A. O. Smith (AOS) 10-Q 30 Jul 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-475
Entity Registrant Name	A. O. Smith Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-0619790
Entity Address, Address Line One	11270 West Park Place
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53224-9508
City Area Code	414
Local Phone Number	359-4000
Title of 12(b) Security	Common Stock (par value $1.00 per share)
Trading Symbol	AOS
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
Amendment Flag	false
Entity Central Index Key	0000091142
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,980,767
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		133,197,582

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 859.8	$ 663.9	$ 1,628.8	$ 1,300.8
Cost of products sold	538.4	416.4	1,018.8	813.8
Gross profit	321.4	247.5	610	487
Selling, general and administrative expenses	173.1	155.9	339.6	329.7
Severance and restructuring expenses	0	6.1	0	6.1
Interest expense	0.9	2.5	1.9	4.7
Other income	(3.9)	(4)	(8.9)	(8.2)
Earnings before provision for income taxes	151.3	87	277.4	154.7
Provision for income taxes	33.1	19.2	61.5	35.2
Net Earnings	$ 118.2	$ 67.8	$ 215.9	$ 119.5
Net Earnings Per Share of Common Stock (in USD per share)	$ 0.74	$ 0.42	$ 1.34	$ 0.74
Diluted Net Earnings Per Share of Common Stock (in USD per share)	0.73	0.42	1.33	0.74
Dividends Per Share of Common Stock (in USD per share)	$ 0.26	$ 0.24	$ 0.52	$ 0.48

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 118.2	$ 67.8	$ 215.9	$ 119.5
Other comprehensive earnings (loss)
Foreign currency translation adjustments	4.9	3.7	3.5	(14.3)
Unrealized net gains (losses) on cash flow derivative instruments, less related income tax (provision) benefit of $(0.3) and $0.4 in 2021, $0.3 and $0.2 in 2020	0.9	(0.8)	(1.1)	(0.5)
Adjustment to pension liability, less related income tax provision of ($1.3) and $(2.6) in 2021, ($1.2) and $(2.4) in 2020	3.8	3.7	7.6	7.3
Comprehensive Earnings	$ 127.8	$ 74.4	$ 225.9	$ 112

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Income tax benefit (provision) on cash flow derivative instruments	$ (0.3)	$ 0.4	$ 0.3	$ 0.2
Income tax provision on adjustment to pension liability	$ (1.3)	$ (2.6)	$ (1.2)	$ (2.4)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 444.8	$ 573.1
Marketable securities	137.1	116.5
Receivables	607	585
Inventories	330.4	300.1
Other current assets	66.4	43.3
Total Current Assets	1,585.7	1,618
Property, plant and equipment	1,246.1	1,222.6
Less accumulated depreciation	(706.4)	(681.3)
Net property, plant and equipment	539.7	541.3
Goodwill	547.9	546.8
Other intangibles	318	323.9
Operating lease assets	42	41.6
Other assets	106.9	89.1
Total Assets	3,140.2	3,160.7
Current Liabilities
Trade payables	612.4	595.2
Accrued payroll and benefits	71.6	74.6
Accrued liabilities	166.4	161.9
Product warranties	49.8	47.8
Debt due within one year	6.8	6.8
Total Current Liabilities	907	886.3
Long-term debt	99.6	106.4
Product warranties	95.1	94.5
Long-term operating lease liabilities	33.9	34.4
Other liabilities	188.3	190.8
Total Liabilities	1,323.9	1,312.4
Stockholders’ Equity
Capital in excess of par value	535	520.4
Retained earnings	2,641.6	2,509.6
Accumulated other comprehensive loss	(311.2)	(321.2)
Treasury stock at cost	(1,344.4)	(1,155.9)
Total Stockholders’ Equity	1,816.3	1,848.3
Total Liabilities and Stockholders’ Equity	3,140.2	3,160.7
Class A Common Stock
Stockholders’ Equity
Common Stock, value	130.6	130.8
Common Stock
Stockholders’ Equity
Common Stock, value	$ 164.7	$ 164.6

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Class A Common Stock
Common Stock, par value (in USD per share)	$ 5	$ 5
Common Stock, shares authorized (in shares)	27,000,000	27,000,000
Common Stock, shares issued (in shares)	26,119,767	26,168,513
Common Stock
Common Stock, par value (in USD per share)	$ 1	$ 1
Common Stock, shares authorized (in shares)	240,000,000	240,000,000
Common Stock, shares issued (in shares)	164,587,827	164,539,081

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities
Net earnings	$ 215.9	$ 119.5
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	39	40
Stock based compensation expense	8.9	10.4
Net changes in operating assets and liabilities:
Current assets and liabilities	(50)	35.9
Noncurrent assets and liabilities	(17.8)	(26.5)
Cash Provided by Operating Activities	196	179.3
Investing Activities
Capital expenditures	(30.7)	(24.8)
Investments in marketable securities	(98.3)	(91.1)
Net proceeds from sale of marketable securities	79	140.1
Cash (Used in) Provided by Investing Activities	(50)	24.2
Financing Activities
Long-term debt repaid	(6.8)	(2.9)
Common stock repurchases	(198.1)	(56.7)
Net proceeds from stock option activity	14.5	2.6
Dividends paid	(83.9)	(77.8)
Cash Used in Financing Activities	(274.3)	(134.8)
Net (decrease) increase in cash and cash equivalents	(128.3)	68.7
Cash and cash equivalents - beginning of period	573.1	374
Cash and Cash Equivalents - End of Period	$ 444.8	$ 442.7

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common StockClass A Common Stock	Common StockCommon Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at the beginning of period at Dec. 31, 2019		$ 130.9	$ 164.5	$ 509	$ 2,323.4		$ (1,112.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		0	0	0
Issuance of share units				(6.5)
Vesting of share units				(1.6)			1.6
Stock based compensation expense				10.2
Exercises of stock options				(1.2)			3.7
Stock incentives				7.2			0.4
Net earnings	$ 119.5				119.5
Cash dividends on stock					(77.8)
Shares repurchased							(56.7)
Balance at end of period at Jun. 30, 2020	1,658.1	130.9	164.5	517.1	2,365.1	$ (355.8)	(1,163.7)
Balance at the beginning of period at Mar. 31, 2020		130.9	164.5	516.1	2,336.1		(1,168.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		0	0	0
Issuance of share units				0
Vesting of share units				0			0
Stock based compensation expense				1.4
Exercises of stock options				(1.1)			4.8
Stock incentives				0.7			0.4
Net earnings	67.8				67.8
Cash dividends on stock					(38.8)
Shares repurchased							0
Balance at end of period at Jun. 30, 2020	1,658.1	130.9	164.5	517.1	2,365.1	(355.8)	(1,163.7)
Balance at the beginning of period at Dec. 31, 2020	1,848.3	130.8	164.6	520.4	2,509.6		(1,155.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.2)	0.1	0.2
Issuance of share units				(5.4)
Vesting of share units				(1.8)			1.8
Stock based compensation expense				8.3
Exercises of stock options				7			7.6
Stock incentives				6.3			0.2
Net earnings	215.9				215.9
Cash dividends on stock					(83.9)
Shares repurchased							(198.1)
Balance at end of period at Jun. 30, 2021	1,816.3	130.6	164.7	535	2,641.6	(311.2)	(1,344.4)
Balance at the beginning of period at Mar. 31, 2021		130.6	164.7	528.7	2,565.1		(1,219.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		0	0	0
Issuance of share units				(0.1)
Vesting of share units				(0.1)			0.1
Stock based compensation expense				1.1
Exercises of stock options				4.4			5.7
Stock incentives				1			0.2
Net earnings	118.2				118.2
Cash dividends on stock					(41.7)
Shares repurchased							(131.1)
Balance at end of period at Jun. 30, 2021	$ 1,816.3	$ 130.6	$ 164.7	$ 535	$ 2,641.6	$ (311.2)	$ (1,344.4)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required 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. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results expected for the full year. It is suggested the accompanying condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 12, 2021. Recent Accounting Pronouncement In December 2019, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 740, Income Taxes (issued under Accounting Standards Update (ASU) 2019-12, “Simplifying the Accounting for Income Taxes”). This amendment removes certain exceptions to the general principles of ASC 740 and clarifies and amends existing guidance to improve consistent application. The Company adopted the amendment on January 1, 2021, and the adoption of ASU 2019-12 did not have an impact on its consolidated balance sheets, statements of earnings or statements of cash flows.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Substantially all of the Company’s sales are from contracts with customers for the purchase of its products. Contracts and customer purchase orders are used to determine the existence of a sales contract. Shipping documents are used to verify shipment. For substantially all of its products, the Company transfers control of products to the customer at the point in time when title and risk are passed to the customer, which generally occurs upon shipment of the product. Each unit sold is considered an independent, unbundled performance obligation. The Company’s sales arrangements do not include other performance obligations that are material in the context of the contract. The nature, timing and amount of revenue for a respective performance obligation are consistent for each customer. The Company measures the sales transaction price based upon the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. Sales and value added taxes are excluded from the measurement of the transaction price. The Company’s payment terms for the majority of its customers are 30 to 90 days from shipment. Additionally, certain customers in China pay the Company prior to the shipment of products resulting in a customer deposits liability of $92.9 million and $90.0 million at June 30, 2021 and December 31, 2020, respectively. Customer deposit liabilities are short term in nature and deposits are recognized into revenue within one year of receipt. The Company assesses the collectability of customer receivables based on the creditworthiness of a customer as determined by credit checks and analysis, as well as the customer’s payment history. In determining the allowance for doubtful accounts, the Company also considers various factors including the aging of customer accounts and historical write-offs. In addition, the Company monitors other risk factors including forward-looking information when establishing adequate allowances for doubtful accounts, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables. The Company’s allowance for doubtful accounts was $8.8 million at June 30, 2021 and $5.6 million at December 31, 2020. Rebates and incentives are based on pricing agreements and are tied to sales volume. The amount of revenue is reduced for variable consideration related to customer rebates which are calculated using expected values and are based on program specific factors such as expected rebate percentages based on expected volumes. In situations where the customer has the right to return eligible products, the Company reduces revenue for its estimates of expected product returns, which are primarily based on an analysis of historical experience. Changes in such accruals may be required if actual sales volume differs from estimated sales volume or if future returns differ from historical experience. Shipping and handling costs billed to customers are included in net sales and the related costs are included in cost of products sold and are activities performed to fulfill the promise to transfer products. Disaggregation of Net Sales The Company is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world. As each segment manufactures and markets products in its respective region of the world, the Company has determined that geography is the primary factor in reporting its sales. The Company further disaggregates its North America segment sales by major product line as each of North America’s major product lines is sold through distinct distribution channels and these product lines may be impacted differently by certain economic factors. Within the Rest of World segment, particularly in China and India, the Company’s major customers purchase across the Company’s product lines, utilizing the same distribution channels regardless of product type. In addition, the impact of economic factors is unlikely to be differentiated by product line in the Rest of World segment. The North America segment major product lines are defined as the following: Water heaters The Company’s water heaters are open water heating systems that heat potable water. Typical applications for water heaters include residences, restaurants, hotels and motels, office buildings, laundries, car washes and small businesses. The Company sells residential and commercial water heater products and related parts through its wholesale distribution channel, which includes more than 1,200 independent wholesale plumbing distributors. The Company also sells residential water heaters and related parts through retail and maintenance, repair and operations (MRO) channels. A significant portion of the Company’s water heater sales in the North America segment is derived from the replacement of existing products. Boilers The Company’s boilers are closed loop water heating systems used primarily for space heating or hydronic heating. The Company’s boilers are primarily used in applications in commercial settings for hospitals, schools, hotels and other large commercial buildings while residential boilers are used in homes, apartments and condominiums. The Company’s boiler distribution channel is comprised primarily of manufacturer representative firms, with the remainder of its boilers distributed through wholesale channels. The Company’s boiler sales in the North America segment are derived from a combination of replacement of existing products and new construction. Water treatment products The Company’s water treatment products range from point-of-entry water softeners, solutions for problem well water, and whole-home water filtration products to on-the-go filtration bottles and point-of-use carbon and reverse osmosis products. Typical applications for the Company’s water treatment products include residences, restaurants, hotels and offices. The Company sells water treatment products through its retail and wholesale distribution channels, similar to water heater products and related parts. The Company’s water treatment products are also sold through independent water quality dealers as well as directly to consumers including through internet sales channels. A portion of the Company’s sales of water treatment products in the North America segment is comprised of replacement filters. The following table disaggregates the Company’s net sales by segment. As described above, the Company’s North America segment sales are further disaggregated by major product line. In addition, the Company’s Rest of World segment sales are disaggregated by China and all other Rest of World: (dollars in millions) Three Months Ended Six Months Ended 2021 2020 2021 2020 North America Water heaters and related parts $ 498.1 $ 396.8 $ 955.8 $ 844.6 Boilers and related parts 55.5 41.0 102.0 82.5 Water treatment products 50.0 42.7 98.7 86.3 Total North America 603.6 480.5 1,156.5 1,013.4 Rest of World China $ 238.8 $ 172.7 $ 438.0 $ 263.7 All other Rest of World 24.4 17.0 47.5 36.2 Total Rest of World 263.2 189.7 485.5 299.9 Inter-segment sales (7.0) (6.3) (13.2) (12.5) Total Net Sales $ 859.8 $ 663.9 $ 1,628.8 $ 1,300.8

Severance and Restructuring Exp

Severance and Restructuring Expenses	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Severance and Restructuring Expenses	Severance and Restructuring ExpensesTo align its business to current market conditions, during the three months ended June 30, 2020, the Company recognized $6.1 million of pre-tax severance and restructuring expenses, comprised of $5.2 million severance costs and $0.9 million of other restructuring expenses, as well as a corresponding $1.1 million tax benefit related to these expenses. Of the $6.1 million expense recognized, $2.2 million was related to the North America segment and $3.9 million was related to the Rest of World segment.

Leases

Leases	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Leases	Leases The Company’s lease portfolio consists of operating leases for buildings and equipment, such as forklifts and copiers, primarily in the United States and China. The Company defines a lease as a contract that gives the Company the right to control the use of a physical asset for a stated term. The Company pays the lessor for that right, with a series of payments defined in the contract and a corresponding right of use operating lease asset and liability are recorded. The Company has elected not to record leases with an initial term of 12 months or less on its condensed consolidated balance sheet. To determine balance sheet amounts, required legal payments are discounted using the Company’s incremental borrowing rate as of the inception of the lease. The incremental borrowing rate is the rate of interest that the Company would incur if it were to borrow, on a collateralized basis, an amount equal to the value of the leased item over a similar term, in a similar economic environment. Variable lease components not based on an index or rate are excluded from the measurement of the lease asset and liability and expensed as incurred for all asset classes. Certain leases include one or more options to renew or terminate. Renewal terms can extend the lease term from one Supplemental balance sheet information related to leases is as follows: (dollars in millions) June 30, December 31, 2020 Liabilities Short term: Accrued liabilities $ 12.2 $ 11.1 Long term: Operating lease liabilities 33.9 34.4 Total operating lease liabilities $ 46.1 $ 45.5 Less: Rent incentives and deferrals (4.1) (3.9) Assets Operating lease assets $ 42.0 $ 41.6 Lease Term and Discount Rate June 30, 2021 Weighted-average remaining lease term 9.7 years Weighted-average discount rate 3.35% The components of lease expense were as follows: (dollars in millions) Three months ended Lease Expense Classification 2021 (1) 2020 (2) Operating lease expense Cost of products sold $ 1.0 $ 0.8 Selling, general and administrative expenses 4.1 4.2 (1) 2021 includes short-term and variable lease expenses of $0.5 million and $0.6 million, respectively. (2) 2020 includes short-term and variable lease expenses of $0.6 million and $0.5 million, respectively. (dollars in millions) Six months ended Lease Expense Classification 2021 (1) 2020 (2) Operating lease expense Cost of products sold $ 2.0 $ 1.5 Selling, general and administrative expenses 8.1 8.2 (1) 2021 includes short-term and variable lease expenses of $1.0 million and $1.2 million, respectively. (2) 2020 includes short-term and variable lease expenses of $1.0 million and $0.9 million, respectively. Maturities of lease liabilities were as follows: (dollars in millions) June 30, 2021 $ 7.2 2022 11.6 2023 6.9 2024 5.8 2025 4.1 After 2025 21.3 Total lease payments 56.9 Less: imputed interest (10.8) Present value of operating lease liabilities $ 46.1

Inventories

Inventories	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories The following table presents the components of the Company’s inventory balances: (dollars in millions) June 30, December 31, 2020 Finished products $ 142.8 $ 143.4 Work in process 26.4 21.8 Raw materials 185.5 159.2 Inventories, at FIFO cost 354.7 324.4 LIFO reserve (24.3) (24.3) $ 330.4 $ 300.1

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2021
Guarantees and Product Warranties [Abstract]
Product Warranties	Product Warranties The Company offers warranties on the sales of certain of its products with terms that are consistent with the market and records an accrual for the estimated future claims. The following table presents the Company’s warranty liability activity: (dollars in millions) Three Months Ended 2021 2020 Balance at April 1, $ 141.6 $ 135.3 Expense 15.3 12.3 Claims settled (12.0) (11.6) Balance at June 30, $ 144.9 $ 136.0 (dollars in millions) Six Months Ended 2021 2020 Balance at January 1, $ 142.3 $ 134.3 Expense 27.9 25.8 Claims settled (25.3) (24.1) Balance at June 30, $ 144.9 $ 136.0

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term DebtDuring the three months ended June 30, 2021, the Company renewed and amended its $500 million multi-year multi-currency revolving credit agreement with a new expiration date of April 1, 2026. The facility has an accordion provision that allows it to be increased up to $850 million if certain conditions (including lender approval) are satisfied. Borrowings under bank credit lines and commercial paper borrowings are supported by a $500 million revolving credit agreement. At its option, the Company either maintains cash balances or pays fees for bank credit and services. The Company did not have borrowings on this facility as of June 30, 2021.

Earnings per Share of Common St

Earnings per Share of Common Stock	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings per Share of Common Stock	Earnings per Share of Common Stock The numerator for the calculation of basic and diluted earnings per share is net earnings. The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations: Three Months Ended Six Months Ended 2021 2020 2021 2020 Denominator for basic earnings per share - weighted average shares 160,241,814 161,208,194 160,880,724 161,539,991 Effect of dilutive stock options and share units 1,490,159 965,648 1,374,828 995,675 Denominator for diluted earnings per share 161,731,973 162,173,842 162,255,552 162,535,666

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation The Company adopted the A. O. Smith Combined Incentive Compensation Plan (the Plan) effective January 1, 2007. The Plan was most recently reapproved by stockholders on April 15, 2020. The Plan is a continuation of the A. O. Smith Combined Executive Incentive Compensation Plan which was originally approved by stockholders in 2002. The number of shares available for granting of options or share units at June 30, 2021 was 6,776,930. Upon stock option exercise or share unit vesting, shares are issued from treasury stock. Total stock based compensation expense recognized in the three months ended June 30, 2021 and 2020 was $1.5 million and $1.4 million, respectively. Total stock based compensation expense recognized in the six months ended June 30, 2021 and 2020 was $8.9 million and $10.4 million, respectively. Stock Options The stock options granted in the six months ended June 30, 2021 and 2020 have three year pro rata vesting from the date of grant. Stock options are issued at exercise prices equal to the fair value of the Company’s Common Stock on the date of grant. For active employees, all options granted in 2021 and 2020 expire ten years after the date of grant. The Company’s stock options are expensed ratably over the three year vesting period; however, included in stock option expense for the six months ended June 30, 2021 and 2020 was expense associated with the accelerated vesting of stock option awards for certain employees who either are retirement eligible or become retirement eligible during the vesting period. Stock based compensation expense attributable to stock options in the three months ended June 30, 2021 and 2020 was $0.5 million and $0.7 million, respectively. Stock based compensation expense attributable to stock options in the six months ended June 30, 2021 and 2020 was $4.1 million and $5.2 million, respectively. Changes in options, all of which relate to the Company’s Common Stock, were as follows for the six months ended June 30, 2021: Weighted- Number of Average Aggregate Outstanding at January 1, 2021 $ 43.01 2,785,654 Granted 60.85 368,780 Exercised 36.02 (459,527) Forfeited 48.44 (8,638) Outstanding at June 30, 2021 46.63 2,686,269 7 years $ 68.3 Exercisable at June 30, 2021 44.37 1,611,487 6 years $ 44.6 The weighted-average fair value per option at the date of grant during the six months ended June 30, 2021 and 2020 using the Black-Scholes option-pricing model was $14.03 and $8.15, respectively. Assumptions were as follows: Six Months Ended June 30, 2021 2020 Expected life (years) 5.8 5.7 Risk-free interest rate 1.2 % 1.6 % Dividend yield 1.6 % 2.1 % Expected volatility 27.4 % 23.6 % The expected lives of options for purposes of these models are based on historical exercise behavior. The risk-free interest rates for purposes of these models are based on the U.S. Treasury yield curve in effect on the date of grant for the respective expected lives of the option. The expected dividend yields for purposes of these models are based on the dividends paid in the preceding four quarters divided by the grant date market value of the Common Stock. The expected volatility for purposes of these models are based on the historical volatility of the Common Stock. Restricted Stock and Share Units Participants may also be awarded shares of restricted stock or share units under the Plan. Share units vest three years after the date of grant. The Company granted 100,676 and 169,539 share units under the Plan in the six months ended June 30, 2021 and 2020, respectively. The share units were valued at $6.1 million and $7.2 million at the date of issuance in 2021 and 2020, respectively, based on the price of the Company’s Common Stock at the date of grant. The share units are recognized as compensation expense ratably over the three-year vesting period; however, included in share unit expense in the three and six months ended June 30, 2021 and 2020 was expense associated with accelerated vesting of share unit awards for certain employees who either are retirement eligible or will become retirement eligible during the vesting period. Stock based compensation expense attributable to share units of $1.0 million and $0.7 million was recognized in the three months ended June 30, 2021 and 2020, respectively. Stock based compensation expense attributable to share units of $4.8 million and $5.2 million was recognized in the six months ended June 30, 2021 and 2020, respectively. Certain non- U.S.-based employees receive the cash value of the share price at the vesting date in lieu of shares. Unvested cash-settled awards are remeasured at each reporting period. A summary of share unit activity under the Plan is as follows for the six months ended June 30, 2021: Number of Units Weighted-Average Issued and unvested at January 1, 2021 426,786 $ 46.99 Granted 100,676 60.74 Vested (94,320) 60.73 Forfeited (3,640) 52.52 Issued and unvested at June 30, 2021 429,502 47.17

Pensions

Pensions	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Pensions	Pensions The following table presents the components of the Company’s net pension income: (dollars in millions) Three Months Ended Six Months Ended 2021 2020 2021 2020 Service cost $ 0.4 $ 0.3 $ 0.8 $ 0.7 Interest cost 3.6 5.8 7.2 11.5 Expected return on plan assets (12.0) (13.0) (24.0) (26.0) Amortization of unrecognized loss 5.2 5.0 10.4 9.9 Amortization of prior service cost (0.1) (0.1) (0.2) (0.2) Defined benefit plan income $ (2.9) $ (2.0) $ (5.8) $ (4.1) The service cost component of net periodic benefit cost is presented within cost of products sold and selling, general and administrative expenses within the condensed consolidated statements of earnings while the other components of pension income are reflected in other income. The Company was not required to and did not make a contribution to its U.S. pension plan in 2020. The Company is not required to make a contribution in 2021.

Segment Results

Segment Results	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Results	Segment ResultsThe Company is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks, and water treatment products. Both segments primarily manufacture and market in their respective regions of the world. The following table presents the Company’s segment results: (dollars in millions) Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales North America $ 603.6 $ 480.5 $ 1,156.5 $ 1,013.4 Rest of World 263.2 189.7 485.5 299.9 Inter-segment (7.0) (6.3) (13.2) (12.5) $ 859.8 $ 663.9 $ 1,628.8 $ 1,300.8 Segment earnings (losses) North America (1) $ 141.7 $ 105.4 $ 272.1 $ 232.5 Rest of World (2) 22.3 (5.8) 34.1 (48.0) Inter-segment — (0.3) — (0.3) 164.0 99.3 306.2 184.2 Corporate expense (11.8) (9.8) (26.9) (24.8) Interest expense (0.9) (2.5) (1.9) (4.7) Earnings before income taxes 151.3 87.0 277.4 154.7 Provision for income taxes 33.1 19.2 61.5 35.2 Net earnings $ 118.2 $ 67.8 $ 215.9 $ 119.5 (1) includes severance and restructuring expenses of: $ — $ 2.2 $ — $ 2.2 (2) includes severance and restructuring expenses of: $ — $ 3.9 $ — $ 3.9

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC 820, Fair Value Measurements , among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring basis or nonrecurring basis. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on the market approach which are prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following table presents assets (liabilities) measured at fair value on a recurring basis (dollars in millions): Fair Value Measurement Using June 30, December 31, 2020 Quoted prices in active markets for identical assets (Level 1) $ 137.1 $ 116.5 Significant other observable inputs (Level 2) (0.6) (4.3) Items measured at fair value were comprised of the Company’s marketable securities (Level 1) and derivative instruments (Level 2). There were no changes in the Company’s valuation techniques used to measure fair values on a recurring basis during the six months ended June 30, 2021.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company utilizes certain derivative instruments to enhance its ability to manage currency exposure as well as raw materials price risk. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes. The contracts are executed with major financial institutions with no credit loss anticipated for failure of the counterparties to perform. Cash Flow Hedges With the exception of its net investment hedges, the Company designates all of its hedging instruments as cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), gains or losses on the derivative instrument are reported as a component of other comprehensive loss, net of tax, and are reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. Foreign Currency Forward Contracts The Company is exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. The Company utilizes foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency purchases, sales and certain intercompany transactions in the normal course of business. Principal currencies for which the Company utilizes foreign currency forward contracts include the British pound, Canadian dollar, Euro and Mexican peso. Gains and losses on these instruments are recorded in accumulated other comprehensive loss, net of tax, until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive loss to the consolidated statement of earnings. The assessment of effectiveness for forward contracts is based on changes in the forward rates. These hedges have been determined to be effective. The majority of the amounts in accumulated other comprehensive loss for cash flow hedges are expected to be reclassified into earnings within one year. The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts that are designated as cash flow hedges: (dollars in millions) June 30, 2021 December 31, 2020 Buy Sell Buy Sell British pound $ — $ 0.5 $ — $ 1.0 Canadian dollar — 69.8 — 79.7 Euro 23.8 — 32.7 — Mexican peso 19.1 — 16.5 — Total $ 42.9 $ 70.3 $ 49.2 $ 80.7 Commodity Futures Contracts In addition to entering into supply arrangements in the normal course of business, the Company also enters into futures contracts to fix the cost of certain raw material purchases, principally steel, with the objective of minimizing changes in cost due to market price fluctuations. The hedging strategy for achieving this objective is to purchase steel futures contracts on the New York Metals Exchange (NYMEX) and copper futures contracts on the open market of the London Metals Exchange (LME) or over the counter contracts based on the LME. With NYMEX, the Company is required to make cash deposits on unrealized losses on steel derivative contracts. The after-tax gains and losses on the contracts as of June 30, 2020 were recorded in accumulated other comprehensive loss and will be reclassified into cost of products sold in the period in which the underlying transaction is recorded in earnings. The after-tax gains and losses on the contracts will be reclassified within one year. Net Investment Hedges The Company enters into certain foreign currency forward contracts to hedge the exposure to a portion of the Company’s net investments in certain non-U.S. subsidiaries against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. For the derivative instruments that are designated and qualify as net investment hedges, gains and losses are reported in other comprehensive loss where they offset gains and losses recorded on the Company’s net investments in its non-U.S. subsidiaries. These hedges are determined to be effective. The Company recognized $(0.1) million of after-tax losses associated with hedges of a net investment in non-U.S. subsidiaries in currency translation adjustment in other comprehensive income in both the three and six months ended June 30, 2021. The Company recognized $(0.1) million and $0.7 million of after-tax (losses) gains associated with hedges of a net investment in non-U.S. subsidiaries in currency translation adjustment in other comprehensive income in the three and six months ended June 30, 2020, respectively. The following tables present the impact of derivative contracts on the Company’s financial statements. Fair value of derivatives designated as hedging instruments under ASC 815: (dollars in millions) Balance Sheet Location June 30, December 31, Foreign currency contracts Other current assets $ 1.4 $ 2.7 Accrued liabilities (2.0) (7.0) Total derivatives designated as hedging instruments $ (0.6) $ (4.3) The effect of cash flow hedges on the condensed consolidated statement of earnings: Three Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) recognized in other Location of gain (loss) Amount of (loss) gain 2021 2020 2021 2020 Foreign currency contracts $ 0.4 $ (0.6) Cost of products sold $ (0.8) $ 0.5 Commodities contracts — 0.1 Cost of products sold — — $ 0.4 $ (0.5) $ (0.8) $ 0.5 Six Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of (loss) gain Location of gain (loss) Amount of (loss) gain 2021 2020 2021 2020 Foreign currency contracts $ (2.5) $ 0.8 Cost of products sold $ (1.1) $ 1.3 Commodities contracts — (0.1) Cost of products sold — — $ (2.5) $ 0.7 $ (1.1) $ 1.3

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate for the three and six months ended June 30, 2021 was 21.9 percent and 22.2 percent, respectively. The Company estimates that its annual effective income tax rate for the full year 2021 will be approximately 23.0 percent. The effective income tax rate for the three and six months ended June 30, 2020 was 22.1 percent and 22.8 percent, respectively. The change in the effective income tax rate for the six months ended June 30, 2021 compared to the effective income tax rate for the six months ended June 30, 2020 was primarily due to a change in geographical earnings mix. As of June 30, 2021, the Company had $9.0 million of unrecognized tax benefits of which $0.5 million would affect its effective income tax rate if recognized. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company’s U.S. federal income tax returns for 2017-2021 are subject to audit. The Company is subject to state and local income tax audits for tax years 2002-2021. The Company is subject to non-U.S. income tax examinations for years 2015-2021.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company maintains a commercial relationship with a supply-chain service provider (the Provider) in connection with the Company’s business in China. In this capacity, the Provider offers order-entry, warehousing and logistics support. The Provider also offers asset-backed financing to certain of the Company’s distributors in China to facilitate their working capital needs. To facilitate its financing support business, the Provider has collateralized lending facilities in place with multiple Chinese banks under which the Company has agreed to repurchase inventory if both requested by the banks and certain defined conditions are met, primarily related to the aging of the distributors’ notes. The Provider is required to indemnify the Company for any losses the Company would incur in the event of an inventory repurchase under these arrangements. Potential losses under the repurchase arrangements represent the difference between the repurchase price and net proceeds from the resale of product plus costs incurred in the process, less related distributor rebates. Before considering any reduction of distributor rebate accruals of $6.5 million and $5.4 million as of June 30, 2021 and December 31, 2020, respectively, and from the resale of the related inventory, the gross amount the Company would be obligated to repurchase, which would be contingent on the default of all of the outstanding loans, was approximately $10.3 million as of June 30, 2021 and $6.5 million as of December 31, 2020. The Company’s reserves for estimated losses under repurchase arrangements were immaterial as of June 30, 2021 and December 31, 2020.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss by Component	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss by Component	Changes in Accumulated Other Comprehensive Loss by Component Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Three Months Ended 2021 2020 Cumulative foreign currency translation Balance at beginning of period $ (49.5) $ (84.2) Other comprehensive income before reclassifications 4.9 3.7 Balance at end of period (44.6) (80.5) Unrealized net (loss) gain on cash flow derivatives Balance at beginning of period (1.4) 0.5 Other comprehensive gain (loss) before reclassifications 0.3 (0.4) Realized losses (gains) on derivatives reclassified to cost of products sold (net of income tax (benefit) provision of $(0.2) and $0.1 in 2021 and 2020, respectively) 0.6 (0.4) Balance at end of period (0.5) (0.3) Pension liability Balance at beginning of period (269.9) (278.7) Amounts reclassified from accumulated other comprehensive loss: (1) 3.8 3.7 Balance at end of period (266.1) (275.0) Accumulated other comprehensive loss, end of period $ (311.2) $ (355.8) (1) Amortization of pension items: Actuarial losses $ 5.2 (2) $ 5.0 (2) Prior year service cost (0.1) (2) (0.1) (2) 5.1 4.9 Income tax benefit (1.3) (1.2) Reclassification net of income tax benefit $ 3.8 $ 3.7 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 - Pensions for additional details. Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Six Months Ended 2021 2020 Cumulative foreign currency translation Balance at beginning of period $ (48.1) $ (66.2) Other comprehensive income (loss) before reclassifications 3.5 (14.3) Balance at end of period (44.6) (80.5) Unrealized net gain (loss) on cash flow derivatives Balance at beginning of period 0.6 0.2 Other comprehensive gain before reclassifications (1.9) 0.5 Realized losses (gains) on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $(0.3) and $0.3 in 2021 and 2020, respectively) 0.8 (1.0) Balance at end of period (0.5) (0.3) Pension liability Balance at beginning of period (273.7) (282.3) Amounts reclassified from accumulated other comprehensive loss: (1) 7.6 7.3 Balance at end of period (266.1) (275.0) Accumulated other comprehensive loss, end of period $ (311.2) $ (355.8) (1) Amortization of pension items: Actuarial losses $ 10.4 (2) $ 9.9 (2) Prior year service cost (0.2) (2) (0.2) (2) 10.2 9.7 Income tax benefit (2.6) (2.4) Reclassification net of income tax benefit $ 7.6 $ 7.3 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 - Pensions for additional details.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncement In December 2019, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 740, Income Taxes (issued under Accounting Standards Update (ASU) 2019-12, “Simplifying the Accounting for Income Taxes”). This amendment removes certain exceptions to the general principles of ASC 740 and clarifies and amends existing guidance to improve consistent application. The Company adopted the amendment on January 1, 2021, and the adoption of ASU 2019-12 did not have an impact on its consolidated balance sheets, statements of earnings or statements of cash flows.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Net Sales Disaggregated by Segment and Major Product Line	The following table disaggregates the Company’s net sales by segment. As described above, the Company’s North America segment sales are further disaggregated by major product line. In addition, the Company’s Rest of World segment sales are disaggregated by China and all other Rest of World: (dollars in millions) Three Months Ended Six Months Ended 2021 2020 2021 2020 North America Water heaters and related parts $ 498.1 $ 396.8 $ 955.8 $ 844.6 Boilers and related parts 55.5 41.0 102.0 82.5 Water treatment products 50.0 42.7 98.7 86.3 Total North America 603.6 480.5 1,156.5 1,013.4 Rest of World China $ 238.8 $ 172.7 $ 438.0 $ 263.7 All other Rest of World 24.4 17.0 47.5 36.2 Total Rest of World 263.2 189.7 485.5 299.9 Inter-segment sales (7.0) (6.3) (13.2) (12.5) Total Net Sales $ 859.8 $ 663.9 $ 1,628.8 $ 1,300.8

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases [Abstract]
Schedule of Supplemental Balance Sheet Related to Leases	Supplemental balance sheet information related to leases is as follows: (dollars in millions) June 30, December 31, 2020 Liabilities Short term: Accrued liabilities $ 12.2 $ 11.1 Long term: Operating lease liabilities 33.9 34.4 Total operating lease liabilities $ 46.1 $ 45.5 Less: Rent incentives and deferrals (4.1) (3.9) Assets Operating lease assets $ 42.0 $ 41.6 Lease Term and Discount Rate June 30, 2021 Weighted-average remaining lease term 9.7 years Weighted-average discount rate 3.35%
Schedule of Components of Lease Expense	The components of lease expense were as follows: (dollars in millions) Three months ended Lease Expense Classification 2021 (1) 2020 (2) Operating lease expense Cost of products sold $ 1.0 $ 0.8 Selling, general and administrative expenses 4.1 4.2 (1) 2021 includes short-term and variable lease expenses of $0.5 million and $0.6 million, respectively. (2) 2020 includes short-term and variable lease expenses of $0.6 million and $0.5 million, respectively. (dollars in millions) Six months ended Lease Expense Classification 2021 (1) 2020 (2) Operating lease expense Cost of products sold $ 2.0 $ 1.5 Selling, general and administrative expenses 8.1 8.2 (1) 2021 includes short-term and variable lease expenses of $1.0 million and $1.2 million, respectively. (2) 2020 includes short-term and variable lease expenses of $1.0 million and $0.9 million, respectively.
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows: (dollars in millions) June 30, 2021 $ 7.2 2022 11.6 2023 6.9 2024 5.8 2025 4.1 After 2025 21.3 Total lease payments 56.9 Less: imputed interest (10.8) Present value of operating lease liabilities $ 46.1

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	The following table presents the components of the Company’s inventory balances: (dollars in millions) June 30, December 31, 2020 Finished products $ 142.8 $ 143.4 Work in process 26.4 21.8 Raw materials 185.5 159.2 Inventories, at FIFO cost 354.7 324.4 LIFO reserve (24.3) (24.3) $ 330.4 $ 300.1

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2021
Guarantees and Product Warranties [Abstract]
Schedule of Warranty Liability Activity	The following table presents the Company’s warranty liability activity: (dollars in millions) Three Months Ended 2021 2020 Balance at April 1, $ 141.6 $ 135.3 Expense 15.3 12.3 Claims settled (12.0) (11.6) Balance at June 30, $ 144.9 $ 136.0 (dollars in millions) Six Months Ended 2021 2020 Balance at January 1, $ 142.3 $ 134.3 Expense 27.9 25.8 Claims settled (25.3) (24.1) Balance at June 30, $ 144.9 $ 136.0

Earnings per Share of Common _2

Earnings per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Weighted Average Shares Used in EPS Calculations	The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations: Three Months Ended Six Months Ended 2021 2020 2021 2020 Denominator for basic earnings per share - weighted average shares 160,241,814 161,208,194 160,880,724 161,539,991 Effect of dilutive stock options and share units 1,490,159 965,648 1,374,828 995,675 Denominator for diluted earnings per share 161,731,973 162,173,842 162,255,552 162,535,666

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Changes in Options	Changes in options, all of which relate to the Company’s Common Stock, were as follows for the six months ended June 30, 2021: Weighted- Number of Average Aggregate Outstanding at January 1, 2021 $ 43.01 2,785,654 Granted 60.85 368,780 Exercised 36.02 (459,527) Forfeited 48.44 (8,638) Outstanding at June 30, 2021 46.63 2,686,269 7 years $ 68.3 Exercisable at June 30, 2021 44.37 1,611,487 6 years $ 44.6
Schedule of Assumptions	Assumptions were as follows: Six Months Ended June 30, 2021 2020 Expected life (years) 5.8 5.7 Risk-free interest rate 1.2 % 1.6 % Dividend yield 1.6 % 2.1 % Expected volatility 27.4 % 23.6 %
Schedule of Share Unit Activity	A summary of share unit activity under the Plan is as follows for the six months ended June 30, 2021: Number of Units Weighted-Average Issued and unvested at January 1, 2021 426,786 $ 46.99 Granted 100,676 60.74 Vested (94,320) 60.73 Forfeited (3,640) 52.52 Issued and unvested at June 30, 2021 429,502 47.17

Pensions (Tables)

Pensions (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Components of Net Pension Income	The following table presents the components of the Company’s net pension income: (dollars in millions) Three Months Ended Six Months Ended 2021 2020 2021 2020 Service cost $ 0.4 $ 0.3 $ 0.8 $ 0.7 Interest cost 3.6 5.8 7.2 11.5 Expected return on plan assets (12.0) (13.0) (24.0) (26.0) Amortization of unrecognized loss 5.2 5.0 10.4 9.9 Amortization of prior service cost (0.1) (0.1) (0.2) (0.2) Defined benefit plan income $ (2.9) $ (2.0) $ (5.8) $ (4.1)

Segment Results (Tables)

Segment Results (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Results	The following table presents the Company’s segment results: (dollars in millions) Three Months Ended Six Months Ended 2021 2020 2021 2020 Net sales North America $ 603.6 $ 480.5 $ 1,156.5 $ 1,013.4 Rest of World 263.2 189.7 485.5 299.9 Inter-segment (7.0) (6.3) (13.2) (12.5) $ 859.8 $ 663.9 $ 1,628.8 $ 1,300.8 Segment earnings (losses) North America (1) $ 141.7 $ 105.4 $ 272.1 $ 232.5 Rest of World (2) 22.3 (5.8) 34.1 (48.0) Inter-segment — (0.3) — (0.3) 164.0 99.3 306.2 184.2 Corporate expense (11.8) (9.8) (26.9) (24.8) Interest expense (0.9) (2.5) (1.9) (4.7) Earnings before income taxes 151.3 87.0 277.4 154.7 Provision for income taxes 33.1 19.2 61.5 35.2 Net earnings $ 118.2 $ 67.8 $ 215.9 $ 119.5 (1) includes severance and restructuring expenses of: $ — $ 2.2 $ — $ 2.2 (2) includes severance and restructuring expenses of: $ — $ 3.9 $ — $ 3.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets (Liabilities) Measured at Fair Value on a Recurring Basis	The following table presents assets (liabilities) measured at fair value on a recurring basis (dollars in millions): Fair Value Measurement Using June 30, December 31, 2020 Quoted prices in active markets for identical assets (Level 1) $ 137.1 $ 116.5 Significant other observable inputs (Level 2) (0.6) (4.3)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Foreign Currency Forward Contracts	The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts that are designated as cash flow hedges: (dollars in millions) June 30, 2021 December 31, 2020 Buy Sell Buy Sell British pound $ — $ 0.5 $ — $ 1.0 Canadian dollar — 69.8 — 79.7 Euro 23.8 — 32.7 — Mexican peso 19.1 — 16.5 — Total $ 42.9 $ 70.3 $ 49.2 $ 80.7
Schedule of Impact of Derivative Contracts on the Company's Financial Statements	The following tables present the impact of derivative contracts on the Company’s financial statements. Fair value of derivatives designated as hedging instruments under ASC 815: (dollars in millions) Balance Sheet Location June 30, December 31, Foreign currency contracts Other current assets $ 1.4 $ 2.7 Accrued liabilities (2.0) (7.0) Total derivatives designated as hedging instruments $ (0.6) $ (4.3)
Schedule of Effect of Cash Flow Hedges on the Condensed Consolidated Statement of Earnings	The effect of cash flow hedges on the condensed consolidated statement of earnings: Three Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) recognized in other Location of gain (loss) Amount of (loss) gain 2021 2020 2021 2020 Foreign currency contracts $ 0.4 $ (0.6) Cost of products sold $ (0.8) $ 0.5 Commodities contracts — 0.1 Cost of products sold — — $ 0.4 $ (0.5) $ (0.8) $ 0.5 Six Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of (loss) gain Location of gain (loss) Amount of (loss) gain 2021 2020 2021 2020 Foreign currency contracts $ (2.5) $ 0.8 Cost of products sold $ (1.1) $ 1.3 Commodities contracts — (0.1) Cost of products sold — — $ (2.5) $ 0.7 $ (1.1) $ 1.3

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss by Component (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Changes to Accumulated Other Comprehensive Loss by Component	Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Three Months Ended 2021 2020 Cumulative foreign currency translation Balance at beginning of period $ (49.5) $ (84.2) Other comprehensive income before reclassifications 4.9 3.7 Balance at end of period (44.6) (80.5) Unrealized net (loss) gain on cash flow derivatives Balance at beginning of period (1.4) 0.5 Other comprehensive gain (loss) before reclassifications 0.3 (0.4) Realized losses (gains) on derivatives reclassified to cost of products sold (net of income tax (benefit) provision of $(0.2) and $0.1 in 2021 and 2020, respectively) 0.6 (0.4) Balance at end of period (0.5) (0.3) Pension liability Balance at beginning of period (269.9) (278.7) Amounts reclassified from accumulated other comprehensive loss: (1) 3.8 3.7 Balance at end of period (266.1) (275.0) Accumulated other comprehensive loss, end of period $ (311.2) $ (355.8) (1) Amortization of pension items: Actuarial losses $ 5.2 (2) $ 5.0 (2) Prior year service cost (0.1) (2) (0.1) (2) 5.1 4.9 Income tax benefit (1.3) (1.2) Reclassification net of income tax benefit $ 3.8 $ 3.7 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 - Pensions for additional details. Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Six Months Ended 2021 2020 Cumulative foreign currency translation Balance at beginning of period $ (48.1) $ (66.2) Other comprehensive income (loss) before reclassifications 3.5 (14.3) Balance at end of period (44.6) (80.5) Unrealized net gain (loss) on cash flow derivatives Balance at beginning of period 0.6 0.2 Other comprehensive gain before reclassifications (1.9) 0.5 Realized losses (gains) on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $(0.3) and $0.3 in 2021 and 2020, respectively) 0.8 (1.0) Balance at end of period (0.5) (0.3) Pension liability Balance at beginning of period (273.7) (282.3) Amounts reclassified from accumulated other comprehensive loss: (1) 7.6 7.3 Balance at end of period (266.1) (275.0) Accumulated other comprehensive loss, end of period $ (311.2) $ (355.8) (1) Amortization of pension items: Actuarial losses $ 10.4 (2) $ 9.9 (2) Prior year service cost (0.2) (2) (0.2) (2) 10.2 9.7 Income tax benefit (2.6) (2.4) Reclassification net of income tax benefit $ 7.6 $ 7.3 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 10 - Pensions for additional details.

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)distributorsegment	Dec. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Customer deposits liability	$ 92.9	$ 90
Allowance for doubtful accounts	$ 8.8	$ 5.6
Number of reporting segments | segment	2
Water Heaters | North America
Disaggregation of Revenue [Line Items]
Number of wholesale distributors | distributor	1,200
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 years
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	90 years

Revenue Recognition - Segment S

Revenue Recognition - Segment Sales Disaggregated by Major Product Line (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 859.8	$ 663.9	$ 1,628.8	$ 1,300.8
Operating Segments | North America
Disaggregation of Revenue [Line Items]
Net sales	603.6	480.5	1,156.5	1,013.4
Operating Segments | Rest of World
Disaggregation of Revenue [Line Items]
Net sales	263.2	189.7	485.5	299.9
Operating Segments | Rest of World | China
Disaggregation of Revenue [Line Items]
Net sales	238.8	172.7	438	263.7
Operating Segments | Rest of World | All other Rest of World
Disaggregation of Revenue [Line Items]
Net sales	24.4	17	47.5	36.2
Operating Segments | Water heaters and related parts | North America
Disaggregation of Revenue [Line Items]
Net sales	498.1	396.8	955.8	844.6
Operating Segments | Boilers and related parts | North America
Disaggregation of Revenue [Line Items]
Net sales	55.5	41	102	82.5
Operating Segments | Water treatment products | North America
Disaggregation of Revenue [Line Items]
Net sales	50	42.7	98.7	86.3
Inter-segment
Disaggregation of Revenue [Line Items]
Net sales	$ (7)	$ (6.3)	$ (13.2)	$ (12.5)

Severance and Restructuring E_2

Severance and Restructuring Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Severance and restructuring expenses	$ 0	$ 6.1	$ 0	$ 6.1
Severance costs		5.2
Other restructuring expenses		0.9
Tax benefit	$ (33.1)	(19.2)	$ (61.5)	$ (35.2)
North America
Restructuring Cost and Reserve [Line Items]
Severance and restructuring expenses		2.2
Rest of World
Restructuring Cost and Reserve [Line Items]
Severance and restructuring expenses		3.9
Restructuring charges
Restructuring Cost and Reserve [Line Items]
Tax benefit		$ 1.1

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease termination period	1 year
Minimum
Lessee, Lease, Description [Line Items]
Operating lease renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease renewal term	5 years

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Liabilities
Current operating lease liability, statement of financial position [Extensible List]	Accrued liabilities	Accrued liabilities
Short term: Accrued liabilities	$ 12.2	$ 11.1
Long term: Operating lease liabilities	33.9	34.4
Total operating lease liabilities	46.1	45.5
Less: Rent incentives and deferrals	(4.1)	(3.9)
Assets
Operating lease assets	$ 42	$ 41.6
Lease Term and Discount Rate
Weighted-average remaining lease term	9 years 8 months 12 days
Weighted-average discount rate	3.35%

Leases - Components of Lease Ex

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Short-term lease expenses	$ 0.5	$ 0.6	$ 1	$ 1
Variable lease expenses	0.6	0.5	1.2	0.9
Cost of products sold
Lessee, Lease, Description [Line Items]
Operating lease expense	1	0.8	2	1.5
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 4.1	$ 4.2	$ 8.1	$ 8.2

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Leases [Abstract]
2021	$ 7.2
2022	11.6
2023	6.9
2024	5.8
2025	4.1
After 2025	21.3
Total lease payments	56.9
Less: imputed interest	(10.8)
Present value of operating lease liabilities	$ 46.1	$ 45.5

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Finished products	$ 142.8	$ 143.4
Work in process	26.4	21.8
Raw materials	185.5	159.2
Inventories, at FIFO cost	354.7	324.4
LIFO reserve	(24.3)	(24.3)
Inventories	$ 330.4	$ 300.1

Product Warranties - Company's

Product Warranties - Company's Warranty Liability Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 141.6	$ 135.3	$ 142.3	$ 134.3
Expense	15.3	12.3	27.9	25.8
Claims settled	(12)	(11.6)	(25.3)	(24.1)
Balance at end of year	$ 144.9	$ 136	$ 144.9	$ 136

Long-Term Debt (Details)

Long-Term Debt (Details)	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
Multi-currency revolving credit agreement, maximum borrowing capacity	$ 500,000,000
Accordion feature, higher borrowing capacity option	850,000,000
Borrowings	$ 0

Earnings per Share of Common _3

Earnings per Share of Common Stock - Schedule of Computation of Basic and Diluted Weighted-Average Shares Used in Earnings per Share Calculations (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Denominator for basic earnings per share - weighted average shares (in shares)	160,241,814	161,208,194	160,880,724	161,539,991
Effect of dilutive stock options and share units (in shares)	1,490,159	965,648	1,374,828	995,675
Denominator for diluted earnings per share (in shares)	161,731,973	162,173,842	162,255,552	162,535,666

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation cost recognized	$ 1.5	$ 1.4	$ 8.9	$ 10.4
Stock option compensation expense recognized	0.5	0.7	$ 4.1	$ 5.2
Weighted-average fair value per option at the date of grant (in USD per share)			$ 14.03	$ 8.15
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years	3 years
Award expiration period			10 years	10 years
Restricted Stock and Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Number of units granted (in shares)			100,676	169,539
Value of units share units granted			$ 6.1	$ 7.2
Share based compensation expense attributable to share units	$ 1	$ 0.7	$ 4.8	$ 5.2
A.O. Smith Combined Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for granting of options or share units (in shares)	6,776,930		6,776,930

Stock Based Compensation - Chan

Stock Based Compensation - Changes in Options (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
Weighted- Avg. Per Share Exercise Price
Beginning balance (in USD per share) | $ / shares	$ 43.01
Granted (in USD per share) | $ / shares	60.85
Exercised (in USD per share) | $ / shares	36.02
Forfeited (in USD per share) | $ / shares	48.44
Ending balance (in USD per share) | $ / shares	$ 46.63
Number of Options
Beginning balance (in shares) | shares	2,785,654
Granted (in shares) | shares	368,780
Exercised (in shares) | shares	(459,527)
Forfeited (in shares) | shares	(8,638)
Ending balance (in shares) | shares	2,686,269
Stock option activity, additional disclosures
Outstanding, Average Remaining Contractual Life	7 years
Outstanding, Aggregate Intrinsic Value | $	$ 68.3
Exercisable, Weighted-Avg. Per Share Exercise Price (in USD per share) | $ / shares	$ 44.37
Exercisable, Number of Options (in shares) | shares	1,611,487
Exercisable, Average Remaining Contractual Life	6 years
Exercisable, Aggregate Intrinsic Value | $	$ 44.6

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Weighted-average Fair Value per Option at Date of Grant (Details) - Employee Stock Option	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (years)	5 years 9 months 18 days	5 years 8 months 12 days
Risk-free interest rate	1.20%	1.60%
Dividend yield	1.60%	2.10%
Expected volatility	27.40%	23.60%

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Share Unit Activity Under Plan (Details) - Restricted Stock and Share Units - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Number of Units
Beginning balance (in shares)	426,786
Granted (in shares)	100,676	169,539
Vested (in shares)	(94,320)
Forfeited (in shares)	(3,640)
Ending balance (in shares)	429,502
Weighted-Average Grant Date Value
Beginning balance (in USD per share)	$ 46.99
Granted (in USD per share)	60.74
Vested (in USD per share)	60.73
Forfeited (in USD per share)	52.52
Ending balance (in USD per share)	$ 47.17

Pensions (Details)

Pensions (Details) - Pension Plan - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 400,000	$ 300,000	$ 800,000	$ 700,000
Interest cost	3,600,000	5,800,000	7,200,000	11,500,000
Expected return on plan assets	(12,000,000)	(13,000,000)	(24,000,000)	(26,000,000)
Amortization of unrecognized loss	5,200,000	5,000,000	10,400,000	9,900,000
Amortization of prior service cost	(100,000)	(100,000)	(200,000)	(200,000)
Defined benefit plan income	(2,900,000)	$ (2,000,000)	(5,800,000)	$ (4,100,000)
Employer contributions in 2019					$ 0
Expected contributions in 2020	$ 0		$ 0

Segment Results (Details)

Segment Results (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Segment Reporting [Abstract]
Number of reporting segments | segment			2
Segment Reporting Information [Line Items]
Net sales	$ 859.8	$ 663.9	$ 1,628.8	$ 1,300.8
Segment earnings (losses)	164	99.3	306.2	184.2
Corporate expense	3.9	4	8.9	8.2
Interest expense	(0.9)	(2.5)	(1.9)	(4.7)
Earnings before provision for income taxes	151.3	87	277.4	154.7
Provision for income taxes	33.1	19.2	61.5	35.2
Net Earnings	118.2	67.8	215.9	119.5
Severance and restructuring expenses	0	6.1	0	6.1
Inter-segment
Segment Reporting Information [Line Items]
Net sales	(7)	(6.3)	(13.2)	(12.5)
Segment earnings (losses)	0	(0.3)	0	(0.3)
Corporate
Segment Reporting Information [Line Items]
Corporate expense	(11.8)	(9.8)	(26.9)	(24.8)
North America
Segment Reporting Information [Line Items]
Severance and restructuring expenses		2.2
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	603.6	480.5	1,156.5	1,013.4
Segment earnings (losses)	141.7	105.4	272.1	232.5
Severance and restructuring expenses	0	2.2	0	2.2
Rest of World
Segment Reporting Information [Line Items]
Severance and restructuring expenses		3.9
Rest of World | Operating Segments
Segment Reporting Information [Line Items]
Net sales	263.2	189.7	485.5	299.9
Segment earnings (losses)	22.3	(5.8)	34.1	(48)
Severance and restructuring expenses	$ 0	$ 3.9	$ 0	$ 3.9

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Liabilities) Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on recurring basis	$ 137.1	$ 116.5
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value on recurring basis	$ (0.6)	$ (4.3)

Derivative Instruments - Schedu

Derivative Instruments - Schedule of Summary by Currency of Foreign Currency Forward Contracts (Details) - Foreign currency forward contracts - Designated as hedging instrument - Cash flow hedging - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 42.9	$ 49.2
Buy | Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	23.8	32.7
Buy | Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	19.1	16.5
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	70.3	80.7
Sell | British pound
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	0.5	1
Sell | Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 69.8	$ 79.7

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Trading Activity, Gains and Losses, Net [Line Items]
After-tax gains (losses) associated with currency translation adjustment in other comprehensive income	$ 4.9	$ 3.7	$ 3.5	$ (14.3)
Net Investment Hedges | Non-U.S.
Trading Activity, Gains and Losses, Net [Line Items]
After-tax gains (losses) associated with currency translation adjustment in other comprehensive income	$ (0.1)	$ (0.1)	$ (0.1)	$ 0.7

Derivative Instruments - Impact

Derivative Instruments - Impact of Derivative Contracts on Company's Financial Statements (Details) - Designated as hedging instrument - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ (0.6)	$ (4.3)
Foreign currency contracts | Other current assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets	1.4	2.7
Foreign currency contracts | Accrued liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	$ (2)	$ (7)

Derivative Instruments - Sche_2

Derivative Instruments - Schedule of Effect of Derivatives Instruments on Consolidated Statement of Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	$ 0.4	$ (0.5)	$ (2.5)	$ 0.7
Amount of  (loss) gain reclassified from accumulated other comprehensive loss into earnings	(0.8)	0.5	(1.1)	1.3
Foreign currency contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	0.4	(0.6)	(2.5)	0.8
Foreign currency contracts | Cost of products sold
Derivative [Line Items]
Amount of  (loss) gain reclassified from accumulated other comprehensive loss into earnings	(0.8)	0.5	(1.1)	1.3
Commodities contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	0	0.1	0	(0.1)
Commodities contracts | Cost of products sold
Derivative [Line Items]
Amount of  (loss) gain reclassified from accumulated other comprehensive loss into earnings	$ 0	$ 0	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021
Income Tax Contingency [Line Items]
Effective tax rate	21.90%	22.10%	22.20%	22.80%
Unrecognized tax benefits	$ 9		$ 9
Unrecognized tax benefits that would affect the effective tax rate, if recognized	$ 0.5		$ 0.5
Forecast
Income Tax Contingency [Line Items]
Effective tax rate					23.00%

Commitment and Contingencies (D

Commitment and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies [Line Items]
Distributor rebate accruals	$ 6.5	$ 5.4
Repurchase of inventory
Commitments and Contingencies [Line Items]
Other commitment	$ 10.3	$ 6.5

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period			$ 1,848.3
Balance at end of period	$ 1,816.3	$ 1,658.1	1,816.3	$ 1,658.1
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at end of period	(311.2)	(355.8)	(311.2)	(355.8)
Cumulative foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period	(49.5)	(84.2)	(48.1)	(66.2)
Other comprehensive gain (loss) before reclassifications	4.9	3.7	3.5	(14.3)
Balance at end of period	(44.6)	(80.5)	(44.6)	(80.5)
Unrealized net gain on cash flow derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period	(1.4)	0.5	0.6	0.2
Other comprehensive gain (loss) before reclassifications	0.3	(0.4)	(1.9)	0.5
Amounts reclassified, net of tax	0.6	(0.4)	0.8	(1)
Balance at end of period	(0.5)	(0.3)	(0.5)	(0.3)
Income tax provision (benefit)	(0.2)	0.1	(0.3)	0.3
Pension liability
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period	(269.9)	(278.7)	(273.7)	(282.3)
Amounts reclassified, net of tax	3.8	3.7	7.6	7.3
Balance at end of period	(266.1)	(275)	(266.1)	(275)
Reclassification, before income tax benefit	5.1	4.9	10.2	9.7
Income tax provision (benefit)	(1.3)	(1.2)	(2.6)	(2.4)
Actuarial losses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax benefit	5.2	5	10.4	9.9
Prior year service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax benefit	$ (0.1)	$ (0.1)	$ (0.2)	$ (0.2)