Pentair (PNR) 10-Q 23 Jul 24 2024 Q2 Quarterly report Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-11625
Entity Registrant Name	Pentair plc
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000077360
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1141328
Entity Address, Address Line One	Regal House, 70 London Road,
Entity Address, Address Line Two	Twickenham,
Entity Address, City or Town	London,
Entity Address, Postal Zip Code	TW13QS
Entity Address, Country	GB
Country Region	44
City Area Code	74
Local Phone Number	9421-6154
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	PNR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	165,497,736

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,099.3	$ 1,082.5	$ 2,116.5	$ 2,111.1
Cost of goods sold	661.4	683	1,288.5	1,329.8
Gross profit	437.9	399.5	828	781.3
Selling, general and administrative expenses	165.1	165.1	350.3	338.4
Research and development expenses	24.8	25.9	48.9	50.8
Operating income	248	208.5	428.8	392.1
Other expense (income)
Net interest expense	26.3	31.8	53.6	64.2
Other expense (income)	0.8	(4.8)	0.9	(4.1)
Income from continuing operations before income taxes	220.9	181.5	374.3	332
Provision for income taxes	34.8	27.3	54.7	49.3
Net income from continuing operations	186.1	154.2	319.6	282.7
Loss from discontinued operations, net of tax	0	(1.3)	(0.2)	(0.1)
Net income	186.1	152.9	319.4	282.6
Comprehensive income, net of tax
Net income	186.1	152.9	319.4	282.6
Changes in cumulative translation adjustment	(10.1)	(2.2)	(31.8)	9.9
Changes in market value of derivative financial instruments, net of tax	6.2	(0.3)	28.9	(7.5)
Comprehensive income	$ 182.2	$ 150.4	$ 316.5	$ 285
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 1.12	$ 0.94	$ 1.93	$ 1.71
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Basic earnings per ordinary share (in dollars per share)	1.12	0.93	1.93	1.71
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	1.11	0.93	1.91	1.70
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Diluted earnings per ordinary share (in dollars per share)	$ 1.11	$ 0.92	$ 1.91	$ 1.70
Weighted average ordinary shares outstanding
Basic (shares)	165.9	165	165.8	164.9
Diluted (shares)	167.3	166.1	167.3	165.9

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 214.3	$ 170.3
Accounts receivable, net of allowances of $10.6 and $11.2, respectively	567.8	561.7
Inventories	647.5	677.7
Other current assets	133.9	159.3
Total current assets	1,563.5	1,569
Property, plant and equipment, net	361.4	362
Other assets
Goodwill	3,250.6	3,274.6
Intangibles, net	1,012.4	1,042.4
Other non-current assets	360.1	315.3
Total other assets	4,623.1	4,632.3
Total assets	6,548	6,563.3
Current liabilities
Current maturities of short-term borrowings	3.3	0
Accounts payable	295	278.9
Employee compensation and benefits	104	125.4
Other current liabilities	548.1	545.3
Total current liabilities	950.4	949.6
Other liabilities
Long-term debt	1,752.6	1,988.3
Pension and other post-retirement compensation and benefits	71.8	73.6
Deferred tax liabilities	38.7	40
Other non-current liabilities	301.6	294.7
Total liabilities	3,115.1	3,346.2
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 165.5 and 165.3 issued at June 30, 2024 and December 31, 2023, respectively	1.7	1.7
Additional paid-in capital	1,569.2	1,593.6
Retained earnings	2,109.3	1,866.2
Accumulated other comprehensive loss	(247.3)	(244.4)
Total equity	3,432.9	3,217.1
Total liabilities and equity	$ 6,548	$ 6,563.3

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 10.6	$ 11.2
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	426	426
Common shares issued (in shares)	165.5	165.3

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 319.4	$ 282.6
Loss from discontinued operations, net of tax	0.2	0.1
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities
Equity income of unconsolidated subsidiaries	(1.1)	(0.8)
Depreciation	30.4	29.4
Amortization	26.9	27.7
Deferred income taxes	12.6	(31.9)
Share-based compensation	16.3	14.1
Asset impairment and write-offs	0.8	4.4
Gain on sale of assets	0	(3.4)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	(10.7)	7.4
Inventories	23.5	33.6
Other current assets	(4)	(16.7)
Accounts payable	19.4	(25.8)
Employee compensation and benefits	(19.4)	(1.2)
Other current liabilities	6.6	22.1
Other non-current assets and liabilities	10.9	(1.5)
Net cash provided by operating activities of continuing operations	431.8	340.1
Net cash used for operating activities of discontinued operations	(0.2)	(1.6)
Net cash provided by operating activities	431.6	338.5
Investing activities
Capital expenditures	(36.3)	(35.4)
Proceeds from sale of property and equipment	0	5
Acquisitions, net of cash acquired	0	0.2
Other	(0.5)	4.1
Net cash used for investing activities	(36.8)	(26.1)
Financing activities
Net receipts of short-term borrowings	3.3	0
Net repayments of revolving long-term debt	0	(204.3)
Repayments of long-term debt	(237.5)	0
Shares issued to employees, net of shares withheld	9.3	0.8
Repurchases of ordinary shares	(50)	0
Dividends paid	(76.2)	(72.5)
Net cash used for financing activities	(351.1)	(276)
Effect of exchange rate changes on cash and cash equivalents	0.3	(3.7)
Change in cash and cash equivalents	44	32.7
Cash and cash equivalents, beginning of period	170.3	108.9
Cash and cash equivalents, end of period	$ 214.3	$ 141.6

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions	Total	Ordinary shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) income
Dividends (in dollars per share)	$ 0.22
Beginning Balance (in shares) at Dec. 31, 2022		164,500
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)		100
Exercise of options, net of shares tendered for payment	2.5		2.5
Issuance of restricted shares, net of cancellations (in shares)		(500)
Issuance of restricted shares, net of cancellations	(2.3)		(2.3)
Shares surrendered by employees to pay taxes (in shares)		(100)
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		165,000
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		164,500
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	282.6
Ending Balance (in shares) at Jun. 30, 2023		165,100
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
Beginning Balance (in shares) at Mar. 31, 2023		165,000
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)		100
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		165,100
Ending Balance at Jun. 30, 2023	$ 2,935.3	$ 1.7	1,569.8	1,600.4	(236.6)
Dividends (in dollars per share)	$ 0.23
Beginning Balance (in shares) at Dec. 31, 2023		165,300
Beginning Balance at Dec. 31, 2023	$ 3,217.1	$ 1.7	1,593.6	1,866.2	(244.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	133.3			133.3
Other comprehensive loss, net of tax	1				1
Dividends declared	(38.2)			(38.2)
Exercise of options, net of shares tendered for payment (in shares)		400
Exercise of options, net of shares tendered for payment	15.2		15.2
Issuance of restricted shares, net of cancellations (in shares)		(400)
Issuance of restricted shares, net of cancellations	(4)		(4)
Shares surrendered by employees to pay taxes (in shares)		(100)
Shares surrendered by employees to pay taxes	(5.1)		(5.1)
Share-based compensation	7.9		7.9
Ending Balance (in shares) at Mar. 31, 2024		166,000
Ending Balance at Mar. 31, 2024	3,327.2	$ 1.7	1,607.6	1,961.3	(243.4)
Beginning Balance (in shares) at Dec. 31, 2023		165,300
Beginning Balance at Dec. 31, 2023	3,217.1	$ 1.7	1,593.6	1,866.2	(244.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 319.4
Share repurchase (in shares)	(600)
Share repurchases	$ (50)
Ending Balance (in shares) at Jun. 30, 2024		165,500
Ending Balance at Jun. 30, 2024	$ 3,432.9	$ 1.7	1,569.2	2,109.3	(247.3)
Dividends (in dollars per share)	$ 0.23
Beginning Balance (in shares) at Mar. 31, 2024		166,000
Beginning Balance at Mar. 31, 2024	$ 3,327.2	$ 1.7	1,607.6	1,961.3	(243.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	186.1			186.1
Other comprehensive loss, net of tax	(3.9)				(3.9)
Dividends declared	$ (38.1)			(38.1)
Share repurchase (in shares)	(600)	(600)
Share repurchases	$ (50)		(50)
Exercise of options, net of shares tendered for payment (in shares)		100
Exercise of options, net of shares tendered for payment	3.7		3.7
Shares surrendered by employees to pay taxes	(0.5)		(0.5)
Share-based compensation	8.4		8.4
Ending Balance (in shares) at Jun. 30, 2024		165,500
Ending Balance at Jun. 30, 2024	$ 3,432.9	$ 1.7	$ 1,569.2	$ 2,109.3	$ (247.3)

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	6 Months Ended
	Jun. 30, 2024
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, 2023. 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. Recent U.S. Securities and Exchange Commission (“SEC”) final rules In March 2024, the SEC issued the final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. These rules, if adopted, will require registrants to disclose certain climate-related information, including Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics, in registration statements and annual reports, when material. Disclosure requirements, absent the results of pending legal challenges, may begin phasing in with our annual reporting for the year ending December 31, 2025. We are currently evaluating the impact the rules will have on our disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2024
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 14 for revenue disaggregated by segment. Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, U.S. $ 773.6 $ 757.6 $ 1,478.8 $ 1,473.4 Western Europe 127.2 119.5 258.8 247.3 Developing (1) 139.3 142.5 262.0 263.6 Other Developed (2) 59.2 62.9 116.9 126.8 Consolidated net sales $ 1,099.3 $ 1,082.5 $ 2,116.5 $ 2,111.1 (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 Six months ended In millions June 30, June 30, June 30, June 30, Residential $ 581.4 $ 536.0 $ 1,124.6 $ 1,102.4 Commercial 308.6 344.8 582.2 618.1 Industrial 209.3 201.7 409.7 390.6 Consolidated net sales $ 1,099.3 $ 1,082.5 $ 2,116.5 $ 2,111.1 Performance obligations As of June 30, 2024, we had $88.1 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months. Contract assets and liabilities Contract assets and liabilities consisted of the following: In millions June 30, December 31, $ Change % Change Contract assets $ 61.9 $ 70.8 $ (8.9) (12.6) % Contract liabilities 35.8 53.7 (17.9) (33.3) % Net contract assets $ 26.1 $ 17.1 $ 9.0 52.6 %

Share Plans

Share Plans	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share Plans	Share Plans Total share-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Restricted stock units $ 4.3 $ 3.7 $ 8.1 $ 7.4 Stock options 1.3 1.0 2.7 2.1 Performance share units 2.8 2.2 5.5 4.6 Total share-based compensation expense $ 8.4 $ 6.9 $ 16.3 $ 14.1 In the first quarter of 2024, 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 0.5 million, of which 0.2 million were restricted stock units (“RSUs”), 0.2 million were stock options and 0.1 million were performance share units (“PSUs”). The weighted-average grant date fair value of the RSUs, stock options and PSUs issued was $75.70, $25.10 and $71.83, 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: 2024 Risk-free interest rate 4.44 % Expected dividend yield 1.43 % Expected share price volatility 30.90 % Expected term (years) 6.5 These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected. We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected share price volatility, we considered a rolling average of historical volatility measured over a period approximately equal to the expected option term. The risk-free interest rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.

Restructuring and Transformatio

Restructuring and Transformation Program	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024, we initiated and continued execution of activities associated with our Transformation Program as well as initiated and continued certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Restructuring and Transformation Program initiatives included a reduction in hourly and salaried headcount of approximately 200 employees during the six months ended June 30, 2024. 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 Six months ended In millions June 30, June 30, June 30, June 30, Restructuring Initiatives Severance and related costs $ 5.4 $ 0.9 $ 9.4 $ 3.4 Other restructuring costs and related adjustments (1) (0.1) (0.1) 0.9 0.5 Total restructuring costs 5.3 0.8 10.3 3.9 Transformation Program Severance and related costs 0.3 0.3 0.7 2.2 Other transformation costs (2) 11.5 5.7 28.1 12.3 Total transformation costs 11.8 6.0 28.8 14.5 Total restructuring and transformation costs $ 17.1 $ 6.8 $ 39.1 $ 18.4 (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 and project management related costs, partially offset by gain on sale of assets. Restructuring and transformation costs by reportable segment as well as Corporate and other were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Flow $ 2.4 $ 0.8 $ 5.0 $ 1.2 Water Solutions 0.9 (2.6) 1.5 (1.1) Pool 1.7 1.9 5.4 5.2 Corporate and other 12.1 6.7 27.2 13.1 Total restructuring and transformation costs $ 17.1 $ 6.8 $ 39.1 $ 18.4 Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the six months ended June 30, 2024: In millions June 30, Beginning balance $ 13.4 Costs incurred 10.1 Cash payments and other (12.1) Ending balance $ 11.4

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 186.1 $ 152.9 $ 319.4 $ 282.6 Net income from continuing operations $ 186.1 $ 154.2 $ 319.6 $ 282.7 Weighted average ordinary shares outstanding Basic 165.9 165.0 165.8 164.9 Dilutive impact of stock options, restricted stock units and performance share units 1.4 1.1 1.5 1.0 Diluted 167.3 166.1 167.3 165.9 Earnings (loss) per ordinary share Basic Continuing operations $ 1.12 $ 0.94 $ 1.93 $ 1.71 Discontinued operations — (0.01) — — Basic earnings per ordinary share $ 1.12 $ 0.93 $ 1.93 $ 1.71 Diluted Continuing operations $ 1.11 $ 0.93 $ 1.91 $ 1.70 Discontinued operations — (0.01) — — Diluted earnings per ordinary share $ 1.11 $ 0.92 $ 1.91 $ 1.70 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.2 0.3 0.2 0.6

Accounts Receivable

Accounts Receivable	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024: In millions June 30, Beginning balance $ 11.2 Write-offs, net of recoveries (1.0) Other (1) 0.4 Ending balance $ 10.6 (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	6 Months Ended
	Jun. 30, 2024
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions June 30, December 31, Inventories Raw materials and supplies $ 341.1 $ 369.1 Work-in-process 94.5 97.1 Finished goods 211.9 211.5 Total inventories $ 647.5 $ 677.7 Other current assets Cost in excess of billings $ 61.9 $ 70.8 Prepaid expenses 65.6 55.2 Other current assets 6.4 33.3 Total other current assets $ 133.9 $ 159.3 Property, plant and equipment, net Land and land improvements $ 31.8 $ 32.3 Buildings and leasehold improvements 227.7 225.5 Machinery and equipment 683.7 669.9 Capitalized software 90.7 70.5 Construction in progress 38.2 55.8 Total property, plant and equipment 1,072.1 1,054.0 Accumulated depreciation and amortization 710.7 692.0 Total property, plant and equipment, net $ 361.4 $ 362.0 Other non-current assets Right-of-use lease assets $ 124.8 $ 102.0 Deferred income taxes 126.7 113.2 Deferred compensation plan assets 28.3 26.1 Other non-current assets 80.3 74.0 Total other non-current assets $ 360.1 $ 315.3 Other current liabilities Dividends payable $ 38.1 $ 38.0 Accrued warranty 74.2 65.0 Accrued rebates and incentives 197.2 181.8 Accrued freight 22.4 20.4 Billings in excess of cost 28.2 46.9 Current lease liability 25.5 26.2 Income taxes payable 25.8 20.7 Accrued restructuring 11.4 13.4 Interest payable 28.2 29.7 Other current liabilities 97.1 103.2 Total other current liabilities $ 548.1 $ 545.3 Other non-current liabilities Long-term lease liability $ 104.0 $ 79.1 Income taxes payable 36.2 35.6 Self-insurance liabilities 52.7 51.9 Deferred compensation plan liabilities 28.3 26.1 Foreign currency contract liabilities 48.4 70.0 Other non-current liabilities 32.0 32.0 Total other non-current liabilities $ 301.6 $ 294.7

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	6 Months Ended
	Jun. 30, 2024
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, Foreign Currency June 30, Flow $ 767.1 $ (19.0) $ 748.1 Water Solutions 1,400.6 (5.0) 1,395.6 Pool 1,106.9 — 1,106.9 Total goodwill $ 3,274.6 $ (24.0) $ 3,250.6 Identifiable intangible assets consisted of the following: June 30, 2024 December 31, 2023 In millions Cost Accumulated Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 1,100.8 $ (381.0) $ 719.8 $ 1,106.2 $ (361.8) $ 744.4 Proprietary technology and patents 89.3 (45.8) 43.5 89.7 (43.2) 46.5 Total definite-life intangibles 1,190.1 (426.8) 763.3 1,195.9 (405.0) 790.9 Indefinite-life intangibles Trade names 249.1 — 249.1 251.5 — 251.5 Total intangibles $ 1,439.2 $ (426.8) $ 1,012.4 $ 1,447.4 $ (405.0) $ 1,042.4 Identifiable intangible asset amortization expense was $13.4 million and $13.9 million for the three months ended June 30, 2024 and 2023, and $26.9 million and $27.7 million for the six months ended June 30, 2024 and 2023, respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows: Q3-Q4 2024 2025 2026 2027 2028 2029 Estimated amortization expense $ 27.0 $ 54.0 $ 52.8 $ 51.5 $ 49.0 $ 48.6

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of June 30, 2024 Maturity June 30, December 31, Revolving credit facility (Senior Credit Facility) 6.637% 2026 $ — $ — Term Loan Facility 6.802% 2023 - 2027 950.0 987.5 Term loans (Senior Credit Facility) N/A 2024 — 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 Other N/A N/A 3.3 — Unamortized debt issuance costs and discounts N/A N/A (16.7) (18.5) Total debt 1,755.9 1,988.3 Less: Current maturities of short-term borrowings (3.3) — Long-term debt $ 1,752.6 $ 1,988.3 (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, providing for a $900.0 million senior unsecured revolving credit facility. During the second quarter of 2024, PFSA repaid $200.0 million of term loans under the Senior Credit Facility. The revolving credit facility has a maturity date of December 16, 2026. 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 June 30, 2024, 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 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 addition, Pentair and PFSA are parties to a senior unsecured term loan facility (the “Term Loan Facility”), with PFSA, as borrower, Pentair, as guarantor, providing for 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 which 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. 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 June 30, 2024. Borrowings under these credit facilities bear interest at variable rates. We have $25.0 million of Term Loan Facility payments due in the next twelve months. We classified this debt as long-term as of June 30, 2024 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 June 30, 2024 matures on a calendar year basis as follows: Q3 - Q4 In millions 2024 2025 2026 2027 2028 2029 Thereafter Total Contractual debt obligation maturities $ 3.3 $ 69.3 $ 50.0 $ 850.0 $ — $ 400.0 $ 400.0 $ 1,772.6

Derivatives and Financial Instr

Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and December 31, 2023, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $17.9 million and $23.9 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income was not material for any period presented. Cross currency swaps At June 30, 2024 and December 31, 2023, we had outstanding cross currency swap agreements with a combined notional amount of $909.8 million and $940.2 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 $27.7 million and $51.6 million at June 30, 2024 and December 31, 2023, 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 We manage our exposure to certain interest rate risks related to our variable rate debt through the use of interest rate swaps and collars. We enter into these agreements to hedge the variability of interest expense and cash flows attributable to changes in interest rates of our variable rate debt. As of June 30, 2024, we had an aggregate notional amount of $300.0 million and $200.0 million in interest rate swaps and collars, respectively, that are 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 unrealized gains of $5.2 million and $0.3 million at June 30, 2024 and December 31, 2023, respectively, 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: June 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 953.3 $ 953.3 $ 1,187.5 $ 1,187.5 Fixed rate debt 819.3 796.7 819.3 824.5 Total debt $ 1,772.6 $ 1,750.0 $ 2,006.8 $ 2,012.0 Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: June 30, 2024 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Interest rate contract assets $ — $ 5.2 $ — $ — $ 5.2 Foreign currency contract assets — 7.5 — — 7.5 Foreign currency contract liabilities — (48.4) — — (48.4) Deferred compensation plan assets 13.5 — — 14.8 28.3 Total recurring fair value measurements $ 13.5 $ (35.7) $ — $ 14.8 $ (7.4) December 31, 2023 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Interest rate contract assets $ — $ 0.3 $ — $ — $ 0.3 Foreign currency contract assets — 0.2 — — 0.2 Foreign currency contract liabilities — (70.0) — — (70.0) Deferred compensation plan assets 12.1 — — 14.0 26.1 Total recurring fair value measurements $ 12.1 $ (69.5) $ — $ 14.0 $ (43.4)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 was 14.6%, compared to 14.8% for the six months ended June 30, 2023. 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 $37.3 million and $38.6 million at June 30, 2024 and December 31, 2023, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income, which is consistent with our past practices.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Benefit Plans	Benefit Plans Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2024 and 2023 were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Service cost $ 0.4 $ 0.4 $ 0.8 $ 0.8 Interest cost 1.0 1.0 2.0 2.0 Expected return on plan assets (0.1) (0.2) (0.2) (0.4) Net periodic benefit expense $ 1.3 $ 1.2 $ 2.6 $ 2.4

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024, we repurchased 0.6 million of our ordinary shares for $50.0 million. As of June 30, 2024, we had $550.0 million available for share repurchases under this authorization. Dividends payable On May 6, 2024, the Board of Directors declared a quarterly cash dividend of $0.23 per share, payable on August 2, 2024 to shareholders of record at the close of business on July 19, 2024. As a result, the balance of dividends payable included in Other current liabilities

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We are composed of three reporting segments: Flow, Water Solutions and Pool. We evaluate performance based on net sales and reportable segment income 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. Reportable segment income represents operating income of each reportable segment inclusive of equity income of unconsolidated subsidiaries and exclusive of intangible amortization, costs of restructuring and transformation activities, impairments, legal accrual adjustments and settlements and other unusual non-operating items. “Corporate and other” activity primarily consists of corporate expenses not allocated to the segments, including executive office, board of directors, and centrally-managed corporate functional or shared service costs related to finance, human resources, communications and corporate development. These activities do not meet the criteria for a stand-alone reporting segment under accounting standards codification (“ASC”) 280. Net sales of the Company’s reportable segments as well as Corporate and other were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Flow $ 396.8 $ 411.6 $ 781.1 $ 803.4 Water Solutions 310.5 336.2 583.6 608.2 Pool 391.5 334.3 751.0 698.6 Reportable segment net sales 1,098.8 1,082.1 2,115.7 2,110.2 Corporate and other 0.5 0.4 0.8 0.9 Net sales $ 1,099.3 $ 1,082.5 $ 2,116.5 $ 2,111.1 The following table presents a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Reportable segment income Flow $ 84.4 $ 74.8 $ 161.7 $ 139.8 Water Solutions 72.9 74.8 128.5 127.2 Pool 133.6 105.1 244.4 221.3 Reportable segment income 290.9 254.7 534.6 488.3 Corporate and other (19.5) (20.5) (45.9) (43.1) Asset impairment and write-offs — (0.5) (0.8) (4.4) Restructuring and other (5.9) (0.6) (10.5) (3.5) Transformation costs (11.8) (6.0) (28.8) (14.5) Intangible amortization (13.4) (13.9) (26.9) (27.7) Legal accrual adjustments and settlements 7.9 (4.1) 8.2 (2.2) Interest expense, net (26.3) (31.8) (53.6) (64.2) Other (expense) income (1.0) 4.2 (2.0) 3.3 Income from continuing operations before income taxes $ 220.9 $ 181.5 $ 374.3 $ 332.0

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 were as follows: In millions June 30, Beginning balance $ 65.0 Service and product warranty provision 49.9 Payments (40.5) Foreign currency translation (0.2) Ending balance $ 74.2 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 June 30, 2024 and December 31, 2023, the outstanding value of bonds, letters of credit and bank guarantees totaled $107.2 million and $124.3 million, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 186.1	$ 152.9	$ 319.4	$ 282.6

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
David A. Jones [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		(a) (b) Name and Title Action Taken Date Type of Trading Arrangement Duration of Trading Arrangement Aggregate Number of Shares to be Sold David A. Jones, Director Adoption 04/30/2024 Rule 10b5-1 trading arrangement 08/30/2024 Up to 4,008 shares issuable upon the exercise of options to acquire shares pursuant to the trading arrangement (a) Each trading arrangement marked as a Rule 10b5-1 trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c). (b) Each trading arrangement permits transactions through and including the earlier to occur of the completion of all sales under the trading arrangement or the date listed in the table.
Name	David A. Jones
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	04/30/2024
Arrangement Duration	122 days
Aggregate Available	4,008	4,008

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, U.S. $ 773.6 $ 757.6 $ 1,478.8 $ 1,473.4 Western Europe 127.2 119.5 258.8 247.3 Developing (1) 139.3 142.5 262.0 263.6 Other Developed (2) 59.2 62.9 116.9 126.8 Consolidated net sales $ 1,099.3 $ 1,082.5 $ 2,116.5 $ 2,111.1 (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 Six months ended In millions June 30, June 30, June 30, June 30, Residential $ 581.4 $ 536.0 $ 1,124.6 $ 1,102.4 Commercial 308.6 344.8 582.2 618.1 Industrial 209.3 201.7 409.7 390.6 Consolidated net sales $ 1,099.3 $ 1,082.5 $ 2,116.5 $ 2,111.1
Contract with Customer, Asset and Liability	Contract assets and liabilities Contract assets and liabilities consisted of the following: In millions June 30, December 31, $ Change % Change Contract assets $ 61.9 $ 70.8 $ (8.9) (12.6) % Contract liabilities 35.8 53.7 (17.9) (33.3) % Net contract assets $ 26.1 $ 17.1 $ 9.0 52.6 %

Share Plans (Tables)

Share Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-based Compensation Expense	Total share-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Restricted stock units $ 4.3 $ 3.7 $ 8.1 $ 7.4 Stock options 1.3 1.0 2.7 2.1 Performance share units 2.8 2.2 5.5 4.6 Total share-based compensation expense $ 8.4 $ 6.9 $ 16.3 $ 14.1
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: 2024 Risk-free interest rate 4.44 % Expected dividend yield 1.43 % Expected share price volatility 30.90 % Expected term (years) 6.5

Restructuring and Transformat_2

Restructuring and Transformation Program (Tables)	6 Months Ended
	Jun. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring And Transformation 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 Six months ended In millions June 30, June 30, June 30, June 30, Restructuring Initiatives Severance and related costs $ 5.4 $ 0.9 $ 9.4 $ 3.4 Other restructuring costs and related adjustments (1) (0.1) (0.1) 0.9 0.5 Total restructuring costs 5.3 0.8 10.3 3.9 Transformation Program Severance and related costs 0.3 0.3 0.7 2.2 Other transformation costs (2) 11.5 5.7 28.1 12.3 Total transformation costs 11.8 6.0 28.8 14.5 Total restructuring and transformation costs $ 17.1 $ 6.8 $ 39.1 $ 18.4 (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 and project management related costs, partially offset by gain on sale of assets.
Restructuring And Transformation Costs By Segment	Restructuring and transformation costs by reportable segment as well as Corporate and other were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Flow $ 2.4 $ 0.8 $ 5.0 $ 1.2 Water Solutions 0.9 (2.6) 1.5 (1.1) Pool 1.7 1.9 5.4 5.2 Corporate and other 12.1 6.7 27.2 13.1 Total restructuring and transformation costs $ 17.1 $ 6.8 $ 39.1 $ 18.4
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets	Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the six months ended June 30, 2024: In millions June 30, Beginning balance $ 13.4 Costs incurred 10.1 Cash payments and other (12.1) Ending balance $ 11.4

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 186.1 $ 152.9 $ 319.4 $ 282.6 Net income from continuing operations $ 186.1 $ 154.2 $ 319.6 $ 282.7 Weighted average ordinary shares outstanding Basic 165.9 165.0 165.8 164.9 Dilutive impact of stock options, restricted stock units and performance share units 1.4 1.1 1.5 1.0 Diluted 167.3 166.1 167.3 165.9 Earnings (loss) per ordinary share Basic Continuing operations $ 1.12 $ 0.94 $ 1.93 $ 1.71 Discontinued operations — (0.01) — — Basic earnings per ordinary share $ 1.12 $ 0.93 $ 1.93 $ 1.71 Diluted Continuing operations $ 1.11 $ 0.93 $ 1.91 $ 1.70 Discontinued operations — (0.01) — — Diluted earnings per ordinary share $ 1.11 $ 0.92 $ 1.91 $ 1.70 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.2 0.3 0.2 0.6

Accounts Receivable (Tables)

Accounts Receivable (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Accounts Receivable, Allowance for Credit Loss	Activity related to our allowance for credit losses is summarized as follows for the six months ended June 30, 2024: In millions June 30, Beginning balance $ 11.2 Write-offs, net of recoveries (1.0) Other (1) 0.4 Ending balance $ 10.6 (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)	6 Months Ended
	Jun. 30, 2024
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	In millions June 30, December 31, Inventories Raw materials and supplies $ 341.1 $ 369.1 Work-in-process 94.5 97.1 Finished goods 211.9 211.5 Total inventories $ 647.5 $ 677.7 Other current assets Cost in excess of billings $ 61.9 $ 70.8 Prepaid expenses 65.6 55.2 Other current assets 6.4 33.3 Total other current assets $ 133.9 $ 159.3 Property, plant and equipment, net Land and land improvements $ 31.8 $ 32.3 Buildings and leasehold improvements 227.7 225.5 Machinery and equipment 683.7 669.9 Capitalized software 90.7 70.5 Construction in progress 38.2 55.8 Total property, plant and equipment 1,072.1 1,054.0 Accumulated depreciation and amortization 710.7 692.0 Total property, plant and equipment, net $ 361.4 $ 362.0 Other non-current assets Right-of-use lease assets $ 124.8 $ 102.0 Deferred income taxes 126.7 113.2 Deferred compensation plan assets 28.3 26.1 Other non-current assets 80.3 74.0 Total other non-current assets $ 360.1 $ 315.3 Other current liabilities Dividends payable $ 38.1 $ 38.0 Accrued warranty 74.2 65.0 Accrued rebates and incentives 197.2 181.8 Accrued freight 22.4 20.4 Billings in excess of cost 28.2 46.9 Current lease liability 25.5 26.2 Income taxes payable 25.8 20.7 Accrued restructuring 11.4 13.4 Interest payable 28.2 29.7 Other current liabilities 97.1 103.2 Total other current liabilities $ 548.1 $ 545.3 Other non-current liabilities Long-term lease liability $ 104.0 $ 79.1 Income taxes payable 36.2 35.6 Self-insurance liabilities 52.7 51.9 Deferred compensation plan liabilities 28.3 26.1 Foreign currency contract liabilities 48.4 70.0 Other non-current liabilities 32.0 32.0 Total other non-current liabilities $ 301.6 $ 294.7

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
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, Foreign Currency June 30, Flow $ 767.1 $ (19.0) $ 748.1 Water Solutions 1,400.6 (5.0) 1,395.6 Pool 1,106.9 — 1,106.9 Total goodwill $ 3,274.6 $ (24.0) $ 3,250.6
Detail of Identifiable Intangible Assets	Identifiable intangible assets consisted of the following: June 30, 2024 December 31, 2023 In millions Cost Accumulated Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 1,100.8 $ (381.0) $ 719.8 $ 1,106.2 $ (361.8) $ 744.4 Proprietary technology and patents 89.3 (45.8) 43.5 89.7 (43.2) 46.5 Total definite-life intangibles 1,190.1 (426.8) 763.3 1,195.9 (405.0) 790.9 Indefinite-life intangibles Trade names 249.1 — 249.1 251.5 — 251.5 Total intangibles $ 1,439.2 $ (426.8) $ 1,012.4 $ 1,447.4 $ (405.0) $ 1,042.4
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows: Q3-Q4 2024 2025 2026 2027 2028 2029 Estimated amortization expense $ 27.0 $ 54.0 $ 52.8 $ 51.5 $ 49.0 $ 48.6

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt and Average Interest Rates on Debt Outstanding	Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of June 30, 2024 Maturity June 30, December 31, Revolving credit facility (Senior Credit Facility) 6.637% 2026 $ — $ — Term Loan Facility 6.802% 2023 - 2027 950.0 987.5 Term loans (Senior Credit Facility) N/A 2024 — 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 Other N/A N/A 3.3 — Unamortized debt issuance costs and discounts N/A N/A (16.7) (18.5) Total debt 1,755.9 1,988.3 Less: Current maturities of short-term borrowings (3.3) — Long-term debt $ 1,752.6 $ 1,988.3 (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 June 30, 2024 matures on a calendar year basis as follows: Q3 - Q4 In millions 2024 2025 2026 2027 2028 2029 Thereafter Total Contractual debt obligation maturities $ 3.3 $ 69.3 $ 50.0 $ 850.0 $ — $ 400.0 $ 400.0 $ 1,772.6

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments	The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 953.3 $ 953.3 $ 1,187.5 $ 1,187.5 Fixed rate debt 819.3 796.7 819.3 824.5 Total debt $ 1,772.6 $ 1,750.0 $ 2,006.8 $ 2,012.0
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows: June 30, 2024 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Interest rate contract assets $ — $ 5.2 $ — $ — $ 5.2 Foreign currency contract assets — 7.5 — — 7.5 Foreign currency contract liabilities — (48.4) — — (48.4) Deferred compensation plan assets 13.5 — — 14.8 28.3 Total recurring fair value measurements $ 13.5 $ (35.7) $ — $ 14.8 $ (7.4) December 31, 2023 In millions Level 1 Level 2 Level 3 NAV Total Recurring fair value measurements Interest rate contract assets $ — $ 0.3 $ — $ — $ 0.3 Foreign currency contract assets — 0.2 — — 0.2 Foreign currency contract liabilities — (70.0) — — (70.0) Deferred compensation plan assets 12.1 — — 14.0 26.1 Total recurring fair value measurements $ 12.1 $ (69.5) $ — $ 14.0 $ (43.4)

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2024 and 2023 were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Service cost $ 0.4 $ 0.4 $ 0.8 $ 0.8 Interest cost 1.0 1.0 2.0 2.0 Expected return on plan assets (0.1) (0.2) (0.2) (0.4) Net periodic benefit expense $ 1.3 $ 1.2 $ 2.6 $ 2.4

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Financial Information by Reportable Segment	Net sales of the Company’s reportable segments as well as Corporate and other were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Flow $ 396.8 $ 411.6 $ 781.1 $ 803.4 Water Solutions 310.5 336.2 583.6 608.2 Pool 391.5 334.3 751.0 698.6 Reportable segment net sales 1,098.8 1,082.1 2,115.7 2,110.2 Corporate and other 0.5 0.4 0.8 0.9 Net sales $ 1,099.3 $ 1,082.5 $ 2,116.5 $ 2,111.1
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table presents a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Reportable segment income Flow $ 84.4 $ 74.8 $ 161.7 $ 139.8 Water Solutions 72.9 74.8 128.5 127.2 Pool 133.6 105.1 244.4 221.3 Reportable segment income 290.9 254.7 534.6 488.3 Corporate and other (19.5) (20.5) (45.9) (43.1) Asset impairment and write-offs — (0.5) (0.8) (4.4) Restructuring and other (5.9) (0.6) (10.5) (3.5) Transformation costs (11.8) (6.0) (28.8) (14.5) Intangible amortization (13.4) (13.9) (26.9) (27.7) Legal accrual adjustments and settlements 7.9 (4.1) 8.2 (2.2) Interest expense, net (26.3) (31.8) (53.6) (64.2) Other (expense) income (1.0) 4.2 (2.0) 3.3 Income from continuing operations before income taxes $ 220.9 $ 181.5 $ 374.3 $ 332.0

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, 2024 were as follows: In millions June 30, Beginning balance $ 65.0 Service and product warranty provision 49.9 Payments (40.5) Foreign currency translation (0.2) Ending balance $ 74.2

Revenue - Geographic Net Sales

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,099.3	$ 1,082.5	$ 2,116.5	$ 2,111.1
Residential
Disaggregation of Revenue [Line Items]
Net sales	581.4	536	1,124.6	1,102.4
Commercial
Disaggregation of Revenue [Line Items]
Net sales	308.6	344.8	582.2	618.1
Industrial
Disaggregation of Revenue [Line Items]
Net sales	209.3	201.7	409.7	390.6
U.S.
Disaggregation of Revenue [Line Items]
Net sales	773.6	757.6	1,478.8	1,473.4
Western Europe
Disaggregation of Revenue [Line Items]
Net sales	127.2	119.5	258.8	247.3
Developing
Disaggregation of Revenue [Line Items]
Net sales	139.3	142.5	262	263.6
Other Developed
Disaggregation of Revenue [Line Items]
Net sales	$ 59.2	$ 62.9	$ 116.9	$ 126.8

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 88.1
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	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 61.9	$ 70.8
Contract liabilities	35.8	53.7
Net contract assets	26.1	$ 17.1
$ Change
Contract assets	(8.9)
Contract liabilities	(17.9)
Net contract assets	$ 9
% Change
Contract assets	(12.60%)
Contract liabilities	(33.30%)
Net contract assets	52.60%

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Change in net contract assets	$ 9
Percent of contract liabilities	85%

Share Plans - Schedule of Share

Share Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 8.4	$ 6.9	$ 16.3	$ 14.1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4.3	3.7	8.1	7.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1.3	1	2.7	2.1
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2.8	$ 2.2	$ 5.5	$ 4.6

Share Plans - Additional Inform

Share Plans - Additional Information (Detail) - Two Thousand Twenty Share and Incentive Plan shares in Millions	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0.5
Restricted stock 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	$ 75.70
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0.2
Weighted-average grant date fair value of options (in dollars per share) | $ / shares	$ 25.10
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.1
Weighted-average grant date fair value (in dollars per share) | $ / shares	$ 71.83

Share Plans - Schedule of Valua

Share Plans - Schedule of Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.44%
Expected dividend yield	1.43%
Expected share price volatility	30.90%
Expected term (years)	6 years 6 months

Restructuring and Transformat_3

Restructuring and Transformation Program - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 Person
Restructuring and Related Activities [Abstract]
Number of employees	200

Restructuring and Transformat_4

Restructuring and Transformation Program - Costs Included in Selling, General & Administrative Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 5.3	$ 0.8	$ 10.3	$ 3.9
Transformation costs	11.8	6	28.8	14.5
Total restructuring and transformation costs	17.1	6.8	39.1	18.4
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Transformation costs	0.3	0.3	0.7	2.2
Other Transformation
Restructuring Cost and Reserve [Line Items]
Transformation costs	11.5	5.7	28.1	12.3
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5.4	0.9	9.4	3.4
Other Restructuring Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ (0.1)	$ (0.1)	$ 0.9	$ 0.5

Restructuring and Transformat_5

Restructuring and Transformation Program - Restructuring Costs by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	$ 17.1	$ 6.8	$ 39.1	$ 18.4
Flow
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	2.4	0.8
Water Solutions
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	0.9	(2.6)	1.5	(1.1)
Pool
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	1.7	1.9	5.4	5.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	$ 12.1	$ 6.7	27.2	13.1
Flow
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs			$ 5	$ 1.2

Restructuring and Transformat_6

Restructuring and Transformation Program - Accrual Activity (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 13.4
Costs incurred	10.1
Cash payments and other	(12.1)
Ending balance	$ 11.4

Earnings Per Share - Basic and

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 186.1	$ 152.9	$ 319.4	$ 282.6
Net income from continuing operations	$ 186.1	$ 154.2	$ 319.6	$ 282.7
Weighted average common shares outstanding
Basic (shares)	165.9	165	165.8	164.9
Dilutive impact of stock options, restricted stock units and performance share units	1.4	1.1	1.5	1
Diluted (shares)	167.3	166.1	167.3	165.9
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 1.12	$ 0.94	$ 1.93	$ 1.71
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Basic earnings (loss) per ordinary share (in dollars per share)	1.12	0.93	1.93	1.71
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	1.11	0.93	1.91	1.70
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 1.11	$ 0.92	$ 1.91	$ 1.70
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.2	0.3	0.2	0.6

Accounts Receivable (Details)

Accounts Receivable (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 11.2
Write-offs, net of recoveries	(1)
Other	0.4
Ending balance	$ 10.6

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventories
Raw materials and supplies	$ 341.1	$ 369.1
Work-in-process	94.5	97.1
Finished goods	211.9	211.5
Total inventories	647.5	677.7
Other current assets
Cost in excess of billings	61.9	70.8
Prepaid expenses	65.6	55.2
Other current assets	6.4	33.3
Total other current assets	133.9	159.3
Property, plant and equipment, net
Land and land improvements	31.8	32.3
Buildings and leasehold improvements	227.7	225.5
Machinery and equipment	683.7	669.9
Capitalized software	90.7	70.5
Construction in progress	38.2	55.8
Total property, plant and equipment	1,072.1	1,054
Accumulated depreciation and amortization	710.7	692
Total property, plant and equipment, net	361.4	362
Other non-current assets
Right-of-use lease assets	124.8	102
Prepaid income taxes	126.7	113.2
Deferred compensation plan assets	28.3	26.1
Other non-current assets	80.3	74
Total other non-current assets	360.1	315.3
Other current liabilities
Dividends payable	38.1	38
Accrued warranty	74.2	65
Accrued rebates and incentives	197.2	181.8
Accrued freight	22.4	20.4
Billings in excess of cost	28.2	46.9
Current lease liability	25.5	26.2
Income taxes payable	25.8	20.7
Accrued restructuring	11.4	13.4
Interest payable	28.2	29.7
Other current liabilities	97.1	103.2
Total other current liabilities	548.1	545.3
Other non-current liabilities
Long-term lease liability	104	79.1
Income taxes payable	36.2	35.6
Self-insurance liabilities	52.7	51.9
Deferred compensation plan liabilities	28.3	26.1
Foreign currency contract liabilities	48.4	70
Other non-current liabilities	32	32
Total other non-current liabilities	$ 301.6	$ 294.7

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 3,274.6
Foreign currency translation/other	(24)
Ending Balance	3,250.6
Water Solutions
Goodwill [Roll Forward]
Beginning Balance	1,400.6
Foreign currency translation/other	(5)
Ending Balance	1,395.6
Pool
Goodwill [Roll Forward]
Beginning Balance	1,106.9
Foreign currency translation/other	0
Ending Balance	1,106.9
Flow
Goodwill [Roll Forward]
Beginning Balance	767.1
Foreign currency translation/other	(19)
Ending Balance	$ 748.1

Goodwill and Other Identifiab_4

Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Acquired Intangible Assets By Major Class [Line Items]
Cost	$ 1,190.1	$ 1,195.9
Accumulated amortization	(426.8)	(405)
Net	763.3	790.9
Cost	1,439.2	1,447.4
Net	1,012.4	1,042.4
Customer relationships
Acquired Intangible Assets By Major Class [Line Items]
Cost	1,100.8	1,106.2
Accumulated amortization	(381)	(361.8)
Net	719.8	744.4
Other
Acquired Intangible Assets By Major Class [Line Items]
Cost	89.3	89.7
Accumulated amortization	(45.8)	(43.2)
Net	43.5	46.5
Trade names intangibles
Acquired Intangible Assets By Major Class [Line Items]
Net, indefinite-life intangibles	$ 249.1	$ 251.5

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization	$ 13.4	$ 13.9	$ 26.9	$ 27.7

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q3-Q4 2024	$ 27
2025	54
2026	52.8
2027	51.5
2028	49
2029	$ 48.6

Debt - Debt and Average Interes

Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Short-Term Debt	$ (3.3)	$ 0
Unamortized debt issuance costs and discounts	(16.7)	(18.5)
Debt	1,755.9	1,988.3
Total debt	$ 1,752.6	1,988.3
Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	6.637%
Debt, gross	$ 0	0
Term Loans | 5-year Term Loan Facility
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	6.802%
Debt, gross	$ 950	987.5	$ 1,000
Term Loans | Term Loans, 1.033% Due 2024
Debt Instrument [Line Items]
Debt, gross	$ 0	200
Senior Notes | Senior Notes 4.650% Due 2025
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	4.65%
Debt, gross	$ 19.3	19.3
Senior Notes | Senior Notes 4.500% Due 2029
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	4.50%
Debt, gross	$ 400	400
Senior Notes | Senior Notes 5.900%
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	5.90%
Debt, gross	$ 400	$ 400

Debt - Additional Information (

Debt - Additional Information (Detail)			3 Months Ended	6 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) testingPeriod	Jun. 30, 2024 USD ($) testingPeriod	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt				$ 237,500,000	$ 0
Leverage ratio covenant period				12 months
Line of Credit | Term Loans Due 2024
Debt Instrument [Line Items]
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
Available capacity			900,000,000	900,000,000
Debt, gross			$ 0	$ 0		$ 0
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]
Repayments of principal in next twelve months			$ 25,000,000	$ 25,000,000
Term Loans | Term Loans, 1.033% Due 2024
Debt Instrument [Line Items]
Repayments of long-term debt			200,000,000
Debt, gross			0	0		200,000,000
Term Loans | 5-year Term Loan Facility
Debt Instrument [Line Items]
Debt, gross			950,000,000	950,000,000		$ 987,500,000	$ 1,000,000,000
Debt installment payment amount		$ 6,300,000
Term Loans | 5-year Term Loan Facility | Forecast | Subsequent Event
Debt Instrument [Line Items]
Debt installment payment amount	$ 12,500,000
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	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Q3-Q4 2024	$ 3.3
2025	69.3
2026	50
2027	850
2028	0
2029	400
Thereafter	400
Total debt	$ 1,772.6

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
AOCI, cash flow hedge, cumulative gain		$ 5.2	$ 0.3
Foreign Exchange Contract
Derivative [Line Items]
Notional amount		17.9	23.9
Currency Swap
Derivative [Line Items]
Notional amount		909.8	$ 940.2
Loss on derivative hedge	$ 51.6	27.7
Interest Rate Swap
Derivative [Line Items]
Notional amount		300
Interest Rate Collar
Derivative [Line Items]
Notional amount		$ 200

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Total debt	$ 1,752.6	$ 1,988.3
Recorded Amount
Derivative [Line Items]
Variable rate debt	953.3	1,187.5
Fixed rate debt	819.3	819.3
Total debt	1,772.6	2,006.8
Fair Value
Derivative [Line Items]
Variable rate debt	953.3	1,187.5
Fixed rate debt	796.7	824.5
Total debt	$ 1,750	$ 2,012

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	$ (48.4)	$ (70)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	7.5	0.2
Foreign currency contract liabilities	(48.4)	(70)
Deferred compensation plan	28.3	26.1
Total recurring fair value measurements	(7.4)	(43.4)
Fair Value, Measurements, Recurring | Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	5.2	0.3
Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0	0
Foreign currency contract liabilities	0	0
Deferred compensation plan	13.5	12.1
Total recurring fair value measurements	13.5	12.1
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	0
Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	7.5	0.2
Foreign currency contract liabilities	(48.4)	(70)
Deferred compensation plan	0	0
Total recurring fair value measurements	(35.7)	(69.5)
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	5.2	0.3
Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0	0
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	0
NAV | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0	0
Foreign currency contract liabilities	0	0
Deferred compensation plan	14.8	14
Total recurring fair value measurements	14.8	14
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	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	14.60%	14.80%
Total gross liability for unrecognized tax benefits	$ 37.3		$ 38.6

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 0.4	$ 0.4	$ 0.8	$ 0.8
Interest cost	1	1	2	2
Expected return on plan assets	(0.1)	(0.2)	(0.2)	(0.4)
Net periodic benefit cost	$ 1.3	$ 1.2	$ 2.6	$ 2.4

Shareholders' Equity (Detail)

Shareholders' Equity (Detail) - USD ($) $ / shares in Units, shares in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 01, 2020
Stockholders Equity Note Disclosure [Line Items]
Share repurchase (in shares)		600				600
Dividends (in dollars per share)		$ 0.23	$ 0.23	$ 0.22	$ 0.22
Dividends payable		$ 38,100,000				$ 38,100,000	$ 38,000,000
Share repurchase		50,000,000				50,000,000
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		$ 550,000,000				$ 550,000,000

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,099.3	$ 1,082.5	$ 2,116.5	$ 2,111.1
Reportable segments
Segment Reporting Information [Line Items]
Net sales	1,098.8	1,082.1	2,115.7	2,110.2
Corporate and other
Segment Reporting Information [Line Items]
Net sales	0.5	0.4	0.8	0.9
Flow | Reportable segments
Segment Reporting Information [Line Items]
Net sales	396.8	411.6	781.1	803.4
Water Solutions | Reportable segments
Segment Reporting Information [Line Items]
Net sales	310.5	336.2	583.6	608.2
Pool | Reportable segments
Segment Reporting Information [Line Items]
Net sales	$ 391.5	$ 334.3	$ 751	$ 698.6

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	$ 248	$ 208.5	$ 428.8	$ 392.1
Asset impairment and write-offs			(0.8)	(4.4)
Transformation costs	(11.8)	(6)	(28.8)	(14.5)
Intangible amortization	(13.4)	(13.9)	(26.9)	(27.7)
Interest expense, net	(26.3)	(31.8)	(53.6)	(64.2)
Other expense (income)	(0.8)	4.8	(0.9)	4.1
Income from continuing operations before income taxes	220.9	181.5	374.3	332
Reportable segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	290.9	254.7	534.6	488.3
Reportable segments | Flow
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	84.4	74.8	161.7	139.8
Reportable segments | Water Solutions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	72.9	74.8	128.5	127.2
Reportable segments | Pool
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	133.6	105.1	244.4	221.3
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	(19.5)	(20.5)	(45.9)	(43.1)
Segment reconciling items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Asset impairment and write-offs	0	(0.5)	(0.8)	(4.4)
Restructuring and other	(5.9)	(0.6)	(10.5)	(3.5)
Transformation costs	(11.8)	(6)	(28.8)	(14.5)
Intangible amortization	(13.4)	(13.9)	(26.9)	(27.7)
Legal Accrual Adjustments and Settlements	7.9	(4.1)	8.2	(2.2)
Interest expense, net	(26.3)	(31.8)	(53.6)	(64.2)
Other expense (income)	$ (1)	$ 4.2	$ (2)	$ 3.3

Commitments and Contingencies -

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 65
Service and product warranty provision	49.9
Payments	(40.5)
Foreign currency translation	(0.2)
Ending balance	$ 74.2

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Letters of credit outstanding	$ 107.2	$ 124.3