Pentair (PNR) 10-Q 24 Oct 23 2023 Q3 Quarterly report Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-11625
Entity Registrant Name	Pentair plc
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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	165,298,959

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 1,008.8	$ 1,055.1	$ 3,119.9	$ 3,118.9
Cost of goods sold	637	707	1,966.8	2,079.1
Gross profit	371.8	348.1	1,153.1	1,039.8
Selling, general and administrative expenses	166.2	177.3	504.6	487
Research and development expenses	25.5	23.7	76.3	69.1
Operating income	180.1	147.1	572.2	483.7
Other (income) expense
Gain on sale of businesses	0	(0.2)	0	(0.2)
Net interest expense	27.5	19.3	91.7	34.2
Other (income) expense	(0.3)	0.3	(4.4)	0.5
Income from continuing operations before income taxes	152.9	127.7	484.9	449.2
Provision for income taxes	20.8	12.3	70.1	62.3
Net income from continuing operations	132.1	115.4	414.8	386.9
Loss from discontinued operations, net of tax	0	0	(0.1)	(1)
Net income	132.1	115.4	414.7	385.9
Comprehensive income, net of tax
Net income	132.1	115.4	414.7	385.9
Changes in cumulative translation adjustment	(24)	(59)	(14.1)	(113.2)
Changes in market value of derivative financial instruments, net of tax	18.5	45.5	11	83.5
Comprehensive income	$ 126.6	$ 101.9	$ 411.6	$ 356.2
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 0.80	$ 0.70	$ 2.51	$ 2.35
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Basic earnings per ordinary share (in dollars per share)	0.80	0.70	2.51	2.34
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	0.79	0.70	2.50	2.33
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Diluted earnings per ordinary share (in dollars per share)	$ 0.79	$ 0.70	$ 2.50	$ 2.32
Weighted average ordinary shares outstanding
Basic (shares)	165.2	164.5	165	164.8
Diluted (shares)	166.6	165.2	166.2	165.8

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 137	$ 108.9
Accounts receivable, net of allowances of $10.7 and $10.8, respectively	507	531.5
Inventories	712.6	790
Other current assets	142.8	128.1
Total current assets	1,499.4	1,558.5
Property, plant and equipment, net	350.5	344.5
Other assets
Goodwill	3,242.5	3,252.6
Intangibles, net	1,051.7	1,094.6
Other non-current assets	266.9	197.3
Total other assets	4,561.1	4,544.5
Total assets	6,411	6,447.5
Current liabilities
Accounts payable	286.1	355
Employee compensation and benefits	117.5	106
Other current liabilities	598.3	602.1
Total current liabilities	1,001.9	1,063.1
Other liabilities
Long-term debt	1,993.6	2,317.3
Pension and other post-retirement compensation and benefits	68.9	70.8
Deferred tax liabilities	40.9	43.3
Other non-current liabilities	264.8	244.9
Total liabilities	3,370.1	3,739.4
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 165.3 and 164.5 issued at September 30, 2023 and December 31, 2022, respectively	1.7	1.7
Additional paid-in capital	1,585.2	1,554.9
Retained earnings	1,696.1	1,390.5
Accumulated other comprehensive loss	(242.1)	(239)
Total equity	3,040.9	2,708.1
Total liabilities and equity	$ 6,411	$ 6,447.5

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 10.7	$ 10.8
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	426	426
Common shares issued (in shares)	165.3	164.5

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net income	$ 414.7	$ 385.9
Loss from discontinued operations, net of tax	0.1	1
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities
Equity income of unconsolidated subsidiaries	(2.1)	(1.2)
Depreciation	44.3	39.9
Amortization	41.5	31.4
Deferred income taxes	(45)	(37.5)
Gain on sale of businesses	0	(0.2)
Share-based compensation	21.3	20.6
Asset impairment and write-offs	6.2	0
Amortization of bridge financing fees	0	9
Gain on sale of assets	(3.4)	(2.3)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	23.9	24.3
Inventories	67.8	(170.6)
Other current assets	(14.7)	(27.1)
Accounts payable	(63.8)	(36.7)
Employee compensation and benefits	11.7	(34.9)
Other current liabilities	(0.2)	79.8
Other non-current assets and liabilities	0	(9.9)
Net cash provided by operating activities of continuing operations	502.3	271.5
Net cash used for operating activities of discontinued operations	(1.6)	(1)
Net cash provided by operating activities	500.7	270.5
Investing activities
Capital expenditures	(54.8)	(63.2)
Proceeds from sale of property and equipment	5.4	3
Settlement of net investment hedges	0	8.8
Acquisitions, net of cash acquired	(0.6)	(1,592.8)
Other	4.1	0.3
Net cash used for investing activities	(45.9)	(1,643.9)
Financing activities
Net (repayments) borrowings of revolving long-term debt	(320)	256.1
Proceeds from long-term debt	0	1,391.3
Repayments of long-term debt	(6.3)	(88.3)
Debt issuance costs	0	(15.7)
Shares issued to employees, net of shares withheld	9	(4)
Repurchases of ordinary shares	0	(50)
Dividends paid	(108.9)	(104.1)
Receipts upon the maturity of cross currency swaps	0	0.2
Net cash (used for) provided by financing activities	(426.2)	1,385.5
Effect of exchange rate changes on cash and cash equivalents	(0.5)	12.2
Change in cash and cash equivalents	28.1	24.3
Cash and cash equivalents, beginning of period	108.9	94.5
Cash and cash equivalents, end of period	$ 137	$ 118.8

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)	$ 0.21
Beginning Balance (in shares) at Dec. 31, 2021		165.1
Beginning Balance at Dec. 31, 2021	$ 2,421.9	$ 1.7	$ 1,582.7	$ 1,051.4	$ (213.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	117.6			117.6
Other comprehensive loss, net of tax	(0.8)				(0.8)
Dividends declared	(36.4)			(36.4)
Exercise of options, net of shares tendered for payment	0.5		0.5
Issuance of restricted shares, net of cancellations (in shares)		(0.4)
Issuance of restricted shares, net of cancellations	(2.2)		(2.2)
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	6.9		6.9
Ending Balance (in shares) at Mar. 31, 2022		165.4
Ending Balance at Mar. 31, 2022	2,503.9	$ 1.7	1,584.3	1,132.6	(214.7)
Beginning Balance (in shares) at Dec. 31, 2021		165.1
Beginning Balance at Dec. 31, 2021	2,421.9	$ 1.7	1,582.7	1,051.4	(213.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	385.9
Ending Balance (in shares) at Sep. 30, 2022		164.5
Ending Balance at Sep. 30, 2022	$ 2,639.2	$ 1.7	1,549.3	1,331.8	(243.6)
Dividends (in dollars per share)	$ 0.21
Beginning Balance (in shares) at Mar. 31, 2022		165.4
Beginning Balance at Mar. 31, 2022	$ 2,503.9	$ 1.7	1,584.3	1,132.6	(214.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152.9			152.9
Other comprehensive loss, net of tax	(15.4)				(15.4)
Dividends declared	(34.6)			(34.6)
Share repurchase (in shares)		(0.9)
Share repurchases	(50)		(50)
Exercise of options, net of shares tendered for payment	0.2		0.2
Shares surrendered by employees to pay taxes	(0.3)		(0.3)
Share-based compensation	6.3		6.3
Ending Balance (in shares) at Jun. 30, 2022		164.5
Ending Balance at Jun. 30, 2022	$ 2,563	$ 1.7	1,540.5	1,250.9	(230.1)
Dividends (in dollars per share)	$ 0.21
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 115.4			115.4
Other comprehensive loss, net of tax	(13.5)				(13.5)
Dividends declared	(34.5)			(34.5)
Exercise of options, net of shares tendered for payment	1.4		1.4
Share-based compensation	7.4		7.4
Ending Balance (in shares) at Sep. 30, 2022		164.5
Ending Balance at Sep. 30, 2022	$ 2,639.2	$ 1.7	1,549.3	1,331.8	(243.6)
Dividends (in dollars per share)	$ 0.22
Beginning Balance (in shares) at Dec. 31, 2022		164.5
Beginning Balance at Dec. 31, 2022	$ 2,708.1	$ 1.7	1,554.9	1,390.5	(239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	129.7			129.7
Other comprehensive loss, net of tax	4.9				4.9
Dividends declared	(36.3)			(36.3)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Exercise of options, net of shares tendered for payment	2.5		2.5
Issuance of restricted shares, net of cancellations (in shares)		(0.5)
Issuance of restricted shares, net of cancellations	(2.3)		(2.3)
Shares surrendered by employees to pay taxes (in shares)		(0.1)
Shares surrendered by employees to pay taxes	(4.3)		(4.3)
Share-based compensation	7.2		7.2
Ending Balance (in shares) at Mar. 31, 2023		165
Ending Balance at Mar. 31, 2023	2,809.5	$ 1.7	1,558	1,483.9	(234.1)
Beginning Balance (in shares) at Dec. 31, 2022		164.5
Beginning Balance at Dec. 31, 2022	2,708.1	$ 1.7	1,554.9	1,390.5	(239)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 414.7
Share repurchase (in shares)	0
Ending Balance (in shares) at Sep. 30, 2023		165.3
Ending Balance at Sep. 30, 2023	$ 3,040.9	$ 1.7	1,585.2	1,696.1	(242.1)
Dividends (in dollars per share)	$ 0.22
Beginning Balance (in shares) at Mar. 31, 2023		165
Beginning Balance at Mar. 31, 2023	$ 2,809.5	$ 1.7	1,558	1,483.9	(234.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152.9			152.9
Other comprehensive loss, net of tax	(2.5)				(2.5)
Dividends declared	(36.4)			(36.4)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Exercise of options, net of shares tendered for payment	6.3		6.3
Shares surrendered by employees to pay taxes	(1.4)		(1.4)
Share-based compensation	6.9		6.9
Ending Balance (in shares) at Jun. 30, 2023		165.1
Ending Balance at Jun. 30, 2023	$ 2,935.3	$ 1.7	1,569.8	1,600.4	(236.6)
Dividends (in dollars per share)	$ 0.22
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 132.1			132.1
Other comprehensive loss, net of tax	(5.5)				(5.5)
Dividends declared	(36.4)			(36.4)
Exercise of options, net of shares tendered for payment (in shares)		0.2
Exercise of options, net of shares tendered for payment	8.4		8.4
Shares surrendered by employees to pay taxes	(0.2)		(0.2)
Share-based compensation	7.2		7.2
Ending Balance (in shares) at Sep. 30, 2023		165.3
Ending Balance at Sep. 30, 2023	$ 3,040.9	$ 1.7	$ 1,585.2	$ 1,696.1	$ (242.1)

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	9 Months Ended
	Sep. 30, 2023
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 United States (“U.S.”) Securities and Exchange Commission 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, 2022. 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. Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue We disaggregate our revenue from contracts with customers by segment, geographic location and vertical market, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Refer to Note 15 for revenue disaggregated by segment. Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, U.S. $ 696.6 $ 752.1 $ 2,170.0 $ 2,215.1 Western Europe 114.7 97.9 362.0 331.7 Developing (1) 142.8 140.3 406.4 378.3 Other Developed (2) 54.7 64.8 181.5 193.8 Consolidated net sales $ 1,008.8 $ 1,055.1 $ 3,119.9 $ 3,118.9 (1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia. (2) Other Developed includes Australia, Canada and Japan. Vertical market net sales information was as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Residential $ 513.1 $ 637.0 $ 1,615.5 $ 2,050.1 Commercial 295.2 241.7 913.3 553.3 Industrial 200.5 176.4 591.1 515.5 Consolidated net sales $ 1,008.8 $ 1,055.1 $ 3,119.9 $ 3,118.9 Performance obligations On September 30, 2023, we had $122.4 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 September 30, December 31, $ Change % Change Contract assets $ 65.6 $ 48.4 $ 17.2 35.5 % Contract liabilities 60.8 58.1 2.7 4.6 % Net contract assets (liabilities) $ 4.8 $ (9.7) $ 14.5 (149.5) %

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions In July 2022, as part of our Water Solutions reporting segment, we acquired the issued and outstanding equity securities of certain subsidiaries of Welbilt, Inc. (“Welbilt”) and certain other assets, rights, and properties, and assumed certain liabilities, comprising Welbilt’s Manitowoc Ice business (“Manitowoc Ice”), for approximately $1.6 billion in cash. Manitowoc Ice is a designer, manufacturer and distributor of commercial ice machines. The acquisition of Manitowoc Ice allows us to enhance and deliver our total water management offerings to an expanded network of channel partners and customers. The purchase price has been allocated based on the fair value of assets acquired and liabilities assumed at the date of the Manitowoc Ice acquisition. The purchase price allocation was completed in the third quarter of 2023. The following table summarizes the fair values of the assets acquired and liabilities assumed in the Manitowoc Ice acquisition as previously reported as of December 31, 2022 and revised as of September 30, 2023: In millions As Previously Reported As Revised Cash $ 33.8 $ 33.8 Accounts receivable 36.7 36.7 Inventories 66.5 66.7 Other current assets 3.9 3.9 Property, plant and equipment 21.6 21.6 Identifiable intangible assets 728.3 728.3 Goodwill 790.5 789.7 Other assets 1.8 0.7 Current liabilities (66.5) (62.7) Other liabilities (3.3) (4.8) Purchase price $ 1,613.3 $ 1,613.9 The excess of purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $789.7 million, all of which is expected to be deductible for income tax purposes. Goodwill recognized from the Manitowoc Ice acquisition primarily reflects the future economic benefit resulting from synergies of our combined operations. Identifiable intangible assets acquired as part of the Manitowoc Ice acquisition include $78.4 million of indefinite-lived trade name intangible assets, $588.4 million of definite-lived customer relationships with a weighted-average estimated useful life of 20 years, $47.1 million of definite-lived proprietary technology intangible assets with a weighted-average estimated useful life of 10 years and $14.4 million of other definite-lived intangible assets with a weighted-average estimated useful life of four months. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and customer relationships and other definite-lived intangible assets acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy described in Note 11. The following table presents unaudited pro forma financial information as if the Manitowoc Ice acquisition had occurred on January 1, 2021: Three months ended Nine months ended In millions, except per share data September 30, 2022 September 30, 2022 Pro forma net sales $ 1,084.6 $ 3,325.7 Pro forma net income from continuing operations 131.9 417.8 Pro forma earnings per ordinary share - continuing operations Basic $ 0.80 $ 2.53 Diluted 0.80 2.52 The unaudited pro forma net income from continuing operations includes Manitowoc Ice’s identifiable intangible asset amortization expense of $8.5 million for the three months ended September 30, 2022, and $25.6 million for the nine months ended September 30, 2022. The unaudited pro forma net income from continuing operations for the three and nine months ended September 30, 2022 excludes the impact of $18.8 million and $34.2 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair value adjustment to acquisition-date inventory. The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the Manitowoc Ice acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the Manitowoc Ice acquisition occurred on January 1, 2021.

Share Plans

Share Plans	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share Plans	Share Plans Total share-based compensation expense for the three and nine months ended September 30, 2023 and 2022 was as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Restricted stock units $ 3.9 $ 4.1 $ 11.3 $ 11.0 Stock options 1.1 1.1 3.2 3.0 Performance share units 2.2 2.2 6.8 6.6 Total share-based compensation expense $ 7.2 $ 7.4 $ 21.3 $ 20.6 In the first quarter of 2023, 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 0.9 million, of which 0.3 million were restricted stock units (“RSUs”), 0.4 million were stock options and 0.2 million were performance share units (“PSUs”). The weighted-average grant date fair value of the RSUs, stock options and PSUs issued was $51.11, $14.03, and $46.39, 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: 2023 Risk-free interest rate 4.00 % Expected dividend yield 2.02 % Expected share price volatility 30.40 % Expected term (years) 6.1 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 U.S. Treasury Department yield curve in effect at the time of grant.

Restructuring and Transformatio

Restructuring and Transformation Program	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Transformation Programs	Restructuring and Transformation Program In 2021, we launched and committed resources to a program designed to accelerate growth and drive margin expansion through transformation of our business model to drive operational excellence, reduce complexity and streamline our processes (the “Transformation Program”). The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives. During the nine months ended September 30, 2023, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. In addition, we have continued to execute certain initiatives associated with the Transformation Program. These initiatives included a reduction in hourly and salaried headcount of approximately 350 employees during the nine months ended September 30, 2023. Restructuring and transformation-related costs included within Cost of goods sold and Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Restructuring Initiatives Severance and related costs $ 1.1 $ 8.5 $ 4.5 $ 11.2 Other restructuring costs and related adjustments (1) 1.6 2.4 2.1 2.6 Total restructuring costs 2.7 10.9 6.6 13.8 Transformation Program Severance and related costs 2.9 3.1 5.1 3.1 Other transformation costs (2) 11.0 7.0 23.3 17.7 Total transformation costs 13.9 10.1 28.4 20.8 Total restructuring and transformation costs $ 16.6 $ 21.0 $ 35.0 $ 34.6 (1) Other restructuring costs and related adjustments primarily consist of certain accruals, various contract termination costs, asset impairments and inventory write-offs associated with business and product line exits. (2) Other transformation costs primarily consist of professional services, project management related costs and asset impairments, partially offset by gain on sale of assets. Restructuring and transformation costs by reportable segment were as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Industrial & Flow Technologies $ 1.6 $ 0.3 $ 2.8 $ 1.5 Water Solutions 2.7 8.7 1.6 9.1 Pool 1.7 3.3 6.9 4.7 Other 10.6 8.7 23.7 19.3 Consolidated $ 16.6 $ 21.0 $ 35.0 $ 34.6 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 nine months ended September 30, 2023: In millions September 30, Beginning balance $ 23.2 Costs incurred 9.6 Cash payments and other (19.2) Ending balance $ 13.6

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended Nine months ended In millions, except per-share data September 30, September 30, September 30, September 30, Net income $ 132.1 $ 115.4 $ 414.7 $ 385.9 Net income from continuing operations $ 132.1 $ 115.4 $ 414.8 $ 386.9 Weighted average ordinary shares outstanding Basic 165.2 164.5 165.0 164.8 Dilutive impact of stock options, restricted stock units and performance share units 1.4 0.7 1.2 1.0 Diluted 166.6 165.2 166.2 165.8 Earnings (loss) per ordinary share Basic Continuing operations $ 0.80 $ 0.70 $ 2.51 $ 2.35 Discontinued operations — — — (0.01) Basic earnings per ordinary share $ 0.80 $ 0.70 $ 2.51 $ 2.34 Diluted Continuing operations $ 0.79 $ 0.70 $ 2.50 $ 2.33 Discontinued operations — — — (0.01) Diluted earnings per ordinary share $ 0.79 $ 0.70 $ 2.50 $ 2.32 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.2 1.0 0.3 0.7

Accounts Receivable

Accounts Receivable	9 Months Ended
	Sep. 30, 2023
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. Activity related to our allowance for credit losses is summarized as follows for the nine months ended September 30, 2023: In millions September 30, Beginning balance $ 10.8 Bad debt expense (benefit) (0.9) Write-offs, net of recoveries (0.3) Other (1) 1.1 Ending balance $ 10.7 (1) 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	9 Months Ended
	Sep. 30, 2023
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions September 30, December 31, Inventories Raw materials and supplies $ 378.6 $ 404.1 Work-in-process 97.8 95.6 Finished goods 236.2 290.3 Total inventories $ 712.6 $ 790.0 Other current assets Cost in excess of billings $ 65.6 $ 48.4 Prepaid expenses 71.1 74.8 Other current assets 6.1 4.9 Total other current assets $ 142.8 $ 128.1 Property, plant and equipment, net Land and land improvements $ 31.5 $ 32.3 Buildings and leasehold improvements 221.5 200.7 Machinery and equipment 646.1 639.2 Capitalized software 70.9 68.8 Construction in progress 58.2 60.6 Total property, plant and equipment 1,028.2 1,001.6 Accumulated depreciation and amortization 677.7 657.1 Total property, plant and equipment, net $ 350.5 $ 344.5 Other non-current assets Right-of-use lease assets $ 96.0 $ 78.6 Deferred income taxes 65.2 26.0 Deferred compensation plan assets 23.5 21.7 Other non-current assets 82.2 71.0 Total other non-current assets $ 266.9 $ 197.3 Other current liabilities Dividends payable $ 36.4 $ 36.2 Accrued warranty 67.3 63.1 Accrued rebates and incentives 200.6 200.1 Accrued freight 30.1 39.4 Billings in excess of cost 52.7 43.8 Current lease liability 26.2 29.3 Income taxes payable 41.6 21.8 Accrued restructuring 13.6 23.2 Interest payable 18.8 32.9 Other current liabilities 111.0 112.3 Total other current liabilities $ 598.3 $ 602.1 Other non-current liabilities Long-term lease liability $ 72.0 $ 52.4 Income taxes payable 34.5 35.1 Self-insurance liabilities 52.8 52.1 Deferred compensation plan liabilities 23.5 21.7 Foreign currency contract liabilities 50.0 52.2 Other non-current liabilities 32.0 31.4 Total other non-current liabilities $ 264.8 $ 244.9

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	9 Months Ended
	Sep. 30, 2023
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 Foreign Currency September 30, Industrial & Flow Technologies $ 747.6 $ — $ (6.8) $ 740.8 Water Solutions 1,398.1 (0.8) (2.5) 1,394.8 Pool 1,106.9 — — 1,106.9 Total goodwill $ 3,252.6 $ (0.8) $ (9.3) $ 3,242.5 Identifiable intangible assets consisted of the following: September 30, December 31, In millions Cost Accumulated Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 1,097.9 $ (342.5) $ 755.4 $ 1,100.9 $ (308.9) $ 792.0 Proprietary technology and patents 89.0 (40.9) 48.1 89.3 (35.6) 53.7 Other — — — 14.4 (14.4) — Total definite-life intangibles 1,186.9 (383.4) 803.5 1,204.6 (358.9) 845.7 Indefinite-life intangibles Trade names 248.2 — 248.2 248.9 — 248.9 Total intangibles $ 1,435.1 $ (383.4) $ 1,051.7 $ 1,453.5 $ (358.9) $ 1,094.6 Identifiable intangible asset amortization expense was $13.8 million and $18.5 million for the three months ended September 30, 2023 and 2022 and $41.5 million and $31.4 million for the nine months ended September 30, 2023 and 2022, respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows: Q4 2023 2024 2025 2026 2027 2028 Estimated amortization expense $ 13.6 $ 53.9 $ 53.9 $ 52.7 $ 51.4 $ 48.9

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of September 30, 2023 Maturity September 30, December 31, Revolving credit facility (Senior Credit Facility) 6.619% 2026 $ — $ 320.0 Term Loan Facility 6.809% 2023 - 2027 993.8 1,000.0 Term loans (Senior Credit Facility) 6.634% 2024 200.0 200.0 Senior notes - fixed rate (1) 4.650% 2025 19.3 19.3 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Senior notes - fixed rate (1) 5.900% 2032 400.0 400.0 Unamortized debt issuance costs and discounts N/A N/A (19.5) (22.0) Total debt $ 1,993.6 $ 2,317.3 (1) Senior notes are guaranteed as to payment by Pentair plc. Pentair, Pentair Finance S.à r.l (“PFSA“) and Pentair, Inc. are parties to a credit agreement (the “Senior Credit Facility”), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, which was amended and restated in December 2021 and further amended in December 2022, providing for a $900.0 million senior unsecured revolving credit facility and a $200.0 million senior unsecured term loan facility. The revolving credit facility has a maturity date of December 16, 2026 and the term loan facility has a maturity date of December 16, 2024. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, adjusted euro interbank offered rate, adjusted daily simple secured overnight financing rate or central bank rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating. As of September 30, 2023, total availability under the Senior Credit Facility was $900.0 million. In addition, PFSA has the option to request to increase the revolving credit facility and/or to enter into one or more additional tranches of term loans in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. In March 2022, in contemplation of the acquisition of Manitowoc Ice, Pentair and PFSA entered into a Loan Agreement among PFSA, as borrower, Pentair, as guarantor, and the lenders and agents party thereto, providing for a $600.0 million senior unsecured term loan facility (the “Term Loan Facility”). In June 2022, the Term Loan Facility was amended to increase the facility by $400.0 million to an aggregate principal amount of $1.0 billion. The Term Loan Facility has a maturity date of July 28, 2027, with required quarterly installment payments of $6.3 million that began on the last day of the third quarter of 2023 and increase to $12.5 million beginning with the last day of the third quarter of 2024. The Term Loan Facility bears interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, or adjusted daily simple secured overnight financing rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating. In July 2022, in contemplation of the acquisition of Manitowoc Ice, Pentair, as guarantor, and PFSA, as issuer, completed a public offering of $400.0 million aggregate principal amount of 5.900% Senior Notes due 2032 (“2032 Senior Notes”). We used the net proceeds from the Term Loan Facility and the issuance of the 2032 Senior Notes to finance a portion of the Manitowoc Ice acquisition purchase price and to pay related fees and expenses. Our debt agreements contain various financial covenants, but the most restrictive covenants are contained in the Senior Credit Facility and the Term Loan Facility. The Senior Credit Facility and the Term Loan Facility contain covenants requiring us not to permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash and cash equivalents in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense (“EBITDA”) on the last day of any period of four consecutive fiscal quarters (each, a “testing period”) to exceed 3.75 to 1.00 (or, at PFSA’s election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) (the “Leverage Ratio”) and (ii) the ratio of our EBITDA to our consolidated interest expense, for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Senior Credit Facility and the Term Loan Facility provide for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates. In addition to the Senior Credit Facility and the Term Loan Facility, we have various other credit facilities with an aggregate availability of $20.8 million, of which there were no outstanding borrowings at September 30, 2023. Borrowings under these credit facilities bear interest at variable rates. We have $31.3 million of Term Loan Facility payments due in the next twelve months. We classified this debt as long-term as of September 30, 2023 as we have the intent and ability to refinance such obligation on a long-term basis under the revolving credit facility under the Senior Credit Facility. Debt outstanding, excluding unamortized issuance costs and discounts, at September 30, 2023 matures on a calendar year basis as follows: Q4 In millions 2023 2024 2025 2026 2027 2028 Thereafter Total Contractual debt obligation maturities $ 6.3 $ 237.5 $ 69.3 $ 50.0 $ 850.0 $ — $ 800.0 $ 2,013.1

Derivatives and Financial Instr

Derivatives and Financial Instruments	9 Months Ended
	Sep. 30, 2023
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 and interest rates on our variable rate indebtedness. To manage the volatility related to these exposures, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates or variable interest rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality. Foreign currency contracts We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. The majority of our foreign currency contracts have an original maturity date of less than one year. At September 30, 2023 and December 31, 2022, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $22.8 million and $9.4 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 September 30, 2023 and December 31, 2022, we had outstanding cross currency swap agreements with a combined notional amount of $739.6 million and $746.3 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 $38.6 million and $40.3 million at September 30, 2023 and December 31, 2022, respectively, recorded in Accumulated other comprehensive loss associated with our cross currency swap activity. The periodic interest settlements related to our cross currency swap agreements are classified as operating activities. The cash flows that relate to principal balances are classified as financing activities for the cash flow hedges on intercompany debt and investing activities for the net investment hedges. Hedging of variable interest rates On March 31, 2023, we entered into floating-to-fixed interest rate swap agreements to hedge the interest rate movements related to a portion of our variable rate debt. The swaps have a combined notional amount of $300.0 million and an average fixed one-month U.S. Dollar secured overnight financing rate (“SOFR”) of 3.795%. They have an effective date of April 4, 2023 and settle monthly through April 2026. On April 3, 2023, we entered into five-year interest rate collar agreements with a combined notional value of $200.0 million to hedge the cash flows related to the interest rate movements on our variable rate debt. In these collar agreements, the Company and counterparty financial institutions agreed to a one-month U.S. Dollar SOFR floor of 1.875% and a cap of 5.000%. The collars have an effective date of April 4, 2023 and settle monthly through April 2028. The interest rate swaps and collars were designated as cash flow hedges. Unrealized gains and losses related to the fair value of the interest rate swaps are recorded in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets. We had a gain of $9.4 million at September 30, 2023 recorded in Accumulated other comprehensive loss associated with our interest rate swap and collar activity. The periodic interest settlements related to our interest rate swaps and collars are classified as operating activities. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Fair value of financial instruments The following methods were used to estimate the fair values of each class of financial instrument: • short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period; • long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined above; • foreign currency contracts, interest rate swap and collar agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined above; 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 above; fair value of common/collective trusts are valued at net asset value (“NAV”), which is based on the fair value of the underlying securities owned by the fund and divided by the number of shares outstanding. The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: September 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 1,193.8 $ 1,193.8 $ 1,520.0 $ 1,520.0 Fixed rate debt 819.3 777.7 819.3 789.3 Total debt $ 2,013.1 $ 1,971.5 $ 2,339.3 $ 2,309.3 Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: September 30, 2023 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Interest rate contract assets $ — $ 9.4 $ — $ — $ 9.4 Foreign currency contract liabilities — (50.0) — — (50.0) Deferred compensation plan assets 11.0 — — 12.5 23.5 Total recurring fair value measurements $ 11.0 $ (40.6) $ — $ 12.5 $ (17.1) December 31, 2022 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (52.2) $ — $ — $ (52.2) Deferred compensation plan assets 10.5 — — 11.2 21.7 Total recurring fair value measurements $ 10.5 $ (52.2) $ — $ 11.2 $ (30.5)

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We 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 nine months ended September 30, 2023 was 14.5%, compared to 13.9% for the nine months ended September 30, 2022. 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 the mix of global earnings or adjustments that are required to be reported in the specific quarter of resolution. The total gross liability for uncertain tax positions was $37.2 million and $39.6 million at September 30, 2023 and December 31, 2022, 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	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Components of net periodic benefit expense for our pension plans for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Service cost $ 0.4 $ 0.6 $ 1.2 $ 1.8 Interest cost 1.0 0.6 3.0 1.8 Expected return on plan assets (0.2) (0.1) (0.6) (0.3) Net periodic benefit expense $ 1.2 $ 1.1 $ 3.6 $ 3.3

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchases In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million. The authorization expires on December 31, 2025. During the three and nine months ended September 30, 2023, no ordinary shares were repurchased. As of September 30, 2023, we had $600.0 million available for share repurchases under this authorization. Dividends payable On September 18, 2023, the Board of Directors declared a quarterly cash dividend of $0.22 per share, payable on November 3, 2023 to shareholders of record at the close of business on October 20, 2023. As a result, the balance of dividends payable included in Other current liabilities

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Effective January 1, 2023, we reorganized our reporting segments to reflect how we are managing our business and to help us accelerate our efforts to improve customer experience, differentiate our products and drive profitability for our shareholders. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation. As part of this reorganization, the legacy Consumer Solutions segment was divided into a Pool segment and a Water Solutions segment. The Industrial & Flow Technologies segment remains the same. We classify our operations into the following reporting segments: • Industrial & Flow Technologies — The focus of this segment is to deliver water where it is needed, when it is needed and more efficiently and transforming waste into value. This segment designs, manufactures and sells a variety of fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps, and agricultural spray nozzles, while serving the global residential, commercial and industrial markets. These products and systems are used in a range of applications, including fluid delivery, ion exchange, desalination, food and beverage, separation technologies for the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, circulation and transfer, fire suppression, flood control, agricultural irrigation and crop spray. • Water Solutions — The focus of this segment is to provide great tasting, higher-quality water and ice while helping end-users use water more productively. This segment designs, manufactures and sells commercial and residential water treatment products and systems including pressure tanks, control valves, activated carbon products, commercial ice machines, conventional filtration products, and point-of-entry and point-of-use water treatment systems. These water treatment products and systems are used in residential whole home water filtration, drinking water filtration and water softening solutions in addition to commercial total water management and filtration in foodservice operations. In addition, our water solutions business also provides installation and preventative services for water management solutions for commercial operators. • Pool — The focus of this segment is to provide innovative, energy-efficient pool solutions to help end-users more sustainably enjoy water. This segment designs, manufactures and sells a complete line of energy-efficient residential and commercial pool equipment and accessories including pumps, filters, heaters, lights, automatic controls, automatic cleaners, maintenance equipment and pool accessories. Applications for our pool products include residential and commercial pool maintenance, pool repair, renovation, service and construction and aquaculture solutions. We 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 Nine months ended In millions September 30, September 30, September 30, September 30, Net sales Industrial & Flow Technologies $ 400.2 $ 389.5 $ 1,203.6 $ 1,125.0 Water Solutions 299.4 275.3 907.6 703.3 Pool 308.8 390.0 1,007.4 1,289.4 Other 0.4 0.3 1.3 1.2 Consolidated $ 1,008.8 $ 1,055.1 $ 3,119.9 $ 3,118.9 Segment income (loss) Industrial & Flow Technologies $ 77.5 $ 65.7 $ 217.3 $ 177.0 Water Solutions 68.8 49.3 196.0 104.0 Pool 90.6 109.3 311.9 362.3 Other (24.8) (17.4) (67.9) (58.4) Consolidated $ 212.1 $ 206.9 $ 657.3 $ 584.9 The following table presents a reconciliation of consolidated segment income to consolidated income from continuing operations before income taxes: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Segment income $ 212.1 $ 206.9 $ 657.3 $ 584.9 Deal-related costs and expenses — (13.4) — (21.4) Inventory step-up — (5.8) — (5.8) Asset impairment and write-offs (1.8) — (6.2) — Restructuring and other (1.6) (12.5) (5.1) (15.7) Transformation costs (13.5) (10.1) (28.0) (20.8) Intangible amortization (13.8) (18.5) (41.5) (31.4) Gain on sale of businesses — 0.2 — 0.2 Russia business exit impact — 0.8 — (5.1) Legal accrual adjustments and settlements — — (2.2) 0.2 Interest expense, net (27.5) (19.3) (91.7) (34.2) Other (expense) income (1.0) (0.6) 2.3 (1.7) Income from continuing operations before income taxes $ 152.9 $ 127.7 $ 484.9 $ 449.2

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Warranties We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. The changes in the carrying amount of service and product warranties from continuing operations for the nine months ended September 30, 2023 were as follows: In millions September 30, Beginning balance $ 63.1 Service and product warranty provision 72.1 Payments (67.6) Foreign currency translation (0.3) Ending balance $ 67.3 Stand-by letters of credit, bank guarantees and bonds 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 September 30, 2023 and December 31, 2022, the outstanding value of bonds, letters of credit and bank guarantees totaled $106.9 million and $99.7 million, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 132.1	$ 115.4	$ 414.7	$ 385.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Name and Title Action Taken Date Type of Trading Arrangement (1) Duration of Trading Arrangement (2) Aggregate Number of Shares to be Sold T. Michael Glenn, Director Adoption 08/17/2023 Rule 10b5-1 trading arrangement 12/06/2024 Up to 6,268 shares issuable upon the exercise of options to acquire shares pursuant to the trading arrangement David A. Jones, Director Adoption 08/17/2023 Rule 10b5-1 trading arrangement 12/15/2023 Up to 2,260 shares issuable upon the exercise of options to acquire shares pursuant to the trading arrangement Phil M. Rolchigo, Executive Vice President and Chief Technology Officer Adoption 08/10/2023 Rule 10b5-1 trading arrangement 02/07/2024 Up to 2,427 shares issuable upon the exercise of options to acquire shares pursuant to the trading arrangement
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
T. Michael Glenn [Member]
Trading Arrangements, by Individual
Name	T. Michael Glenn
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/17/2023
Arrangement Duration	477 days
Aggregate Available	6,268	6,268
David A. Jones [Member]
Trading Arrangements, by Individual
Name	David A. Jones
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/17/2023
Arrangement Duration	120 days
Aggregate Available	2,260	2,260
Phil M. Rolchigo [Member]
Trading Arrangements, by Individual
Name	Phil M. Rolchigo
Title	Executive Vice President and Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	08/10/2023
Arrangement Duration	181 days
Aggregate Available	2,427	2,427

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
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 Nine months ended In millions September 30, September 30, September 30, September 30, U.S. $ 696.6 $ 752.1 $ 2,170.0 $ 2,215.1 Western Europe 114.7 97.9 362.0 331.7 Developing (1) 142.8 140.3 406.4 378.3 Other Developed (2) 54.7 64.8 181.5 193.8 Consolidated net sales $ 1,008.8 $ 1,055.1 $ 3,119.9 $ 3,118.9 (1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia. (2) Other Developed includes Australia, Canada and Japan. Vertical market net sales information was as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Residential $ 513.1 $ 637.0 $ 1,615.5 $ 2,050.1 Commercial 295.2 241.7 913.3 553.3 Industrial 200.5 176.4 591.1 515.5 Consolidated net sales $ 1,008.8 $ 1,055.1 $ 3,119.9 $ 3,118.9
Contract with Customer, Asset and Liability	Contract assets and liabilities Contract assets and liabilities consisted of the following: In millions September 30, December 31, $ Change % Change Contract assets $ 65.6 $ 48.4 $ 17.2 35.5 % Contract liabilities 60.8 58.1 2.7 4.6 % Net contract assets (liabilities) $ 4.8 $ (9.7) $ 14.5 (149.5) %

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the fair values of the assets acquired and liabilities assumed in the Manitowoc Ice acquisition as previously reported as of December 31, 2022 and revised as of September 30, 2023: In millions As Previously Reported As Revised Cash $ 33.8 $ 33.8 Accounts receivable 36.7 36.7 Inventories 66.5 66.7 Other current assets 3.9 3.9 Property, plant and equipment 21.6 21.6 Identifiable intangible assets 728.3 728.3 Goodwill 790.5 789.7 Other assets 1.8 0.7 Current liabilities (66.5) (62.7) Other liabilities (3.3) (4.8) Purchase price $ 1,613.3 $ 1,613.9
Business Acquisition, Pro Forma Information	The following table presents unaudited pro forma financial information as if the Manitowoc Ice acquisition had occurred on January 1, 2021: Three months ended Nine months ended In millions, except per share data September 30, 2022 September 30, 2022 Pro forma net sales $ 1,084.6 $ 3,325.7 Pro forma net income from continuing operations 131.9 417.8 Pro forma earnings per ordinary share - continuing operations Basic $ 0.80 $ 2.53 Diluted 0.80 2.52

Share Plans (Tables)

Share Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Expense	Total share-based compensation expense for the three and nine months ended September 30, 2023 and 2022 was as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Restricted stock units $ 3.9 $ 4.1 $ 11.3 $ 11.0 Stock options 1.1 1.1 3.2 3.0 Performance share units 2.2 2.2 6.8 6.6 Total share-based compensation expense $ 7.2 $ 7.4 $ 21.3 $ 20.6
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: 2023 Risk-free interest rate 4.00 % Expected dividend yield 2.02 % Expected share price volatility 30.40 % Expected term (years) 6.1

Restructuring and Transformat_2

Restructuring and Transformation Program (Tables)	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring Related Costs	Restructuring and transformation-related costs included within Cost of goods sold and Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Restructuring Initiatives Severance and related costs $ 1.1 $ 8.5 $ 4.5 $ 11.2 Other restructuring costs and related adjustments (1) 1.6 2.4 2.1 2.6 Total restructuring costs 2.7 10.9 6.6 13.8 Transformation Program Severance and related costs 2.9 3.1 5.1 3.1 Other transformation costs (2) 11.0 7.0 23.3 17.7 Total transformation costs 13.9 10.1 28.4 20.8 Total restructuring and transformation costs $ 16.6 $ 21.0 $ 35.0 $ 34.6 (1) Other restructuring costs and related adjustments primarily consist of certain accruals, various contract termination costs, asset impairments and inventory write-offs associated with business and product line exits. (2) Other transformation costs primarily consist of professional services, project management related costs and asset impairments, partially offset by gain on sale of assets.
Restructuring Costs By Segment	Restructuring and transformation costs by reportable segment were as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Industrial & Flow Technologies $ 1.6 $ 0.3 $ 2.8 $ 1.5 Water Solutions 2.7 8.7 1.6 9.1 Pool 1.7 3.3 6.9 4.7 Other 10.6 8.7 23.7 19.3 Consolidated $ 16.6 $ 21.0 $ 35.0 $ 34.6
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 nine months ended September 30, 2023: In millions September 30, Beginning balance $ 23.2 Costs incurred 9.6 Cash payments and other (19.2) Ending balance $ 13.6

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended Nine months ended In millions, except per-share data September 30, September 30, September 30, September 30, Net income $ 132.1 $ 115.4 $ 414.7 $ 385.9 Net income from continuing operations $ 132.1 $ 115.4 $ 414.8 $ 386.9 Weighted average ordinary shares outstanding Basic 165.2 164.5 165.0 164.8 Dilutive impact of stock options, restricted stock units and performance share units 1.4 0.7 1.2 1.0 Diluted 166.6 165.2 166.2 165.8 Earnings (loss) per ordinary share Basic Continuing operations $ 0.80 $ 0.70 $ 2.51 $ 2.35 Discontinued operations — — — (0.01) Basic earnings per ordinary share $ 0.80 $ 0.70 $ 2.51 $ 2.34 Diluted Continuing operations $ 0.79 $ 0.70 $ 2.50 $ 2.33 Discontinued operations — — — (0.01) Diluted earnings per ordinary share $ 0.79 $ 0.70 $ 2.50 $ 2.32 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.2 1.0 0.3 0.7

Accounts Receivable (Tables)

Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2023
Receivables [Abstract]
Accounts Receivable, Allowance for Credit Loss	Activity related to our allowance for credit losses is summarized as follows for the nine months ended September 30, 2023: In millions September 30, Beginning balance $ 10.8 Bad debt expense (benefit) (0.9) Write-offs, net of recoveries (0.3) Other (1) 1.1 Ending balance $ 10.7 (1) 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)	9 Months Ended
	Sep. 30, 2023
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	In millions September 30, December 31, Inventories Raw materials and supplies $ 378.6 $ 404.1 Work-in-process 97.8 95.6 Finished goods 236.2 290.3 Total inventories $ 712.6 $ 790.0 Other current assets Cost in excess of billings $ 65.6 $ 48.4 Prepaid expenses 71.1 74.8 Other current assets 6.1 4.9 Total other current assets $ 142.8 $ 128.1 Property, plant and equipment, net Land and land improvements $ 31.5 $ 32.3 Buildings and leasehold improvements 221.5 200.7 Machinery and equipment 646.1 639.2 Capitalized software 70.9 68.8 Construction in progress 58.2 60.6 Total property, plant and equipment 1,028.2 1,001.6 Accumulated depreciation and amortization 677.7 657.1 Total property, plant and equipment, net $ 350.5 $ 344.5 Other non-current assets Right-of-use lease assets $ 96.0 $ 78.6 Deferred income taxes 65.2 26.0 Deferred compensation plan assets 23.5 21.7 Other non-current assets 82.2 71.0 Total other non-current assets $ 266.9 $ 197.3 Other current liabilities Dividends payable $ 36.4 $ 36.2 Accrued warranty 67.3 63.1 Accrued rebates and incentives 200.6 200.1 Accrued freight 30.1 39.4 Billings in excess of cost 52.7 43.8 Current lease liability 26.2 29.3 Income taxes payable 41.6 21.8 Accrued restructuring 13.6 23.2 Interest payable 18.8 32.9 Other current liabilities 111.0 112.3 Total other current liabilities $ 598.3 $ 602.1 Other non-current liabilities Long-term lease liability $ 72.0 $ 52.4 Income taxes payable 34.5 35.1 Self-insurance liabilities 52.8 52.1 Deferred compensation plan liabilities 23.5 21.7 Foreign currency contract liabilities 50.0 52.2 Other non-current liabilities 32.0 31.4 Total other non-current liabilities $ 264.8 $ 244.9

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
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 Foreign Currency September 30, Industrial & Flow Technologies $ 747.6 $ — $ (6.8) $ 740.8 Water Solutions 1,398.1 (0.8) (2.5) 1,394.8 Pool 1,106.9 — — 1,106.9 Total goodwill $ 3,252.6 $ (0.8) $ (9.3) $ 3,242.5
Detail of Identifiable Intangible Assets	Identifiable intangible assets consisted of the following: September 30, December 31, In millions Cost Accumulated Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 1,097.9 $ (342.5) $ 755.4 $ 1,100.9 $ (308.9) $ 792.0 Proprietary technology and patents 89.0 (40.9) 48.1 89.3 (35.6) 53.7 Other — — — 14.4 (14.4) — Total definite-life intangibles 1,186.9 (383.4) 803.5 1,204.6 (358.9) 845.7 Indefinite-life intangibles Trade names 248.2 — 248.2 248.9 — 248.9 Total intangibles $ 1,435.1 $ (383.4) $ 1,051.7 $ 1,453.5 $ (358.9) $ 1,094.6
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows: Q4 2023 2024 2025 2026 2027 2028 Estimated amortization expense $ 13.6 $ 53.9 $ 53.9 $ 52.7 $ 51.4 $ 48.9

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2023
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 September 30, 2023 Maturity September 30, December 31, Revolving credit facility (Senior Credit Facility) 6.619% 2026 $ — $ 320.0 Term Loan Facility 6.809% 2023 - 2027 993.8 1,000.0 Term loans (Senior Credit Facility) 6.634% 2024 200.0 200.0 Senior notes - fixed rate (1) 4.650% 2025 19.3 19.3 Senior notes - fixed rate (1) 4.500% 2029 400.0 400.0 Senior notes - fixed rate (1) 5.900% 2032 400.0 400.0 Unamortized debt issuance costs and discounts N/A N/A (19.5) (22.0) Total debt $ 1,993.6 $ 2,317.3 (1) Senior notes are guaranteed as to payment by Pentair plc.
Debt Outstanding Matures on Calendar Year Basis	Debt outstanding, excluding unamortized issuance costs and discounts, at September 30, 2023 matures on a calendar year basis as follows: Q4 In millions 2023 2024 2025 2026 2027 2028 Thereafter Total Contractual debt obligation maturities $ 6.3 $ 237.5 $ 69.3 $ 50.0 $ 850.0 $ — $ 800.0 $ 2,013.1

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2023
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: September 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 1,193.8 $ 1,193.8 $ 1,520.0 $ 1,520.0 Fixed rate debt 819.3 777.7 819.3 789.3 Total debt $ 2,013.1 $ 1,971.5 $ 2,339.3 $ 2,309.3
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: September 30, 2023 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Interest rate contract assets $ — $ 9.4 $ — $ — $ 9.4 Foreign currency contract liabilities — (50.0) — — (50.0) Deferred compensation plan assets 11.0 — — 12.5 23.5 Total recurring fair value measurements $ 11.0 $ (40.6) $ — $ 12.5 $ (17.1) December 31, 2022 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (52.2) $ — $ — $ (52.2) Deferred compensation plan assets 10.5 — — 11.2 21.7 Total recurring fair value measurements $ 10.5 $ (52.2) $ — $ 11.2 $ (30.5)

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Components of net periodic benefit expense for our pension plans for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Service cost $ 0.4 $ 0.6 $ 1.2 $ 1.8 Interest cost 1.0 0.6 3.0 1.8 Expected return on plan assets (0.2) (0.1) (0.6) (0.3) Net periodic benefit expense $ 1.2 $ 1.1 $ 3.6 $ 3.3

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Financial Information by Reportable Segment	Financial information by reportable segment is as follows: Three months ended Nine months ended In millions September 30, September 30, September 30, September 30, Net sales Industrial & Flow Technologies $ 400.2 $ 389.5 $ 1,203.6 $ 1,125.0 Water Solutions 299.4 275.3 907.6 703.3 Pool 308.8 390.0 1,007.4 1,289.4 Other 0.4 0.3 1.3 1.2 Consolidated $ 1,008.8 $ 1,055.1 $ 3,119.9 $ 3,118.9 Segment income (loss) Industrial & Flow Technologies $ 77.5 $ 65.7 $ 217.3 $ 177.0 Water Solutions 68.8 49.3 196.0 104.0 Pool 90.6 109.3 311.9 362.3 Other (24.8) (17.4) (67.9) (58.4) Consolidated $ 212.1 $ 206.9 $ 657.3 $ 584.9
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 Nine months ended In millions September 30, September 30, September 30, September 30, Segment income $ 212.1 $ 206.9 $ 657.3 $ 584.9 Deal-related costs and expenses — (13.4) — (21.4) Inventory step-up — (5.8) — (5.8) Asset impairment and write-offs (1.8) — (6.2) — Restructuring and other (1.6) (12.5) (5.1) (15.7) Transformation costs (13.5) (10.1) (28.0) (20.8) Intangible amortization (13.8) (18.5) (41.5) (31.4) Gain on sale of businesses — 0.2 — 0.2 Russia business exit impact — 0.8 — (5.1) Legal accrual adjustments and settlements — — (2.2) 0.2 Interest expense, net (27.5) (19.3) (91.7) (34.2) Other (expense) income (1.0) (0.6) 2.3 (1.7) Income from continuing operations before income taxes $ 152.9 $ 127.7 $ 484.9 $ 449.2

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
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 from continuing operations for the nine months ended September 30, 2023 were as follows: In millions September 30, Beginning balance $ 63.1 Service and product warranty provision 72.1 Payments (67.6) Foreign currency translation (0.3) Ending balance $ 67.3

Revenue - Geographic Net Sales

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 1,008.8	$ 1,055.1	$ 3,119.9	$ 3,118.9
Residential
Disaggregation of Revenue [Line Items]
Net sales	513.1	637	1,615.5	2,050.1
Commercial
Disaggregation of Revenue [Line Items]
Net sales	295.2	241.7	913.3	553.3
Industrial
Disaggregation of Revenue [Line Items]
Net sales	200.5	176.4	591.1	515.5
U.S.
Disaggregation of Revenue [Line Items]
Net sales	696.6	752.1	2,170	2,215.1
Western Europe
Disaggregation of Revenue [Line Items]
Net sales	114.7	97.9	362	331.7
Developing
Disaggregation of Revenue [Line Items]
Net sales	142.8	140.3	406.4	378.3
Other Developed
Disaggregation of Revenue [Line Items]
Net sales	$ 54.7	$ 64.8	$ 181.5	$ 193.8

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 122.4
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 - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 65.6	$ 48.4
Contract liabilities	60.8	58.1
Net contract assets	4.8	$ (9.7)
$ Change
Contract assets	17.2
Contract liabilities	2.7
Net contract assets	$ 14.5
% Change
Contract assets	35.50%
Contract liabilities	4.60%
Net contract assets	(149.50%)

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Change in net contract assets	$ 14.5
Percent of contract liabilities	85%

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill				$ 3,242.5	$ 3,252.6
Manitowoc Ice
Business Acquisition [Line Items]
Purchase price	$ 1,600
Goodwill				$ 789.7	$ 790.5
Pro forma intangible asset amortization		$ 8.5	$ 25.6
Acquisition related costs		$ 18.8	$ 34.2
Manitowoc Ice | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 588.4
Finite-lived intangible assets acquired, useful life	20 years
Manitowoc Ice | Proprietary technology intangible assets
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 47.1
Finite-lived intangible assets acquired, useful life	10 years
Manitowoc Ice | Other Intangible Assets
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 14.4
Finite-lived intangible assets acquired, useful life	4 months
Manitowoc Ice | Trade names intangibles
Business Acquisition [Line Items]
Indefinite-lived Intangible assets acquired	$ 78.4

Acquisitions - Schedule of Reco

Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 3,242.5	$ 3,252.6
Manitowoc Ice
Business Acquisition [Line Items]
Cash	33.8	33.8
Accounts receivable	36.7	36.7
Inventories	66.7	66.5
Other current assets	3.9	3.9
Property, plant and equipment	21.6	21.6
Identifiable intangible assets	728.3	728.3
Goodwill	789.7	790.5
Other assets	0.7	1.8
Current liabilities	(62.7)	(66.5)
Other liabilities	(4.8)	(3.3)
Purchase price	$ 1,613.9	$ 1,613.3

Acquisitions - Schedule of Pro

Acquisitions - Schedule of Pro Forma Information (Details) - Manitowoc Ice - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Business Acquisition [Line Items]
Pro forma net sales	$ 1,084.6	$ 3,325.7
Pro forma net income from continuing operations	$ 131.9	$ 417.8
Pro forma earnings per ordinary share - continuing operations
Basic (in dollars per share)	$ 0.80	$ 2.53
Diluted (in dollars per share)	$ 0.80	$ 2.52

Share Plans - Schedule of Share

Share Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 7.2	$ 7.4	$ 21.3	$ 20.6
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	3.9	4.1	11.3	11
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1.1	1.1	3.2	3
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2.2	$ 2.2	$ 6.8	$ 6.6

Share Plans - Additional Inform

Share Plans - Additional Information (Detail) - Two Thousand Twenty Share and Incentive Plan shares in Millions	3 Months Ended
	Sep. 30, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0.9
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	$ 51.11
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0.4
Weighted-average grant date fair value of options (in dollars per share) | $ / shares	$ 14.03
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.2
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 46.39

Share Plans - Schedule of Valua

Share Plans - Schedule of Valuation Assumptions (Details)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4%
Expected dividend yield	2.02%
Expected share price volatility	30.40%
Expected term (years)	6 years 1 month 6 days

Restructuring and Transformat_3

Restructuring and Transformation Program - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2023 Person
Restructuring and Related Activities [Abstract]
Number of employees	350

Restructuring and Transformat_4

Restructuring and Transformation Program - Costs Included in Selling, General & Administrative Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2.7	$ 10.9	$ 6.6	$ 13.8
Transformation costs	13.9	10.1	28.4	20.8
Total restructuring and transformation costs	16.6	21	35	34.6
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Transformation costs	2.9	3.1	5.1	3.1
Other Transformation
Restructuring Cost and Reserve [Line Items]
Transformation costs	11	7	23.3	17.7
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	1.1	8.5	4.5	11.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1.6	$ 2.4	$ 2.1	$ 2.6

Restructuring and Transformat_5

Restructuring and Transformation Program - Restructuring Costs by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	$ 16.6	$ 21	$ 35	$ 34.6
Industrial & Flow Technologies
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	1.6	0.3	2.8	1.5
Consumer Solutions
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	2.7	8.7	1.6	9.1
Pool
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	1.7	3.3	6.9	4.7
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	$ 10.6	$ 8.7	$ 23.7	$ 19.3

Restructuring and Transformat_6

Restructuring and Transformation Program - Accrual Activity (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 23.2
Costs incurred	9.6
Cash payments and other	(19.2)
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 132.1	$ 115.4	$ 414.7	$ 385.9
Net income from continuing operations	$ 132.1	$ 115.4	$ 414.8	$ 386.9
Weighted average common shares outstanding
Basic (shares)	165.2	164.5	165	164.8
Dilutive impact of stock options, restricted stock units and performance share units	1.4	0.7	1.2	1
Diluted (shares)	166.6	165.2	166.2	165.8
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 0.80	$ 0.70	$ 2.51	$ 2.35
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Basic earnings (loss) per ordinary share (in dollars per share)	0.80	0.70	2.51	2.34
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	0.79	0.70	2.50	2.33
Discontinued operations (in dollars per share)	0	0	0	(0.01)
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 0.79	$ 0.70	$ 2.50	$ 2.32
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.2	1	0.3	0.7

Accounts Receivable (Details)

Accounts Receivable (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 10.8
Bad debt expense (benefit)	(0.9)
Write-offs, net of recoveries	(0.3)
Other	1.1
Ending balance	$ 10.7

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventories
Raw materials and supplies	$ 378.6	$ 404.1
Work-in-process	97.8	95.6
Finished goods	236.2	290.3
Total inventories	712.6	790
Other current assets
Cost in excess of billings	65.6	48.4
Prepaid expenses	71.1	74.8
Other current assets	6.1	4.9
Total other current assets	142.8	128.1
Property, plant and equipment, net
Land and land improvements	31.5	32.3
Buildings and leasehold improvements	221.5	200.7
Machinery and equipment	646.1	639.2
Capitalized software	70.9	68.8
Construction in progress	58.2	60.6
Total property, plant and equipment	1,028.2	1,001.6
Accumulated depreciation and amortization	677.7	657.1
Total property, plant and equipment, net	350.5	344.5
Other non-current assets
Right-of-use lease assets	96	78.6
Prepaid income taxes	65.2	26
Deferred compensation plan assets	23.5	21.7
Other non-current assets	82.2	71
Total other non-current assets	266.9	197.3
Other current liabilities
Dividends payable	36.4	36.2
Accrued warranty	67.3	63.1
Accrued rebates and incentives	200.6	200.1
Accrued freight	30.1	39.4
Billings in excess of cost	52.7	43.8
Current lease liability	26.2	29.3
Income taxes payable	41.6	21.8
Accrued restructuring	13.6	23.2
Interest payable	18.8	32.9
Other current liabilities	111	112.3
Total other current liabilities	598.3	602.1
Other non-current liabilities
Long-term lease liability	72	52.4
Income taxes payable	34.5	35.1
Self-insurance liabilities	52.8	52.1
Deferred compensation plan liabilities	23.5	21.7
Foreign currency contract liabilities	50	52.2
Other non-current liabilities	32	31.4
Total other non-current liabilities	$ 264.8	$ 244.9

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 3,252.6
Purchase Accounting Adjustments	(0.8)
Foreign currency translation/other	(9.3)
Ending Balance	3,242.5
Consumer Solutions
Goodwill [Roll Forward]
Beginning Balance	1,398.1
Purchase Accounting Adjustments	(0.8)
Foreign currency translation/other	(2.5)
Ending Balance	1,394.8
Industrial & Flow Technologies
Goodwill [Roll Forward]
Beginning Balance	747.6
Purchase Accounting Adjustments	0
Foreign currency translation/other	(6.8)
Ending Balance	740.8
Pool
Goodwill [Roll Forward]
Beginning Balance	1,106.9
Purchase Accounting Adjustments	0
Foreign currency translation/other	0
Ending Balance	$ 1,106.9

Goodwill and Other Identifiab_4

Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Acquired Intangible Assets By Major Class [Line Items]
Cost	$ 1,186.9	$ 1,204.6
Accumulated amortization	(383.4)	(358.9)
Net	803.5	845.7
Cost	1,435.1	1,453.5
Net	1,051.7	1,094.6
Customer relationships
Acquired Intangible Assets By Major Class [Line Items]
Cost	1,097.9	1,100.9
Accumulated amortization	(342.5)	(308.9)
Net	755.4	792
Other
Acquired Intangible Assets By Major Class [Line Items]
Cost	89	89.3
Accumulated amortization	(40.9)	(35.6)
Net	48.1	53.7
Trade names intangibles
Acquired Intangible Assets By Major Class [Line Items]
Net, indefinite-life intangibles	248.2	248.9
Other Intangible Assets
Acquired Intangible Assets By Major Class [Line Items]
Cost	0	14.4
Accumulated amortization	0	(14.4)
Net	$ 0	$ 0

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization	$ 41.5	$ 31.4

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q2-Q4 2023	$ 13.6
2024	53.9
2025	53.9
2026	52.7
2027	51.4
2028	$ 48.9

Debt - Debt and Average Interes

Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jul. 31, 2022	Jun. 30, 2022	Mar. 24, 2022
Debt Instrument [Line Items]
Debt, gross	$ 2,013.1
Unamortized debt issuance costs and discounts	(19.5)	$ (22)
Total debt	1,993.6	2,317.3
Line of Credit | Term Loans Due 2024
Debt Instrument [Line Items]
Debt, gross	$ 200
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate as of September 30, 2023	6.619%
Debt, gross	$ 0	320
Term Loans | 5-year Term Loan Facility
Debt Instrument [Line Items]
Average interest rate as of September 30, 2023	6.809%
Debt, gross		1,000	$ 993.8		$ 1,000	$ 600
Term Loans | Term Loans, 1.033% due in 2024
Debt Instrument [Line Items]
Average interest rate as of September 30, 2023	6.634%
Debt, gross		200	200
Senior Notes | Senior Notes 4.650% Due 2025
Debt Instrument [Line Items]
Average interest rate as of September 30, 2023	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 September 30, 2023	4.50%
Debt, gross	$ 400	400
Senior Notes | Senior Notes Five Point Nine Percent Due Twenty Thirty Two
Debt Instrument [Line Items]
Average interest rate as of September 30, 2023	5.90%			5.90%
Debt, gross		$ 400	$ 400	$ 400

Debt - Additional Information (

Debt - Additional Information (Detail)			9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) testingPeriod	Sep. 30, 2023 USD ($) testingPeriod	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 24, 2022 USD ($)
Debt Instrument [Line Items]
Debt, gross		$ 2,013,100,000	$ 2,013,100,000
Leverage ratio covenant period			12 months
2024		237,500,000	$ 237,500,000
Line of Credit | Term Loans Due 2024
Debt Instrument [Line Items]
Debt, gross		200,000,000	200,000,000
Optional line of credit limit increase		300,000,000	300,000,000
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		900,000,000	900,000,000
Debt, gross		0	0	$ 320,000,000
Available capacity		$ 900,000,000	$ 900,000,000
Average interest rate as of September 30, 2023		6.619%	6.619%
Line of Credit | Revolving Credit Facility | Pentair, Pentair Finance S.à r.l (“PFSA“)
Debt Instrument [Line Items]
Number of testing periods | testingPeriod		4	4
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	1
EBITDA ratio for debt		1	1
Line of Credit | Revolving Credit Facility | Minimum | Pentair, Pentair Finance S.à r.l (“PFSA“)
Debt Instrument [Line Items]
Debt agreement financial covenant, leverage ratio		4.25	4.25
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	3.75
EBITDA ratio for debt		3	3
Line of Credit | Revolving Credit Facility | Maximum | Pentair, Pentair Finance S.à r.l (“PFSA“)
Debt Instrument [Line Items]
Debt agreement financial covenant, leverage ratio		1	1
Term Loans
Debt Instrument [Line Items]
2024		$ 31,300,000	$ 31,300,000
Term Loans | 5-year Term Loan Facility
Debt Instrument [Line Items]
Debt, gross				1,000,000,000	$ 993,800,000		$ 1,000,000,000	$ 600,000,000
Average interest rate as of September 30, 2023		6.809%	6.809%
Long-term Debt, Increase to obligation							$ 400,000,000
Debt Instrument, Periodic Payment		$ 6,300,000
Term Loans | 5-year Term Loan Facility | Forecast | Subsequent Event
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment	$ 12,500,000
Senior Notes | Senior Notes Five Point Nine Percent Due Twenty Thirty Two
Debt Instrument [Line Items]
Debt, gross				$ 400,000,000	$ 400,000,000	$ 400,000,000
Average interest rate as of September 30, 2023		5.90%	5.90%			5.90%
Other Credit Facilities
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity		$ 20,800,000	$ 20,800,000
Borrowings outstanding		$ 0	$ 0

Debt - Debt Outstanding Matures

Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) $ in Millions	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Q2-Q4 2023	$ 6.3
2024	237.5
2025	69.3
2026	50
2027	850
2028	0
Thereafter	800
Total debt	$ 2,013.1

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions		6 Months Ended	9 Months Ended
	Apr. 03, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
AOCI, cash flow hedge, cumulative gain			$ 9.4
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Designated as Hedging Instrument
Derivative [Line Items]
Basis spread on variable rate			3.795%
Foreign Exchange Contract
Derivative [Line Items]
Notional amount			$ 22.8	$ 9.4
Currency Swap
Derivative [Line Items]
Notional amount			739.6	$ 746.3
Loss on derivative hedge		$ 40.3	38.6
Interest Rate Swap | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount			$ 300
Interest Rate Collar | Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 200
Derivative term	5 years
Interest Rate Collar | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Designated as Hedging Instrument | Minimum
Derivative [Line Items]
Basis spread on variable rate	1.875%
Interest Rate Collar | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Designated as Hedging Instrument | Maximum
Derivative [Line Items]
Basis spread on variable rate	5%

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total debt	$ 1,993.6	$ 2,317.3
Recorded Amount
Derivative [Line Items]
Variable rate debt	1,193.8	1,520
Fixed rate debt	819.3	819.3
Total debt	2,013.1	2,339.3
Fair Value
Derivative [Line Items]
Variable rate debt	1,193.8	1,520
Fixed rate debt	777.7	789.3
Total debt	$ 1,971.5	$ 2,309.3

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	$ (50)	$ (52.2)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	(50)	(52.2)
Deferred compensation plan	23.5	21.7
Total recurring fair value measurements	(17.1)	(30.5)
Fair Value, Measurements, Recurring | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	9.4
Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0	0
Deferred compensation plan	11	10.5
Total recurring fair value measurements	11	10.5
Level 1 | Fair Value, Measurements, Recurring | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	0
Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	(50)	(52.2)
Deferred compensation plan	0	0
Total recurring fair value measurements	(40.6)	(52.2)
Level 2 | Fair Value, Measurements, Recurring | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	9.4
Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0	0
Deferred compensation plan	0	0
Total recurring fair value measurements	0	0
Level 3 | Fair Value, Measurements, Recurring | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	0
NAV | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0	0
Deferred compensation plan	12.5	11.2
Total recurring fair value measurements	12.5	$ 11.2
NAV | Fair Value, Measurements, Recurring | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	14.50%	13.90%
Total gross liability for unrecognized tax benefits	$ 37.2		$ 39.6

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Retirement Benefits [Abstract]
Service cost	$ 0.4	$ 0.6	$ 1.2	$ 1.8
Interest cost	1	0.6	3	1.8
Expected return on plan assets	(0.2)	(0.1)	(0.6)	(0.3)
Net periodic benefit cost	$ 1.2	$ 1.1	$ 3.6	$ 3.3

Shareholders' Equity (Detail)

Shareholders' Equity (Detail) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Dec. 31, 2022	Dec. 01, 2020
Stockholders Equity Note Disclosure [Line Items]
Share repurchase (in shares)								0
Dividends (in dollars per share)		$ 0.22	$ 0.22	$ 0.22	$ 0.21	$ 0.21	$ 0.21
Dividends payable		$ 36,400,000						$ 36,400,000	$ 36,200,000
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 program remaining available amount		$ 600,000,000						$ 600,000,000

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,008.8	$ 1,055.1	$ 3,119.9	$ 3,118.9
Segment income	180.1	147.1	572.2	483.7
Operating Segments
Segment Reporting Information [Line Items]
Net sales	1,008.8	1,055.1	3,119.9	3,118.9
Segment income	212.1	206.9	657.3	584.9
Consumer Solutions | Operating Segments
Segment Reporting Information [Line Items]
Net sales	299.4	275.3	907.6	703.3
Segment income	68.8	49.3	196	104
Industrial & Flow Technologies | Operating Segments
Segment Reporting Information [Line Items]
Net sales	400.2	389.5	1,203.6	1,125
Segment income	77.5	65.7	217.3	177
Other | Operating Segments
Segment Reporting Information [Line Items]
Net sales	0.4	0.3	1.3	1.2
Segment income	(24.8)	(17.4)	(67.9)	(58.4)
Pool | Operating Segments
Segment Reporting Information [Line Items]
Net sales	308.8	390	1,007.4	1,289.4
Segment income	$ 90.6	$ 109.3	$ 311.9	$ 362.3

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 180.1	$ 147.1	$ 572.2	$ 483.7
Asset impairment and write-offs			6.2	0
Transformation costs	(13.9)	(10.1)	(28.4)	(20.8)
Intangible amortization			(41.5)	(31.4)
Interest expense, net	(27.5)	(19.3)	(91.7)	(34.2)
Other (income) expense	0.3	(0.3)	4.4	(0.5)
Income from continuing operations before income taxes	152.9	127.7	484.9	449.2
Gain on sale of businesses	0	0.2	0	0.2
Inventory Step Up Related To Acquisition	0	(5.8)	0	(5.8)
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Asset impairment and write-offs	(1.8)	0
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	212.1	206.9	657.3	584.9
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Deal related costs and expenses	0	(13.4)	0	(21.4)
Asset impairment and write-offs			(6.2)	0
Restructuring and other	(1.6)	(12.5)	(5.1)	(15.7)
Transformation costs	(13.5)	(10.1)	(28)	(20.8)
Intangible amortization	(13.8)	18.5	(41.5)	(31.4)
Russia business exit impact	0	0.8	0	(5.1)
Legal Accrual Adjustments	0		(2.2)	0.2
Interest expense, net	(27.5)	(19.3)	(91.7)	(34.2)
Other (income) expense	(1)	(0.6)	2.3	(1.7)
Gain on sale of businesses	$ 0	$ 0.2	$ 0	$ 0.2

Commitments and Contingencies -

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 63.1
Service and product warranty provision	72.1
Payments	(67.6)
Foreign currency translation	(0.3)
Ending balance	$ 67.3

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 106.9	$ 99.7