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Debt - Debt Outstanding and Average Interest Rates (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Short term debt, average interest rate at end of period	5.533%
Current maturities of short-term borrowings	$ 9.3	$ 0.0
Unamortized debt issuance costs and discounts	(15.1)	(18.5)
Total debt	1,648.0	1,988.3
Long-term debt	$ 1,638.7	1,988.3
Line of Credit \| Revolving credit facility (Senior Credit Facility)
Debt Instrument [Line Items]
Average interest rate at end of period	5.533%
Debt, gross	$ 9.5	0.0
Term loans (Senior Credit Facility) \| 5-year Term Loan Facility
Debt Instrument [Line Items]
Average interest rate at end of period	5.85%
Debt, gross	$ 825.0	987.5	$ 1,000.0
Term loans (Senior Credit Facility) \| Term Loans, 1.224% due in 2024
Debt Instrument [Line Items]
Debt, gross	$ 0.0	200.0
Senior Notes \| Senior Notes, 4.650% due in 2025
Debt Instrument [Line Items]
Average interest rate at end of period	4.65%
Debt, gross	$ 19.3	19.3
Senior Notes \| Senior Notes, 4.500% due in 2029
Debt Instrument [Line Items]
Average interest rate at end of period	4.50%
Debt, gross	$ 400.0	400.0
Senior Notes \| 5.900% Senior Notes
Debt Instrument [Line Items]
Average interest rate at end of period	5.90%
Debt, gross	$ 400.0	$ 400.0

Basis of Presentation and Summary of Significant Accounting Policies - Net Sales Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 4,082.8	$ 4,104.5	$ 4,121.8
Residential
Disaggregation of Revenue [Line Items]
Net sales	2,191.5	2,134.0	2,613.6
Commercial
Disaggregation of Revenue [Line Items]
Net sales	1,117.2	1,177.2	809.1
Industrial
Disaggregation of Revenue [Line Items]
Net sales	774.1	793.3	699.1
U.S.
Disaggregation of Revenue [Line Items]
Net sales	2,833.6	2,835.9	2,913.2
Western Europe
Disaggregation of Revenue [Line Items]
Net sales	493.3	471.9	439.2
Developing
Disaggregation of Revenue [Line Items]
Net sales	527.2	558.0	515.5
Other Developed
Disaggregation of Revenue [Line Items]
Net sales	$ 228.7	$ 238.7	$ 253.9

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

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+ Details

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Contract Assets and Liabilities (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Contract assets	$ 46.7	$ 70.8
Contract liabilities	38.8	53.7
Net contract assets	7.9	$ 17.1
$ Change
Contract assets	(24.1)
Contract liabilities	(14.9)
Net contract assets	$ (9.2)
% Change
Contract assets	(34.00%)
Contract liabilities	(27.70%)
Net contract assets	(53.80%)
Percent of contract liabilities		95.00%

Goodwill and Other Identifiable Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 by reportable segment were as follows:


In millions	December 31, 2023		Acquisitions		Foreign currency translation		December 31, 2024
Flow	$	767.1	$	—	$	(36.7)	$	730.4
Water Solutions	1,400.6		—		(7.9)		1,392.7
Pool	1,106.9		56.6		—		1,163.5
Total goodwill	$	3,274.6	$	56.6	$	(44.6)	$	3,286.6


In millions	December 31, 2022		Purchase accounting adjustments		Foreign currency translation		December 31, 2023
Flow	$	747.6	$	—	$	19.5	$	767.1
Water Solutions	1,398.1		(0.8)		3.3		1,400.6
Pool	1,106.9		—		—		1,106.9
Total goodwill	$	3,252.6	$	(0.8)	$	22.8	$	3,274.6

There has been no impairment of goodwill for any of the years presented.

Identifiable intangible assets consisted of the following at December 31:


	2024						2023
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,146.5	$	(400.2)	$	746.3	$	1,106.2	$	(361.8)	$	744.4
Proprietary technology and patents	88.8		(48.4)		40.4		89.7		(43.2)		46.5

Total definite-life intangibles	1,235.3		(448.6)		786.7		1,195.9		(405.0)		790.9
Indefinite-life intangibles
Trade names	247.1		—		247.1		251.5		—		251.5
Total intangibles	$	1,482.4	$	(448.6)	$	1,033.8	$	1,447.4	$	(405.0)	$	1,042.4

Identifiable intangible asset amortization expense in 2024, 2023 and 2022 was $54.3 million, $55.3 million and $52.5 million, respectively.

An impairment charge of $2.7 million was recorded in 2022 related to the write-off of a proprietary technology intangible asset as a result of a business exit announced in the fourth quarter of 2022. No impairment charge was recorded for identifiable intangible assets in 2024 or 2023.

Estimated future amortization expense for identifiable intangible assets during the next five years is as follows:


In millions	2025		2026		2027		2028		2029
Estimated amortization expense	$	57.1	$	55.8	$	54.5	$	52.1	$	51.7

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 4,082.8	$ 4,104.5	$ 4,121.8
Cost of goods sold	2,484.0	2,585.3	2,757.2
Gross profit	1,598.8	1,519.2	1,364.6
Selling, general and administrative	701.4	680.2	677.1
Research and development	93.6	99.8	92.2
Operating income	803.8	739.2	595.3
Other expense (income)
Net interest expense	88.6	118.3	61.8
Other (income) expense	(3.7)	2.0	(17.1)
Income from continuing operations before income taxes	718.9	618.9	550.6
Provision (benefit) for income taxes	93.3	(4.0)	67.4
Net income from continuing operations	625.6	622.9	483.2
Loss from discontinued operations, net of tax	(0.2)	(0.2)	(2.3)
Net income	625.4	622.7	480.9
Comprehensive income, net of tax
Net income	625.4	622.7	480.9
Changes in cumulative translation adjustment	(65.8)	24.0	(56.4)
Changes in market value of derivative financial instruments, net of tax	33.6	(29.4)	31.3
Comprehensive income	$ 593.2	$ 617.3	$ 455.8
Earnings (loss) per ordinary share
Continuing operations (USD per share)	$ 3.78	$ 3.77	$ 2.93
Discontinued operations (USD per share)	0	0	(0.01)
Basic earnings per ordinary share (USD per share)	3.78	3.77	2.92
Continuing operations (USD per share)	3.74	3.75	2.92
Discontinued operations (USD per share)	0	0	(0.02)
Diluted earnings per ordinary share (USD per share)	$ 3.74	$ 3.75	$ 2.90
Weighted average ordinary shares outstanding
Basic (shares)	165.6	165.1	164.8
Diluted (shares)	167.1	166.3	165.6

Consolidated Statements of Changes In Equity - USD ($) shares in Millions, $ in Millions	Total	Common shares	Capital contribution reserve	Retained earnings	Accumulated other comprehensive income (loss)
Balance (in shares) at Dec. 31, 2021		165.1
Beginning Balance at Dec. 31, 2021	$ 2,421.9	$ 1.7	$ 1,582.7	$ 1,051.4	$ (213.9)
Net income	480.9			480.9
Other comprehensive loss, net of tax	(25.1)				(25.1)
Dividends declared	(141.8)			(141.8)
Share repurchase (in shares)		(1.0)
Share repurchases	(50.0)		(50.0)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Exercise of options, net of shares tendered for payment	3.6		3.6
Issuance of restricted shares, net of cancellations (in shares)		0.4
Issuance of restricted shares, net of cancellations	0.0
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(6.3)		(6.3)
Share-based compensation	24.9		24.9
Balance (in shares) at Dec. 31, 2022		164.5
Ending Balance at Dec. 31, 2022	2,708.1	$ 1.7	1,554.9	1,390.5	(239.0)
Net income	622.7			622.7
Other comprehensive loss, net of tax	(5.4)				(5.4)
Dividends declared	(147.0)			(147.0)
Share repurchase (in shares)		0.0
Exercise of options, net of shares tendered for payment (in shares)		0.4
Exercise of options, net of shares tendered for payment	18.3		18.3
Issuance of restricted shares, net of cancellations (in shares)		0.5
Issuance of restricted shares, net of cancellations	0.0
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(8.7)		(8.7)
Share-based compensation	29.1		29.1
Balance (in shares) at Dec. 31, 2023		165.3
Ending Balance at Dec. 31, 2023	3,217.1	$ 1.7	1,593.6	1,866.2	(244.4)
Net income	625.4			625.4
Other comprehensive loss, net of tax	(32.2)				(32.2)
Dividends declared	(155.5)			(155.5)
Share repurchases	$ (150.0)		(150.0)
Exercise of options, net of shares tendered for payment (in shares)	0.8	0.8
Exercise of options, net of shares tendered for payment	$ 28.8		28.8
Issuance of restricted shares, net of cancellations (in shares)		0.4
Issuance of restricted shares, net of cancellations	0.0
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(10.4)		(10.4)
Share-based compensation	39.7		39.7
Balance (in shares) at Dec. 31, 2024		164.8
Ending Balance at Dec. 31, 2024	$ 3,562.9	$ 1.7	$ 1,501.7	$ 2,336.1	$ (276.6)

Restructuring and Transformation Program (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Related Costs

Restructuring and transformation-related costs included within Cost of goods sold and Selling, general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Income included the following:


	Years ended December 31
In millions	2024		2023		2022
Restructuring Initiatives
Severance and related costs	$	34.5	$	8.2	$	17.7

Asset impairment and write-offs (1)	9.9		3.8		25.6
Other restructuring costs and related adjustments (2)	(0.9)		(6.0)		13.0
Total restructuring costs	43.5		6.0		56.3
Transformation Program
Severance and related costs	0.7		6.9		3.4
Asset impairment and write-offs (1)	7.7		0.4		—
Other transformation costs (3)	51.4		37.4		23.8
Total transformation costs	59.8		44.7		27.2
Total restructuring and transformation costs	$	103.3	$	50.7	$	83.5

(1) Consists of inventory and long-lived asset impairments and write-offs associated with restructuring or transformation activities. An identifiable intangible asset was also impaired in 2022 as a result of certain business exits.

(2) Other restructuring costs and related adjustments primarily consist of certain accruals and related refinements as well as various contract termination costs associated with business and product line exits.

(3) Other transformation costs primarily consist of professional services and project management related costs, partially offset by gain on sale of assets in 2023.

Restructuring Costs By Segment

Restructuring and transformation costs by reportable segment as well as Corporate and other were as follows:


	Years ended December 31
In millions	2024		2023		2022
Flow	$	15.5	$	3.4	$	2.2
Water Solutions	19.4		(0.1)		41.1
Pool	15.7		9.1		14.3
Corporate and other	52.7		38.3		25.9
Total restructuring and transformation costs	$	103.3	$	50.7	$	83.5

Restructuring Accrual Activity Recorded on Consolidated Balance Sheets

Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:


	Years ended December 31
In millions	2024		2023
Beginning balance	$	13.4	$	23.2

Costs incurred	35.2		15.1
Cash payments and other	(29.9)		(24.9)
Ending balance	$	18.7	$	13.4

Income Taxes - Income (Loss) Before Income Taxes and Noncontrolling Interest (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Federal

^[1]

$ 1.9

$ (9.9)

$ (10.1)

International

^[2]

717.0

628.8

560.7

Income from continuing operations before income taxes

$ 718.9

$ 618.9

$ 550.6

[1]	“Federal” reflects United Kingdom (“U.K.”) income (loss) from continuing operations before income taxes, given U.K. tax residency.
[2]	“International” reflects non-U.K. income from continuing operations before income taxes.

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Authorized shares Our authorized share capital consists of 426.0 million ordinary shares with a par value of $0.01 per share. Share repurchases In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million. This authorization expires on December 31, 2025. During the year ended December 31, 2023, no ordinary shares were repurchased. During the year ended December 31, 2024, we repurchased 1.6 million of our ordinary shares for $150.0 million. As of December 31, 2024, we had $450.0 million available for share repurchases under this authorization. Dividends payable On December 16, 2024, the Board of Directors approved a regular quarterly cash dividend of $0.25 per share that was paid on February 7, 2025 to shareholders of record at the close of business on January 24, 2025. This dividend reflects a 9 percent increase in the Company’s regular cash dividend rate. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $41.2 million at December 31, 2024. Dividends paid per ordinary share were $0.92, $0.88 and $0.84 for the years ended December 31, 2024, 2023 and 2022, respectively.

- Definition

The entire disclosure for equity.

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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Section S99
-Paragraph 1
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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-Section 50
-Paragraph 13
-Subparagraph (g)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Subparagraph (b)
-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Computation Of Earnings Per Share Line Items
Net income	$ 625.4	$ 622.7	$ 480.9
Net income from continuing operations	$ 625.6	$ 622.9	$ 483.2
Weighted average common shares outstanding
Basic (shares)	165.6	165.1	164.8
Dilutive impact of stock options and restricted stock awards (shares)	1.5	1.2	0.8
Diluted (shares)	167.1	166.3	165.6
Earnings (loss) per ordinary share
Continuing operations (USD per share)	$ 3.78	$ 3.77	$ 2.93
Discontinued operations (USD per share)	0	0	(0.01)
Basic earnings (loss) per common share (USD per share)	3.78	3.77	2.92
Continuing operations (USD per share)	3.74	3.75	2.92
Discontinued operations (USD per share)	0	0	(0.02)
Diluted earnings (loss) per common share (USD per share)	$ 3.74	$ 3.75	$ 2.90
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.1	0.3	0.9

Share Plans - Stock Option Fair Value Assumptions (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.44%	4.00%	1.18%
Expected dividend yield	1.43%	2.02%	1.14%
Expected share price volatility	30.90%	30.40%	29.60%
Expected term (years)	6 years 6 months	6 years 1 month 6 days	6 years 4 months 24 days

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Service cost	$ 1.7	$ 1.7	$ 2.4
Interest cost	3.9	4.1	2.5
Expected return on plan assets	(0.6)	(0.8)	(0.7)
Curtailment	(2.0)	0.0	0.0
Net actuarial (gain) loss	(2.9)	7.1	(16.4)
Net periodic benefit expense (income)	$ 0.1	$ 12.1	$ (12.2)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Basic and Diluted Earnings (Loss) Per Share

Basic and diluted earnings per share were calculated as follows:


	Years ended December 31
In millions, except per share data	2024		2023		2022
Net income	$	625.4	$	622.7	$	480.9
Net income from continuing operations	$	625.6	$	622.9	$	483.2
Weighted average ordinary shares outstanding
Basic	165.6		165.1		164.8
Dilutive impact of stock options and restricted stock awards	1.5		1.2		0.8
Diluted	167.1		166.3		165.6
Earnings (loss) per ordinary share
Basic
Continuing operations	$	3.78	$	3.77	$	2.93
Discontinued operations	—		—		(0.01)
Basic earnings per ordinary share	$	3.78	$	3.77	$	2.92
Diluted
Continuing operations	$	3.74	$	3.75	$	2.92
Discontinued operations	—		—		(0.02)
Diluted earnings per ordinary share	$	3.74	$	3.75	$	2.90
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.1		0.3		0.9

Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets
Accrued liabilities and reserves	$ 54.8	$ 58.8
Pension and other post-retirement compensation and benefits	17.5	20.1
Employee compensation and benefits	27.4	28.6
Research and development costs	36.6	28.4
Tax loss and credit carryforwards	691.4	769.4
Interest limitations	214.0	168.4
Total deferred tax assets	1,041.7	1,073.7
Valuation allowance	739.7	816.6
Deferred tax assets, net of valuation allowance	302.0	257.1
Deferred tax liabilities
Property, plant and equipment	17.1	17.9
Goodwill and other intangibles	177.9	149.7
Other liabilities	21.8	16.3
Total deferred tax liabilities	216.8	183.9
Net deferred tax assets	$ 85.2	$ 73.2

Segment Information - Reconciliation of Income from Continuing Operations from Segments to Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 4,082.8	$ 4,104.5	$ 4,121.8
Cost of goods sold	(2,484.0)	(2,585.3)	(2,757.2)
Segment Income (Loss)	803.8	739.2	595.3
Restructuring and other costs	(43.5)	(6.0)	(56.3)
Transformation costs	(59.8)	(44.7)	(27.2)
Asset impairment and write-offs	(17.6)	(7.9)	(25.6)
Intangible amortization	(54.3)	(55.3)	(52.5)
Income from continuing operations before income taxes	$ 718.9	$ 618.9	$ 550.6
One customer \| Net sales \| Customer concentration risk
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Concentration risk percentage	15.00%	15.00%	20.00%
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 4,081.1	$ 4,102.9	$ 4,120.3
Segment Income (Loss)	1,049.7	946.9	853.4
Operating Segments \| Flow
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	1,514.0	1,582.1	1,500.8
Cost of goods sold	(965.1)	(1,054.7)	(1,041.5)
Operating expenses	(230.8)	(245.1)	(217.0)
Segment Income (Loss)	318.1	282.3	242.3
Operating Segments \| Water Solutions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	1,131.0	1,177.2	986.8
Cost of goods sold	(706.8)	(752.5)	(672.5)
Operating expenses	(169.1)	(177.1)	(165.3)
Segment Income (Loss)	255.1	247.6	149.0
Operating Segments \| Pool
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	1,436.1	1,343.6	1,632.7
Cost of goods sold	(799.3)	(775.2)	(1,009.8)
Operating expenses	(160.3)	(151.4)	(160.8)
Segment Income (Loss)	476.5	417.0	462.1
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	1.7	1.6	1.5
Segment Income (Loss)	(90.5)	(91.8)	(85.7)
Reconciling items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Restructuring and other costs	(37.0)	(3.4)	(32.4)
Transformation costs	(52.1)	(44.3)	(27.2)
Inventory step-up			(5.8)
Pension and other post-retirement mark-to-market gain	5.3	(6.1)	17.5
Asset impairment and write-offs	(17.6)	(7.9)	(25.6)
Russia business exit impact			(4.7)
Deal-related costs and expenses			(22.2)
Legal accrual adjustments and settlements	7.5	(2.2)	(0.2)
Intangible amortization	(54.3)	(55.3)	(52.5)
Interest expense, net	(88.6)	(118.3)	(61.8)
Other expense	(3.5)	1.3	(2.2)
Income from continuing operations before income taxes	$ 718.9	$ 618.9	$ 550.6

Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Federal statutory income tax rate

^[1]

25.00%

23.50%

19.00%

Tax effect of international operations

^[2]

(11.50%)

(13.20%)

(7.60%)

Change in valuation allowances

2.00%

2.20%

1.00%

Withholding taxes

1.50%

0.00%

Excess tax benefits on stock-based compensation

(1.50%)

(0.10%)

(0.20%)

Unrecognized tax benefits

(2.70%)

0.00%

Worthless stock deduction

0.00%

(5.00%)

0.00%

Change in tax basis in foreign assets

^[3]

0.20%

(8.00%)

0.00%

Effective tax rate

13.00%

(0.60%)

12.20%

[1]	The U.K. Finance Act of 2021 increased the statutory tax rate from 19.0% to 25.0%, effective April 1, 2023. Given this change, a prorated U.K. federal statutory income tax rate was utilized for 2023.
[2]	The tax effect of international operations consists of non-U.K. jurisdictions.
[3]	The 2023 impact primarily represents the initial recognition of tax basis in intangible assets in foreign jurisdictions and the related valuation allowance.

Basis of Presentation and Summary of Significant Accounting Policies - Research and Development (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Research and development	$ 93.6	$ 99.8	$ 92.2

Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2025	$ 28.6
2026	9.5
2027	825.0
2028	0.0
2029	400.0
Thereafter	400.0
Total debt	$ 1,663.1

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges, goodwill	$ 0	$ 0	$ 0
Amortization	54,300,000	55,300,000	52,500,000
Impairment charges, excluding goodwill	$ 0	$ 0	$ 2,700,000

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 3,286.6	$ 3,274.6		$ 3,252.6
Manitowoc Ice
Business Acquisition [Line Items]
Cash			$ 33.8
Accounts receivable			36.7
Inventories			66.7
Other current assets			3.9
Property, plant and equipment			21.6
Identifiable intangible assets			728.3
Goodwill			789.7
Other assets			0.7
Current liabilities			(62.7)
Other liabilities			(4.8)
Purchase price			$ 1,613.9

Restructuring and Transformation Program - Restructuring Costs by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring and transformation costs	$ 103.3	$ 50.7	$ 83.5
Corporate and other
Restructuring Cost and Reserve [Line Items]
Total restructuring and transformation costs	52.7	38.3	25.9
Flow \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and transformation costs	15.5	3.4	2.2
Water Solutions \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and transformation costs	19.4	(0.1)	41.1
Pool \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Total restructuring and transformation costs	$ 15.7	$ 9.1	$ 14.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Years ended December 31
In millions, except per share data	2024		2023		2022
Net income	$	625.4	$	622.7	$	480.9
Net income from continuing operations	$	625.6	$	622.9	$	483.2
Weighted average ordinary shares outstanding
Basic	165.6		165.1		164.8
Dilutive impact of stock options and restricted stock awards	1.5		1.2		0.8
Diluted	167.1		166.3		165.6
Earnings (loss) per ordinary share
Basic
Continuing operations	$	3.78	$	3.77	$	2.93
Discontinued operations	—		—		(0.01)
Basic earnings per ordinary share	$	3.78	$	3.77	$	2.92
Diluted
Continuing operations	$	3.74	$	3.75	$	2.92
Discontinued operations	—		—		(0.02)
Diluted earnings per ordinary share	$	3.74	$	3.75	$	2.90
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.1		0.3		0.9

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Beginning Balance	$ 3,274.6	$ 3,252.6
Acquisitions	56.6
Purchase accounting adjustments		(0.8)
Foreign currency translation	(44.6)	22.8
Ending Balance	3,286.6	3,274.6
Flow
Goodwill [Roll Forward]
Beginning Balance	767.1	747.6
Acquisitions	0.0
Purchase accounting adjustments		0.0
Foreign currency translation	(36.7)	19.5
Ending Balance	730.4	767.1
Water Solutions
Goodwill [Roll Forward]
Beginning Balance	1,400.6	1,398.1
Acquisitions	0.0
Purchase accounting adjustments		(0.8)
Foreign currency translation	(7.9)	3.3
Ending Balance	1,392.7	1,400.6
Pool
Goodwill [Roll Forward]
Beginning Balance	1,106.9	1,106.9
Acquisitions	56.6
Purchase accounting adjustments		0.0
Foreign currency translation	0.0	0.0
Ending Balance	$ 1,163.5	$ 1,106.9

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
-Paragraph 10
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-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482598/350-20-45-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
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-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

Share Plans

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share Plans

Share-based compensation expense

Total share-based compensation expense for 2024, 2023 and 2022 was as follows:


	December 31
In millions	2024		2023		2022
Stock options	$	5.3	$	4.3	$	3.7
Restricted stock units	16.1		15.0		14.6

Performance share units	18.3		9.8		6.6
Total share-based compensation expense	$	39.7	$	29.1	$	24.9

Share incentive plans

In May 2020, the Pentair plc 2020 Share and Incentive Plan (“2020 Share Plan”) was approved during the Annual General Meeting of Shareholders. The Pentair plc 2012 Stock and Incentive Plan (“2012 Stock Plan”) terminated upon the approval of the 2020 Share Plan, although awards outstanding under the 2012 Stock Plan continue in effect. Beginning May 5, 2020, all share-based compensation grants were made under the 2020 Share Plan.

The 2020 Share Plan authorizes the issuance of 3.3 million of our ordinary shares, plus the number of shares reserved under the 2012 Stock Plan that were not the subject of outstanding awards as of the date the 2020 Share Plan became effective, which was 2.5 million shares, plus certain shares that would become available under the 2012 Stock Plan if it had remained in effect. The shares may be issued as new shares or from shares held in treasury. Our practice is to settle equity-based awards by issuing new shares. The 2020 Share Plan terminates on the date all shares reserved for issuance have been issued. The 2020 Share Plan allows for the granting to our employees, consultants and directors of stock options, stock appreciation rights, performance share units, restricted shares, restricted stock units, deferred stock rights, incentive awards, dividend equivalent units and other equity-based awards.

The 2020 Share Plan is administered by our compensation committee (the “Committee”), which is made up of independent members of our Board of Directors. Employees eligible to receive awards under the 2020 Share Plan are managerial, administrative or professional employees. The Committee has the authority to select the recipients of awards, determine the type and size of awards, establish certain terms and conditions of award grants and take certain other actions as permitted under the 2020 Share Plan. The 2020 Share Plan prohibits the Committee from re-pricing awards or canceling and reissuing awards at lower prices.

Non-qualified and incentive stock options

Under the 2020 Share Plan, we may grant stock options to any eligible employee with an exercise price equal to the market value of the shares on the dates the options were granted. Options generally vest one-third each year over a period of three years commencing on the grant date and expire 10 years after the grant date.

Restricted shares and restricted stock units

Under the 2020 Share Plan, eligible employees may be awarded restricted shares or restricted stock units of our common stock. Restricted shares and restricted stock units generally vest one-third each year over a period of three years commencing on the grant date, subject to continuous employment and certain other conditions. Restricted shares and restricted stock units are valued at market value on the date of grant and are expensed over the vesting period.

Stock appreciation rights, performance shares and performance units

Under the 2020 Share Plan, the Committee is permitted to issue these awards which are generally contingent on the achievement of predetermined performance goals over a vesting period of three years. The Committee has the ability to adjust performance goals or modify the manner of measuring or evaluating a performance goal using its discretion. PSUs are granted to certain employees that vest based on the satisfaction of a service period of three years and the achievement of certain performance metrics over that same period. Upon vesting, PSU holders receive dividends that accumulate during the vesting period. The fair value of these PSUs is determined based on the closing market price of the Company’s ordinary shares at the date of grant. Compensation expense is recognized over the period an employee is required to provide service based on the estimated vesting of the PSUs granted. The estimated vesting of the PSUs is based on the probability of achieving certain performance metrics during the vesting period.

Stock options

The following table summarizes stock option activity under all plans for the year ended December 31, 2024:


Shares and intrinsic value in millions	Number of shares	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of January 1, 2024	2.3	$	45.07
Granted	0.2	72.78
Exercised	(0.8)	40.20


Outstanding as of December 31, 2024	1.7	$	50.35	5.6	$	86.8
Options exercisable as of December 31, 2024	1.2	$	46.36	4.5	$	67.2
Options expected to vest as of December 31, 2024	0.5	$	60.38	8.3	$	19.2

Fair value of options granted

The weighted average grant date fair value of options granted under the 2020 Share Plan in 2024, 2023 and 2022 was estimated to be $24.84, $14.03 and $17.88 per share, respectively. The total intrinsic value of options that were exercised during 2024, 2023 and 2022 was $32.0 million, $5.3 million and $0.7 million, respectively. At December 31, 2024, the total unrecognized compensation cost related to stock options was $3.6 million. This cost is expected to be recognized over a weighted average period of 1.9 years.

We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions:


	December 31
	2024		2023		2022
Risk-free interest rate	4.44	%	4.00	%	1.18	%
Expected dividend yield	1.43	%	2.02	%	1.14	%
Expected share price volatility	30.90	%	30.40	%	29.60	%
Expected term (years)	6.5		6.1		6.4

These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected.

We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered a rolling average of historical volatility measured over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.

Cash received from option exercises for the years ended December 31, 2024, 2023 and 2022 was $28.5 million, $16.0 million and $2.5 million, respectively. The tax benefit related to options exercised was $6.7 million, $1.0 million and $0.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Restricted stock units

The following table summarizes restricted stock unit activity under all plans for the year ended December 31, 2024:


Shares in millions	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	0.6	$	53.88
Granted	0.3	75.88
Vested	(0.3)	54.93
Forfeited	(0.1)	62.86


Outstanding as of December 31, 2024	0.5	$	62.93

As of December 31, 2024, there was $18.4 million of unrecognized compensation cost related to restricted share compensation arrangements granted under the 2020 Plan and previous plans. That cost is expected to be recognized over a weighted-average period of 0.8 years. The total fair value of shares vested during the years ended December 31, 2024, 2023 and 2022, was $14.9 million, $17.6 million and $11.7 million, respectively. The tax benefit related to restricted stock units vested was $3.4 million, $2.7 million and $2.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Performance share units

The following table summarizes performance share unit activity under all plans for the year ended December 31, 2024:


Shares in millions	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	0.4	$	54.06
Granted	0.2	71.97
Vested	(0.2)	52.41


Outstanding as of December 31, 2024	0.4	$	59.68

The expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. As of December 31, 2024, there was $15.8 million of unrecognized compensation cost related to performance share compensation arrangements granted under the 2020 Plan and previous plans. That cost is expected to be recognized over a weighted-average period of 1.2 years. The tax benefits related to performance share units were $0.9 million for the years ended December 31, 2024 and 2023, and $0.3 million for the year ended December 31, 2022.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income	$ 625.4	$ 622.7	$ 480.9
Loss from discontinued operations, net of tax	0.2	0.2	2.3
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities of continuing operations
Equity income of unconsolidated subsidiaries	(1.9)	(2.8)	(1.8)
Depreciation	60.3	59.5	54.1
Amortization	54.3	55.3	52.5
Deferred income taxes	(11.4)	(92.5)	(44.8)
Share-based compensation	39.7	29.1	24.9
Asset impairment and write-offs	17.6	7.9	25.6
Amortization of bridge financing debt issuance costs	0.0	0.0	9.0
Pension and other post-retirement expense (benefit)	0.1	12.1	(12.2)
Pension and other post-retirement contributions	(12.0)	(8.7)	(8.8)
Gain on sale of assets	0.0	(3.4)	(2.3)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	(11.2)	(24.4)	30.4
Inventories	53.6	109.6	(187.0)
Other current assets	14.1	(29.1)	(16.5)
Accounts payable	(3.7)	(75.1)	(56.9)
Employee compensation and benefits	(5.0)	17.2	(35.2)
Other current liabilities	(48.7)	(59.5)	46.3
Other non-current assets and liabilities	(4.5)	2.7	3.8
Net cash provided by operating activities of continuing operations	766.9	620.8	364.3
Net cash used for operating activities of discontinued operations	(0.2)	(1.6)	(1.0)
Net cash provided by operating activities	766.7	619.2	363.3
Investing activities
Capital expenditures	(74.4)	(76.0)	(85.2)
Proceeds from sale of property and equipment	0.6	5.6	4.1
Acquisitions, net of cash acquired	(108.0)	(0.6)	(1,580.9)
(Payments) receipts upon the settlement of net investment hedges	(5.8)	(18.5)	78.9
Other	0.0	4.1	0.3
Net cash used for investing activities	(187.6)	(85.4)	(1,582.8)
Financing activities
Net receipts of short-term borrowings	9.3	0.0	0.0
Net borrowings (repayments) of revolving long-term debt	9.5	(320.0)	124.5
Proceeds from long-term debt	0.0	0.0	1,391.3
Repayments of long-term debt	(362.5)	(12.5)	(88.3)
Debt issuance costs	0.0	0.0	(15.8)
Shares issued to employees, net of shares withheld	18.4	9.6	(2.7)
Repurchases of ordinary shares	(150.0)	0.0	(50.0)
Dividends paid	(152.3)	(145.2)	(138.6)
(Payments) receipts upon the settlement of cross currency swaps	(9.1)	0.0	12.3
Net cash (used for) provided by financing activities	(636.7)	(468.1)	1,232.7
Effect of exchange rate changes on cash and cash equivalents	6.0	(4.3)	1.2
Change in cash and cash equivalents	(51.6)	61.4	14.4
Cash and cash equivalents, beginning of year	170.3	108.9	94.5
Cash and cash equivalents, end of year	118.7	170.3	108.9
Supplemental disclosure of cash flow information:
Cash paid for interest, net	145.6	146.4	57.0
Cash paid for income taxes, net	$ 121.0	$ 120.0	$ 122.6

Benefit Plans - Obligations and Funded Status (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in benefit obligations
Service cost	$ 1.7	$ 1.7	$ 2.4
Interest cost	3.9	4.1	2.5
Change in plan assets
Fair value of plan assets beginning of year	30.5
Fair value of plan assets end of year	27.4	30.5
Pension plans
Change in benefit obligations
Benefit obligation beginning of year	97.5	90.5
Service cost	1.7	1.7
Interest cost	3.9	4.1
Actuarial loss	(2.7)	7.4
Translation (gain) loss	(1.1)	1.1
Benefits paid	(7.2)	(7.3)
Benefit obligation end of year	83.3	97.5	90.5
Change in plan assets
Fair value of plan assets beginning of year	30.5	28.4
Actual return on plan assets	0.6	0.8
Company contributions	11.2	7.6
Defined Benefit Plan, Plan Assets, Payment for Settlement	(6.8)	0.0
Translation gain (loss)	(0.9)	1.0
Benefits paid	(7.2)	(7.3)
Fair value of plan assets end of year	27.4	30.5	28.4
Funded status
Plan assets less than benefit obligation	(55.9)	(67.0)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	(2.0)	0.0
Lump-sum payments	(6.8)	0.0
Other post-retirement plans
Change in benefit obligations
Benefit obligation beginning of year	7.6	9.0
Service cost	0.0	0.0
Interest cost	0.4	0.5
Actuarial loss	(0.6)	(0.8)
Translation (gain) loss	0.0	0.0
Benefits paid	(0.8)	(1.1)
Benefit obligation end of year	6.6	7.6	9.0
Change in plan assets
Fair value of plan assets beginning of year	0.0	0.0
Actual return on plan assets	0.0	0.0
Company contributions	0.8	1.1
Defined Benefit Plan, Plan Assets, Payment for Settlement	0.0	0.0
Translation gain (loss)	0.0	0.0
Benefits paid	(0.8)	(1.1)
Fair value of plan assets end of year	0.0	0.0	$ 0.0
Funded status
Plan assets less than benefit obligation	(6.6)	(7.6)
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Curtailment	0.0	0.0
Lump-sum payments	$ 0.0	$ 0.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
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

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 9.1	$ 11.2
Common stock, par value (per share)	$ 0.01	$ 0.01
Common stock, shares authorized	426,000,000.0	426,000,000.0
Common stock, shares issued	164,800,000	165,300,000

Derivatives and Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Derivatives and Financial Instruments

Derivative financial instruments

We are exposed to market risk related to changes in foreign currency exchange rates and interest rates on our variable rate indebtedness. To manage the volatility related to these exposures, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency rates or variable interest rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.

Foreign currency contracts

We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. The majority of our foreign currency contracts have an original maturity date of less than one year.

At December 31, 2024, there were no outstanding foreign currency derivative contracts. At December 31, 2023, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $23.9 million. The impact of these contracts on the Consolidated Statements of Operations and Comprehensive Income was not material for any period presented.

Cross currency swaps

At December 31, 2024 and 2023, we had outstanding cross currency swap agreements with a combined notional amount of $728.5 million and $940.2 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. As of December 31, 2024 and 2023, we had deferred foreign currency losses of $13.8 million and $51.6 million, respectively, recorded in Accumulated other comprehensive loss associated with our cross currency swap activity. The periodic interest settlements related to our cross currency swap agreements are classified as operating activities. The cash flows that relate to principal balances are classified as financing activities for the cash flow hedges on intercompany debt and investing activities for the net investment hedges.

In December 2024, a cross currency swap agreement, which was accounted for as a cash flow hedge, matured, resulting in a net cash payment of $8.3 million, of which $9.1 million is included within financing activities and $0.8 million of interest income included within operating activities on the Consolidated Statements of Cash Flows.

In November 2024, we entered into transactions to early terminate and cash settle €450.0 million our cross currency swap agreements, resulting in total net cash received of $11.4 million, of which $10.6 million is included within investing activities and $0.8 million of interest income is included within operating activities on the Consolidated Statements of Cash Flows. Subsequent to the termination, we entered into new cross currency swap agreements with euro notional amounts matching the original swap agreements.

In August 2024, we entered into a transaction to early terminate and cash settle a €150 million cross currency swap agreement, resulting in a net cash payment of $16.1 million, of which $16.4 million is included in investing activities and $0.3 million of interest income is included within operating activities on the Consolidated Statements of Cash Flows. Subsequent to the termination, we entered into new cross currency swap agreements with euro notional amounts matching the original swap agreement.

In December 2023, we terminated a €150.0 million cross currency swap agreement, resulting in a net cash payment of $17.6 million, of which $18.5 million is included within investing activities and $0.9 million of interest income is included within operating activities on the Consolidated Statements of Cash Flows. Subsequent to the termination, we entered into new cross currency swaps with a combined notional amount of €300.0 million.

Hedging of variable interest rates

We manage our exposure to certain interest rate risks related to our variable-rate debt through the use of interest rate swaps and collars. We enter into these agreements to hedge the variability of interest expense and cash flows attributable to changes in interest rates of our variable-rate debt. As of December 31, 2024, we had an aggregate notional amount of $300.0 million and $200.0 million in interest rate swaps and collars, respectively, that are designated as cash flow hedges.

Unrealized gains and losses related to the fair value of the interest rate swaps are recorded in Accumulated other comprehensive loss on our Consolidated Balance Sheets. We had unrealized gains of $1.9 million and $0.3 million at December 31, 2024 and 2023, respectively, recorded in Accumulated other comprehensive loss associated with our interest rate swap and collar activity. The periodic interest settlements related to our interest rate swaps and collars are classified as operating activities.

Fair value measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:


Level 1:						Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets.

Level 2:						Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3:						Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Fair value of financial instruments

The following methods were used to estimate the fair values of each class of financial instrument:

•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;

•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined above;

•foreign currency contracts, interest rate swap and collar agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined above;

•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined above; fair value of common/collective trusts are valued at net asset value (“NAV”), which is based on the fair value of the underlying securities owned by the fund and divided by the number of shares outstanding; and

•contingent earn-out liabilities — fair value is generally established using a probability-weighted discounted income approach to convert future estimated cash flows to a single present value amount. The related inputs are classified as Level 3 in the valuation hierarchy defined above.

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, at December 31 were as follows:


	2024				2023
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	843.8	$	843.8	$	1,187.5	$	1,187.5
Fixed rate debt	819.3		814.3		819.3		824.5
Total debt	$	1,663.1	$	1,658.1	$	2,006.8	$	2,012.0

Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:


	December 31, 2024
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	1.9	$	—	$	—	$	1.9
Foreign currency contract assets	—		2.5		—		—		2.5
Foreign currency contract liabilities	—		(16.3)		—		—		(16.3)
Deferred compensation plan assets	15.0		—		—		14.4		29.4
Contingent earn-out liabilities	—		—		8.0		—		8.0
Total recurring fair value measurements	$	15.0	$	(11.9)	$	8.0	$	14.4	$	25.5


	December 31, 2023
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	0.3	$	—	$	—	$	0.3
Foreign currency contract assets	—		0.2		—		—		0.2
Foreign currency contract liabilities	—		(70.0)		—		—		(70.0)
Deferred compensation plan assets	12.1		—		—		14.0		26.1
Total recurring fair value measurements	$	12.1	$	(69.5)	$	—	$	14.0	$	(43.4)

In conjunction with the acquisition of G & F Manufacturing, we recorded an estimated fair value of $8.0 million of contingent earn-out liabilities, which are considered Level 3 under our fair value hierarchy. The recorded fair value of the associated contingent earn-out liabilities was reviewed as of December 31, 2024, with no further change in fair value. The fair value of the contingent earn-out liabilities will be re-measured for each reporting period until resolution of the contingent earn-out payments, and any resulting changes to fair value would be recorded in earnings.

Restructuring and Transformation Program - Additional Information (Detail) - Person	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Number of employees	575	475	625

Goodwill and Other Identifiable Intangible Assets - Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Intangible Assets by Major Class [Line Items]
Impairment charges, excluding goodwill	$ 0.0	$ 0.0	$ 2.7
Finite-life intangibles, cost	1,235.3	1,195.9
Accumulated amortization	(448.6)	(405.0)
Finite-life intangibles, net	786.7	790.9
Indefinite-life intangibles	247.1	251.5
Total intangibles, cost	1,482.4	1,447.4
Total intangibles, net	1,033.8	1,042.4
Amortization	54.3	55.3	$ 52.5
Customer relationships
Acquired Intangible Assets by Major Class [Line Items]
Finite-life intangibles, cost	1,146.5	1,106.2
Accumulated amortization	(400.2)	(361.8)
Finite-life intangibles, net	746.3	744.4
Proprietary technology and patents
Acquired Intangible Assets by Major Class [Line Items]
Finite-life intangibles, cost	88.8	89.7
Accumulated amortization	(48.4)	(43.2)
Finite-life intangibles, net	$ 40.4	$ 46.5

Basis of Presentation and Summary of Significant Accounting Policies - Revenue, Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Right-of-use lease assets	$ 116.1	$ 102.0
Current lease liability	26.3	26.2
Long-term lease liability	$ 92.8	$ 79.1
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues, percent	91.20%	90.60%	91.70%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues, percent	8.80%	9.40%	8.30%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Share Plans - Performance Stock units (Details) - Performance Shares - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense, Tax Benefit	$ 0.9	$ 0.9	$ 0.3
Number of shares
Beginning balance (in shares)	0.4
Granted (in shares)	0.2
Vested (in shares)	(0.2)
Ending Balance (in shares)	0.4	0.4
Weighted average grant date fair value
Beginning balance (USD per share)	$ 54.06
Granted (USD per share)	71.97
Vested (USD per share)	52.41
Ending balance (USD per share)	$ 59.68	$ 54.06

Share Plans - Stock Option Activity (Detail) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
Shares
Beginning balance (shares) \| shares	2.3
Granted (shares) \| shares	0.2
Exercised (shares) \| shares	(0.8)
Ending balance (shares) \| shares	1.7
Options exercisable \| shares	1.2
Options expected to vest at end of period \| shares	0.5
Weighted Average Exercise Price
Beginning balance (USD per share) \| $ / shares	$ 45.07
Granted (USD per share) \| $ / shares	72.78
Exercised (USD per share) \| $ / shares	40.20
Ending Balance (USD per share) \| $ / shares	50.35
Options exercisable at end of period (USD per share) \| $ / shares	46.36
Options expected to vest at end of period (USD per share) \| $ / shares	$ 60.38
Weighted Average Remaining Contractual Life
Ending balance	5 years 7 months 6 days
Options exercisable at end of period	4 years 6 months
Options expected to vest at end of period	8 years 3 months 18 days
Aggregate Intrinsic value
Balance at end of period \| $	$ 86.8
Options exercisable at end of period \| $	67.2
Options expected to vest at end of period \| $	$ 19.2

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Inventories
Raw materials and supplies	$ 315.8	$ 369.1
Work-in-process	88.4	97.1
Finished goods	206.7	211.5
Total inventories	610.9	677.7
Other current assets
Cost in excess of billings	46.7	70.8
Prepaid expenses	51.0	55.2
Other current assets	43.6	33.3
Total other current assets	141.3	159.3
Property, plant and equipment, net
Land and land improvements	31.3	32.3
Buildings and leasehold improvements	217.9	225.5
Machinery and equipment	675.8	669.9
Capitalized Computer Software, Gross	92.2	70.5
Construction in progress	51.1	55.8
Total property, plant and equipment	1,068.3	1,054.0
Accumulated depreciation and amortization	709.5	692.0
Total property, plant and equipment, net	358.8	362.0
Other non-current assets
Right-of-use lease assets	116.1	102.0
prepaid taxes long term	129.6	113.2
Deferred compensation plan assets	29.4	26.1
Other non-current assets	56.1	74.0
Total other non-current assets	331.2	315.3
Other current liabilities
Dividends payable	41.2	38.0
Accrued warranty	67.2	65.0
Accrued Exchange Fee Rebate	176.7	181.8
Accrued freight	(18.4)	(20.4)
Billings in excess of cost	33.8	46.9
Current lease liability	26.3	26.2
Income taxes payable	28.8	20.7
Accrued restructuring	18.7	13.4	$ 23.2
Interest Payable	5.5	29.7
Other current liabilities	80.2	103.2
Total other current liabilities	496.8	545.3
Other non-current liabilities
Long-term lease liability	92.8	79.1
Taxes payable	8.1	35.6
Self-insurance liabilities	55.6	51.9
Deferred compensation plan liabilities	29.4	26.1
Foreign currency contract liabilities	16.3	70.0
Other non-current liabilities	41.6	32.0
Total other non-current liabilities	$ 243.8	$ 294.7
Operating lease liability, current, statement of financial position	Total other current liabilities	Total other current liabilities
Operating lease liability, noncurrent, statement of financial position	Total other non-current liabilities	Total other non-current liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other non-current assets	Total other non-current assets

Basis of Presentation and Summary of Significant Accounting Policies - Performance Obligations (Detail) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 $ in Millions	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 103.2
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	18 months

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2024	Jun. 30, 2024
Cover [Abstract]
Entity Registrant Name	Pentair plc
Document Type	10-K
Entity Incorporation, State or Country Code	L2
Entity Central Index Key	0000077360
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity File Number	001-11625
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Transition Report	false
Document Annual Report	true
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	PNR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Common Stock, Shares Outstanding	164,817,183
Entity Public Float		$ 12,544,144,875
Entity Tax Identification Number	98-1141328
Entity Address, Address Line One	Regal House, 70 London Road,
Entity Address, Address Line Two	Twickenham,
Entity Address, City or Town	London,
Entity Address, Postal Zip Code	TW13QS
Entity Address, Country	GB
Country Region	44
City Area Code	74
Local Phone Number	9421-6154
Documents Incorporated by Reference	Parts of the Registrant’s definitive proxy statement for its annual general meeting to be held on May 6, 2025, are incorporated by reference in this Form 10-K in response to Part III, ITEM 10, 11, 12, 13 and 14.
ICFR Auditor Attestation Flag	true

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 625.4	$ 622.7	$ 480.9

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Share Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost

Total share-based compensation expense for 2024, 2023 and 2022 was as follows:


	December 31
In millions	2024		2023		2022
Stock options	$	5.3	$	4.3	$	3.7
Restricted stock units	16.1		15.0		14.6

Performance share units	18.3		9.8		6.6
Total share-based compensation expense	$	39.7	$	29.1	$	24.9

Stock Option Activity

The following table summarizes stock option activity under all plans for the year ended December 31, 2024:


Shares and intrinsic value in millions	Number of shares	Weighted- average exercise price		Weighted- average remaining contractual life (years)	Aggregate intrinsic value
Outstanding as of January 1, 2024	2.3	$	45.07
Granted	0.2	72.78
Exercised	(0.8)	40.20


Outstanding as of December 31, 2024	1.7	$	50.35	5.6	$	86.8
Options exercisable as of December 31, 2024	1.2	$	46.36	4.5	$	67.2
Options expected to vest as of December 31, 2024	0.5	$	60.38	8.3	$	19.2

Stock Option Fair Value Assumptions


	December 31
	2024		2023		2022
Risk-free interest rate	4.44	%	4.00	%	1.18	%
Expected dividend yield	1.43	%	2.02	%	1.14	%
Expected share price volatility	30.90	%	30.40	%	29.60	%
Expected term (years)	6.5		6.1		6.4

Restricted Stock Activity

The following table summarizes restricted stock unit activity under all plans for the year ended December 31, 2024:


Shares in millions	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	0.6	$	53.88
Granted	0.3	75.88
Vested	(0.3)	54.93
Forfeited	(0.1)	62.86


Outstanding as of December 31, 2024	0.5	$	62.93

Performance Shares Award Outstanding Activity

The following table summarizes performance share unit activity under all plans for the year ended December 31, 2024:


Shares in millions	Number of shares	Weighted average grant date fair value
Outstanding as of January 1, 2024	0.4	$	54.06
Granted	0.2	71.97
Vested	(0.2)	52.41


Outstanding as of December 31, 2024	0.4	$	59.68

Restructuring and Transformation Program - Costs Included in Selling, General & Administrative expenses on Consolidated Statements of Income (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 43.5	$ 6.0	$ 56.3
Transformation costs	59.8	44.7	27.2
Total restructuring and transformation costs	103.3	50.7	83.5
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Transformation costs	0.7	6.9	3.4
Asset Impairments and Write-Offs
Restructuring Cost and Reserve [Line Items]
Transformation costs	7.7	0.4	0.0
Other Transformation
Restructuring Cost and Reserve [Line Items]
Transformation costs	51.4	37.4	23.8
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	34.5	8.2	17.7
Asset Impairment and Write-offs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	9.9	3.8	25.6
Transformation Program
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ (0.9)	$ (6.0)	$ 13.0

Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail)	Dec. 31, 2024
Land Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	5 years
Land Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	20 years
Buildings and Leasehold Improvements \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	5 years
Buildings and Leasehold Improvements \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	50 years
Machinery and Equipment \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	3 years
Machinery and Equipment \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	15 years
Capitalized software \| Minimum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	3 years
Capitalized software \| Maximum
Property, Plant and Equipment [Line Items]
Estimated Useful lives	10 years

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final allocation of the purchase price to the fair value of assets acquired and liabilities assumed in the Manitowoc Ice acquisition:


In millions
Cash	$	33.8
Accounts receivable	36.7
Inventories	66.7
Other current assets	3.9
Property, plant and equipment	21.6
Identifiable intangible assets	728.3
Goodwill	789.7
Other assets	0.7
Current liabilities	(62.7)
Other liabilities	(4.8)
Purchase price	$	1,613.9

Pro Forma Consolidated Condensed Financial Results of Operations

The following table presents unaudited pro forma financial information as if the Manitowoc Ice acquisition had occurred on January 1, 2022, the beginning of the comparable prior annual reporting period:


	Year Ended December 31
In millions, except per share data	2022
Pro forma net sales	$	4,328.6
Pro forma net income from continuing operations	486.3
Pro forma earnings per ordinary share - continuing operations
Basic	$	2.95
Diluted	2.94

Commitments and Contingencies - Future Minimum Lease Commitments Under Non-cancelable Operating Leases (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 31.2
2026	27.7
2027	20.7
2028	15.2
2029	11.1
Thereafter	35.9
Total lease payments	141.8
Less: imputed interest	(22.7)
Total	$ 119.1

Share Plans - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Incentive Plans
Number of shares authorized for issuance	3,300
Fair value of options granted
Weighted average grant date fair value of options granted	$ 24.84	$ 14.03	$ 17.88
Total intrinsic value of options exercised	$ 32,000,000.0	$ 5,300,000	$ 700,000
Unrecognized compensation cost related to stock options	3,600,000
Cash received from option exercises	28,500,000	16,000,000.0	2,500,000
Tax benefit realized for tax deductions from option exercises	$ 6,700,000	1,000,000.0	100,000
Weighted average grant date fair value
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	2,500
Stock Options
Share Incentive Plans
Vesting period	3 years
Expiration period	10 years
Weighted average grant date fair value
Weighted average period to recognize compensation cost	1 year 10 months 24 days
Stock Options \| Tranche 1
Share Incentive Plans
Vesting percentage	33.33%
Stock Options \| Tranche 2
Share Incentive Plans
Vesting percentage	33.33%
Stock Options \| Tranche 3
Share Incentive Plans
Vesting percentage	33.33%
Restricted Stock And Restricted Stock Units (RSUs) [Member]
Share Incentive Plans
Vesting period	3 years
Restricted Stock And Restricted Stock Units (RSUs) [Member] \| Tranche 1
Share Incentive Plans
Vesting percentage	33.33%
Restricted Stock And Restricted Stock Units (RSUs) [Member] \| Tranche 2
Share Incentive Plans
Vesting percentage	33.33%
Restricted Stock And Restricted Stock Units (RSUs) [Member] \| Tranche 3
Share Incentive Plans
Vesting percentage	33.33%
Restricted Stock Units
Weighted average grant date fair value
Unrecognized compensation cost related to restricted stock units	$ 18,400,000
Weighted average period to recognize compensation cost	9 months 18 days
Total fair value of shares vested	$ 14,900,000	17,600,000	11,700,000
Tax benefit realized for tax deductions from option exercises	$ 3,400,000	2,700,000	2,100,000
Stock Appreciation Rights (SARs)
Share Incentive Plans
Vesting period	3 years
Performance Shares
Weighted average grant date fair value
Unrecognized compensation cost related to restricted stock units	$ 15,800,000
Weighted average period to recognize compensation cost	1 year 2 months 12 days
Tax benefit realized for tax deductions from option exercises	$ 900,000	$ 900,000	$ 300,000

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt and Average Interest Rates on Debt Outstanding

Debt and the average interest rates on debt outstanding were as follows:


In millions	Average interest rate at	Maturity Year	December 31
	December 31, 2024		2024		2023

Revolving credit facility (Senior Credit Facility)	5.533%	2026	$	9.5	$	—
Term Loan Facility	5.850%	2023 - 2027	825.0		987.5
Term loans (Senior Credit Facility)	N/A	2024	—		200.0
Senior notes - fixed rate (1)	4.650%	2025	19.3		19.3
Senior notes - fixed rate (1)	4.500%	2029	400.0		400.0
Senior notes - fixed rate (1)	5.900%	2032	400.0		400.0
Other	5.533%	2025	9.3		—
Unamortized debt issuance costs and discounts	N/A	N/A	(15.1)		(18.5)
Total debt			1,648.0		1,988.3
Less: Current maturities of short-term borrowings			9.3		—
Long-term debt			$	1,638.7	$	1,988.3

(1) Senior notes are guaranteed as to payment by Pentair plc.

Debt Outstanding Matures on Calendar Year Basis

Debt outstanding, excluding unamortized issuance costs and discounts, at December 31, 2024 matures on a calendar year basis as follows:


In millions	2025		2026		2027		2028		2029		Thereafter		Total
Contractual debt obligation maturities	$	28.6	$	9.5	$	825.0	$	—	$	400.0	$	400.0	$	1,663.1

Benefit Plans - Assumed Health Care Cost Trend Rates (Detail)	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Healthcare cost trend rate assumed for following year	7.00%	6.10%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.00%	4.00%

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Business

Pentair plc and its consolidated subsidiaries (“we,” “us,” “our,” “Pentair” or the “Company”) is a water industrial manufacturing company comprised of three reportable segments: Flow, Water Solutions and Pool.

Basis of presentation

The accompanying consolidated financial statements include the accounts of Pentair plc, its wholly-owned subsidiaries and entities for which the Company has a controlling financial interest. Intercompany accounts and transactions have been eliminated. Investments in companies of which we own 20% to 50% of the voting stock or have the ability to exercise significant influence over operating and financial policies of the investee are accounted for using the equity method of accounting and as a result, our share of the earnings or losses of such equity affiliates is included in the Consolidated Statements of Operations and Comprehensive Income.

The consolidated financial statements have been prepared in U.S. dollars (“USD”) and in accordance with accounting principles generally accepted in the United States (“U.S.”) (“U.S. GAAP”).

Fiscal year

Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Use of estimates

The preparation of our consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for valuation of goodwill and indefinite lived intangible assets, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, over time revenue recognition, assets acquired and liabilities assumed in acquisitions, estimated selling proceeds from assets held for sale, contingent liabilities, income taxes and pension and other post-retirement benefits. Actual results could differ from our estimates.

Revenue recognition

Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business. In the event significant post-shipment obligations were to exist, revenue recognition would be deferred until Pentair has substantially accomplished what it must do to be entitled to the benefits represented by the revenue.

Performance obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account for purposes of revenue recognition. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, standalone selling price is generally readily observable.

Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from goods and services transferred to customers at a point in time accounted for 91.2%, 90.6% and 91.7% of our revenue for the years ended December 31, 2024, 2023 and 2022, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control upon shipment.

Revenue from products and services transferred to customers over time accounted for 8.8%, 9.4% and 8.3% of our revenue for the years ended December 31, 2024, 2023 and 2022, respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion (“the cost-to-cost method”) or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract, and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the

cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined.

On December 31, 2024, we had $103.2 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.

Sales returns

The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be products we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future.

Pricing and sales incentives

Our contracts may give customers the option to purchase additional goods or services priced at a discount. Options to acquire additional goods or services at a discount can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives.

We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which Pentair shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not).

Pricing is established at or prior to the time of sale with our customers, and we record sales at the agreed-upon net selling price. However, one of our businesses allows customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and reduce sales for the probable cost of the discount. The cost of these refunds is recorded as a reduction of the transaction price.

Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we determine the most likely amount of the rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer, and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer change, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer.

Shipping and handling costs

Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the accompanying Consolidated Statements of Operations and Comprehensive Income. Shipping and handling costs incurred by Pentair for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the accompanying Consolidated Statements of Operations and Comprehensive Income.

Contract assets and liabilities

Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments, billings in excess of costs incurred and deferred revenue.

Contract assets are recorded within Other current assets, and contract liabilities are recorded within Other current liabilities in the Consolidated Balance Sheets.

Contract assets and liabilities consisted of the following:


	December 31
In millions	2024		2023		$ Change		% Change
Contract assets	$	46.7	$	70.8	$	(24.1)	(34.0)	%
Contract liabilities	38.8		53.7		(14.9)		(27.7)	%
Net contract assets	$	7.9	$	17.1	$	(9.2)	(53.8)	%

The $9.2 million decrease in net contract assets from December 31, 2023 to December 31, 2024 was primarily the result of timing of milestone payments. Approximately 95% of our contract liabilities at December 31, 2023 were recognized in revenue during the twelve months ended December 31, 2024. There were no impairment losses recognized on our net contract assets for the twelve months ended December 31, 2024 and December 31, 2023.

Practical expedients and exemptions

We generally expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income.

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Revenue by category

We disaggregate our revenue from contracts with customers by segment, geographic location and vertical market, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Refer to Note 14 for revenue disaggregated by reportable segment.

Geographic net sales information, based on geographic destination of the sale, was as follows:


	Years ended December 31
In millions	2024		2023		2022
U.S.	$	2,833.6	$	2,835.9	$	2,913.2
Western Europe	493.3		471.9		439.2
Developing (1)	527.2		558.0		515.5
Other Developed (2)	228.7		238.7		253.9
Consolidated net sales (3)	$	4,082.8	$	4,104.5	$	4,121.8
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
(3) Net sales in Ireland, for each of the years presented, were not material.

Vertical market net sales information was as follows:


	Years ended December 31
In millions	2024		2023		2022
Residential	$	2,191.5	$	2,134.0	$	2,613.6
Commercial	1,117.2		1,177.2		809.1
Industrial	774.1		793.3		699.1
Consolidated net sales	$	4,082.8	$	4,104.5	$	4,121.8

Research and development

We conduct research and development (“R&D”) activities primarily in our own facilities, which mostly consist of development of new products, product applications and manufacturing processes. We expense R&D costs as incurred. R&D expenditures during 2024, 2023 and 2022 were $93.6 million, $99.8 million and $92.2 million, respectively.

Cash equivalents

We consider highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents.

Trade receivables and concentration of credit risk

We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on current trends, aging of accounts receivable, periodic credit evaluations of our customers’ financial condition, and historical collection experience as well as reasonable and supportable forecasts of future economic conditions. We generally do not require collateral.

The following table summarizes the activity in the allowance for credit losses:


	Years ended December 31
In millions	2024		2023		2022
Beginning balance	$	11.2	$	10.8	$	9.1
Bad debt (benefit) expense	(0.2)		0.7		3.6
Acquisitions	—		—		0.3
Write-offs, net of recoveries	(1.4)		(0.7)		(1.4)
Other (1)	(0.5)		0.4		(0.8)
Ending balance	$	9.1	$	11.2	$	10.8

(1) Other amounts are primarily the effects of changes in currency translations and the impact of allowance for credits.

Inventories

Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out (“FIFO”) cost method.

Property, plant and equipment, net

Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:


			Years
Land improvements			5 to 20
Buildings and leasehold improvements			5 to 50
Machinery and equipment			3 to 15
Capitalized software			3 to 10

Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. We capitalize costs associated with software developed or obtained for internal use when both the preliminary project stage is completed, and it is probable the software being developed will be completed and placed in service. The costs of computer software developed or obtained for internal use are amortized on a straight-line basis unless another systematic and rational basis is more representative of the software’s use. When property or capitalized software is retired or otherwise disposed of, the recorded cost of the assets and their related accumulated depreciation are removed from the Consolidated Balance Sheets and any related gains or losses are included in income.

The following table presents geographic Property, plant and equipment, net by region as of December 31:


In millions	2024		2023
U.S.	$	225.0	$	223.9
Western Europe	76.0		77.4
Developing (1)	48.2		50.5
Other Developed (2)	9.6		10.2
Consolidated (3)	$	358.8	$	362.0
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
(3) Property, plant and equipment, net in Ireland, for each of the years presented, were not material.

We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. We recorded $9.2 million of long-lived asset impairment charges in 2022 comprised of long-lived assets which were primarily written off as a result of restructuring actions and certain business exits announced in the fourth quarter of 2022. No material long-lived asset impairment charges were recorded in 2024 or 2023.

Goodwill and identifiable intangible assets

Goodwill

Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets and identifiable intangible assets purchased and liabilities assumed.

We test our goodwill for impairment at least annually during the fourth quarter or more frequently if events or changes in circumstances indicate that the asset might be impaired. We perform our annual or interim goodwill impairment test by comparing the fair value of the relevant reporting unit with its carrying amount. We would recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized would not exceed the total amount of goodwill allocated to that reporting unit.

We have the option to perform a qualitative assessment to determine whether it is necessary to perform the quantitative goodwill impairment test. However, we may elect to perform the quantitative goodwill impairment test even if no indications of a potential impairment exist.

During 2024, a qualitative assessment was performed. As a result, it was determined that it was more likely than not that the fair value of the reporting units exceeded their respective carrying values. Factors considered in the analysis included the 2023 discounted cash flow fair value assessment of the reporting units and the calculated excess fair value over carrying amount, financial performance, forecasts and trends, market capitalization, regulatory and environmental issues, macro-economic conditions, industry and market considerations, raw material costs and management stability. We also consider the extent to which each of the adverse events and circumstances identified affect the comparison of the respective reporting unit’s fair value with its carrying amount. We place more weight on the events and circumstances that most affect the respective reporting unit’s fair value or the carrying amount of its net assets. We consider positive and mitigating events and circumstances that may affect its determination of whether it is more likely than not that the fair value exceeds the carrying amount.

During 2023, a quantitative assessment was performed. The fair value of each reporting unit was determined using a discounted cash flow analysis and market approach. Projecting discounted future cash flows requires us to make significant estimates regarding future revenues and expenses, projected capital expenditures, changes in working capital and the appropriate discount rate. Use of the market approach consists of comparisons to comparable publicly-traded companies that are similar in size and industry. For the 2023 annual impairment test, the estimated fair value significantly exceeded the carrying value in each of our reporting units, therefore, no impairment charge was required. The non-recurring fair value measurement is a “Level 3” measurement under the fair value hierarchy.

Identifiable intangible assets

Our primary identifiable intangible assets include: customer relationships, trade names, proprietary technology and patents. Identifiable intangibles with finite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment charge of $2.7 million was recorded in 2022 related to the write-off of a proprietary technology intangible asset as a result of restructuring initiatives implemented in the fourth quarter of 2022. The impairment charge was recorded in Selling, general and administrative in our Consolidated Statements of Operations and Comprehensive Income. No impairment charges associated with identifiable intangibles with finite lives were recognized in 2024 or 2023.

Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. We complete our annual impairment test the first day of the fourth quarter each year for those identifiable assets not subject to amortization. The impairment test for trade names consists of a comparison of the fair value of the trade name with its carrying value. Fair value is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. The non-recurring fair value measurement is a “Level 3” measurement under the fair value hierarchy. No impairment charges were recognized in 2024, 2023, or 2022 as a result of our annual impairment assessment.

Income taxes

We use the asset and liability approach to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. We maintain valuation allowances unless it is more likely than not that all or a portion of the deferred tax assets will be realized. Changes in valuation allowances from period to period are included in our tax provision in the period of change. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Pension and other post-retirement plans

We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. The pension and other post-retirement benefit costs for company-sponsored benefit plans are determined from actuarial assumptions and methodologies, including discount rates and expected returns on plan assets. These assumptions are updated annually and are disclosed in Note 11.

We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim re-measurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis. The service costs are recorded within Operating income and the interest costs, expected return on plan assets and net actuarial gain/loss components of net periodic pension and other post-retirement benefit costs are recorded within Other (income) expense.

Insurance subsidiary

A portion of our property and casualty insurance program is insured through our regulated wholly-owned captive insurance subsidiary, Penwald Insurance Company (“Penwald”). Reserves for policy claims are established based on actuarial projections of ultimate losses. As of December 31, 2024 and 2023, reserves for policy claims were $68.6 million, of which $13.0 million was included in Other current liabilities and $55.6 million was included in Other non-current liabilities, and $64.9 million, of which $13.0 million was included in Other current liabilities and $51.9 million was included in Other non-current liabilities, respectively.

Share-based compensation

We account for share-based compensation awards on a fair value basis. The estimated grant date fair value of each option award is recognized in income on an accelerated basis over the requisite service period (generally the vesting period). The estimated fair value of each option award is calculated using the Black-Scholes option-pricing model. From time to time, we have elected to modify the terms of the original grant. These modified grants are accounted for as a new award and measured using the fair value method, resulting in the inclusion of additional compensation expense in our Consolidated Statements of Operations and Comprehensive Income.

Restricted share awards and units (“RSUs”) are recorded as compensation cost over the requisite service periods based on the market value on the date of grant.

Performance share units (“PSUs”) are stock awards where the ultimate number of shares issued will be contingent on the Company’s performance against certain performance goals. The Compensation Committee has the ability to adjust performance goals or modify the manner of measuring or evaluating a performance goal using its discretion. The fair value of each PSU is based on the market value on the date of grant. We recognize expense related to the estimated vesting of our PSUs granted. The estimated vesting of the PSUs is based on the probability of achieving certain performance metrics over the specified performance period.

The requisite service period for options and RSUs and the performance period for PSUs may be shorter than the vesting period if the employee becomes retirement eligible before the end of the vesting period.

Earnings per ordinary share

We present two calculations of earnings per ordinary share (“EPS”). Basic EPS equals net income divided by the weighted-average number of ordinary shares outstanding during the period. Diluted EPS is computed by dividing net income by the sum of weighted-average number of ordinary shares outstanding plus dilutive effects of ordinary share equivalents, calculated using the two-class method.

Derivative financial instruments

We recognize all derivatives, including those embedded in other contracts, as either assets or liabilities at fair value in our Consolidated Balance Sheets. If the derivative is designated and effective, the effective portion of changes in the fair value of the derivative is recorded in Accumulated other comprehensive income (loss) (“AOCI”) as a separate component of equity in the Consolidated Balance Sheets and is recognized in the Consolidated Statements of Operations and Comprehensive Income when the hedged item affects earnings. If the underlying hedged transaction ceases to exist or if the hedge becomes ineffective, all changes in fair value of the related derivatives that have not been settled are recognized in current earnings. For a derivative that is not designated as or does not qualify as a hedge, changes in fair value are reported in earnings immediately.

We use derivative instruments for the purpose of hedging interest rate and currency exposures, which exist as part of ongoing business operations. We do not hold or issue derivative financial instruments for trading or speculative purposes. Our policy is not to enter into contracts with terms that cannot be designated as normal purchases or sales. From time to time, we may enter into short duration foreign currency contracts to hedge foreign currency risks.

Foreign currency translation

The financial statements of the Company’s non-U.S. dollar functional currency international subsidiaries are measured using the local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income (loss) and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in AOCI, a component of equity.

New and recently adopted accounting standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, “Segment Reporting,” which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures regarding significant expenses. We adopted the standard retrospectively beginning with our annual reporting for the year ended December 31, 2024. Refer to Note 14 for further information on our segment reporting.

In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures,” which requires new and enhanced disclosures primarily related to income taxes paid and the effective tax rate reconciliation. We will adopt the standard beginning with our annual reporting for the year ending December 31, 2025. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures.

In November 2024, the FASB issued ASU No. 2024-03, “Disaggregation - Income Statement Expenses,” which requires disclosure of disaggregation of certain relevant expenses within the Consolidated Statements of Operations and Comprehensive Income on an annual and interim basis. We will adopt the standard beginning with our annual reporting for the year ending December 31, 2027. We are currently evaluating the effect that the updated standard will have on our financial statement disclosures.

Benefit Plans - Pension Plans with Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pension plans with a projected benefit obligation in excess of plan assets:
Projected benefit obligation	$ 83.3	$ 97.5
Fair value of plan assets	27.4	30.5
Pension plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation	83.3	83.5
Fair value of plan assets	27.4	18.8
Accumulated benefit obligation	$ 82.6	$ 81.9

Supplemental Balance Sheet Information (Tables)

12 Months Ended

Dec. 31, 2024

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information


	December 31
In millions	2024		2023
Inventories
Raw materials and supplies	$	315.8	$	369.1
Work-in-process	88.4		97.1
Finished goods	206.7		211.5
Total inventories	$	610.9	$	677.7
Other current assets
Cost in excess of billings	$	46.7	$	70.8
Prepaid expenses	51.0		55.2

Other current assets	43.6		33.3
Total other current assets	$	141.3	$	159.3
Property, plant and equipment, net
Land and land improvements	$	31.3	$	32.3
Buildings and leasehold improvements	217.9		225.5
Machinery and equipment	675.8		669.9
Capitalized software	92.2		70.5
Construction in progress	51.1		55.8
Total property, plant and equipment	1,068.3		1,054.0
Accumulated depreciation and amortization	709.5		692.0
Total property, plant and equipment, net	$	358.8	$	362.0
Other non-current assets

Right-of-use lease assets	$	116.1	$	102.0
Deferred income taxes	129.6		113.2
Deferred compensation plan assets	29.4		26.1

Other non-current assets	56.1		74.0
Total other non-current assets	$	331.2	$	315.3
Other current liabilities

Dividends payable	$	41.2	$	38.0
Accrued warranty	67.2		65.0
Accrued rebates and incentives	176.7		181.8
Accrued freight	18.4		20.4
Billings in excess of cost	33.8		46.9
Current lease liability	26.3		26.2
Income taxes payable	28.8		20.7
Accrued restructuring	18.7		13.4
Interest payable	5.5		29.7
Other current liabilities	80.2		103.2
Total other current liabilities	$	496.8	$	545.3
Other non-current liabilities
Long-term lease liability	$	92.8	$	79.1
Income taxes payable	8.1		35.6
Self-insurance liabilities	55.6		51.9
Deferred compensation plan liabilities	29.4		26.1
Foreign currency contract liabilities	16.3		70.0
Other non-current liabilities	41.6		32.0
Total other non-current liabilities	$	243.8	$	294.7

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Income from continuing operations before income taxes consisted of the following:


	Years ended December 31
In millions	2024		2023		2022
Federal (1)	$	1.9	$	(9.9)	$	(10.1)
International (2)	717.0		628.8		560.7
Income from continuing operations before income taxes	$	718.9	$	618.9	$	550.6

(1) “Federal” reflects United Kingdom (“U.K.”) income (loss) from continuing operations before income taxes, given U.K. tax residency.

(2) “International” reflects non-U.K. income from continuing operations before income taxes.

The provision (benefit) for income taxes consisted of the following:


	Years ended December 31
In millions	2024		2023		2022
Currently payable (receivable)
Federal (1)	$	3.0	$	—	$	—

International (2)	101.7		88.5		112.2
Total current taxes	104.7		88.5		112.2
Deferred

International (2)	(11.4)		(92.5)		(44.8)
Total deferred taxes	(11.4)		(92.5)		(44.8)
Total provision (benefit) for income taxes	$	93.3	$	(4.0)	$	67.4

(1) “Federal” represents U.K. taxes.

(2) “International” represents non-U.K. taxes.

Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:


	Years ended December 31
Percentages	2024		2023		2022
U.K. federal statutory income tax rate (1)	25.0	%	23.5	%	19.0	%
Tax effect of international operations (2)	(11.5)		(13.2)		(7.6)
Change in valuation allowances	2.0		2.2		1.0
Withholding taxes	1.5		—		—

Excess tax benefits on stock-based compensation	(1.5)		(0.1)		(0.2)



Unrecognized tax benefits	(2.7)		—		—
Worthless stock deduction	—		(5.0)		—
Change in tax basis in foreign assets (3)	0.2		(8.0)		—

Effective tax rate	13.0	%	(0.6)	%	12.2	%

(1) The U.K. Finance Act of 2021 increased the statutory tax rate from 19.0% to 25.0%, effective April 1, 2023. Given this change, a prorated U.K. federal statutory income tax rate was utilized for 2023.

(2) The tax effect of international operations consists of non-U.K. jurisdictions.

(3) The 2023 impact primarily represents the initial recognition of tax basis in intangible assets in foreign jurisdictions and the related valuation allowance.

Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:


	Years ended December 31
In millions	2024		2023		2022
Beginning balance	$	38.6	$	39.6	$	37.3
Gross increases for tax positions in prior periods	—		0.6		3.6
Gross decreases for tax positions in prior periods	(31.5)		(0.2)		(0.9)
Gross increases based on tax positions related to the current year	0.2		1.6		0.2
Gross decreases related to settlements with taxing authorities	(1.3)		(3.0)		(0.6)

Ending balance	$	6.0	$	38.6	$	39.6

We record gross unrecognized tax benefits in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets. The $6.0 million of total gross unrecognized tax benefits as of December 31, 2024, if recognized, would impact the effective tax rate. It is reasonably possible that the gross unrecognized tax benefits as of December 31, 2024 may decrease by a range of zero to $1.0 million during 2025, primarily as a result of the resolution of tax audits.

Based on the outcome of these examinations, or as a result of the expiration of statutes of limitations for specific jurisdictions, it is reasonably possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities in our financial statements. A number of tax periods from 2009 to present are under audit by tax authorities in various jurisdictions, including Belgium, Germany and India. We anticipate that several of these audits may be concluded in the foreseeable future.

We record penalties and interest related to unrecognized tax benefits in Provision (benefit) for income taxes and Net interest expense, respectively, in the Consolidated Statements of Operations and Comprehensive Income. At December 31, 2024, we have no liabilities for the possible payment of penalties, and at December 31, 2023, we had liabilities of $0.3 million for the possible payment of penalties. At December 31, 2024 and 2023, we had $3.9 million and $6.4 million, respectively, for the possible payment of interest expense, which are recorded in Other current liabilities in the Consolidated Balance Sheets.

Deferred taxes arise because of different treatment between financial statement accounting and tax accounting, known as “temporary differences.” We record the tax effect of these temporary differences as “deferred tax assets” (generally items that can be used as a tax deduction or credit in future periods) and “deferred tax liabilities” (generally items for which we received a tax deduction but the tax impact has not yet been recorded in the Consolidated Statements of Operations and Comprehensive Income).

Deferred taxes were recorded in the Consolidated Balance Sheets as follows:


	December 31
In millions	2024		2023

Other non-current assets	$	129.6	$	113.2
Deferred tax liabilities	44.4		40.0
Net deferred tax assets	$	85.2	$	73.2

The tax effects of the major items recorded as deferred tax assets and liabilities were as follows:


	December 31
In millions	2024		2023
Deferred tax assets
Accrued liabilities and reserves	$	54.8	$	58.8
Pension and other post-retirement compensation and benefits	17.5		20.1
Employee compensation and benefits	27.4		28.6
Research and development costs	36.6		28.4
Tax loss and credit carryforwards	691.4		769.4
Interest limitations	214.0		168.4
Total deferred tax assets	1,041.7		1,073.7
Valuation allowance	739.7		816.6
Deferred tax assets, net of valuation allowance	302.0		257.1
Deferred tax liabilities
Property, plant and equipment	17.1		17.9
Goodwill and other intangibles	177.9		149.7
Other liabilities	21.8		16.3
Total deferred tax liabilities	216.8		183.9
Net deferred tax assets	$	85.2	$	73.2

As of December 31, 2024, tax loss carryforwards of $2,852.8 million were available to offset future income. A valuation allowance of $681.1 million exists for deferred income tax benefits related to the tax loss carryforwards which may not be realized. We believe sufficient taxable income will be generated in the respective jurisdictions to allow us to fully recover the remainder of the tax losses. The tax losses primarily relate to non-U.S. carryforwards of $2,796.5 million of which $1,762.4 million are located in jurisdictions with unlimited tax loss carryforward periods, while the remainder will begin to expire in 2025. In addition, there were $56.3 million of U.S. state tax loss carryforwards as of December 31, 2024. U.S. state tax losses of $7.3 million are in jurisdictions with unlimited tax loss carryforward periods, while the remainder will expire in future years through 2044.

Deferred taxes in the amount of $8.0 million have been provided on undistributed earnings of certain subsidiaries. Taxes have not been provided on undistributed earnings of subsidiaries where it is our intention to reinvest these earnings permanently or to repatriate the earnings only when it is tax effective to do so. It is not practicable to estimate the amount of tax that might be payable if such earnings were to be remitted.

The Organization for Economic Co-operation and Development Pillar Two Model Rules (“Pillar Two”) for a global 15.0% minimum tax have been adopted by a number of jurisdictions in which we operate. For the year ended December 31, 2024, the impact of Pillar Two on our consolidated financial statements was not material.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Benefit Plans

Pension and other post-retirement plans

We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. Pension benefits are based principally on an employee’s years of service and/or compensation levels near retirement. In addition, we provide certain post-retirement health care and life insurance benefits. Generally, the post-retirement health care and life insurance plans require contributions from retirees.

Obligations and funded status

The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2024 and 2023:


	Pension plans				Other post-retirement plans
In millions	2024		2023			2024		2023
Change in benefit obligations
Benefit obligation beginning of year	$	97.5	$	90.5		$	7.6	$	9.0
Service cost	1.7		1.7			—		—
Interest cost	3.9		4.1			0.4		0.5


Settlement (1)	(6.8)		—			—		—
Curtailment (1)	(2.0)		—			—		—
Actuarial (gain) loss (2)	(2.7)		7.4			(0.6)		(0.8)
Foreign currency translation	(1.1)		1.1			—		—
Benefits paid	(7.2)		(7.3)			(0.8)		(1.1)
Benefit obligation end of year	$	83.3	$	97.5		$	6.6	$	7.6
Change in plan assets
Fair value of plan assets beginning of year	$	30.5	$	28.4		$	—	$	—
Actual return on plan assets	0.6		0.8			—		—

Company contributions	11.2		7.6			0.8		1.1
Settlement	(6.8)		—			—		—
Foreign currency translation	(0.9)		1.0			—		—
Benefits paid	(7.2)		(7.3)			(0.8)		(1.1)
Fair value of plan assets end of year	$	27.4	$	30.5		$	—	$	—
Funded status
Benefit obligations in excess of the fair value of plan assets	$	(55.9)	$	(67.0)		$	(6.6)	$	(7.6)

(1) The settlement and curtailment in 2024 related to a reduction in headcount in one of our pension plans as a result of ongoing transformation initiatives.

(2) The actuarial gain in 2024 was primarily due to increases in discount rates to reflect economic conditions at December 31, 2024. The actuarial loss in 2023 was primarily due to declines in discount rates to reflect economic conditions at December 31, 2023.

Amounts recorded in the Consolidated Balance Sheets were as follows:


	Pension plans				Other post-retirement plans
In millions	2024		2023			2024		2023

Current liabilities	$	(6.2)	$	(6.5)		$	(1.0)	$	(1.1)
Non-current liabilities	(49.7)		(60.5)			(5.6)		(6.5)
Benefit obligations in excess of the fair value of plan assets	$	(55.9)	$	(67.0)		$	(6.6)	$	(7.6)

The accumulated benefit obligation for our pension plans was $82.6 million and $93.4 million at December 31, 2024 and 2023, respectively.

Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:


	Projected benefit obligation exceeds the fair value of plan assets				Accumulated benefit obligation exceeds the fair value of plan assets
In millions	2024		2023		2024		2023
Projected benefit obligation	$	83.3	$	97.5	$	83.3	$	83.5
Fair value of plan assets	27.4		30.5		27.4		18.8
Accumulated benefit obligation	N/A		N/A		82.6		81.9

Components of net periodic benefit expense for our pension plans for the years ended December 31 were as follows:



In millions	2024		2023		2022
Service cost	$	1.7	$	1.7	$	2.4
Interest cost	3.9		4.1		2.5
Expected return on plan assets	(0.6)		(0.8)		(0.7)


Curtailment	(2.0)		—		—
Net actuarial (gain) loss	(2.9)		7.1		(16.4)
Net periodic benefit expense (income)	$	0.1	$	12.1	$	(12.2)

Components of net periodic benefit expense and income for our other post-retirement plans for the years ended December 31, 2024, 2023 and 2022, were not material.

Assumptions

The following table provides the weighted-average assumptions used to determine benefit obligations and net periodic benefit cost as they pertain to our pension and other post-retirement plans.


	Pension plans						Other post-retirement plans
Percentages	2024		2023		2022			2024		2023		2022
Benefit obligation assumptions
Discount rate	4.83	%	4.26	%	4.77	%		5.31	%	4.84	%	5.11	%
Rate of compensation increase	3.78	%	3.70	%	3.80	%		N/A		N/A		N/A
Net periodic benefit expense assumptions
Discount rate	4.26	%	4.77	%	2.21	%		4.84	%	5.11	%	2.34	%
Expected long-term return on plan assets	4.36	%	4.76	%	2.89	%		N/A		N/A		N/A
Rate of compensation increase	3.70	%	3.80	%	3.61	%		N/A		N/A		N/A

Discount rates

The discount rate reflects the current rate at which the pension liabilities could be effectively settled. The discount rate was determined by matching our expected benefit payments to payments from a stream of bonds rated AA or higher available in the marketplace. There are no known or anticipated changes in our discount rate assumptions that will impact our pension expense in 2025.

Expected rates of return

The expected rate of return is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. In developing the expected long-term rate of return, we considered our historical returns, with consideration given to forecasted economic conditions, our asset allocations, input from external consultants and broader long-term market indices. Pension plan assets yielded gains of 1.97% and 2.82% in 2024 and 2023, respectively, and a loss of 16.86% in 2022.

Healthcare cost trend rates

The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:


	2024		2023
Healthcare cost trend rate assumed for following year	7.0	%	6.1	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.0	%	4.0	%
Year the cost trend rate reaches the ultimate trend rate	2035		2046

Pension plans assets

Objective

The primary objective of our investment strategy is to meet the pension obligation to our employees at a reasonable cost to us. This is primarily accomplished through growth of capital and safety of the funds invested.

Asset allocation

Our actual overall asset allocation for our pension plans as compared to our investment policy goals as of December 31 was as follows:


	Actual				Target
Percentages	2024		2023		2024		2023
Fixed income	70	%	53	%	71	%	53	%
Alternative	29	%	47	%	29	%	47	%

Cash	1	%	—	%	—	%	—	%

Fair value measurement

The fair values of our pension plan assets and their respective levels in the fair value hierarchy as of December 31, 2024 and December 31, 2023 were as follows:


	December 31, 2024
In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.3	$	—	$	—	$	0.3










Other investments	—		—		8.0		8.0
Total investments at fair value	$	0.3	$	—	$	8.0	$	8.3
Investments measured at NAV							19.1
Total							$	27.4


	December 31, 2023
In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.2	$	—	$	—	$	0.2










Other investments	—		—		14.2		14.2
Total investments at fair value	$	0.2	$	—	$	14.2	$	14.4
Investments measured at NAV							16.1
Total							$	30.5

Valuation methodologies used for investments measured at fair value were as follows:

•Cash and cash equivalents — Cash consists of cash held in bank accounts and is considered a Level 1 investment.

•Other investments — Other investments include investments in commingled funds with diversified investment strategies. Investments in commingled funds that were valued based on unobservable inputs due to liquidation restrictions were classified as Level 3.

Activity for our Level 3 pension plan assets held during the year ended December 31, 2024 was as follows:


In millions	December 31, 2024
Beginning balance	$	14.2
Actual return on plan assets	0.5
Company contributions	0.7
Benefits received	0.3
Settlement	(6.8)
Foreign currency translation	(0.9)
Ending balance	$	8.0

Activity for our Level 3 pension plan assets held during the year ended December 31, 2023 was not material.

Cash flows

Contributions

Pension contributions totaled $11.2 million and $7.6 million in 2024 and 2023, respectively. We anticipate our 2025 pension contributions to be approximately $6.8 million. The 2025 expected contributions will equal or exceed our minimum funding requirements.

Estimated future benefit payments

The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter are as follows:


In millions	Pension plans		Other post-retirement plans
2025	$	8.0	$	1.0
2026	8.3		0.9
2027	8.5		0.8
2028	8.3		0.8
2029	7.9		0.7
2030 - 2034	34.0		2.5

Savings plan

We have a 401(k) plan (the “401(k) plan”) with an employee share ownership (“ESOP”) bonus component, which covers certain union and all non-union U.S. employees who meet certain age requirements. Under the 401(k) plan, eligible U.S. employees may voluntarily contribute a percentage of their eligible compensation. We match contributions made by employees who meet certain eligibility and service requirements. The 401(k) company match contribution is a dollar-for-dollar (100%) matching contribution on up to 5% of employee eligible earnings, contributed as before-tax contributions.

Our expense for the 401(k) plan, including the ESOP, was $19.7 million, $19.5 million and $21.4 million in 2024, 2023 and 2022, respectively.

Other retirement compensation

Total other accrued retirement compensation, primarily related to deferred compensation and supplemental retirement plans, was $35.7 million and $32.7 million as of December 31, 2024 and 2023, respectively, and is included in Pension and other post-retirement compensation and benefits and Other non-current liabilities in the Consolidated Balance Sheets.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
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-Section 50
-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Total debt	$ 1,638.7	$ 1,988.3
Carrying (Reported) Amount, Fair Value Disclosure
Derivative [Line Items]
Variable rate debt	843.8	1,187.5
Fixed rate debt	819.3	819.3
Total debt	1,663.1	2,006.8
Estimate of Fair Value, Fair Value Disclosure
Derivative [Line Items]
Variable rate debt	843.8	1,187.5
Fixed rate debt	814.3	824.5
Total debt	$ 1,658.1	$ 2,012.0

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Additional Information (Details)			12 Months Ended
Debt - Additional Information (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2024 USD ($) testingPeriod	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Debt maturing in next twelve months			$ 28,600,000
Repayments of Long-term Debt			362,500,000	$ 12,500,000	$ 88,300,000
Senior notes maturing in the next twelve months			19,300,000
Other Credit Facilities
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			20,800,000
Line of credit facility, amount outstanding			0
Line of Credit \| Revolving credit facility (Senior Credit Facility)
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			900,000,000
Debt, gross			9,500,000	0
Remaining borrowing capacity			$ 890,500,000
Average interest rate at end of period			5.533%
Leverage ratio covenant			3.75
EBITDA ratio covenant			3.00
Line of Credit \| Revolving credit facility (Senior Credit Facility) \| PFSA
Debt Instrument [Line Items]
Leverage ratio covenant			4.25
Number of testing periods \| testingPeriod			4
Line of Credit \| Revolving credit facility (Senior Credit Facility) \| Minimum
Debt Instrument [Line Items]
Covenant, unrestricted cash			$ 5,000,000.0
Line of Credit \| Revolving credit facility (Senior Credit Facility) \| Maximum
Debt Instrument [Line Items]
Covenant, unrestricted cash			250,000,000.0
Term loans (Senior Credit Facility) \| Term Loans, 1.224% due in 2024
Debt Instrument [Line Items]
Debt, gross			0	200,000,000.0
Line of credit increase limit			300,000,000.0
Repayments of Long-term Debt			200,000,000.0
Term loans (Senior Credit Facility) \| 5-year Term Loan Facility
Debt Instrument [Line Items]
Debt, gross			$ 825,000,000.0	987,500,000		$ 1,000,000,000
Installment payments	$ 12,500,000	$ 6,300,000
Average interest rate at end of period			5.85%
Senior Notes \| 5.900% Senior Notes
Debt Instrument [Line Items]
Debt, gross			$ 400,000,000.0	$ 400,000,000.0
Average interest rate at end of period			5.90%
Unsecured Debt \| 5-year Term Loan Facility
Debt Instrument [Line Items]
Debt, gross			$ 825,000,000
Repayments of Long-term Debt			$ 162,500,000

Derivatives and Financial Instruments - Additional Information (Detail) € in Millions, $ in Millions	1 Months Ended				12 Months Ended
	Dec. 31, 2024 USD ($)	Nov. 30, 2024 USD ($)	Aug. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Nov. 30, 2024 EUR (€)	Aug. 31, 2024 EUR (€)	Dec. 31, 2023 EUR (€)
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Market value of derivative financial instruments, net of tax	$ 45.7			$ 12.1	$ 45.7	$ 12.1
Fair Value, Measurements, Recurring
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Contingent earn-out liabilities	8.0				8.0
Cross Currency Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative liability, notional amount				23.9		23.9
Cross Currency Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount	728.5			940.2	728.5	940.2	€ 450.0	€ 150.0
Gain (loss) on derivative, net investment hedge, after tax					(13.8)	51.6
Proceeds from hedge, investing activities		$ 10.6
Payments from hedge	8.3		$ 16.1
Payments for hedge, financing activities	9.1
Interest income	0.8	0.8	0.3
Proceeds from hedge		$ 11.4
Payments for hedge, investing activities			$ 16.4
Cross Currency Swap, One
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount \| €									€ 150.0
Proceeds from hedge, investing activities				0.9
Payments from hedge				17.6
Payments from hedge, investing activities				18.5
Cross Currency Swaps, Two
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount \| €									€ 300.0
Interest Rate Swap and Interest Rate Collar
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Market value of derivative financial instruments, net of tax	1.9			$ 0.3	1.9	$ 0.3
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount	300.0				300.0
Interest Rate Collar
Derivative Instruments and Hedging Activities Disclosure [Line Items]
Derivative, notional amount	$ 200.0				$ 200.0

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

At Pentair, our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. We define our reportable segments on the basis of the way in which internally reported financial information is regularly reviewed by the CODM to analyze financial performance, make decisions and allocate resources. Based on this, we classify our operations into the following reportable segments:

•Flow — The focus of this segment is to deliver water where it is needed, when it is needed, more efficiently and to transform waste into value. This segment designs, manufactures and sells a variety of fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps, and agricultural spray nozzles, while serving the global residential, commercial and industrial markets. These products and systems are used in a range of applications, including fluid delivery, ion exchange, desalination, food and beverage, separation technologies for the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, circulation and transfer, fire suppression, flood control, agricultural irrigation and crop spray.

•Water Solutions — The focus of this segment is to provide great tasting, higher-quality water and ice while helping people use water more productively. This segment designs, manufactures and sells commercial and residential water treatment products and systems including pressure tanks, control valves, activated carbon products, commercial ice machines, conventional filtration products, and point-of-entry and point-of-use water treatment systems. These water treatment products and systems are used in residential whole home water filtration, drinking water filtration and water softening solutions in addition to commercial total water management and filtration in foodservice operations. In addition, our water solutions business also provides installation and preventative services for water management solutions for commercial operators.

•Pool — The focus of this segment is to provide innovative, energy-efficient pool solutions to help people more sustainably enjoy water. This segment designs, manufactures and sells a complete line of energy-efficient residential and commercial pool equipment and accessories including pumps, filters, heaters, lights, automatic controls, automatic cleaners, maintenance equipment and pool accessories. Applications for our pool products include residential and commercial pool maintenance, pool repair, renovation, service, construction and aquaculture solutions.

Our CODM evaluates our reportable segments’ performance based on net sales and reportable segment income and uses certain ratios, particularly return on sales, to measure their performance. Additionally, these measures are used to evaluate reinvestment of profits into our reportable segments or into other parts of the Company, such as for acquisitions, debt repayments, dividend payments or share repurchases. 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:


	2024		2023		2022		2024		2023		2022		2024		2023		2022
In millions	Identifiable assets (1)						Capital expenditures						Depreciation
Flow	$	1,590.7	$	1,709.7	$	1,722.4	$	20.1	$	19.6	$	24.0	$	21.4	$	21.1	$	19.5
Water Solutions	2,613.5		2,695.2		2,786.4		22.3		23.0		24.7		17.1		18.1		18.4
Pool	1,801.3		1,679.8		1,710.3		17.1		17.3		28.8		13.1		11.4		8.9
Reportable segment total	6,005.5		6,084.7		6,219.1		59.5		59.9		77.5		51.6		50.6		46.8
Corporate and other	441.0		478.6		228.4		14.9		16.1		7.7		8.7		8.9		7.3
Consolidated	$	6,446.5	$	6,563.3	$	6,447.5	$	74.4	$	76.0	$	85.2	$	60.3	$	59.5	$	54.1

(1) All cash and cash equivalents are included in “Corporate and other.”


2024
In millions	Flow		Water Solutions		Pool		Total
Net sales	$	1,514.0	$	1,131.0	$	1,436.1	$	4,081.1
Reconciliation of consolidated net sales
Corporate and other							1.7
Total consolidated net sales (1)							$	4,082.8

Cost of goods sold (2)(4)	(965.1)		(706.8)		(799.3)
Operating expenses (2)(3)(4)	(230.8)		(169.1)		(160.3)
Reportable segment income	$	318.1	$	255.1	$	476.5	$	1,049.7
Corporate and other							(90.5)
Restructuring and other							(37.0)
Transformation costs							(52.1)

Pension and other post-retirement mark-to-market gain							5.3
Asset impairment and write-offs							(17.6)






Legal accrual adjustments and settlements							7.5
Intangible amortization							(54.3)
Interest expense, net							(88.6)
Other expense							(3.5)
Income from continuing operations before income taxes							$	718.9

(1) One customer in the Pool business represented approximately 15% of our consolidated net sales in 2024.

(2) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM, which includes certain corporate overhead allocations directly attributable to each of the segments.

(3) 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.

(4) These costs exclude certain expenses reported in the 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.


2023
In millions	Flow		Water Solutions		Pool		Total
Net sales	$	1,582.1	$	1,177.2	$	1,343.6	$	4,102.9
Reconciliation of consolidated net sales
Corporate and other							1.6
Total consolidated net sales (1)							$	4,104.5

Cost of goods sold (2)(4)	(1,054.7)		(752.5)		(775.2)
Operating expenses (2)(3)(4)	(245.1)		(177.1)		(151.4)
Reportable segment income	$	282.3	$	247.6	$	417.0	$	946.9
Corporate and other							(91.8)
Restructuring and other							(3.4)
Transformation costs							(44.3)

Pension and other post-retirement mark-to-market loss							(6.1)
Asset impairment and write-offs							(7.9)
Legal accrual adjustments and settlements							(2.2)
Intangible amortization							(55.3)
Interest expense, net							(118.3)
Other income							1.3
Income from continuing operations before income taxes							$	618.9

(1) One customer in the Pool business represented approximately 15% of our consolidated net sales in 2023.


2022
In millions	Flow		Water Solutions		Pool		Total
Net sales	$	1,500.8	$	986.8	$	1,632.7	$	4,120.3
Reconciliation of consolidated net sales
Corporate and other							1.5
Total consolidated net sales (1)							$	4,121.8

Cost of goods sold (2)(4)	(1,041.5)		(672.5)		(1,009.8)
Operating expenses (2)(3)(4)	(217.0)		(165.3)		(160.8)
Reportable segment income	$	242.3	$	149.0	$	462.1	$	853.4
Corporate and other							(85.7)
Restructuring and other							(32.4)
Transformation costs							(27.2)
Inventory step-up							(5.8)
Pension and other post-retirement mark-to-market gain							17.5
Asset impairment and write-offs							(25.6)

Russia business exit impact							(4.7)
Deal-related costs and expenses							(22.2)
Legal accrual adjustments and settlements							(0.2)
Intangible amortization							(52.5)
Interest expense, net							(61.8)
Other expense							(2.2)
Income from continuing operations before income taxes							$	550.6

(1) One customer in the Pool business represented approximately 20% of our consolidated net sales in 2022.

- 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

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+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

Components of Accumulated Other Comprehensive Loss consist of the following:


	December 31
In millions	2024		2023

Cumulative translation adjustments	$	(322.3)	$	(256.5)
Market value of derivative financial instruments, net of tax	45.7		12.1
Accumulated other comprehensive loss	$	(276.6)	$	(244.4)

Benefit Plans - Amounts Recorded in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Non-current liabilities	$ (61.6)	$ (73.6)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(6.2)	(6.5)
Non-current liabilities	(49.7)	(60.5)
Benefit obligations in excess of the fair value of plan assets	(55.9)	(67.0)
Other post-retirement plans
Defined Benefit Plan Disclosure [Line Items]
Current liabilities	(1.0)	(1.1)
Non-current liabilities	(5.6)	(6.5)
Benefit obligations in excess of the fair value of plan assets	$ (6.6)	$ (7.6)

Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment by Geographic Location (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 358.8	$ 362.0
Impairment of long-lived assets	0.0	0.0	$ 9.2
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]			Cost of goods sold, Selling, general and administrative
U.S.
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	225.0	223.9
Western Europe
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	76.0	77.4
Developing
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	48.2	50.5
Other Developed
Property, Plant and Equipment [Line Items]
Property, plant and equipment, net	$ 9.6	$ 10.2

Income Taxes - Narrative (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Gross unrecognized tax benefits	$ 6,000,000	$ 38,600,000	$ 39,600,000	$ 37,300,000
Payment of penalties	0	300,000
Payment of interest expense	3,900,000	$ 6,400,000
Tax loss carryforwards	2,852,800,000
Deferred tax assets, valuation allowance	681,100,000
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	2,796,500,000
Deferred Tax Assets, Operating Loss Carryforwards, Foreign (jurisdictions with unlimited tax loss carryforward periods)	1,762,400,000
Deferred Tax Assets, Operating Loss Carryforwards, State and Local, Not Subject to Expiration	56,300,000
State tax losses available for carry forward	7,300,000
Deferred tax liability not recognized, undistributed earnings	8,000,000
Minimum
Income Taxes [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	0
Maximum
Income Taxes [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 1,000,000.0

Acquisitions - Narrative (Details) - USD ($) $ in Millions			5 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Dec. 02, 2024	Jul. 28, 2022	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Sep. 30, 2023
Business Acquisition [Line Items]
Goodwill			$ 3,252.6	$ 3,286.6	$ 3,274.6	$ 3,252.6
Acquisitions, net of cash acquired				$ 108.0	$ 0.6	1,580.9
G & F Manufacturing, LLC
Business Acquisition [Line Items]
Purchase price	$ 116.0
Goodwill	56.6
Finite-lived intangible assets acquired	$ 51.6
Finite-lived intangible assets acquired, useful life	16 years
Acquisitions, net of cash acquired	$ 108.0
Manitowoc Ice
Business Acquisition [Line Items]
Purchase price		$ 1,600.0
Goodwill							$ 789.7
Net sales of acquiree since acquisition date			156.3
Net income of acquiree since acquisition date			12.2
Intangible asset amortization of acquiree since acquisition date			28.6
Inventory fair market value adjustment of acquiree since acquisition date			$ 5.8
Pro forma intangible asset amortization						34.1
Acquisition related costs						34.7
Manitowoc Ice \| Fair value adjustment to inventory \| Cost of Sales
Business Acquisition [Line Items]
Nonrecurring expenses						5.8
Manitowoc Ice \| Transaction-related charges \| Selling, General and Administrative Expenses
Business Acquisition [Line Items]
Nonrecurring expenses						19.9
Manitowoc Ice \| Acquisition-related bridge financing costs \| Interest Expense
Business Acquisition [Line Items]
Nonrecurring expenses						$ 9.0
Manitowoc Ice \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 588.4
Finite-lived intangible assets acquired, useful life		20 years
Manitowoc Ice \| Proprietary technology intangible assets
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 47.1
Finite-lived intangible assets acquired, useful life		10 years
Manitowoc Ice \| Other intangible assets
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 14.4
Finite-lived intangible assets acquired, useful life		4 months
Manitowoc Ice \| Trade names intangibles
Business Acquisition [Line Items]
Indefinite-lived Intangible assets acquired		$ 78.4

Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2024

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information


	December 31
In millions	2024		2023
Inventories
Raw materials and supplies	$	315.8	$	369.1
Work-in-process	88.4		97.1
Finished goods	206.7		211.5
Total inventories	$	610.9	$	677.7
Other current assets
Cost in excess of billings	$	46.7	$	70.8
Prepaid expenses	51.0		55.2

Other current assets	43.6		33.3
Total other current assets	$	141.3	$	159.3
Property, plant and equipment, net
Land and land improvements	$	31.3	$	32.3
Buildings and leasehold improvements	217.9		225.5
Machinery and equipment	675.8		669.9
Capitalized software	92.2		70.5
Construction in progress	51.1		55.8
Total property, plant and equipment	1,068.3		1,054.0
Accumulated depreciation and amortization	709.5		692.0
Total property, plant and equipment, net	$	358.8	$	362.0
Other non-current assets

Right-of-use lease assets	$	116.1	$	102.0
Deferred income taxes	129.6		113.2
Deferred compensation plan assets	29.4		26.1

Other non-current assets	56.1		74.0
Total other non-current assets	$	331.2	$	315.3
Other current liabilities

Dividends payable	$	41.2	$	38.0
Accrued warranty	67.2		65.0
Accrued rebates and incentives	176.7		181.8
Accrued freight	18.4		20.4
Billings in excess of cost	33.8		46.9
Current lease liability	26.3		26.2
Income taxes payable	28.8		20.7
Accrued restructuring	18.7		13.4
Interest payable	5.5		29.7
Other current liabilities	80.2		103.2
Total other current liabilities	$	496.8	$	545.3
Other non-current liabilities
Long-term lease liability	$	92.8	$	79.1
Income taxes payable	8.1		35.6
Self-insurance liabilities	55.6		51.9
Deferred compensation plan liabilities	29.4		26.1
Foreign currency contract liabilities	16.3		70.0
Other non-current liabilities	41.6		32.0
Total other non-current liabilities	$	243.8	$	294.7

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Expected Amortization Expense
Estimated amortization expense 2025	$ 57.1
Estimated amortization expense 2026	55.8
Estimated amortization expense 2027	54.5
Estimated amortization expense 2028	52.1
Estimated amortization expense 2029	$ 51.7

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 102.1	$ 124.3

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Income Taxes - Deferred Taxes (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Other non-current assets	$ 129.6	$ 113.2
Deferred tax liabilities	44.4	40.0
Net deferred tax assets	$ 85.2	$ 73.2

Share Plans - Share-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 39.7	$ 29.1	$ 24.9
Equity Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	5.3	4.3	3.7
Restricted Stock Units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	16.1	15.0	14.6
Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation	$ 18.3	$ 9.8	$ 6.6

Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Cumulative translation adjustments	$ (322.3)	$ (256.5)
Market value of derivative financial instruments, net of tax	45.7	12.1
Accumulated other comprehensive income (loss)	$ (276.6)	$ (244.4)

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

Fiscal Year

Fiscal year

Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Use of Estimates

Use of estimates

Revenue Recognition

Revenue recognition

Performance obligations

Sales returns

Pricing and sales incentives

Shipping and handling costs

Contract assets and liabilities

Contract assets are recorded within Other current assets, and contract liabilities are recorded within Other current liabilities in the Consolidated Balance Sheets.

Contract assets and liabilities consisted of the following:


	December 31
In millions	2024		2023		$ Change		% Change
Contract assets	$	46.7	$	70.8	$	(24.1)	(34.0)	%
Contract liabilities	38.8		53.7		(14.9)		(27.7)	%
Net contract assets	$	7.9	$	17.1	$	(9.2)	(53.8)	%

Practical expedients and exemptions

Revenue by category

Research and Development

Research and development

Cash Equivalents

Cash equivalents

We consider highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents.

Trade Receivables and Concentration of Credit Risk

Trade receivables and concentration of credit risk

Inventories

Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out (“FIFO”) cost method.

Property, Plant and Equipment, Net

Property, plant and equipment, net

Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:


			Years
Land improvements			5 to 20
Buildings and leasehold improvements			5 to 50
Machinery and equipment			3 to 15
Capitalized software			3 to 10

The following table presents geographic Property, plant and equipment, net by region as of December 31:


In millions	2024		2023
U.S.	$	225.0	$	223.9
Western Europe	76.0		77.4
Developing (1)	48.2		50.5
Other Developed (2)	9.6		10.2
Consolidated (3)	$	358.8	$	362.0
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
(3) Property, plant and equipment, net in Ireland, for each of the years presented, were not material.

Goodwill and identifiable intangible assets

Goodwill

Identifiable intangible assets

Income Taxes

Income taxes

Pension and other post-retirement plans

Insurance Subsidiary

Insurance subsidiary

Share-Based Compensation

Share-based compensation

Restricted share awards and units (“RSUs”) are recorded as compensation cost over the requisite service periods based on the market value on the date of grant.

Earnings (Loss) Per Common Share

Earnings per ordinary share

Derivative Financial Instruments

Derivative financial instruments

Foreign Currency Translation

Foreign currency translation

New accounting standards

New and recently adopted accounting standards

Basis of Presentation and Summary of Significant Accounting Policies - Basis of Presentation (Details)	12 Months Ended
	Dec. 31, 2024 segment
Schedule of Equity Method Investments [Line Items]
Number of reportable segments	3
Minimum \| Investees
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	20.00%
Maximum \| Investees
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Components of Lease Cost, Supplemental Cash Flow and Other Information Related to Leases

The components of lease cost were as follows:


	December 31
In millions	2024		2023
Operating lease cost	$	50.3	$	49.7
Sublease income	(0.9)		(0.9)
Total lease cost	$	49.4	$	48.8

Supplemental cash flow information related to leases was as follows:


	December 31
In millions	2024		2023
Operating cash flows from operating leases	$	36.3	$	35.5
Right-of-use assets obtained in exchange for lease obligations	$	22.4	$	14.0

Other information related to leases was as follows:


	December 31
	2024		2023
Weighted-average remaining lease term of operating leases (years)	6.0		6.2
Weighted-average discount rate of operating leases	5.6	%	5.7	%

Future Minimum Lease Commitments Under Non-cancelable Operating Leases

Future minimum lease commitments under non-cancelable operating leases as of December 31, 2024 were as follows:


In millions
2025	$	31.2
2026	27.7
2027	20.7
2028	15.2
2029	11.1
Thereafter	35.9
Total lease payments	141.8
Less: imputed interest	(22.7)
Total	$	119.1

Changes in Carrying Amount of Service and Product Warranties

The changes in the carrying amount of service and product warranties from continuing operations were as follows:


	Years ended December 31
In millions	2024		2023		2022
Beginning balance	$	65.0	$	63.1	$	40.5
Service and product warranty provision	87.0		90.0		85.3
Payments	(84.2)		(88.2)		(70.4)
Acquisitions	—		—		8.0
Foreign currency translation	(0.6)		0.1		(0.3)
Ending balance	$	67.2	$	65.0	$	63.1

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Firm ID	34
Auditor Location	Minneapolis, Minnesota

Acquisitions - Schedule of Pro Forma Information (Details) - Manitowoc Ice $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares
Business Acquisition [Line Items]
Pro forma net sales \| $	$ 4,328.6
Pro forma net income from continuing operations \| $	$ 486.3
Pro forma earnings per ordinary share - continuing operations
Basic (in dollars per share) \| $ / shares	$ 2.95
Diluted (in dollars per share) \| $ / shares	$ 2.94

Benefit Plans - Estimated future benefit payments (Detail) $ in Millions	Dec. 31, 2024 USD ($)
Pension plans
Defined Benefit Plan Disclosure [Line Items]
2025	$ 8.0
2026	8.3
2027	8.5
2028	8.3
2029	7.9
2030 - 2034	34.0
Other post-retirement plans
Defined Benefit Plan Disclosure [Line Items]
2025	1.0
2026	0.9
2027	0.8
2028	0.8
2029	0.7
2030 - 2034	$ 2.5

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 65.0	$ 63.1	$ 40.5
Service and product warranty provision	87.0	90.0	85.3
Payments	(84.2)	(88.2)	(70.4)
Standard Product Warranty Accrual, Additions from Business Acquisition	0.0	0.0	8.0
Foreign currency translation	0.6	(0.1)	0.3
Ending balance	$ 67.2	$ 65.0	$ 63.1

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	$ (16.3)	$ (70.0)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	2.5	0.2
Foreign currency contract liabilities	(16.3)	(70.0)
Deferred compensation plan assets	29.4	26.1
Contingent earn-out liabilities	8.0
Total recurring fair value measurements	25.5	(43.4)
Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	1.9	0.3
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan assets	15.0	12.1
Contingent earn-out liabilities	0.0
Total recurring fair value measurements	15.0	12.1
Level 1 \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	0.0	0.0
Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	2.5	0.2
Foreign currency contract liabilities	(16.3)	(70.0)
Deferred compensation plan assets	0.0	0.0
Contingent earn-out liabilities	0.0
Total recurring fair value measurements	(11.9)	(69.5)
Level 2 \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	1.9	0.3
Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan assets	0.0	0.0
Contingent earn-out liabilities	8.0
Total recurring fair value measurements	8.0	0.0
Level 3 \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	0.0	0.0
NAV \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan assets	14.4	14.0
Contingent earn-out liabilities	0.0
Total recurring fair value measurements	14.4	14.0
NAV \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	$ 0.0	$ 0.0

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Contract with Customer, Asset and Liability

Contract assets and liabilities consisted of the following:


	December 31
In millions	2024		2023		$ Change		% Change
Contract assets	$	46.7	$	70.8	$	(24.1)	(34.0)	%
Contract liabilities	38.8		53.7		(14.9)		(27.7)	%
Net contract assets	$	7.9	$	17.1	$	(9.2)	(53.8)	%

Disaggregation of Revenue

Geographic net sales information, based on geographic destination of the sale, was as follows:


	Years ended December 31
In millions	2024		2023		2022
U.S.	$	2,833.6	$	2,835.9	$	2,913.2
Western Europe	493.3		471.9		439.2
Developing (1)	527.2		558.0		515.5
Other Developed (2)	228.7		238.7		253.9
Consolidated net sales (3)	$	4,082.8	$	4,104.5	$	4,121.8
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
(3) Net sales in Ireland, for each of the years presented, were not material.

Vertical market net sales information was as follows:


	Years ended December 31
In millions	2024		2023		2022
Residential	$	2,191.5	$	2,134.0	$	2,613.6
Commercial	1,117.2		1,177.2		809.1
Industrial	774.1		793.3		699.1
Consolidated net sales	$	4,082.8	$	4,104.5	$	4,121.8

Allowance for Doubtful Accounts Activity

The following table summarizes the activity in the allowance for credit losses:


	Years ended December 31
In millions	2024		2023		2022
Beginning balance	$	11.2	$	10.8	$	9.1
Bad debt (benefit) expense	(0.2)		0.7		3.6
Acquisitions	—		—		0.3
Write-offs, net of recoveries	(1.4)		(0.7)		(1.4)
Other (1)	(0.5)		0.4		(0.8)
Ending balance	$	9.1	$	11.2	$	10.8

(1) Other amounts are primarily the effects of changes in currency translations and the impact of allowance for credits.

Property, Plant and Equipment

Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:


			Years
Land improvements			5 to 20
Buildings and leasehold improvements			5 to 50
Machinery and equipment			3 to 15
Capitalized software			3 to 10

Long-lived Assets by Geographic Areas

The following table presents geographic Property, plant and equipment, net by region as of December 31:


In millions	2024		2023
U.S.	$	225.0	$	223.9
Western Europe	76.0		77.4
Developing (1)	48.2		50.5
Other Developed (2)	9.6		10.2
Consolidated (3)	$	358.8	$	362.0
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
(3) Property, plant and equipment, net in Ireland, for each of the years presented, were not material.

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

Debt and the average interest rates on debt outstanding were as follows:


In millions	Average interest rate at	Maturity Year	December 31
	December 31, 2024		2024		2023

Revolving credit facility (Senior Credit Facility)	5.533%	2026	$	9.5	$	—
Term Loan Facility	5.850%	2023 - 2027	825.0		987.5
Term loans (Senior Credit Facility)	N/A	2024	—		200.0
Senior notes - fixed rate (1)	4.650%	2025	19.3		19.3
Senior notes - fixed rate (1)	4.500%	2029	400.0		400.0
Senior notes - fixed rate (1)	5.900%	2032	400.0		400.0
Other	5.533%	2025	9.3		—
Unamortized debt issuance costs and discounts	N/A	N/A	(15.1)		(18.5)
Total debt			1,648.0		1,988.3
Less: Current maturities of short-term borrowings			9.3		—
Long-term debt			$	1,638.7	$	1,988.3

(1) Senior notes are guaranteed as to payment by Pentair plc.

Pentair, Pentair Finance S.à r.l (“PFSA“) and Pentair, Inc. are parties to a credit agreement (the “Senior Credit Facility”), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, providing for a $900.0 million senior unsecured revolving credit facility. During 2024, PFSA repaid $200.0 million of term loans under the Senior Credit Facility. The revolving credit facility has a maturity date of December 16, 2026. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, adjusted euro interbank offered rate, adjusted daily simple secured overnight financing rate or central bank rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.

As of December 31, 2024, total availability under the Senior Credit Facility was $890.5 million. In addition, PFSA has the option to request to increase the revolving credit facility and/or to enter into one or more additional tranches of term loans in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders.

In addition, Pentair and PFSA are parties to a senior unsecured term loan facility (the “Term Loan Facility”), with PFSA, as borrower, Pentair, as guarantor, providing for an aggregate principal amount of $1.0 billion. The Term Loan Facility has a maturity date of July 28, 2027, with required quarterly installment payments of $6.3 million which began on the last day of the third quarter of 2023 and increased to $12.5 million on the last day of the third quarter of 2024. During 2024, PFSA repaid the remaining $162.5 million of quarterly installments on the Term Loan Facility, such that PFSA is not required to make any further quarterly installment payments. As of December 31, 2024, the remaining obligation of $825.0 million matures on July 28, 2027. The Term Loan Facility bears interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, or adjusted daily simple secured overnight financing rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.

Our debt agreements contain various financial covenants, but the most restrictive covenants are contained in the Senior Credit Facility and the Term Loan Facility. The Senior Credit Facility and the Term Loan Facility contain covenants requiring us not to permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash and cash equivalents in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense (“EBITDA”) on the last day of any period of four consecutive fiscal quarters (each, a “testing period”) to exceed 3.75 to 1.00 (or, at PFSA’s election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) (the “Leverage Ratio”) and (ii) the ratio of our EBITDA to our consolidated interest expense, for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Senior Credit Facility and the Term Loan Facility provide for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates.

In addition to the Senior Credit Facility and the Term Loan Facility, we have various other credit facilities with an aggregate availability of $20.8 million, of which there were no outstanding borrowings at December 31, 2024. Borrowings under these credit facilities bear interest at variable rates.

We have $19.3 million of senior notes maturing in the next twelve months. We classified this debt as long-term as of December 31, 2024 as we have the intent and ability to refinance such obligations on a long-term basis under the revolving credit facility under the Senior Credit Facility.

Debt outstanding, excluding unamortized issuance costs and discounts, at December 31, 2024 matures on a calendar year basis as follows:


In millions	2025		2026		2027		2028		2029		Thereafter		Total
Contractual debt obligation maturities	$	28.6	$	9.5	$	825.0	$	—	$	400.0	$	400.0	$	1,663.1

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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+ Details

Benefit Plans - Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals (Detail)	Dec. 31, 2024	Dec. 31, 2023
Fixed income
Plan Assets
Asset allocation	70.00%	53.00%
Target Allocation
Asset allocation	71.00%	53.00%
Other securities
Plan Assets
Asset allocation	29.00%	47.00%
Target Allocation
Asset allocation	29.00%	47.00%
Cash
Plan Assets
Asset allocation	1.00%	0.00%
Target Allocation
Asset allocation	0.00%	0.00%

Benefit Plans - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Benefit Plans - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation	$ 82.6	$ 93.4
Pension plan assets yielded returns	1.97%	2.82%	(16.86%)
Other accrued retirement compensation	$ 35.7	$ 32.7
First 1%
Defined Benefit Plan Disclosure [Line Items]
Matching contribution to eligible employee contributions	100.00%
Next 5%
Defined Benefit Plan Disclosure [Line Items]
Percent of eligible compensation	5.00%
401(K) Plan
Defined Benefit Plan Disclosure [Line Items]
401(k) plan and ESOP combined expenses	$ 19.7	19.5	$ 21.4
Pension plans
Defined Benefit Plan Disclosure [Line Items]
Company contributions	11.2	$ 7.6
Expected contribution	$ 6.8

Restructuring and Transformation Program

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Transformation Program

In 2021, we launched and committed resources to a program designed to accelerate growth and drive margin expansion through transformation of our business model to drive operational excellence, reduce complexity and streamline our processes (the “Transformation Program”). The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives.

During 2024, 2023 and 2022, we initiated and continued execution of activities associated with our Transformation Program as well as initiated and continued certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Restructuring and Transformation Program initiatives during the years ended December 31, 2024, 2023 and 2022 included a reduction in hourly and salaried headcount of approximately 575 employees, 475 employees and 625 employees, respectively.


	Years ended December 31
In millions	2024		2023		2022
Restructuring Initiatives
Severance and related costs	$	34.5	$	8.2	$	17.7

Asset impairment and write-offs (1)	9.9		3.8		25.6
Other restructuring costs and related adjustments (2)	(0.9)		(6.0)		13.0
Total restructuring costs	43.5		6.0		56.3
Transformation Program
Severance and related costs	0.7		6.9		3.4
Asset impairment and write-offs (1)	7.7		0.4		—
Other transformation costs (3)	51.4		37.4		23.8
Total transformation costs	59.8		44.7		27.2
Total restructuring and transformation costs	$	103.3	$	50.7	$	83.5

(3) Other transformation costs primarily consist of professional services and project management related costs, partially offset by gain on sale of assets in 2023.

Restructuring and transformation costs by reportable segment as well as Corporate and other were as follows:


	Years ended December 31
In millions	2024		2023		2022
Flow	$	15.5	$	3.4	$	2.2
Water Solutions	19.4		(0.1)		41.1
Pool	15.7		9.1		14.3
Corporate and other	52.7		38.3		25.9
Total restructuring and transformation costs	$	103.3	$	50.7	$	83.5

Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:


	Years ended December 31
In millions	2024		2023
Beginning balance	$	13.4	$	23.2

Costs incurred	35.2		15.1
Cash payments and other	(29.9)		(24.9)
Ending balance	$	18.7	$	13.4

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal proceedings

We have been, and in the future may be, made parties to a number of actions filed or have been, and in the future may be, given notice of potential claims relating to the conduct of our business, including those relating to commercial, regulatory or contractual disputes with suppliers, authorities, customers or parties to acquisitions and divestitures, intellectual property matters, environmental, asbestos, safety and health matters, product liability, the use or installation of our products, consumer matters, and employment and labor matters.

While we believe that a material impact on our consolidated financial position, results of operations or cash flows from any such future claims or potential claims is unlikely, given the inherent uncertainty of litigation, a remote possibility exists that a future adverse ruling or unfavorable development could result in future charges that could have a material adverse impact. We do and will continue to periodically reexamine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation and applicable accounting rules. As a result, the current estimates of the potential impact on our consolidated financial position, results of operations and cash flows for the proceedings and claims described in the notes to our consolidated financial statements could change in the future.

Environmental matters

We have been named as defendant, target or a potentially responsible party in a number of environmental clean-ups relating to our current or former business units. Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. It can be difficult to estimate reliably the final costs of investigation and remediation due to various factors. In our opinion, the amounts accrued are appropriate based on facts and circumstances as currently known. As of December 31, 2024 and 2023, our recorded reserves for environmental matters were not material.

Product liability claims

We are subject to various product liability lawsuits and personal injury claims. A substantial number of these lawsuits and claims are insured and accrued for by Penwald, our captive insurance subsidiary. Penwald records a liability for these claims based on actuarial projections of ultimate losses. For all other claims, accruals covering the claims are recorded, on an undiscounted basis, when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing information. The accruals are adjusted periodically as additional information becomes available. We have not experienced significant unfavorable trends in either the severity or frequency of product liability lawsuits or personal injury claims.

Leases

Our lease portfolio principally consists of operating leases related to facilities, machinery, equipment and vehicles. Our accounting for lease terms does not include options to extend or terminate the lease until we are reasonably certain that we will exercise that option. Operating lease cost for lease payments is recognized on a straight-line basis over the lease term and principally consists of fixed payments for base rent.

These operating lease right-of-use (“ROU”) assets are included in Other non-current assets on the Consolidated Balance Sheets, and represent our right to use the underlying asset for the lease term. Our obligation to make lease payments arising from the lease are included in Other current liabilities and Other non-current liabilities on the Consolidated Balance Sheets. Lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As we cannot readily determine the rate implicit in the lease, we use our incremental borrowing rate, determined by country of lease origin, based on the anticipated lease term at the commencement date in determining the present value of lease payments. The ROU asset also excludes any accrued lease payments and unamortized lease incentives.

For measurement and classification of lease agreements, we group lease and non-lease components into a single lease component for all underlying asset classes. Accordingly, all costs associated with a lease contract are accounted for as one lease cost.

The components of lease cost were as follows:


	December 31
In millions	2024		2023
Operating lease cost	$	50.3	$	49.7
Sublease income	(0.9)		(0.9)
Total lease cost	$	49.4	$	48.8

Supplemental cash flow information related to leases was as follows:


	December 31
In millions	2024		2023
Operating cash flows from operating leases	$	36.3	$	35.5
Right-of-use assets obtained in exchange for lease obligations	$	22.4	$	14.0

Other information related to leases was as follows:


	December 31
	2024		2023
Weighted-average remaining lease term of operating leases (years)	6.0		6.2
Weighted-average discount rate of operating leases	5.6	%	5.7	%

Future minimum lease commitments under non-cancelable operating leases as of December 31, 2024 were as follows:


In millions
2025	$	31.2
2026	27.7
2027	20.7
2028	15.2
2029	11.1
Thereafter	35.9
Total lease payments	141.8
Less: imputed interest	(22.7)
Total	$	119.1

Warranties and guarantees

In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction.

Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows.

We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. In connection with the disposition of the Valves & Controls business, we agreed to indemnify Emerson Electric Co. for certain pre-closing tax liabilities. We have recorded a liability representing the fair value of our expected future obligation for this matter.

We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant.

The changes in the carrying amount of service and product warranties from continuing operations were as follows:


	Years ended December 31
In millions	2024		2023		2022
Beginning balance	$	65.0	$	63.1	$	40.5
Service and product warranty provision	87.0		90.0		85.3
Payments	(84.2)		(88.2)		(70.4)
Acquisitions	—		—		8.0
Foreign currency translation	(0.6)		0.1		(0.3)
Ending balance	$	67.2	$	65.0	$	63.1

Stand-by letters of credit, bank guarantees and bonds

In certain situations, Tyco International Ltd., Pentair Ltd.’s former parent company (“Tyco”), guaranteed performance by the flow control business of Pentair Ltd. (“Flow Control”) to third parties or provided financial guarantees for financial commitments of Flow Control. In situations where Flow Control and Tyco were unable to obtain a release from these guarantees in connection with the spin-off of Flow Control from Tyco, we will indemnify Tyco for any losses it suffers as a result of such guarantees.

In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.

As of December 31, 2024 and 2023, the outstanding value of bonds, letters of credit and bank guarantees totaled $102.1 million and $124.3 million, respectively.

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

Components of Accumulated Other Comprehensive Loss consist of the following:


	December 31
In millions	2024		2023

Cumulative translation adjustments	$	(322.3)	$	(256.5)
Market value of derivative financial instruments, net of tax	45.7		12.1
Accumulated other comprehensive loss	$	(276.6)	$	(244.4)

Segment Information - Financial Information By Reportable Segment (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Segment Reporting Information [Line Items]

Identifiable assets

^[1]

$ 6,446.5

$ 6,563.3

$ 6,447.5

Capital expenditures

74.4

76.0

85.2

Depreciation

60.3

59.5

54.1

Operating Segments

Segment Reporting Information [Line Items]

Identifiable assets

6,005.5

6,084.7

6,219.1

Capital expenditures

59.5

59.9

77.5

Depreciation

51.6

50.6

46.8

Corporate and other

Segment Reporting Information [Line Items]

Identifiable assets

^[1]

441.0

478.6

228.4

Capital expenditures

14.9

16.1

7.7

Depreciation

8.7

8.9

7.3

Flow | Operating Segments

Segment Reporting Information [Line Items]

Identifiable assets

^[1]

1,590.7

1,709.7

1,722.4

Capital expenditures

20.1

19.6

24.0

Depreciation

21.4

21.1

19.5

Water Solutions | Operating Segments

Segment Reporting Information [Line Items]

Identifiable assets

2,613.5

2,695.2

2,786.4

Capital expenditures

22.3

23.0

24.7

Depreciation

17.1

18.1

18.4

Pool | Operating Segments

Segment Reporting Information [Line Items]

Identifiable assets

^[1]

1,801.3

1,679.8

1,710.3

Capital expenditures

17.1

17.3

28.8

Depreciation

$ 13.1

$ 11.4

$ 8.9

[1]	All cash and cash equivalents are included in “Corporate and other.”

- Definition

Amount of asset recognized for present right to economic benefit.

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+ Details

Restructuring and Transformation Program - Accrual Activity recorded on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 13.4	$ 23.2
Costs incurred	35.2	15.1
Cash payments and other	(29.9)	(24.9)
Ending balance	$ 18.7	$ 13.4
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of goods sold, Selling, general and administrative	Cost of goods sold, Selling, general and administrative

Basis of Presentation and Summary of Significant Accounting Policies - Goodwill and identifiable intangible assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charges, excluding goodwill	$ 0	$ 0	$ 2,700,000
Impairment, Intangible Asset, Statement of Income or Comprehensive Income [Extensible Enumeration]			Selling, general and administrative
Impairment charges, goodwill	$ 0	$ 0	$ 0

Goodwill and Other Identifiable Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in Carrying Amount of Goodwill by Segment

The changes in the carrying amount of goodwill for the years ended December 31, 2024 and 2023 by reportable segment were as follows:


In millions	December 31, 2023		Acquisitions		Foreign currency translation		December 31, 2024
Flow	$	767.1	$	—	$	(36.7)	$	730.4
Water Solutions	1,400.6		—		(7.9)		1,392.7
Pool	1,106.9		56.6		—		1,163.5
Total goodwill	$	3,274.6	$	56.6	$	(44.6)	$	3,286.6


In millions	December 31, 2022		Purchase accounting adjustments		Foreign currency translation		December 31, 2023
Flow	$	747.6	$	—	$	19.5	$	767.1
Water Solutions	1,398.1		(0.8)		3.3		1,400.6
Pool	1,106.9		—		—		1,106.9
Total goodwill	$	3,252.6	$	(0.8)	$	22.8	$	3,274.6

Identifiable Intangible Assets

Identifiable intangible assets consisted of the following at December 31:


	2024						2023
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,146.5	$	(400.2)	$	746.3	$	1,106.2	$	(361.8)	$	744.4
Proprietary technology and patents	88.8		(48.4)		40.4		89.7		(43.2)		46.5

Total definite-life intangibles	1,235.3		(448.6)		786.7		1,195.9		(405.0)		790.9
Indefinite-life intangibles
Trade names	247.1		—		247.1		251.5		—		251.5
Total intangibles	$	1,482.4	$	(448.6)	$	1,033.8	$	1,447.4	$	(405.0)	$	1,042.4

Estimated Future Amortization Expense for Identifiable Intangible Assets

Estimated future amortization expense for identifiable intangible assets during the next five years is as follows:


In millions	2025		2026		2027		2028		2029
Estimated amortization expense	$	57.1	$	55.8	$	54.5	$	52.1	$	51.7

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Income Taxes - Reconciliations of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 38.6	$ 39.6	$ 37.3
Gross increases for tax positions in prior periods	0.0	0.6	3.6
Gross decreases for tax positions in prior periods	(31.5)	(0.2)	(0.9)
Gross increases based on tax positions related to the current year	0.2	1.6	0.2
Gross decreases related to settlements with taxing authorities	(1.3)	(3.0)	(0.6)
Ending balance	$ 6.0	$ 38.6	$ 39.6

Share Plans - Restricted Stock Units (Detail) - Restricted Stock Units shares in Millions	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Number of shares
Beginning balance (in shares) \| shares	0.6
Granted (in shares) \| shares	0.3
Vested (in shares) \| shares	(0.3)
Forfeited (in shares) \| shares	(0.1)
Ending Balance (in shares) \| shares	0.5
Weighted average grant date fair value
Beginning balance (USD per share) \| $ / shares	$ 53.88
Granted (USD per share) \| $ / shares	75.88
Vested (USD per share) \| $ / shares	54.93
Ending balance (USD per share) \| $ / shares	62.93
Forfeited (USD per share) \| $ / shares	$ 62.86

Acquisitions

12 Months Ended

Dec. 31, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Acquisitions

On December 2, 2024, as part of our Pool reportable segment, we completed the acquisition of G & F Manufacturing, LLC for $116.0 million in cash, net of cash acquired and subject to customary adjustments. The net purchase price is comprised of an upfront cash payment of $108.0 million, subject to customary adjustments, and the estimated fair value at the acquisition date of contingent earn-out liabilities based upon the achievement of certain defined operating results in the two years following the acquisition. The excess purchase price over tangible and identifiable intangible net assets acquired has been preliminarily allocated to goodwill in the amount of $56.6 million, all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired consisted of $51.6 million of definite-lived customer relationships with an estimated useful life of 16 years. The pro forma impact of the acquisition was not material.

In July 2022, as part of our Water Solutions reportable segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. (“Welbilt”) and certain other assets, rights, and properties, and assumed certain liabilities, comprising Welbilt’s Manitowoc Ice business (“Manitowoc Ice”), for approximately $1.6 billion in cash.

Manitowoc Ice is a designer, manufacturer and distributor of commercial ice machines. The acquisition of Manitowoc Ice allows us to enhance and deliver our total water management offerings to an expanded network of channel partners and customers.

The purchase price has been allocated based on the fair value of assets acquired and liabilities assumed at the date of the Manitowoc Ice acquisition. The purchase price allocation was completed in the third quarter of 2023.

The following table summarizes the final allocation of the purchase price to the fair value of assets acquired and liabilities assumed in the Manitowoc Ice acquisition:


In millions
Cash	$	33.8
Accounts receivable	36.7
Inventories	66.7
Other current assets	3.9
Property, plant and equipment	21.6
Identifiable intangible assets	728.3
Goodwill	789.7
Other assets	0.7
Current liabilities	(62.7)
Other liabilities	(4.8)
Purchase price	$	1,613.9

The excess of purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $789.7 million, all of which is deductible for income tax purposes. Goodwill recognized from the Manitowoc Ice acquisition primarily reflects the future economic benefit resulting from synergies of our combined operations.

Identifiable intangible assets acquired as part of the Manitowoc Ice acquisition include $78.4 million of indefinite-lived trade name intangible assets, $588.4 million of definite-lived customer relationships with a weighted-average estimated useful life of 20 years, $47.1 million of definite-lived proprietary technology intangible assets with a weighted-average estimated useful life of 10 years and $14.4 million of other definite-lived intangible assets with a weighted-average estimated useful life of four months. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and customer relationships and other definite-lived intangible assets acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy described in Note 9.

For the year ended December 31, 2022, non-recurring expense related to the fair value adjustment to acquisition-date inventory of $5.8 million, transaction-related charges of $19.9 million, and acquisition-related bridge financing costs of $9.0 million are reflected in Cost of goods sold, Selling, general and administrative and Net interest expense, respectively, in the Consolidated Statements of Operations and Comprehensive Income. Manitowoc Ice’s net sales and operating income for the period from the acquisition date to December 31, 2022 were $156.3 million and $12.2 million, respectively. For the year ended December 31, 2022, Manitowoc’s operating income includes $28.6 million of identifiable intangible asset amortization expense and $5.8 million of amortization of inventory fair market value step-up.


	Year Ended December 31
In millions, except per share data	2022
Pro forma net sales	$	4,328.6
Pro forma net income from continuing operations	486.3
Pro forma earnings per ordinary share - continuing operations
Basic	$	2.95
Diluted	2.94

The unaudited pro forma net income from continuing operations includes Manitowoc Ice’s identifiable intangible asset amortization expense of $34.1 million for the year ended December 31, 2022. The unaudited pro forma net income from continuing operations for the year ended December 31, 2022 excludes the impact of $34.7 million of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair value adjustment to acquisition-date inventory.

The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the Manitowoc Ice acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the Manitowoc Ice acquisition occurred on January 1, 2022.

Benefit Plans - Schedule of Assumptions (Detail)	12 Months Ended
Benefit Plans - Schedule of Assumptions (Detail)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension plans
Benefit obligation assumptions
Discount rate	4.83%	4.26%	4.77%
Rate of compensation increase	3.78%	3.70%	3.80%
Net periodic benefit expense assumptions
Discount rate	4.26%	4.77%	2.21%
Expected long-term return on plan assets	4.36%	4.76%	2.89%
Rate of compensation increase	3.70%	3.80%	3.61%
Other post-retirement plans
Benefit obligation assumptions
Discount rate	5.31%	4.84%	5.11%
Net periodic benefit expense assumptions
Discount rate	4.84%	5.11%	2.34%

Consolidated Balance Sheets - USD ($)
$ in Millions

Dec. 31, 2024

Dec. 31, 2023

Current assets

Cash and cash equivalents

$ 118.7

$ 170.3

Accounts receivable, net of allowances of $9.1 and $11.2, respectively

565.2

561.7

Inventories

610.9

677.7

Other current assets

141.3

159.3

Total current assets

1,436.1

1,569.0

Property, plant and equipment, net

358.8

362.0

Other assets

Goodwill

3,286.6

3,274.6

Intangibles, net

1,033.8

1,042.4

Other non-current assets

331.2

315.3

Total other assets

4,651.6

4,632.3

Total assets

^[1]

6,446.5

6,563.3

Current liabilities

Current maturities of short-term borrowings

9.3

0.0

Accounts payable

272.8

278.9

Employee compensation and benefits

116.2

125.4

Other current liabilities

496.8

545.3

Total current liabilities

895.1

949.6

Other liabilities

Long-term debt

1,638.7

1,988.3

Pension and other post-retirement compensation and benefits

61.6

73.6

Deferred tax liabilities

44.4

40.0

Other non-current liabilities

243.8

294.7

Total liabilities

2,883.6

3,346.2

Equity

Ordinary shares $0.01 par value, 426.0 authorized, 164.8 and 165.3 issued at December 31, 2024 and 2023, respectively

1.7

Additional paid-in capital

1,501.7

1,593.6

Retained earnings

2,336.1

1,866.2

Accumulated other comprehensive loss

(276.6)

(244.4)

Total equity

3,562.9

3,217.1

Total liabilities and equity

$ 6,446.5

$ 6,563.3

[1]	All cash and cash equivalents are included in “Corporate and other.”

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Financial Information by Reportable Business Segment

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:


	2024		2023		2022		2024		2023		2022		2024		2023		2022
In millions	Identifiable assets (1)						Capital expenditures						Depreciation
Flow	$	1,590.7	$	1,709.7	$	1,722.4	$	20.1	$	19.6	$	24.0	$	21.4	$	21.1	$	19.5
Water Solutions	2,613.5		2,695.2		2,786.4		22.3		23.0		24.7		17.1		18.1		18.4
Pool	1,801.3		1,679.8		1,710.3		17.1		17.3		28.8		13.1		11.4		8.9
Reportable segment total	6,005.5		6,084.7		6,219.1		59.5		59.9		77.5		51.6		50.6		46.8
Corporate and other	441.0		478.6		228.4		14.9		16.1		7.7		8.7		8.9		7.3
Consolidated	$	6,446.5	$	6,563.3	$	6,447.5	$	74.4	$	76.0	$	85.2	$	60.3	$	59.5	$	54.1

(1) All cash and cash equivalents are included in “Corporate and other.”

Reconciliation of Operating Profit (Loss) from Segments to Consolidated


2024
In millions	Flow		Water Solutions		Pool		Total
Net sales	$	1,514.0	$	1,131.0	$	1,436.1	$	4,081.1
Reconciliation of consolidated net sales
Corporate and other							1.7
Total consolidated net sales (1)							$	4,082.8

Cost of goods sold (2)(4)	(965.1)		(706.8)		(799.3)
Operating expenses (2)(3)(4)	(230.8)		(169.1)		(160.3)
Reportable segment income	$	318.1	$	255.1	$	476.5	$	1,049.7
Corporate and other							(90.5)
Restructuring and other							(37.0)
Transformation costs							(52.1)

Pension and other post-retirement mark-to-market gain							5.3
Asset impairment and write-offs							(17.6)






Legal accrual adjustments and settlements							7.5
Intangible amortization							(54.3)
Interest expense, net							(88.6)
Other expense							(3.5)
Income from continuing operations before income taxes							$	718.9

(1) One customer in the Pool business represented approximately 15% of our consolidated net sales in 2024.


2023
In millions	Flow		Water Solutions		Pool		Total
Net sales	$	1,582.1	$	1,177.2	$	1,343.6	$	4,102.9
Reconciliation of consolidated net sales
Corporate and other							1.6
Total consolidated net sales (1)							$	4,104.5

Cost of goods sold (2)(4)	(1,054.7)		(752.5)		(775.2)
Operating expenses (2)(3)(4)	(245.1)		(177.1)		(151.4)
Reportable segment income	$	282.3	$	247.6	$	417.0	$	946.9
Corporate and other							(91.8)
Restructuring and other							(3.4)
Transformation costs							(44.3)

Pension and other post-retirement mark-to-market loss							(6.1)
Asset impairment and write-offs							(7.9)
Legal accrual adjustments and settlements							(2.2)
Intangible amortization							(55.3)
Interest expense, net							(118.3)
Other income							1.3
Income from continuing operations before income taxes							$	618.9

(1) One customer in the Pool business represented approximately 15% of our consolidated net sales in 2023.


2022
In millions	Flow		Water Solutions		Pool		Total
Net sales	$	1,500.8	$	986.8	$	1,632.7	$	4,120.3
Reconciliation of consolidated net sales
Corporate and other							1.5
Total consolidated net sales (1)							$	4,121.8

Cost of goods sold (2)(4)	(1,041.5)		(672.5)		(1,009.8)
Operating expenses (2)(3)(4)	(217.0)		(165.3)		(160.8)
Reportable segment income	$	242.3	$	149.0	$	462.1	$	853.4
Corporate and other							(85.7)
Restructuring and other							(32.4)
Transformation costs							(27.2)
Inventory step-up							(5.8)
Pension and other post-retirement mark-to-market gain							17.5
Asset impairment and write-offs							(25.6)

Russia business exit impact							(4.7)
Deal-related costs and expenses							(22.2)
Legal accrual adjustments and settlements							(0.2)
Intangible amortization							(52.5)
Interest expense, net							(61.8)
Other expense							(2.2)
Income from continuing operations before income taxes							$	550.6

(1) One customer in the Pool business represented approximately 20% of our consolidated net sales in 2022.

Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Reconciliations of Benefit Obligations, Plan Assets of Pension Plans and Funded Status of Plans


	Pension plans				Other post-retirement plans
In millions	2024		2023			2024		2023
Change in benefit obligations
Benefit obligation beginning of year	$	97.5	$	90.5		$	7.6	$	9.0
Service cost	1.7		1.7			—		—
Interest cost	3.9		4.1			0.4		0.5


Settlement (1)	(6.8)		—			—		—
Curtailment (1)	(2.0)		—			—		—
Actuarial (gain) loss (2)	(2.7)		7.4			(0.6)		(0.8)
Foreign currency translation	(1.1)		1.1			—		—
Benefits paid	(7.2)		(7.3)			(0.8)		(1.1)
Benefit obligation end of year	$	83.3	$	97.5		$	6.6	$	7.6
Change in plan assets
Fair value of plan assets beginning of year	$	30.5	$	28.4		$	—	$	—
Actual return on plan assets	0.6		0.8			—		—

Company contributions	11.2		7.6			0.8		1.1
Settlement	(6.8)		—			—		—
Foreign currency translation	(0.9)		1.0			—		—
Benefits paid	(7.2)		(7.3)			(0.8)		(1.1)
Fair value of plan assets end of year	$	27.4	$	30.5		$	—	$	—
Funded status
Benefit obligations in excess of the fair value of plan assets	$	(55.9)	$	(67.0)		$	(6.6)	$	(7.6)

(1) The settlement and curtailment in 2024 related to a reduction in headcount in one of our pension plans as a result of ongoing transformation initiatives.

Activity for our Level 3 pension plan assets held during the year ended December 31, 2024 was as follows:


In millions	December 31, 2024
Beginning balance	$	14.2
Actual return on plan assets	0.5
Company contributions	0.7
Benefits received	0.3
Settlement	(6.8)
Foreign currency translation	(0.9)
Ending balance	$	8.0

Amounts Recognized in Consolidated Balance Sheets

Amounts recorded in the Consolidated Balance Sheets were as follows:


	Pension plans				Other post-retirement plans
In millions	2024		2023			2024		2023

Current liabilities	$	(6.2)	$	(6.5)		$	(1.0)	$	(1.1)
Non-current liabilities	(49.7)		(60.5)			(5.6)		(6.5)
Benefit obligations in excess of the fair value of plan assets	$	(55.9)	$	(67.0)		$	(6.6)	$	(7.6)

Pension Plans with an Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets

Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:


	Projected benefit obligation exceeds the fair value of plan assets				Accumulated benefit obligation exceeds the fair value of plan assets
In millions	2024		2023		2024		2023
Projected benefit obligation	$	83.3	$	97.5	$	83.3	$	83.5
Fair value of plan assets	27.4		30.5		27.4		18.8
Accumulated benefit obligation	N/A		N/A		82.6		81.9

Components of Net Periodic Benefit Cost

Components of net periodic benefit expense for our pension plans for the years ended December 31 were as follows:



In millions	2024		2023		2022
Service cost	$	1.7	$	1.7	$	2.4
Interest cost	3.9		4.1		2.5
Expected return on plan assets	(0.6)		(0.8)		(0.7)


Curtailment	(2.0)		—		—
Net actuarial (gain) loss	(2.9)		7.1		(16.4)
Net periodic benefit expense (income)	$	0.1	$	12.1	$	(12.2)

Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost

The following table provides the weighted-average assumptions used to determine benefit obligations and net periodic benefit cost as they pertain to our pension and other post-retirement plans.


	Pension plans						Other post-retirement plans
Percentages	2024		2023		2022			2024		2023		2022
Benefit obligation assumptions
Discount rate	4.83	%	4.26	%	4.77	%		5.31	%	4.84	%	5.11	%
Rate of compensation increase	3.78	%	3.70	%	3.80	%		N/A		N/A		N/A
Net periodic benefit expense assumptions
Discount rate	4.26	%	4.77	%	2.21	%		4.84	%	5.11	%	2.34	%
Expected long-term return on plan assets	4.36	%	4.76	%	2.89	%		N/A		N/A		N/A
Rate of compensation increase	3.70	%	3.80	%	3.61	%		N/A		N/A		N/A

Assumed Health Care Cost Trend Rates

The assumed healthcare cost trend rates for other post-retirement plans as of December 31 were as follows:


	2024		2023
Healthcare cost trend rate assumed for following year	7.0	%	6.1	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	4.0	%	4.0	%
Year the cost trend rate reaches the ultimate trend rate	2035		2046

Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals

Our actual overall asset allocation for our pension plans as compared to our investment policy goals as of December 31 was as follows:


	Actual				Target
Percentages	2024		2023		2024		2023
Fixed income	70	%	53	%	71	%	53	%
Alternative	29	%	47	%	29	%	47	%

Cash	1	%	—	%	—	%	—	%

Plan Assets Using Fair Value Hierarchy

The fair values of our pension plan assets and their respective levels in the fair value hierarchy as of December 31, 2024 and December 31, 2023 were as follows:


	December 31, 2024
In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.3	$	—	$	—	$	0.3










Other investments	—		—		8.0		8.0
Total investments at fair value	$	0.3	$	—	$	8.0	$	8.3
Investments measured at NAV							19.1
Total							$	27.4


	December 31, 2023
In millions	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	0.2	$	—	$	—	$	0.2










Other investments	—		—		14.2		14.2
Total investments at fair value	$	0.2	$	—	$	14.2	$	14.4
Investments measured at NAV							16.1
Total							$	30.5

Expected Future Service to Be Paid by Plans


In millions	Pension plans		Other post-retirement plans
2025	$	8.0	$	1.0
2026	8.3		0.9
2027	8.5		0.8
2028	8.3		0.8
2029	7.9		0.7
2030 - 2034	34.0		2.5

Commitments and Contingencies - Components of Lease Cost, Supplemental Cash Flow and Other Information Related to Leases (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Lease, Cost [Abstract]
Operating lease cost	$ 50.3	$ 49.7
Sublease income	(0.9)	(0.9)
Total lease cost	49.4	48.8
Operating cash flows from operating leases	36.3	35.5
Right-of-use assets obtained in exchange for lease obligations	$ 22.4	$ 14.0
Weighted-average remaining lease term of operating leases (years)	6 years	6 years 2 months 12 days
Weighted-average discount rate of operating leases	5.60%	5.70%

Basis of Presentation and Summary of Significant Accounting Policies - Allowance for Doubtful Accounts Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 11.2	$ 10.8	$ 9.1
Bad debt expense (benefit)	(0.2)	0.7	3.6
Acquisitions	0.0	0.0	0.3
Write-offs, net of recoveries	(1.4)	(0.7)	(1.4)
Other	0.5	0.4	0.8
Ending balance	$ 9.1	$ 11.2	$ 10.8

Benefit Plans - Plan Assets Using Fair Value Methodologies (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	$ 27.4
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	30.5
Fair value of plan assets end of year	27.4
Total
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8.3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	14.4
Fair value of plan assets end of year	8.3
Total \| Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.2
Fair value of plan assets end of year	0.3
Total \| Other Investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	14.2
Fair value of plan assets end of year	8.0
Level 1
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.2
Fair value of plan assets end of year	0.3
Level 1 \| Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.3
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.2
Fair value of plan assets end of year	0.3
Level 1 \| Other Investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.0
Fair value of plan assets end of year	0.0
Level 2
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.0
Fair value of plan assets end of year	0.0
Level 2 \| Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.0
Fair value of plan assets end of year	0.0
Level 2 \| Other Investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.0
Fair value of plan assets end of year	0.0
Level 3
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	14.2
Actual return on plan assets	0.5
Company contributions	0.7
Benefits received	0.3
Settlement	(6.8)
Foreign currency translation	(0.9)
Fair value of plan assets end of year	8.0
Level 3 \| Cash
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	0.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	0.0
Fair value of plan assets end of year	0.0
Level 3 \| Other Investments
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	8.0
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	14.2
Fair value of plan assets end of year	8.0
Investments measured at NAV
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets	19.1
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets beginning of year	16.1
Fair value of plan assets end of year	$ 19.1

Derivatives and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, at December 31 were as follows:


	2024				2023
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	843.8	$	843.8	$	1,187.5	$	1,187.5
Fixed rate debt	819.3		814.3		819.3		824.5
Total debt	$	1,663.1	$	1,658.1	$	2,006.8	$	2,012.0

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:


	December 31, 2024
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	1.9	$	—	$	—	$	1.9
Foreign currency contract assets	—		2.5		—		—		2.5
Foreign currency contract liabilities	—		(16.3)		—		—		(16.3)
Deferred compensation plan assets	15.0		—		—		14.4		29.4
Contingent earn-out liabilities	—		—		8.0		—		8.0
Total recurring fair value measurements	$	15.0	$	(11.9)	$	8.0	$	14.4	$	25.5


	December 31, 2023
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	0.3	$	—	$	—	$	0.3
Foreign currency contract assets	—		0.2		—		—		0.2
Foreign currency contract liabilities	—		(70.0)		—		—		(70.0)
Deferred compensation plan assets	12.1		—		—		14.0		26.1
Total recurring fair value measurements	$	12.1	$	(69.5)	$	—	$	14.0	$	(43.4)

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
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-Paragraph 69B
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

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-SubTopic 30
-Name Accounting Standards Codification
-Section 45
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 942
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Income Taxes - Provision for Income Taxes (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Currently payable

Federal

$ 3.0

$ 0.0

International

^[1]

101.7

88.5

112.2

Total current taxes

104.7

88.5

112.2

Deferred

International

^[1]

(11.4)

(92.5)

(44.8)

Total deferred taxes

(11.4)

(92.5)

(44.8)

Total provision (benefit) for income taxes

$ 93.3

$ (4.0)

$ 67.4

[1]	“Federal” represents U.K. taxes. (2) “International” represents non-U.K. taxes.

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Shareholder's Equity (Detail) - USD ($)	12 Months Ended
Shareholder's Equity (Detail) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 16, 2024	Dec. 31, 2020
Shareholders Equity
Common stock, shares authorized	426,000,000.0	426,000,000.0
Common stock, par value (per share)	$ 0.01	$ 0.01
Share repurchases	$ 150,000,000.0		$ 50,000,000.0
Increase (Decrease) to Quarterly Dividend Rate				9.00%
Dividends payable amount per share	$ 0.25
Dividends payable	$ 41,200,000	$ 38,000,000.0
Dividends paid per common share	$ 0.92	$ 0.88	$ 0.84
December 2020 Share Repurchase Program
Shareholders Equity
Authorized amount to repurchase shares of common stock					$ 750,000,000
Remaining authorized repurchase amount	$ 450,000,000.0
Common shares
Shareholders Equity
Share repurchase (in shares)		0	1,000,000.0
Common shares \| December 2020 Share Repurchase Program
Shareholders Equity
Share repurchase (in shares)	1,600,000
Capital contribution reserve
Shareholders Equity
Share repurchases	$ 150,000,000.0		$ 50,000,000.0
Capital contribution reserve \| December 2020 Share Repurchase Program
Shareholders Equity
Share repurchases	$ 150,000,000.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income (loss) before income taxes and noncontrolling interest

Income from continuing operations before income taxes consisted of the following:


	Years ended December 31
In millions	2024		2023		2022
Federal (1)	$	1.9	$	(9.9)	$	(10.1)
International (2)	717.0		628.8		560.7
Income from continuing operations before income taxes	$	718.9	$	618.9	$	550.6

(1) “Federal” reflects United Kingdom (“U.K.”) income (loss) from continuing operations before income taxes, given U.K. tax residency.

(2) “International” reflects non-U.K. income from continuing operations before income taxes.

Provision for Income Taxes

The provision (benefit) for income taxes consisted of the following:


	Years ended December 31
In millions	2024		2023		2022
Currently payable (receivable)
Federal (1)	$	3.0	$	—	$	—

International (2)	101.7		88.5		112.2
Total current taxes	104.7		88.5		112.2
Deferred

International (2)	(11.4)		(92.5)		(44.8)
Total deferred taxes	(11.4)		(92.5)		(44.8)
Total provision (benefit) for income taxes	$	93.3	$	(4.0)	$	67.4

(1) “Federal” represents U.K. taxes.

(2) “International” represents non-U.K. taxes.

Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate

Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:


	Years ended December 31
Percentages	2024		2023		2022
U.K. federal statutory income tax rate (1)	25.0	%	23.5	%	19.0	%
Tax effect of international operations (2)	(11.5)		(13.2)		(7.6)
Change in valuation allowances	2.0		2.2		1.0
Withholding taxes	1.5		—		—

Excess tax benefits on stock-based compensation	(1.5)		(0.1)		(0.2)



Unrecognized tax benefits	(2.7)		—		—
Worthless stock deduction	—		(5.0)		—
Change in tax basis in foreign assets (3)	0.2		(8.0)		—

Effective tax rate	13.0	%	(0.6)	%	12.2	%

(2) The tax effect of international operations consists of non-U.K. jurisdictions.

(3) The 2023 impact primarily represents the initial recognition of tax basis in intangible assets in foreign jurisdictions and the related valuation allowance.

Schedule of Unrecognized Tax Benefits Roll Forward

Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:


	Years ended December 31
In millions	2024		2023		2022
Beginning balance	$	38.6	$	39.6	$	37.3
Gross increases for tax positions in prior periods	—		0.6		3.6
Gross decreases for tax positions in prior periods	(31.5)		(0.2)		(0.9)
Gross increases based on tax positions related to the current year	0.2		1.6		0.2
Gross decreases related to settlements with taxing authorities	(1.3)		(3.0)		(0.6)

Ending balance	$	6.0	$	38.6	$	39.6

Deferred Taxes

Deferred taxes were recorded in the Consolidated Balance Sheets as follows:


	December 31
In millions	2024		2023

Other non-current assets	$	129.6	$	113.2
Deferred tax liabilities	44.4		40.0
Net deferred tax assets	$	85.2	$	73.2

Tax Effects of Major Items Recorded as Deferred Tax Assets and Liabilities

The tax effects of the major items recorded as deferred tax assets and liabilities were as follows:


	December 31
In millions	2024		2023
Deferred tax assets
Accrued liabilities and reserves	$	54.8	$	58.8
Pension and other post-retirement compensation and benefits	17.5		20.1
Employee compensation and benefits	27.4		28.6
Research and development costs	36.6		28.4
Tax loss and credit carryforwards	691.4		769.4
Interest limitations	214.0		168.4
Total deferred tax assets	1,041.7		1,073.7
Valuation allowance	739.7		816.6
Deferred tax assets, net of valuation allowance	302.0		257.1
Deferred tax liabilities
Property, plant and equipment	17.1		17.9
Goodwill and other intangibles	177.9		149.7
Other liabilities	21.8		16.3
Total deferred tax liabilities	216.8		183.9
Net deferred tax assets	$	85.2	$	73.2

Basis of Presentation and Summary of Significant Accounting Policies - Insurance Subsidiary (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for policy claims	$ 68.6	$ 64.9
Other Current Liabilities
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for policy claims	13.0	13.0
Other Noncurrent Liabilities
Liability for Claims and Claims Adjustment Expense [Line Items]
Reserve for policy claims	$ 55.6	$ 51.9