Zurn Elkay Water Solutions (ZWS) 10-Q 25 Oct 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-35475
Entity Registrant Name	ZURN ELKAY WATER SOLUTIONS CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-5197013
Entity Address, Address Line One	511 W. Freshwater Way
Entity Address, Postal Zip Code	53204
Entity Address, City or Town	Milwaukee,
Entity Address, State or Province	WI
City Area Code	855
Local Phone Number	480-5050
Title of Each Class	Common Stock, $.01 par value
Trading Symbol(s)	ZWS
Name of Each Exchange on Which Registered	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		177,794,600
Entity Central Index Key	0001439288
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 71.9	$ 96.6
Receivables, net	269.1	144.1
Inventories, net	400.2	184.5
Income taxes receivable	24.5	33.1
Other current assets	34.8	16.5
Total current assets	800.5	474.8
Property, plant and equipment, net	203	64.4
Intangible assets, net	1,019.1	179.1
Goodwill	754.8	254.1
Insurance for asbestos claims	66	66
Other assets	83.6	39.3
Total assets	2,927	1,077.7
Current liabilities:
Current maturities of debt	5.7	5.6
Trade payables	144.5	105.1
Compensation and benefits	27.4	22
Current portion of pension and postretirement benefit obligations	1.3	1.3
Other current liabilities	149.8	106.4
Total current liabilities	328.7	240.4
Long-term debt	531.3	533.9
Pension and postretirement benefit obligations	58.7	57.3
Deferred income taxes	229.8	3.1
Operating lease liability	51.2	8.9
Reserve for asbestos claims	66	66
Other liabilities	42.7	41.7
Total liabilities	1,308.4	951.3
Stockholders' equity:
Common stock, value	1.8	1.3
Additional paid-in capital	2,850.2	1,436.9
Retained deficit	(1,154.4)	(1,236.9)
Accumulated other comprehensive loss	(79)	(74.9)
Total stockholders' equity	1,618.6	126.4
Total liabilities and stockholders' equity	$ 2,927	$ 1,077.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Stockholders' equity:
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares issued (in shares)	177,759,553	125,720,068
Common stock, shares outstanding (in shares)	177,759,553	125,720,068

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 417.7	$ 229.7	$ 941.5	$ 678.6
Cost of sales	277.3	133.9	585.4	390.6
Gross profit	140.4	95.8	356.1	288
Selling, general and administrative expenses	124.3	56.8	236.6	174.9
Restructuring and other similar charges	11.7	0.7	13.1	1.6
Amortization of intangible assets	14.5	5.8	19.1	17.7
(Loss) income from operations	(10.1)	32.5	87.3	93.8
Non-operating expense:
Interest expense, net	(8)	(9.9)	(18)	(29.6)
Other income (expense), net	0.6	(0.8)	0.3	(0.9)
(Loss) income before income taxes	(17.5)	21.8	69.6	63.3
Provision for income taxes	(1.6)	(5.7)	(22.9)	(16.6)
Net income from continuing operations	(19.1)	16.1	46.7	46.7
Income from discontinued operations, net of tax	0	48	0.8	140.6
Net (loss) income attributable to Zurn Elkay common stockholders	$ (19.1)	$ 64.1	$ 47.5	$ 187.3
Basic net (loss) income per share:
Continuing operations (in dollars per share)	$ (0.11)	$ 0.13	$ 0.33	$ 0.39
Discontinued operations (in dollars per share)	0	0.40	0.01	1.17
Net (loss) income (in dollars per share)	(0.11)	0.53	0.33	1.55
Diluted net (loss) income per share:
Continuing operations (in dollars per share)	(0.11)	0.13	0.32	0.38
Discontinued operations (in dollars per share)	0	0.38	0.01	1.13
Net (loss) income (in dollars per share)	$ (0.11)	$ 0.51	$ 0.33	$ 1.50
Weighted-average number of shares outstanding (in thousands):
Basic (in shares)	174,867	121,385	142,699	120,558
Effect of dilutive equity awards (in shares)	0	3,703	2,004	3,968
Diluted (in shares)	174,867	125,088	144,703	124,526

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (19.1)	$ 64.1	$ 47.5	$ 187.3
Other comprehensive income (loss):
Foreign currency translation adjustments	(4.1)	(10.3)	(4.1)	(6.6)
Change in pension and postretirement defined benefit plans, net of tax	0	0	0	(0.2)
Other comprehensive loss, net of tax	(4.1)	(10.3)	(4.1)	(6.8)
Total comprehensive (loss) income	$ (23.2)	$ 53.8	$ 43.4	$ 180.5

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities
Net income	$ 47.5	$ 187.3
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	11.8	41.8
Amortization of intangible assets	19.1	27.6
Loss (gain) on dispositions of long-lived assets	0.3	(10.1)
Deferred income taxes	4.1	(6.6)
Other non-cash expenses	5.3	1.7
Stock-based compensation expense	15.5	38.3
Changes in operating assets and liabilities:
Receivables	(34.4)	(67.5)
Inventories	(50.9)	(58.7)
Other assets	34.8	(7.1)
Accounts payable	9.7	82.4
Accruals and other	(50.2)	16.7
Cash provided by operating activities	12.6	245.8
Investing activities
Expenditures for property, plant and equipment	(4.3)	(21.6)
Acquisitions, net of cash acquired	(44.8)	(3.4)
Proceeds from dispositions of long-lived assets	1.3	14.3
Proceeds associated with divestiture of discontinued operations	35	4.2
Cash used for investing activities	(12.8)	(6.5)
Financing activities
Proceeds from borrowings of debt	85	0
Repayments of debt	(89.4)	(1.7)
Proceeds from exercise of stock options	1.9	23.5
Taxes withheld and paid on employees' share-based payment awards	(0.5)	(1.4)
Repurchase of common stock	0	(0.9)
Payment of common stock dividends	(20.1)	(32.6)
Cash used for financing activities	(23.1)	(13.1)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.4)	(4.2)
(Decrease) increase in cash, cash equivalents and restricted cash	(24.7)	222
Cash, cash equivalents and restricted cash at beginning of period	96.6	255.6
Cash, cash equivalents and restricted cash at end of period	$ 71.9	$ 477.6

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies The unaudited condensed consolidated financial statements included herein have been prepared by Zurn Elkay Water Solutions Corporation (formerly known as Zurn Water Solutions Corporation) (“Zurn Elkay” or the “Company”) in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations for the interim periods. Results for the interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2022. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. The Company As previously disclosed, on July 1, 2022, the Company completed its combination with Elkay Manufacturing Company (“Elkay”) through the merger of Elkay with and into a newly created subsidiary of the Company, with Elkay surviving as a wholly owned subsidiary of Zurn Elkay (the “Merger” or "Elkay Transaction"). The Company's results of operations includes the acquired operations subsequent to July 1, 2022. See Note 2, Acquisitions, for additional information on the Elkay Transaction. Zurn Elkay is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets what the Company believes to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, human safety and the environment. The Company's product portfolio includes professional grade water control and safety, water distribution and drainage, drinking water, finish plumbing, hygienic, environmental and site works products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time. The Company's heritage of innovation and specification has allowed it to provide highly-engineered, mission-critical solutions to customers for decades and affords the Company the privilege of having long-term, valued relationships with market leaders. The Company operates in a disciplined way and the Zurn Elkay Business System (“ZEBS”), described below, is its operating philosophy. Grounded in the spirit of continuous improvement, ZEBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of the Company's business. Following the Merger with Elkay, the Company continues to manage and evaluate its operations as a single operating segment and reporting unit structure primarily due to similarities in its products, production process, geographical footprint, customers, and methods of distribution. The Company’s chief operating decision-maker is the Chief Executive Officer who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Spin-Off of Process & Motion Control Segment On October 4, 2021, the Company completed a Reverse Morris Trust tax-free spin-off transaction (the “Spin-off Transaction”) in which (i) substantially all the assets and liabilities of the Company's Process & Motion Control ("PMC") business were transferred to a newly created subsidiary, Land Newco, Inc. (“Land”), (ii) the shares of Land were distributed to the Company's stockholders pro rata, and (iii) Land was merged with a subsidiary of Regal Rexnord Corporation (formerly known as Regal Beloit Corporation), in which the stock of Land was converted into a specified number of shares of Regal Rexnord Corporation. As a result of the Spin-Off Transaction, in accordance with authoritative guidance, the operating results of PMC are reported as discontinued operations in the condensed consolidated statements of operations for all prior periods presented. The condensed consolidated statements of cash flows has not been adjusted to separately disclose cash flows related to the discontinued operations. See Note 4, Discontinued Operations for additional information. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform. The amendments in this update provide optional expedients and exceptions for applying GAAP to instruments affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022. The Company did not modify any material contracts due to reference rate reform during the nine months ended September 30, 2022. The Company will continue to evaluate the impact this guidance will have on its consolidated financial statements for all future transactions affected by reference rate reform during the time period referenced above.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Nine Months Ended September 30, 2022 Elkay Merger On July 1, 2022, the Company and Elkay completed the Elkay Merger for a preliminary purchase price of $1,462.9 million. Elkay, a market leader of commercial sinks and drinking water solutions, complements the Company's existing product portfolio. The preliminary purchase price includes $1,417.0 million of Zurn's common stock based on Zurn's closing stock price of $27.48 on July 1, 2022, and $45.9 million of net cash payments for the repayment of Elkay's existing term loan and Elkay's transaction related costs outstanding that were in excess of Elkay's cash and cash equivalents balance at the time of closing. Pursuant to the terms of the Merger Agreement, Zurn issued 51,564,524 shares of common stock, $0.01 par value per share, of the Company ("Company common stock"), which represented approximately 29% of the 177,746,770 outstanding shares of the Company common stock immediately following the Merger closing. The total shares of Company common stock issued is preliminary and subject to change upon finalization of customary post-closing adjustments with respect to cash, indebtedness and working capital. The Company incurred transaction-related costs of approximately $33.7 million for the three and nine months ended September 30, 2022. These costs were associated with legal and professional services and were recognized as selling, general and administrative expenses in the condensed consolidated statements of operations. As previously announced, upon the Merger closing and in accordance with the terms and conditions of the Merger Agreement, the Company increased the size of its Board to eleven members, and two directors designated by Elkay were appointed to the board. Zurn senior management immediately prior to the consummation of the Elkay Transaction remained executive officers of the Company immediately after the Elkay Transaction. The Company's management determined that the Company is the accounting acquirer in the Elkay Transaction based on the facts and circumstances noted within this section and other relevant factors. As such, the Company applied the acquisition method of accounting to the identifiable assets and liabilities of the Elkay business, which have been measured at estimated fair value as of the date of the business combination. Elkay’s assets and liabilities were measured at estimated fair values at July 1, 2022, primarily using Level 3 inputs. Estimates of fair value represent management’s best estimate of assumptions about future events and uncertainties, including significant judgments related to future cash flows, discount rates, competitive trends, margin and revenue growth assumptions including royalty rates and customer attrition rates and others. Inputs used were generally obtained from historical data supplemented by current and anticipated market conditions and growth rates expected as of the Merger date. See Note 14, Fair Value Measurements, for additional information. Due to the timing of the business combination and the nature of the net assets acquired, at September 30, 2022, the valuation process to determine the fair values is not complete and further adjustments are expected. The Company has estimated the preliminary fair value of net assets acquired based on information currently available and will continue to adjust those estimates as additional information becomes available. As the Company finalizes the fair value of assets acquired and liabilities assumed, additional purchase price allocation adjustments will be recorded during the measurement period, but no later than one year from the date of the Merger. The Company will reflect measurement period adjustments in the period in which the adjustments are determined. The preliminary fair value of the assets acquired and liabilities assumed were as follows (in millions): Assets acquired: Receivables, net $ 92.1 Inventories 165.9 Other current assets 9.9 Property, plant and equipment, net 147.1 Intangible assets, net 860.5 Goodwill 505.0 Other assets 73.8 Total assets acquired 1,854.3 Liabilities assumed: Trade payables 30.4 Compensation and benefits 39.1 Current portion of pension and postretirement benefit obligations 17.3 Other current liabilities 30.1 Operating lease liability 40.5 Pension and postretirement benefit obligations 3.6 Deferred income taxes 222.6 Other liabilities 7.8 Total liabilities assumed 391.4 Total preliminary purchase price $ 1,462.9 Unaudited Pro Forma Information The following unaudited supplemental pro forma financial information presents the financial results from continuing operations for the nine months ended September 30, 2022 and 2021 as if the Elkay Merger had occurred on January 1, 2021. The pro forma financial information includes, where applicable, adjustments for: (i) additional amortization expense that would have been recognized related to the acquired intangible assets, (ii) additional depreciation expense that would have been recognized related to the acquired property, plant, and equipment, (iii) transaction costs and other one-time non-recurring costs which reduced expenses by $33.7 million for the nine months ended September 30, 2022 and increased expenses by $33.7 million for the nine months ended September 30, 2021, (v) additional cost of sales related to the inventory valuation adjustment which reduced expenses by $14.6 million for the nine months ended September 30, 2022 and increased expenses by $18.3 million for the nine months ended September 30, 2021, and (vi) the estimated income tax effect on the pro forma adjustments. The pro forma financial information excludes adjustments for estimated cost synergies or other effects of the integration of the Elkay Merger. The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the Elkay Merger been completed as of the date indicated or the results that may be obtained in the future. Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Net sales $ 1,240.2 $ 1,102.5 Net income (loss) from continuing operations $ 71.4 $ (3.8) Earnings per share from continuing operations Basic $ 0.50 $ (0.03) Assuming dilution $ 0.49 $ (0.03) For the period from July 1, 2022 through September 30, 2022, Elkay had net sales and a net loss of $149.9 million and $9.4 million, respectively, which amounts include the impact of purchase accounting adjustments, and are included in the condensed consolidated statements of operations for the period from July 1, 2022 through September 30, 2022. Fiscal Year 2021 On November 17, 2021, the Company completed the acquisition of the Wade Drains business ("Wade Drains") from McWane, Inc. for a cash purchase price of $12.6 million, excluding transaction costs and net of cash acquired. During the nine months ended September 30, 2022, the Company received a $1.1 million cash payment from the sellers of Wade Drains in connection with finalizing the acquisition date trade working capital, which is included in the total cash purchase price above. Wade Drains manufactures a wide range of specified commercial plumbing products for customers across North America and complements the Company's existing flow systems product portfolio. On April 16, 2021, the Company acquired substantially all of the assets of Advance Technology Solutions, LLC (d/b/a ATS GREASEwatch) ("ATS GREASEwatch") for a cash purchase price of $4.5 million, excluding transaction costs and net of cash acquired. The Company paid $3.8 million to the sellers at closing, with the remaining $0.7 million payable to the sellers upon settlement of certain indemnities within two years of closing, ATS GREASEwatch develops, manufactures and markets remote tank monitoring devices, alarms, software and services for various applications and provides technology to enhance and expand our current product offerings. The acquisitions have been accounted for as business combinations and were recorded by allocating the purchase prices to the fair value of assets acquired and liabilities assumed at the acquisition dates. The excess of the purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. The preliminary purchase price allocations associated with these acquisitions resulted in tax deductible goodwill of $7.5 million, customer relationship intangibles assets of $1.6 million, trade working capital of $9.0 million and $(1.0) million of other net liabilities. During the nine months ended September 30, 2022, the preliminary purchase price allocations for Wade Drains were adjusted, resulting in a $1.3 million decrease to goodwill, primarily related to the aforementioned cash payment received from the sellers of Wade Drains. The preliminary purchase price allocations for Wade Drains will be completed within the one-year period following the acquisition date. The Company's results of operations include the acquired operations subsequent to the acquisition dates. Pro-forma results of operations and certain other U.S. GAAP disclosures related to these acquisitions have not been presented because the acquisitions did not significantly impact the Company's condensed consolidated statements of operations or financial position.

Restructuring and Other Similar

Restructuring and Other Similar Charges	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring and Other Similar Charges	Restructuring and Other Similar Charges During the three and nine months ended September 30, 2022, the Company continued to execute various restructuring actions. These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of acquisitions, including Elkay, on the Company's overall manufacturing capacity and the refinement of its overall product portfolio. These restructuring actions primarily resulted in workforce reductions, lease termination costs, and other facility rationalization costs. The Company expects further expenses related to workforce reductions, lease termination costs, and other facility rationalization costs. Since the Company’s evaluation of other potential restructuring actions are in process, related restructuring expenses, if any, are not yet estimable. The following table summarizes the Company's restructuring and other similar charges during the three and nine months ended September 30, 2022 and September 30, 2021, (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Employee termination benefits $ 10.5 $ 0.7 $ 11.8 $ 1.6 Contract termination and other associated costs 1.2 — 1.3 — Total restructuring and other similar costs $ 11.7 $ 0.7 $ 13.1 $ 1.6 The following table summarizes the activity in the Company's restructuring accrual for the nine months ended September 30, 2022 (in millions): Employee termination benefits Contract termination and other associated costs Total Accrued Restructuring Costs, December 31, 2021 (1) $ 2.4 $ — $ 2.4 Elkay opening balance sheet accrual 4.7 — 4.7 Charges 11.8 1.3 13.1 Cash payments (8.0) (0.1) (8.1) Accrued Restructuring Costs, September 30, 2022 (1) $ 10.9 $ 1.2 $ 12.1 ____________________ (1) As of September 30, 2022, $11.2 million of the restructuring accrual is included in other current liabilities and $0.9 million is included in other liabilities in the condensed consolidated balance sheets. As of December 31, 2021, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.

Discontinued Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations During the year ended December 31, 2021, the Company completed the Spin-Off Transaction of PMC. The operating results of PMC are reported as discontinued operations in the condensed consolidated statements of operations for all prior periods presented, as the Spin-Off Transaction of PMC represented a strategic shift that had a major impact on operations and financial results. The condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and September 30, 2021 have not been adjusted to separately disclose cash flows related to the discontinued operations. During the nine months ended September 30, 2022, the Company received $35.0 million from Regal Rexnord Corporation as a result of the final working capital and cash balances at closing exceeding the targets stipulated in the Spin-Off Transaction agreement. The major components of the Income from discontinued operations, net of tax presented in the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and September 30, 2021, are as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Net sales $ — $ 327.5 $ — $ 973.0 Cost of sales — (204.5) — (598.5) Selling, general and administrative expenses — (61.0) — (184.2) Restructuring and other similar charges — (1.3) — (2.1) Amortization of intangible assets — (3.3) — (9.9) Interest expense, net — (1.1) — (4.1) Other non-operating income, net — 3.9 — 5.3 Income from discontinued operations before income tax — 60.2 — 179.5 Income tax (provision) benefit — (12.2) 0.8 (39.0) Equity method investment income — — — 0.3 Non-controlling interest income — — — 0.2 Income from discontinued operations, net of tax $ — $ 48.0 $ 0.8 $ 140.6 The condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and September 30, 2021 have not been adjusted to separately disclose cash flows related to discontinued operations. However, the significant investing and financing cash flows and other significant non-cash operating items associated with the discontinued operations were as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Depreciation $ — $ 34.9 Amortization of intangible assets — 9.9 Gain on disposition of assets — (10.1) Deferred income taxes — 0.5 Other non-cash charges — (0.3) Stock-based compensation — 13.9 Expenditures for property, plant and equipment — (17.5) Proceeds from dispositions of long-lived assets — 14.3 Proceeds associated with divestiture of discontinued operations 35.0 4.2 Repayments of debt — (1.6) Proceeds from exercise of stock options — 12.8 Taxes withheld and paid on employees' shared-based payment awards — (0.5) During the fiscal year ended March 31, 2019, the Company completed the sale of its VAG business, which was previously included in its Water Management platform. The sale agreement provided for contingent consideration based on Earn-out EBITDA, as defined in the sale agreement. During the three months ended September 30, 2021, the Company received a $4.2 million cash payment as a result of the VAG business performance in its fiscal year ended March 31, 2021, which represented the final period of the earn-out, which was recorded in income from discontinued operations, net of tax in the Company's condensed consolidated statements of operations.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition 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 in Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers . A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when obligations under the terms of a contract with the customer are satisfied. For the majority of the Company's product sales, revenue is recognized at a point-in-time when control of the product is transferred to the customer, which generally occurs when the product is shipped from the Company's manufacturing facility to the customer. When contracts include multiple products to be delivered to the customer, generally each product is separately priced and is determined to be distinct within the context of the contract. Other than a standard assurance-type warranty that the product will conform to agreed-upon specifications, there are generally no other significant post-shipment obligations. The expected costs associated with standard warranties continues to be recognized as an expense when the products are sold. When the contract provides the customer the right to return eligible products or when the customer is part of a sales rebate program, the Company reduces revenue at the point of sale using current facts and historical experience by using an estimate for expected product returns and rebates associated with the transaction. The Company adjusts these estimates at the earlier of when the most likely amount of consideration that is expected to be received changes or when the consideration becomes fixed. Accordingly, an increase or decrease to revenue is recognized at that time. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. The Company has elected to recognize the cost for freight and shipping when control of products has transferred to the customer as a component of cost of sales in the consolidated statements of operations. The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the condensed consolidated statements of operations. Revenue by Category The following tables present the Company's revenue disaggregated by customer type and customer geography (in millions): Three Months Ended Nine Months Ended Customer Type September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Institutional $ 169.8 $ 86.8 $ 366.2 $ 255.9 Commercial 127.9 70.2 287.8 208.0 All other 120.0 72.7 287.5 214.7 Total $ 417.7 $ 229.7 $ 941.5 $ 678.6 Three Months Ended Nine Months Ended Geography September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 United States $ 383.6 $ 209.6 $ 860.7 $ 614.9 Canada 21.8 16.7 57.4 49.4 Rest of world 12.3 3.4 23.4 14.3 Total $ 417.7 $ 229.7 $ 941.5 $ 678.6 Contract Balances For substantially all of the Company's product sales, the customer is billed 100% of the contract value when the product ships and payment is generally due 30 days from shipment. Certain contracts include longer payment periods; however, the Company has elected to utilize the practical expedient in which the Company will only recognize a financing component to the sale if payment is due more than one year from the date of shipment. Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. Contract assets arise when the Company performs by transferring goods or services to a customer before the customer pays consideration, or before the customer’s payment is due. A contract liability exists when the Company has received consideration or the amount is due from the customer in advance of revenue recognition. Contract liabilities and contract assets as of September 30, 2022 and September 30, 2021 were not material. Backlog The Company had backlog of $65.8 million as of September 30, 2022, which represents the most likely amount of consideration expected to be received in satisfying the remaining backlog under open contracts. The Company has elected to use the optional exemption provided by ASC 606-10-50-14A for variable consideration, and has not included estimated rebates in the amount of unsatisfied performance obligations. The Company expects to recognize approximately 94% of the backlog in the remaining three months of the year ending December 31, 2022, and the remaining approximately 6% in 2023 and beyond. Timing of Performance Obligations Satisfied at a Point in Time The Company determined that the customer is able to control the product when it is delivered to them; thus, depending on the shipping terms, control will transfer at different points between the Company's manufacturing facility or warehouse and the customer’s location. The Company considers control to have transferred upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset and the customer has significant risks and rewards of ownership of the asset. Variable Consideration The Company provides volume-based rebates and the right to return product to certain customers, which are accrued for based on current facts and historical experience. Rebates are paid either on an annual or quarterly basis. There are no other significant variable consideration elements included in the Company's contracts with customers. Contract Costs The Company has elected to expense contract costs as incurred if the amortization period is expected to be one year or less. If the amortization period of these costs is expected to be greater than one year, the costs would be subject to capitalization. As of September 30, 2022 and September 30, 2021, the contract assets capitalized, as well as amortization recognized in the three months ended September 30, 2022 and September 30, 2021, are not significant and no impairment losses were recognized. Allowance for Doubtful Accounts The Company assesses the collectability of customer receivables based on the credit worthiness of a customer as determined by credit checks and analysis, as well as the customer’s payment history. In determining the allowance for doubtful accounts, the Company also considers various factors including the aging of customer accounts and historical write-offs. In addition, the Company monitors other risk factors, including forward-looking information when establishing adequate allowances for doubtful accounts, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes for all periods presented is based on an estimated effective income tax rate for the respective fiscal years. The estimated annual effective income tax rate is determined excluding the effect of significant discrete items or items that are reported net of their related tax effects. The tax effect of significant discrete items is reflected in the period in which they occur. The Company's income tax expense is impacted by a number of factors, including the amount of taxable earnings derived in foreign jurisdictions with tax rates that are generally higher than the U.S. federal statutory rate, state tax rates in the jurisdictions where the Company does business and the Company's ability to utilize various tax credits, capital loss and net operating loss (“NOL”) carryforwards. The Company regularly reviews its deferred tax assets for recoverability and valuation allowances are established based on historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences, as deemed appropriate. In addition, all other available positive and negative evidence is taken into consideration for purposes of determining the proper balances of such valuation allowances. As a result of this review, the Company continues to maintain a full valuation allowance against U.S. federal and state capital loss carryforwards and a partial valuation allowance against certain foreign NOL carryforwards and other related foreign deferred tax assets, as well as certain U.S. state NOL carryforwards. Future changes to the balances of these valuation allowances, as a result of this continued review and analysis by the Company, could impact the financial statements for such period of change. The income tax provision was $1.6 million for the three months ended September 30, 2022, compared to $5.7 million for the three months ended September 30, 2021. The effective income tax rate for the three months ended September 30, 2022 was (9.1)% versus 26.1% for the three months ended September 30, 2021. The income tax provision recognized on the loss from operations for the three months ended September 30, 2022 was primarily due to non-deductible transactions costs associated with the Merger, the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, and the accrual of various state income taxes, partially offset by the reduction in the valuation allowance associated with certain state NOL carryforwards. The effective income tax rate for the three months ended September 30, 2021 was above the U.S. federal statutory rate of 21% primarily due to the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, and the accrual of various state income taxes, partially offset by the recognition of income tax benefits associated with share-based payments. The income tax provision was $22.9 million for the three months ended September 30, 2022, compared to $16.6 million for the nine months ended September 30, 2021. The effective income tax rate for the nine months ended September 30, 2022 was 32.9% versus 26.2% for the nine months ended September 30, 2021. The effective income tax rate for the nine months ended September 30, 2022 was above the U.S. federal statutory rate of 21% primarily due to non-deductible transactions costs associated with the Merger, the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code and the accrual of various state income taxes, partially offset by the recognition of income tax benefits associated with share-based payments and the reduction in the valuation allowance associated with certain state NOL carryforwards. The effective income tax rate for the nine months ended September 30, 2021 was above the U.S. federal statutory rate of 21% primarily due to the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, and the accrual of various state income taxes, partially offset by the recognition of income tax benefits associated with share-based payments. The Company’s total liability for net unrecognized tax benefits as of September 30, 2022 and December 31, 2021 was $6.7 million and $5.9 million, respectively. The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in income tax expense. As of September 30, 2022 and December 31, 2021, the total amount of gross, unrecognized income tax benefits included accrued interest and penalties of $0.5 million. The Company recognized $0.0 million and $0.1 million of net interest and penalties as income tax expense during the nine months ended September 30, 2022 and September 30, 2021, respectively. The Company conducts business in multiple locations within and outside the U.S. Consequently, the Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Currently, the Company is undergoing routine, periodic income tax examinations in foreign jurisdictions. During the nine month Transition Period ended December 31, 2020, the Internal Revenue Service (the “IRS”) completed an income tax examination of the Company’s U.S. consolidated federal income tax returns for the tax years ended March 31, 2016 and 2017. The Company paid approximately $1.5 million upon the conclusion of such examination, all of which was previously accrued in the Company’s financial statements. In accordance with the terms of the VAG sale agreement, the Company is required to indemnify the purchaser for any future income tax liabilities associated with all open tax years ending prior to, and including, the short period ended on the date of the Company's sale of VAG. VAG was notified by the German tax authorities of its intention to conduct an income tax examination of the VAG German entities’ corporate income and trade tax returns for the tax years ended March 31, 2014 through 2019. Similarly, in accordance with the Spin-Off Transaction, the Company is required to indemnify Regal Rexnord Corporation for any future income tax liabilities associated with PMC entities relating to all open tax years ending prior to, and including, the short period ended on the date of the Spin-Off. There are currently a number of ongoing income tax examinations being conducted by the applicable tax authorities in various foreign tax jurisdictions with respect to certain PMC entities. It appears reasonably possible that the amounts of unrecognized income tax benefits and indemnification liabilities could change in the next twelve months upon conclusion of the current ongoing examinations; however, any potential payments of income tax, interest and penalties are not expected to be significant to the Company's consolidated financial statements. With certain exceptions, the Company is no longer subject to U.S. federal income tax examinations for tax years ending prior to March 31, 2019, state and local income tax examinations for years ending prior to March 31, 2018 or significant foreign income tax examinations for years ending prior to March 31, 2017.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic net income per share from continuing and discontinued operations attributable to Zurn Elkay common stockholders is computed by dividing net income from continuing operations and income from discontinued operations attributable to Zurn Elkay common stockholders, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income per share from continuing and discontinued operations attributable to Zurn Elkay common stockholders is computed based on the weighted average number of common shares outstanding, increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive. The computation for diluted net income per share for the three and nine months ended September 30, 2022 excludes 2.3 million and 0.8 million common shares due to their anti-dilutive effects, respectively. The computation for diluted net income per share for the three and nine months ended September 30, 2021 excludes 0.0 million and 0.2 million common shares due to their anti-dilutive effects, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Stockholders' equity consists of the following (in millions): Common stock (1) Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interest (2) Total stockholders’ equity Balance at December 31, 2020 $ 1.2 $ 1,392.9 $ 116.0 $ (73.8) $ 3.0 $ 1,439.3 Total comprehensive income (loss) — — 50.0 (1.8) 0.1 48.3 Stock-based compensation expense — 14.2 — — — 14.2 Proceeds from exercise of stock options — 2.8 — — — 2.8 Repurchase of common stock — — (0.9) — — (0.9) Common stock dividends ($0.09 per share) — — (10.8) — — (10.8) Balance at March 31, 2021 $ 1.2 $ 1,409.9 $ 154.3 $ (75.6) $ 3.1 $ 1,492.9 Total comprehensive income — — 73.2 5.3 0.1 78.6 Stock-based compensation expense — 11.6 — — — 11.6 Proceeds from exercise of stock options — 16.6 — — — 16.6 Taxes withheld and paid on employees' share-based payment awards — (1.4) — — — (1.4) Common stock dividends ($0.09 per share) — — (10.8) — — (10.8) Balance at June 30, 2021 $ 1.2 $ 1,436.7 $ 216.7 $ (70.3) $ 3.2 $ 1,587.5 Total comprehensive income (loss) — — 64.1 (10.3) — 53.8 Stock-based compensation expense — 11.3 — — — 11.3 Proceeds from exercise of stock options — 4.1 — — — 4.1 Common stock dividends ($0.09 per share) — — (11.0) — — (11.0) Balance at September 30, 2021 $ 1.2 $ 1,452.1 $ 269.8 $ (80.6) $ 3.2 $ 1,645.7 Common stock (1) Additional Retained Accumulated Non-controlling interest (2) Total Balance at December 31, 2021 $ 1.3 $ 1,436.9 $ (1,236.9) $ (74.9) $ — $ 126.4 Total comprehensive income — — 30.2 2.0 — 32.2 Stock-based compensation expense — 3.9 — — — 3.9 Proceeds from exercise of stock options — 0.5 — — — 0.5 Taxes withheld and paid on employees' share-based payment awards — (0.5) — — — (0.5) Proceeds associated with divestiture of discontinued operations — — 35.0 — — 35.0 Common stock dividends ($0.03 per share) — (3.8) — — — (3.8) Balance at March 31, 2022 $ 1.3 $ 1,437.0 $ (1,171.7) $ (72.9) $ — $ 193.7 Total comprehensive income (loss) — — 36.4 (2.0) — 34.4 Stock-based compensation expense — 3.8 — — — 3.8 Proceeds from exercise of stock options — 1.3 — — — 1.3 Common stock dividends ($0.03 per share) — (3.8) — — — (3.8) Balance at June 30, 2022 $ 1.3 $ 1,438.3 $ (1,135.3) $ (74.9) $ — $ 229.4 Total comprehensive loss — — (19.1) (4.1) — (23.2) Stock-based compensation expense — 7.8 — — — 7.8 Proceeds from exercise of stock options — 0.1 — — — 0.1 Elkay Merger (3) 0.5 1,416.5 — — — 1,417.0 Common stock dividends ($0.07 per share) — (12.5) — — — (12.5) Balance at September 30, 2022 $ 1.8 $ 2,850.2 $ (1,154.4) $ (79.0) $ — $ 1,618.6 ____________________ (1) During the three and nine months ended September 30, 2022, the Company issued 51,577,307 and 52,039,485 shares of common stock upon the exercise of stock options, vesting of restricted stock units, Elkay merger, and for other common stock awards, respectively. (2) Non-controlling interest through the Spin-Off Transaction represented a 5% non-controlling interest in a PMC joint venture relationship. The Company has no remaining non-controlling interest subsequent to the Spin-Off Transaction. (3) Refer to Note 2, Acquisitions for additional information regarding the Elkay acquisition. Prior year amounts disclosed within this note include amounts attributable to the Company's discontinued operations, unless otherwise noted. Refer to Note 4 Discontinued Operations for further detail. Share Repurchase Program During fiscal 2015, the Company's Board of Directors approved a common stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $200.0 million of the Company's common stock from time to time on the open market or in privately negotiated transactions. On January 27, 2020, the Company's Board of Directors approved increasing the remaining share repurchase authority under the Repurchase Program to $300.0 million. The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid; however, the program will continue until the maximum amount of dollars authorized have been expended or until it is modified or terminated by the Board. The Company did not repurchase any shares during the three and nine months ended September 30, 2022. During the nine months ended September 30, 2021, the Company repurchased 22,300 shares of common stock at a total cost of $0.9 million at a weighted average price of $39.27 per share. The repurchased shares were canceled by the Company upon receipt. A total of approximately $162.8 million of the existing authority remained under the Repurchase Program at September 30, 2022.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2022, are as follows (in millions): Foreign Currency Translation and Other Pension and Postretirement Plans Total Balance at December 31, 2021 $ (70.9) $ (4.0) $ (74.9) Other comprehensive loss before reclassifications (4.1) — (4.1) Amounts reclassified from accumulated other comprehensive loss — — — Net current period other comprehensive loss (4.1) — (4.1) Balance at September 30, 2022 $ (75.0) $ (4.0) $ (79.0) There were no amounts reclassified from accumulated other comprehensive loss to net income during the three and nine months ended September 30, 2022. The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net income during the three and nine months ended September 30, 2021 (in millions): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Income Statement Line Pension and other postretirement plans Amortization of prior service credit $ — $ (0.2) Other income (expense), net Provision for income taxes — — Total net of tax $ — $ (0.2)

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventory, Net [Abstract]
Inventories	Inventories The major classes of inventories are summarized as follows (in millions): September 30, 2022 December 31, 2021 Finished goods $ 282.6 $ 169.1 Work in progress 18.5 5.1 Raw materials 107.4 14.6 Inventories at First-in, First-Out ("FIFO") cost 408.5 188.8 Adjustment to state inventories at Last-in, First-Out ("LIFO") cost (8.3) (4.3) $ 400.2 $ 184.5

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the net carrying value of goodwill for the nine months ended September 30, 2022, are presented below (in millions): Net carrying amount as of December 31, 2021 $ 254.1 Currency translation adjustments (3.0) Acquisition (1) 505.0 Purchase accounting adjustments (1) (1.3) Net carrying amount as of September 30, 2022 $ 754.8 (1) Refer to Note 2, Acquisitions for additional information regarding the acquisition and purchase accounting adjustments. The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of September 30, 2022 and December 31, 2021 are as follows (in millions): September 30, 2022 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 25.5 $ (22.5) $ 3.0 Customer relationships (including distribution network) 16 years 1,040.8 (285.1) 755.7 Tradenames 19 years 180.2 (6.8) 173.4 Intangible assets not subject to amortization - trademarks and tradenames 87.0 — 87.0 Total intangible assets, net 16 years $ 1,333.5 $ (314.4) $ 1,019.1 December 31, 2021 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 24.9 $ (22.4) $ 2.5 Customer relationships (including distribution network) 15 years 351.1 (269.1) 82.0 Tradenames 13 years 11.5 (4.0) 7.5 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 15 years $ 474.6 $ (295.5) $ 179.1 Intangible asset amortization expense totaled $14.5 million and $5.8 million for the three months ended September 30, 2022 and September 30, 2021, respectively. Intangible asset amortization expense totaled $19.1 million and $17.7 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Customer relationships acquired during the year ended December 31, 2021 were assigned a weighted-average useful life of 10 years. Customer relationships and tradenames acquired during the nine months ended September 30, 2022 were assigned weighted average useful lives of 16 years and 20 years , respectively. Based on preliminary purchase accounting, the Company expects to recognize amortization expense on the intangible assets subject to amortization of $33.6 million in the year ending December 31, 2022 (inclusive of the $19.1 million of amortization expense recognized in the nine months ended September 30, 2022), $58.1 million in 2023, $58.1 million in 2024, $58.0 million in 2025, $57.9 million in 2026 and $57.9 million in 2027.

Other Current Liabilities

Other Current Liabilities	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities are summarized as follows (in millions): September 30, 2022 December 31, 2021 Commissions $ 11.6 $ 8.1 Current portion of operating lease liability 8.3 6.1 Income taxes payable 1.4 2.1 Legal and environmental 2.3 3.0 Product warranty (1) 5.5 1.3 Restructuring and other similar charges (2) 11.2 2.4 Risk management (3) 16.6 11.3 Sales rebates 58.2 38.6 Tax indemnities 20.7 21.9 Taxes, other than income taxes 2.9 1.8 Other 11.1 9.8 $ 149.8 $ 106.4 ____________________ (1) See more information related to the product warranty obligations within Note 15, Commitments and Contingencies. (2) See more information related to the restructuring obligations within Note 3, Restructuring and Other Similar Charges. (3) Includes projected liabilities related to losses arising from automobile, general and product liability claims.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt is summarized as follows (in millions): September 30, 2022 December 31, 2021 Term loan (1) $ 536.3 $ 539.2 Finance leases (2) 0.7 0.3 Total 537.0 539.5 Less current maturities 5.7 5.6 Long-term debt $ 531.3 533.9 ____________________ (1) Includes unamortized debt issuance costs of $9.6 million and $10.8 million at September 30, 2022 and December 31, 2021, respectively. (2) Refer to Note 18, Leases, for further information regarding leases. Senior Secured Credit Facility On October 4, 2021, ZBS Global, Inc. (“Holdings”), Zurn Holdings, Inc., Zurn LLC (together, the “Borrowers”), the lenders from time to time party thereto, and Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders (in such capacity, the “Administrative Agent”) entered into a Fourth Amended and Restated First Lien Credit Agreement (the “Credit Agreement”). The Credit Agreement is funded by a syndicate of banks and other financial institutions and provides for (i) a $550.0 million term loan facility (the “Term Loan”) and (ii) a $200.0 million revolving credit facility (the “Revolving Credit Facility”). The obligations under the Credit Agreement and related documents are secured by liens on substantially all of the assets of Holdings, the Borrowers, and certain subsidiaries of the Borrowers pursuant to a Third Amended and Restated Guarantee and Collateral Agreement, dated as of October 4, 2021 (the "Collateral Agreement"), among Holdings, the Borrowers, the subsidiaries of the Borrowers party thereto, and the Administrative Agent, and certain other collateral documents. The Credit Agreement contains representations, warranties, covenants and events of default, including, without limitation, a financial covenant under which the Borrowers are, if certain conditions are met, obligated to maintain on a consolidated basis, as of the end of each fiscal quarter, a certain maximum Net First Lien Leverage Ratio (as defined in the Credit Agreement). As of September 30, 2022, the Borrowers were in compliance with all applicable covenants under the Credit Agreement. In connection with the consummation of the Merger, on July 1, 2022, Holdings, the Borrowers, Elkay and the other loan parties party thereto entered into that certain Amendment No. 1 (the “Amendment”) to the Fourth Amended and Restated First Lien Credit Agreement (the “Credit Agreement”) pursuant to which Elkay joined the Credit Agreement as a Borrower. Elkay and its domestic subsidiaries also granted security interests in substantially all of their personal property assets to secure the obligations under the Credit Agreement pursuant to that certain Supplement No. 1 dated as of July 1, 2022 to the Collateral Agreement and certain other collateral documents. Term Debt The Term Loan has a maturity date of October 4, 2028. The Borrowers are required to make quarterly payments of principal in an amount equal to $1.4 million on each quarter until the maturity date. The Term Loan bears interest at the Borrowers’ option, by reference to a base rate or a rate based on LIBOR, in either case plus an applicable margin determined quarterly based on the Borrowers’ Net First Lien Leverage Ratio as of the last day of each fiscal quarter. If the Net First Lien Leverage Ratio is greater than 1.80 to 1.00, the applicable margin shall equal 1.25% in the case of base rate borrowings and 2.25% in the case of LIBOR borrowings. In the event the Borrowers’ Net First Lien Leverage Ratio is less than or equal to 1.80 to 1.00, the applicable margin on both base rate and LIBOR borrowings would decrease by 0.25%. The Borrowers’ Net First Lien Leverage Ratio was 1.61 to 1.00 as of September 30, 2022, as such, the Company expects the applicable margin for LIBOR borrowings to decrease by 0.25% to 2.00% on a go forward basis. At September 30, 2022 and for the nine months then ended, the borrowings under the Term Loan had weighted-average effective interest rates of 5.39% and 4.41%, respectively. Revolving Credit Facility The Credit Agreement includes a $200.0 million revolving credit facility that has a maturity date of October 2, 2026. Borrowings under the Revolving Credit Facility bear interest at the Borrowers’ option, by reference to a base rate or a rate based on LIBOR, in either case plus an applicable margin determined quarterly based on the Borrowers’ Net First Lien Leverage Ratio as of the last day of each fiscal quarter. If the Net First Lien Leverage Ratio is greater than 2.00 to 1.00, the applicable margin shall equal 1.00% in the case of base rate borrowings and 2.00% in the case of LIBOR borrowings. In the event the Borrowers' Net First Lien Leverage Ratio is less than or equal to 2.00 to 1.00, the applicable margin on both base rate and LIBOR borrowings would decrease by 0.25%. The Borrowers’ Net First Lien Leverage Ratio was 1.61 to 1.00 as of September 30, 2022. The Borrowers are also required to pay a quarterly commitment fee on the average daily unused portion of the Revolving Credit Facility for each fiscal quarter and fees in connection with the issuance of letters of credit. If the Net First Lien Leverage Ratio is greater than 2.00 to 1.00, the commitment fee shall equal 0.50%, and if the Company's Net First Lien Leverage Ratio is less than or equal to 2.00 to 1.00, the commitment fee shall equal 0.375%. At September 30, 2022 and December 31, 2021, there were no amounts borrowed under the Revolving Credit Facility. As of September 30, 2022 and December 31, 2021, $7.6 million and $6.1 million of the Revolving Credit Facility was considered utilized in connection with outstanding letters of credit, respectively. Finance Leases and Other Subsidiary Debt At September 30, 2022 and December 31, 2021, the Company had finance lease obligations of $0.7 million and $0.3 million, respectively. See Note 18, Leases for further information regarding leases.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820 also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about the assumptions a market participant would use. In accordance with ASC 820, fair value measurements are classified under the following hierarchy: • Level 1 - Quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable. • Level 3 - Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable. If applicable, the Company uses quoted market prices in active markets to determine fair value, and therefore classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters. These measurements are classified within Level 3 if they use significant unobservable inputs. Fair Value of Financial Instruments The Company has a nonqualified deferred compensation plan where assets are invested in mutual funds and corporate-owned life insurance contracts held in a Rabbi Trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for the mutual funds, which are measured using quoted prices of identical instruments in active markets categorized as Level 1. Corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds categorized as Level 2. The deferred compensation plan assets are classified within other assets on the condensed consolidated balance sheets. Deferred compensation plan liabilities are measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants categorized as Level 1. Deferred compensation plan liabilities are classified within other liabilities on the condensed consolidated balance sheets. The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in millions): Fair Value as of September 30, 2022 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ — $ 10.8 $ — $ 10.8 Deferred compensation plan liabilities 11.3 — — 11.3 Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ 0.9 $ 14.4 $ — $ 15.3 Deferred compensation plan liabilities 16.3 — — 16.3 There were no transfers of assets between levels at September 30, 2022 and December 31, 2021, respectively. Fair Value of Non-Derivative Financial Instruments The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at September 30, 2022 and December 31, 2021, due to the short-term nature of those instruments. The fair value of long-term debt as of September 30, 2022 and December 31, 2021, was approximately $539.1 million and $552.4 million, respectively. The fair value is based on quoted market prices for the same instruments. Acquisition Method of Accounting The methods used to determine the fair value of significant identifiable assets and liabilities included in the allocation of the Elkay purchase price are discussed below. Inventories - Acquired inventory was comprised of finished goods, work in process and raw materials. The fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The fair value of work in process inventory was primarily calculated as the estimated selling price, adjusted for estimated costs to complete the manufacturing, estimated costs of the selling effort, as well as a reasonable profit margin on the remaining manufacturing and selling effort. The fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value. Property, Plant and Equipment - The preliminary fair value of property, plant, and equipment was determined based on assumptions that market participants would use in pricing an asset. Leases, including Right-Of-Use ("ROU") Assets and Lease Liabilities - Lease liabilities were measured as of the acquisition date at the present value of future minimum lease payments over the remaining lease term and the incremental borrowing rate of the Company as if the acquired leases were new leases as of the acquisition date. ROU assets recorded are equal to the amount of the lease liability at the acquisition date adjusted for any off-market terms of the lease. The remaining lease term was based on the remaining term at the acquisition date plus any renewal or extension options that the Company is reasonably certain will be exercised. Identifiable Intangible Assets - The fair value estimates of the identifiable intangible assets are based upon assumptions that market participants would use in pricing an asset. The preliminary fair value and weighted average useful life of the identifiable intangible assets are as follows (in millions): Fair Value Weighted Average Useful Life Trade name (1) $ 168.7 20 Customer relationships (2) 691.8 16 Fair value of intangible assets acquired 860.5 ____________________ (1) The Elkay trade name was valued using the relief from royalty method, which considers both the market approach and the income approach. (2) The fair value of customer relationships was valued using a multi-period excess earnings method, a form of the income approach, which incorporates the estimated future cash flows to be generated from Elkay's existing customer base. Deferred Income Tax Assets and Liabilities - The acquisition was structured as a merger and therefore, the Company assumed the historical tax basis of the Elkay business’s assets and liabilities. The deferred income tax assets and liabilities include the expected future federal, state, and foreign tax consequences associated with temporary differences between the fair values of the assets acquired and liabilities assumed and the respective tax bases. Tax rates utilized in calculating deferred income taxes generally represent the enacted statutory tax rates at the effective date of the acquisition in the jurisdictions in which legal title of the underlying asset or liability resides. Other Assets Acquired and Liabilities Assumed (excluding Goodwill) - The Company utilized the carrying values, net of allowances, to value accounts receivable and accounts payable as well as other current assets and liabilities as it was determined that carrying values represented the fair value of those items at the acquisition date. Goodwill - The excess of the consideration for the acquisition over the fair value of net assets acquired was recorded as goodwill. The goodwill is attributable to expected synergies and expanded market opportunities from combining the Company’s operations with those of Elkay. The goodwill created in the acquisition is not expected to be deductible for tax purposes.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Warranties: The Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The following table presents changes in the Company’s product warranty liability (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Balance at beginning of period $ 1.3 $ 1.2 Acquired obligations 3.4 — Charged to operations 2.8 1.2 Claims settled (2.0) (1.0) Balance at end of period $ 5.5 $ 1.4 Contingencies: The Company's subsidiaries are involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, intellectual property claims and environmental matters. The Company establishes accruals in a manner that is consistent with accounting principles generally accepted in the United States for costs associated with such matters when liability is probable and those costs are capable of being reasonably estimated. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss or recovery, based upon current information, management believes the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on the financial position, results of operations or cash flows of the Company. Certain Company subsidiaries are subject to asbestos litigation. As of September 30, 2022, Zurn and numerous other unrelated companies were defendants in approximately 6,000 asbestos related lawsuits representing approximately 7,000 claims. Plaintiffs' claims allege personal injuries caused by exposure to asbestos used primarily in industrial boilers formerly manufactured by a segment of Zurn. Zurn did not manufacture asbestos or asbestos components. Instead, Zurn purchased them from suppliers. These claims are being handled pursuant to a defense strategy funded by insurers. As of September 30, 2022, the Company estimates the potential liability for the asbestos-related claims described above, as well as the claims expected to be filed in the next ten years, to be approximately $66.0 million, of which Zurn expects its insurance carriers to pay approximately $49.0 million in the next ten years on such claims, with the balance of the estimated liability being paid in subsequent years. The $66.0 million was developed based on actuarial studies and represents the projected indemnity payout for current and future claims. There are inherent uncertainties involved in estimating the number of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives. As a result, actual liability could differ from the estimate described herein and could be substantial. The liability for the asbestos-related claims is recorded in reserve for asbestos claims within the condensed consolidated balance sheets. Management estimates that its available insurance to cover this potential asbestos liability as of September 30, 2022 is in excess of the ten year estimated exposure, and accordingly, believes that all current claims are covered by insurance. As of September 30, 2022, the Company had a recorded receivable from its insurance carriers of $66.0 million, which corresponds to the amount of this potential asbestos liability that is covered by available insurance and is currently determined to be probable of recovery. However, there is no assurance the Company's current insurance coverage will ultimately be available or that this asbestos liability will not ultimately exceed the Company's coverage limits. Factors that could cause a decrease in the amount of available coverage or create gaps in coverage include: changes in law governing the policies, potential disputes and settlements with the carriers regarding the scope of coverage, and insolvencies of one or more of the Company's carriers. The receivable for probable asbestos-related recoveries is recorded in insurance for asbestos claims within the condensed consolidated balance sheets.

Retirement Benefits

Retirement Benefits	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The components of net periodic benefit cost are as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Pension Benefits: Service cost $ — $ 0.2 $ — $ 0.4 Interest cost 2.1 3.7 6.4 11.2 Expected return on plan assets (2.4) (4.9) (7.2) (14.7) Net periodic benefit cost $ (0.3) $ (1.0) $ (0.8) $ (3.1) Other Postretirement Benefits: Interest cost $ 0.1 $ — $ 0.2 $ 0.2 Amortization: Prior service credit — — — (0.2) Net periodic benefit cost $ 0.1 $ — $ 0.2 $ — The service cost component of net periodic benefits is presented within Cost of sales and Selling, general and administrative expenses in the condensed consolidated statements of operations, while the other components of net periodic benefit cost are presented within Other income, net. The Company recognizes the net actuarial gains or losses in excess of the corridor in operating results during the final quarter of each fiscal year (or upon any required re-measurement event). During the nine months ended September 30, 2022 and September 30, 2021, the Company made contributions of $1.0 million and $1.9 million, respectively, to its qualified pension plan trusts. In addition, during the nine months ended September 30, 2022, the Company liquidated a defined benefit plan acquired in the Elkay Merger with a $17.3 million cash payment to the participants. The Company has no future obligations under the Elkay defined benefit plan following this cash payment. Prior year amounts disclosed within this note include amounts attributable to the Company's discontinued operations, unless otherwise noted. Refer to Note 4 Discontinued Operations for further detail. See Note 16, Retirement Benefits, to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 for further information regarding retirement benefits.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Zurn Elkay Water Solutions Corporation Performance Incentive Plan (the "Plan") is utilized to provide performance incentives to the Company's officers, employees, directors and certain others by permitting grants of equity awards (for common stock), as well as performance-based cash awards, to such persons to encourage them to maximize the Company's performance and create value for the Company's stockholders. For the three months ended September 30, 2022 and September 30, 2021, the Company recognized $7.8 million and $7.0 million of stock-based compensation expense, respectively. For the nine months ended September 30, 2022 and September 30, 2021, the Company recognized $15.5 million and $23.2 million of stock-based compensation expense, respectively. During the nine months ended September 30, 2022, the Company granted the following restricted stock units, performance stock units and common stock to directors, executive officers, and certain other employees: Award Type Number of Awards Weighted Average Grant-Date Fair Value Stock options 98,718 $ 9.85 Restricted stock units 382,582 $ 28.91 Performance stock units 177,724 $ 30.91 Common stock 47,966 $ 28.40 See Note 15, Stock-Based Compensation, to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, for further information regarding stock-based compensation.

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Leases The Company determines if a contract is (or contains) a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. The Company has operating and finance leases primarily associated with real estate, automobiles and manufacturing and office equipment. The Company has lease agreements that include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of the underlying assets. The term of the Company’s leases generally reflects the non-cancellable period of the lease. Some of the Company’s lease agreements include options to extend or terminate the lease, which are excluded from the minimum lease terms unless the Company is reasonably certain the option will be exercised. Lease expense for operating leases and amortization expense for finance leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets and are instead recognized on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and liabilities are recognized in the condensed consolidated balance sheets based on the present value of remaining lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the lease commencement date, any initial direct costs incurred, and are reduced by lease incentives received. As most of the Company’s leases do not provide an implicit rate, the present value of lease payments is determined using the Company’s incremental borrowing rate at the commencement date of the lease. Lease payments included in the measurement of the lease liabilities are comprised of fixed payments, variable payments that depend on an index or rate, and amounts probable to be paid if an option is reasonably certain to be exercised. Variable lease payments, typically based on usage of the asset or changes in an index or rate, are excluded from the lease liabilities and are recognized in the period in which the obligation for those payments is incurred. ROU assets and lease liability balances recorded on the condensed consolidated balance sheets are summarized as follows (in millions): Leases Classification September 30, 2022 December 31, 2021 Assets: Operating ROU assets Other assets $ 58.7 $ 14.1 Finance ROU assets Property, plant and equipment, net (1) 0.9 0.5 Total ROU assets $ 59.6 $ 14.6 Liabilities: Current Operating Other current liabilities $ 8.3 $ 6.1 Finance Current maturities of debt 0.2 0.1 Non-current Operating Operating lease liability 51.2 8.9 Finance Long-term debt 0.5 0.2 Total lease liabilities $ 60.2 $ 15.3 ____________________ (1) Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.2 million as of September 30, 2022 and December 31, 2021 , respectively. The components of lease expense reported in the condensed consolidated statements of operations are as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating lease expenses (1) $ 3.4 $ 1.5 $ 6.5 $ 4.6 Finance lease expenses: Depreciation of finance ROU assets (1) 0.1 — 0.1 0.1 Interest on lease liabilities (2) — — — — Total finance lease expense 0.1 — 0.1 0.1 Variable and short-term lease expense (1) 1.7 0.8 4.0 2.6 Total lease expense $ 5.2 $ 2.3 $ 10.6 $ 7.3 ____________________ (1) Included in cost of sales and selling, general and administrative expenses. (2) Included in interest expense, net. Future minimum lease payments under operating and finance leases as of September 30, 2022 are as follows (in millions): Years ending December 31, Operating Leases (1) Finance Leases (1) 2022 (through December 31, 2022) $ 3.2 $ 0.1 2023 12.2 0.3 2024 10.1 0.2 2025 7.4 0.2 2026 6.9 — Thereafter 47.4 — Total future minimum lease payments 87.2 0.8 Less: imputed interest (26.2) (0.1) Total lease liabilities $ 61.0 $ 0.7 ____________________ (1) Excludes legally binding minimum lease payments for leases signed but not yet commenced. The weighted-average remaining lease terms and discount rates for leases are as follows: Nine Months Ended Lease Term and Discount Rate September 30, 2022 September 30, 2021 Weighted-average remaining lease terms (years): Operating leases 10.2 3.0 Finance leases 3.3 3.5 Weighted-average discount rate: Operating leases 6.5 % 3.4 % Finance leases 5.2 % 3.4 % Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Operating cash flows from operating leases $ 6.5 $ 4.8 Operating cash flows from finance leases — — Financing cash flows from finance leases 0.1 0.1 ROU assets obtained in exchange for lease liabilities are as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Operating leases $ 51.3 $ 0.4 Finance leases $ 0.5 $ 0.1
Leases	Leases The Company determines if a contract is (or contains) a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. The Company has operating and finance leases primarily associated with real estate, automobiles and manufacturing and office equipment. The Company has lease agreements that include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of the underlying assets. The term of the Company’s leases generally reflects the non-cancellable period of the lease. Some of the Company’s lease agreements include options to extend or terminate the lease, which are excluded from the minimum lease terms unless the Company is reasonably certain the option will be exercised. Lease expense for operating leases and amortization expense for finance leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets and are instead recognized on a straight-line basis over the lease term. Right-of-use (“ROU”) assets and liabilities are recognized in the condensed consolidated balance sheets based on the present value of remaining lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the lease commencement date, any initial direct costs incurred, and are reduced by lease incentives received. As most of the Company’s leases do not provide an implicit rate, the present value of lease payments is determined using the Company’s incremental borrowing rate at the commencement date of the lease. Lease payments included in the measurement of the lease liabilities are comprised of fixed payments, variable payments that depend on an index or rate, and amounts probable to be paid if an option is reasonably certain to be exercised. Variable lease payments, typically based on usage of the asset or changes in an index or rate, are excluded from the lease liabilities and are recognized in the period in which the obligation for those payments is incurred. ROU assets and lease liability balances recorded on the condensed consolidated balance sheets are summarized as follows (in millions): Leases Classification September 30, 2022 December 31, 2021 Assets: Operating ROU assets Other assets $ 58.7 $ 14.1 Finance ROU assets Property, plant and equipment, net (1) 0.9 0.5 Total ROU assets $ 59.6 $ 14.6 Liabilities: Current Operating Other current liabilities $ 8.3 $ 6.1 Finance Current maturities of debt 0.2 0.1 Non-current Operating Operating lease liability 51.2 8.9 Finance Long-term debt 0.5 0.2 Total lease liabilities $ 60.2 $ 15.3 ____________________ (1) Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.2 million as of September 30, 2022 and December 31, 2021 , respectively. The components of lease expense reported in the condensed consolidated statements of operations are as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating lease expenses (1) $ 3.4 $ 1.5 $ 6.5 $ 4.6 Finance lease expenses: Depreciation of finance ROU assets (1) 0.1 — 0.1 0.1 Interest on lease liabilities (2) — — — — Total finance lease expense 0.1 — 0.1 0.1 Variable and short-term lease expense (1) 1.7 0.8 4.0 2.6 Total lease expense $ 5.2 $ 2.3 $ 10.6 $ 7.3 ____________________ (1) Included in cost of sales and selling, general and administrative expenses. (2) Included in interest expense, net. Future minimum lease payments under operating and finance leases as of September 30, 2022 are as follows (in millions): Years ending December 31, Operating Leases (1) Finance Leases (1) 2022 (through December 31, 2022) $ 3.2 $ 0.1 2023 12.2 0.3 2024 10.1 0.2 2025 7.4 0.2 2026 6.9 — Thereafter 47.4 — Total future minimum lease payments 87.2 0.8 Less: imputed interest (26.2) (0.1) Total lease liabilities $ 61.0 $ 0.7 ____________________ (1) Excludes legally binding minimum lease payments for leases signed but not yet commenced. The weighted-average remaining lease terms and discount rates for leases are as follows: Nine Months Ended Lease Term and Discount Rate September 30, 2022 September 30, 2021 Weighted-average remaining lease terms (years): Operating leases 10.2 3.0 Finance leases 3.3 3.5 Weighted-average discount rate: Operating leases 6.5 % 3.4 % Finance leases 5.2 % 3.4 % Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Operating cash flows from operating leases $ 6.5 $ 4.8 Operating cash flows from finance leases — — Financing cash flows from finance leases 0.1 0.1 ROU assets obtained in exchange for lease liabilities are as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Operating leases $ 51.3 $ 0.4 Finance leases $ 0.5 $ 0.1

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn October 20, 2022, the Company's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.07 per-share to be paid on December 7, 2022, to stockholders of record as of November 18, 2022.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). The amendments in this ASU apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate that is expected to be discontinued because of reference rate reform. The amendments in this update provide optional expedients and exceptions for applying GAAP to instruments affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments in this ASU are effective for all entities as of March 12, 2020, through December 31, 2022. The Company did not modify any material contracts due to reference rate reform during the nine months ended September 30, 2022. The Company will continue to evaluate the impact this guidance will have on its consolidated financial statements for all future transactions affected by reference rate reform during the time period referenced above.
Revenue Recognition	Revenue Recognition 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 in Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers . A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when obligations under the terms of a contract with the customer are satisfied. For the majority of the Company's product sales, revenue is recognized at a point-in-time when control of the product is transferred to the customer, which generally occurs when the product is shipped from the Company's manufacturing facility to the customer. When contracts include multiple products to be delivered to the customer, generally each product is separately priced and is determined to be distinct within the context of the contract. Other than a standard assurance-type warranty that the product will conform to agreed-upon specifications, there are generally no other significant post-shipment obligations. The expected costs associated with standard warranties continues to be recognized as an expense when the products are sold. When the contract provides the customer the right to return eligible products or when the customer is part of a sales rebate program, the Company reduces revenue at the point of sale using current facts and historical experience by using an estimate for expected product returns and rebates associated with the transaction. The Company adjusts these estimates at the earlier of when the most likely amount of consideration that is expected to be received changes or when the consideration becomes fixed. Accordingly, an increase or decrease to revenue is recognized at that time. Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. The Company has elected to recognize the cost for freight and shipping when control of products has transferred to the customer as a component of cost of sales in the consolidated statements of operations. The Company classifies shipping and handling fees billed to customers as net sales and the corresponding costs are classified as cost of sales in the condensed consolidated statements of operations. Timing of Performance Obligations Satisfied at a Point in Time The Company determined that the customer is able to control the product when it is delivered to them; thus, depending on the shipping terms, control will transfer at different points between the Company's manufacturing facility or warehouse and the customer’s location. The Company considers control to have transferred upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset and the customer has significant risks and rewards of ownership of the asset. Variable Consideration The Company provides volume-based rebates and the right to return product to certain customers, which are accrued for based on current facts and historical experience. Rebates are paid either on an annual or quarterly basis. There are no other significant variable consideration elements included in the Company's contracts with customers.
Fair Value of Financial Instruments	The Company has a nonqualified deferred compensation plan where assets are invested in mutual funds and corporate-owned life insurance contracts held in a Rabbi Trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for the mutual funds, which are measured using quoted prices of identical instruments in active markets categorized as Level 1. Corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds categorized as Level 2. The deferred compensation plan assets are classified within other assets on the condensed consolidated balance sheets. Deferred compensation plan liabilities are measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants categorized as Level 1. Deferred compensation plan liabilities are classified within other liabilities on the condensed consolidated balance sheets.
Acquisition Method of Accounting	Acquisition Method of Accounting The methods used to determine the fair value of significant identifiable assets and liabilities included in the allocation of the Elkay purchase price are discussed below. Inventories - Acquired inventory was comprised of finished goods, work in process and raw materials. The fair value of finished goods was calculated as the estimated selling price, adjusted for costs of the selling effort and a reasonable profit allowance relating to the selling effort. The fair value of work in process inventory was primarily calculated as the estimated selling price, adjusted for estimated costs to complete the manufacturing, estimated costs of the selling effort, as well as a reasonable profit margin on the remaining manufacturing and selling effort. The fair value of raw materials and supplies was determined based on replacement cost which approximates historical carrying value. Property, Plant and Equipment - The preliminary fair value of property, plant, and equipment was determined based on assumptions that market participants would use in pricing an asset. Leases, including Right-Of-Use ("ROU") Assets and Lease Liabilities - Lease liabilities were measured as of the acquisition date at the present value of future minimum lease payments over the remaining lease term and the incremental borrowing rate of the Company as if the acquired leases were new leases as of the acquisition date. ROU assets recorded are equal to the amount of the lease liability at the acquisition date adjusted for any off-market terms of the lease. The remaining lease term was based on the remaining term at the acquisition date plus any renewal or extension options that the Company is reasonably certain will be exercised. Deferred Income Tax Assets and Liabilities - The acquisition was structured as a merger and therefore, the Company assumed the historical tax basis of the Elkay business’s assets and liabilities. The deferred income tax assets and liabilities include the expected future federal, state, and foreign tax consequences associated with temporary differences between the fair values of the assets acquired and liabilities assumed and the respective tax bases. Tax rates utilized in calculating deferred income taxes generally represent the enacted statutory tax rates at the effective date of the acquisition in the jurisdictions in which legal title of the underlying asset or liability resides. Other Assets Acquired and Liabilities Assumed (excluding Goodwill) - The Company utilized the carrying values, net of allowances, to value accounts receivable and accounts payable as well as other current assets and liabilities as it was determined that carrying values represented the fair value of those items at the acquisition date. Goodwill - The excess of the consideration for the acquisition over the fair value of net assets acquired was recorded as goodwill. The goodwill is attributable to expected synergies and expanded market opportunities from combining the Company’s operations with those of Elkay. The goodwill created in the acquisition is not expected to be deductible for tax purposes.

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Preliminary Fair Value Assets Acquired and Liabilities Assumed	The preliminary fair value of the assets acquired and liabilities assumed were as follows (in millions): Assets acquired: Receivables, net $ 92.1 Inventories 165.9 Other current assets 9.9 Property, plant and equipment, net 147.1 Intangible assets, net 860.5 Goodwill 505.0 Other assets 73.8 Total assets acquired 1,854.3 Liabilities assumed: Trade payables 30.4 Compensation and benefits 39.1 Current portion of pension and postretirement benefit obligations 17.3 Other current liabilities 30.1 Operating lease liability 40.5 Pension and postretirement benefit obligations 3.6 Deferred income taxes 222.6 Other liabilities 7.8 Total liabilities assumed 391.4 Total preliminary purchase price $ 1,462.9
Schedule of Pro Forma Financial Information	The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the Elkay Merger been completed as of the date indicated or the results that may be obtained in the future. Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Net sales $ 1,240.2 $ 1,102.5 Net income (loss) from continuing operations $ 71.4 $ (3.8) Earnings per share from continuing operations Basic $ 0.50 $ (0.03) Assuming dilution $ 0.49 $ (0.03)

Restructuring and Other Simil_2

Restructuring and Other Similar Charges (Tables)	9 Months Ended
	Sep. 30, 2022
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	The following table summarizes the Company's restructuring and other similar charges during the three and nine months ended September 30, 2022 and September 30, 2021, (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Employee termination benefits $ 10.5 $ 0.7 $ 11.8 $ 1.6 Contract termination and other associated costs 1.2 — 1.3 — Total restructuring and other similar costs $ 11.7 $ 0.7 $ 13.1 $ 1.6
Schedule of Activity in Restructuring Accrual	The following table summarizes the activity in the Company's restructuring accrual for the nine months ended September 30, 2022 (in millions): Employee termination benefits Contract termination and other associated costs Total Accrued Restructuring Costs, December 31, 2021 (1) $ 2.4 $ — $ 2.4 Elkay opening balance sheet accrual 4.7 — 4.7 Charges 11.8 1.3 13.1 Cash payments (8.0) (0.1) (8.1) Accrued Restructuring Costs, September 30, 2022 (1) $ 10.9 $ 1.2 $ 12.1 ____________________ (1) As of September 30, 2022, $11.2 million of the restructuring accrual is included in other current liabilities and $0.9 million is included in other liabilities in the condensed consolidated balance sheets. As of December 31, 2021, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The major components of the Income from discontinued operations, net of tax presented in the condensed consolidated statements of operations for the three and nine months ended September 30, 2022 and September 30, 2021, are as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Net sales $ — $ 327.5 $ — $ 973.0 Cost of sales — (204.5) — (598.5) Selling, general and administrative expenses — (61.0) — (184.2) Restructuring and other similar charges — (1.3) — (2.1) Amortization of intangible assets — (3.3) — (9.9) Interest expense, net — (1.1) — (4.1) Other non-operating income, net — 3.9 — 5.3 Income from discontinued operations before income tax — 60.2 — 179.5 Income tax (provision) benefit — (12.2) 0.8 (39.0) Equity method investment income — — — 0.3 Non-controlling interest income — — — 0.2 Income from discontinued operations, net of tax $ — $ 48.0 $ 0.8 $ 140.6 The condensed consolidated statements of cash flows for the nine months ended September 30, 2022 and September 30, 2021 have not been adjusted to separately disclose cash flows related to discontinued operations. However, the significant investing and financing cash flows and other significant non-cash operating items associated with the discontinued operations were as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Depreciation $ — $ 34.9 Amortization of intangible assets — 9.9 Gain on disposition of assets — (10.1) Deferred income taxes — 0.5 Other non-cash charges — (0.3) Stock-based compensation — 13.9 Expenditures for property, plant and equipment — (17.5) Proceeds from dispositions of long-lived assets — 14.3 Proceeds associated with divestiture of discontinued operations 35.0 4.2 Repayments of debt — (1.6) Proceeds from exercise of stock options — 12.8 Taxes withheld and paid on employees' shared-based payment awards — (0.5)

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables present the Company's revenue disaggregated by customer type and customer geography (in millions): Three Months Ended Nine Months Ended Customer Type September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Institutional $ 169.8 $ 86.8 $ 366.2 $ 255.9 Commercial 127.9 70.2 287.8 208.0 All other 120.0 72.7 287.5 214.7 Total $ 417.7 $ 229.7 $ 941.5 $ 678.6 Three Months Ended Nine Months Ended Geography September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 United States $ 383.6 $ 209.6 $ 860.7 $ 614.9 Canada 21.8 16.7 57.4 49.4 Rest of world 12.3 3.4 23.4 14.3 Total $ 417.7 $ 229.7 $ 941.5 $ 678.6

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity	Stockholders' equity consists of the following (in millions): Common stock (1) Additional paid-in capital Retained earnings Accumulated other comprehensive loss Non-controlling interest (2) Total stockholders’ equity Balance at December 31, 2020 $ 1.2 $ 1,392.9 $ 116.0 $ (73.8) $ 3.0 $ 1,439.3 Total comprehensive income (loss) — — 50.0 (1.8) 0.1 48.3 Stock-based compensation expense — 14.2 — — — 14.2 Proceeds from exercise of stock options — 2.8 — — — 2.8 Repurchase of common stock — — (0.9) — — (0.9) Common stock dividends ($0.09 per share) — — (10.8) — — (10.8) Balance at March 31, 2021 $ 1.2 $ 1,409.9 $ 154.3 $ (75.6) $ 3.1 $ 1,492.9 Total comprehensive income — — 73.2 5.3 0.1 78.6 Stock-based compensation expense — 11.6 — — — 11.6 Proceeds from exercise of stock options — 16.6 — — — 16.6 Taxes withheld and paid on employees' share-based payment awards — (1.4) — — — (1.4) Common stock dividends ($0.09 per share) — — (10.8) — — (10.8) Balance at June 30, 2021 $ 1.2 $ 1,436.7 $ 216.7 $ (70.3) $ 3.2 $ 1,587.5 Total comprehensive income (loss) — — 64.1 (10.3) — 53.8 Stock-based compensation expense — 11.3 — — — 11.3 Proceeds from exercise of stock options — 4.1 — — — 4.1 Common stock dividends ($0.09 per share) — — (11.0) — — (11.0) Balance at September 30, 2021 $ 1.2 $ 1,452.1 $ 269.8 $ (80.6) $ 3.2 $ 1,645.7 Common stock (1) Additional Retained Accumulated Non-controlling interest (2) Total Balance at December 31, 2021 $ 1.3 $ 1,436.9 $ (1,236.9) $ (74.9) $ — $ 126.4 Total comprehensive income — — 30.2 2.0 — 32.2 Stock-based compensation expense — 3.9 — — — 3.9 Proceeds from exercise of stock options — 0.5 — — — 0.5 Taxes withheld and paid on employees' share-based payment awards — (0.5) — — — (0.5) Proceeds associated with divestiture of discontinued operations — — 35.0 — — 35.0 Common stock dividends ($0.03 per share) — (3.8) — — — (3.8) Balance at March 31, 2022 $ 1.3 $ 1,437.0 $ (1,171.7) $ (72.9) $ — $ 193.7 Total comprehensive income (loss) — — 36.4 (2.0) — 34.4 Stock-based compensation expense — 3.8 — — — 3.8 Proceeds from exercise of stock options — 1.3 — — — 1.3 Common stock dividends ($0.03 per share) — (3.8) — — — (3.8) Balance at June 30, 2022 $ 1.3 $ 1,438.3 $ (1,135.3) $ (74.9) $ — $ 229.4 Total comprehensive loss — — (19.1) (4.1) — (23.2) Stock-based compensation expense — 7.8 — — — 7.8 Proceeds from exercise of stock options — 0.1 — — — 0.1 Elkay Merger (3) 0.5 1,416.5 — — — 1,417.0 Common stock dividends ($0.07 per share) — (12.5) — — — (12.5) Balance at September 30, 2022 $ 1.8 $ 2,850.2 $ (1,154.4) $ (79.0) $ — $ 1,618.6 ____________________ (1) During the three and nine months ended September 30, 2022, the Company issued 51,577,307 and 52,039,485 shares of common stock upon the exercise of stock options, vesting of restricted stock units, Elkay merger, and for other common stock awards, respectively. (2) Non-controlling interest through the Spin-Off Transaction represented a 5% non-controlling interest in a PMC joint venture relationship. The Company has no remaining non-controlling interest subsequent to the Spin-Off Transaction. (3) Refer to Note 2, Acquisitions for additional information regarding the Elkay acquisition.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The changes in accumulated other comprehensive loss, net of tax, for the nine months ended September 30, 2022, are as follows (in millions): Foreign Currency Translation and Other Pension and Postretirement Plans Total Balance at December 31, 2021 $ (70.9) $ (4.0) $ (74.9) Other comprehensive loss before reclassifications (4.1) — (4.1) Amounts reclassified from accumulated other comprehensive loss — — — Net current period other comprehensive loss (4.1) — (4.1) Balance at September 30, 2022 $ (75.0) $ (4.0) $ (79.0)
Reclassification out of Accumulated Other Comprehensive Loss	The following table summarizes the amounts reclassified from accumulated other comprehensive loss to net income during the three and nine months ended September 30, 2021 (in millions): Three Months Ended Nine Months Ended September 30, 2021 September 30, 2021 Income Statement Line Pension and other postretirement plans Amortization of prior service credit $ — $ (0.2) Other income (expense), net Provision for income taxes — — Total net of tax $ — $ (0.2)

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventory, Net [Abstract]
Summary of Major Classes of Inventories	The major classes of inventories are summarized as follows (in millions): September 30, 2022 December 31, 2021 Finished goods $ 282.6 $ 169.1 Work in progress 18.5 5.1 Raw materials 107.4 14.6 Inventories at First-in, First-Out ("FIFO") cost 408.5 188.8 Adjustment to state inventories at Last-in, First-Out ("LIFO") cost (8.3) (4.3) $ 400.2 $ 184.5

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The changes in the net carrying value of goodwill for the nine months ended September 30, 2022, are presented below (in millions): Net carrying amount as of December 31, 2021 $ 254.1 Currency translation adjustments (3.0) Acquisition (1) 505.0 Purchase accounting adjustments (1) (1.3) Net carrying amount as of September 30, 2022 $ 754.8 (1) Refer to Note 2, Acquisitions for additional information regarding the acquisition and purchase accounting adjustments.
Schedule of Gross Carrying Amount and Accumulated Amortization for Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of September 30, 2022 and December 31, 2021 are as follows (in millions): September 30, 2022 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 25.5 $ (22.5) $ 3.0 Customer relationships (including distribution network) 16 years 1,040.8 (285.1) 755.7 Tradenames 19 years 180.2 (6.8) 173.4 Intangible assets not subject to amortization - trademarks and tradenames 87.0 — 87.0 Total intangible assets, net 16 years $ 1,333.5 $ (314.4) $ 1,019.1 December 31, 2021 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 24.9 $ (22.4) $ 2.5 Customer relationships (including distribution network) 15 years 351.1 (269.1) 82.0 Tradenames 13 years 11.5 (4.0) 7.5 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 15 years $ 474.6 $ (295.5) $ 179.1 Fair Value Weighted Average Useful Life Trade name (1) $ 168.7 20 Customer relationships (2) 691.8 16 Fair value of intangible assets acquired 860.5 ____________________ (1) The Elkay trade name was valued using the relief from royalty method, which considers both the market approach and the income approach.
Schedule of Gross Carrying Amount and Accumulated Amortization for Infinite-Lived Intangible Assets	The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of September 30, 2022 and December 31, 2021 are as follows (in millions): September 30, 2022 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 25.5 $ (22.5) $ 3.0 Customer relationships (including distribution network) 16 years 1,040.8 (285.1) 755.7 Tradenames 19 years 180.2 (6.8) 173.4 Intangible assets not subject to amortization - trademarks and tradenames 87.0 — 87.0 Total intangible assets, net 16 years $ 1,333.5 $ (314.4) $ 1,019.1 December 31, 2021 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 24.9 $ (22.4) $ 2.5 Customer relationships (including distribution network) 15 years 351.1 (269.1) 82.0 Tradenames 13 years 11.5 (4.0) 7.5 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 15 years $ 474.6 $ (295.5) $ 179.1

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	Other current liabilities are summarized as follows (in millions): September 30, 2022 December 31, 2021 Commissions $ 11.6 $ 8.1 Current portion of operating lease liability 8.3 6.1 Income taxes payable 1.4 2.1 Legal and environmental 2.3 3.0 Product warranty (1) 5.5 1.3 Restructuring and other similar charges (2) 11.2 2.4 Risk management (3) 16.6 11.3 Sales rebates 58.2 38.6 Tax indemnities 20.7 21.9 Taxes, other than income taxes 2.9 1.8 Other 11.1 9.8 $ 149.8 $ 106.4 ____________________ (1) See more information related to the product warranty obligations within Note 15, Commitments and Contingencies. (2) See more information related to the restructuring obligations within Note 3, Restructuring and Other Similar Charges. (3) Includes projected liabilities related to losses arising from automobile, general and product liability claims.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt is summarized as follows (in millions): September 30, 2022 December 31, 2021 Term loan (1) $ 536.3 $ 539.2 Finance leases (2) 0.7 0.3 Total 537.0 539.5 Less current maturities 5.7 5.6 Long-term debt $ 531.3 533.9 ____________________ (1) Includes unamortized debt issuance costs of $9.6 million and $10.8 million at September 30, 2022 and December 31, 2021, respectively. (2) Refer to Note 18, Leases, for further information regarding leases.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Recognized at Fair Value on a Recurring Basis	The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 (in millions): Fair Value as of September 30, 2022 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ — $ 10.8 $ — $ 10.8 Deferred compensation plan liabilities 11.3 — — 11.3 Fair Value as of December 31, 2021 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ 0.9 $ 14.4 $ — $ 15.3 Deferred compensation plan liabilities 16.3 — — 16.3
Schedule of Finite-Lived Intangible Assets	The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of September 30, 2022 and December 31, 2021 are as follows (in millions): September 30, 2022 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 25.5 $ (22.5) $ 3.0 Customer relationships (including distribution network) 16 years 1,040.8 (285.1) 755.7 Tradenames 19 years 180.2 (6.8) 173.4 Intangible assets not subject to amortization - trademarks and tradenames 87.0 — 87.0 Total intangible assets, net 16 years $ 1,333.5 $ (314.4) $ 1,019.1 December 31, 2021 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 24.9 $ (22.4) $ 2.5 Customer relationships (including distribution network) 15 years 351.1 (269.1) 82.0 Tradenames 13 years 11.5 (4.0) 7.5 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 15 years $ 474.6 $ (295.5) $ 179.1 Fair Value Weighted Average Useful Life Trade name (1) $ 168.7 20 Customer relationships (2) 691.8 16 Fair value of intangible assets acquired 860.5 ____________________ (1) The Elkay trade name was valued using the relief from royalty method, which considers both the market approach and the income approach.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The following table presents changes in the Company’s product warranty liability (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Balance at beginning of period $ 1.3 $ 1.2 Acquired obligations 3.4 — Charged to operations 2.8 1.2 Claims settled (2.0) (1.0) Balance at end of period $ 5.5 $ 1.4

Retirement Benefits (Tables)

Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic benefit cost are as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Pension Benefits: Service cost $ — $ 0.2 $ — $ 0.4 Interest cost 2.1 3.7 6.4 11.2 Expected return on plan assets (2.4) (4.9) (7.2) (14.7) Net periodic benefit cost $ (0.3) $ (1.0) $ (0.8) $ (3.1) Other Postretirement Benefits: Interest cost $ 0.1 $ — $ 0.2 $ 0.2 Amortization: Prior service credit — — — (0.2) Net periodic benefit cost $ 0.1 $ — $ 0.2 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-Based Payments	During the nine months ended September 30, 2022, the Company granted the following restricted stock units, performance stock units and common stock to directors, executive officers, and certain other employees: Award Type Number of Awards Weighted Average Grant-Date Fair Value Stock options 98,718 $ 9.85 Restricted stock units 382,582 $ 28.91 Performance stock units 177,724 $ 30.91 Common stock 47,966 $ 28.40

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
ROU Assets and Lease Liability Balances	ROU assets and lease liability balances recorded on the condensed consolidated balance sheets are summarized as follows (in millions): Leases Classification September 30, 2022 December 31, 2021 Assets: Operating ROU assets Other assets $ 58.7 $ 14.1 Finance ROU assets Property, plant and equipment, net (1) 0.9 0.5 Total ROU assets $ 59.6 $ 14.6 Liabilities: Current Operating Other current liabilities $ 8.3 $ 6.1 Finance Current maturities of debt 0.2 0.1 Non-current Operating Operating lease liability 51.2 8.9 Finance Long-term debt 0.5 0.2 Total lease liabilities $ 60.2 $ 15.3 (1) Finance lease assets are recorded net of accumulated amortization of $0.2 million and $0.2 million as of September 30, 2022 and December 31, 2021
Components of Lease Expense	The components of lease expense reported in the condensed consolidated statements of operations are as follows (in millions): Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Operating lease expenses (1) $ 3.4 $ 1.5 $ 6.5 $ 4.6 Finance lease expenses: Depreciation of finance ROU assets (1) 0.1 — 0.1 0.1 Interest on lease liabilities (2) — — — — Total finance lease expense 0.1 — 0.1 0.1 Variable and short-term lease expense (1) 1.7 0.8 4.0 2.6 Total lease expense $ 5.2 $ 2.3 $ 10.6 $ 7.3 ____________________ (1) Included in cost of sales and selling, general and administrative expenses. (2) Included in interest expense, net. Nine Months Ended Lease Term and Discount Rate September 30, 2022 September 30, 2021 Weighted-average remaining lease terms (years): Operating leases 10.2 3.0 Finance leases 3.3 3.5 Weighted-average discount rate: Operating leases 6.5 % 3.4 % Finance leases 5.2 % 3.4 % Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Operating cash flows from operating leases $ 6.5 $ 4.8 Operating cash flows from finance leases — — Financing cash flows from finance leases 0.1 0.1 ROU assets obtained in exchange for lease liabilities are as follows (in millions): Nine Months Ended September 30, 2022 September 30, 2021 Operating leases $ 51.3 $ 0.4 Finance leases $ 0.5 $ 0.1
Future Minimum Lease Payments, Finance Leases	Future minimum lease payments under operating and finance leases as of September 30, 2022 are as follows (in millions): Years ending December 31, Operating Leases (1) Finance Leases (1) 2022 (through December 31, 2022) $ 3.2 $ 0.1 2023 12.2 0.3 2024 10.1 0.2 2025 7.4 0.2 2026 6.9 — Thereafter 47.4 — Total future minimum lease payments 87.2 0.8 Less: imputed interest (26.2) (0.1) Total lease liabilities $ 61.0 $ 0.7 ____________________
Future Minimum Lease Payments, Operating Leases	Future minimum lease payments under operating and finance leases as of September 30, 2022 are as follows (in millions): Years ending December 31, Operating Leases (1) Finance Leases (1) 2022 (through December 31, 2022) $ 3.2 $ 0.1 2023 12.2 0.3 2024 10.1 0.2 2025 7.4 0.2 2026 6.9 — Thereafter 47.4 — Total future minimum lease payments 87.2 0.8 Less: imputed interest (26.2) (0.1) Total lease liabilities $ 61.0 $ 0.7 ____________________

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2022 segment
Accounting Policies [Abstract]
Number of business segments	1
Number of reporting units	1

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ / shares in Units, $ in Millions				3 Months Ended	9 Months Ended
	Jul. 01, 2022 USD ($) member director $ / shares shares	Nov. 17, 2021 USD ($)	Apr. 16, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares
Business Acquisition [Line Items]
Common stock, par value (in dollars per share) | $ / shares				$ 0.01	$ 0.01		$ 0.01
Common stock, shares outstanding (in shares) | shares				177,759,553	177,759,553		125,720,068
Acquisitions, net of cash acquired					$ 44.8	$ 3.4
Goodwill				$ 754.8	754.8		$ 254.1
Acquisition-related Costs
Business Acquisition [Line Items]
Business acquisition, pro forma net income (loss)					33.7	(33.7)
Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Business acquisition, pro forma net income (loss)					14.6	(18.3)
Elkay Manufacturing Company
Business Acquisition [Line Items]
Payments to acquire business	$ 1,462.9
Purchase price, common stock	$ 1,417
Business acquisition, share price (in usd per share) | $ / shares	$ 27.48
Preliminary cash purchase price	$ 45.9
Issued shares (in shares) | shares	51,564,524
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Percent of shares issued of outstanding shares	29%
Common stock, shares outstanding (in shares) | shares	177,746,770
Incurred transaction-related costs				33.7	33.7
Number of board members | member	11
Number of directors | director	2
Business acquisition, pro forma net income (loss)					71.4	(3.8)
Business acquisition, pro forma revenue					1,240.2	$ 1,102.5
Net sales				149.9
Net loss				$ 9.4
Goodwill	$ 505
Advance Technology Solutions, LLC
Business Acquisition [Line Items]
Payments to acquire business			$ 4.5
Preliminary cash purchase price			3.8
Consideration transferred payable			$ 0.7
Cash purchase price payable period			2 years
Goodwill			$ 7.5
Other intangible assets			1.6
Trade working capital			9
Other liabilities			$ (1)
Decrease in goodwill					1.3
McWane Assets Acquisition
Business Acquisition [Line Items]
Preliminary cash purchase price					$ 1.1
Acquisitions, net of cash acquired		$ 12.6

Acquisitions - Assets Acquired

Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2022	Jul. 01, 2022	Dec. 31, 2021
Assets acquired:
Goodwill	$ 754.8		$ 254.1
Elkay Manufacturing Company
Assets acquired:
Receivables, net		$ 92.1
Inventories		165.9
Other current assets		9.9
Property, plant and equipment, net		147.1
Intangible assets, net		860.5
Goodwill		505
Other assets		73.8
Total assets acquired		1,854.3
Liabilities assumed:
Trade payables		30.4
Compensation and benefits		39.1
Current portion of pension and postretirement benefit obligations		17.3
Other current liabilities		30.1
Operating lease liability		40.5
Pension and postretirement benefit obligations		3.6
Deferred income taxes		222.6
Other liabilities		7.8
Total liabilities assumed		391.4
Total preliminary purchase price		$ 1,462.9

Acquisitions - Pro Forma Financ

Acquisitions - Pro Forma Financial Information (Details) - Elkay Manufacturing Company - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Net sales	$ 1,240.2	$ 1,102.5
Net income (loss) from continuing operations	$ 71.4	$ (3.8)
Earnings per share from continuing operations
Basic (in dollars per share)	$ 0.50	$ (0.03)
Assuming dilution (in dollars per share)	$ 0.49	$ (0.03)

Restructuring and Other Simil_3

Restructuring and Other Similar Charges - By Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Restructuring Cost and Reserve [Line Items]
Total restructuring and other similar costs	$ 11.7	$ 0.7	$ 13.1	$ 1.6
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring and other similar costs	10.5	0.7	11.8	1.6
Contract termination and other associated costs
Restructuring Cost and Reserve [Line Items]
Total restructuring and other similar costs	$ 1.2	$ 0	$ 1.3	$ 0

Restructuring and Other Simil_4

Restructuring and Other Similar Charges - Restructuring Reserve (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, beginning of period			$ 2.4
Elkay opening balance sheet accrual			4.7
Charges	$ 11.7	$ 0.7	13.1	$ 1.6
Cash payments			(8.1)
Accrued restructuring costs, end of period	12.1		12.1
Restructuring accrual, current	11.2		11.2		$ 2.4
Restructuring accrual, noncurrent	0.9		0.9
Employee termination benefits
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, beginning of period			2.4
Elkay opening balance sheet accrual			4.7
Charges	10.5	0.7	11.8	1.6
Cash payments			(8)
Accrued restructuring costs, end of period	10.9		10.9
Contract termination and other associated costs
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, beginning of period			0
Elkay opening balance sheet accrual			0
Charges	1.2	$ 0	1.3	$ 0
Cash payments			(0.1)
Accrued restructuring costs, end of period	$ 1.2		$ 1.2

Discontinued Operations - Narra

Discontinued Operations - Narrative (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds associated with divestiture of discontinued operations	$ 4.2
Process & Motion Control
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Working capital		$ 35

Discontinued Operations - Loss

Discontinued Operations - Loss From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net of tax	$ 0	$ 48	$ 0.8	$ 140.6
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales	0		0
Cost of sales	0		0
Selling, general and administrative expenses	0		0
Restructuring and other similar charges	0		0
Amortization of intangible assets	0		0
Interest expense, net	0		0
Other non-operating income, net	0		0
Income from discontinued operations before income tax	0		0
Income tax (provision) benefit	0		0.8
Equity method investment income	0		0
Non-controlling interest income	0		0
Income from discontinued operations, net of tax	$ 0		$ 0.8
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net sales		327.5		973
Cost of sales		(204.5)		(598.5)
Selling, general and administrative expenses		(61)		(184.2)
Restructuring and other similar charges		(1.3)		(2.1)
Amortization of intangible assets		(3.3)		(9.9)
Interest expense, net		(1.1)		(4.1)
Other non-operating income, net		3.9		5.3
Income from discontinued operations before income tax		60.2		179.5
Income tax (provision) benefit		(12.2)		(39)
Equity method investment income		0		0.3
Non-controlling interest income		0		0.2
Income from discontinued operations, net of tax		$ 48		$ 140.6

Discontinued Operations - Other

Discontinued Operations - Other Significant Operating Non-Cash Items (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation	$ 11.8	$ 41.8
Amortization of intangible assets	19.1	27.6
Gain on disposition of assets	(0.3)	10.1
Deferred income taxes	4.1	(6.6)
Other non-cash charges	5.3	1.7
Stock-based compensation	15.5	38.3
Repayments of debt	(89.4)	(1.7)
Proceeds from exercise of stock options	1.9	23.5
Taxes withheld and paid on employees' shared-based payment awards	(0.5)	(1.4)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation	0
Amortization of intangible assets	0
Gain on disposition of assets	0
Deferred income taxes	0
Other non-cash charges	0
Stock-based compensation	0
Expenditures for property, plant and equipment	0
Proceeds from dispositions of long-lived assets	0
Proceeds associated with divestiture of discontinued operations	35
Repayments of debt	0
Proceeds from exercise of stock options	0
Taxes withheld and paid on employees' shared-based payment awards	$ 0
Discontinued Operations, Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation		34.9
Amortization of intangible assets		9.9
Gain on disposition of assets		10.1
Deferred income taxes		0.5
Other non-cash charges		(0.3)
Stock-based compensation		13.9
Expenditures for property, plant and equipment		(17.5)
Proceeds from dispositions of long-lived assets		14.3
Proceeds associated with divestiture of discontinued operations		4.2
Repayments of debt		(1.6)
Proceeds from exercise of stock options		12.8
Taxes withheld and paid on employees' shared-based payment awards		$ (0.5)

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregated by Customer Type and Geography (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total	$ 417.7	$ 229.7	$ 941.5	$ 678.6
United States
Disaggregation of Revenue [Line Items]
Total	383.6	209.6	860.7	614.9
Canada
Disaggregation of Revenue [Line Items]
Total	21.8	16.7	57.4	49.4
Rest of world
Disaggregation of Revenue [Line Items]
Total	12.3	3.4	23.4	14.3
Institutional
Disaggregation of Revenue [Line Items]
Total	169.8	86.8	366.2	255.9
Commercial
Disaggregation of Revenue [Line Items]
Total	127.9	70.2	287.8	208
All other
Disaggregation of Revenue [Line Items]
Total	$ 120	$ 72.7	$ 287.5	$ 214.7

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percent of contract billed	100%		100%
Past due period			30 days
Performance obligations expected to be satisfied	$ 65,800,000		$ 65,800,000
Impairment loss recognized	$ 0	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	94%		94%
Percentage of remaining performance obligation, expected timing	3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	6%		6%
Percentage of remaining performance obligation, expected timing

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax provision	$ 1.6	$ 5.7	$ 22.9	$ 16.6
Effective income tax rate	(9.10%)	26.10%	32.90%	26.20%
Unrecognized tax benefits	$ 6.7		$ 6.7		$ 5.9
Accrued interest and penalties	$ 0.5		0.5		$ 0.5
Net interest and penalties recognized as income tax expense			$ 0	$ 0.1
Additional tax liabilities at conclusion of tax examination						$ 1.5

Earnings per Share (Details)

Earnings per Share (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	2.3	0	0.8	0.2

Stockholders' Equity - Roll For

Stockholders' Equity - Roll Forward (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Nov. 24, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				$ 1,587.5	$ 1,492.9	$ 1,439.3		$ 1,439.3
Beginning balance, parent	$ 229.4	$ 193.7	$ 126.4				$ 126.4
Total comprehensive income (loss)				53.8	78.6	48.3
Total comprehensive income (loss)	(23.2)	34.4	32.2	53.8			43.4	180.5
Stock-based compensation expense	7.8	3.8	3.9	11.3	11.6	14.2
Proceeds from exercise of stock options	0.1	1.3	0.5	4.1	16.6	2.8
Elkay Merger	1,417
Taxes withheld and paid on employees' share-based payment awards			(0.5)		(1.4)
Repurchase of common stock						(0.9)
Proceeds associated with divestiture of discontinued operations			35
Common stock dividends	(12.5)	(3.8)	(3.8)	(11)	(10.8)	(10.8)
Ending balance				$ 1,645.7	$ 1,587.5	$ 1,492.9		1,645.7
Ending balance, parent	$ 1,618.6	$ 229.4	$ 193.7				$ 1,618.6
Common stock dividends (in dollars per share)	$ 0.07	$ 0.03	$ 0.03	$ 0.09	$ 0.09	$ 0.09
Common stock issued (in shares)	51,577,307						52,039,485
Centa China | Centa China | Process & Motion Control
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-controlling interest									5%
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				$ 1.2	$ 1.2	$ 1.2		1.2
Beginning balance, parent	$ 1.3	$ 1.3	$ 1.3				$ 1.3
Elkay Merger	0.5
Ending balance				1.2	1.2	1.2		1.2
Ending balance, parent	1.8	1.3	1.3				1.8
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				1,436.7	1,409.9	1,392.9		1,392.9
Beginning balance, parent	1,438.3	1,437	1,436.9				1,436.9
Stock-based compensation expense	7.8	3.8	3.9	11.3	11.6	14.2
Proceeds from exercise of stock options	0.1	1.3	0.5	4.1	16.6	2.8
Elkay Merger	1,416.5
Taxes withheld and paid on employees' share-based payment awards			(0.5)		(1.4)
Common stock dividends	(12.5)	(3.8)	(3.8)
Ending balance				1,452.1	1,436.7	1,409.9		1,452.1
Ending balance, parent	2,850.2	1,438.3	1,437				2,850.2
Retained deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				216.7	154.3	116		116
Beginning balance, parent	(1,135.3)	(1,171.7)	(1,236.9)				(1,236.9)
Total comprehensive income (loss)				64.1	73.2	50
Total comprehensive income (loss)	(19.1)	36.4	30.2
Repurchase of common stock						(0.9)
Proceeds associated with divestiture of discontinued operations			35
Common stock dividends				(11)	(10.8)	(10.8)
Ending balance				269.8	216.7	154.3		269.8
Ending balance, parent	(1,154.4)	(1,135.3)	(1,171.7)				(1,154.4)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				(70.3)	(75.6)	(73.8)		(73.8)
Beginning balance, parent	(74.9)	(72.9)	(74.9)				(74.9)
Total comprehensive income (loss)				(10.3)	5.3	(1.8)
Total comprehensive income (loss)	(4.1)	(2)	2
Ending balance				(80.6)	(70.3)	(75.6)		(80.6)
Ending balance, parent	(79)	(74.9)	(72.9)				(79)
Non-controlling interest
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance				3.2	3.1	3		3
Beginning balance, parent	0	0	0				0
Total comprehensive income (loss)					0.1	0.1
Ending balance				$ 3.2	$ 3.2	$ 3.1		$ 3.2
Ending balance, parent	$ 0	$ 0	$ 0				$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Jan. 27, 2020	Mar. 31, 2015
Class of Stock [Line Items]
Repurchased and canceled shares (in shares)	0	0	22,300
Cost of repurchased and canceled shares of common stock			$ 900,000
Average price of repurchased and canceled shares of common stock (in dollars per share)			$ 39.27
Common Stock
Class of Stock [Line Items]
Common stock repurchase program amount				$ 300,000,000	$ 200,000,000
Remaining amount of repurchase authority	$ 162,800,000	$ 162,800,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, parent	$ 229.4		$ 126.4
Other comprehensive loss before reclassifications			(4.1)
Amounts reclassified from accumulated other comprehensive loss	0		0
Other comprehensive loss, net of tax	(4.1)	$ (10.3)	(4.1)	$ (6.8)
Ending balance, parent	1,618.6		1,618.6
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, parent	(74.9)		(74.9)
Ending balance, parent	(79)		(79)
Foreign Currency Translation and Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, parent			(70.9)
Other comprehensive loss before reclassifications			(4.1)
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive loss, net of tax			(4.1)
Ending balance, parent	(75)		(75)
Pension and Postretirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance, parent			(4)
Other comprehensive loss before reclassifications			0
Amounts reclassified from accumulated other comprehensive loss			0
Other comprehensive loss, net of tax			0
Ending balance, parent	$ (4)		$ (4)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Reclassifications Out of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension and other postretirement plans
Other income (expense), net	$ 0.6	$ (0.8)	$ 0.3	$ (0.9)
Provision for income taxes	1.6	5.7	22.9	16.6
Net income from continuing operations	$ (19.1)	16.1	$ 46.7	46.7
Reclassification out of Accumulated Other Comprehensive Income
Pension and other postretirement plans
Net income from continuing operations		0		(0.2)
Reclassification out of Accumulated Other Comprehensive Income | Pension and other postretirement plans
Pension and other postretirement plans
Provision for income taxes		0		0
Reclassification out of Accumulated Other Comprehensive Income | Amortization of prior service credit
Pension and other postretirement plans
Other income (expense), net		$ 0		$ (0.2)

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Finished goods	$ 282.6	$ 169.1
Work in progress	18.5	5.1
Raw materials	107.4	14.6
Inventories at First-in, First-Out ("FIFO") cost	408.5	188.8
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost	(8.3)	(4.3)
Inventories, net	$ 400.2	$ 184.5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Net Carrying Value (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Net carrying amount, beginning of period	$ 254.1
Currency translation adjustments	(3)
Acquisition	505
Purchase accounting adjustments	(1.3)
Net carrying amount, end of period	$ 754.8

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Intangible assets subject to amortization:
Weighted Average Useful Life	16 years	15 years
Accumulated Amortization	$ (314.4)	$ (295.5)
Intangible assets not subject to amortization - trademarks and tradenames
Gross Carrying Amount	1,333.5	474.6
Net Carrying Amount	1,019.1	179.1
Trademarks and tradenames
Intangible assets not subject to amortization - trademarks and tradenames
Carrying amount	$ 87	$ 87.1
Patents
Intangible assets subject to amortization:
Weighted Average Useful Life	9 years	9 years
Gross Carrying Amount	$ 25.5	$ 24.9
Accumulated Amortization	(22.5)	(22.4)
Net Carrying Amount	$ 3	$ 2.5
Customer relationships (including distribution network)
Intangible assets subject to amortization:
Weighted Average Useful Life	16 years	15 years
Gross Carrying Amount	$ 1,040.8	$ 351.1
Accumulated Amortization	(285.1)	(269.1)
Net Carrying Amount	$ 755.7	$ 82
Tradenames
Intangible assets subject to amortization:
Weighted Average Useful Life	19 years	13 years
Gross Carrying Amount	$ 180.2	$ 11.5
Accumulated Amortization	(6.8)	(4)
Net Carrying Amount	$ 173.4	$ 7.5

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 14.5	$ 5.8	$ 19.1	$ 17.7
Amortization expense in year ending 2022	33.6		33.6
Amortization expense in fiscal year 2023	58.1		58.1
Amortization expense in fiscal year 2024	58.1		58.1
Amortization expense in fiscal year 2025	58		58
Amortization expense in fiscal year 2026	57.9		57.9
Amortization expense in fiscal year 2027	$ 57.9		$ 57.9
Customer Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of intangible assets acquired			16 years		10 years
Tradenames
Acquired Finite-Lived Intangible Assets [Line Items]
Weighted average useful life of intangible assets acquired			20 years

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Commissions	$ 11.6	$ 8.1
Current portion of operating lease liability	8.3	6.1
Income taxes payable	1.4	2.1
Legal and environmental	2.3	3
Product warranty	5.5	1.3
Restructuring and other similar charges	11.2	2.4
Risk management	16.6	11.3
Sales rebates	58.2	38.6
Tax indemnities	20.7	21.9
Taxes, other than income taxes	2.9	1.8
Other	11.1	9.8
Other current liabilities	$ 149.8	$ 106.4

Long-Term Debt - Summary of Deb

Long-Term Debt - Summary of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total	$ 537	$ 539.5
Less current maturities	5.7	5.6
Long-term debt	531.3	533.9
Term loan | Medium-term Notes
Debt Instrument [Line Items]
Total	536.3	539.2
Unamortized debt issuance costs	9.6	10.8
Finance Leases | Other Debt
Debt Instrument [Line Items]
Total	$ 0.7	$ 0.3

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)		9 Months Ended
	Oct. 04, 2021	Sep. 30, 2022	Dec. 31, 2021
Other Subsidiary Debt
Debt Instrument [Line Items]
Amounts borrowed		$ 700,000	$ 300,000
Medium-term Notes | Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 550,000,000
Period payment	$ 1,400,000
Lien leverage ratio	180%	161%
Weighted-average effective interest rate		5.39%
Weighted-average interest rate, over time		4.41%
Medium-term Notes | Senior Secured Credit Facility | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Applicable margin		2%
Medium-term Notes | Senior Secured Credit Facility | Leverage Ratio Scenario One | Base Rate
Debt Instrument [Line Items]
Applicable margin	1.25%
Medium-term Notes | Senior Secured Credit Facility | Leverage Ratio Scenario One | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Applicable margin	2.25%
Medium-term Notes | Senior Secured Credit Facility | Leverage Ratio Scenario Two
Debt Instrument [Line Items]
Interest rate decrease	0.25%
Revolving credit facility | Senior Secured Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Lien leverage ratio	161%
Amounts borrowed		$ 0	0
Letters of credit outstanding, amount		$ 7,600,000	$ 6,100,000
Revolving credit facility | Senior Secured Credit Facility | Leverage Ratio Scenario One
Debt Instrument [Line Items]
Lien leverage ratio	200,000,000%
Commitment fee	0.50%
Revolving credit facility | Senior Secured Credit Facility | Leverage Ratio Scenario One | Base Rate
Debt Instrument [Line Items]
Applicable margin	1%
Revolving credit facility | Senior Secured Credit Facility | Leverage Ratio Scenario One | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Applicable margin	2%
Revolving credit facility | Senior Secured Credit Facility | Leverage Ratio Scenario Two
Debt Instrument [Line Items]
Lien leverage ratio	200,000,000%
Interest rate decrease	0.25%
Commitment fee	0.375%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 10.8	$ 15.3
Deferred compensation plan liabilities	11.3	16.3
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0.9
Deferred compensation plan liabilities	11.3	16.3
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	10.8	14.4
Deferred compensation plan liabilities	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Deferred compensation plan liabilities	$ 0	$ 0

Fair Value Measurements - Ident

Fair Value Measurements - Identifiable Intangible Assets (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 860.5
Tradenames
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 168.7
Weighted average useful life of intangible assets acquired	20 years
Customer relationships
Indefinite-Lived Intangible Assets [Line Items]
Fair Value	$ 691.8
Weighted average useful life of intangible assets acquired	16 years	10 years

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value of long-term debt	$ 539.1	$ 552.4

Commitments and Contingencies -

Commitments and Contingencies - Warranty Liability (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Movement in Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 1.3	$ 1.2
Acquired obligations	3.4	0
Charged to operations	2.8	1.2
Claims settled	(2)	(1)
Balance at end of period	$ 5.5	$ 1.4

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) lawsuit in Thousands, claimant in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) claimant lawsuit carrier
Loss Contingencies [Line Items]
Number of carriers, if insolvent, could impact coverage | carrier	1
Asbestos Issue | Zurn
Loss Contingencies [Line Items]
Number of lawsuits | lawsuit	6
Number of claimants | claimant	7
Time frame of claims expected to be filed	10 years
Insurance for asbestos claims	$ 66
Estimated claim payments made over specified period	$ 49
Time frame of estimated claims disbursements	10 years

Retirement Benefits - Schedule

Retirement Benefits - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0.2	$ 0	$ 0.4
Interest cost	2.1	3.7	6.4	11.2
Expected return on plan assets	(2.4)	(4.9)	(7.2)	(14.7)
Amortization:
Net periodic benefit cost	(0.3)	(1)	(0.8)	(3.1)
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.1	0	0.2	0.2
Amortization:
Prior service cost	0	0	0	(0.2)
Net periodic benefit cost	$ 0.1	$ 0	$ 0.2	$ 0

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Retirement Benefits [Abstract]
Contributions by employer	$ 1	$ 1.9
Cash payment due to liquidation of defined benefit plan	$ 17.3

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-based compensation expense	$ 7.8	$ 7	$ 15.5	$ 23.2

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Restricted Stock Units, and Performance Stock Units (Details)	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Stock options
Number of Awards
Number of awards (in shares) | shares	98,718
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 9.85
Restricted stock units
Number of Awards
Number of awards (in shares) | shares	382,582
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 28.91
Performance stock units
Number of Awards
Number of awards (in shares) | shares	177,724
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 30.91
Common stock
Number of Awards
Number of awards (in shares) | shares	47,966
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 28.40

Leases - ROU Assets and Lease L

Leases - ROU Assets and Lease Liability Balances (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Assets
Operating ROU assets	$ 58.7	$ 14.1
Finance ROU assets	0.9	0.5
Total ROU assets	59.6	14.6
Current
Operating	8.3	6.1
Finance	0.2	0.1
Non-current
Operating	51.2	8.9
Finance	0.5	0.2
Total lease liabilities	$ 60.2	$ 15.3
Operating lease, right-of-use asset, Statement of financial position [extensible enumeration]	Other assets	Other assets
Finance lease, right-of-use asset, statement of financial position [extensible enumeration]	Property, plant and equipment, net	Property, plant and equipment, net
Operating lease, liability, current, statement of financial position [extensible enumeration]	Other current liabilities	Other current liabilities
Finance lease, liability, current, statement of financial position [extensible enumeration]	Current maturities of debt	Current maturities of debt
Finance lease, liability, noncurrent, statement of financial position [extensible enumeration]	Long-term debt	Long-term debt
Finance lease assets, accumulated amortization	$ 0.2	$ 0.2

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease expenses	$ 3.4	$ 1.5	$ 6.5	$ 4.6
Finance lease expenses:
Depreciation of finance ROU assets	0.1	0	0.1	0.1
Interest on lease liabilities	0	0	0	0
Total finance lease expense	0.1	0	0.1	0.1
Variable and short-term lease expense	1.7	0.8	4	2.6
Total lease expense	$ 5.2	$ 2.3	$ 10.6	$ 7.3

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) $ in Millions	Sep. 30, 2022 USD ($)
Operating Leases
2022 (through December 31, 2022)	$ 3.2
2023	12.2
2024	10.1
2025	7.4
2026	6.9
Thereafter	47.4
Total future minimum lease payments	87.2
Less: imputed interest	(26.2)
Total lease liabilities	61
Finance Leases
2022 (through December 31, 2022)	0.1
2023	0.3
2024	0.2
2025	0.2
2026	0
Thereafter	0
Total future minimum lease payments	0.8
Less: imputed interest	(0.1)
Total lease liabilities	$ 0.7

Leases - Weighted-Average Remai

Leases - Weighted-Average Remaining Lease Terms (Details)	Sep. 30, 2022	Sep. 30, 2021
Weighted-average remaining lease terms (years):
Operating leases	10 years 2 months 12 days	3 years
Finance leases	3 years 3 months 18 days	3 years 6 months
Weighted-average discount rate:
Operating leases	6.50%	3.40%
Finance leases	5.20%	3.40%

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash Flow, Lessee [Abstract]
Operating cash flows from operating leases	$ 6.5	$ 4.8
Operating cash flows from finance leases	0	0
Financing cash flows from finance leases	0.1	0.1
Right-Of-Use Asset Obtained In Exchange For Lease Liability [Abstract]
Operating leases	51.3	0.4
Finance leases	$ 0.5	$ 0.1

Subsequent Events (Details)

Subsequent Events (Details)	Oct. 20, 2022 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Quarterly dividend declared (in dollars per share)	$ 0.07