A. O. Smith (AOS) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 02, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	AOS
Entity Registrant Name	SMITH A O CORP
Entity Central Index Key	91,142
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,112,042
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		74,134,191

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net sales	$ 667	$ 653.5	$ 1,303.9	$ 1,272
Cost of products sold	383.3	391.1	757.5	780.4
Gross profit	283.7	262.4	546.4	491.6
Selling, general and administrative expenses	160	159.4	319.4	306.6
Interest expense	1.9	2.5	3.6	4.4
Other income	(2.3)	(2.7)	(4.3)	(5.4)
Earnings before income taxes	124.1	103.2	227.7	186
Provision for income taxes	37	32.1	67.1	56.5
Net Earnings	$ 87.1	$ 71.1	$ 160.6	$ 129.5
Net Earnings Per Share of Common Stock	$ 1	$ 0.80	$ 1.83	$ 1.45
Diluted Net Earnings Per Share of Common Stock	0.98	0.79	1.81	1.44
Dividends Per Share of Common Stock	$ 0.24	$ 0.19	$ 0.48	$ 0.38

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net earnings	$ 87.1	$ 71.1	$ 160.6	$ 129.5
Other comprehensive (loss) earnings
Foreign currency translation adjustments	(17.1)	(0.9)	(8.5)	(10.2)
Unrealized net gains (losses) on cash flow derivative instruments, less related income tax (provision) benefit of $(0.3) and $0.9 in 2016, $0.8 and $- in 2015	0.5	(1.2)	(1.5)
Adjustment to pension liability, less related income tax benefit (provision) of $1.7 and $0.2 in 2016 and $(2.3) and $(3.9) in 2015	(2.6)	3.7	(0.1)	6.2
Comprehensive Earnings	$ 67.9	$ 72.7	$ 150.5	$ 125.5

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Unrealized net gains (losses) on cash flow derivative instruments, related income tax provision	$ (0.3)	$ 0.8	$ 0.9
Adjustment to pension liability, related income tax benefit (provision)	$ 1.7	$ (2.3)	$ 0.2	$ (3.9)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 287.4	$ 323.6
Marketable securities	379.8	321.6
Receivables	493.9	501.4
Inventories	237.8	222.9
Other current assets	50.1	45.9
Total Current Assets	1,449	1,415.4
Property, plant and equipment	899.5	866.8
Less accumulated depreciation	(447.8)	(424.1)
Net property, plant and equipment	451.7	442.7
Goodwill	423.4	420.9
Other intangibles	285.4	291
Other assets	62.7	59.2
Total Assets	2,672.2	2,629.2
Liabilities
Trade payables	402	424.9
Accrued payroll and benefits	68.7	81.6
Accrued liabilities	92.7	90.1
Product warranties	44.8	43.7
Debt due within one year	7.4	12.9
Total Current Liabilities	615.6	653.2
Long-term debt	274.6	236.1
Pension liabilities	131.2	134.2
Other liabilities	170.1	163.4
Total Liabilities	1,191.5	1,186.9
Stockholders' Equity
Common Stock, value	82.2	82.2
Capital in excess of par value	622.6	617.4
Retained earnings	1,469.1	1,350.7
Accumulated other comprehensive loss	(323.5)	(313.4)
Treasury stock at cost	(435.6)	(360.5)
Total Stockholders' Equity	1,480.7	1,442.3
Total Liabilities and Stockholders' Equity	2,672.2	2,629.2
Common Class A
Stockholders' Equity
Common Stock, value	$ 65.9	$ 65.9

CONDENSED CONSOLIDATED BALANCE6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Common Stock, par value	$ 1	$ 1
Common Stock, shares authorized	120,000,000	120,000,000
Common Stock, shares issued	82,176,304	82,167,098
Common Class A
Common Stock, par value	$ 5	$ 5
Common Stock, shares authorized	14,000,000	14,000,000
Common Stock, shares issued	13,177,492	13,186,698

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities
Net earnings	$ 160.6	$ 129.5
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	32.1	31.6
Pension income	(3.1)
Stock based compensation expense	6.9	6.8
Loss on disposal of assets		0.2
Net changes in operating assets and liabilities:
Current assets and liabilities	(44.8)	(94.3)
Noncurrent assets and liabilities	4.1	(12)
Cash Provided by Operating Activities - continuing operations	155.8	61.8
Cash Used in Operating Activities - discontinued operations	(0.7)	(0.6)
Cash Provided by Operating Activities	155.1	61.2
Investing Activities
Capital expenditures	(37.7)	(31)
Investments in marketable securities	(310.1)	(237.7)
Net proceeds from sale of marketable securities	244.2	156.1
Cash Used in Investing Activities	(103.6)	(112.6)
Financing Activities
Term debt (repaid) incurred	(10.5)	64.4
Long-term debt incurred (repaid)	42.6	(7.2)
Common stock repurchases	(82.2)	(47.3)
Net proceeds from stock option activity	4.6	4.2
Dividends paid	(42.2)	(34)
Cash Used in Financing Activities	(87.7)	(19.9)
Net decrease in cash and cash equivalents	(36.2)	(71.3)
Cash and cash equivalents - beginning of period	323.6	319.4
Cash and Cash Equivalents - End of Period	$ 287.4	$ 248.1

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Basis of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results expected for the full year. It is suggested that the accompanying condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 17, 2016. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) amended Accounting Standard Codification (ASC) 718, Compensation - Stock Compensation The amendment required the benefits or deficiencies of tax deductions in excess of or less than the recognized compensation cost to be recorded as income tax benefit or expense in the income statement in the period in which they occurred. The amendment also eliminated previous guidance that required unrecognized future excess income tax benefits to be used to repurchase shares in the calculation of diluted shares which resulted in lower diluted shares outstanding than the calculation under the amendment. The Company elected to apply this guidance prospectively. As such, in the second quarter and first six months of 2016, the Company recognized $2.9 million and $5.4 million, respectively, of discrete income tax benefits associated with excess tax benefits on settled stock based compensation awards and the Company’s diluted shares outstanding for the three and six months ended June 30, 2016 increased as compared to the way it was calculated under previous guidance. The amendment also required that cash paid by an employer to a taxing authority when shares are directly withheld for employee income tax withholding purposes be classified as financing activities in the statements of cash flows. As required, the Company applied this guidance retrospectively in the presentation of the consolidated statements of cash flows for the periods beginning January 1, 2015 and, as a result, reclassified $3 million of cash paid from operating activities to cash paid from financing activities for the six months ended June 30, 2015. In February 2016, the FASB amended ASC 842, Leases In November 2015, the FASB amended ASC 740, Income Taxes In July 2015, the FASB amended ASC 330, Inventory In May 2014, the FASB issued ASC 606-10, Revenue from Contracts with Customers

Inventories

Inventories	6 Months Ended
	Jun. 30, 2016
Inventories	2. Inventories The following table presents the components of the Company’s inventory balances: (dollars in millions) June 30, 2016 December 31, 2015 Finished products $ 101.3 $ 85.7 Work in process 12.2 13.4 Raw materials 134.0 139.6 Inventories, at FIFO cost 247.5 238.7 LIFO reserve (9.7 ) (15.8 ) Net inventory $ 237.8 $ 222.9

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2016
Product Warranties	3 Product Warranties The Company offers warranties on the sales of certain of its products and records an accrual for the estimated future claims. The following table presents the Company’s warranty liability activity. Three Months Ended (dollars in millions) 2016 2015 Balance at April 1, $ 140.6 $ 137.2 Expense 16.0 15.3 Claims settled (15.1 ) (14.2 ) Balance at June 30, $ 141.5 $ 138.3 Six Months Ended (dollars in millions) 2016 2015 Balance at January 1, $ 139.4 $ 136.2 Expense 32.3 32.5 Claims settled (30.2 ) (30.4 ) Balance at June 30, $ 141.5 $ 138.3

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2016
Long-Term Debt	4. Long-Term Debt The Company has a $400 million multi-currency revolving credit agreement with eight banks, which expires on December 12, 2017. The facility has an accordion provision which allows it to be increased up to $500 million if certain conditions (including lender approval) are satisfied. Borrowings under bank credit lines and commercial paper borrowings are supported by the $400 million revolving credit agreement. As a result of the long-term nature of this facility, the Company’s commercial paper and credit line borrowings are classified as long-term debt at June 30, 2016. On January 15, 2015, the Company issued $75 million in term notes to an insurance company. Principal payments commence in 2020 and the notes mature in 2030. The notes have an interest rate of 3.52 percent. Proceeds of the notes were used to pay down borrowings under the Company’s revolving credit facility.

Earnings per Share of Common St

Earnings per Share of Common Stock	6 Months Ended
	Jun. 30, 2016
Earnings per Share of Common Stock	5. Earnings per Share of Common Stock The numerator for the calculation of basic and diluted earnings per share is net earnings. The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations: Three Months Ended Six Months Ended 2016 2015 2016 2015 Denominator for basic earnings per share – weighted average shares 87,480,860 89,139,114 87,663,931 89,286,984 Effect of dilutive stock options and share units 1,018,500 686,041 1,038,392 708,193 Denominator for diluted earnings per share 88,499,360 89,825,155 88,702,323 89,995,177

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2016
Stock Based Compensation	6. Stock Based Compensation The Company adopted the A. O. Smith Combined Incentive Compensation Plan (the “Plan”) effective January 1, 2007. The Plan was reapproved by stockholders on April 16, 2012. The Plan is a continuation of the A. O. Smith Combined Executive Incentive Compensation Plan which was originally approved by stockholders in 2002. The number of shares available for granting of options or share units at June 30, 2016 was 1,644,845. Upon stock option exercise or share unit vesting, shares are issued from treasury stock. Total stock based compensation expense recognized in the three months ended June 30, 2016 and 2015 was $1.8 million and $1.1 million, respectively. Total stock based compensation expense recognized in the six months ended June 30, 2016 and 2015 was $6.9 million and $6.8 million, respectively. Stock Options The stock options granted in the six months ended June 30, 2016 and 2015 have three year pro rata vesting from the date of grant. Stock options are issued at exercise prices equal to the fair value of Common Stock on the date of grant. For active employees, all options granted in 2016 and 2015 expire ten years after date of grant. The Company’s stock options are expensed ratably over the three-year vesting period; however, included in the stock option expense for the three and six months ended June 30, 2016 and 2015 was expense associated with the accelerated vesting of stock option awards for certain employees who either are retirement eligible or become retirement eligible during the vesting period. Stock based compensation expense attributable to stock options in the three months ended June 30, 2016 and 2015 was $0.9 million and $0.5 million, respectively. Stock based compensation expense attributable to stock options in the six months ended June 30, 2016 and 2015 was $3.4 million and $3.1 million, respectively. Changes in option awards, all of which relate to Common Stock, were as follows for the six months ended June 30, 2016: Weighted-Avg. Number of Average Aggregate Outstanding at January 1, 2016 $ 36.05 1,326,779 Granted 63.06 266,885 Exercised 27.04 (231,602 ) Forfeited 56.38 (1,533 ) Outstanding at June 30, 2016 42.86 1,360,529 7 years $ 61.6 Exercisable at June 30, 2016 $ 32.40 834,556 6 years $ 46.5 The weighted-average fair value per option at the date of grant during the six months ended June 30, 2016 and 2015 using the Black-Scholes option-pricing model was $15.78 and $17.17, respectively. Assumptions were as follows: Six Months Ended June 30, 2016 2015 Expected life (years) 5.8 5.9 Risk-free interest rate 1.7 % 2.0 % Dividend yield 1.3 % 1.0 % Expected volatility 27.8 % 29.3 % The expected life of options for purposes of this model is based on historical exercise behavior. The risk-free interest rate for purposes of this model is based on the U.S. Treasury yield curve in effect on the date of grant for the respective expected life of the option. The expected dividend yield for purposes of this model is based on the dividends paid on Common Stock in the preceding four quarters divided by the grant date market value of the Company’s Common Stock. The expected volatility for purposes of this model is based on the historical volatility of the Company’s Common Stock. Stock Appreciations Rights (SAR) Certain non-U.S.-based employees have been granted SARs. Each SAR award grants the employee the right to receive cash equal to the excess of the share price of the Common Stock on the date that a participant exercises such right over the grant date price of the stock. SARs granted have three year pro rata vesting from the date of grant. SARs were issued at exercise prices equal to the fair value of Common Stock on the date of grant and expire ten years from the date of grant. Compensation expense for SARs is initially measured based on the fair value on the date of grant using the Black-Scholes option-pricing model, using assumptions similar to stock option awards. SARs are subsequently remeasured at each reporting period based on a revised Black-Scholes value. No SARs were granted in 2016. As of June 30, 2016, there were 12,470 SARs outstanding and 4,163 were exercisable. In the six months ended June 30, 2016, 215 SARs were exercised and 430 SARs were forfeited. In the first six months of 2015, the Company granted 13,115 cash-settled SARs. Restricted Stock and Share Units Participants may also be awarded shares of restricted stock or share units under the Plan. The Company granted 77,740 and 76,035 share units under the Plan in the six months ended June 30, 2016 and 2015, respectively. The share units were valued at $4.9 million and $4.7 million at the dates of issuance in 2016 and 2015, respectively, based on the prices of the Common Stock at the dates of grant. The share units are recognized as compensation expense ratably over the three-year vesting period; however, included in share unit expense in the three and six months ended June 30, 2016 and 2015 was expense associated with accelerated vesting of share unit awards for certain employees who either are retirement eligible or will become retirement eligible during the vesting period. Stock based compensation expense attributable to share units of $0.9 million and $0.6 million was recognized in the three months ended June 30, 2016 and 2015, respectively. Stock based compensation expense attributable to share units of $3.5 million and $3.7 million was recognized in the six months ended June 30, 2016 and 2015, respectively. Certain non-U.S.-based employees receive the cash value of vested shares at the vesting date in lieu of shares. A summary of share unit activity under the Plan for the six months ended June 30, 2016: Number of Units Weighted-Average Issued and unvested at January 1, 2016 329,262 $ 44.30 Granted 77,740 63.47 Vested (132,953 ) 34.71 Forfeited (1,030 ) 59.17 Issued and unvested at June 30, 2016 273,019 $ 54.59

Pensions

Pensions	6 Months Ended
	Jun. 30, 2016
Pensions	7. Pensions The following table presents the components of the Company’s net pension expense: Three Months Ended Six Months Ended (dollars in millions) 2016 2015 2016 2015 Service cost $ 0.4 $ 0.5 $ 0.9 $ 1.0 Interest cost 7.7 9.4 15.3 18.8 Expected return on plan assets (13.8 ) (14.5 ) (27.6 ) (28.8 ) Amortization of unrecognized loss 4.5 4.8 8.8 9.5 Amortization of prior service cost (0.2 ) (0.2 ) (0.5 ) (0.5 ) Defined benefit plan income $ (1.4 ) $ — $ (3.1 ) $ — The Company did not make a contribution to its U.S. pension plan in 2015. The Company is not required to make a contribution in 2016 but does plan to make a voluntary $30 million contribution in the second half of 2016.

Operations by Segment

Operations by Segment	6 Months Ended
	Jun. 30, 2016
Operations by Segment	8. 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, gas tankless and electric water heaters. Both segments primarily manufacture and market in their respective regions of the world. The North America segment also manufactures and globally markets specialty commercial water heating equipment, condensing and non-condensing boilers and water system tanks. Primarily for Asia, the Rest of World segment also manufactures and markets water treatment products. The Company also markets in-home air purification products in China. The following table presents the Company’s results of operations by segment: Three Months Ended Six Months Ended (dollars in millions) 2016 2015 2016 2015 Net sales North America $ 432.8 $ 442.7 $ 856.7 $ 871.9 Rest of World 239.8 221.3 457.3 417.2 Inter-segment sales (5.6 ) (10.5 ) (10.1 ) (17.1 ) $ 667.0 $ 653.5 $ 1,303.9 $ 1,272.0 Operating earnings North America $ 104.2 $ 86.0 $ 196.1 $ 157.2 Rest of World 33.0 30.9 59.8 57.1 137.2 116.9 255.9 214.3 Corporate expense (11.2 ) (11.2 ) (24.6 ) (23.9 ) Interest expense (1.9 ) (2.5 ) (3.6 ) (4.4 ) Earnings before income taxes 124.1 103.2 227.7 186.0 Provision for income taxes 37.0 32.1 67.1 56.5 Net earnings $ 87.1 $ 71.1 $ 160.6 $ 129.5

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Measurements	9. Fair Value Measurements ASC 820, Fair Value Measurements Assets and liabilities measured at fair value are based on the market approach which are prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following table presents assets measured at fair value on a recurring basis: (dollars in millions) Fair Value Measurement Using June 30, 2016 December 31, 2015 Quoted prices in active markets for identical assets (Level 1) $ 379.6 $ 323.9 Significant other observable inputs (Level 2) (0.1 ) (0.3 ) Total assets measured at fair value $ 379.5 $ 323.6 There were no changes in the Company’s valuation techniques used to measure fair values on a recurring basis during the six months ended June 30, 2016.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2016
Derivative Instruments	10. Derivative Instruments ASC 815 Derivatives and Hedging The Company designates that all of its hedging instruments are 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), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive loss, net of tax, and is 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. The amount by which the cumulative change in the value of the hedge more than offsets the cumulative change in the value of the hedged item (i.e., the ineffective portion) is recorded in earnings, net of tax, in the period the ineffectiveness occurs. The Company utilizes certain derivative instruments to enhance its ability to manage currency 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. 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. 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 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 is expected to be reclassified into earnings within one year. The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts. June 30, (dollars in millions) 2016 2015 Buy Sell Buy Sell British pound $ — $ 0.5 $ — $ 0.5 Canadian dollar — 62.7 — 66.7 Euro 12.9 0.9 18.4 0.5 Mexican peso 13.2 — 13.6 — Total $ 26.1 $ 64.1 $ 32.0 $ 67.7 Commodity Futures Contracts In addition to entering into supply arrangements in the normal course of business, the Company also entered into futures contracts to fix the cost of certain raw material purchases, principally copper and steel, with the objective of minimizing changes in cost due to market price fluctuations. The Company’s hedging strategy for achieving this objective is to purchase commodities futures contracts on the open market of the London Metals Exchange (LME) or over the counter contracts based on the LME for copper. The Company purchased steel futures contracts on the New York Metals Exchange (NYMEX). With NYMEX, the Company is required to make cash deposits on unrealized losses on steel derivative contracts. The after-tax gains and losses on the effective portion of the copper and steel hedge contracts as of June 30, 2016 were recorded in accumulated other comprehensive loss and will be reclassified into cost of products sold in the periods in which the underlying transactions are recorded in earnings. The effective portion of the contracts will be reclassified within one year. Contractual amounts of the Company’s commodities futures contracts were immaterial as of June 30, 2016. The following tables present the impact of derivative contracts on the Company’s financial statements. Fair value of derivatives designated as hedging instruments under ASC 815: (dollars in millions) Balance Sheet Location June 30, December 31, Foreign currency contracts Other current assets $ 0.7 $ 3.6 Accrued liabilities (2.5 ) (1.3 ) Commodities contracts Other current assets 1.5 — Accrued liabilities (0.1 ) (0.3 ) Total derivatives designated as hedging instruments $ (0.4 ) $ 2.0 The effect of derivatives designated as hedging instruments on the statement of earnings is as follows: Three Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain Location of Amount of gain Location of Amount of 2016 2015 2016 2015 2016 2015 Foreign currency contracts $ (1.1 ) $ (0.8 ) Cost of products sold $ (1.0 ) $ 1.2 N/A $ — $ — Commodities contracts 0.8 (0.1 ) Cost of products sold — — Cost of products sold — 0.1 $ (0.3 ) $ (0.9 ) $ (1.0 ) $ 1.2 $ — $ 0.1 Six Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain Location of Amount of gain Location of Amount of 2016 2015 2016 2015 2016 2015 Foreign currency contracts $ (4.8 ) $ 2.7 Cost of products sold $ (0.7 ) $ 2.7 N/A $ — $ — Commodities contracts 1.7 (0.3 ) Cost of products sold — (0.1 ) Cost of products sold — — $ (3.1 ) $ 2.4 $ (0.7 ) $ 2.6 $ — $ —

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Taxes	11. Income Taxes The effective income tax rates for the three and six months ended June 30, 2016 were 29.8 percent and 29.5 percent, respectively. The Company estimates that its annual effective income tax rate for the full year of 2016 will be approximately 30 percent. The effective income tax rates for the three and six months ended June 30, 2015 were 31.1 percent and 30.4 percent, respectively. The full year effective income tax rate in 2015 was 29.7 percent. The lower effective income tax rates in the second quarter and first six months of 2016 compared to the prior year periods were primarily due to the early adoption of a new accounting standard for share based compensation beginning January 1, 2016. As of June 30, 2016, the Company had $2.6 million of unrecognized tax benefits of which $0.5 million would affect its effective income tax rate if recognized. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of tax expense. The Company’s U.S. federal income tax returns for 2014 and 2015 are subject to audit. The Company is subject to state and local audits for tax years 2000-2015. The Company is also subject to non-U.S. income tax examinations for years 2007-2015.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss by Component	6 Months Ended
	Jun. 30, 2016
Changes in Accumulated Other Comprehensive Loss by Component	12. Changes in Accumulated Other Comprehensive Loss by Component Changes to accumulated other comprehensive loss by component are as follows: Three Months Ended June 30, (dollars in millions) 2016 2015 Cumulative foreign currency translation Balance at beginning of period $ (30.8 ) $ (6.0 ) Other comprehensive loss before reclassifications (17.1 ) (0.9 ) Balance at end of period (47.9 ) (6.9 ) Unrealized net gain (loss) on cash flow derivatives Balance at beginning of period (0.8 ) 2.1 Other comprehensive loss before reclassifications (0.1 ) (0.5 ) Realized (gains) losses on derivatives reclassified to cost of products sold (net of tax (benefit) provision of $(0.4) and $0.5 in 2016 and 2015, respectively) 0.6 (0.7 ) Balance at end of period (0.3 ) 0.9 Pension liability Balance at beginning of period (272.7 ) (273.7 ) Other comprehensive (loss) income before reclassifications (5.2 ) 0.6 Amounts reclassified from accumulated other comprehensive loss: (1) 2.6 3.1 Balance at end of period (275.3 ) (270.0 ) Accumulated other comprehensive loss, end of period $ (323.5 ) $ (276.0 ) (1) Amortization of pension items: Actuarial losses $ 4.5 (2) $ 5.3 (2) Prior year service cost (0.2 ) (2) (0.2 ) (2) 4.3 5.1 Income tax benefit (1.7 ) (2.0 ) Reclassification net of income tax benefit $ 2.6 $ 3.1 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 7 - Pensions for additional details Changes to accumulated other comprehensive loss by component are as follows: Six Months Ended (dollars in millions) 2016 2015 Cumulative foreign currency translation Balance at beginning of period $ (39.4 ) $ 3.3 Other comprehensive loss before reclassifications (8.5 ) (10.2 ) Balance at end of period (47.9 ) (6.9 ) Unrealized net gain on cash flow derivatives Balance at beginning of period 1.2 0.9 Other comprehensive (loss) income before reclassifications (1.9 ) 1.6 Realized losses (gains) on derivatives reclassified to cost of products sold (net of tax (benefit) provision of $(0.3) and $1.0 in 2016 and 2015, respectively) 0.4 (1.6 ) Balance at end of period (0.3 ) 0.9 Pension liability Balance at beginning of period (275.2 ) (276.2 ) Other comprehensive (loss) income before reclassifications (5.2 ) 0.7 Amounts reclassified from accumulated other comprehensive loss: (1) 5.1 5.5 Balance at end of period (275.3 ) (270.0 ) Accumulated other comprehensive loss, end of period $ (323.5 ) $ (276.0 ) (1) Amortization of pension items: Actuarial losses $ 8.8 (2) $ 9.5 (2) Prior year service cost (0.5 ) (2) (0.5 ) (2) 8.3 9.0 Income tax benefit (3.2 ) (3.5 ) Reclassification net of income tax benefit $ 5.1 $ 5.5 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 7 - Pensions for additional details

Subsequent Event

Subsequent Event	6 Months Ended
	Jun. 30, 2016
Subsequent Event	13. Subsequent Event On August 8, 2016, the Company purchased 100 percent of the stock of the parent company of Aquasana, a water filtration company based in Austin, Texas, for $87 million.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2016
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (FASB) amended Accounting Standard Codification (ASC) 718, Compensation - Stock Compensation The amendment required the benefits or deficiencies of tax deductions in excess of or less than the recognized compensation cost to be recorded as income tax benefit or expense in the income statement in the period in which they occurred. The amendment also eliminated previous guidance that required unrecognized future excess income tax benefits to be used to repurchase shares in the calculation of diluted shares which resulted in lower diluted shares outstanding than the calculation under the amendment. The Company elected to apply this guidance prospectively. As such, in the second quarter and first six months of 2016, the Company recognized $2.9 million and $5.4 million, respectively, of discrete income tax benefits associated with excess tax benefits on settled stock based compensation awards and the Company’s diluted shares outstanding for the three and six months ended June 30, 2016 increased as compared to the way it was calculated under previous guidance. The amendment also required that cash paid by an employer to a taxing authority when shares are directly withheld for employee income tax withholding purposes be classified as financing activities in the statements of cash flows. As required, the Company applied this guidance retrospectively in the presentation of the consolidated statements of cash flows for the periods beginning January 1, 2015 and, as a result, reclassified $3 million of cash paid from operating activities to cash paid from financing activities for the six months ended June 30, 2015. In February 2016, the FASB amended ASC 842, Leases In November 2015, the FASB amended ASC 740, Income Taxes In July 2015, the FASB amended ASC 330, Inventory In May 2014, the FASB issued ASC 606-10, Revenue from Contracts with Customers

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Inventories	The following table presents the components of the Company’s inventory balances: (dollars in millions) June 30, 2016 December 31, 2015 Finished products $ 101.3 $ 85.7 Work in process 12.2 13.4 Raw materials 134.0 139.6 Inventories, at FIFO cost 247.5 238.7 LIFO reserve (9.7 ) (15.8 ) Net inventory $ 237.8 $ 222.9

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Product Warranty Liability Activity	The following table presents the Company’s warranty liability activity. Three Months Ended (dollars in millions) 2016 2015 Balance at April 1, $ 140.6 $ 137.2 Expense 16.0 15.3 Claims settled (15.1 ) (14.2 ) Balance at June 30, $ 141.5 $ 138.3 Six Months Ended (dollars in millions) 2016 2015 Balance at January 1, $ 139.4 $ 136.2 Expense 32.3 32.5 Claims settled (30.2 ) (30.4 ) Balance at June 30, $ 141.5 $ 138.3

Earnings per Share of Common 24

Earnings per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Computation of Basic and Diluted Weighted Average Shares Used in EPS Calculations	The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations: Three Months Ended Six Months Ended 2016 2015 2016 2015 Denominator for basic earnings per share – weighted average shares 87,480,860 89,139,114 87,663,931 89,286,984 Effect of dilutive stock options and share units 1,018,500 686,041 1,038,392 708,193 Denominator for diluted earnings per share 88,499,360 89,825,155 88,702,323 89,995,177

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Changes in Option Shares	Changes in option awards, all of which relate to Common Stock, were as follows for the six months ended June 30, 2016: Weighted-Avg. Number of Average Aggregate Outstanding at January 1, 2016 $ 36.05 1,326,779 Granted 63.06 266,885 Exercised 27.04 (231,602 ) Forfeited 56.38 (1,533 ) Outstanding at June 30, 2016 42.86 1,360,529 7 years $ 61.6 Exercisable at June 30, 2016 $ 32.40 834,556 6 years $ 46.5
Schedule of Weighted Average Fair Value per Option at Date of Grant	The weighted-average fair value per option at the date of grant during the six months ended June 30, 2016 and 2015 using the Black-Scholes option-pricing model was $15.78 and $17.17, respectively. Assumptions were as follows: Six Months Ended June 30, 2016 2015 Expected life (years) 5.8 5.9 Risk-free interest rate 1.7 % 2.0 % Dividend yield 1.3 % 1.0 % Expected volatility 27.8 % 29.3 %
Schedule of Share Unit Activity Under Plan	A summary of share unit activity under the Plan for the six months ended June 30, 2016: Number of Units Weighted-Average Issued and unvested at January 1, 2016 329,262 $ 44.30 Granted 77,740 63.47 Vested (132,953 ) 34.71 Forfeited (1,030 ) 59.17 Issued and unvested at June 30, 2016 273,019 $ 54.59

Pensions (Tables)

Pensions (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Components of Net Pension Expense	The following table presents the components of the Company’s net pension expense: Three Months Ended Six Months Ended (dollars in millions) 2016 2015 2016 2015 Service cost $ 0.4 $ 0.5 $ 0.9 $ 1.0 Interest cost 7.7 9.4 15.3 18.8 Expected return on plan assets (13.8 ) (14.5 ) (27.6 ) (28.8 ) Amortization of unrecognized loss 4.5 4.8 8.8 9.5 Amortization of prior service cost (0.2 ) (0.2 ) (0.5 ) (0.5 ) Defined benefit plan income $ (1.4 ) $ — $ (3.1 ) $ —

Operations by Segment (Tables)

Operations by Segment (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Operating Earnings	Three Months Ended Six Months Ended (dollars in millions) 2016 2015 2016 2015 Net sales North America $ 432.8 $ 442.7 $ 856.7 $ 871.9 Rest of World 239.8 221.3 457.3 417.2 Inter-segment sales (5.6 ) (10.5 ) (10.1 ) (17.1 ) $ 667.0 $ 653.5 $ 1,303.9 $ 1,272.0 Operating earnings North America $ 104.2 $ 86.0 $ 196.1 $ 157.2 Rest of World 33.0 30.9 59.8 57.1 137.2 116.9 255.9 214.3 Corporate expense (11.2 ) (11.2 ) (24.6 ) (23.9 ) Interest expense (1.9 ) (2.5 ) (3.6 ) (4.4 ) Earnings before income taxes 124.1 103.2 227.7 186.0 Provision for income taxes 37.0 32.1 67.1 56.5 Net earnings $ 87.1 $ 71.1 $ 160.6 $ 129.5

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Assets Measured at Fair Value on Recurring Basis	The following table presents assets measured at fair value on a recurring basis: (dollars in millions) Fair Value Measurement Using June 30, 2016 December 31, 2015 Quoted prices in active markets for identical assets (Level 1) $ 379.6 $ 323.9 Significant other observable inputs (Level 2) (0.1 ) (0.3 ) Total assets measured at fair value $ 379.5 $ 323.6

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Schedule of Effect of Derivatives Designated as Hedging Instruments on Statement of Earnings	The effect of derivatives designated as hedging instruments on the statement of earnings is as follows: Three Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain Location of Amount of gain Location of Amount of 2016 2015 2016 2015 2016 2015 Foreign currency contracts $ (1.1 ) $ (0.8 ) Cost of products sold $ (1.0 ) $ 1.2 N/A $ — $ — Commodities contracts 0.8 (0.1 ) Cost of products sold — — Cost of products sold — 0.1 $ (0.3 ) $ (0.9 ) $ (1.0 ) $ 1.2 $ — $ 0.1 Six Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain Location of Amount of gain Location of Amount of 2016 2015 2016 2015 2016 2015 Foreign currency contracts $ (4.8 ) $ 2.7 Cost of products sold $ (0.7 ) $ 2.7 N/A $ — $ — Commodities contracts 1.7 (0.3 ) Cost of products sold — (0.1 ) Cost of products sold — — $ (3.1 ) $ 2.4 $ (0.7 ) $ 2.6 $ — $ —
Designated as Hedging Instrument
Schedule of Summary by Currency of Foreign Currency Forward Contracts	The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts. June 30, (dollars in millions) 2016 2015 Buy Sell Buy Sell British pound $ — $ 0.5 $ — $ 0.5 Canadian dollar — 62.7 — 66.7 Euro 12.9 0.9 18.4 0.5 Mexican peso 13.2 — 13.6 — Total $ 26.1 $ 64.1 $ 32.0 $ 67.7
Schedule of Impact of Cash Flow Hedges on Company's Financial Statements	The following tables present the impact of derivative contracts on the Company’s financial statements. Fair value of derivatives designated as hedging instruments under ASC 815: (dollars in millions) Balance Sheet Location June 30, December 31, Foreign currency contracts Other current assets $ 0.7 $ 3.6 Accrued liabilities (2.5 ) (1.3 ) Commodities contracts Other current assets 1.5 — Accrued liabilities (0.1 ) (0.3 ) Total derivatives designated as hedging instruments $ (0.4 ) $ 2.0

Changes in Accumulated Other 30

Changes in Accumulated Other Comprehensive Loss by Component (Tables)	6 Months Ended
	Jun. 30, 2016
Changes to Accumulated Other Comprehensive Loss by Component	Changes to accumulated other comprehensive loss by component are as follows: Three Months Ended June 30, (dollars in millions) 2016 2015 Cumulative foreign currency translation Balance at beginning of period $ (30.8 ) $ (6.0 ) Other comprehensive loss before reclassifications (17.1 ) (0.9 ) Balance at end of period (47.9 ) (6.9 ) Unrealized net gain (loss) on cash flow derivatives Balance at beginning of period (0.8 ) 2.1 Other comprehensive loss before reclassifications (0.1 ) (0.5 ) Realized (gains) losses on derivatives reclassified to cost of products sold (net of tax (benefit) provision of $(0.4) and $0.5 in 2016 and 2015, respectively) 0.6 (0.7 ) Balance at end of period (0.3 ) 0.9 Pension liability Balance at beginning of period (272.7 ) (273.7 ) Other comprehensive (loss) income before reclassifications (5.2 ) 0.6 Amounts reclassified from accumulated other comprehensive loss: (1) 2.6 3.1 Balance at end of period (275.3 ) (270.0 ) Accumulated other comprehensive loss, end of period $ (323.5 ) $ (276.0 ) (1) Amortization of pension items: Actuarial losses $ 4.5 (2) $ 5.3 (2) Prior year service cost (0.2 ) (2) (0.2 ) (2) 4.3 5.1 Income tax benefit (1.7 ) (2.0 ) Reclassification net of income tax benefit $ 2.6 $ 3.1 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 7 - Pensions for additional details Changes to accumulated other comprehensive loss by component are as follows: Six Months Ended (dollars in millions) 2016 2015 Cumulative foreign currency translation Balance at beginning of period $ (39.4 ) $ 3.3 Other comprehensive loss before reclassifications (8.5 ) (10.2 ) Balance at end of period (47.9 ) (6.9 ) Unrealized net gain on cash flow derivatives Balance at beginning of period 1.2 0.9 Other comprehensive (loss) income before reclassifications (1.9 ) 1.6 Realized losses (gains) on derivatives reclassified to cost of products sold (net of tax (benefit) provision of $(0.3) and $1.0 in 2016 and 2015, respectively) 0.4 (1.6 ) Balance at end of period (0.3 ) 0.9 Pension liability Balance at beginning of period (275.2 ) (276.2 ) Other comprehensive (loss) income before reclassifications (5.2 ) 0.7 Amounts reclassified from accumulated other comprehensive loss: (1) 5.1 5.5 Balance at end of period (275.3 ) (270.0 ) Accumulated other comprehensive loss, end of period $ (323.5 ) $ (276.0 ) (1) Amortization of pension items: Actuarial losses $ 8.8 (2) $ 9.5 (2) Prior year service cost (0.5 ) (2) (0.5 ) (2) 8.3 9.0 Income tax benefit (3.2 ) (3.5 ) Reclassification net of income tax benefit $ 5.1 $ 5.5 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 7 - Pensions for additional details

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Disclosure Basis Of Presentation Details [Line Items]
Recent accounting pronouncement, discrete income tax benefits associated with excess tax benefits on settled stock based compensation awards	$ 2.9	$ 5.4
Recent accounting pronouncement, cash paid when shares directly withheld for employee income tax withholding purposes classified as financing activities in statements of cash flows			$ (3)
Recent accounting pronouncement effect on operating activities, cash paid when shares directly withheld for employee income tax withholding purposes classified as financing activities in statements of cash flows			$ 3
Recent accounting pronouncement, deferred tax assets and liabilities classified as noncurrent				$ 40.5
Recent accounting pronouncement effect on deferred tax asset current, deferred tax assets and liabilities classified as noncurrent				$ (40.5)

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Inventories
Finished products	$ 101.3	$ 85.7
Work in process	12.2	13.4
Raw materials	134	139.6
Inventories, at FIFO cost	247.5	238.7
LIFO reserve	(9.7)	(15.8)
Net inventory	$ 237.8	$ 222.9

Company's Warranty Liability Ac

Company's Warranty Liability Activity (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Product Warranties
Balance at beginning of year	$ 140.6	$ 137.2	$ 139.4	$ 136.2
Expense	16	15.3	32.3	32.5
Claims settled	(15.1)	(14.2)	(30.2)	(30.4)
Balance at end of year	$ 141.5	$ 138.3	$ 141.5	$ 138.3

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Jan. 15, 2015USD ($)	Jun. 30, 2016USD ($)lender
Debt Instrument [Line Items]
Multi-currency revolving credit agreement		$ 400,000,000
Number of banks involved in multi-year multi-currency revolving credit agreement | lender		8
Revolving credit facility, expiration date		Dec. 12, 2017
Multi-currency revolving credit agreement, maximum amount		$ 500,000,000
Term Notes With Insurance Companies
Debt Instrument [Line Items]
Debt instrument, issued	$ 75,000,000
Debt instrument, principle repayment commencement year	2,020
Debt instrument, interest rate	3.52%
Debt instrument, maturity year	2,030

Schedule of Computation of Basi

Schedule of Computation of Basic and Diluted Weighted-Average Shares Used in Earnings per Share Calculations (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share Of Common Stock
Denominator for basic earnings per share - weighted average shares	87,480,860	89,139,114	87,663,931	89,286,984
Effect of dilutive stock options and share units	1,018,500	686,041	1,038,392	708,193
Denominator for diluted earnings per share	88,499,360	89,825,155	88,702,323	89,995,177

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation cost recognized	$ 1.8	$ 1.1	$ 6.9	$ 6.8
Stock option compensation recognized	$ 0.9	$ 0.5	$ 3.4	$ 3.1
Weighted-average fair value per option at the date of grant			$ 15.78	$ 17.17
Number of Options, outstanding	1,360,529		1,360,529		1,326,779
Number of options, exercisable at end of period	834,556		834,556
Number of options, exercised			231,602
Number of options, forfeited			1,533
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
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Award expiration period			10 years
Number of Options, granted			0	12,470
Number of Options, outstanding	13,115		13,115
Number of options, exercisable at end of period	4,163		4,163
Number of options, exercised			215
Number of options, forfeited			430
Restricted Stock And Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years	3 years	3 years	3 years
Number of Units - Granted			77,740	76,035
Value of share units at the date of issuance			$ 4.9	$ 4.7
Share based compensation expense attributable to share units	$ 0.6	$ 0.9	$ 3.5	$ 3.7
A.O. Smith Combined Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for granting of options, restricted stock or share units	1,644,845		1,644,845

Changes in Option Awards All of

Changes in Option Awards All of Which Related to Common Stock (Detail) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Average Per Share Exercise Price, beginning period | $ / shares	$ 36.05
Weighted-Average Per Share Exercise Price - Granted | $ / shares	63.06
Weighted-Average Per Share Exercise Price - Exercised | $ / shares	27.04
Weighted-Average Per Share Exercise Price - Forfeited | $ / shares	56.38
Weighted-Average Per Share Exercise Price, ending period | $ / shares	42.86
Weighted-Average Per Share Exercise Price, Exercisable | $ / shares	$ 32.40
Number of Options Outstanding, Beginning Balance | shares	1,326,779
Number of Options, Granted | shares	266,885
Number of Options, Exercised | shares	(231,602)
Number of Options, Forfeited | shares	(1,533)
Number of Options Outstanding, Ending Balance | shares	1,360,529
Number of options, exercisable at end of period | shares	834,556
Average Remaining Contractual Life, Outstanding at End of Period, Years	7 years
Average Remaining Contractual Life, Exercisable at End of Period, Years	6 years
Aggregate Intrinsic Value, Outstanding at End of Period | $	$ 61.6
Aggregate Intrinsic Value, Exercisable at End of Period | $	$ 46.5

Schedule of Weighted-Average Fa

Schedule of Weighted-Average Fair Value per Option at Date of Grant (Detail)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Stock Based Compensation [Abstract]
Expected life (years)	5 years 9 months 18 days	5 years 10 months 24 days
Risk-free interest rate	1.70%	2.00%
Dividend yield	1.30%	1.00%
Expected volatility	27.80%	29.30%

Summary of Share Unit Activity

Summary of Share Unit Activity Under Plan (Detail) - Restricted Stock And Share Units - $ / shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Issued and unvested, Beginning of Period	329,262
Number of Units - Granted	77,740	76,035
Number of Units - Vested	(132,953)
Number of Units - Forfeited	(1,030)
Number of Units Issued and unvested, End of Period	273,019
Weighted-Average Grant Date Value, Beginning of Period	$ 44.30
Weighted-Average Grant Date Value - Granted	63.47
Weighted-Average Grant Date Value - Vested	34.71
Weighted-Average Grant Date Value - Forfeited	59.17
Weighted-Average Grant Date Value, End of Period	$ 54.59

Components of Company's Net Pen

Components of Company's Net Pension Expense (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Pensions [Abstract]
Service cost	$ 0.4	$ 0.5	$ 0.9	$ 1
Interest cost	7.7	9.4	15.3	18.8
Expected return on plan assets	(13.8)	(14.5)	(27.6)	(28.8)
Amortization of unrecognized loss	4.5	4.8	8.8	9.5
Amortization of prior service cost	(0.2)	$ (0.2)	(0.5)	$ (0.5)
Defined benefit plan income	$ (1.4)		$ (3.1)

Pensions - Additional Informati

Pensions - Additional Information (Detail) $ in Millions	3 Months Ended
	Jun. 30, 2016USD ($)
United States Pension Plan of US Entity
Pension and Other Postretirement Benefits Disclosure [Line Items]
Voluntary pension contribution	$ 30

Operations by Segment - Additio

Operations by Segment - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016Segment
Segment Reporting Information [Line Items]
Number of reporting segments	2

Schedule of Operating Earnings

Schedule of Operating Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Segment Reporting Information [Line Items]
Net sales	$ 667	$ 653.5	$ 1,303.9	$ 1,272
Operating earnings	137.2	116.9	255.9	214.3
Other income (expense)	2.3	2.7	4.3	5.4
Interest expense	(1.9)	(2.5)	(3.6)	(4.4)
Earnings before income taxes	124.1	103.2	227.7	186
Provision for income taxes	37	32.1	67.1	56.5
Net earnings	87.1	71.1	160.6	129.5
Inter-segment
Segment Reporting Information [Line Items]
Net sales	(5.6)	(10.5)	(10.1)	(17.1)
Corporate
Segment Reporting Information [Line Items]
Other income (expense)	(11.2)	(11.2)	(24.6)	(23.9)
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	432.8	442.7	856.7	871.9
Operating earnings	104.2	86	196.1	157.2
Rest of World | Operating Segments
Segment Reporting Information [Line Items]
Net sales	239.8	221.3	457.3	417.2
Operating earnings	$ 33	$ 30.9	$ 59.8	$ 57.1

Assets Measured at Fair Value o

Assets Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on recurring basis	$ 379.5	$ 323.6
Quoted Prices In Active Markets For Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on recurring basis	379.6	323.9
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value on recurring basis	$ (0.1)	$ (0.3)

Schedule of Summary by Currency

Schedule of Summary by Currency of Foreign Currency Forward Contracts (Detail) - Foreign currency forward contracts - USD ($)	Jun. 30, 2016	Jun. 30, 2015
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	$ 26,100,000	$ 32,000,000
Buy | Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	12,900,000	18,400,000
Buy | Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	13,200,000	13,600,000
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	64,100,000	67,700,000
Sell | British pound
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	500,000	500,000
Sell | Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	62,700,000	66,700,000
Sell | Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	$ 900,000	$ 500,000

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2016
Commodity Futures Contracts
Trading Activity, Gains and Losses, Net [Line Items]
Reclassification period for effective portion of contract, in years	1 year

Impact of Derivative Contracts

Impact of Derivative Contracts on Company's Financial Statements (Detail) - Designated as Hedging Instrument - USD ($) $ in Millions	Jun. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, total	$ (0.4)	$ 2
Foreign Currency Contracts | Other Current Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets	0.7	3.6
Foreign Currency Contracts | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	(2.5)	(1.3)
Commodities Contracts | Other Current Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets	1.5
Commodities Contracts | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	$ (0.1)	$ (0.3)

Effect of Derivatives Designate

Effect of Derivatives Designated as Hedging Instruments on Statement of Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI on derivative (effective portion)	$ (0.3)	$ (0.9)	$ (3.1)	$ 2.4
Amount of gain/(loss) reclassified from accumulated OCI into earnings (effective portion)	(1)	1.2	(0.7)	2.6
Amount of gain (loss) recognized in earnings on a derivative (ineffective portion)		0.1
Foreign Currency Contracts
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI on derivative (effective portion)	(1.1)	(0.8)	(4.8)	2.7
Foreign Currency Contracts | Cost Of Products Sold
Derivative [Line Items]
Amount of gain/(loss) reclassified from accumulated OCI into earnings (effective portion)	(1)	1.2	(0.7)	2.7
Commodities Contracts
Derivative [Line Items]
Amount of gain/(loss) recognized in OCI on derivative (effective portion)	$ 0.8	(0.1)	$ 1.7	(0.3)
Commodities Contracts | Cost Of Products Sold
Derivative [Line Items]
Amount of gain/(loss) reclassified from accumulated OCI into earnings (effective portion)				$ (0.1)
Amount of gain (loss) recognized in earnings on a derivative (ineffective portion)		$ 0.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2015
Income Tax Contingency [Line Items]
Effective tax rates	29.80%	31.10%	29.50%	30.40%		29.70%
Unrecognized tax benefits	$ 2.6		$ 2.6
Unrecognized tax benefits that would affect the effective tax rate, if recognized	$ 0.5		$ 0.5
Earliest Tax Year | U.S. federal
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2,014
Latest Tax Year | U.S. federal
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2,015
State and local | Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2,000
State and local | Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2,015
Non-U.S. | Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2,007
Non-U.S. | Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2,015
Scenario, Forecast
Income Tax Contingency [Line Items]
Effective tax rates					30.00%

Changes in Accumulated Other 50

Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance					$ 1,442.3
Ending balance	$ 1,480.7				1,480.7
Cumulative foreign currency translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(30.8)		$ (6)		(39.4)		$ 3.3
Other comprehensive (loss) income before reclassifications	(17.1)		(0.9)		(8.5)		(10.2)
Ending balance	(47.9)		(6.9)		(47.9)		(6.9)
Unrealized net gain (loss) on cash flow derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(0.8)		2.1		1.2		0.9
Other comprehensive (loss) income before reclassifications	(0.1)		(0.5)		(1.9)		1.6
Realized (gains) losses on derivatives reclassified to cost of products sold (net of tax (benefit) provision of $(0.4), $0.5 in 03 months ended June 30, 2016 and 2015 respectively and $(0.3), $1.0 in 06 months ended June 30, 2016 and 2015 respectively)	0.6		(0.7)		0.4		(1.6)
Ending balance	(0.3)		0.9		(0.3)		0.9
Pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(272.7)		(273.7)		(275.2)		(276.2)
Other comprehensive (loss) income before reclassifications	(5.2)		0.6		(5.2)		0.7
Amounts reclassified from accumulated other comprehensive loss	2.6	[1]	3.1	[1]	5.1	[2]	5.5	[2]
Ending balance	(275.3)		(270)		(275.3)		(270)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Ending balance	$ (323.5)		$ (276)		$ (323.5)		$ (276)
[1]	Amortization of pension items: Actuarial losses $ 4.5 (2) $ 5.3 (2) Prior year service cost (0.2 )(2) (0.2 )(2) 4.3 5.1 Income tax benefit (1.7 ) (2.0 ) Reclassification net of income tax benefit $ 2.6 $ 3.1
[2]	Amortization of pension items: Actuarial losses $ 8.8 (2) $ 9.5 (2) Prior year service cost (0.5 )(2) (0.5 )(2) 8.3 9.0 Income tax benefit (3.2 ) (3.5 ) Reclassification net of income tax benefit $ 5.1 $ 5.5

Changes in Accumulated Other 51

Changes in Accumulated Other Comprehensive Loss by Component (Parenthetical) (Detail) - USD ($) $ in Millions		3 Months Ended				6 Months Ended
		Jun. 30, 2016		Jun. 30, 2015		Jun. 30, 2016		Jun. 30, 2015
Unrealized net gain (loss) on cash flow derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Realized losses (gains) on derivatives reclassified to cost of products sold, tax (benefit)provision		$ (0.4)		$ 0.5		$ (0.3)		$ 1
Pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification, before income tax benefit		4.3		5.1		8.3		9
Income tax benefit		(1.7)		(2)		(3.2)		(3.5)
Reclassification net of income tax benefit		2.6	[1]	3.1	[1]	5.1	[2]	5.5	[2]
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification, before income tax benefit	[3]	4.5		5.3		8.8		9.5
Prior year service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification, before income tax benefit	[3]	$ (0.2)		$ (0.2)		$ (0.5)		$ (0.5)
[1]	Amortization of pension items: Actuarial losses $ 4.5 (2) $ 5.3 (2) Prior year service cost (0.2 )(2) (0.2 )(2) 4.3 5.1 Income tax benefit (1.7 ) (2.0 ) Reclassification net of income tax benefit $ 2.6 $ 3.1
[2]	Amortization of pension items: Actuarial losses $ 8.8 (2) $ 9.5 (2) Prior year service cost (0.5 )(2) (0.5 )(2) 8.3 9.0 Income tax benefit (3.2 ) (3.5 ) Reclassification net of income tax benefit $ 5.1 $ 5.5
[3]	These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 7 - Pensions for additional details

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - Aquasana - Subsequent Event $ in Millions	Aug. 08, 2016USD ($)
Subsequent Event [Line Items]
Percentage of ownership interest acquired	100.00%
Total purchase price consideration	$ 87