A. O. Smith (AOS) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Entity Registrant Name	SMITH A O CORP
Entity Small Business	false
Entity Central Index Key	0000091142
Entity Emerging Growth Company	false
Entity Interactive Data Current	Yes
Entity Current Reporting Status	Yes
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2020
Entity File Number	1-475
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	39-0619790
Entity Address, Address Line One	11270 West Park Place
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53224-9508
Entity Address, City or Town	Milwaukee
Security Exchange Name	NYSE
Trading Symbol	AOS
Title of 12(b) Security	Common Stock
Entity Filer Category	Large Accelerated Filer
City Area Code	414
Local Phone Number	359-4000
Document Fiscal Year Focus	2020
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		26,038,133
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		135,375,099

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net sales	$ 663.9	$ 765.4	$ 1,300.8	$ 1,513.6
Cost of products sold	416.4	456.7	813.8	912.1
Gross profit	247.5	308.7	487	601.5
Selling, general and administrative expenses	155.9	178.7	329.7	363.4
Severance and restructuring expenses	6.1	0	6.1	0
Interest expense	2.5	3.4	4.7	5.4
Other income	(4)	(5.6)	(8.2)	(11.1)
Earnings before provision for income taxes	87	132.2	154.7	243.8
Provision for income taxes	19.2	30.1	35.2	52.4
Net Earnings	$ 67.8	$ 102.1	$ 119.5	$ 191.4
Net Earnings Per Share of Common Stock	$ 0.42	$ 0.61	$ 0.74	$ 1.14
Diluted Net Earnings Per Share of Common Stock	0.42	0.61	0.74	1.14
Dividends Per Share of Common Stock	$ 0.24	$ 0.22	$ 0.48	$ 0.44

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net earnings	$ 67.8	$ 102.1	$ 119.5	$ 191.4
Other comprehensive earnings (loss)
Foreign currency translation adjustments	3.7	(10.1)	(14.3)	5.8
Unrealized net (losses) gains on cash flow derivative instruments, less related income tax benefit (provision) of $0.3 and $0.2 in 2020, ($0.2) and ($0.1) in 2019	(0.8)	0.7	(0.5)	0.6
Adjustment to pension liability, less related income tax provision of ($1.2) and ($2.4) in 2020 and ($0.8) and ($1.8) in 2019	3.7	3.1	7.3	6
Comprehensive Earnings	$ 74.4	$ 95.8	$ 112	$ 203.8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Unrealized net (losses) gains on cash flow derivative instruments, less related income tax benefit (provision)	$ 0.3	$ (0.2)	$ 0.2	$ (0.1)
Adjustment to pension liability, less related income tax provision	$ (1.2)	$ (0.8)	$ (2.4)	$ (1.8)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Assets
Cash and cash equivalents	$ 442.7	$ 374
Marketable securities	126	177.4
Receivables	515.9	589.5
Inventories	306	303
Other current assets	53.8	56.5
Total Current Assets	1,444.4	1,500.4
Property, plant and equipment	1,170.5	1,156.9
Less accumulated depreciation	(636.7)	(611.5)
Net property, plant and equipment	533.8	545.4
Goodwill	544	546
Other intangibles	329.5	338.4
Operating lease assets	45.2	46.9
Other assets	87.3	80.9
Total Assets	2,984.2	3,058
Liabilities
Trade payables	435.7	509.6
Accrued payroll and benefits	59.7	64.6
Accrued liabilities	188.4	143.7
Product warranties	44.8	41.8
Debt due within one year	6.8	6.8
Total Current Liabilities	735.4	766.5
Long-term debt	274.3	277.2
Pension liabilities	13.8	27.8
Long-term operating lease liabilities	37.5	38.7
Other liabilities	265.1	281
Total Liabilities	1,326.1	1,391.2
Stockholders' Equity
Common Stock, value	164.5	164.5
Capital in excess of par value	517.1	509
Retained earnings	2,365.1	2,323.4
Accumulated other comprehensive loss	(355.8)	(348.3)
Treasury stock at cost	(1,163.7)	(1,112.7)
Total Stockholders' Equity	1,658.1	1,666.8
Total Liabilities and Stockholders' Equity	2,984.2	3,058
Common Class A
Stockholders' Equity
Common Stock, value	130.9	130.9
Total Stockholders' Equity	$ 130.9	$ 130.9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Common Stock, Par or Stated Value Per Share	$ 1	$ 1
Common Stock, Shares Authorized	240,000,000	240,000,000
Common Stock, shares issued	164,534,881	164,526,709
Common Class A
Common Stock, Par or Stated Value Per Share	$ 5	$ 5
Common Stock, Shares Authorized	27,000,000	27,000,000
Common Stock, shares issued	26,172,713	26,180,885

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net earnings	$ 119.5	$ 191.4
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	40	38.4
Stock based compensation expense	10.4	10.8
Net changes in operating assets and liabilities:
Current assets and liabilities	35.9	(75.9)
Noncurrent assets and liabilities	(26.5)	(21)
Cash Provided by Operating Activities	179.3	143.7
Investing Activities
Capital expenditures	(24.8)	(36.5)
Acquisition		(107)
Investments in marketable securities	(91.1)	(202.3)
Net proceeds from sale of marketable securities	140.1	293.8
Cash Provided by (Used in) Investing Activities	24.2	(52)
Financing Activities
Long-term debt (repaid) incurred	(2.9)	137.3
Common stock repurchases	(56.7)	(132.6)
Net payments from stock option activity	2.6	(0.5)
Dividends paid	(77.8)	(74)
Cash Used In Financing Activities	(134.8)	(69.8)
Net increase in cash and cash equivalents	68.7	21.9
Cash and cash equivalents - beginning of period	374	259.7
Cash and Cash Equivalents - End of Period	$ 442.7	$ 281.6

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Class A	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at Dec. 31, 2018		$ 131	$ 164.5	$ 496.7	$ 2,102.8		$ (827.2)
Conversion of Class A Common Stock		(0.1)		0.1
Net earnings	$ 191.4				191.4
Issuance of share units				(6.2)
Cash dividends on stock					(74)
Vesting of share units				(2)			2.1
Stock based compensation expense				10.5
Exercises of stock options				0.6			(1.3)
Stock incentives and directors' compensation				7			0.2
Shares repurchased							(132.6)
Balance at Jun. 30, 2019	1,725.1	130.9	164.5	506.7	2,220.2	$ (338.4)	(958.8)
Balance at Mar. 31, 2019		131	164.5	503.5	2,155		(872.7)
Conversion of Class A Common Stock		(0.1)		0.1
Net earnings	102.1				102.1
Issuance of share units				(0.1)
Cash dividends on stock					(36.9)
Vesting of share units				(0.1)			0.1
Stock based compensation expense				1.9
Exercises of stock options				0.5			0.6
Stock incentives and directors' compensation				0.9			0.2
Shares repurchased							(87)
Balance at Jun. 30, 2019	1,725.1	130.9	164.5	506.7	2,220.2	(338.4)	(958.8)
Balance at Dec. 31, 2019	1,666.8	130.9	164.5	509	2,323.4		(1,112.7)
Conversion of Class A Common Stock		0		0
Net earnings	119.5				119.5
Issuance of share units				(6.5)
Cash dividends on stock					(77.8)
Vesting of share units				(1.6)			1.6
Stock based compensation expense				10.2
Exercises of stock options				(1.2)			3.7
Stock incentives and directors' compensation				7.2			0.4
Shares repurchased							(56.7)
Balance at Jun. 30, 2020	1,658.1	130.9	164.5	517.1	2,365.1	(355.8)	(1,163.7)
Balance at Mar. 31, 2020		130.9	164.5	516.1	2,336.1		(1,168.9)
Conversion of Class A Common Stock		0		0
Net earnings	67.8				67.8
Issuance of share units				0
Cash dividends on stock					(38.8)
Vesting of share units				0			0
Stock based compensation expense				1.4
Exercises of stock options				(1.1)			4.8
Stock incentives and directors' compensation				0.7			0.4
Shares repurchased							0
Balance at Jun. 30, 2020	$ 1,658.1	$ 130.9	$ 164.5	$ 517.1	$ 2,365.1	$ (355.8)	$ (1,163.7)

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, 2020 are not necessarily indicative of the results expected for the full year. It is suggested the accompanying condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 740, Income Taxes 2019-12, 2019-12 In January 2017, the FASB amended ASC 350, Intangibles – Goodwill and Other 2017-04, 2017-04 In June 2016, the FASB issued ASC 326, Financial Instruments – Credit Losses 2016-13) ASU 2016-13

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue Recognition Disclosure [Text Block]	2. 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 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 $43.0 million and $49.6 million at June 30, 2020 and December 31, 2019, respectively. The Company assesses the collectability of customer receivables based on the creditworthiness of a customer as determined by credit checks and analysis, as well as the customer’s payment history. In determining the allowance for doubtful accounts, the Company also considers various factors including the aging of customer accounts and historical write-offs. In addition, the Company monitors other risk factors including forward-looking information when establishing adequate allowances for doubtful accounts, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables. The Company’s allowance for doubtful accounts was $6.7 million at both June 30, 2020 and December 31, 2019. Rebates and incentives are based on pricing agreements and are tied to sales volume. The amount of revenue is reduced for variable consideration related to customer rebates which are calculated using expected values and are based on program specific factors such as expected rebate percentages based on expected volumes. In situations where the customer has the right to return eligible products, the Company reduces revenue for its estimates of expected product returns, which are primarily based on an analysis of historical experience. Changes in such accruals may be required if actual sales volume differs from estimated sales volume or if future returns differ from historical experience. Shipping and handling costs billed to customers are included in net sales and the related costs are included in cost of products sold and are activities performed to fulfill the promise to transfer products. Disaggregation of Net Sales The Company is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world. The Rest of World segment also manufactures and markets in-home 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 channel regardless of product type. In addition, the impact of economic factors is unlikely to be differentiated by product line in the Rest of World segment. The North America segment major product lines are defined as the following: Water heaters Boilers its Water treatment products point-of-entry on-the-go point-of-use The following table disaggregates the Company’s net sales by segment. As described above, the Company’s North America segment (dollars in millions) Three Months Six Months Ended 2020 2019 2020 2019 North America Water heaters and related parts $ 396.8 $ 438.9 $ 844.6 $ 894.6 Boilers and related parts 41.0 48.0 82.5 90.6 Water treatment products (1) 42.7 37.1 86.3 60.6 Total North America 480.5 524.0 1,013.4 1,045.8 Rest of World China $ 172.7 $ 224.2 $ 263.7 $ 437.2 All other Rest of World 17.0 24.9 36.2 44.0 Total Rest of World 189.7 249.1 299.9 481.2 Inter-segment sales (6.3 ) (7.7 ) (12.5 ) (13.4 ) Total Net Sales $ 663.9 $ 765.4 $ 1,300.8 $ 1,513.6 (1) Includes the results of Water-Right, Inc. and its affiliated entities (Water-Right) from April 8, 2019, the date of acquisition

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2020
Acquisitions	3. Acquisition On April 8, 2019, the Company acquired 100 percent of the shares of Water-Right, a Wisconsin-based water treatment company. With the addition of Water-Right, the Company grew its North America water treatment platform. Water-Right is included in the Company’s North America segment for reporting purposes. The Company paid an aggregate cash purchase price of $107.0 million, net of cash acquired. In addition, the Company established a $4.0 million escrow to satisfy any potential obligations of the former owners of Water-Right, should they arise. During the three months ended June 30, 2020 the C The following table summarizes the allocation of the fair value of the assets acquired and liabilities assumed at the date of acquisition of Water-Right for purposes of allocating the purchase price. Significant assumptions used to estimate the fair value of intangible assets acquired include discount rates and certain assumptions that form the basis of the forecasted results, including revenue growth rates, attrition rates and royalty rates. The $60.4 million of acquired identifiable intangible assets was comprised of the following: $40.2 million of customer relationships being amortized over 20 years, $19.0 million of trademarks not subject to amortization, and $1.2 million of non-compete April 8, 2019 (dollars in millions) Current assets, net of cash acquired $ 9.7 Property, plant and equipment 8.6 Intangible assets 60.4 Goodwill 31.0 Total assets acquired 109.7 Current liabilities (2.7 ) Net assets acquired $ 107.0 As required under ASC 805 Business Combinations, Water-Right’s results of operations have been included in the Company’s consolidated financial statements from April 8, 2019, the date of acquisition.

Severance and Restructuring Exp

Severance and Restructuring Expenses	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Severance and Restructuring Expenses	4. Severance and Restructuring Expenses During the three months ended June 30, 2020, to align our business to current market conditions, the C pre-tax expen s e The Company’s severance and restructuring actions were largely completed in the three months ended June 30, 2020. The following table summarizes the activity in the Company’s accrual for severance and restructuring expenses incurred during the three months ended June 30, 2020: (dollars in millions) Severance Restructuring Total Accrued severance and restructuring expenses, March 31, 2020 $ — $ — $ — Charges 5.2 0.9 6.1 Cash Payments (2.2 ) (0.3 ) (2.5 ) Accrued severance and restructuring expenses, June 30, 2020 $ 3.0 $ 0.6 $ 3.6

Leases

Leases	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases	5. Leases The Company’s lease portfolio consists of operating leases for buildings and equipment, such as forklifts and copiers, primarily in the United States and China. The Company defines a lease as a contract that gives the Company the right to control the use of a physical asset for a stated term. The Company pays the lessor for that right, with a series of payments defined in the contract and a corresponding right of use operating lease asset and liability are recorded. The Company has elected not to record leases with an initial term of 12 months or less on its condensed consolidated balance sheet. To determine balance sheet amounts, required legal payments are discounted using the Company’s incremental borrowing rate as of the inception of the lease. The incremental borrowing rate is the rate of interest that the Company would incur if it were to borrow, on a collateralized basis, an amount equal to the value of the leased item over a similar term, in a similar economic environment. Variable lease components not based on an index or rate are excluded from the measurement of the lease asset and liability and expensed as incurred for all asset classes. Certain leases include one or more options to renew or terminate. Renewal terms can extend the lease term from one Supplemental balance sheet information related to leases was as follows: (dollars in millions) June 30, 2020 December 31, 2019 Liabilities Short term: Accrued liabilities $ 11.5 $ 12.0 Long term: Operating lease liabilities 37.5 38.7 Total operating lease liabilities $ 49.0 $ 50.7 Less: Rent incentives and deferrals (3.8 ) (3.8 ) Assets Operating lease assets $ 45.2 $ 46.9 Lease Term and Discount Rate June 30, 2020 Weighted-average remaining lease term 9.8 years Weighted-average discount rate 3.83 % The components of lease expense were as follows: (dollars in millions) Three months ended June 30, Lease Expense Classification 2020 (1) 2019 (2) Operating lease expense Cost of products sold $ 0.8 $ 0.7 Selling, general and administrative expenses $ 4.2 $ 4.1 (1) 2020 includes short-term and variable lease expenses of $0.6 million and $0.5 million, respectively. (2) 2019 includes short-term and variable lease expenses of $0.5 million and $0.2 million, respectively. (dollars in millions) Six months ended June 30, Lease Expense Classification 2020 (1) 2019 (2) Operating lease expense Cost of products sold $ 1.5 $ 1.3 Selling, general and administrative expenses $ 8.2 $ 9.0 (1) 2020 includes short-term and variable lease expenses of $1.0 million and $0.9 million, respectively. (2) 2019 includes short-term and variable lease expenses of $1.0 million and $1.0 million, respectively. Maturities of lease liabilities were as follows: (dollars in millions) June 30, 2020 2020 $ 7.0 2021 11.7 2022 9.9 2023 5.5 2024 4.4 After 2024 23.0 Total lease payments 61.5 Less: imputed interest (12.5 ) Present value of operating lease liabilities $ 49.0

Inventories

Inventories	6 Months Ended
	Jun. 30, 2020
Inventories	6. Inventories The following table presents the components of the Company’s inventory balances: (dollars in millions) June 30, December 31, Finished products $ 134.3 $ 136.8 Work in process 22.7 21.7 Raw materials 172.8 168.3 Inventories, at FIFO cost 329.8 326.8 LIFO reserve (23.8 ) (23.8 ) Net inventory $ 306.0 $ 303.0

Product Warranties

Product Warranties	6 Months Ended
	Jun. 30, 2020
Product Warranties Disclosures [Abstract]
Product Warranties	7. Product Warranties The Company offers warranties on the sales of certain of its products with terms that are consistent with the market and records an accrual for the estimated future claims. The following table presents the Company’s warranty liability activity. Three Months Ended (dollars in millions) 2020 2019 Balance at April 1, $ 135.3 $ 136.2 Expense 12.3 11.4 Claims settled (11.6 ) (13.6 ) Balance at June 30, $ 136.0 $ 134.0 Six Months Ended (dollars in millions) 2020 2019 Balance at January 1, $ 134.3 $ 139.4 Expense 25.8 20.8 Claims settled (24.1 ) (26.2 ) Balance at June 30, $ 136.0 $ 134.0

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Long-Term Debt	8. Long-Term Debt The Company has a $500 million multi-year multi-currency revolving credit agreement with a group of nine banks, which expires on December 15, 2021. The facility has an accordion provision which allows it to be increased up to $700 million if certain conditions (including lender approval) are satisfied. Borrowings under bank credit lines and commercial paper borrowings are supported by the $500 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, 2020. At its option, the Company either maintains cash balances or pays fees for bank credit and services.

Earnings per Share of Common St

Earnings per Share of Common Stock	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share of Common Stock	9. 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 2020 2019 2020 2019 Denominator for basic earnings per share - weighted average shares 161,208,194 166,825,601 161,539,991 167,311,995 Effect of dilutive stock options and share units 965,648 1,260,667 995,675 1,276,451 Denominator for diluted earnings per share 162,173,842 168,086,268 162,535,666 168,588,446

Stock Based Compensation

Stock Based Compensation	6 Months Ended
	Jun. 30, 2020
Stock Based Compensation	10. Stock Based Compensation The Company adopted the A. O. Smith Combined Incentive Compensation Plan (the Plan) effective January 1, 2007. The Plan was most recently r Total stock based compensation expense recognized in the three months ended June 30, 2020 and 2019 was $1.4 million and $2.1 million, respectively. Total stock based compensation expense recognized in the six months ended June 30, 2020 and 2019 was $10.4 million and $10.8 million, respectively. Stock Options The stock options granted in the six months ended June 30, 2020 and 2019 have three year pro rata vesting from the date of grant. Stock options are issued at exercise prices equal to the fair value of the Company’s Common Stock on the date of grant. For active employees, all options granted in 2020 and 2019 expire ten years after the date of grant. The Company’s stock options are expensed ratably over the three year vesting period; however, included in stock option expense for the three and six months ended June 30, 2020 and 2019 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, 2020 and 2019 was $0.7 million and $0.9 million, respectively. Stock based compensation expense attributable to stock options in the six months ended June 30, 2020 and 2019 was $5.2 million, respectively. Changes in options, all of which relate Weighted- Number of Average Aggregate Outstanding at January 1, 2020 $ 37.64 2,728,350 Granted 42.39 784,300 Exercised 14.79 (271,844 ) Forfeited 48.50 (68,654 ) Outstanding at June 30, 2020 40.54 3,172,152 7 years $ 28.2 Exercisable at June 30, 2020 38.42 1,922,832 7 years $ 28.2 The weighted-average fair value per option at the date of grant during the six months ended June 30, 2020 and 2019 using the Black-Scholes option-pricing model was $8.15 and $10.83, respectively. Assumptions were as follows: Six Months Ended June 30, 2020 2019 Expected life (years) 5.7 5.5 Risk-free interest rate 1.6 % 2.7 % Dividend yield 2.1 % 1.6 % Expected volatility 23.6 % 22.8 % The expected lives of options for purposes of these models are based on historical exercise behavior. The risk-free interest rates for purposes of these models are based on the U.S. Treasury yield curve in effect on the date of grant for the respective expected lives of the option. The expected dividend yields for purposes of these models are based on the dividends paid in the preceding four quarters divided by the grant date market value of the Common Stock. The expected volatility for purposes of these models are based on the historical volatility of the Common Stock. Restricted Stock and Share Units Participants may also be awarded shares of restricted stock or share units under the Plan. Share units vest three years after the date of grant. The Company granted 169,539 and 139,892 share units under the plan in the six months ended June 30, 2020 and 2019, respectively. The share units were valued at $7.2 million and $6.9 million at the date of issuance in 2020 and 2019, respectively, based on the price of the Company’s Common Stock at the date of grant. The share units are recognized as compensation expense ratably over the three-year vesting period; however, included in share unit expense in the three and six months ended June 30, 2020 and 2019 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 $0.7 million and $1.2 million was recognized in the three months ended June 30, 2020 and 2019, respectively. Stock based compensation expense attributable to share units of $5.2 million and $5.6 million was recognized in the six months ended June 30, 2020 and 2019, respectively. Certain non-U.S.-based Number of Units Weighted-Average Issued and unvested at January 1, 2020 366,102 $ 49.92 Granted 169,539 42.39 Vested (100,735 ) 49.21 Forfeited (10,656 ) 52.48 Issued and unvested at June 30, 2020 424,250 46.93

Pensions

Pensions	6 Months Ended
	Jun. 30, 2020
Pensions	11. Pensions The following table presents the components of the Company’s net pension income. Three Months Ended Six Months Ended 2020 2019 2020 2019 Service cost $ 0.3 $ 0.5 $ 0.7 $ 0.9 Interest cost 5.8 7.8 11.5 15.7 Expected return on plan assets (13.0 ) (14.4 ) (26.0 ) (28.7 ) Amortization of unrecognized loss 5.0 4.0 9.9 8.0 Amortization of prior service cost (0.1 ) (0.1 ) (0.2 ) (0.2 ) Defined benefit plan income $ (2.0 ) $ (2.2 ) $ (4.1 ) $ (4.3 ) The service cost component of net periodic benefit cost is presented within cost of products sold and selling, general and administrative expenses within the condensed consolidated statements of earnings while the other components of pension income are reflected in other income. The Company was not required to and did not make a contribution to its U.S. pension plan in 2019. The Company is not required to make a contribution in 2020.

Segment Results

Segment Results	6 Months Ended
	Jun. 30, 2020
Segment Results	12. Segment Results 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 Rest of World segment also manufactures and markets in-home The following table presents the Company’s segment results: (dollars in millions) Three Months Ended Six Months Ended 2020 2019 2020 2019 Net sales North America $ 480.5 $ 524.0 $ 1,013.4 $ 1,045.8 Rest of World 189.7 249.1 299.9 481.2 Inter-segment (6.3 ) (7.7 ) (12.5 ) (13.4 ) $ 663.9 $ 765.4 $ 1,300.8 $ 1,513.6 Segment earnings North America (1) $ 105.4 $ 122.9 $ 232.5 $ 238.9 Rest of World (2) (5.8 ) 22.4 (48.0 ) 34.7 Inter-segment (0.3 ) (0.1 ) (0.3 ) (0.1 ) 99.3 145.2 184.2 273.5 Corporate expense (9.8 ) (9.6 ) (24.8 ) (24.3 ) Interest expense (2.5 ) (3.4 ) (4.7 ) (5.4 ) Earnings before income taxes 87.0 132.2 154.7 243.8 Provision for income taxes 19.2 30.1 35.2 52.4 Net earnings $ 67.8 $ 102.1 $ 119.5 $ 191.4 (1) $ 2.2 $ — $ 2.2 $ — (2) $ 3.9 $ — $ 3.9 $ —

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements	13. Fair Value Measurements ASC 820, Fair Value Measurements The following table presents assets measured at fair value on a recurring basis. (dollars in millions) Fair Value Measurement Using June 30, 2020 December 31, 2019 Quoted prices in active markets for identical assets (Level 1) $ 126.0 $ 177.4 Significant other observable inputs (Level 2) (0.4 ) 6.9 Items measured at fair value were comprised of the Company’s marketable securities (Level 1) and derivative instruments (Level 2). There were no changes in the Company’s valuation techniques used to measure fair values on a recurring basis during the six months ended June 30, 2020.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2020
Derivative Instruments	14. 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 Cash Flow Hedges With the exception of its net investment hedges, 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), 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. (dollars in millions) June 30, 2020 December 31, 2019 Buy Sell Buy Sell British pound $ — $ 0.6 $ — $ 1.3 Canadian dollar — 39.6 — 49.7 Euro 24.6 — 36.0 — Mexican peso 23.6 — 18.6 — Total $ 48.2 $ 40.2 $ 54.6 $ 51.0 Commodity Futures Contracts In addition to entering into supply arrangements in the normal course of business, the Company also enters into futures contracts to fix the cost of certain raw material purchases, principally steel, with the objective of minimizing changes in cost due to market price fluctuations. The hedging strategy for achieving this objective is to purchase steel futures contracts on the New York Metals Exchange (NYMEX) and copper futures contracts on the open market of the London Metals Exchange (LME) or over the counter contracts based on the LME. With NYMEX, the Company is required to make cash deposits on unrealized losses on steel derivative contracts. The after-tax after-tax 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. non-U.S. after-tax non-U.S. after-tax non-U.S. The following tables present the impact of derivative contracts on the Company’s financial statements. Fair value of derivatives designated as hedging instruments under ASC 815: (dollars in millions) Balance Sheet Location June 30, December 31, Foreign currency contracts Other current assets $ 1.6 $ 8.4 Accrued liabilities (1.9 ) (1.5 ) Commodities contracts Accrued liabilities (0.1 ) — Total derivatives designated as hedging instruments $ (0.4 ) $ 6.9 The effect of cash flow hedges on the condensed consolidated statement of earnings: Three Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) Location of gain (loss) Amount of gain (loss) 2020 2019 2020 2019 Foreign currency contracts $ (0.6 ) $ 0.5 Cost of products sold $ 0.5 $ — Commodities contracts 0.1 (0.3 ) Cost of products sold — (0.8 ) $ (0.5 ) $ 0.2 $ 0.5 $ (0.8 ) Six Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) Location of gain (loss) Amount of gain (loss) 2020 2019 2020 2019 Foreign currency contracts $ 0.8 $ 0.6 Cost of products sold $ 1.3 $ — Commodities contracts (0.1 ) (0.5 ) Cost of products sold — (0.8 ) $ 0.7 $ 0.1 $ 1.3 $ (0.8 )

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Taxes	15. Income Taxes The Company’s effective income tax rates for the three and six months ended June 30, 2020 were 22.1 percent and 22.8 percent, respectively. The Company estimates that its annual effective income tax rate for the full year 2020 will be between 23.0 and 23.5 percent. The effective income tax rates for the three and six months ended June 30, 2019 were 22.8 percent and 21.5 percent, respectively. The change in the effective income tax rate for the six months ended June 30, 2020 compared to the effective income tax rate for the six months ended June 30, 2019 was primarily due to a change in geographic earnings mix. As of June 30, 2020, the Company had $9.7 million of unrecognized tax benefits of which $0.8 million would affect its effective income tax rate if recognized. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company’s U.S. federal income tax returns for 2016-2020 are subject to audit. The Company is subject to state and local income tax audits for tax years 2002-2020. The Company is subject to non-U.S.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies	16. Commitments and Contingencies The Company maintains a commercial relationship with a supply-chain service provider (the Provider) in connection with the Company’s business in China. In this capacity, the Provider offers order-entry, warehousing and logistics support. The Provider also offers asset-backed financing to certain of the Company’s distributors in China to facilitate their working capital needs. To facilitate its financing support business, the Provider has collateralized lending facilities in place with multiple Chinese banks under which the Company has agreed to repurchase inventory if both requested by the banks and certain defined conditions are met, primarily related to the aging of the distributors’ notes. The Provider is required to indemnify the Company for any losses the Company would incur in the event of an inventory repurchase under these arrangements. Potential losses under the repurchase arrangements represent the difference between the repurchase price and net proceeds from the resale of product plus costs incurred in the process, less related distributor rebates. Before considering any reduction of distributor rebate accruals of $7.2 and $14.1 million as of June 30, 2020 and December 31, 2019, respectively, and from the resale of the related inventory, the gross amount the Company would be obligated to repurchase, which would be contingent on the default of all of the outstanding loans, was approximately $10.8 million and $23.1 million as of June 30, 2020 and December 31, 2019, respectively. The Company’s reserves for estimated losses under repurchase arrangements were immaterial as of June 30, 2020 and December 31, 2019.

Changes in Accumulated Other Co

Changes in Accumulated Other Comprehensive Loss by Component	6 Months Ended
	Jun. 30, 2020
Changes in Accumulated Other Comprehensive Loss by Component	17. Changes in Accumulated Other Comprehensive Loss by Component Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Three Months Ended 2020 2019 Cumulative foreign currency translation Balance at beginning of period $ (84.2 ) $ (49.0 ) Other comprehensive income 3.7 (10.1 ) Balance at end of period (80.5 ) (59.1 ) Unrealized net gain Balance at beginning of period 0.5 (0.8 ) Other comprehensive (loss) gain before reclassifications (0.4 ) 0.1 Realized (gains) losses on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $0.1 and ($0.2) in 2020 and 2019, respectively) (0.4 ) 0.6 Balance at end of period (0.3 ) (0.1 ) Pension liability Balance at beginning of period (278.7 ) (282.3 ) Amounts reclassified from accumulated other comprehensive loss: (1) 3.7 3.1 Balance at end of period (275.0 ) (279.2 ) Accumulated other comprehensive loss, end of period $ (355.8 ) $ (338.4 ) (1)   Actuarial losses $ 5.0 (2) $ 4.0 (2) Prior year service cost (0.1 ) (2) (0.1 ) (2) 4.9 3.9 Income tax benefit (1.2 ) (0.8 ) Reclassification net of income tax benefit $ 3.7 $ 3.1 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 - Pensions for additional details Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Six Months Ended 2020 2019 Cumulative foreign currency translation Balance at beginning of period $ (66.2 ) $ (64.9 ) Other comprehensive (loss) (14.3 ) 5.8 Balance at end of period (80.5 ) (59.1 ) Unrealized net gain on cash flow derivatives Balance at beginning of period 0.2 (0.7 ) Other comprehensive gain before reclassifications 0.5 — Realized (gains) losses on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $0.3 and ($0.2) in 2020 and 2019, respectively) (1.0 ) 0.6 Balance at end of period (0.3 ) (0.1 ) Pension liability Balance at beginning of period (282.3 ) (285.2 ) Amounts reclassified from accumulated other comprehensive loss: (1) 7.3 6.0 Balance at end of period (275.0 ) (279.2 ) Accumulated other comprehensive loss, end of period $ (355.8 ) $ (338.4 ) (1)   Actuarial losses $ 9.9 (2) $ 8.0 (2) Prior year service cost (0.2 ) (2) (0.2 ) (2) 9.7 7.8 Income tax benefit (2.4 ) (1.8 ) Reclassification net of income tax benefit $ 7.3 $ 6.0 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 - Pensions for additional details

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2020
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 740, Income Taxes 2019-12, 2019-12 In January 2017, the FASB amended ASC 350, Intangibles – Goodwill and Other 2017-04, 2017-04 In June 2016, the FASB issued ASC 326, Financial Instruments – Credit Losses 2016-13) ASU 2016-13

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue Recognition [Abstract]
Segment Sales Disaggregated by Major Product Line	The following table disaggregates the Company’s net sales by segment. As described above, the Company’s North America segment (dollars in millions) Three Months Six Months Ended 2020 2019 2020 2019 North America Water heaters and related parts $ 396.8 $ 438.9 $ 844.6 $ 894.6 Boilers and related parts 41.0 48.0 82.5 90.6 Water treatment products (1) 42.7 37.1 86.3 60.6 Total North America 480.5 524.0 1,013.4 1,045.8 Rest of World China $ 172.7 $ 224.2 $ 263.7 $ 437.2 All other Rest of World 17.0 24.9 36.2 44.0 Total Rest of World 189.7 249.1 299.9 481.2 Inter-segment sales (6.3 ) (7.7 ) (12.5 ) (13.4 ) Total Net Sales $ 663.9 $ 765.4 $ 1,300.8 $ 1,513.6 (1) Includes the results of Water-Right, Inc. and its affiliated entities (Water-Right) from April 8, 2019, the date of acquisition

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2020
Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition	April 8, 2019 (dollars in millions) Current assets, net of cash acquired $ 9.7 Property, plant and equipment 8.6 Intangible assets 60.4 Goodwill 31.0 Total assets acquired 109.7 Current liabilities (2.7 ) Net assets acquired $ 107.0

Severance and Restructuring E_2

Severance and Restructuring Expenses (Tables)	6 Months Ended
	Jun. 30, 2020
Restructuring and Related Activities [Abstract]
Summary of accrual for severance and restructuring expenses incurred	The following table summarizes the activity in the Company’s accrual for severance and restructuring expenses incurred during the three months ended June 30, 2020: (dollars in millions) Severance Restructuring Total Accrued severance and restructuring expenses, March 31, 2020 $ — $ — $ — Charges 5.2 0.9 6.1 Cash Payments (2.2 ) (0.3 ) (2.5 ) Accrued severance and restructuring expenses, June 30, 2020 $ 3.0 $ 0.6 $ 3.6

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of Leases Supplemental Balance Sheet	Supplemental balance sheet information related to leases was as follows: (dollars in millions) June 30, 2020 December 31, 2019 Liabilities Short term: Accrued liabilities $ 11.5 $ 12.0 Long term: Operating lease liabilities 37.5 38.7 Total operating lease liabilities $ 49.0 $ 50.7 Less: Rent incentives and deferrals (3.8 ) (3.8 ) Assets Operating lease assets $ 45.2 $ 46.9 Lease Term and Discount Rate June 30, 2020 Weighted-average remaining lease term 9.8 years Weighted-average discount rate 3.83 %
Schedule of Components of Lease Expense	The components of lease expense were as follows: (dollars in millions) Three months ended June 30, Lease Expense Classification 2020 (1) 2019 (2) Operating lease expense Cost of products sold $ 0.8 $ 0.7 Selling, general and administrative expenses $ 4.2 $ 4.1 (1) 2020 includes short-term and variable lease expenses of $0.6 million and $0.5 million, respectively. (2) 2019 includes short-term and variable lease expenses of $0.5 million and $0.2 million, respectively. (dollars in millions) Six months ended June 30, Lease Expense Classification 2020 (1) 2019 (2) Operating lease expense Cost of products sold $ 1.5 $ 1.3 Selling, general and administrative expenses $ 8.2 $ 9.0 (1) 2020 includes short-term and variable lease expenses of $1.0 million and $0.9 million, respectively. (2) 2019 includes short-term and variable lease expenses of $1.0 million and $1.0 million, respectively.
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows: (dollars in millions) June 30, 2020 2020 $ 7.0 2021 11.7 2022 9.9 2023 5.5 2024 4.4 After 2024 23.0 Total lease payments 61.5 Less: imputed interest (12.5 ) Present value of operating lease liabilities $ 49.0

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Inventories	The following table presents the components of the Company’s inventory balances: (dollars in millions) June 30, December 31, Finished products $ 134.3 $ 136.8 Work in process 22.7 21.7 Raw materials 172.8 168.3 Inventories, at FIFO cost 329.8 326.8 LIFO reserve (23.8 ) (23.8 ) Net inventory $ 306.0 $ 303.0

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Product Warranty Liability Activity	The following table presents the Company’s warranty liability activity. Three Months Ended (dollars in millions) 2020 2019 Balance at April 1, $ 135.3 $ 136.2 Expense 12.3 11.4 Claims settled (11.6 ) (13.6 ) Balance at June 30, $ 136.0 $ 134.0 Six Months Ended (dollars in millions) 2020 2019 Balance at January 1, $ 134.3 $ 139.4 Expense 25.8 20.8 Claims settled (24.1 ) (26.2 ) Balance at June 30, $ 136.0 $ 134.0

Earnings per Share of Common _2

Earnings per Share of Common Stock (Tables)	6 Months Ended
	Jun. 30, 2020
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 2020 2019 2020 2019 Denominator for basic earnings per share - weighted average shares 161,208,194 166,825,601 161,539,991 167,311,995 Effect of dilutive stock options and share units 965,648 1,260,667 995,675 1,276,451 Denominator for diluted earnings per share 162,173,842 168,086,268 162,535,666 168,588,446

Stock Based Compensation (Table

Stock Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Changes in Option Shares	Changes in options, all of which relate Weighted- Number of Average Aggregate Outstanding at January 1, 2020 $ 37.64 2,728,350 Granted 42.39 784,300 Exercised 14.79 (271,844 ) Forfeited 48.50 (68,654 ) Outstanding at June 30, 2020 40.54 3,172,152 7 years $ 28.2 Exercisable at June 30, 2020 38.42 1,922,832 7 years $ 28.2
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, 2020 and 2019 using the Black-Scholes option-pricing model was $8.15 and $10.83, respectively. Assumptions were as follows: Six Months Ended June 30, 2020 2019 Expected life (years) 5.7 5.5 Risk-free interest rate 1.6 % 2.7 % Dividend yield 2.1 % 1.6 % Expected volatility 23.6 % 22.8 %
Schedule of Share Unit Activity Under Plan	A summary of share unit activity under the plan is as follows for the six months ended June 30, 2020: Number of Units Weighted-Average Issued and unvested at January 1, 2020 366,102 $ 49.92 Granted 169,539 42.39 Vested (100,735 ) 49.21 Forfeited (10,656 ) 52.48 Issued and unvested at June 30, 2020 424,250 46.93

Pensions (Tables)

Pensions (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Components of Net Pension Income	The following table presents the components of the Company’s net pension income. Three Months Ended Six Months Ended 2020 2019 2020 2019 Service cost $ 0.3 $ 0.5 $ 0.7 $ 0.9 Interest cost 5.8 7.8 11.5 15.7 Expected return on plan assets (13.0 ) (14.4 ) (26.0 ) (28.7 ) Amortization of unrecognized loss 5.0 4.0 9.9 8.0 Amortization of prior service cost (0.1 ) (0.1 ) (0.2 ) (0.2 ) Defined benefit plan income $ (2.0 ) $ (2.2 ) $ (4.1 ) $ (4.3 )

Segment Results (Tables)

Segment Results (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Segment Earnings	The following table presents the Company’s segment results: (dollars in millions) Three Months Ended Six Months Ended 2020 2019 2020 2019 Net sales North America $ 480.5 $ 524.0 $ 1,013.4 $ 1,045.8 Rest of World 189.7 249.1 299.9 481.2 Inter-segment (6.3 ) (7.7 ) (12.5 ) (13.4 ) $ 663.9 $ 765.4 $ 1,300.8 $ 1,513.6 Segment earnings North America (1) $ 105.4 $ 122.9 $ 232.5 $ 238.9 Rest of World (2) (5.8 ) 22.4 (48.0 ) 34.7 Inter-segment (0.3 ) (0.1 ) (0.3 ) (0.1 ) 99.3 145.2 184.2 273.5 Corporate expense (9.8 ) (9.6 ) (24.8 ) (24.3 ) Interest expense (2.5 ) (3.4 ) (4.7 ) (5.4 ) Earnings before income taxes 87.0 132.2 154.7 243.8 Provision for income taxes 19.2 30.1 35.2 52.4 Net earnings $ 67.8 $ 102.1 $ 119.5 $ 191.4 (1) $ 2.2 $ — $ 2.2 $ — (2) $ 3.9 $ — $ 3.9 $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Assets and Liabilities 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, 2020 December 31, 2019 Quoted prices in active markets for identical assets (Level 1) $ 126.0 $ 177.4 Significant other observable inputs (Level 2) (0.4 ) 6.9

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 that are designated as cash flow hedges. (dollars in millions) June 30, 2020 December 31, 2019 Buy Sell Buy Sell British pound $ — $ 0.6 $ — $ 1.3 Canadian dollar — 39.6 — 49.7 Euro 24.6 — 36.0 — Mexican peso 23.6 — 18.6 — Total $ 48.2 $ 40.2 $ 54.6 $ 51.0
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 $ 1.6 $ 8.4 Accrued liabilities (1.9 ) (1.5 ) Commodities contracts Accrued liabilities (0.1 ) — Total derivatives designated as hedging instruments $ (0.4 ) $ 6.9
Schedule of Effect of Derivatives Instruments on Condensed Consolidated Statement of Earnings	The effect of cash flow hedges on the condensed consolidated statement of earnings: Three Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) Location of gain (loss) Amount of gain (loss) 2020 2019 2020 2019 Foreign currency contracts $ (0.6 ) $ 0.5 Cost of products sold $ 0.5 $ — Commodities contracts 0.1 (0.3 ) Cost of products sold — (0.8 ) $ (0.5 ) $ 0.2 $ 0.5 $ (0.8 ) Six Months Ended June 30 (dollars in millions): Derivatives in ASC 815 cash flow hedging relationships Amount of gain (loss) Location of gain (loss) Amount of gain (loss) 2020 2019 2020 2019 Foreign currency contracts $ 0.8 $ 0.6 Cost of products sold $ 1.3 $ — Commodities contracts (0.1 ) (0.5 ) Cost of products sold — (0.8 ) $ 0.7 $ 0.1 $ 1.3 $ (0.8 )

Changes in Accumulated Other _2

Changes in Accumulated Other Comprehensive Loss by Component (Tables)	6 Months Ended
	Jun. 30, 2020
Changes to Accumulated Other Comprehensive Loss by Component	Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Three Months Ended 2020 2019 Cumulative foreign currency translation Balance at beginning of period $ (84.2 ) $ (49.0 ) Other comprehensive income 3.7 (10.1 ) Balance at end of period (80.5 ) (59.1 ) Unrealized net gain Balance at beginning of period 0.5 (0.8 ) Other comprehensive (loss) gain before reclassifications (0.4 ) 0.1 Realized (gains) losses on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $0.1 and ($0.2) in 2020 and 2019, respectively) (0.4 ) 0.6 Balance at end of period (0.3 ) (0.1 ) Pension liability Balance at beginning of period (278.7 ) (282.3 ) Amounts reclassified from accumulated other comprehensive loss: (1) 3.7 3.1 Balance at end of period (275.0 ) (279.2 ) Accumulated other comprehensive loss, end of period $ (355.8 ) $ (338.4 ) (1)   Actuarial losses $ 5.0 (2) $ 4.0 (2) Prior year service cost (0.1 ) (2) (0.1 ) (2) 4.9 3.9 Income tax benefit (1.2 ) (0.8 ) Reclassification net of income tax benefit $ 3.7 $ 3.1 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 - Pensions for additional details Changes to accumulated other comprehensive loss by component are as follows: (dollars in millions) Six Months Ended 2020 2019 Cumulative foreign currency translation Balance at beginning of period $ (66.2 ) $ (64.9 ) Other comprehensive (loss) (14.3 ) 5.8 Balance at end of period (80.5 ) (59.1 ) Unrealized net gain on cash flow derivatives Balance at beginning of period 0.2 (0.7 ) Other comprehensive gain before reclassifications 0.5 — Realized (gains) losses on derivatives reclassified to cost of products sold (net of income tax provision (benefit) of $0.3 and ($0.2) in 2020 and 2019, respectively) (1.0 ) 0.6 Balance at end of period (0.3 ) (0.1 ) Pension liability Balance at beginning of period (282.3 ) (285.2 ) Amounts reclassified from accumulated other comprehensive loss: (1) 7.3 6.0 Balance at end of period (275.0 ) (279.2 ) Accumulated other comprehensive loss, end of period $ (355.8 ) $ (338.4 ) (1)   Actuarial losses $ 9.9 (2) $ 8.0 (2) Prior year service cost (0.2 ) (2) (0.2 ) (2) 9.7 7.8 Income tax benefit (2.4 ) (1.8 ) Reclassification net of income tax benefit $ 7.3 $ 6.0 (2) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 - Pensions for additional details

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)SegmentDistributor	Dec. 31, 2019USD ($)
Customer deposits liability	$ 43	$ 49.6
Allowance for doubtful accounts	$ 6.7	$ 6.7
Number of reporting segments | Segment	2
Water Heaters | North America
Number of wholesale distributors | Distributor	1,300

Segment Sales Disaggregated by

Segment Sales Disaggregated by Major Product Line (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net sales		$ 663.9	$ 765.4	$ 1,300.8	$ 1,513.6
Inter-segment
Net sales		(6.3)	(7.7)	(12.5)	(13.4)
Operating Segments [Member] | North America
Net sales		480.5	524	1,013.4	1,045.8
Operating Segments [Member] | North America | Water Heaters And Related Parts [Member]
Net sales		396.8	438.9	844.6	894.6
Operating Segments [Member] | North America | Boilers And Related Parts [Member]
Net sales		41	48	82.5	90.6
Operating Segments [Member] | North America | Water Treatment Products [Member]
Net sales	[1]	42.7	37.1	86.3	60.6
Operating Segments [Member] | Rest of World [Member]
Net sales		189.7	249.1	299.9	481.2
Operating Segments [Member] | Rest of World [Member] | China
Net sales		172.7	224.2	263.7	437.2
Operating Segments [Member] | Rest of World [Member] | All Other Rest Of World [Member]
Net sales		$ 17	$ 24.9	$ 36.2	$ 44
[1]	Includes the results of Water-Right, Inc. and its affiliated entities (Water-Right) from April 8, 2019, the date of acquisition

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions	Apr. 08, 2019	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Business Acquisition [Line Items]
Aggregate cash purchase price, net of cash acquired						$ 107
Water-Right, Inc
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100.00%
Aggregate cash purchase price, net of cash acquired	$ 107
Acquired intangible assets	60.4
Effective Date Of Acquisition					Apr. 8, 2019
Water-Right, Inc | Escrow Deposit [Member]
Business Acquisition [Line Items]
consideration to former owners					$ 4
Payment of contingent consideration				$ 2
Water-Right, Inc | Escrow Deposit [Member] | Scenario, Forecast
Business Acquisition [Line Items]
Payment of contingent consideration		$ 0.1	$ 1.9
Water-Right, Inc | Trademarks [Member]
Business Acquisition [Line Items]
Acquired intangible assets, not subject to amortization	19
Water-Right, Inc | Noncompete agreements
Business Acquisition [Line Items]
Acquired intangible assets, subject to amortization	$ 1.2
Acquired intangible assets, amortization period, in years	7 years 6 months
Water-Right, Inc | Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets, subject to amortization	$ 40.2
Acquired intangible assets, amortization period, in years	20 years

Summary of Preliminary Allocati

Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019	Apr. 08, 2019
Business Acquisition [Line Items]
Goodwill	$ 544	$ 546
Water-Right, Inc
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 9.7
Property, plant and equipment			8.6
Intangible assets			60.4
Goodwill			31
Total assets acquired			109.7
Current liabilities			(2.7)
Net assets acquired			$ 107

Severance and Restructuring E_3

Severance and Restructuring Expenses - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure of Accrual for Severance and Restructuring Expenses Incurred [Line Items]
Restructuring Charges, Total	$ 6.1	$ 0	$ 6.1	$ 0
Severance Costs	5.2
Other Restructuring Costs	0.9
Income Tax Expense (Benefit)	19.2	$ 30.1	$ 35.2	$ 52.4
Other Restructuring
Disclosure of Accrual for Severance and Restructuring Expenses Incurred [Line Items]
Income Tax Expense (Benefit)	1.1
North America
Disclosure of Accrual for Severance and Restructuring Expenses Incurred [Line Items]
Restructuring Charges, Total	2.2
Rest of World
Disclosure of Accrual for Severance and Restructuring Expenses Incurred [Line Items]
Restructuring Charges, Total	$ 3.9

Summary of Accrual for Severanc

Summary of Accrual for Severance And Restructuring Expenses Incurred (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disclosure Of Accrual For Severance And Restructuring Expenses Incurred [Abstract]
Beginning balance, Severance Expenses
Severance Expenses, Charges	5.2
Severance Expenses, Cash Payments	(2.2)
Ending balance, Severance Expenses	3		$ 3
Beginning balance, Restructuring Expenses
Restructuring Expenses, Charges	0.9
Restructuring Expenses, Cash Payments	(0.3)
Ending balance, Restructuring Expenses	0.6		0.6
Beginning balance, Accrued and restructuring Charges
Accrued and restructuring Charges, Charges	6.1	$ 0	6.1	$ 0
Accrued and restructuring Charges, Cash Payments	(2.5)
Ending balance, Accrued and restructuring Charges	$ 3.6		$ 3.6

Leases - Additional Information

Leases - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020
Operating lease termination option	options to terminate can be effective within one year
Minimum [Member]
Operating lease term of extension	1 year
Maximum [Member]
Operating lease term of extension	5 years

Leases supplemental balance she

Leases supplemental balance sheet (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Liabilities
Short term: Accrued liabilities	$ 11.5	$ 12
Long term: Operating lease liabilities	37.5	38.7
Total Operating Lease Liabilities	49	50.7
Less:Rent incentives and deferrals	(3.8)	(3.8)
Assets
Operating lease assets	$ 45.2	$ 46.9
Lease Term and Discount Rate
Weighted-average remaining lease term	9 years 9 months 18 days
Weighted-average discount rate	3.83%

Components of lease expense (De

Components of lease expense (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2020		Jun. 30, 2019
Short term lease expense	$ 0.6		$ 0.5		$ 1		$ 1
Variable lease expenses	0.5		0.2		0.9		1
Cost of products sold [Member]
Operating lease expense	0.8	[1]	0.7	[2]	1.5	[3]	1.3	[4]
Selling, general and administrative expenses [Member]
Operating lease expense	$ 4.2	[1]	$ 4.1	[2]	$ 8.2	[3]	$ 9	[4]
[1]	2020 includes short-term and variable lease expenses of $0.6 million and $0.5 million, respectively.
[2]	2019 includes short-term and variable lease expenses of $0.5 million and $0.2 million, respectively.
[3]	2020 includes short-term and variable lease expenses of $1.0 million and $0.9 million, respectively.
[4]	2019 includes short-term and variable lease expenses of $1.0 million and $1.0 million, respectively.

Maturities of lease liabilities

Maturities of lease liabilities (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 7
2021	11.7
2022	9.9
2023	5.5
2024	4.4
After 2024	23
Total lease payments	61.5
Less: imputed interest	(12.5)
Present value of operating lease liabilities	$ 49	$ 50.7

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventories
Finished products	$ 134.3	$ 136.8
Work in process	22.7	21.7
Raw materials	172.8	168.3
Inventories, at FIFO cost	329.8	326.8
LIFO reserve	(23.8)	(23.8)
Net inventory	$ 306	$ 303

Company's Warranty Liability Ac

Company's Warranty Liability Activity (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Product Warranties Disclosures [Abstract]
Balance at beginning of year	$ 135.3	$ 136.2	$ 134.3	$ 139.4
Expense	12.3	11.4	25.8	20.8
Claims settled	(11.6)	(13.6)	(24.1)	(26.2)
Balance at end of year	$ 136	$ 134	$ 136	$ 134

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)Banks
Debt Disclosure [Abstract]
Multi-currency revolving credit agreement	$ 500
Number of banks involved in multi-year multi-currency revolving credit agreement | Banks	9
Revolving credit facility, expiration date	Dec. 15, 2021
Multi-currency revolving credit agreement, maximum amount	$ 700

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Denominator for basic earnings per share - weighted average shares	161,208,194	166,825,601	161,539,991	167,311,995
Effect of dilutive stock options and share units	965,648	1,260,667	995,675	1,276,451
Denominator for diluted earnings per share	162,173,842	168,086,268	162,535,666	168,588,446

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Additional Shares Authorized	2,400,000
Total stock based compensation cost recognized		$ 1.4	$ 2.1	$ 10.4	$ 10.8
Stock option compensation expense recognized		0.7	0.9	$ 5.2	$ 5.2
Weighted-average fair value per option at the date of grant				$ 8.15	$ 10.83
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years	3 years
Award expiration period				10 years	10 years
Restricted Stock And Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period				3 years	3 years
Number of Units - Granted				169,539	139,892
Value of share units at the date of issuance				$ 7.2	$ 6.9
Share based compensation expense attributable to share units		$ 0.7	$ 1.2	$ 5.2	$ 5.6
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	3,410,323	3,410,323		3,410,323

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, 2020USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-Avg. Per Share Exercise Price, beginning period | $ / shares	$ 37.64
Weighted-Avg. Per Share Exercise Price - Granted | $ / shares	42.39
Weighted-Avg. Per Share Exercise Price - Exercised | $ / shares	14.79
Weighted-Avg. Per Share Exercise Price - Forfeited | $ / shares	48.50
Weighted-Avg. Per Share Exercise Price, ending period | $ / shares	40.54
Weighted-Average Per Share Exercise Price, Exercisable | $ / shares	$ 38.42
Number of Options Outstanding, Beginning Balance | shares	2,728,350
Number of Options, Granted | shares	784,300
Number of Options, Exercised | shares	(271,844)
Number of Options, Forfeited | shares	(68,654)
Number of Options Outstanding, Ending Balance | shares	3,172,152
Number of Options, Exercisable at End of Period | shares	1,922,832
Average remaining contractual life for outstanding options, in years	7 years
Average Remaining Contractual Life, Exercisable at End of Period, Years	7 years
Aggregate Intrinsic Value, Outstanding at End of Period | $	$ 28.2
Aggregate Intrinsic Value, Exercisable at End of Period | $	$ 28.2

Schedule of Weighted-Average Fa

Schedule of Weighted-Average Fair Value per Option at Date of Grant (Detail)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock Based Compensation [Abstract]
Expected life (years)	5 years 8 months 12 days	5 years 6 months
Risk-free interest rate	1.60%	2.70%
Dividend yield	2.10%	1.60%
Expected volatility	23.60%	22.80%

Summary of Share Unit Activity

Summary of Share Unit Activity Under Plan (Detail) - Restricted Stock And Share Units - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Issued and unvested, Beginning of Period	366,102
Number of Units - Granted	169,539	139,892
Number of Units - Vested	(100,735)
Number of Units - Forfeited/cancelled	(10,656)
Number of Units Issued and unvested, End of Period	424,250
Weighted-Average Grant Date Value, Beginning of Period	$ 49.92
Weighted-Average Grant Date Value - Granted	42.39
Weighted-Average Grant Date Value - Vested	49.21
Weighted-Average Grant Date Value - Forfeited/cancelled	52.48
Weighted-Average Grant Date Value, End of Period	$ 46.93

Components of Company's Net Pen

Components of Company's Net Pension Income (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pensions [Abstract]
Service cost	$ 0.3	$ 0.5	$ 0.7	$ 0.9
Interest cost	5.8	7.8	11.5	15.7
Expected return on plan assets	(13)	(14.4)	(26)	(28.7)
Amortization of unrecognized loss	5	4	9.9	8
Amortization of prior service cost	(0.1)	(0.1)	(0.2)	(0.2)
Defined benefit plan income	$ (2)	$ (2.2)	$ (4.1)	$ (4.3)

Schedule of Segment Earnings (D

Schedule of Segment Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Net sales	$ 663.9	$ 765.4	$ 1,300.8	$ 1,513.6
Segment earnings (losses)	99.3	145.2	184.2	273.5
Other income (expense)	4	5.6	8.2	11.1
Interest expense	(2.5)	(3.4)	(4.7)	(5.4)
Earnings before provision for income taxes	87	132.2	154.7	243.8
Provision for income taxes	19.2	30.1	35.2	52.4
Net Earnings	67.8	102.1	119.5	191.4
Restructuring Charges, Total	6.1	0	6.1	0
Inter-segment
Segment Reporting Information [Line Items]
Net sales	(6.3)	(7.7)	(12.5)	(13.4)
Segment earnings (losses)	(0.3)	(0.1)	(0.3)	(0.1)
Corporate
Segment Reporting Information [Line Items]
Other income (expense)	(9.8)	(9.6)	(24.8)	(24.3)
North America
Segment Reporting Information [Line Items]
Restructuring Charges, Total	2.2	0	2.2	0
North America | Operating Segments
Segment Reporting Information [Line Items]
Net sales	480.5	524	1,013.4	1,045.8
Segment earnings (losses)	105.4	122.9	232.5	238.9
Rest of World
Segment Reporting Information [Line Items]
Restructuring Charges, Total	3.9	0	3.9	0
Rest of World | Operating Segments
Segment Reporting Information [Line Items]
Net sales	189.7	249.1	299.9	481.2
Segment earnings (losses)	$ (5.8)	$ 22.4	$ (48)	$ 34.7

Schedule of Segment Earnings -

Schedule of Segment Earnings - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020Segment
Segment Reporting Information [Line Items]
Number of reporting segments	2

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
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	$ 126	$ 177.4
Significant other observable inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value on recurring basis	$ (0.4)	$ 6.9

Derivative Instruments - Additi

Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Trading Activity, Gains and Losses, Net [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ 3.7	$ (10.1)	$ (14.3)	$ 5.8
Net Investment Hedging [Member] | Non-US [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	0.1	$ 0	$ 0.7	$ 1.3
Commodity Futures Contracts
Trading Activity, Gains and Losses, Net [Line Items]
Reclassification period for effective portion of contract, in years			1 year
Commodity Futures Contracts | Non-US [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Derivative, Notional Amount	$ 0		$ 0

Schedule of Summary by Currency

Schedule of Summary by Currency of Foreign Currency Forward Contracts (Detail) - Foreign currency forward contracts - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	$ 48.2	$ 54.6
Buy | Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	24.6	36
Buy | Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	23.6	18.6
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	40.2	51
Sell | British pound
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	0.6	1.3
Sell | Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	$ 39.6	$ 49.7

Impact of Derivative Contracts

Impact of Derivative Contracts on Company's Financial Statements (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, total	$ (0.4)	$ 6.9
Designated as Hedging Instrument | Foreign Currency Contracts | Other Current Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets	1.6	8.4
Designated as Hedging Instrument | Foreign Currency Contracts | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	(1.9)	$ (1.5)
Designated as Hedging Instrument | Commodities Contracts | Accrued Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	$ (0.1)

Schedule of Effect of Derivativ

Schedule of Effect of Derivatives Instruments on Consolidated Statement of Earnings (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivative	$ (0.5)	$ 0.2	$ 0.7	$ 0.1
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	0.5	(0.8)	1.3	(0.8)
Foreign Currency Contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivative	(0.6)	0.5	0.8	0.6
Foreign Currency Contracts | Cost Of Products Sold
Derivative [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	0.5	0	1.3	0
Commodities Contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivative	0.1	(0.3)	(0.1)	(0.5)
Commodities Contracts | Cost Of Products Sold
Derivative [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	$ 0	$ (0.8)	$ 0	$ (0.8)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Contingency [Line Items]
Effective tax rates	22.10%	22.80%	22.80%	21.50%
Unrecognized tax benefits	$ 9.7		$ 9.7
Unrecognized tax benefits that would affect the effective tax rate, if recognized	$ 0.8		$ 0.8
Maximum
Income Tax Contingency [Line Items]
Effective tax rates			23.50%
Minimum
Income Tax Contingency [Line Items]
Effective tax rates			23.00%
State and local | Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2002
State and local | Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2020
Non-U.S. | Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2014
Non-U.S. | Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2020
U.S. federal | Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2016
U.S. federal | Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2020

Commitment and Contingencies -

Commitment and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies [Line Items]
Distributor Rebate Accruals	$ 7.2	$ 14.1
Repurchase Of Inventory [Member]
Commitments and Contingencies [Line Items]
Default In outstanding loans	$ 10.8	$ 23.1

Changes in Accumulated Other _3

Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance				$ 1,666.8
Balance		$ 1,658.1	$ 1,725.1	1,658.1	$ 1,725.1
Cumulative foreign currency translation
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(84.2)	(49)	(66.2)	(64.9)
Other comprehensive (loss) income before reclassifications		3.7	(10.1)	(14.3)	5.8
Balance		(80.5)	(59.1)	(80.5)	(59.1)
Unrealized net gain on cash flow derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		0.5	(0.8)	0.2	(0.7)
Other comprehensive (loss) income before reclassifications		(0.4)	0.1	0.5	0
Realized gains on derivatives reclassified to cost of products sold (net of income tax provision of $0.2 and $- in 2020 and 2019, respectively)		(0.4)	0.6	(1)	0.6
Balance		(0.3)	(0.1)	(0.3)	(0.1)
Pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		(278.7)	(282.3)	(282.3)	(285.2)
Amounts reclassified from accumulated other comprehensive loss	[1]	3.7	3.1	7.3	6
Balance		(275)	(279.2)	(275)	(279.2)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance		$ (355.8)	$ (338.4)	$ (355.8)	$ (338.4)
[1]	Amortization of pension items:

Changes in Accumulated Other _4

Changes in Accumulated Other Comprehensive Loss by Component (Parenthetical) (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Unrealized net gain on cash flow derivatives
Accumulated Other Comprehensive Income (Loss) [Line Items]
Realized gains on derivatives reclassified to cost of products sold, tax provision		$ 0.1	$ 0.2	$ 0.3	$ 0.2
Pension liability
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification, before income tax benefit		4.9	3.9	9.7	7.8
Income tax benefit		(1.2)	(0.8)	(2.4)	(1.8)
Reclassification net of income tax benefit	[1]	3.7	3.1	7.3	6
Actuarial losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification, before income tax benefit	[2]	5	4	9.9	8
Prior year service cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification, before income tax benefit	[2]	$ (0.1)	$ (0.1)	$ (0.2)	$ (0.2)
[1]	Amortization of pension items:
[2]	These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 11 - Pensions for additional details