||
Income tax benefit
|
|
|
|
|
|
|
(39.8
|
)
|
|||||||
Income from continuing operations
|
|
|
|
|
|
|
$
|
55.1
|
|
||||||
|
|
|
|
|
|
|
|
||||||||
|
Three months ended December 31, 2016
|
||||||||||||||
|
Infrastructure
|
|
Technologies
|
|
Corporate
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
146.3
|
|
|
$
|
20.9
|
|
|
$
|
—
|
|
|
$
|
167.2
|
|
Gross profit
|
$
|
47.6
|
|
|
$
|
4.2
|
|
|
$
|
—
|
|
|
$
|
51.8
|
|
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative
|
21.3
|
|
|
6.4
|
|
|
8.6
|
|
|
36.3
|
|
||||
Other charges
|
0.1
|
|
|
—
|
|
|
1.2
|
|
|
1.3
|
|
||||
|
21.4
|
|
|
6.4
|
|
|
9.8
|
|
|
37.6
|
|
||||
Operating income (loss)
|
$
|
26.2
|
|
|
$
|
(2.2
|
)
|
|
$
|
(9.8
|
)
|
|
14.2
|
|
|
Pension costs other than service
|
|
|
|
|
|
|
0.3
|
|
|||||||
Interest expense, net
|
|
|
|
|
|
|
6.4
|
|
|||||||
Income before income taxes
|
|
|
|
|
|
|
7.5
|
|
|||||||
Income tax expense
|
|
|
|
|
|
|
2.1
|
|
|||||||
Income from continuing operations
|
|
|
|
|
|
|
$
|
5.4
|
|
|
Three months ended
|
||||||
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Term Loan
|
$
|
4.8
|
|
|
$
|
5.1
|
|
Interest rate swap contracts
|
0.4
|
|
|
0.6
|
|
||
Deferred financing costs amortization
|
0.5
|
|
|
0.4
|
|
||
ABL Agreement
|
0.2
|
|
|
0.2
|
|
||
Other interest expense
|
0.1
|
|
|
0.2
|
|
||
|
6.0
|
|
|
6.5
|
|
||
Interest income
|
(0.8
|
)
|
|
(0.1
|
)
|
||
|
$
|
5.2
|
|
|
$
|
6.4
|
|
|
Three months ended
|
||||
|
December 31,
|
||||
|
2017
|
|
2016
|
||
U.S. federal statutory income tax rate
|
24.5
|
%
|
|
35.0
|
%
|
Adjustments to reconcile to the effective tax rate:
|
|
|
|
||
State income taxes, net of federal benefit
|
4.3
|
|
|
3.9
|
|
Valuation allowance adjustment related to stock compensation
|
(5.7
|
)
|
|
—
|
|
Excess tax benefits related to stock compensation
|
(2.8
|
)
|
|
(7.6
|
)
|
Domestic production activities deduction
|
(1.6
|
)
|
|
(3.3
|
)
|
Tax credits
|
(0.9
|
)
|
|
(0.8
|
)
|
Other
|
0.5
|
|
|
0.8
|
|
|
18.3
|
%
|
|
28.0
|
%
|
Remeasurement of deferred taxes for change in rates
|
(278.4
|
)%
|
|
—
|
%
|
Effective income tax rate
|
(260.1
|
)%
|
|
28.0
|
%
|
|
Three months ended
|
||||||
|
December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(in millions)
|
||||||
Collections from customers
|
$
|
216.1
|
|
|
$
|
194.6
|
|
Disbursements, other than interest and income taxes
|
(211.3
|
)
|
|
(203.5
|
)
|
||
Interest payments, net
|
(4.4
|
)
|
|
(5.6
|
)
|
||
Income tax refunds (payments), net
|
0.1
|
|
|
(5.4
|
)
|
||
Cash provided by (used in) operating activities
|
$
|
0.5
|
|
|
$
|
(19.9
|
)
|
|
Moody’s
|
|
Standard & Poor's
|
||||
|
December 31,
|
|
September 30,
|
|
December 31,
|
|
September 30,
|
|
2017
|
|
2017
|
|
2017
|
|
2017
|
Corporate credit rating
|
Ba3
|
|
Ba3
|
|
BB-
|
|
BB-
|
ABL Agreement
|
Not rated
|
|
Not rated
|
|
Not rated
|
|
Not rated
|
Term Loan
|
Ba3
|
|
Ba3
|
|
BB
|
|
BB
|
Outlook
|
Stable
|
|
Stable
|
|
Stable
|
|
Stable
|
Item 4.
|
CONTROLS AND PROCEDURES
|
Item 1.
|
LEGAL PROCEEDINGS
|
Item 1A.
|
RISK FACTORS
|
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
|
Total number of shares purchased
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publically announced plans or programs
|
|
Maximum dollar value of shares that may yet be purchased under the plans or programs
(in millions)
|
||||||
October 1-31, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
November 1-30, 2017
|
|
845,390
|
|
|
12.15
|
|
|
823,739
|
|
|
—
|
|
||
December 1-31, 2017
|
|
122,753
|
|
|
12.35
|
|
|
—
|
|
|
—
|
|
||
Total
|
|
968,143
|
|
|
$
|
12.17
|
|
|
823,739
|
|
|
$
|
—
|
|
Item 6.
|
EXHIBITS
|
Exhibit No.
|
|
Document
|
3.1
|
|
|
10.20.5**
|
|
|
10.22.2**
|
|
|
10.29.2**
|
|
|
10.29.3**
|
|
|
10.30.2**
|
|
|
31.1*
|
|
|
31.2*
|
|
|
32.1*
|
|
|
32.2*
|
|
|
101*
|
|
The following financial information from the Quarterly Report on Form 10-Q for the quarter ended December 31, 2016, formatted in XBRL (Extensible Business Reporting Language),
(i) the Condensed Consolidated Balance Sheets
,
(ii) the Condensed Consolidated Statements of Operations
,
(iii) the Condensed Consolidated Statements of Other Comprehensive Loss
,
(iv) the Condensed Consolidated Statements of Stockholders' Equity
,
(v) the Condensed Consolidated Statements of Cash Flows
, and
(vi) the Notes to Condensed Consolidated Financial Statements
.
|
|
|
MUELLER WATER PRODUCTS, INC.
|
|
Date:
|
February 8, 2018
|
By:
|
/s/ Michael S. Nancarrow
|
|
|
|
Michael S. Nancarrow
|
|
|
|
Chief Accounting Officer
|
1 Year Mueller Water Products Chart |
1 Month Mueller Water Products Chart |
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