Pool (POOL) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	0-26640
Entity Registrant Name	POOL CORPORATION
Entity Central Index Key	0000945841
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-3943363
Entity Address, Address Line One	109 Northpark Boulevard,
Entity Address, City or Town	Covington,
Entity Address, State or Province	LA
Entity Address, Postal Zip Code	70433-5001
City Area Code	(985)
Local Phone Number	892-5521
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	POOL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,073,690

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,412,650	$ 1,060,745
Cost of sales	965,461	759,614
Gross profit	447,189	301,131
Selling and administrative expenses	211,466	172,100
Operating income	235,723	129,031
Interest and other non-operating expenses, net	5,198	2,582
Income before income taxes and equity earnings	230,525	126,449
Provision for income taxes	51,322	27,869
Equity earnings in unconsolidated investments, net	58	75
Net income	$ 179,261	$ 98,655
Earnings per share:
Basic (in dollars per share)	$ 4.46	$ 2.45
Diluted (in dollars per share)	$ 4.41	$ 2.42
Weighted average shares outstanding: [Abstract]
Basic (in shares)	39,932	40,215
Diluted (in shares)	40,392	40,846
Cash dividends declared per common share	$ 0.80	$ 0.58

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 179,261	$ 98,655
Other comprehensive (loss) income:
Foreign currency translation	(214)	(1,268)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	11,598	9,137
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	(3,866)	(3,046)
Total other comprehensive income	11,384	7,869
Comprehensive income	$ 190,645	$ 106,524

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ (3,866)	$ (3,046)

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 35,365	$ 24,321	$ 27,078
Receivables, net	195,951	155,259	122,938
Pledged Assets Separately Reported, Other Assets Pledged as Collateral, at Fair Value	483,976	221,312	364,664
Product inventories, net	1,641,155	1,339,100	977,228
Prepaid expenses and other current assets	42,310	29,093	25,390
Total current assets	2,398,757	1,769,085	1,517,298
Property and equipment, net	180,504	179,008	109,830
Goodwill Balances	688,350	688,364	267,914
Other intangible assets, net	310,848	312,814	11,854
Equity interest investments	1,184	1,231	1,305
Operating lease assets	260,285	241,662	209,036
Other assets	42,213	37,967	24,456
Total assets	3,882,141	3,230,131	2,141,693
Current liabilities:
Accounts payable	685,946	398,697	634,998
Accrued expenses and other current liabilities	179,552	264,877	134,670
Short-term borrowings and current portion of long-term debt	21,265	11,772	12,409
Current operating lease liabilities	71,685	69,070	61,265
Total current liabilities	958,448	744,416	843,342
Deferred income taxes	40,944	35,840	31,134
Long-term debt, net	1,483,808	1,171,578	420,762
Other long-term liabilities	32,940	31,545	38,945
Non-current operating lease liabilities	191,723	175,359	149,582
Total liabilities	2,707,863	2,158,738	1,483,765
Stockholders' equity:
Common stock	40	40	40
Additional paid-in capital	558,755	551,963	526,328
Retained earnings	611,583	526,874	137,710
Accumulated other comprehensive income (loss)	3,900	(7,484)	(6,150)
Total stockholders’ equity	1,174,278	1,071,393	657,928
Total liabilities and stockholders' equity	$ 3,882,141	$ 3,230,131	$ 2,141,693

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000	100,000,000
Common Stock, Shares, Outstanding	40,110,126	40,192,901	40,086,256

Condensed Consolidated Statemen

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating activities
Net Income	$ 179,261	$ 98,655
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation	7,663	6,884
Amortization	2,192	421
Share-based compensation	3,657	3,837
Equity in earnings of unconsolidated investments, net	(58)	(75)
Other	5,777	2,723
Changes in operating assets and liabilities, net of effects of acquisitions:
Receivables	(303,400)	(199,672)
Product inventories	(306,582)	(200,185)
Prepaid expenses and other assets	(23,330)	(5,507)
Accounts payable	287,449	369,665
Accrued expenses and other current liabilities	(60,738)	367
Net Cash Provided by operating activities	(208,109)	77,113
Investing activities
Acquisition of businesses, net of cash acquired	0	(683)
Purchases of property and equipment, net of sale proceeds	(9,159)	(8,839)
Net cash used in investing activities	(9,159)	(9,522)
Financing activities
Proceeds from revolving line of credit	564,288	342,500
Payments on revolving line of credit	(604,960)	(308,656)
Proceeds from Long-term Lines of Credit	250,000	0
Proceeds from asset-backed financing	155,000	110,000
Payments on asset-backed financing	(50,000)	(125,000)
Payments on term facility	(2,313)	(2,313)
Proceeds from short-term borrowings and current portion of long-term debt	10,277	4,280
Payments on short-term borrowings and current portion of long-term debt	(784)	(3,740)
Payments of deferred and contingent acquisition consideration	(1,374)	(362)
Proceeds from stock issued under share-based compensation plans	3,135	2,912
Payments of cash dividends	(32,132)	(23,299)
Purchases of treasury stock	(62,420)	(71,516)
Net cash used in financing activities	228,717	(75,194)
Effect of exchange rate changes on cash and cash equivalents	(405)	553
Change in cash and cash equivalents	11,044	(7,050)
Cash and cash equivalents at beginning of period	24,321	34,128
Cash and cash equivalents at end of period	$ 35,365	$ 27,078

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Balance (in shares) at Dec. 31, 2020		40,232,000
Balance at Dec. 31, 2020	$ 639,470	$ 40	$ 519,579	$ 133,870	$ (14,019)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	98,655	0	0	98,655	0
Foreign currency translation	(1,268)	0	0	0	(1,268)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	(3,046)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	9,137	$ 0	0	0	9,137
Repurchases of common stock, net of retirements (shares)		(215,000)
Repurchases of common stock, net of retirements	(71,516)	$ 0	0	(71,516)	0
Share-based compensation	3,837	$ 0	3,837	0	0
Issuance of shares under share-based compensation plans (shares)		69,000
Issuance of stock under share-based compensation plans	2,912	$ 0	2,912	0	0
Declaration of cash dividends	$ (23,299)	$ 0	0	(23,299)	0
Balance (in shares) at Mar. 31, 2021	40,086,256	40,086,000
Balance at Mar. 31, 2021	$ 657,928	$ 40	526,328	137,710	(6,150)
Balance (in shares) at Dec. 31, 2021	40,192,901	40,193,000
Balance at Dec. 31, 2021	$ 1,071,393	$ 40	551,963	526,874	(7,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	179,261	0	0	179,261	0
Foreign currency translation	(214)	0	0	0	(214)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	(3,866)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax	11,598	$ 0	0	0	11,598
Repurchases of common stock, net of retirements (shares)		(138,000)
Repurchases of common stock, net of retirements	(62,420)	$ 0	0	(62,420)	0
Share-based compensation	3,657	$ 0	3,657	0	0
Issuance of shares under share-based compensation plans (shares)		55,000
Issuance of stock under share-based compensation plans	3,135	$ 0	3,135	0	0
Declaration of cash dividends	$ (32,132)	$ 0	0	(32,132)	0
Balance (in shares) at Mar. 31, 2022	40,110,126	40,110,000
Balance at Mar. 31, 2022	$ 1,174,278	$ 40	$ 558,755	$ 611,583	$ 3,900

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax	$ (3,866)	$ (3,046)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Pool Corporation (the Company , which may be referred to as we, us or our ) prepared the unaudited interim Consolidated Financial Statements following U.S. generally accepted accounting principles (GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim financial information. As permitted under those rules, we have condensed or omitted certain footnotes and other financial information required for complete financial statements. The interim Consolidated Financial Statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. All significant intercompany accounts and intercompany transactions have been eliminated. A description of our significant accounting policies is included in our 2021 Annual Report on Form 10-K. You should read the interim Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and accompanying notes in our 2021 Annual Report on Form 10-K. The results for our three-month period ended March 31, 2022, are not necessarily indicative of the expected results for our fiscal year ending December 31, 2022. Income Taxes We reduce federal and state income taxes payable by the tax benefits associated with the exercise of nonqualified stock options and the lapse of restrictions on restricted stock awards. To the extent realized tax deductions exceed the amount of previously recognized deferred tax benefits related to share-based compensation, we record an excess tax benefit. We record all excess tax benefits as a component of income tax benefit or expense on the Consolidated Statements of Income in the period in which stock options are exercised or restrictions on restricted stock awards lapse. We recorded excess tax benefits of $7.3 million in the first quarter of 2022 compared to $4.0 million in the first quarter of 2021. Retained Earnings We account for the retirement of treasury shares as a reduction of Retained earnings. As of March 31, 2022, the Retained earnings on our Consolidated Balance Sheets reflects cumulative net income, the cumulative impact of adjustments for changes in accounting pronouncements, treasury share retirements since the inception of our share repurchase programs of $1.7 billion and cumulative dividends of $822.5 million. Accumulated Other Comprehensive Income (Loss) The table below presents the components of our Accumulated other comprehensive income (loss) balance (in thousands): March 31, December 31, 2022 2021 2021 Foreign currency translation adjustments $ (9,794) $ (6,185) $ (9,580) Unrealized gains on interest rate swaps, net of tax 13,694 35 2,096 Accumulated other comprehensive income (loss) $ 3,900 $ (6,150) $ (7,484) Recent Accounting Pronouncements Pending Adoption The following table summarizes the recent accounting pronouncements that we plan to adopt in future periods: Standard Description Effective Date Effect on Financial Statements and Other Significant Matters ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope Provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . The amendments in this ASU refine the scope of ASC 848 and clarify some of its guidance as it relates to recent rate reform activities. The provisions of these updates are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. We do not expect that there will be a material impact to the financial statements as a result of adopting these ASUs.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share We calculate basic and diluted earnings per share using the two-class method. Earnings per share under the two-class method is calculated using net income attributable to common stockholders, which is net income reduced by the earnings allocated to participating securities. Our participating securities include share-based payment awards that contain a non-forfeitable right to receive dividends and are considered to participate in undistributed earnings with common shareholders. Participating securities excluded from weighted average common shares outstanding were 239,000 for the three months ended March 31, 2022. The table below presents the computation of earnings per share, including the reconciliation of basic and diluted weighted average shares outstanding (in thousands, except per share data): Three Months Ended March 31, 2022 2021 Net income $ 179,261 $ 98,655 Amounts allocated to participating securities (1,051) — Net income attributable to common stockholders $ 178,210 $ 98,655 Weighted average common shares outstanding: Basic 39,932 40,215 Effect of dilutive securities: Stock options and employee stock purchase plan 460 631 Diluted 40,392 40,846 Earnings per share attributable to common stockholders: Basic $ 4.46 $ 2.45 Diluted $ 4.41 $ 2.42 Anti-dilutive stock options excluded from diluted earnings per share computations (1) 1 — (1) Since these options have exercise prices that are higher than the average market prices of our common stock, including them in the calculation would have an anti-dilutive effect on earnings per share.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions	Acquisitions On December 16, 2021, we acquired Porpoise Pool & Patio, Inc. (“Porpoise”) for $788.7 million, net of cash acquired, subject to certain customary closing adjustments. The acquisition was funded with borrowings on our amended and restated revolving credit facility (the “Credit Facility”). Porpoise’s primary operations, Sun Wholesale Supply, Inc., a wholesale distributor of swimming pool and outdoor-living products, added one distribution location in Florida. It also services Pinch A Penny, Inc., a franchisor of independently owned and operated pool and outdoor living-related specialty retail stores. We preliminarily recognized goodwill of $403.5 million, other intangible assets of $301.0 million and tangible assets of $84.2 million, which included $57.4 million of acquired land and buildings. For additional discussion of goodwill and other intangible assets, see Note 3 of “Notes to Consolidated Financial Statements,” included in Part II, Item 8 of our 2021 Annual Report on Form 10-K. The final allocation of the fair value of the Porpoise acquisition, including the allocation of goodwill and intangible assets, is not complete but will be finalized within the allowable measurement period. We do not expect the future results of this acquisition to have a material impact on our financial position or results of operations. In December 2021, we acquired the distribution assets of Wingate Supply, Inc., a wholesale distributor of irrigation and landscape maintenance products, adding one location in Florida. In June 2021, we acquired the distribution assets of Vak Pak Builders Supply, Inc., a wholesale distributor of swimming pool equipment, chemicals and supplies, adding one location in Florida. In April 2021, we acquired Pool Source, LLC, a wholesale distributor of swimming pool equipment, chemicals and supplies, adding one location in Tennessee.

Fair Value Measurements and Int

Fair Value Measurements and Interest Rate Swaps	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements and Interest Rate Swaps	Fair Value Measurements and Interest Rate Swaps Our assets and liabilities that are measured at fair value on a recurring basis include the unrealized gains or losses on our interest rate swap contracts and contingent consideration related to recent acquisitions. The three levels of the fair value hierarchy under the accounting guidance are described below: Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. Level 2 Inputs to the valuation methodology include: • quoted prices for similar assets or liabilities in active markets; • quoted prices for identical or similar assets or liabilities in inactive markets; • inputs other than quoted prices that are observable for the asset or liability; or • inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. Recurring Fair Value Measurements The table below presents the estimated fair values of our interest rate swap contracts, our forward-starting interest rate swap contracts and our contingent consideration liabilities (in thousands): Fair Value at March 31, 2022 2021 Level 2 Unrealized gains on interest rate swaps $ 18,817 $ 8,180 Unrealized losses on interest rate swaps 514 8,088 Level 3 Contingent consideration liabilities $ 600 $ 993 Interest Rate Swaps We utilize interest rate swap contracts and forward-starting interest rate swap contracts to reduce our exposure to fluctuations in variable interest rates for future interest payments on our variable rate borrowings. For determining the fair value of our interest rate swap contracts and forward-starting interest rate swap contracts, we use significant other observable market data or assumptions (Level 2 inputs) that we believe market participants would use in pricing similar assets or liabilities, including assumptions about counterparty risk. Our fair value estimates reflect an income approach based on the terms of the interest rate swap contracts and inputs corroborated by observable market data including interest rate curves. We include unrealized gains in Prepaid expenses and other current assets and unrealized losses in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. We recognize any differences between the variable interest rate in effect and the fixed interest rates per our swap contracts as an adjustment to interest expense over the life of the swaps. To the extent our derivatives are effective in offsetting the variability of the hedged cash flows, we record the changes in the estimated fair value of our interest rate swap contracts to Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. We currently have three interest rate swap contracts in place, two of which became effective on November 20, 2020, and terminate on September 29, 2022, and a third that became effective on February 26, 2021, and terminates on February 28, 2025. These swap contracts were previously forward-starting and convert the variable interest rate to a fixed interest rate on our variable rate borrowings. Interest expense related to the notional amounts under these swap contracts is based on the fixed rates plus the applicable margin on our variable rate borrowings. Changes in the estimated fair value of these interest rate swap contracts are recorded to Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The following table provides additional details related to these swap contracts: Derivative Inception Date Effective Date Termination Date Notional Amount Fixed Interest Rate Interest rate swap 1 May 7, 2019 November 20, 2020 September 29, 2022 $75.0 2.0925% Interest rate swap 2 July 25, 2019 November 20, 2020 September 29, 2022 $75.0 1.5500% Interest rate swap 3 February 5, 2020 February 26, 2021 February 28, 2025 $150.0 1.3800% For the interest rate swap contracts in effect at March 31, 2022, a portion of the change in the estimated fair value between periods relates to future interest expense. Recognition of the change in fair value between periods attributable to accrued interest is reclassified from Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets to Interest and other non-operating expenses, net on the Consolidated Statements of Income. This amount was not material in the three-month period ended March 31, 2022. We have entered into forward-starting interest rate swap contracts to extend the hedged period for future interest payments on our variable rate borrowings. These swap contracts will convert the variable interest rate to a fixed interest rate on our variable rate borrowings. Changes in the estimated fair value of these forward-starting interest rate swap contracts are recorded to Accumulated other comprehensive income (loss) on the Consolidated Balance Sheets. The following table provides details related to each of our forward-starting interest rate swap contracts: Derivative Inception Date Effective Date Termination Date Notional Fixed Forward-starting interest rate swap 1 March 9, 2020 September 29, 2022 February 26, 2027 $150.0 0.7400% Forward-starting interest rate swap 2 March 9, 2020 February 28, 2025 February 26, 2027 $150.0 0.8130% Failure of our swap counterparties would result in the loss of any potential benefit to us under our swap agreements. In this case, we would still be obligated to pay the variable interest payments underlying our debt agreements. Additionally, failure of our swap counterparties would not eliminate our obligation to continue to make payments under our existing swap agreements if we continue to be in a net pay position. Our interest rate swap contracts and forward-starting interest rate swap contracts are subject to master netting arrangements. According to our accounting policy, we do not offset the fair values of assets with the fair values of liabilities related to these contracts. Nonrecurring Fair Value Measurements In addition to our assets and liabilities that we measure at fair value on a recurring basis, our assets and liabilities are also subject to nonrecurring fair value measurements. Generally, our assets, including long-lived assets, goodwill and intangible assets, are recorded at fair value on a nonrecurring basis as a result of impairment charges or business combinations. In the three months ended March 31, 2022, we did not record any significant nonrecurring fair value measurements for assets or liabilities in periods subsequent to their initial recognition. Other

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt	Debt The table below presents the components of our debt (in thousands): March 31, 2022 2021 Variable rate debt Short-term borrowings $ 10,854 $ 2,216 Current portion of long-term debt: Australian credit facility 10,411 10,193 Short-term borrowings and current portion of long-term debt 21,265 12,409 Long-term portion: Revolving credit facility 532,253 142,868 Term loan under credit facility 500,000 — Term facility 164,188 173,438 Receivables securitization facility 290,000 105,000 Less: financing costs, net 2,633 544 Long-term debt, net 1,483,808 420,762 Total debt $ 1,505,073 $ 433,171 On January 4, 2022, we drew the $250.0 million incremental term loan available under our December 30, 2021 amendment to our Second Amended and Restated Credit Agreement (the “Credit Facility”) and used the net proceeds to reduce our revolving borrowings under the Credit Facility. At March 31, 2022, $500.0 million of term loans available under the Credit Facility were fully drawn. Our accounts receivable securitization facility (the “Receivables Facility”) provides for the sale of certain of our receivables to a wholly owned subsidiary (the “Securitization Subsidiary”). The Securitization Subsidiary transfers variable undivided percentage interests in the receivables and related rights to certain third-party financial institutions in exchange for cash proceeds, limited to the applicable funding capacities. We account for the sale of the receivable interests as a secured borrowing on our Consolidated Balance Sheets. The receivables subject to the agreement collateralize the cash proceeds received from the third-party financial institutions. We classify the entire outstanding balance as Long-term debt, net on our Consolidated Balance Sheets as we intend and have the ability to refinance the obligations on a long-term basis. We present the receivables that collateralize the cash proceeds separately as Receivables pledged under receivables facility on our Consolidated Balance Sheets.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Pool Corporation (the Company , which may be referred to as we, us or our ) prepared the unaudited interim Consolidated Financial Statements following U.S. generally accepted accounting principles (GAAP) and the requirements of the Securities and Exchange Commission (SEC) for interim financial information. As permitted under those rules, we have condensed or omitted certain footnotes and other financial information required for complete financial statements. The interim Consolidated Financial Statements include all normal and recurring adjustments that are necessary for a fair presentation of our financial position and operating results. All significant intercompany accounts and intercompany transactions have been eliminated.
Newly Adopted Accounting Pronouncements
Income Taxes	We reduce federal and state income taxes payable by the tax benefits associated with the exercise of nonqualified stock options and the lapse of restrictions on restricted stock awards. To the extent realized tax deductions exceed the amount of previously recognized deferred tax benefits related to share-based compensation, we record an excess tax benefit. We record all excess tax benefits as a component of income tax benefit or expense on the Consolidated Statements of Income in the period in which stock options are exercised or restrictions on restricted stock awards lapse.
Retained Earnings	We account for the retirement of treasury shares as a reduction of Retained earnings.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The table below presents the components of our Accumulated other comprehensive income (loss) balance (in thousands): March 31, December 31, 2022 2021 2021 Foreign currency translation adjustments $ (9,794) $ (6,185) $ (9,580) Unrealized gains on interest rate swaps, net of tax 13,694 35 2,096 Accumulated other comprehensive income (loss) $ 3,900 $ (6,150) $ (7,484)
Schedule of Recent Accounting Pronouncements	The following table summarizes the recent accounting pronouncements that we plan to adopt in future periods: Standard Description Effective Date Effect on Financial Statements and Other Significant Matters ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope Provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying generally accepted accounting principles to transactions affected by reference rate reform if certain criteria are met. These transactions include: contract modifications, hedging relationships, and sale or transfer of debt securities classified as held-to-maturity. Entities may apply the provisions of the new standard as of the beginning of the reporting period when the election is made. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope . The amendments in this ASU refine the scope of ASC 848 and clarify some of its guidance as it relates to recent rate reform activities. The provisions of these updates are only available until December 31, 2022, when the reference rate replacement activity is expected to be completed. We do not expect that there will be a material impact to the financial statements as a result of adopting these ASUs.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of earnings per share and reconciliation of basic and diluted weighted average common shares outstanding	Three Months Ended March 31, 2022 2021 Net income $ 179,261 $ 98,655 Amounts allocated to participating securities (1,051) — Net income attributable to common stockholders $ 178,210 $ 98,655 Weighted average common shares outstanding: Basic 39,932 40,215 Effect of dilutive securities: Stock options and employee stock purchase plan 460 631 Diluted 40,392 40,846 Earnings per share attributable to common stockholders: Basic $ 4.46 $ 2.45 Diluted $ 4.41 $ 2.42 Anti-dilutive stock options excluded from diluted earnings per share computations (1) 1 —

Fair Value Measurements and I_2

Fair Value Measurements and Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Estimated fair value of contracts	The table below presents the estimated fair values of our interest rate swap contracts, our forward-starting interest rate swap contracts and our contingent consideration liabilities (in thousands): Fair Value at March 31, 2022 2021 Level 2 Unrealized gains on interest rate swaps $ 18,817 $ 8,180 Unrealized losses on interest rate swaps 514 8,088 Level 3 Contingent consideration liabilities $ 600 $ 993
Schedule of Interest Rate Derivatives	The following table provides additional details related to these swap contracts: Derivative Inception Date Effective Date Termination Date Notional Amount Fixed Interest Rate Interest rate swap 1 May 7, 2019 November 20, 2020 September 29, 2022 $75.0 2.0925% Interest rate swap 2 July 25, 2019 November 20, 2020 September 29, 2022 $75.0 1.5500% Interest rate swap 3 February 5, 2020 February 26, 2021 February 28, 2025 $150.0 1.3800% The following table provides details related to each of our forward-starting interest rate swap contracts: Derivative Inception Date Effective Date Termination Date Notional Fixed Forward-starting interest rate swap 1 March 9, 2020 September 29, 2022 February 26, 2027 $150.0 0.7400% Forward-starting interest rate swap 2 March 9, 2020 February 28, 2025 February 26, 2027 $150.0 0.8130%

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	The table below presents the components of our debt (in thousands): March 31, 2022 2021 Variable rate debt Short-term borrowings $ 10,854 $ 2,216 Current portion of long-term debt: Australian credit facility 10,411 10,193 Short-term borrowings and current portion of long-term debt 21,265 12,409 Long-term portion: Revolving credit facility 532,253 142,868 Term loan under credit facility 500,000 — Term facility 164,188 173,438 Receivables securitization facility 290,000 105,000 Less: financing costs, net 2,633 544 Long-term debt, net 1,483,808 420,762 Total debt $ 1,505,073 $ 433,171

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Accounting Policies [Abstract]
Excess tax benefit	$ 7.3	$ 4

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Retained Deficit (Details) $ in Millions	Mar. 31, 2022USD ($)
Retained Earnings (Accumulated Deficit) [Abstract]
Cumulative share repurchases	$ 1,700
Cumulative dividends	$ 822.5

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive income (loss)	$ 3,900	$ (7,484)	$ (6,150)
AOCI Attributable to Parent
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive income (loss)	3,900	(7,484)	(6,150)
Foreign currency translation adjustments
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive income (loss)	(9,794)	(9,580)	(6,185)
Unrealized (losses) gains on interest rate swaps, net of tax
Accumulated Other Comprehensive Loss [Line Items]
Accumulated other comprehensive income (loss)	$ 13,694	$ 2,096	$ 35

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income	$ 179,261	$ 98,655
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic	(1,051)	0
Net Income (Loss) Available to Common Stockholders, Basic	$ 178,210	$ 98,655
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Anti-dilutive stock options excluded from diluted earnings per share computations (in shares)	1	0
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights	239
Weighted average shares outstanding: [Abstract]
Basic (in shares)	39,932	40,215
Effect of dilutive securities: [Abstract]
Stock options and employee stock purchase plan (in shares)	460	631
Diluted (in shares)	40,392	40,846
Earnings Per Share, Basic and Diluted [Abstract]
Basic (in dollars per share)	$ 4.46	$ 2.45
Diluted (in dollars per share)	$ 4.41	$ 2.42

Acquisitions (Details)

Acquisitions (Details) $ in Thousands	Dec. 16, 2021USD ($)	Dec. 31, 2021USD ($)numberOfReportingUnits	Dec. 31, 2021USD ($)numberOfReportingUnits	Jun. 30, 2021numberOfReportingUnits	Apr. 30, 2021numberOfReportingUnits	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired						$ 0	$ 683
Goodwill Balances		$ 688,364	$ 688,364			$ 688,350	$ 267,914
Porpoise Pool & Patio, Inc.
Business Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 788,700
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	301,000
Goodwill Balances	403,500
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	84,200
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	$ 57,400
FLORIDA | Porpoise Pool & Patio, Inc.
Business Acquisition [Line Items]
Business Combination, Number of Locations | numberOfReportingUnits		1
FLORIDA | Wingate Supply, Inc.
Business Acquisition [Line Items]
Business Combination, Number of Locations | numberOfReportingUnits			1
FLORIDA | Vak Pak Builders Supply, Inc.
Business Acquisition [Line Items]
Business Combination, Number of Locations | numberOfReportingUnits				1
TENNESSEE | Pool Source, LLC
Business Acquisition [Line Items]
Business Combination, Number of Locations | numberOfReportingUnits					1

Fair Value Measurements and I_3

Fair Value Measurements and Interest Rate Swaps - Recurring Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains on interest rate swaps	$ 18,817	$ 8,180
Unrealized losses on interest rate swaps	514	8,088
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration liabilities	$ 600	$ 993

Fair Value Measurements and I_4

Fair Value Measurements and Interest Rate Swaps - Interest Rate Swaps (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Feb. 05, 2020	Jul. 25, 2019	May 07, 2019
Interest rate swap 1
Derivative [Line Items]
Effective Date	Nov. 20, 2020
Termination Date	Sep. 29, 2022
Notional Amount				$ 75,000
Fixed Interest Rate				2.0925%
Interest rate swap 2
Derivative [Line Items]
Effective Date	Nov. 20, 2020
Termination Date	Sep. 29, 2022
Notional Amount			$ 75,000
Fixed Interest Rate			1.55%
Interest rate swap 3
Derivative [Line Items]
Effective Date	Feb. 26, 2021
Termination Date	Feb. 28, 2025
Notional Amount		$ 150,000
Fixed Interest Rate		1.38%

Fair Value Measurements and I_5

Fair Value Measurements and Interest Rate Swaps - Forward-Starting Interest Rate Swaps (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 09, 2020
Forward-starting interest rate swap 1
Derivative [Line Items]
Effective Date	Sep. 29, 2022
Termination Date	Feb. 26, 2027
Derivative, Notional Amount		$ 150
Fixed Interest Rate		0.74%
Forward-starting interest rate swap 2
Derivative [Line Items]
Effective Date	Feb. 28, 2025
Termination Date	Feb. 26, 2027
Derivative, Notional Amount		$ 150
Fixed Interest Rate		0.813%

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jan. 04, 2022	Mar. 31, 2022	Mar. 31, 2021
Debt Instrument [Line Items]
Short-term borrowings		$ 10,854	$ 2,216
Australian credit facility		10,411	10,193
Short-term borrowings and current portion of long-term debt		21,265	12,409
Long-term portion:
Less: financing costs, net		2,633	544
Long-term debt, net		1,483,808	420,762
Total debt		1,505,073	433,171
Revolving Credit Facility
Long-term portion:
Long-term debt, gross		532,253	142,868
Proceeds from Issuance of Unsecured Debt	$ 250,000
Line of Credit Facility, Maximum Borrowing Capacity		500,000
Term loan under credit facility
Long-term portion:
Term facility		500,000	0
Term Facility [Member]
Long-term portion:
Term facility		164,188	173,438
Receivables Securitization Facility
Long-term portion:
Long-term debt, gross		$ 290,000	$ 105,000