Watts Water (WTS) 10-K20 Feb 202019 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2019	Jan. 26, 2020	Jun. 30, 2019
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	001-11499
Entity Registrant Name	WATTS WATER TECHNOLOGIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2916536
Entity Address, Address Line One	815 Chestnut Street
Entity Address, City or Town	North Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01845
City Area Code	978
Local Phone Number	688-1811
Title of 12(b) Security	Class A common stock, par value $0.10 per share
Trading Symbol	WTS
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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 Public Float			$ 2,561,832,123
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0000795403
Amendment Flag	false
Class A
Entity Common Stock, Shares Outstanding		27,584,896
Class B
Entity Common Stock, Shares Outstanding		6,279,290

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Operations
Net Sales	$ 1,600.5	$ 1,564.9	$ 1,456.7
Cost of goods sold	923	908.4	854.3
GROSS PROFIT	677.5	656.5	602.4
Selling, general and administrative expenses	476.1	464.7	432.3
Restructuring	4.3	3.4	6.8
Other long-lived impairment charges			1
OPERATING INCOME	197.1	188.4	162.3
Other (income) expense:
Interest income	(0.4)	(0.8)	(1)
Interest expense	14.1	16.3	19.1
Other income	(0.5)	(1.7)	1.1
Total other expense	13.2	13.8	19.2
INCOME BEFORE INCOME TAXES	183.9	174.6	143.1
Provision for income taxes	52.4	46.6	70
NET INCOME	$ 131.5	$ 128	$ 73.1
BASIC EPS
NET INCOME PER SHARE	$ 3.86	$ 3.73	$ 2.12
Weighted average number of shares (in shares)	34.1	34.3	34.4
DILUTED EPS
NET INCOME PER SHARE	$ 3.85	$ 3.73	$ 2.12
Weighted average number of shares (in shares)	34.2	34.3	34.4
Dividends declared per share (in dollars per share)	$ 0.90	$ 0.82	$ 0.75

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Consolidated Statements of Comprehensive Income
Net income	$ 131.5	$ 128	$ 73.1
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(5)	(23.7)	51.1
Cash flow hedges	(4.7)	1.7	0.6
Other comprehensive (loss) income	(9.7)	(22)	51.7
Comprehensive income	$ 121.8	$ 106	$ 124.8

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 219.7	$ 204.1
Trade accounts receivable, less allowance for doubtful accounts of $14.3 million at December 31, 2019 and $15.0 million at December 31, 2018	219.8	205.5
Inventories, net	270.1	286.8
Prepaid expenses and other assets	25.3	24.9
Total Current Assets	734.9	721.3
PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, at cost	557.9	537.4
Accumulated depreciation	(357.9)	(335.5)
Property, plant and equipment, net	200	201.9
OTHER ASSETS:
Goodwill	581.1	544.8
Intangible assets, net	151.4	165.2
Deferred income taxes	2.7	1.6
Other, net	53	18.9
TOTAL ASSETS	1,723.1	1,653.7
CURRENT LIABILITIES:
Accounts payable	123.3	127.2
Accrued expenses and other liabilities	133.4	130.6
Accrued compensation and benefits	57.6	60.9
Current portion of long-term debt	105	30
Total Current Liabilities	419.3	348.7
LONG-TERM DEBT, NET OF CURRENT PORTION	204.2	323.4
DEFERRED INCOME TAXES	38.6	38.5
OTHER NONCURRENT LIABILITIES	83	51.8
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.10 par value; 5,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	591.5	568.3
Retained earnings	513.9	440.7
Accumulated other comprehensive loss	(130.8)	(121.1)
Total Stockholders' Equity	978	891.3
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,723.1	1,653.7
Class A
STOCKHOLDERS' EQUITY:
Common Stock	2.8	2.8
Class B
STOCKHOLDERS' EQUITY:
Common Stock	$ 0.6	$ 0.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) $ in Millions	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Trade accounts receivable, allowance for doubtful accounts (in dollars) \| $	$ 14.3	$ 15
Preferred Stock, par value (in dollars per share) \| $ / shares	$ 0.10	$ 0.10
Preferred Stock, shares authorized	5,000,000	5,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Class A
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.10	$ 0.10
Common Stock, shares authorized	120,000,000	120,000,000
Common Stock, votes per share (Number of votes)	1	1
Common Stock, issued shares	27,586,416	27,646,465
Common Stock, outstanding shares	27,586,416	27,646,465
Class B
Common Stock, par value (in dollars per share) \| $ / shares	$ 0.10	$ 0.10
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, votes per share (Number of votes)	10	10
Common Stock, issued shares	6,279,290	6,329,290
Common Stock, outstanding shares	6,279,290	6,329,290

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Millions	Class ACommon Stock	Class BCommon Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at the beginning of the period at Dec. 31, 2016	$ 2.8	$ 0.6	$ 535.2	$ 348.5	$ (150.8)	$ 736.3
Balance (in shares) at Dec. 31, 2016	27,831,013	6,379,290
Increase (Decrease) in Stockholders' Equity
Change in accounting principle				(0.5)		(0.5)
Net income				73.1		73.1
Other comprehensive income					51.7	51.7
Comprehensive income						124.8
Shares of Class A common stock issued upon the exercise of stock options			1.7			1.7
Shares of Class A common stock issued upon the exercise of stock options (in shares)	31,377
Stock-based compensation			13.9			13.9
Stock repurchase				(18.2)		(18.2)
Stock repurchase (in shares)	(277,886)
Issuance of net shares of restricted Class A common stock				(2.4)		(2.4)
Issuance of net shares of restricted Class A common stock (in shares)	87,443
Net change in restricted stock units			1	(1.7)		(0.7)
Net change in restricted and performance stock units (in shares)	52,245
Common stock dividends				(25.9)		(25.9)
Balance at the end of the period at Dec. 31, 2017	$ 2.8	$ 0.6	551.8	372.9	(99.1)	829
Balance (in shares) at Dec. 31, 2017	27,724,192	6,379,290
Increase (Decrease) in Stockholders' Equity
Change in accounting principle				(0.7)		(0.7)
Net income				128		128
Other comprehensive income					(22)	(22)
Comprehensive income						106
Shares of Class B common stock converted to Class A common stock (in shares)	50,000	(50,000)
Shares of Class A common stock issued upon the exercise of stock options			2.5			2.5
Shares of Class A common stock issued upon the exercise of stock options (in shares)	45,939
Stock-based compensation			13.8			13.8
Stock repurchase				(26)		(26)
Stock repurchase (in shares)	(340,106)
Issuance of net shares of restricted Class A common stock				(3.1)		(3.1)
Issuance of net shares of restricted Class A common stock (in shares)	115,120
Net change in restricted stock units			0.2	(2.1)		(1.9)
Net change in restricted and performance stock units (in shares)	51,320
Common stock dividends				(28.3)		(28.3)
Balance at the end of the period at Dec. 31, 2018	$ 2.8	$ 0.6	568.3	440.7	(121.1)	891.3
Balance (in shares) at Dec. 31, 2018	27,646,465	6,329,290
Increase (Decrease) in Stockholders' Equity
Net income				131.5		131.5
Other comprehensive income					(9.7)	(9.7)
Comprehensive income						121.8
Shares of Class B common stock converted to Class A common stock (in shares)	50,000	(50,000)
Shares of Class A common stock issued upon the exercise of stock options			2.1			2.1
Shares of Class A common stock issued upon the exercise of stock options (in shares)	38,288
Stock-based compensation			17.8			17.8
Stock repurchase				(19.5)		(19.5)
Stock repurchase (in shares)	(227,620)
Net change in restricted stock units			3.3	(7.4)		(4.1)
Net change in restricted and performance stock units (in shares)	79,283
Common stock dividends				(31.4)		(31.4)
Balance at the end of the period at Dec. 31, 2019	$ 2.8	$ 0.6	$ 591.5	$ 513.9	$ (130.8)	$ 978
Balance (in shares) at Dec. 31, 2019	27,586,416	6,279,290

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net income	$ 131.5	$ 128	$ 73.1
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation	31	28.9	29.7
Amortization of intangibles	15.6	19.6	22.5
Loss on disposal and impairment of property, plant and equipment and other	0.8	0.2	2.1
Stock-based compensation	17.8	13.8	13.9
Deferred income tax	1.3	(15.3)	6.4
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	(15)	6	(7.5)
Inventories	17	(34.5)	(8.4)
Prepaid expenses and other assets	(1.6)	0.6	14.7
Accounts payable, accrued expenses and other liabilities	(4.4)	22.1	9.4
Net cash provided by operating activities	194	169.4	155.9
INVESTING ACTIVITIES
Additions to property, plant and equipment	(29.2)	(35.9)	(29.4)
Proceeds from the sale of property, plant and equipment	0.1	2.2	0.4
Net proceeds from the sale of asset, and other		0.2	3.1
Purchase of intangible assets		(0.7)	(1.5)
Business acquisitions, net of cash acquired and other	(42.7)	(1.7)	0.1
Net cash used in investing activities	(71.8)	(35.9)	(27.3)
FINANCING ACTIVITIES
Proceeds from long-term borrowings	82	50	20
Payments of long-term debt	(127)	(194.5)	(178)
Payments for withholdings on vested stock, finance leases and other	(11.8)	(6.6)	(4.9)
Proceeds from share transactions under employee stock plans	2.1	2.5	1.7
Payments to repurchase common stock	(19.5)	(26)	(18.2)
Dividends	(31.4)	(28.3)	(25.9)
Net cash used in financing activities	(105.6)	(202.9)	(205.3)
Effect of exchange rate changes on cash and cash equivalents	(1)	(6.7)	18.5
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	15.6	(76.1)	(58.2)
Cash and cash equivalents at beginning of year	204.1	280.2	338.4
CASH AND CASH EQUIVALENTS AT END OF YEAR	219.7	204.1	280.2
Acquisition of businesses:
Fair value of assets acquired	43.3	4.1
Cash paid, net of cash acquired	42.7	1.7
Gain on acquisition			(0.1)
Liabilities assumed	0.6	2.4
Issuance of stock under management stock purchase plan	1.8	1.9	0.9
CASH PAID FOR:
Interest	17.1	19.1	18.8
Income taxes	$ 50.8	$ 55.3	$ 39.4

Description of Business

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2019
Description of Business
Description of Business	(1) Description of Business Watts Water Technologies, Inc. (the Company) is a leading supplier of products, solutions and systems that manage and conserve the flow of fluids and energy into, through and out of buildings in the commercial and residential markets of the Americas, Europe, and Asia-Pacific, Middle East, and Africa (APMEA). For over 140 years, the Company has designed and produced valve systems that safeguard and regulate water systems, energy efficient heating and hydronic systems, drainage systems and water filtration technology that helps purify and conserve water.

Accounting Policies

Accounting Policies	12 Months Ended
Accounting Policies	Dec. 31, 2019
Accounting Policies
Accounting Policies	(2) Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority and wholly owned subsidiaries. Upon consolidation, all intercompany accounts and transactions are eliminated. Cash Equivalents Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase and consist primarily of money market funds, for which the carrying amount is a reasonable estimate of fair value. Allowance for Doubtful Accounts The allowance for doubtful accounts is established to represent the Company’s best estimate of the net realizable value of the outstanding accounts receivable. The development of the Company’s allowance for doubtful accounts varies by region but in general is based on a review of past due amounts, historical write-off experience, as well as aging trends affecting specific accounts and general operational factors affecting all accounts. In addition, factors are developed in certain regions utilizing historical trends of sales and returns and allowances and cash discount activities to derive a reserve for returns and allowances and cash discounts. The Company considers current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. The Company also monitors the creditworthiness of the Company’s largest customers and periodically reviews customer credit limits to reduce risk. If circumstances relating to specific customers change or unanticipated changes occur in the general business environment, the Company’s estimates of the recoverability of receivables could be further adjusted. Concentration of Credit The Company sells products to a diversified customer base and, therefore, has no significant concentrations of credit risk. In 2019, 2018, and 2017, no customer accounted for 10% or more of the Company’s total sales or accounts receivable. Inventories Inventories are stated at the lower of cost or market, using the first-in, first-out method. Market value is determined by replacement cost or net realizable value. The Company utilizes both specific product identification and historical product demand as the basis for determining its excess or obsolete inventory reserve. The Company identifies all inventories that exceed a range of one Goodwill and Other Intangible Assets Goodwill is recorded when the consideration paid for acquisitions exceeds the fair value of net tangible and intangible assets acquired. Goodwill and other intangible assets with indefinite useful lives are not amortized, but rather are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year. Long-Lived Assets Intangible assets with estimable lives and other long-lived assets are reviewed for indicators of impairment at least quarterly or more frequently if events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, which range from 10 to 40 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic useful life of the asset or the remaining lease term. Leases The Company has leases for the following classes of underlying assets: real estate, automobiles, manufacturing equipment, facility equipment, office equipment and certain service arrangements that are dependent on an identified asset. The Company determines if an arrangement qualifies as a lease at its inception. The Company, as the lessee, recognizes in the statement of financial position a liability to make lease payments and a right-of-use asset (“ROU”) representing the right to use the underlying asset for both finance and operating leases with a lease term longer than twelve months. The Company elected the short-term lease recognition exemption for all leases that qualify and does not recognize ROU assets or lease liabilities for short-term leases. The Company recognizes short-term lease payments on a straight-line basis over the lease term in the consolidated statement of operations. The Company determines the initial classification and measurement of its ROU assets and lease liabilities at the lease commencement date and thereafter if modified. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as operating leases and is subsequently measured at amortized cost using the effective interest method. Measuring the lease liability requires certain estimates and judgments. These estimates and judgments include how the Company determines 1) the discount rate it uses to discount the unpaid lease payments to present value; 2) lease term; and 3) lease payments. ● The present value of lease payments is determined using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company uses the incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under a similar term. The Company’s incremental borrowing rate is determined by using a portfolio approach by geographic region, considering many factors, such as the Company’s specific credit risk, the amount of the lease payments, collateralized nature of the lease, both borrowing term and the lease term, and geographical economic considerations. ● The lease term for all of the Company’s leases includes the fixed, noncancelable term of the lease plus (a) all periods, if any, covered by options to extend the lease if the Company is reasonably certain to exercise that option, (b) all periods, if any, covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option, and (c) all periods, if any, covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain to exercise such option. ● Lease payments included in the measurement of the lease liability include the following: o Fixed payments, including in-substance fixed payments, owed over the lease term (which includes termination penalties the Company would owe if the lease term assumes Company exercise of a termination option), less any lease incentives paid or payable to the Company; o Variable lease payments that depend on an index or rate initially measured using the index or rate at the commencement date; o Amounts expected to be payable under a Company-provided residual value guarantee; and o The exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain to exercise that option. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for the lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in cost of goods sold or within selling, general and administrative expenses in the consolidated statements of operations, based on the primary use of the ROU asset. For finance leases, the Company recognizes the amortization of the ROU asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized in depreciation in the consolidated statements of operations. The interest expense related to finance leases is recognized using the effective interest method and is included within interest expense. Variable lease payments associated with the Company’s leases are recognized in the period when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs and are included in cost of goods sold or within selling, general and administrative expenses in the consolidated statements of operations, based on the primary use of the ROU asset. ROU assets for operating and finance leases are periodically assessed for impairment. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment- Overall, The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in a remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in the statement of operations. Taxes, Other than Income Taxes Taxes assessed by governmental authorities on sale transactions are recorded on a net basis and excluded from sales in the Company’s consolidated statements of operations. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes tax benefits when the item in question meets the more–likely–than-not (greater than 50% likelihood of being sustained upon examination by the taxing authorities) threshold. Foreign Currency Translation The functional currency for most of the Company’s foreign subsidiaries is their local currency. For non-U.S. subsidiaries that transact in a functional currency other than the U.S. dollar, assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the average foreign currency exchange rates for the period. Adjustments resulting from the translation of the financial statements of foreign operations into U.S. dollars are excluded from the determination of net income and are recorded in accumulated other comprehensive income, a separate component of equity. Transaction gains and losses are included in other (income) expense, net in the consolidated statements of operations. For subsidiaries where the functional currency of the assets and liabilities differs from the local currency, non-monetary assets and liabilities are translated at the rate of exchange in effect on the date assets were acquired while monetary assets and liabilities are translated at current rates of exchange as of the balance sheet date. Income and expense items are translated at the average foreign currency rates for the period. Translation adjustments for these subsidiaries are included in other (income) expense, net in the consolidated statements of operations. Stock-Based Compensation The Company records compensation expense in the financial statements for share-based awards based on the grant date fair value of those awards for restricted stock awards and deferred stock awards. Stock-based compensation expense for restricted stock awards and deferred stock awards is recognized over the requisite service periods of the awards on a straight-line basis, which is generally commensurate with the vesting term. The performance stock units offered by the Company to employees are amortized to expense over the vesting period, and based on the Company’s performance relative to the performance goals, may be adjusted. Changes to the estimated shares expected to vest will result in adjustments to the related share-based compensation expense that will be recorded in the period of change. The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures over the vesting period of the respective grant. The Company does not reclassify the benefits associated with tax deductions in excess of recognized compensation cost from operating activities to financing activities in the Consolidated Statement of Cash Flows. Net Income Per Common Share Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding. The calculation of diluted net income per share assumes the conversion of all dilutive securities. Net income and the number of shares used to compute net income per share, basic and assuming full dilution, are reconciled below: Year Ended December 31, 2019 2018 2017 Per Per Per Net Share Net Share Net Share Income Shares Amount Income Shares Amount Income Shares Amount (Amounts in millions, except per share information) Basic EPS $ 131.5 34.1 $ 3.86 $ 128.0 34.3 $ 3.73 $ 73.1 34.4 $ 2.12 Dilutive securities, principally common stock options — 0.1 (0.01) — — — — — — Diluted EPS $ 131.5 34.2 $ 3.85 $ 128.0 34.3 $ 3.73 $ 73.1 34.4 $ 2.12 Financial Instruments In the normal course of business, the Company manages risks associated with commodity prices, foreign exchange rates and interest rates through a variety of strategies, including the use of hedging transactions, executed in accordance with the Company’s policies. The Company’s hedging transactions include, but are not limited to, the use of various derivative financial and commodity instruments. As a matter of policy, the Company does not use derivative instruments unless there is an underlying exposure. Any change in value of the derivative instruments would be substantially offset by an opposite change in the value of the underlying hedged items. The Company does not use derivative instruments for trading or speculative purposes. Derivative instruments may be designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For a fair value hedge, both the effective and ineffective portions of the change in fair value of the derivative instrument, along with an adjustment to the carrying amount of the hedged item for fair value changes attributable to the hedged risk, are recognized in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument that are highly effective are deferred in accumulated other comprehensive income or loss until the underlying hedged item is recognized in earnings. The Company has two interest rate swaps designated as cash flow hedges as of December 31, 2019 and 2018. The Company also has foreign exchange hedges designated as cash flow hedges as of December 31, 2019 and 2018. Refer to Note 16 for further details. If a fair value or cash flow hedge were to cease to qualify for hedge accounting or be terminated, it would continue to be carried on the balance sheet at fair value until settled, but hedge accounting would be discontinued prospectively. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in accumulated other comprehensive income would be recognized immediately in earnings. On occasion, the Company may enter into a derivative instrument that does not qualify for hedge accounting because it is entered into to offset changes in the fair value of an underlying transaction which is required to be recognized in earnings (natural hedge). These instruments are reflected in the Consolidated Balance Sheets at fair value with changes in fair value recognized in earnings. Portions of the Company’s outstanding debt are exposed to interest rate risks. The Company monitors its interest rate exposures on an ongoing basis to maximize the overall effectiveness of its interest rates. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Refer to Note 16 for further details. Shipping and Handling Shipping and handling costs included in selling, general and administrative expense amounted to $57.6 million, $56.3 million and $52.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Research and Development Research and development costs included in selling, general, and administrative expense amounted to $39.6 million, $34.5 million and $29.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Revenue Recognition The Company recognizes revenue under the core principle to depict the transfer of control to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company’s revenue for product sales is recognized on a point in time model, at the point control transfers to the customer, which is generally when products are shipped from the Company’s manufacturing or distribution facilities or when delivered to the customer’s named location. Sales tax, value-added tax, or other taxes collected concurrent with revenue producing activities are excluded from revenue. Freight costs billed to customers for shipping and handling activities are included in revenue with the related cost included in selling, general and administrative expenses. See Note 4 for further disclosures and detail regarding revenue recognition. Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recently Adopted Accounting Standards In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, “Derivatives and Hedging (Topic 815)-Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in the financial statements. This guidance permits hedge accounting for risk components in hedging relationships that involve nonfinancial risk, reduces complexity in hedging for fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedging ineffectiveness, and simplifies certain hedge effectiveness assessment requirements. This standard was effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period. The Company adopted this standard in the first quarter of 2019, and it did not have a material impact on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and an ROU asset representing the right to use the underlying asset for the lease term for both finance and operating leases with a term longer than twelve months. Topic 842 was subsequently amended by ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” ASU 2018-10, “Codification Improvements to Topic 842, Leases,” and ASU 2018-11 “Targeted Improvements.” ASU 2016-02 was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Under ASC 842, leases are classified as finance or operating, with the classification determining the pattern and classification of expense recognition in the income statement. A modified retrospective transition approach was required, applying the new standard to all leases existing at the date of initial application. The Company could choose to use either 1) the effective date of the standard or 2) the beginning of the earliest comparable period presented in the financial statements as the date of initial application. The Company adopted the new standard on January 1, 2019 and used the effective date of the standard as the date of the Company’s initial application. By electing this approach, the financial information and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company designed the necessary changes to its existing processes and configured all system requirements that were necessary to implement this new standard. The new standard provides a number of optional practical expedients throughout the transition. The Company elected the “package of practical expedients,” which permitted the Company to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being applicable to the Company. The Company also elected the practical expedient to not separate lease and non-lease components for all of the Company’s leases. As a result of adopting ASC 842, the Company recorded operating ROU assets of $33.6 million and operating lease liabilities of $33.9 million as of January 1, 2019 on the consolidated balance sheet. The difference between the ROU assets and lease liabilities related to the impact of eliminating deferred and prepaid lease payments recognized under the previous lease accounting standard. The Company’s adoption of ASC 842 did not result in a change to the Company’s recognition of its existing finance leases as of January 1, 2019. The adoption of the new lease accounting standard did not have a material impact on either the consolidated statement of operations or the consolidated statement of cash flows. However, ASU 2016-02 has significantly affected the Company’s disclosures about noncash activities related to leases. Additionally, the Company’s lease-related disclosures have significantly increased as of and for the year ended December 31, 2019 as compared to prior years. See Note 5 to the consolidated financial statements. Accounting Standards Updates In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. The effective date for adoption of this ASU is the calendar year beginning January 1, 2021 with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial statements, and does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)-Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently evaluating the impact of this guidance on the Company’s financial statements, and does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)-Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements on fair value measurements under Topic 820. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently evaluating the impact of this guidance on the Company’s disclosures; however, this guidance does not impact the Company’s financial statements. In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326).” ASU 2016-13 replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivable, loans, and other financial instruments. This standard is effective for reporting periods beginning after December 15, 2019. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. The Company plans to adopt the new credit loss standard effective January 1, 2020. The Company does not expect the new credit loss standard to have a material effect on the Company’s financial statements.

Restructuring

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2019
Restructuring
Restructuring	(3) Restructuring and Other Charges, Net The Company’s Board of Directors approves all major restructuring programs that may involve the discontinuance of significant product lines or the shutdown of significant facilities. From time to time, the Company takes additional restructuring actions, including involuntary terminations that are not part of a major program. The Company accounts for these costs in the period that the liability is incurred. These costs are included in restructuring charges in the Company’s consolidated statements of operations. A summary of the pre-tax cost by restructuring program is as follows: Year Ended December 31, 2019 2018 2017 (in millions) Restructuring costs: Other Actions $ 4.3 $ 3.4 $ 4.4 2015 Actions — — 2.4 Total restructuring charges $ 4.3 $ 3.4 $ 6.8 The Company recorded pre-tax restructuring in its business segments as follows: Year Ended December 31, 2019 2018 2017 (in millions) Americas $ — $ — $ 3.1 Europe 4.3 3.4 3.3 APMEA — — 0.4 Total $ 4.3 $ 3.4 $ 6.8 Other Actions The Company periodically initiates other actions which are not part of a major program. Total “Other Actions” pre-tax restructuring expense was $4.3 million, $3.4 million and $4.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Included in “Other Actions” for the years ended 2019 and 2018 were European restructuring activities that were initiated in 2018 and extended through 2019, as discussed below. “Other Actions” also include certain minor initiatives for which the Company incurred restructuring expenses or adjusted prior restructuring reserves in the years ended December 31, 2019, 2018 and 2017. In the third quarter of 2018, management initiated restructuring actions primarily associated with the European headquarters as well as cost savings initiatives at certain European manufacturing facilities. These actions included reductions in force and other related costs within the Company’s Europe segment. The pre-tax charges for the year ended December 31, 2018 were approximately $4.0 million and primarily included severance benefits. The total restructuring charges associated with the program were initially estimated to be approximately million. The additional restructuring costs primarily related to increased severance and other related costs. Restructuring charges incurred in 2019 related to this action were In the fourth quarter of 2017, management initiated certain restructuring actions related to reductions in force within the Company’s Europe segment. The restructuring activities primarily included severance benefits. The total pre-tax charges associated with the Europe restructuring activities were initially expected to be approximately million as of September 30, 2018, primarily related to reduced severance costs. As of December 31, 2019, 2015 Actions in the Americas and APMEA In 2015, the Board of Directors of the Company approved a transformation program relating to the Company’s Americas and APMEA businesses, which primarily involved the exit of low-margin, non-core product lines, and enhancing global sourcing capabilities. The Company eliminated approximately $165 million of the combined Americas and APMEA net sales primarily within the Company’s do-it-yourself (DIY) distribution channel. As part of this program the Company also sold an operating subsidiary in China that was previously dedicated to manufacturing products being discontinued.

Revenue Recognition

Revenue Recognition	12 Months Ended
Revenue Recognition	Dec. 31, 2019
Revenue Recognition
Revenue Recognition	( 4) Revenue Recognition The Company is a leading supplier of products that manage and conserve the flow of fluids and energy into, through and out of buildings in the commercial and residential markets. The Company has designed and produced valve systems that safeguard and regulate water systems, energy efficient heating and hydronic systems, drainage systems and water filtration technology that helps purify and conserve water. The Company distributes products through four primary distribution channels: wholesale, original equipment manufacturers (OEMs), specialty, and do-it-yourself (DIY). The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products, which are comprised of the following principal product lines: ● Residential & commercial flow control products—includes products typically sold into plumbing and hot water applications such as backflow preventers, water pressure regulators, temperature and pressure relief valves, and thermostatic mixing valves. ● HVAC & gas products—includes commercial high - efficiency boilers, water heaters and heating solutions, hydronic and electric heating systems for under - floor radiant applications, custom heat and hot water solutions, hydronic pump groups for boiler manufacturers and alternative energy control packages, and flexible stainless steel connectors for natural and liquid propane gas in commercial food service and residential applications. HVAC is an acronym for heating, ventilation and air conditioning. ● Drainage & water re - use products—includes drainage products and engineered rain water harvesting solutions for commercial, industrial, marine and residential applications. ● Water quality products—includes point - of - use and point - of - entry water filtration, conditioning and scale prevention systems for commercial, marine and residential applications. The following table disaggregates revenue, which is presented as net sales in the financial statements, for each reportable segment, by distribution channel and principal product line: Year ended December 31, 2019 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 609.5 $ 305.0 $ 59.2 $ 973.7 OEM 83.5 143.2 1.9 228.6 Specialty 326.8 — 4.3 331.1 DIY 64.3 2.8 — 67.1 Total $ 1,084.1 $ 451.0 $ 65.4 $ 1,600.5 Year ended December 31, 2019 (in millions) Principal Product Line Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 610.5 $ 171.3 $ 45.7 $ 827.5 HVAC and Gas Products 294.6 188.2 15.2 498.0 Drainage and Water Re-use Products 80.2 88.8 3.4 172.4 Water Quality Products 98.8 2.7 1.1 102.6 Total $ 1,084.1 $ 451.0 $ 65.4 $ 1,600.5 Year ended December 31, 2018 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 578.8 $ 314.2 $ 59.9 $ 952.9 OEM 79.0 150.0 1.4 230.4 Specialty 312.1 — 4.5 316.6 DIY 62.2 2.8 — 65.0 Total $ 1,032.1 $ 467.0 $ 65.8 $ 1,564.9 Year ended December 31, 2018 (in millions) Principal Product Line Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 582.0 $ 176.2 $ 46.2 $ 804.4 HVAC and Gas Products 289.2 201.6 16.2 507.0 Drainage and Water Re-use Products 73.1 87.8 2.2 163.1 Water Quality Products 87.8 1.4 1.2 90.4 Total $ 1,032.1 $ 467.0 $ 65.8 $ 1,564.9 The Company generally considers customer purchase orders, which in some cases are governed by master sales agreements, to represent the contract with a customer. The Company’s contracts with customers are generally for products only and typically do not include other performance obligations such as professional services, extended warranties, or other material rights. In situations where sales are to a distributor, the Company has concluded that its contracts are with the distributor as the Company holds a contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligation. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected not to assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct product based on its relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment from the Company’s manufacturing site or distribution center, or delivery to the customer’s named location. In certain circumstances, revenue from shipments to retail customers is recognized only when the product is consumed by the customer, as based on the terms of the arrangement, transfer of control is not satisfied until that point in time. In determining whether control has transferred, the Company considers if there is a present right to payment, physical possession and legal title, along with risks and rewards of ownership having transferred to the customer. In certain circumstances, the Company manufactures customized product without alternative use for its customers. However, as these arrangements do not entitle the Company to a right to payment of cost plus a profit for work completed, the Company has concluded that control transfers at the point in time and not over time. At times, the Company receives orders for products to be delivered over multiple dates that may extend across reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred. As scheduled delivery dates are within one year, under the optional exemption provided by the guidance, revenues allocated to future shipments of partially completed contracts are not disclosed. The Company generally provides an assurance warranty that its products will substantially conform to the published specification. The Company’s liability is limited to either a credit equal to the purchase price or replacement of the defective part. Returns under warranty have historically been immaterial. The Company does not consider activities related to such warranty, if any, to be a separate performance obligation. For certain of its products, the Company will separately sell extended warranty and service policies to its customers. The Company considers the sale of the extended warranty a separate performance obligation. These policies typically are for periods ranging from one The timing of revenue recognition, billings and cash collections from the Company’s contracts with customers can vary based on the payment terms and conditions in the customer contracts. In some cases, customers will partially prepay for their goods; in other cases, after appropriate credit evaluations, payment is due in arrears. In addition, there are constraints which cause variability in the ultimate consideration to be recognized. These constraints typically include early payment discounts, volume rebates, rights of return, cooperative advertising, and market development funds. The Company includes these constraints in the estimated transaction price when there is a basis to reasonably estimate the amount of variable consideration. These estimates are based on historical experience, anticipated future performance and the Company’s best judgment at the time. When the timing of the Company’s recognition of revenue is different from the timing of payments made by the customer, the Company recognizes either a contract asset (performance precedes contractual due date) or a contract liability (customer payment precedes performance). Contracts with payment in arrears are recognized as receivables. The opening and closing balances of the Company’s contract assets and contract liabilities are as follows: Contract Contract Contract Assets Liabilities - Current Liabilities - Noncurrent (in millions) Balance - January 1, 2019 $ 1.0 $ 11.3 $ 2.7 Change in period (0.7) 0.1 — Balance - March 31, 2019 $ 0.3 $ 11.4 $ 2.7 Change in period (0.2) 0.7 0.1 Balance - June 30, 2019 $ 0.1 $ 12.1 $ 2.8 Change in period — (0.3) 0.2 Balance - September 29, 2019 $ 0.1 $ 11.8 $ 3.0 Change in period 0.3 (0.3) (0.1) Balance - December 31, 2019 $ 0.4 $ 11.5 $ 2.9 Balance - January 1, 2018 $ 0.6 $ 11.3 $ 2.1 Change in period 1.1 0.2 0.3 Balance - April 1, 2018 $ 1.7 $ 11.5 $ 2.4 Change in period (0.3) 0.1 0.3 Balance - July 1, 2018 $ 1.4 $ 11.6 $ 2.7 Change in period 0.4 (0.4) — Balance - September 30, 2018 $ 1.8 $ 11.2 $ 2.7 Change in period (0.8) 0.1 — Balance - December 31, 2018 $ 1.0 $ 11.3 $ 2.7 The amount of revenue recognized that was included in the opening contract liability balance was $11.8 million and $11.3 million for the years ended December 31, 2019 and 2018, respectively. This revenue consists primarily of revenue recognized for shipments of product which had been prepaid as well as the amortization of extended warranty and service policy revenue. The Company did not recognize any material revenue from obligations satisfied in prior periods. There were no The Company incurs costs to obtain and fulfill a contract; however, the Company has elected to recognize all incremental costs to obtain a contract as an expense when incurred if the amortization period is one year or less. The Company has elected to treat shipping and handling activities performed after the customer has obtained control of the related goods as a fulfillment cost and the related cost is accrued for in conjunction with the recording of revenue for the goods.

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2019
Leases
Leases	(5) Leases The Company adopted ASC 842 effective January 1, 2019. The Company has a variety of categories of lease arrangements, including real estate, automobiles, manufacturing equipment, facility equipment, office equipment and certain service arrangements that are dependent on an identified asset. The Company’s real estate leases, which consist primarily of manufacturing facilities, office space and warehouses, represent approximately 85% of the Company’s operating lease liabilities and generally have a lease term leases terms contain ranging from Some of the Company’s lease agreements include Company options to either extend and/or early terminate the lease, the costs of which are included in the Company’s lease liability to the extent that such options are reasonably certain of being exercised. Renewal options are generally not included in the lease term for the Company’s existing leases because the Company is not reasonably certain to exercise these renewal options. The Company does not generally enter into leases involving the construction or design of the underlying asset, and nearly all of the assets the Company leases are not specialized in nature. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. The Company’s lease agreements generally do not include residual value guarantees. Right-of-use asset amounts reported in the consolidated balance sheet by asset category as of December 31, 2019 were as follows: December 31, 2019 (in millions) Operating Leases (1) Real Estate $ 33.1 Automobile 3.0 Machinery and equipment 3.0 Total operating lease ROU Asset $ 39.1 Finance Leases (2) Real Estate $ 14.4 Machinery and equipment 4.8 Less: Accumulated depreciation (8.5) Finance Leases, net $ 10.7 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) Included on the Company’s consolidated balance sheet in property, plant and equipment. The maturity of the Company’s operating and finance lease liabilities as of December 31, 2019 was as follows: December 31, 2019 Operating Leases Finance Leases (in millions) 2020 $ 10.8 $ 1.9 2021 6.8 1.1 2022 4.7 0.7 2023 3.7 0.3 2024 3.2 0.2 Thereafter 21.5 0.1 Total undiscounted minimum lease payments $ 50.7 $ 4.3 Less imputed interest 9.2 0.2 Total lease liabilities $ 41.5 $ 4.1 Included in the consolidated balance sheet Current lease liabilities 9.6 1.9 Non-Current lease liabilities 31.9 2.2 Total lease liabilities $ 41.5 $ 4.1 The total lease cost consisted of the following amounts: Year Ended December 31, 2019 (in millions) Operating lease cost $ 11.9 Amortization of finance lease right-of-use assets 1.2 Interest on finance lease liabilities 0.2 Variable lease cost 3.1 Total lease cost $ 16.4 The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases: December 31, 2019 (in millions) Operating cash flows from operating leases $ 11.4 Operating cash flows from finance leases 0.2 Financing cash flows from finance leases 1.7 Total cash paid for amounts included in the measurement of lease liabilities 13.3 Finance lease liabilities arising from obtaining right-of-use assets 1.4 Operating lease liabilities arising from obtaining right-of-use assets 19.8 The following summarizes additional information related to operating and finance leases: December 31, 2019 Weighted-average remaining lease term - finance leases 2.8 years Weighted-average remaining lease term - operating leases 9.1 years Weighted-average discount rate - finance leases 3.8 % Weighted-average discount rate - operating leases 3.7 %

Goodwill & Intangibles

Goodwill & Intangibles	12 Months Ended
Goodwill & Intangibles	Dec. 31, 2019
Goodwill and Intangibles
Goodwill & Intangibles	(6) Goodwill & Intangibles Goodwill The Company performs its annual goodwill impairment testing for each reporting unit as of fiscal October month end or earlier if there is a triggering event or circumstance that indicates an impairment loss may have occurred. As of the October 27, 2019 testing date, the Company had $579.4 million of goodwill on its balance sheet. In 2019, the Company had seven reporting units. One of these reporting units, Water Quality, had no goodwill. The Company performed a qualitative analysis for each of the six remaining reporting units, which include Blücher, US Drains, Fluid Solutions-Europe, Fluid Solutions-Americas, Heating and Hot Water Solutions (“HHWS”) and APMEA. As a result of the qualitative analyses, the Company determined that the fair values of the reporting units were more likely than not greater than the carrying amounts. In 2019 and 2018, the Company did not need to proceed beyond the qualitative analysis, and no In the third quarter of 2019, the Company completed an acquisition within the Americas segment resulting in $38.3 million of goodwill. The acquisition is not considered material to the Company’s consolidated financial statements. The changes in the carrying amount of goodwill by geographic segment are as follows: December 31, 2019 Gross Balance Accumulated Impairment Losses Net Goodwill Acquired Foreign Balance During Currency Balance Balance Impairment Balance January 1, the Translation December 31, January 1, Loss During December 31, December 31, 2019 Period and Other 2019 2019 the Period 2019 2019 (in millions) Americas $ 438.1 38.3 $ 0.4 $ 476.8 $ (24.5) — $ (24.5) $ 452.3 Europe 243.7 — (2.3) 241.4 (129.7) — (129.7) 111.7 APMEA 30.1 — (0.1) 30.0 (12.9) — (12.9) 17.1 Total $ 711.9 38.3 $ (2.0) $ 748.2 $ (167.1) — $ (167.1) $ 581.1 December 31, 2018 Gross Balance Accumulated Impairment Losses Net Goodwill Acquired Foreign Balance During Currency Balance Balance Impairment Balance January 1, the Translation December 31, January 1, Loss During December 31, December 31, 2018 Period and Other 2018 2018 the Period 2018 2018 (in millions) Americas $ 437.4 $ 1.5 $ (0.8) $ 438.1 $ (24.5) $ — $ (24.5) $ 413.6 Europe 249.3 — (5.6) 243.7 (129.7) — (129.7) 114.0 APMEA 30.9 — (0.8) 30.1 (12.9) — (12.9) 17.2 Total $ 717.6 $ 1.5 $ (7.2) $ 711.9 $ (167.1) $ — $ (167.1) $ 544.8 Long-Lived Assets Indefinite-lived intangibles are tested for impairment at least annually or more frequently if events or circumstances, such as a change in business conditions, indicate that it is “more likely than not” that an intangible asset might be impaired. The Company performs its annual indefinite-lived intangibles impairment assessment in the fourth quarter of each year. In 2019, the Company performed a qualitative assessment for certain tradenames where the fair value significantly exceeded the carrying value in the 2018 quantitative assessment, had sales growth in 2019, and no other indicators of impairment were present. For the remaining tradenames in 2019, the Company performed a quantitative assessment. For the 2018 and 2017 impairment assessments, the Company performed quantitative assessments for all indefinite-lived intangible assets. The methodology employed for quantitative assessments was the relief from royalty method, a subset of the income approach. Based on the results of the assessments, the Company did not recognize an impairment on any indefinite-lived intangibles in 2019, 2018, or 2017. Intangible assets with estimable lives and other long-lived assets are reviewed for impairment at least quarterly or more frequently if events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recoverability of intangible assets with estimable lives and other long-lived assets is measured by a comparison of the carrying amount of an asset or asset group to future net undiscounted pre-tax cash flows expected to be generated by the asset or asset group. If these comparisons indicate that an asset is not recoverable, the impairment loss recognized is the amount by which the carrying amount of the asset or asset group exceeds the related estimated fair value. Estimated fair value is based on either discounted future pre-tax operating cash flows or appraised values, depending on the nature of the asset. The Company determines the discount rate for this analysis based on the weighted average cost of capital using the market and guideline public companies for the related businesses and does not allocate interest charges to the asset or asset group being measured. Judgment is required to estimate future operating cash flows. In 2019 and 2018, there were no indications of the carrying amounts of intangible assets with estimable lives not being recoverable. In 2017, the Company recognized a $1.0 million impairment charge in the Americas segment for a technology asset as a change in market expectations indicated the carrying amount of this asset was no longer recoverable. Intangible assets include the following: December 31, 2019 December 31, 2018 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in millions) Patents $ 16.1 $ (15.9) $ 0.2 $ 16.1 $ (15.8) $ 0.3 Customer relationships 232.8 (156.3) 76.5 232.9 (146.9) 86.0 Technology 56.9 (31.6) 25.3 54.6 (27.3) 27.3 Trade names 26.0 (13.1) 12.9 26.1 (11.5) 14.6 Other 4.3 (3.6) 0.7 4.3 (3.5) 0.8 Total amortizable intangibles 336.1 (220.5) 115.6 334.0 (205.0) 129.0 Indefinite-lived intangible assets 35.8 — 35.8 36.2 — 36.2 $ 371.9 $ (220.5) $ 151.4 $ 370.2 $ (205.0) $ 165.2 Aggregate amortization expense for amortized intangible assets for 2019, 2018 and 2017 was $15.6 million, $19.6 million and $22.5 million, respectively. Additionally, future amortization expense on amortizable intangible assets is expected to be $14.3 million for 2020, $13.2 million for 2021, $11.9 million for 2022, $11.5 million for 2023, and $11.3 million in 2024. Amortization expense is provided on a straight-line basis over the estimated useful lives of the intangible assets. The weighted-average remaining life of total amortizable intangible assets is 11.0 years. Patents, customer relationships, technology, trade names and other amortizable intangibles have weighted-average remaining lives of 1.9 years, 10.3 years, 6.6 years, 13.3 years and 17.5 years, respectively. Indefinite-lived intangible assets include trade names and trademarks.

Inventories, net

Inventories, net	12 Months Ended
Inventories, net	Dec. 31, 2019
Inventories, net
Inventories, net	(7) Inventories, net Inventories consist of the following: December 31, 2019 2018 (in millions) Raw materials $ 83.4 $ 87.4 Work-in-process 15.5 17.3 Finished goods 171.2 182.1 $ 270.1 $ 286.8 Raw materials, work-in-process and finished goods are net of valuation reserves of $27.9 million and $27.4 million as of December 31, 2019 and 2018, respectively. Finished goods of $16.7 million and $17.4 million as of December 31, 2019 and 2018, respectively, were consigned.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
Property, Plant and Equipment	Dec. 31, 2019
Property, Plant and Equipment
Property, Plant and Equipment	(8) Property, Plant and Equipment Property, plant and equipment consist of the following: December 31, 2019 2018 (in millions) Land $ 13.9 $ 14.1 Buildings and improvements 175.8 165.7 Machinery and equipment 354.7 342.2 Construction in progress 13.5 15.4 557.9 537.4 Accumulated depreciation (357.9) (335.5) $ 200.0 $ 201.9

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2019
Income Taxes
Income Taxes	(9) Income Taxes The significant components of the Company’s deferred income tax liabilities and assets are as follows: December 31, 2019 2018 (in millions) Deferred income tax liabilities: Excess tax over book depreciation $ 18.8 $ 16.2 Intangibles 32.1 33.8 Goodwill 21.0 17.4 Foreign earnings 3.9 5.1 Operating lease ROU assets 10.3 — Other 4.9 3.2 Total deferred tax liabilities 91.0 75.7 Deferred income tax assets: Accrued expenses 7.8 7.0 Product liability 6.3 6.0 Operating lease liabilities 10.4 — Stock based compensation 5.4 4.8 Foreign tax credits 32.7 33.5 Net operating loss carry forward 6.4 6.1 Inventory reserves 5.2 6.0 Other 9.5 5.3 Total deferred tax assets 83.7 68.7 Less: valuation allowance (28.6) (29.9) Net deferred tax assets 55.1 38.8 Net deferred tax liabilities $ (35.9) $ (36.9) The provision for income taxes is based on the following pre-tax income: Year Ended December 31, 2019 2018 2017 (in millions) Domestic $ 119.9 $ 103.2 $ 80.3 Foreign 64.0 71.4 62.8 $ 183.9 $ 174.6 $ 143.1 The provision for income taxes consists of the following: Year Ended December 31, 2019 2018 2017 (in millions) Current tax expense: Federal $ 18.7 $ 24.7 $ 42.1 Foreign 25.5 29.0 17.3 State 6.4 7.7 4.2 50.6 61.4 63.6 Deferred tax expense (benefit): Federal 2.5 (3.2) 4.0 Foreign (2.1) (7.7) 8.5 State 1.4 (1.9) 5.9 1.8 (12.8) 18.4 Deferred tax remeasurement of the 2017 Tax Act — (2.0) (12.0) $ 52.4 $ 46.6 $ 70.0 The 2017 Tax Cuts and Jobs Act (“2017 Tax Act”) was enacted on December 22, 2017 and resulted in significant changes to the U.S. corporate income tax system. These changes included lowering the U.S. Corporate income tax rate from 35% to 21% and the elimination or reduction of certain domestic deductions and credits. The 2017 Tax Act also transitioned international taxation from a worldwide system to a modified territorial system creating new taxes on certain foreign-sourced earnings and certain related party payments, which are referred to as the Global Intangible Low-taxed Income Tax and the Annual Anti-Base Erosion Tax, respectively. The 2017 Tax Act also imposed a one-time mandatory deemed repatriation tax (“Toll Tax”) on foreign subsidiaries’ previously untaxed accumulated foreign earnings. Changes in tax rates and tax laws are accounted for in the period of enactment. Therefore, the Company recorded a provisional tax expense of Toll Tax The 2017 Tax Act imposed a one-time Toll Tax which required the Company to pay U.S. income taxes on accumulated foreign subsidiary earnings not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and cash equivalents and 8% on the remaining earnings. For the year ended December 31, 2017, the Company recorded a provisional amount of $23.3 million related to the Toll Tax. As of December 31, 2018, the Company recorded tax expense based on final guidance on the 2017 Tax Act of $10.2 million, which resulted in a total Toll Tax charge of $33.5 million which is being paid over eight years beginning in 2018 and will not accrue interest. Deferred Tax Remeasurement As the Company’s deferred tax liabilities exceeded the balance of the Company’s deferred tax assets, for the year ended December 31, 2017, the Company recorded a provisional amount of tax benefit of $12 million, and as of December 31, 2018, the Company recorded a final tax benefit of $2 million, for a net $14 million benefit, reflecting the decrease in the U.S. Corporate income tax rate. Tax on Foreign Earnings As a result of the 2017 Tax Act, the Company can repatriate its cumulative undistributed foreign earnings through that date back to the U.S. with minimal U.S. income tax consequences other than the one-time Toll Tax. The Company recorded a provisional amount of deferred tax expense of $14.6 million, and as of December 31, 2018, the Company recorded a final tax benefit of $2 million, for a net deferred tax expense of $12.6 million for the future repatriation of foreign earnings. Actual income taxes reported are different than what would have been computed by applying the federal statutory tax rate to income before income taxes. The reasons for these differences are as follows: Year Ended December 31, 2019 2018 2017 (in millions) Computed expected federal income expense $ 38.6 $ 36.6 $ 50.1 State income taxes, net of federal tax benefit 6.3 5.3 2.7 Foreign tax rate differential 4.2 2.7 (6.7) Impact of the 2017 Tax Act — (3.7) 25.1 Unrecognized tax benefits, net 0.7 3.2 — Other, net 2.6 2.5 (1.2) $ 52.4 $ 46.6 $ 70.0 At December 31, 2019, the Company had foreign net operating loss carry forwards of $25.5 million for income tax purposes before considering valuation allowances; $24.3 million of the losses can be carried forward indefinitely and $1.2 million can be carried forward until 2028. The net operating losses consist of $24.3 million related to Austrian operations and $1.2 million related to Korean operations. At December 31, 2019, all U.S. capital loss carry forwards were utilized or expired. At December 31, 2019 and December 31, 2018, the Company had foreign tax credit carry forwards of $32.7 million and $33.5 million, respectively, for income tax purposes before considering valuation allowances. The foreign tax credit carryforwards expire in 2028. At December 31, 2019 and December 31, 2018, the Company had valuation allowances of $28.6 million and $29.9 million, respectively. At December 31, 2019, $22.3 million related to foreign tax credits and $6.3 million related to Austrian and Korean net operating losses. At December 31, 2018, $23.8 million related to foreign tax credits and $6.1 million related to Austrian net operating losses. Management believes that the ability of the Company to use such foreign tax credits and losses within the applicable carry forward period does not rise to the level of the more likely than not threshold. The Company does not have a valuation allowance on other deferred tax assets, as management believes that it is more likely than not that the Company will recover the net deferred tax assets. Management believes it is more likely than not that the future reversals of the deferred tax liabilities, together with forecasted income, will be sufficient to fully recover the deferred tax assets. After December 31, 2017, the Company considered all of its foreign earnings to be permanently reinvested outside of the U.S. and has no plans to repatriate these foreign earnings to the U.S. Unrecognized Tax Benefits As of December 31, 2019, the Company had gross unrecognized tax benefits of approximately $9.3 million, approximately $4.6 million of which, if recognized, would affect the effective tax rate. The difference between the amount of unrecognized tax benefits and the amount that would affect the effective tax rate consists of the federal tax benefit of state income tax items and allowable correlative adjustments that are available for certain jurisdictions. A reconciliation of the beginning and ending amount of unrecognized tax is as follows: (in millions) Balance at January 1, 2019 $ 10.2 Increases related to prior year tax positions 0.6 Decreases due to lapse in statutes (1.3) Currency movement (0.2) Balance at December 31, 2019 $ 9.3 The Company estimates that it is reasonably possible that the balance of unrecognized tax benefits as of December 31, 2019 may decrease by approximately $3.5 million in the next twelve months, as a result of lapses in statutes of limitations and settlements of open audits. In February 2018, the United States Internal Revenue Service concluded an audit of the Company’s 2016 and 2015 tax years. There were no material adjustments as a result of the audit. The Company conducts business in a variety of locations throughout the world resulting in tax filings in numerous domestic and foreign jurisdictions. The Company is subject to tax examinations regularly as part of the normal course of business. The Company’s major jurisdictions are the U.S., France, Germany, Canada, and the Netherlands. The statute of limitations in the U.S. is subject to tax examination for 2016 and later; France, Germany, Canada and the Netherlands are subject to tax examination for 2012-2014 and later. All other jurisdictions, with few exceptions, are no longer subject to tax examinations in state, local or international jurisdictions for tax years before 2014. The Company accounts for interest and penalties related to uncertain tax positions as a component of income tax expense.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	12 Months Ended
Accrued Expenses and Other Liabilities	Dec. 31, 2019
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	(10) Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: December 31, 2019 2018 (in millions) Commissions and sales incentives payable $ 43.7 $ 46.3 Product liability 22.2 22.3 Other 58.7 54.6 Income taxes payable 8.8 7.4 $ 133.4 $ 130.6

Financing Arrangements

Financing Arrangements	12 Months Ended
Financing Arrangements	Dec. 31, 2019
Financing Arrangements
Financing Arrangements	(11) Financing Arrangements The Company’s debt consists of the following: December 31, 2019 2018 (in millions) 5.05% notes due June 2020 $ 75.0 75.0 Term Loan due February 2021 225.0 255.0 Line of Credit due February 2021 10.0 25.0 Total debt outstanding 310.0 355.0 Less debt issuance costs (deduction from debt liability) (0.8) (1.6) Less current maturities (105.0) (30.0) Total long-term debt $ 204.2 $ 323.4 Principal payments during each of the next five years and thereafter are due as follows (in millions): 2020—$105.0; 2021—$205.0; 2022 and thereafter - $0 . On February 12, 2016, the Company entered into a Credit Agreement (the “Credit Agreement”) among the Company, certain subsidiaries of the Company who become borrowers under the Credit Agreement, JPMorgan Chase Bank, N.A., as Administrative Agent, Swing Line Lender and Letter of Credit Issuer, and the other lenders referred to therein. The Credit Agreement provides for a $500 million, five-year five-year rate plus 0.5%, (b) the rate of interest in effect for such day as announced by JPMorgan Chase Bank, N.A. as its “prime rate,” and (c) the ICE Benchmark Administration LIBOR rate plus 1.0%, plus an applicable percentage, ranging from 0.00% to 0.45%, determined by reference to the Company’s consolidated leverage ratio. Borrowings outstanding under the Term Loan Facility will bear interest at a fluctuating rate per annum equal to an applicable percentage defined as the ICE Benchmark Administration LIBOR rate plus an applicable percentage, ranging from 1.125% to 1.75%, determined by reference to the Company’s consolidated leverage ratio. The interest rates as of December 31, 2019 on the Revolving Credit Facility and on the Term Loan Facility were 2.81% and 3.15% , respectively. The loan under the Term Loan Facility amortizes as follows: 0% per annum during the first year, 7.5% in the second and third years, 10% in the fourth and fifth years, and the remaining unpaid balance paid in full on the maturity date. Payments when due are made ratably each year in quarterly installments. The Company paid quarterly installments of $30.0 million during 2019. In addition to paying interest under the Credit Agreement, the Company is also required to pay certain fees in connection with the credit facility, including, but not limited to, an unused facility fee and letter of credit fees. The Credit Agreement matures on February 12, 2021, subject to extension under certain circumstances and subject to the terms of the Credit Agreement. The Company may repay loans outstanding under the Credit Agreement from time to time without premium or penalty, other than customary breakage costs, if any, and subject to the terms of the Credit Agreement. Once repaid, amounts borrowed under the Term Loan Facility may not be borrowed again. The Company maintains letters of credit that guarantee its performance or payment to third parties in accordance with specified terms and conditions. Amounts outstanding were $25.8 million as of December 31, 2019 and December 31, 2018. The Company’s letters of credit are primarily associated with insurance coverage. The Company’s letters of credit generally expire within one year of issuance and are drawn down against the Revolving Credit Facility. These instruments may exist or expire without being drawn down. Therefore, they do not necessarily represent future cash flow obligations. As of December 31, 2019, the Company had $464.2 million of unused and available credit under the Credit Agreement and $25.8 million of stand-by letters of credit outstanding on the Credit Agreement. As of December 31, 2019, the Company was in compliance with all covenants related to the Credit Agreement. On June 18, 2010, the Company entered into a note purchase agreement with certain institutional investors (the 2010 Note Purchase Agreement). Pursuant to the 2010 Note Purchase Agreement, the Company issued senior notes of $75.0 million in principal, due June 18, 2020. As of December 31, 2019, this is included within current maturities. The Company pays interest on the outstanding balance of the Notes at the rate of 5.05% per annum, payable semi-annually on June 18 th th

Common Stock

Common Stock	12 Months Ended
Common Stock	Dec. 31, 2019
Common Stock.
Common Stock	(12) Common Stock The Class A common stock and Class B common stock have equal dividend and liquidation rights. Each share of the Company’s Class A common stock is entitled to one vote on all matters submitted to stockholders and each share of Class B common stock is entitled to ten votes on all such matters. Shares of Class B common stock are convertible into shares of Class A common stock on a one-to-one basis at the option of the holder. As of December 31, 2019, the Company had reserved a total of 2,343,195 shares of Class A common stock for issuance under its stock-based compensation plans and 6,279,290 shares for conversion of Class B common stock to Class A common stock. On July 27, 2015, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company’s Class A common stock from time to time on the open market or in privately negotiated transactions. On February 6, 2019, the Board of Directors authorized an additional stock repurchase program of up to $150 million of the Company’s Class A common stock to be purchased from time to time on the open market or in privately negotiated transactions. For both stock repurchase programs, the Company has entered into a Rule 10b5-1 plan, which permits shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time, subject to the terms of the Rule 10b5-1 plan the Company entered into with respect to the repurchase program. The The following table summarizes the cost and the number of shares of Class A common stock repurchased under the two repurchase programs for the years ended December 31, 2019 and 2018: Year Ended December 31, 2019 2018 Number of shares Cost of shares Number of shares Cost of shares repurchased repurchased repurchased repurchased (amounts in millions, except share amount) Stock repurchase programs: $100 million 146,304 11.8 340,106 26.0 $150 million 81,316 7.7 — — Total 227,620 $ 19.5 340,106 $ 26.0

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2019
Stock-Based Compensation
Stock-Based Compensation	(13) Stock-Based Compensation As of December 31, 2019, the Company maintains one stock incentive plan, the Second Amended and Restated 2004 Stock Incentive Plan (the “2004 Stock Incentive Plan”). At December 31, 2019, 1,148,907 shares of Class A common stock were authorized for future grants of new equity awards under this plan. The Company currently grants shares of deferred stock awards to key employees and stock awards to non-employee members of the Company’s Board of Directors under the 2004 Stock Incentive Plan. The Company also previously granted shares of restricted stock to key employees. Stock awards to non-employee members of the Company’s Board of Directors vest immediately. Employees’ restricted stock awards and deferred stock awards typically vest over a three one-third The Company also grants performance stock units to key employees under the 2004 Stock Incentive Plan. Performance stock units cliff vest at the end of a performance period set by the Compensation Committee of the Board of Directors at the time of grant. Upon vesting, the number of shares of the Company’s Class A common stock awarded to each performance stock unit recipient will be determined based on the Company’s performance relative to certain performance goals set at the time the performance stock units were granted. The recipient of a performance stock unit award may earn from twice three -year performance period and the Company’s return on invested capital (“ROIC”) for the third year of the performance period. Beginning in 2019, the Company included “retirement vesting” provisions in the agreements for its deferred stock awards and performance stock units. These provisions provide that an employee who retires from the Company after attaining age Beginning in 2015, the Company stopped granting stock options as part of its annual equity awards to employees. Previously under the 2004 Stock Incentive Plan, key employees were granted nonqualified stock options to purchase the Company’s Class A common stock. Minimal options remain outstanding, all of which are vested and expire ten years from the date of grant. Options granted under the plan may have exercise prices of not less than 100% of the fair market value of the Class A common stock on the date of grant. The Company’s practice was to grant all options at fair market value on the grant date. Upon exercise of options, the Company issues shares of Class A common stock. The Company also has a Management Stock Purchase Plan that allows for the granting of restricted stock units (RSUs) to key employees. On an annual basis, key employees may elect to receive a portion of their annual incentive compensation in RSUs instead of cash. Participating employees may use up to 50% of their annual incentive bonus to purchase RSUs for a purchase price equal to 80% of the fair market value of the Company’s Class A common stock as of the date of grant. RSUs vest either annually over a three 2004 Stock Incentive Plan The following is a summary of unvested restricted stock and deferred stock awards activity and related information: Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value (Shares in thousands) Unvested at beginning of year 216 $ 71.28 217 $ 57.31 210 $ 53.79 Granted 96 78.54 153 80.52 139 60.88 Vested (102) 68.83 (126) 59.52 (123) 55.35 Cancelled/Forfeitures (14) 56.97 (28) 66.24 (9) 55.55 Unvested at end of year 196 $ 76.56 216 $ 71.28 217 $ 57.31 The total fair value of shares vested during 2019, 2018 and 2017 was $8.4 million, $10.2 million and $7.7 million, respectively. At December 31, 2019, total unrecognized compensation cost related to unvested restricted stock and deferred stock awards was approximately $8.8 million with a total weighted average remaining term of 1.53 years. For 2019, 2018 and 2017, the Company recognized compensation costs of $8.5 million, $7.6 million and $6.9 million, respectively. The aggregate intrinsic value of restricted stock and deferred shares granted and outstanding approximated $19.6 million representing the total pre-tax intrinsic value based on the Company’s closing Class A common stock price of $99.76 as of December 31, 2019. The following is a summary of unvested performance stock award activity and related information: Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value (Shares in thousands) Unvested at beginning of year 249 $ 66.15 273 $ 58.23 267 $ 56.96 Granted 88 77.58 96 81.51 98 60.45 Vested (82) 55.27 (80) 58.96 (54) 56.81 Cancelled/Forfeitures (17) 71.50 (40) 63.43 (38) 57.12 Unvested at end of year 238 $ 73.84 249 $ 66.15 273 $ 58.23 The total fair value of shares vested during 2019, 2018 and 2017 was $6.3 million, $5.8 million and $3.5 million, respectively. At December 31, 2019, total unrecognized compensation cost related to unvested performance stock awards was approximately $7.8 million with a total weighted average remaining term of 1.50 years. For 2019, 2018 and 2017, the Company recognized compensation costs of $8.5 million, $5.2 million and $4.8 million, respectively. The aggregate intrinsic value of performance shares granted and outstanding approximated $23.7 million representing the total pre-tax intrinsic value based on the Company’s closing Class A common stock price of $99.76 as of December 31, 2019. The following is a summary of stock option activity and related information: Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Weighted Average Average Average Average Exercise Intrinsic Exercise Exercise Options Price Value Options Price Options Price (Options in thousands) Outstanding at beginning of year 49 $ 55.25 95 $ 54.91 130 $ 54.46 Cancelled/Forfeitures (1) 57.47 — — (3) 55.81 Exercised (38) 55.63 (46) 54.55 (32) 53.19 Outstanding at end of year 10 $ 53.65 $ 46.11 49 $ 55.25 95 $ 54.91 Exercisable at end of year 10 $ 53.65 $ 46.11 49 $ 55.25 93 $ 54.85 For 2019 and 2018, the Company did not recognize any compensation costs for options. For 2017, the Company recognized compensation cost for options of $0.5 million. As of December 31, 2019, there was no The following table summarizes information about options outstanding at December 31, 2019: Options Outstanding Options Exercisable Weighted Average Weighted Average Weighted Average Number Remaining Contractual Exercise Number Exercise Range of Exercise Prices Outstanding Life (years) Price Exercisable Price (Options in thousands) $37.41-$37.41 1,000 2.59 $ 37.41 1,000 $ 37.41 $54.76–$57.47 8,862 3.85 55.48 8,862 55.48 9,862 3.72 $ 53.65 9,862 $ 53.65 Management Stock Purchase Plan Total unrecognized compensation cost related to unvested RSUs was approximately $0.9 million at December 31, 2019 with a total weighted average remaining term of 1.41 years. The Company recognized compensation cost of A summary of the Company’s RSU activity and related information is shown in the following table: Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Weighted Average Average Average Average Purchase Intrinsic Purchase Purchase RSUs Price Value RSUs Price RSUs Price (RSU’s in thousands) Outstanding at beginning of year 154 $ 45.02 174 $ 39.68 148 $ 36.37 Granted 37 63.77 36 61.84 47 49.92 Settled (79) 35.63 (46) 37.34 (18) 39.09 Cancelled/Forfeitures (2) 56.25 (10) 48.82 (3) 41.55 Outstanding at end of year 110 $ 57.91 $ 41.85 $ 154 $ 45.02 174 $ 39.68 Vested at end of year 35 $ 52.67 $ 47.09 $ 66 $ 38.17 57 $ 36.26 As of December 31, 2019, the aggregate intrinsic values of outstanding and vested RSUs were approximately $4.6 million and $1.6 million, respectively, representing the total pre-tax intrinsic value, based on the Company’s closing Class A common stock price of $99.76 as of December 31, 2019, which would have been received by the RSUs holders had all RSUs settled as of that date. The total intrinsic value of RSUs settled for 2019, 2018 and 2017 was approximately $3.5 million, $1.8 million and $0.4 million, respectively. Upon settlement of RSUs, the Company issues shares of Class A common stock. The following table summarizes information about RSUs outstanding at December 31, 2019: RSUs Outstanding RSUs Vested Weighted Average Weighted Average Number Purchase Number Purchase Range of Purchase Prices Outstanding Price Vested Price (RSUs in thousands) $35.41-$40.27 2 $ 36.61 2 $ 36.61 $49.92-$63.77 108 58.27 33 53.57 110 $ 57.91 35 $ 52.67 The fair value of each share issued under the Management Stock Purchase Plan is estimated on the date of grant, using the Black-Scholes-Merton Model, based on the following weighted average assumptions: Year Ended December 31, 2019 2018 2017 Expected life (years) 3.0 3.0 3.0 Expected stock price volatility 23.3 % 24.1 % 25.0 % Expected dividend yield 1.1 % 1.0 % 1.2 % Risk-free interest rate 2.5 % 2.4 % 1.5 % The risk-free interest rate is based upon the U.S. Treasury yield curve at the time of grant for the respective expected life of the RSUs. The expected life (estimated period of time outstanding) of RSUs and volatility were calculated using historical data. The expected dividend yield of stock is the Company’s best estimate of the expected future dividend yield. The above assumptions were used to determine the weighted average grant-date fair value of RSUs granted of $22.16, $21.80 and $16.84 during 2019, 2018 and 2017, respectively. At December 31, 2019, the Company had total unrecognized compensation costs related to unvested stock-based compensation arrangements of approximately $17.5 million and a total weighted average remaining term of 1.51 years. For 2019, 2018 and 2017, the Company recognized compensation costs related to stock-based programs of $17.8 million, $13.8 million and $13.9 million, respectively. For 2019, 2018 and 2017, stock compensation expense of $0.9 million, $0.9 million and $0.8 million, respectively, was recorded in cost of goods sold and $16.9 million, $12.9 million and $13.1 million, respectively, was recorded in selling, general and administrative expenses. For 2017, the Company recorded approximately $0.1 million of tax benefits for the compensation expense relating to its stock options. For 2019, 2018 and 2017, the Company recorded $3.1 million, $2.8 million and $3.9 million, respectively, of tax benefit for its other stock-based plans. For 2019, 2018 and 2017, the recognition of total stock-based compensation expense impacted both basic and diluted net income per common share by $0.42, $0.32 and $0.28, respectively.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2019
Employee Benefit Plans
Employee Benefit Plans	(14) Employee Benefit Plans The Company’s domestic employees are eligible to participate in the Company’s 401(k) savings plan. Since January 1, 2012, the Company has provided a base contribution of 2% of an employee’s salary, regardless of whether the employee participates in the plan. Further, the Company matches the contribution of up to 100% of the first 4% of an employee’s contribution. The Company’s match contributions for the years ended December 31, 2019, 2018 and 2017, were $6.8 million, $6.1 million and $5.0 million, respectively. Charges for Europe pension plans approximated $3.6 million, $3.9 million and $4.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. These costs relate to plans administered by certain European subsidiaries, with benefits calculated according to government requirements and paid out to employees upon retirement or change of employment.

Contingencies and Environmental

Contingencies and Environmental Remediation	12 Months Ended
Contingencies and Environmental Remediation	Dec. 31, 2019
Contingencies and Environmental Remediation
Contingencies and Environmental Remediation	(15) Contingencies and Environmental Remediation Accrual and Disclosure Policy The Company is a defendant in numerous legal matters arising from its ordinary course of operations, including those involving product liability, environmental matters, and commercial disputes. The Company reviews its lawsuits and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for matters when the Company assesses that it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company does not establish accruals for such matters when the Company does not believe both that it is probable that a loss has been incurred and that the amount of the loss can be reasonably estimated. The Company’s assessment of whether a loss is probable is based on its assessment of the ultimate outcome of the matter following all appeals. Under the FASB-issued ASC 450 “Contingencies”, an event is “reasonably possible” if “the chance of the future event or events occurring is more than remote but less than likely” and an event is “remote” if “the chance of the future event or events occurring is slight”. Thus, references to the upper end of the range of reasonably possible loss for cases in which the Company is able to estimate a range of reasonably possible loss mean the upper end of the range of loss for cases for which the Company believes the risk of loss is more than slight. There may continue to be exposure to loss in excess of any amount accrued. When it is possible to estimate the reasonably possible loss or range of loss above the amount accrued for the matters disclosed, that estimate is aggregated and disclosed. The Company records legal costs associated with its legal contingencies as incurred, except for legal costs associated with product liability claims which are included in the actuarial estimates used in determining the product liability accrual. As of December 31, 2019, the Company estimates that the aggregate amount of reasonably possible loss in excess of the amount accrued for its legal contingencies is approximately $5.6 million pre-tax. With respect to the estimate of reasonably possible loss, management has estimated the reasonably possible loss based on (i) the amount of money damages claimed, where applicable, (ii) the allegations and factual developments to date, (iii) available defenses based on the allegations, and/or (iv) other potentially liable parties. This estimate is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimate will change from time to time, and actual results may vary significantly from the current estimate. In the event of an unfavorable outcome in one or more of the matters, the ultimate liability may be in excess of amounts currently accrued, if any, and may be material to the Company’s operating results or cash flows for a particular quarterly or annual period. However, based on information currently known to it, management believes that the ultimate outcome of all matters, as they are resolved over time, is not likely to have a material adverse effect on the financial condition of the Company, though the outcome could be material to the Company’s operating results for any particular period depending, in part, upon the operating results for such period. Product Liability The Company is subject to a variety of potential liabilities in connection with product liability cases. For our most significant volume of liability matters, the Company maintains a high self-insured retention limit within its product liability and general liability coverage, which the Company believes to be generally in accordance with industry practices. For product liability cases in the U.S., management establishes its product liability accrual, which includes legal costs associated with accrued claims. For its most significant volume of liability matters, the Company utilizes third-party actuarial valuations which incorporate historical trend factors and the Company’s specific claims experience derived from loss reports provided by third-party claims administrators. The product liability accrual is established after considering any applicable insurance coverage. Changes in the nature of product liability claims or the actual settlement amounts could affect the adequacy of the estimates and require changes to the provisions. Because the liability is an estimate, the ultimate liability may be more or less than reported. Environmental Remediation The Company has been named as a potentially responsible party with respect to a limited number of identified contaminated sites. The levels of contamination vary significantly from site to site as do the related levels of remediation efforts. Environmental liabilities are recorded based on the most probable cost, if known, or on the estimated minimum cost of remediation. Accruals are not discounted to their present value, unless the amount and timing of expenditures are fixed and reliably determinable. The Company accrues estimated environmental liabilities based on assumptions, which are subject to a number of factors and uncertainties. Circumstances that can affect the reliability and precision of these estimates include identification of additional sites, environmental regulations, level of clean-up required, technologies available, number and financial condition of other contributors to remediation and the time period over which remediation may occur. The Company recognizes changes in estimates as new remediation requirements are defined or as new information becomes available. Chemetco, Inc. Superfund Site, Hartford, Illinois In August 2017, Watts Regulator Co. (a wholly-owned subsidiary of the Company) received a “Notice of Environmental Liability” from the Chemetco Site Group (“Group”) alleging that it is a potentially responsible party for the Chemetco, Inc. Superfund Site in Hartford, Illinois (the “Site”) because it arranged for the disposal or treatment of hazardous substances that were contained in materials sent to the Site and that resulted in the release or threat of release of hazardous substances at the Site. The letter offered Watts Regulator Co. the opportunity to join the Group and participate in the Remedial Investigation and Feasibility Study (“RI/FS”) at the Site. Watts Regulator Co. joined the Group in September 2017 and was added in March 2018 as a signatory, together with 43 other new Group members, to the Administrative Settlement Agreement and Order on Consent with the United States Environmental Protection Agency (“USEPA”) governing completion of the RI/FS. Based on information currently known to it, management believes that Watts Regulator Co.’s share of the costs of the RI/FS is not likely to have a material adverse effect on the financial condition of the Company, or have a material adverse effect on the Company’s operating results for any particular period. The Company is unable to estimate a range of reasonably possible loss for the above matter in which damages have not been specified because: (i) the RI/FS has not been completed to determine what remediation plan will be implemented and the costs of such plan; (ii) the total number of potentially responsible parties who may or may not agree to fund or perform any remediation has not yet been determined; (iii) the share contribution for potentially responsible parties to any remediation has not been determined; and (iv) the number of years required to implement a remediation plan acceptable to USEPA is uncertain. Asbestos Litigation The Company is defending approximately 300 lawsuits in different jurisdictions, alleging injury or death as a result of exposure to asbestos. The complaints in these cases typically name a large number of defendants and do not identify any particular Company products as a source of asbestos exposure. To date, discovery has failed to yield evidence of substantial exposure to any Company products and no judgments have been entered against the Company. Other Litigation Other lawsuits and proceedings or claims, arising from the ordinary course of operations, are also pending or threatened against the Company.

Financial Instruments

Financial Instruments	12 Months Ended
Financial Instruments	Dec. 31, 2019
Financial Instruments
Financial Instruments	(16) Financial Instruments Fair Value The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. The fair value of the Company’s 5.05 % senior notes due in June 2020 is based on quoted market prices of similar notes (level 2). The fair value of the Company’s borrowings outstanding under the Credit Agreement, and the Company’s variable rate debt approximates its carrying value. The carrying amount and the estimated fair market value of the Company’s long-term debt, including the current portion, are as follows: 2019 2018 (in millions) Carrying amount $ 310.0 $ 355.0 Estimated fair value $ 310.5 $ 355.4 Financial Instruments The Company measures certain financial assets and liabilities at fair value on a recurring basis, including deferred compensation plan assets and related liabilities, redeemable financial instruments, and derivatives. The fair values of these certain financial assets and liabilities were determined using the following inputs at December 31, 2019 and December 31, 2018: Fair Value Measurement at December 31, 2019 Using: Quoted Prices in Active Significant Other Significant Markets for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (in millions) Assets Plan asset for deferred compensation(1) $ 2.5 $ 2.5 $ — $ — Interest rate swaps (1) $ 1.2 $ — $ 1.2 $ — Total assets $ 3.7 $ 2.5 $ 1.2 $ — Liabilities Plan liability for deferred compensation(2) $ 2.5 $ 2.5 $ — $ — Designated foreign currency hedges (4) $ 0.2 $ — $ 0.2 $ — Total liabilities $ 2.7 $ 2.5 $ 0.2 $ — Fair Value Measurements at December 31, 2018 Using: Quoted Prices in Active Significant Other Significant Markets for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (in millions) Assets Plan asset for deferred compensation(1) $ 2.6 $ 2.6 $ — $ — Interest rate swaps (1) $ 6.5 $ — $ 6.5 $ — Total assets $ 9.1 $ 2.6 $ 6.5 $ — Liabilities Plan liability for deferred compensation(2) $ 2.6 $ 2.6 $ — $ — Redeemable financial instrument(3) $ 2.8 $ — $ — $ 2.8 Total liabilities $ 5.4 $ 2.6 $ — $ 2.8 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. (3) Included on the Company’s consolidated balance sheet in other current liabilities and relates to a mandatorily redeemable equity instrument as part of the acquisition of Apex Valves Limited (“Apex”) in 2015. (4) Included on the Company’s consolidated balance sheet in accrued expenses and other liabilities. On November 30, 2015, the Company acquired 80% of the outstanding shares of Apex. The aggregate purchase price was $20.4 million and the Company recorded a long-term liability of $5.5 million as the estimate of the acquisition date fair value on the contractual call option to purchase the remaining 20% within three years of closing. The Company acquired an additional 10% ownership in the first quarter of 2017 for $2.9 million, increasing the Company’s ownership to 90% of Apex outstanding shares. In the fourth quarter of 2018, the Company executed an agreement to extend the exercise of the contractual call option. The Company exercised the contractual call option to purchase the remaining 10% of Apex shares in the third quarter of 2019 for approximately $2.8 million. Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase and consist primarily of money market funds, for which the carrying amount is a reasonable estimate of fair value. The Company uses financial instruments from time to time to enhance its ability to manage risk, including foreign currency and commodity pricing exposures, which exist as part of its ongoing business operations. The use of derivatives exposes the Company to counterparty credit risk for nonperformance and to market risk related to changes in currency exchange rates and commodity prices. The Company manages its exposure to counterparty credit risk through diversification of counterparties. The Company’s counterparties in derivative transactions are substantial commercial banks with significant experience using such derivative instruments. The impact of market risk on the fair value and cash flows of the Company’s derivative instruments is monitored and the Company restricts the use of derivative financial instruments to hedging activities. The Company does not enter into contracts for trading purposes nor does the Company enter into any contracts for speculative purposes. The use of derivative instruments is approved by senior management under written guidelines. Interest Rate Swaps Under the Credit Agreement as referenced in Note 11 of the Notes to the Consolidated Financial Statements, the Company can choose either an Adjusted LIBOR or Alternative Base Rate (“ABR”) for both the Revolving Credit Facility and the Term Loan Facility. Accordingly, the Company’s earnings and cash flows are exposed to interest rate risk from changes in Adjusted LIBOR. In order to manage the Company’s exposure to changes in cash flows attributable to fluctuations in LIBOR-indexed interest payments related to the Company’s floating rate debt, the Company entered into two interest rate swaps. For each interest rate swap, the Company receives the three-month USD-LIBOR subject to a 0% floor, and pays a fixed rate of 1.31375% on a notional amount of $225.0 million. The swaps mature on February 12, 2021. The Company formally documented the hedge relationships at hedge inception to ensure that its interest rate swaps qualify for hedge accounting. On a quarterly basis, the Company assesses whether the interest rate swaps are highly effective in offsetting changes in the cash flow of the hedged item. The Company does not hold or issue interest rate swaps for trading purposes. The swaps are designated as cash flow hedges. For the years ended December 31, 2019 and 2018, a loss of Designated Foreign Currency Hedges The Company’s foreign subsidiaries transact most business, including certain intercompany transactions, in foreign currencies. Such transactions are principally purchases or sales of materials. The Company has exposure to a number of foreign currencies, including the Canadian dollar, the euro, and the Chinese yuan. Since the first quarter of 2018, the Company has used a layering methodology, whereby at the end of each quarter, the Company enters into forward exchange contracts hedging Canadian dollar to U.S. dollar, which hedge approximately 70% to 80% of the forecasted intercompany purchase transactions between one of the Company’s Canadian subsidiaries and the Company’s U.S. operating subsidiaries for the next twelve months. Beginning in the first quarter of 2019, the Company has used the similar layering methodology and entered into forward exchange contracts hedging U.S. dollar to the Chinese yuan, which hedge up to 60% of the forecasted intercompany sales transactions between one of the Company’s Chinese subsidiaries and one of the Company’s U.S. operating subsidiaries for the next twelve months. As of December 31, 2019, all designated foreign exchange hedge contracts were cash flow hedges under ASC 815, Derivatives and Hedging The Company records the effective portion of the designated foreign currency hedge contracts in other comprehensive income until inventory turns and is sold to a third-party. Once the third-party transaction associated with the hedged forecasted transaction occurs, the effective portion of any related gain or loss on the designated foreign currency hedge will be reclassified into earnings within cost of goods sold. In the event the notional amount of the derivatives exceeds the forecasted intercompany purchases for a given month, the excess hedge position will be attributed to the following month’s forecasted purchases. However, if the following month’s forecasted purchases cannot absorb the excess hedge position from the current month, the effective portion of the hedge recorded in other comprehensive income will be reclassified to earnings. The notional amounts outstanding as of December 31, 2019 for the Canadian dollar to U.S. dollar contracts and the U.S. dollar to the Chinese yuan contracts were $13.5 million and $1.6 million, respectively. The combined fair value of the Company’s designated foreign hedge contracts outstanding as of December 31, 2019 was a liability balance of $0.2 million. As of December 31, 2019, the amount expected to be reclassified into cost of goods sold from other comprehensive income in the next twelve months for both programs is a loss of $0.4 million.

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2019
Segment Information
Segment Information	(17) Segment Information The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products and has separate financial results that are reviewed by the Company’s chief operating decision-maker. Each segment earns revenue and income almost exclusively from the sale of the Company’s products. The Company sells its products into various end markets around the world with sales by region based upon location of the entity recording the sale. See Note 4 for further detail on the product lines sold into by region. All intercompany sales transactions have been eliminated. The accounting policies for each segment are the same as those described in Note 2 of the Notes to Consolidated Financial Statements. The following is a summary of the Company’s significant accounts and balances by segment, reconciled to its consolidated totals: Year Ended December 31, 2019 2018 2017 (in millions) Net Sales Americas $ 1,084.1 $ 1,032.1 $ 951.9 Europe 451.0 467.0 440.3 APMEA 65.4 65.8 64.5 Consolidated net sales $ 1,600.5 $ 1,564.9 $ 1,456.7 Operating income Americas $ 187.4 $ 171.1 $ 146.8 Europe 49.9 49.8 47.6 APMEA 6.9 7.2 4.7 Subtotal reportable segments 244.2 228.1 199.1 Corporate() (47.1) (39.7) (36.8) Consolidated operating income 197.1 188.4 162.3 Interest income (0.4) (0.8) (1.0) Interest expense 14.1 16.3 19.1 Other (income) expense, net (0.5) (1.7) 1.1 Income before income taxes $ 183.9 $ 174.6 $ 143.1 Capital Expenditures Americas $ 18.3 $ 21.5 $ 20.7 Europe 10.3 12.7 8.0 APMEA 0.6 1.7 0.7 Consolidated capital expenditures $ 29.2 $ 35.9 $ 29.4 Depreciation and Amortization Americas $ 29.3 $ 29.1 $ 30.8 Europe 14.6 16.7 18.6 APMEA 2.7 2.7 2.8 Consolidated depreciation and amortization $ 46.6 $ 48.5 $ 52.2 Identifiable assets (at end of year) Americas $ 1,102.9 $ 1,028.1 $ 1,069.2 Europe 515.2 510.2 524.0 APMEA 105.0 115.4 143.3 Consolidated identifiable assets $ 1,723.1 $ 1,653.7 $ 1,736.5 Property, plant and equipment, net (at end of year) Americas $ 116.7 $ 115.0 $ 109.3 Europe 77.5 80.0 82.1 APMEA 5.8 6.9 7.1 Consolidated property, plant and equipment, net $ 200.0 $ 201.9 $ 198.5 Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs. The following includes U.S. net sales and U.S. property, plant and equipment of the Company’s Americas segment: December 31, 2019 2018 2017 (in millions) U.S. net sales $ 1,014.0 $ 964.2 $ 886.2 U.S. property, plant and equipment, net (at end of year) $ 112.6 $ 111.0 $ 105.1 The following includes intersegment sales for Americas, Europe and APMEA: December 31, 2019 2018 2017 (in millions) Intersegment Sales Americas $ 12.1 $ 12.7 $ 12.1 Europe 15.2 14.2 14.6 APMEA 67.7 88.4 69.7 Intersegment sales $ 95.0 $ 115.3 $ 96.4

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
Accumulated Other Comprehensive Loss	Dec. 31, 2019
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	(18) Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following: Accumulated Foreign Other Currency Cash Flow Comprehensive Translation Hedges (1) Loss (in millions) Balance December 31, 2018 $ (126.3) $ 5.2 $ (121.1) Change in period (4.6) (1.3) (5.9) Balance March 31, 2019 $ (130.9) $ 3.9 $ (127.0) Change in period 3.5 (2.4) 1.1 Balance June 30, 2019 $ (127.4) $ 1.5 $ (125.9) Change in period (15.8) (0.5) (16.3) Balance September 29, 2019 $ (143.2) $ 1.0 $ (142.2) Change in period 11.9 (0.5) 11.4 Balance December 31, 2019 $ (131.3) $ 0.5 $ (130.8) Balance December 31, 2017 $ (102.6) $ 3.5 $ (99.1) Change in period 9.7 2.8 12.5 Balance April 01, 2018 $ (92.9) $ 6.3 $ (86.6) Change in period (26.6) 1.0 (25.6) Balance July 01, 2018 $ (119.5) $ 7.3 $ (112.2) Change in period 2.5 (0.1) 2.4 Balance September 30, 2018 $ (117.0) $ 7.2 $ (109.8) Change in period (9.3) (2.0) (11.3) Balance December 31, 2018 $ (126.3) $ 5.2 $ (121.1) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 16 for further details.

Quarterly Financial Information

Quarterly Financial Information (unaudited)	12 Months Ended
Quarterly Financial Information (unaudited)	Dec. 31, 2019
Quarterly Financial Information (unaudited)
Quarterly Financial Information (unaudited)	(19) Quarterly Financial Information (unaudited) First Second Third Fourth Quarter Quarter Quarter Quarter (in millions, except per share information) Year ended December 31, 2019 Net sales $ 388.7 $ 416.8 $ 394.7 $ 400.3 Gross profit 164.2 174.6 168.6 170.1 Net income 31.0 36.4 32.3 31.8 Per common share: Basic Net income 0.91 1.06 0.95 0.94 Diluted Net income 0.91 1.06 0.94 0.93 Dividends declared per common share 0.21 0.23 0.23 0.23 Year ended December 31, 2018 Net sales $ 378.5 $ 407.9 $ 390.9 $ 387.6 Gross profit 156.7 169.4 164.5 165.9 Net income 28.2 36.0 31.5 32.3 Per common share: Basic Net income 0.82 1.05 0.92 0.94 Diluted Net income 0.82 1.05 0.92 0.94 Dividends declared per common share 0.19 0.21 0.21 0.21 Note: Four quarters may not sum to full year due to rounding.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events
Subsequent Events	(20) Subsequent Events On February 6, 2020, the Company declared a quarterly dividend of twenty-three cents ($0.23) per share on each outstanding share of Class A common stock and Class B common stock payable on March 13, 2020 to stockholders of record on February 28, 2020.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
Schedule II-Valuation and Qualifying Accounts	Dec. 31, 2019
Schedule II-Valuation and Qualifying Accounts
Schedule II-Valuation and Qualifying Accounts	Watts Water Technologies, Inc. and Subsidiaries Schedule II—Valuation and Qualifying Accounts (Amounts in millions) Balance At Additions Foreign Balance At Beginning of Charged To Exchange End of Period Expense Impact Deductions Period Year Ended December 31, 2017 Allowance for doubtful accounts $ 14.2 $ 3.7 0.4 (4.0) $ 14.3 Reserve for excess and obsolete inventories $ 26.1 $ 7.3 1.5 (9.5) $ 25.4 Year Ended December 31, 2018 Allowance for doubtful accounts $ 14.3 $ 3.3 (0.2) (2.4) $ 15.0 Reserve for excess and obsolete inventories $ 25.4 $ 7.7 (0.7) (8.0) $ 24.4 Year Ended December 31, 2019 Allowance for doubtful accounts $ 15.0 $ 2.2 — (2.9) $ 14.3 Reserve for excess and obsolete inventories $ 24.4 $ 6.6 (0.1) (5.9) $ 25.0

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its majority and wholly owned subsidiaries. Upon consolidation, all intercompany accounts and transactions are eliminated.
Cash Equivalents	Cash Equivalents Cash equivalents consist of instruments with remaining maturities of three months or less at the date of purchase and consist primarily of money market funds, for which the carrying amount is a reasonable estimate of fair value.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The allowance for doubtful accounts is established to represent the Company’s best estimate of the net realizable value of the outstanding accounts receivable. The development of the Company’s allowance for doubtful accounts varies by region but in general is based on a review of past due amounts, historical write-off experience, as well as aging trends affecting specific accounts and general operational factors affecting all accounts. In addition, factors are developed in certain regions utilizing historical trends of sales and returns and allowances and cash discount activities to derive a reserve for returns and allowances and cash discounts. The Company considers current economic trends and changes in customer payment terms when evaluating the adequacy of the allowance for doubtful accounts. The Company also monitors the creditworthiness of the Company’s largest customers and periodically reviews customer credit limits to reduce risk. If circumstances relating to specific customers change or unanticipated changes occur in the general business environment, the Company’s estimates of the recoverability of receivables could be further adjusted.
Concentration of Credit	Concentration of Credit The Company sells products to a diversified customer base and, therefore, has no significant concentrations of credit risk. In 2019, 2018, and 2017, no customer accounted for 10% or more of the Company’s total sales or accounts receivable.
Inventories	Inventories Inventories are stated at the lower of cost or market, using the first-in, first-out method. Market value is determined by replacement cost or net realizable value. The Company utilizes both specific product identification and historical product demand as the basis for determining its excess or obsolete inventory reserve. The Company identifies all inventories that exceed a range of one
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill is recorded when the consideration paid for acquisitions exceeds the fair value of net tangible and intangible assets acquired. Goodwill and other intangible assets with indefinite useful lives are not amortized, but rather are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year.
Long-Lived Assets	Long-Lived Assets Intangible assets with estimable lives and other long-lived assets are reviewed for indicators of impairment at least quarterly or more frequently if events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost. Depreciation is provided on a straight-line basis over the estimated useful lives of the assets, which range from 10 to 40 years for buildings and improvements and 3 to 15 years for machinery and equipment. Leasehold improvements are depreciated over the lesser of the economic useful life of the asset or the remaining lease term.
Leases	Leases The Company has leases for the following classes of underlying assets: real estate, automobiles, manufacturing equipment, facility equipment, office equipment and certain service arrangements that are dependent on an identified asset. The Company determines if an arrangement qualifies as a lease at its inception. The Company, as the lessee, recognizes in the statement of financial position a liability to make lease payments and a right-of-use asset (“ROU”) representing the right to use the underlying asset for both finance and operating leases with a lease term longer than twelve months. The Company elected the short-term lease recognition exemption for all leases that qualify and does not recognize ROU assets or lease liabilities for short-term leases. The Company recognizes short-term lease payments on a straight-line basis over the lease term in the consolidated statement of operations. The Company determines the initial classification and measurement of its ROU assets and lease liabilities at the lease commencement date and thereafter if modified. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. For finance leases, the lease liability is initially measured in the same manner and date as operating leases and is subsequently measured at amortized cost using the effective interest method. Measuring the lease liability requires certain estimates and judgments. These estimates and judgments include how the Company determines 1) the discount rate it uses to discount the unpaid lease payments to present value; 2) lease term; and 3) lease payments. ● The present value of lease payments is determined using the interest rate implicit in the lease, if that rate is readily determinable; otherwise, the Company uses its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company uses the incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under a similar term. The Company’s incremental borrowing rate is determined by using a portfolio approach by geographic region, considering many factors, such as the Company’s specific credit risk, the amount of the lease payments, collateralized nature of the lease, both borrowing term and the lease term, and geographical economic considerations. ● The lease term for all of the Company’s leases includes the fixed, noncancelable term of the lease plus (a) all periods, if any, covered by options to extend the lease if the Company is reasonably certain to exercise that option, (b) all periods, if any, covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option, and (c) all periods, if any, covered by an option to extend (or not to terminate) the lease in which exercise of the option is controlled by the lessor. When determining if a renewal option is reasonably certain of being exercised, the Company considers several economic factors, including but not limited to, the significance of leasehold improvements incurred on the property, whether the asset is difficult to replace, underlying contractual obligations, or specific characteristics unique to that particular lease that would make it reasonably certain to exercise such option. ● Lease payments included in the measurement of the lease liability include the following: o Fixed payments, including in-substance fixed payments, owed over the lease term (which includes termination penalties the Company would owe if the lease term assumes Company exercise of a termination option), less any lease incentives paid or payable to the Company; o Variable lease payments that depend on an index or rate initially measured using the index or rate at the commencement date; o Amounts expected to be payable under a Company-provided residual value guarantee; and o The exercise price of a Company option to purchase the underlying asset if the Company is reasonably certain to exercise that option. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for the lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for operating leases is recognized on a straight-line basis over the reasonably assured lease term based on the total lease payments and is included in cost of goods sold or within selling, general and administrative expenses in the consolidated statements of operations, based on the primary use of the ROU asset. For finance leases, the Company recognizes the amortization of the ROU asset on a straight-line basis from the lease commencement date to the earlier of the end of the useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to the Company or the Company is reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized in depreciation in the consolidated statements of operations. The interest expense related to finance leases is recognized using the effective interest method and is included within interest expense. Variable lease payments associated with the Company’s leases are recognized in the period when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs and are included in cost of goods sold or within selling, general and administrative expenses in the consolidated statements of operations, based on the primary use of the ROU asset. ROU assets for operating and finance leases are periodically assessed for impairment. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment- Overall, The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in a remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in the statement of operations.
Taxes, Other than Income Taxes	Taxes, Other than Income Taxes Taxes assessed by governmental authorities on sale transactions are recorded on a net basis and excluded from sales in the Company’s consolidated statements of operations.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes tax benefits when the item in question meets the more–likely–than-not (greater than 50% likelihood of being sustained upon examination by the taxing authorities) threshold.
Foreign Currency Translation	Foreign Currency Translation The functional currency for most of the Company’s foreign subsidiaries is their local currency. For non-U.S. subsidiaries that transact in a functional currency other than the U.S. dollar, assets and liabilities are translated at current rates of exchange at the balance sheet date. Income and expense items are translated at the average foreign currency exchange rates for the period. Adjustments resulting from the translation of the financial statements of foreign operations into U.S. dollars are excluded from the determination of net income and are recorded in accumulated other comprehensive income, a separate component of equity. Transaction gains and losses are included in other (income) expense, net in the consolidated statements of operations. For subsidiaries where the functional currency of the assets and liabilities differs from the local currency, non-monetary assets and liabilities are translated at the rate of exchange in effect on the date assets were acquired while monetary assets and liabilities are translated at current rates of exchange as of the balance sheet date. Income and expense items are translated at the average foreign currency rates for the period. Translation adjustments for these subsidiaries are included in other (income) expense, net in the consolidated statements of operations.
Stock-Based Compensation	Stock-Based Compensation The Company records compensation expense in the financial statements for share-based awards based on the grant date fair value of those awards for restricted stock awards and deferred stock awards. Stock-based compensation expense for restricted stock awards and deferred stock awards is recognized over the requisite service periods of the awards on a straight-line basis, which is generally commensurate with the vesting term. The performance stock units offered by the Company to employees are amortized to expense over the vesting period, and based on the Company’s performance relative to the performance goals, may be adjusted. Changes to the estimated shares expected to vest will result in adjustments to the related share-based compensation expense that will be recorded in the period of change. The Company accounts for forfeitures as they occur, rather than estimate expected forfeitures over the vesting period of the respective grant. The Company does not reclassify the benefits associated with tax deductions in excess of recognized compensation cost from operating activities to financing activities in the Consolidated Statement of Cash Flows.
Net Income Per Common Share	Net Income Per Common Share Basic net income per common share is calculated by dividing net income by the weighted average number of common shares outstanding. The calculation of diluted net income per share assumes the conversion of all dilutive securities. Net income and the number of shares used to compute net income per share, basic and assuming full dilution, are reconciled below: Year Ended December 31, 2019 2018 2017 Per Per Per Net Share Net Share Net Share Income Shares Amount Income Shares Amount Income Shares Amount (Amounts in millions, except per share information) Basic EPS $ 131.5 34.1 $ 3.86 $ 128.0 34.3 $ 3.73 $ 73.1 34.4 $ 2.12 Dilutive securities, principally common stock options — 0.1 (0.01) — — — — — — Diluted EPS $ 131.5 34.2 $ 3.85 $ 128.0 34.3 $ 3.73 $ 73.1 34.4 $ 2.12
Financial Instruments	Financial Instruments In the normal course of business, the Company manages risks associated with commodity prices, foreign exchange rates and interest rates through a variety of strategies, including the use of hedging transactions, executed in accordance with the Company’s policies. The Company’s hedging transactions include, but are not limited to, the use of various derivative financial and commodity instruments. As a matter of policy, the Company does not use derivative instruments unless there is an underlying exposure. Any change in value of the derivative instruments would be substantially offset by an opposite change in the value of the underlying hedged items. The Company does not use derivative instruments for trading or speculative purposes. Derivative instruments may be designated and accounted for as either a hedge of a recognized asset or liability (fair value hedge) or a hedge of a forecasted transaction (cash flow hedge). For a fair value hedge, both the effective and ineffective portions of the change in fair value of the derivative instrument, along with an adjustment to the carrying amount of the hedged item for fair value changes attributable to the hedged risk, are recognized in earnings. For a cash flow hedge, changes in the fair value of the derivative instrument that are highly effective are deferred in accumulated other comprehensive income or loss until the underlying hedged item is recognized in earnings. The Company has two interest rate swaps designated as cash flow hedges as of December 31, 2019 and 2018. The Company also has foreign exchange hedges designated as cash flow hedges as of December 31, 2019 and 2018. Refer to Note 16 for further details. If a fair value or cash flow hedge were to cease to qualify for hedge accounting or be terminated, it would continue to be carried on the balance sheet at fair value until settled, but hedge accounting would be discontinued prospectively. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in accumulated other comprehensive income would be recognized immediately in earnings. On occasion, the Company may enter into a derivative instrument that does not qualify for hedge accounting because it is entered into to offset changes in the fair value of an underlying transaction which is required to be recognized in earnings (natural hedge). These instruments are reflected in the Consolidated Balance Sheets at fair value with changes in fair value recognized in earnings. Portions of the Company’s outstanding debt are exposed to interest rate risks. The Company monitors its interest rate exposures on an ongoing basis to maximize the overall effectiveness of its interest rates.
Fair value Measurements	Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Refer to Note 16 for further details.
Shipping and Handling	Shipping and Handling Shipping and handling costs included in selling, general and administrative expense amounted to $57.6 million, $56.3 million and $52.1 million for the years ended December 31, 2019, 2018 and 2017, respectively.
Research and Development	Research and Development Research and development costs included in selling, general, and administrative expense amounted to $39.6 million, $34.5 million and $29.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.
Revenue Recognition	Revenue Recognition The Company recognizes revenue under the core principle to depict the transfer of control to the Company’s customers in an amount reflecting the consideration to which the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five-step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company’s revenue for product sales is recognized on a point in time model, at the point control transfers to the customer, which is generally when products are shipped from the Company’s manufacturing or distribution facilities or when delivered to the customer’s named location. Sales tax, value-added tax, or other taxes collected concurrent with revenue producing activities are excluded from revenue. Freight costs billed to customers for shipping and handling activities are included in revenue with the related cost included in selling, general and administrative expenses. See Note 4 for further disclosures and detail regarding revenue recognition.
Estimates	Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In August 2017, the Financial Accounting Standards Board (“FASB”) issued ASU 2017-12, “Derivatives and Hedging (Topic 815)-Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting guidance to improve the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in the financial statements. This guidance permits hedge accounting for risk components in hedging relationships that involve nonfinancial risk, reduces complexity in hedging for fair value hedges of interest rate risk, eliminates the requirement to separately measure and report hedging ineffectiveness, and simplifies certain hedge effectiveness assessment requirements. This standard was effective for fiscal years beginning after December 15, 2018, including interim periods within that reporting period. The Company adopted this standard in the first quarter of 2019, and it did not have a material impact on the Company’s financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires a lessee to recognize in the statement of financial position a liability to make lease payments and an ROU asset representing the right to use the underlying asset for the lease term for both finance and operating leases with a term longer than twelve months. Topic 842 was subsequently amended by ASU 2018-01, “Land Easement Practical Expedient for Transition to Topic 842,” ASU 2018-10, “Codification Improvements to Topic 842, Leases,” and ASU 2018-11 “Targeted Improvements.” ASU 2016-02 was effective for financial statements issued for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Under ASC 842, leases are classified as finance or operating, with the classification determining the pattern and classification of expense recognition in the income statement. A modified retrospective transition approach was required, applying the new standard to all leases existing at the date of initial application. The Company could choose to use either 1) the effective date of the standard or 2) the beginning of the earliest comparable period presented in the financial statements as the date of initial application. The Company adopted the new standard on January 1, 2019 and used the effective date of the standard as the date of the Company’s initial application. By electing this approach, the financial information and the disclosures required under the new standard are not provided for dates and periods before January 1, 2019. The Company designed the necessary changes to its existing processes and configured all system requirements that were necessary to implement this new standard. The new standard provides a number of optional practical expedients throughout the transition. The Company elected the “package of practical expedients,” which permitted the Company to not reassess under the new standard the Company’s prior conclusions about lease identification, lease classification, and initial direct costs. The Company did not elect the use-of-hindsight or the practical expedient pertaining to land easements, the latter not being applicable to the Company. The Company also elected the practical expedient to not separate lease and non-lease components for all of the Company’s leases. As a result of adopting ASC 842, the Company recorded operating ROU assets of $33.6 million and operating lease liabilities of $33.9 million as of January 1, 2019 on the consolidated balance sheet. The difference between the ROU assets and lease liabilities related to the impact of eliminating deferred and prepaid lease payments recognized under the previous lease accounting standard. The Company’s adoption of ASC 842 did not result in a change to the Company’s recognition of its existing finance leases as of January 1, 2019. The adoption of the new lease accounting standard did not have a material impact on either the consolidated statement of operations or the consolidated statement of cash flows. However, ASU 2016-02 has significantly affected the Company’s disclosures about noncash activities related to leases. Additionally, the Company’s lease-related disclosures have significantly increased as of and for the year ended December 31, 2019 as compared to prior years. See Note 5 to the consolidated financial statements. Accounting Standards Updates In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” This ASU simplifies the accounting for income taxes by clarifying and amending existing guidance related to the recognition of franchise tax, the evaluation of a step up in the tax basis of goodwill, and the effects of enacted changes in tax laws or rates in the effective tax rate computation, among other clarifications. The effective date for adoption of this ASU is the calendar year beginning January 1, 2021 with early adoption permitted. The Company is currently evaluating the impact of this guidance on the Company’s financial statements, and does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-15, “Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40)-Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract.” ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance requires an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently evaluating the impact of this guidance on the Company’s financial statements, and does not expect the adoption of this guidance to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)-Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement.” ASU 2018-13 modifies the disclosure requirements on fair value measurements under Topic 820. This standard is effective for fiscal years beginning after December 15, 2019, including interim periods within that reporting period. The Company is currently evaluating the impact of this guidance on the Company’s disclosures; however, this guidance does not impact the Company’s financial statements.

Accounting Policies (Tables)

Accounting Policies (Tables)	12 Months Ended
Accounting Policies (Tables)	Dec. 31, 2019
Accounting Policies
Summary of reconciliation of the calculation of earnings per share	Year Ended December 31, 2019 2018 2017 Per Per Per Net Share Net Share Net Share Income Shares Amount Income Shares Amount Income Shares Amount (Amounts in millions, except per share information) Basic EPS $ 131.5 34.1 $ 3.86 $ 128.0 34.3 $ 3.73 $ 73.1 34.4 $ 2.12 Dilutive securities, principally common stock options — 0.1 (0.01) — — — — — — Diluted EPS $ 131.5 34.2 $ 3.85 $ 128.0 34.3 $ 3.73 $ 73.1 34.4 $ 2.12

Restructuring and Other Charges

Restructuring and Other Charges, Net (Tables)	12 Months Ended
Restructuring and Other Charges, Net (Tables)	Dec. 31, 2019
Restructuring
Summary of the pre-tax cost by restructuring programs	Year Ended December 31, 2019 2018 2017 (in millions) Restructuring costs: Other Actions $ 4.3 $ 3.4 $ 4.4 2015 Actions — — 2.4 Total restructuring charges $ 4.3 $ 3.4 $ 6.8
Summary of recorded pre-tax restructuring costs by business segment	Year Ended December 31, 2019 2018 2017 (in millions) Americas $ — $ — $ 3.1 Europe 4.3 3.4 3.3 APMEA — — 0.4 Total $ 4.3 $ 3.4 $ 6.8

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
Revenue Recognition (Tables)	Dec. 31, 2019
Revenue Recognition
Schedule of disaggregation of revenue	Year ended December 31, 2019 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 609.5 $ 305.0 $ 59.2 $ 973.7 OEM 83.5 143.2 1.9 228.6 Specialty 326.8 — 4.3 331.1 DIY 64.3 2.8 — 67.1 Total $ 1,084.1 $ 451.0 $ 65.4 $ 1,600.5 Year ended December 31, 2019 (in millions) Principal Product Line Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 610.5 $ 171.3 $ 45.7 $ 827.5 HVAC and Gas Products 294.6 188.2 15.2 498.0 Drainage and Water Re-use Products 80.2 88.8 3.4 172.4 Water Quality Products 98.8 2.7 1.1 102.6 Total $ 1,084.1 $ 451.0 $ 65.4 $ 1,600.5 Year ended December 31, 2018 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 578.8 $ 314.2 $ 59.9 $ 952.9 OEM 79.0 150.0 1.4 230.4 Specialty 312.1 — 4.5 316.6 DIY 62.2 2.8 — 65.0 Total $ 1,032.1 $ 467.0 $ 65.8 $ 1,564.9 Year ended December 31, 2018 (in millions) Principal Product Line Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 582.0 $ 176.2 $ 46.2 $ 804.4 HVAC and Gas Products 289.2 201.6 16.2 507.0 Drainage and Water Re-use Products 73.1 87.8 2.2 163.1 Water Quality Products 87.8 1.4 1.2 90.4 Total $ 1,032.1 $ 467.0 $ 65.8 $ 1,564.9
Schedule of contract assets and contract liabilities	Contract Contract Contract Assets Liabilities - Current Liabilities - Noncurrent (in millions) Balance - January 1, 2019 $ 1.0 $ 11.3 $ 2.7 Change in period (0.7) 0.1 — Balance - March 31, 2019 $ 0.3 $ 11.4 $ 2.7 Change in period (0.2) 0.7 0.1 Balance - June 30, 2019 $ 0.1 $ 12.1 $ 2.8 Change in period — (0.3) 0.2 Balance - September 29, 2019 $ 0.1 $ 11.8 $ 3.0 Change in period 0.3 (0.3) (0.1) Balance - December 31, 2019 $ 0.4 $ 11.5 $ 2.9 Balance - January 1, 2018 $ 0.6 $ 11.3 $ 2.1 Change in period 1.1 0.2 0.3 Balance - April 1, 2018 $ 1.7 $ 11.5 $ 2.4 Change in period (0.3) 0.1 0.3 Balance - July 1, 2018 $ 1.4 $ 11.6 $ 2.7 Change in period 0.4 (0.4) — Balance - September 30, 2018 $ 1.8 $ 11.2 $ 2.7 Change in period (0.8) 0.1 — Balance - December 31, 2018 $ 1.0 $ 11.3 $ 2.7

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2019
Leases
Schedule of right-of-use asset amounts reported in consolidated balance sheet	December 31, 2019 (in millions) Operating Leases (1) Real Estate $ 33.1 Automobile 3.0 Machinery and equipment 3.0 Total operating lease ROU Asset $ 39.1 Finance Leases (2) Real Estate $ 14.4 Machinery and equipment 4.8 Less: Accumulated depreciation (8.5) Finance Leases, net $ 10.7 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) Included on the Company’s consolidated balance sheet in property, plant and equipment.
Schedule of maturity of operating and finance lease liabilities	December 31, 2019 Operating Leases Finance Leases (in millions) 2020 $ 10.8 $ 1.9 2021 6.8 1.1 2022 4.7 0.7 2023 3.7 0.3 2024 3.2 0.2 Thereafter 21.5 0.1 Total undiscounted minimum lease payments $ 50.7 $ 4.3 Less imputed interest 9.2 0.2 Total lease liabilities $ 41.5 $ 4.1 Included in the consolidated balance sheet Current lease liabilities 9.6 1.9 Non-Current lease liabilities 31.9 2.2 Total lease liabilities $ 41.5 $ 4.1
Schedule of total lease cost and cash flows related to operating and finance leases	The total lease cost consisted of the following amounts: Year Ended December 31, 2019 (in millions) Operating lease cost $ 11.9 Amortization of finance lease right-of-use assets 1.2 Interest on finance lease liabilities 0.2 Variable lease cost 3.1 Total lease cost $ 16.4 The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases: December 31, 2019 (in millions) Operating cash flows from operating leases $ 11.4 Operating cash flows from finance leases 0.2 Financing cash flows from finance leases 1.7 Total cash paid for amounts included in the measurement of lease liabilities 13.3 Finance lease liabilities arising from obtaining right-of-use assets 1.4 Operating lease liabilities arising from obtaining right-of-use assets 19.8
Schedule of additional information associated with leases	December 31, 2019 Weighted-average remaining lease term - finance leases 2.8 years Weighted-average remaining lease term - operating leases 9.1 years Weighted-average discount rate - finance leases 3.8 % Weighted-average discount rate - operating leases 3.7 %

Goodwill & Intangibles (Tables)

Goodwill & Intangibles (Tables)	12 Months Ended
Goodwill & Intangibles (Tables)	Dec. 31, 2019
Goodwill and Intangibles
Changes in the carrying amount of goodwill by geographic segment	December 31, 2019 Gross Balance Accumulated Impairment Losses Net Goodwill Acquired Foreign Balance During Currency Balance Balance Impairment Balance January 1, the Translation December 31, January 1, Loss During December 31, December 31, 2019 Period and Other 2019 2019 the Period 2019 2019 (in millions) Americas $ 438.1 38.3 $ 0.4 $ 476.8 $ (24.5) — $ (24.5) $ 452.3 Europe 243.7 — (2.3) 241.4 (129.7) — (129.7) 111.7 APMEA 30.1 — (0.1) 30.0 (12.9) — (12.9) 17.1 Total $ 711.9 38.3 $ (2.0) $ 748.2 $ (167.1) — $ (167.1) $ 581.1 December 31, 2018 Gross Balance Accumulated Impairment Losses Net Goodwill Acquired Foreign Balance During Currency Balance Balance Impairment Balance January 1, the Translation December 31, January 1, Loss During December 31, December 31, 2018 Period and Other 2018 2018 the Period 2018 2018 (in millions) Americas $ 437.4 $ 1.5 $ (0.8) $ 438.1 $ (24.5) $ — $ (24.5) $ 413.6 Europe 249.3 — (5.6) 243.7 (129.7) — (129.7) 114.0 APMEA 30.9 — (0.8) 30.1 (12.9) — (12.9) 17.2 Total $ 717.6 $ 1.5 $ (7.2) $ 711.9 $ (167.1) $ — $ (167.1) $ 544.8
Schedule of Intangible assets	December 31, 2019 December 31, 2018 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in millions) Patents $ 16.1 $ (15.9) $ 0.2 $ 16.1 $ (15.8) $ 0.3 Customer relationships 232.8 (156.3) 76.5 232.9 (146.9) 86.0 Technology 56.9 (31.6) 25.3 54.6 (27.3) 27.3 Trade names 26.0 (13.1) 12.9 26.1 (11.5) 14.6 Other 4.3 (3.6) 0.7 4.3 (3.5) 0.8 Total amortizable intangibles 336.1 (220.5) 115.6 334.0 (205.0) 129.0 Indefinite-lived intangible assets 35.8 — 35.8 36.2 — 36.2 $ 371.9 $ (220.5) $ 151.4 $ 370.2 $ (205.0) $ 165.2

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
Inventories, net (Tables)	Dec. 31, 2019
Inventories, net
Schedule of inventories	December 31, 2019 2018 (in millions) Raw materials $ 83.4 $ 87.4 Work-in-process 15.5 17.3 Finished goods 171.2 182.1 $ 270.1 $ 286.8

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Dec. 31, 2019
Property, Plant and Equipment
Schedule of Property, plant and equipment	December 31, 2019 2018 (in millions) Land $ 13.9 $ 14.1 Buildings and improvements 175.8 165.7 Machinery and equipment 354.7 342.2 Construction in progress 13.5 15.4 557.9 537.4 Accumulated depreciation (357.9) (335.5) $ 200.0 $ 201.9

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2019
Income Taxes
Schedule of significant components of the Company's deferred income tax liabilities and assets	December 31, 2019 2018 (in millions) Deferred income tax liabilities: Excess tax over book depreciation $ 18.8 $ 16.2 Intangibles 32.1 33.8 Goodwill 21.0 17.4 Foreign earnings 3.9 5.1 Operating lease ROU assets 10.3 — Other 4.9 3.2 Total deferred tax liabilities 91.0 75.7 Deferred income tax assets: Accrued expenses 7.8 7.0 Product liability 6.3 6.0 Operating lease liabilities 10.4 — Stock based compensation 5.4 4.8 Foreign tax credits 32.7 33.5 Net operating loss carry forward 6.4 6.1 Inventory reserves 5.2 6.0 Other 9.5 5.3 Total deferred tax assets 83.7 68.7 Less: valuation allowance (28.6) (29.9) Net deferred tax assets 55.1 38.8 Net deferred tax liabilities $ (35.9) $ (36.9)
Schedule of pre-tax income upon which provision for income taxes from continuing operations is based	Year Ended December 31, 2019 2018 2017 (in millions) Domestic $ 119.9 $ 103.2 $ 80.3 Foreign 64.0 71.4 62.8 $ 183.9 $ 174.6 $ 143.1
Schedule of provision for income taxes from continuing operations	Year Ended December 31, 2019 2018 2017 (in millions) Current tax expense: Federal $ 18.7 $ 24.7 $ 42.1 Foreign 25.5 29.0 17.3 State 6.4 7.7 4.2 50.6 61.4 63.6 Deferred tax expense (benefit): Federal 2.5 (3.2) 4.0 Foreign (2.1) (7.7) 8.5 State 1.4 (1.9) 5.9 1.8 (12.8) 18.4 Deferred tax remeasurement of the 2017 Tax Act — (2.0) (12.0) $ 52.4 $ 46.6 $ 70.0
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations	Year Ended December 31, 2019 2018 2017 (in millions) Computed expected federal income expense $ 38.6 $ 36.6 $ 50.1 State income taxes, net of federal tax benefit 6.3 5.3 2.7 Foreign tax rate differential 4.2 2.7 (6.7) Impact of the 2017 Tax Act — (3.7) 25.1 Unrecognized tax benefits, net 0.7 3.2 — Other, net 2.6 2.5 (1.2) $ 52.4 $ 46.6 $ 70.0
Reconciliation of the beginning and ending amount of unrecognized tax benefits	(in millions) Balance at January 1, 2019 $ 10.2 Increases related to prior year tax positions 0.6 Decreases due to lapse in statutes (1.3) Currency movement (0.2) Balance at December 31, 2019 $ 9.3

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Dec. 31, 2019
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other liabilities	December 31, 2019 2018 (in millions) Commissions and sales incentives payable $ 43.7 $ 46.3 Product liability 22.2 22.3 Other 58.7 54.6 Income taxes payable 8.8 7.4 $ 133.4 $ 130.6

Financing Arrangements (Tables)

Financing Arrangements (Tables)	12 Months Ended
Financing Arrangements (Tables)	Dec. 31, 2019
Financing Arrangements
Schedule of long-term debt	December 31, 2019 2018 (in millions) 5.05% notes due June 2020 $ 75.0 75.0 Term Loan due February 2021 225.0 255.0 Line of Credit due February 2021 10.0 25.0 Total debt outstanding 310.0 355.0 Less debt issuance costs (deduction from debt liability) (0.8) (1.6) Less current maturities (105.0) (30.0) Total long-term debt $ 204.2 $ 323.4

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
Common Stock (Tables)	Dec. 31, 2019
Common Stock.
Summary of the cost and number of Class A common stock repurchased	Year Ended December 31, 2019 2018 Number of shares Cost of shares Number of shares Cost of shares repurchased repurchased repurchased repurchased (amounts in millions, except share amount) Stock repurchase programs: $100 million 146,304 11.8 340,106 26.0 $150 million 81,316 7.7 — — Total 227,620 $ 19.5 340,106 $ 26.0

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2019
Schedule of nonvested restricted stock and deferred shares activity and related information	Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value (Shares in thousands) Unvested at beginning of year 216 $ 71.28 217 $ 57.31 210 $ 53.79 Granted 96 78.54 153 80.52 139 60.88 Vested (102) 68.83 (126) 59.52 (123) 55.35 Cancelled/Forfeitures (14) 56.97 (28) 66.24 (9) 55.55 Unvested at end of year 196 $ 76.56 216 $ 71.28 217 $ 57.31
Schedule of stock-based compensation fair value assumptions	Year Ended December 31, 2019 2018 2017 Expected life (years) 3.0 3.0 3.0 Expected stock price volatility 23.3 % 24.1 % 25.0 % Expected dividend yield 1.1 % 1.0 % 1.2 % Risk-free interest rate 2.5 % 2.4 % 1.5 %
Schedule of stock option activity and related information	Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Weighted Average Average Average Average Exercise Intrinsic Exercise Exercise Options Price Value Options Price Options Price (Options in thousands) Outstanding at beginning of year 49 $ 55.25 95 $ 54.91 130 $ 54.46 Cancelled/Forfeitures (1) 57.47 — — (3) 55.81 Exercised (38) 55.63 (46) 54.55 (32) 53.19 Outstanding at end of year 10 $ 53.65 $ 46.11 49 $ 55.25 95 $ 54.91 Exercisable at end of year 10 $ 53.65 $ 46.11 49 $ 55.25 93 $ 54.85
Schedule of information about options outstanding	The following table summarizes information about options outstanding at December 31, 2019: Options Outstanding Options Exercisable Weighted Average Weighted Average Weighted Average Number Remaining Contractual Exercise Number Exercise Range of Exercise Prices Outstanding Life (years) Price Exercisable Price (Options in thousands) $37.41-$37.41 1,000 2.59 $ 37.41 1,000 $ 37.41 $54.76–$57.47 8,862 3.85 55.48 8,862 55.48 9,862 3.72 $ 53.65 9,862 $ 53.65
Schedule of the Company's RSU activity and related information	Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Weighted Average Average Average Average Purchase Intrinsic Purchase Purchase RSUs Price Value RSUs Price RSUs Price (RSU’s in thousands) Outstanding at beginning of year 154 $ 45.02 174 $ 39.68 148 $ 36.37 Granted 37 63.77 36 61.84 47 49.92 Settled (79) 35.63 (46) 37.34 (18) 39.09 Cancelled/Forfeitures (2) 56.25 (10) 48.82 (3) 41.55 Outstanding at end of year 110 $ 57.91 $ 41.85 $ 154 $ 45.02 174 $ 39.68 Vested at end of year 35 $ 52.67 $ 47.09 $ 66 $ 38.17 57 $ 36.26
Restricted stock and deferred shares
Schedule of information about RSUs outstanding	The following table summarizes information about RSUs outstanding at December 31, 2019: RSUs Outstanding RSUs Vested Weighted Average Weighted Average Number Purchase Number Purchase Range of Purchase Prices Outstanding Price Vested Price (RSUs in thousands) $35.41-$40.27 2 $ 36.61 2 $ 36.61 $49.92-$63.77 108 58.27 33 53.57 110 $ 57.91 35 $ 52.67
Performance stock units
Schedule of unvested performance shares activity and related information	Year Ended December 31, 2019 2018 2017 Weighted Weighted Weighted Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value (Shares in thousands) Unvested at beginning of year 249 $ 66.15 273 $ 58.23 267 $ 56.96 Granted 88 77.58 96 81.51 98 60.45 Vested (82) 55.27 (80) 58.96 (54) 56.81 Cancelled/Forfeitures (17) 71.50 (40) 63.43 (38) 57.12 Unvested at end of year 238 $ 73.84 249 $ 66.15 273 $ 58.23

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
Financial Instruments (Tables)	Dec. 31, 2019
Financial Instruments
Schedule of carrying amount and estimated fair market value of the company's long-term debt, including current portion	2019 2018 (in millions) Carrying amount $ 310.0 $ 355.0 Estimated fair value $ 310.5 $ 355.4
Schedule of fair value of financial assets and liabilities	Fair Value Measurement at December 31, 2019 Using: Quoted Prices in Active Significant Other Significant Markets for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (in millions) Assets Plan asset for deferred compensation(1) $ 2.5 $ 2.5 $ — $ — Interest rate swaps (1) $ 1.2 $ — $ 1.2 $ — Total assets $ 3.7 $ 2.5 $ 1.2 $ — Liabilities Plan liability for deferred compensation(2) $ 2.5 $ 2.5 $ — $ — Designated foreign currency hedges (4) $ 0.2 $ — $ 0.2 $ — Total liabilities $ 2.7 $ 2.5 $ 0.2 $ — Fair Value Measurements at December 31, 2018 Using: Quoted Prices in Active Significant Other Significant Markets for Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) (in millions) Assets Plan asset for deferred compensation(1) $ 2.6 $ 2.6 $ — $ — Interest rate swaps (1) $ 6.5 $ — $ 6.5 $ — Total assets $ 9.1 $ 2.6 $ 6.5 $ — Liabilities Plan liability for deferred compensation(2) $ 2.6 $ 2.6 $ — $ — Redeemable financial instrument(3) $ 2.8 $ — $ — $ 2.8 Total liabilities $ 5.4 $ 2.6 $ — $ 2.8 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. (3) Included on the Company’s consolidated balance sheet in other current liabilities and relates to a mandatorily redeemable equity instrument as part of the acquisition of Apex Valves Limited (“Apex”) in 2015. (4) Included on the Company’s consolidated balance sheet in accrued expenses and other liabilities.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2019
Segment Information
Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals	Year Ended December 31, 2019 2018 2017 (in millions) Net Sales Americas $ 1,084.1 $ 1,032.1 $ 951.9 Europe 451.0 467.0 440.3 APMEA 65.4 65.8 64.5 Consolidated net sales $ 1,600.5 $ 1,564.9 $ 1,456.7 Operating income Americas $ 187.4 $ 171.1 $ 146.8 Europe 49.9 49.8 47.6 APMEA 6.9 7.2 4.7 Subtotal reportable segments 244.2 228.1 199.1 Corporate() (47.1) (39.7) (36.8) Consolidated operating income 197.1 188.4 162.3 Interest income (0.4) (0.8) (1.0) Interest expense 14.1 16.3 19.1 Other (income) expense, net (0.5) (1.7) 1.1 Income before income taxes $ 183.9 $ 174.6 $ 143.1 Capital Expenditures Americas $ 18.3 $ 21.5 $ 20.7 Europe 10.3 12.7 8.0 APMEA 0.6 1.7 0.7 Consolidated capital expenditures $ 29.2 $ 35.9 $ 29.4 Depreciation and Amortization Americas $ 29.3 $ 29.1 $ 30.8 Europe 14.6 16.7 18.6 APMEA 2.7 2.7 2.8 Consolidated depreciation and amortization $ 46.6 $ 48.5 $ 52.2 Identifiable assets (at end of year) Americas $ 1,102.9 $ 1,028.1 $ 1,069.2 Europe 515.2 510.2 524.0 APMEA 105.0 115.4 143.3 Consolidated identifiable assets $ 1,723.1 $ 1,653.7 $ 1,736.5 Property, plant and equipment, net (at end of year) Americas $ 116.7 $ 115.0 $ 109.3 Europe 77.5 80.0 82.1 APMEA 5.8 6.9 7.1 Consolidated property, plant and equipment, net $ 200.0 $ 201.9 $ 198.5 Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs.
Schedule of U.S. net sales of the Company's Americas segment	December 31, 2019 2018 2017 (in millions) U.S. net sales $ 1,014.0 $ 964.2 $ 886.2 U.S. property, plant and equipment, net (at end of year) $ 112.6 $ 111.0 $ 105.1
Schedule of intersegment sales for Americas, EMEA and Asia-Pacific	December 31, 2019 2018 2017 (in millions) Intersegment Sales Americas $ 12.1 $ 12.7 $ 12.1 Europe 15.2 14.2 14.6 APMEA 67.7 88.4 69.7 Intersegment sales $ 95.0 $ 115.3 $ 96.4

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Dec. 31, 2019
Accumulated Other Comprehensive Loss
Schedule of amounts recognized in accumulated other comprehensive income (loss)	Accumulated Foreign Other Currency Cash Flow Comprehensive Translation Hedges (1) Loss (in millions) Balance December 31, 2018 $ (126.3) $ 5.2 $ (121.1) Change in period (4.6) (1.3) (5.9) Balance March 31, 2019 $ (130.9) $ 3.9 $ (127.0) Change in period 3.5 (2.4) 1.1 Balance June 30, 2019 $ (127.4) $ 1.5 $ (125.9) Change in period (15.8) (0.5) (16.3) Balance September 29, 2019 $ (143.2) $ 1.0 $ (142.2) Change in period 11.9 (0.5) 11.4 Balance December 31, 2019 $ (131.3) $ 0.5 $ (130.8) Balance December 31, 2017 $ (102.6) $ 3.5 $ (99.1) Change in period 9.7 2.8 12.5 Balance April 01, 2018 $ (92.9) $ 6.3 $ (86.6) Change in period (26.6) 1.0 (25.6) Balance July 01, 2018 $ (119.5) $ 7.3 $ (112.2) Change in period 2.5 (0.1) 2.4 Balance September 30, 2018 $ (117.0) $ 7.2 $ (109.8) Change in period (9.3) (2.0) (11.3) Balance December 31, 2018 $ (126.3) $ 5.2 $ (121.1) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 16 for further details.

Quarterly Financial Informati_2

Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
Quarterly Financial Information (unaudited) (Tables)	Dec. 31, 2019
Quarterly Financial Information (unaudited)
Schedule of Quarterly Financial Information	First Second Third Fourth Quarter Quarter Quarter Quarter (in millions, except per share information) Year ended December 31, 2019 Net sales $ 388.7 $ 416.8 $ 394.7 $ 400.3 Gross profit 164.2 174.6 168.6 170.1 Net income 31.0 36.4 32.3 31.8 Per common share: Basic Net income 0.91 1.06 0.95 0.94 Diluted Net income 0.91 1.06 0.94 0.93 Dividends declared per common share 0.21 0.23 0.23 0.23 Year ended December 31, 2018 Net sales $ 378.5 $ 407.9 $ 390.9 $ 387.6 Gross profit 156.7 169.4 164.5 165.9 Net income 28.2 36.0 31.5 32.3 Per common share: Basic Net income 0.82 1.05 0.92 0.94 Diluted Net income 0.82 1.05 0.92 0.94 Dividends declared per common share 0.19 0.21 0.21 0.21 Note: Four quarters may not sum to full year due to rounding.

Description of Business (Detail

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2019
Minimum
Length of time the business has been in operation	140 years

Accounting Policies - Inventory

Accounting Policies - Inventory, PP&E and Other (Details)	12 Months Ended
Accounting Policies - Inventory, PP&E and Other (Details)	Dec. 31, 2019
Inventory Adjustments [Abstract]
Trailing period used for sales	12 months
Minimum
Inventory Adjustments [Abstract]
Number of years of sales on hand for inventories	1 year
Maximum
Inventory Adjustments [Abstract]
Number of years of sales on hand for inventories	3 years
Buildings and improvements \| Minimum
Property, plant and equipment
Estimated useful lives of the assets	10 years
Buildings and improvements \| Maximum
Property, plant and equipment
Estimated useful lives of the assets	40 years
Machinery and equipment \| Minimum
Property, plant and equipment
Estimated useful lives of the assets	3 years
Machinery and equipment \| Maximum
Property, plant and equipment
Estimated useful lives of the assets	15 years

Accounting Policies - Financial

Accounting Policies - Financial Instruments (Details) - item	Dec. 31, 2019	Dec. 31, 2018
Cash Flow Hedging \| Designated \| Interest Rate Swaps
Derivative [Line Items]
Number of swaps	2	2

Accounting Policies - Net Incom

Accounting Policies - Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net (loss) income
Net (loss) income	$ 31.8	$ 32.3	$ 36.4	$ 31	$ 32.3	$ 31.5	$ 36	$ 28.2	$ 131.5	$ 128	$ 73.1
Net (loss) income									$ 131.5	$ 128	$ 73.1
Shares (in shares)									34.1	34.3	34.4
Dilutive securities, principally common stock options (in shares)										0.1
Shares (in shares)									34.2	34.3	34.4
Per Share Amount
Per Share Amount (in dollars per share)	$ 0.94	$ 0.95	$ 1.06	$ 0.91	$ 0.94	$ 0.92	$ 1.05	$ 0.82	$ 3.86	$ 3.73	$ 2.12
Dilutive securities, principally common stock options (in dollars per share)									(0.01)
Per Share Amount (in dollars per share)	$ 0.93	$ 0.94	$ 1.06	$ 0.91	$ 0.94	$ 0.92	$ 1.05	$ 0.82	$ 3.85	$ 3.73	$ 2.12
Shipping and Handling Costs
Cost of Goods Sold									$ 923	$ 908.4	$ 854.3
Research and Development Expense.
Research and Development Expense									$ 39.6	$ 34.5	$ 29

Accounting Policies - Other (De

Accounting Policies - Other (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Shipping and Handling
Shipping and handling	$ 57.6	$ 56.3	$ 52.1
Research and Development
Research and development costs included in selling, general, and administrative expense	$ 39.6	$ 34.5	$ 29

Accounting Policies - New Accou

Accounting Policies - New Accounting Policies, Leases (Details) - USD ($) $ in Millions	Jan. 01, 2019	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Practical expedients - Package	true
Practical expedients - Hindsight	false
Operating right-of-use assets		$ 39.1
Operating Lease, Liability		$ 41.5
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating right-of-use assets	$ 33.6
Operating Lease, Liability	$ 33.9

Restructuring (Details)

Restructuring (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Restructuring (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018
Restructuring
Costs incurred		$ 4.3	$ 3.4	$ 6.8
Americas
Restructuring
Costs incurred				3.1
Europe
Restructuring
Costs incurred		4.3	3.4	3.3
APMEA
Restructuring
Costs incurred				0.4
2015 Actions
Restructuring
Costs incurred				2.4
2015 Actions \| Americas and APMEA
Restructuring
Pre-tax program to date restructuring and other charges incurred				18.1
Restructuring reserve			0
Elimination of net sales				165
Expected pre-tax program to date restructuring and other charges incurred				59.8
Goodwill and intangible asset impairment charges				13.5
Other transformation and deployment costs				28.2
2015 Actions \| Americas and APMEA \| Facility exit and other
Restructuring
Costs incurred				2.4
2018 Actions \| Europe
Restructuring
Pre-tax program to date restructuring and other charges incurred			4
Total expected restructuring costs	$ 8.3	8.3			$ 5
Restructuring reserve	3.2	3.2
Costs incurred	1.6	4.3
Other Actions
Restructuring
Costs incurred		4.3	$ 3.4	4.4
Other Actions \| Europe
Restructuring
Total expected restructuring costs				$ 4.1	$ 3.4
Restructuring reserve	$ 0	$ 0

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	3 Months Ended								12 Months Ended
Revenue Recognition (Details) $ in Millions	Dec. 31, 2019USD ($)	Sep. 29, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jul. 01, 2018USD ($)	Apr. 01, 2018USD ($)	Dec. 31, 2019	Dec. 31, 2019USD ($)	Dec. 31, 2019segment	Dec. 31, 2019item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Disaggregation of Revenue
Number of distribution channels \| item												4
Number of geographic segments											3	3
Revenue	$ 400.3	$ 394.7	$ 416.8	$ 388.7	$ 387.6	$ 390.9	$ 407.9	$ 378.5		$ 1,600.5			$ 1,564.9	$ 1,456.7
Revenue practical expedient, financial component									true
Wholesale
Disaggregation of Revenue
Revenue										973.7			952.9
OEM
Disaggregation of Revenue
Revenue										228.6			230.4
Specialty
Disaggregation of Revenue
Revenue										331.1			316.6
DIY
Disaggregation of Revenue
Revenue										67.1			65
Residential & Commercial Flow Control
Disaggregation of Revenue
Revenue										827.5			804.4
HVAC & Gas Products
Disaggregation of Revenue
Revenue										498			507
Drainage & Water Re-use Products
Disaggregation of Revenue
Revenue										172.4			163.1
Water Quality Products
Disaggregation of Revenue
Revenue										102.6			90.4
Americas
Disaggregation of Revenue
Revenue										1,084.1			1,032.1	951.9
Americas \| Wholesale
Disaggregation of Revenue
Revenue										609.5			578.8
Americas \| OEM
Disaggregation of Revenue
Revenue										83.5			79
Americas \| Specialty
Disaggregation of Revenue
Revenue										326.8			312.1
Americas \| DIY
Disaggregation of Revenue
Revenue										64.3			62.2
Americas \| Residential & Commercial Flow Control
Disaggregation of Revenue
Revenue										610.5			582
Americas \| HVAC & Gas Products
Disaggregation of Revenue
Revenue										294.6			289.2
Americas \| Drainage & Water Re-use Products
Disaggregation of Revenue
Revenue										80.2			73.1
Americas \| Water Quality Products
Disaggregation of Revenue
Revenue										98.8			87.8
Europe
Disaggregation of Revenue
Revenue										451			467	440.3
Europe \| Wholesale
Disaggregation of Revenue
Revenue										305			314.2
Europe \| OEM
Disaggregation of Revenue
Revenue										143.2			150
Europe \| DIY
Disaggregation of Revenue
Revenue										2.8			2.8
Europe \| Residential & Commercial Flow Control
Disaggregation of Revenue
Revenue										171.3			176.2
Europe \| HVAC & Gas Products
Disaggregation of Revenue
Revenue										188.2			201.6
Europe \| Drainage & Water Re-use Products
Disaggregation of Revenue
Revenue										88.8			87.8
Europe \| Water Quality Products
Disaggregation of Revenue
Revenue										2.7			1.4
APMEA
Disaggregation of Revenue
Revenue										65.4			65.8	$ 64.5
APMEA \| Wholesale
Disaggregation of Revenue
Revenue										59.2			59.9
APMEA \| OEM
Disaggregation of Revenue
Revenue										1.9			1.4
APMEA \| Specialty
Disaggregation of Revenue
Revenue										4.3			4.5
APMEA \| Residential & Commercial Flow Control
Disaggregation of Revenue
Revenue										45.7			46.2
APMEA \| HVAC & Gas Products
Disaggregation of Revenue
Revenue										15.2			16.2
APMEA \| Drainage & Water Re-use Products
Disaggregation of Revenue
Revenue										3.4			2.2
APMEA \| Water Quality Products
Disaggregation of Revenue
Revenue										$ 1.1			$ 1.2

Revenue Recognition - Performan

Revenue Recognition - Performance obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01	Dec. 31, 2019
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years

Revenue Recognition - Contract

Revenue Recognition - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Contract with Customer, Asset
Contract Assets	$ 0.4	$ 0.1	$ 0.1	$ 0.3	$ 1	$ 1.8	$ 1.4	$ 1.7	$ 0.4	$ 1	$ 0.6
Change in period	0.3		(0.2)	(0.7)	(0.8)	0.4	(0.3)	1.1
Contract Liabilities
Contract Liabilities - Current	11.5	11.8	12.1	11.4	11.3	11.2	11.6	11.5	11.5	11.3	11.3
Increase (decrease) - Current Liabilities	(0.3)	(0.3)	0.7	0.1	0.1	(0.4)	0.1	0.2
Contract Liabilities - Noncurrent	2.9	3	2.8	$ 2.7	$ 2.7	$ 2.7	2.7	2.4	2.9	2.7	$ 2.1
Increase (decrease) - Noncurrent Liabilities	$ (0.1)	$ 0.2	$ 0.1				$ 0.3	$ 0.3
Revenue recognized, contract liability									11.8	11.3
Impairment loss related to Contract Assets									$ 0	$ 0
Revenue practical expedient, incremental cost of obtaining contract									true

Leases (Details)

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Option to extend - Operating	true
Option to extend - Finance	true
Option to terminate - Operating	false
Option to terminate - Finance	false
Minimum
Lessee, Lease, Description [Line Items]
Renewal term - Operating	1 year
Renewal term - Finance	1 year
Maximum
Lessee, Lease, Description [Line Items]
Renewal term - Operating	5 years
Renewal term - Finance	5 years
Real Estate
Lessee, Lease, Description [Line Items]
Percentage of operating lease liabilities	85.00%
Real Estate \| Minimum
Lessee, Lease, Description [Line Items]
Lease term - Operating	2 years
Real Estate \| Maximum
Lessee, Lease, Description [Line Items]
Lease term - Operating	15 years
Automobile \| Minimum
Lessee, Lease, Description [Line Items]
Lease term - Operating	3 years
Automobile \| Maximum
Lessee, Lease, Description [Line Items]
Lease term - Operating	5 years
Remaining \| Minimum
Lessee, Lease, Description [Line Items]
Lease term - Operating	2 years
Lease term - Finance	2 years
Remaining \| Maximum
Lessee, Lease, Description [Line Items]
Lease term - Operating	15 years
Lease term - Finance	15 years

Leases - Balance sheet by asset

Leases - Balance sheet by asset category (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	$ 39.1
Property, plant and equipment, gross	557.9	$ 537.4
Less: Accumulated depreciation	(357.9)	(335.5)
Property, plant and equipment, net	200	$ 201.9	$ 198.5
Finance Leased Asset
Lessee, Lease, Description [Line Items]
Less: Accumulated depreciation	(8.5)
Property, plant and equipment, net	10.7
Finance Leased Real Estate
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	14.4
Finance Leased Machinery and Equipment
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	4.8
Real Estate
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	33.1
Automobile
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	3
Machinery and equipment
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	$ 3

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Dec. 31, 2019USD ($)
Operating leases maturities:
2020	$ 10.8
2021	6.8
2022	4.7
2023	3.7
2024	3.2
Thereafter	21.5
Total undiscounted minimum lease payments	50.7
Less imputed interest	9.2
Total lease liabilities	41.5
Current lease liabilities (included in other current liabilities)	9.6
Non-Current lease liabilities (included in other non-current liabilities)	$ 31.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Financial position	us-gaap:OtherLiabilitiesNoncurrent
Finance leases maturities:
2020	$ 1.9
2021	1.1
2022	0.7
2023	0.3
2024	0.2
Thereafter	0.1
Total undiscounted minimum lease payments	4.3
Less imputed interest	0.2
Total lease liabilities	4.1
Current lease liabilities (included in other current liabilities)	1.9
Non-Current lease liabilities (included in other non-current liabilities)	$ 2.2

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) $ in Millions	Dec. 31, 2019USD ($)
Lease cost
Operating lease cost	$ 11.9
Finance lease cost:
Amortization of right-of-use assets	1.2
Interest on finance lease liabilities	0.2
Variable lease cost	3.1
Total lease cost	$ 16.4

Leases - Cash flows (Details)

Leases - Cash flows (Details) $ in Millions	12 Months Ended
Leases - Cash flows (Details) $ in Millions	Dec. 31, 2019USD ($)
Leases
Operating cash flows from operating leases	$ 11.4
Operating cash flows from finance leases	0.2
Financing cash flows from finance leases	1.7
Total cash paid for amounts included in the measurement of lease liabilities	13.3
Finance lease liabilities arising from obtaining right-of-use assets	1.4
Operating lease liabilities arising from obtaining right-of-use assets	$ 19.8

Leases - Additional information

Leases - Additional information (Details)	Dec. 31, 2019
Leases
Weighted-average remaining lease term - finance leases	2 years 9 months 18 days
Weighted-average remaining lease term - operating leases	9 years 1 month 6 days
Weighted-average discount rate - finance leases	3.80%
Weighted-average discount rate - operating leases	3.70%

Goodwill and Intangibles - Good

Goodwill and Intangibles - Goodwill (Details) $ in Millions	3 Months Ended	12 Months Ended
Goodwill and Intangibles - Goodwill (Details) $ in Millions	Sep. 29, 2019USD ($)	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Oct. 27, 2019USD ($)
Gross Balance
Balance at the beginning of the period		$ 711.9	$ 717.6
Acquired During the Period		38.3	1.5
Foreign Currency Translation and Other		(2)	(7.2)
Balance at the end of the period		748.2	711.9
Accumulated Impairment Losses
Balance at the beginning of the period		(167.1)	(167.1)
Balance at the end of the period		(167.1)	(167.1)
Goodwill impairment charges		0
Net Goodwill		$ 581.1	544.8	$ 579.4
Number of reporting units \| item		7
Number of reporting units with goodwill \| item		6
Number of reporting units with no goodwill \| item		1
Goodwill impairment charges		$ 0
Americas
Gross Balance
Balance at the beginning of the period		438.1	437.4
Acquired During the Period			1.5
Foreign Currency Translation and Other			(0.8)
Balance at the end of the period			438.1
Accumulated Impairment Losses
Balance at the beginning of the period		(24.5)	(24.5)
Balance at the end of the period			(24.5)
Net Goodwill			413.6
Europe
Gross Balance
Balance at the beginning of the period		243.7	249.3
Foreign Currency Translation and Other			(5.6)
Balance at the end of the period			243.7
Accumulated Impairment Losses
Balance at the beginning of the period		(129.7)	(129.7)
Balance at the end of the period			(129.7)
Net Goodwill			114
Americas
Gross Balance
Balance at the beginning of the period		438.1
Acquired During the Period	$ 38.3	38.3
Foreign Currency Translation and Other		0.4
Balance at the end of the period		476.8	438.1
Accumulated Impairment Losses
Balance at the beginning of the period		(24.5)
Balance at the end of the period		(24.5)	(24.5)
Net Goodwill		452.3
Europe
Gross Balance
Balance at the beginning of the period		243.7
Foreign Currency Translation and Other		(2.3)
Balance at the end of the period		241.4	243.7
Accumulated Impairment Losses
Balance at the beginning of the period		(129.7)
Balance at the end of the period		(129.7)	(129.7)
Net Goodwill		111.7
APMEA
Gross Balance
Balance at the beginning of the period		30.1	30.9
Foreign Currency Translation and Other		(0.1)	(0.8)
Balance at the end of the period		30	30.1
Accumulated Impairment Losses
Balance at the beginning of the period		(12.9)	(12.9)
Balance at the end of the period		(12.9)	(12.9)
Net Goodwill		17.1	$ 17.2
Water Quality Products
Gross Balance
Balance at the end of the period		$ 0

Goodwill and Intangibles - Inta

Goodwill and Intangibles - Intangibles (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Intangible assets subject to amortization
Gross Carrying Amount		$ 336.1	$ 334
Accumulated Amortization		(220.5)	(205)
Net Carrying Amount		115.6	129
Indefinite-lived intangible assets
Indefinite-lived intangible assets		35.8	36.2
Intangible assets
Gross Carrying Amount		371.9	370.2
Net Carrying Amount		$ 151.4	165.2
Estimated useful lives		11 years
Aggregate amortization expense for amortized intangible assets		$ 15.6	19.6	$ 22.5
Amortization expense
2020		14.3
2021		13.2
2022		11.9
2023		11.5
2024		11.3
Patents
Intangible assets subject to amortization
Gross Carrying Amount		16.1	16.1
Accumulated Amortization		(15.9)	(15.8)
Net Carrying Amount		$ 0.2	0.3
Intangible assets
Estimated useful lives		1 year 10 months 24 days
Customer relationships
Intangible assets subject to amortization
Gross Carrying Amount		$ 232.8	232.9
Accumulated Amortization		(156.3)	(146.9)
Net Carrying Amount		$ 76.5	86
Intangible assets
Estimated useful lives		10 years 3 months 18 days
Technology
Intangible assets subject to amortization
Gross Carrying Amount		$ 56.9	54.6
Accumulated Amortization		(31.6)	(27.3)
Net Carrying Amount		$ 25.3	27.3
Intangible assets
Estimated useful lives		6 years 7 months 6 days
Trade name
Intangible assets subject to amortization
Gross Carrying Amount		$ 26	26.1
Accumulated Amortization		(13.1)	(11.5)
Net Carrying Amount		$ 12.9	14.6
Intangible assets
Estimated useful lives		13 years 3 months 18 days
Other
Intangible assets subject to amortization
Gross Carrying Amount		$ 4.3	4.3
Accumulated Amortization		(3.6)	(3.5)
Net Carrying Amount		$ 0.7	$ 0.8
Intangible assets
Estimated useful lives		17 years 6 months
Americas \| Technology
Intangible assets
Finite-lived intangible asset impairment	$ 1

Goodwill and Intangibles - Acqu

Goodwill and Intangibles - Acquisitions (Details) - USD ($) $ in Millions	Dec. 31, 2019	Oct. 27, 2019	Dec. 31, 2018
Business Combination, Description [Abstract]
Goodwill	$ 581.1	$ 579.4	$ 544.8

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Inventories
Raw materials	$ 83.4	$ 87.4
Work in process	15.5	17.3
Finished goods	171.2	182.1
Total Inventories	270.1	286.8
Valuation reserves	27.9	27.4
Finished goods consigned	$ 16.7	$ 17.4

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, plant and equipment
Property, plant and equipment, at cost	$ 557.9	$ 537.4
Accumulated depreciation	(357.9)	(335.5)
Property, plant and equipment, net	200	201.9	$ 198.5
Land
Property, plant and equipment
Property, plant and equipment, at cost	13.9	14.1
Buildings and improvements
Property, plant and equipment
Property, plant and equipment, at cost	175.8	165.7
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, at cost	354.7	342.2
Construction in progress
Property, plant and equipment
Property, plant and equipment, at cost	$ 13.5	$ 15.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended			24 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2018
Deferred income tax liabilities:
Excess tax over book depreciation	$ 18.8	$ 16.2		$ 16.2
Intangibles	32.1	33.8		33.8
Goodwill	21	17.4		17.4
Foreign earnings	3.9	5.1		5.1
Operating lease ROU assets	10.3
Other	4.9	3.2		3.2
Total deferred tax liabilities	91	75.7		75.7
Deferred income tax assets:
Accrued expenses	7.8	7		7
Product liability	6.3	6		6
Operating lease liabilities	10.4
Stock based compensation	5.4	4.8		4.8
Foreign tax credits	32.7	33.5		33.5
Net operating loss carry forward	6.4	6.1		6.1
Inventory reserves	5.2	6		6
Other	9.5	5.3		5.3
Total deferred tax assets	83.7	68.7		68.7
Less: valuation allowance	(28.6)	(29.9)		(29.9)
Net deferred tax assets	55.1	38.8		38.8
Net deferred tax liabilities	(35.9)	(36.9)		(36.9)
Pre-tax income, basis for the provision for income taxes from continuing operations
Domestic	119.9	103.2	$ 80.3
Foreign	64	71.4	62.8
INCOME BEFORE INCOME TAXES	183.9	174.6	143.1
Current tax expense:
Federal	18.7	24.7	42.1
Foreign	25.5	29	17.3
State	6.4	7.7	4.2
Total	50.6	61.4	63.6
Deferred tax expense (benefit):
Federal	2.5	(3.2)	4
Foreign	(2.1)	(7.7)	8.5
State	1.4	(1.9)	5.9
Total	1.8	(12.8)	18.4
Deferred tax remeasurement of the 2017 Tax Act		(2)	(12)
Provision for income taxes from continuing operations	52.4	$ 46.6	$ 70
U.S. Corporate income tax rate		21.00%	35.00%
Provisional tax expense, 2017 Tax Act			$ 25.1
Income tax expense (benefit), 2017 Tax Act		$ 3.7
Net impact on finalization of provisional tax expense, 2017 Tax Act				21.4
Net impact on finalization of foreign tax credits and partial release of related valuation allowance, 2017 Tax Act	$ 10.6
Provisional amount of deferred tax expense on future repatriation of foreign			23.3
Deferred tax, final tax benefit		2		14
Tax rate on accumulated foreign subsidiary earnings not previously subject to U.S. income tax (as a percent)	15.50%
Tax rate on remaining foreign subsidiary earnings (as a percent)	8.00%
Toll tax expense, 2017 Tax Act		$ 10.2		33.5
Payment period on toll tax liability		8 years
Provisional amount of deferred tax expense on future repatriation of foreign earnings other than toll taxes			14.6
Amount of net deferred tax expense on future repatriation of foreign earnings other than toll taxes				$ 12.6
Final deferred tax benefit on future repatriation of foreign earnings other than toll taxes		$ 2
Deferred tax remeasurment, provision amount of tax benefit			12
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations
Computed expected federal income expense	$ 38.6	36.6	50.1
State income taxes, net of federal tax benefit	6.3	5.3	2.7
Foreign tax rate differential	4.2	2.7	(6.7)
Impact of the 2017 Tax Act		(3.7)	25.1
Unrecognized tax benefits	0.7	3.2
Other, net	2.6	2.5	(1.2)
Provision for income taxes	$ 52.4	$ 46.6	$ 70

Income Taxes - Operating loss c

Income Taxes - Operating loss carry forwards (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Net operating loss carry forwards
Net operating loss carry forward	$ 6.4	$ 6.1
Valuation allowance	28.6	29.9
Foreign
Net operating loss carry forwards
Net operating loss carryforward, not subject to expiration	24.3
Net operating loss carryforward, subject to expiration	1.2
Operating loss carryforward	25.5
Tax credit carryforward	32.7	$ 33.5
Austrian Operations
Net operating loss carry forwards
Operating loss carryforward	24.3
Korean Operations
Net operating loss carry forwards
Operating loss carryforward	$ 1.2

Income Taxes - Valuation allowa

Income Taxes - Valuation allowance (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Valuation allowance
Valuation allowance	$ 28.6	$ 29.9
Foreign Tax Credits
Valuation allowance
Valuation allowance	22.3	23.8
Foreign \| Operating Losses
Valuation allowance
Valuation allowance	$ 6.3	$ 6.1

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)
Income Taxes
Amount of unrecognized tax benefits which, if recognized, would affect the effective tax rate	$ 4.6
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the period	10.2
Increases related to prior year tax positions	0.6
Decreases due to lapse in statutes	(1.3)
Currency movement	(0.2)
Balance at the end of the period	9.3
Decrease in unrecognized tax benefits, that is reasonably possible	$ 3.5

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Accrued Expenses and Other Liabilities
Commissions and sales incentives payable	$ 43.7	$ 46.3
Product liability and workers' compensation	22.2	22.3
Other	58.7	54.6
Income taxes payable	8.8	7.4
Accrued expenses and other liabilities	$ 133.4	$ 130.6

Financing Arrangements - Long-t

Financing Arrangements - Long-term debt (Details) - USD ($) $ in Millions	Jun. 18, 2010	Dec. 31, 2019	Dec. 31, 2018
Financing Arrangements
Total debt		$ 310	$ 355
Less debt issuance costs (deduction from liability)		(0.8)	(1.6)
Less current maturities		(105)	(30)
Total long-term debt		204.2	323.4
Principal payments during each of the next five years and thereafter
2020		105
2021		205
2022 and thereafter		0
Letters of credit outstanding		$ 25.8
5.05% Senior notes due 2020
Financing Arrangements
Interest rate (as a percent)		5.05%
Total debt		$ 75	75
Amount drawn	$ 75
5.05% Senior notes due 2020 \| Minimum
Financing Arrangements
Optional amount that the Company may prepay		1
Term Loan due February 2021
Financing Arrangements
Total debt		225	255
Line of Credit matures February 2021
Financing Arrangements
Total debt		$ 10	$ 25
Letters of credit
Financing Arrangements
Term of letters of credit from the date of issuance		1 year

Financing Arrangements - Credit

Financing Arrangements - Credit Agreement (Details) - USD ($) $ in Millions	Feb. 12, 2016	Jun. 18, 2010	Feb. 29, 2016	Dec. 31, 2019	Dec. 31, 2018
Credit Agreement
Borrowings outstanding				$ 310	$ 355
Stand-by letters of credit outstanding				25.8
Term Loan due February 2021
Credit Agreement
Borrowings outstanding				$ 225	255
Letters of credit
Credit Agreement
Term of debt				1 year
5.05% Senior notes due 2020
Credit Agreement
Amount drawn		$ 75
Borrowings outstanding				$ 75	$ 75
Interest rate (as a percent)				5.05%
Credit Agreement
Credit Agreement
Term of debt	5 years
Sublimit on letters of credit	$ 100
Unused and available credit under the credit agreement				$ 464.2
Stand-by letters of credit outstanding				$ 25.8
Eurocurrency rate loans \| LIBOR \| Minimum
Credit Agreement
Interest rate added to base rate (as a percent)				0.975%
Eurocurrency rate loans \| LIBOR \| Maximum
Credit Agreement
Interest rate added to base rate (as a percent)				1.45%
Base rate loans and swing line loans \| LIBOR
Credit Agreement
Interest rate added to base rate (as a percent)				1.00%
Base rate loans and swing line loans \| LIBOR \| Minimum
Credit Agreement
Interest rate added to base rate (as a percent)				0.00%
Base rate loans and swing line loans \| LIBOR \| Maximum
Credit Agreement
Interest rate added to base rate (as a percent)				0.45%
Base rate loans and swing line loans \| Federal funds
Credit Agreement
Interest rate added to base rate (as a percent)				0.50%
Senior unsecured revolving credit facility
Credit Agreement
Borrowing capacity	$ 500
Amount drawn				$ 10
Interest rate on revolving credit facility (as a percent)				2.81%
Term loan facility \| Term Loan due February 2021
Credit Agreement
Term of debt	5 years
Face amount	$ 300
Interest rate on term loan facility (as a percent)				3.15%
First year (as a percent)	0.00%
Second and third years (as a percent)	7.50%
Fourth and fifth years (as a percent)	10.00%
Amount drawn			$ 300
Required payment				$ 30
Term loan facility \| LIBOR \| Minimum \| Term Loan due February 2021
Credit Agreement
Interest rate added to base rate (as a percent)				1.125%
Term loan facility \| LIBOR \| Maximum \| Term Loan due February 2021
Credit Agreement
Interest rate added to base rate (as a percent)				1.75%

Common Stock (Details)

Common Stock (Details) $ in Millions	12 Months Ended
Common Stock (Details) $ in Millions	Dec. 31, 2019USD ($)itemshares	Dec. 31, 2018USD ($)shares	Feb. 06, 2019USD ($)	Jul. 27, 2015USD ($)
Common Stock
Common Stock conversion ratio, at the option of the holder	1
Number of repurchase plans \| item	2
Class A
Common Stock
Common Stock, votes per share (Number of votes)	1	1
Shares of Common Stock reserved for issuance under stock-based compensation plans \| shares	2,343,195
Number of shares repurchased \| shares	227,620	340,106
Cost of shares of Class A common stock repurchased	$ 19.5	$ 26
Class A \| July 27, 2015
Common Stock
Value of shares of the entity's Class A common stock authorized to be repurchased				$ 100
Number of shares repurchased \| shares	146,304	340,106
Cost of shares of Class A common stock repurchased	$ 11.8	$ 26
Class A \| February 06, 2019
Common Stock
Value of shares of the entity's Class A common stock authorized to be repurchased			$ 150
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 142.3
Number of shares repurchased \| shares	81,316
Cost of shares of Class A common stock repurchased	$ 7.7
Class B
Common Stock
Common Stock, votes per share (Number of votes)	10	10
Shares of Common Stock reserved for conversion \| shares	6,279,290

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)item$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2014
Stock-based compensation
Total unrecognized compensation cost related to the unvested awards \| $	$ 17.5
Total weighted average remaining term of unrecognized compensation costs	1 year 6 months 3 days
Compensation cost recognized \| $	$ 17.8	$ 13.8	$ 13.9
Class A
Stock-based compensation
Shares available for future grants of new equity awards \| shares	1,148,907
Performance stock units
Stock-based compensation
Granted (in shares) \| shares	88,000	96,000	98,000
Total unrecognized compensation cost related to the unvested awards \| $	$ 7.8
Total weighted average remaining term of unrecognized compensation costs	1 year 6 months
Compensation cost recognized \| $	$ 8.5	$ 5.2	$ 4.8
Fair value assumptions
Weighted average grant-date fair value (in dollars per share)	$ 77.58	$ 81.51	$ 60.45
Performance stock units \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 99.76
Previous Stock Incentive Plan 2004
Stock-based compensation
Expiration period (years)	10 years
Minimum exercise price as percentage of fair market value of common stock on grant date				100.00%
Second Amended and Restated 2004 Stock Incentive Plan
Stock-based compensation
Number of stock incentive plans \| item	1
Second Amended and Restated 2004 Stock Incentive Plan \| Stock options
Stock-based compensation
Total unrecognized compensation cost related to the unvested awards \| $	$ 0
Compensation cost recognized \| $			$ 0.5
Summary of stock option activity and related information
Outstanding at beginning of year (in shares) \| shares	49,000	95,000	130,000
Cancelled/Forfeitures (in shares) \| shares	(1,000)		(3,000)
Exercised (in shares) \| shares	(38,000)	(46,000)	(32,000)
Outstanding at end of year (in shares) \| shares	10,000	49,000	95,000
Exercisable at end of year (in shares) \| shares	10,000	49,000	93,000
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 55.25	$ 54.91	$ 54.46
Cancelled/Forfeitures (in dollars per share)	57.47		55.81
Exercised (in dollars per share)	55.63	54.55	53.19
Outstanding at end of year (in dollars per share)	53.65	55.25	54.91
Exercisable at end of year (in dollars per share)	53.65	$ 55.25	$ 54.85
Weighted Average Intrinsic Value
Outstanding at end of year (in dollars per share)	46.11
Exercisable at end of year (in dollars per share)	$ 46.11
Aggregate intrinsic values of exercisable options (in dollars) \| $	$ 0.5
Total intrinsic value of options exercised \| $	$ 1.3	$ 1.2	$ 0.5
Second Amended and Restated 2004 Stock Incentive Plan \| Stock options \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 99.76
Second Amended and Restated 2004 Stock Incentive Plan \| Restricted Stock and Deferred Shares
Stock-based compensation
Vesting period	3 years
Percentage of stock options becoming exercisable	33.00%
Second Amended and Restated 2004 Stock Incentive Plan \| Performance Shares and Deferred Shares
Stock-based compensation
Minimum service period	10 years
Minimum age	55 years
Second Amended and Restated 2004 Stock Incentive Plan \| Performance stock units
Stock-based compensation
Period of time used to calculate the compound annual growth rate	3 years
Second Amended and Restated 2004 Stock Incentive Plan \| Performance stock units \| Minimum
Stock-based compensation
Percent of target shares a recipient may earn	0
Second Amended and Restated 2004 Stock Incentive Plan \| Performance stock units \| Maximum
Stock-based compensation
Percent of target shares a recipient may earn	2
Management Stock Purchase Plan
Stock-based compensation
Percentage of annual incentive bonus that may be used to purchase RSU's	50.00%
Purchase price as percentage of fair market value of common stock on grant date	80.00%
Management Stock Purchase Plan \| Class A
Stock-based compensation
Shares authorized \| shares	2,000,000
Shares available for future grants of new equity awards \| shares	741,048
Management Stock Purchase Plan \| Restricted stock \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 99.76
Management Stock Purchase Plan \| Restricted stock units (RSUs)
Stock-based compensation
Minimum deferral period	3 years
Granted (in shares) \| shares	37,000	36,000	47,000
Total unrecognized compensation cost related to the unvested awards \| $	$ 0.9
Total weighted average remaining term of unrecognized compensation costs	1 year 4 months 28 days
Compensation cost recognized \| $	$ 0.8	$ 1	$ 1
Fair value assumptions
Expected life (years)	3 years	3 years	3 years
Expected stock price volatility (as a percent)	23.30%	24.10%	25.00%
Expected dividend yield (as a percent)	1.10%	1.00%	1.20%
Risk-free interest rate (as a percent)	2.50%	2.40%	1.50%
Weighted average grant-date fair value (in dollars per share)	$ 22.16	$ 21.80	$ 16.84
Management Stock Purchase Plan \| Restricted stock units (RSUs) \| Minimum
Stock-based compensation
Vesting period	3 years

Stock-Based Compensation - Opti

Stock-Based Compensation - Options outstanding (Details) - Stock options shares in Thousands	12 Months Ended
	Dec. 31, 2019$ / sharesshares
Options Outstanding
Number Outstanding (in shares) \| shares	9,862
Weighted Average Remaining Contractual Life	3 years 8 months 19 days
Weighted Average Exercise Price (in dollars per share)	$ 53.65
Options Exercisable
Number Exercisable (in shares) \| shares	9,862
Weighted Average Exercise Price (in dollars per share)	$ 53.65
$37.41-$37.41
Information about options outstanding
Low end of exercise price range (in dollars per share)	37.41
High end of exercise price range (in dollars per share)	$ 37.41
Options Outstanding
Number Outstanding (in shares) \| shares	1,000
Weighted Average Remaining Contractual Life	2 years 7 months 2 days
Weighted Average Exercise Price (in dollars per share)	$ 37.41
Options Exercisable
Number Exercisable (in shares) \| shares	1,000
Weighted Average Exercise Price (in dollars per share)	$ 37.41
$54.76-$57.47
Information about options outstanding
Low end of exercise price range (in dollars per share)	54.76
High end of exercise price range (in dollars per share)	$ 57.47
Options Outstanding
Number Outstanding (in shares) \| shares	8,862
Weighted Average Remaining Contractual Life	3 years 10 months 6 days
Weighted Average Exercise Price (in dollars per share)	$ 55.48
Options Exercisable
Number Exercisable (in shares) \| shares	8,862
Weighted Average Exercise Price (in dollars per share)	$ 55.48

Stock-Based Compensation - Unve

Stock-Based Compensation - Unvested restricted stock and deferred shares activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Other Disclosures
Total unrecognized compensation cost related to the unvested awards	$ 17.5
Total weighted average remaining term of unvested awards	1 year 6 months 3 days
Compensation cost recognized	$ 17.8	$ 13.8	$ 13.9
Performance stock units
Summary of unvested restricted stock and deferred shares activity and related information
Unvested at beginning of year (in shares)	249	273	267
Granted (in shares)	88	96	98
Cancelled/Forfeitures (in shares)	(82)	(80)	(54)
Vested (in shares)	(17)	(40)	(38)
Unvested at end of year (in shares)	238	249	273
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 66.15	$ 58.23	$ 56.96
Granted (in dollars per share)	77.58	81.51	60.45
Cancelled/Forfeitures (in dollars per share)	55.27	58.96	56.81
Vested (in dollars per share)	71.50	63.43	57.12
Unvested at end of period (in dollars per share)	$ 73.84	$ 66.15	$ 58.23
Other Disclosures
Total fair value of shares vested	$ 6.3	$ 5.8	$ 3.5
Total unrecognized compensation cost related to the unvested awards	$ 7.8
Total weighted average remaining term of unvested awards	1 year 6 months
Compensation cost recognized	$ 8.5	$ 5.2	$ 4.8
Aggregate intrinsic value of outstanding awards	$ 23.7
Performance stock units \| Class A
Other Disclosures
Company's closing Common Stock price (in dollars per share)	$ 99.76
Second Amended and Restated 2004 Stock Incentive Plan \| Restricted stock and deferred shares
Summary of unvested restricted stock and deferred shares activity and related information
Unvested at beginning of year (in shares)	216	217	210
Granted (in shares)	96	153	139
Cancelled/Forfeitures (in shares)	(102)	(126)	(123)
Vested (in shares)	(14)	(28)	(9)
Unvested at end of year (in shares)	196	216	217
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 71.28	$ 57.31	$ 53.79
Granted (in dollars per share)	78.54	80.52	60.88
Cancelled/Forfeitures (in dollars per share)	68.83	59.52	55.35
Vested (in dollars per share)	56.97	66.24	55.55
Unvested at end of period (in dollars per share)	$ 76.56	$ 71.28	$ 57.31
Other Disclosures
Total fair value of shares vested	$ 8.4	$ 10.2	$ 7.7
Total unrecognized compensation cost related to the unvested awards	$ 8.8
Total weighted average remaining term of unvested awards	1 year 6 months 10 days
Compensation cost recognized	$ 8.5	$ 7.6	$ 6.9
Aggregate intrinsic value of outstanding awards	$ 19.6
Second Amended and Restated 2004 Stock Incentive Plan \| Restricted stock and deferred shares \| Class A
Other Disclosures
Company's closing Common Stock price (in dollars per share)	$ 99.76
Management Stock Purchase Plan \| Restricted stock \| Class A
Other Disclosures
Company's closing Common Stock price (in dollars per share)	$ 99.76
Management Stock Purchase Plan \| Restricted stock units (RSUs)
Summary of unvested restricted stock and deferred shares activity and related information
Granted (in shares)	37	36	47
Cancelled/Forfeitures (in shares)	(79)	(46)	(18)
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 22.16	$ 21.80	$ 16.84
Other Disclosures
Total unrecognized compensation cost related to the unvested awards	$ 0.9
Total weighted average remaining term of unvested awards	1 year 4 months 28 days
Compensation cost recognized	$ 0.8	$ 1	$ 1
Aggregate intrinsic value of outstanding awards	4.6
Dividend declared and unpaid	$ 0.1

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU activity (Details) - Management Stock Purchase Plan - Restricted stock units (RSUs) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
RSU activity and related information
Outstanding at beginning of period (in shares)	154	174	148
Granted (in shares)	37	36	47
Cancelled/Forfeitures (in shares)	(79)	(46)	(18)
Settled (in shares)	(2)	(10)	(3)
Outstanding at end of period (in shares)	110	154	174
Vested at end of period (in shares)	35	66	57
Weighted Average Purchase Price
Outstanding at beginning of period (in dollars per share)	$ 45.02	$ 39.68	$ 36.37
Granted (in dollars per share)	63.77	61.84	49.92
Cancelled/Forfeitures (in dollars per share)	35.63	37.34	39.09
Settled (in dollars per share)	56.25	48.82	41.55
Outstanding at end of period (in dollars per share)	57.91	45.02	39.68
Vested at end of period (in dollars per share)	52.67	$ 38.17	$ 36.26
Weighted Average Intrinsic Value
Outstanding at end of period (in dollars per share)	41.85
Vested at end of period (in dollars per share)	$ 47.09
Aggregate intrinsic value of outstanding awards	$ 4.6
Aggregate intrinsic value of awards vested	1.6
Total intrinsic value of awards settled	$ 3.5	$ 1.8	$ 0.4

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair value assumptions
Dividends distributed on the company's Common Stock (in dollars per share)	$ 0.23	$ 0.23	$ 0.23	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.19	$ 0.90	$ 0.82	$ 0.75
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total unrecognized compensation cost related to the unvested awards	$ 17.5								$ 17.5
Total weighted average remaining term of unrecognized compensation costs									1 year 6 months 3 days
Compensation cost recognized									$ 17.8	$ 13.8	$ 13.9
Impact on both basic and diluted net income per common share for recognition of total stock-based compensation expense (in dollars per share)									$ 0.42	$ 0.32	$ 0.28
Cost of goods sold.
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Compensation cost recognized									$ 0.9	$ 0.9	$ 0.8
Selling, general and administrative expenses
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Compensation cost recognized									16.9	12.9	13.1
Stock options
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Tax benefit recorded for the compensation expense											0.1
Other Stock-based Plans
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Tax benefit recorded for the compensation expense									$ 3.1	$ 2.8	$ 3.9
Management Stock Purchase Plan \| Restricted stock units (RSUs)
RSUs Outstanding
Number Outstanding (in shares)	110				154				110	154	174	148
Weighted Average Purchase Price (in dollars per share)	$ 57.91				$ 45.02				$ 57.91	$ 45.02	$ 39.68	$ 36.37
RSUs Vested
Number Vested (in shares)	35				66				35	66	57
Weighted Average Purchase Price (in dollars per share)	$ 52.67				$ 38.17				$ 52.67	$ 38.17	$ 36.26
Fair value assumptions
Expected life (years)									3 years	3 years	3 years
Expected stock price volatility (as a percent)									23.30%	24.10%	25.00%
Expected dividend yield (as a percent)									1.10%	1.00%	1.20%
Risk-free interest rate (as a percent)									2.50%	2.40%	1.50%
Weighted average grant-date fair value (in dollars per share)									$ 22.16	$ 21.80	$ 16.84
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total unrecognized compensation cost related to the unvested awards	$ 0.9								$ 0.9
Total weighted average remaining term of unrecognized compensation costs									1 year 4 months 28 days
Compensation cost recognized									$ 0.8	$ 1	$ 1
$35.41-$40.27 \| Management Stock Purchase Plan \| Restricted stock units (RSUs)
Information about RSUs outstanding
Low end of purchase price range (in dollars per share)									$ 35.41
High end of purchase price range (in dollars per share)									$ 40.27
RSUs Outstanding
Number Outstanding (in shares)	2								2
Weighted Average Purchase Price (in dollars per share)	$ 36.61								$ 36.61
RSUs Vested
Number Vested (in shares)	2								2
Weighted Average Purchase Price (in dollars per share)	$ 36.61								$ 36.61
$49.92-$61.84 \| Management Stock Purchase Plan \| Restricted stock units (RSUs)
Information about RSUs outstanding
Low end of purchase price range (in dollars per share)									49.92
High end of purchase price range (in dollars per share)									$ 63.77
RSUs Outstanding
Number Outstanding (in shares)	108								108
Weighted Average Purchase Price (in dollars per share)	$ 58.27								$ 58.27
RSUs Vested
Number Vested (in shares)	33								33
Weighted Average Purchase Price (in dollars per share)	$ 53.57								$ 53.57

Employee Benefit Plans - 401K C

Employee Benefit Plans - 401K Contribution and Supplemental Compensation agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee Benefit Plans
Base contribution as a percentage of employee gross pay (as a percent)	2.00%
Employer maximum match of an employee's contributions of first 4% of eligible compensation (as a percent)	100.00%
Percentage of eligible compensation, matched 100% by employer	4.00%
Company's matching contributions under certain 401(k) savings plans	$ 6.8	$ 6.1	$ 5
Foreign pension plans
Employee Benefit Plans
Charges for pension plans	$ 3.6	$ 3.9	$ 4.1

Contingencies and Environment_2

Contingencies and Environmental Remediation (Details) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2018item	Dec. 31, 2019USD ($)item
Maximum
Litigation contingencies
Possible loss \| $		$ 5.6
Chemetco Superfund Site
Litigation contingencies
Number of companies joining group for environmental liability notice	43
Asbestos Litigation
Litigation contingencies
Number of lawsuits the entity is defending in different jurisdictions		300
Number of judgements		0

Financial Instruments - Fair Va

Financial Instruments - Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Long-term debt
Carrying amount	$ 310	$ 355
Estimated fair value	$ 310.5	$ 355.4
5.05% Senior notes due 2020
Senior notes
Interest rate (as a percent)	5.05%

Financial Instruments - Fair _2

Financial Instruments - Fair Value on a Recurring Basis (Details) - Fair value measured on a recurring basis - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Assets
Plan assets for deferred compensation	$ 2.5	$ 2.6
Total assets	3.7	9.1
Liabilities
Plan liabilities for deferred compensation	2.5	2.6
Redeemable financial instrument		2.8
Total liabilities	2.7	5.4
Interest Rate Swaps
Assets
Derivative outstanding	1.2	6.5
Forward exchange contracts
Liabilities
Designated foreign currency hedges	0.2
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Plan assets for deferred compensation	2.5	2.6
Total assets	2.5	2.6
Liabilities
Plan liabilities for deferred compensation	2.5	2.6
Total liabilities	2.5	2.6
Significant Other Observable Inputs (Level 2)
Assets
Total assets	1.2	6.5
Liabilities
Total liabilities	0.2
Significant Other Observable Inputs (Level 2) \| Interest Rate Swaps
Assets
Derivative outstanding	1.2	6.5
Significant Other Observable Inputs (Level 2) \| Forward exchange contracts
Liabilities
Designated foreign currency hedges	$ 0.2
Significant Unobservable Inputs (Level 3)
Liabilities
Redeemable financial instrument		2.8
Total liabilities		$ 2.8

Financial Instruments - Change

Financial Instruments - Change in Fair value (Details) - Apex - USD ($) $ in Millions	Nov. 30, 2015	Sep. 29, 2019	Apr. 02, 2017
Reconciliation of changes in fair value of all financial assets and liabilities measured on recurring basis
Liability recorded at acquisition date fair value	$ 5.5
Shares remaining to be acquired (as a percent)	20.00%
Call option term	3 years
Outstanding shares acquired (as a percent)	80.00%	10.00%	10.00%
Purchase price	$ 20.4	$ 2.8	$ 2.9
Aggregate ownership percentage			90.00%

Financial Instruments - Interes

Financial Instruments - Interest Rate Swaps and Non-Designated Cash Flow Hedge (Details) $ in Millions	Feb. 12, 2016USD ($)item	Feb. 29, 2016USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Derivative instruments
Percentage of projected intercompany purchases hedged by forward exchange contracts			60.00%
Period of projected intercompany purchase transactions			12 months
Minimum
Derivative instruments
Percentage of projected intercompany purchases hedged by forward exchange contracts				70.00%
Maximum
Derivative instruments
Percentage of projected intercompany purchases hedged by forward exchange contracts				80.00%
Term loan facility \| Term Loan due February 2021
Interest Rate Swaps
Face amount	$ 300
Amount drawn		$ 300
Senior unsecured revolving credit facility
Interest Rate Swaps
Amount drawn			$ 10
Borrowing capacity	$ 500
Forward exchange contracts \| Designated
Derivative instruments
Designated foreign currency hedges			0.2
Amount of Gain or (Loss) Recognized in Income on Derivatives
Amount expected to be reclassified			$ 0.4
Period of time for expected reclassification			12 months
Canadian Dollar to US Dollar Contracts
Interest Rate Swaps
Derivative notional amount			$ 13.5
US Dollar to Chinese Yuan Contracts
Interest Rate Swaps
Derivative notional amount			1.6
Interest Rate Swaps \| Designated \| Cash Flow Hedging
Interest Rate Swaps
Number of derivative contracts entered \| item	2
Derivative fixed interest rate	1.31375%
Derivative notional amount	$ 225
Gain (loss) recognized in Accumulated Other Comprehensive Loss, effective portion			$ (3.9)	$ 0.7
Interest Rate Swaps \| Designated \| Cash Flow Hedging \| LIBOR
Interest Rate Swaps
Variable basis indexed interest payments floor	0.00%

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended								12 Months Ended
Segment Information (Details) $ in Millions	Dec. 31, 2019USD ($)	Sep. 29, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jul. 01, 2018USD ($)	Apr. 01, 2018USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2019USD ($)segment	Dec. 31, 2019USD ($)item	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Segment information
Number of geographic segments										3	3
Revenue	$ 400.3	$ 394.7	$ 416.8	$ 388.7	$ 387.6	$ 390.9	$ 407.9	$ 378.5	$ 1,600.5			$ 1,564.9	$ 1,456.7
Consolidated operating income (loss)									197.1			188.4	162.3
Interest income									(0.4)			(0.8)	(1)
Interest expense									14.1			16.3	19.1
Other expense, net									(0.5)			(1.7)	1.1
INCOME BEFORE INCOME TAXES									183.9			174.6	143.1
Capital Expenditures									29.2			35.9	29.4
Depreciation and Amortization									46.6			48.5	52.2
Identifiable assets (at end of period)	1,723.1				1,653.7				1,723.1	$ 1,723.1	$ 1,723.1	1,653.7	1,736.5
Property, plant and equipment, net (at end of period)	200				201.9				200	200	200	201.9	198.5
Goodwill impairment charge									0
Residential & Commercial Flow Control
Segment information
Revenue									827.5			804.4
HVAC & Gas Products
Segment information
Revenue									498			507
Drainage & Water Re-use Products
Segment information
Revenue									172.4			163.1
Water Quality Products
Segment information
Revenue									102.6			90.4
Reportable segments
Segment information
Consolidated operating income (loss)									244.2			228.1	199.1
Corporate
Segment information
Consolidated operating income (loss)									(47.1)			(39.7)	(36.8)
Intersegment sales
Segment information
Revenue									95			115.3	96.4
Americas
Segment information
Revenue									1,084.1			1,032.1	951.9
Capital Expenditures									18.3			21.5	20.7
Depreciation and Amortization									29.3			29.1	30.8
Identifiable assets (at end of period)	1,102.9				1,028.1				1,102.9	1,102.9	1,102.9	1,028.1	1,069.2
Property, plant and equipment, net (at end of period)	116.7				115				116.7	116.7	116.7	115	109.3
Americas \| Residential & Commercial Flow Control
Segment information
Revenue									610.5			582
Americas \| HVAC & Gas Products
Segment information
Revenue									294.6			289.2
Americas \| Drainage & Water Re-use Products
Segment information
Revenue									80.2			73.1
Americas \| Water Quality Products
Segment information
Revenue									98.8			87.8
Americas \| U.S.
Segment information
Revenue									1,014			964.2	886.2
Property, plant and equipment, net (at end of period)	112.6				111				112.6	112.6	112.6	111	105.1
Americas \| Reportable segments
Segment information
Consolidated operating income (loss)									187.4			171.1	146.8
Americas \| Intersegment sales
Segment information
Revenue									12.1			12.7	12.1
Europe
Segment information
Revenue									451			467	440.3
Capital Expenditures									10.3			12.7	8
Depreciation and Amortization									14.6			16.7	18.6
Identifiable assets (at end of period)	515.2				510.2				515.2	515.2	515.2	510.2	524
Property, plant and equipment, net (at end of period)	77.5				80				77.5	77.5	77.5	80	82.1
Europe \| Residential & Commercial Flow Control
Segment information
Revenue									171.3			176.2
Europe \| HVAC & Gas Products
Segment information
Revenue									188.2			201.6
Europe \| Drainage & Water Re-use Products
Segment information
Revenue									88.8			87.8
Europe \| Water Quality Products
Segment information
Revenue									2.7			1.4
Europe \| Reportable segments
Segment information
Consolidated operating income (loss)									49.9			49.8	47.6
Europe \| Intersegment sales
Segment information
Revenue									15.2			14.2	14.6
APMEA
Segment information
Revenue									65.4			65.8	64.5
Capital Expenditures									0.6			1.7	0.7
Depreciation and Amortization									2.7			2.7	2.8
Identifiable assets (at end of period)	105				115.4				105	105	105	115.4	143.3
Property, plant and equipment, net (at end of period)	$ 5.8				$ 6.9				5.8	$ 5.8	$ 5.8	6.9	7.1
APMEA \| Residential & Commercial Flow Control
Segment information
Revenue									45.7			46.2
APMEA \| HVAC & Gas Products
Segment information
Revenue									15.2			16.2
APMEA \| Drainage & Water Re-use Products
Segment information
Revenue									3.4			2.2
APMEA \| Water Quality Products
Segment information
Revenue									1.1			1.2
APMEA \| Reportable segments
Segment information
Consolidated operating income (loss)									6.9			7.2	4.7
APMEA \| Intersegment sales
Segment information
Revenue									$ 67.7			$ 88.4	$ 69.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period				$ (121.1)
Balance at the end of the period	$ (130.8)				$ (121.1)
Foreign Currency Translation
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(143.2)	$ (127.4)	$ (130.9)	(126.3)	(117)	$ (119.5)	$ (92.9)	$ (102.6)
Change in period	11.9	(15.8)	3.5	(4.6)	(9.3)	2.5	(26.6)	9.7
Balance at the end of the period	(131.3)	(143.2)	(127.4)	(130.9)	(126.3)	(117)	(119.5)	(92.9)
Cash Flow Hedges
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	1	1.5	3.9	5.2	7.2	7.3	6.3	3.5
Change in period	(0.5)	(0.5)	(2.4)	(1.3)	(2)	(0.1)	1	2.8
Balance at the end of the period	0.5	1	1.5	3.9	5.2	7.2	7.3	6.3
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(142.2)	(125.9)	(127)	(121.1)	(109.8)	(112.2)	(86.6)	(99.1)
Change in period	11.4	(16.3)	1.1	(5.9)	(11.3)	2.4	(25.6)	12.5
Balance at the end of the period	$ (130.8)	$ (142.2)	$ (125.9)	$ (127)	$ (121.1)	$ (109.8)	$ (112.2)	$ (86.6)

Quarterly Financial Informati_3

Quarterly Financial Information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 29, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jul. 01, 2018	Apr. 01, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information (unaudited)
Revenue	$ 400.3	$ 394.7	$ 416.8	$ 388.7	$ 387.6	$ 390.9	$ 407.9	$ 378.5	$ 1,600.5	$ 1,564.9	$ 1,456.7
Gross profit	170.1	168.6	174.6	164.2	165.9	164.5	169.4	156.7	677.5	656.5	602.4
Net income (loss)	$ 31.8	$ 32.3	$ 36.4	$ 31	$ 32.3	$ 31.5	$ 36	$ 28.2	$ 131.5	$ 128	$ 73.1
BASIC EPS
Net income (in dollars per share)	$ 0.94	$ 0.95	$ 1.06	$ 0.91	$ 0.94	$ 0.92	$ 1.05	$ 0.82	$ 3.86	$ 3.73	$ 2.12
DILUTED EPS
Net income (in dollars per share)	0.93	0.94	1.06	0.91	0.94	0.92	1.05	0.82	3.85	3.73	2.12
Dividends declared per common share (in dollars per share)	$ 0.23	$ 0.23	$ 0.23	$ 0.21	$ 0.21	$ 0.21	$ 0.21	$ 0.19	$ 0.90	$ 0.82	$ 0.75

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	Feb. 06, 2020$ / shares
Class A
Subsequent events
Quarterly dividend payable (in dollars per share)	$ 0.23
Class B
Subsequent events
Quarterly dividend payable (in dollars per share)	$ 0.23

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Allowance for doubtful accounts
Changes in valuation and qualifying accounts
Balance At Beginning of Period	$ 15	$ 14.3	$ 14.2
Additions Charged To Expense	2.2	3.3	3.7
Additions Charged To Other Accounts		(0.2)	0.4
Deductions	(2.9)	(2.4)	(4)
Balance At End of Period	14.3	15	14.3
Reserve for excess and obsolete inventories
Changes in valuation and qualifying accounts
Balance At Beginning of Period	24.4	25.4	26.1
Additions Charged To Expense	6.6	7.7	7.3
Additions Charged To Other Accounts	(0.1)	(0.7)	1.5
Deductions	(5.9)	(8)	(9.5)
Balance At End of Period	$ 25	$ 24.4	$ 25.4