Fortune Brands Innovations (FBIN) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 29, 2024	Jul. 19, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 29, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Registrant Name	Fortune Brands Innovations, Inc.
Entity Central Index Key	0001519751
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Trading Symbol	FBIN
Entity Common Stock, Shares Outstanding		124,107,680
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	1-35166
Entity Tax Identification Number	62-1411546
Entity Address, Address Line One	520 Lake Cook Road
Entity Address, City or Town	Deerfield
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60015-5611
City Area Code	847
Local Phone Number	484-4400
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net sales	$ 1,240	$ 1,163.7	$ 2,349.5	$ 2,203.7
Cost of products sold	699	695.6	1,320.9	1,327.2
Selling, general and administrative expenses	319.7	280.7	631.3	541.7
Amortization of intangible assets	18.3	12.6	36.1	25.2
Restructuring charges	3.9	22.2	6.7	25.2
Operating income	199.1	152.6	354.5	284.4
Interest expense	32.3	27.7	62.4	54.6
Other income, net	(3.7)	(5.2)	(3.6)	(11.6)
Income from continuing operations before income taxes	170.5	130.1	295.7	241.4
Income tax	36.6	28	65.5	53.7
Income from continuing operations, net of tax	133.9	102.1	230.2	187.7
(Loss) income from discontinued operations, net of tax	0	0	0	(1)
Net income	$ 133.9	$ 102.1	$ 230.2	$ 186.7
Basic earnings per common share
Continuing operations	$ 1.07	$ 0.81	$ 1.83	$ 1.47
Discontinued operations	0	0	0	0
Basic earnings per share	1.07	0.81	1.83	1.47
Diluted earnings per common share
Continuing operations	1.06	0.8	1.82	1.47
Discontinued operations	0	0	0	(0.01)
Diluted earnings per share	$ 1.06	$ 0.8	$ 1.82	$ 1.46
Comprehensive income	$ 125.6	$ 114.5	$ 209.9	$ 198.4

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions		Jun. 29, 2024	Dec. 30, 2023
Current assets
Cash and cash equivalents		$ 352.6	$ 366.4
Accounts receivable less allowances for discounts and credit losses		593.6	534.2
Inventories		990.5	982.3
Other current assets		145.2	162.8
Total current assets		2,081.9	2,045.7
Property, plant and equipment, net		976.6	975
Operating lease assets		163.4	173.8
Goodwill	[1]	1,994.8	1,906.8
Other intangible assets, net of accumulated amortization		1,336.2	1,354.7
Other assets		121	109
Total assets		6,673.9	6,565
Current liabilities
Short-term debt		499.3	0
Accounts payable		554.4	568.1
Other current liabilities		494.3	632.3
Total current liabilities		1,548	1,200.4
Long-term debt		2,401.7	2,670.1
Deferred income taxes		120.6	111.3
Accrued defined benefit plans		41.4	47.3
Operating lease liabilities		134.3	143.3
Other non-current liabilities		97.3	99.2
Total liabilities		4,343.3	4,271.6
Commitments and contingencies (see Note 17)
Stockholders' equity
Common stock	[2]	1.9	1.9
Paid-in capital		3,161	3,134.5
Accumulated other comprehensive income		43	63.3
Retained earnings		2,805.5	2,605.3
Treasury stock		(3,680.8)	(3,511.6)
Total stockholders' equity		2,330.6	2,293.4
Total liabilities and equity		$ 6,673.9	$ 6,565
[1] Net of accumulated impairment losses of $ 399.5 million in the Outdoors segment. Common stock, par value $ 0.01 per share; 187.7 million shares and 187.1 million shares issue d at June 29, 2024 and December 30, 2023 , respectively.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 29, 2024	Dec. 30, 2023
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares issued	187,700,000	187,100,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions		6 Months Ended
		Jun. 29, 2024	Jul. 01, 2023
Operating activities
Net income		$ 230.2	$ 186.7
Non-cash adjustments:
Depreciation		65.4	40.9
Amortization of intangibles		36.1	25.2
Non-cash lease expense		19.3	15.8
Stock-based compensation		19.4	16.2
Deferred taxes		11.8	(1)
Amortization of deferred financing fees		1.8	2.1
(Gain) on sale of property, plant and equipment		(1.5)	(1.6)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable		(62.4)	(65.4)
Decrease in inventories		(10.4)	177.3
Increase in accounts payable		18	49.6
Decrease in other assets		2.3	130.3
Increase (decrease) in accrued expenses and other liabilities		(122.8)	(46.5)
Increase (decrease) in accrued taxes		(17)	(26)
Net cash provided by operating activities		190.2	503.6
Investing activities
Capital expenditures	[1]	(103.4)	(112.2)
Proceeds from the disposition of assets		5.7	2.7
Cost of acquisitions, net of cash acquired		(129)	(781.8)
Other investing activities, net		(3.5)	0
Net cash provided by (used in) investing activities		(230.2)	(891.3)
Financing activities
Issuance of long-term debt		600	595.1
Repayment of long-term debt		(370)	0
Proceeds from the exercise of stock options		7.1	5
Treasury stock purchases	[2]	(150.2)	(100)
Employee withholding taxes related to stock-based compensation		(12.7)	(12.4)
Dividends to stockholders		(60.2)	(58.6)
Other financing activities, net		(4.3)	(1.3)
Net cash (used in) provided by financing activities		9.7	427.8
Effect of foreign exchange rate changes on cash		(7.7)	(2.1)
Net (decrease) increase in cash and cash equivalents		(38)	38
Cash, cash equivalents and restricted cash at beginning of period	[3]	395.5	648.3
Cash, cash equivalents and restricted cash at end of period	[3]	$ 357.5	$ 686.3
[1] Capital expenditures of $ 6.1 million as of June 29, 2024 and $ 5.3 million as of July 1, 2023 that had not been paid, were excluded from the Statement of Cash Flows. Treasury stock purchased for the twenty-six weeks ended June 29, 2024, excludes $ 5.0 million related to purchases that were not settled until after June 29, 2024. Restricted cash of $ 2.5 million and $ 2.4 million is included in Other current assets and Other assets, respectively, as of June 29, 2024 and restricted cash of $ 2.3 million and $ 2.3 million is included in Other current assets and Other assets, respectively, as of July 1, 2023 . Restricted cash of $ 26.9 million and $ 2.2 million is included in Other current assets and Other assets, respectively, as of December 30, 2023 .

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 30, 2023
Capital expenditures incurred but not yet paid	$ 6.1	$ 5.3
Treasury repurchased but not yet paid	5
Other Current Assets [Member]
Restricted Cash	2.5	2.3	$ 26.9
Other Noncurrent Assets [Member]
Restricted Cash	$ 2.4	$ 2.3	$ 2.2

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Retained Earnings	Treasury Stock
Beginning Balance at Dec. 31, 2022	$ 2,086.9	$ 1.9	$ 3,069.6	$ 37.4	$ 2,323.8	$ (3,345.8)
Comprehensive income:
Net income	186.7				186.7
Other comprehensive income	11.7			11.7
Other	12.9		12.7	6.2	(6)
Stock options exercised	5		5
Stock-based compensation	3.8		16.2			(12.4)
Treasury stock purchases	(100.8)					(100.8)
Dividends	(29.1)				(29.1)
Ending Balance at Jul. 01, 2023	2,177.1	1.9	3,103.5	55.3	2,475.4	(3,459)
Beginning Balance at Apr. 01, 2023	2,082.5	1.9	3,094.1	42.9	2,402.4	(3,458.8)
Comprehensive income:
Net income	102.1				102.1
Other comprehensive income	12.4			12.4
Stock options exercised	2.7		2.7
Stock-based compensation	6.5		6.7			(0.2)
Dividends	(29.1)				(29.1)
Ending Balance at Jul. 01, 2023	2,177.1	1.9	3,103.5	55.3	2,475.4	(3,459)
Beginning Balance at Dec. 30, 2023	2,293.4	1.9	3,134.5	63.3	2,605.3	(3,511.6)
Comprehensive income:
Net income	230.2				230.2
Other comprehensive income	(20.3)			(20.3)
Stock options exercised	7.1		7.1
Stock-based compensation	6.7		19.4			(12.7)
Treasury stock purchases	(156.5)					(156.5)
Dividends	(30)				(30)
Ending Balance at Jun. 29, 2024	2,330.6	1.9	3,161	43	2,805.5	(3,680.8)
Beginning Balance at Mar. 30, 2024	2,280.8	1.9	3,150.5	51.3	2,701.8	(3,624.7)
Comprehensive income:
Net income	133.9				133.9
Other comprehensive income	(8.3)			(8.3)
Stock options exercised	0.8		0.8
Stock-based compensation	9.4		9.7			(0.3)
Treasury stock purchases	(55.8)					(55.8)
Dividends	(30.2)				(30.2)
Ending Balance at Jun. 29, 2024	$ 2,330.6	$ 1.9	$ 3,161	$ 43	$ 2,805.5	$ (3,680.8)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Equity (Parenthetical) (Unaudited) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Stockholders' Equity [Abstract]
Dividends per Common share	$ 0.24	$ 0.23	$ 0.24	$ 0.23

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 29, 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 Princ

Basis of Presentation and Principles of Consolidation	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	1. Basis of Presentation and Principles of Consolidation The Company is a leading innovation company focused on creating smarter, safer and more beautiful homes and improving lives that competes in attractive long-term growth markets in our product categories. References to “Fortune Brands,” “the Company,” “we,” “our” and “us” refer to Fortune Brands Innovations, Inc. and its consolidated subsidiaries as a whole, unless the context otherwise requires. The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and do not contain certain information included in our annual audited consolidated financial statements and notes. The December 30, 2023 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). This Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 30, 2023. The condensed consolidated balance sheet as of June 29, 2024, the related condensed consolidated statements of comprehensive income and equity for the twenty-six weeks and thirteen weeks ended June 29, 2024, the related condensed consolidated statements of comprehensive income and equity for the twenty-six weeks and thirteen weeks ended July 1, 2023, and the related condensed consolidated statements of cash flows for the twenty-six weeks ended June 29, 2024, and July 1, 2023 are unaudited. The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. In the opinion of management, all adjustments necessary for a fair statement of the financial statements have been included. Interim results may not be indicative of results for a full year. On February 29, 2024, we acquired 100 % of the outstanding equity of Wise Water Solutions LLC, doing business as SpringWell Water Filtration Systems ("SpringWell"), for a purchase price of $ 105.6 million, subject to post-closing adjustments, net of cash acquired of $ 1.4 million. We financed the transaction using cash on hand and borrowings under our existing credit arrangements. The results of SpringWell are reported as part of the Water Innovations ("Water") segment. We have not included pro forma financial information as the transaction is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assets acquired and liabilities assumed as of February 29, 2024, was $ 105.6 million, which includes $ 84.4 million of goodwill. Goodwill includes expected sales and cost synergies and is expected to be deductible for income tax purposes. In June 2023, we acquired the Emtek and Schaub premium and luxury door and cabinet hardware business (the "Emtek and Schaub Business") and the U.S. and Canadian Yale and August residential smart locks business (the "Yale and August Business", and, collectively with the Emtek and Schaub Business, the "Acquired Businesses") from ASSA ABLOY, Inc. and its affiliates ("ASSA"). The Company completed the acquisition for a total purchase price of approximately $ 813.9 million, net of cash acquired of $ 21.9 million. During the second quarter, legal title to international operations in Vietnam transferred to us, which included a payment of approximately $ 23.5 million, net of cash of $ 5.6 million (which amount is already included in the overall purchase price). We financed the transaction with cash on hand. The results of the Emtek and Schaub Business are reported as part of the Water segment, and the results of the Yale and August Business are reported as part of the Security segment.

Recently Issued Accounting Stan

Recently Issued Accounting Standards	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Recently Issued Accounting Standards	2. Recently Issued Accounting Standards In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, which improves segment disclosure reporting requirements, primarily though enhanced disclosures about significant segment expenses. The standard is effective for the Company for annual periods starting in 2024 and interim periods in 2025. We are currently assessing the impact on our consolidated financial statements and related segment disclosures. In December 2023, the FASB issued ASU 2023-09 which requires expanded disclosure of the effective tax rate reconciliation and income taxes paid. The standard is effective for the Company for annual periods starting in 2025. We are currently assessing the impact on our financial statement disclosures.

Balance Sheet Information

Balance Sheet Information	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Information	3. Balance Sheet Information Supplemental information on our balance sheets is as follows: (In millions) June 29, December 30, Inventories: Raw materials and supplies $ 328.9 $ 352.4 Work in process 71.1 83.2 Finished products 590.5 546.7 Total inventories $ 990.5 $ 982.3 Property, plant and equipment, gross $ 1,812.4 $ 1,904.8 Less: accumulated depreciation 835.8 929.8 Property, plant and equipment, net $ 976.6 $ 975.0

Acquisitions

Acquisitions	6 Months Ended
	Jun. 29, 2024
Business Combinations [Abstract]
Acquisitions	4. Acquisitions SpringWell On February 29, 2024, we acquired 100 % of the outstanding equity of SpringWell for a purchase price of $ 105.6 million, subject to post-closing adjustments, net of cash acquired of $ 1.4 million. We financed the transaction using cash on hand and borrowings under our existing credit arrangements. The results of SpringWell are reported as part of the Water segment. We have not included pro forma financial information as the transaction is immaterial to our condensed consolidated statements of comprehensive income. The fair value allocated to assets acquired and liabilities assumed as of February 29, 2024, was $ 105.6 million, which includes $ 84.4 million of goodwill. Goodwill includes expected sales and cost synergies and is expected to be deductible for income tax purposes. Acquired Businesses In June 2023, we acquired the Acquired Businesses from ASSA. The Company completed the acquisition for a total purchase price of approximately $813.9 million, net of cash acquired of $21.9 million. During the second quarter, legal title to international operations in Vietnam transferred to us, which included a payment of approximately $23.5 million, net of cash of $5.6 million (which amount is already included in the overall purchase price). We financed the transaction with cash on hand. The results of the Emtek and Schaub Business are reported as part of the Water segment, and the results of the Yale and August Business are reported as part of the Security segment. The following unaudited pro forma summary presents consolidated financial information as if the Acquired Businesses had been acquired on January 1, 2022. The unaudited pro forma financial information is based on historical results of operations and financial position of the Company and the Acquired Businesses. The pro forma results include: • estimated amortization of finite-lived intangible assets, including customer relationships and proprietary technology, • the estimated cost of the inventory adjustment to fair value, • the reclassification of Acquired Businesses transaction costs from 2023 to the first quarter of 2022, • the removal of certain transactions recorded in the historical financial statements of the Acquired Businesses related to assets and activities which were retained by the seller, and • adjustments to conform accounting policies. (In millions) Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended July 1, 2023 Net sales $ 2,403.7 $ 1,259.6 Income from continuing operations, net of tax $ 218.1 $ 120.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets We had goodwill of $ 1,994.8 million and $ 1,906.8 million as of June 29, 2024 and December 30, 2023 , respectively. The change in the net carrying amount of goodwill by segment was as follows: (In millions) Water Outdoors Security Total Goodwill at December 30, 2023 (a) $ 1,129.3 $ 651.1 $ 126.4 $ 1,906.8 Year-to-date foreign currency translation adjustments ( 2.4 ) - ( 0.5 ) ( 2.9 ) Acquisition-related adjustments 86.4 - 4.5 90.9 Goodwill at June 29, 2024 (a) $ 1,213.3 $ 651.1 $ 130.4 $ 1,994.8 (a) Net of accumulated impairment losses of $ 399.5 million in the Outdoors segment. The gross carrying value and accumulated amortization by class of intangible assets as of June 29, 2024 and December 30, 2023 were as follows: (In millions) As of June 29, 2024 As of December 30, 2023 Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames $ 519.6 $ - $ 519.6 $ 520.1 $ - $ 520.1 Amortizable intangible assets Tradenames 76.3 ( 11.1 ) 65.2 58.4 ( 9.3 ) 49.1 Customer and contractual relationships 1,017.6 ( 317.9 ) 699.7 1,017.3 ( 289.4 ) 727.9 Patents/proprietary technology 138.4 ( 86.7 ) 51.7 138.2 ( 80.6 ) 57.6 Total 1,232.3 ( 415.7 ) 816.6 1,213.9 ( 379.3 ) 834.6 Total intangible assets $ 1,751.9 $ ( 415.7 ) $ 1,336.2 $ 1,734.0 $ ( 379.3 ) $ 1,354.7 We had net intangible assets of $ 1,336.2 million and $ 1,354.7 million as of June 29, 2024 and December 30, 2023, respectively. The $ 17.9 million increase in gross intangible assets was primarily due to the SpringWell acquisition, partially offset by foreign currency translation adjustments. Amortizable intangible assets, principally customer relationships, are subject to amortization over their estimated useful life, ranging from 5 to 30 years, based on the assessment of a number of factors that may impact useful life, which includes customer attrition rates and other relevant factors.

External Debt and Financing Arr

External Debt and Financing Arrangements	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
External Debt and Financing Arrangements	6. External Debt and Financing Arrangements Senior Notes At June 29, 2024 , the Company had aggregate outstanding senior notes in the principal amount of $ 2.7 billion, with varying maturities (the “Notes”). The Notes are unsecured senior obligations of the Company. The following table provides a summary of the Company’s outstanding Notes, including the net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of June 29, 2024 and December 30, 2023: Net Carrying Value (in millions) Principal Amount Issuance Date Maturity Date June 29, 2024 December 30, 2023 4.000% Senior Notes $ 500.0 June 2015 June 2025 $ 499.3 $ 498.9 3.250% Senior Notes $ 700.0 September 2019 September 2029 696.1 695.7 4.000% Senior Notes $ 450.0 March 2022 March 2032 446.5 446.2 4.500% Senior Notes $ 450.0 March 2022 March 2052 436.1 435.9 5.875% Senior Notes $ 600.0 June 2023 June 2033 593.8 593.4 Total Senior Notes $ 2,671.8 $ 2,670.1 Credit Facilities In August 2022, the Company entered into a third amended and restated $ 1.25 billion revolving credit facility (the “Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes. The maturity date of the facility is August 2027 . Interest rates under the Revolving Credit Agreement are variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing and the Company’s long-term credit rating and can range from SOFR + 1.02 % to SOFR + 1.525 %. Under the Revolving Credit Agreement, the Company is required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0. Consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. In addition, the Company's ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0 . There were no outstanding borrowings under this facility as of June 29, 2024 and December 30, 2023. As of June 29, 2024, we were in compliance with all covenants under this facility. We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $ 30.5 million in aggregate as of June 29, 2024 and December 30, 2023 , respectively. There were no outstanding balances as of June 29, 2024 and December 30, 2023. Commercial Paper The Company operates a commercial paper program (the “Commercial Paper Program” ) pursuant to which the Company may issue unsecured commercial paper notes. The Company’s Revolving Credit Agreement is the liquidity backstop for the repayment of any notes issued under the Commercial Paper Program, and as such, borrowings under the Commercial Paper Program are included in Long-term debt in the condensed consolidated balance sheets. Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed, with the aggregate principal amount outstanding at any time, including borrowings under the Revolving Credit Agreement, not to exceed $ 1.25 billion. The Company will use any issuances under the Commercial Paper Program for general corporate purposes. Outstanding borrowings under the Commercial Paper Program as of June 29, 2024 and December 30, 2023 were $ 229.2 million and zero , respectively.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instruments	7. Financial Instruments We do not enter into financial instruments for trading or speculative purposes. We principally use financial instruments to reduce the impact of changes in foreign currency exchange rates and commodities used as raw materials in our products. The principal derivative financial instruments we enter into on a routine basis are foreign currency exchange contracts. Derivative financial instruments are recorded at fair value in the consolidated balance sheet and are reflected on a gross basis. We have not entered into any master netting arrangements. The counterparties to derivative contracts are major financial institutions. We are subject to credit risk on these contracts equal to the fair value of these instruments. Management currently believes that the risk of incurring material losses is unlikely and that the losses, if any, would be immaterial to the Company.  Raw materials used by the Company are subject to price volatility caused by weather, supply conditions, geopolitical and economic variables, and other unpredictable external factors. As a result, from time to time, we enter into commodity swaps to manage the price risk associated with forecasted purchases of materials used in our operations. We account for these commodity derivatives as economic hedges or cash flow hedges. Changes in the fair value of economic hedges are immediately recognized in current period earnings. We may be exposed to interest rate risk on existing debt or forecasted debt issuance. To mitigate this risk, we may enter into interest rate hedge contracts. As of June 29, 2024 , we had no outstanding interest rate hedges. We may enter into foreign currency forward contracts to protect against foreign exchange risks associated with certain existing assets and liabilities, forecasted future cash flows, and net investments in foreign subsidiaries. Foreign exchange contracts related to forecasted future cash flows correspond to the periods of the forecasted transactions, which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date. Our primary foreign currency hedge contracts perta in to the British pound, the Canadian dollar, the Mexican peso and the Chinese yuan. The gross U.S. dollar equivalent notional amount of all foreign currency derivative hedges outstanding at June 29, 2024 was $ 505.8 m illion. Based on foreign exchange rates as of June 29, 2024, we estimat e that $ 11.9 million of net derivative gains included in accumulated other comprehensive income as of June 29, 2024 will be reclassified to earnings within the next twelve months. During the thirteen weeks ended June 29, 2024, we entered into an 18 month cross-currency swap contract to hedge Chinese Yuan exposures of the Company's net investment in certain foreign subsidiaries. As of June 29, 2024 , the notional value of the cross-currency swap contracts was $ 125.0 million. The cross-currency swaps were designated as net investment hedges, with the amount of gain or loss associated with the change in fair value of these instruments included within accumulated other comprehensive income and recognized upon termination of the respective investment. For derivative instruments that are designated as fair value hedges, the gain or loss on the derivative instrument, as well as the offsetting loss or gain on the hedged item, are recognized on the same line of the consolidated statements of income. The changes in the fair value of cash flow hedges are reported in accumulated other comprehensive income and are recognized in the consolidated statements of income when the hedged item affects earnings. The fair values of derivative instruments on the consolidated balance sheets as of June 29, 2024 and December 30, 2023 were as follows: Fair Value (In millions) Location June 29, December 30, Assets: Foreign exchange contracts Other current assets $ 1.5 $ 0.8 Interest rate contracts Other current assets - - Net investment hedge contracts Other assets 1.0 - Total assets $ 2.5 $ 0.8 Liabilities: Foreign exchange contracts Other current liabilities $ 1.0 $ 2.7 Total liabilities $ 1.0 $ 2.7 The effects of derivative financial instruments on the statements of comprehensive income for the twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions) Classification and Amount of Gain (Loss) Twenty-Six Weeks Ended June 29, 2024 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 1,320.9 $ 62.4 $ 3.6 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 1.9 Derivative designated as hedging instruments - - ( 2.8 ) Gain on net investment hedging relationships 0.3 Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 0.4 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 6.3 - (In millions) Classification and Amount of Gain (Loss) Twenty-Six Weeks Ended July 1, 2023 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 1,327.2 $ 54.6 $ 11.6 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 4.4 Derivative designated as hedging instruments - - ( 2.9 ) Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 4.0 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income ( 0.1 ) - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 2.6 - The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended June 29, 2024 were as follows: (In millions) Classification and Amount of Gain (Loss) Thirteen Weeks Ended June 29, 2024 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 699.0 $ 32.3 $ 3.7 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 1.1 Derivative designated as hedging instruments - - ( 0.9 ) Gain on net investment hedging relationships 0.3 Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 0.3 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 3.1 - (In millions) Classification and Amount of Gain (Loss) Thirteen Weeks Ended July 1, 2023 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 695.6 $ 27.7 $ 5.2 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 3.1 Derivative designated as hedging instruments - - ( 2.1 ) Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 2.0 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income ( 0.3 ) - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 1.5 -

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements Financial Accounting Standards Board Accounting Standards Codification requirements for Fa ir Value Measurements and Disclosures establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. Level 1 inputs, the highest priority, are quoted prices in active markets for identical assets or liabilities. Level 2 inputs reflect other than quoted prices included in Level 1 that are either observable directly or through corroboration with observable market data. Level 3 inputs are unobservable inputs, due to little or no market activity for the asset or liability, such as internally-developed valuation models. We do not have any assets or liabilities measured at fair value on a recurring basis that are Level 3. The carrying value and fair value of debt as of June 29, 2024 and December 30, 2023 were as follows: (In millions) June 29, 2024 December 30, 2023 Carrying Fair Carrying Fair Notes, net of underwriting commissions, price discounts and debt issuance costs $ 2,671.8 $ 2,497.4 $ 2,670.1 $ 2,562.4 Commercial paper borrowings 229.2 229.2 - - Total debt $ 2,901.0 $ 2,726.6 $ 2,670.1 $ 2,562.4 The estimated fair value of our Notes is determined by using quoted market prices of our debt securities, which are Level 1 inputs. The estimated fair value of borrowings under our Commercial Paper Program is determined primarily using broker quotes, which are Level 2 inputs. Assets and liabilities measured at fair value on a recurring basis as of June 29, 2024 and December 30, 2023 were as follows: (In millions) Fair Value June 29, December 30, Assets Derivative financial instruments (Level 2) $ 2.5 $ 0.8 Deferred compensation program assets (Level 2) 18.5 14.7 Total assets $ 21.0 $ 15.5 Liabilities Derivative financial instruments (Level 2) $ 1.0 $ 2.7

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	6 Months Ended
	Jun. 29, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	9. Accumulated Other Comprehensive Income (Loss) Total accumulated other comprehensive income (loss) consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. It includes currency translation gains and losses, unrealized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments. The after-tax components of and changes in accumulated other comprehensive (loss) income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions) Foreign Derivative Defined Accumulated Balance at December 31, 2022 $ ( 12.1 ) $ 93.5 $ ( 44.0 ) $ 37.4 Amounts classified into accumulated other 13.0 4.4 ( 0.2 ) 17.2 Other - - 6.2 6.2 Amounts reclassified from accumulated other - ( 5.5 ) - ( 5.5 ) Net current-period other comprehensive (loss) income 13.0 ( 1.1 ) 6.0 17.9 Balance at July 1, 2023 $ 0.9 $ 92.4 $ ( 38.0 ) $ 55.3 Balance at December 30, 2023 $ 5.3 $ 86.0 $ ( 28.0 ) $ 63.3 Amounts classified into accumulated other ( 16.8 ) 1.7 ( 0.1 ) ( 15.2 ) Amounts reclassified from accumulated other - ( 5.1 ) - ( 5.1 ) Net current-period other comprehensive (loss) income ( 16.8 ) ( 3.4 ) ( 0.1 ) ( 20.3 ) Balance at June 29, 2024 $ ( 11.5 ) $ 82.6 $ ( 28.1 ) $ 43.0 (In millions) Foreign Derivative Defined Accumulated Balance at April 1, 2023 $ ( 4.1 ) $ 85.0 $ ( 38.0 ) $ 42.9 Amounts classified into accumulated other 5.0 10.2 - 15.2 Amounts reclassified from accumulated other - ( 2.8 ) - ( 2.8 ) Net current-period other comprehensive (loss) income 5.0 7.4 - 12.4 Balance at July 1, 2023 $ 0.9 $ 92.4 $ ( 38.0 ) $ 55.3 Balance at March 30, 2024 $ ( 5.0 ) $ 84.5 $ ( 28.2 ) $ 51.3 Amounts classified into accumulated other ( 6.5 ) 0.7 0.1 ( 5.7 ) Amounts reclassified from accumulated other - ( 2.6 ) - ( 2.6 ) Net current-period other comprehensive (loss) income ( 6.5 ) ( 1.9 ) 0.1 ( 8.3 ) Balance at June 29, 2024 $ ( 11.5 ) $ 82.6 $ ( 28.1 ) $ 43.0 The reclassifications out of accumulated other comprehensive loss for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions) Details about Accumulated Other Amount Reclassified from Affected Line Item in Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Gains (losses) on cash flow hedges Foreign exchange contracts $ 0.4 $ 4.0 Cost of products sold Commodity contracts - ( 0.1 ) Cost of products sold Interest rate contracts 6.3 2.6 Interest expense 6.7 6.5 Total before tax ( 1.6 ) ( 1.0 ) Tax expense Total reclassifications for the period $ 5.1 $ 5.5 Net of tax (In millions) Details about Accumulated Other Amount Reclassified from Affected Line Item in Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Gains (losses) on cash flow hedges Foreign exchange contracts $ 0.3 $ 2.0 Cost of products sold Commodity contracts - ( 0.3 ) Cost of products sold Interest rate contracts 3.1 1.5 Interest expense 3.4 3.2 Total before tax ( 0.8 ) ( 0.4 ) Tax expense Total reclassifications for the period $ 2.6 $ 2.8 Net of tax

Revenue

Revenue	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue	10. Revenue The following table disaggregates our consolidated revenue by major sales distribution channels for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 : (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Wholesalers (a) $ 1,136.7 $ 966.2 $ 603.1 $ 505.7 Home Center retailers (b) 582.5 605.1 304.5 309.7 Other retailers (c) 217.6 191.7 122.6 96.2 Builder direct - 0.5 - - U.S. net sales 1,936.8 1,763.5 1,030.2 911.6 International (d) 412.7 440.2 209.8 252.1 Net sales $ 2,349.5 $ 2,203.7 $ 1,240.0 $ 1,163.7 (a) Represents sales to customers whose business is oriented towards builders, professional trade people and home remodelers, inclusive of sales through our customers’ respective internet website portals. (b) Represents sales to the three largest “Do-It-Yourself” retailers: The Home Depot, Inc., Lowe's Companies, Inc. and Menards, Inc., inclusive of sales through their respective internet website portals. (c) Represents sales principally to our mass merchant and standalone independent e-commerce customers. (d) Represents sales in markets outside the United States, principally in China, Canada, Europe and Mexico. As part of our contracts with customers, we recognize contract liabilities, principally deferred revenue. Deferred revenue liabilities represents advanced payments and billings in excess of revenue recognized. Deferred revenue liabilities of $ 26.7 million and $ 35.2 million as of June 29, 2024 and July 1, 2023, respectively, were included in Other current liabilities in our Consolidated Balance Sheet, and $ 11.1 million and zero as of June 29, 2024 and July 1, 2023 , respectively, were included in Other noncurrent liabilities in our Consolidated Balance Sheet.

Defined Benefit Plans

Defined Benefit Plans	6 Months Ended
	Jun. 29, 2024
Retirement Benefits [Abstract]
Defined Benefit Plans	11. Defined Benefit Plans The components of net periodic benefit income for pension benefits for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: Pension Benefits (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Service cost $ - $ 0.1 $ - $ 0.1 Interest cost 12.3 13.6 6.2 6.7 Expected return on plan assets ( 16.5 ) ( 14.3 ) ( 8.3 ) ( 7.1 ) Net periodic benefit income $ ( 4.2 ) $ ( 0.6 ) $ ( 2.1 ) $ ( 0.3 ) Service cost relates to benefit accruals in an hourly union defined benefit plan in our Security segment. All other defined benefit pension plans were frozen as of December 31, 2016.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective income tax rates for the twenty-six and thirteen weeks ended June 29, 2024 were 22.2 % and 21.5 %, respectively. The effective income tax rates for the twenty-six and thirteen weeks ended July 1, 2023 were 22.2 % and 21.5 %, respectively. The difference between the Company’s effective income tax rate for the twenty-six weeks ended June 29, 2024, and the U.S. statutory rate of 21 % primarily relates to state income taxes and foreign income taxed at higher rates, partially offset by a favorable benefit related to a valuation allowance release, decreases in uncertain tax positions, and tax credits. The difference between the Company’s effective income tax rate for the thirteen weeks ended June 29, 2024, and the U.S. statutory rate of 21 % primarily relates to state income taxes and foreign income taxed at higher rates, partially offset by favorable benefit related decreases in uncertain tax positions and tax credits. In 2021, the Organization for Economic Cooperation & Development (“OECD”), with the support of over 130 countries, endorsed a framework (“Pillar Two”), which includes establishing a 15 percent global minimum corporate tax rate on a country-by-country basis. Numerous countries have adopted legislation in support of Pillar Two or are in the process of doing so, with certain rules that became effective on January 1, 2024, and the remainder becoming effective on January 1, 2025. The Company is continuing to monitor and evaluate Pillar Two legislation and does not expect it to have a material impact on the Company’s tax liability in 2024.

Product Warranties

Product Warranties	6 Months Ended
	Jun. 29, 2024
Guarantees and Product Warranties [Abstract]
Product Warranties	13. Product Warranties We generally record warranty expense related to contractual warranty terms at the time of sale. We may also provide customer concessions for claims made outside of the contractual warranty terms and those expenses are recorded in the period in which the concession is made. We offer our customers various warranty terms based on the type of product that is sold. Warranty expense is determined based on historic claim experience and the nature of the product category. The following table summarizes activity related to our product warranty liability for the twenty-six weeks ended June 29, 2024 and July 1, 2023, respectively. (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Reserve balance at beginning of period $ 18.4 $ 20.1 Provision for warranties issued 4.0 4.3 Settlements made (in cash or in kind) ( 4.5 ) ( 5.1 ) Acquisition 2.1 - Foreign translation adjustments ( 0.1 ) - Reserve balance at end of period $ 19.9 $ 19.3

Information on Business Segment

Information on Business Segments	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Information on Business Segments	14. Information on Business Segments Net sales and operating income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 by segment were as follows: (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 % Change Net Sales Water $ 1,284.9 $ 1,211.3 6.1 % Outdoors 704.4 665.5 5.8 Security 360.2 326.9 10.2 Net sales $ 2,349.5 $ 2,203.7 6.6 % Operating Income (Loss) Water $ 292.2 $ 270.5 8.0 % Outdoors 86.0 74.2 15.9 Security 53.5 20.8 157.2 Less: Corporate expenses ( 77.2 ) ( 81.1 ) 4.8 Operating income $ 354.5 $ 284.4 24.6 % (In millions) Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 % Change Net Sales Water $ 659.6 $ 617.1 6.9 % Outdoors 389.4 375.6 3.7 Security 191.0 171.0 11.7 Net sales $ 1,240.0 $ 1,163.7 6.6 % Operating Income (Loss) Water $ 150.9 $ 142.1 6.2 % Outdoors 51.8 61.2 ( 15.4 ) Security 34.4 ( 0.4 ) 8,700.0 Less: Corporate expenses ( 38.0 ) ( 50.3 ) 24.5 Operating income $ 199.1 $ 152.6 30.5 %

Restructuring and Other Charges

Restructuring and Other Charges	6 Months Ended
	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring and Other Charges	15. Restructuring and Other Charges Pre-tax restructuring and other charges (gains) for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 are shown below. (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Restructuring Other (a) Total Restructuring Other (a) Total Water $ 1.6 $ 0.9 $ 2.5 $ 1.3 $ 0.2 $ 1.5 Outdoors 2.5 12.4 14.9 3.0 ( 1.7 ) 1.3 Security 2.2 7.2 9.4 20.2 7.5 27.7 Corporate 0.4 - 0.4 0.7 - 0.7 Total $ 6.7 $ 20.5 $ 27.2 $ 25.2 $ 6.0 $ 31.2 (a) “Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities. (In millions) Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Restructuring Other (a) Total Restructuring Other (a) Total Water $ 1.1 $ 1.4 $ 2.5 $ 1.1 $ 0.1 $ 1.2 Outdoors 2.1 9.4 11.5 1.5 ( 1.7 ) ( 0.2 ) Security 0.6 1.2 1.8 19.6 7.5 27.1 Corporate 0.1 - 0.1 - - - Total $ 3.9 $ 12.0 $ 15.9 $ 22.2 $ 5.9 $ 28.1 (a) “Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities. Restructuring and other charges (gains) in the twenty-six and thirteen weeks ended June 29, 2024 are largely related to costs associated with the previously announced planned closure of a manufacturing facility within our Security segment, a product line rationalization within our Outdoors segment and headcount actions across all segments. Restructuring and other charges in the twenty-six and thirteen weeks ended July 1, 2023 are largely related to costs associated with the planned closure of a manufacturing facility within our Security segment. Reconciliation of Restructuring Liability (In millions) Balance at 2024 Cash (a) Non-Cash Balance at Workforce reduction costs $ 14.6 $ 4.4 $ ( 12.8 ) ( 0.2 ) $ 6.0 Other 7.1 2.3 ( 1.5 ) ( 0.5 ) 7.4 Total $ 21.7 $ 6.7 $ ( 14.3 ) $ ( 0.7 ) $ 13.4 (a) Cash expenditures primarily relate to severance charges. (In millions) Balance at 2023 Cash (a) Non-Cash Balance at Workforce reduction costs $ 16.2 $ 14.2 $ ( 14.1 ) $ 0.7 $ 17.0 Other 13.5 11.0 ( 1.1 ) ( 14.3 ) 9.1 Total $ 29.7 $ 25.2 $ ( 15.2 ) $ ( 13.6 ) $ 26.1 (a) Cash expenditures primarily relate to severance charges.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	16. Earnings Per Share The computations of earnings per common share for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions, except per share data) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Income from continuing operations, net of tax $ 230.2 $ 187.7 $ 133.9 $ 102.1 (Loss) income from discontinued operations, net of tax - ( 1.0 ) - - Net income $ 230.2 $ 186.7 $ 133.9 $ 102.1 Earnings per common share Basic Continuing operations $ 1.83 $ 1.47 $ 1.07 $ 0.81 Discontinued operations - - - - Basic earnings per share $ 1.83 $ 1.47 $ 1.07 $ 0.81 Diluted Continuing operations $ 1.82 $ 1.47 $ 1.06 $ 0.80 Discontinued operations - ( 0.01 ) - - Diluted earnings per share $ 1.82 $ 1.46 $ 1.06 $ 0.80 Basic average shares outstanding 125.5 127.3 125.1 126.8 Stock-based awards 0.9 0.7 0.7 0.7 Diluted average shares outstanding 126.4 128.0 125.8 127.5 Antidilutive stock-based awards excluded from weighted- 0.8 1.0 1.3 1.0

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	17. Commitments and Contingencies Litigation The Company is a defendant in lawsuits that are ordinary, routine litigation matters incidental to its businesses. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that these actions could be decided unfavorably to the Company. The Company believes that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon our results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested. Accordingly, the Company believes the likelihood of material loss is remote. Environmental We are involved in remediation activities to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs of each site are based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of environmental remediation exposures. Some of the potential liabilities relate to sites we own, and some relate to sites we no longer own or never owned. Several of our subsidiaries have been designated as potentially responsible parties (“PRP”) under Superfund or similar state laws. In most instances where our subsidiaries are named as a PRP, we enter into cost-sharing arrangements with other PRPs. We give notice to insurance carriers of potential PRP liability, but very rarely, if ever, receive reimbursement from insurance for PRP costs. We believe compliance with current environmental protection laws (before taking into account estimated recoveries from third parties) will not have a material adverse effect upon our results of operations, cash flows or financial condition.

Recently Issued Accounting St_2

Recently Issued Accounting Standards (Policies)	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Recently Issued Accounting Standards	In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, which improves segment disclosure reporting requirements, primarily though enhanced disclosures about significant segment expenses. The standard is effective for the Company for annual periods starting in 2024 and interim periods in 2025. We are currently assessing the impact on our consolidated financial statements and related segment disclosures. In December 2023, the FASB issued ASU 2023-09 which requires expanded disclosure of the effective tax rate reconciliation and income taxes paid. The standard is effective for the Company for annual periods starting in 2025. We are currently assessing the impact on our financial statement disclosures.

Balance Sheet Information (Tabl

Balance Sheet Information (Tables)	6 Months Ended
	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Information on Balance Sheets	Supplemental information on our balance sheets is as follows: (In millions) June 29, December 30, Inventories: Raw materials and supplies $ 328.9 $ 352.4 Work in process 71.1 83.2 Finished products 590.5 546.7 Total inventories $ 990.5 $ 982.3 Property, plant and equipment, gross $ 1,812.4 $ 1,904.8 Less: accumulated depreciation 835.8 929.8 Property, plant and equipment, net $ 976.6 $ 975.0

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 29, 2024
Business Combinations [Abstract]
Schedule of Unaudited Pro Forma Financial Information	(In millions) Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended July 1, 2023 Net sales $ 2,403.7 $ 1,259.6 Income from continuing operations, net of tax $ 218.1 $ 120.7

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Change in Net Carrying Amount of Goodwill by Segment	The change in the net carrying amount of goodwill by segment was as follows: (In millions) Water Outdoors Security Total Goodwill at December 30, 2023 (a) $ 1,129.3 $ 651.1 $ 126.4 $ 1,906.8 Year-to-date foreign currency translation adjustments ( 2.4 ) - ( 0.5 ) ( 2.9 ) Acquisition-related adjustments 86.4 - 4.5 90.9 Goodwill at June 29, 2024 (a) $ 1,213.3 $ 651.1 $ 130.4 $ 1,994.8 (a) Net of accumulated impairment losses of $ 399.5 million in the Outdoors segment.
Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets	The gross carrying value and accumulated amortization by class of intangible assets as of June 29, 2024 and December 30, 2023 were as follows: (In millions) As of June 29, 2024 As of December 30, 2023 Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames $ 519.6 $ - $ 519.6 $ 520.1 $ - $ 520.1 Amortizable intangible assets Tradenames 76.3 ( 11.1 ) 65.2 58.4 ( 9.3 ) 49.1 Customer and contractual relationships 1,017.6 ( 317.9 ) 699.7 1,017.3 ( 289.4 ) 727.9 Patents/proprietary technology 138.4 ( 86.7 ) 51.7 138.2 ( 80.6 ) 57.6 Total 1,232.3 ( 415.7 ) 816.6 1,213.9 ( 379.3 ) 834.6 Total intangible assets $ 1,751.9 $ ( 415.7 ) $ 1,336.2 $ 1,734.0 $ ( 379.3 ) $ 1,354.7

External Debt and Financing A_2

External Debt and Financing Arrangements (Tables)	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
Summary of Outstanding Notes	The following table provides a summary of the Company’s outstanding Notes, including the net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of June 29, 2024 and December 30, 2023: Net Carrying Value (in millions) Principal Amount Issuance Date Maturity Date June 29, 2024 December 30, 2023 4.000% Senior Notes $ 500.0 June 2015 June 2025 $ 499.3 $ 498.9 3.250% Senior Notes $ 700.0 September 2019 September 2029 696.1 695.7 4.000% Senior Notes $ 450.0 March 2022 March 2032 446.5 446.2 4.500% Senior Notes $ 450.0 March 2022 March 2052 436.1 435.9 5.875% Senior Notes $ 600.0 June 2023 June 2033 593.8 593.4 Total Senior Notes $ 2,671.8 $ 2,670.1

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 29, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair Values of Derivative Instruments	The fair values of derivative instruments on the consolidated balance sheets as of June 29, 2024 and December 30, 2023 were as follows: Fair Value (In millions) Location June 29, December 30, Assets: Foreign exchange contracts Other current assets $ 1.5 $ 0.8 Interest rate contracts Other current assets - - Net investment hedge contracts Other assets 1.0 - Total assets $ 2.5 $ 0.8 Liabilities: Foreign exchange contracts Other current liabilities $ 1.0 $ 2.7 Total liabilities $ 1.0 $ 2.7
Effects of Derivative Financial Instruments on Statements of Comprehensive Income	The effects of derivative financial instruments on the statements of comprehensive income for the twenty-six weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions) Classification and Amount of Gain (Loss) Twenty-Six Weeks Ended June 29, 2024 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 1,320.9 $ 62.4 $ 3.6 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 1.9 Derivative designated as hedging instruments - - ( 2.8 ) Gain on net investment hedging relationships 0.3 Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 0.4 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 6.3 - (In millions) Classification and Amount of Gain (Loss) Twenty-Six Weeks Ended July 1, 2023 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 1,327.2 $ 54.6 $ 11.6 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 4.4 Derivative designated as hedging instruments - - ( 2.9 ) Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 4.0 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income ( 0.1 ) - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 2.6 - The effects of derivative financial instruments on the statements of comprehensive income for the thirteen weeks ended June 29, 2024 were as follows: (In millions) Classification and Amount of Gain (Loss) Thirteen Weeks Ended June 29, 2024 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 699.0 $ 32.3 $ 3.7 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 1.1 Derivative designated as hedging instruments - - ( 0.9 ) Gain on net investment hedging relationships 0.3 Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 0.3 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 3.1 - (In millions) Classification and Amount of Gain (Loss) Thirteen Weeks Ended July 1, 2023 Cost of Interest Other income, net Total amounts per Consolidated Statements of Comprehensive Income $ 695.6 $ 27.7 $ 5.2 Gain (loss) on fair value hedging relationships Foreign exchange contracts: Hedged items - - 3.1 Derivative designated as hedging instruments - - ( 2.1 ) Gain (loss) on cash flow hedging relationships Foreign exchange contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income 2.0 - - Commodity contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income ( 0.3 ) - - Interest rate contracts: Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income - 1.5 -

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Carrying Value and Fair Value of Debt	The carrying value and fair value of debt as of June 29, 2024 and December 30, 2023 were as follows: (In millions) June 29, 2024 December 30, 2023 Carrying Fair Carrying Fair Notes, net of underwriting commissions, price discounts and debt issuance costs $ 2,671.8 $ 2,497.4 $ 2,670.1 $ 2,562.4 Commercial paper borrowings 229.2 229.2 - - Total debt $ 2,901.0 $ 2,726.6 $ 2,670.1 $ 2,562.4
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of June 29, 2024 and December 30, 2023 were as follows: (In millions) Fair Value June 29, December 30, Assets Derivative financial instruments (Level 2) $ 2.5 $ 0.8 Deferred compensation program assets (Level 2) 18.5 14.7 Total assets $ 21.0 $ 15.5 Liabilities Derivative financial instruments (Level 2) $ 1.0 $ 2.7

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Jun. 29, 2024
Equity [Abstract]
After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income	The after-tax components of and changes in accumulated other comprehensive (loss) income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions) Foreign Derivative Defined Accumulated Balance at December 31, 2022 $ ( 12.1 ) $ 93.5 $ ( 44.0 ) $ 37.4 Amounts classified into accumulated other 13.0 4.4 ( 0.2 ) 17.2 Other - - 6.2 6.2 Amounts reclassified from accumulated other - ( 5.5 ) - ( 5.5 ) Net current-period other comprehensive (loss) income 13.0 ( 1.1 ) 6.0 17.9 Balance at July 1, 2023 $ 0.9 $ 92.4 $ ( 38.0 ) $ 55.3 Balance at December 30, 2023 $ 5.3 $ 86.0 $ ( 28.0 ) $ 63.3 Amounts classified into accumulated other ( 16.8 ) 1.7 ( 0.1 ) ( 15.2 ) Amounts reclassified from accumulated other - ( 5.1 ) - ( 5.1 ) Net current-period other comprehensive (loss) income ( 16.8 ) ( 3.4 ) ( 0.1 ) ( 20.3 ) Balance at June 29, 2024 $ ( 11.5 ) $ 82.6 $ ( 28.1 ) $ 43.0 (In millions) Foreign Derivative Defined Accumulated Balance at April 1, 2023 $ ( 4.1 ) $ 85.0 $ ( 38.0 ) $ 42.9 Amounts classified into accumulated other 5.0 10.2 - 15.2 Amounts reclassified from accumulated other - ( 2.8 ) - ( 2.8 ) Net current-period other comprehensive (loss) income 5.0 7.4 - 12.4 Balance at July 1, 2023 $ 0.9 $ 92.4 $ ( 38.0 ) $ 55.3 Balance at March 30, 2024 $ ( 5.0 ) $ 84.5 $ ( 28.2 ) $ 51.3 Amounts classified into accumulated other ( 6.5 ) 0.7 0.1 ( 5.7 ) Amounts reclassified from accumulated other - ( 2.6 ) - ( 2.6 ) Net current-period other comprehensive (loss) income ( 6.5 ) ( 1.9 ) 0.1 ( 8.3 ) Balance at June 29, 2024 $ ( 11.5 ) $ 82.6 $ ( 28.1 ) $ 43.0
Reclassifications Out of Accumulated Other Comprehensive (Loss) Income	The reclassifications out of accumulated other comprehensive loss for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions) Details about Accumulated Other Amount Reclassified from Affected Line Item in Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Gains (losses) on cash flow hedges Foreign exchange contracts $ 0.4 $ 4.0 Cost of products sold Commodity contracts - ( 0.1 ) Cost of products sold Interest rate contracts 6.3 2.6 Interest expense 6.7 6.5 Total before tax ( 1.6 ) ( 1.0 ) Tax expense Total reclassifications for the period $ 5.1 $ 5.5 Net of tax (In millions) Details about Accumulated Other Amount Reclassified from Affected Line Item in Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Gains (losses) on cash flow hedges Foreign exchange contracts $ 0.3 $ 2.0 Cost of products sold Commodity contracts - ( 0.3 ) Cost of products sold Interest rate contracts 3.1 1.5 Interest expense 3.4 3.2 Total before tax ( 0.8 ) ( 0.4 ) Tax expense Total reclassifications for the period $ 2.6 $ 2.8 Net of tax

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our consolidated revenue by major sales distribution channels for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 : (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Wholesalers (a) $ 1,136.7 $ 966.2 $ 603.1 $ 505.7 Home Center retailers (b) 582.5 605.1 304.5 309.7 Other retailers (c) 217.6 191.7 122.6 96.2 Builder direct - 0.5 - - U.S. net sales 1,936.8 1,763.5 1,030.2 911.6 International (d) 412.7 440.2 209.8 252.1 Net sales $ 2,349.5 $ 2,203.7 $ 1,240.0 $ 1,163.7 (a) Represents sales to customers whose business is oriented towards builders, professional trade people and home remodelers, inclusive of sales through our customers’ respective internet website portals. (b) Represents sales to the three largest “Do-It-Yourself” retailers: The Home Depot, Inc., Lowe's Companies, Inc. and Menards, Inc., inclusive of sales through their respective internet website portals. (c) Represents sales principally to our mass merchant and standalone independent e-commerce customers. (d) Represents sales in markets outside the United States, principally in China, Canada, Europe and Mexico.

Defined Benefit Plans (Tables)

Defined Benefit Plans (Tables)	6 Months Ended
	Jun. 29, 2024
Retirement Benefits [Abstract]
Components of Net Periodic Benefit Income for Pension Benefits	The components of net periodic benefit income for pension benefits for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: Pension Benefits (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Service cost $ - $ 0.1 $ - $ 0.1 Interest cost 12.3 13.6 6.2 6.7 Expected return on plan assets ( 16.5 ) ( 14.3 ) ( 8.3 ) ( 7.1 ) Net periodic benefit income $ ( 4.2 ) $ ( 0.6 ) $ ( 2.1 ) $ ( 0.3 )

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 29, 2024
Guarantees and Product Warranties [Abstract]
Activity Related to Product Warranty Liability	The following table summarizes activity related to our product warranty liability for the twenty-six weeks ended June 29, 2024 and July 1, 2023, respectively. (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Reserve balance at beginning of period $ 18.4 $ 20.1 Provision for warranties issued 4.0 4.3 Settlements made (in cash or in kind) ( 4.5 ) ( 5.1 ) Acquisition 2.1 - Foreign translation adjustments ( 0.1 ) - Reserve balance at end of period $ 19.9 $ 19.3

Information on Business Segme_2

Information on Business Segments (Tables)	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Net Sales and Operating Income by Segment	Net sales and operating income for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 by segment were as follows: (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 % Change Net Sales Water $ 1,284.9 $ 1,211.3 6.1 % Outdoors 704.4 665.5 5.8 Security 360.2 326.9 10.2 Net sales $ 2,349.5 $ 2,203.7 6.6 % Operating Income (Loss) Water $ 292.2 $ 270.5 8.0 % Outdoors 86.0 74.2 15.9 Security 53.5 20.8 157.2 Less: Corporate expenses ( 77.2 ) ( 81.1 ) 4.8 Operating income $ 354.5 $ 284.4 24.6 % (In millions) Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 % Change Net Sales Water $ 659.6 $ 617.1 6.9 % Outdoors 389.4 375.6 3.7 Security 191.0 171.0 11.7 Net sales $ 1,240.0 $ 1,163.7 6.6 % Operating Income (Loss) Water $ 150.9 $ 142.1 6.2 % Outdoors 51.8 61.2 ( 15.4 ) Security 34.4 ( 0.4 ) 8,700.0 Less: Corporate expenses ( 38.0 ) ( 50.3 ) 24.5 Operating income $ 199.1 $ 152.6 30.5 %

Restructuring and Other Charg_2

Restructuring and Other Charges (Tables)	6 Months Ended
	Jun. 29, 2024
Restructuring and Related Activities [Abstract]
Pre-tax Restructuring and Other Charges	Pre-tax restructuring and other charges (gains) for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 are shown below. (In millions) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Restructuring Other (a) Total Restructuring Other (a) Total Water $ 1.6 $ 0.9 $ 2.5 $ 1.3 $ 0.2 $ 1.5 Outdoors 2.5 12.4 14.9 3.0 ( 1.7 ) 1.3 Security 2.2 7.2 9.4 20.2 7.5 27.7 Corporate 0.4 - 0.4 0.7 - 0.7 Total $ 6.7 $ 20.5 $ 27.2 $ 25.2 $ 6.0 $ 31.2 (a) “Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities. (In millions) Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Restructuring Other (a) Total Restructuring Other (a) Total Water $ 1.1 $ 1.4 $ 2.5 $ 1.1 $ 0.1 $ 1.2 Outdoors 2.1 9.4 11.5 1.5 ( 1.7 ) ( 0.2 ) Security 0.6 1.2 1.8 19.6 7.5 27.1 Corporate 0.1 - 0.1 - - - Total $ 3.9 $ 12.0 $ 15.9 $ 22.2 $ 5.9 $ 28.1 (a) “Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities.
Reconciliation of Restructuring Liability	Reconciliation of Restructuring Liability (In millions) Balance at 2024 Cash (a) Non-Cash Balance at Workforce reduction costs $ 14.6 $ 4.4 $ ( 12.8 ) ( 0.2 ) $ 6.0 Other 7.1 2.3 ( 1.5 ) ( 0.5 ) 7.4 Total $ 21.7 $ 6.7 $ ( 14.3 ) $ ( 0.7 ) $ 13.4 (a) Cash expenditures primarily relate to severance charges. (In millions) Balance at 2023 Cash (a) Non-Cash Balance at Workforce reduction costs $ 16.2 $ 14.2 $ ( 14.1 ) $ 0.7 $ 17.0 Other 13.5 11.0 ( 1.1 ) ( 14.3 ) 9.1 Total $ 29.7 $ 25.2 $ ( 15.2 ) $ ( 13.6 ) $ 26.1 (a) Cash expenditures primarily relate to severance charges.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Computations of Earnings per Common Share	The computations of earnings per common share for the twenty-six and thirteen weeks ended June 29, 2024 and July 1, 2023 were as follows: (In millions, except per share data) Twenty-Six Weeks Ended June 29, 2024 Twenty-Six Weeks Ended July 1, 2023 Thirteen Weeks Ended June 29, 2024 Thirteen Weeks Ended July 1, 2023 Income from continuing operations, net of tax $ 230.2 $ 187.7 $ 133.9 $ 102.1 (Loss) income from discontinued operations, net of tax - ( 1.0 ) - - Net income $ 230.2 $ 186.7 $ 133.9 $ 102.1 Earnings per common share Basic Continuing operations $ 1.83 $ 1.47 $ 1.07 $ 0.81 Discontinued operations - - - - Basic earnings per share $ 1.83 $ 1.47 $ 1.07 $ 0.81 Diluted Continuing operations $ 1.82 $ 1.47 $ 1.06 $ 0.80 Discontinued operations - ( 0.01 ) - - Diluted earnings per share $ 1.82 $ 1.46 $ 1.06 $ 0.80 Basic average shares outstanding 125.5 127.3 125.1 126.8 Stock-based awards 0.9 0.7 0.7 0.7 Diluted average shares outstanding 126.4 128.0 125.8 127.5 Antidilutive stock-based awards excluded from weighted- 0.8 1.0 1.3 1.0

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation - Additional Information (Detail) - USD ($) $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 20, 2023	Jun. 30, 2023	Jun. 29, 2024	Jun. 29, 2024	Jul. 01, 2023
Basis Of Presentation And Principles Of Consolidation [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					$ 129	$ 781.8
ASSA Businesses [Member]
Basis Of Presentation And Principles Of Consolidation [Line Items]
Payments to acquire businesses gross		$ 813.9
Purchase price not yet paid as cash				$ 23.5
Payments to Acquire Businesses, Net of Cash Acquired				$ 5.6
Cash acquired from acquisition			$ 21.9
Spring Well [Member]
Basis Of Presentation And Principles Of Consolidation [Line Items]
Business acquisition, percentage of outstanding equity acquired	100%
Payments to acquire businesses gross	$ 105.6
Cash acquired from acquisition	1.4
Fair value allocated to assets acquired and liabilities assumed	$ 105.6

Balance Sheet Information - Sup

Balance Sheet Information - Supplemental Information on Balance Sheets (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Inventories:
Raw materials and supplies	$ 328.9	$ 352.4
Work in process	71.1	83.2
Finished products	590.5	546.7
Total inventories	990.5	982.3
Property, plant and equipment, gross	1,812.4	1,904.8
Less: accumulated depreciation	835.8	929.8
Property, plant and equipment, net	$ 976.6	$ 975

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions			1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2024	Jun. 20, 2023	Jun. 30, 2023	Jun. 29, 2024	Jun. 29, 2024	Jul. 01, 2023
Business Acquisition [Line Items]
Payments to acquire business net of cash					$ 129	$ 781.8
Spring Well [Member]
Business Acquisition [Line Items]
Payments to acquire businesses gross	$ 105.6
Fair value allocated to assets acquired and liabilities assumed	$ 105.6
Business acquisition, percentage of outstanding equity acquired	100%
Business acquisition, goodwill, expected tax non-deductible amount	$ 84.4
Cash acquired from acquisition	$ 1.4
ASSA Businesses [Member]
Business Acquisition [Line Items]
Payments to acquire businesses gross		$ 813.9
Purchase price not yet paid as cash				$ 23.5
Payments to acquire business net of cash				$ 5.6
Cash acquired from acquisition			$ 21.9

Acquisitions - Schedule of Unau

Acquisitions - Schedule of Unaudited Pro Forma Financial Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Business Acquisition [Line Items]
Net sales	$ 1,259.6	$ 2,403.7
Income from continuing operations, net of tax	$ 120.7	$ 218.1

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions		6 Months Ended
		Jun. 29, 2024	Dec. 30, 2023
Goodwill and Identifiable Intangible Assets [Line Items]
Goodwill	[1]	$ 1,994.8	$ 1,906.8
Net identifiable intangible assets		1,336.2	$ 1,354.7
Increase in gross identifiable intangible assets		$ 17.9
Tradenames and Customer Relationship [Member] | Minimum [Member]
Goodwill and Identifiable Intangible Assets [Line Items]
Amortizable identifiable intangible assets, estimated useful life		5 years
Tradenames and Customer Relationship [Member] | Maximum [Member]
Goodwill and Identifiable Intangible Assets [Line Items]
Amortizable identifiable intangible assets, estimated useful life		30 years
[1] Net of accumulated impairment losses of $ 399.5 million in the Outdoors segment.

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Change in Net Carrying Amount of Goodwill by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($)
Goodwill [Line Items]
Beginning Balance	$ 1,906.8	[1]
Year-to-date foreign currency translation adjustments	(2.9)
Acquisition-related adjustments	90.9
Ending Balance	1,994.8	[1]
Water [Member]
Goodwill [Line Items]
Beginning Balance	1,129.3	[1]
Year-to-date foreign currency translation adjustments	(2.4)
Acquisition-related adjustments	86.4
Ending Balance	1,213.3	[1]
Outdoors [Member]
Goodwill [Line Items]
Beginning Balance	651.1	[1]
Year-to-date foreign currency translation adjustments	0
Acquisition-related adjustments	0
Ending Balance	651.1	[1]
Security [Member]
Goodwill [Line Items]
Beginning Balance	126.4	[1]
Year-to-date foreign currency translation adjustments	(0.5)
Acquisition-related adjustments	4.5
Ending Balance	$ 130.4	[1]
[1] Net of accumulated impairment losses of $ 399.5 million in the Outdoors segment.

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Change in Net Carrying Amount of Goodwill by Segment (Parenthetical) (Detail) $ in Millions	Jun. 29, 2024 USD ($)
Outdoors Segment [Member]
Goodwill [Line Items]
Accumulated impairment losses	$ 399.5

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Gross Carrying Value and Accumulated Amortization by Class of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Intangible Assets [Line Items]
Gross Carrying Amounts, Indefinite-lived tradenames	$ 519.6	$ 520.1
Net Book Value, Indefinite-lived tradenames	519.6	520.1
Gross Carrying Amounts, Finite Lived	1,232.3	1,213.9
Accumulated Amortization, Finite Lived	(415.7)	(379.3)
Net Book Value, Finite Lived	816.6	834.6
Gross Carrying Amounts, Total intangible assets	1,751.9	1,734
Accumulated Amortization, Total intangible assets	(415.7)	(379.3)
Net Book Value, Total intangible assets	1,336.2	1,354.7
Tradenames [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	76.3	58.4
Accumulated Amortization, Finite Lived	(11.1)	(9.3)
Net Book Value, Finite Lived	65.2	49.1
Customer and contractual relationships [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	1,017.6	1,017.3
Accumulated Amortization, Finite Lived	(317.9)	(289.4)
Net Book Value, Finite Lived	699.7	727.9
Patents/proprietary technology [Member]
Intangible Assets [Line Items]
Gross Carrying Amounts, Finite Lived	138.4	138.2
Accumulated Amortization, Finite Lived	(86.7)	(80.6)
Net Book Value, Finite Lived	$ 51.7	$ 57.6

External Debt and Financing A_3

External Debt and Financing Arrangements - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2022	Jun. 29, 2024	Dec. 30, 2023	Nov. 30, 2021
Debt Instrument [Line Items]
Aggregate outstanding notes		$ 2,700
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital		30.5	$ 30.5
Uncommitted bank lines of credit, which provide for unsecured borrowings for working capital amount outstanding		0	0
Long-Term Debt		2,671.8	2,670.1
Commercial Paper [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 1,250
Long-Term Debt		229.2	0
2022 Revolving Credit Agreement [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 1,250
Term loan, outstanding borrowings		$ 0	$ 0
Debt instrument, covenant description	Under the Revolving Credit Agreement, the Company is required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0. Consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. In addition, the Company's ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0.
Required minimum ratio of consolidated EBITDA to consolidated interest expense	0.3
Ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA	0.35
Debt Instrument, Description of Variable Rate Basis	Interest rates under the Revolving Credit Agreement are variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing and the Company’s long-term credit rating and can range from SOFR + 1.02% to SOFR + 1.525%.
Term loan maturity period	2027-08
2022 Revolving Credit Agreement [Member] | SOFR [Member] | Minimum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR	1.02%
2022 Revolving Credit Agreement [Member] | SOFR [Member] | Maximum [Member]
Debt Instrument [Line Items]
Interest rate over LIBOR	1.525%

External Debt and Financing A_4

External Debt and Financing Arrangements - Summary of Outstanding Notes (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Net Carrying Value	$ 2,671.8	$ 2,670.1
4.000% Senior Notes [Member] | 2015 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 500
Issuance Date	2015-06
Maturity Date	2025-06
Net Carrying Value	$ 499.3	498.9
4.000% Senior Notes [Member] | 2022 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 450
Issuance Date	2022-03
Maturity Date	2032-03
Net Carrying Value	$ 446.5	446.2
3.250% Senior Notes [Member] | 2019 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 700
Issuance Date	2019-09
Maturity Date	2029-09
Net Carrying Value	$ 696.1	695.7
4.500% Senior Notes [Member] | 2022 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 450
Issuance Date	2022-03
Maturity Date	2052-03
Net Carrying Value	$ 436.1	435.9
5.875% Senior Notes [Member] | 2023 Senior Notes [Member]
Debt Instrument [Line Items]
Principal Amount	$ 600
Issuance Date	2023-06
Maturity Date	2033-06
Net Carrying Value	$ 593.8	$ 593.4

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 29, 2024 USD ($)
Maximum [Member]
Derivative [Line Items]
Foreign exchange contracts period	15 months
Minimum [Member]
Derivative [Line Items]
Foreign exchange contracts period	12 months
Foreign exchange contracts [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	$ 505.8
Interest rate contracts [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	0
Cross currency swap contract [Member]
Derivative [Line Items]
Notional amount of foreign currency derivative hedges	$ 125
Cross currency swap contract period	18 months
Cash flow hedge [Member] | Foreign exchange contracts [Member]
Derivative [Line Items]
Estimated amount of net derivative gain in accumulated other comprehensive income reclassified to earnings within 12 months	$ 11.9

Financial Instruments - Fair Va

Financial Instruments - Fair Values of Derivative Instruments (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 2.5	$ 0.8
Derivative liabilities, fair value	1	2.7
Foreign exchange contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	1.5	0.8
Foreign exchange contracts [Member] | Other Current Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	1	2.7
Interest rate contracts [Member] | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0	0
Net Investment Hedge Contracts [Member] | Other Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 1	$ 0

Financial Instruments - Effects

Financial Instruments - Effects of Derivative Financial Instruments on Statements of Comprehensive Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 0.3	$ 2	$ 0.4	$ 4
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Commodity contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income		$ (0.3)		$ (0.1)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Interest rate contracts [Member]
Derivatives, Fair Value [Line Items]
Amount of gain or (loss) reclassified from accumulated other comprehensive (loss) income into income	$ 3.1	$ 1.5	$ 6.3	$ 2.6
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense	Interest Expense	Interest Expense
Cost of products sold [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 699	$ 695.6	$ 1,320.9	$ 1,327.2
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Interest expense [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 32.3	$ 27.7	$ 62.4	$ 54.6
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Other income/expense, net [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 3.7	$ 5.2	$ 3.6	$ 11.6
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest
Other income/expense, net [Member] | Net Investment Hedges [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 0.3		$ 0.3
Other income/expense, net [Member] | Designated as hedging instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	(0.9)	$ (2.1)	(2.8)	$ (2.9)
Other income/expense, net [Member] | Foreign exchange contracts [Member]
Derivatives, Fair Value [Line Items]
Derivative, Gain (Loss) on Derivative, Net	$ 1.1	$ 3.1	$ 1.9	$ 4.4

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 29, 2024 USD ($)
Fair Value Disclosures [Abstract]
Assets or liabilities measured at fair value on recurring basis	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Value and Fair Value of Debt (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Carrying Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 2,901	$ 2,670.1
Carrying Value [Member] | Senior Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	2,671.8	2,670.1
Carrying Value [Member] | Commercial Paper Borrowings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	229.2	0
Fair Value [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	2,726.6	2,562.4
Fair Value [Member] | Senior Notes [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	2,497.4	2,562.4
Fair Value [Member] | Commercial Paper Borrowings [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Total Debt	$ 229.2	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (Level 2)	$ 2.5	$ 0.8
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	21	15.5
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative financial instruments (Level 2)	2.5	0.8
Deferred compensation program assets (Level 2)	18.5	14.7
Derivative financial instruments (Level 2)	$ 1	$ 2.7

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - After-Tax Components of and Changes in Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	$ 2,280.8	$ 2,082.5	$ 2,293.4	$ 2,086.9
Other				12.9
Ending Balance	2,330.6	2,177.1	2,330.6	2,177.1
Foreign Currency Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(5)	(4.1)	5.3	(12.1)
Amounts classified into accumulated other comprehensive (loss) income	(6.5)	5	(16.8)	13
Other				0
Amounts reclassified from accumulated other comprehensive (loss) income	0	0	0	0
Net current period other comprehensive (loss) income	(6.5)	5	(16.8)	13
Ending Balance	(11.5)	0.9	(11.5)	0.9
Derivative Hedging Gain (Loss) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	84.5	85	86	93.5
Amounts classified into accumulated other comprehensive (loss) income	0.7	10.2	1.7	4.4
Other				0
Amounts reclassified from accumulated other comprehensive (loss) income	(2.6)	(2.8)	(5.1)	(5.5)
Net current period other comprehensive (loss) income	(1.9)	7.4	(3.4)	(1.1)
Ending Balance	82.6	92.4	82.6	92.4
Defined Benefit Plan Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	(28.2)	(38)	(28)	(44)
Amounts classified into accumulated other comprehensive (loss) income	0.1	0	(0.1)	(0.2)
Other				6.2
Amounts reclassified from accumulated other comprehensive (loss) income	0	0	0	0
Net current period other comprehensive (loss) income	0.1	0	(0.1)	6
Ending Balance	(28.1)	(38)	(28.1)	(38)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning Balance	51.3	42.9	63.3	37.4
Amounts classified into accumulated other comprehensive (loss) income	(5.7)	15.2	(15.2)	17.2
Other				6.2
Amounts reclassified from accumulated other comprehensive (loss) income	(2.6)	(2.8)	(5.1)	(5.5)
Net current period other comprehensive (loss) income	(8.3)	12.4	(20.3)	17.9
Ending Balance	$ 43	$ 55.3	$ 43	$ 55.3

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassifications Out of Accumulated Other Comprehensive (Loss) Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	$ 699	$ 695.6	$ 1,320.9	$ 1,327.2
Interest expense	32.3	27.7	62.4	54.6
Income from continuing operations before income taxes	170.5	130.1	295.7	241.4
Tax (expense) benefit	(36.6)	(28)	(65.5)	(53.7)
Total reclassifications for the period	133.9	102.1	230.2	186.7
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivative Hedging Gain (Loss) [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Income from continuing operations before income taxes	3.4	3.2	6.7	6.5
Tax (expense) benefit	(0.8)	(0.4)	(1.6)	(1)
Total reclassifications for the period	2.6	2.8	5.1	5.5
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivative Hedging Gain (Loss) [Member] | Foreign Exchange Contract [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	0.3	2	0.4	4
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivative Hedging Gain (Loss) [Member] | Commodity contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Cost of products sold	0	(0.3)	0	(0.1)
Reclassification out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivative Hedging Gain (Loss) [Member] | Interest rate contracts [Member]
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 3.1	$ 1.5	$ 6.3	$ 2.6

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Net sales		$ 1,240	$ 1,163.7	$ 2,349.5	$ 2,203.7
Wholesalers [Member]
Disaggregation of Revenue [Line Items]
Net sales	[1]	603.1	505.7	1,136.7	966.2
Home Center retailers [Member]
Disaggregation of Revenue [Line Items]
Net sales	[2]	304.5	309.7	582.5	605.1
Other retailers [Member]
Disaggregation of Revenue [Line Items]
Net sales	[3]	122.6	96.2	217.6	191.7
Builder direct [Member]
Disaggregation of Revenue [Line Items]
Net sales		0	0	0	0.5
United States [Member]
Disaggregation of Revenue [Line Items]
Net sales		1,030.2	911.6	1,936.8	1,763.5
International [Member]
Disaggregation of Revenue [Line Items]
Net sales	[4]	$ 209.8	$ 252.1	$ 412.7	$ 440.2
[1] Represents sales to customers whose business is oriented towards builders, professional trade people and home remodelers, inclusive of sales through our customers’ respective internet website portals. Represents sales to the three largest “Do-It-Yourself” retailers: The Home Depot, Inc., Lowe's Companies, Inc. and Menards, Inc., inclusive of sales through their respective internet website portals. Represents sales principally to our mass merchant and standalone independent e-commerce customers. Represents sales in markets outside the United States, principally in China, Canada, Europe and Mexico.

Revenue - Additional Informatio

Revenue - Additional Information (Detail) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 21, 2023	Jul. 01, 2023
Other Current Liabilities [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue liabilities, current	$ 26.7		$ 35.2
Other Noncurrent Liabilities [Member]
Disaggregation of Revenue [Line Items]
Deferred revenue liabilities, noncurrent	$ 11.1	$ 0

Defined Benefit Plans - Compone

Defined Benefit Plans - Components of Net Periodic Benefit Income for Pension Benefits (Detail) - Net Periodic Benefit Cost [Member] - Pension Benefits [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0.1	$ 0	$ 0.1
Interest cost	6.2	6.7	12.3	13.6
Expected return on plan assets	(8.3)	(7.1)	(16.5)	(14.3)
Net periodic benefit income	$ (2.1)	$ (0.3)	$ (4.2)	$ (0.6)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	21.50%	21.50%	22.20%	22.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%		21%
Pillar Two legislation, description			In 2021, the Organization for Economic Cooperation & Development (“OECD”), with the support of over 130 countries, endorsed a framework (“Pillar Two”), which includes establishing a 15 percent global minimum corporate tax rate on a country-by-country basis. Numerous countries have adopted legislation in support of Pillar Two or are in the process of doing so, with certain rules that became effective on January 1, 2024, and the remainder becoming effective on January 1, 2025. The Company is continuing to monitor and evaluate Pillar Two legislation and does not expect it to have a material impact on the Company’s tax liability in 2024.

Product Warranties - Activity R

Product Warranties - Activity Related to Product Warranty Liability (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Guarantees and Product Warranties [Abstract]
Reserve balance at the beginning of the period	$ 18.4	$ 20.1
Provision for warranties issued	4	4.3
Settlements made (in cash or in kind)	(4.5)	(5.1)
Acquisition	2.1	0
Foreign translation adjustments	(0.1)	0
Reserve balance at end of period	$ 19.9	$ 19.3

Information on Business Segme_3

Information on Business Segments - Net Sales and Operating Income by Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,240	$ 1,163.7	$ 2,349.5	$ 2,203.7
Operating income	$ 199.1	152.6	$ 354.5	284.4
Operating Income, Percentage Change vs. Prior Year	30.50%		24.60%
Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 1,240	1,163.7	$ 2,349.5	2,203.7
Net Sales, Percentage Change vs. Prior Year	6.60%		6.60%
Corporate [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (38)	(50.3)	$ (77.2)	(81.1)
Operating Income, Percentage Change vs. Prior Year	24.50%		4.80%
Water Innovations [Member] | Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 659.6	617.1	$ 1,284.9	1,211.3
Operating income	$ 150.9	142.1	$ 292.2	270.5
Net Sales, Percentage Change vs. Prior Year	6.90%		6.10%
Operating Income, Percentage Change vs. Prior Year	6.20%		8%
Outdoors [Member] | Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 389.4	375.6	$ 704.4	665.5
Operating income	$ 51.8	61.2	$ 86	74.2
Net Sales, Percentage Change vs. Prior Year	3.70%		5.80%
Operating Income, Percentage Change vs. Prior Year	(15.40%)		15.90%
Security [Member] | Operating Segments [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Net sales	$ 191	171	$ 360.2	326.9
Operating income	$ 34.4	$ (0.4)	$ 53.5	$ 20.8
Net Sales, Percentage Change vs. Prior Year	11.70%		10.20%
Operating Income, Percentage Change vs. Prior Year	8,700%		157.20%

Restructuring and Other Charg_3

Restructuring and Other Charges - Pre-tax Restructuring and Other Charges (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 3.9	$ 22.2	$ 6.7	$ 25.2
Other Charges	[1]	12	5.9	20.5	6
Total Charges		15.9	28.1	27.2	31.2
Operating Segments [Member] | Water [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		1.1	1.1	1.6	1.3
Other Charges	[1]	1.4	0.1	0.9	0.2
Total Charges		2.5	1.2	2.5	1.5
Operating Segments [Member] | Outdoors [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		2.1	1.5	2.5	3
Other Charges	[1]	9.4	(1.7)	12.4	(1.7)
Total Charges		11.5	(0.2)	14.9	1.3
Operating Segments [Member] | Security [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0.6	19.6	2.2	20.2
Other Charges	[1]	1.2	7.5	7.2	7.5
Total Charges		1.8	27.1	9.4	27.7
Operating Segments [Member] | Corporate [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		0.1	0	0.4	0.7
Other Charges	[1]	0	0	0	0
Total Charges		$ 0.1	$ 0	$ 0.4	$ 0.7
[1] (a) “Other Charges (Gains)” represent charges directly related to restructuring initiatives that cannot be reported as restructuring under GAAP. Such costs may include losses on disposal of inventories, trade receivables allowances from exiting product lines, accelerated depreciation resulting from the closure of facilities and gains or losses on the sale of previously closed facilities.

Restructuring and Other Charg_4

Restructuring and Other Charges - Reconciliation of Restructuring Liability (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Restructuring Cost and Reserve [Line Items]
Beginning Balance				$ 21.7	$ 29.7
Provision		$ 3.9	$ 22.2	6.7	25.2
Cash Expenditures	[1]			(14.3)	(15.2)
Non-cash write-offs				(0.7)	(13.6)
Ending Balance		13.4	26.1	13.4	26.1
Workforce Reduction Costs [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance				14.6	16.2
Provision				4.4	14.2
Cash Expenditures	[1]			(12.8)	(14.1)
Non-cash write-offs				(0.2)	0.7
Ending Balance		6	17	6	17
Other [Member]
Restructuring Cost and Reserve [Line Items]
Beginning Balance				7.1	13.5
Provision				2.3	11
Cash Expenditures	[1]			(1.5)	(1.1)
Non-cash write-offs				(0.5)	(14.3)
Ending Balance		$ 7.4	$ 9.1	$ 7.4	$ 9.1
[1] (a) Cash expenditures primarily relate to severance charges.

Earnings Per Share - Computatio

Earnings Per Share - Computations of Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Income from continuing operations, net of tax	$ 133.9	$ 102.1	$ 230.2	$ 187.7
(Loss) income from discontinued operations, net of tax	0	0	0	(1)
Net income	$ 133.9	$ 102.1	$ 230.2	$ 186.7
Continuing operations	$ 1.07	$ 0.81	$ 1.83	$ 1.47
Discontinued operations	0	0	0	0
Basic earnings per share	1.07	0.81	1.83	1.47
Continuing operations	1.06	0.8	1.82	1.47
Discontinued operations	0	0	0	(0.01)
Diluted earnings per share	$ 1.06	$ 0.8	$ 1.82	$ 1.46
Basic average shares outstanding	125.1	126.8	125.5	127.3
Stock-based awards	0.7	0.7	0.9	0.7
Diluted average shares outstanding	125.8	127.5	126.4	128
Antidilutive stock-based awards excluded from weighted- average number of shares outstanding for diluted earnings per share	1.3	1	0.8	1