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Segment Information | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information We are comprised of three reportable segments: Flow, Water Solutions and Pool. We evaluate performance based on net sales and reportable segment income and use certain ratios, particularly return on sales, to measure performance of our reportable segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Reportable segment income represents operating income of each reportable segment inclusive of equity income of unconsolidated subsidiaries and exclusive of intangible amortization, certain acquisition related expenses, costs of restructuring and transformation activities, impairments, legal accrual adjustments and settlements and other unusual non-operating items. “Corporate and other” activity primarily consists of corporate expenses not allocated to the segments, including executive office, board of directors, and centrally-managed corporate functional or shared service costs related to finance, human resources, communications and corporate development. These activities do not meet the criteria for a stand-alone reportable segment under accounting standards codification (“ASC”) 280. Financial information by reportable segment as well as a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes is as follows:
| June 30, 2025 | December 31, 2024
In millions | Identifiable assets (1)
Flow | $ | 1,703.0 |  | $ | 1,590.7 |
Water Solutions | 2,589.5 |  | 2,613.5 |
Pool | 1,742.9 |  | 1,801.3 |
Reportable segment total | 6,035.4 |  | 6,005.5 |
Corporate and other | 444.1 |  | 441.0 |
Consolidated | $ | 6,479.5 |  | $ | 6,446.5 |
(1) All cash and cash equivalents are included in “Corporate and other.”
| Three months ended |  | Six months ended |  | Three months ended |  | Six months ended
| June 30, 2025 | June 30, 2024 |  | June 30, 2025 | June 30, 2024 |  | June 30, 2025 | June 30, 2024 |  | June 30, 2025 | June 30, 2024
In millions | Capital expenditures |  | Depreciation
Flow | $ | 3.1 |  | $ | 4.2 |  |  | $ | 6.9 |  | $ | 7.2 |  |  | $ | 5.2 |  | $ | 5.5 |  |  | $ | 10.4 |  | $ | 10.8 |
Water Solutions | 2.9 |  | 4.8 |  |  | 5.7 |  | 14.9 |  |  | 4.0 |  | 4.4 |  |  | 8.0 |  | 8.8 |
Pool | 3.8 |  | 4.9 |  |  | 10.2 |  | 8.2 |  |  | 3.6 |  | 3.3 |  |  | 6.7 |  | 6.3 |
Reportable segment total | 9.8 |  | 13.9 |  |  | 22.8 |  | 30.3 |  |  | 12.8 |  | 13.2 |  |  | 25.1 |  | 25.9 |
Corporate and other | 1.1 |  | 3.1 |  |  | 4.9 |  | 6.0 |  |  | 1.8 |  | 2.3 |  |  | 4.3 |  | 4.5 |
Consolidated | $ | 10.9 |  | $ | 17.0 |  |  | $ | 27.7 |  | $ | 36.3 |  |  | $ | 14.6 |  | $ | 15.5 |  |  | $ | 29.4 |  | $ | 30.4 |
Three months ended June 30, 2025
In millions | Flow | Water Solutions | Pool | Total
Net sales | $ | 397.3 |  | $ | 298.3 |  | $ | 427.2 |  | $ | 1,122.8 |
Reconciliation of consolidated net sales |  |  |  |
Corporate and other |  |  |  | 0.3 |
Total consolidated net sales |  |  |  | $ | 1,123.1 |
Cost of goods sold (1)(3) | (246.3) |  | (183.8) |  | (229.0) |  |
Operating expenses (1)(2)(3) | (57.9) |  | (44.3) |  | (45.5) |  |
Reportable segment income | $ | 93.1 |  | $ | 70.2 |  | $ | 152.7 |  | $ | 316.0 |
Corporate and other |  |  |  | (19.3) |
Restructuring and other |  |  |  | (10.4) |
Transformation costs |  |  |  | (12.5) |
Asset impairment and write-offs |  |  |  | (41.8) |
Loss on sale of business |  |  |  | (26.3) |
Intangible amortization |  |  |  | (14.3) |
Interest expense, net |  |  |  | (17.9) |
Other expense |  |  |  | (1.0) |
Income from continuing operations before income taxes |  |  |  | $ | 172.5 |
Three months ended June 30, 2024
In millions | Flow | Water Solutions | Pool | Total
Net sales | $ | 396.8 |  | $ | 310.5 |  | $ | 391.5 |  | $ | 1,098.8 |
Reconciliation of consolidated net sales |  |  |  |
Corporate and other |  |  |  | 0.5 |
Total consolidated net sales |  |  |  | $ | 1,099.3 |
Cost of goods sold (1)(3) | (250.1) |  | (193.8) |  | (216.5) |  |
Operating expenses (1)(2)(3) | (62.3) |  | (43.8) |  | (41.4) |  |
Reportable segment income | $ | 84.4 |  | $ | 72.9 |  | $ | 133.6 |  | $ | 290.9 |
Corporate and other |  |  |  | (19.5) |
Restructuring and other |  |  |  | (5.9) |
Transformation costs |  |  |  | (11.8) |
Legal accrual adjustments and settlements |  |  |  | 7.9 |
Intangible amortization |  |  |  | (13.4) |
Interest expense, net |  |  |  | (26.3) |
Other expense |  |  |  | (1.0) |
Income from continuing operations before income taxes |  |  |  | $ | 220.9 |
Six months ended June 30, 2025
In millions | Flow | Water Solutions | Pool | Total
Net sales | $ | 765.2 |  | $ | 556.5 |  | $ | 811.1 |  | $ | 2,132.8 |
Reconciliation of consolidated net sales |  |  |  |
Corporate and other |  |  |  | 0.7 |
Total consolidated net sales |  |  |  | $ | 2,133.5 |
Cost of goods sold (1)(3) | (475.1) |  | (341.6) |  | (442.8) |  |
Operating expenses (1)(2)(3) | (113.4) |  | (84.0) |  | (89.6) |  |
Reportable segment income | $ | 176.7 |  | $ | 130.9 |  | $ | 278.7 |  | $ | 586.3 |
Corporate and other |  |  |  | (47.1) |
Restructuring and other |  |  |  | (20.9) |
Transformation costs |  |  |  | (21.6) |
Asset impairment and write-offs |  |  |  | (47.0) |
Loss on sale of business |  |  |  | (26.3) |
Intangible amortization |  |  |  | (28.5) |
Interest expense, net |  |  |  | (37.6) |
Other expense |  |  |  | (1.9) |
Income from continuing operations before income taxes |  |  |  | $ | 355.4 |
Six months ended June 30, 2024
In millions | Flow | Water Solutions | Pool | Total
Net sales | $ | 781.1 |  | $ | 583.6 |  | $ | 751.0 |  | $ | 2,115.7 |
Reconciliation of consolidated net sales |  |  |  |
Corporate and other |  |  |  | 0.8
Total consolidated net sales |  |  |  | $ | 2,116.5 |
Cost of goods sold (1)(3) | (497.1) |  | (366.3) |  | (423.0) |  |
Operating expenses (1)(2)(3) | (122.3) |  | (88.8) |  | (83.6) |  |
Reportable segment income | $ | 161.7 |  | $ | 128.5 |  | $ | 244.4 |  | $ | 534.6 |
Corporate and other |  |  |  | (45.9) |
Restructuring and other |  |  |  | (10.5) |
Transformation costs |  |  |  | (28.8) |
Asset impairment and write-offs |  |  |  | (0.8) |
Legal accrual adjustments and settlements |  |  |  | 8.2 |
Intangible amortization |  |  |  | (26.9) |
Interest expense, net |  |  |  | (53.6) |
Other expense |  |  |  | (2.0) |
Income from continuing operations before income taxes |  |  |  | $ | 374.3 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker which includes certain corporate overhead allocations directly attributable to each of the segments. (2) Operating expenses include selling, general, administrative, research and development costs which primarily consist of non-manufacturing employee compensation, non-manufacturing overhead and professional service costs as well as depreciation expense. (3) These costs exclude certain expenses reported in the Condensed Consolidated Statements of Operations and Comprehensive Income, including costs that are reflected in "Corporate and other,” and expenses excluded from reportable segment income as defined above.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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