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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Litigation and Claims On July 18, 2024, Water.IO Ltd (“Water.IO”) filed a complaint against the Company for breach of contract and breach of the implied covenant of good faith and fair dealing in state court in Mecklenburg County, North Carolina. The Company separately filed a complaint against Water.IO for unfair and deceptive trade practices in federal court in Charlotte, North Carolina. The Company and Water.IO thereafter agreed to remove all disputes to North Carolina State Business Court and the Company dismissed the federal lawsuit and asserted its claims as counterclaims in the state court action. On August 14, 2024, the matter was removed to North Carolina State Business Court. The complaint and the counterclaims primarily stem from a 2018 Purchase Agreement, as amended, between the parties (the “Water.IO Agreement”) for the purchase of approximately $25 million of sensors by the Company from Water.IO over the term of the agreement. The Company contends that its termination was valid because Water.IO breached the Water.IO Agreement by failing to deliver sensors that complied with the parties’ agreed specifications. On September 5, 2025, the court ruled in favor of the Company on a motion for partial summary judgment, limiting Water.IO’s potential recovery to direct damages. Thereafter, Water.IO made a motion to amend its complaint which the Company opposed. The court ultimately denied Water.IO’s motion to amend. On December 16, 2025, the Company and Water.IO executed a Settlement Agreement, which the court accepted. The settlement did not have a material impact on the Company's financial position. This matter is now considered closed. Environmental Matters We are subject to loss contingencies resulting from environmental laws and regulations (including claims relating to the alleged use of PFAS in our products and manufacturing processes), and we accrue for anticipated costs associated with investigatory and remediation efforts when an assessment has indicated that a loss is probable and can be reasonably estimated. These accruals are not reduced by potential insurance recoveries, if any. We do not believe that it is reasonably possible that our liability in excess of the amounts that we have accrued for environmental matters will be material to our Consolidated Balance Sheets or Statements of Operations. Environmental liabilities are reassessed whenever circumstances become better defined or remediation efforts and their costs can be better estimated. We evaluate these liabilities periodically based on available information, including the progress of remedial investigations at each site, the current status of discussions with regulatory authorities regarding the methods and extent of remediation and the apportionment of costs among potentially responsible parties. As some of these issues are decided (the outcomes of which are subject to uncertainties) or new sites are assessed and costs can be reasonably estimated, we adjust the recorded accruals, as necessary. We believe that these exposures are not material to our Consolidated Balance Sheets or Statements of Operations. We believe that we have adequately reserved for all probable and estimable environmental exposures. Guarantees and Indemnification Obligations We are a party to many contracts containing guarantees and indemnification obligations. These contracts primarily consist of: •indemnities in connection with the sale of businesses, primarily related to the sale of Diversey in 2017. Our indemnity obligations under the relevant agreements may be limited in terms of time, amount or scope. As it relates to certain income tax related liabilities, the relevant agreements may not provide any cap for such liabilities, and the period in which we would be liable would lapse upon expiration of the statute of limitation for assessment of the underlying taxes. Because of the conditional nature of these obligations and the unique facts and circumstances involved in each particular agreement, we are unable to reasonably estimate the potential maximum exposure associated with these items; •product warranties with respect to certain products sold to customers in the ordinary course of business. These warranties typically provide that products will conform to specifications. We generally do not establish a liability for product warranty based on a percentage of sales or other formula. We accrue a warranty liability on a transaction-specific basis depending on the individual facts and circumstances related to each sale. Both the liability and annual expense related to product warranties are immaterial to our consolidated financial position and results of operations; and •sales of products by us to our customers in which we have agreed to indemnify such customers against third-party infringement claims. As of December 31, 2025, the Company has no reason to believe a loss exceeding amounts already recognized would be incurred. Other Matters We are also involved in various other legal actions incidental to our business. We believe, after consulting with counsel, that the disposition of these other legal proceedings and matters will not have a material effect on our consolidated financial condition or results of operations including potential impact to cash flows. Other Principal Contractual Obligations At December 31, 2025, we had other principal contractual obligations, which included agreements to purchase an estimated amount of goods, including raw materials, or services in the normal course of business, aggregating to approximately $147.1 million. The estimated future cash outlays are as follows:
Year | Amount (In millions)
2026 | $ | 87.3 |
2027 | 42.9 |
2028 | 8.8 |
2029 | 5.9 |
2030 | 2.2 |
Total | $ | 147.1 |
Asset Retirement Obligations The Company has recorded asset retirement obligations primarily associated with asbestos abatement, lease restitution and the removal of underground tanks. The Company's asset retirement obligation liabilities were $12.1 million and $11.2 million at December 31, 2025 and 2024, respectively. The Company also recorded assets within property and equipment, net which included $2.7 million and $2.3 million related to buildings and $6.9 million related to leasehold improvements as of December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, accumulated depreciation related to buildings was $1.8 million and $1.6 million and leasehold improvements was $5.2 million and $4.8 million, respectively. Accretion expense was $0.4 million for the years ended December 31, 2025, 2024, and 2023.

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