Pentair (PNR) 10-Q 27 Jul 21 2021 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-11625
Entity Registrant Name	Pentair plc
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000077360
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1141328
Entity Address, Address Line One	Regal House, 70 London Road,
Entity Address, Address Line Two	Twickenham,
Entity Address, City or Town	London,
Entity Address, Postal Zip Code	TW13QS
Entity Address, Country	GB
Country Region	44
City Area Code	74
Local Phone Number	9421-6154
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	PNR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	165,863,101

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 941.1	$ 713.3	$ 1,807	$ 1,423.3
Cost of goods sold	600.1	468.2	1,150.8	926.6
Gross profit	341	245.1	656.2	496.7
Selling, general and administrative expenses	158.2	116.7	294.8	248.6
Research and development expenses	21	17.3	42.5	36.3
Operating income	161.8	111.1	318.9	211.8
Other (income) expense:
Loss on sale of businesses	0	0.1	0	0.1
Net interest expense	3.8	7.7	8.9	14.6
Other expense (income)	0.3	(0.3)	0.7	0.9
Income from continuing operations before income taxes	157.7	103.6	309.3	196.2
Provision for income taxes	25.1	29.8	45.6	49.7
Net income from continuing operations	132.6	73.8	263.7	146.5
Loss from discontinued operations, net of tax	(0.5)	(1.7)	(3)	(1.7)
Net income	132.1	72.1	260.7	144.8
Comprehensive income, net of tax
Net income	132.1	72.1	260.7	144.8
Changes in cumulative translation adjustment	8.4	28.2	(12.3)	(9.6)
Changes in market value of derivative financial instruments, net of tax	(4.1)	(17.8)	12.9	21.3
Comprehensive income	$ 136.4	$ 82.5	$ 261.3	$ 156.5
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 0.80	$ 0.44	$ 1.59	$ 0.88
Discontinued operations (in dollars per share)	0	(0.01)	(0.02)	(0.01)
Basic earnings per ordinary share (in dollars per share)	0.80	0.43	1.57	0.87
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	0.79	0.44	1.57	0.87
Discontinued operations (in dollars per share)	0	(0.01)	(0.02)	(0.01)
Diluted earnings per ordinary share (in dollars per share)	$ 0.79	$ 0.43	$ 1.55	$ 0.86
Weighted average ordinary shares outstanding
Basic (shares)	166	165.8	166.1	166.8
Diluted (shares)	167.8	166.4	167.7	167.5

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 95.9	$ 82.1
Accounts receivable, net of allowances of $9.3 and $8.4, respectively	435.3	367.5
Inventories	463.4	420
Other current assets	112.7	105.5
Total current assets	1,107.3	975.1
Property, plant and equipment, net	297.1	301.2
Other assets
Goodwill	2,402.1	2,392.2
Intangibles, net	348.4	325.9
Other non-current assets	199.8	202.8
Total other non-current assets	2,950.3	2,920.9
Total assets	4,354.7	4,197.2
Current liabilities
Accounts payable	315.3	245.1
Employee compensation and benefits	126.1	117
Other current liabilities	489.7	410.4
Total current liabilities	931.1	772.5
Other liabilities
Long-term debt	716.6	839.6
Pension and other post-retirement compensation and benefits	100	102
Deferred tax liabilities	96.3	107.4
Other non-current liabilities	239.1	269.4
Total liabilities	2,083.1	2,090.9
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 165.9 and 166.1 issued at June 30, 2021 and December 31, 2020, respectively	1.7	1.7
Additional paid-in capital	1,651.3	1,680.7
Retained earnings	825.3	631.2
Accumulated other comprehensive loss	(206.7)	(207.3)
Total equity	2,271.6	2,106.3
Total liabilities and equity	$ 4,354.7	$ 4,197.2

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 9.3	$ 8.4
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	426	426
Common shares issued (in shares)	165.9	166.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Operating activities
Net income	$ 132.1	$ 128.6	$ 72.1	$ 72.7	$ 260.7	$ 144.8
Loss from discontinued operations, net of tax					3	1.7
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations
Equity income of unconsolidated subsidiaries					(0.1)	(0.3)
Depreciation					25.5	22.8
Amortization	6.3		7		13.4	14.6
Deferred income taxes					(4.3)	13.4
Loss on sale of businesses	0		0.1		0	0.1
Share-based compensation	11		4.2		16.6	10.4
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable					(49.8)	103.1
Inventories					(31.9)	(17.7)
Other current assets					(10.5)	(14.5)
Accounts payable					51.3	(64.2)
Employee compensation and benefits					9.4	7.5
Other current liabilities					78.7	44.9
Other non-current assets and liabilities					(1)	(0.1)
Net cash provided by operating activities of continuing operations					361	266.5
Net cash used for operating activities of discontinued operations					(0.2)	(0.5)
Net cash provided by operating activities					360.8	266
Investing activities
Capital expenditures					(24.3)	(30.5)
Proceeds from sale of property and equipment					3.5	0.1
Acquisitions, net of cash acquired					(82.8)	(28.5)
Other					2.7	0
Net cash used for investing activities					(100.9)	(58.9)
Financing activities
Net borrowings of commercial paper and revolving long-term debt					(20)	(17.1)
Repayments of long-term debt					(103.8)	0
Shares issued to employees, net of shares withheld					4	7.3
Repurchases of ordinary shares					(50)	(115.2)
Dividends paid					(66.7)	(63.7)
Payments upon the maturity of cross currency swaps					(14.7)	0
Net cash used for financing activities					(251.2)	(188.7)
Effect of exchange rate changes on cash and cash equivalents					5.1	(10.3)
Change in cash and cash equivalents					13.8	8.1
Cash and cash equivalents, beginning of period		$ 82.1		$ 82.5	82.1	82.5	$ 82.5
Cash and cash equivalents, end of period	$ 95.9		$ 90.6		$ 95.9	$ 90.6	$ 82.1

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Millions, $ in Millions	Total	Ordinary shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss
Dividends (in dollars per share)	$ 0.19
Beginning Balance (in shares) at Dec. 31, 2019		168.3
Beginning Balance at Dec. 31, 2019	$ 1,953.9	$ 1.7	$ 1,777.7	$ 401	$ (226.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72.7			72.7
Other comprehensive loss, net of tax	1.3				1.3
Dividends declared	(31.6)			(31.6)
Share repurchase (in shares)		(3)
Share repurchases	(115.2)		(115.2)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Exercise of options, net of shares tendered for payment	8.8		8.8
Issuance of restricted shares, net of cancellations (in shares)		0.2
Issuance of restricted shares, net of cancellations	0
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(3.6)		(3.6)
Share-based compensation	6.2		6.2
Ending Balance (in shares) at Mar. 31, 2020		165.7
Ending Balance at Mar. 31, 2020	1,892.5	$ 1.7	1,673.9	442.1	(225.2)
Beginning Balance (in shares) at Dec. 31, 2019		168.3
Beginning Balance at Dec. 31, 2019	1,953.9	$ 1.7	1,777.7	401	(226.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	144.8
Ending Balance (in shares) at Jun. 30, 2020		165.9
Ending Balance at Jun. 30, 2020	1,949.7	$ 1.7	1,680.3	482.5	(214.8)
Beginning Balance (in shares) at Mar. 31, 2020		165.7
Beginning Balance at Mar. 31, 2020	1,892.5	$ 1.7	1,673.9	442.1	(225.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	72.1			72.1
Other comprehensive loss, net of tax	10.4				10.4
Dividends declared	(31.7)			(31.7)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Exercise of options, net of shares tendered for payment	2.8		2.8
Issuance of restricted shares, net of cancellations (in shares)		0.1
Issuance of restricted shares, net of cancellations	0
Shares surrendered by employees to pay taxes	(0.6)		(0.6)
Share-based compensation	4.2		4.2
Ending Balance (in shares) at Jun. 30, 2020		165.9
Ending Balance at Jun. 30, 2020	$ 1,949.7	$ 1.7	1,680.3	482.5	(214.8)
Dividends (in dollars per share)	$ 0.20
Beginning Balance (in shares) at Dec. 31, 2020		166.1
Beginning Balance at Dec. 31, 2020	$ 2,106.3	$ 1.7	1,680.7	631.2	(207.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	128.6			128.6
Other comprehensive loss, net of tax	(3.7)				(3.7)
Dividends declared	(33.3)			(33.3)
Share repurchase (in shares)		(0.2)
Share repurchases	(9.6)		(9.6)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Exercise of options, net of shares tendered for payment	5.2		5.2
Issuance of restricted shares, net of cancellations (in shares)		0.2
Issuance of restricted shares, net of cancellations	0
Shares surrendered by employees to pay taxes	(5.3)		(5.3)
Share-based compensation	5.6		5.6
Ending Balance (in shares) at Mar. 31, 2021		166.2
Ending Balance at Mar. 31, 2021	2,193.8	$ 1.7	1,676.6	726.5	(211)
Beginning Balance (in shares) at Dec. 31, 2020		166.1
Beginning Balance at Dec. 31, 2020	2,106.3	$ 1.7	1,680.7	631.2	(207.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	260.7
Ending Balance (in shares) at Jun. 30, 2021		165.9
Ending Balance at Jun. 30, 2021	$ 2,271.6	$ 1.7	1,651.3	825.3	(206.7)
Dividends (in dollars per share)	$ 0.20
Beginning Balance (in shares) at Mar. 31, 2021		166.2
Beginning Balance at Mar. 31, 2021	$ 2,193.8	$ 1.7	1,676.6	726.5	(211)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	132.1			132.1
Other comprehensive loss, net of tax	4.3				4.3
Dividends declared	(33.3)			(33.3)
Share repurchase (in shares)		(0.6)
Share repurchases	(40.4)		(40.4)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Exercise of options, net of shares tendered for payment	5.6		5.6
Issuance of restricted shares, net of cancellations (in shares)		0.1
Issuance of restricted shares, net of cancellations	0
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(1.5)		(1.5)
Share-based compensation	11		11
Ending Balance (in shares) at Jun. 30, 2021		165.9
Ending Balance at Jun. 30, 2021	$ 2,271.6	$ 1.7	$ 1,651.3	$ 825.3	$ (206.7)

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Responsibility for Interim Financial Statements	Basis of Presentation and Responsibility for Interim Financial Statements The accompanying unaudited condensed consolidated financial statements of Pentair plc and its subsidiaries (“we,” “us,” “our,” “Pentair,” or the “Company”) have been prepared following the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) can be condensed or omitted. We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2020. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic. The COVID-19 pandemic has had and may continue to have an unfavorable impact on certain parts of our business. The broader implications of the COVID-19 pandemic on our business, financial condition and results of operations remain uncertain and will depend on certain developments, including the duration and severity of the COVID-19 pandemic, the impact of virus variants, the rate of vaccinations, the COVID-19 pandemic’s impact on our customers and suppliers and the range of governmental and community reactions to the pandemic. We may continue to experience reduced customer demand in certain parts of our business or constrained supply that could materially and adversely impact our business, financial condition, results of operations, liquidity and cash flows in future periods. Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We disaggregate our revenue from contracts with customers by segment, geographic location and vertical, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Refer to Note 15 for revenue disaggregated by segment. Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, U.S. $ 639.1 $ 482.7 $ 1,225.7 $ 946.7 Western Europe 120.7 84.9 236.0 188.7 Developing (1) 120.5 100.4 225.9 194.9 Other Developed (2) 60.8 45.3 119.4 93.0 Consolidated net sales $ 941.1 $ 713.3 $ 1,807.0 $ 1,423.3 (1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia. (2) Other Developed includes Australia, Canada and Japan. Vertical net sales information was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Residential $ 599.5 $ 439.7 $ 1,171.2 $ 855.5 Commercial 173.2 124.4 310.8 265.8 Industrial 168.4 149.2 325.0 302.0 Consolidated net sales $ 941.1 $ 713.3 $ 1,807.0 $ 1,423.3 Performance obligations On June 30, 2021, we had $83.3 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months. Contract assets and liabilities Contract assets and liabilities consisted of the following: In millions June 30, December 31, $ Change % Change Contract assets $ 52.3 $ 50.1 $ 2.2 4.4 % Contract liabilities 35.7 27.5 8.2 29.8 % Net contract assets $ 16.6 $ 22.6 $ (6.0) (26.5) % The $6.0 million decrease in net contract assets from December 31, 2020 to June 30, 2021 was primarily the result of timing of milestone payments and impact of foreign currency fluctuations. Approximately 65% of our contract liabilities at December 31, 2020 were recognized in revenue in the first half of 2021. There were no impairment losses recognized on our contract assets for the three months ended June 30, 2021.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Acquisitions	Acquisitions On May 19, 2021, as part of our Consumer Solutions reporting segment, we completed the acquisition of Ken’s Beverage, Inc. for $82.8 million in cash, net of cash acquired. The excess of purchase price over tangible net assets acquired has been preliminarily allocated to goodwill in the amount of $29.3 million, all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired consisted of $38.0 million of definite-lived customer relationships with an estimated useful life of 22 years. In 2020, our Consumer Solutions reporting segment completed acquisitions with purchase prices totaling $58.0 million in cash, net of cash acquired. The pro forma impact of these acquisitions is not material.

Share Plans

Share Plans	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share Plans	Share Plans Total share-based compensation expense for the three and six months ended June 30, 2021 and 2020 was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Restricted stock units $ 3.6 $ 3.1 $ 7.0 $ 6.3 Stock options 0.9 0.6 1.8 1.6 Performance share units 6.5 0.5 7.8 2.5 Total share-based compensation expense $ 11.0 $ 4.2 $ 16.6 $ 10.4 In the first quarter of 2021, we issued our annual share-based compensation grants under the Pentair plc 2020 Share and Incentive Plan to eligible employees. The total number of awards issued was approximately 0.7 million, of which 0.3 million were restricted stock units (“RSUs”), 0.3 million were stock options and 0.1 million were performance share units (“PSUs”). The weighted-average grant date fair value of the RSUs, stock options and PSUs issued was $55.42, $12.88, and $52.57, respectively. We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions: 2021 Risk-free interest rate 0.37 % Expected dividend yield 1.56 % Expected share price volatility 29.60 % Expected term (years) 6.5 These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected. We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected share price volatility, we considered a rolling average of historical volatility measured over a period approximately equal to the expected option term. The risk-free interest rate for periods that coincide with the expected life of the options is based on the United States (“U.S.”) Treasury Department yield curve in effect at the time of grant.

Restructuring and Transformatio

Restructuring and Transformation Programs	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring and Transformation Programs	Restructuring and Transformation Program During the second quarter of 2021, we launched and committed resources to a program designed to accelerate growth and drive margin expansion through transformation of our business model to drive operational excellence, reduce complexity and streamline our processes (the “Transformation Program”). The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives. During the six months ended June 30, 2021 and the year ended December 31, 2020, we initiated and continued execution of actions aimed at reducing our fixed cost structure and realigning our business associated with restructuring and the Transformation Program, including the reduction in headcount of approximately 50 and 175 employees, respectively. Restructuring and transformation-related costs within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Severance and related costs $ 4.2 $ 1.1 $ 5.1 $ 3.8 Transformation and other costs 1.9 — 2.1 — Total restructuring and transformation costs $ 6.1 $ 1.1 $ 7.2 $ 3.8 Transformation and other costs primarily consist of professional services, project management and related costs, infrastructure charges to vacate facilities and consolidate operations, and asset impairment and various contract termination costs. Restructuring and transformation costs by reportable segment were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Consumer Solutions $ 0.2 $ 1.4 $ 0.7 $ 2.0 Industrial & Flow Technologies — (0.3) 0.5 0.6 Other 5.9 — 6.0 1.2 Consolidated $ 6.1 $ 1.1 $ 7.2 $ 3.8 Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the six months ended June 30, 2021: In millions June 30, Beginning balance $ 15.2 Costs incurred 5.1 Cash payments and other (6.7) Ending balance $ 13.6

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 132.1 $ 72.1 $ 260.7 $ 144.8 Net income from continuing operations $ 132.6 $ 73.8 $ 263.7 $ 146.5 Weighted average ordinary shares outstanding Basic 166.0 165.8 166.1 166.8 Dilutive impact of stock options, restricted stock units and performance share units 1.8 0.6 1.6 0.7 Diluted 167.8 166.4 167.7 167.5 Earnings (loss) per ordinary share Basic Continuing operations $ 0.80 $ 0.44 $ 1.59 $ 0.88 Discontinued operations — (0.01) (0.02) (0.01) Basic earnings per ordinary share $ 0.80 $ 0.43 $ 1.57 $ 0.87 Diluted Continuing operations $ 0.79 $ 0.44 $ 1.57 $ 0.87 Discontinued operations — (0.01) (0.02) (0.01) Diluted earnings per ordinary share $ 0.79 $ 0.43 $ 1.55 $ 0.86 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.1 3.1 0.3 2.8

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable All trade receivables are reported on our Condensed Consolidated Balance Sheets at the outstanding principal amount adjusted for any allowance for credit losses and write-offs, net of recoveries. We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on current trends, aging of accounts receivable, periodic credit evaluations of our customers’ financial condition, and historical collection experience as well as reasonable and supportable forecasts of future economic conditions. Write-offs are recorded at the time all collection efforts have been exhausted. We generally do not require collateral. We review our allowance for credit losses on a quarterly basis. In millions June 30, December 31, Beginning balance $ 8.4 $ 10.3 Bad debt expense (benefit) (1) 0.2 (0.5) Acquisitions 0.9 0.1 Write-offs, net of recoveries (0.5) (1.6) Other (2) 0.3 0.1 Ending balance $ 9.3 $ 8.4 (1) The bad debt benefit for the year-ended December 31, 2020 includes the positive impact related to the adoption of ASU No. 2016-13 “Financial Instruments-Credit Losses.” (2) Other amounts are primarily the effects of changes in currency translation and the impact of allowance for credits.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2021
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions June 30, December 31, Inventories Raw materials and supplies $ 238.3 $ 218.7 Work-in-process 69.4 67.2 Finished goods 155.7 134.1 Total inventories $ 463.4 $ 420.0 Other current assets Cost in excess of billings $ 52.3 $ 50.1 Prepaid expenses 55.7 48.5 Prepaid income taxes 1.7 3.8 Other current assets 3.0 3.1 Total other current assets $ 112.7 $ 105.5 Property, plant and equipment, net Land and land improvements $ 35.5 $ 35.9 Buildings and leasehold improvements 192.6 195.4 Machinery and equipment 600.2 589.7 Capitalized software 82.5 79.9 Construction in progress 51.4 47.8 Total property, plant and equipment 962.2 948.7 Accumulated depreciation and amortization 665.1 647.5 Total property, plant and equipment, net $ 297.1 $ 301.2 Other non-current assets Right-of-use lease assets $ 79.5 $ 83.6 Deferred income taxes 27.5 27.4 Deferred compensation plan assets 24.1 22.6 Other non-current assets 68.7 69.2 Total other non-current assets $ 199.8 $ 202.8 Other current liabilities Dividends payable $ 33.2 $ 33.2 Accrued warranty 43.4 37.0 Accrued rebates and incentives 181.3 122.0 Billings in excess of cost 26.0 22.5 Current lease liability 24.1 22.1 Income taxes payable 16.7 14.6 Accrued restructuring 13.6 15.2 Other current liabilities 151.4 143.8 Total other current liabilities $ 489.7 $ 410.4 Other non-current liabilities Long-term lease liability $ 58.2 $ 65.1 Income taxes payable 44.9 44.8 Self-insurance liabilities 43.4 42.0 Deferred compensation plan liabilities 24.1 22.6 Foreign currency contract liabilities 40.1 69.6 Other non-current liabilities 28.4 25.3 Total other non-current liabilities $ 239.1 $ 269.4

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Identifiable Intangible Assets	Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, Purchase Accounting Adjustments Acquisitions Foreign currency June 30, Consumer Solutions $ 1,580.5 $ (2.8) $ 29.3 $ (3.5) $ 1,603.5 Industrial & Flow Technologies 811.7 — — (13.1) 798.6 Total goodwill $ 2,392.2 $ (2.8) $ 29.3 $ (16.6) $ 2,402.1 Identifiable intangible assets consisted of the following: June 30, December 31, In millions Cost Accumulated Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 470.1 $ (316.5) $ 153.6 $ 435.9 $ (308.1) $ 127.8 Proprietary technology and patents 46.9 (30.9) 16.0 46.9 (29.4) 17.5 Total definite-life intangibles 517.0 (347.4) 169.6 482.8 (337.5) 145.3 Indefinite-life intangibles Trade names 178.8 — 178.8 180.6 — 180.6 Total intangibles $ 695.8 $ (347.4) $ 348.4 $ 663.4 $ (337.5) $ 325.9 Identifiable intangible asset amortization expense was $6.3 million and $7.0 million for the three months ended June 30, 2021 and 2020, respectively, and $13.4 million and $14.6 million for the six months ended June 30, 2021 and 2020, respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2021 and the next five years is as follows: Q3 - Q4 2021 2022 2023 2024 2025 2026 Estimated amortization expense $ 12.2 $ 17.7 $ 15.5 $ 15.0 $ 15.0 $ 13.7

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of June 30, 2021 Maturity June 30, December 31, Revolving credit facilities 1.201% 2023 $ 16.1 $ 36.1 Term loans 1.149% 2023 200.0 200.0 Senior notes - fixed rate (1) 5.000% 2021 — 103.8 Senior notes - fixed rate (1) 3.150% 2022 88.3 88.3 Senior notes - fixed rate (1) 4.650% 2025 19.3 19.3 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Unamortized debt issuance costs and discounts N/A N/A (7.1) (7.9) Total debt $ 716.6 $ 839.6 (1) Senior notes are guaranteed as to payment by Pentair plc. Pentair, Pentair Finance S.à r.l (“PFSA“) and Pentair, Inc. are parties to a credit agreement (the “Senior Credit Facility”), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, providing for a $900.0 million senior unsecured revolving credit facility. The Senior Credit Facility has a maturity date of April 25, 2023. Borrowings under the Senior Credit Facility bear interest at a rate equal to an adjusted base rate or the London Interbank Offered Rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating. The Senior Credit Facility provides for the extension of term loans in an aggregate amount of $200.0 million (the “Term Loans”). We have utilized the term loan extension since December 2019. The Term Loans are in addition to the revolving credit facility commitment. In addition, PFSA has the option to further increase the Senior Credit Facility in an aggregate amount of up to $300.0 million, through a combination of increases to the total commitment amount of the revolving credit facility and/or one or more tranches of term loans in addition to the Term Loans, subject to customary conditions, including the commitment of the participating lenders. PFSA is authorized to sell short-term commercial paper notes to the extent availability exists under the Senior Credit Facility. PFSA uses the Senior Credit Facility as back-up liquidity to support 100% of commercial paper outstanding. PFSA had no commercial paper outstanding as of June 30, 2021 and December 31, 2020. In 2020, the commercial paper market began to experience high levels of volatility due to uncertainty related to the COVID-19 pandemic. The volatility impacted both market access to and pricing of commercial paper. As a cost mitigation action, we withdrew our credit ratings to access the commercial paper market and continued to use the revolving credit facility, along with cash generated from operations, to fund our general operations. As of June 30, 2021, total availability under the Senior Credit Facility was $883.9 million. Our debt agreements contain various financial covenants, but the most restrictive covenants are contained in the Senior Credit Facility. The Senior Credit Facility contains covenants requiring us not to permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense (“EBITDA”) on the last day of any period of four consecutive fiscal quarters to exceed 3.75 to 1.00 (the “Leverage Ratio”) and (ii) the ratio of our EBITDA to our consolidated interest expense, for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Senior Credit Facility provides for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates. In addition to the Senior Credit Facility, we have various other credit facilities with an aggregate availability of $21.4 million, of which there were no outstanding borrowings at June 30, 2021. Borrowings under these credit facilities bear interest at variable rates. We have no fixed rate senior notes maturing in the next twelve months. Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2021 matures on a calendar year basis as follows: Q3 - Q4 In millions 2021 2022 2023 2024 2025 2026 Thereafter Total Contractual debt obligation maturities $ — $ 88.3 $ 216.1 $ — $ 19.3 $ — $ 400.0 $ 723.7

Derivatives and Financial Instr

Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Financial Instruments	Derivatives and Financial Instruments Derivative financial instruments We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality. Foreign currency contracts We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. The majority of our foreign currency contracts have an original maturity date of less than one year. At June 30, 2021 and December 31, 2020, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $10.6 million and $12.4 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income was not material for any period presented. Cross Currency Swaps At June 30, 2021 and December 31, 2020, we had outstanding cross currency swap agreements with a combined notional amount of $834.8 million and $855.1 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. We had deferred foreign currency losses of $20.3 million and $32.8 million at June 30, 2021 and December 31, 2020, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity. The periodic interest settlements related to our cross currency swap agreements are classified as operating activities. The cash flows that relate to principal balances are classified as financing activities for the cash flow hedges on intercompany debt and investing activities for the net investment hedges. In January 2021, one of our cross currency swap agreements which was accounted for as a cash flow hedge matured, resulting in a net cash payment of $14.7 million. The net cash payment is included within financing activities on the Condensed Consolidated Statements of Cash Flows. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Fair value of financial instruments The following methods were used to estimate the fair values of each class of financial instruments: • short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period; • long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; • foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and • deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value (“NAV”), which is based on the fair value of the underlying securities owned by the fund and divided by the number of shares outstanding. The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 216.1 $ 216.1 $ 236.1 $ 236.1 Fixed rate debt 507.6 577.8 611.4 695.4 Total debt $ 723.7 $ 793.9 $ 847.5 $ 931.5 Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: June 30, 2021 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract assets $ — $ 1.7 $ — $ — $ 1.7 Foreign currency contract liabilities $ — $ (40.1) $ — $ — $ (40.1) Deferred compensation plan assets 12.7 — — 11.4 24.1 Total recurring fair value measurements $ 12.7 $ (38.4) $ — $ 11.4 $ (14.3) December 31, 2020 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (69.6) $ — $ — $ (69.6) Deferred compensation plan assets 12.2 — — 10.4 22.6 Total recurring fair value measurements $ 12.2 $ (69.6) $ — $ 10.4 $ (47.0)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesWe manage our affairs so that we are centrally managed and controlled in the United Kingdom (“U.K.”) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The effective income tax rate for the six months ended June 30, 2021 was 14.7%, compared to 25.3% for the six months ended June 30, 2020. We continue to actively pursue initiatives to reduce our effective tax rate. The tax rate in any quarter can be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. The liability for uncertain tax positions was $46.6 million and $46.3 million at June 30, 2021 and December 31, 2020, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income, which is consistent with our past practices.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2021 and 2020 were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Service cost $ 0.7 $ 0.8 $ 1.4 $ 1.6 Interest cost 0.5 0.7 1.0 1.4 Expected return on plan assets (0.1) (0.2) (0.2) (0.4) Net periodic benefit expense $ 1.1 $ 1.3 $ 2.2 $ 2.6

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchases In May 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million (the “2018 Authorization”). The 2018 authorization expired on May 31, 2021. In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million (the “2020 Authorization”). The 2020 Authorization expires on December 31, 2025. The 2020 Authorization supplemented the 2018 Authorization. During the six months ended June 30, 2021, we repurchased 0.8 million of our ordinary shares for $50.0 million under the 2018 Authorization. As of June 30, 2021, we had $750.0 million available for share repurchases under the 2020 Authorization. Dividends payable On May 4, 2021, the Board of Directors declared a quarterly cash dividend of $0.20, payable on August 6, 2021 to shareholders of record at the close of business on July 23, 2021. As a result, the balance of dividends payable included in Other current liabilities

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Information	Segment InformationWe evaluate performance based on net sales and segment income (loss) and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income (loss) represents equity income of unconsolidated subsidiaries and operating income exclusive of intangible amortization, certain acquisition related expenses, costs of restructuring and transformation activities, impairments and other unusual non-operating items. Financial information by reportable segment is as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Net sales Consumer Solutions $ 576.9 $ 401.2 $ 1,098.3 $ 790.0 Industrial & Flow Technologies 363.9 311.8 708.0 632.7 Other 0.3 0.3 0.7 0.6 Consolidated $ 941.1 $ 713.3 $ 1,807.0 $ 1,423.3 Segment income (loss) Consumer Solutions $ 143.4 $ 96.7 $ 274.4 $ 181.5 Industrial & Flow Technologies 57.1 44.1 107.1 88.8 Other (25.6) (16.1) (42.2) (34.1) Consolidated $ 174.9 $ 124.7 $ 339.3 $ 236.2 The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Segment income $ 174.9 $ 124.7 $ 339.3 $ 236.2 Deal-related costs and expenses (1.0) — (1.7) (0.4) Restructuring, transformation and other costs (5.8) (1.1) (7.3) (3.5) Intangible amortization (6.3) (7.0) (13.4) (14.6) Loss on sale of businesses — (0.1) — (0.1) COVID-19 related costs and expenses (0.1) (4.8) (0.3) (5.7) Legal accrual adjustments — — 2.4 — Net interest expense (3.8) (7.7) (8.9) (14.6) Other expense (0.2) (0.4) (0.8) (1.1) Income from continuing operations before income taxes $ 157.7 $ 103.6 $ 309.3 $ 196.2

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal proceedings We have been, and in the future may be, made parties to a number of actions filed or have been, and in the future may be, given notice of potential claims relating to the conduct of our business, including those relating to commercial, regulatory or contractual disputes with suppliers, authorities, customers or parties to acquisitions and divestitures, intellectual property matters, environmental, asbestos, safety and health matters, product liability, the use or installation of our products, consumer matters, and employment and labor matters. While we believe that a material impact on our consolidated financial position, results of operations or cash flows from any such future claims or potential claims is unlikely, given the inherent uncertainty of litigation, a remote possibility exists that a future adverse ruling or unfavorable development could result in future charges that could have a material adverse impact. We do and will continue to periodically reexamine our estimates of probable liabilities and any associated expenses and receivables and make appropriate adjustments to such estimates based on experience and developments in litigation. As a result, the current estimates of the potential impact on our consolidated financial position, results of operations and cash flows for the proceedings and claims described in the notes to our consolidated financial statements could change in the future. Environmental matters We have been named as defendant, target or a potentially responsible party in a number of environmental clean-ups relating to our current or former business units. Accruals for environmental matters are recorded on a site-by-site basis when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated, based on current law and existing technologies. It can be difficult to estimate reliably the final costs of investigation and remediation due to various factors. In our opinion, the amounts accrued are appropriate based on facts and circumstances as currently known. As of June 30, 2021 and December 31, 2020, our recorded reserves for environmental matters were not material. Product liability claims We are subject to various product liability lawsuits and personal injury claims. A substantial number of these lawsuits and claims are insured and accrued for by Penwald, our captive insurance subsidiary. Penwald records a liability for these claims based on actuarial projections of ultimate losses. For all other claims, accruals covering the claims are recorded, on an undiscounted basis, when it is probable that a liability has been incurred and the amount of the liability can be reasonably estimated based on existing information. The accruals are adjusted periodically as additional information becomes available. We have not experienced significant unfavorable trends in either the severity or frequency of product liability lawsuits or personal injury claims. Warranties and guarantees In connection with our disposition of businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction. Generally, the maximum obligations under such indemnifications are not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material adverse effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. In connection with the disposition of the Valves & Controls business, we agreed to indemnify Emerson Electric Co. for certain pre-closing tax liabilities. We have recorded a liability representing the fair value of our expected future obligation for this matter. We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. The changes in the carrying amount of service and product warranties of continuing operations for the six months ended June 30, 2021 were as follows: In millions June 30, Beginning balance $ 37.0 Service and product warranty provision 29.9 Payments (23.5) Ending balance $ 43.4 Stand-by letters of credit, bank guarantees and bonds In certain situations, Tyco International Ltd., Pentair Ltd.’s former parent company (“Tyco”), guaranteed performance by the flow control business of Pentair Ltd. (“Flow Control”) to third parties or provided financial guarantees for financial commitments of Flow Control. In situations where Flow Control and Tyco were unable to obtain a release from these guarantees in connection with the spin-off of Flow Control from Tyco, we will indemnify Tyco for any losses it suffers as a result of such guarantees. In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. As of June 30, 2021 and December 31, 2020, the outstanding value of bonds, letters of credit and bank guarantees totaled $98.9 million and $99.1 million, respectively.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, U.S. $ 639.1 $ 482.7 $ 1,225.7 $ 946.7 Western Europe 120.7 84.9 236.0 188.7 Developing (1) 120.5 100.4 225.9 194.9 Other Developed (2) 60.8 45.3 119.4 93.0 Consolidated net sales $ 941.1 $ 713.3 $ 1,807.0 $ 1,423.3 (1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia. (2) Other Developed includes Australia, Canada and Japan. Vertical net sales information was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Residential $ 599.5 $ 439.7 $ 1,171.2 $ 855.5 Commercial 173.2 124.4 310.8 265.8 Industrial 168.4 149.2 325.0 302.0 Consolidated net sales $ 941.1 $ 713.3 $ 1,807.0 $ 1,423.3
Contract with Customer, Asset and Liability	Contract assets and liabilities Contract assets and liabilities consisted of the following: In millions June 30, December 31, $ Change % Change Contract assets $ 52.3 $ 50.1 $ 2.2 4.4 % Contract liabilities 35.7 27.5 8.2 29.8 % Net contract assets $ 16.6 $ 22.6 $ (6.0) (26.5) %

Share Plans (Tables)

Share Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-based Compensation Expense	Total share-based compensation expense for the three and six months ended June 30, 2021 and 2020 was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Restricted stock units $ 3.6 $ 3.1 $ 7.0 $ 6.3 Stock options 0.9 0.6 1.8 1.6 Performance share units 6.5 0.5 7.8 2.5 Total share-based compensation expense $ 11.0 $ 4.2 $ 16.6 $ 10.4
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions: 2021 Risk-free interest rate 0.37 % Expected dividend yield 1.56 % Expected share price volatility 29.60 % Expected term (years) 6.5

Restructuring and Transformat_2

Restructuring and Transformation Programs (Tables)	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring Related Costs	Restructuring and transformation-related costs within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Severance and related costs $ 4.2 $ 1.1 $ 5.1 $ 3.8 Transformation and other costs 1.9 — 2.1 — Total restructuring and transformation costs $ 6.1 $ 1.1 $ 7.2 $ 3.8
Restructuring Costs By Segment	Restructuring and transformation costs by reportable segment were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Consumer Solutions $ 0.2 $ 1.4 $ 0.7 $ 2.0 Industrial & Flow Technologies — (0.3) 0.5 0.6 Other 5.9 — 6.0 1.2 Consolidated $ 6.1 $ 1.1 $ 7.2 $ 3.8
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets	Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the six months ended June 30, 2021: In millions June 30, Beginning balance $ 15.2 Costs incurred 5.1 Cash payments and other (6.7) Ending balance $ 13.6

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 132.1 $ 72.1 $ 260.7 $ 144.8 Net income from continuing operations $ 132.6 $ 73.8 $ 263.7 $ 146.5 Weighted average ordinary shares outstanding Basic 166.0 165.8 166.1 166.8 Dilutive impact of stock options, restricted stock units and performance share units 1.8 0.6 1.6 0.7 Diluted 167.8 166.4 167.7 167.5 Earnings (loss) per ordinary share Basic Continuing operations $ 0.80 $ 0.44 $ 1.59 $ 0.88 Discontinued operations — (0.01) (0.02) (0.01) Basic earnings per ordinary share $ 0.80 $ 0.43 $ 1.57 $ 0.87 Diluted Continuing operations $ 0.79 $ 0.44 $ 1.57 $ 0.87 Discontinued operations — (0.01) (0.02) (0.01) Diluted earnings per ordinary share $ 0.79 $ 0.43 $ 1.55 $ 0.86 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.1 3.1 0.3 2.8

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Accounts Receivable, Allowance for Credit Loss	In millions June 30, December 31, Beginning balance $ 8.4 $ 10.3 Bad debt expense (benefit) (1) 0.2 (0.5) Acquisitions 0.9 0.1 Write-offs, net of recoveries (0.5) (1.6) Other (2) 0.3 0.1 Ending balance $ 9.3 $ 8.4 (1) The bad debt benefit for the year-ended December 31, 2020 includes the positive impact related to the adoption of ASU No. 2016-13 “Financial Instruments-Credit Losses.” (2) Other amounts are primarily the effects of changes in currency translation and the impact of allowance for credits.

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	In millions June 30, December 31, Inventories Raw materials and supplies $ 238.3 $ 218.7 Work-in-process 69.4 67.2 Finished goods 155.7 134.1 Total inventories $ 463.4 $ 420.0 Other current assets Cost in excess of billings $ 52.3 $ 50.1 Prepaid expenses 55.7 48.5 Prepaid income taxes 1.7 3.8 Other current assets 3.0 3.1 Total other current assets $ 112.7 $ 105.5 Property, plant and equipment, net Land and land improvements $ 35.5 $ 35.9 Buildings and leasehold improvements 192.6 195.4 Machinery and equipment 600.2 589.7 Capitalized software 82.5 79.9 Construction in progress 51.4 47.8 Total property, plant and equipment 962.2 948.7 Accumulated depreciation and amortization 665.1 647.5 Total property, plant and equipment, net $ 297.1 $ 301.2 Other non-current assets Right-of-use lease assets $ 79.5 $ 83.6 Deferred income taxes 27.5 27.4 Deferred compensation plan assets 24.1 22.6 Other non-current assets 68.7 69.2 Total other non-current assets $ 199.8 $ 202.8 Other current liabilities Dividends payable $ 33.2 $ 33.2 Accrued warranty 43.4 37.0 Accrued rebates and incentives 181.3 122.0 Billings in excess of cost 26.0 22.5 Current lease liability 24.1 22.1 Income taxes payable 16.7 14.6 Accrued restructuring 13.6 15.2 Other current liabilities 151.4 143.8 Total other current liabilities $ 489.7 $ 410.4 Other non-current liabilities Long-term lease liability $ 58.2 $ 65.1 Income taxes payable 44.9 44.8 Self-insurance liabilities 43.4 42.0 Deferred compensation plan liabilities 24.1 22.6 Foreign currency contract liabilities 40.1 69.6 Other non-current liabilities 28.4 25.3 Total other non-current liabilities $ 239.1 $ 269.4

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, Purchase Accounting Adjustments Acquisitions Foreign currency June 30, Consumer Solutions $ 1,580.5 $ (2.8) $ 29.3 $ (3.5) $ 1,603.5 Industrial & Flow Technologies 811.7 — — (13.1) 798.6 Total goodwill $ 2,392.2 $ (2.8) $ 29.3 $ (16.6) $ 2,402.1
Detail of Identifiable Intangible Assets	Identifiable intangible assets consisted of the following: June 30, December 31, In millions Cost Accumulated Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 470.1 $ (316.5) $ 153.6 $ 435.9 $ (308.1) $ 127.8 Proprietary technology and patents 46.9 (30.9) 16.0 46.9 (29.4) 17.5 Total definite-life intangibles 517.0 (347.4) 169.6 482.8 (337.5) 145.3 Indefinite-life intangibles Trade names 178.8 — 178.8 180.6 — 180.6 Total intangibles $ 695.8 $ (347.4) $ 348.4 $ 663.4 $ (337.5) $ 325.9
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2021 and the next five years is as follows: Q3 - Q4 2021 2022 2023 2024 2025 2026 Estimated amortization expense $ 12.2 $ 17.7 $ 15.5 $ 15.0 $ 15.0 $ 13.7

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt and Average Interest Rates on Debt Outstanding	Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of June 30, 2021 Maturity June 30, December 31, Revolving credit facilities 1.201% 2023 $ 16.1 $ 36.1 Term loans 1.149% 2023 200.0 200.0 Senior notes - fixed rate (1) 5.000% 2021 — 103.8 Senior notes - fixed rate (1) 3.150% 2022 88.3 88.3 Senior notes - fixed rate (1) 4.650% 2025 19.3 19.3 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Unamortized debt issuance costs and discounts N/A N/A (7.1) (7.9) Total debt $ 716.6 $ 839.6 (1) Senior notes are guaranteed as to payment by Pentair plc.
Debt Outstanding Matures on Calendar Year Basis	Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2021 matures on a calendar year basis as follows: Q3 - Q4 In millions 2021 2022 2023 2024 2025 2026 Thereafter Total Contractual debt obligation maturities $ — $ 88.3 $ 216.1 $ — $ 19.3 $ — $ 400.0 $ 723.7

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments	The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 216.1 $ 216.1 $ 236.1 $ 236.1 Fixed rate debt 507.6 577.8 611.4 695.4 Total debt $ 723.7 $ 793.9 $ 847.5 $ 931.5
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: June 30, 2021 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract assets $ — $ 1.7 $ — $ — $ 1.7 Foreign currency contract liabilities $ — $ (40.1) $ — $ — $ (40.1) Deferred compensation plan assets 12.7 — — 11.4 24.1 Total recurring fair value measurements $ 12.7 $ (38.4) $ — $ 11.4 $ (14.3) December 31, 2020 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (69.6) $ — $ — $ (69.6) Deferred compensation plan assets 12.2 — — 10.4 22.6 Total recurring fair value measurements $ 12.2 $ (69.6) $ — $ 10.4 $ (47.0)

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2021 and 2020 were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Service cost $ 0.7 $ 0.8 $ 1.4 $ 1.6 Interest cost 0.5 0.7 1.0 1.4 Expected return on plan assets (0.1) (0.2) (0.2) (0.4) Net periodic benefit expense $ 1.1 $ 1.3 $ 2.2 $ 2.6

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Financial Information by Reportable Segment	Financial information by reportable segment is as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Net sales Consumer Solutions $ 576.9 $ 401.2 $ 1,098.3 $ 790.0 Industrial & Flow Technologies 363.9 311.8 708.0 632.7 Other 0.3 0.3 0.7 0.6 Consolidated $ 941.1 $ 713.3 $ 1,807.0 $ 1,423.3 Segment income (loss) Consumer Solutions $ 143.4 $ 96.7 $ 274.4 $ 181.5 Industrial & Flow Technologies 57.1 44.1 107.1 88.8 Other (25.6) (16.1) (42.2) (34.1) Consolidated $ 174.9 $ 124.7 $ 339.3 $ 236.2
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Segment income $ 174.9 $ 124.7 $ 339.3 $ 236.2 Deal-related costs and expenses (1.0) — (1.7) (0.4) Restructuring, transformation and other costs (5.8) (1.1) (7.3) (3.5) Intangible amortization (6.3) (7.0) (13.4) (14.6) Loss on sale of businesses — (0.1) — (0.1) COVID-19 related costs and expenses (0.1) (4.8) (0.3) (5.7) Legal accrual adjustments — — 2.4 — Net interest expense (3.8) (7.7) (8.9) (14.6) Other expense (0.2) (0.4) (0.8) (1.1) Income from continuing operations before income taxes $ 157.7 $ 103.6 $ 309.3 $ 196.2

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Changes in Carrying Amount of Service and Product Warranties	The changes in the carrying amount of service and product warranties of continuing operations for the six months ended June 30, 2021 were as follows: In millions June 30, Beginning balance $ 37.0 Service and product warranty provision 29.9 Payments (23.5) Ending balance $ 43.4

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 52,300,000	$ 50,100,000
Contract liabilities	35,700,000	27,500,000
Net contract assets	16,600,000	$ 22,600,000
$ Change
Contract assets	2,200,000
Contract liabilities	8,200,000
Net contract assets	$ (6,000,000)
% Change
Contract assets	4.40%
Contract liabilities	29.80%
Net contract assets	(26.50%)
Percent of contract liabilities	65.00%
Impairment losses on contract assets	$ 0

Revenue - Additional Informatio

Revenue - Additional Information (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Disaggregation of Revenue [Line Items]
Percent of contract liabilities	65.00%
Change in net contract assets	$ (6,000,000)
Impairment losses on contract assets	$ 0

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01 $ in Millions	Jun. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 83.3
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	18 months

Revenue - Geographic Net Sales

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 941.1	$ 713.3	$ 1,807	$ 1,423.3
Residential
Disaggregation of Revenue [Line Items]
Net sales	599.5	439.7	1,171.2	855.5
Commercial
Disaggregation of Revenue [Line Items]
Net sales	173.2	124.4	310.8	265.8
Industrial
Disaggregation of Revenue [Line Items]
Net sales	168.4	149.2	325	302
UNITED STATES
Disaggregation of Revenue [Line Items]
Net sales	639.1	482.7	1,225.7	946.7
Western Europe [Member]
Disaggregation of Revenue [Line Items]
Net sales	120.7	84.9	236	188.7
Developing
Disaggregation of Revenue [Line Items]
Net sales	120.5	100.4	225.9	194.9
Other Developed
Disaggregation of Revenue [Line Items]
Net sales	$ 60.8	$ 45.3	$ 119.4	$ 93

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	May 19, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Business Acquisition [Line Items]
Acquisitions, net of cash acquired		$ 82.8	$ 28.5
Goodwill		2,402.1		$ 2,392.2
Consumer Solutions
Business Acquisition [Line Items]
Acquisitions, net of cash acquired				58
Goodwill		$ 1,603.5		$ 1,580.5
Ken's Beverage Inc [Member]
Business Acquisition [Line Items]
Acquisitions, net of cash acquired	$ 82.8
Goodwill	29.3
Ken's Beverage Inc [Member] | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets	$ 38
Acquired assets, estimated useful life	22 years

Share Plans - Schedule of Share

Share Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11	$ 4.2	$ 16.6	$ 10.4
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3.6	3.1	7	6.3
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	0.9	0.6	1.8	1.6
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 6.5	$ 0.5	$ 7.8	$ 2.5

Share Plans - Schedule of Valua

Share Plans - Schedule of Valuation Assumptions (Details)	3 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Risk-free interest rate	0.37%
Expected dividend yield	1.56%
Expected share price volatility	29.60%
Expected term (years)	6 years 6 months

Share Plans - Additional Inform

Share Plans - Additional Information (Detail) - Two Thousand Twenty Share and Incentive Plan shares in Millions	3 Months Ended
	Jun. 30, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0.7
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.3
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 55.42
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0.3
Weighted-average grant date fair value of options (in dollars per share) | $ / shares	$ 12.88
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.1
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 52.57

Restructuring and Transformat_3

Restructuring and Transformation Programs - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Person	Jun. 30, 2020USD ($)	Sep. 30, 2020Person
Restructuring Cost and Reserve [Line Items]
Number of employees | Person			50		175
Total restructuring costs	$ 6.1	$ 1.1	$ 7.2	$ 3.8
Aquatic Systems
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.2	1.4	0.7	2
Filtration Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	(0.3)	0.5	0.6
Flow Technologies
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 5.9	$ 0	$ 6	$ 1.2

Restructuring and Transformat_4

Restructuring and Transformation Programs - Costs Included in Selling, General & Administrative Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 6.1	$ 1.1	$ 7.2	$ 3.8
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	4.2	1.1	5.1	3.8
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1.9	$ 0	$ 2.1	$ 0

Restructuring and Transformat_5

Restructuring and Transformation Programs - Accrual Activity (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 15.2
Costs incurred	5.1
Cash payments and other	(6.7)
Ending balance	$ 13.6

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net income	$ 132.1	$ 72.1	$ 260.7	$ 144.8
Net income from continuing operations	$ 132.6	$ 73.8	$ 263.7	$ 146.5
Weighted average common shares outstanding
Basic (shares)	166	165.8	166.1	166.8
Dilutive impact of stock options, restricted stock units and performance share units	1.8	0.6	1.6	0.7
Diluted (shares)	167.8	166.4	167.7	167.5
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 0.80	$ 0.44	$ 1.59	$ 0.88
Discontinued operations (in dollars per share)	0	(0.01)	(0.02)	(0.01)
Basic earnings (loss) per ordinary share (in dollars per share)	0.80	0.43	1.57	0.87
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	0.79	0.44	1.57	0.87
Discontinued operations (in dollars per share)	0	(0.01)	(0.02)	(0.01)
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 0.79	$ 0.43	$ 1.55	$ 0.86
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.1	3.1	0.3	2.8

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8.4	$ 10.3
Bad debt expense (benefit)	0.2	(0.5)
Acquisitions	0.9	0.1
Write-offs, net of recoveries	(0.5)	(1.6)
Other	0.3	0.1
Ending balance	$ 9.3	$ 8.4

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventories
Raw materials and supplies	$ 238.3	$ 218.7
Work-in-process	69.4	67.2
Finished goods	155.7	134.1
Total inventories	463.4	420
Other current assets
Cost in excess of billings	52.3	50.1
Prepaid expenses	55.7	48.5
Prepaid income taxes	1.7	3.8
Other current assets	3	3.1
Total other current assets	112.7	105.5
Property, plant and equipment, net
Land and land improvements	35.5	35.9
Buildings and leasehold improvements	192.6	195.4
Machinery and equipment	600.2	589.7
Capitalized Computer Software, Gross	82.5	79.9
Construction in progress	51.4	47.8
Total property, plant and equipment	962.2	948.7
Accumulated depreciation and amortization	665.1	647.5
Total property, plant and equipment, net	297.1	301.2
Other non-current assets
Right-of-use lease assets	79.5	83.6
Prepaid income taxes	27.5	27.4
Deferred compensation plan assets	24.1	22.6
Other non-current assets	68.7	69.2
Total other non-current assets	199.8	202.8
Other current liabilities
Dividends payable	33.2	33.2
Accrued warranty	43.4	37
Accrued rebates and incentives	181.3	122
Billings in excess of cost	26	22.5
Current lease liability	24.1	22.1
Income taxes payable	16.7	14.6
Accrued restructuring	13.6	15.2
Other current liabilities	151.4	143.8
Total other current liabilities	489.7	410.4
Other non-current liabilities
Long-term lease liability	58.2	65.1
Income taxes payable	44.9	44.8
Self-insurance liabilities	43.4	42
Deferred compensation plan liabilities	24.1	22.6
Foreign currency contract liabilities	40.1	69.6
Other non-current liabilities	28.4	25.3
Total other non-current liabilities	$ 239.1	$ 269.4

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,392.2
Purchase Accounting Adjustments	(2.8)
Acquisitions	29.3
Foreign currency translation/other	(16.6)
Ending Balance	2,402.1
Consumer Solutions
Goodwill [Roll Forward]
Beginning Balance	1,580.5
Purchase Accounting Adjustments	(2.8)
Acquisitions	29.3
Foreign currency translation/other	(3.5)
Ending Balance	1,603.5
Industrial & Flow Technologies
Goodwill [Roll Forward]
Beginning Balance	811.7
Purchase Accounting Adjustments	0
Acquisitions	0
Foreign currency translation/other	(13.1)
Ending Balance	$ 798.6

Goodwill and Other Identifiab_4

Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Acquired Intangible Assets By Major Class [Line Items]
Cost	$ 517	$ 482.8
Accumulated amortization	(347.4)	(337.5)
Net	169.6	145.3
Cost	695.8	663.4
Net	348.4	325.9
Customer relationships
Acquired Intangible Assets By Major Class [Line Items]
Cost	470.1	435.9
Accumulated amortization	(316.5)	(308.1)
Net	153.6	127.8
Proprietary technology and patents
Acquired Intangible Assets By Major Class [Line Items]
Cost	46.9	46.9
Accumulated amortization	(30.9)	(29.4)
Net	16	17.5
Trade names intangibles
Acquired Intangible Assets By Major Class [Line Items]
Net, indefinite-life intangibles	$ 178.8	$ 180.6

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 6.3	$ 7	$ 13.4	$ 14.6

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Jun. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q2-Q4 2021	$ 12.2
2022	17.7
2023	15.5
2024	15
2025	15
2026	$ 13.7

Debt - Debt and Average Interes

Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt, gross	$ 723.7
Unamortized debt issuance costs and discounts	(7.1)	$ (7.9)
Total debt	716.6	839.6
Line of Credit | Term Loans Due 2023
Debt Instrument [Line Items]
Debt, gross	$ 200
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate as of June 30, 2021	1.201%
Debt, gross	$ 16.1	36.1
Term Loans | Term Loans Due 2023
Debt Instrument [Line Items]
Average interest rate as of June 30, 2021	1.149%
Debt, gross	$ 200	200
Senior Notes | Senior Notes 5.000% Due 2021
Debt Instrument [Line Items]
Average interest rate as of June 30, 2021	5.00%
Debt, gross	$ 0	103.8
Senior Notes | Senior Notes 3.150% Due 2022
Debt Instrument [Line Items]
Average interest rate as of June 30, 2021	3.15%
Debt, gross	$ 88.3	88.3
Senior Notes | Senior Notes 4.650% Due 2025
Debt Instrument [Line Items]
Average interest rate as of June 30, 2021	4.65%
Debt, gross	$ 19.3	19.3
Senior Notes | Senior Notes 4.500% Due 2029
Debt Instrument [Line Items]
Average interest rate as of June 30, 2021	4.50%
Debt, gross	$ 400	$ 400

Debt - Additional Information (

Debt - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt, gross	$ 723,700,000
Leverage ratio covenant period	12 months
Repayments of principal in next twelve months	$ 0
Line of Credit | Term Loans Due 2023
Debt Instrument [Line Items]
Debt, gross	200,000,000
Optional line of credit limit increase	300,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	900,000,000
Debt, gross	16,100,000	$ 36,100,000
Available capacity	883,900,000
Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt covenant, unrestricted cash	$ 250,000,000
Debt agreement financial covenant, leverage ratio	3.75
EBITDA ratio for debt	3
Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Debt covenant, unrestricted cash	$ 5,000,000
Debt agreement financial covenant, leverage ratio	1
EBITDA ratio for debt	1
Commercial Paper
Debt Instrument [Line Items]
Commercial paper	$ 0	$ 0
Other Credit Facilities
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity	21,400,000
Borrowings outstanding	$ 0

Debt - Debt Outstanding Matures

Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) $ in Millions	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
Q3-Q4 2021	$ 0
2022	88.3
2023	216.1
2024	0
2025	19.3
2026	0
Thereafter	400
Total debt	$ 723.7

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Derivative [Line Items]
Payments upon the maturity of cross currency swaps		$ 14.7	$ 0
Foreign Exchange Contract [Member]
Derivative [Line Items]
Derivative, Notional Amount		10.6		$ 12.4
Currency Swap [Member]
Derivative [Line Items]
Derivative, Notional Amount		834.8		$ 855.1
Loss on derivative hedge	$ 32.8	$ 20.3

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Total debt	$ 716.6	$ 839.6
Recorded Amount
Derivative [Line Items]
Variable rate debt	216.1	236.1
Fixed rate debt	507.6	611.4
Total debt	723.7	847.5
Fair Value
Derivative [Line Items]
Variable rate debt	216.1	236.1
Fixed rate debt	577.8	695.4
Total debt	$ 793.9	$ 931.5

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	$ (40.1)	$ (69.6)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	1.7
Foreign currency contract liabilities	(40.1)	(69.6)
Deferred compensation plan	24.1	22.6
Total recurring fair value measurements	(14.3)	(47)
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0
Foreign currency contract liabilities	0	0
Deferred compensation plan	12.7	12.2
Total recurring fair value measurements	12.7	12.2
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	1.7
Foreign currency contract liabilities	(40.1)	(69.6)
Deferred compensation plan	0	0
Total recurring fair value measurements	(38.4)	(69.6)
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0
Foreign currency contract liabilities	0	0
Deferred compensation plan	0	0
Total recurring fair value measurements	0	0
Fair Value Measured at Net Asset Value Per Share [Member] | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0
Foreign currency contract liabilities	0	0
Deferred compensation plan	11.4	10.4
Total recurring fair value measurements	$ 11.4	$ 10.4

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate	14.70%	25.30%
Total gross liability for unrecognized tax benefits	$ 46.6		$ 46.3

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Retirement Benefits [Abstract]
Service cost	$ 0.7	$ 0.8	$ 1.4	$ 1.6
Interest cost	0.5	0.7	1	1.4
Expected return on plan assets	(0.1)	(0.2)	(0.2)	(0.4)
Net periodic benefit cost	$ 1.1	$ 1.3	$ 2.2	$ 2.6

Shareholders' Equity (Detail)

Shareholders' Equity (Detail) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended		3 Months Ended			6 Months Ended
	Dec. 31, 2020	May 31, 2018	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Dec. 01, 2020	May 08, 2018
Stockholders Equity Note Disclosure [Line Items]
Share repurchase			$ 40,400,000	$ 9,600,000	$ 115,200,000
Dividends (in dollars per share)			$ 0.20	$ 0.20	$ 0.19
Dividends payable	$ 33,200,000		$ 33,200,000			$ 33,200,000
May 2018 Share Repurchase Program [Member]
Stockholders Equity Note Disclosure [Line Items]
Repurchase of shares of our common stock up to a maximum aggregate value								$ 750,000,000
Common stock authorized for repurchase, expiration date		May 31, 2021
December 2020 Share Repurchase Program
Stockholders Equity Note Disclosure [Line Items]
Repurchase of shares of our common stock up to a maximum aggregate value							$ 750,000,000
Common stock authorized for repurchase, expiration date	Dec. 31, 2025
Share repurchase (in shares)						0.8
Share repurchase						$ 50,000,000
Share repurchase program remaining available amount			$ 750,000,000			$ 750,000,000

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 941.1	$ 713.3	$ 1,807	$ 1,423.3
Segment income	161.8	111.1	318.9	211.8
Operating Segments
Segment Reporting Information [Line Items]
Net sales	941.1	713.3	1,807	1,423.3
Segment income	174.9	124.7	339.3	236.2
Consumer Solutions | Operating Segments
Segment Reporting Information [Line Items]
Net sales	576.9	401.2	1,098.3	790
Segment income	143.4	96.7	274.4	181.5
Industrial & Flow Technologies | Operating Segments
Segment Reporting Information [Line Items]
Net sales	363.9	311.8	708	632.7
Segment income	57.1	44.1	107.1	88.8
Other | Operating Segments
Segment Reporting Information [Line Items]
Net sales	0.3	0.3	0.7	0.6
Segment income	$ (25.6)	$ (16.1)	$ (42.2)	$ (34.1)

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 161.8	$ 111.1	$ 318.9	$ 211.8
Loss on sale of businesses	0	(0.1)	0	(0.1)
Net interest expense	(3.8)	(7.7)	(8.9)	(14.6)
Other expense (income)	(0.3)	0.3	(0.7)	(0.9)
Income from continuing operations before income taxes	157.7	103.6	309.3	196.2
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	174.9	124.7	339.3	236.2
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Deal related costs and expenses	(1)	0	(1.7)	(0.4)
Restructuring, transformation and other costs	(5.8)	(1.1)	(7.3)	(3.5)
Intangible amortization	(6.3)	(7)	(13.4)	(14.6)
Loss on sale of businesses	0	(0.1)	0	(0.1)
COVID-19 related costs and expenses	(0.1)	(4.8)	(0.3)	(5.7)
Legal Accrual Adjustments	0		2.4
Net interest expense	(3.8)	(7.7)	(8.9)	(14.6)
Other expense (income)	$ (0.2)	$ (0.4)	$ (0.8)	$ (1.1)

Commitments and Contingencies -

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 37
Service and product warranty provision	29.9
Payments	(23.5)
Ending balance	$ 43.4

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 98.9	$ 99.1