Zurn Elkay Water Solutions (ZWS) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 12(b) Security	Common Stock, $.01 par value
Trading Symbol	ZWS
Security Exchange Name	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		170,928,495
Entity Central Index Key	0001439288
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 162.7	$ 136.7
Receivables, net	240.1	210.2
Inventories, net	276.2	277.6
Income taxes receivable	0.7	17
Other current assets	43.5	26.3
Total current assets	723.2	667.8
Property, plant and equipment, net	168.5	180.3
Intangible assets, net	922.3	952.4
Goodwill	795.1	796
Other assets	72.4	70.5
Total assets	2,681.5	2,667
Current liabilities:
Current maturities of debt	0.9	0.9
Trade payables	77.9	56.4
Compensation and benefits	26.2	30.5
Current portion of pension and postretirement benefit obligations	1.3	1.3
Other current liabilities	148.8	131.8
Total current liabilities	255.1	220.9
Long-term debt	494.6	494.4
Pension and postretirement benefit obligations	38.1	36.6
Deferred income taxes	197	210
Operating lease liability	39	37.3
Other liabilities	63.3	65
Total liabilities	1,087.1	1,064.2
Stockholders' equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 171,097,696 at June 30, 2024 and 172,262,163 at December 31, 2023	1.7	1.7
Additional paid-in capital	2,842.5	2,847
Retained deficit	(1,178.1)	(1,178.2)
Accumulated other comprehensive loss	(71.7)	(67.7)
Total stockholders' equity	1,594.4	1,602.8
Total liabilities and stockholders' equity	$ 2,681.5	$ 2,667

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	171,097,696	172,262,163
Common stock, shares outstanding (in shares)	171,097,696	172,262,163

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 412	$ 403.2	$ 785.8	$ 775.3
Cost of sales	225.7	229.7	429.4	453
Gross profit	186.3	173.5	356.4	322.3
Selling, general and administrative expenses	98.9	96.3	194.8	184.8
Restructuring and other similar charges	0.7	7.8	7	9.7
Amortization of intangible assets	14.8	14.6	29.5	29.3
Income from operations	71.9	54.8	125.1	98.5
Non-operating expense:
Interest expense, net	(8.5)	(10.3)	(17.3)	(19.9)
Other income (expense), net	(1.6)	1.6	(3)	(0.8)
Income before income taxes	61.8	46.1	104.8	77.8
Provision for income taxes	(16.5)	(13.2)	(25.5)	(22.3)
Net income from continuing operations	45.3	32.9	79.3	55.5
Income from discontinued operations, net of tax	0.7	1.7	1	1.9
Net income	$ 46	$ 34.6	$ 80.3	$ 57.4
Basic net income per share:
Continuing operations (in dollars per share)	$ 0.26	$ 0.19	$ 0.46	$ 0.32
Discontinued operations (in dollars per share)	0.01	0.01	0.01	0.01
Net income (in dollars per share)	0.27	0.20	0.47	0.33
Diluted net income per share:
Continuing operations (in dollars per share)	0.26	0.19	0.45	0.31
Discontinued operations (in dollars per share)	0.01	0.01	0.01	0.01
Net income (in dollars per share)	$ 0.27	$ 0.20	$ 0.46	$ 0.32
Weighted-average number of shares outstanding (in thousands):
Basic (in shares)	172,627	174,260	172,818	175,333
Effect of dilutive equity awards (in shares)	2,376	2,221	2,738	2,365
Diluted (in shares)	175,003	176,481	175,556	177,698

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 46	$ 34.6	$ 80.3	$ 57.4
Other comprehensive income (loss):
Foreign currency translation adjustments	(1.5)	3.6	(4)	3.5
Other comprehensive income (loss), net of tax	(1.5)	3.6	(4)	3.5
Total comprehensive income	$ 44.5	$ 38.2	$ 76.3	$ 60.9

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 80.3	$ 57.4
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	13.8	15.3
Amortization of intangible assets	29.5	29.3
Non-cash restructuring charges	5.2	2.5
Loss on dispositions of long-lived assets	0.4	0
Deferred income taxes	(13)	(1.6)
Other non-cash expenses	2.3	0.3
Stock-based compensation expense	19.4	20.5
Changes in operating assets and liabilities:
Receivables, net	(30.6)	(22.2)
Inventories	0.4	28.8
Other assets	2	13.6
Accounts payable	21.8	(50.6)
Accruals and other	7.5	(1.1)
Cash provided by operating activities	139	92.2
Investing activities
Expenditures for property, plant and equipment	(8.6)	(11.1)
Proceeds from dispositions of long-lived assets	1.6	0.3
Proceeds from insurance claims	0	9
Cash used for investing activities	(7)	(1.8)
Financing activities
Proceeds from borrowings of debt	0	13
Repayments of debt	(0.4)	(16.1)
Proceeds from exercise of stock options	3.8	1.2
Repurchase of common stock	(79.9)	(87.1)
Payment of common stock dividends	(27.7)	(24.5)
Cash used for financing activities	(104.2)	(113.5)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1.8)	1.3
Increase (decrease) in cash, cash equivalents and restricted cash	26	(21.8)
Cash, cash equivalents and restricted cash at beginning of period	136.7	124.8
Cash, cash equivalents and restricted cash at end of period	$ 162.7	$ 103

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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 (“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, 2024. 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, 2023. Divestiture of Asbestos Liabilities and Certain Assets On December 15, 2023, Zurn Holdings, Inc. (“Holdings”) sold all of the equity interests of its direct subsidiary Zurn Industries, LLC (“Zurn Industries”), together with Zurn Industries’ direct and indirect subsidiaries that primarily held asbestos liabilities, certain assets and cash, in a stock sale transaction to an unaffiliated buyer (“Sale Transaction”). As a result of the Sale Transaction, all asbestos obligations and liabilities, related insurance assets and associated deferred taxes, and other assets sold to the buyer, have been removed from the Company’s consolidated balance sheet effective December 15, 2023 and the Company no longer has any obligation with respect to pending and future asbestos claims related to the divested entities. A loss on the divestiture of asbestos liabilities and certain assets of $11.4 million was recognized in the consolidated statements of operations for the twelve months ended December 31, 2023. See Note 15, Commitments and Contingencies, for additional information on the Sale Transaction. Elkay Merger On July 1, 2022, Zurn Water Solutions Corporation ("Zurn") 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 include the acquired operations subsequent to July 1, 2022. See Note 2, Acquisition, for additional information on the Elkay Transaction. The Company 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, hydration, human safety and the environment. The Company's product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products, and filtered drinking water 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 it 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”) 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 its business. Reclassifications Certain prior year amounts have been reclassified to conform to the presentation used for the six months ended June 30, 2024. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows when implemented.

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition Elkay Merger On July 1, 2022, the Company completed the Elkay Merger for a purchase price (after final purchase price adjustments) of $1,457.8 million. Elkay, a market leader of drinking water solutions and commercial sinks, complements the Company's existing product portfolio. The purchase price includes $1,411.9 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 term loan and Elkay's transaction related costs outstanding that were in excess of Elkay's cash and cash equivalents at the time of closing. Pursuant to the terms of the merger agreement, the Company issued 51,564,524 shares of its common stock, which represented approximately 29% of outstanding shares immediately following the Merger. During the first quarter of 2023, we completed the final price adjustments and the adjusted purchase price is reflected in the purchase price amounts above, following the return of 186,020 of the shares issued at closing to the Company as a result of lower working capital and cash balances at closing compared to targets stipulated in the merger agreement. The shares returned to the Company were canceled upon receipt. In accordance with the merger agreement, at closing the Company increased the size of its Board of Directors to eleven members and appointed two directors designated by Elkay. As of June 30, 2024, the Board of Directors consisted of ten members, including one director designated by Elkay. Zurn senior management immediately prior to the consummation of the Elkay Merger remained as the executive officers of the Company immediately after the Elkay Merger. The Company's management determined that the Company is the accounting acquirer in the Elkay Merger 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 were measured at estimated fair value as of the date of the business combination. The excess of the purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill, which is not deductible for tax purposes. 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. As of June 30, 2023, the valuation process to determine the fair values of the net assets acquired during the measurement period was complete. The final fair value of the assets acquired and liabilities assumed were as follows (in millions): As Reported Assets acquired: Receivables, net $ 92.0 Inventories 139.5 Other current assets 8.5 Property, plant and equipment, net 127.1 Intangible assets, net 865.5 Goodwill 546.2 Other assets 56.9 Total assets acquired 1,835.7 Liabilities assumed: Trade payables 30.5 Compensation and benefits 39.3 Current portion of pension and postretirement benefit obligations 17.3 Other current liabilities 45.8 Operating lease liability 24.2 Pension and postretirement benefit obligations 3.6 Deferred income taxes 206.7 Other liabilities 10.5 Total liabilities assumed 377.9 Total purchase price $ 1,457.8

Restructuring and Other Similar

Restructuring and Other Similar Charges	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Similar Charges	Restructuring and Other Similar Charges During the three and six months ended June 30, 2024, 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 mergers and 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. Management expects to continue executing similar initiatives to optimize its operating margin and manufacturing footprint. As such, the Company expects further expenses related to workforce reductions, potential impairment or accelerated depreciation of assets, lease termination costs and other facility rationalization costs. The Company's restructuring plans are preliminary and the full extent of related expenses are not yet estimable. The following table summarizes the Company's restructuring and other similar charges during the three and six months ended June 30, 2024 and June 30, 2023, (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Employee termination benefits $ 0.2 $ 2.0 $ 0.4 $ 2.9 Contract termination and other associated costs 0.5 5.8 6.6 6.8 Total restructuring and other similar charges $ 0.7 $ 7.8 $ 7.0 $ 9.7 The following table summarizes the activity in the Company's restructuring accrual for the six months ended June 30, 2024 (in millions): Employee termination benefits Contract termination and other associated costs Total Accrued restructuring costs, December 31, 2023 (1) $ 0.7 $ 0.6 $ 1.3 Charges 0.4 6.6 7.0 Cash payments (1.1) (1.7) (2.8) Non-cash charges (2) — (5.2) (5.2) Accrued restructuring costs, June 30, 2024 (1) $ — $ 0.3 $ 0.3 ____________________ (1) As of June 30, 2024 and December 31, 2023, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets. (2) Non-cash charges consist primarily of asset impairments based on Level 3 inputs.

Discontinued Operations

Discontinued Operations	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations 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 in accordance with the exchange ratio. The operating results of PMC are reported as discontinued operations in the consolidated statements of operations for all 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 six months ended June 30, 2024 and June 30, 2023 have not been adjusted to separately disclose cash flows related to the 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 six months ended June 30, 2024 and June 30, 2023, are as follows (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Selling, general and administrative (expenses)/income (1) $ 0.7 $ 1.8 $ 0.7 $ 1.8 Income from discontinued operations before income tax 0.7 1.8 0.7 1.8 Income tax (expense) benefit — (0.1) 0.3 0.1 Income from discontinued operations, net of tax $ 0.7 $ 1.7 $ 1.0 $ 1.9 (1) Selling, general and administrative (expenses)/income include the reversal of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2024
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 continue 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 Company designs, procures, manufactures, and markets a comprehensive portfolio of water management solutions. The Company disaggregates its sales by customer type and geographic location, which the Company believes best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows may be impacted differently by certain economic factors. The following tables present revenue disaggregated by customer type and the geographic region of the end customer (in millions): Three Months Ended Six Months Ended Customer Type June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Institutional $ 196.1 $ 178.4 $ 374.4 $ 351.7 Commercial 118.1 118.6 224.9 223.9 All other 97.8 106.2 186.5 199.7 Total $ 412.0 $ 403.2 $ 785.8 $ 775.3 Three Months Ended Six Months Ended Geography June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 United States $ 378.3 $ 371.6 $ 719.5 $ 716.1 Canada 23.8 19.9 44.9 38.1 Rest of world 9.9 11.7 21.4 21.1 Total $ 412.0 $ 403.2 $ 785.8 $ 775.3 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 June 30, 2024 and December 31, 2023 were not material. Backlog The Company had backlog of $59.6 million as of June 30, 2024, which represents the most likely amount of consideration expected to be received in satisfying the remaining backlog under open contracts. The Company utilizes 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 99% of the backlog in the remaining six months of the year ending December 31, 2024, and the remaining approximately 1% in 2025 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 June 30, 2024 and December 31, 2023, the contract assets capitalized, as well as amortization recognized in the three and six months ended June 30, 2024 and June 30, 2023, are not significant and no impairment losses were recognized. Allowance for Credit Losses 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 credit losses, 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 allowances for credit losses, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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. In October 2021, more than 130 countries agreed to implement Pillar 2, a plan introduced by the Organization for Economic Co-operation and Development (“OECD”) providing for a global minimum tax rate of 15% (calculated on a country-by-country basis) for those companies having consolidated revenue of at least €750 million. The implementation of the Pillar 2 global minimum tax rules is intended to apply for tax years beginning in 2024. The main purpose of such rules is to minimize tax base erosion and profit shifting from higher tax jurisdictions to lower tax jurisdictions by multi-national companies. On December 20, 2022, the OECD issued various administrative guidance including transitional safe harbor rules available in conjunction with the implementation of the Pillar 2 global minimum tax. On February 1, 2023, the Financial Accounting Standards Board indicated that they view the minimum tax (“Top-Up Tax”) imposed under Pillar 2 as an alternative minimum tax, and as such, it should be recognized in the period incurred versus recognizing or adjusting deferred tax assets and liabilities. Based upon the current OECD rules and administrative guidance, the Company does not anticipate being subject to material Top-Up Taxes as various tax jurisdictions begin enacting such legislation. The Company is continuing to monitor the potential impact of the Pillar 2 proposals and developments on our consolidated financial statements and related disclosures, including eligibility for any transitional safe harbor rules. As of June 30, 2024, the Company has determined that no accrual is currently required for Top-Up Taxes. 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 the purpose 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, as well as certain foreign NOL carryforwards and related deferred tax assets and continues to maintain a partial valuation allowance against certain U.S. state NOL and tax credit 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 $16.5 million for the three months ended June 30, 2024, compared to $13.2 million for the three months ended June 30, 2023. The effective income tax rate for the three months ended June 30, 2024 was 26.7% versus 28.6% for the three months ended June 30, 2023. The effective income tax rate for the three months ended June 30, 2024 and the three months ended June 30, 2023 was above the U.S. federal statutory rate of 21% primarily due to the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, partially offset by the recognition of income tax benefits associated with share-based payments . The income tax provision was $25.5 million for the six months ended June 30, 2024, compared to $22.3 million for the six months ended June 30, 2023. The effective income tax rate for the six months ended June 30, 2024 was 24.3% versus 28.7% for the six months ended June 30, 2023. The effective income tax rate for the six months ended June 30, 2024 was above the U.S. federal statutory rate of 21% primarily due to the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, partially offset by the recognition of certain previously unrecognized tax benefits due to the lapse of the applicable statutes of limitations and income tax benefits associated with share-based payments. The effective income tax rate for the six months ended June 30, 2023 was above the U.S. federal statutory rate of 21% primarily due to the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, 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 June 30, 2024 and December 31, 2023 was $3.6 million and $5.6 million, respectively. The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in income tax expense. As of June 30, 2024 and December 31, 2023, the total amount of unrecognized tax benefits includes gross accrued interest and penalties of $0.8 million and $1.1 million, respectively. The Company recognized $(0.2) million and $0.2 million of net interest and penalties as income tax (benefit) expense during the six months ended June 30, 2024 and June 30, 2023, respectively.

Earnings per Share

Earnings per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings per Share	Earnings per Share Basic net income per share from continuing and discontinued operations is computed by dividing net income from continuing operations and income from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income per share from continuing and discontinued operations 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.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Stockholders' Equity	Stockholders' Equity Stockholders' equity consists of the following (in millions): Common stock (1) Additional paid-in capital Retained deficit Accumulated other comprehensive loss Total stockholders’ equity Balance at December 31, 2022 $ 1.8 $ 2,853.1 $ (1,164.9) $ (75.0) $ 1,615.0 Total comprehensive income — — 22.8 (0.1) 22.7 Stock-based compensation expense — 11.2 — — 11.2 Proceeds from exercise of stock options — 0.6 — — 0.6 Repurchase of common stock — — (37.0) — (37.0) Elkay Merger (2) — (5.1) — — (5.1) Common stock issued to fund defined contribution plans — 0.8 — — 0.8 Common stock dividends ($0.07 per share) — (8.7) — — (8.7) Balance at March 31, 2023 $ 1.8 $ 2,851.9 $ (1,179.1) $ (75.1) $ 1,599.5 Total comprehensive income — — 34.6 3.6 38.2 Stock-based compensation expense — 10.2 — — 10.2 Proceeds from exercise of stock options — 0.6 — — 0.6 Repurchase of common stock (0.1) — (50.8) — (50.9) Common stock dividends ($0.07 per share) — (9.0) — — (9.0) Balance at June 30, 2023 $ 1.7 $ 2,853.7 $ (1,195.3) $ (71.5) $ 1,588.6 Common stock (1) Additional Retained Accumulated Total Balance at December 31, 2023 $ 1.7 $ 2,847.0 $ (1,178.2) $ (67.7) $ 1,602.8 Total comprehensive income — — 34.3 (2.5) 31.8 Stock-based compensation expense — 10.0 — — 10.0 Proceeds from exercise of stock options — 2.1 — — 2.1 Repurchase of common stock — — (18.9) — (18.9) Common stock dividends ($0.08 per share) — (13.9) — — (13.9) Balance at March 31, 2024 $ 1.7 $ 2,845.2 $ (1,162.8) $ (70.2) $ 1,613.9 Total comprehensive income — — 46.0 (1.5) 44.5 Stock-based compensation expense — 9.4 — — 9.4 Proceeds from exercise of stock options — 1.7 — — 1.7 Repurchase of common stock — — (61.3) — (61.3) Common stock dividends ($0.08 per share) — (13.8) — — (13.8) Balance at June 30, 2024 $ 1.7 $ 2,842.5 $ (1,178.1) $ (71.7) $ 1,594.4 ____________________ (1) During the three and six months ended June 30, 2024, the Company issued 171,495 and 1,398,393 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively. During the three and six months ended June 30, 2023, the Company issued 170,917 and 327,236 shares of common stock, upon the exercise of stock options, vesting of restricted stock units, and for other common stock issuances, respectively. (2) During the six months ended June 30, 2023, 186,020 of the shares issued at closing of the Elkay Merger were returned to the Company as a result of lower working capital and cash balances at closing compared to targets stipulated in the Merger Agreement. The shares returned to the Company were canceled upon receipt. Refer to Note 2 , Acquisition for additional information. 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. On February 8, 2023, the Company's Board of Directors approved increasing the remaining share repurchase authority under the Repurchase Program to $500.0 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 of Directors. During the three months ended June 30, 2024, the Company repurchased 1,942,016 shares of common stock at a total cost of $61.0 million at a weighted average price of $31.38 per share. During the six months ended June 30, 2024, the Company repurchased 2,562,860 shares of common stock at a total cost of $79.9 million at a weighted average price of $31.15 per share. During the three months ended June 30, 2023, the Company repurchased 2,307,113 shares of common stock at a total cost of $50.1 million at a weighted average price of $21.67 per share. During the six months ended June 30, 2023, the Company repurchased 3,989,869 shares of common stock at a total cost of $87.1 million at a weighted average price of $21.81 per share. The repurchased shares were canceled by the Company upon receipt. Approximately $310.6 million of the existing authority remained under the Repurchase Program at June 30, 2024.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024, are as follows (in millions): Foreign Currency Translation and Other Pension and Postretirement Plans Total Balance at December 31, 2023 $ (71.5) $ 3.8 $ (67.7) Other comprehensive income before reclassifications (4.0) — (4.0) Net current period other comprehensive income (4.0) — (4.0) Balance at June 30, 2024 $ (75.5) $ 3.8 $ (71.7) There were no amounts reclassified from accumulated other comprehensive loss to net income during the three and six months ended June 30, 2024 and 2023.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory, Net [Abstract]
Inventories	Inventories The major classes of inventories are summarized as follows (in millions): June 30, 2024 December 31, 2023 Finished goods $ 226.2 $ 224.8 Work in progress 9.8 11.5 Raw materials 46.8 48.8 Inventories at First-in, First-Out ("FIFO") cost 282.8 285.1 Adjustment to state inventories at Last-in, First-Out ("LIFO") cost (6.6) (7.5) $ 276.2 $ 277.6

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024, are presented below (in millions): Net carrying amount as of December 31, 2023 $ 796.0 Currency translation adjustments (0.9) Net carrying amount as of June 30, 2024 $ 795.1 The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of June 30, 2024 and December 31, 2023 are as follows (in millions): June 30, 2024 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 26.7 $ (22.9) $ 3.8 Customer relationships (including distribution network) 16 years 1,068.9 (373.6) 695.3 Tradenames 19 years 156.8 (20.7) 136.1 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 16 years $ 1,339.5 $ (417.2) $ 922.3 December 31, 2023 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 26.4 $ (22.8) $ 3.6 Customer relationships (including distribution network) 16 years 1,070.4 (348.8) 721.6 Tradenames 19 years 156.8 (16.7) 140.1 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 16 years $ 1,340.7 $ (388.3) $ 952.4 Intangible asset amortization expense totaled $14.8 million and $14.6 million for the three months ended June 30, 2024 and June 30, 2023, respectively. Intangible asset amortization expense totaled $29.5 million and $29.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively. The Company expects to recognize amortization expense on the intangible assets subject to amortization of $59.1 million in the year ending December 31, 2024 (inclusive of the $29.5 million of amortization expense recognized in the six months ended June 30, 2024), $58.7 million in 2025, $58.5 million in 2026, $58.5 million in 2027, $58.5 million in 2028 and $58.5 million in 2029.

Other Current Liabilities

Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities are summarized as follows (in millions): June 30, 2024 December 31, 2023 Commissions $ 10.8 $ 8.6 Current portion of operating lease liability 10.7 10.6 Income taxes payable 8.9 3.5 Professional fees 2.2 0.6 Product warranty (1) 4.8 4.7 Restructuring and other similar charges (2) 0.3 1.3 Risk management (3) 6.7 5.2 Sales rebates 76.3 70.8 Tax indemnities 13.4 13.8 Taxes, other than income taxes 4.2 3.7 Other 10.5 9.0 $ 148.8 $ 131.8 ____________________ (1) See more information related to the product warranty obligations balance within Note 15, Commitments and Contingencies. (2) See more information related to the restructuring obligations balance within Note 3, Restructuring and Other Similar Charges. (3) Includes projected liabilities related to losses arising from automobile, general, environmental, and product liability claims.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt is summarized as follows (in millions): June 30, 2024 December 31, 2023 Term loan (1) $ 474.3 $ 473.6 Finance leases 21.2 21.7 Total 495.5 495.3 Less current maturities 0.9 0.9 Long-term debt $ 494.6 $ 494.4 ____________________ (1) Includes unamortized debt issuance costs of $6.1 million and $6.8 million at June 30, 2024 and December 31, 2023, respectively. Senior Secured Credit Facility On October 4, 2021, ZBS Global, Inc. (“Holdings”), Zurn Holdings, Inc., Zurn LLC (together, the “Original 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 as amended by that certain Amendment No. 1 to Fourth Amended and Restated First Lien Credit Agreement dated as of July 1, 2022 (the "Amendment") (as so amended, the “Credit Agreement”). Pursuant to the Amendment, Elkay joined the Credit Agreement as a borrower (Elkay and the Original Borrowers, collectively, the "Borrowers"). 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, among Holdings, the Borrowers, the subsidiaries of the Borrowers party thereto, and the Administrative Agent, as supplemented pursuant to that certain Supplement No. 1 dated as of July 1, 2022, executed by Elkay and its domestic subsidiaries, 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 June 30, 2024, the Borrowers were in compliance with all applicable covenants under the Credit Agreement. Term Debt The Credit Agreement provides for the issuance of a term loan facility in an aggregate principal amount of $550.0 million. The proceeds of the Term Loan were, together with the dividend received by the Company in connection with the Spin-Off Transaction and cash on hand, used to (i) repay in full a $625 million term loan, together with accrued interest thereon, (ii) redeem the $500 million of outstanding principal amount of the 4.875% notes, and (iii) pay related fees and expenses. In October 2023, the Company made a voluntary prepayment on its Term Loan of $60.0 million. In connection with this prepayment, the Company recognized a $0.9 million loss on debt extinguishment to write off a portion of the unamortized debt issuance costs. The Term Loan has a maturity date of October 4, 2028. In connection with the voluntary prepayment of $60.0 million, quarterly principal payments are no longer required. For purposes of the Term Loan, effective July 1, 2023, the secured overnight financing rate ("SOFR") replaced LIBOR, and accordingly, beginning July 1, 2023 the Term Loan bears interest at the Borrowers' option, by reference to a base rate or a rate based on Term SOFR, plus a Term SOFR adjustment of 0.115%, 0.262%, or 0.428% for interest periods of one month, three months, and six months, respectively, plus an applicable margin 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 SOFR 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 SOFR borrowings would decrease by 0.25%. The Borrowers’ Net First Lien Leverage Ratio was 0.98 to 1.00 as of June 30, 2024, and therefore the applicable margin is 2.00%. Prior to July 1, 2023, the Term Loan bore 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 as illustrated above. At June 30, 2024 and for the six months then ended, the borrowings under the Term Loan had weighted-average effective interest rates of 7.44% and 7.45%, respectively. Revolving Credit Facility The Credit Agreement includes a $200.0 million revolving credit facility that has a maturity date of October 2, 2026. Similar to the Term Loan, effective July 1, 2023, the SOFR replaced LIBOR, and accordingly, beginning July 1, 2023 the Revolving Credit Facility bears interest by reference to a base rate or a rate based on Term SOFR, plus a Term SOFR adjustment of 0.115%, 0.262%, or 0.428% for interest periods of one month, three months, and six months, respectively, plus an applicable margin 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 SOFR 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 SOFR borrowings would decrease by 0.25%. The Borrowers’ Net First Lien Leverage Ratio was 0.98 to 1.00 as of June 30, 2024. 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%. Prior to July 1, 2023, borrowings under the Revolving Credit Facility bore 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 as illustrated above. At June 30, 2024 and December 31, 2023, there were no amounts borrowed under the Revolving Credit Facility. As of each of June 30, 2024 and December 31, 2023, $11.0 million of the Revolving Credit Facility was considered utilized in connection with outstanding letters of credit. Finance Leases

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (in millions): Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ 1.1 $ 14.3 $ — $ 15.4 Deferred compensation plan liabilities 17.5 — — 17.5 Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ 0.1 $ 13.2 $ — $ 13.3 Deferred compensation plan liabilities 14.7 — — 14.7 There were no transfers of assets between levels at June 30, 2024 and December 31, 2023, respectively. Fair Value of Non-Derivative Financial Instruments The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at June 30, 2024 and December 31, 2023, due to the short-term nature of those instruments. The fair value of long-term debt as of June 30, 2024 and December 31, 2023, was approximately $504.0 million and $503.9 million, respectively. The fair value is based on quoted market prices for the same instruments.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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): Six Months Ended June 30, 2024 June 30, 2023 Balance at beginning of period $ 4.7 $ 4.2 Charged to operations 1.2 1.5 Claims settled (1.1) (1.3) Balance at end of period $ 4.8 $ 4.4 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. On December 15, 2023, Zurn Holdings, Inc. sold all of the equity interests of its direct subsidiary Zurn Industries, together with Zurn Industries’ direct and indirect subsidiaries that primarily held asbestos liabilities, certain assets and cash, in a stock sale transaction to an unaffiliated buyer. In accordance with the terms of the stock sale agreement, a subsidiary of the Company will indemnify the buyer for breaches of representations or warranties, breaches of covenants, and certain other liabilities as long as such liabilities are entirely unrelated to asbestos liabilities or assets. In addition, the buyer will indemnify the Company and its affiliates for breaches of representations or warranties, breaches of covenants, liabilities related to the operation of Zurn Industries’ and buyer’s operations post-closing and all claims arising out of asbestos liabilities and related insurance coverage. As a result of the transaction, all asbestos obligations and liabilities, related insurance assets and associated deferred taxes, and other assets sold to the buyer, have been removed from the Company’s consolidated balance sheet effective December 15, 2023 and the Company no longer has any obligation with respect to pending and future asbestos claims related to the divested entities. As such, the divested entities have been deconsolidated from our 2023 financial results as the Company no longer owns or controls such entities. Therefore, for the period ending December 31, 2023, all asbestos obligations and liabilities, related insurance assets and associated deferred taxes, and other assets of the divested subsidiaries are no longer reported on the consolidated balance sheet. The Company recorded a loss on the divestiture of asbestos liabilities and certain assets of $11.4 million in the fourth quarter of 2023, including transaction expenses of $2.1 million. Prior to the stock sale transaction, certain Company subsidiaries were subject to asbestos litigation. As of December 31, 2022, certain Company subsidiaries and numerous other unrelated companies were defendants in approximately 6,000 asbestos related lawsuits representing approximately 7,000 claims. Plaintiffs' claims alleged personal injuries caused by exposure to asbestos used primarily in industrial boilers formerly manufactured by a segment of Zurn Elkay's subsidiaries. Those subsidiaries did not manufacture asbestos or asbestos components. Instead, they were purchased from suppliers. These claims were handled pursuant to a defense strategy funded by insurers. In prior years, the asbestos liability was developed based on actuarial studies and represented the projected indemnity payout for current and future claims. There were inherent uncertainties involved in estimating the number of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives. As of December 31, 2022, the estimated potential liability for the asbestos-related claims described above, as well as the claims expected to be filed in the next ten years, was approximately $79.0 million which was recorded in the reserve for asbestos claims within the consolidated balance sheets. In prior years, the Company also recorded a receivable from its insurance carriers, which corresponded to the amount of this potential asbestos liability that was covered by available insurance and was determined to be probable of recovery. However, there was no assurance the Company's insurance coverage would ultimately be available or that this asbestos liability would not ultimately exceed the 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. As of December 31, 2022, management estimated that the available insurance to cover the ten-year estimated potential asbestos-related liabilities was $72.1 million. During the year ended December 31, 2022, the Company recorded $6.9 million for the amount that the estimated potential liability exceeded a gap in the Company's estimated available insurance coverage. This expense was recorded in other income (expense), net within the consolidated statements of operations.

Retirement Benefits

Retirement Benefits	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Retirement Benefits	Retirement Benefits The components of net periodic cost (benefit) are as follows (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Pension Benefits: Service cost $ 0.1 $ — $ 0.1 $ — Interest cost $ 2.8 $ 3.0 $ 5.6 $ 6.0 Expected return on plan assets (1.8) (1.8) (3.7) (3.7) Net periodic cost (benefit) $ 1.1 $ 1.2 $ 2.0 $ 2.3 Other Postretirement Benefits: Interest cost $ 0.1 $ 0.1 $ 0.2 $ 0.3 Net periodic cost $ 0.1 $ 0.1 $ 0.2 $ 0.3 The service cost component of net periodic cost (benefit) 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 cost (benefit) are presented within Other income (expense), 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 six months ended June 30, 2024, the Company did not make any contributions to its U.S. qualified pension plan trusts. During the six months ended June 30, 2023, the Company made contributions of $0.1 million to its U.S. qualified pension plan trusts. See Note 15, 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, 2023 for further information regarding retirement benefits.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and June 30, 2023, the Company recognized $9.4 million and $10.2 million of stock-based compensation expense, respectively. For the six months ended June 30, 2024 and June 30, 2023, the Company recognized $19.4 million and $20.5 million of stock-based compensation expense, respectively. During the six months ended June 30, 2024, the Company granted the following stock options, 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 92,722 $ 11.41 Restricted stock units 173,951 $ 31.07 Performance stock units 516,640 $ 34.02 Common stock 81,234 $ 31.81 See Note 14, 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, 2023, for further information regarding stock-based compensation.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 25, 2024, the Company's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.08 per-share to be paid on September 6, 2024, to stockholders of record as of August 20, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 46	$ 34.6	$ 80.3	$ 57.4

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the presentation used for the six months ended June 30, 2024.
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows when implemented.
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 continue 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. 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. 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
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 (Tables)

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Preliminary Fair Value Assets Acquired and Liabilities Assumed	The final fair value of the assets acquired and liabilities assumed were as follows (in millions): As Reported Assets acquired: Receivables, net $ 92.0 Inventories 139.5 Other current assets 8.5 Property, plant and equipment, net 127.1 Intangible assets, net 865.5 Goodwill 546.2 Other assets 56.9 Total assets acquired 1,835.7 Liabilities assumed: Trade payables 30.5 Compensation and benefits 39.3 Current portion of pension and postretirement benefit obligations 17.3 Other current liabilities 45.8 Operating lease liability 24.2 Pension and postretirement benefit obligations 3.6 Deferred income taxes 206.7 Other liabilities 10.5 Total liabilities assumed 377.9 Total purchase price $ 1,457.8

Restructuring and Other Simil_2

Restructuring and Other Similar Charges (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and June 30, 2023, (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Employee termination benefits $ 0.2 $ 2.0 $ 0.4 $ 2.9 Contract termination and other associated costs 0.5 5.8 6.6 6.8 Total restructuring and other similar charges $ 0.7 $ 7.8 $ 7.0 $ 9.7
Schedule of Activity in Restructuring Accrual	The following table summarizes the activity in the Company's restructuring accrual for the six months ended June 30, 2024 (in millions): Employee termination benefits Contract termination and other associated costs Total Accrued restructuring costs, December 31, 2023 (1) $ 0.7 $ 0.6 $ 1.3 Charges 0.4 6.6 7.0 Cash payments (1.1) (1.7) (2.8) Non-cash charges (2) — (5.2) (5.2) Accrued restructuring costs, June 30, 2024 (1) $ — $ 0.3 $ 0.3 ____________________ (1) As of June 30, 2024 and December 31, 2023, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets. (2) Non-cash charges consist primarily of asset impairments based on Level 3 inputs.

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 and June 30, 2023, are as follows (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Selling, general and administrative (expenses)/income (1) $ 0.7 $ 1.8 $ 0.7 $ 1.8 Income from discontinued operations before income tax 0.7 1.8 0.7 1.8 Income tax (expense) benefit — (0.1) 0.3 0.1 Income from discontinued operations, net of tax $ 0.7 $ 1.7 $ 1.0 $ 1.9 (1) Selling, general and administrative (expenses)/income include the reversal of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables present revenue disaggregated by customer type and the geographic region of the end customer (in millions): Three Months Ended Six Months Ended Customer Type June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Institutional $ 196.1 $ 178.4 $ 374.4 $ 351.7 Commercial 118.1 118.6 224.9 223.9 All other 97.8 106.2 186.5 199.7 Total $ 412.0 $ 403.2 $ 785.8 $ 775.3 Three Months Ended Six Months Ended Geography June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 United States $ 378.3 $ 371.6 $ 719.5 $ 716.1 Canada 23.8 19.9 44.9 38.1 Rest of world 9.9 11.7 21.4 21.1 Total $ 412.0 $ 403.2 $ 785.8 $ 775.3

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity	Stockholders' equity consists of the following (in millions): Common stock (1) Additional paid-in capital Retained deficit Accumulated other comprehensive loss Total stockholders’ equity Balance at December 31, 2022 $ 1.8 $ 2,853.1 $ (1,164.9) $ (75.0) $ 1,615.0 Total comprehensive income — — 22.8 (0.1) 22.7 Stock-based compensation expense — 11.2 — — 11.2 Proceeds from exercise of stock options — 0.6 — — 0.6 Repurchase of common stock — — (37.0) — (37.0) Elkay Merger (2) — (5.1) — — (5.1) Common stock issued to fund defined contribution plans — 0.8 — — 0.8 Common stock dividends ($0.07 per share) — (8.7) — — (8.7) Balance at March 31, 2023 $ 1.8 $ 2,851.9 $ (1,179.1) $ (75.1) $ 1,599.5 Total comprehensive income — — 34.6 3.6 38.2 Stock-based compensation expense — 10.2 — — 10.2 Proceeds from exercise of stock options — 0.6 — — 0.6 Repurchase of common stock (0.1) — (50.8) — (50.9) Common stock dividends ($0.07 per share) — (9.0) — — (9.0) Balance at June 30, 2023 $ 1.7 $ 2,853.7 $ (1,195.3) $ (71.5) $ 1,588.6 Common stock (1) Additional Retained Accumulated Total Balance at December 31, 2023 $ 1.7 $ 2,847.0 $ (1,178.2) $ (67.7) $ 1,602.8 Total comprehensive income — — 34.3 (2.5) 31.8 Stock-based compensation expense — 10.0 — — 10.0 Proceeds from exercise of stock options — 2.1 — — 2.1 Repurchase of common stock — — (18.9) — (18.9) Common stock dividends ($0.08 per share) — (13.9) — — (13.9) Balance at March 31, 2024 $ 1.7 $ 2,845.2 $ (1,162.8) $ (70.2) $ 1,613.9 Total comprehensive income — — 46.0 (1.5) 44.5 Stock-based compensation expense — 9.4 — — 9.4 Proceeds from exercise of stock options — 1.7 — — 1.7 Repurchase of common stock — — (61.3) — (61.3) Common stock dividends ($0.08 per share) — (13.8) — — (13.8) Balance at June 30, 2024 $ 1.7 $ 2,842.5 $ (1,178.1) $ (71.7) $ 1,594.4 ____________________ (1) During the three and six months ended June 30, 2024, the Company issued 171,495 and 1,398,393 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively. During the three and six months ended June 30, 2023, the Company issued 170,917 and 327,236 shares of common stock, upon the exercise of stock options, vesting of restricted stock units, and for other common stock issuances, respectively. (2) During the six months ended June 30, 2023, 186,020 of the shares issued at closing of the Elkay Merger were returned to the Company as a result of lower working capital and cash balances at closing compared to targets stipulated in the Merger Agreement. The shares returned to the Company were canceled upon receipt. Refer to Note 2 , Acquisition for additional information.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024, are as follows (in millions): Foreign Currency Translation and Other Pension and Postretirement Plans Total Balance at December 31, 2023 $ (71.5) $ 3.8 $ (67.7) Other comprehensive income before reclassifications (4.0) — (4.0) Net current period other comprehensive income (4.0) — (4.0) Balance at June 30, 2024 $ (75.5) $ 3.8 $ (71.7)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory, Net [Abstract]
Summary of Major Classes of Inventories	The major classes of inventories are summarized as follows (in millions): June 30, 2024 December 31, 2023 Finished goods $ 226.2 $ 224.8 Work in progress 9.8 11.5 Raw materials 46.8 48.8 Inventories at First-in, First-Out ("FIFO") cost 282.8 285.1 Adjustment to state inventories at Last-in, First-Out ("LIFO") cost (6.6) (7.5) $ 276.2 $ 277.6

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The changes in the net carrying value of goodwill for the six months ended June 30, 2024, are presented below (in millions): Net carrying amount as of December 31, 2023 $ 796.0 Currency translation adjustments (0.9) Net carrying amount as of June 30, 2024 $ 795.1
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 June 30, 2024 and December 31, 2023 are as follows (in millions): June 30, 2024 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 26.7 $ (22.9) $ 3.8 Customer relationships (including distribution network) 16 years 1,068.9 (373.6) 695.3 Tradenames 19 years 156.8 (20.7) 136.1 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 16 years $ 1,339.5 $ (417.2) $ 922.3 December 31, 2023 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 26.4 $ (22.8) $ 3.6 Customer relationships (including distribution network) 16 years 1,070.4 (348.8) 721.6 Tradenames 19 years 156.8 (16.7) 140.1 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 16 years $ 1,340.7 $ (388.3) $ 952.4
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 June 30, 2024 and December 31, 2023 are as follows (in millions): June 30, 2024 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 26.7 $ (22.9) $ 3.8 Customer relationships (including distribution network) 16 years 1,068.9 (373.6) 695.3 Tradenames 19 years 156.8 (20.7) 136.1 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 16 years $ 1,339.5 $ (417.2) $ 922.3 December 31, 2023 Weighted Average Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Intangible assets subject to amortization: Patents 9 years $ 26.4 $ (22.8) $ 3.6 Customer relationships (including distribution network) 16 years 1,070.4 (348.8) 721.6 Tradenames 19 years 156.8 (16.7) 140.1 Intangible assets not subject to amortization - trademarks and tradenames 87.1 — 87.1 Total intangible assets, net 16 years $ 1,340.7 $ (388.3) $ 952.4

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Schedule of Other Current Liabilities	Other current liabilities are summarized as follows (in millions): June 30, 2024 December 31, 2023 Commissions $ 10.8 $ 8.6 Current portion of operating lease liability 10.7 10.6 Income taxes payable 8.9 3.5 Professional fees 2.2 0.6 Product warranty (1) 4.8 4.7 Restructuring and other similar charges (2) 0.3 1.3 Risk management (3) 6.7 5.2 Sales rebates 76.3 70.8 Tax indemnities 13.4 13.8 Taxes, other than income taxes 4.2 3.7 Other 10.5 9.0 $ 148.8 $ 131.8 ____________________ (1) See more information related to the product warranty obligations balance within Note 15, Commitments and Contingencies. (2) See more information related to the restructuring obligations balance within Note 3, Restructuring and Other Similar Charges. (3) Includes projected liabilities related to losses arising from automobile, general, environmental, and product liability claims.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	Long-term debt is summarized as follows (in millions): June 30, 2024 December 31, 2023 Term loan (1) $ 474.3 $ 473.6 Finance leases 21.2 21.7 Total 495.5 495.3 Less current maturities 0.9 0.9 Long-term debt $ 494.6 $ 494.4 ____________________ (1) Includes unamortized debt issuance costs of $6.1 million and $6.8 million at June 30, 2024 and December 31, 2023, respectively.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023 (in millions): Fair Value as of June 30, 2024 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ 1.1 $ 14.3 $ — $ 15.4 Deferred compensation plan liabilities 17.5 — — 17.5 Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 Total Deferred compensation plan assets $ 0.1 $ 13.2 $ — $ 13.3 Deferred compensation plan liabilities 14.7 — — 14.7

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The following table presents changes in the Company’s product warranty liability (in millions): Six Months Ended June 30, 2024 June 30, 2023 Balance at beginning of period $ 4.7 $ 4.2 Charged to operations 1.2 1.5 Claims settled (1.1) (1.3) Balance at end of period $ 4.8 $ 4.4

Retirement Benefits (Tables)

Retirement Benefits (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Costs (Benefit)	The components of net periodic cost (benefit) are as follows (in millions): Three Months Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Pension Benefits: Service cost $ 0.1 $ — $ 0.1 $ — Interest cost $ 2.8 $ 3.0 $ 5.6 $ 6.0 Expected return on plan assets (1.8) (1.8) (3.7) (3.7) Net periodic cost (benefit) $ 1.1 $ 1.2 $ 2.0 $ 2.3 Other Postretirement Benefits: Interest cost $ 0.1 $ 0.1 $ 0.2 $ 0.3 Net periodic cost $ 0.1 $ 0.1 $ 0.2 $ 0.3

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of Share-Based Payments	During the six months ended June 30, 2024, the Company granted the following stock options, 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 92,722 $ 11.41 Restricted stock units 173,951 $ 31.07 Performance stock units 516,640 $ 34.02 Common stock 81,234 $ 31.81

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Loss on divestiture of asbestos liabilities and certain assets	$ 11.4

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - Elkay Manufacturing Company $ / shares in Units, $ in Millions		3 Months Ended	6 Months Ended
	Jul. 01, 2022 USD ($) member director $ / shares shares	Mar. 31, 2023 shares	Jun. 30, 2023 shares	Jun. 30, 2024 member director
Business Acquisition [Line Items]
Business combination, consideration transferred	$ 1,457.8
Purchase price, common stock	$ 1,411.9
Business acquisition, share price (in dollars per share) | $ / shares	$ 27.48
Preliminary cash purchase price	$ 45.9
Issued shares (in shares) | shares	51,564,524
Percent of shares issued of outstanding shares	29%
Number of issued shares (in shares) | shares		186,020	186,020
Number of board members | member	11			10
Number of directors | director	2			1

Acquisition - Assets Acquired a

Acquisition - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets acquired:
Goodwill	$ 795.1	$ 796
Elkay Manufacturing Company
Assets acquired:
Receivables, net			$ 92
Inventories			139.5
Other current assets			8.5
Property, plant and equipment, net			127.1
Intangible assets, net			865.5
Goodwill			546.2
Other assets			56.9
Total assets acquired			1,835.7
Liabilities assumed:
Trade payables			30.5
Compensation and benefits			39.3
Current portion of pension and postretirement benefit obligations			17.3
Other current liabilities			45.8
Operating lease liability			24.2
Pension and postretirement benefit obligations			3.6
Deferred income taxes			206.7
Other liabilities			10.5
Total liabilities assumed			377.9
Total purchase price			$ 1,457.8

Restructuring and Other Simil_3

Restructuring and Other Similar Charges - By Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Charges	$ 0.7	$ 7.8	$ 7	$ 9.7
Employee termination benefits
Restructuring Cost and Reserve [Line Items]
Charges	0.2	2	0.4	2.9
Contract termination and other associated costs
Restructuring Cost and Reserve [Line Items]
Charges	$ 0.5	$ 5.8	$ 6.6	$ 6.8

Restructuring and Other Simil_4

Restructuring and Other Similar Charges - Restructuring Reserve Rollforward (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, beginning of the period			$ 1.3
Charges	$ 0.7	$ 7.8	7	$ 9.7
Cash payments			(2.8)
Non-cash charges			(5.2)
Accrued restructuring costs, end of period	0.3		0.3
Employee termination benefits
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, beginning of the period			0.7
Charges	0.2	2	0.4	2.9
Cash payments			(1.1)
Non-cash charges			0
Accrued restructuring costs, end of period	0		0
Contract termination and other associated costs
Restructuring Reserve [Roll Forward]
Accrued restructuring costs, beginning of the period			0.6
Charges	0.5	$ 5.8	6.6	$ 6.8
Cash payments			(1.7)
Non-cash charges			(5.2)
Accrued restructuring costs, end of period	$ 0.3		$ 0.3

Discontinued Operations - Loss

Discontinued Operations - Loss From Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from discontinued operations, net of tax	$ 0.7	$ 1.7	$ 1	$ 1.9
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Selling, general and administrative (expenses)/income	0.7	1.8	0.7	1.8
Income from discontinued operations before income tax	0.7	1.8	0.7	1.8
Income tax (expense) benefit	0	(0.1)	0.3	0.1
Income from discontinued operations, net of tax	$ 0.7	$ 1.7	$ 1	$ 1.9

Revenue Recognition - Revenue D

Revenue Recognition - Revenue Disaggregated by Customer Type (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total	$ 412	$ 403.2	$ 785.8	$ 775.3
Institutional
Disaggregation of Revenue [Line Items]
Total	196.1	178.4	374.4	351.7
Commercial
Disaggregation of Revenue [Line Items]
Total	118.1	118.6	224.9	223.9
All other
Disaggregation of Revenue [Line Items]
Total	$ 97.8	$ 106.2	$ 186.5	$ 199.7

Revenue Recognition - Revenue_2

Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total	$ 412	$ 403.2	$ 785.8	$ 775.3
United States
Disaggregation of Revenue [Line Items]
Total	378.3	371.6	719.5	716.1
Canada
Disaggregation of Revenue [Line Items]
Total	23.8	19.9	44.9	38.1
Rest of world
Disaggregation of Revenue [Line Items]
Total	$ 9.9	$ 11.7	$ 21.4	$ 21.1

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
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	$ 59,600,000		$ 59,600,000
Impairment loss recognized	$ 0	$ 0	$ 0	$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	99%		99%
Percentage of remaining performance obligation, expected timing	6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Percentage of remaining performance obligation	1%		1%
Percentage of remaining performance obligation, expected timing

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 16.5	$ 13.2	$ 25.5	$ 22.3
Effective income tax rate	26.70%	28.60%	24.30%	28.70%
Unrecognized tax benefits	$ 3.6		$ 3.6		$ 5.6
Accrued interest and penalties	$ 0.8		0.8		$ 1.1
Net interest and penalties recognized as income tax (benefit) expense			$ (0.2)	$ 0.2

Earnings per Share (Details)

Earnings per Share (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	0.5	0.4	0.3	0.4

Stockholders' Equity - Roll For

Stockholders' Equity - Roll Forward (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,613.9	$ 1,602.8	$ 1,599.5	$ 1,615	$ 1,602.8	$ 1,615
Total comprehensive income	44.5	31.8	38.2	22.7	76.3	60.9
Stock-based compensation expense	9.4	10	10.2	11.2
Proceeds from exercise of stock options	1.7	2.1	0.6	0.6
Repurchase of common stock	(61.3)	(18.9)	(50.9)	(37)
Common stock issued to fund defined contribution plans				0.8
Common stock dividends	(13.8)	(13.9)	(9)	(8.7)
Ending balance	$ 1,594.4	$ 1,613.9	$ 1,588.6	$ 1,599.5	$ 1,594.4	$ 1,588.6
Common stock dividends (in dollars per share)	$ 0.08	$ 0.08	$ 0.07	$ 0.07
Common stock issued (in shares)	171,495		170,917		1,398,393	327,236
Elkay Manufacturing Company
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Elkay Merger				$ (5.1)
Number of issued shares (in shares)				186,020		186,020
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1.7	$ 1.7	$ 1.8	$ 1.8	$ 1.7	$ 1.8
Repurchase of common stock (in shares)			(100,000)
Ending balance	1.7	1.7	$ 1.7	1.8	1.7	1.7
Additional paid-in capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	2,845.2	2,847	2,851.9	2,853.1	2,847	2,853.1
Stock-based compensation expense	9.4	10	10.2	11.2
Proceeds from exercise of stock options	1.7	2.1	0.6	0.6
Common stock issued to fund defined contribution plans				0.8
Common stock dividends	(13.8)	(13.9)	(9)	(8.7)
Ending balance	2,842.5	2,845.2	2,853.7	2,851.9	2,842.5	2,853.7
Additional paid-in capital | Elkay Manufacturing Company
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Elkay Merger				(5.1)
Retained deficit
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(1,162.8)	(1,178.2)	(1,179.1)	(1,164.9)	(1,178.2)	(1,164.9)
Total comprehensive income	46	34.3	34.6	22.8
Repurchase of common stock	(61.3)	(18.9)	(50.8)	(37)
Ending balance	(1,178.1)	(1,162.8)	(1,195.3)	(1,179.1)	(1,178.1)	(1,195.3)
Accumulated other comprehensive loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(70.2)	(67.7)	(75.1)	(75)	(67.7)	(75)
Total comprehensive income	(1.5)	(2.5)	3.6	(0.1)
Ending balance	$ (71.7)	$ (70.2)	$ (71.5)	$ (75.1)	$ (71.7)	$ (71.5)

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Feb. 08, 2023	Jan. 27, 2020	Mar. 31, 2015
Class of Stock [Line Items]
Repurchased and canceled shares (in shares)	1,942,016	2,307,113	2,562,860	3,989,869
Cost of repurchased and canceled shares of common stock	$ 61,000,000	$ 50,100,000	$ 79,900,000	$ 87,100,000
Average price of repurchased and canceled shares of common stock (in dollars per share)	$ 31.38	$ 21.67	$ 31.15	$ 21.81
Remaining amount of repurchase authority	$ 310,600,000		$ 310,600,000
Common Stock
Class of Stock [Line Items]
Common stock repurchase program amount					$ 500,000,000	$ 300,000,000	$ 200,000,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,613.9	$ 1,599.5	$ 1,602.8	$ 1,615
Other comprehensive income before reclassifications			(4)
Other comprehensive income (loss), net of tax	(1.5)	3.6	(4)	3.5
Ending balance	1,594.4	1,588.6	1,594.4	1,588.6
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(70.2)	(75.1)	(67.7)	(75)
Ending balance	(71.7)	$ (71.5)	(71.7)	$ (71.5)
Foreign Currency Translation and Other
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(71.5)
Other comprehensive income before reclassifications			(4)
Other comprehensive income (loss), net of tax			(4)
Ending balance	(75.5)		(75.5)
Pension and Postretirement Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			3.8
Other comprehensive income before reclassifications			0
Other comprehensive income (loss), net of tax			0
Ending balance	$ 3.8		$ 3.8

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventory, Net [Abstract]
Finished goods	$ 226.2	$ 224.8
Work in progress	9.8	11.5
Raw materials	46.8	48.8
Inventories at First-in, First-Out ("FIFO") cost	282.8	285.1
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost	(6.6)	(7.5)
Inventories, net	$ 276.2	$ 277.6

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Changes in Net Carrying Value (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Net carrying amount, beginning of period	$ 796
Currency translation adjustments	(0.9)
Net carrying amount, end of period	$ 795.1

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Intangible assets subject to amortization:
Weighted Average Useful Life	16 years	16 years
Accumulated Amortization	$ (417.2)	$ (388.3)
Intangible assets not subject to amortization - trademarks and tradenames
Gross Carrying Amount	1,339.5	1,340.7
Net Carrying Amount	922.3	952.4
Intangible assets not subject to amortization - trademarks and tradenames
Intangible assets not subject to amortization - trademarks and tradenames
Carrying amount	$ 87.1	$ 87.1
Patents
Intangible assets subject to amortization:
Weighted Average Useful Life	9 years	9 years
Gross Carrying Amount	$ 26.7	$ 26.4
Accumulated Amortization	(22.9)	(22.8)
Net Carrying Amount	$ 3.8	$ 3.6
Customer relationships (including distribution network)
Intangible assets subject to amortization:
Weighted Average Useful Life	16 years	16 years
Gross Carrying Amount	$ 1,068.9	$ 1,070.4
Accumulated Amortization	(373.6)	(348.8)
Net Carrying Amount	$ 695.3	$ 721.6
Tradenames
Intangible assets subject to amortization:
Weighted Average Useful Life	19 years	19 years
Gross Carrying Amount	$ 156.8	$ 156.8
Accumulated Amortization	(20.7)	(16.7)
Net Carrying Amount	$ 136.1	$ 140.1

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset amortization expense	$ 14.8	$ 14.6	$ 29.5	$ 29.3
Amortization expense in year ending 2024	59.1		59.1
Amortization expense in fiscal year 2025	58.7		58.7
Amortization expense in fiscal year 2026	58.5		58.5
Amortization expense in fiscal year 2027	58.5		58.5
Amortization expense in fiscal year 2028	58.5		58.5
Amortization expense in fiscal year 2029	$ 58.5		$ 58.5

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Commissions	$ 10.8	$ 8.6
Current portion of operating lease liability	10.7	10.6
Income taxes payable	8.9	3.5
Professional fees	2.2	0.6
Product warranty	4.8	4.7
Restructuring and other similar charges	0.3	1.3
Risk management	6.7	5.2
Sales rebates	76.3	70.8
Tax indemnities	13.4	13.8
Taxes, other than income taxes	4.2	3.7
Other	10.5	9
Other current liabilities	$ 148.8	$ 131.8
Operating lease, liability, current, statement of financial position, extensible list	Other current liabilities	Other current liabilities

Long-Term Debt - Summary of Deb

Long-Term Debt - Summary of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total	$ 495.5	$ 495.3
Less current maturities	0.9	0.9
Long-term debt	494.6	494.4
Term loan | Term Loan
Debt Instrument [Line Items]
Total	474.3	473.6
Unamortized debt issuance costs	6.1	6.8
Finance Leases
Debt Instrument [Line Items]
Total	21.2	21.7
Finance Leases | Other
Debt Instrument [Line Items]
Total	$ 21.2	$ 21.7

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)				1 Months Ended	6 Months Ended
	Oct. 11, 2023	Jul. 01, 2023	Oct. 04, 2021	Oct. 31, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease obligation					$ 495,500,000	$ 495,300,000
Senior Secured Credit Facility | Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 550,000,000
Repayments of term loan			625,000,000
Repayments of debt	$ 60,000,000		$ 500,000,000	$ 60,000,000
Interest rate			4.875%
Loss on extinguishment of debt				$ 900,000
Lien leverage ratio					98%
Weighted-average effective interest rate					7.44%
Weighted-average interest rate, over time					7.45%
Finance lease obligation					$ 474,300,000	473,600,000
Senior Secured Credit Facility | Term Loan | Leverage Ratio Scenario Two
Debt Instrument [Line Items]
Interest rate decrease			0.25%
Senior Secured Credit Facility | Term Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin					2%
Lien leverage ratio		180%
Senior Secured Credit Facility | Term Loan | Secured Overnight Financing Rate (SOFR) | Leverage Ratio Scenario One
Debt Instrument [Line Items]
Applicable margin			2.25%
Senior Secured Credit Facility | Term Loan | Base Rate | Leverage Ratio Scenario One
Debt Instrument [Line Items]
Applicable margin			1.25%
Senior Secured Credit Facility | Term Loan | One Month | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		0.115%
Senior Secured Credit Facility | Term Loan | Three Months | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		0.262%
Senior Secured Credit Facility | Term Loan | Six Months | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		0.428%
Senior Secured Credit Facility | Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 200,000,000
Lien leverage ratio			98%
Amounts borrowed					$ 0	0
Letters of credit outstanding, amount					11,000,000	11,000,000
Senior Secured Credit Facility | Revolving credit facility | Leverage Ratio Scenario One
Debt Instrument [Line Items]
Lien leverage ratio			200,000,000%
Commitment fee			0.50%
Senior Secured Credit Facility | Revolving 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%
Senior Secured Credit Facility | Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Leverage Ratio Scenario One
Debt Instrument [Line Items]
Applicable margin			2%
Senior Secured Credit Facility | Revolving credit facility | Base Rate | Leverage Ratio Scenario One
Debt Instrument [Line Items]
Applicable margin			1%
Senior Secured Credit Facility | Revolving credit facility | One Month | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		0.115%
Senior Secured Credit Facility | Revolving credit facility | Three Months | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		0.262%
Senior Secured Credit Facility | Revolving credit facility | Six Months | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Applicable margin		0.428%
Finance Leases
Debt Instrument [Line Items]
Finance lease obligation					$ 21,200,000	$ 21,700,000

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	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 15.4	$ 13.3
Deferred compensation plan liabilities	17.5	14.7
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	1.1	0.1
Deferred compensation plan liabilities	17.5	14.7
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	14.3	13.2
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 - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Fair value of long-term debt	$ 504	$ 503.9

Commitments and Contingencies -

Commitments and Contingencies - Warranty Liability (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Movement in Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 4.7	$ 4.2
Charged to operations	1.2	1.5
Claims settled	(1.1)	(1.3)
Balance at end of period	$ 4.8	$ 4.4

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Loss on divestiture of asbestos liabilities and certain assets	$ 11.4
Period to file claims		10 years

Retirement Benefits - Schedule

Retirement Benefits - Schedule of Components of Net Periodic Cost (Benefit) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Benefits:
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0.1	$ 0	$ 0.1	$ 0
Interest cost	2.8	3	5.6	6
Expected return on plan assets	(1.8)	(1.8)	(3.7)	(3.7)
Net periodic cost (benefit)	1.1	1.2	2	2.3
Other Postretirement Benefits:
Defined Benefit Plan Disclosure [Line Items]
Interest cost	0.1	0.1	0.2	0.3
Net periodic cost (benefit)	$ 0.1	$ 0.1	$ 0.2	$ 0.3

Retirement Benefits - Narrative

Retirement Benefits - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Contributions by employer	$ 0	$ 0.1

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-based compensation expense	$ 9.4	$ 10.2	$ 19.4	$ 20.5

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options, Restricted Stock Units, and Performance Stock Units (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Stock options
Number of Awards
Number of awards (in shares) | shares	92,722
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 11.41
Restricted stock units
Number of Awards
Number of awards (in shares) | shares	173,951
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 31.07
Performance stock units
Number of Awards
Number of awards (in shares) | shares	516,640
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 34.02
Common stock
Number of Awards
Number of awards (in shares) | shares	81,234
Weighted Average Grant-Date Fair Value
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 31.81

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares			3 Months Ended
	Sep. 06, 2024	Jul. 25, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)			$ 0.08	$ 0.08	$ 0.07	$ 0.07
Forecast
Subsequent Event [Line Items]
Common stock dividends (in dollars per share)	$ 0.08
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend declared (in dollars per share)		$ 0.08