Watts Water (WTS) 10-K21 Feb 232022 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, 2022	Jan. 22, 2023	Jun. 24, 2022
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
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
ICFR Auditor Attestation Flag	true
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			$ 3,367,524,069
Current Fiscal Year End Date	--12-31
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Boston, Massachusetts
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000795403
Amendment Flag	false
Class A
Entity Common Stock, Shares Outstanding		27,309,838
Class B
Entity Common Stock, Shares Outstanding		5,958,290

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Operations
Net sales	$ 1,979.5	$ 1,809.2	$ 1,508.6
Cost of goods sold	1,105.2	1,042.1	883.2
GROSS PROFIT	874.3	767.1	625.4
Selling, general and administrative expenses	550.5	508.2	434.4
Restructuring	10.6	19.3	9.9
Gain on sale of asset	(1.8)
OPERATING INCOME	315	239.6	181.1
Other (income) expense:
Interest income	(0.6)		(0.2)
Interest expense	7	6.3	13.3
Other expense (income), net	1	(0.8)	1
Total other expense	7.4	5.5	14.1
INCOME BEFORE INCOME TAXES	307.6	234.1	167
Provision for income taxes	56.1	68.4	52.7
NET INCOME	$ 251.5	$ 165.7	$ 114.3
Basic EPS
NET INCOME (in dollars per share)	$ 7.51	$ 4.90	$ 3.37
Weighted average number of shares	33.5	33.8	33.9
Diluted EPS
NET INCOME (in dollars per share)	$ 7.48	$ 4.88	$ 3.36
Weighted average number of shares	33.6	33.9	34
Dividends declared per share	$ 1.16	$ 1.01	$ 0.92

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income
Net income	$ 251.5	$ 165.7	$ 114.3
Other comprehensive (loss) income net of tax:
Foreign currency translation adjustments	(29.1)	(28)	31.4
Cash flow hedges	6.5	0.7	(0.6)
Other comprehensive (loss) income	(22.6)	(27.3)	30.8
Comprehensive income	$ 228.9	$ 138.4	$ 145.1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 310.8	$ 242
Trade accounts receivable, less reserve allowances of $10.7 million at December 31, 2022 and $10.3 million at December 31, 2021	233.8	220.9
Raw materials	138	119.4
Work in process	21	20.4
Finished goods	216.6	230.9
Total Inventories	375.6	370.7
Prepaid expenses and other current assets	30.4	27.9
Total Current Assets	950.6	861.5
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, at cost	595.6	608.8
Accumulated depreciation	(398.8)	(408.1)
Property, plant and equipment, net	196.8	200.7
OTHER ASSETS:
Goodwill	592.4	600.7
Intangible assets, net	113.7	128.6
Deferred income taxes	17.8	3.5
Other, net	59.6	60.6
TOTAL ASSETS	1,930.9	1,855.6
CURRENT LIABILITIES:
Accounts payable	134.3	143.4
Accrued expenses and other liabilities	174.6	186.9
Accrued compensation and benefits	69.8	78.2
Total Current Liabilities	378.7	408.5
LONG-TERM DEBT	147.6	141.9
DEFERRED INCOME TAXES	26.2	40.5
OTHER NONCURRENT LIABILITIES	77.8	91.5
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.10 par value; 5,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	651.9	631.2
Retained earnings	795.3	665.9
Accumulated other comprehensive loss	(149.9)	(127.3)
Total Stockholders' Equity	1,300.6	1,173.2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,930.9	1,855.6
Class A
STOCKHOLDERS' EQUITY:
Common Stock	2.7	2.8
Class B
STOCKHOLDERS' EQUITY:
Common Stock	$ 0.6	$ 0.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) $ in Millions	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Trade accounts receivable, reserve allowances \| $	$ 10.7	$ 10.3
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	27,314,679	27,584,525
Common Stock, outstanding shares	27,314,679	27,584,525
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	5,958,290	6,024,290
Common Stock, outstanding shares	5,958,290	6,024,290

Consolidated Statements of Stoc

Consolidated Statements of Stockholders Equity - USD ($) $ in Millions	Class A Common Stock	Class B Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss.	Total
Balance at the beginning 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
Increase (Decrease) in Stockholders' Equity
Net income				114.3		114.3
Other comprehensive (loss) income					30.8	30.8
Comprehensive income						145.1
Shares of Class B common stock converted to Class A common stock (in shares)	135,000	(135,000)
Shares of Class A common stock issued upon the exercise of stock options			0.4			0.4
Shares of Class A common stock issued upon the exercise of stock options (in shares)	4,666
Stock-based compensation			12.7			12.7
Stock repurchase				(28.9)		(28.9)
Stock repurchase (in shares)	(331,531)
Net change in restricted and performance stock units			1.7	(7.8)		(6.1)
Net change in restricted and performance stock units (in shares)	83,961
Common stock dividends				(31.4)		(31.4)
Balance at the end of the period at Dec. 31, 2020	$ 2.8	$ 0.6	606.3	560.1	(100)	1,069.8
Balance (in shares) at Dec. 31, 2020	27,478,512	6,144,290
Increase (Decrease) in Stockholders' Equity
Net income				165.7		165.7
Other comprehensive (loss) income					(27.3)	(27.3)
Comprehensive income						138.4
Shares of Class B common stock converted to Class A common stock (in shares)	120,000	(120,000)
Shares of Class A common stock issued upon the exercise of stock options			0.1			0.1
Shares of Class A common stock issued upon the exercise of stock options (in shares)	1,440
Stock-based compensation			22.9			22.9
Stock repurchase				(16)		(16)
Stock repurchase (in shares)	(109,998)
Net change in restricted and performance stock units			1.9	(9.6)		(7.7)
Net change in restricted and performance stock units (in shares)	94,571
Common stock dividends				(34.3)		(34.3)
Balance at the end of the period at Dec. 31, 2021	$ 2.8	$ 0.6	631.2	665.9	(127.3)	1,173.2
Balance (in shares) at Dec. 31, 2021	27,584,525	6,024,290
Increase (Decrease) in Stockholders' Equity
Net income				251.5		251.5
Other comprehensive (loss) income					(22.6)	(22.6)
Comprehensive income						228.9
Shares of Class B common stock converted to Class A common stock (in shares)	66,000	(66,000)
Shares of Class A common stock issued upon the exercise of stock options			0.2			0.2
Shares of Class A common stock issued upon the exercise of stock options (in shares)	2,325
Stock-based compensation			18.4			18.4
Stock repurchase	$ (0.1)			(69.3)		(69.4)
Stock repurchase (in shares)	(493,733)
Net change in restricted and performance stock units			2.1	(13.3)		(11.2)
Net change in restricted and performance stock units (in shares)	155,562
Common stock dividends				(39.5)		(39.5)
Balance at the end of the period at Dec. 31, 2022	$ 2.7	$ 0.6	$ 651.9	$ 795.3	$ (149.9)	$ 1,300.6
Balance (in shares) at Dec. 31, 2022	27,314,679	5,958,290

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES
Net income	$ 251.5	$ 165.7	$ 114.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	27.6	31.4	31.3
Amortization of intangibles	12.1	13.7	15.2
(Gain) on sale of asset, loss on disposal and impairment of long-lived asset	(0.2)	1.4	4
Stock-based compensation	18.4	22.9	12.7
Deferred income tax	(29.6)	(8.2)	7
Changes in operating assets and liabilities:
Accounts receivable	(20)	(30.2)	32.2
Inventories	(16.4)	(113.7)	18.7
Prepaid expenses and other assets	1.9	(0.8)	0.7
Accounts payable, accrued expenses and other liabilities	(21.3)	98.6	(7.3)
Net cash provided by operating activities	224	180.8	228.8
INVESTING ACTIVITIES
Additions to property, plant and equipment	(28.1)	(26.7)	(43.8)
Proceeds from the sale of property, plant and equipment	5.2	5.1	2.2
Proceeds from the sale of business, and other			2
Business acquisitions, net of cash acquired		(9.1)	(15.2)
Net cash used in investing activities	(22.9)	(30.7)	(54.8)
FINANCING ACTIVITIES
Proceeds from long-term borrowings	85	40	407.5
Payments of long-term debt	(80)	(95)	(517.5)
Payments for withholding taxes on vested awards	(13.3)	(9.6)	(7.8)
Payments for finance leases and other	(4.7)	(1.4)	(2.1)
Proceeds from share transactions under employee stock plans	0.2	0.1	0.5
Debt issuance costs		(2.4)	(2.2)
Payments to repurchase common stock	(69.4)	(16)	(28.9)
Dividends	(39.5)	(34.3)	(31.4)
Net cash used in financing activities	(121.7)	(118.6)	(181.9)
Effect of exchange rate changes on cash and cash equivalents	(10.6)	(8.4)	7.1
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	68.8	23.1	(0.8)
Cash and cash equivalents at beginning of year	242	218.9	219.7
CASH AND CASH EQUIVALENTS AT END OF YEAR	310.8	242	218.9
Acquisition of businesses:
Fair value of assets acquired		12.1	20.4
Cash paid, net of cash acquired		9.1	15.2
Liabilities assumed		3.1	5.2
Issuance of stock under management stock purchase plan	0.4	0.6	0.6
CASH PAID FOR:
Interest	5.7	6.9	12.2
Income taxes	$ 85.8	$ 73	$ 45.6

Description of Business

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2022
Description of Business
Description of Business	(1) Description of Business Watts Water Technologies, Inc. (the Company) is a leading supplier of products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the commercial, industrial and residential markets in the Americas, Europe, and Asia-Pacific, Middle East, and Africa (APMEA). For nearly 150 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, 2022
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 original maturities of three months or less and consist primarily of money market funds, for which the carrying amount is a reasonable estimate of fair value. Allowance for Credit Losses The allowance for credit losses is established to represent the Company’s best estimate of the net realizable value of the outstanding amount of receivables that it will be unable to collect. The Company developed financial asset pools that consist of business or legal entities with similar risk and economic characteristics, including types of products and customers, trade receivable characteristics, and history of credit losses on trade receivables. The development of the Company’s allowance for credit losses varies by asset pool but in general is based on a review of past due amounts, historical write-off experience, aging trends affecting specific accounts, changes in customer payment terms, general operational factors affecting all accounts and as applicable current economic conditions and reasonable and supportable forecasted economic conditions that affect collectability. 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 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 2022, 2021 and 2020, 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 net realizable value with costs determined primarily on the first-in, first-out method. The Company utilizes both specific product identification and historical product demand as the basis for estimating its excess or obsolete inventory reserve, which is evaluated at least quarterly. 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 2 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 consolidated balance sheets 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 statements 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 assessed 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. 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 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 statements of cash flows. 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 had an 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 $73.4 million, $69.4 million and $55.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Research and Development Research and development costs included in selling, general, and administrative expense amounted to $59.4 million, $45.6 million and $42.2 million for the years ended December 31, 2022, 2021 and 2020, 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. When determining the transaction price of each contract, we consider contractual consideration payable by the customer and assess variable consideration that may affect the total transaction price. Variable consideration, consisting of early payment discounts, rebates and other sources of price variability, are included in the estimated transaction price based on both customer-specific information as well as historical experience. The Company regularly reviews its estimates of variable consideration on the transaction price and recognizes changes in estimates on a cumulative catch-up basis as if the most current estimate of the transaction price adjusted for variable consideration had been known as of the inception of the contract. 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. The use of estimates in specific accounting policies is described further below as appropriate. Actual results could differ from those estimates.

Restructuring and Other Charges

Restructuring and Other Charges, Net	12 Months Ended
Restructuring and Other Charges, Net	Dec. 31, 2022
Restructuring and Other Charges, Net
Restructuring and Other Charges, Net	(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, 2022 2021 2020 (in millions) Restructuring costs: 2021 France Actions $ 5.1 $ 19.7 $ — Other Actions 5.5 (0.4) 9.9 Total restructuring charges $ 10.6 $ 19.3 $ 9.9 The Company recorded pre-tax restructuring in its business segments as follows: Year Ended December 31, 2022 2021 2020 (in millions) Americas $ 2.2 $ (0.3) $ 6.1 Europe 8.5 19.5 1.3 APMEA (0.1) 0.1 2.4 Corporate — — 0.1 Total $ 10.6 $ 19.3 $ 9.9 2021 France Restructuring Actions On June 25, 2021, the Board of Directors approved a restructuring program with respect to the Company’s operating facilities in France, within its Europe operating segment. The restructuring program included the shutdown of the Company’s manufacturing facility in Méry, France and the consolidation of that facility’s operations primarily into the Company’s facilities in Virey-le-Grand and Hautvillers, France. As of December 31, 2022, the Company had incurred all pre-tax restructuring charges related to the program, resulting in total program charges of $24.8 million. The total charges include costs for employee severance, relocation of equipment, clean-up of the facility and certain asset write-downs, and resulted in the elimination of approximately 80 positions at the Méry, France facility. As a result of the facility consolidation, the net headcount reduction in France was approximately 40 positions. Total net after-tax charges for this restructuring program were approximately $18.4 million (including approximately $1.5 million in non-cash charges). The Company spent approximately $0.6 million in capital expenditures to consolidate operations. In the fourth quarter of 2022, the Company received cash proceeds from the sale of the manufacturing facility of approximately $4.3 million and recognized a pre-tax gain on sale of approximately $1.8 million. Annual cash savings, net of tax, are estimated to be approximately $3.0 million, which the Company expects to fully realize by 2023. The following table summarizes by type, the total incurred pre-tax restructuring costs for the Company’s restructuring program related to the 2021 France Actions: Facility Legal and Asset exit Severance consultancy write-downs and other Total (in millions) Costs incurred — 2021 $ 16.9 $ 0.9 $ 0.9 $ 1.0 $ 19.7 Costs incurred — 2022 3.5 0.2 0.8 0.6 5.1 Total restructuring costs $ 20.4 $ 1.1 $ 1.7 $ 1.6 $ 24.8 Details of the restructuring reserve activity for the Company’s 2021 France Actions for the year ended December 31, 2022 are as follows: Facility Legal and Asset exit Severance consultancy write-downs and other Total (in millions) Balance at December 31, 2020 $ — $ — $ — $ — $ — Net pre-tax restructuring charges 16.9 0.9 0.9 1.0 19.7 Utilization and foreign currency impact (7.0) (0.7) (0.9) (0.5) (9.1) Balance at December 31, 2021 $ 9.9 $ 0.2 $ — $ 0.5 $ 10.6 Net pre-tax restructuring charges 3.5 0.2 0.8 0.6 5.1 Utilization and foreign currency impact (11.5) (0.4) (0.8) (1.1) (13.8) Balance at December 31, 2022 $ 1.9 $ — $ — $ — $ 1.9 Other Actions The Company periodically initiates other actions which are not part of a major program. Total “Other Actions” pre-tax restructuring charges was expense of $5.5 million, a credit of $0.4 million and expense of $9.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Included in “Other Actions” for the year ended December 31, 2022, was $3.2 million and $0.9 million of restructuring charges associated with cost saving actions in the Europe and Americas segments, respectively, and related to severance and other costs; and $1.4 million of facility exit charges were recognized associated with the decommissioning of machinery at one of the Company’s facilities in the Americas. Included in “Other Actions” for the year ended December 31, 2020, were actions taken in the Americas, Europe and APMEA segments and Corporate primarily in response to the COVID-19 pandemic. For the year ended December 31, 2021 total pre-tax charges for the 2020 “Other Actions” were reduced by approximately $0.8 million due to revised estimates for severance costs, health benefits and outplacement support. This resulted in total program restructuring charges of approximately $9.7 million.

Revenue Recognition

Revenue Recognition	12 Months Ended
Revenue Recognition	Dec. 31, 2022
Revenue Recognition
Revenue Recognition	( 4) Revenue Recognition The Company is a leading supplier of products and solutions that manage and conserve the flow of fluids and energy into, through and out of buildings in the commercial, industrial and residential markets. For nearly 150 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. 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 categories: ● Residential & commercial flow control and protection products—includes products typically sold into plumbing and hot water applications such as backflow preventers, water pressure regulators, temperature and pressure relief valves, thermostatic mixing valves and leak detection and protection products. Many of our flow control and protection products are now smart and connected warning of leaks and floods with alerts to Business Management Systems (BMS) and/or personal devices giving our customers greater insight into their water management and the ability to shut off the water supply to avoid waste and mitigate damage. ● HVAC & gas products—includes commercial high - efficiency boilers, water heaters and custom heat and hot water solutions, hydronic and electric heating systems for under - floor radiant applications, 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. Most of our HVAC products feature advanced controls enabling customers to easily connect to the Building Automation System for better monitoring, control and operation. 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, including connected roof drain systems . ● Water quality products—includes point - of - use and point - of - entry water filtration, monitoring, 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 category: For the year ended December 31, 2022 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 790.6 $ 314.8 $ 82.5 $ 1,187.9 OEM 104.3 181.7 7.9 293.9 Specialty 411.1 — — 411.1 DIY 84.0 2.6 — 86.6 Total $ 1,390.0 $ 499.1 $ 90.4 $ 1,979.5 For the year ended December 31, 2022 (in millions) Principal Product Category Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 792.3 $ 171.1 $ 71.4 $ 1,034.8 HVAC and Gas Products 366.2 234.2 14.8 615.2 Drainage and Water Re-use Products 107.7 89.4 2.9 200.0 Water Quality Products 123.8 4.4 1.3 129.5 Total $ 1,390.0 $ 499.1 $ 90.4 $ 1,979.5 For the year ended December 31, 2021 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 694.4 $ 332.9 $ 78.8 $ 1,106.1 OEM 96.5 181.5 5.5 283.5 Specialty 337.7 — 0.3 338.0 DIY 78.6 3.0 — 81.6 Total $ 1,207.2 $ 517.4 $ 84.6 $ 1,809.2 For the year ended December 31, 2021 (in millions) Principal Product Category Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 697.4 $ 188.0 $ 67.6 $ 953.0 HVAC and Gas Products 308.6 237.0 12.9 558.5 Drainage and Water Re-use Products 92.8 87.8 2.8 183.4 Water Quality Products 108.4 4.6 1.3 114.3 Total $ 1,207.2 $ 517.4 $ 84.6 $ 1,809.2 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 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 products 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 revenue for each distinct product delivered, assuming transfer of control has occurred. As scheduled delivery dates are within one year, under the optional exemption as provided for under ASC 606 ( Revenue from Contracts with Customers 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 these as separate performance obligations. 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 limited cases, customers will partially prepay for their goods. 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. The Company did not recognize any material revenue from obligations satisfied in prior periods. When the timing of the Company’s recognition of revenue is different from the timing of payments made by the customer, the Company recognizes a contract liability (customer payment precedes performance). For all periods presented, the recognized contract liabilities and the associated revenue deferred are not material to the consolidated financial statements. 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, 2022
Leases
Leases	(5) Leases 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 92% of the Company’s operating lease liabilities and generally have a lease term 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, 2022 and 2021 were as follows: December 31, 2022 December 31, 2021 (in millions) (in millions) Operating Leases (1) Real Estate $ 40.0 $ 43.4 Automobile 2.4 2.2 Machinery and equipment 0.9 1.3 Total operating lease ROU Asset $ 43.3 $ 46.9 Finance Leases (2) Real Estate $ — $ — Automobile 0.1 0.1 Machinery and equipment 10.6 7.3 Less: Accumulated depreciation (6.1) (4.2) Finance Leases, net $ 4.6 $ 3.2 (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, 2022 was as follows: December 31, 2022 Operating Leases Finance Leases (in millions) 2023 $ 10.4 $ 3.0 2024 8.4 1.2 2025 7.3 0.4 2026 4.7 0.1 2027 4.3 — Thereafter 19.7 — Total undiscounted minimum lease payments $ 54.8 $ 4.7 Less imputed interest 7.8 0.1 Total lease liabilities $ 47.0 $ 4.6 Included in the consolidated balance sheet Current lease liabilities (included in accrued expenses and other liabilities) 8.9 3.2 Non-Current lease liabilities (included in other non-current liabilities) 38.1 1.4 Total lease liabilities $ 47.0 $ 4.6 The total lease cost consisted of the following amounts: Year Ended Year Ended December 31, 2022 December 31, 2021 (in millions) (in millions) Operating lease cost $ 11.1 $ 11.7 Amortization of finance lease right-of-use assets 2.2 1.5 Interest on finance lease liabilities 0.1 0.1 Short-term lease cost 0.4 0.1 Sublease (income) (0.2) (0.2) Variable lease cost 3.2 2.8 Total lease cost $ 16.8 $ 16.0 The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases: December 31, 2022 December 31, 2021 (in millions) (in millions) Operating cash flows from operating leases $ 11.1 $ 11.3 Operating cash flows from finance leases 0.1 0.1 Financing cash flows from finance leases 2.4 1.4 Total cash paid for amounts included in the measurement of lease liabilities 13.6 12.8 Finance lease liabilities arising from obtaining right-of-use assets 3.6 0.4 Operating lease liabilities arising from obtaining right-of-use assets 6.8 4.9 The following summarizes additional information related to operating and finance leases: December 31, 2022 December 31, 2021 Weighted-average remaining lease term - finance leases 1.9 years 3.0 years Weighted-average remaining lease term - operating leases 7.9 years 8.5 years Weighted-average discount rate - finance leases 1.9 % 3.2 % Weighted-average discount rate - operating leases 3.4 % 3.5 %

Goodwill & Intangibles

Goodwill & Intangibles	12 Months Ended
Goodwill & Intangibles	Dec. 31, 2022
Goodwill & 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 23, 2022 testing date, the Company had $581.2 million of goodwill on its balance sheet. In 2022, 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 2022 and 2021, the Company did not need to proceed beyond the qualitative analysis, and no goodwill impairments were recorded. In the fourth quarter of 2021, the Company completed an acquisition within the Americas segment resulting in $8.4 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 were as follows: Gross Balance Accumulated Impairment Losses Foreign Currency Translation Net Goodwill Acquired January 1, Balance During Balance Balance Impairment Balance 2022 - January 1, the December 31, January 1, Loss During December 31, December 31, December 31, 2022 Period 2022 2022 the Period 2022 2022 2022 (in millions) Americas $ 490.9 $ — $ 490.9 $ (24.5) $ — $ (24.5) $ (0.6) $ 465.8 Europe 242.9 — 242.9 (129.7) — (129.7) (6.2) 107.0 APMEA 34.0 — 34.0 (12.9) — (12.9) (1.5) 19.6 Total $ 767.8 $ — $ 767.8 $ (167.1) $ — $ (167.1) $ (8.3) $ 592.4 Gross Balance Accumulated Impairment Losses Foreign Currency Translation Net Goodwill Acquired January 1, Balance During Balance Balance Impairment Balance 2021 - January 1, the December 31, January 1, Loss During December 31, December 31, December 31, 2021 Period 2021 2021 the Period 2021 2021 2021 (in millions) Americas $ 482.5 $ 8.4 $ 490.9 $ (24.5) $ — $ (24.5) $ — $ 466.4 Europe 252.1 — 252.1 (129.7) — (129.7) (9.2) 113.2 APMEA 34.9 — 34.9 (12.9) — (12.9) (0.9) 21.1 Total $ 769.5 $ 8.4 $ 777.9 $ (167.1) $ — $ (167.1) $ (10.1) $ 600.7 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 2022 and 2021, the Company performed a qualitative assessment for all tradenames. Based on the results of the assessments, the Company did not recognize an impairment on any indefinite-lived intangibles in 2022 or 2021. 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 2022, the Company recognized a $1.3 million impairment charge for an amortizable technology asset. In 2020, the Company recognized a $1.0 million impairment charge for a long-lived asset and $0.4 million impairment charge for an amortizable technology asset. All impairments were recognized within the Americas segment and due to changes in market expectations indicated the carrying amount of these assets were no longer recoverable. In 2021, there were no indications of the carrying amounts of intangible assets with estimable lives not being recoverable. Intangible assets include the following: December 31, 2022 December 31, 2021 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in millions) Patents $ 5.0 $ (5.0) $ — $ 16.1 $ (16.1) $ — Customer relationships 175.1 (118.6) 56.5 237.5 (173.1) 64.4 Technology 53.2 (40.5) 12.7 58.6 (40.7) 17.9 Trade names 19.8 (10.8) 9.0 26.8 (16.9) 9.9 Other 1.1 (0.6) 0.5 4.3 (3.8) 0.5 Total amortizable intangibles 254.2 (175.5) 78.7 343.3 (250.6) 92.7 Indefinite-lived intangible assets 35.0 — 35.0 35.9 — 35.9 $ 289.2 $ (175.5) $ 113.7 $ 379.2 $ (250.6) $ 128.6 Aggregate amortization expense for amortized intangible assets for 2022, 2021 and 2020 was $12.1 million, $13.7 million and $15.2 million, respectively. Additionally, future amortization expense on amortizable intangible assets is expected to be $12.2 million for 2023, $12.0 million for 2024, $10.5 million for 2025, $9.6 million for 2026 and $8.4 million for 2027. 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 7.9 years. Customer relationships, technology, trade names and other amortizable intangibles have weighted-average remaining lives of 8.0 years, 4.4 years, 11.3 years and 18.9 years, respectively. Indefinite-lived intangible assets include trade names and trademarks. In 2022, we removed fully amortized intangible assets from both gross carrying amount and accumulated amortization, with no effect to net carrying amount, in the amounts of $11.1 million for patents, $61.9 million for customer relationships, $4.2 million for technology, $6.8 million for trade names and $3.2 million for other.

Inventories, net

Inventories, net	12 Months Ended
Inventories, net	Dec. 31, 2022
Inventories, net
Inventories, net	(7) Inventories, net Inventories consist of the following: December 31, 2022 2021 (in millions) Raw materials $ 138.0 $ 119.4 Work-in-process 21.0 20.4 Finished goods 216.6 230.9 $ 375.6 $ 370.7 Raw materials, work-in-process and finished goods are net of valuation reserves of $43.6 million and $36.7 million as of December 31, 2022 and 2021, respectively. Finished goods of $18.2 million and $10.6 million as of December 31, 2022 and 2021, respectively, were consigned.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
Property, Plant and Equipment	Dec. 31, 2022
Property, Plant and Equipment
Property, Plant and Equipment	(8) Property, Plant and Equipment Property, plant and equipment consist of the following: December 31, 2022 2021 (in millions) Land $ 11.1 $ 12.6 Buildings and improvements 183.5 190.6 Machinery and equipment 387.4 394.5 Construction in progress 13.6 11.1 Property, plant and equipment, at cost 595.6 608.8 Accumulated depreciation (398.8) (408.1) Property, plant, and equipment, net $ 196.8 $ 200.7

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2022
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, 2022 2021 (in millions) Deferred income tax liabilities: Excess tax over book depreciation $ 21.3 $ 21.5 Intangibles 26.3 29.0 Goodwill 26.6 25.1 Foreign earnings 0.6 2.2 Operating lease ROU assets 7.9 8.6 Other 5.7 3.2 Total deferred tax liabilities 88.4 89.6 Deferred income tax assets: Accrued expenses 9.6 10.7 Product liability 5.8 5.9 Operating lease liabilities 8.3 8.9 Stock based compensation 6.1 6.2 Foreign tax credits 13.6 13.8 Net operating loss carry forward 6.6 6.6 Capital loss carry forward 1.7 1.7 Inventory reserves 10.3 9.4 Intangibles 14.0 - Capitalized R&D 14.7 - Other 9.6 9.6 Total deferred tax assets 100.3 72.8 Less: valuation allowance (20.3) (20.2) Net deferred tax assets 80.0 52.6 Net deferred tax liabilities $ (8.4) $ (37.0) The provision for income taxes is based on the following pre-tax income: Year Ended December 31, 2022 2021 2020 (in millions) Domestic $ 204.3 $ 139.6 $ 96.8 Foreign 103.3 94.5 70.2 $ 307.6 $ 234.1 $ 167.0 The provision for income taxes consists of the following: Year Ended December 31, 2022 2021 2020 (in millions) Current tax expense: Federal $ 51.0 $ 32.0 $ 13.4 Foreign 23.2 30.3 25.3 State 11.5 14.4 6.9 85.7 76.7 45.6 Deferred tax expense (benefit): Federal (12.1) (4.8) 14.8 Foreign (13.7) (2.4) (6.7) State (3.8) (1.1) (1.0) (29.6) (8.3) 7.1 Provision for income taxes $ 56.1 $ 68.4 $ 52.7 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, 2022 2021 2020 (in millions) Computed expected federal income expense $ 64.6 $ 49.2 $ 35.0 State income taxes, net of federal tax benefit 6.8 6.6 4.6 Foreign tax rate differential 3.5 4.3 2.7 Restructuring of manufacturing supply chain operations (16.1) 29.3 — Valuation allowance 0.4 (22.1) 12.9 GILTI HTE — — (2.1) Unrecognized tax benefits, net (1.0) 2.0 (0.3) Other, net (2.1) (0.9) (0.1) $ 56.1 $ 68.4 $ 52.7 In 2020, final tax regulations were released with respect to the GILTI (Global Intangible Low-Taxed Income) tax regime. These regulations permit an exclusion from GILTI for items of foreign income subject to a high effective tax rate, referred to as the GILTI High Tax Exclusion (HTE). Under the new regulations, the Company was allowed to review its GILTI income for the 2018 and 2019 tax years. The Company elected the exclusion for both the 2018 and 2019 tax years resulting in a total tax benefit of $2.1 million which was recorded in 2020. In 2021, the Company restructured its Mexican manufacturing supply chain operations, which resulted in $29.3 million in additional tax expense, and was offset by a $22.1 million release of the valuation allowance on foreign tax credits, for a net tax of $7.2 million. The additional tax expense was primarily related to the prepayment of future royalties from the new structure, which resulted in current foreign source income. The foreign tax credit benefit significantly offset the additional tax expense resulting from the new supply chain structure. In 2022, to further align the new supply chain structure with developments, the Company modified the restructuring of its Mexican manufacturing supply chain operations which resulted in the recognition of a $16.1 million deferred tax asset which will be amortized over 10 years. At December 31, 2022, the Company had foreign and domestic net operating loss carry forwards of $27.6 million and $1.1 million, respectively, for income tax purposes before considering valuation allowances; $23.2 million of the foreign losses can be carried forward indefinitely, $4.4 million of the foreign losses expire in 2029, and $0.3 million of the domestic losses expire between 2035 and 2040 and $0.8 million of the domestic losses can be carried forward indefinitely. The net operating losses consist of $23.2 million related to Austrian operations, $4.4 million related to Switzerland operations and $1.1 million related to United States operations. At December 31, 2022, the Company had a U.S. capital loss carry forward of $1.7 million before considering valuation allowances that will expire in 2025. At December 31, 2022 and December 31, 2021, the Company had foreign tax credit carry forwards of $13.6 million and $13.8 million, respectively, for income tax purposes before considering valuation allowances. The foreign tax credit carryforwards expire between 2027 and 2031. At December 31, 2022 and December 31, 2021, the Company had valuation allowances of $20.3 million and $20.2 million, respectively. At December 31, 2022, $12.8 million related to foreign tax credits, $5.8 million related to Austrian net operating losses, and $1.7 million related to the domestic capital loss carry forward. At December 31, 2021, $12.4 million related to foreign tax credits, $6.1 million related to Austrian net operating losses, and $1.7 million related to the domestic capital loss carry forward. 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. Subsequent to recording the Toll Tax as part of the Tax Cuts and Jobs Act of 2017, after December 2017, the Company considers 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, 2022, the Company had gross unrecognized tax benefits of approximately $7.2 million, approximately $4.5 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 allowable correlative adjustments that are available for certain jurisdictions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: (in millions) Balance at January 1, 2022 $ 8.5 Increases related to prior year tax positions 1.9 Increases related to current year tax positions 0.2 Decreases due to lapse in statutes (3.1) Currency movement (0.3) Balance at December 31, 2022 $ 7.2 The Company estimates that it is reasonably possible that the balance of unrecognized tax benefits as of December 31, 2022 may decrease by $0.4 million to $0.8 million in the next twelve months, as a result of lapses in statutes of limitations and settlements and $0.2 million to $0.4 million of which, if recognized, would affect the effective tax rate. 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, Italy and Canada. The statute of limitations in the U.S. is subject to tax examination for 2019 and later; France, Germany, Italy and Canada are subject to tax examination for 2016 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 2015. 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, 2022
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, 2022 2021 (in millions) Commissions and sales incentives payable $ 56.0 $ 57.1 Product liability 22.4 22.2 Shipping / freight payable 6.4 16.9 Other 73.1 77.4 Income taxes payable 16.7 13.3 $ 174.6 $ 186.9

Financing Arrangements

Financing Arrangements	12 Months Ended
Financing Arrangements	Dec. 31, 2022
Financing Arrangements
Financing Arrangements	(11) Financing Arrangements The Company’s debt consists of the following: December 31, 2022 2021 (in millions) Line of Credit due March 2026 $ 150.0 145.0 Less debt issuance costs (deduction from debt liability) (2.4) (3.1) Total long-term debt $ 147.6 $ 141.9 Principal payments during each of the next five years are due as follows (in millions): 2023: $0; 2024: $0; 2025: $0; 2026: $150.0; 2027: $0. On March 30, 2021, the Company entered into the Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent (the Credit Agreement). The Credit Agreement amended the Company’s borrowings under the Amended and Restated Credit Agreement entered into on April 24, 2020 (the “Prior Credit Agreement”), to extend the maturity date of the $800 million senior unsecured revolving credit facility from February 12, 2022 to March 30, 2026 (the Revolving Credit Facility). Among other changes from the Prior Credit Agreement, the Credit Agreement increased the Company’s maximum consolidated leverage ratio (including both the base ratio and the ratio permitted during temporary step-ups following certain acquisitions), adjusted certain fees to reflect market conditions and reduced the 1.00% floor on the adjusted London interbank offered rate (LIBOR) rate to 0.00%. On August 2, 2022, the Company entered into Amendment No. 1 to the Credit Agreement (as so amended, the Amended Credit Agreement) to replace LIBOR as a reference rate for borrowings with the term secured overnight financing rate (Term SOFR), and to provide for a fixed adjustment of 10 basis points added to Term SOFR (Term Benchmark) for all Term SOFR borrowings, subject to a 0.00% floor. The Company elected the optional expedient under Accounting Standards Update (“ASC”) No. 2020-04, Reference Rate Reform The Revolving Credit Facility also includes sublimits of $100 million for letters of credit and $15 million for swing line loans. As of December 31, 2022, the Company had drawn down $150.0 million on this line of credit and had $12.1 million in letters of credit outstanding, which resulted in $637.9 million of unused and available credit under the Revolving Credit Facility. Borrowings outstanding under the Revolving Credit Facility bear interest at a fluctuating rate per annum equal to an applicable percentage defined as (i) in the case of Term Benchmark loans, the Term Benchmark rate plus an applicable percentage, ranging from 1.075% to 1.325%, determined by reference to our consolidated leverage ratio, or (ii) in the case of alternate base rate loans and swing line loans, interest (which at all times will not be less than 1.00%) at the greatest of (a) the Prime Rate in effect on such day, (b) the FRBNY Rate in effect on such day plus 0.50% and (c) the Term Benchmark rate plus 1.00% for a one month interest period. The weighted average interest rate on debt outstanding under the Revolving Credit Facility as of December 31, 2022 was 5.35%. The weighted average interest rate on debt outstanding inclusive of the interest rate swap discussed in Note 16 of the Notes to Consolidated Financial Statements and interest rates under the Revolving Credit Facility as of December 31, 2022 was 3.23%. In addition to paying interest under the Amended Credit Agreement, the Company is also required to pay certain fees in connection with the Revolving Credit Facility, including, but not limited to, an unused facility fee and letter of credit fees. The Amended Credit Agreement matures on March 30, 2026, subject to extension under certain circumstances and subject to the terms of the Amended Credit Agreement. The Company may repay loans outstanding under the Amended Credit Agreement from time to time without premium or penalty, other than customary breakage costs, if any, and subject to the terms of the Amended Credit Agreement. As of December 31, 2022, the Company was compliance with all covenants related to the Amended Credit Agreement. The Amended Credit Agreement impose various restrictions on the Company and its subsidiaries, including restrictions pertaining to: (i) the incurrence of additional indebtedness, (ii) limitations on liens, (iii) making distributions, dividends and other payments, (iv) mergers, consolidations and acquisitions, (v) dispositions of assets, (vi) certain consolidated leverage ratios and consolidated interest coverage ratios, (vii) transactions with affiliates, (viii) changes to governing documents, and (ix) changes in control. 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 $12.1 million as of December 31, 2022 and $14.0 million as of December 31, 2021. 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. These instruments may exist or expire without being drawn down. Therefore, they do not necessarily represent future cash flow obligations.

Earnings per Share and Stock Re

Earnings per Share and Stock Repurchase Program	12 Months Ended
Earnings per Share and Stock Repurchase Program	Dec. 31, 2022
Earnings per Share and Stock Repurchase Program
Earnings per Share and Stock Repurchase Program	(12) Earnings per Share and Stock Repurchase Program 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, 2022, the Company had reserved a total of 1,998,439 shares of Class A common stock for issuance under its stock-based compensation plans and 5,958,290 shares for conversion of Class B common stock to Class A common stock. 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, 2022 2021 2020 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 $ 251.5 33.5 $ 7.51 $ 165.7 33.8 $ 4.90 $ 114.3 33.9 $ 3.37 Dilutive securities, principally common stock options — 0.1 (0.03) — 0.1 (0.02) — 0.1 (0.01) Diluted EPS $ 251.5 33.6 $ 7.48 $ 165.7 33.9 $ 4.88 $ 114.3 34.0 $ 3.36 On February 6, 2019, the Company’s Board of Directors authorized the repurchase 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 the stock repurchase program, the Company enters into Rule 10b5-1 plans, which permit 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 plans the Company entered into with respect to the repurchase program. As of December 31, 2022, there was approximately For the years ended December 31, 2022 2021 and 2020, the Company repurchased 493,733 shares for $69.4 million, 109,998 shares for $16.0 million and 331,531 shares for $28.9 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	(13) Stock-Based Compensation As of December 31, 2022, the Company maintains one stock incentive plan, the Third Amended and Restated 2004 Stock Incentive Plan (the 2004 Stock Incentive Plan). At December 31, 2022, 955,686 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-year period at the rate of 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, which is currently three years. 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 zero shares to twice . 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 55 and 10 years of service and who meets certain other requirements, including non-competition and non-solicitation requirements, would be allowed to continue to vest in his or her deferred stock awards for the duration of the vesting periods and would be entitled to receive a pro rata portion of his or her performance stock units based on the period of service elapsed during the performance period. Beginning in 2022, a provision was added that requires the employee remain employed through the last working day of the grant year in addition to the other provisions. 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-year period from the grant date or upon the third anniversary of the grant date. Receipt of the shares underlying RSUs is deferred for a minimum of three years, or such greater number of years as is chosen by the employee, from the date of grant. An aggregate of 2,000,000 shares of Class A common stock may be issued under the Management Stock Purchase Plan. At December 31, 2022, 705,188 shares of Class A common stock were authorized for future grants under the Company’s Management Stock Purchase Plan. 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, 2022 2021 2020 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 138 $ 97.43 166 $ 77.97 196 $ 76.56 Granted 64 143.86 61 128.32 92 75.77 Vested (78) 94.33 (84) 81.70 (100) 74.84 Cancelled/Forfeitures (3) 120.31 (5) 93.98 (22) 75.73 Unvested at end of year 121 $ 121.39 138 $ 97.43 166 $ 77.97 The total fair value of shares vested during 2022, 2021 and 2020 was $11.1 million, $10.5 million and $8.1 million, respectively. At December 31, 2022, total unrecognized compensation cost related to unvested restricted stock and deferred stock awards was approximately $7.5 million with a total weighted average remaining term of 1.22 years. For 2022, 2021 and 2020, the Company recognized compensation costs of $7.7 million, $7.6 million and $7.7 million, respectively. The aggregate intrinsic value of restricted stock and deferred shares granted and outstanding approximated $17.6 million representing the total pre-tax intrinsic value based on the Company’s closing Class A common stock price of $146.23 as of December 31, 2022. The following is a summary of unvested performance stock award activity and related information: Year Ended December 31, 2022 2021 2020 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 178 $ 88.32 208 $ 78.06 238 $ 73.84 Granted 108 102.98 61 113.37 94 70.65 Vested (136) 78.82 (85) 81.50 (97) 60.45 Cancelled/Forfeitures (4) 110.43 (6) 83.53 (27) 78.59 Unvested at end of year 146 $ 107.29 178 $ 88.32 208 $ 78.06 The granted and vested shares activity include any adjustments required based on performance goal attainment on vesting. The total fair value of shares vested during 2022, 2021 and 2020 was $20.4 million, $10.8 million and $10.0 million, respectively. At December 31, 2022, total unrecognized compensation cost related to unvested performance stock awards was approximately $9.8 million with a total weighted average remaining term of 1.47 years. For 2022, 2021 and 2020, the Company recognized compensation costs of $9.8 million, $14.6 million and $4.3 million, respectively. The aggregate intrinsic value of performance shares granted and outstanding approximated $21.3 million representing the total pre-tax intrinsic value based on the Company’s closing Class A common stock price of $146.23 as of December 31, 2022. The following is a summary of stock option activity and related information: Year Ended December 31, 2022 2021 2020 Weighted Weighted Weighted Weighted Weighted Average Average Average Average Average Exercise Intrinsic Exercise Intrinsic Exercise Options Price Value Options Price Value Options Price (Options in thousands) Outstanding at beginning of year 4 $ 52.92 5 $ 52.40 10 $ 53.65 Cancelled/Forfeitures — — — — — — Exercised (3) 51.36 (1) 51.04 (5) 55.03 Outstanding at end of year 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25 5 $ 52.40 Exercisable at end of year 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25 5 $ 52.40 For 2022, 2021 and 2020, the Company did not recognize any compensation costs for options. As of December 31, 2022, there was no unrecognized compensation cost related to unvested options. As of December 31, 2022, the aggregate intrinsic value of exercisable options was approximately $0.1 million, representing the total pre-tax intrinsic value, based on the Company’s closing Class A common stock price of $146.23 as of December 31, 2022, which would have been received by the option holders had all option holders exercised their options as of that date. The total intrinsic value of options exercised for 2022, 2021 and 2020 was approximately $0.3 million, $0.2 million and $0.3 million, respectively. The following table summarizes information about options outstanding at December 31, 2022: 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) $57.47–$57.47 1 0.86 $ 57.47 1 $ 57.47 Management Stock Purchase Plan Total unrecognized compensation cost related to unvested RSUs was approximately $1.4 million at December 31, 2022 with a total weighted average remaining term of 1.58 years. The Company recognized compensation cost of $0.9 million for 2022, $0.7 million for 2021, and $0.7 million in 2020. Dividends declared for RSUs that are paid to individuals but remain unpaid and accrued at December 31, 2022 totaled approximately $0.1 million. A summary of the Company’s RSU activity and related information is shown in the following table: Year Ended December 31, 2022 2021 2020 Weighted Weighted Weighted Weighted Average Average Average Average Purchase Intrinsic Purchase Purchase RSUs Price Value RSUs Price RSUs Price (RSUs in thousands) Outstanding at beginning of year 85 $ 75.34 95 $ 64.54 110 $ 57.91 Granted 29 115.14 25 97.98 28 69.76 Settled (35) 64.15 (34) 61.38 (40) 49.76 Cancelled/Forfeitures (2) 92.09 (1) 77.03 (3) 65.69 Outstanding at end of year 77 $ 94.78 $ 51.45 85 $ 75.34 95 $ 64.54 Vested at end of year 24 $ 77.69 $ 68.54 31 $ 65.29 32 $ 61.89 As of December 31, 2022, the aggregate intrinsic values of outstanding and vested RSUs were approximately $4.0 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 $146.23 as of December 31, 2022, 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 2022, 2021 and 2020 was approximately $2.7 million, $2.1 million and $2.3 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, 2022: RSUs Outstanding RSUs Vested Weighted Average Weighted Average Number Purchase Number Purchase Range of Purchase Prices Outstanding Price Vested Price (RSUs in thousands) $49.92-$63.77 1 $ 63.77 1 $ 63.77 $69.76-$97.28 47 83.19 23 78.30 $97.29-$115.14 29 115.14 — — 77 $ 94.78 24 $ 77.69 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: 2022 2021 Expected life (years) 3.0 3.0 Expected stock price volatility 33.7 % 32.7 % Expected dividend yield 0.80 % 0.75 % Risk-free interest rate 2.0 % 0.3 % 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 $47.26, $37.49 and $22.36 during 2022, 2021 and 2020, respectively. At December 31, 2022, the Company had total unrecognized compensation costs related to unvested stock-based compensation arrangements of approximately $18.7 million and a total weighted average remaining term of 1.38 years. For 2022, 2021 and 2020, the Company recognized compensation costs related to stock-based programs of $18.4 million, $22.9 million, and $12.7 million, respectively. For 2022, 2021 and 2020, stock compensation expense of $1.3 million, $1.4 million and $0.9 million, respectively, was recorded in cost of goods sold and $17.1 million, $21.5 million and $11.8 million, respectively, was recorded in selling, general and administrative expenses. For 2022, 2021 and 2020, the Company recorded $2.8 million, $3.7 million and $2.1 million, respectively, of tax benefit for its other stock-based plans. For 2022, 2021 and 2020, the recognition of total stock-based compensation expense impacted both basic and diluted net income per common share by $0.43, $0.53 and $0.30, respectively.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2022
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, 2022, 2021 and 2020, were $7.6 million, $6.6 million and $6.7 million, respectively. Charges for Europe pension plans approximated $4.3 million, $4.6 million and $3.4 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022
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, 2022, the Company estimates that the aggregate amount of reasonably possible loss in excess of the amount accrued for its legal contingencies is approximately $3.4 million pre-tax. With respect to the estimate of reasonably possible loss, management has estimated the upper end of the range of reasonably possible loss based on (i) the amount of money damages claimed, where applicable, (ii) the allegations and factual development 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, depending in part upon the operating results of such 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. 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 estimated 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, including, but not limited to, claim frequency and loss severity, 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. The product liability accrual represents the estimated ultimate losses for all reported and incurred but not reported claims. 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”) for a portion of the Site. Watts Regulator Co. joined the Group in September 2017 and was added in March 2018 as a signatory to the Administrative Settlement Agreement and Order on Consent with the United States Environmental Protection Agency (“USEPA”) and the Illinois Environmental Protection Agency (“IEPA”) governing completion of the RI/FS. The Remedial Investigation (“RI”) report has been completed for the first portion of the site. For that same portion of the site, the draft Feasibility Study (“FS”) report was submitted to USEPA and IEPA for review and comment in September 2021. USEPA and IEPA, respectively, have now issued comments on the draft FS, with additional EPA comments to follow. There is not yet a date for submission of a revised draft responding to those comments. Comments and final approval from the EPA are required to complete the FS process. 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 FS process for the first portion of the Site has not been completed, and the RI/FS process for the remainder of the Site has not yet been initiated, to determine what remediation plans will be implemented and the costs of such plans; (ii) the total amount of material sent to the Site, and the total number of potentially responsible parties who may or may not agree to fund or perform any remediation, have not 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 and IEPA is uncertain. Asbestos Litigation The Company is defending approximately 550 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, 2022
Financial Instruments
Financial Instruments	(16) Financial Instruments Fair Value The carrying amounts of cash and cash equivalents, trade receivables and trade payable approximate fair value because of the short maturity of these financial instruments. The fair value of the Company’s variable rate debt under the New Revolving Credit Facility approximates its carrying value. 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, contingent consideration and derivatives. The fair values of these certain financial assets and liabilities were determined using the following inputs at December 31, 2022 and December 31, 2021: Fair Value Measurement at December 31, 2022 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) $ 1.9 $ 1.9 $ — $ — Interest rate swap(2) $ 9.3 $ — $ 9.3 $ — Designated foreign currency hedges(4) $ 0.2 $ — $ 0.2 $ — Total assets $ 11.4 $ 1.9 $ 9.5 $ — Liabilities Plan liability for deferred compensation(3) $ 1.9 $ 1.9 $ — $ — Contingent consideration(6) $ 2.5 $ — $ — $ 2.5 Total liabilities $ 4.4 $ 1.9 $ — $ 2.5 Fair Value Measurements at December 31, 2021 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 swap(1) $ 1.4 $ — $ 1.4 $ — Total assets $ 4.0 $ 2.6 $ 1.4 $ — Liabilities Interest rate swap(5) $ 0.6 $ — $ 0.6 $ — Plan liability for deferred compensation(3) $ 2.6 $ 2.6 $ — $ — Contingent consideration(6) $ 6.3 $ — $ — $ 6.3 Total liabilities $ 9.5 $ 2.6 $ 0.6 $ 6.3 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) As of December 31, 2022, $3.5 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $5.8 million classified in other assets (other, net). (3) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. (4) Included on the Company’s consolidated balance sheet in prepaid expenses and other current assets. (5) Included on the Company’s consolidated balance sheet in accrued expenses and other liabilities. (6) As of December 31, 2022, contingent consideration of $2.5 million related to an immaterial acquisition was classified in other noncurrent liabilities on the Company’s consolidated balance sheet. As of December 31, 2021, contingent consideration of $6.3 million related to two immaterial acquisitions, of which $3.8 million was classified in accrued expenses and other liabilities and $2.5 million was classified in other noncurrent liabilities on the Company’s consolidated balance sheet. In connection with the immaterial acquisition of Australian Valve Group Pty Ltd (AVG), completed during the third quarter of 2020, and Sentinel Hydrosolutions, LLC (Sentinel), completed during the fourth quarter of 2021, contingent liabilities of $2.8 million and $2.5 million, respectively, were recognized as the estimates of the acquisition date fair values of the contingent consideration. During the third quarter of 2022 and second quarter of 2021, the AVG contingent liability was reduced by $0.7 million and increased by $0.8 million, respectively, due to adjusted probability of achieving lower or higher performance metrics, and foreign exchange translations. The AVG contingent liability was settled in the fourth quarter of 2022 for $2.5 million. These liabilities were classified as Level 3 under the fair value hierarchy as they were based on the probability of achievement of future performance metrics as of the respective dates of acquisition, which were not observable in the market. Failure to meet the performance metrics would reduce this liability to zero , while complete achievement would increase the liability to a maximum contingent consideration. 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 On March 30, 2021, the Company entered into the Credit Agreement which extended the maturity date of the $800 million senior unsecured revolving credit facility from February 12, 2022 to March 30, 2026. On August 2, 2022, the Company entered into Amendment No. 1 to the Credit Agreement to replace the LIBOR as a reference rate for borrowings with Term SOFR and to provide for a fixed adjustment of 10 basis points added to Term SOFR for all Term SOFR borrowings, subject to a 0.00% floor. Borrowings outstanding under the Revolving Credit Facility bear interest at a fluctuating rate per annum as further detailed in Note 11. In order to manage the Company’s exposure to changes in cash flows attributable to fluctuations in interest payments related to the Company’s floating rate debt, the Company entered into an interest rate swap on March 30, 2021. Under the interest rate swap agreement, the Company received the one-month USD-LIBOR subject to a 0.00% floor and paid a fixed rate of 1.02975% on a notional amount of $100.0 million. On August 2, 2022, the Company amended the interest rate swap to replace LIBOR as a reference rate for borrowings with Term SOFR. Under the amended interest rate swap agreement, the Company receives the one-month Term SOFR subject to a -0.1% floor and pays a fixed rate of 0.942% on a notional amount of $100.0 million. The swap matures on March 30, 2026. The Company elected the optional expedient in connection with amending its interest rate swap to replace the reference rate from LIBOR to Term SOFR to consider the amendment as a continuation of the existing contract without having to perform an assessment that would otherwise be required under U.S. GAAP. The Company formally documents 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 swap is 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, 2022 and 2021, a net gain of $6.3 million and $0.7 million, respectively, was recorded in Accumulated Other Comprehensive Loss to recognize the effective portion of the fair value of the interest rate swap that qualifies as a cash flow hedge. 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. The Company uses 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 up to 85% 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. The Company uses a similar layering methodology when entering 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, 2022, all designated foreign exchange hedge contracts were cash flow hedges under ASC 815, Derivatives and Hedging The notional amounts outstanding as of December 31, 2022 for the Canadian dollar to U.S. dollar contracts and the U.S. dollar to the Chinese yuan were $8.8 million and $0.9 million, respectively. The fair value of the Company’s designated foreign hedge contracts outstanding as of December 31, 2022 was an asset of $0.2 million. As of December 31, 2022, the amount expected to be reclassified into cost of goods sold from other comprehensive income in the next twelve months is a gain of $0.2 million.

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2022
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 sales by region of the product categories. 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, 2022 2021 2020 (in millions) Net sales Americas $ 1,390.0 $ 1,207.2 $ 1,025.7 Europe 499.1 517.4 424.9 APMEA 90.4 84.6 58.0 Consolidated net sales $ 1,979.5 $ 1,809.2 $ 1,508.6 Operating income (loss) Americas $ 283.9 $ 211.0 $ 166.3 Europe 66.7 63.6 50.2 APMEA 14.0 14.4 3.5 Subtotal reportable segments 364.6 289.0 220.0 Corporate() (49.6) (49.4) (38.9) Consolidated operating income 315.0 239.6 181.1 Interest income (0.6) — (0.2) Interest expense 7.0 6.3 13.3 Other (income) expense, net 1.0 (0.8) 1.0 Income before income taxes $ 307.6 $ 234.1 $ 167.0 Capital expenditures Americas $ 16.2 $ 17.6 $ 31.2 Europe 11.2 8.5 11.4 APMEA 0.7 0.6 1.2 Consolidated capital expenditures $ 28.1 $ 26.7 $ 43.8 Depreciation and amortization Americas $ 27.4 $ 29.8 $ 29.7 Europe 10.3 12.6 14.3 APMEA 2.0 2.7 2.5 Consolidated depreciation and amortization $ 39.7 $ 45.1 $ 46.5 Identifiable assets (at end of period) Americas $ 1,222.8 $ 1,133.5 $ 1,075.1 Europe 583.5 584.8 537.2 APMEA 124.6 137.3 125.9 Consolidated identifiable assets $ 1,930.9 $ 1,855.6 $ 1,738.2 Property, plant and equipment, net (at end of period) Americas $ 124.1 $ 121.3 $ 122.9 Europe 68.4 74.5 83.8 APMEA 4.3 4.9 5.6 Consolidated property, plant and equipment, net $ 196.8 $ 200.7 $ 212.3 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, 2022 2021 2020 (in millions) U.S. net sales $ 1,301.2 $ 1,123.9 $ 956.5 U.S. property, plant and equipment, net (at end of year) $ 119.0 $ 116.2 $ 118.9 The following includes intersegment sales for Americas, Europe and APMEA: December 31, 2022 2021 2020 (in millions) Intersegment Sales Americas $ 11.1 $ 9.3 $ 8.7 Europe 24.7 29.1 18.9 APMEA 71.4 120.5 71.4 Intersegment sales $ 107.2 $ 158.9 $ 99.0

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
Accumulated Other Comprehensive Loss	Dec. 31, 2022
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, 2020 $ (99.9) $ (0.1) $ (100.0) Change in period (28.0) 0.7 (27.3) Balance December 31, 2021 $ (127.9) $ 0.6 $ (127.3) Change in period (29.1) 6.5 (22.6) Balance December 31, 2022 $ (157.0) $ 7.1 $ (149.9) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 16 for further details.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2022
Subsequent Events
Subsequent Events	(19) Subsequent Events On February 6, 2023, the Company declared a quarterly dividend of thirty cents ($0.30) per share on each outstanding share of Class A common stock and Class B common stock payable on March 15, 2023 to stockholders of record on March 1, 2023.

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
Schedule II-Valuation and Qualifying Accounts	Dec. 31, 2022
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/Acquisitions End of Period Expense Impact Deductions Period Year Ended December 31, 2020 Accounts Receivable Reserve Allowances $ 14.3 $ 1.1 0.9 (5.2) $ 11.1 Reserve for excess and obsolete inventories $ 25.0 $ 13.3 1.4 (6.3) $ 33.4 Year Ended December 31, 2021 Accounts Receivable Reserve Allowances $ 11.1 $ 3.4 (0.2) (4.0) $ 10.3 Reserve for excess and obsolete inventories $ 33.4 $ 8.7 (0.9) (8.2) $ 33.0 Year Ended December 31, 2022 Accounts Receivable Reserve Allowances $ 10.3 $ 5.2 (0.3) (4.5) $ 10.7 Reserve for excess and obsolete inventories $ 33.0 $ 17.5 (0.9) (10.1) $ 39.5

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2022
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 original maturities of three months or less and consist primarily of money market funds, for which the carrying amount is a reasonable estimate of fair value.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses is established to represent the Company’s best estimate of the net realizable value of the outstanding amount of receivables that it will be unable to collect. The Company developed financial asset pools that consist of business or legal entities with similar risk and economic characteristics, including types of products and customers, trade receivable characteristics, and history of credit losses on trade receivables. The development of the Company’s allowance for credit losses varies by asset pool but in general is based on a review of past due amounts, historical write-off experience, aging trends affecting specific accounts, changes in customer payment terms, general operational factors affecting all accounts and as applicable current economic conditions and reasonable and supportable forecasted economic conditions that affect collectability. 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 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 2022, 2021 and 2020, 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 net realizable value with costs determined primarily on the first-in, first-out method. The Company utilizes both specific product identification and historical product demand as the basis for estimating its excess or obsolete inventory reserve, which is evaluated at least quarterly. 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 2 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 consolidated balance sheets 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 statements 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 assessed 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. 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 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 statements of cash flows.
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 had an 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 $73.4 million, $69.4 million and $55.0 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Research and Development	Research and Development Research and development costs included in selling, general, and administrative expense amounted to $59.4 million, $45.6 million and $42.2 million for the years ended December 31, 2022, 2021 and 2020, 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. When determining the transaction price of each contract, we consider contractual consideration payable by the customer and assess variable consideration that may affect the total transaction price. Variable consideration, consisting of early payment discounts, rebates and other sources of price variability, are included in the estimated transaction price based on both customer-specific information as well as historical experience. The Company regularly reviews its estimates of variable consideration on the transaction price and recognizes changes in estimates on a cumulative catch-up basis as if the most current estimate of the transaction price adjusted for variable consideration had been known as of the inception of the contract. 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. The use of estimates in specific accounting policies is described further below as appropriate. Actual results could differ from those estimates.

Restructuring and Other Charg_2

Restructuring and Other Charges, Net (Tables)	12 Months Ended
Restructuring and Other Charges, Net (Tables)	Dec. 31, 2022
Restructuring and Other Charges, Net
Summary of the pre-tax cost by restructuring programs	Year Ended December 31, 2022 2021 2020 (in millions) Restructuring costs: 2021 France Actions $ 5.1 $ 19.7 $ — Other Actions 5.5 (0.4) 9.9 Total restructuring charges $ 10.6 $ 19.3 $ 9.9
Summary of recorded pre-tax restructuring costs by business segment	Year Ended December 31, 2022 2021 2020 (in millions) Americas $ 2.2 $ (0.3) $ 6.1 Europe 8.5 19.5 1.3 APMEA (0.1) 0.1 2.4 Corporate — — 0.1 Total $ 10.6 $ 19.3 $ 9.9
Summary of total expected, incurred and remaining pre-tax restructuring costs	Facility Legal and Asset exit Severance consultancy write-downs and other Total (in millions) Costs incurred — 2021 $ 16.9 $ 0.9 $ 0.9 $ 1.0 $ 19.7 Costs incurred — 2022 3.5 0.2 0.8 0.6 5.1 Total restructuring costs $ 20.4 $ 1.1 $ 1.7 $ 1.6 $ 24.8
Summary of restructuring reserve activity	Facility Legal and Asset exit Severance consultancy write-downs and other Total (in millions) Balance at December 31, 2020 $ — $ — $ — $ — $ — Net pre-tax restructuring charges 16.9 0.9 0.9 1.0 19.7 Utilization and foreign currency impact (7.0) (0.7) (0.9) (0.5) (9.1) Balance at December 31, 2021 $ 9.9 $ 0.2 $ — $ 0.5 $ 10.6 Net pre-tax restructuring charges 3.5 0.2 0.8 0.6 5.1 Utilization and foreign currency impact (11.5) (0.4) (0.8) (1.1) (13.8) Balance at December 31, 2022 $ 1.9 $ — $ — $ — $ 1.9

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
Revenue Recognition (Tables)	Dec. 31, 2022
Revenue Recognition
Schedule of disaggregation of revenue	For the year ended December 31, 2022 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 790.6 $ 314.8 $ 82.5 $ 1,187.9 OEM 104.3 181.7 7.9 293.9 Specialty 411.1 — — 411.1 DIY 84.0 2.6 — 86.6 Total $ 1,390.0 $ 499.1 $ 90.4 $ 1,979.5 For the year ended December 31, 2022 (in millions) Principal Product Category Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 792.3 $ 171.1 $ 71.4 $ 1,034.8 HVAC and Gas Products 366.2 234.2 14.8 615.2 Drainage and Water Re-use Products 107.7 89.4 2.9 200.0 Water Quality Products 123.8 4.4 1.3 129.5 Total $ 1,390.0 $ 499.1 $ 90.4 $ 1,979.5 For the year ended December 31, 2021 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 694.4 $ 332.9 $ 78.8 $ 1,106.1 OEM 96.5 181.5 5.5 283.5 Specialty 337.7 — 0.3 338.0 DIY 78.6 3.0 — 81.6 Total $ 1,207.2 $ 517.4 $ 84.6 $ 1,809.2 For the year ended December 31, 2021 (in millions) Principal Product Category Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 697.4 $ 188.0 $ 67.6 $ 953.0 HVAC and Gas Products 308.6 237.0 12.9 558.5 Drainage and Water Re-use Products 92.8 87.8 2.8 183.4 Water Quality Products 108.4 4.6 1.3 114.3 Total $ 1,207.2 $ 517.4 $ 84.6 $ 1,809.2

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2022
Leases
Schedule of right-of-use asset amounts reported in consolidated balance sheet	December 31, 2022 December 31, 2021 (in millions) (in millions) Operating Leases (1) Real Estate $ 40.0 $ 43.4 Automobile 2.4 2.2 Machinery and equipment 0.9 1.3 Total operating lease ROU Asset $ 43.3 $ 46.9 Finance Leases (2) Real Estate $ — $ — Automobile 0.1 0.1 Machinery and equipment 10.6 7.3 Less: Accumulated depreciation (6.1) (4.2) Finance Leases, net $ 4.6 $ 3.2 (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, 2022 Operating Leases Finance Leases (in millions) 2023 $ 10.4 $ 3.0 2024 8.4 1.2 2025 7.3 0.4 2026 4.7 0.1 2027 4.3 — Thereafter 19.7 — Total undiscounted minimum lease payments $ 54.8 $ 4.7 Less imputed interest 7.8 0.1 Total lease liabilities $ 47.0 $ 4.6 Included in the consolidated balance sheet Current lease liabilities (included in accrued expenses and other liabilities) 8.9 3.2 Non-Current lease liabilities (included in other non-current liabilities) 38.1 1.4 Total lease liabilities $ 47.0 $ 4.6
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 Year Ended December 31, 2022 December 31, 2021 (in millions) (in millions) Operating lease cost $ 11.1 $ 11.7 Amortization of finance lease right-of-use assets 2.2 1.5 Interest on finance lease liabilities 0.1 0.1 Short-term lease cost 0.4 0.1 Sublease (income) (0.2) (0.2) Variable lease cost 3.2 2.8 Total lease cost $ 16.8 $ 16.0 The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases: December 31, 2022 December 31, 2021 (in millions) (in millions) Operating cash flows from operating leases $ 11.1 $ 11.3 Operating cash flows from finance leases 0.1 0.1 Financing cash flows from finance leases 2.4 1.4 Total cash paid for amounts included in the measurement of lease liabilities 13.6 12.8 Finance lease liabilities arising from obtaining right-of-use assets 3.6 0.4 Operating lease liabilities arising from obtaining right-of-use assets 6.8 4.9
Schedule of additional information associated with leases	December 31, 2022 December 31, 2021 Weighted-average remaining lease term - finance leases 1.9 years 3.0 years Weighted-average remaining lease term - operating leases 7.9 years 8.5 years Weighted-average discount rate - finance leases 1.9 % 3.2 % Weighted-average discount rate - operating leases 3.4 % 3.5 %

Goodwill & Intangibles (Tables)

Goodwill & Intangibles (Tables)	12 Months Ended
Goodwill & Intangibles (Tables)	Dec. 31, 2022
Goodwill & Intangibles
Changes in the carrying amount of goodwill by geographic segment	Gross Balance Accumulated Impairment Losses Foreign Currency Translation Net Goodwill Acquired January 1, Balance During Balance Balance Impairment Balance 2022 - January 1, the December 31, January 1, Loss During December 31, December 31, December 31, 2022 Period 2022 2022 the Period 2022 2022 2022 (in millions) Americas $ 490.9 $ — $ 490.9 $ (24.5) $ — $ (24.5) $ (0.6) $ 465.8 Europe 242.9 — 242.9 (129.7) — (129.7) (6.2) 107.0 APMEA 34.0 — 34.0 (12.9) — (12.9) (1.5) 19.6 Total $ 767.8 $ — $ 767.8 $ (167.1) $ — $ (167.1) $ (8.3) $ 592.4 Gross Balance Accumulated Impairment Losses Foreign Currency Translation Net Goodwill Acquired January 1, Balance During Balance Balance Impairment Balance 2021 - January 1, the December 31, January 1, Loss During December 31, December 31, December 31, 2021 Period 2021 2021 the Period 2021 2021 2021 (in millions) Americas $ 482.5 $ 8.4 $ 490.9 $ (24.5) $ — $ (24.5) $ — $ 466.4 Europe 252.1 — 252.1 (129.7) — (129.7) (9.2) 113.2 APMEA 34.9 — 34.9 (12.9) — (12.9) (0.9) 21.1 Total $ 769.5 $ 8.4 $ 777.9 $ (167.1) $ — $ (167.1) $ (10.1) $ 600.7
Schedule of Intangible assets	December 31, 2022 December 31, 2021 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in millions) Patents $ 5.0 $ (5.0) $ — $ 16.1 $ (16.1) $ — Customer relationships 175.1 (118.6) 56.5 237.5 (173.1) 64.4 Technology 53.2 (40.5) 12.7 58.6 (40.7) 17.9 Trade names 19.8 (10.8) 9.0 26.8 (16.9) 9.9 Other 1.1 (0.6) 0.5 4.3 (3.8) 0.5 Total amortizable intangibles 254.2 (175.5) 78.7 343.3 (250.6) 92.7 Indefinite-lived intangible assets 35.0 — 35.0 35.9 — 35.9 $ 289.2 $ (175.5) $ 113.7 $ 379.2 $ (250.6) $ 128.6

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
Inventories, net (Tables)	Dec. 31, 2022
Inventories, net
Schedule of inventories	December 31, 2022 2021 (in millions) Raw materials $ 138.0 $ 119.4 Work-in-process 21.0 20.4 Finished goods 216.6 230.9 $ 375.6 $ 370.7

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Dec. 31, 2022
Property, Plant and Equipment
Schedule of Property, plant and equipment	December 31, 2022 2021 (in millions) Land $ 11.1 $ 12.6 Buildings and improvements 183.5 190.6 Machinery and equipment 387.4 394.5 Construction in progress 13.6 11.1 Property, plant and equipment, at cost 595.6 608.8 Accumulated depreciation (398.8) (408.1) Property, plant, and equipment, net $ 196.8 $ 200.7

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2022
Income Taxes
Schedule of significant components of the Company's deferred income tax liabilities and assets	December 31, 2022 2021 (in millions) Deferred income tax liabilities: Excess tax over book depreciation $ 21.3 $ 21.5 Intangibles 26.3 29.0 Goodwill 26.6 25.1 Foreign earnings 0.6 2.2 Operating lease ROU assets 7.9 8.6 Other 5.7 3.2 Total deferred tax liabilities 88.4 89.6 Deferred income tax assets: Accrued expenses 9.6 10.7 Product liability 5.8 5.9 Operating lease liabilities 8.3 8.9 Stock based compensation 6.1 6.2 Foreign tax credits 13.6 13.8 Net operating loss carry forward 6.6 6.6 Capital loss carry forward 1.7 1.7 Inventory reserves 10.3 9.4 Intangibles 14.0 - Capitalized R&D 14.7 - Other 9.6 9.6 Total deferred tax assets 100.3 72.8 Less: valuation allowance (20.3) (20.2) Net deferred tax assets 80.0 52.6 Net deferred tax liabilities $ (8.4) $ (37.0)
Schedule of pre-tax income upon which provision for income taxes from continuing operations is based	Year Ended December 31, 2022 2021 2020 (in millions) Domestic $ 204.3 $ 139.6 $ 96.8 Foreign 103.3 94.5 70.2 $ 307.6 $ 234.1 $ 167.0
Schedule of provision for income taxes from continuing operations	Year Ended December 31, 2022 2021 2020 (in millions) Current tax expense: Federal $ 51.0 $ 32.0 $ 13.4 Foreign 23.2 30.3 25.3 State 11.5 14.4 6.9 85.7 76.7 45.6 Deferred tax expense (benefit): Federal (12.1) (4.8) 14.8 Foreign (13.7) (2.4) (6.7) State (3.8) (1.1) (1.0) (29.6) (8.3) 7.1 Provision for income taxes $ 56.1 $ 68.4 $ 52.7
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations	Year Ended December 31, 2022 2021 2020 (in millions) Computed expected federal income expense $ 64.6 $ 49.2 $ 35.0 State income taxes, net of federal tax benefit 6.8 6.6 4.6 Foreign tax rate differential 3.5 4.3 2.7 Restructuring of manufacturing supply chain operations (16.1) 29.3 — Valuation allowance 0.4 (22.1) 12.9 GILTI HTE — — (2.1) Unrecognized tax benefits, net (1.0) 2.0 (0.3) Other, net (2.1) (0.9) (0.1) $ 56.1 $ 68.4 $ 52.7
Reconciliation of the beginning and ending amount of unrecognized tax benefits	(in millions) Balance at January 1, 2022 $ 8.5 Increases related to prior year tax positions 1.9 Increases related to current year tax positions 0.2 Decreases due to lapse in statutes (3.1) Currency movement (0.3) Balance at December 31, 2022 $ 7.2

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Dec. 31, 2022
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other liabilities	December 31, 2022 2021 (in millions) Commissions and sales incentives payable $ 56.0 $ 57.1 Product liability 22.4 22.2 Shipping / freight payable 6.4 16.9 Other 73.1 77.4 Income taxes payable 16.7 13.3 $ 174.6 $ 186.9

Financing Arrangements (Tables)

Financing Arrangements (Tables)	12 Months Ended
Financing Arrangements (Tables)	Dec. 31, 2022
Financing Arrangements
Schedule of long-term debt	December 31, 2022 2021 (in millions) Line of Credit due March 2026 $ 150.0 145.0 Less debt issuance costs (deduction from debt liability) (2.4) (3.1) Total long-term debt $ 147.6 $ 141.9

Earnings per Share and Stock _2

Earnings per Share and Stock Repurchase Program (Tables)	12 Months Ended
Earnings per Share and Stock Repurchase Program (Tables)	Dec. 31, 2022
Earnings per Share and Stock Repurchase Program
Summary of reconciliation of the calculation of earnings per share	Year Ended December 31, 2022 2021 2020 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 $ 251.5 33.5 $ 7.51 $ 165.7 33.8 $ 4.90 $ 114.3 33.9 $ 3.37 Dilutive securities, principally common stock options — 0.1 (0.03) — 0.1 (0.02) — 0.1 (0.01) Diluted EPS $ 251.5 33.6 $ 7.48 $ 165.7 33.9 $ 4.88 $ 114.3 34.0 $ 3.36

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2022
Schedule of nonvested restricted stock and deferred shares activity and related information	Year Ended December 31, 2022 2021 2020 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 138 $ 97.43 166 $ 77.97 196 $ 76.56 Granted 64 143.86 61 128.32 92 75.77 Vested (78) 94.33 (84) 81.70 (100) 74.84 Cancelled/Forfeitures (3) 120.31 (5) 93.98 (22) 75.73 Unvested at end of year 121 $ 121.39 138 $ 97.43 166 $ 77.97
Schedule of stock-based compensation fair value assumptions	2022 2021 Expected life (years) 3.0 3.0 Expected stock price volatility 33.7 % 32.7 % Expected dividend yield 0.80 % 0.75 % Risk-free interest rate 2.0 % 0.3 %
Schedule of stock option activity and related information	Year Ended December 31, 2022 2021 2020 Weighted Weighted Weighted Weighted Weighted Average Average Average Average Average Exercise Intrinsic Exercise Intrinsic Exercise Options Price Value Options Price Value Options Price (Options in thousands) Outstanding at beginning of year 4 $ 52.92 5 $ 52.40 10 $ 53.65 Cancelled/Forfeitures — — — — — — Exercised (3) 51.36 (1) 51.04 (5) 55.03 Outstanding at end of year 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25 5 $ 52.40 Exercisable at end of year 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25 5 $ 52.40
Schedule of information about options outstanding	The following table summarizes information about options outstanding at December 31, 2022: 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) $57.47–$57.47 1 0.86 $ 57.47 1 $ 57.47
Schedule of the Company's RSU activity and related information	Year Ended December 31, 2022 2021 2020 Weighted Weighted Weighted Weighted Average Average Average Average Purchase Intrinsic Purchase Purchase RSUs Price Value RSUs Price RSUs Price (RSUs in thousands) Outstanding at beginning of year 85 $ 75.34 95 $ 64.54 110 $ 57.91 Granted 29 115.14 25 97.98 28 69.76 Settled (35) 64.15 (34) 61.38 (40) 49.76 Cancelled/Forfeitures (2) 92.09 (1) 77.03 (3) 65.69 Outstanding at end of year 77 $ 94.78 $ 51.45 85 $ 75.34 95 $ 64.54 Vested at end of year 24 $ 77.69 $ 68.54 31 $ 65.29 32 $ 61.89
Restricted stock and deferred shares
Schedule of information about RSUs outstanding	The following table summarizes information about RSUs outstanding at December 31, 2022: RSUs Outstanding RSUs Vested Weighted Average Weighted Average Number Purchase Number Purchase Range of Purchase Prices Outstanding Price Vested Price (RSUs in thousands) $49.92-$63.77 1 $ 63.77 1 $ 63.77 $69.76-$97.28 47 83.19 23 78.30 $97.29-$115.14 29 115.14 — — 77 $ 94.78 24 $ 77.69
Performance stock units
Schedule of unvested performance shares activity and related information	Year Ended December 31, 2022 2021 2020 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 178 $ 88.32 208 $ 78.06 238 $ 73.84 Granted 108 102.98 61 113.37 94 70.65 Vested (136) 78.82 (85) 81.50 (97) 60.45 Cancelled/Forfeitures (4) 110.43 (6) 83.53 (27) 78.59 Unvested at end of year 146 $ 107.29 178 $ 88.32 208 $ 78.06

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
Financial Instruments (Tables)	Dec. 31, 2022
Financial Instruments
Schedule of fair value of financial assets and liabilities	Fair Value Measurement at December 31, 2022 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) $ 1.9 $ 1.9 $ — $ — Interest rate swap(2) $ 9.3 $ — $ 9.3 $ — Designated foreign currency hedges(4) $ 0.2 $ — $ 0.2 $ — Total assets $ 11.4 $ 1.9 $ 9.5 $ — Liabilities Plan liability for deferred compensation(3) $ 1.9 $ 1.9 $ — $ — Contingent consideration(6) $ 2.5 $ — $ — $ 2.5 Total liabilities $ 4.4 $ 1.9 $ — $ 2.5 Fair Value Measurements at December 31, 2021 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 swap(1) $ 1.4 $ — $ 1.4 $ — Total assets $ 4.0 $ 2.6 $ 1.4 $ — Liabilities Interest rate swap(5) $ 0.6 $ — $ 0.6 $ — Plan liability for deferred compensation(3) $ 2.6 $ 2.6 $ — $ — Contingent consideration(6) $ 6.3 $ — $ — $ 6.3 Total liabilities $ 9.5 $ 2.6 $ 0.6 $ 6.3 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) As of December 31, 2022, $3.5 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $5.8 million classified in other assets (other, net). (3) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. (4) Included on the Company’s consolidated balance sheet in prepaid expenses and other current assets. (5) Included on the Company’s consolidated balance sheet in accrued expenses and other liabilities. (6) As of December 31, 2022, contingent consideration of $2.5 million related to an immaterial acquisition was classified in other noncurrent liabilities on the Company’s consolidated balance sheet. As of December 31, 2021, contingent consideration of $6.3 million related to two immaterial acquisitions, of which $3.8 million was classified in accrued expenses and other liabilities and $2.5 million was classified in other noncurrent liabilities on the Company’s consolidated balance sheet.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2022
Segment Information
Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals	Year Ended December 31, 2022 2021 2020 (in millions) Net sales Americas $ 1,390.0 $ 1,207.2 $ 1,025.7 Europe 499.1 517.4 424.9 APMEA 90.4 84.6 58.0 Consolidated net sales $ 1,979.5 $ 1,809.2 $ 1,508.6 Operating income (loss) Americas $ 283.9 $ 211.0 $ 166.3 Europe 66.7 63.6 50.2 APMEA 14.0 14.4 3.5 Subtotal reportable segments 364.6 289.0 220.0 Corporate() (49.6) (49.4) (38.9) Consolidated operating income 315.0 239.6 181.1 Interest income (0.6) — (0.2) Interest expense 7.0 6.3 13.3 Other (income) expense, net 1.0 (0.8) 1.0 Income before income taxes $ 307.6 $ 234.1 $ 167.0 Capital expenditures Americas $ 16.2 $ 17.6 $ 31.2 Europe 11.2 8.5 11.4 APMEA 0.7 0.6 1.2 Consolidated capital expenditures $ 28.1 $ 26.7 $ 43.8 Depreciation and amortization Americas $ 27.4 $ 29.8 $ 29.7 Europe 10.3 12.6 14.3 APMEA 2.0 2.7 2.5 Consolidated depreciation and amortization $ 39.7 $ 45.1 $ 46.5 Identifiable assets (at end of period) Americas $ 1,222.8 $ 1,133.5 $ 1,075.1 Europe 583.5 584.8 537.2 APMEA 124.6 137.3 125.9 Consolidated identifiable assets $ 1,930.9 $ 1,855.6 $ 1,738.2 Property, plant and equipment, net (at end of period) Americas $ 124.1 $ 121.3 $ 122.9 Europe 68.4 74.5 83.8 APMEA 4.3 4.9 5.6 Consolidated property, plant and equipment, net $ 196.8 $ 200.7 $ 212.3 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, 2022 2021 2020 (in millions) U.S. net sales $ 1,301.2 $ 1,123.9 $ 956.5 U.S. property, plant and equipment, net (at end of year) $ 119.0 $ 116.2 $ 118.9
Schedule of intersegment sales for Americas, EMEA and Asia-Pacific	December 31, 2022 2021 2020 (in millions) Intersegment Sales Americas $ 11.1 $ 9.3 $ 8.7 Europe 24.7 29.1 18.9 APMEA 71.4 120.5 71.4 Intersegment sales $ 107.2 $ 158.9 $ 99.0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Dec. 31, 2022
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, 2020 $ (99.9) $ (0.1) $ (100.0) Change in period (28.0) 0.7 (27.3) Balance December 31, 2021 $ (127.9) $ 0.6 $ (127.3) Change in period (29.1) 6.5 (22.6) Balance December 31, 2022 $ (157.0) $ 7.1 $ (149.9) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 16 for further details.

Description of Business (Detail

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2022
Minimum
Length of time the business has been in operation	150 years

Accounting Policies (Details)

Accounting Policies (Details) $ in Millions	3 Months Ended	12 Months Ended
Accounting Policies (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Oct. 23, 2022 USD ($)
Goodwill
Number of reporting units \| item		7
Gross Balance
Balance at the beginning of the period		$ 777.9	$ 769.5
Acquired During the Period			8.4
Foreign Currency Translation and Other		8.3	10.1
Balance at the end of the period	$ 777.9		777.9
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)	(167.1)
Goodwill impairment charges		0	0
Goodwill	600.7	592.4	600.7	$ 581.2
Business combination
Net Goodwill	600.7	592.4	600.7	$ 581.2
Water quality
Gross Balance
Balance at the end of the period		0
Americas
Gross Balance
Balance at the beginning of the period		490.9	482.5
Acquired During the Period	8.4		8.4
Foreign Currency Translation and Other		0.6
Balance at the end of the period	490.9		490.9
Accumulated Impairment Losses
Balance at the beginning of the period		(24.5)	(24.5)
Balance at the end of the period	(24.5)	(24.5)	(24.5)
Goodwill	466.4	465.8	466.4
Business combination
Net Goodwill	$ 466.4	$ 465.8	$ 466.4

Accounting Policies - Inventori

Accounting Policies - Inventories (Details)	12 Months Ended
Accounting Policies - Inventories (Details)	Dec. 31, 2022
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	2 years
Machinery and equipment \| Maximum
Property, plant and equipment
Estimated useful lives of the assets	15 years

Accounting Policies - Stock Bas

Accounting Policies - Stock Based Compensation (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 USD ($) $ / shares
Stock-based compensation
Total unrecognized compensation costs related to unvested stock-based compensation arrangements	$ 18.7	$ 18.7	$ 18.7	$ 18.7	$ 18.7
Total weighted average remaining term of unrecognized compensation costs	1 year 4 months 17 days
Compensation cost recognized			18.4			$ 22.9	$ 12.7
Number of Reportable Segments		3			3
Impact on both basic and diluted net income per common share for recognition of total stock-based compensation expense (in dollars per share) \| $ / shares				$ 0.43		$ 0.53	$ 0.30
Cost of goods sold.
Stock-based compensation
Compensation cost recognized			1.3			$ 1.4	$ 0.9
Selling, general and administrative expenses
Stock-based compensation
Compensation cost recognized			17.1			21.5	11.8
Other Stock-based Plans
Stock-based compensation
Tax benefit recorded for the compensation expense			$ 2.8			$ 3.7	$ 2.1

Accounting Policies - Financial

Accounting Policies - Financial Instruments (Details)	Dec. 31, 2022 item
Cash Flow Hedging \| Designated \| Interest Rate Swap
Derivative [Line Items]
Number of swaps	1

Accounting Policies - Shipping

Accounting Policies - Shipping and Handling, and Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shipping and Handling
Shipping and handling	$ 73.4	$ 69.4	$ 55
Research and Development
Research and development costs included in selling, general, and administrative expense	$ 59.4	$ 45.6	$ 42.2

Accounting Policies - Recently

Accounting Policies - Recently Adopted Accounting Standards (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies
Operating right-of-use assets	$ 43.3	$ 46.9
Operating lease liability	$ 47

Restructuring and Other Charg_3

Restructuring and Other Charges, Net (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Restructuring
Total restructuring charges		$ 10.6	$ 19.3	$ 9.9
Americas
Restructuring
Total restructuring charges		2.2	(0.3)	6.1
Europe
Restructuring
Total restructuring charges		8.5	19.5	1.3
APMEA
Restructuring
Total restructuring charges		(0.1)	0.1	2.4
Corporate.
Restructuring
Total restructuring charges				$ 0.1
2021 France Actions
Restructuring
Restructuring cost, pre-tax		$ 5.1	$ 19.7
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Total restructuring charges	Total restructuring charges	Total restructuring charges
Pre-tax restructuring charges, net		$ 5.1	$ 19.7
Number of positions eliminated \| item		40
Total expected restructuring costs	$ 24.8	$ 24.8
Total expected restructuring and related costs, after tax		18.4
Non-cash charges	1.5	1.5
Expected annual cash savings	3
Restructuring reserve	1.9	1.9	10.6
Proceeds from sale of productive assets	4.3
Gain (loss) on sale of productive assets	1.8
Net pre-tax restructuring charges		5.1	(19.7)
Utilization and foreign currency impact		(13.8)	(9.1)
2021 France Actions \| Severance
Restructuring
Pre-tax restructuring charges, net		3.5	16.9
Total expected restructuring costs	20.4	20.4
Restructuring reserve	1.9	1.9	9.9
Net pre-tax restructuring charges		3.5	(16.9)
Utilization and foreign currency impact		(11.5)	(7)
2021 France Actions \| Legal and consultancy
Restructuring
Pre-tax restructuring charges, net		0.2	0.9
Total expected restructuring costs	1.1	1.1
Restructuring reserve			0.2
Net pre-tax restructuring charges		0.2	(0.9)
Utilization and foreign currency impact		(0.4)	(0.7)
2021 France Actions \| Asset write-downs
Restructuring
Pre-tax restructuring charges, net		0.8	0.9
Total expected restructuring costs	1.7	1.7
Net pre-tax restructuring charges		0.8	(0.9)
Utilization and foreign currency impact		(0.8)	(0.9)
2021 France Actions \| Facility exit and other
Restructuring
Pre-tax restructuring charges, net		$ 0.6	1
Number of positions eliminated \| item		80
Total expected restructuring costs	1.6	$ 1.6
Restructuring reserve			0.5
Net pre-tax restructuring charges		0.6	(1)
Utilization and foreign currency impact		(1.1)	(0.5)
2021 France Actions \| Facilities consolidation
Restructuring
Total expected restructuring costs	$ 0.6	0.6
Other Actions
Restructuring
Pre-tax restructuring charges, net		5.5	(0.4)	$ 9.9
Other Actions \| Americas
Restructuring
Payments for restructuring		1.4
Facility decommissioning, clean-up and other related exit costs		0.9
Other Actions \| Europe
Restructuring
Facility decommissioning, clean-up and other related exit costs		$ 3.2
2020 Other Actions
Restructuring
Facility decommissioning, clean-up and other related exit costs			$ 9.7

Restructuring and Other Charg_4

Restructuring and Other Charges, Net - Pre-tax Restructuring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring
Total restructuring charges	$ 10.6	$ 19.3	$ 9.9
Net sales	1,979.5	1,809.2	1,508.6
Europe
Restructuring
Total restructuring charges	8.5	19.5	1.3
Net sales	499.1	517.4	424.9
Americas
Restructuring
Total restructuring charges	2.2	(0.3)	6.1
Net sales	1,390	1,207.2	1,025.7
2021 France Actions
Restructuring
Net pre-tax restructuring charges	5.1	(19.7)
Pre-tax restructuring charges, net	5.1	19.7
Total expected restructuring costs	24.8
Non-cash charges	1.5
Total expected restructuring and related costs, after tax	18.4
Restructuring cost, pre-tax	5.1	19.7
Other Actions
Restructuring
Pre-tax restructuring charges, net	$ 5.5	$ (0.4)	$ 9.9

Restructuring and Other Charg_5

Restructuring and Other Charges, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges	$ 10.6	$ 19.3	$ 9.9
Americas
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges	2.2	(0.3)	6.1
Europe
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges	8.5	19.5	$ 1.3
2021 France Actions
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	24.8
Restructuring reserve
Balance at the beginning of the period	10.6
Restructuring cost, pre-tax	5.1	19.7
Utilization and foreign currency impact	(13.8)	(9.1)
Balance at the end of the period	1.9	10.6
Net pre-tax restructuring charges	5.1	(19.7)
2021 France Actions \| Severance
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	20.4
Restructuring reserve
Balance at the beginning of the period	9.9
Utilization and foreign currency impact	(11.5)	(7)
Balance at the end of the period	1.9	9.9
Net pre-tax restructuring charges	3.5	(16.9)
2021 France Actions \| Legal and consultancy
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	1.1
Restructuring reserve
Balance at the beginning of the period	0.2
Utilization and foreign currency impact	(0.4)	(0.7)
Balance at the end of the period		0.2
Net pre-tax restructuring charges	0.2	(0.9)
2021 France Actions \| Asset write-downs
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	1.7
Restructuring reserve
Utilization and foreign currency impact	(0.8)	(0.9)
Net pre-tax restructuring charges	0.8	(0.9)
2021 France Actions \| Facility exit and other
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	1.6
Restructuring reserve
Balance at the beginning of the period	0.5
Utilization and foreign currency impact	(1.1)	(0.5)
Balance at the end of the period		0.5
Net pre-tax restructuring charges	0.6	(1)
2021 France Actions \| Facilities consolidation
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	0.6
Other Actions \| Americas
Restructuring reserve
Restructuring charges	0.9
Payments for restructuring	1.4
Other Actions \| Europe
Restructuring reserve
Restructuring charges	$ 3.2
2020 Other Actions
Restructuring reserve
Reduction in total pre-tax charges		0.8
Restructuring charges		$ 9.7

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	12 Months Ended
Revenue Recognition (Details) $ in Millions	Dec. 31, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2022 item	Dec. 31, 2022 segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Disaggregation of Revenue
Number of distribution channels \| item			4
Number of geographic segments			3	3
Revenue		$ 1,979.5			$ 1,809.2	$ 1,508.6
Minimum
Disaggregation of Revenue
Period of Business Operations	150 years
Wholesale
Disaggregation of Revenue
Revenue		1,187.9			1,106.1
OEM
Disaggregation of Revenue
Revenue		293.9			283.5
Specialty
Disaggregation of Revenue
Revenue		411.1			338
DIY
Disaggregation of Revenue
Revenue		86.6			81.6
Residential & commercial flow control
Disaggregation of Revenue
Revenue		1,034.8			953
HVAC & gas
Disaggregation of Revenue
Revenue		615.2			558.5
Drains & water re-use
Disaggregation of Revenue
Revenue		200			183.4
Water quality
Disaggregation of Revenue
Revenue		129.5			114.3
Americas
Disaggregation of Revenue
Revenue		1,390			1,207.2	1,025.7
Americas \| Wholesale
Disaggregation of Revenue
Revenue		790.6			694.4
Americas \| OEM
Disaggregation of Revenue
Revenue		104.3			96.5
Americas \| Specialty
Disaggregation of Revenue
Revenue		411.1			337.7
Americas \| DIY
Disaggregation of Revenue
Revenue		84			78.6
Americas \| Residential & commercial flow control
Disaggregation of Revenue
Revenue		792.3			697.4
Americas \| HVAC & gas
Disaggregation of Revenue
Revenue		366.2			308.6
Americas \| Drains & water re-use
Disaggregation of Revenue
Revenue		107.7			92.8
Americas \| Water quality
Disaggregation of Revenue
Revenue		123.8			108.4
Europe
Disaggregation of Revenue
Revenue		499.1			517.4	424.9
Europe \| Wholesale
Disaggregation of Revenue
Revenue		314.8			332.9
Europe \| OEM
Disaggregation of Revenue
Revenue		181.7			181.5
Europe \| DIY
Disaggregation of Revenue
Revenue		2.6			3
Europe \| Residential & commercial flow control
Disaggregation of Revenue
Revenue		171.1			188
Europe \| HVAC & gas
Disaggregation of Revenue
Revenue		234.2			237
Europe \| Drains & water re-use
Disaggregation of Revenue
Revenue		89.4			87.8
Europe \| Water quality
Disaggregation of Revenue
Revenue		4.4			4.6
APMEA
Disaggregation of Revenue
Revenue		90.4			84.6	$ 58
APMEA \| Wholesale
Disaggregation of Revenue
Revenue		82.5			78.8
APMEA \| OEM
Disaggregation of Revenue
Revenue		7.9			5.5
APMEA \| Specialty
Disaggregation of Revenue
Revenue					0.3
APMEA \| Residential & commercial flow control
Disaggregation of Revenue
Revenue		71.4			67.6
APMEA \| HVAC & gas
Disaggregation of Revenue
Revenue		14.8			12.9
APMEA \| Drains & water re-use
Disaggregation of Revenue
Revenue		2.9			2.8
APMEA \| Water quality
Disaggregation of Revenue
Revenue		$ 1.3			$ 1.3

Revenue Recognition - Performan

Revenue Recognition - Performance obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01	Dec. 31, 2022
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

Leases (Details)

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2022
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	92%
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	$ 43.3	$ 46.9
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Property, plant and equipment, gross	$ 595.6	$ 608.8
Less: Accumulated depreciation	(398.8)	(408.1)
Property, plant and equipment, net	196.8	200.7	$ 212.3
Finance Leased Asset
Lessee, Lease, Description [Line Items]
Less: Accumulated depreciation	(6.1)	(4.2)
Property, plant and equipment, net	4.6	3.2
Finance Leased Automobile
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	0.1	0.1
Finance Leased Machinery and Equipment
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	10.6	7.3
Real Estate
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	40	43.4
Automobile
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	2.4	2.2
Machinery and equipment.
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	$ 0.9	$ 1.3

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating leases maturities:
2023	$ 10.4
2024	8.4
2025	7.3
2026	4.7
2027	4.3
Thereafter	19.7
Total undiscounted minimum lease payments	54.8
Less imputed interest	7.8
Total lease liabilities	47
Current lease liabilities (included in other current liabilities)	$ 8.9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Non-Current lease liabilities (included in other non-current liabilities)	$ 38.1
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Finance leases maturities:
2022	$ 3
2023	1.2
2024	0.4
2025	0.1
Total undiscounted minimum lease payments	4.7
Less imputed interest	0.1
Total lease liabilities	4.6
Current lease liabilities (included in other current liabilities)	$ 3.2
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Non-Current lease liabilities (included in other non-current liabilities)	$ 1.4
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Lease cost
Operating lease cost	$ 11.1	$ 11.7
Finance lease cost:
Amortization of right-of-use assets	2.2	1.5
Interest on finance lease liabilities	0.1	0.1
Short-term lease cost	0.4	0.1
Sublease (income)	0.2	0.2
Variable lease cost	3.2	2.8
Total lease cost	$ 16.8	$ 16

Leases - Cash flows (Details)

Leases - Cash flows (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Cash flows (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating cash flows from operating leases	$ 11.1	$ 11.3
Operating cash flows from finance leases	0.1	0.1
Financing cash flows from finance leases	2.4	1.4
Total cash paid for amounts included in the measurement of lease liabilities	13.6	12.8
Finance lease liabilities arising from obtaining right-of-use assets	3.6	0.4
Operating lease liabilities arising from obtaining right-of-use assets	$ 6.8	$ 4.9

Leases - Additional information

Leases - Additional information (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases
Weighted-average remaining lease term - finance leases	1 year 10 months 24 days	3 years
Weighted-average remaining lease term - operating leases	7 years 10 months 24 days	8 years 6 months
Weighted-average discount rate - finance leases	1.90%	3.20%
Weighted-average discount rate - operating leases	3.40%	3.50%

Goodwill and Intangibles - Good

Goodwill and Intangibles - Goodwill (Details) $ in Millions	3 Months Ended	12 Months Ended
Goodwill and Intangibles - Goodwill (Details) $ in Millions	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Oct. 23, 2022 USD ($)
Gross Balance
Balance at the beginning of the period		$ 777.9	$ 769.5
Balance at the beginning of the period, adjusted		767.8
Acquired During the Period			8.4
Balance at the end of the period, adjusted	$ 767.8	767.8	767.8
Balance at the end of the period	777.9		777.9
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)	(167.1)
Goodwill impairment charges		0	0
Foreign Currency Translation and Other		8.3	10.1
Net Goodwill	600.7	$ 592.4	600.7	$ 581.2
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	0
Americas
Gross Balance
Balance at the beginning of the period		490.9	482.5
Balance at the beginning of the period, adjusted		490.9
Acquired During the Period	8.4		8.4
Balance at the end of the period, adjusted	490.9	490.9	490.9
Balance at the end of the period	490.9		490.9
Accumulated Impairment Losses
Balance at the beginning of the period		(24.5)	(24.5)
Balance at the end of the period	(24.5)	(24.5)	(24.5)
Foreign Currency Translation and Other		0.6
Net Goodwill	466.4	465.8	466.4
Europe
Gross Balance
Balance at the beginning of the period		252.1	252.1
Balance at the beginning of the period, adjusted		242.9
Balance at the end of the period, adjusted	242.9	242.9	242.9
Balance at the end of the period	252.1		252.1
Accumulated Impairment Losses
Balance at the beginning of the period		(129.7)	(129.7)
Balance at the end of the period	(129.7)	(129.7)	(129.7)
Foreign Currency Translation and Other		6.2	9.2
Net Goodwill	113.2	107	113.2
APMEA
Gross Balance
Balance at the beginning of the period		34.9	34.9
Balance at the beginning of the period, adjusted		34
Balance at the end of the period, adjusted	34	34	34
Balance at the end of the period	34.9		34.9
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)	(12.9)
Foreign Currency Translation and Other		1.5	0.9
Net Goodwill	$ 21.1	19.6	$ 21.1
Water quality
Gross Balance
Balance at the end of the period		$ 0

Goodwill and Intangibles - Inta

Goodwill and Intangibles - Intangibles (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Intangible assets subject to amortization
Gross Carrying Amount	$ 254.2	$ 343.3
Accumulated Amortization	(175.5)	(250.6)
Net Carrying Amount	78.7	92.7
Indefinite-lived intangible assets
Indefinite-lived intangible assets	35	35.9
Intangible assets
Gross Carrying Amount	289.2	379.2
Net Carrying Amount	$ 113.7	128.6
Estimated useful lives	7 years 10 months 24 days
Aggregate amortization expense for amortized intangible assets	$ 12.1	13.7	$ 15.2
Amortization expense
2022	12.2
2023	12
2024	10.5
2025	9.6
2026	8.4
Patents
Intangible assets subject to amortization
Gross Carrying Amount	5	16.1
Accumulated Amortization	(5)	(16.1)
Intangible assets
Aggregate amortization expense for amortized intangible assets	11.1
Customer relationships
Intangible assets subject to amortization
Gross Carrying Amount	175.1	237.5
Accumulated Amortization	(118.6)	(173.1)
Net Carrying Amount	$ 56.5	64.4
Intangible assets
Estimated useful lives	8 years
Aggregate amortization expense for amortized intangible assets	$ 61.9
Technology
Intangible assets subject to amortization
Gross Carrying Amount	53.2	58.6
Accumulated Amortization	(40.5)	(40.7)
Net Carrying Amount	$ 12.7	17.9
Intangible assets
Estimated useful lives	4 years 4 months 24 days
Aggregate amortization expense for amortized intangible assets	$ 4.2
Trade names
Intangible assets subject to amortization
Gross Carrying Amount	19.8	26.8
Accumulated Amortization	(10.8)	(16.9)
Net Carrying Amount	$ 9	9.9
Intangible assets
Estimated useful lives	11 years 3 months 18 days
Aggregate amortization expense for amortized intangible assets	$ 6.8
Other
Intangible assets subject to amortization
Gross Carrying Amount	1.1	4.3
Accumulated Amortization	(0.6)	(3.8)
Net Carrying Amount	$ 0.5	$ 0.5
Intangible assets
Estimated useful lives	18 years 10 months 24 days
Aggregate amortization expense for amortized intangible assets	$ 3.2
Americas
Intangible assets
Impairment of long-lived asset	$ 1.3		1
Americas \| Technology
Intangible assets
Finite-lived intangible asset impairment			$ 0.4

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventories
Raw materials	$ 138	$ 119.4
Work in process	21	20.4
Finished goods	216.6	230.9
Total Inventories	375.6	370.7
Valuation reserves	43.6	36.7
Finished goods consigned	$ 18.2	$ 10.6

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, plant and equipment
Property, plant and equipment, at cost	$ 595.6	$ 608.8
Accumulated depreciation	(398.8)	(408.1)
Property, plant and equipment, net	196.8	200.7	$ 212.3
Land
Property, plant and equipment
Property, plant and equipment, at cost	11.1	12.6
Buildings and improvements
Property, plant and equipment
Property, plant and equipment, at cost	183.5	190.6
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, at cost	387.4	394.5
Construction in progress
Property, plant and equipment
Property, plant and equipment, at cost	$ 13.6	$ 11.1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred income tax liabilities:
Excess tax over book depreciation	$ 21.3	$ 21.5
Intangibles	26.3	29
Goodwill	26.6	25.1
Foreign earnings	0.6	2.2
Operating lease ROU assets	7.9	8.6
Other	5.7	3.2
Total deferred tax liabilities	88.4	89.6
Deferred income tax assets:
Accrued expenses	9.6	10.7
Product liability	5.8	5.9
Operating lease liabilities	8.3	8.9
Stock based compensation	6.1	6.2
Foreign tax credits	13.6	13.8
Net operating loss carry forward	6.6	6.6
Capital loss carry forward	1.7	1.7
Inventory reserves	10.3	9.4
Intangibles	14
Capitalized R&D	14.7
Other	9.6	9.6
Total deferred tax assets	100.3	72.8
Less: valuation allowance	(20.3)	(20.2)
Net deferred tax assets	80	52.6
Net deferred tax liabilities	(8.4)	(37)
Pre-tax income, basis for the provision for income taxes from continuing operations
Domestic	204.3	139.6	$ 96.8
Foreign	103.3	94.5	70.2
INCOME BEFORE INCOME TAXES	307.6	234.1	167
Current tax expense:
Federal	51	32	13.4
Foreign	23.2	30.3	25.3
State	11.5	14.4	6.9
Total	85.7	76.7	45.6
Deferred tax expense (benefit):
Federal	(12.1)	(4.8)	14.8
Foreign	(13.7)	(2.4)	(6.7)
State	(3.8)	(1.1)	(1)
Total	(29.6)	(8.3)	7.1
Provision for income taxes from continuing operations	56.1	68.4	52.7
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations
Computed expected federal income expense	64.6	49.2	35
State income taxes, net of federal tax benefit	6.8	6.6	4.6
Foreign tax rate differential	3.5	4.3	2.7
Restructuring of manufacturing supply chain operations	(16.1)	29.3
Valuation allowance	0.4	(22.1)	12.9
GILTI HTE	2.1		(2.1)
Unrecognized tax benefits	(1)	2	(0.3)
Other, net	(2.1)	(0.9)	(0.1)
Provision for income taxes	$ 56.1	$ 68.4	$ 52.7

Income Taxes - Operating loss c

Income Taxes - Operating loss carry forwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Net operating loss carry forwards
Net operating loss carry forward	$ 6.6	$ 6.6
Valuation allowance	20.3	20.2
Restructuring of manufacturing supply chain operations	(16.1)	29.3
Valuation allowance on foreign tax credits		22.1
Income tax expense (benefit) supply chain restructuring		7.2
Restructuring of manufacturing supply chain operations, Deferred tax asset recognized	$ 16.1
Amortization period	10 years
Foreign
Net operating loss carry forwards
Net operating loss carryforward, not subject to expiration	$ 23.2
Net operating loss carryforward, subject to expiration	4.4
Operating loss carryforward	27.6
Tax credit carryforward	13.6	13.8
Austrian Operations
Net operating loss carry forwards
Operating loss carryforward	23.2
United States Operations
Net operating loss carry forwards
Operating loss carryforward	1.1
Switzerland operations
Net operating loss carry forwards
Operating loss carryforward	4.4
U.S.
Net operating loss carry forwards
Capital loss carry forward	1.7
Domestic
Net operating loss carry forwards
Net operating loss carryforward, not subject to expiration	0.8
Net operating loss carryforward, subject to expiration	0.3
Operating loss carryforward	1.1
Capital loss carry forward	$ 1.7	$ 1.7

Income Taxes - Valuation allowa

Income Taxes - Valuation allowance (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Valuation allowance
Valuation allowance	$ 20.3	$ 20.2
Foreign Tax Credits
Valuation allowance
Valuation allowance	12.8	12.4
Foreign \| Operating Losses
Valuation allowance
Valuation allowance	$ 5.8	$ 6.1

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits which, if recognized, would affect the effective tax rate	$ 4.5
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the period	8.5
Increases related to prior year tax positions	1.9
Increases related to current year tax positions	0.2
Decreases due to lapse in statutes	(3.1)
Currency movement	(0.3)
Balance at the end of the period	7.2
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	4.5
Minimum
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits which, if recognized, would affect the effective tax rate	0.2
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Decrease in unrecognized tax benefits, that is reasonably possible	0.4
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0.2
Maximum
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits which, if recognized, would affect the effective tax rate	0.4
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Decrease in unrecognized tax benefits, that is reasonably possible	0.8
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 0.4

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses and Other Liabilities
Commissions and sales incentives payable	$ 56	$ 57.1
Product liability	22.4	22.2
Shipping / freight payable	6.4	16.9
Other	73.1	77.4
Income taxes payable	16.7	13.3
Accrued expenses and other liabilities	$ 174.6	$ 186.9

Financing Arrangements - Long-t

Financing Arrangements - Long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financing Arrangements
Less debt issuance costs (deduction from liability)	$ (2.4)	$ (3.1)
Total long-term debt	147.6	141.9
Principal payments during each of the next five years and thereafter
2023	0
2024	0
2025	0
2026	150
2027	0
Line Of Credit Maturities On March 2026
Financing Arrangements
Total debt	$ 150	$ 145

Financing Arrangements - Credit

Financing Arrangements - Credit Agreement (Details) $ in Millions			12 Months Ended
	Aug. 02, 2022	Mar. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 29, 2021	Apr. 24, 2020 USD ($)
Letters of credit
Credit Agreement
Term of debt			1 year
Stand-by letters of credit outstanding			$ 12.1	$ 14
LIBOR
Credit Agreement
Floor interest rate		0%			1%
SOFR
Credit Agreement
Adjustment to interest rate	0.10
Floor rate	0%
SOFR \| Minimum
Credit Agreement
Interest rate added to base rate (as a percent)		1.075%
SOFR \| Maximum
Credit Agreement
Interest rate added to base rate (as a percent)		1.325%
Credit Agreement
Credit Agreement
Unused and available credit under the credit agreement			637.9
Credit Agreement \| Letters of credit
Credit Agreement
Borrowing capacity		$ 100
Stand-by letters of credit outstanding			12.1
Base rate loans and swing line loans
Credit Agreement
Minimum base rate (as a percent)		1
Base rate loans and swing line loans \| SOFR
Credit Agreement
Interest rate (as a percent)		1%
Base rate loans and swing line loans \| Prime Rate
Credit Agreement
Interest rate (as a percent)		0.50%
Revolving credit facility
Credit Agreement
Borrowing capacity		$ 800				$ 800
Amount drawn			$ 150
Weighted average interest rate (as a percent)			5.35%
Interest rate (as a percent)			3.23%
Revolving credit facility \| SOFR
Credit Agreement
Adjustment to interest rate	0.0010
Floor rate	0%
Swing Line Loans
Credit Agreement
Borrowing capacity		$ 15

Earnings per Share and Stock _3

Earnings per Share and Stock Repurchase Program (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Feb. 06, 2019 USD ($)
Common Stock
Common Stock conversion ratio, at the option of the holder	1
Net (loss) income
Net income \| $	$ 251.5	$ 165.7	$ 114.3
Shares
Shares (in shares)	33,500,000	33,800,000	33,900,000
Per Share Amount
Net income (in dollars per share) \| $ / shares	$ 7.51	$ 4.90	$ 3.37
Dilutive securities, principally common stock options
Common stock equivalents (in shares)	100,000	100,000	100,000
Common stock equivalents (in dollars per share) \| $ / shares	$ (0.03)	$ (0.02)	$ (0.01)
Net (loss) income
Net income \| $	$ 251.5	$ 165.7	$ 114.3
Weighted average number of shares:
Shares (in shares)	33,600,000	33,900,000	34,000,000
Securities not included in the computation of diluted EPS
Net income (in dollars per share) \| $ / shares	$ 7.48	$ 4.88	$ 3.36
Shares repurchased
Number of shares repurchased	493,733	109,998	331,531
Stock Repurchased During Period, Value \| $	$ 69.4	$ 16	$ 28.9
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	1,998,439
Class B
Common Stock
Common Stock, votes per share (Number of votes)	10	10
Shares of Common Stock reserved for conversion	5,958,290
February 6, 2019 \| Class A
Shares repurchased
Value of shares of the entity's Class A common stock authorized to be repurchased \| $				$ 150
Remaining authorized repurchase amount \| $	$ 28

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) item $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2015
Stock-based compensation
Total unrecognized compensation cost related to the unvested awards \| $	$ 18.7
Total weighted average remaining term of unrecognized compensation costs	1 year 4 months 17 days
Compensation cost recognized \| $	$ 18.4	$ 22.9	$ 12.7
Class A
Stock-based compensation
Shares available for future grants of new equity awards \| shares	955,686
Performance stock units
Stock-based compensation
Granted (in shares) \| shares	108,000	61,000	94,000
Total unrecognized compensation cost related to the unvested awards \| $	$ 9.8
Total weighted average remaining term of unrecognized compensation costs	1 year 5 months 19 days
Compensation cost recognized \| $	$ 9.8	$ 14.6	$ 4.3
Fair value assumptions
Weighted average grant-date fair value (in dollars per share)	$ 102.98	$ 113.37	$ 70.65
Performance stock units \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 146.23
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%
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
Summary of stock option activity and related information
Outstanding at beginning of year (in shares) \| shares	4,000	5,000	10,000
Exercised (in shares) \| shares	(3,000)	(1,000)	(5,000)
Outstanding at end of year (in shares) \| shares	1,000	4,000	5,000
Exercisable at end of year (in shares) \| shares	1,000	4,000	5,000
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 52.92	$ 52.40	$ 53.65
Exercised (in dollars per share)	51.36	51.04	55.03
Outstanding at end of year (in dollars per share)	57.47	52.92	52.40
Exercisable at end of year (in dollars per share)	57.47	52.92	$ 52.40
Weighted Average Intrinsic Value
Outstanding at end of year (in dollars per share)	88.76	141.25
Exercisable at end of year (in dollars per share)	$ 88.76	$ 141.25
Aggregate intrinsic values of exercisable options (in dollars) \| $	$ 0.1
Total intrinsic value of options exercised \| $	$ 0.3	$ 0.2	$ 0.3
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)	$ 146.23
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%
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
Vesting period	3 years
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%
Management Stock Purchase Plan \| Class A
Stock-based compensation
Purchase price as percentage of fair market value of common stock on grant date	80%
Shares authorized \| shares	2,000,000
Shares available for future grants of new equity awards \| shares	705,188
Management Stock Purchase Plan \| Restricted stock
Stock-based compensation
Compensation cost recognized \| $	$ 0.9	$ 0.7
Management Stock Purchase Plan \| Restricted stock \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 146.23
Management Stock Purchase Plan \| Restricted stock units (RSUs)
Stock-based compensation
Minimum deferral period	3 years
Granted (in shares) \| shares	29,000	25,000	28,000
Total unrecognized compensation cost related to the unvested awards \| $	$ 1.4
Total weighted average remaining term of unrecognized compensation costs	1 year 6 months 29 days
Compensation cost recognized \| $			$ 0.7
Fair value assumptions
Expected life (years)	3 years	3 years
Expected stock price volatility (as a percent)	33.70%	32.70%
Expected dividend yield (as a percent)	0.80%	0.75%
Risk-free interest rate (as a percent)	2%	0.30%
Weighted average grant-date fair value (in dollars per share)	$ 47.26	$ 37.49	$ 22.36
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) - $57.47-$57.47 - Stock options shares in Thousands	12 Months Ended
	Dec. 31, 2022 $ / shares shares
Information about options outstanding
Low end of exercise price range (in dollars per share)	$ 57.47
High end of exercise price range (in dollars per share)	$ 57.47
Options Outstanding
Number Outstanding (in shares) \| shares	1
Weighted Average Remaining Contractual Life	10 months 9 days
Weighted Average Exercise Price (in dollars per share)	$ 57.47
Options Exercisable
Number Exercisable (in shares) \| shares	1
Weighted Average Exercise Price (in dollars per share)	$ 57.47

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, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Disclosures
Total unrecognized compensation cost related to the unvested awards	$ 18.7
Total weighted average remaining term of unvested awards	1 year 4 months 17 days
Compensation cost recognized	$ 18.4	$ 22.9	$ 12.7
Performance stock units
Summary of unvested restricted stock and deferred shares activity and related information
Unvested at beginning of year (in shares)	178	208	238
Granted (in shares)	108	61	94
Cancelled/Forfeitures (in shares)	(136)	(85)	(97)
Vested (in shares)	(4)	(6)	(27)
Unvested at end of year (in shares)	146	178	208
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 88.32	$ 78.06	$ 73.84
Granted (in dollars per share)	102.98	113.37	70.65
Cancelled/Forfeitures (in dollars per share)	78.82	81.50	60.45
Vested (in dollars per share)	110.43	83.53	78.59
Unvested at end of period (in dollars per share)	$ 107.29	$ 88.32	$ 78.06
Other Disclosures
Total fair value of shares vested	$ 20.4	$ 10.8	$ 10
Total unrecognized compensation cost related to the unvested awards	$ 9.8
Total weighted average remaining term of unvested awards	1 year 5 months 19 days
Compensation cost recognized	$ 9.8	$ 14.6	$ 4.3
Aggregate intrinsic value of outstanding awards	$ 21.3
Performance stock units \| Class A
Other Disclosures
Company's closing Common Stock price (in dollars per share)	$ 146.23
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)	138	166	196
Granted (in shares)	64	61	92
Cancelled/Forfeitures (in shares)	(78)	(84)	(100)
Vested (in shares)	(3)	(5)	(22)
Unvested at end of year (in shares)	121	138	166
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 97.43	$ 77.97	$ 76.56
Granted (in dollars per share)	143.86	128.32	75.77
Cancelled/Forfeitures (in dollars per share)	94.33	81.70	74.84
Vested (in dollars per share)	120.31	93.98	75.73
Unvested at end of period (in dollars per share)	$ 121.39	$ 97.43	$ 77.97
Other Disclosures
Total fair value of shares vested	$ 11.1	$ 10.5	$ 8.1
Total unrecognized compensation cost related to the unvested awards	$ 7.5
Total weighted average remaining term of unvested awards	1 year 2 months 19 days
Compensation cost recognized	$ 7.7	7.6	$ 7.7
Aggregate intrinsic value of outstanding awards	$ 17.6
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)	$ 146.23
Management Stock Purchase Plan \| Restricted stock
Other Disclosures
Compensation cost recognized	$ 0.9	$ 0.7
Management Stock Purchase Plan \| Restricted stock \| Class A
Other Disclosures
Company's closing Common Stock price (in dollars per share)	$ 146.23
Management Stock Purchase Plan \| Restricted stock units (RSUs)
Summary of unvested restricted stock and deferred shares activity and related information
Granted (in shares)	29	25	28
Cancelled/Forfeitures (in shares)	(35)	(34)	(40)
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 47.26	$ 37.49	$ 22.36
Other Disclosures
Total unrecognized compensation cost related to the unvested awards	$ 1.4
Total weighted average remaining term of unvested awards	1 year 6 months 29 days
Compensation cost recognized			$ 0.7
Aggregate intrinsic value of outstanding awards	$ 4
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, 2022	Dec. 31, 2021	Dec. 31, 2020
RSU activity and related information
Outstanding at beginning of period (in shares)	85	95	110
Granted (in shares)	29	25	28
Cancelled/Forfeitures (in shares)	(35)	(34)	(40)
Settled (in shares)	(2)	(1)	(3)
Outstanding at end of period (in shares)	77	85	95
Vested at end of period (in shares)	24	31	32
Weighted Average Purchase Price
Outstanding at beginning of period (in dollars per share)	$ 75.34	$ 64.54	$ 57.91
Granted (in dollars per share)	115.14	97.98	69.76
Cancelled/Forfeitures (in dollars per share)	64.15	61.38	49.76
Settled (in dollars per share)	92.09	77.03	65.69
Outstanding at end of period (in dollars per share)	94.78	75.34	64.54
Vested at end of period (in dollars per share)	77.69	$ 65.29	$ 61.89
Weighted Average Intrinsic Value
Outstanding at end of period (in dollars per share)	51.45
Vested at end of period (in dollars per share)	$ 68.54
Aggregate intrinsic value of outstanding awards	$ 4
Aggregate intrinsic value of awards vested	1.6
Total intrinsic value of awards settled	$ 2.7	$ 2.1	$ 2.3

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair value assumptions
Dividends distributed on the company's Common Stock (in dollars per share)	$ 1.16	$ 1.01	$ 0.92
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total unrecognized compensation cost related to the unvested awards	$ 18.7
Total weighted average remaining term of unrecognized compensation costs	1 year 4 months 17 days
Compensation cost recognized	$ 18.4	$ 22.9	$ 12.7
Impact on both basic and diluted net income per common share for recognition of total stock-based compensation expense (in dollars per share)	$ 0.43	$ 0.53	$ 0.30
Cost of goods sold.
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Compensation cost recognized	$ 1.3	$ 1.4	$ 0.9
Selling, general and administrative expenses
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Compensation cost recognized	17.1	21.5	11.8
Other Stock-based Plans
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Tax benefit recorded for the compensation expense	$ 2.8	$ 3.7	$ 2.1
Management Stock Purchase Plan \| Restricted stock units (RSUs)
RSUs Outstanding
Number Outstanding (in shares)	77	85	95	110
Weighted Average Purchase Price (in dollars per share)	$ 94.78	$ 75.34	$ 64.54	$ 57.91
RSUs Vested
Number Vested (in shares)	24	31	32
Weighted Average Purchase Price (in dollars per share)	$ 77.69	$ 65.29	$ 61.89
Fair value assumptions
Expected life (years)	3 years	3 years
Expected stock price volatility (as a percent)	33.70%	32.70%
Expected dividend yield (as a percent)	0.80%	0.75%
Risk-free interest rate (as a percent)	2%	0.30%
Weighted average grant-date fair value (in dollars per share)	$ 47.26	$ 37.49	$ 22.36
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total unrecognized compensation cost related to the unvested awards	$ 1.4
Total weighted average remaining term of unrecognized compensation costs	1 year 6 months 29 days
Compensation cost recognized			$ 0.7
$49.92-$63.77 \| 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)	1
Weighted Average Purchase Price (in dollars per share)	$ 63.77
RSUs Vested
Number Vested (in shares)	1
Weighted Average Purchase Price (in dollars per share)	$ 63.77
$69.76-$97.28 \| Management Stock Purchase Plan \| Restricted stock units (RSUs)
Information about RSUs outstanding
Low end of purchase price range (in dollars per share)	69.76
High end of purchase price range (in dollars per share)	$ 97.28
RSUs Outstanding
Number Outstanding (in shares)	47
Weighted Average Purchase Price (in dollars per share)	$ 83.19
RSUs Vested
Number Vested (in shares)	23
Weighted Average Purchase Price (in dollars per share)	$ 78.30
$97.29-$115.14 \| Management Stock Purchase Plan
Information about RSUs outstanding
Low end of purchase price range (in dollars per share)	97.29
High end of purchase price range (in dollars per share)	$ 115.14
$97.29-$115.14 \| Management Stock Purchase Plan \| Restricted stock units (RSUs)
RSUs Outstanding
Number Outstanding (in shares)	29
Weighted Average Purchase Price (in dollars per share)	$ 115.14

Employee Benefit Plans - 401K C

Employee Benefit Plans - 401K Contribution and Supplemental Compensation agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Benefit Plans
Base contribution as a percentage of employee gross pay (as a percent)	2%
Employer maximum match of an employee's contributions of first 4% of eligible compensation (as a percent)	100%
Percentage of eligible compensation, matched 100% by employer	4%
Company's matching contributions under certain 401(k) savings plans	$ 7.6	$ 6.6	$ 6.7
EMEA pension plans
Employee Benefit Plans
Charges for pension plans	$ 4.3	$ 4.6	$ 3.4

Contingencies and Environment_2

Contingencies and Environmental Remediation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) item
Maximum
Litigation contingencies
Possible loss \| $	$ 3.4
Asbestos Litigation
Litigation contingencies
Number of lawsuits the entity is defending in different jurisdictions	550
Number of Judgements	0

Financial Instruments - Fair Va

Financial Instruments - Fair Value on a Recurring Basis (Details)	3 Months Ended		12 Months Ended
	Sep. 25, 2022 USD ($)	Jun. 27, 2021 USD ($)	Dec. 31, 2021 USD ($) item	Dec. 31, 2022 USD ($)	Sep. 27, 2020 USD ($)
Individually Immaterial Business Acquisition
Liabilities
Contingent consideration			$ 6,300,000	$ 2,500,000
Number of immaterial acquisitions \| item			2
Individually Immaterial Business Acquisition \| Current Liabilities
Liabilities
Contingent consideration at fair value			$ 3,800,000
Individually Immaterial Business Acquisition \| Noncurrent Liabilities
Liabilities
Contingent consideration at fair value			2,500,000
Interest Rate Swap \| Prepaid Expenses and Other Current Assets
Assets
Derivative assets				3,500,000
Interest Rate Swap \| Other Noncurrent Assets
Assets
Derivative assets				5,800,000
Significant Unobservable Inputs (Level 3) \| AVG
Liabilities
Contingent consideration				2,500,000	$ 2,800,000
Increase (decrease) in contingent liability	$ 700,000	$ 800,000
Significant Unobservable Inputs (Level 3) \| Sentinel Hydrosolutions [Member]
Liabilities
Contingent consideration			2,500,000
Minimum \| Significant Unobservable Inputs (Level 3) \| AVG
Liabilities
Contingent consideration				0
Fair value measured on a recurring basis
Assets
Plan asset for deferred compensation			2,600,000	1,900,000
Total assets			4,000,000	11,400,000
Liabilities
Plan liability for deferred compensation			2,600,000	1,900,000
Contingent consideration			6,300,000	2,500,000
Total liabilities			9,500,000	4,400,000
Fair value measured on a recurring basis \| Interest Rate Swap
Assets
Derivative assets			1,400,000	9,300,000
Liabilities
Derivative liabilities			600,000
Fair value measured on a recurring basis \| Forward exchange contracts
Assets
Derivative assets				200,000
Fair value measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Plan asset for deferred compensation			2,600,000	1,900,000
Total assets			2,600,000	1,900,000
Liabilities
Plan liability for deferred compensation			2,600,000	1,900,000
Total liabilities			2,600,000	1,900,000
Fair value measured on a recurring basis \| Significant Other Observable Inputs (Level 2)
Assets
Total assets			1,400,000	9,500,000
Liabilities
Total liabilities			600,000
Fair value measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Interest Rate Swap
Assets
Derivative assets			1,400,000	9,300,000
Liabilities
Derivative liabilities			600,000
Fair value measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Forward exchange contracts
Assets
Derivative assets				200,000
Fair value measured on a recurring basis \| Significant Unobservable Inputs (Level 3)
Liabilities
Contingent consideration			6,300,000	2,500,000
Total liabilities			$ 6,300,000	$ 2,500,000

Financial Instruments - Interes

Financial Instruments - Interest Rate Swaps and Non-Designated Cash Flow Hedge (Details) $ in Millions		12 Months Ended
	Aug. 02, 2022	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 02, 2021 USD ($)	Mar. 30, 2021 USD ($)	Mar. 29, 2021	Apr. 24, 2020 USD ($)
Derivative instruments
Period of projected intercompany purchase transactions		12 months	12 months
Maximum
Derivative instruments
Percentage of projected intercompany purchases hedged by forward exchange contracts		60%	85%
LIBOR
Interest Rate Swaps
Derivative, floor interest rate					0%	1%
SOFR
Interest Rate Swaps
Adjustment to interest rate	0.10
Floor rate	0%
Revolving credit facility
Interest Rate Swaps
Borrowing capacity					$ 800		$ 800
Revolving credit facility \| SOFR
Interest Rate Swaps
Adjustment to interest rate	0.0010
Floor rate	0%
Swing Line Loans
Interest Rate Swaps
Borrowing capacity					$ 15
Forward exchange contracts \| Cash Flow Hedging
Derivative instruments
Fair value of derivative asset		$ 0.2
Forward exchange contracts \| Designated
Amount of Gain or (Loss) Recognized in Income on Derivatives
Period of time for expected reclassification		12 months
Forward exchange contracts \| Designated \| Cash Flow Hedging
Amount of Gain or (Loss) Recognized in Income on Derivatives
Amount expected to be reclassified		$ 0.2
Canadian Dollar to US Dollar Contracts
Interest Rate Swaps
Derivative notional amount		8.8
US Dollar to Chinese Yuan Contracts
Interest Rate Swaps
Derivative notional amount		0.9
Interest Rate Swap \| Designated \| Cash Flow Hedging
Interest Rate Swaps
Derivative fixed interest rate				0.942%	1.02975%
Derivative notional amount				$ 100	$ 100
Gain recognized in Accumulated Other Comprehensive Loss, effective portion		$ 6.3	$ 0.7
Interest Rate Swap \| Designated \| Cash Flow Hedging \| LIBOR
Interest Rate Swaps
Derivative, floor interest rate					0%
Interest Rate Swap \| Designated \| Cash Flow Hedging \| SOFR
Interest Rate Swaps
Derivative, floor interest rate	0.10%

Segment Information (Details)

Segment Information (Details) $ in Millions	12 Months Ended
Segment Information (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment information
Number of geographic segments		3	3
Net sales	$ 1,979.5			$ 1,809.2	$ 1,508.6
Operating income	315			239.6	181.1
Interest income	(0.6)				(0.2)
Interest expense	7			6.3	13.3
Other expense (income), net	1			(0.8)	1
INCOME BEFORE INCOME TAXES	307.6			234.1	167
Capital expenditures	28.1			26.7	43.8
Depreciation and amortization	39.7			45.1	46.5
Identifiable assets (at end of period)	1,930.9	$ 1,930.9	$ 1,930.9	1,855.6	1,738.2
Property, plant and equipment, net (at end of period)	196.8	196.8	196.8	200.7	212.3
Residential & commercial flow control
Segment information
Net sales	1,034.8			953
HVAC & gas
Segment information
Net sales	615.2			558.5
Drains & water re-use
Segment information
Net sales	200			183.4
Water quality
Segment information
Net sales	129.5			114.3
U.S.
Segment information
Net sales	1,301.2			1,123.9	956.5
Property, plant and equipment, net (at end of period)	119	119	119	116.2	118.9
Reportable segments
Segment information
Operating income	364.6			289	220
Corporate
Segment information
Operating income	(49.6)			(49.4)	(38.9)
Intersegment sales
Segment information
Net sales	107.2			158.9	99
Americas
Segment information
Net sales	1,390			1,207.2	1,025.7
Capital expenditures	16.2			17.6	31.2
Depreciation and amortization	27.4			29.8	29.7
Identifiable assets (at end of period)	1,222.8	1,222.8	1,222.8	1,133.5	1,075.1
Property, plant and equipment, net (at end of period)	124.1	124.1	124.1	121.3	122.9
Americas \| Residential & commercial flow control
Segment information
Net sales	792.3			697.4
Americas \| HVAC & gas
Segment information
Net sales	366.2			308.6
Americas \| Drains & water re-use
Segment information
Net sales	107.7			92.8
Americas \| Water quality
Segment information
Net sales	123.8			108.4
Americas \| Reportable segments
Segment information
Operating income	283.9			211	166.3
Americas \| Intersegment sales
Segment information
Net sales	11.1			9.3	8.7
Europe
Segment information
Net sales	499.1			517.4	424.9
Capital expenditures	11.2			8.5	11.4
Depreciation and amortization	10.3			12.6	14.3
Identifiable assets (at end of period)	583.5	583.5	583.5	584.8	537.2
Property, plant and equipment, net (at end of period)	68.4	68.4	68.4	74.5	83.8
Europe \| Residential & commercial flow control
Segment information
Net sales	171.1			188
Europe \| HVAC & gas
Segment information
Net sales	234.2			237
Europe \| Drains & water re-use
Segment information
Net sales	89.4			87.8
Europe \| Water quality
Segment information
Net sales	4.4			4.6
Europe \| Reportable segments
Segment information
Operating income	66.7			63.6	50.2
Europe \| Intersegment sales
Segment information
Net sales	24.7			29.1	18.9
APMEA
Segment information
Net sales	90.4			84.6	58
Capital expenditures	0.7			0.6	1.2
Depreciation and amortization	2			2.7	2.5
Identifiable assets (at end of period)	124.6	124.6	124.6	137.3	125.9
Property, plant and equipment, net (at end of period)	4.3	$ 4.3	$ 4.3	4.9	5.6
APMEA \| Residential & commercial flow control
Segment information
Net sales	71.4			67.6
APMEA \| HVAC & gas
Segment information
Net sales	14.8			12.9
APMEA \| Drains & water re-use
Segment information
Net sales	2.9			2.8
APMEA \| Water quality
Segment information
Net sales	1.3			1.3
APMEA \| Reportable segments
Segment information
Operating income	14			14.4	3.5
APMEA \| Intersegment sales
Segment information
Net sales	$ 71.4			$ 120.5	$ 71.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ (127.3)
Balance at the end of the period	(149.9)	$ (127.3)
Foreign Currency Translation
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(127.9)	(99.9)
Change in period	(29.1)	(28)
Balance at the end of the period	(157)	(127.9)
Cash Flow Hedges
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	0.6	(0.1)
Change in period	6.5	0.7
Balance at the end of the period	7.1	0.6
Accumulated Other Comprehensive Loss.
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(127.3)	(100)
Change in period	(22.6)	(27.3)
Balance at the end of the period	$ (149.9)	$ (127.3)

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	Feb. 06, 2023 $ / shares
Class A
Subsequent events
Quarterly dividend payable (in dollars per share)	$ 0.30
Class B
Subsequent events
Quarterly dividend payable (in dollars per share)	$ 0.30

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable Reserve Allowances
Changes in valuation and qualifying accounts
Balance At Beginning of Period	$ 10.3	$ 11.1	$ 14.3
Additions Charged To Expense	5.2	3.4	1.1
Foreign Exchange/Acquisitions Impact	(0.3)	(0.2)	0.9
Deductions	(4.5)	(4)	(5.2)
Balance At End of Period	10.7	10.3	11.1
Reserve for excess and obsolete inventories
Changes in valuation and qualifying accounts
Balance At Beginning of Period	33	33.4	25
Additions Charged To Expense	17.5	8.7	13.3
Foreign Exchange/Acquisitions Impact	(0.9)	(0.9)	1.4
Deductions	(10.1)	(8.2)	(6.3)
Balance At End of Period	$ 39.5	$ 33	$ 33.4