Pentair plc Files 2023 Annual Report on Form 10-K

TL;DR

<b>Pentair plc has filed its 2023 Form 10-K detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

PENTAIR plc (PNR) filed a Annual Report (10-K) with the SEC on February 20, 2024. Pentair plc filed its 2023 Form 10-K on February 20, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Special Industry Machinery (No Metalworking Machinery). The filing includes financial data for the fiscal years 2023, 2022, and 2021. Pentair plc was formerly known as Pentair Ltd, Pentair Inc, and Pentair Industries Inc.

Why It Matters

For investors and stakeholders tracking PENTAIR plc, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Pentair's financial health and strategic direction for investors and stakeholders. The detailed financial statements and risk factors will allow for a thorough assessment of the company's performance and future outlook.

Risk Assessment

Risk Level: medium — PENTAIR plc shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the specific financial details and risk factors within the report will determine the precise risk level for investors.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to assess Pentair's performance and identify potential investment risks and opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-20 — Filing Date (Filed as of Date)
• 2023 — Fiscal Year (Reporting Period)
• 2022 — Fiscal Year (Previous Year Data)
• 2021 — Fiscal Year (Prior Year Data)

Key Players & Entities

• PENTAIR plc (company) — Filer
• 0000077360 (company) — Central Index Key
• 3550 (regulator) — Standard Industrial Classification
• REGAL HOUSE, 70 LONDON ROAD (company) — Business Address Street 1
• TWICKENHAM (company) — Business Address City
• 763-545-1730 (company) — Business Phone
• 5500 WAYZATA BLVD, SUITE 900 (company) — Mail Address Street 2
• GOLDEN VALLEY (company) — Mail Address City

FAQ

Industry Context

Pentair operates within the Special Industry Machinery sector, focusing on machinery that does not involve metalworking.

Regulatory Implications

The filing is a standard 10-K report, adhering to the regulations set forth by the Securities and Exchange Commission (SEC) for public companies.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators.
2. Review the risk factors section to understand potential challenges and uncertainties.
3. Examine any disclosed executive compensation details.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-20: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — istered Ordinary Shares, nominal value $0.01 per share PNR New York Stock Exchange
• $64.60 — gistrant, based on the closing price of $64.60 per share as reported on the New York S
• $1.6 billion — ss ("Manitowoc Ice"), for approximately $1.6 billion in cash. Our registered principal offi

Filing Documents

• pnr-20231231.htm (10-K) — 2182KB
• ex411descriptionofsecuriti.htm (EX-4.11) — 63KB
• ex107-amendmenttokeesa.htm (EX-10.7) — 16KB
• ex109formofamendmenttokees.htm (EX-10.9) — 11KB
• ex1021restrictedstockunita.htm (EX-10.21) — 86KB
• ex1023keytalentawardagreem.htm (EX-10.23) — 87KB
• ex1024stockoptionagreement.htm (EX-10.24) — 97KB
• ex1025performanceshareunit.htm (EX-10.25) — 87KB
• ex21pentairplcsubsidiaries.htm (EX-21) — 75KB
• ex23consentofregisteredpub.htm (EX-23) — 2KB
• ex24powerofattorney2023.htm (EX-24) — 14KB
• ex311ceocertification2023.htm (EX-31.1) — 9KB
• ex312cfocertification2023.htm (EX-31.2) — 9KB
• ex321ceocertification2023.htm (EX-32.1) — 5KB
• ex322cfocertification2023.htm (EX-32.2) — 5KB
• ex97pentaircompensationrec.htm (EX-97) — 37KB
• image_01.jpg (GRAPHIC) — 49KB
• pnr-20231231_g1.jpg (GRAPHIC) — 26KB
• pnr-20231231_g2.jpg (GRAPHIC) — 236KB
• 0000077360-24-000007.txt (&nbsp;) — 14388KB
• pnr-20231231.xsd (EX-101.SCH) — 82KB
• pnr-20231231_cal.xml (EX-101.CAL) — 151KB
• pnr-20231231_def.xml (EX-101.DEF) — 442KB
• pnr-20231231_lab.xml (EX-101.LAB) — 1174KB
• pnr-20231231_pre.xml (EX-101.PRE) — 793KB
• pnr-20231231_htm.xml (XML) — 2158KB

Risk Factors

ITEM 1A. Risk Factors 6

Unresolved Staff Comments

ITEM 1B. Unresolved Staff Comments 18 ITEM 1C. Cybersecurity 18

Properties

ITEM 2. Properties 20

Legal Proceedings

ITEM 3. Legal Proceedings 20

Mine Safety Disclosures

ITEM 4. Mine Safety Disclosures 20 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

[Reserved]

ITEM 6. [Reserved] 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

ITEM 7A. Quantitative and Qualitative Disclosures about Market Risk 40

Financial Statements and Supplementary Data

ITEM 8. Financial Statements and Supplementary Data 42

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 79

Controls and Procedures

ITEM 9A. Controls and Procedures 79

Other Information

ITEM 9B. Other Information 79

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 79 PART III

Directors, Executive Officers and Corporate Governance

ITEM 10. Directors, Executive Officers and Corporate Governance 80

Executive Compensation

ITEM 11. Executive Compensation 80

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

ITEM 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 81

Certain Relationships and Related Transactions and Director Independence

ITEM 13. Certain Relationships and Related Transactions and Director Independence 81

Principal Accounting Fees and Services

ITEM 14. Principal Accounting Fees and Services 81 PART IV

Exhibits and Financial Statement Schedules

ITEM 15. Exhibits and Financial Statement Schedules 82

Form 10-K Summary

ITEM 16. Form 10-K Summary 85

Signatures

Signatures 86 PART I

BUSINESS

ITEM 1. BUSINESS Unless the context otherwise indicates, references herein to "Pentair," the "Company," and such words as "we," "us," and "our" include Pentair plc and its consolidated subsidiaries. GENERAL At Pentair, we help the world sustainably move, improve and enjoy water, life's most essential resource. From our residential and commercial water solutions to industrial water managemen t and everything in between, Pentair is focused on smart, sustainable water solutions that help people and the planet thrive. Pentair strategy Our vision is to be the world's most valued sustainable water solutions company for our employees, customers and shareholders. As a company, we: Focus on growth in our core businesses and strategic initiatives; Accelerate digital, innovation, technology and environmental, social and governance ("ESG") investments; Expedite growth and drive margin expansion through our Transformation Program; and Build a high performance growth culture and deliver on our commitments while living our Win Right values. HISTORY AND DEVELOPMENT We are an Irish public limited company that was formed in 2014. We are the successor to Pentair Ltd., a Swiss corporation formed in 2012, and Pentair, Inc., a Minnesota corporation formed in 1966 and our wholly-owned subsidiary, under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and therefore have our tax residency in the U.K. In July 2022, as part of our Water Solutions reporting segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. ("Welbilt") and certain other assets, rights, and properties, and assumed certain liabilities, comprising Welbilt's Manitowoc Ice business ("Manitowoc Ice"), for approximately $1.6 billion in cash. Our registered principal office is located at R

RISK FACTORS

ITEM 1A. RISK FACTORS You should carefully consider all of the information in this document and the following risk factors before making an investment decision regarding our securities. Any of the following risks could materially and adversely affect our business, financial condition, results of operations, cash flows and the actual outcome of matters as to which forward-looking statements are made in this document. Risks Relating to Our Business General global economic and business conditions affect demand for our products. We compete in various geographic regions and product markets around the world. Among these, the most significant are global industrial, commercial, and residential markets. We have experienced, and expect to continue to experience, fluctuations in revenues and results of operations due to economic and business cycles. In particular, during 2021, we had higher than anticipated demand in our pool business and certain parts of our residential and commercial businesses. However, such demand in our pool and other residential businesses declined during 2022 and 2023 as we saw inventory correcting within our residential distribution channels and may not be repeated in future periods. Important factors for our businesses and the businesses of our customers include the overall strength of the global economy and various regional economies and our customers' confidence in these economies, industrial and governmental capital spending, the strength of residential and commercia

View Full Filing

View this 10-K filing on SEC EDGAR