Watts Water (WTS) 10-K21 Feb 242023 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, 2023	Jan. 28, 2024	Jun. 25, 2023
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
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
Document Financial Statement Error Correction [Flag]	false
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			$ 4,757,799,205
Current Fiscal Year End Date	--12-31
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Boston, Massachusetts
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000795403
Amendment Flag	false
Class A
Entity Common Stock, Shares Outstanding		27,346,822
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Operations
Net sales	$ 2,056.3	$ 1,979.5	$ 1,809.2
Cost of goods sold	1,095.4	1,105.2	1,042.1
GROSS PROFIT	960.9	874.3	767.1
Selling, general and administrative expenses	604.5	550.5	508.2
Restructuring	5.5	10.6	19.3
Gain on sale of asset		(1.8)
OPERATING INCOME	350.9	315	239.6
Other (income) expense:
Interest income	(7.2)	(0.6)
Interest expense	8.2	7	6.3
Other expense (income), net	0.4	1	(0.8)
Total other (income) expense	1.4	7.4	5.5
INCOME BEFORE INCOME TAXES	349.5	307.6	234.1
Provision for income taxes	87.4	56.1	68.4
NET INCOME	$ 262.1	$ 251.5	$ 165.7
Basic EPS
NET INCOME PER SHARE	$ 7.85	$ 7.51	$ 4.90
Weighted average number of shares	33.4	33.5	33.8
Diluted EPS
NET INCOME PER SHARE	$ 7.82	$ 7.48	$ 4.88
Weighted average number of shares	33.5	33.6	33.9
Dividends declared per share	$ 1.38	$ 1.16	$ 1.01

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Income
Net income	$ 262.1	$ 251.5	$ 165.7
Other comprehensive income (loss) net of tax:
Foreign currency translation adjustments	9.7	(29.1)	(28)
Cash flow hedges	(3.9)	6.5	0.7
Defined benefit pension plans, net of tax:
Actuarial gain, net of tax provision of $0.2 million in 2023	0.7
Other comprehensive loss	6.5	(22.6)	(27.3)
Comprehensive income	$ 268.6	$ 228.9	$ 138.4

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Consolidated Statements of Comprehensive Income
Tax provision	$ 0.2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 350.1	$ 310.8
Trade accounts receivable, less reserve allowances of $00.0 million at December 31, 2023 and $10.7 million at December 31, 2022	259.8	233.8
Inventories, net:
Raw materials	150.6	138
Work in process	20.2	21
Finished goods	228.5	216.6
Total Inventories	399.3	375.6
Prepaid expenses and other current assets	51.8	30.4
Total Current Assets	1,061	950.6
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, at cost	677.2	595.6
Accumulated depreciation	(429)	(398.8)
Property, plant and equipment, net	248.2	196.8
OTHER ASSETS:
Goodwill	693	592.4
Intangible assets, net	216.1	113.7
Deferred income taxes	23.6	17.8
Other, net	67.5	59.6
TOTAL ASSETS	2,309.4	1,930.9
CURRENT LIABILITIES:
Accounts payable	131.8	134.3
Accrued expenses and other liabilities	190.3	174.6
Accrued compensation and benefits	83.7	69.8
Total Current Liabilities	405.8	378.7
LONG-TERM DEBT	298.3	147.6
DEFERRED INCOME TAXES	13.5	26.2
OTHER NONCURRENT LIABILITIES	78.5	77.8
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.10 par value; 5,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	674.3	651.9
Retained earnings	979.1	795.3
Accumulated other comprehensive loss	(143.4)	(149.9)
Total Stockholders' Equity	1,513.3	1,300.6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	2,309.4	1,930.9
Class A
STOCKHOLDERS' EQUITY:
Common Stock	2.7	2.7
Class B
STOCKHOLDERS' EQUITY:
Common Stock	$ 0.6	$ 0.6

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) $ in Millions	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Trade accounts receivable, reserve allowances \| $	$ 11.9	$ 10.7
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	27,352,701	27,314,679
Common Stock, outstanding shares	27,352,701	27,314,679
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	5,958,290
Common Stock, outstanding shares	5,958,290	5,958,290

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, 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 income (loss)					(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 stock units			1.9	(9.6)		(7.7)
Net change in restricted 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 income (loss)					(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 stock units			2.1	(13.3)		(11.2)
Net change in restricted 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
Increase (Decrease) in Stockholders' Equity
Net income				262.1		262.1
Other comprehensive income (loss)					6.5	6.5
Comprehensive income						268.6
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)	598
Stock-based compensation			20.2			20.2
Stock repurchase				(16)		(16)
Stock repurchase (in shares)	(91,622)
Net change in restricted stock units			2.1	(15.8)		(13.7)
Net change in restricted stock units (in shares)	129,046
Common stock dividends				(46.5)		(46.5)
Balance at the end of the period at Dec. 31, 2023	$ 2.7	$ 0.6	$ 674.3	$ 979.1	$ (143.4)	$ 1,513.3
Balance (in shares) at Dec. 31, 2023	27,352,701	5,958,290

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ 262.1	$ 251.5	$ 165.7
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	30.1	27.6	31.4
Amortization of intangibles	13.2	12.1	13.7
Loss on disposal and impairment of long-lived asset	0.2	(0.2)	1.4
Stock-based compensation	20.2	18.4	22.9
Deferred income tax	(18.8)	(29.6)	(8.2)
Changes in operating assets and liabilities, net of effects from business acquisitions:
Accounts receivable	6.2	(20)	(30.2)
Inventories	27	(16.4)	(113.7)
Prepaid expenses and other assets	(20.6)	1.9	(0.8)
Accounts payable, accrued expenses and other liabilities	(8.8)	(21.3)	98.6
Net cash provided by operating activities	310.8	224	180.8
INVESTING ACTIVITIES
Additions to property, plant and equipment	(29.7)	(28.1)	(26.7)
Proceeds from the sale of property, plant and equipment		5.2	5.1
Business acquisitions, net of cash acquired	(313.4)		(9.1)
Net cash used in investing activities	(343.1)	(22.9)	(30.7)
FINANCING ACTIVITIES
Proceeds from long-term borrowings	240	85	40
Payments of long-term debt	(90)	(80)	(95)
Payments for withholding taxes on vested awards	(15.8)	(13.3)	(9.6)
Payments for finance leases and other	(2.8)	(4.7)	(1.4)
Proceeds from share transactions under employee stock plans	0.1	0.2	0.1
Debt issuance costs			(2.4)
Payments to repurchase common stock	(16)	(69.4)	(16)
Dividends	(46.5)	(39.5)	(34.3)
Net cash used in financing activities	69	(121.7)	(118.6)
Effect of exchange rate changes on cash and cash equivalents	2.6	(10.6)	(8.4)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	39.3	68.8	23.1
Cash and cash equivalents at beginning of year	310.8	242	218.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD	350.1	310.8	242
Acquisition of businesses:
Fair value of assets acquired	344		12.1
Cash paid, net of cash acquired	313.4		9.1
Liabilities assumed	30.6		3.1
Issuance of stock under management stock purchase plan	0.4	0.4	0.6
CASH PAID FOR:
Interest	7.7	5.7	6.9
Income taxes	$ 115.7	$ 85.8	$ 73

Description of Business

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2023
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 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, 2023
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 2023, 2022 and 2021, 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 using standard costs determined primarily on the first-in, first-out method which approximates actual costs. 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. Acquisitions The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations, (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, and in establishing the acquisition date fair value as of the measurement date for all assets and liabilities assumed. The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in business combinations. Other estimates include: ● estimated step-ups for fixed assets and inventory; ● estimated fair values of intangible assets; and ● estimated income tax assets and liabilities assumed from the acquiree. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the purchase price allocation period, which is generally one year from the business acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. For changes in the valuation of intangible assets between the preliminary and final purchase price allocation, the related amortization is adjusted in the period it occurs. Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined. 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, 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. 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. 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. 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, if deemed probable of achievement, 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. 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 interest rate swaps and foreign exchange hedges designated as cash flow hedges as of December 31, 2023. Refer to Note 17 for further details. If a fair value or cash flow hedge were to cease to qualify for hedge accounting or be terminated, it would continue to be carried on the balance sheet at fair value until settled, but hedge accounting would be discontinued prospectively. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in accumulated other comprehensive income would be recognized immediately in earnings. On occasion, the Company may enter into a derivative instrument that does not qualify for hedge accounting because it is entered into to offset changes in the fair value of an underlying transaction which is required to be recognized in earnings (natural hedge). These instruments are reflected in the consolidated balance sheets at fair value with changes in fair value recognized in earnings. Portions of the Company’s outstanding debt are exposed to interest rate risks. The Company monitors its interest rate exposures on an ongoing basis to maximize the overall effectiveness of its interest rates. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Refer to Note 17 for further details. Shipping and Handling Shipping and handling costs included in selling, general and administrative expense amounted to $71.5 million, $73.4 million and $69.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Research and Development Research and development costs included in selling, general, and administrative expense amounted to $67.1 million, $59.4 million and $45.6 million for the years ended December 31, 2023, 2022 and 2021, 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. Accounting Standard Updates In November 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on the Company’s financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on the Company’s financial statement disclosures.

Restructuring and Other Charges

Restructuring and Other Charges, Net	12 Months Ended
Restructuring and Other Charges, Net	Dec. 31, 2023
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, 2023 2022 2021 (in millions) Restructuring costs: 2021 France Actions $ 0.4 $ 5.1 $ 19.7 Other Actions 5.1 5.5 (0.4) Total restructuring charges $ 5.5 $ 10.6 $ 19.3 The Company recorded pre-tax restructuring in its business segments as follows: Year Ended December 31, 2023 2022 2021 (in millions) Americas $ 2.5 $ 2.2 $ (0.3) Europe 2.0 8.5 19.5 APMEA 1.0 (0.1) 0.1 Total $ 5.5 $ 10.6 $ 19.3 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, 2023, the Company had incurred all pre-tax restructuring charges related to the program, resulting in total program charges of $25.2 million. Total net after-tax charges for this restructuring program were approximately $18.6 million. 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, approximated $3.0 million, and were fully realized in 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 Costs incurred — 2023 0.4 — — — 0.4 Total restructuring costs $ 20.8 $ 1.1 $ 1.7 $ 1.6 $ 25.2 Details of the restructuring reserve activity for the Company’s 2021 France Actions for the year ended December 31, 2023 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 Net pre-tax restructuring charges 0.4 — — — 0.4 Utilization and foreign currency impact (2.1) — — — (2.1) Balance at December 31, 2023 $ 0.2 $ — $ — $ — $ 0.2 Other Actions The Company periodically initiates other actions which are not part of a major program. Included in “Other Actions” for the year ended December 31, 2023, were immaterial actions primarily taken in the Americas segment related to the approved closure of two facilities and consolidation of the related productions into existing facilities. The facility exits were substantially completed in the fourth quarter of 2023 and total costs approximated $2.0 million. One of the programs includes the sale of the facility which is expected to be completed in the first half of 2024 and will generate cash proceeds and an expected gain on sale. Also included in “Other Actions” for the Americas segment was Included in “Other Actions” for the year ended December 31, 2023, was $1.6 million of restructuring charges recognized in the Europe segment related to cost saving actions and primarily include severance costs. Included in “Other Actions” for the year ended December 31, 2023, was $1.1 million of restructuring charges recognized in the APMEA segment related to Enware Australia Pty Ltd (“Enware”) acquisition primarily for severance costs within the Enware restructuring program. The total program costs are estimated to be $2.0 million in restructuring charges and the remaining $0.9 million in other exit costs are expected to be incurred through the first half of 2024. 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.

Revenue Recognition

Revenue Recognition	12 Months Ended
Revenue Recognition	Dec. 31, 2023
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 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—includes products and solutions typically sold into plumbing and hot water applications such as backflow preventers, water pressure regulators, temperature and pressure relief valves, thermostatic mixing valves, leak detection and protection products, commercial washroom solutions and emergency safety products and equipment. Many of our flow control and protection products are now smart and connected enabled, warning of leaks, floods and freeze with alerts to Building Management System (“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—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 and solutions feature advanced controls enabling customers to easily connect to the BMS for better monitoring, control and operation. HVAC is an acronym for heating, ventilation and air conditioning. ● Drainage & water re - use—includes drainage products and engineered rain water harvesting solutions for commercial, industrial, marine and residential applications, including connected roof drain systems . ● Water quality—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, 2023 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 868.1 $ 318.8 $ 83.6 $ 1,270.5 OEM 101.0 190.7 7.3 299.0 Specialty 377.0 — 25.2 402.2 DIY 82.0 2.6 — 84.6 Total $ 1,428.1 $ 512.1 $ 116.1 $ 2,056.3 For the year ended December 31, 2023 (in millions) Principal Product Category Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 885.0 $ 173.9 $ 97.1 $ 1,156.0 HVAC and Gas Products 332.4 248.1 15.3 595.8 Drainage and Water Re-use Products 105.3 86.2 2.7 194.2 Water Quality Products 105.4 3.9 1.0 110.3 Total $ 1,428.1 $ 512.1 $ 116.1 $ 2,056.3 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 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.

Acquisitions

Acquisitions	12 Months Ended
Acquisitions	Dec. 31, 2023
Acquisitions
Acquisitions	(5) Acquisitions Enware On March 31, 2023, the Company completed the acquisition of the primary business assets of Enware Australia Pty Ltd (“Enware”) in an all-cash transaction. Enware is based near Sydney, Australia, and has been a leading supplier for specialty plumbing and safety equipment used in the Australian institutional and commercial end markets since 1937. The acquisition of Enware aligns with the Company’s strategy to expand geographically into countries with mature and enforced plumbing codes. Enware is expected to enhance the Company’s product offering and channel access into the Australian marketplace. The acquisition of Enware was deemed not to be material. Bradley On October 23, 2023, the Company completed the acquisition of Bradley Corporation following its conversion into Bradley Company, LLC (“Bradley”) in a share purchase transaction. The aggregate net purchase price was approximately $301.2 million, net of cash of $9.2 million, and was financed by $210 million of borrowings under the Company’s . The purchase price includes an estimated working capital adjustment of $3.1 million and is subject to a final post-closing working capital adjustment. Bradley is based in Menomonee Falls, WI, and is a provider and manufacturer of commercial washroom and emergency safety products serving commercial (primarily institutional) and industrial end markets for over 100 years . Bradley offers a comprehensive product portfolio that includes plumbing fixtures, washroom accessories and emergency safety products to a diverse customer base. Bradley’s complementary portfolio will enable the Company to provide its customers with innovative water solutions, as it adds front-of-the-wall applications to its differentiated back-of-the-wall portfolio. The acquisition of Bradley is intended to align with the Company’s strategy to enhance its product offerings, drive growth and serve its customers. Bradley’s operating results since the date of acquisition are included in the Americas segment. The Company accounted for the transaction as a purchased business combination. During the fourth quarter of 2023, the Company performed the preliminary purchase price allocation for the Bradley purchase, with immaterial adjustments expected in the first quarter of 2024 related to the final working capital adjustment, final intangible asset valuations and deferred tax adjustments. The acquisition resulted in the recognition of $96.6 million in goodwill and $114.6 million in intangible assets. The intangible assets acquired consist of customer relationships valued at $84.6 million with estimated lives of 15 years and the trade name valued at $30.0 million with an indefinite life. The goodwill is attributable to the workforce of Bradley and the strategic platform adjacency that will allow Watts to extend its product offerings as a result of the acquisition. For tax purposes, the Company accounted for the transaction as an asset acquisition and therefore the intangibles and goodwill are deductible for tax purposes. The following table summarizes the preliminary value of the assets and liabilities acquired (in millions): Cash $ 9.2 Trade accounts receivable 23.5 Inventories, net 38.4 Prepaid expenses and other current assets 3.4 Property, Plant and Equipment 47.6 Intangible assets 114.6 Goodwill 96.6 Accounts payable (8.2) Employee benefits, other (6.2) Other current liabilities (8.0) Other noncurrent liabilities (0.5) Purchase price $ 310.4 The consolidated statement of operations for the year ended December 31, 2023 includes the results of Bradley since the acquisition date and includes $33.4 million of revenues and $2.7 million of operating loss, which includes acquisition-related costs of $3.3 million. Supplemental pro-forma information (unaudited) Had the Company completed the acquisition of Bradley at the beginning of 2022, net sales, net income and earnings per share would have been as follows: Year Ended December 31, 2023 2022 (Amounts in millions, except per share information) Net Sales $ 2,221.7 $ 2,168.3 Net Income $ 266.3 $ 252.6 Net income per share: Basic EPS $ 7.97 $ 7.54 Diluted EPS $ 7.95 $ 7.52 Net income for the years ended December 31, 2023 and December 31, 2022 was adjusted to include $6.6 million and $4.1 million, respectively, of net interest expense related to the financing, $3.3 million and $4.2 million, respectively, of net amortization expense resulting from the estimated allocation of purchase price to amortizable tangible and intangible assets, and $3.2 million and $1.3 million, respectively, of income tax expense to align the effective tax rate. Net income for the year ended December 31, 2023 and December 31, 2022 was also adjusted to exclude $4.6 million and $5.2 million, respectively, of net acquisition-related and purchase accounting charges. The pro-forma financial information excludes adjustments for estimated cost synergies or other effects of the integration of Bradley .

Goodwill & Intangibles

Goodwill & Intangibles	12 Months Ended
Goodwill & Intangibles	Dec. 31, 2023
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 22, 2023 testing date, the Company had $589.6 million of goodwill on its balance sheet. In 2023, the Company had eight reporting units. Bradley was acquired in the fourth quarter of 2023, after the goodwill testing date (October 22, 2023), however it was considered a separate reporting unit for the year ended December 31, 2023. One of these reporting units, Water Quality, had no goodwill. The Company performed a qualitative analysis for each of the six 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 2023 and 2022, the Company did not need to proceed beyond the qualitative analysis, and no goodwill impairments were recorded. The Company completed two acquisitions during the year ended December 31, 2023. During the second quarter, the Company completed the acquisition of the primary business assets of Enware within the APMEA region, resulting in $0.9 million of goodwill. The acquisition of Enware was not considered material to the Company’s consolidated financial statements. During the fourth quarter, the Company completed the acquisition of Bradley in a share purchase transaction within the Americas region, resulting in $96.6 million of goodwill. 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 2023 - January 1, the December 31, January 1, Loss During December 31, December 31, December 31, 2023 Period 2023 2023 the Period 2023 2023 2023 (in millions) Americas $ 490.3 $ 96.6 $ 586.9 $ (24.5) $ — $ (24.5) $ 0.2 $ 562.6 Europe 236.7 — 236.7 (129.7) — (129.7) 3.1 110.1 APMEA 32.5 0.9 33.4 (12.9) — (12.9) (0.2) 20.3 Total $ 759.5 $ 97.5 $ 857.0 $ (167.1) $ — $ (167.1) $ 3.1 $ 693.0 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 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 2023, the Company performed a combination of qualitative and quantitative assessments, and in 2022, 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 2023 or 2022. 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 2023 and 2021, there were no indications of the carrying amounts of intangible assets with estimable lives not being recoverable. In 2022, the Company recognized a $1.3 million impairment charge for an amortizable technology asset. The impairment was recognized within the Americas segment and due to changes in market expectations indicated the carrying amount of the asset was no longer recoverable. Intangible assets include the following: December 31, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in millions) Patents $ 5.0 $ (5.0) $ — $ 5.0 $ (5.0) $ — Customer relationships 218.0 (85.3) 132.7 175.1 (118.6) 56.5 Technology 53.2 (44.2) 9.0 53.2 (40.5) 12.7 Trade names 20.8 (12.3) 8.5 19.8 (10.8) 9.0 Other 1.1 (0.7) 0.4 1.1 (0.6) 0.5 Total amortizable intangibles 298.1 (147.5) 150.6 254.2 (175.5) 78.7 Indefinite-lived intangible assets 65.5 — 65.5 35.0 — 35.0 $ 363.6 $ (147.5) $ 216.1 $ 289.2 $ (175.5) $ 113.7 The Company acquired $114.6 million in intangible assets as part of the Bradley acquisition, consisting of customer relationships valued at $84.6 million, with an estimated useful life of 15 years, and an indefinite-lived trade name of $30.0 million. Aggregate amortization expense for amortized intangible assets for 2023, 2022 and 2021 was $13.2 million, $12.1 million and $13.7 million, respectively. Additionally, future amortization expense on amortizable intangible assets is expected to be $17.7 million for 2024, $16.0 million for 2025, $15.5 million for 2026, $14.0 million for 2027 and $13.6 million for 2028. 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 8.3 years. Customer relationships, technology, trade names and other amortizable intangibles have weighted-average remaining lives of 12.1 years, 3.8 years, 11.4 years and 19.6 years, respectively. Indefinite-lived intangible assets include trade names and trademarks. In 2023, 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 $41.7 million for customer relationships.

Inventories, net

Inventories, net	12 Months Ended
Inventories, net	Dec. 31, 2023
Inventories, net
Inventories, net	(7) Inventories, net Inventories consist of the following: December 31, 2023 2022 (in millions) Raw materials $ 150.6 $ 138.0 Work-in-process 20.2 21.0 Finished goods 228.5 216.6 $ 399.3 $ 375.6 Raw materials, work-in-process and finished goods are net of valuation reserves of $48.2 million and $43.6 million as of December 31, 2023 and 2022, respectively. Finished goods of $19.8 million and $18.2 million as of December 31, 2023 and 2022, respectively, were consigned.

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
Property, Plant and Equipment	Dec. 31, 2023
Property, Plant and Equipment
Property, Plant and Equipment	(8) Property, Plant and Equipment Property, plant and equipment consist of the following: December 31, 2023 2022 (in millions) Land $ 15.2 $ 11.1 Buildings and improvements 212.1 183.5 Machinery and equipment 435.5 387.4 Construction in progress 14.4 13.6 Property, plant and equipment, at cost 677.2 595.6 Accumulated depreciation (429.0) (398.8) Property, plant, and equipment, net $ 248.2 $ 196.8

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
Leases
Leases	(9) 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 91% 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, 2023 and 2022 were as follows: December 31, 2023 December 31, 2022 (in millions) (in millions) Operating Leases (1) Real Estate $ 45.9 $ 40.0 Automobile 3.6 2.4 Machinery and equipment 0.7 0.9 Total operating lease ROU Asset $ 50.2 $ 43.3 Finance Leases (2) Machinery and equipment $ 9.4 10.6 Automobile 0.1 0.1 Less: Accumulated depreciation (7.1) (6.1) Finance Leases, net $ 2.4 $ 4.6 (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, 2023 was as follows: December 31, 2023 Operating Leases Finance Leases (in millions) 2024 $ 11.8 $ 1.3 2025 10.7 0.5 2026 8.0 0.3 2027 6.2 0.2 2028 5.8 0.2 Thereafter 21.6 0.1 Total undiscounted minimum lease payments $ 64.1 $ 2.6 Less imputed interest 10.1 0.1 Total lease liabilities $ 54.0 $ 2.5 Included in the consolidated balance sheet Current lease liabilities (included in accrued expenses and other liabilities) 10.2 1.3 Non-Current lease liabilities (included in other non-current liabilities) 43.8 1.2 Total lease liabilities $ 54.0 $ 2.5 The total lease cost consisted of the following amounts: Year Ended Year Ended December 31, 2023 December 31, 2022 (in millions) (in millions) Operating lease cost $ 11.8 $ 11.1 Amortization of finance lease right-of-use assets 2.8 2.2 Interest on finance lease liabilities 0.1 0.1 Short-term lease cost 0.2 0.4 Sublease (income) (0.3) (0.2) Variable lease cost 5.5 3.2 Total lease cost $ 20.1 $ 16.8 The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases: December 31, 2023 December 31, 2022 (in millions) (in millions) Operating cash flows from operating leases $ 12.0 $ 11.1 Operating cash flows from finance leases 0.1 0.1 Financing cash flows from finance leases 2.9 2.4 Total cash paid for amounts included in the measurement of lease liabilities 15.0 13.6 Finance lease liabilities arising from obtaining right-of-use assets 1.3 3.6 Operating lease liabilities arising from obtaining right-of-use assets 17.4 6.8 The following summarizes additional information related to operating and finance leases: December 31, 2023 December 31, 2022 Weighted-average remaining lease term - finance leases 2.9 years 1.9 years Weighted-average remaining lease term - operating leases 7.4 years 7.9 years Weighted-average discount rate - finance leases 3.3 % 1.9 % Weighted-average discount rate - operating leases 4.2 % 3.4 %

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Taxes
Income Taxes	(10) Income Taxes The significant components of the Company’s deferred income tax liabilities and assets are as follows: December 31, 2023 2022 (in millions) Deferred income tax liabilities: Excess tax over book depreciation $ 27.8 $ 21.3 Intangibles 48.6 26.3 Goodwill — 26.6 Foreign earnings 2.6 0.6 Operating lease ROU assets 10.7 7.9 Other 4.9 5.7 Total deferred tax liabilities 94.6 88.4 Deferred income tax assets: Accrued expenses 11.1 9.6 Product liability 5.2 5.8 Operating lease liabilities 11.0 8.3 Stock based compensation 6.1 6.1 Foreign tax credits 17.4 13.6 Net operating loss carry forward 6.7 6.6 Capital loss carry forward 1.6 1.7 Inventory reserves 14.8 10.3 Intangibles 12.3 14.0 Goodwill 1.0 — Capitalized R&D 29.7 14.7 Other 11.6 9.6 Total deferred tax assets 128.5 100.3 Less: valuation allowance (23.8) (20.3) Net deferred tax assets 104.7 80.0 Net deferred tax assets $ 10.1 $ (8.4) The provision for income taxes is based on the following pre-tax income: Year Ended December 31, 2023 2022 2021 (in millions) Domestic $ 228.2 $ 204.3 $ 139.6 Foreign 121.3 103.3 94.5 $ 349.5 $ 307.6 $ 234.1 The provision for income taxes consists of the following: Year Ended December 31, 2023 2022 2021 (in millions) Current tax expense: Federal $ 54.6 $ 51.0 $ 32.0 Foreign 35.6 23.2 30.3 State 15.8 11.5 14.4 106.0 85.7 76.7 Deferred tax expense (benefit): Federal (14.7) (12.1) (4.8) Foreign 0.2 (13.7) (2.4) State (4.1) (3.8) (1.1) (18.6) (29.6) (8.3) Provision for income taxes $ 87.4 $ 56.1 $ 68.4 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, 2023 2022 2021 (in millions) Computed expected federal income expense $ 73.4 $ 64.6 $ 49.2 State income taxes, net of federal tax benefit 9.3 6.8 6.6 Foreign tax rate differential 4.3 3.5 4.3 Restructuring of manufacturing supply chain operations — (16.1) 29.3 Valuation allowance 3.5 0.4 (22.1) One time repatriation 1.2 — — Unrecognized tax benefits, net 1.4 (1.0) 2.0 Other, net (5.7) (2.1) (0.9) $ 87.4 $ 56.1 $ 68.4 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, 2023, the Company had foreign and domestic net operating loss carry forwards of $33.0 million and $1.0 million, respectively, for income tax purposes before considering valuation allowances; $23.9 million of the foreign losses can be carried forward indefinitely, $9.1 million of the foreign losses expire in 2029 and 2030, and $0.6 million of the domestic losses expire between 2035 and 2040 and $0.4 million of the domestic losses can be carried forward indefinitely. The net operating losses consist of $23.9 million related to Austrian operations, $9.1 million related to Switzerland operations and $1.0 million related to United States operations. At December 31, 2023, the Company had a U.S. capital loss carry forward of $1.6 million before considering valuation allowances that will expire in 2025. At December 31, 2023 and December 31, 2022, the Company had foreign tax credit carry forwards of $17.4 million and $13.6 million, respectively, for income tax purposes before considering valuation allowances. The foreign tax credit carryforwards expire between 2027 and 2033. At December 31, 2023 and December 31, 2022, the Company had valuation allowances of $23.8 million and $20.3 million, respectively. At December 31, 2023, $16.8 million related to foreign tax credits, $5.4 million related to Austrian net operating losses, and $1.6 million related to the domestic capital loss carry forward. 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. 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. In the fourth quarter of 2023, the Company determined it would make a one-time distribution of foreign earnings of $94 million. All other earnings after December 2017 and all future foreign earnings are expected to be permanently reinvested outside of the U.S. It is not practicable to estimate the amount of tax that might be payable if these earnings were repatriated due to the complexities associated with the hypothetical calculation. Unrecognized Tax Benefits As of December 31, 2023, the Company had gross unrecognized tax benefits of approximately $8.6 million, approximately $5.8 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, 2023 $ 7.2 Increases related to prior year tax positions 1.4 Increases related to current year tax positions 0.3 Decreases due to lapse in statutes (0.4) Currency movement 0.1 Balance at December 31, 2023 $ 8.6 The Company estimates that it is reasonably possible that the balance of unrecognized tax benefits as of December 31, 2023 may decrease by $0.2 million to $1.0 million in the next twelve months, as a result of lapses in statutes of limitations and settlements and $0.1 million to $0.7 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 2020 and later; France, Germany, Italy and Canada are subject to tax examination for 2017 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 2017. 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, 2023
Accrued Expenses and Other Liabilities
Accrued Expenses and Other Liabilities	(11) Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: December 31, 2023 2022 (in millions) Commissions and sales incentives payable $ 58.8 $ 56.0 Product liability 21.7 22.4 Other 87.9 79.5 Income taxes payable 21.9 16.7 $ 190.3 $ 174.6

Financing Arrangements

Financing Arrangements	12 Months Ended
Financing Arrangements	Dec. 31, 2023
Financing Arrangements
Financing Arrangements	(12) Financing Arrangements The Company’s debt consists of the following: December 31, 2023 2022 (in millions) Line of Credit due March 2026 $ 300.0 150.0 Less debt issuance costs (deduction from debt liability) (1.7) (2.4) Total long-term debt $ 298.3 $ 147.6 Principal payments during each of the next five years are due as follows (in millions): 2024: $0; 2025: $0; 2026: $300.0; 2027: $0; 2028: $0. On March 30, 2021, the Company and certain of its subsidiaries entered into the Second Amended and Restated Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, as amended by Amendment no. 1 dated August 2, 2022, Amendment no. 2 dated December 12, 2023 and as may be further amended, restated, amended and restated, modified or supplemented from time to time (the “Credit Agreement”). The Credit Agreement establishes a senior unsecured revolving credit facility of $800 million (the “Revolving Credit Facility”). The maturity date of the Revolving Credit Facility is March 30, 2026, subject to extension under certain circumstances and subject to the terms of the Credit Agreement. The Credit Agreement provides for a maximum consolidated leverage ratio of 3.50 to 1.00 (or 4.00 to 1.00 during temporary step-ups following certain acquisitions) and the minimum consolidated interest ratio of 3.50 to 1.00. 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, 2023, the Company had drawn down $300.0 million on this line of credit and had $12.5 million in letters of credit outstanding, which resulted in $487.5 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, 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 , in each case, determined by reference to the Company’s consolidated leverage ratio For the borrowings denominated in dollars, there is fixed 10 basis point adjustment if the reference rate is Term SOFR The 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 $12.5 million as of December 31, 2023 and $12.1 million as of December 31, 2022. 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, 2023
Earnings per Share and Stock Repurchase Program
Earnings per Share and Stock Repurchase Program	(13) 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, 2023, the Company had reserved a total of 1,967,652 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, 2023 2022 2021 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 $ 262.1 33.4 $ 7.85 $ 251.5 33.5 $ 7.51 $ 165.7 33.8 $ 4.90 Dilutive securities, principally common stock options — 0.1 (0.03) — 0.1 (0.03) — 0.1 (0.02) Diluted EPS $ 262.1 33.5 $ 7.82 $ 251.5 33.6 $ 7.48 $ 165.7 33.9 $ 4.88 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. On July 31, 2023, the Board of Directors authorized a new stock repurchase program of up to $150 million of the Company’s Class A common stock to be purchased from time to time on the open market or in privately negotiated transactions. The Company has entered into a Rule 10b5-1 plan which permits shares to be repurchased under both stock repurchase programs when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase programs may be suspended or discontinued at any time, subject to the terms of the Rule 10b5-1 plan the Company entered into with respect to the repurchase programs. As of December 31, 2023, there was approximately $12.0 million remaining authorized for share repurchases under the 2019 repurchase program. The Company had not made any share repurchases under the 2023 repurchase program as of December 31, 2023. For the years ended December 31, 2023, 2022 and 2021, the Company repurchased 91,622 shares for $16.0 million, 493,733 shares for $69.4 million and 109,998 shares for $16.0 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2023
Stock-Based Compensation
Stock-Based Compensation	(14) Stock-Based Compensation As of December 31, 2023, the Company maintains one stock incentive plan, the Third Amended and Restated 2004 Stock Incentive Plan (the “2004 Stock Incentive Plan”). At December 31, 2023, 979,835 shares of Class A common stock were available for future grants of new equity awards under this plan. The Company currently grants 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 order to be entitled to retirement vesting of the award 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, 2023, 704,770 shares of Class A common stock were available 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, 2023 2022 2021 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 121 $ 121.39 138 $ 97.43 166 $ 77.97 Granted 51 167.39 64 143.86 61 128.32 Vested (76) 112.65 (78) 94.33 (84) 81.70 Cancelled/Forfeitures (3) 139.46 (3) 120.31 (5) 93.98 Unvested at end of year 93 $ 149.96 121 $ 121.39 138 $ 97.43 The total fair value of shares vested during 2023, 2022 and 2021 was $12.7 million, $11.1 million and $10.5 million, respectively. At December 31, 2023, total unrecognized compensation cost related to unvested restricted stock and deferred stock awards was approximately $5.8 million with a total weighted average remaining term of 1.06 years. For 2023, 2022 and 2021, the Company recognized compensation costs of $9.3 million, $7.7 million and $7.6 million, respectively. The aggregate intrinsic value of restricted stock and deferred shares granted and outstanding approximated $19.4 million representing the total pre-tax intrinsic value based on the Company’s closing Class A common stock price of $208.34 as of December 31, 2023. The following is a summary of unvested performance stock award activity and related information: Year Ended December 31, 2023 2022 2021 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 146 $ 107.29 178 $ 88.32 208 $ 78.06 Granted 99 106.37 108 102.98 61 113.37 Vested (125) 73.62 (136) 78.82 (85) 81.50 Cancelled/Forfeitures (7) 132.14 (4) 110.43 (6) 83.53 Unvested at end of year 113 $ 142.53 146 $ 107.29 178 $ 88.32 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 2023, 2022 and 2021 was $21.1 million, $20.4 million and $10.8 million, respectively. At December 31, 2023, total unrecognized compensation cost related to unvested performance stock awards was approximately $10.0 million with a total weighted average remaining term of 1.49 years. For 2023, 2022 and 2021, the Company recognized compensation costs of $9.7 million, $9.8 million and $14.6 million, respectively. The aggregate intrinsic value of performance shares granted and outstanding approximated $23.5 million representing the total pre-tax intrinsic value based on the Company’s closing Class A common stock price of $208.34 as of December 31, 2023. The following is a summary of stock option activity and related information: Year Ended December 31, 2023 2022 2021 Weighted Weighted Weighted Weighted Weighted Weighted Average Average Average Average Average Average Exercise Intrinsic Exercise Intrinsic Exercise Intrinsic Options Price Value Options Price Value Options Price Value (Options in thousands) Outstanding at beginning of year 1 $ 57.47 4 $ 52.92 5 $ 52.40 Cancelled/Forfeitures — — — — — — Exercised (1) 57.47 (3) 51.36 (1) 51.04 Outstanding at end of year — $ 57.47 $ 150.87 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25 Exercisable at end of year — $ 57.47 $ 150.87 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25 For 2023, 2022 and 2021, the Company did not recognize any compensation costs for options. As of December 31, 2023, there was no unrecognized compensation cost related to unvested options. As of December 31, 2023, the aggregate intrinsic value of exercisable options was less than $0.1 million, representing the total pre-tax intrinsic value, based on the Company’s closing Class A common stock price of $208.34 as of December 31, 2023, 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 2023, 2022 and 2021 was approximately $0.1 million, $0.3 million and $0.2 million, respectively. At December 31, 2023, there were fewer than 400 stock options outstanding with a weighted average exercise price of $57.47. Management Stock Purchase Plan Total unrecognized compensation cost related to unvested RSUs was approximately $1.7 million at December 31, 2023 with a total weighted average remaining term of 1.52 years. For 2023, 2022 and 2021, the Company recognized compensation cost of $1.2 million, $0.9 million, and $0.7 million, respectively. Dividends declared for RSUs that are paid to individuals but remain unpaid and accrued at December 31, 2023 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, 2023 2022 2021 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 77 $ 94.78 85 $ 75.34 95 $ 64.54 Granted 26 130.27 29 115.14 25 97.98 Settled (25) 66.94 (35) 64.15 (34) 61.38 Cancelled/Forfeitures (1) 124.04 (2) 92.09 (1) 77.03 Outstanding at end of year 77 $ 114.93 $ — 77 $ 94.78 85 $ 75.34 Vested at end of year 23 $ 104.17 $ — 24 $ 77.69 31 $ 65.29 As of December 31, 2023, the aggregate intrinsic values of outstanding and vested RSUs were approximately $7.2 million and $2.4 million, respectively, representing the total pre-tax intrinsic value, based on the Company’s closing Class A common stock price of $208.34 as of December 31, 2023, 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 2023, 2022 and 2021 was approximately $2.4 million, $2.7 million and $2.1 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, 2023: RSUs Outstanding RSUs Vested Weighted Average Weighted Average Number Purchase Number Purchase Range of Purchase Prices Outstanding Price Vested Price (RSUs in thousands) $69.76-$97.28 23 $ 97.28 14 $ 97.28 $97.29-$115.14 28 115.14 9 115.14 $115.15-$130.27 26 130.27 — — 77 $ 114.93 23 $ 104.17 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: 2023 2022 Expected life (years) 3.0 3.0 Expected stock price volatility 33.7 % 33.7 % Expected dividend yield 0.80 % 0.80 % Risk-free interest rate 4.1 % 2.0 % 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 $57.50, $47.26 and $37.49 during 2023, 2022 and 2021, respectively. At December 31, 2023, the Company had total unrecognized compensation costs related to unvested stock-based compensation arrangements of approximately $16.4 million and a total weighted average remaining term of 1.34 years. For 2023, 2022 and 2021, the Company recognized compensation costs related to stock-based programs of $20.2 million, $18.4 million, and $22.9 million, respectively. For 2023, 2022 and 2021, stock compensation expense of $1.5 million, $1.3 million and $1.4 million, respectively, was recorded in cost of goods sold and $18.7 million, $17.1 million and $21.5 million, respectively, was recorded in selling, general and administrative expenses. For 2023, 2022 and 2021, the Company recorded $2.9 million, $2.8 million and $3.7 million, respectively, of tax benefit for its other stock-based plans. For 2023, 2022 and 2021, the recognition of total stock-based compensation expense impacted both basic and diluted net income per common share by $0.47, $0.43 and $0.53, respectively.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
Employee Benefit Plans
Employee Benefit Plans	(15) Employee Benefit Plans The Company’s U.S. 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 100% of employee contributions of up to the first 4% of eligible compensation. The Company’s match contributions for the years ended December 31, 2023, 2022 and 2021, were $8.1 million, $7.6 million and $6.6 million, respectively. Charges for Europe pension plans approximated $3.3 million, $4.3 million and $4.6 million for the years ended December 31, 2023, 2022 and 2021, 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. With the acquisition of Bradley on October 23, 2023, the Company acquired the defined benefit retirement plan (“the Pension Plan”) of Bradley. The Pension Plan was frozen effective September 30, 2011, and the Pension Plan pension benefit obligation (“PBO”) was close to fully funded prior to the acquisition date. The Company terminated the Pension Plan with an effective date of plan termination of December 31, 2023. Distribution of plan assets pursuant to the termination will not be made until completion of the plan termination process with the Pension Benefit Guaranty Corporation. The Company expects the distribution for the Pension Plan to be completed by December 31, 2024. Except for retirees receiving payments under the Pension Plan (or “in pay status”), participants in the Pension Plan will have the choice of receiving either a single lump sum payment or an annuity. Retirees in pay status will continue to receive payments of their benefits under the Pension Plan pursuant to their current annuity elections. The Company plans to purchase annuity contracts from an insurance company for all retirees and participants that choose annuities as a payment option under the Pension Plan. The lump sum payments paid to participants will represent the actuarial equivalent value of the participants’ remaining accrued benefits under the Pension Plan as of the distribution date, calculated in accordance with the terms of the plan and based on the participants’ ages on the distribution date. As a result of the plan termination, and similar to the opening balance sheet liability, the December 31, 2023 balance sheet liability was calculated on a termination basis by valuing the PBO on a going concern basis using the Pension Plan cash flows and a spot curve as of December 31, 2023 conditions, for assumed lump sum election rates, lump sum cost, and insurer premium. The funded status of the defined benefit plans and amounts recognized in the consolidated balance sheets are as follows: Year Ended December 31, 2023 (in millions) Change in projected benefit obligation Balance at beginning of period (October 23, 2023) $ 68.0 Service cost — Administration costs paid — Interest cost 0.7 Actuarial loss (gain) 5.5 Benefits paid (0.7) Balance at end of year $ 73.5 Change in fair value of plan assets Balance at beginning of period (October 23, 2023) $ 67.9 Actual gain (loss) on assets 7.2 Employer contributions — Administration costs paid — Benefits paid (0.7) Fair value of plan assets at end of the year $ 74.4 Funded (underfunded) status at end of year $ 0.9 Amounts recognized in the consolidated balance sheets are as follows: December 31, 2023 (in millions) Current liabilities $ — Noncurrent assets (liabilities) 0.9 Net amount recognized $ 0.9 Amounts recognized in accumulated other comprehensive income consist of: December 31, 2023 (in millions) Net actuarial gain recognized $ (0.9) The components of net periodic benefit cost are as follows: Year Ended December 31, 2023 (in millions) Service cost - benefits earned $ — Interest costs on benefit obligation 0.7 Expected return on assets (0.7) Net actuarial loss amortization $ — Net periodic benefit cost $ — For fiscal year 2024, the estimated net actuarial loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic benefit cost is immaterial. Assumptions: Weighted-average assumptions used to determine benefit obligations: December 31, 2023 (in millions) Discount rate 4.64 % Weighted-average assumptions used to determine net periodic benefit costs: December 31, 2023 (in millions) Discount rate 5.36 % Long-term rate of return on assets 5.60 % Discount rates were selected based upon rates of return assuming a plan termination basis as of December 31, 2023. The discount rate selected was the equivalent rate for the estimated settlement liability. In selecting the expected long-term rate of return on assets, the Company considers the average rate of earnings expected on the funds invested or to be invested to provide for the benefits of this plan. This includes considering the trust’s asset allocation and the expected returns likely to be earned over the life of the plan. Plan assets The Company’s investment policies employed an approach at the end of fiscal year 2023 to better match the asset allocation to the liability duration due to the expected asset and liability transfer later in fiscal year 2024. A mix of cash and fixed income investments were used to align to the expected liability settlement and equity investments were no longer part of the portfolio. Fixed income investments consist of domestic and international corporate notes, federal and state treasury notes, and money market funds. Investment and market risk are measured and monitored on an going basis. The weighted average asset allocations by asset category are as follows: December 31, 2023 (in millions) Asset Category Cash 39 % Equity - Fixed Income 61 Total 100 % The following table presents the investments in the Pension Plan measured at fair value at December 31, 2023: December 31, 2023 Level 1 Level 2 Level 3 Total (in millions) Cash $ 28.9 $ — $ — $ 28.9 Fixed income securities Corporate notes — 31.7 — 31.7 Treasury notes 12.7 — — 12.7 Other investments(a) $ 1.7 $ — $ — $ 1.7 Total investments $ 43.3 $ 31.7 $ — $ 75.0 (a) Includes Aetna Co. Annuity Contract and accrued interest and dividends Cash flows The information related to the Company’s pension funds cash flow is as follows: Year Ended December 31, 2023 (in millions) Employer contributions $ — Benefit payments $ 0.7 The Company does not expect to contribute any amounts in 2024 to the Pension Plan. Expected benefit payments to be paid by the pension plans are as follows: (in millions) During fiscal year ending December 31, 2024 $ 73.5 During fiscal year ending December 31, 2025 N/A (1) During fiscal year ending December 31, 2026 N/A (1) During fiscal year ending December 31, 2027 N/A (1) During fiscal year ending December 31, 2028 N/A (1) During fiscal year ending December 31, 2029 through December 31, 2033 N/A (1) (1) Benefits under the Pension Plan are expected to be distributed by December 31, 2024.

Contingencies and Environmental

Contingencies and Environmental Remediation	12 Months Ended
Contingencies and Environmental Remediation	Dec. 31, 2023
Contingencies and Environmental Remediation
Contingencies and Environmental Remediation	(16) 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, 2023, the Company estimates that the aggregate amount of reasonably possible loss in excess of the amount accrued for its legal contingencies is approximately $4.6 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 (“PRP”) 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 PRP 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 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 both issued comments on the draft FS. The Group provided responses to the Agency comments on December 1, 2023. The deadline for submission of the revised FS report has been deferred with USEPA’s consent until all Agency comments are resolved. 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 PRPs who may or may not agree to fund or perform any remediation, have not been determined; (iii) the share contribution for PRPs 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 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. Based on information currently known to it, management believes that these matters are not likely to have a material adverse effect on the business or financial condition of the Company, or to have a material adverse effect on the Company’s operating results for any particular period. 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, 2023
Financial Instruments
Financial Instruments	(17) 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 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, 2023 and December 31, 2022: Fair Value Measurement at December 31, 2023 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) $ 2.3 $ 2.3 $ — $ — Interest rate swap(2) $ 6.5 $ — $ 6.5 $ — Total assets $ 8.8 $ 2.3 $ 6.5 $ — Liabilities Plan liability for deferred compensation(3) $ 2.3 $ 2.3 $ — $ — Interest rate swap(4) $ 2.0 $ — $ 2.0 $ — Designated foreign currency hedges(5) $ 0.2 $ — $ 0.2 $ — Total liabilities $ 4.5 $ 2.3 $ 2.2 $ — Fair Value Measurements 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(5) $ 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 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) As of December 31, 2023, $3.4 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $3.0 million classified in other assets (other, net). (3) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. (4) As of December 31, 2023, $0.2 million classified in accrued expenses and other liabilities on the Company’s consolidated balance sheet and $1.8 million classified in other noncurrent liabilities. (5) Included on the Company’s consolidated balance sheet in prepaid expenses and other current assets. (6) Included on the Company’s consolidated balance sheet in other noncurrent liabilities. In connection with the immaterial acquisition of Sentinel Hydrosolutions, LLC (“Sentinel”), completed during the fourth quarter of 2021, a contingent liability of $2.5 million was recognized as the estimate of the acquisition date fair value of the contingent consideration. This liability was classified as Level 3 under the fair value hierarchy as it was based on the probability of achievement of future performance metrics, 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 of approximately $4.5 million. The Sentinel contingent liability was reversed in the fourth quarter of 2023 as performance metrics were not met. 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 12. 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 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 entered into an additional interest rate swap on October 23, 2023, as part of the acquisition of Bradley. Under the interest rate swap agreement, the Company receives the one-month Term SOFR subject to a -0.1% floor and pays a fixed rate of 4.844% on a notional amount of $100.0 million. Both swaps mature on March 30, 2026. 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, 2023 and 2022, a net loss of $3.6 million and a net gain of $6.3 million, respectively, was recorded in Accumulated Other Comprehensive Loss to recognize the effective portion of the fair value of the interest rate swaps 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, 2023, all designated foreign exchange hedge contracts were cash flow hedges under ASC 815, Derivatives and Hedging The notional amounts outstanding as of December 31, 2023 for the Canadian dollar to U.S. dollar contracts was $6.2 million. The fair value of the Company’s designated foreign hedge contracts outstanding as of December 31, 2023 was a liability of $0.2 million. As of December 31, 2023, the amount expected to be reclassified into cost of goods sold from other comprehensive income in the next twelve months is a gain of less than $0.1 million.

Segment Information

Segment Information	12 Months Ended
Segment Information	Dec. 31, 2023
Segment Information
Segment Information	(18) Segment Information The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products and solutions 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, 2023 2022 2021 (in millions) Net sales Americas $ 1,428.1 $ 1,390.0 $ 1,207.2 Europe 512.1 499.1 517.4 APMEA 116.1 90.4 84.6 Consolidated net sales $ 2,056.3 $ 1,979.5 $ 1,809.2 Operating income (loss) Americas $ 325.2 $ 283.9 $ 211.0 Europe 70.4 66.7 63.6 APMEA 16.1 14.0 14.4 Subtotal reportable segments 411.7 364.6 289.0 Corporate() (60.8) (49.6) (49.4) Consolidated operating income 350.9 315.0 239.6 Interest income (7.2) (0.6) — Interest expense 8.2 7.0 6.3 Other expense (income), net 0.4 1.0 (0.8) Income before income taxes $ 349.5 $ 307.6 $ 234.1 Capital expenditures Americas $ 20.8 $ 16.2 $ 17.6 Europe 8.0 11.2 8.5 APMEA 0.9 0.7 0.6 Consolidated capital expenditures $ 29.7 $ 28.1 $ 26.7 Depreciation and amortization Americas $ 31.5 $ 27.4 $ 29.8 Europe 9.6 10.3 12.6 APMEA 2.2 2.0 2.7 Consolidated depreciation and amortization $ 43.3 $ 39.7 $ 45.1 Identifiable assets (at end of period) Americas $ 1,605.7 $ 1,222.8 $ 1,133.5 Europe 569.1 583.5 584.8 APMEA 134.6 124.6 137.3 Consolidated identifiable assets $ 2,309.4 $ 1,930.9 $ 1,855.6 Property, plant and equipment, net (at end of period) Americas $ 174.0 $ 124.1 $ 121.3 Europe 69.9 68.4 74.5 APMEA 4.3 4.3 4.9 Consolidated property, plant and equipment, net $ 248.2 $ 196.8 $ 200.7 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, 2023 2022 2021 (in millions) U.S. net sales $ 1,324.4 $ 1,301.2 $ 1,123.9 U.S. property, plant and equipment, net (at end of year) $ 161.5 $ 119.0 $ 116.2 The following includes intersegment sales for Americas, Europe and APMEA: December 31, 2023 2022 2021 (in millions) Intersegment Sales Americas $ 7.9 $ 11.1 $ 9.3 Europe 24.7 24.7 29.1 APMEA 85.2 71.4 120.5 Intersegment sales $ 117.8 $ 107.2 $ 158.9

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	12 Months Ended
Accumulated Other Comprehensive Loss	Dec. 31, 2023
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	(19) Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following: Accumulated Foreign Other Currency Pension Cash Flow Comprehensive Translation Adjustment Hedges (1) Loss (in millions) 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) Change in period 9.7 0.7 (3.9) 6.5 Balance December 31, 2023 $ (147.3) $ 0.7 $ 3.2 $ (143.4) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 17 for further details.

Subsequent Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events
Subsequent Events	(20) Subsequent Events On February 7, 2024, the Company declared a quarterly dividend of thirty-six cents ($0.36) per share on each outstanding share of Class A common stock and Class B common stock payable on March 15, 2024 to stockholders of record on March 1, 2024. Business Acquisition Effective January 1, 2024, the Company completed the acquisition of Josam Company following its conversion into Josam Industries, LLC (“Josam”) in a share purchase transaction funded with cash on hand. The aggregate net purchase price was approximately $98.7 million, net of cash of $4.1 million, .

Schedule II-Valuation and Quali

Schedule II-Valuation and Qualifying Accounts	12 Months Ended
Schedule II-Valuation and Qualifying Accounts	Dec. 31, 2023
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, 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 Year Ended December 31, 2023 Accounts Receivable Reserve Allowances $ 10.7 $ 4.0 1.7 (4.5) $ 11.9 Reserve for excess and obsolete inventories $ 39.5 $ 16.3 5.9 (16.6) $ 45.1

Accounting Policies (Policies)

Accounting Policies (Policies)	12 Months Ended
Accounting Policies (Policies)	Dec. 31, 2023
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 2023, 2022 and 2021, 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 using standard costs determined primarily on the first-in, first-out method which approximates actual costs. 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.
Acquisitions	Acquisitions The Company utilizes the acquisition method of accounting under ASC 805, Business Combinations, (“ASC 805”), for all transactions and events in which it obtains control over one or more other businesses, to recognize the fair value of all assets and liabilities acquired, and in establishing the acquisition date fair value as of the measurement date for all assets and liabilities assumed. The Company also utilizes ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in business combinations. Other estimates include: ● estimated step-ups for fixed assets and inventory; ● estimated fair values of intangible assets; and ● estimated income tax assets and liabilities assumed from the acquiree. While the Company uses its best estimates and assumptions as part of the purchase price allocation process to accurately value assets acquired and liabilities assumed at the business acquisition date, the estimates and assumptions are inherently uncertain and subject to refinement. As a result, during the purchase price allocation period, which is generally one year from the business acquisition date, the Company records adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. For changes in the valuation of intangible assets between the preliminary and final purchase price allocation, the related amortization is adjusted in the period it occurs. Subsequent to the purchase price allocation period, any adjustment to assets acquired or liabilities assumed is included in operating results in the period in which the adjustment is determined.
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, 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. 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. 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.
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, if deemed probable of achievement, 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.
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 interest rate swaps and foreign exchange hedges designated as cash flow hedges as of December 31, 2023. Refer to Note 17 for further details. If a fair value or cash flow hedge were to cease to qualify for hedge accounting or be terminated, it would continue to be carried on the balance sheet at fair value until settled, but hedge accounting would be discontinued prospectively. If a forecasted transaction were no longer probable of occurring, amounts previously deferred in accumulated other comprehensive income would be recognized immediately in earnings. On occasion, the Company may enter into a derivative instrument that does not qualify for hedge accounting because it is entered into to offset changes in the fair value of an underlying transaction which is required to be recognized in earnings (natural hedge). These instruments are reflected in the consolidated balance sheets at fair value with changes in fair value recognized in earnings. Portions of the Company’s outstanding debt are exposed to interest rate risks. The Company monitors its interest rate exposures on an ongoing basis to maximize the overall effectiveness of its interest rates.
Fair value Measurements	Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An entity is required to maximize the use of observable inputs, where available, and minimize the use of unobservable inputs when measuring fair value. The Company has certain financial assets and liabilities that are measured at fair value on a recurring basis and certain nonfinancial assets and liabilities that may be measured at fair value on a nonrecurring basis. The fair value disclosures of these assets and liabilities are based on a three-level hierarchy, which is defined as follows: Level 1 Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access at the measurement date. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities subject to this hierarchy are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. Refer to Note 17 for further details.
Shipping and Handling	Shipping and Handling Shipping and handling costs included in selling, general and administrative expense amounted to $71.5 million, $73.4 million and $69.4 million for the years ended December 31, 2023, 2022 and 2021, respectively.
Research and Development	Research and Development Research and development costs included in selling, general, and administrative expense amounted to $67.1 million, $59.4 million and $45.6 million for the years ended December 31, 2023, 2022 and 2021, 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.
Accounting Standard Updates	Accounting Standard Updates In November 2023, the Financial Standards Accounting Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for our annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on the Company’s financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures" to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. ASU 2023-09 is effective for our annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on the Company’s financial statement disclosures.

Restructuring and Other Charg_2

Restructuring and Other Charges, Net (Tables)	12 Months Ended
Restructuring and Other Charges, Net (Tables)	Dec. 31, 2023
Restructuring and Other Charges, Net
Summary of the pre-tax cost by restructuring programs	Year Ended December 31, 2023 2022 2021 (in millions) Restructuring costs: 2021 France Actions $ 0.4 $ 5.1 $ 19.7 Other Actions 5.1 5.5 (0.4) Total restructuring charges $ 5.5 $ 10.6 $ 19.3
Summary of recorded pre-tax restructuring costs by business segment	Year Ended December 31, 2023 2022 2021 (in millions) Americas $ 2.5 $ 2.2 $ (0.3) Europe 2.0 8.5 19.5 APMEA 1.0 (0.1) 0.1 Total $ 5.5 $ 10.6 $ 19.3
Summary of total incurred 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 Costs incurred — 2023 0.4 — — — 0.4 Total restructuring costs $ 20.8 $ 1.1 $ 1.7 $ 1.6 $ 25.2
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 Net pre-tax restructuring charges 0.4 — — — 0.4 Utilization and foreign currency impact (2.1) — — — (2.1) Balance at December 31, 2023 $ 0.2 $ — $ — $ — $ 0.2

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
Revenue Recognition (Tables)	Dec. 31, 2023
Revenue Recognition
Schedule of disaggregation of revenue	For the year ended December 31, 2023 (in millions) Distribution Channel Americas Europe APMEA Consolidated Wholesale $ 868.1 $ 318.8 $ 83.6 $ 1,270.5 OEM 101.0 190.7 7.3 299.0 Specialty 377.0 — 25.2 402.2 DIY 82.0 2.6 — 84.6 Total $ 1,428.1 $ 512.1 $ 116.1 $ 2,056.3 For the year ended December 31, 2023 (in millions) Principal Product Category Americas Europe APMEA Consolidated Residential & Commercial Flow Control $ 885.0 $ 173.9 $ 97.1 $ 1,156.0 HVAC and Gas Products 332.4 248.1 15.3 595.8 Drainage and Water Re-use Products 105.3 86.2 2.7 194.2 Water Quality Products 105.4 3.9 1.0 110.3 Total $ 1,428.1 $ 512.1 $ 116.1 $ 2,056.3 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

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
Acquisitions (Tables)	Dec. 31, 2023
Acquisitions
Summary of the value of assets and liabilities acquired	The following table summarizes the preliminary value of the assets and liabilities acquired (in millions): Cash $ 9.2 Trade accounts receivable 23.5 Inventories, net 38.4 Prepaid expenses and other current assets 3.4 Property, Plant and Equipment 47.6 Intangible assets 114.6 Goodwill 96.6 Accounts payable (8.2) Employee benefits, other (6.2) Other current liabilities (8.0) Other noncurrent liabilities (0.5) Purchase price $ 310.4
Supplemental pro-forma information	Year Ended December 31, 2023 2022 (Amounts in millions, except per share information) Net Sales $ 2,221.7 $ 2,168.3 Net Income $ 266.3 $ 252.6 Net income per share: Basic EPS $ 7.97 $ 7.54 Diluted EPS $ 7.95 $ 7.52

Goodwill & Intangibles (Tables)

Goodwill & Intangibles (Tables)	12 Months Ended
Goodwill & Intangibles (Tables)	Dec. 31, 2023
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 2023 - January 1, the December 31, January 1, Loss During December 31, December 31, December 31, 2023 Period 2023 2023 the Period 2023 2023 2023 (in millions) Americas $ 490.3 $ 96.6 $ 586.9 $ (24.5) $ — $ (24.5) $ 0.2 $ 562.6 Europe 236.7 — 236.7 (129.7) — (129.7) 3.1 110.1 APMEA 32.5 0.9 33.4 (12.9) — (12.9) (0.2) 20.3 Total $ 759.5 $ 97.5 $ 857.0 $ (167.1) $ — $ (167.1) $ 3.1 $ 693.0 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
Schedule of Intangible assets	December 31, 2023 December 31, 2022 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount (in millions) Patents $ 5.0 $ (5.0) $ — $ 5.0 $ (5.0) $ — Customer relationships 218.0 (85.3) 132.7 175.1 (118.6) 56.5 Technology 53.2 (44.2) 9.0 53.2 (40.5) 12.7 Trade names 20.8 (12.3) 8.5 19.8 (10.8) 9.0 Other 1.1 (0.7) 0.4 1.1 (0.6) 0.5 Total amortizable intangibles 298.1 (147.5) 150.6 254.2 (175.5) 78.7 Indefinite-lived intangible assets 65.5 — 65.5 35.0 — 35.0 $ 363.6 $ (147.5) $ 216.1 $ 289.2 $ (175.5) $ 113.7

Inventories, net (Tables)

Inventories, net (Tables)	12 Months Ended
Inventories, net (Tables)	Dec. 31, 2023
Inventories, net
Schedule of inventories	December 31, 2023 2022 (in millions) Raw materials $ 150.6 $ 138.0 Work-in-process 20.2 21.0 Finished goods 228.5 216.6 $ 399.3 $ 375.6

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Dec. 31, 2023
Property, Plant and Equipment
Schedule of Property, plant and equipment	December 31, 2023 2022 (in millions) Land $ 15.2 $ 11.1 Buildings and improvements 212.1 183.5 Machinery and equipment 435.5 387.4 Construction in progress 14.4 13.6 Property, plant and equipment, at cost 677.2 595.6 Accumulated depreciation (429.0) (398.8) Property, plant, and equipment, net $ 248.2 $ 196.8

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases
Schedule of right-of-use asset amounts reported in consolidated balance sheet	December 31, 2023 December 31, 2022 (in millions) (in millions) Operating Leases (1) Real Estate $ 45.9 $ 40.0 Automobile 3.6 2.4 Machinery and equipment 0.7 0.9 Total operating lease ROU Asset $ 50.2 $ 43.3 Finance Leases (2) Machinery and equipment $ 9.4 10.6 Automobile 0.1 0.1 Less: Accumulated depreciation (7.1) (6.1) Finance Leases, net $ 2.4 $ 4.6 (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, 2023 Operating Leases Finance Leases (in millions) 2024 $ 11.8 $ 1.3 2025 10.7 0.5 2026 8.0 0.3 2027 6.2 0.2 2028 5.8 0.2 Thereafter 21.6 0.1 Total undiscounted minimum lease payments $ 64.1 $ 2.6 Less imputed interest 10.1 0.1 Total lease liabilities $ 54.0 $ 2.5 Included in the consolidated balance sheet Current lease liabilities (included in accrued expenses and other liabilities) 10.2 1.3 Non-Current lease liabilities (included in other non-current liabilities) 43.8 1.2 Total lease liabilities $ 54.0 $ 2.5
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, 2023 December 31, 2022 (in millions) (in millions) Operating lease cost $ 11.8 $ 11.1 Amortization of finance lease right-of-use assets 2.8 2.2 Interest on finance lease liabilities 0.1 0.1 Short-term lease cost 0.2 0.4 Sublease (income) (0.3) (0.2) Variable lease cost 5.5 3.2 Total lease cost $ 20.1 $ 16.8 The following information represents supplemental disclosure for the statement of cash flows related to operating and finance leases: December 31, 2023 December 31, 2022 (in millions) (in millions) Operating cash flows from operating leases $ 12.0 $ 11.1 Operating cash flows from finance leases 0.1 0.1 Financing cash flows from finance leases 2.9 2.4 Total cash paid for amounts included in the measurement of lease liabilities 15.0 13.6 Finance lease liabilities arising from obtaining right-of-use assets 1.3 3.6 Operating lease liabilities arising from obtaining right-of-use assets 17.4 6.8
Schedule of additional information associated with leases	December 31, 2023 December 31, 2022 Weighted-average remaining lease term - finance leases 2.9 years 1.9 years Weighted-average remaining lease term - operating leases 7.4 years 7.9 years Weighted-average discount rate - finance leases 3.3 % 1.9 % Weighted-average discount rate - operating leases 4.2 % 3.4 %

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Taxes
Schedule of significant components of the Company's deferred income tax liabilities and assets	December 31, 2023 2022 (in millions) Deferred income tax liabilities: Excess tax over book depreciation $ 27.8 $ 21.3 Intangibles 48.6 26.3 Goodwill — 26.6 Foreign earnings 2.6 0.6 Operating lease ROU assets 10.7 7.9 Other 4.9 5.7 Total deferred tax liabilities 94.6 88.4 Deferred income tax assets: Accrued expenses 11.1 9.6 Product liability 5.2 5.8 Operating lease liabilities 11.0 8.3 Stock based compensation 6.1 6.1 Foreign tax credits 17.4 13.6 Net operating loss carry forward 6.7 6.6 Capital loss carry forward 1.6 1.7 Inventory reserves 14.8 10.3 Intangibles 12.3 14.0 Goodwill 1.0 — Capitalized R&D 29.7 14.7 Other 11.6 9.6 Total deferred tax assets 128.5 100.3 Less: valuation allowance (23.8) (20.3) Net deferred tax assets 104.7 80.0 Net deferred tax assets $ 10.1 $ (8.4)
Schedule of pre-tax income upon which provision for income taxes from continuing operations is based	Year Ended December 31, 2023 2022 2021 (in millions) Domestic $ 228.2 $ 204.3 $ 139.6 Foreign 121.3 103.3 94.5 $ 349.5 $ 307.6 $ 234.1
Schedule of provision for income taxes from continuing operations	Year Ended December 31, 2023 2022 2021 (in millions) Current tax expense: Federal $ 54.6 $ 51.0 $ 32.0 Foreign 35.6 23.2 30.3 State 15.8 11.5 14.4 106.0 85.7 76.7 Deferred tax expense (benefit): Federal (14.7) (12.1) (4.8) Foreign 0.2 (13.7) (2.4) State (4.1) (3.8) (1.1) (18.6) (29.6) (8.3) Provision for income taxes $ 87.4 $ 56.1 $ 68.4
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations	Year Ended December 31, 2023 2022 2021 (in millions) Computed expected federal income expense $ 73.4 $ 64.6 $ 49.2 State income taxes, net of federal tax benefit 9.3 6.8 6.6 Foreign tax rate differential 4.3 3.5 4.3 Restructuring of manufacturing supply chain operations — (16.1) 29.3 Valuation allowance 3.5 0.4 (22.1) One time repatriation 1.2 — — Unrecognized tax benefits, net 1.4 (1.0) 2.0 Other, net (5.7) (2.1) (0.9) $ 87.4 $ 56.1 $ 68.4
Reconciliation of the beginning and ending amount of unrecognized tax benefits	(in millions) Balance at January 1, 2023 $ 7.2 Increases related to prior year tax positions 1.4 Increases related to current year tax positions 0.3 Decreases due to lapse in statutes (0.4) Currency movement 0.1 Balance at December 31, 2023 $ 8.6

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	12 Months Ended
Accrued Expenses and Other Liabilities (Tables)	Dec. 31, 2023
Accrued Expenses and Other Liabilities
Schedule of accrued expenses and other liabilities	December 31, 2023 2022 (in millions) Commissions and sales incentives payable $ 58.8 $ 56.0 Product liability 21.7 22.4 Other 87.9 79.5 Income taxes payable 21.9 16.7 $ 190.3 $ 174.6

Financing Arrangements (Tables)

Financing Arrangements (Tables)	12 Months Ended
Financing Arrangements (Tables)	Dec. 31, 2023
Financing Arrangements
Schedule of long-term debt	December 31, 2023 2022 (in millions) Line of Credit due March 2026 $ 300.0 150.0 Less debt issuance costs (deduction from debt liability) (1.7) (2.4) Total long-term debt $ 298.3 $ 147.6

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, 2023
Earnings per Share and Stock Repurchase Program
Summary of reconciliation of the calculation of earnings per share	Year Ended December 31, 2023 2022 2021 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 $ 262.1 33.4 $ 7.85 $ 251.5 33.5 $ 7.51 $ 165.7 33.8 $ 4.90 Dilutive securities, principally common stock options — 0.1 (0.03) — 0.1 (0.03) — 0.1 (0.02) Diluted EPS $ 262.1 33.5 $ 7.82 $ 251.5 33.6 $ 7.48 $ 165.7 33.9 $ 4.88

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2023
Schedule of nonvested restricted stock and deferred shares activity and related information	Year Ended December 31, 2023 2022 2021 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 121 $ 121.39 138 $ 97.43 166 $ 77.97 Granted 51 167.39 64 143.86 61 128.32 Vested (76) 112.65 (78) 94.33 (84) 81.70 Cancelled/Forfeitures (3) 139.46 (3) 120.31 (5) 93.98 Unvested at end of year 93 $ 149.96 121 $ 121.39 138 $ 97.43
Schedule of stock-based compensation fair value assumptions	2023 2022 Expected life (years) 3.0 3.0 Expected stock price volatility 33.7 % 33.7 % Expected dividend yield 0.80 % 0.80 % Risk-free interest rate 4.1 % 2.0 %
Schedule of stock option activity and related information	Year Ended December 31, 2023 2022 2021 Weighted Weighted Weighted Weighted Weighted Weighted Average Average Average Average Average Average Exercise Intrinsic Exercise Intrinsic Exercise Intrinsic Options Price Value Options Price Value Options Price Value (Options in thousands) Outstanding at beginning of year 1 $ 57.47 4 $ 52.92 5 $ 52.40 Cancelled/Forfeitures — — — — — — Exercised (1) 57.47 (3) 51.36 (1) 51.04 Outstanding at end of year — $ 57.47 $ 150.87 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25 Exercisable at end of year — $ 57.47 $ 150.87 1 $ 57.47 $ 88.76 4 $ 52.92 $ 141.25
Schedule of the Company's RSU activity and related information	Year Ended December 31, 2023 2022 2021 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 77 $ 94.78 85 $ 75.34 95 $ 64.54 Granted 26 130.27 29 115.14 25 97.98 Settled (25) 66.94 (35) 64.15 (34) 61.38 Cancelled/Forfeitures (1) 124.04 (2) 92.09 (1) 77.03 Outstanding at end of year 77 $ 114.93 $ — 77 $ 94.78 85 $ 75.34 Vested at end of year 23 $ 104.17 $ — 24 $ 77.69 31 $ 65.29
Restricted stock and deferred shares
Schedule of information about RSUs outstanding	The following table summarizes information about RSUs outstanding at December 31, 2023: RSUs Outstanding RSUs Vested Weighted Average Weighted Average Number Purchase Number Purchase Range of Purchase Prices Outstanding Price Vested Price (RSUs in thousands) $69.76-$97.28 23 $ 97.28 14 $ 97.28 $97.29-$115.14 28 115.14 9 115.14 $115.15-$130.27 26 130.27 — — 77 $ 114.93 23 $ 104.17
Performance stock units
Schedule of unvested performance shares activity and related information	Year Ended December 31, 2023 2022 2021 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 146 $ 107.29 178 $ 88.32 208 $ 78.06 Granted 99 106.37 108 102.98 61 113.37 Vested (125) 73.62 (136) 78.82 (85) 81.50 Cancelled/Forfeitures (7) 132.14 (4) 110.43 (6) 83.53 Unvested at end of year 113 $ 142.53 146 $ 107.29 178 $ 88.32

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
Employee Benefit Plans (Tables)	Dec. 31, 2023
Employee Benefit Plans
Schedule of funded status of the defined benefit plans and amounts recognized in the consolidated balance sheets	Year Ended December 31, 2023 (in millions) Change in projected benefit obligation Balance at beginning of period (October 23, 2023) $ 68.0 Service cost — Administration costs paid — Interest cost 0.7 Actuarial loss (gain) 5.5 Benefits paid (0.7) Balance at end of year $ 73.5 Change in fair value of plan assets Balance at beginning of period (October 23, 2023) $ 67.9 Actual gain (loss) on assets 7.2 Employer contributions — Administration costs paid — Benefits paid (0.7) Fair value of plan assets at end of the year $ 74.4 Funded (underfunded) status at end of year $ 0.9 December 31, 2023 (in millions) Current liabilities $ — Noncurrent assets (liabilities) 0.9 Net amount recognized $ 0.9
Schedule of amounts recognized in accumulated other comprehensive income	December 31, 2023 (in millions) Net actuarial gain recognized $ (0.9)
Schedule of the components of net periodic benefit cost	Year Ended December 31, 2023 (in millions) Service cost - benefits earned $ — Interest costs on benefit obligation 0.7 Expected return on assets (0.7) Net actuarial loss amortization $ — Net periodic benefit cost $ —
Schedule of weighted average assumptions used to determine benefit obligations	December 31, 2023 (in millions) Discount rate 4.64 %
Schedule of weighted-average assumptions used to determine net periodic benefit costs	December 31, 2023 (in millions) Discount rate 5.36 % Long-term rate of return on assets 5.60 %
Schedule of the weighted average asset allocations by asset category	December 31, 2023 (in millions) Asset Category Cash 39 % Equity - Fixed Income 61 Total 100 %
Schedule of the investments in the pension plan measured at fair value	December 31, 2023 Level 1 Level 2 Level 3 Total (in millions) Cash $ 28.9 $ — $ — $ 28.9 Fixed income securities Corporate notes — 31.7 — 31.7 Treasury notes 12.7 — — 12.7 Other investments(a) $ 1.7 $ — $ — $ 1.7 Total investments $ 43.3 $ 31.7 $ — $ 75.0 (a) Includes Aetna Co. Annuity Contract and accrued interest and dividends
Information related to the company's pension funds cash flow	Year Ended December 31, 2023 (in millions) Employer contributions $ — Benefit payments $ 0.7
Schedule of expected benefit payments to be paid by the pension plans	(in millions) During fiscal year ending December 31, 2024 $ 73.5 During fiscal year ending December 31, 2025 N/A (1) During fiscal year ending December 31, 2026 N/A (1) During fiscal year ending December 31, 2027 N/A (1) During fiscal year ending December 31, 2028 N/A (1) During fiscal year ending December 31, 2029 through December 31, 2033 N/A (1) (1) Benefits under the Pension Plan are expected to be distributed by December 31, 2024.

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
Financial Instruments (Tables)	Dec. 31, 2023
Financial Instruments
Schedule of fair value of financial assets and liabilities	Fair Value Measurement at December 31, 2023 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) $ 2.3 $ 2.3 $ — $ — Interest rate swap(2) $ 6.5 $ — $ 6.5 $ — Total assets $ 8.8 $ 2.3 $ 6.5 $ — Liabilities Plan liability for deferred compensation(3) $ 2.3 $ 2.3 $ — $ — Interest rate swap(4) $ 2.0 $ — $ 2.0 $ — Designated foreign currency hedges(5) $ 0.2 $ — $ 0.2 $ — Total liabilities $ 4.5 $ 2.3 $ 2.2 $ — Fair Value Measurements 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(5) $ 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 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). (2) As of December 31, 2023, $3.4 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $3.0 million classified in other assets (other, net). (3) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. (4) As of December 31, 2023, $0.2 million classified in accrued expenses and other liabilities on the Company’s consolidated balance sheet and $1.8 million classified in other noncurrent liabilities. (5) Included on the Company’s consolidated balance sheet in prepaid expenses and other current assets. (6) Included on the Company’s consolidated balance sheet in other noncurrent liabilities.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
Segment Information (Tables)	Dec. 31, 2023
Segment Information
Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals	Year Ended December 31, 2023 2022 2021 (in millions) Net sales Americas $ 1,428.1 $ 1,390.0 $ 1,207.2 Europe 512.1 499.1 517.4 APMEA 116.1 90.4 84.6 Consolidated net sales $ 2,056.3 $ 1,979.5 $ 1,809.2 Operating income (loss) Americas $ 325.2 $ 283.9 $ 211.0 Europe 70.4 66.7 63.6 APMEA 16.1 14.0 14.4 Subtotal reportable segments 411.7 364.6 289.0 Corporate() (60.8) (49.6) (49.4) Consolidated operating income 350.9 315.0 239.6 Interest income (7.2) (0.6) — Interest expense 8.2 7.0 6.3 Other expense (income), net 0.4 1.0 (0.8) Income before income taxes $ 349.5 $ 307.6 $ 234.1 Capital expenditures Americas $ 20.8 $ 16.2 $ 17.6 Europe 8.0 11.2 8.5 APMEA 0.9 0.7 0.6 Consolidated capital expenditures $ 29.7 $ 28.1 $ 26.7 Depreciation and amortization Americas $ 31.5 $ 27.4 $ 29.8 Europe 9.6 10.3 12.6 APMEA 2.2 2.0 2.7 Consolidated depreciation and amortization $ 43.3 $ 39.7 $ 45.1 Identifiable assets (at end of period) Americas $ 1,605.7 $ 1,222.8 $ 1,133.5 Europe 569.1 583.5 584.8 APMEA 134.6 124.6 137.3 Consolidated identifiable assets $ 2,309.4 $ 1,930.9 $ 1,855.6 Property, plant and equipment, net (at end of period) Americas $ 174.0 $ 124.1 $ 121.3 Europe 69.9 68.4 74.5 APMEA 4.3 4.3 4.9 Consolidated property, plant and equipment, net $ 248.2 $ 196.8 $ 200.7 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, 2023 2022 2021 (in millions) U.S. net sales $ 1,324.4 $ 1,301.2 $ 1,123.9 U.S. property, plant and equipment, net (at end of year) $ 161.5 $ 119.0 $ 116.2
Schedule of intersegment sales for Americas, EMEA and Asia-Pacific	December 31, 2023 2022 2021 (in millions) Intersegment Sales Americas $ 7.9 $ 11.1 $ 9.3 Europe 24.7 24.7 29.1 APMEA 85.2 71.4 120.5 Intersegment sales $ 117.8 $ 107.2 $ 158.9

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	12 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Dec. 31, 2023
Accumulated Other Comprehensive Loss
Schedule of amounts recognized in accumulated other comprehensive income (loss)	Accumulated Foreign Other Currency Pension Cash Flow Comprehensive Translation Adjustment Hedges (1) Loss (in millions) 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) Change in period 9.7 0.7 (3.9) 6.5 Balance December 31, 2023 $ (147.3) $ 0.7 $ 3.2 $ (143.4) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 17 for further details.

Description of Business (Detail

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2023
Minimum
Length of time the business has been in operation	150 years

Accounting Policies - Inventori

Accounting Policies - Inventories (Details)	12 Months Ended
Accounting Policies - Inventories (Details)	Dec. 31, 2023
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 - Shipping

Accounting Policies - Shipping and Handling, and Research and Development (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shipping and Handling
Shipping and handling	$ 71.5	$ 73.4	$ 69.4
Research and Development
Research and development costs included in selling, general, and administrative expense	$ 67.1	$ 59.4	$ 45.6

Restructuring and Other Charg_3

Restructuring and Other Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended			30 Months Ended	36 Months Ended
	Dec. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2023
Restructuring
Total restructuring charges			$ 5.5	$ 10.6	$ 19.3
Americas
Restructuring
Total restructuring charges			2.5	2.2	(0.3)
Europe
Restructuring
Total restructuring charges			2	8.5	19.5
APMEA
Restructuring
Total restructuring charges			1	(0.1)	0.1
2021 France Actions
Restructuring
Restructuring cost, pre-tax			$ 0.4	$ 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						$ 18.6
Total restructuring charges			$ 0.4	$ 5.1	$ 19.7	25.2	$ 25.2
Expected annual cash savings			3
Restructuring reserve	$ 1.9		0.2	1.9	10.6	0.2	0.2
Proceeds from sale of productive assets	4.3
Gain (loss) on sale of productive assets	1.8
Net pre-tax restructuring charges			0.4	5.1	(19.7)
Utilization and foreign currency impact			(2.1)	(13.8)	(9.1)
2021 France Actions \| Severance
Restructuring
Total restructuring charges			0.4	3.5	16.9		20.8
Restructuring reserve	$ 1.9		0.2	1.9	9.9	$ 0.2	0.2
Net pre-tax restructuring charges			0.4	3.5	(16.9)
Utilization and foreign currency impact			(2.1)	(11.5)	(7)
2021 France Actions \| Legal and consultancy
Restructuring
Total restructuring charges				0.2	0.9		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
Total restructuring charges				0.8	0.9		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
Total restructuring charges				0.6	1		$ 1.6
Restructuring reserve					0.5
Net pre-tax restructuring charges				0.6	(1)
Utilization and foreign currency impact				(1.1)	(0.5)
Other Actions
Restructuring
Pre-tax restructuring charges, net			5.1	5.5	$ (0.4)
Other Actions \| Americas
Restructuring
Payments for restructuring				1.4
Facility decommissioning, clean-up and other related exit costs				0.9
Other Actions \| Americas \| Severance
Restructuring
Restructuring cost, pre-tax		$ 0.6
Other Actions \| Europe
Restructuring
Facility decommissioning, clean-up and other related exit costs				$ 3.2
Other Actions \| Europe \| Severance
Restructuring
Restructuring cost, pre-tax			1.6
Other Actions \| APMEA
Restructuring
Restructuring cost, pre-tax		$ 2
Other Actions \| APMEA \| Severance
Restructuring
Restructuring cost, pre-tax			$ 1.1

Restructuring and Other Charg_4

Restructuring and Other Charges, Net - Pre-tax Restructuring (Details) - USD ($) $ in Millions	12 Months Ended			30 Months Ended	36 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2023
Restructuring
Total restructuring charges	$ 5.5	$ 10.6	$ 19.3
Net sales	2,056.3	1,979.5	1,809.2
Europe
Restructuring
Total restructuring charges	2	8.5	19.5
Net sales	512.1	499.1	517.4
Americas
Restructuring
Total restructuring charges	2.5	2.2	(0.3)
Net sales	1,428.1	1,390	1,207.2
2021 France Actions
Restructuring
Net pre-tax restructuring charges	0.4	5.1	(19.7)
Total restructuring charges	0.4	5.1	19.7	$ 25.2	$ 25.2
Pre-tax restructuring charges, net				$ 18.6
Restructuring cost, pre-tax	0.4	5.1	19.7
Other Actions
Restructuring
Pre-tax restructuring charges, net	$ 5.1	$ 5.5	$ (0.4)

Restructuring and Other Charg_5

Restructuring and Other Charges, Net - Additional Information (Details) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended			30 Months Ended	36 Months Ended
	Dec. 31, 2023 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges			$ 5.5	$ 10.6	$ 19.3
Americas
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges			2.5	2.2	(0.3)
Europe
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges			2	8.5	19.5
APMEA
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges			1	(0.1)	0.1
2021 France Actions
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges			0.4	5.1	19.7	$ 25.2	$ 25.2
Restructuring reserve
Balance at the beginning of the period		$ 0.2	1.9	10.6
Restructuring cost, pre-tax			0.4	5.1	19.7
Net pre-tax restructuring charges			0.4	5.1	(19.7)
Utilization and foreign currency impact			(2.1)	(13.8)	(9.1)
Balance at the end of the period	$ 0.2		0.2	1.9	10.6	0.2	0.2
2021 France Actions \| Severance
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges			0.4	3.5	16.9		20.8
Restructuring reserve
Balance at the beginning of the period		0.2	1.9	9.9
Net pre-tax restructuring charges			0.4	3.5	(16.9)
Utilization and foreign currency impact			(2.1)	(11.5)	(7)
Balance at the end of the period	0.2		$ 0.2	1.9	9.9	$ 0.2	0.2
2021 France Actions \| Legal and consultancy
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges				0.2	0.9		1.1
Restructuring reserve
Balance at the beginning of the period				0.2
Net pre-tax restructuring charges				0.2	(0.9)
Utilization and foreign currency impact				(0.4)	(0.7)
Balance at the end of the period					0.2
2021 France Actions \| Asset write-downs
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges				0.8	0.9		1.7
Restructuring reserve
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
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges				0.6	1		$ 1.6
Restructuring reserve
Balance at the beginning of the period				0.5
Net pre-tax restructuring charges				0.6	(1)
Utilization and foreign currency impact				(1.1)	(0.5)
Balance at the end of the period					$ 0.5
Other Actions \| Americas
Restructuring reserve
Number of facility approved for closure \| item			2
Restructuring charges				0.9
Payments for restructuring				1.4
Other Actions \| Americas \| Severance
Restructuring reserve
Restructuring cost, pre-tax		0.6
Other Actions \| Americas \| Facility closing
Restructuring reserve
Restructuring cost, pre-tax	$ 2
Other Actions \| Europe
Restructuring reserve
Restructuring charges				$ 3.2
Other Actions \| Europe \| Severance
Restructuring reserve
Restructuring cost, pre-tax			$ 1.6
Other Actions \| APMEA
Restructuring reserve
Restructuring cost, pre-tax		2
Other Actions \| APMEA \| Severance
Restructuring reserve
Restructuring cost, pre-tax			$ 1.1
Other Actions \| APMEA \| Other exits costs
Restructuring reserve
Restructuring cost, pre-tax		$ 0.9

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	12 Months Ended
Revenue Recognition (Details) $ in Millions	Dec. 31, 2023 USD ($) item segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Disaggregation of Revenue
Number of distribution channels \| item	4
Number of geographic segments \| segment	3
Revenue	$ 2,056.3	$ 1,979.5	$ 1,809.2
Minimum
Disaggregation of Revenue
Period of Business Operations	150 years
Wholesale
Disaggregation of Revenue
Revenue	$ 1,270.5	1,187.9
OEM
Disaggregation of Revenue
Revenue	299	293.9
Specialty
Disaggregation of Revenue
Revenue	402.2	411.1
DIY
Disaggregation of Revenue
Revenue	84.6	86.6
Residential & commercial flow control
Disaggregation of Revenue
Revenue	1,156	1,034.8
HVAC & gas
Disaggregation of Revenue
Revenue	595.8	615.2
Drains & water re-use
Disaggregation of Revenue
Revenue	194.2	200
Water quality
Disaggregation of Revenue
Revenue	110.3	129.5
Americas
Disaggregation of Revenue
Revenue	1,428.1	1,390	1,207.2
Americas \| Wholesale
Disaggregation of Revenue
Revenue	868.1	790.6
Americas \| OEM
Disaggregation of Revenue
Revenue	101	104.3
Americas \| Specialty
Disaggregation of Revenue
Revenue	377	411.1
Americas \| DIY
Disaggregation of Revenue
Revenue	82	84
Americas \| Residential & commercial flow control
Disaggregation of Revenue
Revenue	885	792.3
Americas \| HVAC & gas
Disaggregation of Revenue
Revenue	332.4	366.2
Americas \| Drains & water re-use
Disaggregation of Revenue
Revenue	105.3	107.7
Americas \| Water quality
Disaggregation of Revenue
Revenue	105.4	123.8
Europe
Disaggregation of Revenue
Revenue	512.1	499.1	517.4
Europe \| Wholesale
Disaggregation of Revenue
Revenue	318.8	314.8
Europe \| OEM
Disaggregation of Revenue
Revenue	190.7	181.7
Europe \| DIY
Disaggregation of Revenue
Revenue	2.6	2.6
Europe \| Residential & commercial flow control
Disaggregation of Revenue
Revenue	173.9	171.1
Europe \| HVAC & gas
Disaggregation of Revenue
Revenue	248.1	234.2
Europe \| Drains & water re-use
Disaggregation of Revenue
Revenue	86.2	89.4
Europe \| Water quality
Disaggregation of Revenue
Revenue	3.9	4.4
APMEA
Disaggregation of Revenue
Revenue	116.1	90.4	$ 84.6
APMEA \| Wholesale
Disaggregation of Revenue
Revenue	83.6	82.5
APMEA \| OEM
Disaggregation of Revenue
Revenue	7.3	7.9
APMEA \| Specialty
Disaggregation of Revenue
Revenue	25.2
APMEA \| Residential & commercial flow control
Disaggregation of Revenue
Revenue	97.1	71.4
APMEA \| HVAC & gas
Disaggregation of Revenue
Revenue	15.3	14.8
APMEA \| Drains & water re-use
Disaggregation of Revenue
Revenue	2.7	2.9
APMEA \| Water quality
Disaggregation of Revenue
Revenue	$ 1	$ 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, 2023
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

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions		12 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Oct. 23, 2023	Dec. 31, 2023	Dec. 31, 2022	Oct. 22, 2022
Acquisition
Goodwill		$ 693	$ 592.4	$ 589.6
Estimated useful lives		8 years 3 months 18 days
Customer relationships
Acquisition
Estimated useful lives		12 years 1 month 6 days
Bradley
Acquisition
Aggregate consideration, net	$ 301.2
Cash paid, net of cash acquired	9.2
Purchase price paid through borrowings under the Company's Second Amended and Restated Credit Agreement	210
Final working capital adjustment	$ 3.1
Period of existence	100 years
Operating income		$ 2.7
Goodwill	$ 96.6	96.6
Intangible assets finite lived	$ 114.6	114.6
Intangible assets In-definite lived		$ 30
Estimated useful lives		15 years
Bradley \| Customer relationships
Acquisition
Intangible assets finite lived		$ 84.6
Estimated useful lives		15 years

Acquisitions - Value of the ass

Acquisitions - Value of the assets and liabilities acquired (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Oct. 23, 2023	Dec. 31, 2022	Oct. 22, 2022
Acquisition
Goodwill	$ 693		$ 592.4	$ 589.6
Bradley
Acquisition
Cash		$ 9.2
Accounts receivable		23.5
Inventory		38.4
Prepaid expenses and other current assets		3.4
Property, Plant and Equipment		47.6
Intangible assets finite lived	114.6	114.6
Goodwill	96.6	96.6
Accounts payable		(8.2)
Employee benefits, other		(6.2)
Other current liabilities		(8)
Other noncurrent liabilities		(0.5)
Purchase price		$ 310.4
Revenues	33.4
Operating income	2.7
Acquisition accounting charges	$ 3.3

Acquisitions - Supplemental pro

Acquisitions - Supplemental pro-forma information (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Acquisition
Amortization of intangibles	$ 13.2	$ 12.1	$ 13.7
Provision for income taxes	87.4	56.1	$ 68.4
Bradley
Acquisition
Net sales	2,221.7	2,168.3
Net income from continuing operations	$ 266.3	$ 252.6
Basic EPS-continuing operations	$ 7.97	$ 7.54
Diluted EPS-continuing operations	$ 7.95	$ 7.52
Net interest expense related to the financing	$ 6.6	$ 4.1
Amortization of intangibles	3.3	4.2
Provision for income taxes	3.2	1.3
Net acquisition-related and third-party costs	$ 4.6	$ 5.2

Goodwill and Intangibles - Good

Goodwill and Intangibles - Goodwill (Details) $ in Millions	12 Months Ended
Goodwill and Intangibles - Goodwill (Details) $ in Millions	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Oct. 23, 2023 USD ($)	Jun. 30, 2023 USD ($)	Oct. 22, 2022 USD ($)
Gross Balance
Balance at the beginning of the period	$ 767.8	$ 767.8
Balance at the beginning of the period, adjusted	759.5
Acquired During the Period	97.5
Balance at the end of the period, adjusted	857	759.5
Balance at the end of the period		767.8
Accumulated Impairment Losses
Balance at the beginning of the period	(167.1)	(167.1)
Balance at the end of the period	(167.1)	(167.1)
Goodwill impairment charges	0	0
Foreign Currency Translation and Other	(3.1)	8.3
Net Goodwill	$ 693	592.4			$ 589.6
Number of reporting units with goodwill \| item	6
Number of reporting units with no goodwill \| item	1
Goodwill impairment charges	$ 0	0
Number of Acquisitions Happened \| item	2
Americas
Gross Balance
Balance at the beginning of the period	$ 490.9	490.9
Balance at the beginning of the period, adjusted	490.3
Acquired During the Period	96.6
Balance at the end of the period, adjusted	586.9	490.3
Balance at the end of the period		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)
Foreign Currency Translation and Other	(0.2)	0.6
Net Goodwill	562.6	465.8
Europe
Gross Balance
Balance at the beginning of the period	242.9	242.9
Balance at the beginning of the period, adjusted	236.7
Balance at the end of the period, adjusted	236.7	236.7
Balance at the end of the period		242.9
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)
Foreign Currency Translation and Other	(3.1)	6.2
Net Goodwill	110.1	107
APMEA
Gross Balance
Balance at the beginning of the period	34	34
Balance at the beginning of the period, adjusted	32.5
Acquired During the Period	0.9
Balance at the end of the period, adjusted	33.4	32.5
Balance at the end of the period		34
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)
Foreign Currency Translation and Other	0.2	1.5
Net Goodwill	20.3	$ 19.6
Primary business assets of Enware
Accumulated Impairment Losses
Net Goodwill				$ 0.9
Bradley
Accumulated Impairment Losses
Net Goodwill	96.6		$ 96.6
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, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 23, 2023
Intangible assets subject to amortization
Gross Carrying Amount	$ 298.1	$ 254.2
Accumulated Amortization	(147.5)	(175.5)
Net Carrying Amount	150.6	78.7
Indefinite-lived intangible assets
Indefinite-lived intangible assets	65.5	35
Intangible assets
Gross Carrying Amount	363.6	289.2
Net Carrying Amount	$ 216.1	113.7
Estimated useful lives	8 years 3 months 18 days
Aggregate amortization expense for amortized intangible assets	$ 13.2	12.1	$ 13.7
Amortization expense
2024	17.7
2025	16
2026	15.5
2027	14
2028	13.6
Patents
Intangible assets subject to amortization
Gross Carrying Amount	5	5
Accumulated Amortization	(5)	(5)
Customer relationships
Intangible assets subject to amortization
Gross Carrying Amount	218	175.1
Accumulated Amortization	(85.3)	(118.6)
Net Carrying Amount	$ 132.7	56.5
Intangible assets
Estimated useful lives	12 years 1 month 6 days
Aggregate amortization expense for amortized intangible assets	$ 41.7
Technology
Intangible assets subject to amortization
Gross Carrying Amount	53.2	53.2
Accumulated Amortization	(44.2)	(40.5)
Net Carrying Amount	$ 9	12.7
Intangible assets
Estimated useful lives	3 years 9 months 18 days
Trade names
Intangible assets subject to amortization
Gross Carrying Amount	$ 20.8	19.8
Accumulated Amortization	(12.3)	(10.8)
Net Carrying Amount	$ 8.5	9
Intangible assets
Estimated useful lives	11 years 4 months 24 days
Other
Intangible assets subject to amortization
Gross Carrying Amount	$ 1.1	1.1
Accumulated Amortization	(0.7)	(0.6)
Net Carrying Amount	$ 0.4	0.5
Intangible assets
Estimated useful lives	19 years 7 months 6 days
Bradley
Intangible assets
Estimated useful lives	15 years
Purchase price allocated to intangible assets	$ 114.6
Intangible assets finite lived	114.6			$ 114.6
Intangible assets In-definite lived	30
Aggregate amortization expense for amortized intangible assets	$ 3.3	4.2
Bradley \| Customer relationships
Intangible assets
Estimated useful lives	15 years
Intangible assets finite lived	$ 84.6
Americas
Intangible assets
Impairment of long-lived asset		$ 1.3

Inventories, net (Details)

Inventories, net (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventories
Raw materials	$ 150.6	$ 138
Work in process	20.2	21
Finished goods	228.5	216.6
Total Inventories	399.3	375.6
Valuation reserves	48.2	43.6
Finished goods consigned	$ 19.8	$ 18.2

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment, at cost	$ 677.2	$ 595.6
Accumulated depreciation	(429)	(398.8)
Property, plant and equipment, net	248.2	196.8	$ 200.7
Land
Property, plant and equipment
Property, plant and equipment, at cost	15.2	11.1
Buildings and improvements
Property, plant and equipment
Property, plant and equipment, at cost	212.1	183.5
Machinery and equipment
Property, plant and equipment
Property, plant and equipment, at cost	435.5	387.4
Construction in progress
Property, plant and equipment
Property, plant and equipment, at cost	$ 14.4	$ 13.6

Leases (Details)

Leases (Details)	12 Months Ended
Leases (Details)	Dec. 31, 2023
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	91%
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	$ 50.2	$ 43.3
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Property, plant and equipment, gross	$ 677.2	$ 595.6
Less: Accumulated depreciation	(429)	(398.8)
Property, plant and equipment, net	248.2	196.8	$ 200.7
Finance Leased Asset
Lessee, Lease, Description [Line Items]
Less: Accumulated depreciation	(7.1)	(6.1)
Property, plant and equipment, net	2.4	4.6
Finance Leased Real Estate
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	9.4	10.6
Finance Leased Machinery and Equipment
Lessee, Lease, Description [Line Items]
Property, plant and equipment, gross	0.1	0.1
Real Estate
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	45.9	40
Automobile
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	3.6	2.4
Machinery and equipment.
Lessee, Lease, Description [Line Items]
Operating lease ROU Asset	$ 0.7	$ 0.9

Leases - Maturities (Details)

Leases - Maturities (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating leases maturities:
2024	$ 11.8
2025	10.7
2026	8
2027	6.2
2028	5.8
Thereafter	21.6
Total undiscounted minimum lease payments	64.1
Less imputed interest	10.1
Total lease liabilities	54
Current lease liabilities (included in other current liabilities)	$ 10.2
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Non-Current lease liabilities (included in other non-current liabilities)	$ 43.8
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Finance leases maturities:
2024	$ 1.3
2025	0.5
2026	0.3
2027	0.2
2028	0.2
Thereafter	0.1
Total undiscounted minimum lease payments	2.6
Less imputed interest	0.1
Total lease liabilities	2.5
Current lease liabilities (included in other current liabilities)	$ 1.3
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Non-Current lease liabilities (included in other non-current liabilities)	$ 1.2
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, 2023	Dec. 31, 2022
Lease cost
Operating lease cost	$ 11.8	$ 11.1
Finance lease cost:
Amortization of right-of-use assets	2.8	2.2
Interest on finance lease liabilities	0.1	0.1
Short-term lease cost	0.2	0.4
Sublease (income)	0.3	0.2
Variable lease cost	5.5	3.2
Total lease cost	$ 20.1	$ 16.8

Leases - Cash flows (Details)

Leases - Cash flows (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Cash flows (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating cash flows from operating leases	$ 12	$ 11.1
Operating cash flows from finance leases	0.1	0.1
Financing cash flows from finance leases	2.9	2.4
Total cash paid for amounts included in the measurement of lease liabilities	15	13.6
Finance lease liabilities arising from obtaining right-of-use assets	1.3	3.6
Operating lease liabilities arising from obtaining right-of-use assets	$ 17.4	$ 6.8

Leases - Additional information

Leases - Additional information (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases
Weighted-average remaining lease term - finance leases	2 years 10 months 24 days	1 year 10 months 24 days
Weighted-average remaining lease term - operating leases	7 years 4 months 24 days	7 years 10 months 24 days
Weighted-average discount rate - finance leases	3.30%	1.90%
Weighted-average discount rate - operating leases	4.20%	3.40%

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax liabilities:
Excess tax over book depreciation	$ 27.8	$ 21.3
Intangibles	48.6	26.3
Goodwill		26.6
Foreign earnings	2.6	0.6
Operating lease ROU assets	10.7	7.9
Other	4.9	5.7
Total deferred tax liabilities	94.6	88.4
Deferred income tax assets:
Accrued expenses	11.1	9.6
Product liability	5.2	5.8
Operating lease liabilities	11	8.3
Stock based compensation	6.1	6.1
Foreign tax credits	17.4	13.6
Net operating loss carry forward	6.7	6.6
Capital loss carry forward	1.6	1.7
Inventory reserves	14.8	10.3
Intangibles	12.3	14
Goodwill	1
Capitalized R&D	29.7	14.7
Other	11.6	9.6
Total deferred tax assets	128.5	100.3
Less: valuation allowance	(23.8)	(20.3)
Net deferred tax assets	104.7	80
Net deferred tax liabilities		(8.4)
Net deferred tax assets	10.1
Pre-tax income, basis for the provision for income taxes from continuing operations
Domestic	228.2	204.3	$ 139.6
Foreign	121.3	103.3	94.5
INCOME BEFORE INCOME TAXES	349.5	307.6	234.1
Current tax expense:
Federal	54.6	51	32
Foreign	35.6	23.2	30.3
State	15.8	11.5	14.4
Total	106	85.7	76.7
Deferred tax expense (benefit):
Federal	(14.7)	(12.1)	(4.8)
Foreign	0.2	(13.7)	(2.4)
State	(4.1)	(3.8)	(1.1)
Total	(18.6)	(29.6)	(8.3)
Provision for income taxes from continuing operations	87.4	56.1	68.4
Reconciliation of federal statutory taxes to actual income taxes reported from continuing operations
Computed expected federal income expense	73.4	64.6	49.2
State income taxes, net of federal tax benefit	9.3	6.8	6.6
Foreign tax rate differential	4.3	3.5	4.3
Restructuring of manufacturing supply chain operations		(16.1)	29.3
Valuation allowance	3.5	0.4	(22.1)
One time repatriation	1.2
Unrecognized tax benefits	1.4	(1)	2
Other, net	(5.7)	(2.1)	(0.9)
Provision for income taxes	$ 87.4	$ 56.1	$ 68.4

Income Taxes - Operating loss c

Income Taxes - Operating loss carry forwards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net operating loss carry forwards
Net operating loss carry forward	$ 6.7	$ 6.6
Valuation allowance	23.8	20.3
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	$ 23.9
Net operating loss carryforward, subject to expiration	9.1
Operating loss carryforward	33
Tax credit carryforward	17.4	13.6
Austrian Operations
Net operating loss carry forwards
Operating loss carryforward	23.9
United States Operations
Net operating loss carry forwards
Operating loss carryforward	1
Switzerland operations
Net operating loss carry forwards
Operating loss carryforward	9.1
U.S.
Net operating loss carry forwards
Capital loss carry forward	1.6
Domestic
Net operating loss carry forwards
Net operating loss carryforward, not subject to expiration	0.4
Net operating loss carryforward, subject to expiration	0.6
Operating loss carryforward	1
Capital loss carry forward	$ 1.6	$ 1.7

Income Taxes - Valuation allowa

Income Taxes - Valuation allowance (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Valuation allowance
Valuation allowance	$ 23.8	$ 20.3
Undistributed earnings of the Company's foreign subsidiaries	94
Foreign Tax Credits
Valuation allowance
Valuation allowance	16.8	12.8
Foreign \| Operating Losses
Valuation allowance
Valuation allowance	$ 5.4	$ 5.8

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits which, if recognized, would affect the effective tax rate	$ 5.8
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Balance at the beginning of the period	7.2
Increases related to prior year tax positions	1.4
Increases related to current year tax positions	0.3
Decreases due to lapse in statutes	(0.4)
Currency movement	0.1
Balance at the end of the period	8.6
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	5.8
Minimum
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits which, if recognized, would affect the effective tax rate	0.1
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Decrease in unrecognized tax benefits, that is reasonably possible	0.2
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	0.1
Maximum
Income Tax Contingency [Line Items]
Amount of unrecognized tax benefits which, if recognized, would affect the effective tax rate	0.7
Reconciliation of the beginning and ending amount of unrecognized tax benefits
Decrease in unrecognized tax benefits, that is reasonably possible	1
Unrecognized Tax Benefits that Would Impact Effective Tax Rate	$ 0.7

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accrued Expenses and Other Liabilities
Commissions and sales incentives payable	$ 58.8	$ 56
Product liability	21.7	22.4
Other	87.9	79.5
Income taxes payable	21.9	16.7
Accrued expenses and other liabilities	$ 190.3	$ 174.6

Financing Arrangements - Long-t

Financing Arrangements - Long-term debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Financing Arrangements
Less debt issuance costs (deduction from debt liability)	$ (1.7)	$ (2.4)
Total long-term debt	298.3	147.6
Principal payments during each of the next five years and thereafter
2024	0
2025	0
2026	300
2027	0
2028	0
Line Of Credit Maturities On March 2026
Financing Arrangements
Total debt	$ 300	$ 150

Financing Arrangements - Credit

Financing Arrangements - Credit Agreement (Details) $ in Millions			12 Months Ended
	Aug. 02, 2022	Mar. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Letters of credit
Credit Agreement
Term of debt			1 year
Stand-by letters of credit outstanding			$ 12.5	$ 12.1
SOFR
Credit Agreement
Adjustment to interest rate		0.10
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			487.5
Credit Agreement \| Letters of credit
Credit Agreement
Borrowing capacity		$ 100
Stand-by letters of credit outstanding			12.5
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
Maximum consolidated leverage ratio		3.50
Minimum consolidated leverage ratio		3.50
Amount drawn			$ 300
Weighted average interest rate (as a percent)			6.53%
Interest rate (as a percent)			4.89%
Revolving credit facility \| Temporary Step-ups Following Acquisitions
Credit Agreement
Maximum consolidated leverage ratio		4
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, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Jul. 31, 2023 USD ($)	Feb. 06, 2019 USD ($)
Common Stock
Common Stock conversion ratio, at the option of the holder	1
Net (loss) income
Net income \| $	$ 262.1	$ 251.5	$ 165.7
Shares
Shares (in shares)	33,400,000	33,500,000	33,800,000
Per Share Amount
Net income (in dollars per share) \| $ / shares	$ 7.85	$ 7.51	$ 4.90
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)	$ (0.03)	$ (0.02)
Net (loss) income
Net income \| $	$ 262.1	$ 251.5	$ 165.7
Weighted average number of shares:
Shares (in shares)	33,500,000	33,600,000	33,900,000
Securities not included in the computation of diluted EPS
Net income (in dollars per share) \| $ / shares	$ 7.82	$ 7.48	$ 4.88
Shares repurchased
Number of shares repurchased	91,622	493,733	109,998
Stock Repurchased During Period, Value \| $	$ 16	$ 69.4	$ 16
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	1,967,652
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	$ 150
Remaining authorized repurchase amount \| $	$ 12

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2015
Stock-based compensation
Total unrecognized compensation cost related to the unvested awards \| $	$ 16.4
Total weighted average remaining term of unrecognized compensation costs	1 year 4 months 2 days
Compensation cost recognized \| $	$ 20.2	$ 18.4	$ 22.9
Class A
Stock-based compensation
Shares available for future grants of new equity awards \| shares	979,835
Employee Stock Option [Member]
Weighted Average Exercise Price
Outstanding at end of year (in dollars per share)	$ 57.47
Employee Stock Option [Member] \| Maximum
Summary of stock option activity and related information
Outstanding at end of year (in shares) \| shares	400
Performance stock units
Stock-based compensation
Granted (in shares) \| shares	99,000	108,000	61,000
Total unrecognized compensation cost related to the unvested awards \| $	$ 10
Total weighted average remaining term of unrecognized compensation costs	1 year 5 months 26 days
Compensation cost recognized \| $	$ 9.7	$ 9.8	$ 14.6
Fair value assumptions
Weighted average grant-date fair value (in dollars per share)	$ 106.37	$ 102.98	$ 113.37
Performance stock units \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 208.34
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 \| Employee Stock Option [Member]
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	1,000	4,000	5,000
Exercised (in shares) \| shares	(1,000)	(3,000)	(1,000)
Outstanding at end of year (in shares) \| shares		1,000	4,000
Exercisable at end of year (in shares) \| shares		1,000	4,000
Weighted Average Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 57.47	$ 52.92	$ 52.40
Exercised (in dollars per share)	57.47	51.36	51.04
Outstanding at end of year (in dollars per share)	57.47	57.47	52.92
Exercisable at end of year (in dollars per share)	57.47	57.47	52.92
Weighted Average Intrinsic Value
Outstanding at end of year (in dollars per share)	150.87	88.76	141.25
Exercisable at end of year (in dollars per share)	$ 150.87	$ 88.76	$ 141.25
Aggregate intrinsic values of exercisable options (in dollars) \| $	$ 0.1
Total intrinsic value of options exercised \| $	$ 0.1	$ 0.3	$ 0.2
Second Amended and Restated 2004 Stock Incentive Plan \| Employee Stock Option [Member] \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 208.34
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	704,770
Management Stock Purchase Plan \| Restricted stock \| Class A
Weighted Average Intrinsic Value
Company's closing Common Stock price (in dollars per share)	$ 208.34
Management Stock Purchase Plan \| Restricted stock units (RSUs)
Stock-based compensation
Minimum deferral period	3 years
Granted (in shares) \| shares	26,000	29,000	25,000
Total unrecognized compensation cost related to the unvested awards \| $	$ 1.7
Total weighted average remaining term of unrecognized compensation costs	1 year 6 months 7 days
Compensation cost recognized \| $	$ 1.2	$ 0.9	$ 0.7
Fair value assumptions
Expected life (years)	3 years	3 years
Expected stock price volatility (as a percent)	33.70%	33.70%
Expected dividend yield (as a percent)	0.80%	0.80%
Risk-free interest rate (as a percent)	4.10%	2%
Weighted average grant-date fair value (in dollars per share)	$ 57.50	$ 47.26	$ 37.49
Management Stock Purchase Plan \| Restricted stock units (RSUs) \| Minimum
Stock-based compensation
Vesting period	3 years

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Disclosures
Total unrecognized compensation cost related to the unvested awards	$ 16.4
Total weighted average remaining term of unvested awards	1 year 4 months 2 days
Compensation cost recognized	$ 20.2	$ 18.4	$ 22.9
Performance stock units
Summary of unvested restricted stock and deferred shares activity and related information
Unvested at beginning of year (in shares)	146	178	208
Granted (in shares)	99	108	61
Vested (in shares)	(125)	(136)	(85)
Cancelled/Forfeitures (in shares)	(7)	(4)	(6)
Unvested at end of year (in shares)	113	146	178
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 107.29	$ 88.32	$ 78.06
Granted (in dollars per share)	106.37	102.98	113.37
Vested (in dollars per share)	73.62	78.82	81.50
Cancelled/Forfeitures (in dollars per share)	132.14	110.43	83.53
Unvested at end of period (in dollars per share)	$ 142.53	$ 107.29	$ 88.32
Other Disclosures
Total fair value of shares vested	$ 21.1	$ 20.4	$ 10.8
Total unrecognized compensation cost related to the unvested awards	$ 10
Total weighted average remaining term of unvested awards	1 year 5 months 26 days
Compensation cost recognized	$ 9.7	$ 9.8	$ 14.6
Aggregate intrinsic value of outstanding awards	$ 23.5
Performance stock units \| Class A
Other Disclosures
Company's closing Common Stock price (in dollars per share)	$ 208.34
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)	121	138	166
Granted (in shares)	51	64	61
Vested (in shares)	(76)	(78)	(84)
Cancelled/Forfeitures (in shares)	(3)	(3)	(5)
Unvested at end of year (in shares)	93	121	138
Weighted Average Grant Date Fair Value
Unvested at beginning of period (in dollars per share)	$ 121.39	$ 97.43	$ 77.97
Granted (in dollars per share)	167.39	143.86	128.32
Vested (in dollars per share)	112.65	94.33	81.70
Cancelled/Forfeitures (in dollars per share)	139.46	120.31	93.98
Unvested at end of period (in dollars per share)	$ 149.96	$ 121.39	$ 97.43
Other Disclosures
Total fair value of shares vested	$ 12.7	$ 11.1	$ 10.5
Total unrecognized compensation cost related to the unvested awards	$ 5.8
Total weighted average remaining term of unvested awards	1 year 21 days
Compensation cost recognized	$ 9.3	$ 7.7	$ 7.6
Aggregate intrinsic value of outstanding awards	$ 19.4
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)	$ 208.34
Management Stock Purchase Plan \| Restricted stock \| Class A
Other Disclosures
Company's closing Common Stock price (in dollars per share)	$ 208.34
Management Stock Purchase Plan \| Restricted stock units (RSUs)
Summary of unvested restricted stock and deferred shares activity and related information
Granted (in shares)	26	29	25
Cancelled/Forfeitures (in shares)	(1)	(2)	(1)
Weighted Average Grant Date Fair Value
Granted (in dollars per share)	$ 57.50	$ 47.26	$ 37.49
Other Disclosures
Total unrecognized compensation cost related to the unvested awards	$ 1.7
Total weighted average remaining term of unvested awards	1 year 6 months 7 days
Compensation cost recognized	$ 1.2	$ 0.9	$ 0.7
Aggregate intrinsic value of outstanding awards	7.2
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, 2023	Dec. 31, 2022	Dec. 31, 2021
RSU activity and related information
Outstanding at beginning of period (in shares)	77	85	95
Granted (in shares)	26	29	25
Settled (in shares)	(25)	(35)	(34)
Cancelled/Forfeitures (in shares)	(1)	(2)	(1)
Outstanding at end of period (in shares)	77	77	85
Vested at end of period (in shares)	23	24	31
Weighted Average Purchase Price
Outstanding at beginning of period (in dollars per share)	$ 94.78	$ 75.34	$ 64.54
Granted (in dollars per share)	130.27	115.14	97.98
Settled (in dollars per share)	66.94	64.15	61.38
Cancelled/Forfeitures (in dollars per share)	124.04	92.09	77.03
Outstanding at end of period (in dollars per share)	114.93	94.78	75.34
Vested at end of period (in dollars per share)	$ 104.17	$ 77.69	$ 65.29
Aggregate intrinsic value of outstanding awards	$ 7.2
Aggregate intrinsic value of awards vested	2.4
Total intrinsic value of awards settled	$ 2.4	$ 2.7	$ 2.1

Stock-Based Compensation - RSUs

Stock-Based Compensation - RSUs Outstanding (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair value assumptions
Dividends distributed on the company's Common Stock (in dollars per share)	$ 1.38	$ 1.16	$ 1.01
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total unrecognized compensation cost related to the unvested awards	$ 16.4
Total weighted average remaining term of unrecognized compensation costs	1 year 4 months 2 days
Compensation cost recognized	$ 20.2	$ 18.4	$ 22.9
Impact on basic net income per common share for recognition of total stock-based compensation expense (in dollars per share)	$ 0.47	$ 0.43	$ 0.53
Impact on diluted net income per common share for recognition of total stock-based compensation expense (in dollars per share)	$ 0.47	$ 0.43	$ 0.53
Cost of goods sold.
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Compensation cost recognized	$ 1.5	$ 1.3	$ 1.4
Selling, general and administrative expenses
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Compensation cost recognized	18.7	17.1	21.5
Other Stock-based Plans
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Tax benefit recorded for the compensation expense	$ 2.9	$ 2.8	$ 3.7
Management Stock Purchase Plan \| Restricted stock units (RSUs)
RSUs Outstanding
Number Outstanding (in shares)	77	77	85	95
Weighted Average Purchase Price (in dollars per share)	$ 114.93	$ 94.78	$ 75.34	$ 64.54
RSUs Vested
Number Vested (in shares)	23	24	31
Weighted Average Purchase Price (in dollars per share)	$ 104.17	$ 77.69	$ 65.29
Fair value assumptions
Expected life (years)	3 years	3 years
Expected stock price volatility (as a percent)	33.70%	33.70%
Expected dividend yield (as a percent)	0.80%	0.80%
Risk-free interest rate (as a percent)	4.10%	2%
Weighted average grant-date fair value (in dollars per share)	$ 57.50	$ 47.26	$ 37.49
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Total unrecognized compensation cost related to the unvested awards	$ 1.7
Total weighted average remaining term of unrecognized compensation costs	1 year 6 months 7 days
Compensation cost recognized	$ 1.2	$ 0.9	$ 0.7
$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)	23
Weighted Average Purchase Price (in dollars per share)	$ 97.28
RSUs Vested
Number Vested (in shares)	14
Weighted Average Purchase Price (in dollars per share)	$ 97.28
$97.29-$115.14 \| Management Stock Purchase Plan \| Restricted stock units (RSUs)
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
RSUs Outstanding
Number Outstanding (in shares)	28
Weighted Average Purchase Price (in dollars per share)	$ 115.14
RSUs Vested
Number Vested (in shares)	9
Weighted Average Purchase Price (in dollars per share)	$ 115.14
$115.15-$130.27 \| Management Stock Purchase Plan
Information about RSUs outstanding
Low end of purchase price range (in dollars per share)	115.15
High end of purchase price range (in dollars per share)	$ 130.27
$115.15-$130.27 \| Management Stock Purchase Plan \| Restricted stock units (RSUs)
RSUs Outstanding
Number Outstanding (in shares)	26
Weighted Average Purchase Price (in dollars per share)	$ 130.27

Employee Benefit Plans - 401K C

Employee Benefit Plans - 401K Contribution and Supplemental Compensation agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefit Plans
Base contribution as a percentage of employee gross pay (as a percent)	2%
Percentage of eligible compensation, matched 100% by employer	4%
Company's matching contributions under certain 401(k) savings plans	$ 8.1	$ 7.6	$ 6.6
EMEA pension plans
Employee Benefit Plans
Charges for pension plans	$ 3.3	$ 4.3	$ 4.6

Employee Benefit Plans - Funded

Employee Benefit Plans - Funded status of the defined benefit plans (Details) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Change in projected benefit obligation
Balance at beginning of the year	$ 68
Interest costs on benefit obligation	0.7	$ 0.7
Actuarial loss (gain)	5.5
Benefits paid	(0.7)
Balance at end of year	73.5	73.5
Change in fair value of plan assets
Balance at beginning of the year	67.9
Actual (loss) gain on assets	7.2
Benefits paid	(0.7)
Fair value of plan assets at end of the year	74.4	74.4
Funded (underfunded) status at end of year	$ 0.9	$ 0.9

Employee Benefit Plans - Amount

Employee Benefit Plans - Amounts recognized in the consolidated balance sheets (Details) $ in Millions	Dec. 31, 2023 USD ($)
Employee Benefit Plans
Noncurrent assets (liabilities)	$ 0.9
Net amount recognized	$ 0.9

Employee Benefit Plans - Amou_2

Employee Benefit Plans - Amounts recognized in accumulated other comprehensive income (Details) $ in Millions	Dec. 31, 2023 USD ($)
Employee Benefit Plans
Accumulated other comprehensive loss related to plan, net of tax	$ (0.9)

Employee Benefit Plans - Net pe

Employee Benefit Plans - Net periodic benefit cost (Details) - USD ($) $ in Millions	2 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Employee Benefit Plans
Interest costs on benefit obligation	$ 0.7	$ 0.7
Expected return on assets		$ (0.7)

Employee Benefit Plans - Assump

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2023
Weighted-average assumptions used to determine benefit obligations
Discount rate (as a percent)	4.64%
Weighted-average assumptions used to determine net periodic benefit costs
Discount rate (as a percent)	5.36%
Long-term rate of return on assets (as a percent)	5.60%

Employee Benefit Plans - Weight

Employee Benefit Plans - Weighted average asset allocations by asset category (Details)	Dec. 31, 2023
Asset Category
Total (as a percent)	100%
Cash
Asset Category
Total (as a percent)	39%
Fixed income securities
Asset Category
Total (as a percent)	61%

Employee Benefit Plans - Invest

Employee Benefit Plans - Investments in the pension plan measured at fair value (Details) $ in Millions	Dec. 31, 2023 USD ($)
Cash
Asset Category
Total investments	$ 28.9
Cash \| Level 1
Asset Category
Total investments	28.9
Corporate notes
Asset Category
Total investments	31.7
Corporate notes \| Level 2
Asset Category
Total investments	31.7
Treasury notes
Asset Category
Total investments	12.7
Treasury notes \| Level 1
Asset Category
Total investments	12.7
Other investments(a)
Asset Category
Total investments	1.7
Other investments(a) \| Level 1
Asset Category
Total investments	1.7
Total investments
Asset Category
Total investments	75
Total investments \| Level 1
Asset Category
Total investments	43.3
Total investments \| Level 2
Asset Category
Total investments	$ 31.7

Employee Benefit Plans - Pensio

Employee Benefit Plans - Pension funds cash flow (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Employee Benefit Plans
Benefit payments	$ 0.7

Employee Benefit Plans - Expect

Employee Benefit Plans - Expected benefit payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Employee Benefit Plans
During fiscal year ending December 31, 2024	$ 73.5

Contingencies and Environment_2

Contingencies and Environmental Remediation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) item
Maximum
Litigation contingencies
Possible loss \| $	$ 4.6
Asbestos Litigation
Litigation contingencies
Number of Judgements \| item	0

Financial Instruments - Fair Va

Financial Instruments - Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Rate Swap \| Prepaid Expenses and Other Current Assets
Assets
Derivative assets	$ 3.4
Interest Rate Swap \| Other Noncurrent Assets
Assets
Derivative assets	3
Interest Rate Swap \| Accrued Expenses and Other Liabilities
Liabilities
Derivative liabilities	0.2
Interest Rate Swap \| Other Non-current Liabilities
Liabilities
Derivative liabilities	1.8
Significant Unobservable Inputs (Level 3) \| Sentinel Hydrosolutions
Liabilities
Contingent consideration			$ 2.5
Minimum \| Significant Unobservable Inputs (Level 3) \| AVG
Liabilities
Contingent consideration	0
Maximum \| Significant Unobservable Inputs (Level 3) \| Sentinel Hydrosolutions
Liabilities
Contingent consideration	4.5
Fair value measured on a recurring basis
Assets
Plan asset for deferred compensation	2.3	$ 1.9
Total assets	8.8	11.4
Liabilities
Plan liability for deferred compensation	2.3	1.9
Contingent consideration		2.5
Total liabilities	4.5	4.4
Fair value measured on a recurring basis \| Interest Rate Swap
Assets
Derivative assets	6.5	9.3
Liabilities
Derivative liabilities	2
Fair value measured on a recurring basis \| Forward exchange contracts
Assets
Derivative assets		0.2
Liabilities
Derivative liabilities	0.2
Fair value measured on a recurring basis \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Plan asset for deferred compensation	2.3	1.9
Total assets	2.3	1.9
Liabilities
Plan liability for deferred compensation	2.3	1.9
Total liabilities	2.3	1.9
Fair value measured on a recurring basis \| Significant Other Observable Inputs (Level 2)
Assets
Total assets	6.5	9.5
Liabilities
Total liabilities	2.2
Fair value measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Interest Rate Swap
Assets
Derivative assets	6.5	9.3
Liabilities
Derivative liabilities	2
Fair value measured on a recurring basis \| Significant Other Observable Inputs (Level 2) \| Forward exchange contracts
Assets
Derivative assets		0.2
Liabilities
Derivative liabilities	$ 0.2
Fair value measured on a recurring basis \| Significant Unobservable Inputs (Level 3)
Liabilities
Contingent consideration		2.5
Total liabilities		$ 2.5

Financial Instruments - Interes

Financial Instruments - Interest Rate Swaps and Non-Designated Cash Flow Hedge (Details) $ in Millions			12 Months Ended
	Aug. 02, 2022 USD ($)	Mar. 30, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 23, 2023 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%
SOFR
Interest Rate Swaps
Adjustment to interest rate		0.10
Revolving credit facility
Interest Rate Swaps
Borrowing capacity		$ 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			$ 0.1
Canadian Dollar to US Dollar Contracts
Interest Rate Swaps
Derivative notional amount			6.2
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			$ (3.6)	$ 6.3
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%
Interest Rate Swap \| Designated \| Bradley \| Cash Flow Hedging
Interest Rate Swaps
Derivative fixed interest rate					4.844%
Derivative notional amount					$ 100
Interest Rate Swap \| Designated \| Bradley \| 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, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment information
Number of geographic segments \| segment	3
Net sales	$ 2,056.3	$ 1,979.5	$ 1,809.2
Operating income	350.9	315	239.6
Interest income	(7.2)	(0.6)
Interest expense	8.2	7	6.3
Other expense (income), net	0.4	1	(0.8)
INCOME BEFORE INCOME TAXES	349.5	307.6	234.1
Capital expenditures	29.7	28.1	26.7
Depreciation and amortization	43.3	39.7	45.1
Identifiable assets (at end of period)	2,309.4	1,930.9	1,855.6
Property, plant and equipment, net (at end of period)	248.2	196.8	200.7
U.S.
Segment information
Net sales	1,324.4	1,301.2	1,123.9
Property, plant and equipment, net (at end of period)	161.5	119	116.2
Reportable segments
Segment information
Operating income	411.7	364.6	289
Corporate
Segment information
Operating income	(60.8)	(49.6)	(49.4)
Intersegment sales
Segment information
Net sales	117.8	107.2	158.9
Americas
Segment information
Net sales	1,428.1	1,390	1,207.2
Capital expenditures	20.8	16.2	17.6
Depreciation and amortization	31.5	27.4	29.8
Identifiable assets (at end of period)	1,605.7	1,222.8	1,133.5
Property, plant and equipment, net (at end of period)	174	124.1	121.3
Americas \| Reportable segments
Segment information
Operating income	325.2	283.9	211
Americas \| Intersegment sales
Segment information
Net sales	7.9	11.1	9.3
Europe
Segment information
Net sales	512.1	499.1	517.4
Capital expenditures	8	11.2	8.5
Depreciation and amortization	9.6	10.3	12.6
Identifiable assets (at end of period)	569.1	583.5	584.8
Property, plant and equipment, net (at end of period)	69.9	68.4	74.5
Europe \| Reportable segments
Segment information
Operating income	70.4	66.7	63.6
Europe \| Intersegment sales
Segment information
Net sales	24.7	24.7	29.1
APMEA
Segment information
Net sales	116.1	90.4	84.6
Capital expenditures	0.9	0.7	0.6
Depreciation and amortization	2.2	2	2.7
Identifiable assets (at end of period)	134.6	124.6	137.3
Property, plant and equipment, net (at end of period)	4.3	4.3	4.9
APMEA \| Reportable segments
Segment information
Operating income	16.1	14	14.4
APMEA \| Intersegment sales
Segment information
Net sales	$ 85.2	$ 71.4	$ 120.5

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ (149.9)
Balance at the end of the period	(143.4)	$ (149.9)
Foreign Currency Translation
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(157)	(127.9)
Change in period	9.7	(29.1)
Balance at the end of the period	(147.3)	(157)
Pension Adjustment
Changes in accumulated other comprehensive income (loss)
Change in period	0.7
Balance at the end of the period	0.7
Cash Flow Hedges
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	7.1	0.6
Change in period	(3.9)	6.5
Balance at the end of the period	3.2	7.1
Accumulated Other Comprehensive Loss.
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(149.9)	(127.3)
Change in period	6.5	(22.6)
Balance at the end of the period	$ (143.4)	$ (149.9)

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jan. 01, 2024	Dec. 31, 2023	Dec. 31, 2021	Feb. 07, 2024
Subsequent events
Aggregate net purchase price		$ 313.4	$ 9.1
Subsequent event \| Josam Industries, LLC
Subsequent events
Purchase price	$ 98.7
Business combination, cash paid	$ 4.1
Period of existence	100 years
Net Sales	$ 35
Subsequent event \| Class A
Subsequent events
Quarterly dividend payable (in dollars per share)				$ 0.36
Subsequent event \| Class B
Subsequent events
Quarterly dividend payable (in dollars per share)				$ 0.36

Schedule II-Valuation and Qua_2

Schedule II-Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable Reserve Allowances
Changes in valuation and qualifying accounts
Balance At Beginning of Period	$ 10.7	$ 10.3	$ 11.1
Additions Charged To Expense	4	5.2	3.4
Foreign Exchange/Acquisitions Impact	1.7	(0.3)	(0.2)
Deductions	(4.5)	(4.5)	(4)
Balance At End of Period	11.9	10.7	10.3
Reserve for excess and obsolete inventories
Changes in valuation and qualifying accounts
Balance At Beginning of Period	39.5	33	33.4
Additions Charged To Expense	16.3	17.5	8.7
Foreign Exchange/Acquisitions Impact	5.9	(0.9)	(0.9)
Deductions	(16.6)	(10.1)	(8.2)
Balance At End of Period	$ 45.1	$ 39.5	$ 33

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 262.1	$ 251.5	$ 165.7

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false