Watts Water (WTS) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 26, 2022	Jul. 24, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 26, 2022
Entity File Number	001-11499
Entity Registrant Name	WATTS WATER TECHNOLOGIES INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-2916536
Entity Address, Address Line One	815 Chestnut Street
Entity Address, City or Town	North Andover
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01845
City Area Code	978
Local Phone Number	688-1811
Title of 12(b) Security	Class A common stock, par value $0.10 per share
Trading Symbol	WTS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000795403
Amendment Flag	false
Class A
Entity Common Stock, Shares Outstanding		27,304,015
Class B
Entity Common Stock, Shares Outstanding		6,008,290

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 26, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 230	$ 242
Trade accounts receivable, less reserve allowances of $11.2 million at June 26, 2022 and $10.3 million at December 31, 2021	267.1	220.9
Raw materials	150.3	119.4
Work in process	27	20.4
Finished goods	254.4	230.9
Total Inventories	431.7	370.7
Prepaid expenses and other current assets	38.9	27.9
Total Current Assets	967.7	861.5
PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment, at cost	594.8	608.8
Accumulated depreciation	(400.8)	(408.1)
Property, plant and equipment, net	194	200.7
OTHER ASSETS:
Goodwill	590.9	600.7
Intangible assets, net	119.4	128.6
Deferred income taxes	3.3	3.5
Other, net	59	60.6
TOTAL ASSETS	1,934.3	1,855.6
CURRENT LIABILITIES:
Accounts payable	166.3	143.4
Accrued expenses and other liabilities	189.3	186.9
Accrued compensation and benefits	65.5	78.2
Total Current Liabilities	421.1	408.5
LONG-TERM DEBT	202.2	141.9
DEFERRED INCOME TAXES	39.2	40.5
OTHER NONCURRENT LIABILITIES	85.3	91.5
STOCKHOLDERS' EQUITY:
Preferred Stock, $0.10 par value; 5,000,000 shares authorized; no shares issued or outstanding
Additional paid-in capital	641.6	631.2
Retained earnings	696.8	665.9
Accumulated other comprehensive loss	(155.2)	(127.3)
Total Stockholders' Equity	1,186.5	1,173.2
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	1,934.3	1,855.6
Class A
STOCKHOLDERS' EQUITY:
Common Stock	2.7	2.8
Class B
STOCKHOLDERS' EQUITY:
Common Stock	$ 0.6	$ 0.6

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Jun. 26, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Trade accounts receivable, reserve allowances | $	$ 11.2	$ 10.3
Preferred Stock, par value (in dollars per share) | $ / shares	$ 0.10	$ 0.10
Preferred Stock, shares authorized	5,000,000	5,000,000
Preferred Stock, shares issued	0	0
Preferred Stock, shares outstanding	0	0
Class A
Common Stock, par value (in dollars per share) | $ / shares	$ 0.10	$ 0.10
Common Stock, shares authorized	120,000,000	120,000,000
Common Stock, votes per share (Number of votes)	1	1
Common Stock, issued shares	27,297,954	27,584,525
Common Stock, outstanding shares	27,297,954	27,584,525
Class B
Common Stock, par value (in dollars per share) | $ / shares	$ 0.10	$ 0.10
Common Stock, shares authorized	25,000,000	25,000,000
Common Stock, votes per share (Number of votes)	10	10
Common Stock, issued shares	6,024,290	6,024,290
Common Stock, outstanding shares	6,024,290	6,024,290

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
CONSOLIDATED STATEMENTS OF OPERATIONS
Net sales	$ 526.6	$ 467	$ 989.8	$ 880.3
Cost of goods sold	287.4	266.9	552	506.5
GROSS PROFIT	239.2	200.1	437.8	373.8
Selling, general and administrative expenses	141.6	130.4	267.7	244.2
Restructuring	1.7	17	2.7	17.3
OPERATING INCOME	95.9	52.7	167.4	112.3
Other (income) expense:
Interest income			(0.1)
Interest expense	1.7	1.5	3.1	3.5
Other (income) expense, net		(0.5)	0.3	(0.8)
Total other expense	1.7	1	3.3	2.7
INCOME BEFORE INCOME TAXES	94.2	51.7	164.1	109.6
Provision for income taxes	24.5	14.2	39.9	30.4
NET INCOME	$ 69.7	$ 37.5	$ 124.2	$ 79.2
Basic EPS
NET INCOME PER SHARE	$ 2.08	$ 1.11	$ 3.70	$ 2.34
Weighted average number of shares	33.5	33.8	33.6	33.8
Diluted EPS
NET INCOME PER SHARE	$ 2.07	$ 1.11	$ 3.68	$ 2.34
Weighted average number of shares	33.6	33.9	33.7	33.9
Dividends declared per share	$ 0.30	$ 0.26	$ 0.56	$ 0.49

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 69.7	$ 37.5	$ 124.2	$ 79.2
Other comprehensive (loss) gain net of tax:
Foreign currency translation adjustments	(23.6)	5.8	(33)	(8.3)
Cash flow hedges	1.6	(0.8)	5.1	(0.9)
Other comprehensive (loss) gain	(22)	5	(27.9)	(9.2)
Comprehensive income	$ 47.7	$ 42.5	$ 96.3	$ 70

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY - USD ($) $ in Millions	Class A Common Stock	Class B Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Total
Balance at the beginning of the period at Dec. 31, 2020	$ 2.8	$ 0.6	$ 606.3	$ 560.1	$ (100)	$ 1,069.8
Balance (in shares) at Dec. 31, 2020	27,478,512	6,144,290
Increase (Decrease) in Stockholders' Equity
Net income				79.2		79.2
Other comprehensive (loss) income					(9.2)	(9.2)
Comprehensive income						70
Shares of Class B common stock converted to Class A common stock (in shares)	70,000	(70,000)
Shares of Class A common stock issued upon the exercise of stock options (in shares)	112
Stock-based compensation			9.9			9.9
Stock repurchase				(7.8)		(7.8)
Stock repurchase (in shares)	(62,070)
Net change in restricted and performance stock units			1.9	(9.2)		(7.3)
Net change in restricted and performance stock units (in shares)	90,556
Common stock dividends				(16.7)		(16.7)
Balance at the end of the period at Jun. 27, 2021	$ 2.8	$ 0.6	618.1	605.6	(109.2)	1,117.9
Balance (in shares) at Jun. 27, 2021	27,577,110	6,074,290
Balance at the beginning of the period at Mar. 28, 2021	$ 2.8	$ 0.6	611	581	(114.2)	1,081.2
Balance (in shares) at Mar. 28, 2021	27,585,082	6,124,290
Increase (Decrease) in Stockholders' Equity
Net income				37.5		37.5
Other comprehensive (loss) income					5	5
Comprehensive income						42.5
Shares of Class B common stock converted to Class A common stock (in shares)	50,000	(50,000)
Shares of Class A common stock issued upon the exercise of stock options (in shares)	112
Stock-based compensation			7.1			7.1
Stock repurchase				(4)		(4)
Stock repurchase (in shares)	(30,917)
Net change in restricted and performance stock units (in shares)	(27,167)
Common stock dividends				(8.9)		(8.9)
Balance at the end of the period at Jun. 27, 2021	$ 2.8	$ 0.6	618.1	605.6	(109.2)	1,117.9
Balance (in shares) at Jun. 27, 2021	27,577,110	6,074,290
Balance at the beginning of the period at Dec. 31, 2021	$ 2.8	$ 0.6	631.2	665.9	(127.3)	1,173.2
Balance (in shares) at Dec. 31, 2021	27,584,525	6,024,290
Increase (Decrease) in Stockholders' Equity
Net income				124.2		124.2
Other comprehensive (loss) income					(27.9)	(27.9)
Comprehensive income						96.3
Shares of Class A common stock issued upon the exercise of stock options			0.2			0.2
Shares of Class A common stock issued upon the exercise of stock options (in shares)	2,325
Stock-based compensation			8.2			8.2
Stock repurchase	$ (0.1)			(61.1)		(61.2)
Stock repurchase (in shares)	(433,623)
Net change in restricted and performance stock units			2	(12.9)		(10.9)
Net change in restricted and performance stock units (in shares)	144,727
Common stock dividends				(19.3)		(19.3)
Balance at the end of the period at Jun. 26, 2022	$ 2.7	$ 0.6	641.6	696.8	(155.2)	1,186.5
Balance (in shares) at Jun. 26, 2022	27,297,954	6,024,290
Balance at the beginning of the period at Mar. 27, 2022	$ 2.7	$ 0.6	636.5	655.9	(133.2)	1,162.5
Balance (in shares) at Mar. 27, 2022	27,437,126	6,024,290
Increase (Decrease) in Stockholders' Equity
Net income				69.7		69.7
Other comprehensive (loss) income					(22)	(22)
Comprehensive income						47.7
Shares of Class A common stock issued upon the exercise of stock options			0.2			0.2
Stock-based compensation			4.9			4.9
Stock repurchase				(18.2)		(18.2)
Stock repurchase (in shares)	(140,233)
Net change in restricted and performance stock units				(0.3)		(0.3)
Net change in restricted and performance stock units (in shares)	1,061
Common stock dividends				(10.3)		(10.3)
Balance at the end of the period at Jun. 26, 2022	$ 2.7	$ 0.6	$ 641.6	$ 696.8	$ (155.2)	$ 1,186.5
Balance (in shares) at Jun. 26, 2022	27,297,954	6,024,290

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021
OPERATING ACTIVITIES
Net income	$ 124.2	$ 79.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	14.2	16
Amortization of intangibles	6.1	7.3
Loss on disposal and impairment of property, plant and equipment and other	1.5	0.7
Stock-based compensation	8.2	9.9
Deferred income tax	(1.1)	(4.8)
Changes in operating assets and liabilities:
Accounts receivable	(54.1)	(60.8)
Inventories	(72.5)	(52.1)
Prepaid expenses and other assets	(6)	(7.5)
Accounts payable, accrued expenses and other liabilities	24.4	85.3
Net cash provided by operating activities	44.9	73.2
INVESTING ACTIVITIES
Additions to property, plant and equipment	(13.1)	(13)
Proceeds from the sale of property, plant and equipment	0.8	4.9
Net cash used in investing activities	(12.3)	(8.1)
FINANCING ACTIVITIES
Proceeds from long-term borrowings	75	35
Payments of long-term debt	(15)	(40)
Payments for withholding taxes on vested awards	(12.9)	(9.2)
Payments for finance leases and other	(0.6)	(0.6)
Proceeds from share transactions under employee stock plans	0.2
Debt issuance costs		(2.4)
Payments to repurchase common stock	(61.1)	(7.8)
Dividends	(19.3)	(16.7)
Net cash used in financing activities	(33.7)	(41.7)
Effect of exchange rate changes on cash and cash equivalents	(10.9)	(2.2)
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(12)	21.2
Cash and cash equivalents at beginning of year	242	218.9
CASH AND CASH EQUIVALENTS AT END OF PERIOD	230	240.1
SUPPLEMENTAL CASH FLOW DISCLOSURE:
Issuance of stock under management stock purchase plan	0.3	0.5
CASH PAID FOR:
Interest	2.3	3.9
Income taxes	$ 42.3	$ 31.1

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 26, 2022
Basis of Presentation
Basis of Presentation	1. Basis of Presentation ​ The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the Watts Water Technologies, Inc. (the “Company”) Consolidated Balance Sheet as of June 26, 2022, the Consolidated Statements of Operations for the second quarters and six months ended June 26, 2022 and June 27, 2021, the Consolidated Statements of Comprehensive Income for the second quarters and six months ended June 26, 2022 and June 27, 2021, the Consolidated Statements of Stockholders’ Equity for the second quarters and six months ended June 26, 2022 and June 27, 2021, and the Consolidated Statements of Cash Flows for the six months ended June 26, 2022 and June 27, 2021. ​ The consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date. The accounting policies followed by the Company are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The financial statements included in this report should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2022. ​ The Company operates on a 52 13 ​ Estimates ​ The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We are not aware of any specific event or circumstance that would require updates to the Company’s estimates or judgments or require the Company to revise the carrying value of the Company’s assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ from those estimates.

Accounting Policies

Accounting Policies	6 Months Ended
	Jun. 26, 2022
Accounting Policies
Accounting Policies	2. Accounting Policies ​ The significant accounting policies used in preparation of these consolidated financial statements for the second quarter ended June 26, 2022, are consistent with those discussed in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ Shipping and Handling ​ Shipping and handling costs included in selling, general and administrative expenses amounted to $18.4 million and $17.5 million for the second quarters of 2022 and 2021, respectively, and were $36.1 million and $32.9 million for the first six months of 2022 and 2021, respectively. ​ Research and Development ​ Research and development costs included in selling, general and administrative expenses amounted to $12.3 million and $11.0 million for the second quarters of 2022 and 2021, respectively, and were $24.2 million and $21.8 million for the first six months of 2022 and 2021, respectively.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 26, 2022
Revenue Recognition
Revenue Recognition	3. Revenue Recognition ​ The Company is a leading supplier of products that manage and conserve the flow of fluids and energy into, through and out of buildings in the commercial and residential markets of the Americas, Europe, and Asia-Pacific, Middle East, and Africa (“APMEA”). For over 140 years, the Company has designed and produced valve systems that safeguard and regulate water systems, energy efficient heating and hydronic systems, drainage systems and water filtration technology that helps purify and conserve water. ​ The Company distributes products through four primary distribution channels: wholesale, original equipment manufacturers (OEMs), specialty, and do-it-yourself (DIY). The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products, which are comprised of the following principal product lines: ​ ● Residential & commercial flow control products—includes products typically sold into plumbing and hot water applications such as backflow preventers, water pressure regulators, temperature and pressure relief valves, thermostatic mixing valves and leak detection products. ● HVAC & gas products—includes commercial high-efficiency boilers, water heaters and heating solutions, hydronic and electric heating systems for under-floor radiant applications, custom heat and hot water solutions, hydronic pump groups for boiler manufacturers and alternative energy control packages, and flexible stainless steel connectors for natural and liquid propane gas in commercial food service and residential applications. HVAC is an acronym for heating, ventilation and air conditioning. ● Drainage & water re - use products—includes drainage products and engineered rain water harvesting solutions for commercial, industrial, marine and residential applications. ● Water quality products—includes point-of-use and point-of-entry water filtration, conditioning and scale prevention systems for commercial, marine and residential applications. ​ The following table disaggregates revenue, which is presented as net sales in the financial statements, for each reportable segment, by distribution channel and principal product line: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 26, 2022 ​ For the six months ended June 26, 2022 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Distribution Channel ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Wholesale ​ $ 214.3 ​ $ 81.0 ​ $ 20.8 ​ $ 316.1 ​ $ 389.1 ​ $ 165.0 ​ $ 38.8 ​ $ 592.9 OEM ​ ​ 27.1 ​ 46.3 ​ 2.0 ​ 75.4 ​ ​ 52.7 ​ 91.7 ​ 3.4 ​ 147.8 Specialty ​ ​ 112.4 ​ — ​ — ​ 112.4 ​ ​ 206.2 ​ — ​ — ​ 206.2 DIY ​ 22.1 ​ 0.6 ​ — ​ 22.7 ​ 41.8 ​ 1.1 ​ — ​ 42.9 Total ​ $ 375.9 ​ $ 127.9 ​ $ 22.8 ​ $ 526.6 ​ $ 689.8 ​ $ 257.8 ​ $ 42.2 ​ $ 989.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 26, 2022 ​ For the six months ended June 26, 2022 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Principal Product Line ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Residential & Commercial Flow Control ​ $ 211.9 ​ $ 46.2 ​ $ 18.6 ​ $ 276.7 ​ $ 389.9 ​ $ 92.3 ​ $ 34.5 ​ $ 516.7 HVAC and Gas Products ​ ​ 100.7 ​ 57.9 ​ 3.6 ​ 162.2 ​ ​ 185.0 ​ 117.9 ​ 6.0 ​ 308.9 Drainage and Water Re-use Products ​ ​ 29.8 ​ 22.7 ​ 0.3 ​ 52.8 ​ ​ 52.6 ​ 45.5 ​ 1.1 ​ 99.2 Water Quality Products ​ 33.5 ​ 1.1 ​ 0.3 ​ 34.9 ​ 62.3 ​ 2.1 ​ 0.6 ​ 65.0 Total ​ $ 375.9 ​ $ 127.9 ​ $ 22.8 ​ $ 526.6 ​ $ 689.8 ​ $ 257.8 ​ $ 42.2 ​ $ 989.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 27, 2021 ​ For the six months ended June 27, 2021 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Distribution Channel ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Wholesale ​ $ 177.3 ​ $ 88.5 ​ $ 21.4 ​ $ 287.2 ​ $ 334.7 ​ $ 169.5 ​ $ 38.0 ​ $ 542.2 OEM ​ ​ 24.1 ​ 47.4 ​ 1.6 ​ 73.1 ​ ​ 44.6 ​ 88.4 ​ 2.6 ​ 135.6 Specialty ​ ​ 86.1 ​ — ​ 0.1 ​ 86.2 ​ ​ 160.2 ​ — ​ 0.1 ​ 160.3 DIY ​ 19.6 ​ 0.9 ​ — ​ 20.5 ​ 40.4 ​ 1.8 ​ — ​ 42.2 Total ​ $ 307.1 ​ $ 136.8 ​ $ 23.1 ​ $ 467.0 ​ $ 579.9 ​ $ 259.7 ​ $ 40.7 ​ $ 880.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 27, 2021 ​ For the six months ended June 27, 2021 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Principal Product Line ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Residential & Commercial Flow Control ​ $ 177.2 ​ $ 51.8 ​ $ 18.6 ​ $ 247.6 ​ $ 339.5 ​ $ 99.1 ​ $ 33.3 ​ $ 471.9 HVAC and Gas Products ​ ​ 77.6 ​ 60.9 ​ 3.6 ​ 142.1 ​ ​ 143.5 ​ 115.1 ​ 5.9 ​ 264.5 Drainage and Water Re-use Products ​ ​ 25.2 ​ 22.5 ​ 0.5 ​ 48.2 ​ ​ 43.8 ​ 42.7 ​ 0.9 ​ 87.4 Water Quality Products ​ 27.1 ​ 1.6 ​ 0.4 ​ 29.1 ​ 53.1 ​ 2.8 ​ 0.6 ​ 56.5 Total ​ $ 307.1 ​ $ 136.8 ​ $ 23.1 ​ $ 467.0 ​ $ 579.9 ​ $ 259.7 ​ $ 40.7 ​ $ 880.3 ​ The Company generally considers customer purchase orders, which in some cases are governed by master sales agreements, to represent the contract with a customer. The Company’s contracts with customers are generally for products only and typically do not include other performance obligations such as professional services, extended warranties, or other material rights. In situations where sales are to a distributor, the Company has concluded that its contracts are with the distributor as the Company holds a contract bearing enforceable rights and obligations only with the distributor. As part of its consideration of the contract, the Company evaluates certain factors, including the customer’s ability to pay (or credit risk). For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. As the Company’s standard payment terms are less than one year, the Company has elected not to assess whether a contract has a significant financing component. The Company allocates the transaction price to each distinct product based on its relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment from the Company’s manufacturing site or distribution center, or delivery to the customer’s named location. In certain circumstances, revenue from shipments to retail customers is recognized only when the product is consumed by the customer, as based on the terms of the arrangement, transfer of control is not satisfied until that point in time. In determining whether control has transferred, the Company considers if there is a present right to payment, physical possession and legal title, along with risks and rewards of ownership having transferred to the customer. In certain circumstances, the Company manufactures customized product without alternative use for its customers. However, as these arrangements do not entitle the Company to a right to payment of cost plus a profit for work completed, the Company has concluded that revenue recognition at the point in time control transfers is appropriate and not over time recognition. ​ At times, the Company receives orders for products to be delivered over multiple dates that may extend across reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred. As scheduled delivery dates are within one year, under the optional exemption provided by the guidance, revenues allocated to future shipments of partially completed contracts are not disclosed. ​ The Company generally provides an assurance warranty that its products will substantially conform to the published specification. The Company’s liability is limited to either a credit equal to the purchase price or replacement of the defective part. Returns under warranty have historically been immaterial. The Company does not consider activities related to such warranty, if any, to be a separate performance obligation. For certain of its products, the Company will separately sell extended warranty and service policies to its customers. The Company considers the sale of these as separate performance obligations. These policies typically are for periods ranging from one received are deferred and recognized over the policy period. For all periods presented, the revenue recognized and the revenue deferred under these policies are not material to the consolidated financial statements. ​ The timing of revenue recognition, billings and cash collections from the Company’s contracts with customers can vary based on the payment terms and conditions in the customer contracts. In limited cases, customers will partially prepay for their goods. In addition, there are constraints which cause variability in the ultimate consideration to be recognized. These constraints typically include early payment discounts, volume rebates, rights of return, cooperative advertising, and market development funds. The Company includes these constraints in the estimated transaction price when there is a basis to reasonably estimate the amount of variable consideration. These estimates are based on historical experience, anticipated future performance and the Company’s best judgment at the time. The Company did not recognize any material revenue from obligations satisfied in prior periods. When the timing of the Company’s recognition of revenue is different from the timing of payments made by the customer, the Company recognizes a contract liability (customer payment precedes performance). For all periods presented, the recognized contract liabilities and the associated revenue deferred are not material to the consolidated financial statements. ​ The Company incurs costs to obtain and fulfill a contract; however, the Company has elected to recognize all incremental costs to obtain a contract as an expense when incurred if the amortization period is one year or less. The Company has elected to treat shipping and handling activities performed after the customer has obtained control of the related goods as a fulfillment cost and the related cost is accrued for in conjunction with the recording of revenue for the goods.

Goodwill & Intangibles

Goodwill & Intangibles	6 Months Ended
	Jun. 26, 2022
Goodwill & Intangibles
Goodwill & Intangibles	4. Goodwill & Intangibles ​ The Company operates in three geographic segments: Americas, Europe, and APMEA. The changes in the carrying amount of goodwill by geographic segment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Balance ​ Accumulated Impairment Losses ​ Foreign Currency Translation ​ Net Goodwill ​ ​ ​ ​ Acquired ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ ​ ​ Balance ​ During ​ Balance ​ Balance ​ Impairment ​ Balance ​ 2022 - ​ ​ ​ ​ January 1, ​ the ​ June 26, ​ January 1, ​ Loss During ​ June 26, ​ June 26, ​ June 26, ​ 2022 Period 2022 2022 the Period 2022 2022 2022 ​ ​ (in millions) Americas ​ $ 490.9 ​ $ — ​ $ 490.9 ​ $ (24.5) ​ $ — ​ $ (24.5) ​ $ (0.2) ​ $ 466.2 Europe ​ 242.9 ​ — ​ 242.9 ​ (129.7) ​ — ​ (129.7) ​ (8.1) ​ 105.1 APMEA ​ 34.0 ​ — ​ 34.0 ​ (12.9) ​ — ​ (12.9) ​ (1.5) ​ 19.6 Total ​ $ 767.8 ​ $ — ​ $ 767.8 ​ $ (167.1) ​ $ — ​ $ (167.1) ​ $ (9.8) ​ $ 590.9 ​ Goodwill and indefinite-lived intangible assets are tested for impairment at least annually or more frequently if events or circumstances indicate that it is “more likely than not” that they might be impaired, such as from a change in business conditions. The Company performs its annual goodwill and indefinite-lived intangible assets impairment assessment in the fourth quarter of each year. At the most recent annual impairment test which occurred in the fourth quarter of 2021, the Company performed qualitative fair value assessments, including an evaluation of certain key assumptions for all seven of its reporting units. The Company concluded that the fair value of all seven reporting units exceeded their carrying values at that time. ​ Intangible assets include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 26, 2022 ​ December 31, 2021 ​ ​ Gross ​ ​ ​ ​ Net ​ Gross ​ ​ ​ ​ Net ​ ​ Carrying ​ Accumulated ​ Carrying ​ Carrying ​ Accumulated ​ Carrying ​ Amount Amortization Amount Amount Amortization Amount ​ ​ (in millions) Patents ​ $ 16.1 ​ $ (16.1) ​ $ — ​ $ 16.1 ​ $ (16.1) ​ $ — Customer relationships ​ 237.0 ​ (176.8) ​ 60.2 ​ 237.5 ​ (173.1) ​ 64.4 Technology ​ 57.4 ​ (42.7) ​ 14.7 ​ 58.6 ​ (40.7) ​ 17.9 Trade names ​ 26.6 ​ (17.4) ​ 9.2 ​ 26.8 ​ (16.9) ​ 9.9 Other ​ 4.3 ​ (3.8) ​ 0.5 ​ 4.3 ​ (3.8) ​ 0.5 Total amortizable intangibles ​ 341.4 ​ (256.8) ​ 84.6 ​ 343.3 ​ (250.6) ​ 92.7 Indefinite-lived intangible assets ​ 34.8 ​ — ​ 34.8 ​ 35.9 ​ — ​ 35.9 ​ ​ $ 376.2 ​ $ (256.8) ​ $ 119.4 ​ $ 379.2 ​ $ (250.6) ​ $ 128.6 ​ Aggregate amortization expense for amortized intangible assets for the second quarters ended June 26, 2022 and June 27, 2021 was $3.0 million and $3.4 million, respectively, and for the first six months of 2022 and 2021 was $6.1 million and $7.3 million, respectively.

Financial Instruments and Deriv

Financial Instruments and Derivative Instruments	6 Months Ended
	Jun. 26, 2022
Financial Instruments and Derivative Instruments
Financial Instruments and Derivative Instruments	5. Financial Instruments and Derivative Instruments ​ Fair Value ​ The carrying amounts of cash and cash equivalents, trade receivables and trade payables approximate fair value because of the short maturity of these financial instruments. The fair value of the Company’s borrowings under the Amended and Restated Credit Agreement entered into on March 30, 2021 (the “Amended Credit Agreement”) approximates its carrying value. ​ Financial Instruments ​ The Company measures certain financial assets and liabilities at fair value on a recurring basis, including deferred compensation plan assets and related liabilities, contingent consideration, and derivatives. The fair values of these financial assets and liabilities were determined using the following inputs at June 26, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at June 26, 2022 Using: ​ ​ ​ ​ ​ Quoted Prices in Active ​ Significant Other ​ Significant ​ ​ ​ ​ ​ Markets for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan asset for deferred compensation(1) ​ $ 2.0 ​ $ 2.0 ​ $ — ​ $ — Interest rate swap(2) ​ $ 7.5 ​ $ — ​ $ 7.5 ​ $ — Designated foreign currency hedges(4) ​ $ 0.1 ​ $ — ​ $ 0.1 ​ $ — Total assets ​ $ 9.6 ​ $ 2.0 ​ $ 7.6 ​ $ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan liability for deferred compensation(3) ​ $ 2.0 ​ $ 2.0 ​ $ — ​ $ — Contingent consideration(6) ​ $ 6.1 ​ $ — ​ $ — ​ $ 6.1 Total liabilities ​ $ 8.1 ​ $ 2.0 ​ $ — ​ $ 6.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2021 Using: ​ ​ ​ ​ ​ Quoted Prices in Active ​ Significant Other ​ Significant ​ ​ ​ ​ ​ Markets for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan asset for deferred compensation(1) ​ $ 2.6 ​ $ 2.6 ​ $ — ​ $ — Interest rate swap(1) ​ $ 1.4 ​ $ — ​ $ 1.4 ​ $ — Total assets ​ $ 4.0 ​ $ 2.6 ​ $ 1.4 ​ $ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap(5) ​ $ 0.6 ​ $ — ​ $ 0.6 ​ $ — Plan liability for deferred compensation(3) ​ $ 2.6 ​ $ 2.6 ​ $ — ​ $ — Contingent consideration(6) ​ $ 6.3 ​ $ — ​ $ — ​ $ 6.3 Total liabilities ​ $ 9.5 ​ $ 2.6 ​ $ 0.6 ​ $ 6.3 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). ​ (2) As of June 26, 2022, $1.9 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $5.6 million classified in other assets (other, net). ​ (3) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. ​ (4) ​ (5) ​ (6) ​ There were no changes in fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) in the second quarter of 2022. ​ In connection with the immaterial acquisition of Australian Valve Group Pty Ltd (“AVG”) completed during the third quarter of 2020 and Sentinel Hydrosolutions, LLC (“Sentinel”) completed during the fourth quarter of 2021, contingent liabilities of $2.8 million and $2.5 million, respectively, were recognized as the estimate of the acquisition date fair value of the contingent consideration. The AVG contingent liability as of June 26, 2022 was $3.6 million after increasing the liability by $0.8 million during the second quarter of 2021, due to increased probability of achieving higher performance metrics, and foreign exchange translations. These liabilities were classified as Level 3 under the fair value hierarchy as they were based on the probability of achievement of future performance metrics as of the respective dates of acquisition, which were not observable in the market. Failure to meet the performance metrics would reduce this liability to zero, while complete achievement would increase the liability to a maximum contingent consideration of approximately $4.1 million for AVG and $4.5 million for Sentinel. ​ Cash equivalents consist of instruments with original maturities of three months or less at the date of purchase and consist primarily of money market funds, for which the carrying amount is a reasonable estimate of fair value. ​ The Company uses financial instruments from time to time to enhance its ability to manage risk, including foreign currency and commodity pricing exposures, which exist as part of its ongoing business operations. The use of derivatives exposes the Company to counterparty credit risk for nonperformance and to market risk related to changes in currency exchange rates and commodity prices. The Company manages its exposure to counterparty credit risk through diversification of counterparties. The Company’s counterparties in derivative transactions are substantial commercial banks with significant experience using such derivative instruments. The impact of market risk on the fair value and cash flows of the Company’s derivative instruments is monitored and the Company restricts the use of derivative financial instruments to hedging activities. The Company does not enter into contracts for trading purposes nor does the Company enter into any contracts for speculative purposes. The use of derivative instruments is approved by senior management under written guidelines. ​ Interest Rate Swaps ​ On March 30, 2021, the Company entered into the Amended Credit Agreement. The Amended Credit Agreement extended the maturity date of the $800 million senior unsecured revolving credit facility from February 12, 2022 to March 30, 2026 (the "Revolving Credit Facility"). Borrowings outstanding under the Revolving Credit Facility bear interest at a fluctuating rate per annum as further detailed in Note 11. ​ In order to manage the Company’s exposure to changes in cash flows attributable to fluctuations in LIBOR-indexed interest payments related to the Company’s floating rate debt, the Company entered into an interest rate swap on March 30, 2021. Under the interest rate swap agreement, the Company receives the one-month USD-LIBOR subject to a 0.00% floor and pays a fixed rate of 1.02975% on a notional amount of $100.0 million. The swap matures on March 30, 2026. The Company formally documents the hedge relationships at hedge inception to ensure that its interest rate swaps qualify for hedge accounting. On a quarterly basis, the Company assesses whether the interest rate swap is highly effective in offsetting changes in the cash flow of the hedged item. The Company does not hold or issue interest rate swaps for trading purposes. The swaps are designated as cash flow hedges. For the second quarter and six months ended June 26, 2022, a net gain of million, respectively, was recorded in Accumulated Other Comprehensive Loss to recognize the effective portion of the fair value of the interest rate swap that qualifies as a cash flow hedge. ​ Designated Foreign Currency Hedges ​ The Company’s foreign subsidiaries transact most business, including certain intercompany transactions, in foreign currencies. Such transactions are principally purchases or sales of materials. The Company has exposure to a number of foreign currencies, including the Canadian dollar, the euro, and the Chinese yuan. The Company uses a layering methodology, whereby at the end of each quarter, the Company enters into forward exchange contracts hedging Canadian dollar to U.S. dollar, which hedge up to 85% of the forecasted intercompany purchase transactions between one of the Company’s Canadian subsidiaries and the Company’s U.S. operating subsidiaries for the next twelve months. The Company uses a similar layering methodology when entering into forward exchange contracts hedging U.S. dollar to the Chinese yuan, which hedge up to 60% of the forecasted intercompany sales transactions between one of the Company’s Chinese subsidiaries and one of the Company’s U.S. operating subsidiaries for the next twelve months. As of June 26, 2022, all designated foreign exchange hedge contracts were cash flow hedges under ASC 815, Derivatives and Hedging ​ The notional amounts outstanding as of June 26, 2022 for the Canadian dollar to U.S. dollar contracts and the U.S. dollar to the Chinese yuan were $15.9 million and $5.4 million, respectively. The fair value of the Company’s designated foreign hedge contracts outstanding as of June 26, 2022 was an asset of $0.1 million. As of June 26, 2022, the amount expected to be reclassified into cost of goods sold from other comprehensive income in the next twelve months is immaterial.

Restructuring and Other Charges

Restructuring and Other Charges, Net	6 Months Ended
	Jun. 26, 2022
Restructuring and Other Charges, Net
Restructuring and Other Charges, Net	6. Restructuring and Other Charges, Net ​ The Company’s Board of Directors approves all major restructuring programs that may involve the discontinuance of significant product lines or the shutdown of significant facilities. From time to time, the Company takes additional restructuring actions, including involuntary terminations that are not part of a major program. The Company accounts for these costs in the period in which the liability is incurred. These costs are included in restructuring charges in the Company’s consolidated statements of operations. A summary of the pre-tax cost by restructuring program is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ June 26, June 27, June 26, June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ Restructuring costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 France Actions ​ $ 1.3 ​ $ 18.0 ​ $ 2.3 ​ $ 18.0 ​ Other Actions ​ 0.4 ​ (1.0) ​ 0.4 ​ (0.7) ​ Total restructuring charges ​ $ 1.7 ​ $ 17.0 ​ $ 2.7 ​ $ 17.3 ​ ​ The Company recorded pre-tax restructuring costs in its business segments as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in millions) ​ Americas ​ $ 0.4 ​ $ (0.7) ​ $ 0.5 ​ $ (0.7) ​ Europe ​ 1.3 ​ 17.9 ​ 2.3 ​ 17.9 ​ APMEA ​ — ​ (0.2) ​ (0.1) ​ 0.1 ​ Total ​ $ 1.7 ​ $ 17.0 ​ $ 2.7 ​ $ 17.3 ​ ​ 2021 France Actions ​ On June 25, 2021, the Board of Directors approved a restructuring program with respect to the Company’s operating facilities in France, within its Europe operating segment. The restructuring program includes the shutdown of the Company’s manufacturing facility in Méry, France and the consolidation of that facility’s operations primarily into the Company’s facilities in Virey-le-Grand and Hautvillers, France. The total pre-tax restructuring charges associated with the program were initially estimated to be approximately $26.3 million. As of June 26, 2022, the Company reduced its total expected pre-tax charges for the program to approximately $22.9 million, of which $22.0 million was incurred program-to-date. The reduction in total expected charges primarily related to lower severance and outplacement costs than initially estimated. The total expected charges include costs for employee severance, relocation of equipment, clean-up of the facility and certain asset write-downs, ​ The following table summarizes by type, the total expected, incurred and remaining pre-tax restructuring costs for the Company’s restructuring program related to the 2021 France Actions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ ​ ​ ​ Legal and ​ Asset ​ exit ​ ​ ​ ​ Severance consultancy write-downs and other Total ​ ​ (in millions) Costs incurred — 2021 $ 16.9 $ 0.9 $ 0.9 $ 1.0 $ 19.7 Costs incurred—first quarter 2022 ​ ​ 0.2 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.3 ​ ​ 1.0 Costs incurred—second quarter 2022 ​ ​ 0.6 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.2 ​ ​ 1.3 Remaining costs to be incurred ​ ​ 0.9 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.9 Total expected restructuring costs $ 18.6 ​ $ 1.1 ​ $ 1.7 ​ $ 1.5 $ 22.9 ​ ​ Details of the restructuring reserve activity for the Company’s 2021 France Actions for the period ended June 26, 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ ​ ​ Legal and ​ Asset ​ exit ​ ​ ​ ​ Severance consultancy write-downs and other Total ​ ​ (in millions) Balance at December 31, 2021 ​ $ 9.9 ​ $ 0.2 ​ $ — ​ $ 0.5 ​ $ 10.6 Net pre-tax restructuring charges ​ ​ 0.2 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.3 ​ ​ 1.0 Utilization and foreign currency impact ​ ​ (4.7) ​ ​ (0.1) ​ ​ (0.4) ​ ​ (0.3) ​ ​ (5.5) Balance at March 27, 2022 ​ $ 5.4 ​ $ 0.2 ​ $ — ​ $ 0.5 ​ $ 6.1 Net pre-tax restructuring charges ​ ​ 0.6 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.2 ​ ​ 1.3 Utilization and foreign currency impact ​ ​ (2.0) ​ ​ (0.2) ​ ​ (0.4) ​ ​ (0.5) ​ ​ (3.1) Balance at June 26, 2022 ​ $ 4.0 ​ $ 0.1 ​ $ — ​ $ 0.2 ​ $ 4.3 ​ Other Actions ​ The Company periodically initiates other actions which are not part of a major program. Included in “Other Actions” for the second quarter and six months ended June 26, 2022 were immaterial actions primarily taken in the Americas segment. An additional $1.1 million of facility exit charges related to the decommissioning of machinery at one of the Company’s facilities in the Americas is expected to be incurred in the third and fourth quarters of 2022.

Earnings per Share and Stock Re

Earnings per Share and Stock Repurchase Program	6 Months Ended
	Jun. 26, 2022
Earnings per Share and Stock Repurchase Program
Earnings per Share and Stock Repurchase Program	7. Earnings per Share and Stock Repurchase Program ​ The following table sets forth the reconciliation of the calculation of earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Second Quarter Ended June 26, 2022 ​ For the Second Quarter Ended June 27, 2021 ​ ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share ​ ​ (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount ​ ​ (Amounts in millions, except per share information) Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 69.7 ​ 33.5 ​ $ 2.08 ​ $ 37.5 ​ 33.8 ​ $ 1.11 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock equivalents ​ ​ ​ ​ 0.1 ​ ​ (0.01) ​ ​ ​ 0.1 ​ ​ — ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 69.7 ​ 33.6 ​ $ 2.07 ​ $ 37.5 33.9 ​ $ 1.11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 26, 2022 ​ For the Six Months Ended June 27, 2021 ​ ​ ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share ​ ​ (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount ​ ​ ​ (Amounts in millions, except per share information) ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 124.2 ​ 33.6 ​ $ 3.70 ​ $ 79.2 ​ 33.8 ​ $ 2.34 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock equivalents ​ ​ ​ ​ 0.1 ​ ​ (0.02) ​ ​ ​ 0.1 ​ ​ — ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 124.2 ​ 33.7 ​ $ 3.68 ​ $ 79.2 33.9 ​ $ 2.34 ​ ​ There were no options to purchase Class A common stock outstanding during the second quarters and six months ended June 26, 2022 or June 27, 2021 that would have been anti-dilutive. ​ On February 6, 2019, the Company’s Board of Directors authorized the repurchase of up to $150 million of the Company’s Class A common stock, to be purchased from time to time on the open market or in privately negotiated transactions. For the stock repurchase program, the Company entered into Rule 10b5-1 plans, which permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time, subject to the terms of the Rule 10b5-1 plans the Company entered into with respect to the repurchase program. As of June 26, 2022, there was $36.3 million remaining authorized for share repurchases under the $150 million program. ​ For the second quarters ended June 26, 2022 and June 27, 2021, the Company repurchased 140,233 shares for $18.2 million and 30,917 shares for $4.0 million, respectively. For the six months ended June 26, 2022 and June 27, 2021, the Company repurchased 433,623 shares for $61.1 million and 62,070 shares for $7.8 million, respectively.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 26, 2022
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation ​ The Company granted 48,285 and 52,230 units of deferred stock awards during the first six months of 2022 and 2021, respectively. The Company grants shares of deferred stock awards to key employees and stock awards to non-employee members of the Company’s Board of Directors under the Second Amended and Restated 2004 Stock Incentive Plan (“2004 Stock Incentive Plan”). Deferred stock awards to employees typically vest over a three-year period and stock awards to non-employee members of the Company’s Board of Directors vest immediately. ​ The Company also grants performance stock units to key employees under the 2004 Stock Incentive Plan. Performance stock units cliff vest at the end of a performance period set by the Compensation Committee of the Board of Directors at the time of grant, which is currently three years. Upon vesting, the number of shares of the Company’s Class A common stock awarded to each performance stock unit recipient will be determined based on the Company’s performance relative to certain performance goals set at the time the performance stock units were granted. The recipient of a performance stock unit award may earn from zero shares to twice ​ Under the Management Stock Purchase Plan (“MSPP”), the Company granted 28,711 and 24,690 restricted stock units (“RSUs”) during the first six months of 2022 and 2021, respectively. The MSPP allows for the granting of RSUs to key employees. On an annual basis, key employees may elect to receive a portion of their annual incentive compensation in RSUs instead of cash. Participating employees may use up to 50% of their annual incentive bonus to purchase RSUs for a purchase price equal to 80% of the fair market value of the Company’s Class A common stock as of the date of grant. RSUs vest either annually over a three-year period from the grant date or upon the third anniversary of the grant date. Receipt of the shares underlying RSUs is deferred for a minimum of three years, or such greater number of years as is chosen by the employee, from the date of grant. ​ The fair value of each share issued under the MSPP is estimated on the date of grant, using the Black-Scholes-Merton Model, based on the following weighted average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Expected life (years) ​ 3.0 ​ 3.0 ​ Expected stock price volatility 33.7 % 32.7 % Expected dividend yield 0.80 % 0.75 % Risk-free interest rate 2.0 % 0.3 % ​ The risk-free interest rate is based upon the U.S. Treasury yield curve at the time of grant for the respective expected life of the RSUs. The expected life (estimated period of time outstanding) of RSUs and volatility were calculated using historical data. The expected dividend yield of stock is the Company’s best estimate of the expected future dividend yield. ​ The above assumptions were used to determine the weighted average grant-date fair value of the discount on RSUs granted in 2022 and 2021 of $47.26 and $37.12, respectively. ​ A more detailed description of each of these plans can be found in Note 13 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

Segment Information

Segment Information	6 Months Ended
	Jun. 26, 2022
Segment Information
Segment Information	9. Segment Information ​ The Company operates in three geographic segments: Americas, Europe, and APMEA. Each of these segments sells similar products and has separate financial results that are reviewed by the Company’s chief operating decision-maker. Each segment earns revenue and income almost exclusively from the sale of the Company’s products. The Company sells its products into various end markets around the world, with sales by region based upon location of the entity recording the sale. See Note 3 for further detail on the product lines sold into by region. All intercompany sales transactions have been eliminated. The accounting policies for each segment are the same as those described in Note 2 above and in Note 2 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ The following is a summary of the Company’s significant accounts and balances by segment, reconciled to its consolidated totals: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 375.9 ​ $ 307.1 ​ $ 689.8 ​ $ 579.9 ​ Europe ​ 127.9 ​ 136.8 ​ 257.8 ​ 259.7 ​ APMEA ​ 22.8 ​ 23.1 ​ 42.2 ​ 40.7 ​ Consolidated net sales ​ $ 526.6 ​ $ 467.0 ​ $ 989.8 ​ $ 880.3 ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 85.5 ​ $ 55.2 ​ $ 143.4 ​ $ 103.7 ​ Europe ​ 19.6 ​ 5.4 ​ 40.7 ​ 24.9 ​ APMEA ​ 3.6 ​ 4.3 ​ 6.6 ​ 6.6 ​ Subtotal reportable segments ​ 108.7 ​ 64.9 ​ 190.7 ​ 135.2 ​ Corporate(*) ​ (12.8) ​ (12.2) ​ (23.3) ​ (22.9) ​ Consolidated operating income ​ 95.9 ​ 52.7 ​ 167.4 ​ 112.3 ​ Interest income ​ — ​ — ​ (0.1) ​ — ​ Interest expense ​ 1.7 ​ 1.5 ​ 3.1 ​ 3.5 ​ Other expense (income), net ​ — ​ (0.5) ​ 0.3 ​ (0.8) ​ Income before income taxes ​ $ 94.2 ​ $ 51.7 ​ $ 164.1 ​ $ 109.6 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 4.3 ​ $ 4.8 ​ $ 7.8 ​ $ 7.2 ​ Europe ​ 2.8 ​ 2.9 ​ 4.9 ​ 5.2 ​ APMEA ​ 0.4 ​ 0.6 ​ 0.4 ​ 0.6 ​ Consolidated capital expenditures ​ $ 7.5 ​ $ 8.3 ​ $ 13.1 ​ $ 13.0 ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 6.7 ​ $ 7.4 ​ $ 13.7 ​ $ 15.1 ​ Europe ​ 2.8 ​ 3.0 ​ 5.5 ​ 6.3 ​ APMEA ​ 0.5 ​ 1.1 ​ 1.1 ​ 1.9 ​ Consolidated depreciation and amortization ​ $ 10.0 ​ $ 11.5 ​ $ 20.3 ​ $ 23.3 ​ Identifiable assets (at end of period) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ ​ ​ ​ ​ ​ ​ $ 1,223.6 ​ $ 1,127.2 ​ Europe ​ ​ ​ ​ ​ ​ ​ 569.1 ​ 586.7 ​ APMEA ​ ​ ​ ​ ​ ​ ​ 141.6 ​ 141.4 ​ Consolidated identifiable assets ​ ​ ​ ​ ​ ​ ​ $ 1,934.3 ​ $ 1,855.3 ​ Property, plant and equipment, net (at end of period) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ ​ ​ ​ ​ ​ ​ $ 123.6 ​ $ 120.6 ​ Europe ​ ​ ​ ​ ​ ​ ​ 65.8 ​ 81.5 ​ APMEA ​ ​ ​ ​ ​ ​ ​ 4.6 ​ 4.9 ​ Consolidated property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ $ 194.0 ​ $ 207.0 ​ * Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs. ​ The above operating segments are presented on a basis consistent with the presentation included in the Company’s December 31, 2021 consolidated financial statements included in its Annual Report on Form 10-K. ​ The property, plant and equipment in the U.S. of the Company’s Americas segment was $118.7 million and $116.0 million at June 26, 2022 and June 27, 2021, respectively. ​ The following includes U.S. net sales of the Company’s Americas segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ U.S. net sales ​ $ 352.1 ​ $ 285.0 ​ $ 646.3 ​ $ 539.4 ​ ​ The following includes intersegment sales for Americas, Europe and APMEA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ Intersegment Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 2.4 ​ $ 2.5 ​ $ 5.4 ​ $ 4.9 ​ Europe ​ 6.9 ​ 8.5 ​ 14.0 ​ 16.2 ​ APMEA ​ 29.0 ​ 37.1 ​ 52.5 ​ 63.4 ​ Intersegment sales ​ $ 38.3 ​ $ 48.1 ​ $ 71.9 ​ $ 84.5 ​ ​

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 26, 2022
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss	10. Accumulated Other Comprehensive Loss ​ Accumulated other comprehensive loss consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Foreign ​ ​ ​ ​ Other ​ ​ Currency ​ ​ Cash Flow ​ Comprehensive ​ Translation ​ Hedges (1) Loss ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December 31, 2021 ​ $ (127.9) ​ $ 0.6 ​ $ (127.3) Change in period ​ (9.4) ​ 3.5 ​ (5.9) Balance March 27, 2022 ​ $ (137.3) ​ $ 4.1 ​ $ (133.2) Change in period ​ (23.6) ​ 1.6 ​ (22.0) Balance June 26, 2022 ​ $ (160.9) ​ $ 5.7 ​ $ (155.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December 31, 2020 ​ $ (99.9) ​ $ (0.1) ​ $ (100.0) Change in period ​ (14.1) ​ (0.1) ​ (14.2) Balance March 28, 2021 ​ $ (114.0) ​ $ (0.2) ​ $ (114.2) Change in period ​ 5.8 ​ (0.8) ​ 5.0 Balance June 27, 2021 ​ $ (108.2) ​ $ (1.0) ​ $ (109.2) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 5 for further details.

Debt

Debt	6 Months Ended
	Jun. 26, 2022
Debt
Debt	11. Debt ​ On March 30, 2021, the Company entered into the Amended Credit Agreement. The Amended Credit Agreement amended the Company’s borrowings under the Amended and Restated Credit Agreement entered into on April 24, 2020 (the “Prior Amended Credit Agreement”), to extend the maturity date of the $800 million senior unsecured revolving credit facility from February 12, 2022 to March 30, 2026. Among other changes from the Prior Amended Credit Agreement, the Amended Credit Agreement increased the Company’s maximum consolidated leverage ratio (including both the base ratio and the ratio permitted during temporary step-ups following certain acquisitions), adjusted certain fees to reflect market conditions and reduced the 1.00% floor on the adjusted LIBOR rate to 0.00%. ​ The Revolving Credit Facility also includes sub-limits of $100 million for letters of credit and $15 million for swing line loans. As of June 26, 2022, the Company had drawn down $205.0 million on this line of credit and had $12.1 million in letters of credit outstanding, which resulted in $582.9 million of unused and available credit under the Revolving Credit Facility. Borrowings outstanding bear interest at a fluctuating rate per annum equal to an applicable percentage defined as (i) in the case of Eurocurrency rate loans, the adjusted British Bankers Association LIBOR rate plus an applicable percentage, ranging from 1.075% to 1.325%, determined by reference to the Company's consolidated leverage ratio, or (ii) in the case of alternate base rate loans and swing line loans, interest (which at all times will not be less than 1.00%) at the greatest of (a) the Prime Rate in effect on such day, (b) the FRBNY Rate in effect on such day plus 0.50% and (c) the adjusted LIBOR rate plus 1.00% for a one-month interest period in dollars. The weighted average interest rate on debt outstanding under the Revolving Credit Facility as of June 26, 2022 was 2.31%. The weighted average interest rate on debt outstanding inclusive of the interest rate swap discussed in Note 5 of the Notes to Consolidated Financial Statements and interest rates under the Revolving Credit Facility as of June 26, 2022 was 2.29%. As of June 26, 2022, the Company was in compliance with all covenants related to the Amended Credit Agreement. ​ In addition to paying interest under the Amended Credit Agreement, the Company is also required to pay certain fees in connection with the Revolving Credit Facility, including, but not limited to, an unused facility fee and letter of credit fees. ​ The Amended Credit Agreement matures on March 30, 2026, subject to extension under certain circumstances and subject to the terms of the Amended Credit Agreement. The Company may repay loans outstanding under the Amended Credit Agreement from time to time without premium or penalty, other than customary breakage costs, if any, and subject to the terms of the Amended Credit Agreement. ​ The Amended Credit Agreement imposes various restrictions on the Company and its subsidiaries, including restrictions pertaining to: (i) the incurrence of additional indebtedness, (ii) limitations on liens, (iii) making distributions, dividends and other payments, (iv) mergers, consolidations and acquisitions, (v) dispositions of assets, (vi) certain consolidated leverage ratios and consolidated interest coverage ratios, (vii) transactions with affiliates, (viii) changes to governing documents, and (ix) changes in control. ​ The Company maintains letters of credit that guarantee its performance or payment to third parties in accordance with specified terms and conditions. Amounts outstanding were $12.1 million as of June 26, 2022. The Company’s letters of credit are primarily associated with insurance coverage. The Company’s letters of credit generally expire within one year of issuance. These instruments may exist or expire without being drawn down. Therefore, they do not necessarily represent future cash flow obligations.

Contingencies and Environmental

Contingencies and Environmental Remediation	6 Months Ended
	Jun. 26, 2022
Contingencies and Environmental Remediation
Contingencies and Environmental Remediation	12. Contingencies and Environmental Remediation ​ In the ordinary course of business, the Company is involved in disputes, litigation, and governmental or regulatory inquiries and investigations, both pending and threatened, including those involving product liability, environmental matters, and commercial disputes. ​ Other than the items described below, significant commitments and contingencies at June 26, 2022 are consistent with those discussed in Note 15 of the Notes to Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. ​ As of June 26, 2022, the Company estimates that the aggregate amount of reasonably possible loss in excess of the amount accrued for its contingencies is approximately $4.5 million pre-tax. With respect to the estimate of reasonably possible loss, management has estimated the upper end of the range of reasonably possible loss based on (i) the amount of money damages claimed, where applicable, (ii) the allegations and factual development to date, (iii) available defenses based on the allegations, and/or (iv) other potentially liable parties. This estimate is based upon currently available information and is subject to significant judgment and a variety of assumptions, and known and unknown uncertainties. The matters underlying the estimate will change from time to time, and actual results may vary significantly from the current estimate. In the event of an unfavorable outcome in one or more of the matters, the ultimate liability may be in excess of amounts currently accrued, if any, and may be material to the Company’s operating results or cash flows for a particular quarterly or annual period. However, based on information currently known to it, management believes that the ultimate outcome of all matters, as they are resolved over time, is not likely to have a material adverse effect on the financial condition of the Company, though the outcome could be material to the Company’s operating results for any particular period depending, in part, upon the operating results for such period. ​ Chemetco, Inc. Superfund Site, Hartford, Illinois ​ In August 2017, Watts Regulator Co. (a wholly-owned subsidiary of the Company) received a “Notice of Environmental Liability” from the Chemetco Site Group (“Group”) alleging that it is a potentially responsible party for the Chemetco, Inc. Superfund Site in Hartford, Illinois (the “Site”) because it arranged for the disposal or treatment of hazardous substances that were contained in materials sent to the Site and that resulted in the release or threat of release of hazardous substances at the Site. The letter offered Watts Regulator Co. the opportunity to join the Group and participate in the Remedial Investigation and Feasibility Study (“RI/FS”) for a portion of the Site. Watts Regulator Co. joined the Group in September 2017 and was added in March 2018 as a signatory to the Administrative Settlement Agreement and Order on Consent with the United States Environmental Protection Agency (“USEPA”) governing completion of the RI/FS. The Remedial Investigation (“RI”) report has been completed for the first portion of the site. For that same portion of the site, the draft Feasibility Study (“FS”) report was submitted to U.S. Environmental Protection Agency (USEPA) for review and comment in September 2021. Comments and final approval from the EPA are required to complete the FS process; comments from the EPA are pending. Based on information currently known to it, management believes that Watts Regulator Co.’s share of the costs of the RI/FS is not likely to have a material adverse effect on the financial condition of the Company, or have a material adverse effect on the Company’s operating results for any particular period. The Company is unable to estimate a range of reasonably possible loss for the above matter in which damages have not been specified because: (i) the FS process for the first portion of the Site has not been completed, and the RI/FS process for the remainder of the Site has not yet been initiated, to determine what remediation plans will be implemented and the costs of such plans; (ii) the total amount of material sent to the Site, and the total number of potentially responsible parties who may or may not agree to fund or perform any remediation, have not been determined; (iii) the share contribution for potentially responsible parties to any remediation has not been determined; and (iv) the number of years required to implement a remediation plan acceptable to USEPA is uncertain.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 26, 2022
Subsequent Events
Subsequent Events	13. Subsequent Events ​ On August 1, 2022, the Company declared a quarterly dividend of thirty cents ($0.30) per share on each outstanding share of Class A common stock and Class B common stock payable on September 15, 2022 to stockholders of record on September 1, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Accounting Policies (Policies)

Accounting Policies (Policies)	6 Months Ended
	Jun. 26, 2022
Accounting Policies
Shipping and Handling	Shipping and Handling ​ Shipping and handling costs included in selling, general and administrative expenses amounted to $18.4 million and $17.5 million for the second quarters of 2022 and 2021, respectively, and were $36.1 million and $32.9 million for the first six months of 2022 and 2021, respectively.
Research and Development	Research and Development ​ Research and development costs included in selling, general and administrative expenses amounted to $12.3 million and $11.0 million for the second quarters of 2022 and 2021, respectively, and were $24.2 million and $21.8 million for the first six months of 2022 and 2021, respectively.
Basis of Presentation	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included in the Watts Water Technologies, Inc. (the “Company”) Consolidated Balance Sheet as of June 26, 2022, the Consolidated Statements of Operations for the second quarters and six months ended June 26, 2022 and June 27, 2021, the Consolidated Statements of Comprehensive Income for the second quarters and six months ended June 26, 2022 and June 27, 2021, the Consolidated Statements of Stockholders’ Equity for the second quarters and six months ended June 26, 2022 and June 27, 2021, and the Consolidated Statements of Cash Flows for the six months ended June 26, 2022 and June 27, 2021. ​ The consolidated balance sheet at December 31, 2021 has been derived from the audited consolidated financial statements at that date. The accounting policies followed by the Company are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The financial statements included in this report should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2022. ​ The Company operates on a 52 13
Estimates	Estimates ​ The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We are not aware of any specific event or circumstance that would require updates to the Company’s estimates or judgments or require the Company to revise the carrying value of the Company’s assets or liabilities as of the date of issuance of this Quarterly Report on Form 10-Q. These estimates may change as new events occur and additional information is obtained. Actual results could differ from those estimates.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 26, 2022
Revenue Recognition
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 26, 2022 ​ For the six months ended June 26, 2022 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Distribution Channel ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Wholesale ​ $ 214.3 ​ $ 81.0 ​ $ 20.8 ​ $ 316.1 ​ $ 389.1 ​ $ 165.0 ​ $ 38.8 ​ $ 592.9 OEM ​ ​ 27.1 ​ 46.3 ​ 2.0 ​ 75.4 ​ ​ 52.7 ​ 91.7 ​ 3.4 ​ 147.8 Specialty ​ ​ 112.4 ​ — ​ — ​ 112.4 ​ ​ 206.2 ​ — ​ — ​ 206.2 DIY ​ 22.1 ​ 0.6 ​ — ​ 22.7 ​ 41.8 ​ 1.1 ​ — ​ 42.9 Total ​ $ 375.9 ​ $ 127.9 ​ $ 22.8 ​ $ 526.6 ​ $ 689.8 ​ $ 257.8 ​ $ 42.2 ​ $ 989.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 26, 2022 ​ For the six months ended June 26, 2022 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Principal Product Line ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Residential & Commercial Flow Control ​ $ 211.9 ​ $ 46.2 ​ $ 18.6 ​ $ 276.7 ​ $ 389.9 ​ $ 92.3 ​ $ 34.5 ​ $ 516.7 HVAC and Gas Products ​ ​ 100.7 ​ 57.9 ​ 3.6 ​ 162.2 ​ ​ 185.0 ​ 117.9 ​ 6.0 ​ 308.9 Drainage and Water Re-use Products ​ ​ 29.8 ​ 22.7 ​ 0.3 ​ 52.8 ​ ​ 52.6 ​ 45.5 ​ 1.1 ​ 99.2 Water Quality Products ​ 33.5 ​ 1.1 ​ 0.3 ​ 34.9 ​ 62.3 ​ 2.1 ​ 0.6 ​ 65.0 Total ​ $ 375.9 ​ $ 127.9 ​ $ 22.8 ​ $ 526.6 ​ $ 689.8 ​ $ 257.8 ​ $ 42.2 ​ $ 989.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 27, 2021 ​ For the six months ended June 27, 2021 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Distribution Channel ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Wholesale ​ $ 177.3 ​ $ 88.5 ​ $ 21.4 ​ $ 287.2 ​ $ 334.7 ​ $ 169.5 ​ $ 38.0 ​ $ 542.2 OEM ​ ​ 24.1 ​ 47.4 ​ 1.6 ​ 73.1 ​ ​ 44.6 ​ 88.4 ​ 2.6 ​ 135.6 Specialty ​ ​ 86.1 ​ — ​ 0.1 ​ 86.2 ​ ​ 160.2 ​ — ​ 0.1 ​ 160.3 DIY ​ 19.6 ​ 0.9 ​ — ​ 20.5 ​ 40.4 ​ 1.8 ​ — ​ 42.2 Total ​ $ 307.1 ​ $ 136.8 ​ $ 23.1 ​ $ 467.0 ​ $ 579.9 ​ $ 259.7 ​ $ 40.7 ​ $ 880.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the second quarter ended June 27, 2021 ​ For the six months ended June 27, 2021 ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ (in millions) ​ ​ Principal Product Line ​ Americas ​ Europe ​ APMEA ​ Consolidated ​ Americas ​ Europe ​ APMEA ​ Consolidated Residential & Commercial Flow Control ​ $ 177.2 ​ $ 51.8 ​ $ 18.6 ​ $ 247.6 ​ $ 339.5 ​ $ 99.1 ​ $ 33.3 ​ $ 471.9 HVAC and Gas Products ​ ​ 77.6 ​ 60.9 ​ 3.6 ​ 142.1 ​ ​ 143.5 ​ 115.1 ​ 5.9 ​ 264.5 Drainage and Water Re-use Products ​ ​ 25.2 ​ 22.5 ​ 0.5 ​ 48.2 ​ ​ 43.8 ​ 42.7 ​ 0.9 ​ 87.4 Water Quality Products ​ 27.1 ​ 1.6 ​ 0.4 ​ 29.1 ​ 53.1 ​ 2.8 ​ 0.6 ​ 56.5 Total ​ $ 307.1 ​ $ 136.8 ​ $ 23.1 ​ $ 467.0 ​ $ 579.9 ​ $ 259.7 ​ $ 40.7 ​ $ 880.3

Goodwill & Intangibles (Tables)

Goodwill & Intangibles (Tables)	6 Months Ended
	Jun. 26, 2022
Goodwill & Intangibles
Changes in the carrying amount of goodwill by geographic segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Balance ​ Accumulated Impairment Losses ​ Foreign Currency Translation ​ Net Goodwill ​ ​ ​ ​ Acquired ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, ​ ​ ​ ​ Balance ​ During ​ Balance ​ Balance ​ Impairment ​ Balance ​ 2022 - ​ ​ ​ ​ January 1, ​ the ​ June 26, ​ January 1, ​ Loss During ​ June 26, ​ June 26, ​ June 26, ​ 2022 Period 2022 2022 the Period 2022 2022 2022 ​ ​ (in millions) Americas ​ $ 490.9 ​ $ — ​ $ 490.9 ​ $ (24.5) ​ $ — ​ $ (24.5) ​ $ (0.2) ​ $ 466.2 Europe ​ 242.9 ​ — ​ 242.9 ​ (129.7) ​ — ​ (129.7) ​ (8.1) ​ 105.1 APMEA ​ 34.0 ​ — ​ 34.0 ​ (12.9) ​ — ​ (12.9) ​ (1.5) ​ 19.6 Total ​ $ 767.8 ​ $ — ​ $ 767.8 ​ $ (167.1) ​ $ — ​ $ (167.1) ​ $ (9.8) ​ $ 590.9
Schedule of Intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 26, 2022 ​ December 31, 2021 ​ ​ Gross ​ ​ ​ ​ Net ​ Gross ​ ​ ​ ​ Net ​ ​ Carrying ​ Accumulated ​ Carrying ​ Carrying ​ Accumulated ​ Carrying ​ Amount Amortization Amount Amount Amortization Amount ​ ​ (in millions) Patents ​ $ 16.1 ​ $ (16.1) ​ $ — ​ $ 16.1 ​ $ (16.1) ​ $ — Customer relationships ​ 237.0 ​ (176.8) ​ 60.2 ​ 237.5 ​ (173.1) ​ 64.4 Technology ​ 57.4 ​ (42.7) ​ 14.7 ​ 58.6 ​ (40.7) ​ 17.9 Trade names ​ 26.6 ​ (17.4) ​ 9.2 ​ 26.8 ​ (16.9) ​ 9.9 Other ​ 4.3 ​ (3.8) ​ 0.5 ​ 4.3 ​ (3.8) ​ 0.5 Total amortizable intangibles ​ 341.4 ​ (256.8) ​ 84.6 ​ 343.3 ​ (250.6) ​ 92.7 Indefinite-lived intangible assets ​ 34.8 ​ — ​ 34.8 ​ 35.9 ​ — ​ 35.9 ​ ​ $ 376.2 ​ $ (256.8) ​ $ 119.4 ​ $ 379.2 ​ $ (250.6) ​ $ 128.6

Financial Instruments and Der_2

Financial Instruments and Derivative Instruments (Tables)	6 Months Ended
	Jun. 26, 2022
Financial Instruments and Derivative Instruments
Schedule of fair value of financial assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement at June 26, 2022 Using: ​ ​ ​ ​ ​ Quoted Prices in Active ​ Significant Other ​ Significant ​ ​ ​ ​ ​ Markets for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan asset for deferred compensation(1) ​ $ 2.0 ​ $ 2.0 ​ $ — ​ $ — Interest rate swap(2) ​ $ 7.5 ​ $ — ​ $ 7.5 ​ $ — Designated foreign currency hedges(4) ​ $ 0.1 ​ $ — ​ $ 0.1 ​ $ — Total assets ​ $ 9.6 ​ $ 2.0 ​ $ 7.6 ​ $ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan liability for deferred compensation(3) ​ $ 2.0 ​ $ 2.0 ​ $ — ​ $ — Contingent consideration(6) ​ $ 6.1 ​ $ — ​ $ — ​ $ 6.1 Total liabilities ​ $ 8.1 ​ $ 2.0 ​ $ — ​ $ 6.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements at December 31, 2021 Using: ​ ​ ​ ​ ​ Quoted Prices in Active ​ Significant Other ​ Significant ​ ​ ​ ​ ​ Markets for Identical ​ Observable ​ Unobservable ​ ​ ​ ​ Assets ​ Inputs ​ Inputs ​ ​ Total (Level 1) (Level 2) (Level 3) ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Plan asset for deferred compensation(1) ​ $ 2.6 ​ $ 2.6 ​ $ — ​ $ — Interest rate swap(1) ​ $ 1.4 ​ $ — ​ $ 1.4 ​ $ — Total assets ​ $ 4.0 ​ $ 2.6 ​ $ 1.4 ​ $ — Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap(5) ​ $ 0.6 ​ $ — ​ $ 0.6 ​ $ — Plan liability for deferred compensation(3) ​ $ 2.6 ​ $ 2.6 ​ $ — ​ $ — Contingent consideration(6) ​ $ 6.3 ​ $ — ​ $ — ​ $ 6.3 Total liabilities ​ $ 9.5 ​ $ 2.6 ​ $ 0.6 ​ $ 6.3 (1) Included on the Company’s consolidated balance sheet in other assets (other, net). ​ (2) As of June 26, 2022, $1.9 million classified in prepaid expenses and other current assets on the Company’s consolidated balance sheet and $5.6 million classified in other assets (other, net). ​ (3) Included on the Company’s consolidated balance sheet in accrued compensation and benefits. ​ (4) ​ (5) ​ (6)

Restructuring and Other Charg_2

Restructuring and Other Charges, Net (Tables)	6 Months Ended
	Jun. 26, 2022
Restructuring and Other Charges, Net
Summary of the pre-tax cost by restructuring programs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ June 26, June 27, June 26, June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ Restructuring costs: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 France Actions ​ $ 1.3 ​ $ 18.0 ​ $ 2.3 ​ $ 18.0 ​ Other Actions ​ 0.4 ​ (1.0) ​ 0.4 ​ (0.7) ​ Total restructuring charges ​ $ 1.7 ​ $ 17.0 ​ $ 2.7 ​ $ 17.3 ​
Summary of recorded pre-tax restructuring costs by business segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ (in millions) ​ Americas ​ $ 0.4 ​ $ (0.7) ​ $ 0.5 ​ $ (0.7) ​ Europe ​ 1.3 ​ 17.9 ​ 2.3 ​ 17.9 ​ APMEA ​ — ​ (0.2) ​ (0.1) ​ 0.1 ​ Total ​ $ 1.7 ​ $ 17.0 ​ $ 2.7 ​ $ 17.3 ​
Summary of total expected, incurred and remaining pre-tax restructuring costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ ​ ​ ​ Legal and ​ Asset ​ exit ​ ​ ​ ​ Severance consultancy write-downs and other Total ​ ​ (in millions) Costs incurred — 2021 $ 16.9 $ 0.9 $ 0.9 $ 1.0 $ 19.7 Costs incurred—first quarter 2022 ​ ​ 0.2 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.3 ​ ​ 1.0 Costs incurred—second quarter 2022 ​ ​ 0.6 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.2 ​ ​ 1.3 Remaining costs to be incurred ​ ​ 0.9 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.9 Total expected restructuring costs $ 18.6 ​ $ 1.1 ​ $ 1.7 ​ $ 1.5 $ 22.9
Summary of restructuring reserve activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Facility ​ ​ ​ ​ ​ ​ ​ Legal and ​ Asset ​ exit ​ ​ ​ ​ Severance consultancy write-downs and other Total ​ ​ (in millions) Balance at December 31, 2021 ​ $ 9.9 ​ $ 0.2 ​ $ — ​ $ 0.5 ​ $ 10.6 Net pre-tax restructuring charges ​ ​ 0.2 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.3 ​ ​ 1.0 Utilization and foreign currency impact ​ ​ (4.7) ​ ​ (0.1) ​ ​ (0.4) ​ ​ (0.3) ​ ​ (5.5) Balance at March 27, 2022 ​ $ 5.4 ​ $ 0.2 ​ $ — ​ $ 0.5 ​ $ 6.1 Net pre-tax restructuring charges ​ ​ 0.6 ​ ​ 0.1 ​ ​ 0.4 ​ ​ 0.2 ​ ​ 1.3 Utilization and foreign currency impact ​ ​ (2.0) ​ ​ (0.2) ​ ​ (0.4) ​ ​ (0.5) ​ ​ (3.1) Balance at June 26, 2022 ​ $ 4.0 ​ $ 0.1 ​ $ — ​ $ 0.2 ​ $ 4.3

Earnings per Share and Stock _2

Earnings per Share and Stock Repurchase Program (Tables)	6 Months Ended
	Jun. 26, 2022
Earnings per Share and Stock Repurchase Program
Summary of reconciliation of the calculation of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Second Quarter Ended June 26, 2022 ​ For the Second Quarter Ended June 27, 2021 ​ ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share ​ ​ (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount ​ ​ (Amounts in millions, except per share information) Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 69.7 ​ 33.5 ​ $ 2.08 ​ $ 37.5 ​ 33.8 ​ $ 1.11 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock equivalents ​ ​ ​ ​ 0.1 ​ ​ (0.01) ​ ​ ​ 0.1 ​ ​ — ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 69.7 ​ 33.6 ​ $ 2.07 ​ $ 37.5 33.9 ​ $ 1.11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended June 26, 2022 ​ For the Six Months Ended June 27, 2021 ​ ​ ​ Income ​ Shares ​ Per Share ​ Income ​ Shares ​ Per Share ​ ​ (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount ​ ​ ​ (Amounts in millions, except per share information) ​ Basic EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 124.2 ​ 33.6 ​ $ 3.70 ​ $ 79.2 ​ 33.8 ​ $ 2.34 ​ Effect of dilutive securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common stock equivalents ​ ​ ​ ​ 0.1 ​ ​ (0.02) ​ ​ ​ 0.1 ​ ​ — ​ Diluted EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 124.2 ​ 33.7 ​ $ 3.68 ​ $ 79.2 33.9 ​ $ 2.34 ​ ​

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 26, 2022
Stock-Based Compensation
Schedule of stock-based compensation fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Expected life (years) ​ 3.0 ​ 3.0 ​ Expected stock price volatility 33.7 % 32.7 % Expected dividend yield 0.80 % 0.75 % Risk-free interest rate 2.0 % 0.3 %

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 26, 2022
Segment Information
Summary of the Company's significant accounts and balances by segment, reconciled to the consolidated totals	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ Net sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 375.9 ​ $ 307.1 ​ $ 689.8 ​ $ 579.9 ​ Europe ​ 127.9 ​ 136.8 ​ 257.8 ​ 259.7 ​ APMEA ​ 22.8 ​ 23.1 ​ 42.2 ​ 40.7 ​ Consolidated net sales ​ $ 526.6 ​ $ 467.0 ​ $ 989.8 ​ $ 880.3 ​ Operating income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 85.5 ​ $ 55.2 ​ $ 143.4 ​ $ 103.7 ​ Europe ​ 19.6 ​ 5.4 ​ 40.7 ​ 24.9 ​ APMEA ​ 3.6 ​ 4.3 ​ 6.6 ​ 6.6 ​ Subtotal reportable segments ​ 108.7 ​ 64.9 ​ 190.7 ​ 135.2 ​ Corporate(*) ​ (12.8) ​ (12.2) ​ (23.3) ​ (22.9) ​ Consolidated operating income ​ 95.9 ​ 52.7 ​ 167.4 ​ 112.3 ​ Interest income ​ — ​ — ​ (0.1) ​ — ​ Interest expense ​ 1.7 ​ 1.5 ​ 3.1 ​ 3.5 ​ Other expense (income), net ​ — ​ (0.5) ​ 0.3 ​ (0.8) ​ Income before income taxes ​ $ 94.2 ​ $ 51.7 ​ $ 164.1 ​ $ 109.6 ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 4.3 ​ $ 4.8 ​ $ 7.8 ​ $ 7.2 ​ Europe ​ 2.8 ​ 2.9 ​ 4.9 ​ 5.2 ​ APMEA ​ 0.4 ​ 0.6 ​ 0.4 ​ 0.6 ​ Consolidated capital expenditures ​ $ 7.5 ​ $ 8.3 ​ $ 13.1 ​ $ 13.0 ​ Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 6.7 ​ $ 7.4 ​ $ 13.7 ​ $ 15.1 ​ Europe ​ 2.8 ​ 3.0 ​ 5.5 ​ 6.3 ​ APMEA ​ 0.5 ​ 1.1 ​ 1.1 ​ 1.9 ​ Consolidated depreciation and amortization ​ $ 10.0 ​ $ 11.5 ​ $ 20.3 ​ $ 23.3 ​ Identifiable assets (at end of period) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ ​ ​ ​ ​ ​ ​ $ 1,223.6 ​ $ 1,127.2 ​ Europe ​ ​ ​ ​ ​ ​ ​ 569.1 ​ 586.7 ​ APMEA ​ ​ ​ ​ ​ ​ ​ 141.6 ​ 141.4 ​ Consolidated identifiable assets ​ ​ ​ ​ ​ ​ ​ $ 1,934.3 ​ $ 1,855.3 ​ Property, plant and equipment, net (at end of period) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ ​ ​ ​ ​ ​ ​ $ 123.6 ​ $ 120.6 ​ Europe ​ ​ ​ ​ ​ ​ ​ 65.8 ​ 81.5 ​ APMEA ​ ​ ​ ​ ​ ​ ​ 4.6 ​ 4.9 ​ Consolidated property, plant and equipment, net ​ ​ ​ ​ ​ ​ ​ $ 194.0 ​ $ 207.0 ​ * Corporate expenses are primarily for administrative compensation expense, compliance costs, professional fees, including corporate-related legal and audit expenses, shareholder services and benefit administration costs.
Schedule of U.S. net sales of the Company's Americas segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ U.S. net sales ​ $ 352.1 ​ $ 285.0 ​ $ 646.3 ​ $ 539.4 ​
Schedule of intersegment sales for Americas, EMEA and Asia-Pacific	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Second Quarter Ended ​ Six Months Ended ​ ​ ​ June 26, ​ June 27, ​ June 26, ​ June 27, ​ ​ 2022 2021 2022 2021 ​ ​ (in millions) ​ Intersegment Sales ​ ​ ​ ​ ​ ​ ​ ​ ​ Americas ​ $ 2.4 ​ $ 2.5 ​ $ 5.4 ​ $ 4.9 ​ Europe ​ 6.9 ​ 8.5 ​ 14.0 ​ 16.2 ​ APMEA ​ 29.0 ​ 37.1 ​ 52.5 ​ 63.4 ​ Intersegment sales ​ $ 38.3 ​ $ 48.1 ​ $ 71.9 ​ $ 84.5 ​

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 26, 2022
Accumulated Other Comprehensive Loss
Schedule of amounts recognized in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ Foreign ​ ​ ​ ​ Other ​ ​ Currency ​ ​ Cash Flow ​ Comprehensive ​ Translation ​ Hedges (1) Loss ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December 31, 2021 ​ $ (127.9) ​ $ 0.6 ​ $ (127.3) Change in period ​ (9.4) ​ 3.5 ​ (5.9) Balance March 27, 2022 ​ $ (137.3) ​ $ 4.1 ​ $ (133.2) Change in period ​ (23.6) ​ 1.6 ​ (22.0) Balance June 26, 2022 ​ $ (160.9) ​ $ 5.7 ​ $ (155.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance December 31, 2020 ​ $ (99.9) ​ $ (0.1) ​ $ (100.0) Change in period ​ (14.1) ​ (0.1) ​ (14.2) Balance March 28, 2021 ​ $ (114.0) ​ $ (0.2) ​ $ (114.2) Change in period ​ 5.8 ​ (0.8) ​ 5.0 Balance June 27, 2021 ​ $ (108.2) ​ $ (1.0) ​ $ (109.2) (1) Cash flow hedges include interest rate swaps and designated foreign currency hedges. See Note 5 for further details.

Basis of Presentation (Details)

Basis of Presentation (Details)	6 Months Ended
	Jun. 26, 2022
Basis of Presentation
Length of fiscal year	365 days
Length of fiscal quarter	91 days

Accounting Policies - Shipping

Accounting Policies - Shipping and Handling, and Research and Development (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021
Shipping and Handling
Shipping and handling	$ 18,400,000	$ 17,500,000	$ 36,100,000	$ 32,900,000
Research and Development
Research and development costs included in selling, general, and administrative expense	$ 12,300,000	$ 11,000,000	$ 24,200,000	$ 21,800,000

Revenue Recognition (Details)

Revenue Recognition (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022 USD ($)	Jun. 27, 2021 USD ($)	Jun. 26, 2022	Jun. 26, 2022 USD ($)	Jun. 26, 2022 item	Jun. 26, 2022 segment	Jun. 27, 2021 USD ($)
Disaggregation of Revenue
Number of distribution channels | item					4
Number of geographic segments					3	3
Revenue	$ 526.6	$ 467		$ 989.8			$ 880.3
Minimum
Disaggregation of Revenue
Period of Business Operations			140 years
Wholesale
Disaggregation of Revenue
Revenue	316.1	287.2		592.9			542.2
OEM
Disaggregation of Revenue
Revenue	75.4	73.1		147.8			135.6
Specialty
Disaggregation of Revenue
Revenue	112.4	86.2		206.2			160.3
DIY
Disaggregation of Revenue
Revenue	22.7	20.5		42.9			42.2
Residential & commercial flow control
Disaggregation of Revenue
Revenue	276.7	247.6		516.7			471.9
HVAC & gas
Disaggregation of Revenue
Revenue	162.2	142.1		308.9			264.5
Drains & water re-use
Disaggregation of Revenue
Revenue	52.8	48.2		99.2			87.4
Water quality
Disaggregation of Revenue
Revenue	34.9	29.1		65			56.5
Americas
Disaggregation of Revenue
Revenue	375.9	307.1		689.8			579.9
Americas | Wholesale
Disaggregation of Revenue
Revenue	214.3	177.3		389.1			334.7
Americas | OEM
Disaggregation of Revenue
Revenue	27.1	24.1		52.7			44.6
Americas | Specialty
Disaggregation of Revenue
Revenue	112.4	86.1		206.2			160.2
Americas | DIY
Disaggregation of Revenue
Revenue	22.1	19.6		41.8			40.4
Americas | Residential & commercial flow control
Disaggregation of Revenue
Revenue	211.9	177.2		389.9			339.5
Americas | HVAC & gas
Disaggregation of Revenue
Revenue	100.7	77.6		185			143.5
Americas | Drains & water re-use
Disaggregation of Revenue
Revenue	29.8	25.2		52.6			43.8
Americas | Water quality
Disaggregation of Revenue
Revenue	33.5	27.1		62.3			53.1
Europe
Disaggregation of Revenue
Revenue	127.9	136.8		257.8			259.7
Europe | Wholesale
Disaggregation of Revenue
Revenue	81	88.5		165			169.5
Europe | OEM
Disaggregation of Revenue
Revenue	46.3	47.4		91.7			88.4
Europe | DIY
Disaggregation of Revenue
Revenue	0.6	0.9		1.1			1.8
Europe | Residential & commercial flow control
Disaggregation of Revenue
Revenue	46.2	51.8		92.3			99.1
Europe | HVAC & gas
Disaggregation of Revenue
Revenue	57.9	60.9		117.9			115.1
Europe | Drains & water re-use
Disaggregation of Revenue
Revenue	22.7	22.5		45.5			42.7
Europe | Water quality
Disaggregation of Revenue
Revenue	1.1	1.6		2.1			2.8
APMEA
Disaggregation of Revenue
Revenue	22.8	23.1		42.2			40.7
APMEA | Wholesale
Disaggregation of Revenue
Revenue	20.8	21.4		38.8			38
APMEA | OEM
Disaggregation of Revenue
Revenue	2	1.6		3.4			2.6
APMEA | Specialty
Disaggregation of Revenue
Revenue		0.1					0.1
APMEA | Residential & commercial flow control
Disaggregation of Revenue
Revenue	18.6	18.6		34.5			33.3
APMEA | HVAC & gas
Disaggregation of Revenue
Revenue	3.6	3.6		6			5.9
APMEA | Drains & water re-use
Disaggregation of Revenue
Revenue	0.3	0.5		1.1			0.9
APMEA | Water quality
Disaggregation of Revenue
Revenue	$ 0.3	$ 0.4		$ 0.6			$ 0.6

Revenue Recognition - Performan

Revenue Recognition - Performance obligation (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01	Jun. 26, 2022
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	3 years

Goodwill and Intangibles - Good

Goodwill and Intangibles - Goodwill (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 26, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Gross Balance
Balance at the beginning of the period	$ 767.8
Balance at the end of the period	767.8	$ 767.8
Accumulated Impairment Losses
Balance at the beginning of the period	(167.1)
Balance at the end of the period	(167.1)	(167.1)
Foreign Currency Translation and Other	(9.8)
Net Goodwill	$ 590.9	$ 600.7
Number of reporting units | item	7	7
Americas
Gross Balance
Balance at the beginning of the period	$ 490.9
Balance at the end of the period	490.9	$ 490.9
Accumulated Impairment Losses
Balance at the beginning of the period	(24.5)
Balance at the end of the period	(24.5)	(24.5)
Foreign Currency Translation and Other	(0.2)
Net Goodwill	466.2
Europe
Gross Balance
Balance at the beginning of the period	242.9
Balance at the end of the period	242.9	242.9
Accumulated Impairment Losses
Balance at the beginning of the period	(129.7)
Balance at the end of the period	(129.7)	(129.7)
Foreign Currency Translation and Other	(8.1)
Net Goodwill	105.1
APMEA
Gross Balance
Balance at the beginning of the period	34
Balance at the end of the period	34	34
Accumulated Impairment Losses
Balance at the beginning of the period	(12.9)
Balance at the end of the period	(12.9)	$ (12.9)
Foreign Currency Translation and Other	(1.5)
Net Goodwill	$ 19.6

Goodwill and Intangibles - Inta

Goodwill and Intangibles - Intangibles (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Dec. 31, 2021
Intangible assets subject to amortization
Gross Carrying Amount	$ 341.4		$ 341.4		$ 343.3
Accumulated Amortization	(256.8)		(256.8)		(250.6)
Net Carrying Amount	84.6		84.6		92.7
Indefinite-lived intangible assets
Indefinite-lived intangible assets	34.8		34.8		35.9
Intangible assets
Gross Carrying Amount	376.2		376.2		379.2
Net Carrying Amount	119.4		119.4		128.6
Aggregate amortization expense for amortized intangible assets	3	$ 3.4	6.1	$ 7.3
Patents
Intangible assets subject to amortization
Gross Carrying Amount	16.1		16.1		16.1
Accumulated Amortization	(16.1)		(16.1)		(16.1)
Customer relationships
Intangible assets subject to amortization
Gross Carrying Amount	237		237		237.5
Accumulated Amortization	(176.8)		(176.8)		(173.1)
Net Carrying Amount	60.2		60.2		64.4
Technology
Intangible assets subject to amortization
Gross Carrying Amount	57.4		57.4		58.6
Accumulated Amortization	(42.7)		(42.7)		(40.7)
Net Carrying Amount	14.7		14.7		17.9
Trade name
Intangible assets subject to amortization
Gross Carrying Amount	26.6		26.6		26.8
Accumulated Amortization	(17.4)		(17.4)		(16.9)
Net Carrying Amount	9.2		9.2		9.9
Other
Intangible assets subject to amortization
Gross Carrying Amount	4.3		4.3		4.3
Accumulated Amortization	(3.8)		(3.8)		(3.8)
Net Carrying Amount	$ 0.5		$ 0.5		$ 0.5

Financial Instruments and Der_3

Financial Instruments and Derivative Instruments - Fair Value on a Recurring Basis (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 26, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Sep. 27, 2020 USD ($)
Individually Immaterial Business Acquisition
Liabilities
Contingent Consideration	$ 6.1	$ 6.3
Number of immaterial acquisitions | item	2	2
Individually Immaterial Business Acquisition | Current Liabilities
Liabilities
Contingent consideration	$ 3.6	$ 3.8
Individually Immaterial Business Acquisition | Noncurrent Liabilities
Liabilities
Contingent consideration	2.5	2.5
Interest Rate Swap | Prepaid Expenses and Other Current Assets
Assets
Derivative assets	1.9
Interest Rate Swap | Other Noncurrent Assets
Assets
Derivative assets	5.6
Significant Unobservable Inputs (Level 3) | AVG
Liabilities
Contingent Consideration	3.6		$ 2.8
Minimum | Significant Unobservable Inputs (Level 3) | AVG
Liabilities
Contingent Consideration	0
Maximum | Significant Unobservable Inputs (Level 3) | AVG
Liabilities
Contingent Consideration	4.1
Fair value measured on a recurring basis
Assets
Plan assets for deferred compensation	2	2.6
Total assets	9.6	4
Liabilities
Plan liabilities for deferred compensation	2	2.6
Contingent Consideration	6.1	6.3
Total liabilities	8.1	9.5
Fair value measured on a recurring basis | Interest Rate Swap
Assets
Derivative assets	7.5	1.4
Liabilities
Derivative liabilities		0.6
Fair value measured on a recurring basis | Forward exchange contracts
Assets
Derivative assets	0.1
Fair value measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Plan assets for deferred compensation	2	2.6
Total assets	2	2.6
Liabilities
Plan liabilities for deferred compensation	2	2.6
Total liabilities	2	2.6
Fair value measured on a recurring basis | Significant Other Observable Inputs (Level 2)
Assets
Total assets	7.6	1.4
Liabilities
Total liabilities		0.6
Fair value measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Interest Rate Swap
Assets
Derivative assets	7.5	1.4
Liabilities
Derivative liabilities		0.6
Fair value measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Forward exchange contracts
Assets
Derivative assets	0.1
Fair value measured on a recurring basis | Significant Unobservable Inputs (Level 3)
Liabilities
Contingent Consideration	6.1	6.3
Total liabilities	$ 6.1	$ 6.3

Financial Instruments and Der_4

Financial Instruments and Derivative Instruments - Fair Value Measured on Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - USD ($)	3 Months Ended
	Jun. 27, 2021	Jun. 26, 2022	Dec. 31, 2021	Sep. 27, 2020
Fair value measured on a recurring basis
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value		$ 6,100,000	$ 6,300,000
Fair value measured on a recurring basis | Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value		6,100,000	6,300,000
AVG | Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value		3,600,000		$ 2,800,000
Increase (decrease) contingent consideration liability	$ 800,000
AVG | Significant Unobservable Inputs (Level 3) | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value		0
AVG | Significant Unobservable Inputs (Level 3) | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value		4,100,000
Individually Immaterial Business Acquisition
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value		6,100,000	6,300,000
Sentinel Hydrosolutions [Member] | Significant Unobservable Inputs (Level 3)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value			$ 2,500,000
Sentinel Hydrosolutions [Member] | Significant Unobservable Inputs (Level 3) | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability recorded at acquisition date fair value		$ 4,500,000

Financial Instruments and Der_5

Financial Instruments and Derivative Instruments - Interest Rate Swaps and Non-Designated Cash Flow Hedge (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 26, 2022	Jun. 26, 2022	Dec. 31, 2021	Mar. 27, 2022	Mar. 30, 2021	Apr. 24, 2020
Derivative instruments
Percentage of projected intercompany purchases hedged by forward exchange contracts		60%
Period of projected intercompany purchase transactions		12 months	12 months
Maximum
Derivative instruments
Percentage of projected intercompany purchases hedged by forward exchange contracts			85%
LIBOR
Interest Rate Swaps
Derivative, floor interest rate				0%	1%
Revolving credit facility
Interest Rate Swaps
Borrowing capacity					$ 800	$ 800
Swing Line Loans
Interest Rate Swaps
Borrowing capacity					$ 15
Forward exchange contracts | Cash Flow Hedging
Derivative instruments
Designated foreign currency hedges	$ (0.1)	$ (0.1)
Forward exchange contracts | Designated
Amount of Gain or (Loss) Recognized in Income on Derivatives
Period of time for expected reclassification		12 months
Canadian Dollar to US Dollar Contracts
Interest Rate Swaps
Derivative notional amount	15.9	$ 15.9
US Dollar to Chinese Yuan Contracts
Interest Rate Swaps
Derivative notional amount	5.4	5.4
Interest Rate Swap | Designated | Cash Flow Hedging
Interest Rate Swaps
Derivative fixed interest rate					1.02975%
Derivative notional amount					$ 100
Gain (loss) recognized in Accumulated Other Comprehensive Loss, effective portion	$ 1.3	$ 4.9
Interest Rate Swap | Designated | Cash Flow Hedging | LIBOR
Interest Rate Swaps
Derivative, floor interest rate					0%

Restructuring and Other Charg_3

Restructuring and Other Charges, Net (Details) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 26, 2022 USD ($)	Mar. 27, 2022 USD ($)	Jun. 27, 2021 USD ($)	Jun. 26, 2022 USD ($) item	Jun. 27, 2021 USD ($)	Jun. 26, 2022 USD ($)	Dec. 31, 2021 USD ($)
Restructuring
Total restructuring charges	$ 1.7		$ 17	$ 2.7	$ 17.3
Facility exit and other
Restructuring
Facility decommissioning, clean-up and other related exit costs				1.1
Americas
Restructuring
Pre-tax restructuring charges, net	0.4		(0.7)	0.5	(0.7)
Europe
Restructuring
Pre-tax restructuring charges, net	1.3		17.9	2.3	17.9
APMEA
Restructuring
Pre-tax restructuring charges, net			(0.2)	(0.1)	0.1
2021 France Actions
Restructuring
Restructuring cost, pre-tax	1.3	$ 1	18	$ 2.3	18		$ 19.7
Number of positions eliminated | item				40
Remaining costs to be incurred	0.9			$ 0.9		$ 0.9
Total expected restructuring costs	22.9			22.9		22.9
Total expected restructuring and related costs, after tax				17
Non-cash charges	1.5			1.5		1.5
Expected annual cash savings				3
Restructuring reserve	4.3	6.1		4.3		4.3	10.6
Net pre-tax restructuring adjustments				22.9		22
Expected pre-tax restructuring charges, net	26.3			26.3		26.3
2021 France Actions | Severance
Restructuring
Restructuring cost, pre-tax	0.6	0.2					16.9
Remaining costs to be incurred	0.9			0.9		0.9
Total expected restructuring costs	18.6			18.6		18.6
Restructuring reserve	4	5.4		4		4	9.9
2021 France Actions | Legal and consultancy
Restructuring
Restructuring cost, pre-tax	0.1	0.1					0.9
Total expected restructuring costs	1.1			1.1		1.1
Restructuring reserve	0.1	0.2		0.1		0.1	0.2
2021 France Actions | Asset write-downs
Restructuring
Restructuring cost, pre-tax	0.4	0.4					0.9
Total expected restructuring costs	1.7			$ 1.7		1.7
2021 France Actions | Facility exit and other
Restructuring
Restructuring cost, pre-tax	0.2	0.3					1
Number of positions eliminated | item				80
Total expected restructuring costs	1.5			$ 1.5		1.5
Restructuring reserve	0.2	$ 0.5		0.2		0.2	$ 0.5
2021 France Actions | Facilities consolidation
Restructuring
Total expected restructuring costs	0.6			0.6		$ 0.6
Other Actions
Restructuring
Pre-tax restructuring charges, net	$ 0.4		$ (1)	$ 0.4	$ (0.7)

Restructuring and Other Charg_4

Restructuring and Other Charges, Net - Pre-tax Restructuring (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 26, 2022	Mar. 27, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Dec. 31, 2021
Restructuring
Total restructuring charges	$ 1.7		$ 17	$ 2.7	$ 17.3
Net sales	526.6		467	989.8	880.3
Europe
Restructuring
Pre-tax restructuring charges, net	1.3		17.9	2.3	17.9
Net sales	127.9		136.8	257.8	259.7
Americas
Restructuring
Pre-tax restructuring charges, net	0.4		(0.7)	0.5	(0.7)
Net sales	375.9		307.1	689.8	579.9
2021 France Actions
Restructuring
Net pre-tax restructuring adjustments				22.9		$ 22
Total expected restructuring costs	22.9			22.9		22.9
Expected pre-tax restructuring charges, net	26.3			26.3		26.3
Non-cash charges	1.5			1.5		$ 1.5
Total expected restructuring and related costs, after tax				17
Restructuring cost, pre-tax	1.3	$ 1	18	2.3	18		$ 19.7
Other Actions
Restructuring
Pre-tax restructuring charges, net	$ 0.4		$ (1)	$ 0.4	$ (0.7)

Restructuring and Other Charg_5

Restructuring and Other Charges, Net (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 26, 2022	Mar. 27, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Dec. 31, 2021
Summary of total expected, incurred and remaining pre-tax costs
Total restructuring charges	$ 1.7		$ 17	$ 2.7	$ 17.3
Facility exit and other
Restructuring reserve
Restructuring charges				1.1
2021 France Actions
Summary of total expected, incurred and remaining pre-tax costs
Remaining costs to be incurred	0.9			0.9		$ 0.9
Total expected restructuring costs	22.9			22.9		22.9
Total expected restructuring costs	26.3			26.3		26.3
Restructuring reserve
Balance at the beginning of the period	6.1	$ 10.6		10.6
Restructuring cost, pre-tax	1.3	1	$ 18	2.3	$ 18		$ 19.7
Net pre-tax restructuring adjustments				22.9		22
Utilization and foreign currency impact	(3.1)	(5.5)
Balance at the end of the period	4.3	6.1		4.3		4.3	10.6
2021 France Actions | Severance
Summary of total expected, incurred and remaining pre-tax costs
Remaining costs to be incurred	0.9			0.9		0.9
Total expected restructuring costs	18.6			18.6		18.6
Restructuring reserve
Balance at the beginning of the period	5.4	9.9		9.9
Restructuring cost, pre-tax	0.6	0.2					16.9
Utilization and foreign currency impact	(2)	(4.7)
Balance at the end of the period	4	5.4		4		4	9.9
2021 France Actions | Legal and consultancy
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	1.1			1.1		1.1
Restructuring reserve
Balance at the beginning of the period	0.2	0.2		0.2
Restructuring cost, pre-tax	0.1	0.1					0.9
Utilization and foreign currency impact	(0.2)	(0.1)
Balance at the end of the period	0.1	0.2		0.1		0.1	0.2
2021 France Actions | Asset write-downs
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	1.7			1.7		1.7
Restructuring reserve
Restructuring cost, pre-tax	0.4	0.4					0.9
Utilization and foreign currency impact	(0.4)	(0.4)
2021 France Actions | Facility exit and other
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	1.5			1.5		1.5
Restructuring reserve
Balance at the beginning of the period	0.5	0.5		0.5
Restructuring cost, pre-tax	0.2	0.3					1
Utilization and foreign currency impact	(0.5)	(0.3)
Balance at the end of the period	0.2	$ 0.5		0.2		0.2	$ 0.5
2021 France Actions | Facilities consolidation
Summary of total expected, incurred and remaining pre-tax costs
Total expected restructuring costs	$ 0.6			$ 0.6		$ 0.6

Earnings per Share and Stock _3

Earnings per Share and Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022	Jun. 27, 2021	Jun. 26, 2022	Jun. 27, 2021	Feb. 06, 2019
Net (loss) income
Net income	$ 69.7	$ 37.5	$ 124.2	$ 79.2
Shares
Shares (in shares)	33,500,000	33,800,000	33,600,000	33,800,000
Per Share Amount
Net income (in dollars per share)	$ 2.08	$ 1.11	$ 3.70	$ 2.34
Dilutive securities, principally common stock options
Common stock equivalents (in shares)	100,000	100,000	100,000	100,000
Common stock equivalents (in dollars per share)	$ (0.01)		$ (0.02)
Net (loss) income
Net income	$ 69.7	$ 37.5	$ 124.2	$ 79.2
Weighted average number of shares:
Shares (in shares)	33,600,000	33,900,000	33,700,000	33,900,000
Securities not included in the computation of diluted EPS
Net income (in dollars per share)	$ 2.07	$ 1.11	$ 3.68	$ 2.34
Dilutive securities, principally common stock options
Options to purchase shares of Class A common stock, anti-dilutive			0	0
Shares repurchased
Number of shares repurchased	140,233	30,917	433,623	62,070
Stock Repurchased During Period, Value	$ 18.2	$ 4	$ 61.1	$ 7.8
February 6, 2019 | Class A
Shares repurchased
Value of shares of the entity's Class A common stock authorized to be repurchased					$ 150
Remaining authorized repurchase amount	$ 36.3		$ 36.3

Stock-Based Compensation (Detai

Stock-Based Compensation (Details)	6 Months Ended		12 Months Ended
	Jun. 26, 2022 $ / shares shares	Jun. 27, 2021 $ / shares shares	Dec. 31, 2021
Second Amended and Restated 2004 Stock Incentive Plan
Stock-based compensation
Vesting period	3 years
Second Amended and Restated 2004 Stock Incentive Plan | Deferred shares
Stock-based compensation
Granted (in shares)	48,285	52,230
Second Amended and Restated 2004 Stock Incentive Plan | Performance stock units
Stock-based compensation
Vesting period	3 years
Period of time used to calculate the compound annual growth rate	3 years
Granted (in shares)	40,014	46,774
Second Amended and Restated 2004 Stock Incentive Plan | Performance stock units | Minimum
Stock-based compensation
Percent of target shares a recipient may earn	0
Second Amended and Restated 2004 Stock Incentive Plan | Performance stock units | Maximum
Stock-based compensation
Percent of target shares a recipient may earn	2
Management Stock Purchase Plan | Maximum
Stock-based compensation
Percentage of annual incentive bonus that may be used to purchase RSU's	50%
Management Stock Purchase Plan | Class A
Stock-based compensation
Purchase price as percentage of fair market value of common stock on grant date	80%
Management Stock Purchase Plan | Restricted stock units (RSUs)
Stock-based compensation
Minimum deferral period	3 years
Granted (in shares)	28,711	24,690
Fair value assumptions
Expected life (years)	3 years		3 years
Expected stock price volatility (as a percent)	33.70%		32.70%
Expected dividend yield (as a percent)	0.80%		0.75%
Risk-free interest rate (as a percent)	2%		0.30%
Weighted average grant-date fair value (in dollars per share) | $ / shares	$ 47.26	$ 37.12
Management Stock Purchase Plan | Restricted stock units (RSUs) | Minimum
Stock-based compensation
Vesting period	3 years

Segment Information (Details)

Segment Information (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2022 USD ($)	Jun. 27, 2021 USD ($)	Jun. 26, 2022 USD ($)	Jun. 26, 2022 USD ($) segment	Jun. 26, 2022 USD ($) item	Jun. 27, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment information
Number of geographic segments				3	3
Net sales	$ 526.6	$ 467	$ 989.8			$ 880.3
Operating income	95.9	52.7	167.4			112.3
Interest income			(0.1)
Interest expense	1.7	1.5	3.1			3.5
Other (income) expense, net		(0.5)	0.3			(0.8)
INCOME BEFORE INCOME TAXES	94.2	51.7	164.1			109.6
Capital expenditures	7.5	8.3	13.1			13
Depreciation and amortization	10	11.5	20.3			23.3
Identifiable assets (at end of period)	1,934.3	1,855.3	1,934.3	$ 1,934.3	$ 1,934.3	1,855.3	$ 1,855.6
Property, plant and equipment, net (at end of period)	194	207	194	194	194	207	$ 200.7
Residential & commercial flow control
Segment information
Net sales	276.7	247.6	516.7			471.9
HVAC & gas
Segment information
Net sales	162.2	142.1	308.9			264.5
Drains & water re-use
Segment information
Net sales	52.8	48.2	99.2			87.4
Water quality
Segment information
Net sales	34.9	29.1	65			56.5
U.S.
Segment information
Net sales	352.1	285	646.3			539.4
Reportable segments
Segment information
Operating income	108.7	64.9	190.7			135.2
Corporate
Segment information
Operating income	(12.8)	(12.2)	(23.3)			(22.9)
Intersegment sales
Segment information
Net sales	38.3	48.1	71.9			84.5
Americas
Segment information
Net sales	375.9	307.1	689.8			579.9
Capital expenditures	4.3	4.8	7.8			7.2
Depreciation and amortization	6.7	7.4	13.7			15.1
Identifiable assets (at end of period)	1,223.6	1,127.2	1,223.6	1,223.6	1,223.6	1,127.2
Property, plant and equipment, net (at end of period)	123.6	120.6	123.6	123.6	123.6	120.6
Americas | Residential & commercial flow control
Segment information
Net sales	211.9	177.2	389.9			339.5
Americas | HVAC & gas
Segment information
Net sales	100.7	77.6	185			143.5
Americas | Drains & water re-use
Segment information
Net sales	29.8	25.2	52.6			43.8
Americas | Water quality
Segment information
Net sales	33.5	27.1	62.3			53.1
Americas | U.S.
Segment information
Property, plant and equipment, net (at end of period)	118.7	116	118.7	118.7	118.7	116
Americas | Reportable segments
Segment information
Operating income	85.5	55.2	143.4			103.7
Americas | Intersegment sales
Segment information
Net sales	2.4	2.5	5.4			4.9
Europe
Segment information
Net sales	127.9	136.8	257.8			259.7
Capital expenditures	2.8	2.9	4.9			5.2
Depreciation and amortization	2.8	3	5.5			6.3
Identifiable assets (at end of period)	569.1	586.7	569.1	569.1	569.1	586.7
Property, plant and equipment, net (at end of period)	65.8	81.5	65.8	65.8	65.8	81.5
Europe | Residential & commercial flow control
Segment information
Net sales	46.2	51.8	92.3			99.1
Europe | HVAC & gas
Segment information
Net sales	57.9	60.9	117.9			115.1
Europe | Drains & water re-use
Segment information
Net sales	22.7	22.5	45.5			42.7
Europe | Water quality
Segment information
Net sales	1.1	1.6	2.1			2.8
Europe | Reportable segments
Segment information
Operating income	19.6	5.4	40.7			24.9
Europe | Intersegment sales
Segment information
Net sales	6.9	8.5	14			16.2
APMEA
Segment information
Net sales	22.8	23.1	42.2			40.7
Capital expenditures	0.4	0.6	0.4			0.6
Depreciation and amortization	0.5	1.1	1.1			1.9
Identifiable assets (at end of period)	141.6	141.4	141.6	141.6	141.6	141.4
Property, plant and equipment, net (at end of period)	4.6	4.9	4.6	$ 4.6	$ 4.6	4.9
APMEA | Residential & commercial flow control
Segment information
Net sales	18.6	18.6	34.5			33.3
APMEA | HVAC & gas
Segment information
Net sales	3.6	3.6	6			5.9
APMEA | Drains & water re-use
Segment information
Net sales	0.3	0.5	1.1			0.9
APMEA | Water quality
Segment information
Net sales	0.3	0.4	0.6			0.6
APMEA | Reportable segments
Segment information
Operating income	3.6	4.3	6.6			6.6
APMEA | Intersegment sales
Segment information
Net sales	$ 29	$ 37.1	$ 52.5			$ 63.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 26, 2022	Mar. 27, 2022	Jun. 27, 2021	Mar. 28, 2021
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period		$ (127.3)
Balance at the end of the period	$ (155.2)
Foreign Currency Translation
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(137.3)	(127.9)	$ (114)	$ (99.9)
Change in period	(23.6)	(9.4)	5.8	(14.1)
Balance at the end of the period	(160.9)	(137.3)	(108.2)	(114)
Cash Flow Hedge
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	4.1	0.6	(0.2)	(0.1)
Change in period	1.6	3.5	(0.8)	(0.1)
Balance at the end of the period	5.7	4.1	(1)	(0.2)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(133.2)	(127.3)	(114.2)	(100)
Change in period	(22)	(5.9)	5	(14.2)
Balance at the end of the period	$ (155.2)	$ (133.2)	$ (109.2)	$ (114.2)

Debt (Details)

Debt (Details) - USD ($)		6 Months Ended
	Mar. 30, 2021	Jun. 26, 2022	Mar. 27, 2022	Apr. 24, 2020
Letters of credit
Credit Agreement
Term of letters of credit from the date of issuance		1 year
Letters of credit outstanding		$ 12,100,000
LIBOR
Credit Agreement
Derivative, Floor Interest Rate	1%		0%
Credit Agreement
Credit Agreement
Unused and available credit under the credit agreement		582,900,000
Credit Agreement | Letters of credit
Credit Agreement
Multi-currency borrowing capacity	$ 100,000,000
Letters of credit outstanding		$ 12,100,000
Eurocurrency rate loans | LIBOR | Minimum
Credit Agreement
Interest rate added to base rate (as a percent)	1.075%
Eurocurrency rate loans | LIBOR | Maximum
Credit Agreement
Interest rate added to base rate (as a percent)	1.325%
Base rate loans and swing line loans
Credit Agreement
Minimum base rate (as a percent)	$ 1
Base rate loans and swing line loans | LIBOR
Credit Agreement
Interest rate (as a percent)	1%
Base rate loans and swing line loans | Prime Rate
Credit Agreement
Interest rate (as a percent)	0.50%
Revolving credit facility
Credit Agreement
Multi-currency borrowing capacity	$ 800,000,000			$ 800,000,000
Interest rate (as a percent)		2.29%
Weighted average interest rate (as a percent)		2.31%
Line of credit		$ 205,000,000
Swing Line Loans
Credit Agreement
Multi-currency borrowing capacity	$ 15,000,000

Contingencies and Environment_2

Contingencies and Environmental Remediation (Details) $ in Millions	Jun. 26, 2022 USD ($)
Contingencies and Environmental Remediation
Possible loss	$ 4.5

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event	Aug. 01, 2022 $ / shares
Class A
Subsequent events
Quarterly dividend payable (in dollars per share)	$ 0.30
Class B
Subsequent events
Quarterly dividend payable (in dollars per share)	$ 0.30