A. O. Smith (AOS) 10-K 13 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Jan. 31, 2024	Jun. 30, 2023
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Documents Incorporated by Reference	1. Portions of the company’s definitive Proxy Statement for the 2024 Annual Meeting of Stockholders (to be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of the registrant’s fiscal year and, upon such filing, to be incorporated by reference in Part III).
Amendment Flag	false
Entity Central Index Key	0000091142
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,887,352
Entity Public Float			$ 60,137,459
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		121,307,743
Entity Public Float			$ 8,915,599,927

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Milwaukee, Wisconsin
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 339.9	$ 391.2
Marketable securities	23.5	90.6
Receivables	596	581.2
Inventories	497.4	516.4
Other current assets	43.5	54.3
Total Current Assets	1,500.3	1,633.7
Net property, plant and equipment	597.5	590.7
Goodwill	633.4	619.7
Other intangibles	336.7	347.9
Operating lease assets	37.3	29.8
Other assets	108.7	110.5
Total Assets	3,213.9	3,332.3
Current Liabilities
Trade payables	600.4	625.8
Accrued payroll and benefits	92.2	75.7
Accrued liabilities	177.4	159.1
Product warranties	65.3	63.6
Long-term debt due within one year	10	10
Total Current Liabilities	945.3	934.2
Long-term debt	117.3	334.5
Product warranties	122.8	118.9
Pension liabilities	10.5	9.9
Long-term operating lease liabilities	27.9	22.4
Other liabilities	145.7	164.7
Total Liabilities	1,369.5	1,584.6
Commitments and contingencies	0	0
Stockholders’ Equity
Preferred Stock	0	0
Capital in excess of par value	578.2	555.9
Retained earnings	3,258.1	2,885
Accumulated other comprehensive loss	(84.2)	(82.4)
Treasury stock at cost	(2,202.5)	(1,905.7)
Total Stockholders’ Equity	1,844.4	1,747.7
Total Liabilities and Stockholders’ Equity	3,213.9	3,332.3
Class A Common Stock
Stockholders’ Equity
Common Stock, value	130.1	130.2
Common Stock
Stockholders’ Equity
Common Stock, value	$ 164.7	$ 164.7

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2023	Dec. 31, 2022
Class A Common Stock
Common Stock, shares issued (in shares)	26,023,132	26,035,656
Common Stock
Common Stock, shares issued (in shares)	164,684,460	164,671,938

CONSOLIDATED STATEMENT OF EARNI

CONSOLIDATED STATEMENT OF EARNINGS - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales		$ 3,852.8	$ 3,753.9	$ 3,538.9
Cost of products sold		2,368	2,424.3	2,228
Gross profit		1,484.8	1,329.6	1,310.9
Selling, general and administrative expenses		727.4	670.9	701.4
Restructuring and impairment expenses		18.8	0	0
Interest expense		12	9.4	4.3
Other (income) expense, net		(6.9)	425.6	(20.4)
Earnings before provision for income taxes		733.5	223.7	625.6
Provision for (benefit from) income taxes		176.9	(12)	138.5
Net Earnings		$ 556.6	$ 235.7	$ 487.1
Net Earnings Per Share of Common Stock (in dollars per share)	[1]	$ 3.71	$ 1.52	$ 3.05
Diluted Net Earnings Per Share of Common Stock (in dollars per share)	[1]	$ 3.69	$ 1.51	$ 3.02
[1] Earnings per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

CONSOLIDATED STATEMENT OF COMPR

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 556.6	$ 235.7	$ 487.1
Other comprehensive earnings (loss)
Foreign currency translation adjustments	3.8	(39.4)	3.4
Unrealized net (loss) gain on cash flow derivative instruments, less related income tax benefit (provision) of $1.4 in 2023, ($1.4) in 2022 and $— in 2021	(4.2)	4.3	0
Change in pension liability less related income tax benefit (provision) of $0.5 in 2023, ($179.0) in 2022 and $4.5 in 2021	(1.4)	284.1	(13.6)
Comprehensive Earnings	$ 554.8	$ 484.7	$ 476.9

CONSOLIDATED STATEMENT OF COM_2

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Income tax provision on cash flow derivative instruments	$ 1.4	$ (1.4)	$ 0
Income tax (provision) benefit on change in pension liability	$ 0.5	$ (179)	$ 4.5

CONSOLIDATED STATEMENT OF CASH

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net Earnings	$ 556.6	$ 235.7	$ 487.1
Adjustments to reconcile earnings to cash provided by (used in) operating activities:
Depreciation and amortization	78.3	76.9	77.9
Stock based compensation expense	11.5	11.1	11.9
Deferred Income Taxes	(3.8)	0	0
Non-cash impairment	15.6	0	0
Pension settlement (income) expense	(0.9)	417.3	0
Pension settlement non-cash taxes	0.2	(167.7)	0
Net changes in operating assets and liabilities, net of acquisitions:
Current assets and liabilities	20	(194.1)	90.8
Noncurrent assets and liabilities	(7.2)	12.2	(26.6)
Cash Provided by Operating Activities	670.3	391.4	641.1
Investing Activities
Capital expenditures	(72.6)	(70.3)	(75.1)
Acquisitions	(16.8)	(8)	(207.6)
Investments in marketable securities	(63.1)	(91.6)	(185.4)
Net proceeds from sales of marketable securities	128.4	178	118.2
Cash (Used in) Provided by Investing Activities	(24.1)	8.1	(349.9)
Financing Activities
Long-term debt (repaid) incurred	(218.1)	150.6	83.5
Common stock repurchases	(306.5)	(403.5)	(366.5)
Net proceeds (payments) from stock option activity	23.4	(0.7)	32.1
Dividends paid	(183.5)	(177.2)	(170.1)
Cash Used in Financing Activities	(684.7)	(430.8)	(421)
Effect of exchange rate changes on cash and cash equivalents	(12.8)	(20.8)	0
Net decrease in cash and cash equivalents	(51.3)	(52.1)	(129.8)
Cash and cash equivalents-beginning of year	391.2	443.3	573.1
Cash and Cash Equivalents-End of Year	$ 339.9	$ 391.2	$ 443.3

CONSOLIDATED STATEMENT OF STOCK

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock Class A Common Stock	Common Stock Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Foreign currency translation adjustments	Unrealized net gain on cash flow derivative instruments	Change in pension liability	Treasury Stock
Balance at beginning of period at Dec. 31, 2020		$ 130.8	$ 164.6	$ 520.4	$ 2,509.6	$ (321.2)				$ (1,155.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.3)	0.1	0.3
Issuance of share units				(5.6)
Vesting of share units				(2.2)						2.2
Stock based compensation expense				10.3
Exercises of stock options				15.4						16.5
Issuance of share based compensation				6.6
Stock incentives and directors’ compensation										0.3
Net Earnings	$ 487.1				487.1
Dividends on stock					(170.1)
Change in other comprehensive income (loss), less tax							$ 3.4	$ 0	$ (13.6)
Shares repurchased	(366.5)									(366.5)
Excise tax on repurchases of common stock										0
Balance at end of period at Dec. 31, 2021	1,832.2	130.5	164.7	545.2	2,826.6	(331.4)	(44.7)	0.6	(287.3)	(1,503.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.3)	0	0.3
Issuance of share units				(6)
Vesting of share units				(3)						3
Stock based compensation expense				11.1
Exercises of stock options				1.3						(2.1)
Issuance of share based compensation				7
Stock incentives and directors’ compensation										0.3
Net Earnings	235.7				235.7
Dividends on stock					(177.3)
Change in other comprehensive income (loss), less tax							(39.4)	4.3	284.1
Shares repurchased	(403.5)									(403.5)
Excise tax on repurchases of common stock										0
Balance at end of period at Dec. 31, 2022	1,747.7	130.2	164.7	555.9	2,885	(82.4)	(84.1)	4.9	(3.2)	(1,905.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.1)	0	0.1
Issuance of share units				(10.3)
Vesting of share units				(3.7)						3.7
Stock based compensation expense				10.4
Exercises of stock options				14.5						8.8
Issuance of share based compensation				11.3
Stock incentives and directors’ compensation										0.3
Net Earnings	556.6				556.6
Dividends on stock					(183.5)
Change in other comprehensive income (loss), less tax							3.8	(4.2)	(1.4)
Shares repurchased	(306.5)									(306.5)
Excise tax on repurchases of common stock										(3.1)
Balance at end of period at Dec. 31, 2023	$ 1,844.4	$ 130.1	$ 164.7	$ 578.2	$ 3,258.1	$ (84.2)	$ (80.3)	$ 0.7	$ (4.6)	$ (2,202.5)

CONSOLIDATED STATEMENT OF STO_2

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Unrealized net gain on cash flow derivative instruments
Income tax benefit (provision) on other comprehensive income (loss)	$ 1.4	$ (1.4)	$ 0
Change in pension liability
Income tax benefit (provision) on other comprehensive income (loss)	$ 0.5	$ (179)	$ 4.5
Treasury Stock
Shares surrendered as proceeds and to pay taxes (in shares)	61,605	47,309	34,679

Organization and Significant Ac

Organization and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization and Significant Accounting Policies	Organization and Significant Accounting Policies Organization. A. O. Smith Corporation (A. O. Smith or 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. Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions. Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and notes. Actual results could differ from those estimates. Fair value of financial instruments. The carrying amounts of cash, cash equivalents, marketable securities, receivables, floating rate debt and trade payables approximated fair value as of December 31, 2023 and 2022, due to the short maturities or frequent rate resets of these instruments. The fair value of term notes with insurance companies included in Long-term debt within the consolidated balance sheets was approximately $116.5 million as of December 31, 2023 compared with the carrying amount of $127.3 million for the same date. The fair value of term notes with insurance companies was approximately $120.2 million as of December 31, 2022 compared with the carrying amount of $136.5 million. Foreign currency translation. For all subsidiaries outside the U.S., with the exception of its Barbados, Hong Kong and Mexican companies and its non-operating companies in the Netherlands, the Company uses the local currency as the functional currency. For those operations using a functional currency other than the U.S. dollar, assets and liabilities were translated into U.S. dollars at year-end exchange rates, and revenues and expenses were translated at weighted-average exchange rates. The resulting translation adjustments were recorded as a separate component of stockholders’ equity. The Barbados, Hong Kong, Mexican and non-operating Netherlands companies use the U.S. dollar as the functional currency. Gains and losses from foreign currency transactions were included in net earnings and were not significant in 2023, 2022, or 2021. Cash and cash equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Marketable securities. The Company considers all highly liquid investments with maturities greater than 90 days when purchased to be marketable securities. At December 31, 2023, the Company’s marketable securities consisted of bank time deposits with original maturities ranging from 180 days to 12 months and were primarily located at investment grade rated banks in China and Hong Kong. Inventory valuation. Inventories are carried at lower of cost or net realizable value. Cost is determined on the last-in, first-out (LIFO) method for a certain of the Company’s domestic inventories, which comprised 39 percent and 36 percent of the Company’s total inventory at December 31, 2023 and 2022, respectively. Inventories of foreign subsidiaries, the remaining domestic inventories and supplies were determined using the first-in, first-out (FIFO) method. Property, plant and equipment. Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method. The estimated service lives used to compute depreciation are generally 25 to 50 years for buildings, three three Goodwill and other intangibles. Goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment on an annual basis. Separable intangible assets, primarily comprised of customer relationships, that are not deemed to have an indefinite life are amortized on a straight-line basis over their estimated useful lives which range from four Impairment of long-lived and amortizable intangible assets. Property, plant and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Such analyses involves significant judgment. Product warranties. The Company’s products carry warranties that generally range from one at the time of sale and is estimated based on the warranty period, product type and loss experience using actual historical failure rates and estimated costs of product replacement. The variables used in the calculation of the provision are reviewed by the Company at least annually. At times, warranty issues may arise which are beyond the scope of the Company’s historical experience. The Company provides for any such warranty issues as they become known and estimable. The allocation of the warranty liability between current and long-term is based on expected warranty claims to be settled in the next year as determined by historical product failure rates. The following table presents the Company’s product warranty liability activity in 2023 and 2022: Years ended December 31 (dollars in millions) 2023 2022 Balance at beginning of year $ 182.5 $ 184.4 Expense 79.9 64.2 Claims settled (74.3) (66.1) Balance at end of year $ 188.1 $ 182.5 Derivative instruments. The Company utilizes certain derivative instruments to enhance its ability to manage currency as well as raw materials price risk. The Company does not enter into contracts for speculative purposes. The fair values of all derivatives are recorded in the consolidated balance sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive loss (AOCL), depending on whether the derivative is designated as part of a hedge transaction and if so, the type of hedge transaction. See Note 14, “Derivative Instruments” for disclosure of the Company’s derivative instruments and hedging activities. Fair Value Measurements. Accounting Standards Codification (ASC) 820 Fair Value Measurements , 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. Assets (liabilities) measured at fair value on a recurring basis are as follows (dollars in millions): Fair Value Measurement Using Balance Sheet Location December 31, 2023 December 31, 2022 Quoted prices in active markets for identical assets (Level 1) Marketable Securities $ 23.5 $ 90.6 Significant other observable inputs (Level 2) (Accrued liabilities) / Other current assets (4.1) 6.5 There were no changes in the valuation techniques used to measure fair values on a recurring basis. 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. See Note 2, “Revenue Recognition” for disclosure of the Company’s revenue recognition activities. Advertising. The majority of advertising costs are charged to operations as incurred and totaled $93.9 million, $100.4 million and $107.0 million during 2023, 2022 and 2021, respectively. Included in total advertising costs are expenses associated with store displays for water heater, water treatment products, and kitchen products in China that are amortized over 12 to 48 months which totaled $15.2 million, $17.2 million and $25.2 million during 2023, 2022 and 2021, respectively. Research and development. Research and development costs are charged to operations as incurred and amounted to $97.5 million, $89.0 million and $94.2 million during 2023, 2022 and 2021, respectively. Environmental costs. The Company accrues for costs associated with environmental obligations when such costs are probable and reasonably estimable. Costs of estimated future expenditures are not discounted to their present value. Recoveries of environmental costs from other parties are recorded as assets when their receipt is considered probable. The accruals are adjusted as facts and circumstances change. Stock-based compensation. Compensation cost is recognized using the straight-line method over the vesting period of the award and forfeitures are recognized as they occur. In accordance with amended ASC 718, the Company recognized $3.2 million, $1.1 million, and $5.6 million of discrete income tax benefits on settled stock based compensation awards during 2023, 2022, and 2021 respectively. Income taxes. The provision for income taxes is computed using the asset and liability method, in accordance with ASC 740 Income Taxes , under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled and are classified as noncurrent in the consolidated balance sheet. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement. Earnings per share of common stock. The Company is not required to use the two-class method of calculating earnings per share since its Class A Common Stock and Common Stock have equal dividend rights. 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: 2023 2022 2021 Denominator for basic earnings per share - weighted-average shares outstanding 149,952,679 154,786,327 159,906,834 Effect of dilutive stock options, restricted stock and share units 1,062,895 993,037 1,413,068 Denominator for diluted earnings per share 151,015,574 155,779,364 161,319,902 Recent Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 740, Income Taxes (issued under Accounting Standards Update (ASU) 2023-09, “Improvements to Income Tax Disclosures” ). This ASU requires added disclosures related to the rate reconciliation, income taxes paid and other amendments intended to improve effectiveness and comparability. The amendment is effective for the Company beginning with its 2025 annual disclosures with early adoption permitted and should be applied on a prospective basis. The Company is currently evaluating the impact the adoption of ASU 2023-09 will have on its annual disclosures. In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures .” The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for the Company beginning with its 2024 annual disclosures and interim periods beginning in 2025, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact the adoption of ASU 2023-07 will have on its annual and interim disclosures.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2023
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 $59.7 million and $85.7 million at December 31, 2023 and December 31, 2022, respectively. Customer deposit liabilities are short term in nature, 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 credit losses, 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 credit losses, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables. The Company’s allowance for credit losses was $10.1 million and $9.5 million at December 31, 2023 and December 31, 2022, respectively. 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 as they 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, heat pump 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's 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, 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 900 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, 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 heaters. The Company’s water treatment products are also sold through independent water quality dealers as well as directly to consumers including through e-commerce 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. Years ended December 31 (dollars in millions) 2023 2022 2021 North America Water heaters and related parts (1) $ 2,456.9 $ 2,325.1 $ 2,115.9 Boilers and related parts 240.1 272.0 212.1 Water treatment products 225.9 222.0 201.5 Total North America 2,922.9 2,819.1 2,529.5 Rest of World China $ 835.1 $ 839.1 $ 922.4 All other Rest of World 121.8 126.7 114.1 Total Rest of World 956.9 965.8 1,036.5 Inter-segment sales (27.0) (31.0) (27.1) Total Net Sales $ 3,852.8 $ 3,753.9 $ 3,538.9 (1) Includes the results of Giant Factories, Inc. (Giant) from October 19, 2021, the date of acquisition.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions 2023 Acquisitions During the third quarter of 2023, the Company acquired a privately-held water treatment company. The Company paid an aggregate cash purchase price of $16.8 million, net of cash acquired. The addition of the acquired company expands the Company's water treatment platform. The acquired company is included in the North America segment. 2022 Acquisitions During the second quarter of 2022, the Company acquired a privately-held water treatment company. The Company paid an aggregate cash purchase price of $5.5 million, net of cash acquired. The addition of the company acquired expands the Company's water treatment platform and is included in the North America segment for reporting purposes. In addition, in the third quarter of 2022, the Company incurred $4.3 million of expenses and related income tax benefit of $1.1 million associated with a terminated acquisition. These expenses were related to the due diligence of a prospective acquisition target and recorded within selling, general and administrative expenses in the consolidated statement of earnings. 2021 Acquisitions On October 19, 2021, the Company acquired 100 percent of the shares and related assets of Giant, a Canada-based manufacturer of residential and commercial water heaters for $198.6 million, net of cash acquired. The Company paid $2.5 million of the purchase price in the second quarter of 2022 as a result of final working capital adjustments. The Company incurred acquisition costs of approximately $1.3 million in 2021. Under the Giant purchase agreement, approximately $8 million of the purchase price was set aside as an escrow to satisfy any potential obligations of the former owners of Giant, should they arise. The allocation of the purchase price to goodwill decreased by $4.3 million in 2022 due to the net impact of a measurement period adjustment, primarily related to income tax matters, partially offset by the final working capital adjustment. The addition of Giant increased the Company's North America market penetration, created additional capacity and enhanced the Company's distribution capabilities. Giant is included in the North America segment. The following table summarizes the allocation of fair value of the assets acquired and liabilities assumed at the date of acquisition. Of the $53.8 million of acquired identifiable intangible assets, $43.9 million was assigned to trademarks that are not subject to amortization and $9.2 million was assigned to customer relationships which are amortized over 22 years, and the remaining $0.7 million was assigned to non-compete agreements which are amortized over five years. The excess of the acquisition purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. The following table summarizes the estimated fair values of Giant's assets acquired and liabilities assumed at the date of acquisition: October 19, 2021 (dollars in millions) Current assets, net of cash acquired $ 60.1 Property, plant and equipment 55.8 Intangible assets 53.8 Goodwill 77.6 Total assets acquired 247.3 Current liabilities (39.2) Long Term liabilities (9.5) Net assets acquired $ 198.6 As required under ASC 805 Business Combinations , results of operations have been included in the Company’s consolidated financial statements from the date of their acquisition.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
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 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) December 31, 2023 December 31, 2022 Liabilities Short term: Accrued liabilities $ 11.6 $ 9.9 Long term: Operating lease liabilities 27.9 22.4 Total operating lease liabilities $ 39.5 $ 32.3 Less: Rent incentives and deferrals (2.2) (2.5) Assets Operating lease assets $ 37.3 $ 29.8 Lease Term and Discount Rate December 31, 2023 Weighted-average remaining lease term 7.0 years Weighted-average discount rate 4.41% The components of lease expense were as follows: (dollars in millions) Lease Expense (1) Classification Year ended December 31, 2023 Year ended December 31, 2022 Operating lease expense Cost of products sold $ 5.3 $ 4.3 Selling, general and administrative expenses 16.2 15.8 (1) Includes short-term lease expense of $1.8 million and variable lease expenses of $4.6 million for the year ended December 31, 2023 and short-term lease expense of $2.1 million and variable lease expenses of $3.1 million for the year ended December 31, 2022, respectively. Maturities of lease liabilities were as follows: (dollars in millions) December 31, 2023 2024 $ 13.0 2025 9.5 2026 5.4 2027 3.6 2028 2.3 After 2028 12.6 Total lease payments 46.4 Less: Imputed interest (6.9) Present value of operating lease liabilities $ 39.5

Restructuring and Impairment

Restructuring and Impairment	12 Months Ended
	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring and Impairment	Restructuring and Impairment During the first quarter of 2023, the Company determined that its business in Turkey (disposal group) included in the Rest of World segment met the criteria to be classified as held for sale. The Company determined the fair value of the disposal group, less cost to sell, was lower than its carrying amount. As a result the Company recorded an impairment expense of $15.6 million, of which $12.5 million was recorded in the Rest of World segment, and $3.1 million was recorded in Corporate Expense. The impairment was recorded as a net reduction of $4.5 million to the assets and liabilities and $11.1 million for the anticipated liquidation of the cumulative foreign currency translation adjustment associated with the disposal group. The remaining carrying value of the disposal group was $0.6 million and classified as held for sale. During the second quarter of 2023, the Company sold the disposal group for an amount that approximated the carrying value of the net assets. Upon closing of the sale in the second quarter of 2023, the Company released $11.0 million of foreign currency translation losses from accumulated other comprehensive loss. During the fourth quarter of 2023, the Company recorded $3.2 million of restructuring expense related to the exit of a business within the Far East region.

Statement of Cash Flows

Statement of Cash Flows	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Statement of Cash Flows	Statement of Cash Flows Supplemental cash flow information is as follows: Years ended December 31 (dollars in millions) 2023 2022 2021 Net change in current assets and liabilities, net of acquisitions: Receivables $ (16.4) $ 42.5 $ (25.5) Inventories 18.1 (82.8) (109.5) Other current assets 7.2 (9.1) 4.9 Trade payables (21.4) (89.4) 142.9 Accrued liabilities, including payroll and benefits 28.4 (46.5) 56.3 Income taxes 4.1 (8.8) 21.7 $ 20.0 $ (194.1) $ 90.8 In addition, cash interest paid during the years ended December 31, 2023, 2022 and 2021 were $12.3 million, $9.3 million, and $4.2 million, respectively. Total cash and cash equivalents and marketable securities at December 31, 2023 and 2022 was $363.4 million and $481.8 million, respectively, of which $291.8 million and $472.1 million were held by the Company’s foreign subsidiaries, at December 31, 2023 and 2022, respectively.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories The following table presents the components of the Company’s inventory balances: December 31 (dollars in millions) 2023 2022 Finished products $ 177.7 $ 174.4 Work in process 44.2 42.1 Raw materials 322.6 349.2 Inventories, at FIFO cost 544.5 565.7 LIFO reserve (47.1) (49.3) Inventories, at LIFO cost $ 497.4 $ 516.4

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment December 31 (dollars in millions) 2023 2022 Land $ 31.0 $ 28.5 Buildings 378.6 373.2 Equipment 865.9 822.5 Software 143.1 140.6 1,418.6 1,364.8 Accumulated depreciation and amortization (821.1) (774.1) Net property, plant, and equipment $ 597.5 $ 590.7

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Changes in the carrying amount of goodwill during the years ended December 31, 2023 and 2022 consisted of the following: (dollars in millions) North America Rest of World Total Balance at December 31, 2021 $ 568.9 $ 58.9 $ 627.8 Currency translation adjustment (7.8) (0.3) (8.1) Balance at December 31, 2022 561.1 58.6 619.7 Currency translation adjustment 2.6 (0.1) 2.5 Acquisitions 11.2 — 11.2 Balance at December 31, 2023 $ 574.9 $ 58.5 $ 633.4 The carrying amount of other intangible assets consisted of the following: 2023 2022 December 31 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Amortizable intangible assets: Patents $ 3.7 $ (3.7) $ — $ 3.7 $ (3.7) $ — Customer lists 286.4 (174.0) 112.4 288.6 (164.0) 124.6 Total amortizable intangible assets 290.1 (177.7) 112.4 292.3 (167.7) 124.6 Indefinite-lived intangible assets: Trade names 224.3 — 224.3 223.3 — 223.3 Total intangible assets $ 514.4 $ (177.7) $ 336.7 $ 515.6 $ (167.7) $ 347.9 Amortization expenses of other intangible assets of $12.6 million, $12.8 million, and $12.3 million were recorded in 2023, 2022 and 2021, respectively. In the future, excluding the impact of any future acquisitions, the Company expects amortization expense of approximately $12.6 million annually and the intangible assets will be amortized over a weighted-average period of 11 years. The Company concluded that no goodwill impairment existed at the time of the annual impairment tests which were performed in the fourth quarters of 2023, 2022 and 2021. No impairments of other intangible assets were recorded in 2023, 2022 and 2021.

Debt

Debt	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt December 31 (dollars in millions) 2023 2022 Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2022 — 185.4 Commercial paper, average year-end interest rate of 4.6% for 2022 — 22.6 Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.1% for both 2023 and 2022 127.3 136.5 127.3 344.5 Long-term debt due within one year (10.0) (10.0) Long-term debt $ 117.3 $ 334.5 In 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 which allows it to be increased up to $850 million if certain conditions (including lender approval) are satisfied. Borrowings under the Company’s bank credit lines and commercial paper borrowings are supported by the $500 million revolving credit agreement. At its option, the Company either maintains cash balances or pays fees for bank credit and services. The Company has fixed-rate interest expense obligations of $16.6 million on outstanding debt as of December 31, 2023. Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2023 are as follows: Years ending December 31 (dollars in millions) Amount 2024 $ 10.0 2025 10.0 2026 28.5 2027 28.5 2028 13.2

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company’s authorized capital consists of three million shares of Preferred Stock $1 par value, 27 million shares of Class A Common Stock $5 par value, and 240 million shares of Common Stock $1 par value. The Common Stock has equal dividend rights with Class A Common Stock and is entitled, as a class, to elect one-third of the Board of Directors and has 1/10th vote per share on all other matters. Class A Common Stock is convertible to Common Stock on a one for one basis. There were 12,524 shares during 2023, 68,785 shares during 2022 and 64,072 shares during 2021, of Class A Common Stock converted into Common Stock. Regular dividends paid on the A. O. Smith Corporation Class A Common Stock and Common Stock amounted to $1.22, $1.14 and $1.06 per share in 2023, 2022 and 2021, respectively. In 2023, the Board of Directors approved adding 7,500,000 shares of Common Stock to an existing discretionary share repurchase authority. Under the share repurchase program, the Common Stock may be purchased through a combination of Rule 10b5-1 automatic trading plan and discretionary purchases in accordance with applicable securities laws. The number of shares purchased and the timing of the purchases will depend on a number of factors, including share price, trading volume and general market conditions, as well as working capital requirements, general business conditions and other factors, including alternative investment opportunities. The stock repurchase authorization remains effective until terminated by the Company's Board of Directors which may occur at any time, subject to the parameters of any Rule 10b5-1 automatic trading plan that we may then have in effect. In 2023, the Company repurchased 4,377,000 shares at an average price of $70.03 per share and at a total cost of $306.5 million. As of December 31, 2023, there were 3,501,462 shares remaining on the existing repurchase authorization. In 2022, the Company repurchased 6,647,895 shares at a cost of $403.5 million. In 2021, the Company repurchased 5,087,467 shares at a cost of $366.5 million. At December 31, 2023, a total of 130,380 and 43,049,885 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock. At December 31, 2022, a total of 130,380 and 39,398,135 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock. Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Years ended December 31, 2023 2022 Cumulative foreign currency translation Balance at beginning of period $ (84.1) $ (44.7) Other comprehensive gain (loss) before reclassifications 3.8 (39.4) Balance at end of period (80.3) (84.1) Unrealized net gain (loss) on cash flow derivatives Balance at beginning of period 4.9 0.6 Other comprehensive gain before reclassifications 2.8 7.4 Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $2.2 and $1.0 in 2023 and 2022, respectively) (1) (7.0) (3.1) Balance at end of period 0.7 4.9 Pension liability Balance at beginning of period (3.2) (287.3) Other comprehensive (loss) gain before reclassifications (1.6) 19.8 Amounts reclassified from accumulated other comprehensive loss (1) 0.2 264.3 Balance at end of period (4.6) (3.2) Total accumulated other comprehensive loss, end of period $ (84.2) $ (82.4) (1) Amounts reclassified from accumulated other comprehensive loss: Realized gains on derivatives reclassified to cost of products sold $ (9.2) $ (4.1) Tax provision 2.2 1.0 Reclassification net of tax $ (7.0) $ (3.1) Amortization of pension items: Actuarial losses $ 0.1 (2) $ 437.2 (2) Prior year service cost 0.1 (2) (0.4) (2) 0.2 436.8 Tax benefit — (172.5) Reclassification net of tax $ 0.2 $ 264.3 (2) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 13, “Pensions and Other Post-retirement Benefits” for additional details.

Stock Based Compensation

Stock Based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Stock Based Compensation The Company adopted the A. O. Smith Combined Incentive Compensation Plan (the Incentive Plan) effective January 1, 2007, and the Incentive Plan was most recently reapproved by stockholders on April 15, 2020. The Incentive 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 December 31, 2023, was 2,479,897 which includes 2,400,000 additional shares that were authorized on April 15, 2020 at the Company's annual meeting of stockholders. Upon stock option exercise or share unit vesting, shares are issued from treasury stock. Total stock based compensation expense recognized in 2023, 2022 and 2021 was $11.5 million, $11.1 million and $11.9 million, respectively. Stock Options Beginning in 2023, the Company no longer grants stock options. The stock options previously granted in 2022 and 2021 have three year pro rata vesting from the date of grant. Stock options were 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 2022 and 2021 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 the stock option expense recognized in 2022 and 2021 is 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 for 2023, 2022 and 2021 was $1.2 million, $5.5 million and $5.1 million, respectively. Changes in options, all of which relate to the Company’s Common Stock, were as follows: Years Ended December 31 2023 2022 2021 Number of Weighted Number of Weighted Number of Weighted Number of shares under options: Outstanding at beginning of year 2,481,606 $ 51.22 2,252,498 $ 47.73 2,785,654 $ 43.01 Granted — — 322,460 74.11 368,780 60.85 Exercised (1) (600,344) 45.68 (66,697) 39.77 (889,345) 38.35 Forfeited (8,709) 66.96 (26,655) 61.46 (12,591) 49.18 Outstanding at end of year (2) 1,872,553 52.93 2,481,606 51.22 2,252,498 47.73 Exercisable at end of year (3) 1,549,749 49.51 1,675,552 46.88 1,191,795 45.71 (1) The total intrinsic value of options exercised in 2023, 2022 and 2021 was $15.0 million, $1.6 million and $31.0 million, respectively. (2) The weighted average remaining contractual life of options outstanding was 7 years at December 31, 2023, and December 31, 2022, and 8 years at December 31, 2021, respectively. The aggregate intrinsic value of options outstanding at December 31, 2023 was $55.3 million. (3) The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2023, and December 31, 2022, and 7 years at December 31, 2021, respectively. The aggregate intrinsic value of options exercisable at December 31, 2023 was $51.0 million. Number of Options Weighted Avg. Per Nonvested options at beginning of year 806,054 $ 60.26 Vested (477,245) 54.05 Forfeited (6,005) 66.24 Nonvested options at end of year 322,804 69.33 The weighted-average fair value per option at the date of grant during 2022 and 2021, using the Black-Scholes option-pricing model, was $17.57 and $14.03, respectively. Assumptions were as follows: 2022 2021 Expected life (years) 5.7 5.8 Risk-free interest rate 1.9 % 1.2 % Dividend yield 1.5 % 1.6 % Expected volatility 26.8 % 27.4 % 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 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 is based on the historical volatility of the Common Stock. Share Units Participants in the Incentive Plan may also be awarded share units. Share units vest three years after the date of grant. The Company granted 168,807, 94,731 and 104,312 share units under the Incentive Plan in 2023, 2022 and 2021, respectively. The share units were valued at $11.3 million, $7.0 million and $6.4 million at the date of issuance in 2023, 2022 and 2021, 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 was expense associated with accelerated vesting of share unit awards for certain employees who are retirement eligible or will become retirement eligible during the vesting period. Stock based compensation expense attributable to share units of $9.6 million, $5.6 million and $6.8 million was recognized in 2023, 2022 and 2021, 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 Incentive Plan is as follows: Number of Units Weighted-Average Issued and unvested at January 1, 2023 379,919 $ 52.92 Granted 168,807 67.18 Vested (160,828) 49.48 Forfeited (6,709) 66.27 Issued and unvested at December 31, 2023 381,189 63.33 Performance Stock Units Beginning in 2023, certain executives may be awarded performance stock units under the Incentive Plan. Performance stock units vest over three years following the date of the grant. Performance stock units vest under a set of measurement criteria which are based upon achievement of certain Environmental, Social, and Governance targets. Potential payouts range from zero to 150 percent of the target awards and changes from target amounts are reflected as performance adjustments. The Company granted 24,580 performance stock units under the Incentive Plan in 2023. The performance stock units were valued at $1.7 million at the date of issuance in 2023, based on the price of the Company’s Common Stock at the date of grant of $67.14. The performance stock units are recognized as compensation expense ratably over the three-year vesting period. Stock based compensation expense attributable to performance stock units of $0.7 million was recognized in 2023. Certain non-U.S.-based executives 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 stock unit activity under the Incentive Plan is as follows: Number of Units Weighted-Average Issued and unvested at January 1, 2023 — $ — Granted 24,580 67.14 Forfeited (557) 67.14 Performance adjustments 10,735 67.14 Issued and unvested at December 31, 2023 34,758 67.14

Pension and Other Post-retireme

Pension and Other Post-retirement Benefits	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Pension and Other Post-retirement Benefits	Pension and Other Post-retirement Benefits The Company provides retirement benefits for all U.S. employees including benefits for employees of previously owned businesses which were earned up to the date of sale. The Company also has two foreign pension plans, neither of which is material to the Company’s financial position. The Company has a defined contribution plan which matches 100 percent of the first one percent of contributions made by participating employees and matches 50 percent of the next five percent of employee contributions. In addition, the Company has defined contribution plans for certain hourly employees which provide for matching Company contributions. The Company had a defined benefit plan for salaried employees and its non-union hourly workforce. In 2009, the Company announced U.S. employees hired after January 1, 2010, would not participate in the defined benefit plan, and benefit accruals for the majority of current salaried and hourly employees sunset on December 31, 2014. An additional Company contribution is made to the defined contribution plan in lieu of benefits earned in a defined benefit plan. The Company also has defined benefit and contribution plans for certain union hourly employees. In 2021, the Company's Board of Directors approved the termination of the defined benefit pension plan (the Plan) with a termination date of December 31, 2021. The Plan represented over 95 percent of the Company's pension plan liability. In 2022, the Company received a determination letter from the Internal Revenue Service (IRS) that allowed the Company to proceed with the termination process. The Company settled approximately $169 million of Plan liabilities through lump-sum payments from existing plan assets to eligible participants who elected to receive them and settled approximately $463 million of Plan liabilities by entering into an agreement to purchase annuities from Mass Mutual Life Insurance Company (MML). The irrevocable agreement with MML covers approximately 7,000 active and former employees and their beneficiaries, with MML assuming the future annuity payments for these individuals commencing March 1, 2023. These settlements resulted in $417.3 million of pretax expense in 2022, partially offset by approximately $167.7 million in related tax benefits. In 2023, the Company realized pre-tax pension settlement income of $0.9 million, of which $0.7 million was recorded in the North America segment and $0.2 million in Corporate Expense, and included $0.2 million in related tax benefits. The pension settlement income related to refunds from MML to the Plan for the reconciliation of participant data and was partially offset by settlement accounting adjustments. The remaining pension assets associated with the Plan at December 31, 2023 were $22.6 million. The Company intends to use the remaining assets to fund future non-elective contributions to the Company’s defined contribution plan. The Company has unfunded defined-benefit post-retirement plans covering certain hourly and salaried employees that provide medical and life insurance benefits from retirement to age 65. Certain hourly employees retiring after January 1, 1996, are subject to a maximum annual benefit and salaried employees hired after December 31, 1993, are not eligible for post-retirement medical benefits. Obligations and Funded Status Pension and Post-retirement Disclosure Information The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs. Pension Benefits Post-retirement Benefits Years ended December 31 (dollars in millions) 2023 2022 2023 2022 Accumulated benefit obligation (ABO) at December 31 $ (26.3) $ (27.7) N/A N/A Change in projected benefit obligations (PBO) PBO at beginning of year $ (28.3) $ (842.1) $ (1.7) $ (2.2) Service cost (0.9) (1.4) — — Interest cost (1.2) (14.5) (0.1) (0.1) Participant contributions — — (0.1) (0.1) Actuarial (loss) gain including assumption changes (1.1) 147.6 — (0.2) Benefits paid 4.8 219.3 0.2 0.9 Transfer to insurer — 462.8 — — PBO at end of year $ (26.7) $ (28.3) $ (1.7) $ (1.7) Change in fair value of plan assets Plan assets at beginning of year $ 45.2 $ 825.9 $ — $ — Actual return on plan assets 0.6 (99.1) — — Contribution by the Company 0.5 0.5 0.1 0.8 Participant contributions — — 0.1 0.1 Benefits paid (4.8) (219.3) (0.2) (0.9) Transfer related to plan termination (21.2) — — — Transfer to insurer — (462.8) — — Plan assets at end of year $ 20.3 $ 45.2 $ — $ — Funded status $ (6.4) $ 16.9 $ (1.7) $ (1.7) Amount recognized in the balance sheet Noncurrent assets $ 4.4 $ 27.1 $ — $ — Current liabilities (0.5) (0.5) (0.2) (0.2) Non-current liabilities (10.3) (9.7) (1.5) (1.5) Net pension (liability) asset at end of year $ (6.4) * $ 16.9 * $ (1.7) $ (1.7) Amounts recognized in accumulated other comprehensive loss before tax Net actuarial loss $ 6.7 $ 5.2 $ 0.3 $ 0.2 Prior service cost 1.9 2.1 (1.8) (2.3) Total recognized in accumulated other comprehensive loss $ 8.6 $ 7.3 $ (1.5) $ (2.1) *In addition, the Company has a liability for a foreign pension plan of $0.3 million at December 31, 2023 and 2022, respectively. The actuarial loss in the current year for the pension plan was primarily due to the change in the discount rate. Pension Benefits Post-retirement Benefits Years ended December 31 (dollars in millions) 2023 2022 2021 2023 2022 2021 Net periodic cost (benefit) Service cost $ 0.9 $ 1.4 $ 1.6 $ — $ — $ — Interest cost 1.2 14.5 14.5 0.1 0.1 0.1 Expected return on plan assets (1.0) (21.5) (48.0) — — — Amortization of unrecognized: Net actuarial loss 0.1 19.9 20.3 — — — Prior service cost 0.1 (0.4) (0.4) (0.5) (0.5) (0.5) Defined-benefit plan expense (income) 1.3 13.9 (12.0) (0.4) (0.4) $ (0.4) Pension settlement (income) expense (0.9) 417.3 — — — — Various U.S. defined contribution plans cost 16.5 15.3 14.6 — — — $ 16.9 $ 446.5 $ 2.6 $ (0.4) $ (0.4) $ (0.4) Other changes in plan assets and projected benefit Net actuarial loss (gain) $ 1.5 $ (27.0) $ 38.1 $ — $ 0.2 $ (0.6) Amortization of net actuarial loss (0.1) (19.9) (20.3) — — — Settlement loss — (417.3) — — — — Amortization of prior service cost (0.1) 0.4 0.4 0.5 0.5 0.5 Total recognized in other comprehensive loss 1.3 (463.8) 18.2 0.5 0.7 (0.1) Total recognized in net periodic cost (benefit) and other comprehensive loss $ 1.7 $ (32.6) $ 6.2 $ 0.1 $ 0.3 $ (0.5) The 2023 and 2022 after tax adjustments for additional minimum pension liability resulted in other comprehensive (loss) gain of $(1.4) million and $284.1 million, respectively. Actuarial assumptions used to determine benefit obligations at December 31 are as follows: Pension Benefits Post-retirement Benefits 2023 2022 2023 2022 Discount rate 4.96 % 5.13 % 4.89 % 5.02 % Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows: Pension Benefits Post-retirement Benefits Years ended December 31 2023 2022 2021 2023 2022 2021 Discount rate 5.15 % 2.80 % 2.47 % 5.09 % 2.44 % 2.05 % Expected long-term return on plan assets 5.25 % 3.12 % 6.25 % N/A N/A N/A Rate of compensation increase 4.00 % 4.00 % 4.00 % N/A N/A 4.00 % Assumed health care cost trend rates Health care inflation assumptions are no longer needed as all remaining retiree medical benefits are fixed subsidies or reimbursements. Plan Assets The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows: Asset Category 2023 2022 Equity securities 17 % 8 % Debt securities 70 27 Private equity 12 5 Cash 1 60 100 % 100 % The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2023 and 2022 (dollars in millions): December 31, 2023 Asset Category Total Quoted Prices in Significant Other Significant Non- Short-term investments $ 0.2 $ 0.2 $ — $ — Equity securities Common stocks 2.5 2.5 — — Fixed income securities U.S. Treasury securities 6.7 0.6 6.1 — Other fixed income securities 7.4 — 7.4 — Other types of investments Mutual funds 1.0 — 1.0 — Private equity 2.4 — — 2.4 Total fair value of plan asset investments $ 20.2 $ 3.3 $ 14.5 $ 2.4 Non-investment plan assets 0.1 Total plan assets $ 20.3 December 31, 2022 Asset Category Total Quoted Prices in Significant Other Significant Non- Short-term investments $ 26.9 $ 26.9 $ — $ — Equity securities Common stocks 3.7 3.7 — — Fixed income securities U.S. Treasury securities 8.6 8.6 — — Other fixed income securities 2.7 — 2.7 — Other types of investments Mutual funds 0.8 — 0.8 — Private equity 2.2 — — 2.2 Total fair value of plan asset investments $ 44.9 $ 39.2 $ 3.5 $ 2.2 Non-investment plan assets 0.3 Total plan assets $ 45.2 The short-term investments included in the Company’s plan assets consist of cash and cash equivalents. The fair value of the remaining categories of the Company’s plan assets are valued as follows: equity securities are valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year; fixed income securities are valued using institutional bond quotes, which are based on various market and industry inputs; mutual funds and real estate funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities; Options are valued using the closings market value on the last day of the year; and private equity investments are valued at the estimated fair value at the previous quarter end, which is based on the proportionate share of the underlying portfolio investments. The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2023 and 2022 (dollars in millions): Private Balance at December 31, 2021 $ 5.1 Actual (loss) return on plan assets: Relating to assets still held at the reporting date (2.8) Relating to assets sold during the period (0.2) Purchases, sales and settlements 0.1 Balance at December 31, 2022 2.2 Actual return (loss) on plan assets: Relating to assets still held at the reporting date 3.9 Relating to assets sold during the period (3.6) Purchases, sales and settlements (0.3) Transfers in and/or out 0.2 Balance at December 31, 2023 $ 2.4 The Company’s investment policies employ an approach whereby a diversified blend of equity and bond investments is used to maximize the long-term return of plan assets for a prudent level of risk. Equity investments are diversified across domestic and non-domestic stocks, as well as growth, value, and small to large capitalizations. Bond investments include corporate and government issues, with short, mid, and long-term maturities, with a focus on investment-grade when purchased. In preparation for the Plan settlement, which we completed in the fourth quarter of 2022, the target allocation to bonds managers is between 60 to 95 percent with the remainder allocated primarily to equities, private equity managers and cash. Investment and market risks are measured and monitored on an ongoing basis through regular investment portfolio reviews, annual liability measurements and periodic asset/liability studies. The Company’s actual asset allocations are in line with target allocations. The Company regularly reviews its actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate. There was no Company stock included in plan assets at December 31, 2023. Cash Flows The Company was not required to and did not make any contributions in 2023 to the Plan. The Company is not required to make a contribution in 2024. Estimated Future Payments As of December 31, 2023, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Years ended December 31 (dollars in millions) Pension Benefits Post-retirement 2024 $ 0.8 $ 0.2 2025 0.8 0.2 2026 0.9 0.2 2027 5.2 0.2 2028 5.8 0.2 2029 – 2033 6.3 0.7

Derivative Instruments

Derivative Instruments	12 Months Ended
	Dec. 31, 2023
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 combined fair value of the foreign currency forward contracts was an asset balance of $0.9 million as of December 31, 2023 which was recorded in Other current assets within the consolidated balance sheet. The combined fair value of the foreign currency forward contracts was an asset balance of $6.4 million as of December 31, 2022 and recorded in Other current assets within the consolidated balance sheet. The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts that are designated as cash flow hedges: December 31 (dollars in millions) 2023 2022 Buy Sell Buy Sell Canadian dollar — 80.5 — 76.8 Euro 24.1 — 30.2 — Mexican peso 14.2 — 15.7 — Total $ 38.3 $ 80.5 $ 45.9 $ 76.8 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 ($1.8) million of after tax losses and $1.4 million of after-tax gains associated with hedges of a net investment in non-U.S. subsidiaries in currency translation adjustment in other comprehensive income in 2023 and 2022, respectively. The contractual amount of the Company’s foreign currency forward contracts that are designated as net investment hedges was $204.0 million as of December 31, 2023. The combined fair value of the net investment hedges was a liability balance of ($4.2) million as of December 31, 2023 which was recorded in Accrued liabilities within the consolidated balance sheet. The combined fair value of the foreign currency forward contracts was zero as of December 31, 2022. The effect of cash flow hedges on the consolidated statement of earnings: Years ended December 31 (dollars in millions): Derivatives in ASC 815 cash flow Amount of gain recognized in other Location of gain Amount of gain reclassified 2023 2022 2023 2022 Foreign currency contracts $ 3.7 $ 9.8 Cost of products sold $ 9.2 $ 4.1 Balance Sheet Hedges Foreign Exchange Contracts The Company periodically enters into foreign exchange contracts to mitigate the foreign currency volatility relative to certain intercompany loans. These foreign exchange contracts did not qualify for hedge accounting in accordance with ASC 815 and as such were marked to market through earnings. The combined fair value of the foreign exchange contracts was a liability balance of ($0.8) million as of December 31, 2023 which was recorded in Accrued liabilities within the consolidated balance sheet. The combined fair value of the foreign exchange contracts was an asset balance of $0.1 million as of December 31, 2022 and recorded in Other current assets within the consolidated balance sheet. The following table summarizes the contractual amounts of the Company's foreign exchange contracts that are designated as balance sheet hedges: December 31 (dollars in millions) 2023 2022 Buy Sell Buy Sell Canadian dollar $ 44.1 $ — $ — $ 81.5 Chinese yuan 206.8 — — — Total $ 250.9 $ — $ — $ 81.5 The amounts recognized within the consolidated statements of earnings related to the Company's foreign exchange contracts are set forth below. Years ended December 31 (dollars in millions) Derivatives not designated as hedging instruments: Location of gain within the consolidated statements of earnings 2023 2022 2021 Foreign exchange contracts Other (income) expense - net $ (3.7) $ 1.2 $ (0.9)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of the provision for (benefit from) income taxes consisted of the following: Years ended December 31 (dollars in millions) 2023 2022 2021 Current: Federal $ 124.9 $ 101.8 $ 92.2 State 28.3 26.6 22.4 International 27.5 30.5 29.5 Deferred: Federal (4.8) (136.9) (3.2) State (1.8) (34.1) (0.6) International 2.8 0.1 (1.8) $ 176.9 $ (12.0) $ 138.5 The provision for (benefit from) income taxes differs from the U.S. federal statutory rate due to the following items: Years ended December 31 2023 2022 2021 Provision at U.S. federal statutory rate (1) 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit (1) 2.8 2.7 2.8 U.S pension plan settlement expense (1) — (29.5) — International income tax rate differential—China (1.2) (4.6) (1.6) International income tax rate differential—other 1.3 3.5 0.7 Research tax credits (0.4) (1.0) (0.4) Excess tax benefit on stock compensation (0.4) (0.5) (0.9) Other 1.0 3.0 0.5 24.1 % (5.4) % 22.1 % (1) Included in 2022 is tax effects of the pension plan settlement expense associated with the termination of the Plan. Refer to Note 13, “Pension and Other Postretirement Benefits” for more information. A tax benefit of $101.9 million on the pretax expense were reflected in computed tax provision at U.S. federal statutory rate and state taxes, net of federal tax benefit for 2022. In 2022, the tax benefit of $65.8 million or a 29.5 percent benefit related to the release of stranded tax effects in AOCL through the income statement was reflected in U.S. pension plan settlement expense. Components of earnings before income taxes were as follows: Years ended December 31 (dollars in millions) 2023 2022 2021 U.S. $ 596.4 $ 63.9 $ 479.0 International 137.1 159.8 146.6 $ 733.5 $ 223.7 $ 625.6 Our 2022 provision for income taxes included $167.7 million of tax benefit related to the effective settlement of the Plan, $101.9 million of which was the related tax effect on the pretax expense of $417.3 million and $65.8 million of which was related to the release of stranded tax effects in AOCL through the Tax Cuts and Jobs Act. Refer to Note 13, “Pension and Other Postretirement Benefits,” for more information. The Company paid income taxes of $189.5 million, $175.4 million, and $131.2 million in 2023, 2022 and 2021, respectively. Undistributed earnings of the Company’s foreign subsidiaries amounted to $648.9 million at December 31, 2023. The Company had $5.1 million accrued for its estimate of withholding taxes due upon repatriation of approximately $156.8 million of foreign earnings it considers not permanently reinvested as of December 31, 2023. The Company considers $492.1 million of the total undistributed earnings to be permanently reinvested as a result of various factors including imposition of statutory restrictions at certain jurisdictions that prohibit the repatriation of a portion of the earnings. Accordingly, no provision for state, local and foreign withholding income taxes has been provided thereon. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company would be subject to state and local taxes, and withholding taxes payable to the various foreign countries. The Company expects to be able to take a 100 percent dividend received deduction to offset any US federal income tax liability. Determination of the amount of unrecognized state and local deferred income tax liability and associated foreign withholding taxes is not practicable due to the complexities associated with its hypothetical calculation. The tax effects of temporary differences of assets and liabilities between income tax and financial reporting are as follows: December 31 (dollars in millions) 2023 2022 Assets Liabilities Assets Liabilities Employee benefits $ 12.9 $ — $ 13.9 $ — Product liability and warranties 52.1 — 50.7 — Inventories 3.0 — 1.4 — Accounts receivable 13.3 — 14.6 — Property, plant and equipment — 52.4 — 51.5 Intangibles — 62.4 — 66.2 Environmental liabilities 1.5 — 1.6 — Undistributed foreign earnings — 5.1 — 5.3 Tax loss and credit carryovers 12.3 — 10.1 — All other 17.6 — 14.0 — Valuation allowance (11.7) — (8.3) — $ 101.0 $ 119.9 $ 98.0 $ 123.0 Net liability $ 18.9 $ 25.0 The Company believes it is more likely than not that it will realize its net deferred tax assets through the reduction of future taxable income. The Company considered historical operating results in determining the probability of the realization of the deferred tax assets. A reconciliation of the beginning and ending amounts of tax loss carryovers, credit carryovers and valuation allowances is as follows: Net Operating Losses and Tax Credits Valuation Allowances December 31 (dollars in millions) 2023 2022 2023 2022 Beginning balance $ 10.1 $ 8.9 $ 8.3 $ 7.1 Increases 2.2 1.2 3.4 1.2 Ending balance $ 12.3 $ 10.1 $ 11.7 $ 8.3 The Company has foreign net operating loss carryovers that expire in 2025 through 2029, with some net operating losses being carried forward indefinitely and state and local net operating loss carryovers that are carried forward indefinitely. A reconciliation of the beginning and ending amount of unrecognized benefits is as follows: (Dollars in millions) 2023 2022 Balance at January 1 $ 15.0 $ 14.3 Additions for tax positions of prior years 2.2 0.7 Balance at December 31 $ 17.2 $ 15.0 The amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate is $3.5 million. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. At December 31, 2023, there was an immaterial amount of interest and penalties accrued. The Company anticipates that there will not be a material decrease in the total amount of unrecognized tax benefits in 2024. The Company’s U.S. federal income tax returns and its U.S. state and local income tax returns are subject to audit for the years 2017-2023 and 2006-2023, respectively. The Company is subject to examinations in foreign tax jurisdictions for the years 2017-2023. If the examinations at certain foreign tax jurisdictions are resolved unfavorably, there could be additional assessments imposed by the relevant authorities.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental Contingencies The Company is a potentially responsible party in judicial and administrative proceedings seeking to clean up sites which have been environmentally impacted. In each case, the Company has established reserves, insurance proceeds and/or a potential recovery from third parties. The Company believes any environmental claims will not have a material effect on its financial position or results of operations. Product Liability The Company is subject to various claims and pending lawsuits for product liability and other matters arising out of the conduct of the Company’s business. For product liability claims, the Company self insures a portion of its product liability loss exposure. The Company has established reserves and insurance coverage that it believes are adequate to cover incurred claims. For the years ended December 31, 2023 and 2022, the Company had $125 million of product liability insurance for individual losses in excess of $7.5 million. At December 31, 2023 and 2022, the reserve for product liability was $30.5 million and $31.7 million, respectively. The Company periodically reevaluates its exposure on claims and lawsuits and makes adjustments to its reserves as appropriate. The Company believes, based on current knowledge, consultation with counsel, adequate reserves and insurance coverage that the outcome of such claims and lawsuits will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. Purchase Obligations The Company utilizes blanket purchase orders to communicate expected annual requirements to certain suppliers. Requirements under blanket purchase orders generally do not become committed until several weeks prior to the scheduled unit production. The purchase obligations the Company considers firm as of December 31, 2023, is $213.5 million, most of which will be ordered in 2024. Inventory Repurchase Arrangements 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 $0.6 million and $1.1 million as of December 31, 2023 and December 31, 2022, 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 $0.8 million and $2.4 million as of December 31, 2023 and December 31, 2022, respectively. The Company’s reserves for estimated losses under repurchase arrangements were immaterial as of December 31, 2023 and December 31, 2022. Legal Judgment Income On September 28, 2022, the Company received a cash judgment of $11.5 million from a competitor of our North America segment related to its infringement of one of the Company’s patents. The terms of the judgment resulted in pre-tax income of $11.5 million which is recorded as an offset to selling, general and administrative expenses and a related tax expense of $2.9 million.

Operations by Segment

Operations by Segment	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Operations by Segment	Operations by Segment 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. The accounting policies of the reportable segments are the same as those described in the “Summary of Significant Accounting Policies” outlined in Note 1. Segment earnings, defined by the Company as earnings before interest, taxes, general corporate and corporate research and development expenses, were used to measure the performance of the segments. Net Sales Earnings Years ended December 31 (dollars in millions) 2023 2022 2021 2023 2022 (1) 2021 North America $ 2,922.9 $ 2,819.1 $ 2,529.5 $ 726.7 $ 266.0 $ 590.8 Rest of World 956.9 965.8 1,036.5 83.4 96.3 91.4 Inter-segment (27.0) (31.0) (27.1) (0.5) (0.3) (0.2) Total segments – sales, segment earnings $ 3,852.8 $ 3,753.9 $ 3,538.9 $ 809.6 $ 362.0 $ 682.0 Corporate expenses (64.1) (128.9) (52.1) Interest expense (12.0) (9.4) (4.3) Earnings before income taxes 733.5 223.7 625.6 Provision for (benefit from) income taxes 176.9 (12.0) 138.5 Net earnings $ 556.6 $ 235.7 $ 487.1 (1) The Company recognized a pre-tax pension settlement expense of $346.8 million in the North America segment and $70.5 million within Corporate expenses. The provision for (benefit from) income taxes includes a tax benefit of ($167.7 million) related to the pension settlement. For additional information, see Note 13, “Pension and Other Post-retirement Benefits.” In 2023, sales to the Company's North America segment’s two largest customers were $604.5 million and $509.0 million which represented 16 percent and 13 percent of the Company’s net sales, respectively. In 2022, sales to the Company's North America segment’s two largest customers were $596.4 million and $414.2 million which represented 16 percent and 11 percent of the Company’s net sales, respectively. In 2021, sales to the Company's North America segment’s two largest customers were $536.9 million and $401.5 million which represented 15 percent and 11 percent of the Company’s net sales, respectively. Assets, depreciation and capital expenditures by segment Total Assets (December 31) Depreciation and Amortization (Years Ended December 31) Capital Expenditures (Years Ended December 31) (dollars in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 North America $ 2,297.4 $ 2,230.3 $ 2,181.9 $ 58.6 $ 55.7 $ 52.2 $ 58.4 $ 48.6 $ 48.0 Rest of World 475.0 597.7 792.7 18.3 20.5 25.1 11.0 10.9 15.8 Corporate 441.5 504.3 499.8 1.4 0.7 0.6 3.2 10.8 11.3 Total $ 3,213.9 $ 3,332.3 $ 3,474.4 $ 78.3 $ 76.9 $ 77.9 $ 72.6 $ 70.3 $ 75.1 The majority of corporate assets consist of cash, cash equivalents, marketable securities and deferred income taxes. Net sales and long-lived assets by geographic location The following data by geographic area includes net sales based on product shipment destination and long-lived assets based on physical location. Long-lived assets include net property, plant and equipment, operating lease assets and other long-term assets. Long-lived Assets (December 31) Net Sales (Years Ended December 31) (dollars in millions) 2023 2022 2021 2023 2022 2021 United States $ 422.6 $ 409.8 $ 366.2 United States $ 2,547.1 $ 2,430.0 $ 2,239.1 China 210.6 225.2 259.9 China 827.4 826.6 912.6 Canada 58.1 54.7 59.1 Canada 335.3 341.6 247.2 Other Foreign 52.1 41.3 44.0 Other Foreign 143.0 155.7 140.0 Total $ 743.4 $ 731.0 $ 729.2 Total $ 3,852.8 $ 3,753.9 $ 3,538.9

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Dollars in millions) Years ended December 31, 2023, 2022 and 2021 Description Balance at Charged to Acquisition Deductions Balance at 2023: Valuation allowance for trade and notes receivable $ 9.5 $ 1.1 $ — $ (0.5) $ 10.1 Valuation allowance for deferred tax assets 8.3 3.4 — — 11.7 2022: Valuation allowance for trade and notes receivable $ 9.5 $ 0.6 $ — $ (0.6) $ 9.5 Valuation allowance for deferred tax assets 7.1 1.2 — — 8.3 2021: Valuation allowance for trade and notes receivable $ 5.6 $ 4.2 $ 0.8 $ (1.1) $ 9.5 Valuation allowance for deferred tax assets 13.0 — — (5.9) 7.1

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Earnings	$ 556.6	$ 235.7	$ 487.1

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Organization and Significant _2

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Organization	Organization.
Consolidation	Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions.
Use of estimates	Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and notes. Actual results could differ from those estimates.
Fair value of financial instruments	Fair value of financial instruments.
Foreign currency translation	Foreign currency translation. For all subsidiaries outside the U.S., with the exception of its Barbados, Hong Kong and Mexican companies and its non-operating companies in the Netherlands, the Company uses the local currency as the functional currency. For those operations using a functional currency other than the U.S. dollar, assets and liabilities were translated into U.S. dollars at year-end exchange rates, and revenues and expenses were translated at weighted-average exchange rates. The resulting translation adjustments were recorded as a separate component of stockholders’ equity. The Barbados, Hong Kong, Mexican and non-operating Netherlands companies use the U.S. dollar as the functional currency. Gains and losses from foreign currency transactions were included in net earnings and were not significant in 2023, 2022, or 2021.
Cash and cash equivalents	Cash and cash equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Marketable securities	Marketable securities. The Company considers all highly liquid investments with maturities greater than 90 days when purchased to be marketable securities. At December 31, 2023, the Company’s marketable securities consisted of bank time deposits with original maturities ranging from 180 days to 12 months and were primarily located at investment grade rated banks in China and Hong Kong.
Inventory valuation	Inventory valuation. Inventories are carried at lower of cost or net realizable value. Cost is determined on the last-in, first-out (LIFO) method for a certain of the Company’s domestic inventories, which comprised 39 percent and 36 percent of the Company’s total inventory at December 31, 2023 and 2022, respectively. Inventories of foreign subsidiaries, the remaining domestic inventories and supplies were determined using the first-in, first-out (FIFO) method.
Property, plant and equipment	Property, plant and equipment. Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method. The estimated service lives used to compute depreciation are generally 25 to 50 years for buildings, three three
Goodwill and other intangibles	Goodwill and other intangibles. Goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment on an annual basis. Separable intangible assets, primarily comprised of customer relationships, that are not deemed to have an indefinite life are amortized on a straight-line basis over their estimated useful lives which range from four
Impairment of long-lived and amortizable intangible assets	Impairment of long-lived and amortizable intangible assets. Property, plant and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Such analyses involves significant judgment.
Product warranties	Product warranties. The Company’s products carry warranties that generally range from one at the time of sale and is estimated based on the warranty period, product type and loss experience using actual historical failure rates and estimated costs of product replacement. The variables used in the calculation of the provision are reviewed by the Company at least annually. At times, warranty issues may arise which are beyond the scope of the Company’s historical experience. The Company provides for any such warranty issues as they become known and estimable. The allocation of the warranty liability between current and long-term is based on expected warranty claims to be settled in the next year as determined by historical product failure rates.
Derivative instruments	Derivative instruments.
Fair Value Measurements	Fair Value Measurements. Accounting Standards Codification (ASC) 820 Fair Value Measurements , 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.
Revenue recognition	Revenue recognition.
Advertising	Advertising. The majority of advertising costs are charged to operations as incurred and totaled $93.9 million, $100.4 million and $107.0 million during 2023, 2022 and 2021, respectively. Included in total advertising costs are expenses associated with store displays for water heater, water treatment products, and kitchen products in China that are amortized over 12 to 48 months which totaled $15.2 million, $17.2 million and $25.2 million during 2023, 2022 and 2021, respectively.
Research and development	Research and development. Research and development costs are charged to operations as incurred and amounted to $97.5 million, $89.0 million and $94.2 million during 2023, 2022 and 2021, respectively.
Environmental costs	Environmental costs. The Company accrues for costs associated with environmental obligations when such costs are probable and reasonably estimable. Costs of estimated future expenditures are not discounted to their present value. Recoveries of environmental costs from other parties are recorded as assets when their receipt is considered probable. The accruals are adjusted as facts and circumstances change.
Stock-based compensation	Stock-based compensation.
Income taxes	Income taxes. The provision for income taxes is computed using the asset and liability method, in accordance with ASC 740 Income Taxes , under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled and are classified as noncurrent in the consolidated balance sheet. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.
Earnings per share of common stock	Earnings per share of common stock.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 740, Income Taxes (issued under Accounting Standards Update (ASU) 2023-09, “Improvements to Income Tax Disclosures” ). This ASU requires added disclosures related to the rate reconciliation, income taxes paid and other amendments intended to improve effectiveness and comparability. The amendment is effective for the Company beginning with its 2025 annual disclosures with early adoption permitted and should be applied on a prospective basis. The Company is currently evaluating the impact the adoption of ASU 2023-09 will have on its annual disclosures. In November 2023, the FASB issued ASU 2023-07, “ Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures .” The update is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The update is effective for the Company beginning with its 2024 annual disclosures and interim periods beginning in 2025, with early adoption permitted and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact the adoption of ASU 2023-07 will have on its annual and interim disclosures.

Organization and Significant _3

Organization and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Product Warranty Liability Activity	The following table presents the Company’s product warranty liability activity in 2023 and 2022: Years ended December 31 (dollars in millions) 2023 2022 Balance at beginning of year $ 182.5 $ 184.4 Expense 79.9 64.2 Claims settled (74.3) (66.1) Balance at end of year $ 188.1 $ 182.5
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets (liabilities) measured at fair value on a recurring basis are as follows (dollars in millions): Fair Value Measurement Using Balance Sheet Location December 31, 2023 December 31, 2022 Quoted prices in active markets for identical assets (Level 1) Marketable Securities $ 23.5 $ 90.6 Significant other observable inputs (Level 2) (Accrued liabilities) / Other current assets (4.1) 6.5
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: 2023 2022 2021 Denominator for basic earnings per share - weighted-average shares outstanding 149,952,679 154,786,327 159,906,834 Effect of dilutive stock options, restricted stock and share units 1,062,895 993,037 1,413,068 Denominator for diluted earnings per share 151,015,574 155,779,364 161,319,902

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2023
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. Years ended December 31 (dollars in millions) 2023 2022 2021 North America Water heaters and related parts (1) $ 2,456.9 $ 2,325.1 $ 2,115.9 Boilers and related parts 240.1 272.0 212.1 Water treatment products 225.9 222.0 201.5 Total North America 2,922.9 2,819.1 2,529.5 Rest of World China $ 835.1 $ 839.1 $ 922.4 All other Rest of World 121.8 126.7 114.1 Total Rest of World 956.9 965.8 1,036.5 Inter-segment sales (27.0) (31.0) (27.1) Total Net Sales $ 3,852.8 $ 3,753.9 $ 3,538.9 (1) Includes the results of Giant Factories, Inc. (Giant) from October 19, 2021, the date of acquisition.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition	The following table summarizes the estimated fair values of Giant's assets acquired and liabilities assumed at the date of acquisition: October 19, 2021 (dollars in millions) Current assets, net of cash acquired $ 60.1 Property, plant and equipment 55.8 Intangible assets 53.8 Goodwill 77.6 Total assets acquired 247.3 Current liabilities (39.2) Long Term liabilities (9.5) Net assets acquired $ 198.6

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information Related To Leases	Supplemental balance sheet information related to leases is as follows: (dollars in millions) December 31, 2023 December 31, 2022 Liabilities Short term: Accrued liabilities $ 11.6 $ 9.9 Long term: Operating lease liabilities 27.9 22.4 Total operating lease liabilities $ 39.5 $ 32.3 Less: Rent incentives and deferrals (2.2) (2.5) Assets Operating lease assets $ 37.3 $ 29.8 Lease Term and Discount Rate December 31, 2023 Weighted-average remaining lease term 7.0 years Weighted-average discount rate 4.41%
Schedule of Components of Lease Expense	The components of lease expense were as follows: (dollars in millions) Lease Expense (1) Classification Year ended December 31, 2023 Year ended December 31, 2022 Operating lease expense Cost of products sold $ 5.3 $ 4.3 Selling, general and administrative expenses 16.2 15.8 (1) Includes short-term lease expense of $1.8 million and variable lease expenses of $4.6 million for the year ended December 31, 2023 and short-term lease expense of $2.1 million and variable lease expenses of $3.1 million for the year ended December 31, 2022, respectively.
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows: (dollars in millions) December 31, 2023 2024 $ 13.0 2025 9.5 2026 5.4 2027 3.6 2028 2.3 After 2028 12.6 Total lease payments 46.4 Less: Imputed interest (6.9) Present value of operating lease liabilities $ 39.5

Statement of Cash Flows (Tables

Statement of Cash Flows (Tables)	12 Months Ended
	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information is as follows: Years ended December 31 (dollars in millions) 2023 2022 2021 Net change in current assets and liabilities, net of acquisitions: Receivables $ (16.4) $ 42.5 $ (25.5) Inventories 18.1 (82.8) (109.5) Other current assets 7.2 (9.1) 4.9 Trade payables (21.4) (89.4) 142.9 Accrued liabilities, including payroll and benefits 28.4 (46.5) 56.3 Income taxes 4.1 (8.8) 21.7 $ 20.0 $ (194.1) $ 90.8

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	The following table presents the components of the Company’s inventory balances: December 31 (dollars in millions) 2023 2022 Finished products $ 177.7 $ 174.4 Work in process 44.2 42.1 Raw materials 322.6 349.2 Inventories, at FIFO cost 544.5 565.7 LIFO reserve (47.1) (49.3) Inventories, at LIFO cost $ 497.4 $ 516.4

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property Plant and Equipment	December 31 (dollars in millions) 2023 2022 Land $ 31.0 $ 28.5 Buildings 378.6 373.2 Equipment 865.9 822.5 Software 143.1 140.6 1,418.6 1,364.8 Accumulated depreciation and amortization (821.1) (774.1) Net property, plant, and equipment $ 597.5 $ 590.7

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	Changes in the carrying amount of goodwill during the years ended December 31, 2023 and 2022 consisted of the following: (dollars in millions) North America Rest of World Total Balance at December 31, 2021 $ 568.9 $ 58.9 $ 627.8 Currency translation adjustment (7.8) (0.3) (8.1) Balance at December 31, 2022 561.1 58.6 619.7 Currency translation adjustment 2.6 (0.1) 2.5 Acquisitions 11.2 — 11.2 Balance at December 31, 2023 $ 574.9 $ 58.5 $ 633.4
Schedule of Indefinite-Lived Intangible Assets	The carrying amount of other intangible assets consisted of the following: 2023 2022 December 31 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Amortizable intangible assets: Patents $ 3.7 $ (3.7) $ — $ 3.7 $ (3.7) $ — Customer lists 286.4 (174.0) 112.4 288.6 (164.0) 124.6 Total amortizable intangible assets 290.1 (177.7) 112.4 292.3 (167.7) 124.6 Indefinite-lived intangible assets: Trade names 224.3 — 224.3 223.3 — 223.3 Total intangible assets $ 514.4 $ (177.7) $ 336.7 $ 515.6 $ (167.7) $ 347.9
Schedule of Finite-Lived Intangible Assets	The carrying amount of other intangible assets consisted of the following: 2023 2022 December 31 (dollars in millions) Gross Accumulated Net Gross Accumulated Net Amortizable intangible assets: Patents $ 3.7 $ (3.7) $ — $ 3.7 $ (3.7) $ — Customer lists 286.4 (174.0) 112.4 288.6 (164.0) 124.6 Total amortizable intangible assets 290.1 (177.7) 112.4 292.3 (167.7) 124.6 Indefinite-lived intangible assets: Trade names 224.3 — 224.3 223.3 — 223.3 Total intangible assets $ 514.4 $ (177.7) $ 336.7 $ 515.6 $ (167.7) $ 347.9

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	December 31 (dollars in millions) 2023 2022 Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2022 — 185.4 Commercial paper, average year-end interest rate of 4.6% for 2022 — 22.6 Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.1% for both 2023 and 2022 127.3 136.5 127.3 344.5 Long-term debt due within one year (10.0) (10.0) Long-term debt $ 117.3 $ 334.5
Schedule of Maturities of Long Term Debt	Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2023 are as follows: Years ending December 31 (dollars in millions) Amount 2024 $ 10.0 2025 10.0 2026 28.5 2027 28.5 2028 13.2

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Changes in Accumulated Other Comprehensive Loss by Component	Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Years ended December 31, 2023 2022 Cumulative foreign currency translation Balance at beginning of period $ (84.1) $ (44.7) Other comprehensive gain (loss) before reclassifications 3.8 (39.4) Balance at end of period (80.3) (84.1) Unrealized net gain (loss) on cash flow derivatives Balance at beginning of period 4.9 0.6 Other comprehensive gain before reclassifications 2.8 7.4 Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $2.2 and $1.0 in 2023 and 2022, respectively) (1) (7.0) (3.1) Balance at end of period 0.7 4.9 Pension liability Balance at beginning of period (3.2) (287.3) Other comprehensive (loss) gain before reclassifications (1.6) 19.8 Amounts reclassified from accumulated other comprehensive loss (1) 0.2 264.3 Balance at end of period (4.6) (3.2) Total accumulated other comprehensive loss, end of period $ (84.2) $ (82.4) (1) Amounts reclassified from accumulated other comprehensive loss: Realized gains on derivatives reclassified to cost of products sold $ (9.2) $ (4.1) Tax provision 2.2 1.0 Reclassification net of tax $ (7.0) $ (3.1) Amortization of pension items: Actuarial losses $ 0.1 (2) $ 437.2 (2) Prior year service cost 0.1 (2) (0.4) (2) 0.2 436.8 Tax benefit — (172.5) Reclassification net of tax $ 0.2 $ 264.3 (2) These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 13, “Pensions and Other Post-retirement Benefits” for additional details.

Stock Based Compensation (Table

Stock Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Changes in Option Shares	Changes in options, all of which relate to the Company’s Common Stock, were as follows: Years Ended December 31 2023 2022 2021 Number of Weighted Number of Weighted Number of Weighted Number of shares under options: Outstanding at beginning of year 2,481,606 $ 51.22 2,252,498 $ 47.73 2,785,654 $ 43.01 Granted — — 322,460 74.11 368,780 60.85 Exercised (1) (600,344) 45.68 (66,697) 39.77 (889,345) 38.35 Forfeited (8,709) 66.96 (26,655) 61.46 (12,591) 49.18 Outstanding at end of year (2) 1,872,553 52.93 2,481,606 51.22 2,252,498 47.73 Exercisable at end of year (3) 1,549,749 49.51 1,675,552 46.88 1,191,795 45.71 (1) The total intrinsic value of options exercised in 2023, 2022 and 2021 was $15.0 million, $1.6 million and $31.0 million, respectively. (2) The weighted average remaining contractual life of options outstanding was 7 years at December 31, 2023, and December 31, 2022, and 8 years at December 31, 2021, respectively. The aggregate intrinsic value of options outstanding at December 31, 2023 was $55.3 million. (3) The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2023, and December 31, 2022, and 7 years at December 31, 2021, respectively. The aggregate intrinsic value of options exercisable at December 31, 2023 was $51.0 million.
Schedule of Stock Unit Activity	Number of Options Weighted Avg. Per Nonvested options at beginning of year 806,054 $ 60.26 Vested (477,245) 54.05 Forfeited (6,005) 66.24 Nonvested options at end of year 322,804 69.33 A summary of stock unit activity under the Incentive Plan is as follows: Number of Units Weighted-Average Issued and unvested at January 1, 2023 — $ — Granted 24,580 67.14 Forfeited (557) 67.14 Performance adjustments 10,735 67.14 Issued and unvested at December 31, 2023 34,758 67.14
Schedule of Weighted Average Fair Value per Option at Date of Grant	Assumptions were as follows: 2022 2021 Expected life (years) 5.7 5.8 Risk-free interest rate 1.9 % 1.2 % Dividend yield 1.5 % 1.6 % Expected volatility 26.8 % 27.4 %
Schedule of Share Unit Activity Under Plan	A summary of share unit activity under the Incentive Plan is as follows: Number of Units Weighted-Average Issued and unvested at January 1, 2023 379,919 $ 52.92 Granted 168,807 67.18 Vested (160,828) 49.48 Forfeited (6,709) 66.27 Issued and unvested at December 31, 2023 381,189 63.33

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefits (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension and Post Retirement Benefit Plans	The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs. Pension Benefits Post-retirement Benefits Years ended December 31 (dollars in millions) 2023 2022 2023 2022 Accumulated benefit obligation (ABO) at December 31 $ (26.3) $ (27.7) N/A N/A Change in projected benefit obligations (PBO) PBO at beginning of year $ (28.3) $ (842.1) $ (1.7) $ (2.2) Service cost (0.9) (1.4) — — Interest cost (1.2) (14.5) (0.1) (0.1) Participant contributions — — (0.1) (0.1) Actuarial (loss) gain including assumption changes (1.1) 147.6 — (0.2) Benefits paid 4.8 219.3 0.2 0.9 Transfer to insurer — 462.8 — — PBO at end of year $ (26.7) $ (28.3) $ (1.7) $ (1.7) Change in fair value of plan assets Plan assets at beginning of year $ 45.2 $ 825.9 $ — $ — Actual return on plan assets 0.6 (99.1) — — Contribution by the Company 0.5 0.5 0.1 0.8 Participant contributions — — 0.1 0.1 Benefits paid (4.8) (219.3) (0.2) (0.9) Transfer related to plan termination (21.2) — — — Transfer to insurer — (462.8) — — Plan assets at end of year $ 20.3 $ 45.2 $ — $ — Funded status $ (6.4) $ 16.9 $ (1.7) $ (1.7) Amount recognized in the balance sheet Noncurrent assets $ 4.4 $ 27.1 $ — $ — Current liabilities (0.5) (0.5) (0.2) (0.2) Non-current liabilities (10.3) (9.7) (1.5) (1.5) Net pension (liability) asset at end of year $ (6.4) * $ 16.9 * $ (1.7) $ (1.7) Amounts recognized in accumulated other comprehensive loss before tax Net actuarial loss $ 6.7 $ 5.2 $ 0.3 $ 0.2 Prior service cost 1.9 2.1 (1.8) (2.3) Total recognized in accumulated other comprehensive loss $ 8.6 $ 7.3 $ (1.5) $ (2.1) *In addition, the Company has a liability for a foreign pension plan of $0.3 million at December 31, 2023 and 2022, respectively.
Schedule of Net Periodic Benefit Costs	Pension Benefits Post-retirement Benefits Years ended December 31 (dollars in millions) 2023 2022 2021 2023 2022 2021 Net periodic cost (benefit) Service cost $ 0.9 $ 1.4 $ 1.6 $ — $ — $ — Interest cost 1.2 14.5 14.5 0.1 0.1 0.1 Expected return on plan assets (1.0) (21.5) (48.0) — — — Amortization of unrecognized: Net actuarial loss 0.1 19.9 20.3 — — — Prior service cost 0.1 (0.4) (0.4) (0.5) (0.5) (0.5) Defined-benefit plan expense (income) 1.3 13.9 (12.0) (0.4) (0.4) $ (0.4) Pension settlement (income) expense (0.9) 417.3 — — — — Various U.S. defined contribution plans cost 16.5 15.3 14.6 — — — $ 16.9 $ 446.5 $ 2.6 $ (0.4) $ (0.4) $ (0.4) Other changes in plan assets and projected benefit Net actuarial loss (gain) $ 1.5 $ (27.0) $ 38.1 $ — $ 0.2 $ (0.6) Amortization of net actuarial loss (0.1) (19.9) (20.3) — — — Settlement loss — (417.3) — — — — Amortization of prior service cost (0.1) 0.4 0.4 0.5 0.5 0.5 Total recognized in other comprehensive loss 1.3 (463.8) 18.2 0.5 0.7 (0.1) Total recognized in net periodic cost (benefit) and other comprehensive loss $ 1.7 $ (32.6) $ 6.2 $ 0.1 $ 0.3 $ (0.5)
Schedule of Actuarial Assumptions Used To Determine Benefit Obligations and Net Periodic Benefit Cost	Actuarial assumptions used to determine benefit obligations at December 31 are as follows: Pension Benefits Post-retirement Benefits 2023 2022 2023 2022 Discount rate 4.96 % 5.13 % 4.89 % 5.02 % Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows: Pension Benefits Post-retirement Benefits Years ended December 31 2023 2022 2021 2023 2022 2021 Discount rate 5.15 % 2.80 % 2.47 % 5.09 % 2.44 % 2.05 % Expected long-term return on plan assets 5.25 % 3.12 % 6.25 % N/A N/A N/A Rate of compensation increase 4.00 % 4.00 % 4.00 % N/A N/A 4.00 %
Schedule of Weighted Asset Allocations by Asset Category	The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows: Asset Category 2023 2022 Equity securities 17 % 8 % Debt securities 70 27 Private equity 12 5 Cash 1 60 100 % 100 %
Schedule of Fair Value Measurement of Plan Assets	The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2023 and 2022 (dollars in millions): December 31, 2023 Asset Category Total Quoted Prices in Significant Other Significant Non- Short-term investments $ 0.2 $ 0.2 $ — $ — Equity securities Common stocks 2.5 2.5 — — Fixed income securities U.S. Treasury securities 6.7 0.6 6.1 — Other fixed income securities 7.4 — 7.4 — Other types of investments Mutual funds 1.0 — 1.0 — Private equity 2.4 — — 2.4 Total fair value of plan asset investments $ 20.2 $ 3.3 $ 14.5 $ 2.4 Non-investment plan assets 0.1 Total plan assets $ 20.3 December 31, 2022 Asset Category Total Quoted Prices in Significant Other Significant Non- Short-term investments $ 26.9 $ 26.9 $ — $ — Equity securities Common stocks 3.7 3.7 — — Fixed income securities U.S. Treasury securities 8.6 8.6 — — Other fixed income securities 2.7 — 2.7 — Other types of investments Mutual funds 0.8 — 0.8 — Private equity 2.2 — — 2.2 Total fair value of plan asset investments $ 44.9 $ 39.2 $ 3.5 $ 2.2 Non-investment plan assets 0.3 Total plan assets $ 45.2
Schedule of Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs	The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2023 and 2022 (dollars in millions): Private Balance at December 31, 2021 $ 5.1 Actual (loss) return on plan assets: Relating to assets still held at the reporting date (2.8) Relating to assets sold during the period (0.2) Purchases, sales and settlements 0.1 Balance at December 31, 2022 2.2 Actual return (loss) on plan assets: Relating to assets still held at the reporting date 3.9 Relating to assets sold during the period (3.6) Purchases, sales and settlements (0.3) Transfers in and/or out 0.2 Balance at December 31, 2023 $ 2.4
Schedule of Estimated Future Payments	As of December 31, 2023, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid: Years ended December 31 (dollars in millions) Pension Benefits Post-retirement 2024 $ 0.8 $ 0.2 2025 0.8 0.2 2026 0.9 0.2 2027 5.2 0.2 2028 5.8 0.2 2029 – 2033 6.3 0.7

Derivative Instruments (Tables)

Derivative Instruments (Tables)	12 Months Ended
	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Contractual Amounts for Derivative 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: December 31 (dollars in millions) 2023 2022 Buy Sell Buy Sell Canadian dollar — 80.5 — 76.8 Euro 24.1 — 30.2 — Mexican peso 14.2 — 15.7 — Total $ 38.3 $ 80.5 $ 45.9 $ 76.8 The following table summarizes the contractual amounts of the Company's foreign exchange contracts that are designated as balance sheet hedges: December 31 (dollars in millions) 2023 2022 Buy Sell Buy Sell Canadian dollar $ 44.1 $ — $ — $ 81.5 Chinese yuan 206.8 — — — Total $ 250.9 $ — $ — $ 81.5
Schedule of effect of derivatives on the condensed consolidated statement of earnings	The effect of cash flow hedges on the consolidated statement of earnings: Years ended December 31 (dollars in millions): Derivatives in ASC 815 cash flow Amount of gain recognized in other Location of gain Amount of gain reclassified 2023 2022 2023 2022 Foreign currency contracts $ 3.7 $ 9.8 Cost of products sold $ 9.2 $ 4.1 The amounts recognized within the consolidated statements of earnings related to the Company's foreign exchange contracts are set forth below. Years ended December 31 (dollars in millions) Derivatives not designated as hedging instruments: Location of gain within the consolidated statements of earnings 2023 2022 2021 Foreign exchange contracts Other (income) expense - net $ (3.7) $ 1.2 $ (0.9)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Provision for (Benefit From) Income Taxes	The components of the provision for (benefit from) income taxes consisted of the following: Years ended December 31 (dollars in millions) 2023 2022 2021 Current: Federal $ 124.9 $ 101.8 $ 92.2 State 28.3 26.6 22.4 International 27.5 30.5 29.5 Deferred: Federal (4.8) (136.9) (3.2) State (1.8) (34.1) (0.6) International 2.8 0.1 (1.8) $ 176.9 $ (12.0) $ 138.5
Difference Between Provision for (Benefit From) Income Taxes and U.S. Federal Statutory Rate	The provision for (benefit from) income taxes differs from the U.S. federal statutory rate due to the following items: Years ended December 31 2023 2022 2021 Provision at U.S. federal statutory rate (1) 21.0 % 21.0 % 21.0 % State taxes, net of federal benefit (1) 2.8 2.7 2.8 U.S pension plan settlement expense (1) — (29.5) — International income tax rate differential—China (1.2) (4.6) (1.6) International income tax rate differential—other 1.3 3.5 0.7 Research tax credits (0.4) (1.0) (0.4) Excess tax benefit on stock compensation (0.4) (0.5) (0.9) Other 1.0 3.0 0.5 24.1 % (5.4) % 22.1 % (1) Included in 2022 is tax effects of the pension plan settlement expense associated with the termination of the Plan. Refer to Note 13, “Pension and Other Postretirement Benefits” for more information. A tax benefit of $101.9 million on the pretax expense were reflected in computed tax provision at U.S. federal statutory rate and state taxes, net of federal tax benefit for 2022. In 2022, the tax benefit of $65.8 million or a 29.5 percent benefit related to the release of stranded tax effects in AOCL through the income statement was reflected in U.S. pension plan settlement expense.
Components of Earnings Before Income Taxes	Components of earnings before income taxes were as follows: Years ended December 31 (dollars in millions) 2023 2022 2021 U.S. $ 596.4 $ 63.9 $ 479.0 International 137.1 159.8 146.6 $ 733.5 $ 223.7 $ 625.6
Tax Effects of Temporary Differences of Assets and Liabilities	The tax effects of temporary differences of assets and liabilities between income tax and financial reporting are as follows: December 31 (dollars in millions) 2023 2022 Assets Liabilities Assets Liabilities Employee benefits $ 12.9 $ — $ 13.9 $ — Product liability and warranties 52.1 — 50.7 — Inventories 3.0 — 1.4 — Accounts receivable 13.3 — 14.6 — Property, plant and equipment — 52.4 — 51.5 Intangibles — 62.4 — 66.2 Environmental liabilities 1.5 — 1.6 — Undistributed foreign earnings — 5.1 — 5.3 Tax loss and credit carryovers 12.3 — 10.1 — All other 17.6 — 14.0 — Valuation allowance (11.7) — (8.3) — $ 101.0 $ 119.9 $ 98.0 $ 123.0 Net liability $ 18.9 $ 25.0
Reconciliation of Tax Loss Carryovers, Credit Carryovers and Valuation Allowances	A reconciliation of the beginning and ending amounts of tax loss carryovers, credit carryovers and valuation allowances is as follows: Net Operating Losses and Tax Credits Valuation Allowances December 31 (dollars in millions) 2023 2022 2023 2022 Beginning balance $ 10.1 $ 8.9 $ 8.3 $ 7.1 Increases 2.2 1.2 3.4 1.2 Ending balance $ 12.3 $ 10.1 $ 11.7 $ 8.3
Reconciliation of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amount of unrecognized benefits is as follows: (Dollars in millions) 2023 2022 Balance at January 1 $ 15.0 $ 14.3 Additions for tax positions of prior years 2.2 0.7 Balance at December 31 $ 17.2 $ 15.0

Operations by Segment (Tables)

Operations by Segment (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Reporting Information by Segment	Net Sales Earnings Years ended December 31 (dollars in millions) 2023 2022 2021 2023 2022 (1) 2021 North America $ 2,922.9 $ 2,819.1 $ 2,529.5 $ 726.7 $ 266.0 $ 590.8 Rest of World 956.9 965.8 1,036.5 83.4 96.3 91.4 Inter-segment (27.0) (31.0) (27.1) (0.5) (0.3) (0.2) Total segments – sales, segment earnings $ 3,852.8 $ 3,753.9 $ 3,538.9 $ 809.6 $ 362.0 $ 682.0 Corporate expenses (64.1) (128.9) (52.1) Interest expense (12.0) (9.4) (4.3) Earnings before income taxes 733.5 223.7 625.6 Provision for (benefit from) income taxes 176.9 (12.0) 138.5 Net earnings $ 556.6 $ 235.7 $ 487.1 (1) The Company recognized a pre-tax pension settlement expense of $346.8 million in the North America segment and $70.5 million within Corporate expenses. The provision for (benefit from) income taxes includes a tax benefit of ($167.7 million) related to the pension settlement. For additional information, see Note 13, “Pension and Other Post-retirement Benefits.” Total Assets (December 31) Depreciation and Amortization (Years Ended December 31) Capital Expenditures (Years Ended December 31) (dollars in millions) 2023 2022 2021 2023 2022 2021 2023 2022 2021 North America $ 2,297.4 $ 2,230.3 $ 2,181.9 $ 58.6 $ 55.7 $ 52.2 $ 58.4 $ 48.6 $ 48.0 Rest of World 475.0 597.7 792.7 18.3 20.5 25.1 11.0 10.9 15.8 Corporate 441.5 504.3 499.8 1.4 0.7 0.6 3.2 10.8 11.3 Total $ 3,213.9 $ 3,332.3 $ 3,474.4 $ 78.3 $ 76.9 $ 77.9 $ 72.6 $ 70.3 $ 75.1
Schedule of Net Sales and Long-lived Assets, by Geographical Location	The following data by geographic area includes net sales based on product shipment destination and long-lived assets based on physical location. Long-lived assets include net property, plant and equipment, operating lease assets and other long-term assets. Long-lived Assets (December 31) Net Sales (Years Ended December 31) (dollars in millions) 2023 2022 2021 2023 2022 2021 United States $ 422.6 $ 409.8 $ 366.2 United States $ 2,547.1 $ 2,430.0 $ 2,239.1 China 210.6 225.2 259.9 China 827.4 826.6 912.6 Canada 58.1 54.7 59.1 Canada 335.3 341.6 247.2 Other Foreign 52.1 41.3 44.0 Other Foreign 143.0 155.7 140.0 Total $ 743.4 $ 731.0 $ 729.2 Total $ 3,852.8 $ 3,753.9 $ 3,538.9

Organization and Significant _4

Organization and Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of reporting segments | segment	2
Fair value of term notes	$ 116.5	$ 120.2
Carrying amount of term notes	$ 127.3	$ 136.5
Percentage of (LIFO) inventory	39%	36%
Advertising costs charged to operations	$ 93.9	$ 100.4	$ 107
Amortization of total advertising costs	15.2	17.2	25.2
Research and development costs	97.5	89	94.2
Income tax benefits on settled stock based compensation awards	$ 3.2	$ 1.1	$ 5.6
Minimum percentage of amount likely to be realized upon ultimate settlement to recognize tax benefits	50%
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Marketable securities, maturity period	180 days
Product warranty period	1 year
Amortization of total advertising costs, months	12 months
Minimum | Customer Relationships
Organization And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	4 years
Minimum | Buildings
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	25 years
Minimum | Equipment
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	3 years
Minimum | Software
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	3 years
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Marketable securities, maturity period	12 months
Product warranty period	12 years
Amortization of total advertising costs, months	48 months
Maximum | Customer Relationships
Organization And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	25 years
Maximum | Buildings
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	50 years
Maximum | Equipment
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	20 years
Maximum | Software
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	15 years

Organization and Significant _5

Organization and Significant Accounting Policies - Company's Product Warranty Liability Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 182.5	$ 184.4
Expense	79.9	64.2
Claims settled	(74.3)	(66.1)
Balance at end of year	$ 188.1	$ 182.5

Organization and Significant _6

Organization and Significant Accounting Policies - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value	$ 23.5	$ 90.6
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value	$ (4.1)	$ 6.5

Organization and Significant _7

Organization and Significant Accounting Policies - Schedule of Computation of Basic and Diluted Weighted-Average Shares Used in Earnings per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Denominator for basic earnings per share - weighted-average shares outstanding (in shares)	149,952,679	154,786,327	159,906,834
Effect of dilutive stock options, restricted stock and share units (in shares)	1,062,895	993,037	1,413,068
Denominator for diluted earnings per share (in shares)	151,015,574	155,779,364	161,319,902

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) distributor segment	Dec. 31, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Customer deposits liability	$ 59.7	$ 85.7
Allowance for doubtful accounts	$ 10.1	$ 9.5
Number of reporting segments | segment	2
Water Heaters | North America
Disaggregation of Revenue [Line Items]
Number of wholesale distributors | distributor	900
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	90 days

Revenue Recognition - Segment S

Revenue Recognition - Segment Sales Disaggregated by Major Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 3,852.8	$ 3,753.9	$ 3,538.9
China
Disaggregation of Revenue [Line Items]
Net sales	827.4	826.6	912.6
Operating Segments | North America
Disaggregation of Revenue [Line Items]
Net sales	2,922.9	2,819.1	2,529.5
Operating Segments | North America | Water heaters and related parts
Disaggregation of Revenue [Line Items]
Net sales	2,456.9	2,325.1	2,115.9
Operating Segments | North America | Boilers and related parts
Disaggregation of Revenue [Line Items]
Net sales	240.1	272	212.1
Operating Segments | North America | Water treatment products
Disaggregation of Revenue [Line Items]
Net sales	225.9	222	201.5
Operating Segments | Rest of World
Disaggregation of Revenue [Line Items]
Net sales	956.9	965.8	1,036.5
Operating Segments | Rest of World | China
Disaggregation of Revenue [Line Items]
Net sales	835.1	839.1	922.4
Operating Segments | Rest of World | All other Rest of World
Disaggregation of Revenue [Line Items]
Net sales	121.8	126.7	114.1
Inter-segment sales
Disaggregation of Revenue [Line Items]
Net sales	$ (27)	$ (31)	$ (27.1)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended			12 Months Ended
	Oct. 19, 2021	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Aggregate cash purchase price, net of cash acquired					$ 16.8	$ 8	$ 207.6
Acquired intangible assets, amortization period, in years					11 years
Giant
Business Acquisition [Line Items]
Aggregate cash purchase price, net of cash acquired	$ 198.6
Percentage of ownership interest acquired	100%
Additional payments to acquire businesses				$ 2.5
Transaction costs	$ 1.3
Escrow to satisfy any potential obligations to the former owners	8
Decrease to goodwill due to net impact of measurement period adjustment						$ 4.3
Acquired intangible assets	53.8
Giant | Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets subject to amortization	$ 9.2
Acquired intangible assets, amortization period, in years	22 years
Giant | Noncompete agreements
Business Acquisition [Line Items]
Acquired intangible assets subject to amortization	$ 0.7
Acquired intangible assets, amortization period, in years	5 years
Giant | Trademarks
Business Acquisition [Line Items]
Acquired intangible assets not subject to amortization	$ 43.9
Privately-Held Water Treatment Company
Business Acquisition [Line Items]
Aggregate cash purchase price, net of cash acquired		$ 16.8		$ 5.5
Terminated Acquisition
Business Acquisition [Line Items]
Acquisition-related costs			$ 4.3
Income tax benefit associated with terminated acquisition			$ (1.1)

Acquisitions - Summary of Alloc

Acquisitions - Summary of Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Oct. 19, 2021
Business Acquisition [Line Items]
Goodwill	$ 633.4	$ 619.7	$ 627.8
Giant
Business Acquisition [Line Items]
Current assets, net of cash acquired				$ 60.1
Property, plant and equipment				55.8
Intangible assets				53.8
Goodwill				77.6
Total assets acquired				247.3
Current liabilities				(39.2)
Long Term liabilities				(9.5)
Net assets acquired				$ 198.6

Leases - Narrative (Details)

Leases - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
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	Dec. 31, 2023	Dec. 31, 2022
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Short term: Accrued liabilities	$ 11.6	$ 9.9
Long term: Operating lease liabilities	27.9	22.4
Total operating lease liabilities	39.5	32.3
Less: Rent incentives and deferrals	(2.2)	(2.5)
Assets
Operating lease assets	$ 37.3	$ 29.8
Lease Term and Discount Rate
Weighted-average remaining lease term	7 years
Weighted-average discount rate	4.41%

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Short-term lease expense	$ 1.8	$ 2.1
Variable lease cost	4.6	3.1
Cost of products sold
Lessee, Lease, Description [Line Items]
Operating lease expense	5.3	4.3
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 16.2	$ 15.8

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 13
2025	9.5
2026	5.4
2027	3.6
2028	2.3
After 2028	12.6
Total lease payments	46.4
Less: Imputed interest	(6.9)
Present value of operating lease liabilities	$ 39.5	$ 32.3

Restructuring and Impairment -

Restructuring and Impairment - Narrative (Details) - USD ($) $ in Millions	2 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Cost and Reserve [Line Items]
Non-cash impairment			$ 15.6	$ 0	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations
Restructuring Cost and Reserve [Line Items]
Non-cash impairment			15.6
Carrying value of disposal group		$ 0.6	0.6
Restructuring expense related to the exit of a business		$ 3.2
Disposal Group, Held-for-Sale, Not Discontinued Operations | Impairment Recorded As Net Reduction To Assets And Liabilities
Restructuring Cost and Reserve [Line Items]
Non-cash impairment			4.5
Disposal Group, Held-for-Sale, Not Discontinued Operations | Impairment Recorded For Anticipated Liquidation Of Cumulative Foreign Currency Translation Adjustment Recorded In Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Non-cash impairment			11.1
Disposal Group, Held-for-Sale, Not Discontinued Operations | Corporate
Restructuring Cost and Reserve [Line Items]
Non-cash impairment			3.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Accumulated Other Comprehensive Loss
Restructuring Cost and Reserve [Line Items]
Foreign currency translation losses released from accumulated other comprehensive loss	$ 11		11
Rest of World | Disposal Group, Held-for-Sale, Not Discontinued Operations | Operating Segments
Restructuring Cost and Reserve [Line Items]
Non-cash impairment			$ 12.5

Statement of Cash Flows - Sched

Statement of Cash Flows - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net change in current assets and liabilities, net of acquisitions:
Receivables	$ (16.4)	$ 42.5	$ (25.5)
Inventories	18.1	(82.8)	(109.5)
Other current assets	7.2	(9.1)	4.9
Trade payables	(21.4)	(89.4)	142.9
Accrued liabilities, including payroll and benefits	28.4	(46.5)	56.3
Income taxes	4.1	(8.8)	21.7
Current assets and liabilities	$ 20	$ (194.1)	$ 90.8

Statement of Cash Flows - Narra

Statement of Cash Flows - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash interest paid	$ 12.3	$ 9.3	$ 4.2
Cash, cash equivalents and marketable securities	363.4	481.8
Subsidiaries | Non-US
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and marketable securities	$ 291.8	$ 472.1

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished products	$ 177.7	$ 174.4
Work in process	44.2	42.1
Raw materials	322.6	349.2
Inventories, at FIFO cost	544.5	565.7
LIFO reserve	(47.1)	(49.3)
Net inventory	$ 497.4	$ 516.4

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,418.6	$ 1,364.8
Accumulated depreciation and amortization	(821.1)	(774.1)
Net property, plant, and equipment	597.5	590.7
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	31	28.5
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	378.6	373.2
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	865.9	822.5
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 143.1	$ 140.6

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Beginning balance	$ 619.7	$ 627.8
Currency translation adjustment	2.5	(8.1)
Acquisitions	11.2
Ending balance	633.4	619.7
North America
Goodwill [Roll Forward]
Beginning balance	561.1	568.9
Currency translation adjustment	2.6	(7.8)
Acquisitions	11.2
Ending balance	574.9	561.1
Rest of World
Goodwill [Roll Forward]
Beginning balance	58.6	58.9
Currency translation adjustment	(0.1)	(0.3)
Acquisitions	0
Ending balance	$ 58.5	$ 58.6

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 290.1	$ 292.3
Accumulated Amortization	(177.7)	(167.7)
Net	112.4	124.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	514.4	515.6
Accumulated Amortization	(177.7)	(167.7)
Net	336.7	347.9
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	224.3	223.3
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3.7	3.7
Accumulated Amortization	(3.7)	(3.7)
Net	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(3.7)	(3.7)
Customer lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	286.4	288.6
Accumulated Amortization	(174)	(164)
Net	112.4	124.6
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (174)	$ (164)

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill And Other Intangibles [Line Items]
Amortization expenses of other intangible assets	$ 12,600,000	$ 12,800,000	$ 12,300,000
Amortization of intangible assets, weighted average period, years	11 years
Goodwill impairment	$ 0	0	0
Other intangible asset impairments	0	$ 0	$ 0
Annually
Goodwill And Other Intangibles [Line Items]
Amortization expenses of other intangible assets	$ 12,600,000

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt	$ 127.3	$ 344.5
Long-term debt due within one year	(10)	(10)
Long-term debt	117.3	$ 334.5
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Average year-end interest rate		5.30%
Debt	$ 0	$ 185.4
Commercial Paper
Debt Instrument [Line Items]
Average year-end interest rate	4.60%
Debt	$ 0	$ 22.6
Term Notes With Insurance Companies
Debt Instrument [Line Items]
Average year-end interest rate	3.10%	3.10%
Debt	$ 127.3	$ 136.5

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2021
Debt Instrument [Line Items]
Fixed-rate interest expense obligation	$ 16,600,000
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Multi-currency revolving credit agreement, maximum borrowing capacity		$ 500,000,000
Accordion feature, higher borrowing capacity option		$ 850,000,000

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Millions	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 10
2025	10
2026	28.5
2027	28.5
2028	$ 13.2

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	2 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)		3,000,000
Preferred stock, par value (in dollars per share) | $ / shares		$ 1
Common stock, voting rights, allowable percentage of Board of Directors to elect		33.33%
Common stock, voting rights, matters other than election of Board of Directors, vote per share | vote		0.1
Common stock, conversion basis, ratio		1
Dividends paid (in dollars per share) | $ / shares		$ 1.22	$ 1.14	$ 1.06
Stock repurchase program number of shares authorized to repurchase (in shares)		7,500,000
Shares repurchased (in shares)		4,377,000	6,647,895	5,087,467
Shares repurchased, price per share (in dollars per share) | $ / shares		$ 70.03
Shares repurchased, value | $		$ 306.5	$ 403.5	$ 366.5
Remaining authorization stock repurchase (in shares)		3,501,462
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Accumulated Other Comprehensive Loss
Class of Stock [Line Items]
Foreign currency translation losses released from accumulated other comprehensive loss | $	$ 11	$ 11
Class A Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares)		27,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 5
Shares converted into Common Stock (in shares)		12,524	68,785	64,072
Treasury stock, number of shares held (in shares)		130,380	130,380
Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares)		240,000,000
Common stock, par value (in dollars per share) | $ / shares		$ 1
Treasury stock, number of shares held (in shares)		43,049,885	39,398,135

Stockholders' Equity - Changes

Stockholders' Equity - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,747.7	$ 1,832.2
Balance at end of period	1,844.4	1,747.7
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(82.4)	(331.4)
Balance at end of period	(84.2)	(82.4)
Cumulative foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(84.1)	(44.7)
Other comprehensive gain (loss) before reclassifications	3.8	(39.4)
Balance at end of period	(80.3)	(84.1)
Unrealized net gain (loss) on cash flow derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	4.9	0.6
Other comprehensive gain (loss) before reclassifications	2.8	7.4
Amounts reclassified, net of tax	(7)	(3.1)
Balance at end of period	0.7	4.9
Reclassification, before income tax	(9.2)	(4.1)
Tax provision	2.2	1
Pension liability
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(3.2)	(287.3)
Other comprehensive gain (loss) before reclassifications	(1.6)	19.8
Amounts reclassified, net of tax	0.2	264.3
Balance at end of period	(4.6)	(3.2)
Reclassification, before income tax	0.2	436.8
Tax provision	0	(172.5)
Actuarial losses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax	0.1	437.2
Prior year service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax	$ 0.1	$ (0.4)

Stock Based Compensation - Narr

Stock Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 15, 2020 shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation cost recognized		$ 11.5	$ 11.1	$ 11.9
Stock option compensation expense recognized		1.2	$ 5.5	$ 5.1
Weighted-average fair value per option at the date of grant (in dollars per share) | $ / shares			$ 17.57	$ 14.03
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
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation cost recognized		$ 0.7
Award vesting period		3 years
Number of share units granted (in shares) | shares		24,580
Value of share units granted		$ 1.7
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential payout range		0
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential payout range		1.50
Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Number of share units granted (in shares) | shares		168,807	94,731	104,312
Value of share units granted		$ 11.3	$ 7	$ 6.4
Share based compensation expense attributable to share units		$ 9.6	$ 5.6	$ 6.8
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for granting of options, restricted stock or share units (in shares) | shares		2,479,897
Additional shares authorized (in shares) | shares	2,400,000

Stock Based Compensation - Chan

Stock Based Compensation - Changes in Option Awards All of Which Related to Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Options
Outstanding at beginning of year (in shares)	2,481,606	2,252,498	2,785,654
Granted (in shares)	0	322,460	368,780
Exercised (in shares)	(600,344)	(66,697)	(889,345)
Forfeited (in shares)	(8,709)	(26,655)	(12,591)
Outstanding at end of year (in shares)	1,872,553	2,481,606	2,252,498
Number of options, Exercisable at End of year (in shares)	1,549,749	1,675,552	1,191,795
Weighted Avg. Per Share Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 51.22	$ 47.73	$ 43.01
Granted (in dollars per share)	0	74.11	60.85
Exercised (in dollars per share)	45.68	39.77	38.35
Forfeited (in dollars per share)	66.96	61.46	49.18
Outstanding at end of year (in dollars per share)	52.93	51.22	47.73
Weighted-Avg. Per Share Exercise Price, Exercisable at end of year (in dollars per share)	$ 49.51	$ 46.88	$ 45.71
Intrinsic value of options exercised	$ 15	$ 1.6	$ 31
Weighted average remaining contractual life of options outstanding	7 years	7 years	8 years
Aggregate intrinsic value of options outstanding	$ 55.3
Weighted average remaining contractual life of options exercisable	6 years	6 years	7 years
Aggregate intrinsic value of options exercisable	$ 51

Stock Based Compensation - Nonv

Stock Based Compensation - Nonvested Stock Options (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Options
Nonvested options at beginning of year (in shares) | shares	806,054
Vested (in shares) | shares	(477,245)
Forfeited (in shares) | shares	(6,005)
Nonvested options at end of year (in shares) | shares	322,804
Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year (in dollars per share) | $ / shares	$ 60.26
Vested (in dollars per share) | $ / shares	54.05
Forfeited (in dollars per share) | $ / shares	66.24
Nonvested options at end of year (in dollars per share) | $ / shares	$ 69.33

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Weighted-Average Fair Value per Option at Date of Grant (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Expected life (years)	5 years 8 months 12 days	5 years 9 months 18 days
Risk-free interest rate	1.90%	1.20%
Dividend yield	1.50%	1.60%
Expected volatility	26.80%	27.40%

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Share Unit Activity Under Plan (Details) - Share Units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Units
Issued and unvested at beginning of year (in shares)	379,919
Granted (in shares)	168,807	94,731	104,312
Vested (in shares)	(160,828)
Forfeited (in shares)	(6,709)
Issued and unvested at end of year (in shares)	381,189	379,919
Weighted-Average Grant Date Value
Issued and unvested at beginning of year (in dollars per share)	$ 52.92
Granted (in dollars per share)	67.18
Vested (in dollars per share)	49.48
Forfeited (in dollars per share)	66.27
Issued and unvested at end of year (in dollars per share)	$ 63.33	$ 52.92

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Performance Stock Unit Activity (Details) - Performance Shares	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Number of Units
Issued and unvested at beginning of year (in shares) | shares	0
Granted (in shares) | shares	24,580
Forfeited (in shares) | shares	(557)
Performance adjustments (in shares) | shares	10,735
Issued and unvested at end of year (in shares) | shares	34,758
Weighted-Average Grant Date Value
Issued and unvested at beginning of year (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	67.14
Forfeited (in dollars per share) | $ / shares	67.14
Performance adjustments (in USD per share) | $ / shares	67.14
Issued and unvested at end of year (in dollars per share) | $ / shares	$ 67.14

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefits - Narrative (Details) employee in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) plan	Dec. 31, 2023 USD ($) plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 01, 2023 employee
Defined Benefit Plan Disclosure [Line Items]
Percentage match of the first one percent of contributions made by participating employees		100%
Percentage match of the next five percent of contributions made by participating employees		50%
Percentage of the pension plan liability (over)				95%
Number of employees the annuity plan covers | employee					7
Pension settlement (income) expense		$ (900,000)	$ 417,300,000	$ 0
Pension settlement non-cash taxes		(200,000)	167,700,000	0
Income tax benefit on defined benefit plan pension settlement income		200,000
Pension assets	$ 20,300,000	$ 20,300,000	45,200,000
Medical and life insurance maximum participant coverage age, in years		65 years
Other comprehensive gain (loss) for after tax adjustment for additional minimum pension liability		$ (1,400,000)	284,100,000	$ (13,600,000)
Corporate
Defined Benefit Plan Disclosure [Line Items]
Pension settlement (income) expense		(200,000)	70,500,000
North America | Operating Segments
Defined Benefit Plan Disclosure [Line Items]
Pension settlement (income) expense		$ (700,000)	346,800,000
Minimum | Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation to equity managers	60%	60%
Maximum | Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation to equity managers	95%	95%
The Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		$ 0
Expected employer contributions next year	$ 0	0
Defined Benefit Plan, Pension Plan Terminated in Prior Year
Defined Benefit Plan Disclosure [Line Items]
Pension assets	22,600,000	22,600,000
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlement of plan liabilities through lump-sum payments	169,000,000
Settlement of plan liabilities through the purchase of annuities	$ 463,000,000
Pension settlement (income) expense		417,300,000
Pension settlement non-cash taxes		167,700,000
Employer contributions		$ 500,000	500,000
Foreign plan | Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Number of plans | plan	2	2
Liability on foreign pension plan	$ 300,000	$ 300,000	$ 300,000

Pension and Other Post-retire_4

Pension and Other Post-retirement Benefits - Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status of Defined Benefit Pension and Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Change in fair value of plan assets
Plan assets at beginning of year	$ 44.9
Plan assets at end of year	20.2	$ 44.9
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation (ABO) at December 31	(26.3)	(27.7)
Change in projected benefit obligations (PBO)
PBO at beginning of year	(28.3)	(842.1)
Service cost	(0.9)	(1.4)	$ (1.6)
Interest cost	(1.2)	(14.5)	(14.5)
Participant contributions	0	0
Actuarial (loss) gain including assumption changes	(1.1)	147.6
Benefits paid	4.8	219.3
Transfer to insurer	0	462.8
PBO at end of year	(26.7)	(28.3)	(842.1)
Change in fair value of plan assets
Plan assets at beginning of year	45.2	825.9
Actual return on plan assets	0.6	(99.1)
Contribution by the Company	0.5	0.5
Participant contributions	0	0
Benefits paid	(4.8)	(219.3)
Transfer related to plan termination	(21.2)	0
Transfer to insurer	0	(462.8)
Plan assets at end of year	20.3	45.2	825.9
Funded status	(6.4)	16.9
Amount recognized in the balance sheet
Noncurrent assets	4.4	27.1
Current liabilities	(0.5)	(0.5)
Non-current liabilities	(10.3)	(9.7)
Net pension (liability) asset at end of year	(6.4)	16.9
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss	6.7	5.2
Prior service cost	1.9	2.1
Total recognized in accumulated other comprehensive loss	8.6	7.3
Post-retirement Benefits
Change in projected benefit obligations (PBO)
PBO at beginning of year	(1.7)	(2.2)
Service cost	0	0	0
Interest cost	(0.1)	(0.1)	(0.1)
Participant contributions	(0.1)	(0.1)
Actuarial (loss) gain including assumption changes	0	(0.2)
Benefits paid	0.2	0.9
Transfer to insurer	0	0
PBO at end of year	(1.7)	(1.7)	(2.2)
Change in fair value of plan assets
Plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Contribution by the Company	0.1	0.8
Participant contributions	0.1	0.1
Benefits paid	(0.2)	(0.9)
Transfer related to plan termination	0	0
Transfer to insurer	0	0
Plan assets at end of year	0	0	$ 0
Funded status	(1.7)	(1.7)
Amount recognized in the balance sheet
Noncurrent assets	0	0
Current liabilities	(0.2)	(0.2)
Non-current liabilities	(1.5)	(1.5)
Net pension (liability) asset at end of year	(1.7)	(1.7)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss	0.3	0.2
Prior service cost	(1.8)	(2.3)
Total recognized in accumulated other comprehensive loss	$ (1.5)	$ (2.1)

Pension and Other Post-retire_5

Pension and Other Post-retirement Benefits - Components of Company's Net Periodic Pension Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Net periodic cost (benefit)
Service cost	$ 0.9	$ 1.4	$ 1.6
Interest cost	1.2	14.5	14.5
Expected return on plan assets	(1)	(21.5)	(48)
Net actuarial loss	0.1	19.9	20.3
Prior service cost	0.1	(0.4)	(0.4)
Defined-benefit plan expense (income)	1.3	13.9	(12)
Pension settlement (income) expense	(0.9)	417.3	0
Various U.S. defined contribution plans cost	16.5	15.3	14.6
Total defined benefit plan and defined contribution plan periodic benefit cost	16.9	446.5	2.6
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial loss (gain)	1.5	(27)	38.1
Amortization of net actuarial loss	(0.1)	(19.9)	(20.3)
Settlement loss	0	(417.3)	0
Amortization of prior service cost	(0.1)	0.4	0.4
Total recognized in other comprehensive loss	1.3	(463.8)	18.2
Total recognized in net periodic cost (benefit) and other comprehensive loss	1.7	(32.6)	6.2
Post-retirement Benefits
Net periodic cost (benefit)
Service cost	0	0	0
Interest cost	0.1	0.1	0.1
Expected return on plan assets	0	0	0
Net actuarial loss	0	0	0
Prior service cost	(0.5)	(0.5)	(0.5)
Defined-benefit plan expense (income)	(0.4)	(0.4)	(0.4)
Pension settlement (income) expense	0	0	0
Total defined benefit plan and defined contribution plan periodic benefit cost	(0.4)	(0.4)	(0.4)
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial loss (gain)	0	0.2	(0.6)
Amortization of net actuarial loss	0	0	0
Settlement loss	0	0	0
Amortization of prior service cost	0.5	0.5	0.5
Total recognized in other comprehensive loss	0.5	0.7	(0.1)
Total recognized in net periodic cost (benefit) and other comprehensive loss	$ 0.1	$ 0.3	$ (0.5)

Pension and Other Post-retire_6

Pension and Other Post-retirement Benefits - Actuarial Assumptions Used to Determine Benefit Obligations (Details)	Dec. 31, 2023	Dec. 31, 2022
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.96%	5.13%
Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.89%	5.02%

Pension and Other Post-retire_7

Pension and Other Post-retirement Benefits - Assumptions Used to Determine Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.15%	2.80%	2.47%
Expected long-term return on plan assets	5.25%	3.12%	6.25%
Rate of compensation increase	4%	4%	4%
Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.09%	2.44%	2.05%
Rate of compensation increase			4%

Pension and Other Post-retire_8

Pension and Other Post-retirement Benefits - Weighted Asset Allocations by Asset Category (Details)	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	100%	100%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	17%	8%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	70%	27%
Private equity
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	12%	5%
Cash
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	1%	60%

Pension and Other Post-retire_9

Pension and Other Post-retirement Benefits - Fair Value Measurement of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	$ 20.2	$ 44.9
Non-investment plan assets	0.1	0.3
Total plan assets	20.3	45.2
Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.2	26.9
Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.5	3.7
U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	6.7	8.6
Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	7.4	2.7
Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	1	0.8
Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.4	2.2
Quoted Prices in Active Markets for Identical Contracts (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	3.3	39.2
Quoted Prices in Active Markets for Identical Contracts (Level 1) | Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.2	26.9
Quoted Prices in Active Markets for Identical Contracts (Level 1) | Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.5	3.7
Quoted Prices in Active Markets for Identical Contracts (Level 1) | U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.6	8.6
Quoted Prices in Active Markets for Identical Contracts (Level 1) | Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Quoted Prices in Active Markets for Identical Contracts (Level 1) | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Quoted Prices in Active Markets for Identical Contracts (Level 1) | Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	14.5	3.5
Significant Other Observable Inputs (Level 2) | Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Other Observable Inputs (Level 2) | Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Other Observable Inputs (Level 2) | U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	6.1	0
Significant Other Observable Inputs (Level 2) | Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	7.4	2.7
Significant Other Observable Inputs (Level 2) | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	1	0.8
Significant Other Observable Inputs (Level 2) | Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Non- observable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.4	2.2
Significant Non- observable Inputs (Level 3) | Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Non- observable Inputs (Level 3) | Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Non- observable Inputs (Level 3) | U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Non- observable Inputs (Level 3) | Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Non- observable Inputs (Level 3) | Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0	0
Significant Non- observable Inputs (Level 3) | Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	$ 2.4	$ 2.2	$ 5.1

Pension and Other Post-retir_10

Pension and Other Post-retirement Benefits - Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	$ 44.9
Plan assets at end of year	20.2	$ 44.9
Private equity
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	2.2
Relating to assets still held at the reporting date	3.9	(2.8)
Relating to assets sold during the period	(3.6)	(0.2)
Purchases, sales and settlements	(0.3)	0.1
Plan assets at end of year	2.4	2.2
Significant Non- observable Inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	2.2
Plan assets at end of year	2.4	2.2
Significant Non- observable Inputs (Level 3) | Private equity
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	2.2	5.1
Transfers in and/or out	0.2
Plan assets at end of year	$ 2.4	$ 2.2

Pension and Other Post-retir_11

Pension and Other Post-retirement Benefits - Estimated Future Payments (Details) $ in Millions	Dec. 31, 2023 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	$ 0.8
2025	0.8
2026	0.9
2027	5.2
2028	5.8
2029 – 2033	6.3
Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028	0.2
2029 – 2033	$ 0.7

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Trading Activity, Gains and Losses, Net [Line Items]
Currency translation losses	$ 3.8	$ (39.4)	$ 3.4
Foreign Exchange Contract | Designated as Hedging Instrument | Other Current Assets
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, assets	0.9	6.4
Foreign Exchange Contract | Designated as Hedging Instrument | Accrued Liabilities
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, liabilities	4.2	0
Foreign Exchange Contract | Not Designated as a hedging instrument | Other Current Assets
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, assets		0.1
Foreign Exchange Contract | Not Designated as a hedging instrument | Accrued Liabilities
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, liabilities	0.8
Net Investment Hedging | Non-US | Foreign currency forward contracts | Designated as Hedging Instrument
Trading Activity, Gains and Losses, Net [Line Items]
Currency translation losses	(1.8)	$ 1.4
Contractual amounts	$ 204
Commodity Futures Contracts
Trading Activity, Gains and Losses, Net [Line Items]
Reclassification period for effective portion of contract, in years	1 year

Derivative Instruments - Summar

Derivative Instruments - Summary by Contractual Amounts for Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - Foreign currency forward contracts - Cash Flow Hedging - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	$ 38.3	$ 45.9
Buy | Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0	0
Buy | Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	24.1	30.2
Buy | Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	14.2	15.7
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	80.5	76.8
Sell | Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	80.5	76.8
Sell | Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0	0
Sell | Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	$ 0	$ 0

Derivative Instruments - Effect

Derivative Instruments - Effect of Cash Flow Hedges on the Consolidated Statement of Earnings (Details) - Foreign Exchange Contract - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Amount of gain recognized in other comprehensive loss on derivatives	$ 3.7	$ 9.8
Cost of products sold
Derivative [Line Items]
Amount of gain reclassified from accumulated other comprehensive loss into earnings	$ 9.2	$ 4.1

Derivative Instruments - Summ_2

Derivative Instruments - Summary of Contractual Amounts for Derivatives not Designated as Hedging Instruments (Details) (Details) - Designated as Hedging Instrument - Foreign exchange contracts - Fair Value Hedging - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	$ 250.9	$ 0
Buy | Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	44.1	0
Buy | Chinese yuan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	206.8	0
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0	81.5
Sell | Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0	81.5
Sell | Chinese yuan
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	$ 0	$ 0

Derivative Instruments - Effe_2

Derivative Instruments - Effect of Foreign Exchange Contracts on the Consolidated Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Foreign exchange contracts | Other (income) expense - net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain	$ (3.7)	$ 1.2	$ (0.9)

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current:
Federal	$ 124.9	$ 101.8	$ 92.2
State	28.3	26.6	22.4
International	27.5	30.5	29.5
Deferred:
Federal	(4.8)	(136.9)	(3.2)
State	(1.8)	(34.1)	(0.6)
International	2.8	0.1	(1.8)
Provision for income taxes	$ 176.9	$ (12)	$ 138.5

Income Taxes - Difference Betwe

Income Taxes - Difference Between Provision for Income Taxes and U.S. Federal Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Statutory Federal Tax Rate [Line Items]
Provision at U.S. federal statutory rate	21%	21%	21%
State taxes, net of federal benefit	2.80%	2.70%	2.80%
U.S. pension plan settlement expense	0	(0.295)	0
Research tax credits	(0.40%)	(1.00%)	(0.40%)
Excess tax benefit on stock compensation	(0.40%)	(0.50%)	(0.90%)
Other	1%	3%	0.50%
Effective income tax rate	24.10%	(5.40%)	22.10%
International income tax rate differential—China
Reconciliation of Statutory Federal Tax Rate [Line Items]
International income tax rate differential	(1.20%)	(4.60%)	(1.60%)
International income tax rate differential—other
Reconciliation of Statutory Federal Tax Rate [Line Items]
International income tax rate differential	1.30%	3.50%	0.70%

Income Taxes - Components of Ea

Income Taxes - Components of Earning Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S.	$ 596.4	$ 63.9	$ 479
International	137.1	159.8	146.6
Earnings before provision for income taxes	$ 733.5	$ 223.7	$ 625.6

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Income Tax Examination [Line Items]
Tax benefit on pretax pension plan settlement expense	$ 101.9	$ 101.9
Tax benefit on release of stranded tax effects related to pension plan settlement expense	$ 65.8	$ 65.8
U.S. pension plan settlement expense	0	0.295	0
Pension settlement non-cash taxes	$ (0.2)	$ 167.7	$ 0
Pension settlement (income) expense	(0.9)	417.3	0
Total taxes paid	189.5	175.4	$ 131.2
Undistributed earnings of foreign subsidiaries, including not permanently and permanently reinvested	648.9
Undistributed foreign earnings	5.1	$ 5.3
Undistributed earnings of foreign subsidiaries, not permanently reinvested	156.8
Undistributed earnings of foreign subsidiaries, permanently reinvested	$ 492.1
Percentage of federal income tax liability offset by dividend received deduction	1
Unrecognized tax benefits that would affect the effective tax rate, if recognized	$ 3.5
Pension Benefits
Income Tax Examination [Line Items]
Pension settlement non-cash taxes	167.7
Pension settlement (income) expense	$ 417.3

Income Taxes - Tax Effects of T

Income Taxes - Tax Effects of Temporary Differences of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Employee benefits	$ 12.9	$ 13.9
Product liability and warranties	52.1	50.7
Inventories	3	1.4
Accounts receivable	13.3	14.6
Environmental liabilities	1.5	1.6
Tax loss and credit carryovers	12.3	10.1
All other	17.6	14
Valuation allowance	(11.7)	(8.3)	$ (7.1)
Assets	101	98
Liabilities
Property, plant and equipment	52.4	51.5
Intangibles	62.4	66.2
Undistributed foreign earnings	5.1	5.3
Liabilities	119.9	123
Net liability	$ 18.9	$ 25

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Net Operating Losses, Tax Credit and Valuation Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation Of Net Operating Losses And Tax Credits [Roll Forward]
Beginning balance	$ 10.1	$ 8.9
Increases	2.2	1.2
Ending balance	12.3	10.1
Reconciliation Of Valuation Allowance, Deferred Tax Asset [Roll Forward]
Beginning balance	8.3	7.1
Increases	3.4	1.2
Ending balance	$ 11.7	$ 8.3

Income Taxes - Reconciliation_2

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 15	$ 14.3
Additions for tax positions of prior years	2.2	0.7
Balance at December 31	$ 17.2	$ 15

Commitment and Contingencies -

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 28, 2022	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies [Line Items]
Product liability insurance for individual losses in excess of accrual amount		$ 125	$ 125
Amounts in excess to be covered by third party insurance		7.5	7.5
Reserve for product liability		30.5	31.7
Purchase obligation		213.5
Distributor rebate accruals		0.6	1.1
Cash judgment	$ 11.5
Pre-tax gain on settlement agreement	11.5
Tax expense on settlement agreement	$ 2.9
Repurchase Of Inventory
Commitments and Contingencies [Line Items]
Other commitment		$ 0.8	$ 2.4

Operations by Segment - Narrati

Operations by Segment - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments | segment	2
Net sales	$ 3,852.8	$ 3,753.9	$ 3,538.9
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,922.9	2,819.1	2,529.5
North America | Geographic Concentration Risk | Customer One | Sales Revenue, Net
Segment Reporting Information [Line Items]
Net sales	$ 604.5	$ 596.4	$ 536.9
Concentration risk percentage	16%	16%	15%
North America | Geographic Concentration Risk | Customer Two | Sales Revenue, Net
Segment Reporting Information [Line Items]
Net sales	$ 509	$ 414.2	$ 401.5
Concentration risk percentage	13%	11%	11%

Operations by Segment - Schedul

Operations by Segment - Schedule of Segment Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 3,852.8	$ 3,753.9	$ 3,538.9
Segment earnings	809.6	362	682
Corporate expenses	6.9	(425.6)	20.4
Interest expense	(12)	(9.4)	(4.3)
Earnings before income taxes	733.5	223.7	625.6
Provision for (benefit from) income taxes	176.9	(12)	138.5
Net Earnings	556.6	235.7	487.1
Pension settlement (income) expense	(0.9)	417.3	0
Pension settlement non-cash taxes	(0.2)	167.7	0
Inter-segment sales
Segment Reporting Information [Line Items]
Net sales	(27)	(31)	(27.1)
Segment earnings	(0.5)	(0.3)	(0.2)
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	(64.1)	(128.9)	(52.1)
Pension settlement (income) expense	(0.2)	70.5
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,922.9	2,819.1	2,529.5
Segment earnings	726.7	266	590.8
Pension settlement (income) expense	(0.7)	346.8
Rest of World | Operating Segments
Segment Reporting Information [Line Items]
Net sales	956.9	965.8	1,036.5
Segment earnings	$ 83.4	$ 96.3	$ 91.4

Operations by Segment - Assets,

Operations by Segment - Assets, Depreciation And Capital Expenditure By Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Total Assets	$ 3,213.9	$ 3,332.3	$ 3,474.4
Depreciation and amortization	78.3	76.9	77.9
Capital expenditures	72.6	70.3	75.1
Corporate
Segment Reporting Information [Line Items]
Total Assets	441.5	504.3	499.8
Depreciation and amortization	1.4	0.7	0.6
Capital expenditures	3.2	10.8	11.3
North America | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,297.4	2,230.3	2,181.9
Depreciation and amortization	58.6	55.7	52.2
Capital expenditures	58.4	48.6	48
Rest of World | Operating Segments
Segment Reporting Information [Line Items]
Total Assets	475	597.7	792.7
Depreciation and amortization	18.3	20.5	25.1
Capital expenditures	$ 11	$ 10.9	$ 15.8

Operations by Segment - Net Sal

Operations by Segment - Net Sales and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 743.4	$ 731	$ 729.2
Net sales	3,852.8	3,753.9	3,538.9
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	422.6	409.8	366.2
Net sales	2,547.1	2,430	2,239.1
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	210.6	225.2	259.9
Net sales	827.4	826.6	912.6
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	58.1	54.7	59.1
Net sales	335.3	341.6	247.2
Other Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	52.1	41.3	44
Net sales	$ 143	$ 155.7	$ 140

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation allowance for trade and notes receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 9.5	$ 9.5	$ 5.6
Charged to Costs and Expenses	1.1	0.6	4.2
Acquisition of Businesses	0	0	0.8
Deductions	(0.5)	(0.6)	(1.1)
Balance at End of Year	10.1	9.5	9.5
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	8.3	7.1	13
Charged to Costs and Expenses	3.4	1.2	0
Acquisition of Businesses	0	0	0
Deductions	0	0	(5.9)
Balance at End of Year	$ 11.7	$ 8.3	$ 7.1