ZURN ELKAY WATER SOLUTIONS CORP, 10-K filed on 2/10/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 05, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity Registrant Name ZURN ELKAY WATER SOLUTIONS CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity File Number 001-35475    
Entity Tax Identification Number 20-5197013    
Entity Address, Address Line One 511 W. Freshwater Way    
Entity Address, City or Town Milwaukee,    
Entity Address, State or Province WI    
Entity Address, Postal Zip Code 53204    
City Area Code 855    
Local Phone Number 480-5050    
Title of 12(b) Security Common Stock $.01 par value    
Trading Symbol ZWS    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 4.9
Entity Common Stock, Shares Outstanding   170,056,256  
Documents Incorporated by Reference
Part III of this Report on Form 10-K incorporates by reference certain information from the Proxy Statement for the Registrant's annual meeting of stockholders, to be held on or about May 1, 2025, which Proxy Statement will be subsequently filed.
    
Entity Central Index Key 0001439288    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location Milwaukee, Wisconsin
Auditor Firm ID 42
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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 198.0 $ 136.7
Receivables, net 202.2 210.2
Inventories, net 272.6 277.6
Income taxes receivable 19.6 17.0
Other current assets 29.7 26.3
Total current assets 722.1 667.8
Property, plant and equipment, net 164.0 180.3
Intangible assets, net 891.6 952.4
Goodwill 794.2 796.0
Other assets 76.6 70.5
Total assets 2,648.5 2,667.0
Current liabilities:    
Current maturities of debt 0.8 0.9
Trade payables 71.7 56.4
Compensation and benefits 37.9 30.5
Current portion of pension and other postretirement benefit obligations 1.2 1.3
Other current liabilities 136.2 131.8
Total current liabilities 247.8 220.9
Long-term debt 494.8 494.4
Pension and other postretirement benefit obligations 14.1 36.6
Deferred income taxes 196.5 210.0
Operating lease liability 43.3 37.3
Other liabilities 65.2 65.0
Total liabilities 1,061.7 1,064.2
Stockholders' equity:    
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 170,308,023 at December 31, 2024 and 172,262,163 at December 31, 2023 1.7 1.7
Additional paid-in capital 2,828.2 2,847.0
Retained deficit (1,168.7) (1,178.2)
Accumulated other comprehensive loss (74.4) (67.7)
Total stockholders' equity 1,586.8 1,602.8
Total liabilities and stockholders' equity $ 2,648.5 $ 2,667.0
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Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Stockholders' equity:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares issued (in shares) 170,308,023 172,262,163
Common stock, shares outstanding (in shares) 170,308,023 172,262,163
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Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement [Abstract]      
Net sales $ 1,566.5 $ 1,530.5 $ 1,281.8
Cost of sales 859.5 882.4 816.3
Gross profit 707.0 648.1 465.5
Selling, general and administrative expenses 389.8 371.3 309.0
Restructuring and other similar charges 13.5 15.3 15.4
Loss on divestiture of asbestos liabilities and certain assets 0.0 11.4 0.0
Amortization of intangible assets 59.1 58.7 34.0
Income from operations 244.6 191.4 107.1
Non-operating expense:      
Interest expense, net (33.1) (38.5) (26.9)
Loss on the extinguishment of debt 0.0 (0.9) 0.0
Actuarial gain on pension and other postretirement benefit obligations 1.4 2.0 1.9
Other income (expense), net (5.9) (7.2) 1.7
Income before income taxes 207.0 146.8 83.8
Provision for income taxes (48.1) (42.6) (26.8)
Net income from continuing operations 158.9 104.2 57.0
Income from discontinued operations, net of tax 1.3 8.5 4.7
Net income $ 160.2 $ 112.7 $ 61.7
Basic net income per share:      
Continuing operations (in dollars per share) $ 0.92 $ 0.60 $ 0.38
Discontinued operations (in dollars per share) 0.01 0.05 0.03
Net income (in dollars per share) 0.93 0.65 0.41
Diluted net income per share:      
Continuing operations (in dollars per share) 0.91 0.59 0.37
Discontinued operations (in dollars per share) 0.01 0.05 0.03
Net income (in dollars per share) $ 0.92 $ 0.64 $ 0.40
Weighted-average number of common shares outstanding (in thousands):      
Basic (in shares) 171,686 174,251 151,581
Effect of dilutive equity awards (in shares) 2,973 3,008 2,256
Diluted (in shares) 174,659 177,259 153,837
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Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Net income $ 160.2 $ 112.7 $ 61.7
Other comprehensive income (loss):      
Foreign currency translation and other adjustments (10.0) 3.6 (4.2)
Change in pension and other postretirement defined benefit plans, net of tax 3.3 3.7 4.1
Other comprehensive income (loss), net of tax (6.7) 7.3 (0.1)
Total comprehensive income $ 153.5 $ 120.0 $ 61.6
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Consolidated Statements of Stockholders' Equity - USD ($)
$ in Millions
Total
Elkay Manufacturing Company
Common Stock
Common Stock
Elkay Manufacturing Company
Additional Paid-In Capital
Additional Paid-In Capital
Elkay Manufacturing Company
Retained (Deficit) Earnings
Accumulated Other Comprehensive (Loss) Income
Beginning balance at Dec. 31, 2021 $ 126.4   $ 1.3   $ 1,436.9   $ (1,236.9) $ (74.9)
Comprehensive income (loss):                
Net income 61.7           61.7  
Foreign currency translation and other adjustments (4.2)             (4.2)
Change in pension and other postretirement defined benefit plans, net of tax 4.1             4.1
Total comprehensive income 61.6           61.7 (0.1)
Stock-based compensation expense 23.2       23.2      
Proceeds from exercise of stock options 2.5       2.5      
Taxes withheld and paid on employees' share-based payment awards (0.7)       (0.7)      
Repurchase of common stock [1] (24.7)           (24.7)  
Proceeds associated with divestiture of discontinued operations 35.0           35.0  
Elkay Merger [2]   $ 1,417.0   $ 0.5   $ 1,416.5    
Common stock dividends (25.3)       (25.3)      
Ending balance at Dec. 31, 2022 1,615.0   1.8   2,853.1   (1,164.9) (75.0)
Comprehensive income (loss):                
Net income 112.7           112.7  
Foreign currency translation and other adjustments 3.6             3.6
Change in pension and other postretirement defined benefit plans, net of tax 3.7             3.7
Total comprehensive income 120.0           112.7 7.3
Stock-based compensation expense 41.6       41.6      
Proceeds from exercise of stock options 4.3       4.3      
Taxes withheld and paid on employees' share-based payment awards (3.1)       (3.1)      
Repurchase of common stock [1] (126.1)   (0.1)       (126.0)  
Elkay Merger [2]   $ (5.1)       $ (5.1)    
Common stock dividends (43.8)       (43.8)      
Ending balance at Dec. 31, 2023 1,602.8   1.7   2,847.0   (1,178.2) (67.7)
Comprehensive income (loss):                
Net income 160.2           160.2  
Foreign currency translation and other adjustments (10.0)             (10.0)
Change in pension and other postretirement defined benefit plans, net of tax 3.3             3.3
Total comprehensive income 153.5           160.2 (6.7)
Stock-based compensation expense 37.9       37.9      
Proceeds from exercise of stock options 8.6       8.6      
Taxes withheld and paid on employees' share-based payment awards (8.6)       (8.6)      
Repurchase of common stock [1] (150.7)           (150.7)  
Common stock dividends (56.7)       (56.7)      
Ending balance at Dec. 31, 2024 $ 1,586.8   $ 1.7   $ 2,828.2   $ (1,168.7) $ (74.4)
[1] During the years ended December 31, 2024, 2023, and 2022, the Company repurchased and canceled 4.7 million shares, 5.3 million shares and 1.1 million shares of common stock at a total cost of $150.2 million, $125.0 million and $24.7 million at an average price of $31.81, $23.66 and $23.00 per share, respectively. For the years ended December 31, 2024 and 2023, the Company recognized $0.5 million and $1.0 million of excise tax on the repurchases, respectively. See Note 18, Common Stock Repurchases for additional information.
[2] Refer to Note 3, Acquisitions for additional information regarding the Elkay Merger.
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Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]      
Change in pension and other postretirement defined benefit plans, income tax expense $ 1.1 $ 1.2 $ 2.2
Common stock dividend to be paid (in dollars per share) $ 0.33 $ 0.29 $ 0.20
Repurchased and canceled shares (in shares) 4.7 5.3 1.1
Cost of repurchased and canceled shares $ 150.2 $ 125.0 $ 24.7
Weighted average price of repurchased and canceled shares (in dollars per share) $ 31.81 $ 23.66 $ 23.00
Excise tax on repurchases $ 0.5 $ 1.0  
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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities      
Net income $ 160.2 $ 112.7 $ 61.7
Adjustments to reconcile net income to cash provided by operating activities:      
Depreciation 29.2 29.2 20.5
Amortization of intangible assets 59.1 58.7 34.0
Non-cash restructuring charges 8.0 2.5 0.0
Loss on divestiture of asbestos liabilities and certain assets 0.0 9.3 0.0
Divestiture of asbestos liabilities and certain assets 0.0 (13.0) 0.0
Loss (gain) on dispositions of long-lived assets 0.6 (2.7) 0.3
Deferred income taxes (14.8) (4.2) 0.5
Other non-cash expenses 5.1 1.9 4.8
Actuarial gain on pension and other postretirement benefit obligations (1.4) (2.0) (1.9)
Loss on the extinguishment of debt 0.0 0.9 0.0
Stock-based compensation expense 37.9 40.0 25.0
Changes in operating assets and liabilities:      
Receivables, net 6.3 10.1 15.5
Inventories, net 2.7 65.0 (17.6)
Other assets 1.4 2.5 36.5
Accounts payable 15.8 (60.8) (18.3)
Accruals and other (16.6) 3.8 (64.0)
Cash provided by operating activities 293.5 253.9 97.0
Investing activities      
Expenditures for property, plant and equipment (21.8) (21.3) (7.6)
Acquisitions, net of cash acquired 0.0 0.0 (44.8)
Proceeds from dispositions of long-lived assets 1.6 7.7 1.3
Proceeds from insurance claims 0.0 9.0 9.5
Proceeds associated with divestiture of discontinued operations 0.0 0.0 35.0
Cash used for investing activities (20.2) (4.6) (6.6)
Financing activities      
Proceeds from borrowings of debt 0.0 13.0 102.0
Repayments of debt (0.8) (77.9) (107.7)
Proceeds from exercise of stock options and ESPP contributions 8.7 4.3 2.5
Taxes withheld and paid on employees' share-based payment awards (8.6) (3.1) (0.7)
Repurchase of common stock (150.2) (125.1) (24.7)
Payment of common stock dividends (56.6) (50.4) (32.5)
Cash used for financing activities (207.5) (239.2) (61.1)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (4.5) 1.8 (1.1)
Increase in cash, cash equivalents and restricted cash 61.3 11.9 28.2
Cash, cash equivalents and restricted cash at beginning of period [1] 136.7 124.8 96.6
Cash, cash equivalents and restricted cash at end of period [1] $ 198.0 $ 136.7 $ 124.8
[1] The Company has combined cash flows from discontinued operations with cash flows from continuing operations within operating, investing and financing categories.
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Basis of Presentation and Description of Business
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation and Description of Business Basis of Presentation and Description of Business
The consolidated financial statements included herein have been prepared by Zurn Elkay Water Solutions Corporation ("Zurn Elkay" or the "Company"), in accordance with accounting principles generally accepted in the United States ("GAAP") pursuant to the rules and regulations of the Securities and Exchange Commission. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the consolidated financial statements include all adjustments necessary for a fair presentation of the financial position and the results of operations for the periods presented.
Divestiture of Asbestos Liabilities and Certain Assets
On December 15, 2023, Zurn Holdings, Inc. (“Holdings”) sold all of the equity interests of its direct subsidiary Zurn Industries, LLC (“Zurn Industries”), together with Zurn Industries’ direct and indirect subsidiaries that primarily held asbestos liabilities, certain assets and cash, in a stock sale transaction to an unaffiliated buyer (“Sale Transaction”). As a result of the Sale Transaction, all asbestos obligations and liabilities, related insurance assets and associated deferred taxes, and other assets sold to the buyer, have been removed from the Company’s consolidated balance sheet effective December 15, 2023 and the Company no longer has any obligation with respect to pending and future asbestos claims related to the divested entities. A loss on the divestiture of asbestos liabilities and certain assets of $11.4 million was recognized in the consolidated statements of operations for the twelve months ended December 31, 2023. See Note 17, Commitments and Contingencies for additional information.
Elkay Merger
On February 12, 2022, Zurn Water Solutions Corporation (“Zurn”) entered into a definitive agreement to combine with Elkay Manufacturing Company (“Elkay”), pursuant to an Agreement and Plan of Merger (the “Merger Agreement”) by and among Zurn, Elkay, Zebra Merger Sub, Inc., a wholly owned subsidiary of Zurn (“Merger Sub”), and Elkay Interior Systems International, Inc., as representative of the stockholders of Elkay, providing for the merger of Elkay with and into Merger Sub, with Elkay surviving as a wholly owned subsidiary of Zurn (the “Merger”). On July 1, 2022, the Merger was completed following which the Company changed its name to “Zurn Elkay Water Solutions Corporation”. Shares of the Company's common stock are traded on the New York Stock Exchange under the ticker symbol “ZWS”. See Note 3, Acquisitions for additional information.
Spin-Off of Process & Motion Control Segment
On October 4, 2021, the Company completed a Reverse Morris Trust tax-free spin-off transaction (the “Spin-Off Transaction”) in which (i) substantially all the assets and liabilities of the Company's PMC business were transferred to a newly created subsidiary, Land Newco, Inc. (“Land”), (ii) the shares of Land were distributed to the Company's stockholders pro rata, and (iii) Land was merged with a subsidiary of Regal Rexnord Corporation (formerly known as Regal Beloit Corporation), in which the stock of Land was converted into a specified number of shares of Regal Rexnord Corporation in accordance with the exchange ratio. Following completion of the Spin-Off Transaction, the Company's name was changed to “Zurn Water Solutions Corporation”.
As a result of the Spin-Off Transaction, in accordance with the authoritative guidance, the operating results of PMC are reported as discontinued operations in the consolidated statements of operations for all periods presented. The consolidated statements of cash flows for the year ended December 31, 2024, December 31, 2023, and December 31, 2022 have not been adjusted to separately disclose cash flows related to the discontinued operations. See Note 4, Discontinued Operations for additional information.
In connection with the Spin-Off Transaction, the Company separated certain defined benefit pension and other post-employment benefit plans, and adjusted its employee share-based compensation awards. See Note 14, Stock-Based Compensation and Note 15, Retirement Benefits, respectively, for additional information.
The Company
Zurn Elkay is a growth-oriented, pure-play water management business that designs, procures, manufactures, and markets what the Company believes to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment. The Company's product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products, and filtered drinking water products for public and private spaces that deliver superior value to building owners, positively impact the environment and human hygiene and reduce product installation time. The Company's heritage of innovation and specification
has allowed it to provide highly-engineered, mission-critical solutions to customers for decades and affords it the privilege of having long-term, valued relationships with market leaders. The Company operates in a disciplined way and the Zurn Elkay Business System (“ZEBS”) is its operating philosophy. Grounded in the spirit of continuous improvement, ZEBS creates a scalable, process-based framework that focuses on driving superior customer satisfaction and financial results by targeting world-class operating performance throughout all aspects of its business.
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Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Significant Accounting Policies Significant Accounting Policies
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Revenue Recognition
See Note 6, Revenue Recognition for the Company's policy for recognizing revenue under Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers ("ASC 606") as well as the various other disclosures required by ASC 606.
Leases
The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement and determines whether it is an operating or financing lease. Operating and financing leases result in the Company recording a right-of-use ("ROU") asset, current lease liability, and long-term lease liability on its balance sheet. Lease expense for operating leases and amortization expense for finance leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are instead recognized on a straight-line basis over the lease term. See Note 13, Leases, for additional discussion about the Company's policy for accounting for leases and other required disclosures.
Stock-Based Compensation
The Company accounts for stock-based compensation in accordance with ASC 718, Accounting for Stock Compensation ("ASC 718"). ASC 718 requires compensation costs related to stock-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest. See further discussion of the Company’s equity plans in Note 14, Stock-Based Compensation.
Cash and Cash Equivalents
The Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents.
Receivables
Receivables are stated net of allowances for doubtful accounts of $1.8 million at December 31, 2024, and $3.1 million at December 31, 2023. The Company assesses the collectability of customer receivables based on the credit worthiness 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. Generally, advance payment is not required. Allowances for doubtful accounts established are recorded within selling, general and administrative expenses within the consolidated statements of operations.
Inventories
Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Market is determined based on estimated net realizable values. The percentage of the Company’s total inventories valued using the "last-in, first-out" (LIFO) method was 94% and 92% at December 31, 2024 and 2023, respectively. All remaining inventories are valued using the "first-in, first-out" (FIFO) method.
In some cases, the Company has determined a certain portion of inventories are excess or obsolete. In those cases, the Company writes down the value of those inventories to their net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, adjustments to established inventory reserves may be required. The total write-down of inventories charged to expense was $11.6 million, $3.4 million and $0.8 million, during the years ended December 31, 2024, 2023, and 2022, respectively.
Property, Plant and Equipment
Property, plant and equipment are initially stated at cost. Depreciation is provided using the straight-line method over 10 to 30 years for buildings and improvements, 5 to 10 years for machinery and equipment and 3 to 5 years for computer hardware and software. Where appropriate, the depreciable lives of certain assets may be adjusted to reflect a change in the use of those assets, or depreciation may be accelerated in the case of an eventual asset disposal.
Goodwill and Intangible Assets
Intangible assets consist of acquired trademarks and tradenames, customer relationships (including distribution network) and patents. The customer relationships, patents, and certain tradenames are being amortized using the straight-line method over their estimated useful lives of 7 to 20 years, 3 to 10 years and 5 to 20 years, respectively. Where appropriate, the lives of certain intangible assets may be adjusted to reflect a change in the use of those assets, or amortization may be accelerated in the case of a known intangible asset discontinuation.
Goodwill, trademarks and certain tradenames have indefinite lives and are not amortized. However, the goodwill and intangible assets are tested annually for impairment, and may be tested more frequently if any triggering events occur that would reduce the recoverability of the asset. In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (greater than 50% likelihood) the fair value of any reporting unit is less than its carrying amount. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a quantitative assessment, the Company utilizes a discounted cash flow methodology based on future business projections and a market value approach (guideline public company comparables). The Company performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount exceeds the fair value of the reporting unit, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the amount of the recorded goodwill.
During the fourth quarter of the year ended December 31, 2024, the Company completed its annual goodwill and intangible asset impairment tests and elected to perform a qualitative assessment. No goodwill impairment charges were recorded during the years ended December 31, 2024, 2023, or 2022. During the year ended December 31, 2024, we recorded a $0.6 million impairment charge related to an indefinite-lived tradename no longer used. No intangible asset impairment charges were recorded during the years ended December 31, 2023 or 2022.
Impairment of Long-Lived Assets
The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted accordingly. During the years ended December 31, 2024 and December 31, 2023, the Company recognized $7.4 million and $2.5 million of fixed asset impairment charges, respectively. The Company recognized no impairment charges during the during the year ended December 31, 2022. Impairments are determined utilizing Level 3 inputs within the Fair Value hierarchy, and the Company reviews and considers input from outside specialists, when appropriate. Actual results could vary from these estimates. Refer to Note 12, Fair Value Measurements for additional information.
Product Warranty
The Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims. The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Balance at beginning of period$4.7 $4.2 $1.3 
Acquired obligations— — 3.5 
Charged to operations3.0 2.4 1.6 
Claims settled(2.8)(1.9)(2.2)
Balance at end of period$4.9 $4.7 $4.2 
Income Taxes
Deferred income taxes are provided for future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses, tax credits and other applicable carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be actually paid or recovered. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of continuing operations in the period that includes the date of enactment.
The Company regularly reviews its deferred tax assets for recoverability and provides a valuation allowance against its deferred tax assets if, based upon consideration of all positive and negative evidence, the Company determines that it is more-likely-than-not that a portion or all of the deferred tax assets will ultimately not be realized in future tax periods. Such positive and negative evidence would include review of historical earnings and losses, anticipated future earnings, the time period over which the temporary differences and carryforwards are anticipated to reverse and implementation of feasible, prudent tax planning strategies.
The Company is subject to income taxes in the United States and multiple foreign jurisdictions. Significant judgment is required in determining the Company’s worldwide provision for income taxes and recording the related deferred tax assets and liabilities. In the ordinary course of the Company’s business, there is inherent uncertainty in quantifying the ultimate tax outcome of all the numerous transactions and required calculations relating to the Company’s tax positions. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of ASC 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to uncertain tax positions for income tax reporting purposes and financial reporting purposes. The Company has established a reserve for interest and penalties, as applicable, for uncertain tax positions and it is recorded as a component of the overall income tax provision.
The Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Although the outcome of income tax examinations is always uncertain, the Company believes that it has appropriate support for the positions taken on its income tax returns and has adequately provided for potential income tax assessments. Nonetheless, the amounts ultimately settled relating to issues raised by the taxing authorities may differ materially from the amounts accrued for each year.
See Note 16, Income Taxes for additional information.
Per Share Data
Basic net income per share from continuing and discontinued operations is computed by dividing net income from continuing operations and income from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding, increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive.
The computation for diluted net income per share for the years ended December 31, 2024, 2023, and 2022 excludes 0.2 million, 0.3 million and 0.4 million common shares due to their anti-dilutive effects, respectively.
Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss, net of tax, for the years ended December 31, 2024, 2023, and 2022 are as follows (in millions):
Foreign Currency Translation and Other AdjustmentsPension and Other Postretirement PlansTotal
Balance at December 31, 2021$(70.9)$(4.0)$(74.9)
Other comprehensive (loss) income before reclassifications$(4.2)$4.1 $(0.1)
Balance at December 31, 2022$(75.1)$0.1 $(75.0)
Other comprehensive income before reclassifications$3.6 $3.7 $7.3 
Balance at December 31, 2023$(71.5)$3.8 $(67.7)
Other comprehensive (loss) income before reclassifications$(10.0)$3.3 $(6.7)
Balance at December 31, 2024$(81.5)$7.1 $(74.4)
There were no amounts reclassified from accumulated other comprehensive loss to net income during the years ended December 31, 2024, 2023, and 2022.
Foreign Currency Translation
Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates at the end of the respective period. Revenues and expenses of such entities are translated at average exchange rates in effect during the respective period. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss. Currency transaction (gains) losses are included in other income (expense), net in the consolidated statements of operations and totaled $0.8 million, $(0.9) million and $(1.0) million for the years ended December 31, 2024, 2023, and 2022, respectively.
Advertising Costs
Advertising costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred and amounted to $18.1 million, $18.4 million and $12.5 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Research, Development and Engineering Costs
Research, development and engineering costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred and amounted to $25.9 million, $23.7 million and $18.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments and trade accounts receivable.
Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update 2023-09 “Income Taxes (Topic 470): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosures to consistently categorize and provide greater disaggregation of information in the rate reconciliation, including dollar value and percentage impacts of each component of the reconciliation, as well as further disaggregates income taxes paid. This guidance is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the impact of the adoption of ASU 2023-09 on the consolidated financial statements.
In November 2024, the FASB issued Accounting Standards Update 2024-03 “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which is intended to improve disclosures about a public business entity's expenses, primarily through additional disaggregation of income statement expenses. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the impact of the adoption of ASU 2024-03 on the consolidated financial statements.
v3.25.0.1
Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Year Ended December 31, 2022
On July 1, 2022, the Company completed the Elkay Merger for a purchase price (after final purchase price adjustments) of $1,457.8 million. Elkay, a market leader of drinking water solutions and commercial sinks, complements the Company's existing product portfolio. The purchase price includes $1,411.9 million of Zurn's common stock based on Zurn's closing stock price of $27.48 per share on July 1, 2022, and $45.9 million of net cash payments for the repayment of Elkay's term loan and Elkay's transaction related costs outstanding that were in excess of Elkay's cash and cash equivalents at the time of closing. Pursuant to the terms of the merger agreement, the Company issued 51,564,524 shares of its common stock, which represented approximately 29% of outstanding shares immediately following the Merger. During the six months ended June 30, 2023, the Company completed the final purchase price adjustments and the adjusted purchase price is reflected in the purchase price amounts above, following the return of 186,020 of the shares issued at closing to the Company as a result of lower working capital and cash balances at closing compared to targets stipulated in the merger agreement. The shares returned to the Company were canceled upon receipt. The Company incurred transaction-related costs of approximately $33.7 million for the twelve months ended December 31, 2022. These costs were associated with legal and professional services and were recognized as selling, general and administrative expenses in the consolidated statements of operations.
In accordance with the merger agreement, at closing the Company increased the size of its Board of Directors to eleven members and appointed two directors designated by Elkay. As of December 31, 2024, the Board consisted of ten members, including one director designated by Elkay. Zurn senior management immediately prior to the consummation of the Elkay Merger remained as the executive officers of the Company immediately after the Elkay Merger. The Company's management determined that the Company is the accounting acquirer in the Elkay Merger based on the facts and circumstances noted within this section and other relevant factors. As such, the Company applied the acquisition method of accounting to the identifiable assets and liabilities of the Elkay business, which have been measured at estimated fair value as of the date of the business combination. The excess of the purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill, which is not deductible for tax purposes.
Elkay’s assets and liabilities were measured at estimated fair value at July 1, 2022, primarily using Level 3 inputs. Estimates of fair value represent management’s best estimate of assumptions about future events and uncertainties, including significant judgments related to future cash flows, discount rates, competitive trends, margin and revenue growth assumptions including royalty rates and customer attrition rates and others. Inputs used were generally obtained from historical data supplemented by current and anticipated market conditions and growth rates expected as of the Merger date.
As of June 30, 2023, the valuation process to determine the fair values of the net assets acquired during the measurement period was complete. The final fair value of the assets acquired and liabilities assumed were as follows (in millions):
As Reported June 30, 2023
Assets acquired:
Receivables, net$92.0 
Inventories139.5 
Other current assets8.5 
Property, plant and equipment, net127.1 
Intangible assets, net865.5 
Goodwill546.2 
Other assets56.9 
Total assets acquired$1,835.7 
Liabilities assumed:
Trade payables$30.5 
Compensation and benefits39.3 
Current portion of pension and other postretirement benefit obligations17.3 
Other current liabilities45.8 
Operating lease liability24.2 
Pension and other postretirement benefit obligations3.6 
Deferred income taxes206.7 
Other liabilities10.5 
Total liabilities assumed377.9 
Total purchase price$1,457.8 
Unaudited Pro Forma Information
The following unaudited supplemental pro forma financial information presents the financial results from continuing operations for the year ended December 31, 2022 as if the Elkay Merger had occurred on January 1, 2022. The pro forma financial information includes, where applicable, adjustments for: (i) additional amortization expense that would have been recognized related to the acquired intangible assets, (ii) additional depreciation expense that would have been recognized related to the acquired property, plant, and equipment, and (iii) the estimated income tax effect on the pro forma adjustments. Expenses in the year ended December 31, 2022 include $33.7 million of transaction costs and other one-time non-recurring costs and $18.3 million of cost of sales related to the inventory valuation adjustment. The pro forma financial information excludes adjustments for estimated cost synergies or other effects of the integration of the Elkay Merger.
The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the Elkay Merger been completed as of the date indicated or the results that may be obtained in the future.
Year Ended
December 31, 2022
Net sales$1,580.5 
Net income from continuing operations$37.6 
Earnings per share from continuing operations
Basic$0.25 
Assuming dilution$0.24 

For the period from July 1, 2022 through December 31, 2022, Elkay had net sales and a net loss of $264.4 million and $11.5 million, respectively, which include the impact of purchase accounting adjustments, and are included in the consolidated statements of operations for the period from July 1, 2022 through December 31, 2022.
v3.25.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
During the year ended December 31, 2021, the Company completed the Spin-Off Transaction of PMC. The operating results of PMC are reported as discontinued operations in the consolidated statements of operations for all periods presented, as the Spin-Off Transaction of PMC represented a strategic shift that had a major impact on operations and financial results. The consolidated statements of cash flows for the years ended December 31, 2024, 2023, and 2022 have not been adjusted to separately disclose cash flows related to the discontinued operations. During the year ended December 31, 2022, the Company received $35.0 million from Regal Rexnord Corporation as a result of the final working capital and cash balances at closing exceeding the targets stipulated in the Spin-Off Transaction agreement.
The major components of the Income from discontinued operations, net of tax presented in the consolidated statements of operations during the years ended December 31, 2024, 2023, and 2022 are included in the table below (in millions):
Year Ended
(1)(1)(2)
December 31, 2024
December 31, 2023
December 31, 2022
Selling, general and administrative income(0.7)(8.4)(2.9)
Income from discontinued operations before income tax0.7 8.4 2.9 
Income tax benefit0.6 0.1 1.8 
Income from discontinued operations, net of tax$1.3 $8.5 $4.7 
____________________
(1)Selling, general and administrative income for the years ended December 31, 2024 and 2023 include the release of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.
(2)Results of operations for the year ended December 31, 2022 include the release of certain accruals as a result of costs the Company is obligated to under indemnification being lower than original estimates.
The consolidated statements of cash flows for the periods presented have not been adjusted to separately disclose cash flows related to discontinued operations. However, the significant investing cash flows and other significant non-cash operating items associated with the discontinued operations were as follows (in millions):
Year Ended
December 31, 2022
Net payments from divestiture of discontinued operations$35.0 
v3.25.0.1
Restructuring and Other Similar Charges
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Similar Charges Restructuring and Other Similar Charges
During the year ended December 31, 2024, the Company continued to execute various restructuring actions. These initiatives were implemented to drive efficiencies and reduce operating costs while also modifying the Company's footprint to reflect changes in the markets it serves, the impact of acquisitions, including Elkay, on the Company's overall manufacturing capacity and the refinement of its overall product portfolio. These restructuring actions primarily resulted in workforce reductions, lease termination costs and other facility rationalization costs. Management expects to continue executing similar initiatives to optimize its operating margin and manufacturing footprint. As such, the Company expects further expenses related to workforce reductions, potential impairment or accelerated depreciation of assets, lease termination costs and other facility rationalization costs. The Company's restructuring plans are preliminary and the full extent of related expenses are not yet estimable.
The following table summarizes the Company's restructuring and other similar charges incurred during the years ended December 31, 2024, 2023, and 2022 (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Employee termination benefits$2.1 $3.4 $13.6 
Asset impairment charges8.0 2.5 — 
Contract termination and other associated costs3.4 9.4 1.8 
Total restructuring and other similar charges$13.5 $15.3 $15.4 
Restructuring Costs To-date (Period from April 1, 2011 to December 31, 2024)
Restructuring Costs To-date (Period from April 1, 2011 to December 31, 2024)
Employee termination benefits$35.9 
Asset impairment charges10.5 
Contract termination and other associated costs21.9 
Total restructuring and other similar charges$68.3 
The following table summarizes the activity in the Company's accrual for restructuring and other similar charges for the years ended December 31, 2024 and 2023 (in millions):
Employee termination benefitsAsset impairment chargesContract termination and other associated costsTotal
Accrued restructuring costs, December 31, 2022
$7.8 $— $1.2 $9.0 
Charges3.4 2.5 9.4 15.3 
Cash payments(10.5)— (10.0)(20.5)
Non-cash charges— (2.5)— (2.5)
Accrued restructuring costs, December 31, 2023 (1)
$0.7 $— $0.6 $1.3 
Charges2.1 8.0 3.4 13.5 
Cash payments (1.7)— (3.9)(5.6)
Non-cash charges— (8.0)— (8.0)
Accrued restructuring costs, December 31, 2024 (1)
$1.1 $— $0.1 $1.2 
____________________
(1)    As of December 31, 2024 and December 31, 2023, the accrual for restructuring and other similar charges is included in other current liabilities in the consolidated balance sheets.
v3.25.0.1
Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when obligations under the terms of a contract with the customer are satisfied. For the majority of the Company's product sales, revenue is recognized at a point-in-time when control of the product is transferred to the customer, which generally occurs when the product is shipped from the Company's manufacturing facility to the customer. When contracts include multiple products to be delivered to the customer, generally each product is separately priced and is determined to be distinct within the context of the contract. Other than a standard assurance-type warranty that the product will conform to agreed-upon specifications, there are generally no other significant post-shipment obligations. The expected costs associated with standard warranties continues to be recognized as an expense when the products are sold.
When the contract provides the customer the right to return eligible products or when the customer is part of a sales rebate program, the Company reduces revenue at the point of sale using current facts and historical experience by using an estimate for expected product returns and rebates associated with the transaction. The Company adjusts these estimates at the earlier of when the most likely amount of consideration that is expected to be received changes or when the consideration becomes fixed. Accordingly, an increase or decrease to revenue is recognized at that time.
Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. The Company has elected to recognize the cost for freight and shipping when control of products has transferred to the customer as a component of cost of sales in the consolidated statements of operations. The Company classifies shipping and handling fees
billed to customers as net sales and the corresponding costs are classified as cost of sales in the consolidated statements of operations.
Revenue by Category
The Company designs, procures, manufactures, and markets a comprehensive portfolio of water management solutions. The Company disaggregates its sales by customer type and geographic location, which the Company believes best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows may be impacted differently by certain economic factors. The following tables present revenue disaggregated by customer type and the geographic region of the end customer (in millions):
Year Ended
Customer TypeDecember 31, 2024December 31, 2023December 31, 2022
Institutional$740.5 $690.5 $517.7 
Commercial451.1 443.1 373.7 
All other374.9 396.9 390.4 
    Total$1,566.5 $1,530.5 $1,281.8 

Year Ended
GeographyDecember 31, 2024December 31, 2023December 31, 2022
United States$1,428.9 $1,410.1 $1,171.8 
Canada90.1 78.7 75.1 
Rest of world47.5 41.7 34.9 
    Total$1,566.5 $1,530.5 $1,281.8 
Contract Balances
For substantially all of the Company's product sales, the customer is billed 100% of the contract value when the product ships and payment is generally due 30 days from shipment. Certain contracts include longer payment periods; however, the Company has elected to utilize the practical expedient in which the Company will only recognize a financing component to the sale if payment is due more than one year from the date of shipment.
Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. Contract assets arise when the Company performs by transferring goods or services to a customer before the customer pays consideration, or before the customer’s payment is due. A contract liability exists when the Company has received consideration or the amount is due from the customer in advance of revenue recognition. Contract liabilities and contract assets as of December 31, 2024 and December 31, 2023 were not material.
Backlog
The Company had backlog of $48.8 million and $50.8 million as of December 31, 2024, and December 31, 2023, respectively, which represents the most likely amount of consideration expected to be received in satisfying the remaining backlog under open contracts. The Company utilizes the optional exemption provided by ASC 606-10-50-14A for variable consideration, and has not included estimated rebates in the amount of unsatisfied performance obligations. The Company expects to recognize approximately 100% of the backlog as revenue in the year ending December 31, 2025.
Timing of Performance Obligations Satisfied at a Point in Time
The Company determined that the customer is able to control the product when it is delivered to them; thus, depending on the shipping terms, control will transfer at different points between the Company's manufacturing facility or warehouse and the customer’s location. The Company considers control to have transferred upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset and the customer has significant risks and rewards of ownership of the asset.
Variable Consideration
The Company provides volume-based rebates and the right to return product to certain customers, which are accrued for based on current facts and historical experience. Rebates are paid either on an annual or quarterly basis. There are no other significant variable consideration elements included in the Company's contracts with customers.
Contract Costs
The Company has elected to expense contract costs as incurred if the amortization period is expected to be one year or less. If the amortization period of these costs is expected to be greater than one year, the costs would be subject to capitalization. As of December 31, 2024 and December 31, 2023, the contract assets capitalized are not significant. During the years ended December 31, 2024, 2023, and 2022, contract asset amortization was not significant and no impairment losses were recognized.
v3.25.0.1
Inventories
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
The major classes of inventories are summarized as follows (in millions):
December 31, 2024December 31, 2023
Finished goods$228.7 $224.8 
Work in progress12.1 11.5 
Raw materials44.8 48.8 
Inventories at First-in, First-Out ("FIFO") cost285.6 285.1 
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost(13.0)(7.5)
$272.6 $277.6 
v3.25.0.1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Property, Plant and Equipment
Property, plant and equipment, net is summarized as follows (in millions):
 December 31, 2024December 31, 2023
Land$13.5 $14.1 
Buildings and improvements103.5 108.5 
Machinery and equipment123.8 114.6 
Computer hardware and software30.4 28.0 
Construction in-progress15.4 18.0 
286.6 283.2 
Less accumulated depreciation(122.6)(102.9)
$164.0 $180.3 
v3.25.0.1
Goodwill and Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The changes in the net carrying value of goodwill for the years ended December 31, 2024 and 2023 consisted of the following (in millions):
Net carrying amount as of December 31, 2022
$777.0 
Purchase accounting adjustments (1)19.0 
Net carrying amount as of December 31, 2023
$796.0 
Currency translation adjustments(1.8)
Net carrying amount as of December 31, 2024
$794.2 
______________________
(1)Refer to Note 3, Acquisitions for additional information regarding acquisitions.
Total cumulative goodwill impairment charges as of December 31, 2024 and 2023 were $337.1 million.
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of December 31, 2024 and December 31, 2023 consisted of the following (in millions):
December 31, 2024
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$27.4 $(22.9)$4.5 
Customer relationships (including distribution network)16 years1,066.9 (398.1)668.8 
Tradenames19 years156.7 (24.7)132.0 
Intangible assets not subject to amortization - trademarks and tradenames86.3 — 86.3 
Total intangible assets, net16 years$1,337.3 $(445.7)$891.6 
December 31, 2023
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$26.4 $(22.8)$3.6 
Customer relationships (including distribution network)16 years1,070.4 (348.8)721.6 
Tradenames19 years156.8 (16.7)140.1 
Intangible assets not subject to amortization - trademarks and tradenames87.1 — 87.1 
Total intangible assets, net16 years$1,340.7 $(388.3)$952.4 
Intangible asset amortization expense totaled $59.1 million, $58.7 million and $34.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. There were no acquired intangibles in 2024 or 2023. Customer relationships and tradenames acquired during the year ended December 31, 2022 were assigned a weighted-average useful life of 16 years and 20 years, respectively.
During the year ended December 31, 2024, the Company recorded a $0.6 million impairment charge related to an indefinite-lived tradename no longer used.
The Company expects to recognize amortization expense on intangible assets subject to amortization of $58.6 million in 2025, $58.4 million in 2026, $58.4 million in 2027, $58.4 million in 2028, and $58.4 million in 2029.
v3.25.0.1
Other Current Liabilities
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities Other Current Liabilities
Other current liabilities are summarized as follows (in millions):
December 31, 2024December 31, 2023
Commissions$9.2 $8.6 
Current portion of operating lease liability (1)12.7 10.6 
Income taxes payable2.3 3.5 
Professional fees1.6 0.6 
Product warranty (2)4.9 4.7 
Restructuring and other similar charges (3)1.2 1.3 
Risk management (4)5.5 5.2 
Sales rebates73.2 70.8 
Tax indemnities12.2 13.8 
Taxes, other than income taxes2.9 3.7 
Other10.5 9.0 
$136.2 $131.8 
___________________
(1)See more information related to leases within Note 13, Leases.
(2)See more information related to the product warranty obligations balance within Note 2, Significant Accounting Policies.
(3)See more information related to the restructuring obligations balance within Note 5, Restructuring and Other Similar Charges.
(4)Includes projected liabilities related to losses arising from automobile, general, environmental, worker's compensation, and product liability claims.
v3.25.0.1
Long-Term Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt is summarized as follows (in millions):
December 31, 2024December 31, 2023
Term loan (1)$475.0 $473.6 
Finance leases (2)20.6 21.7 
Total495.6 495.3 
Less current maturities0.8 0.9 
Long-term debt$494.8 $494.4 
____________________
(1)Includes unamortized debt issuance costs of $5.4 million and $6.8 million at December 31, 2024 and December 31, 2023, respectively.
(2)See more information related to finance leases within Note 13, Leases.
Senior Secured Credit Facility
On October 4, 2021, ZBS Global, Inc. (“Holdings”), Zurn Holdings, Inc., Zurn LLC (together, the “Original Borrowers”), the lenders from time to time party thereto, and Credit Suisse AG, Cayman Islands Branch, as administrative agent for the lenders (in such capacity, the “Administrative Agent”) entered into a Fourth Amended and Restated First Lien Credit Agreement as amended by that certain Amendment No. 1 to Fourth Amended and Restated First Lien Credit Agreement dated as of July 1, 2022 (the "Amendment") (as so amended, the “Credit Agreement”). Pursuant to the Amendment, Elkay joined the Credit Agreement as a borrower (Elkay and the Original Borrowers, collectively, the "Borrowers"). The Credit Agreement is funded by a syndicate of banks and other financial institutions and provides for (i) a $550.0 million term loan facility (the “Term Loan”) and (ii) a $200.0 million revolving credit facility (the “Revolving Credit Facility”).
The obligations under the Credit Agreement and related documents are secured by liens on substantially all of the assets of Holdings, the Borrowers, and certain subsidiaries of the Borrowers pursuant to a Third Amended and Restated Guarantee and Collateral Agreement, dated as of October 4, 2021, among Holdings, the Borrowers, the subsidiaries of the Borrowers party thereto, and the Administrative Agent, as supplemented pursuant to that certain Supplement No. 1 dated as of July 1, 2022, executed by Elkay and its domestic subsidiaries, and certain other collateral documents.
The Credit Agreement contains representations, warranties, covenants and events of default, including, without limitation, a financial covenant under which the Borrowers are, if certain conditions are met, obligated to maintain on a consolidated basis, as of the end of each fiscal quarter, a certain maximum Net First Lien Leverage Ratio (as defined in the Credit Agreement). As of December 31, 2024, the Borrowers were in compliance with all applicable covenants under the Credit Agreement.
Term Debt
The Credit Agreement provides for the issuance of a term loan facility in an aggregate principal amount of $550.0 million. The proceeds of the Term Loan were, together with the dividend received by the Company in connection with the Spin-Off Transaction and cash on hand, used to (i) repay in full the aggregate principal amount outstanding of the Prior Term Loan, together with accrued interest thereon, (ii) redeem the $500 million of outstanding principal amount of the 4.875% Senior Notes due 2025, and (iii) pay related fees and expenses.
On October 11, 2023, the Company made a voluntary prepayment on its Term Loan of $60.0 million. In connection with this prepayment, the Company recognized a $0.9 million loss on debt extinguishment to write off a portion of the unamortized debt issuance costs.
The Term Loan has a maturity date of October 4, 2028. Commencing on March 31, 2022, the Borrowers were required to make quarterly payments of principal in an amount equal to $1.4 million each quarter until the maturity date. In connection with the voluntary prepayment of $60.0 million, the quarterly principal payments of $1.4 million are no longer required.
For purposes of the Term Loan, effective July 1, 2023, the secured overnight financing rate ("SOFR") replaced LIBOR, and accordingly, beginning July 1, 2023 the Term Loan bears interest at the Borrowers' option, by reference to a base rate or a rate based on Term SOFR, plus a Term SOFR adjustment of 0.115%, 0.262%, or 0.428% for interest periods of one month, three months, and six months, respectively, plus an applicable margin based on the Borrowers' Net First Lien Leverage Ratio as of the last day of each fiscal quarter. If the Net First Lien Leverage Ratio is greater than 1.80 to 1.00, the applicable margin shall equal 1.25% in the case of base rate borrowings and 2.25% in the case of SOFR borrowings. In the event the Borrowers’ Net First Lien Leverage Ratio is less than or equal to 1.80 to 1.00, the applicable margin on both base rate and
SOFR borrowings would decrease by 0.25%. The Borrowers’ Net First Lien Leverage Ratio was 0.86 to 1.00 as of December 31, 2024 and therefore the applicable rate is 2.00%.
Prior to July 1, 2023, the Term Loan bore interest at the Borrowers’ option, by reference to a base rate or a rate based on LIBOR, in either case plus an applicable margin determined quarterly based on the Borrowers’ Net First Lien Leverage Ratio as of the last day of each fiscal quarter as illustrated above.

At December 31, 2024 and December 31, 2023, the borrowings under the Term Loan had weighted-average effective interest rates of 6.42% and 7.47%, respectively. During the year ended December 31, 2024 and December 31, 2023, the borrowings under the Term Loan had weighted-average effective interest rates of 7.28% and 7.09%, respectively.
Revolving Credit Facility
The Credit Agreement includes a $200.0 million revolving credit facility that has a maturity date of October 2, 2026. Similar to the Term Loan, effective July 1, 2023, the SOFR replaced LIBOR, and accordingly, beginning July 1, 2023 the Revolving Credit Facility bears interest by reference to a base rate or a rate based on Term SOFR, plus a Term SOFR adjustment of 0.115%, 0.262%, or 0.428% for interest periods of one month, three months, and six months, respectively, plus an applicable margin based on the Borrowers' Net First Lien Leverage Ratio as of the last day of each fiscal quarter. If the Net First Lien Leverage Ratio is greater than 2.00 to 1.00, the applicable margin shall equal 1.00% in the case of base rate borrowings and 2.00% in the case of SOFR borrowings. In the event the Borrowers' Net First Lien Leverage Ratio is less than or equal to 2.00 to 1.00, the applicable margin on both base rate and SOFR borrowings would decrease by 0.25%. The Borrowers’ Net First Lien Leverage Ratio was 0.86 to 1.00 as of December 31, 2024. The Borrowers are also required to pay a quarterly commitment fee on the average daily unused portion of the Revolving Credit Facility for each fiscal quarter and fees in connection with the issuance of letters of credit. If the Net First Lien Leverage Ratio is greater than 2.00 to 1.00, the commitment fee is 0.50%, and if the Company's Net First Lien Leverage Ratio is less than or equal to 2.00 to 1.00, the commitment fee is 0.375%.
Prior to July 1, 2023, borrowings under the Revolving Credit Facility bore interest at the Borrowers’ option, by reference to a base rate or a rate based on LIBOR, in either case, plus an applicable margin determined quarterly based on the Borrowers’ Net First Lien Leverage Ratio as of the last day of each fiscal quarter as illustrated above.

At December 31, 2024 and December 31, 2023, there were no amounts borrowed under the Revolving Credit Facility. As of December 31, 2024 and December 31, 2023, $11.3 million and $11.0 million of the Revolving Credit Facility was considered utilized in connection with outstanding letters of credit, respectively.
Finance Leases
At December 31, 2024 and 2023, the Company had finance lease obligations of $20.6 million and $21.7 million, respectively. For more information related to finance leases, see Note 13, Leases.
Future Debt Maturities
Future maturities of debt and finance lease obligations as of December 31, 2024, excluding the unamortized debt issuance costs of $5.4 million, were as follows (in millions):
Years ending December 31:
2025$0.8 
20260.9 
20271.0 
2028481.5 
20291.2 
Thereafter15.7 
$501.1 
Cash interest paid for the years ended December 31, 2024, 2023, and 2022 was $30.9 million, $36.1 million and $24.3 million, respectively.
v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
ASC 820, Fair Value Measurement ("ASC 820"), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820 also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources,
while unobservable inputs (lowest level) reflect internally developed assumptions about the assumptions a market participant would use.
In accordance with ASC 820, fair value measurements are classified under the following hierarchy:
•Level 1- Quoted prices for identical instruments in active markets.
•Level 2- Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable.
•Level 3- Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable.
If applicable, the Company uses quoted market prices in active markets to determine fair value, and therefore classifies such measurements within Level 1. In some cases where market prices are not available, the Company makes use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters. These measurements are classified within Level 3 if they use significant unobservable inputs.
Fair Value of Non-Derivative Financial Instruments
The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at December 31, 2024 and December 31, 2023 due to the short-term nature of those instruments. The fair value of long-term debt recorded on the consolidated balance sheets as of December 31, 2024 and December 31, 2023 was approximately $503.4 million and $503.9 million, respectively. The fair value is based on quoted market prices for the same instruments.
v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company determines if a contract is (or contains) a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. The Company has operating and finance leases primarily associated with real estate, automobiles and manufacturing and office equipment.
The Company has lease agreements that include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of the underlying assets. The term of the Company’s leases generally reflects the non-cancellable period of the lease. Some of the Company’s lease agreements include options to extend or terminate the lease, which are excluded from the minimum lease terms unless the Company is reasonably certain the option will be exercised. Lease expense for operating leases and amortization expense for finance leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and are instead recognized on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company rents or subleases certain real estate to third parties, primarily related to exited facilities, with income offsetting restructuring expense. The sublease income related to these arrangements is not material to the consolidated financial statements.
Right-of-use (“ROU”) assets and liabilities are recognized in the consolidated balance sheets based on the present value of remaining lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the lease commencement date, any initial direct costs incurred, and are reduced by lease incentives received. As most of the Company’s leases do not provide an implicit rate, the present value of lease payments is determined using the Company’s incremental borrowing rate at the commencement date of the lease. Lease payments included in the measurement of the lease liabilities are comprised of fixed payments, variable payments that depend on an index or rate, and amounts probable to be paid if an option is reasonably certain to be exercised. Variable lease payments, typically based on usage of the asset or changes in an index or rate, are excluded from the lease liabilities and are recognized in the period in which the obligation for those payments is incurred.
ROU assets and lease liability balances recorded on the consolidated balance sheets are summarized as follows (in millions):
LeasesClassificationDecember 31, 2024December 31, 2023
Assets:    
Operating ROU assetsOther assets$51.2 $46.4 
Finance ROU assets Property, plant and equipment, net (1) 19.0 20.8 
Total ROU assets$70.2 $67.2 
     
Liabilities:
Current    
OperatingOther current liabilities$12.7 $10.6 
Finance Current maturities of debt 0.8 0.9 
Non-current
Operating  Operating lease liability 43.3 37.3 
FinanceLong-term debt19.8 20.8 
Total lease liabilities   $76.6 $69.6 
____________________
(1)Finance lease assets are recorded net of accumulated amortization of $3.2 million and $2.0 million as of December 31, 2024 and December 31, 2023, respectively.
The components of lease expense reported in the consolidated statements of operations are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating lease expenses (1)$14.9 $13.8 $9.8 
Finance lease expenses:
Depreciation of finance ROU assets (1)1.6 1.7 0.2 
Interest on lease liabilities (2)1.5 1.5 — 
Total finance lease expense3.1 3.2 0.2 
Variable and short-term lease expense (1)7.6 7.0 6.2 
Total lease expense$25.6 $24.0 $16.2 
____________________
(1)Included in cost of sales, selling, general and administrative expenses, and restructuring and other similar charges.
(2)Included in interest expense, net.
Future minimum lease payments under operating and finance leases as of December 31, 2024 are as follows (in millions):
Years ending December 31,Operating LeasesFinance Leases
2025$15.8 $2.2 
202614.7 2.2 
202713.8 2.3 
20287.4 2.3 
20294.4 2.4 
Thereafter9.8 20.6 
Total future minimum lease payments65.9 32.0 
Less: Imputed interest(9.9)(11.4)
Total lease liabilities$56.0 $20.6 
The weighted-average remaining lease terms and discount rates for leases are as follows:
Year Ended
Lease Term and Discount RateDecember 31, 2024December 31, 2023December 31, 2022
Weighted-average remaining lease terms (years): 
Operating leases5.05.96.4
Finance leases13.013.83.0
Weighted-average discount rate:
Operating leases6.4 %6.4 %6.1 %
Finance leases7.1 %7.1 %5.2 %
Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating cash flows from operating leases$14.1 $13.2 $9.8 
Operating cash flows from finance leases1.5 1.5 — 
Financing cash flows from finance leases0.8 0.8 0.2 
ROU assets obtained (disposed) in exchange for lease liabilities are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating leases$18.9 $14.4 $38.9 
Finance leases(0.2)21.8 0.5 
Leases Leases
The Company determines if a contract is (or contains) a lease at inception by evaluating whether the contract conveys the right to control the use of an identified asset. The Company has operating and finance leases primarily associated with real estate, automobiles and manufacturing and office equipment.
The Company has lease agreements that include lease and non-lease components, which the Company has elected to account for as a single lease component for all classes of the underlying assets. The term of the Company’s leases generally reflects the non-cancellable period of the lease. Some of the Company’s lease agreements include options to extend or terminate the lease, which are excluded from the minimum lease terms unless the Company is reasonably certain the option will be exercised. Lease expense for operating leases and amortization expense for finance leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and are instead recognized on a straight-line basis over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.
The Company rents or subleases certain real estate to third parties, primarily related to exited facilities, with income offsetting restructuring expense. The sublease income related to these arrangements is not material to the consolidated financial statements.
Right-of-use (“ROU”) assets and liabilities are recognized in the consolidated balance sheets based on the present value of remaining lease payments over the lease term. Additionally, ROU assets include any lease payments made at or before the lease commencement date, any initial direct costs incurred, and are reduced by lease incentives received. As most of the Company’s leases do not provide an implicit rate, the present value of lease payments is determined using the Company’s incremental borrowing rate at the commencement date of the lease. Lease payments included in the measurement of the lease liabilities are comprised of fixed payments, variable payments that depend on an index or rate, and amounts probable to be paid if an option is reasonably certain to be exercised. Variable lease payments, typically based on usage of the asset or changes in an index or rate, are excluded from the lease liabilities and are recognized in the period in which the obligation for those payments is incurred.
ROU assets and lease liability balances recorded on the consolidated balance sheets are summarized as follows (in millions):
LeasesClassificationDecember 31, 2024December 31, 2023
Assets:    
Operating ROU assetsOther assets$51.2 $46.4 
Finance ROU assets Property, plant and equipment, net (1) 19.0 20.8 
Total ROU assets$70.2 $67.2 
     
Liabilities:
Current    
OperatingOther current liabilities$12.7 $10.6 
Finance Current maturities of debt 0.8 0.9 
Non-current
Operating  Operating lease liability 43.3 37.3 
FinanceLong-term debt19.8 20.8 
Total lease liabilities   $76.6 $69.6 
____________________
(1)Finance lease assets are recorded net of accumulated amortization of $3.2 million and $2.0 million as of December 31, 2024 and December 31, 2023, respectively.
The components of lease expense reported in the consolidated statements of operations are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating lease expenses (1)$14.9 $13.8 $9.8 
Finance lease expenses:
Depreciation of finance ROU assets (1)1.6 1.7 0.2 
Interest on lease liabilities (2)1.5 1.5 — 
Total finance lease expense3.1 3.2 0.2 
Variable and short-term lease expense (1)7.6 7.0 6.2 
Total lease expense$25.6 $24.0 $16.2 
____________________
(1)Included in cost of sales, selling, general and administrative expenses, and restructuring and other similar charges.
(2)Included in interest expense, net.
Future minimum lease payments under operating and finance leases as of December 31, 2024 are as follows (in millions):
Years ending December 31,Operating LeasesFinance Leases
2025$15.8 $2.2 
202614.7 2.2 
202713.8 2.3 
20287.4 2.3 
20294.4 2.4 
Thereafter9.8 20.6 
Total future minimum lease payments65.9 32.0 
Less: Imputed interest(9.9)(11.4)
Total lease liabilities$56.0 $20.6 
The weighted-average remaining lease terms and discount rates for leases are as follows:
Year Ended
Lease Term and Discount RateDecember 31, 2024December 31, 2023December 31, 2022
Weighted-average remaining lease terms (years): 
Operating leases5.05.96.4
Finance leases13.013.83.0
Weighted-average discount rate:
Operating leases6.4 %6.4 %6.1 %
Finance leases7.1 %7.1 %5.2 %
Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating cash flows from operating leases$14.1 $13.2 $9.8 
Operating cash flows from finance leases1.5 1.5 — 
Financing cash flows from finance leases0.8 0.8 0.2 
ROU assets obtained (disposed) in exchange for lease liabilities are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating leases$18.9 $14.4 $38.9 
Finance leases(0.2)21.8 0.5 
v3.25.0.1
Stock-Based Compensation
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
Generally, compensation cost associated with share-based payment transactions is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest.
The Zurn Elkay Water Solutions Corporation Performance Incentive Plan, which was last approved by stockholders in fiscal 2022 (the "Plan"), is utilized to provide performance incentives to the Company's officers, employees, directors and certain others by permitting grants of equity awards (for common stock), as well as performance-based cash awards, to such persons, to encourage them to maximize Zurn Elkay's performance and create value for Zurn Elkay's stockholders. To date, equity awards consisting of stock options, Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs") have been issued under the Plan. The Plan is administered by the Compensation Committee.
The options granted under the Plan have a maximum term of 10 years after the grant date. Options and RSUs granted since fiscal 2016 generally vest ratably over 3 years. During the year ended December 31, 2022, RSUs were granted to certain employees that cliff vest after 2 years. RSUs granted to nonemployee directors vest immediately, but shares are not issued until six months after the director's cessation of service. PSUs generally cliff vest after 3 years based on performance over that three-year period. A portion of PSUs granted to certain executives during the year ended December 31, 2024 include a total shareholder return ("TSR") multiplier to determine the final number of PSUs earned.
In May 2024, the Company’s stockholders approved the adoption of the Zurn Elkay Water Solutions Corporation Employee Stock Purchase Plan (“ESPP"). The number of shares of Company common stock available for purchase under the ESPP is 2,000,000 shares, subject to adjustment in the event of a change in capitalization.
During the year ended December 31, 2024, the Company issued 44,436 shares of common stock related to the ESPP. As of December 31, 2024, 1,955,564 shares remained available for future issuance. During the year ended December 31, 2024, the Company recognized $0.3 million of stock-based compensation expense related to the ESPP.
In connection with the Spin-Off Transaction, the Company made adjustments to the number of unvested stock options, RSUs and PSUs with the intention of preserving the intrinsic value of the recipient's awards prior to the Spin-Off. Accordingly, the number of stock options, RSUs and PSUs outstanding as of the date of the Spin-Off Transaction was multiplied by a factor of 2.03446, and the related grant date fair value was divided by a factor of 2.03446, which resulted in no increase in the intrinsic value of awards outstanding. Stock options and RSUs continue to vest in accordance with their original vesting period. The vesting of PSUs granted prior to the beginning of 2021 was accelerated and all outstanding awards became fully vested and were released at the time of the Spin-Off Transaction based on performance achieved through, and as of the Spin-Off Transaction date. These adjustments to the Company’s share-based compensation awards were deemed to be a modification of
the awards and resulted in approximately $4.9 million of incremental expense, of which $0.2 million and $0.2 million was recognized during the years ended December 31, 2023 and 2022, respectively. On the date of the Spin-Off Transaction, the modification affected 124 grantees.
During the years ended December 31, 2024, 2023, and 2022, the Company recorded $37.9 million, $40.0 million and $25.0 million, respectively, of stock-based compensation expense from continuing operations (the related tax benefit on these amounts subject to the 162(m) compensation limitations during the years ended December 31, 2024, 2023, and 2022 was $9.2 million, $9.8 million, and $5.9 million, respectively). During the year ended December 31, 2024, 2023, and 2022, the Company also recorded $4.6 million, $2.0 million and $0.9 million, respectively, of an excess tax benefit related to stock options exercised during each period. As of December 31, 2024, there was $31.7 million of total unrecognized compensation cost related to non-vested stock options, RSUs and PSUs granted under the Plan. That cost is expected to be recognized over a weighted-average period of 1.7 years.
Stock Options
The fair value of each option granted under the Plan was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Expected option term (in years)6.56.56.5
Expected volatility factor32 %32 %32 %
Weighted-average risk-free interest rate4.33 %3.90 %3.11 %
Expected dividend rate1.0 %1.2 %1.0 %
Management’s estimate of the option term for options granted under the Plan is based on the midpoint between when the options vest and when they expire. The Company uses the simplified method to determine the expected term, as management does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. The Company’s expected volatility assumption for all options granted prior to the Spin-Off Transaction is based on the historical volatility of the Company's common stock price. The expected volatility assumption for all options granted after the Spin-Off Transaction is based on the historical volatility of the common stock prices of a peer group. The weighted average risk free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. The weighted-average grant date fair value of options granted under the Plan during the years ended December 31, 2024, 2023, and 2022 was $11.43, $8.28 and $9.79, respectively. The total fair value of options vested during the years ended December 31, 2024, 2023, and 2022 was $1.1 million, $0.9 million and $0.9 million, respectively.
A summary of stock option activity during the years ended December 31, 2024, 2023, and 2022 is as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
SharesWeighted Avg. Exercise PriceSharesWeighted Avg. Exercise PriceSharesWeighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of period2,089,493 $14.67 2,647,578 $13.75 2,844,062 $13.44 
Granted93,410 31.05 146,295 22.25 103,454 28.68 
Exercised (1)(1,241,512)12.62 (655,644)11.66 (221,506)11.89 
Canceled/Forfeited(26,808)28.49 (48,736)27.77 (78,432)27.65 
Outstanding at end of period (2)914,583 $18.72 2,089,493 $14.67 2,647,578 $13.75 
Exercisable at end of period (3)747,808 $16.71 1,878,789 $13.35 2,439,667 $12.36 
______________________
(1)The total intrinsic value of options exercised during the years ended December 31, 2024, 2023, and 2022 was $29.3 million, $11.0 million and $3.8 million, respectively.
(2)The weighted average remaining contractual life of options outstanding was 4.8 years at December 31, 2024, 4.1 years at December 31, 2023 and 4.4 years at December 31, 2022. The aggregate intrinsic value of options outstanding at December 31, 2024 was $17.0 million.
(3)The weighted average remaining contractual life of options exercisable was 3.9 years at December 31, 2024, 3.4 years at December 31, 2023 and 3.9 years at December 31, 2022. The aggregate intrinsic value of options exercisable at December 31, 2024 was $15.4 million.
SharesWeighted Avg. Exercise Price
Nonvested options at beginning of period210,704 $26.49 
Granted93,410 31.05 
Vested(114,728)28.09 
Canceled/Forfeited(22,611)27.74 
Nonvested options at end of period166,775 $27.77 
Restricted Stock Units
During the years ended December 31, 2024, 2023, and 2022 the Company granted RSUs to certain of its officers, directors, and employees. The fair value of each award is determined based on the Company's closing stock price on the date of grant. A summary of RSU activity during the years ended December 31, 2024, 2023, and 2022 is as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
UnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair Value
Nonvested RSUs at beginning of period501,321 $26.05 580,112 $29.33 501,331 $25.98 
Granted125,565 31.23 242,385 23.40 370,244 28.80 
Vested(318,274)27.06 (218,153)30.70 (166,318)18.37 
Canceled/Forfeited(45,537)27.30 (103,023)28.40 (125,145)28.92 
Nonvested RSUs at end of period263,075 $26.97 501,321 $26.05 580,112 $29.33 

Performance Stock Units
During the years ended December 31, 2024, 2023, and 2022, the Company granted PSUs to certain of its officers and employees. The PSUs granted during the years ended December 31, 2024 and 2023 had a three-year performance period, while the PSUs granted during the year ended December 31, 2022 had a two-and-a-half-year performance period, and are earned and vest, subject to continued employment, based on performance relative to metrics determined by the Compensation Committee. The number of performance share awards earned, which can range between 0% and 200% of the target awards granted depending on the Company's actual performance during the respective performance period, will be satisfied with Zurn Elkay common stock. A summary of PSU activity during the years ended December 31, 2024, 2023, and 2022 is as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
UnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair Value
Nonvested PSUs at beginning of period866,810 $27.88 939,459 $27.07 777,374 $26.27 
Granted553,548 34.33 425,246 23.25 177,724 30.92 
Vested (1)(431,702)32.25 (468,722)22.17 — — 
Canceled/Forfeited(42,915)30.91 (29,173)26.07 (15,639)30.70 
Nonvested PSUs at end of period945,741 $29.53 866,810 $27.88 939,459 $27.07 
______________________
(1)For the years ended December 31, 2024 and 2023, represents the target level of PSUs vested.

    During the year ended December 31, 2024, PSUs were granted with vesting based on goals related to free cash flow conversion, return on invested capital, and sales growth, and certain awards contained a TSR multiplier. During the years ended December 31, 2023 and 2022, PSUs were granted with vesting based on goals related to free cash flow conversion and return on invested capital. The fair value of the portion of PSUs with vesting based on free cash flow conversion, return on invested capital, and sales growth is determined based on the Company's closing stock price on the date of grant. The fair value of the portion of PSUs granted in 2024 that include a TSR multiplier is determined using a Monte Carlo valuation model. For these awards, the number of PSUs earned based on the achievement of goals related to free cash flow conversion, return on invested capital, and sales growth may be increased by 0-75% if the Company's TSR over the performance period falls within a predefined range.
v3.25.0.1
Retirement Benefits
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
The Company sponsors pension and other postretirement benefit plans for certain employees. Most of the Company’s employees are accumulating retirement income benefits through defined contribution plans. However, the Company sponsors frozen pension plans for certain salaried participants and ongoing pension benefits for certain employees represented by collective bargaining. These plans provide for monthly pension payments to eligible employees upon retirement. Pension benefits for salaried employees generally are based on years of frozen credited service and average earnings. Pension benefits for hourly employees generally are based on specified benefit amounts and years of service. The Company’s policy is to fund its pension obligations in conformity with the funding requirements under applicable laws and governmental regulations. Other postretirement benefits consist of retiree medical plans that cover a portion of employees in the United States that meet certain age and service requirements.
Net periodic benefit costs are primarily comprised of service and interest cost and the expected return on plan assets. The service cost component of net periodic benefit cost is presented within Cost of sales and Selling, general and administrative expenses in the statements of operations while the other components of net periodic benefit cost are presented within Other income (expense), net.
The Company recognizes the net actuarial gains or losses in excess of the corridor in operating results during the final quarter of each fiscal year (or upon any required re-measurement event). The corridor is 10% of the greater of the projected benefit obligation or the fair value of the plan assets. In connection with this accounting policy, the Company recognized non-cash actuarial gain of $1.4 million, $2.0 million, and $1.9 million within the consolidated statements of operations from continuing operations, during the years ended December 31, 2024, 2023, and 2022, respectively. These amounts are recorded within Actuarial gain on pension and other postretirement benefit obligations in the consolidated statements of operations.
The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Pension Benefits:
Service cost$0.1 $0.1 $0.1 
Interest cost11.2 12.1 8.6 
Expected return on plan assets(7.5)(7.5)(9.6)
Recognition of actuarial gains(0.1)— — 
Net periodic benefit (income) expense$3.7 $4.7 $(0.9)
Other Postretirement Benefits:
Interest cost$0.4 $0.6 $0.4 
Recognition of actuarial gains(1.3)(2.0)(1.9)
Net periodic benefit (income) expense$(0.9)$(1.4)$(1.5)
During the year ended December 31, 2024, the recognition of $1.4 million of net non-cash actuarial gains was primarily due to a combination of discount rate increases coupled with demographic and claims gains experienced during 2024 that were reflected in the other post-retirement benefit plans. These gains were partially offset by an increase in the medical cost growth assumption from the prior measurement. During the year ended December 31, 2023, the recognition of $2.0 million of net non-cash actuarial gains was primarily due to demographic gains experienced during 2023 that were reflected in the other post-retirement benefit plans. In addition, the post 65 medical provider options changed resulting in lower premiums for the plans. These gains were partially offset by a decrease in discount rate from the prior measurement. During the year ended December 31, 2022, the recognition of $1.9 million of net non-cash actuarial gains was primarily due to an increase in the discount rate utilized within remeasurement of the Company's defined benefit plans partially offset by unfavorable asset returns.
The Company made contributions to its U.S. qualified pension plan trusts of $20.0 million, $11.0 million and $0.3 million during the years ended December 31, 2024, 2023, and 2022, respectively.
The status of the plans is summarized as follows (in millions):
 Pension BenefitsOther Postretirement Benefits
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2024Year Ended December 31, 2023
Benefit obligation at beginning of period$(224.0)$(226.3)$(8.7)$(11.7)
Service cost(0.1)(0.1)— — 
Interest cost(11.2)(12.1)(0.4)(0.6)
Actuarial (losses) gains5.4 (5.1)1.1 2.4 
Benefits paid19.1 19.6 1.0 1.4 
Plan participant contributions— — (0.2)(0.2)
Settlements0.2 — — — 
Benefit obligation at end of period$(210.6)$(224.0)$(7.2)$(8.7)
Plan assets at the beginning of the period$195.2 $186.2 $— $— 
Actual return on plan assets6.6 17.2 — — 
Contributions20.4 11.4 1.0 1.4 
Benefits paid(19.1)(19.6)(1.0)(1.4)
Settlements(0.1)— — — 
Plan assets at end of period$203.0 $195.2 $— $— 
Funded status of plans$(7.6)$(28.8)$(7.2)$(8.7)
Net amount on Consolidated Balance Sheets consists of:
Non-current assets$0.5 $0.3 $— $— 
Current liabilities$(0.3)$(0.3)$(0.9)$(1.0)
Long-term liabilities(7.8)(28.8)(6.3)(7.7)
Total net funded status$(7.6)$(28.8)$(7.2)$(8.7)
As of December 31, 2024, the Company had pension plans with a combined projected benefit obligation of $210.6 million compared to plan assets of $203.0 million, resulting in an under-funded status of $7.6 million compared to an under-funded status of $28.8 million at December 31, 2023. The Company’s funded status improved during the year ended December 31, 2024 primarily due to the $20.0 million pension plan contribution. Any further changes in the assumptions underlying the Company’s pension values, including those that arise as a result of declines in equity markets and changes in interest rates, could result in increased pension obligation and pension cost which could negatively affect the Company’s consolidated financial position and results of operations in future periods.
Amounts included in accumulated other comprehensive loss, net of tax, related to defined benefit plans at December 31, 2024 and December 31, 2023 consist of the following (in millions):
As of December 31, 2024
Pension
Benefits		Other Postretirement
Benefits		Total
Unrecognized actuarial gain(8.7)(0.7)(9.4)
Accumulated other comprehensive income, gross(8.7)(0.7)(9.4)
Deferred income tax provision2.1 0.2 2.3 
Accumulated other comprehensive income, net$(6.6)$(0.5)$(7.1)
As of December 31, 2023
Pension
Benefits		Other Postretirement
Benefits		Total
Unrecognized actuarial gain(4.1)(0.9)(5.0)
Accumulated other comprehensive income, gross(4.1)(0.9)(5.0)
Deferred income tax provision1.0 0.2 1.2 
Accumulated other comprehensive income, net$(3.1)$(0.7)$(3.8)
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:
 Pension BenefitsOther Postretirement Benefits
 December 31, 2024December 31, 2023December 31, 2022December 31, 2024December 31, 2023December 31, 2022
Benefit Obligations:
Discount rate5.7 %5.2 %5.6 %5.6 %5.2 %5.6 %
Rate of compensation increase3.0 %3.0 %3.0 %n/an/an/a
Net Periodic Benefit Cost:
Discount rate5.2 %5.6 %3.0 %5.2 %5.6 %3.4 %
Rate of compensation increase3.0 %3.0 %3.0 %n/an/an/a
Expected return on plan assets4.0 %4.3 %4.0 %n/an/an/a
In evaluating the expected return on plan assets, consideration was given to historical long-term rates of return on plan assets and input from the Company’s pension fund consultant on asset class return expectations, fair value of plan assets, long-term inflation and current market conditions. The following table presents the Company’s target investment allocations for the year ended December 31, 2024 and actual investment allocations at December 31, 2024 and December 31, 2023.
 Plan Assets
 December 31, 2024December 31, 2023
 Investment
Policy (1)		Target
Allocation (2)		Actual
Allocation		Actual
Allocation
Equity securities0%-30%10%10%30%
Debt securities (including cash and cash equivalents)70%-100%90%90%70%
______________________
(1)The investment policy allocation represents the guidelines of the Company's pension plans based on the changes in the plans funded status.
(2)The target allocations represent the weighted average target allocations for the Company's U.S. pension plan.

The Company's defined benefit pension utilizes a dynamic liability driven investment ("LDI") strategy. The objective is to more closely align the pension plan assets with its liabilities in terms of how both respond to interest rate changes. The plan assets are allocated into two investment categories: (i) LDI, comprised of high quality, investment grade fixed income securities and (ii) return seeking, comprised of traditional securities and alternative asset classes. All assets are managed externally according to guidelines established individually with investment managers and the Company's investment consultant. The Company periodically undertakes asset and liability modeling studies to determine the appropriateness of the investments. The Company intends to continuously reduce the assets allocated to the return seeking category, thereby increasing the assets allocated to the LDI category based on the overall improvement in the plan funded status. No equity securities of the Company are held in the portfolio.
The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at December 31, 2024 and December 31, 2023, by asset category are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 12, Fair Value Measurements.
 December 31, 2024
 Quoted Prices in
Active  Market
(Level 1)		Significant Other
Observable  Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Assets Measured at Net Asset Value
(1)		Total
Cash and cash equivalents$4.2 $— $— $— $4.2 
Investment funds
   Fixed income funds (2) — — — 178.3 178.3 
   U.S. equity funds (3)3.0 — — 9.4 12.4 
   International equity funds (3)— — — 5.7 5.7 
   Balanced funds (3)— — — 2.4 2.4 
Total$7.2 $— $— $195.8 $203.0 
 December 31, 2023
 Quoted Prices in
Active  Market
(Level 1)		Significant Other
Observable  Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Assets Measured at Net Asset Value
(1)		Total
Cash and cash equivalents$14.9 $— $— $— $14.9 
Investment funds
   Fixed income funds (2) — — — 123.5 123.5 
   U.S. equity funds (3)9.3 — — 28.8 38.1 
   International equity funds (3)— — — 16.4 16.4 
   Balanced funds (3)— — — 2.3 2.3 
Total$24.2 $— $— $171.0 $195.2 
______________________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
(2)The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.
(3)The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.

Expected benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter are as follows (in millions):
Years Ending December 31:Pension
Benefits		Other
Postretirement
Benefits
2025$19.7 $0.9 
202619.3 0.9 
202719.0 0.8 
202818.7 0.8 
202918.4 0.8 
2030 - 203483.8 2.9 
Pension Plans That Are Not Fully Funded
At December 31, 2024, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $210.6 million, $209.2 million, and $203.0 million, respectively.
At December 31, 2023, the projected benefit obligation, accumulated benefit obligation and fair value of plan assets for the pension plans with accumulated benefit obligations in excess of the fair value of plan assets were $224.0 million, $219.0 million and $195.2 million, respectively.
Other Postretirement Benefits
The other postretirement benefit obligation was determined using an assumed health care cost trend rate of 7.0% in 2024 grading down to 5.0% in 2033 and thereafter. The discount rate and health care cost trend rate assumptions are determined as of the measurement date.
Defined Contribution Savings Plans
The Company sponsors certain defined-contribution savings plans for eligible employees. Expense recognized related to these plans was $5.6 million, $4.5 million and $5.9 million during the years ended December 31, 2024, 2023, and 2022, respectively, primarily related to the Company matching contributions. During the year ended December 31, 2024, the Company utilized 137,031 shares of its common stock with a weighted average fair value of $33.71 per share in funding the cost associated with the Company matching contributions. During the year ended December 31, 2023, the Company utilized 201,053 shares of its common stock with a weighted average fair value of $25.06 per share in funding the cost associated with the Company matching contributions.
Deferred Compensation Plan
The Company has a nonqualified deferred compensation plan for certain executives and other highly compensated employees. Assets are invested primarily in mutual funds and corporate-owned life insurance contracts held in a Rabbi trust and restricted for payments to participants of the plan. The assets are classified in Other assets on the consolidated balance sheets. The short-term liabilities and long-term liabilities are classified in Compensation and benefits and Other liabilities, respectively, on the consolidated balance sheets. Changes in the values of the assets held by the rabbi trust and changes in the value of the deferred compensation liabilities are recorded in Other income (expense), net in the consolidated statements of operations.
The fair values of the Company’s deferred compensation plan assets and liability are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 12, Fair Value Measurements.
Fair Value as of December 31, 2024
Quoted Prices in
Active Market
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total
Deferred compensation plan assets:    
Mutual funds (1)$1.2 $— $— $1.2 
Corporate-owned life insurance policies (2)— 15.1 — 15.1 
Total assets at fair value$1.2 $15.1 $— $16.3 
     
Deferred compensation liability at fair value (3):$18.9 $— $— $18.9 
Fair Value as of December 31, 2023
Quoted Prices in
Active Market
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total
Deferred compensation plan assets:    
Mutual funds (1)$0.1 $— $— $0.1 
Corporate-owned life insurance policies (2)— 13.2 — 13.2 
Total assets at fair value$0.1 $13.2 $— $13.3 
 
Deferred compensation liability at fair value (3):$14.7 $— $— $14.7 
______________________
(1)The Company has elected to use the fair value option for the mutual funds to better align the measurement of the assets with the measurement of the liability, which are measured using quoted prices of identical instruments in active markets and are categorized as Level 1.
(2)The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds, and are categorized as Level 2.
(3)The deferred compensation liability is measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants.
v3.25.0.1
Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes consists of amounts for taxes currently payable, amounts for tax items deferred to future periods; as well as adjustments relating to the Company’s determination of uncertain tax positions, including interest and penalties. The Company recognizes deferred tax assets and liabilities based on the future tax consequences attributable to tax net operating loss (“NOL”) carryforwards, capital loss carryforwards, tax credit carryforwards and differences between the financial statement carrying amounts and the tax bases of applicable assets and liabilities. Deferred tax assets are regularly reviewed for recoverability and valuation allowances are established based on historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences. As a result of this review, the Company established a full valuation allowance against U.S. federal and state capital loss carryforwards, as well as certain foreign NOL carryforwards and related deferred tax assets, and continues to maintain a partial valuation allowance against certain U.S. state NOL and tax credit carryforwards.
In October 2021, more than 130 countries agreed to implement Pillar 2, a plan introduced by the Organization for Economic Co-operation and Development (“OECD”) providing for a global minimum tax rate of 15% (calculated on a country-by-country basis) for those companies having consolidated revenue of at least €750 million. The implementation of the Pillar 2 global minimum tax rules has begun to apply for tax years beginning in 2024. The main purpose of such rules is to minimize tax base erosion and profit shifting from higher tax jurisdictions to lower tax jurisdictions by multi-national companies. On February 1, 2023, the Financial Accounting Standards Board (“FASB”) indicated that they view the minimum tax (“Top-Up Tax”) imposed under Pillar 2 as an alternative minimum tax, and as such, it should be recognized in the period incurred versus recognizing or adjusting deferred tax assets and liabilities. On February 2, 2023, the OECD issued various administrative guidance including transitional safe harbor rules available in conjunction with the implementation of the Pillar 2 global minimum tax. Based upon the current OECD rules and administrative guidance, as well as the related legislation of those countries which has been enacted to date, the Company does not anticipate being subject to material Top-Up Taxes. The
Company is continuing to monitor the potential impact of the Pillar 2 proposals and developments on our consolidated financial statements and related disclosures, including eligibility for any transitional safe harbor rules.
Income Tax Provision
The components of the provision for income taxes are as follows (in millions):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
Current:
United States$48.4 $36.4 $16.7 
Non-United States5.3 4.6 1.8 
State and local7.7 7.6 5.4 
Total current61.4 48.6 23.9 
Deferred:
United States(12.9)(7.5)3.4 
Non-United States0.2 1.3 0.7 
State and local(0.6)0.2 (1.2)
Total deferred(13.3)(6.0)2.9 
Provision for income taxes$48.1 $42.6 $26.8 
    
The provision for income taxes differs from the United States statutory income tax rate due to the following items (in millions):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
Provision for income taxes at U.S. federal statutory income tax rate$43.5 $30.8 $17.6 
State and local income taxes, net of federal benefit6.4 5.2 3.4 
Net effects of foreign rate differential0.9 0.9 0.5 
Net effects of foreign operations— 0.1 — 
Nondeductible acquisition costs— (1.3)4.2 
Unrecognized tax benefits, net of federal benefit(2.9)0.5 0.2 
Excess tax benefits related to equity compensation(4.6)(1.7)(1.2)
§162(m) compensation limitation5.4 6.2 3.3 
Nondeductible loss on divestiture of asbestos liabilities and certain assets— 2.0 — 
Net changes in valuation allowance(0.2)0.5 (0.8)
Other(0.4)(0.6)(0.4)
Provision for income taxes $48.1 $42.6 $26.8 
The provision for income taxes was calculated based upon the following components of income from continuing operations before income taxes (in millions):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
United States$185.0 $127.6 $74.5 
Non-United States22.0 19.2 9.3 
Income before income taxes$207.0 $146.8 $83.8 
Deferred Income Tax Assets and Liabilities
Deferred income taxes consist of the tax effects of the following temporary differences (in millions):
December 31, 2024December 31, 2023
Deferred tax assets:
Compensation and retirement benefits$19.4 $24.5 
General accruals and reserves12.7 11.3 
Lease liabilities19.3 17.2 
State tax net operating loss and credit carryforwards10.3 13.4 
Federal and state capital loss carryforwards0.4 0.5 
Foreign net operating loss carryforwards0.9 1.0 
Other2.4 2.8 
Total deferred tax assets before valuation allowance65.4 70.7 
Valuation allowance(9.0)(12.0)
Total deferred tax assets56.4 58.7 
Deferred tax liabilities:
Property, plant and equipment19.8 23.4 
Lease ROU assets17.7 16.6 
Inventories15.3 17.0 
Intangible assets and goodwill197.2 208.4 
Total deferred tax liabilities250.0 265.4 
Net deferred tax assets (liabilities)$(193.6)$(206.7)
Net amount on Consolidated Balance Sheets consists of:
Other assets$2.9 $3.3 
Deferred income taxes(196.5)(210.0)
Net long-term deferred tax assets (liabilities)$(193.6)$(206.7)
Management has reviewed the deferred tax assets and has analyzed the uncertainty with respect to ultimately realizing the related tax benefits associated with such assets. Based upon this analysis, management has determined that a valuation allowance should be established for the federal and state capital loss carryforwards, certain foreign NOL carryforwards and related deferred tax assets, as well as certain state NOL and tax credit carryforwards as of December 31, 2024. Significant factors considered by management in this determination included the historical operating results of the Company, as well as anticipated reversals of future taxable temporary differences. Capital losses may generally only be used to offset available capital gains. Federal capital losses are allowed to be carried back three years and carried forward for five. The Company does not have any capital gains in the carryback period with which to offset any portion of the capital loss. States generally follow federal law with respect to capital losses; however, for those that do have a modification, such modification (in most cases) is to deny any carryback period. The carryforward periods for the state NOLs range from five to twenty years. The state credit carryforwards expire over a period of 15 years. The foreign NOL carryforwards are subject to a twenty-year expiration period.
At December 31, 2024, the Company had approximately $171.2 million of state NOL carryforwards, expiring over various years ending through December 31, 2033. The Company has a tax effected valuation allowance of $6.1 million recorded against the related deferred tax asset. In addition, at December 31, 2024, the Company had approximately $3.4 million of foreign NOL carryforwards, of which there is a recorded tax effected valuation allowance of $0.9 million. The majority of the decrease in the deferred tax asset relating to state net operating loss and credit carryforwards is the result of certain state net operating losses expiring unutilized. These expiring state net operating losses were effectively written off against the full valuation allowance previously recorded by the Company. As such, the majority of the decrease in the valuation allowance was the result of this write-off.
No provision has been made for U.S. federal income taxes related to approximately $41.5 million of undistributed earnings of foreign subsidiaries considered to be permanently reinvested. No additional income tax liability would be expected to result if such earnings were repatriated to the U.S., other than potential out-of-pocket withholding taxes of approximately $2.2 million.
The Company’s total receivable for net accrued income taxes as of December 31, 2024 and 2023 was $17.3 million and $13.5 million, respectively. This net amount is presented in the consolidated balance sheets as income taxes payable (separately disclosed in other current liabilities) of $2.3 million and $3.5 million as of December 31, 2024 and 2023, respectively; and as income taxes receivable in the consolidated balance sheets of $19.6 million and $17.0 million as of
December 31, 2024 and 2023, respectively. Net cash paid for income taxes to governmental tax authorities for the years ended December 31, 2024, 2023, and 2022 was $68.1 million, $45.7 million and $3.1 million, respectively.
Liability for Unrecognized Tax Benefits
The Company's total liability for net unrecognized tax benefits as of December 31, 2024 and 2023 was $1.8 million and $5.6 million, respectively.
The following table represents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2024 and 2023 (in millions):
Year Ended
December 31, 2024December 31, 2023
Balance at beginning of period$5.1 $5.4 
Additions based on tax positions related to the current year0.1 0.1 
Additions for tax positions of prior years— 0.1 
Reductions for tax positions of prior years(0.1)— 
Reductions due to lapse of applicable statute of limitations(3.4)(0.5)
Balance at end of period$1.7 $5.1 
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. As of December 31, 2024 and 2023, the total amount of unrecognized tax benefits includes $0.5 million and $1.1 million of gross accrued interest and penalties, respectively. The amount of net interest and penalties recorded as income tax (benefit) expense during the years ended December 31, 2024, 2023, and 2022 was $(0.4) million, $0.4 million, and $0.2 million, respectively.
The Company conducts business in multiple locations within and outside the U.S. Consequently, the Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. In accordance with the Spin-Off Transaction, the Company is required to indemnify Regal Rexnord Corporation for any future income tax liabilities associated with PMC entities relating to all open tax years ending prior to, and including, the short period ended on the date of the Spin-Off. Regal Rexnord Corporation was recently notified by the Netherlands tax authorities of their intention to conduct an income tax examination of certain PMC Netherland entities’ corporate income tax returns for the tax year ended December 31, 2021. It appears reasonably possible that the amounts of unrecognized income tax benefits and indemnification liabilities could change in the next twelve months upon conclusion of the current ongoing examinations; however, any potential payments of income tax, interest and penalties are not expected to be significant to the Company's consolidated financial statements. With certain exceptions, the Company is no longer subject to U.S. federal income tax examinations for tax years ending prior to December 31, 2020, state and local income tax examinations for years ending prior to March 31, 2020 or significant foreign income tax examinations for years ending prior to March 31, 2019.
v3.25.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Contingencies:
The Company's subsidiaries are involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, intellectual property claims and environmental matters. The Company establishes accruals in a manner that is consistent with accounting principles generally accepted in the United States for costs associated with such matters when liability is probable and those costs are capable of being reasonably estimated. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss or recovery, based upon current information, management believes the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on the financial position, results of operations or cash flows of the Company.
On December 15, 2023, Zurn Holdings, Inc. sold all of the equity interests of its direct subsidiary Zurn Industries, together with Zurn Industries’ direct and indirect subsidiaries that primarily held asbestos liabilities, certain assets and cash, in a stock sale transaction to an unaffiliated buyer. In accordance with the terms of the stock sale agreement, a subsidiary of the Company will indemnify the buyer for breaches of representations or warranties, breaches of covenants, and certain other liabilities as long as such liabilities are entirely unrelated to asbestos liabilities or assets. In addition, the buyer will indemnify the Company and its affiliates for breaches of representations or warranties, breaches of covenants, liabilities related to the operation of Zurn Industries’ and buyer’s operations post-closing and all claims arising out of asbestos liabilities and related insurance coverage.
As a result of the transaction, all asbestos obligations and liabilities, related insurance assets and associated deferred taxes, and other assets sold to the buyer, have been removed from the Company’s consolidated balance sheet effective December 15, 2023 and the Company no longer has any obligation with respect to pending and future asbestos claims related to
the divested entities. As such, the divested entities have been deconsolidated from our 2023 financial results as the Company no longer owns or controls such entities. Therefore, for the period ending December 31, 2023, all asbestos obligations and liabilities, related insurance assets and associated deferred taxes, and other assets of the divested subsidiaries are no longer reported on the consolidated balance sheet. The Company recorded a loss on the divestiture of asbestos liabilities and certain assets of $11.4 million in the fourth quarter of 2023, including transaction expenses of $2.1 million.
Prior to the stock sale transaction, certain Company subsidiaries were subject to asbestos litigation. As of December 31, 2022, certain Company subsidiaries and numerous other unrelated companies were defendants in approximately 6,000 asbestos related lawsuits representing approximately 7,000 claims. Plaintiffs' claims alleged personal injuries caused by exposure to asbestos used primarily in industrial boilers formerly manufactured by a segment of Zurn Elkay's subsidiaries. Those subsidiaries did not manufacture asbestos or asbestos components. Instead, they were purchased from suppliers. These claims were handled pursuant to a defense strategy funded by insurers.
In prior years, the asbestos liability was developed based on actuarial studies and represented the projected indemnity payout for current and future claims. There were inherent uncertainties involved in estimating the number of future asbestos claims, future settlement costs, and the effectiveness of defense strategies and settlement initiatives. As of December 31, 2022, the estimated potential liability for the asbestos-related claims described above, as well as the claims expected to be filed in the next ten years, was approximately $79.0 million which was recorded in the reserve for asbestos claims within the consolidated balance sheets.
In prior years, the Company also recorded a receivable from its insurance carriers, which corresponded to the amount of this potential asbestos liability that was covered by available insurance and was determined to be probable of recovery. However, there was no assurance the Company's insurance coverage would ultimately be available or that this asbestos liability would not ultimately exceed the coverage limits. Factors that could cause a decrease in the amount of available coverage or create gaps in coverage include: changes in law governing the policies, potential disputes and settlements with the carriers regarding the scope of coverage, and insolvencies of one or more of the Company's carriers. As of December 31, 2022, management estimated that the available insurance to cover the ten-year estimated potential asbestos-related liabilities was $72.1 million. During the year ended December 31, 2022, the Company recorded $6.9 million for the amount that the estimated potential liability exceeded a gap in the Company's estimated available insurance coverage. This expense was recorded in other income (expense), net within the consolidated statements of operations.
v3.25.0.1
Common Stock Repurchases
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Common Stock Repurchases Common Stock Repurchases
During fiscal 2015, the Company's Board of Directors approved a common stock repurchase program (the "Repurchase Program") authorizing the repurchase of up to $200.0 million of the Company's common stock from time to time on the open market or in privately negotiated transactions. On January 27, 2020, the Company's Board of Directors approved increasing the remaining share repurchase authority under the Repurchase Program to $300.0 million. On February 8, 2023, the Company's Board of Directors approved increasing the remaining share repurchase authority under the Repurchase Program to $500.0 million. The Repurchase Program does not require the Company to acquire any particular amount of common stock and does not specify the timing of purchases or the prices to be paid; however, the program will continue until the maximum amount of dollars authorized have been expended or until it is modified or terminated by the Board. During the year ended December 31, 2024, the Company repurchased 4.7 million shares of common stock at a total cost of $150.2 million at an average price of $31.81 per share. During the year ended December 31, 2023, the Company repurchased 5.3 million shares of common stock at a total cost of $125.0 million at an average price of $23.66 per share. During the year ended December 31, 2022, the Company repurchased 1.1 million shares of common stock at a total cost of $24.7 million at an average price of $23.00 per share. The repurchased shares were canceled by the Company upon receipt. At December 31, 2024, a total of approximately $240.2 million of repurchase authority remained under the Repurchase Program.
v3.25.0.1
Business Segment, Geographic and Customer Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Business Segment, Geographic and Customer Information Business Segment, Geographic and Customer Information
The Company is a pure-play water management business that designs, procures, manufactures and markets what the Company believes to be the broadest sustainable product portfolio of specification-driven water management solutions to improve health, hydration, human safety and the environment. The Company’s product portfolio includes professional grade water safety and control products, flow systems products, hygienic and environmental products and filtered drinking water products. Revenue is primarily generated in the United States and the Company manages and evaluates its operations on a consolidated basis as one operating and reporting segment due to similarities of its products, processes, customer base and methods of distribution. The Company’s accounting policies are described in Note 2, Significant Accounting Policies.
The Company’s Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM assesses the Company’s performance and makes capital allocation decisions based on Net income from continuing operations as reported in the consolidated statement of operations. This metric is used to monitor forecasted to actual and budgeted results and
benchmarking to our peers. The following table includes segment revenue, significant expense items and segment profit as viewed by the CODM for the years ended December 31, 2024, 2023 and 2022:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Net sales$1,566.5 $1,530.5 $1,281.8 
Less:
Cost of sales859.5 882.4 816.3 
Selling, general and administrative expenses389.8 371.3 309.0 
Other segment items (1)158.3 172.6 99.5 
Segment profit (Net income from continuing operations)$158.9 $104.2 $57.0 
______________________
(1)Other segment items include restructuring and other similar charges, amortization of intangible assets, interest expense, net, actuarial gain on pension and other postretirement benefit obligations, other expense, net, provision for income taxes, and other non-recurring charges.
Segment net sales, amortization, interest expense, net, income before income taxes and income tax expense are included on the consolidated statement of operations. Segment assets are included on the consolidated balance sheet and segment depreciation, stock-based compensation expense, non-cash restructuring charges, and expenditures for plant, property and equipment are included on the consolidated statement of cash flows. Interest income for the years ended December 31, 2024, 2023, and 2022 was $7.8 million, $4.9 million, and $0.5 million, respectively.
Net sales to third parties and long-lived assets by geographic region are as follows (in millions):
 Net SalesLong-lived Assets
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022December 31, 2024December 31, 2023December 31, 2022
United States$1,394.8 $1,368.8 $1,135.3 $148.0 $160.6 $165.9 
Canada145.8 133.8 131.1 10.2 11.7 12.0 
Rest of World25.9 27.9 15.4 5.8 8.0 5.9 
$1,566.5 $1,530.5 $1,281.8 $164.0 $180.3 $183.8 
Net sales to third parties are attributed to the geographic regions based on the country in which the shipment originates. Amounts attributed to the geographic regions for long-lived assets are based on the location of the entity that holds such assets. Long-lived assets include property, plant and equipment, net which includes finance lease ROU assets and excludes net intangible assets and goodwill.
The Company’s largest customer accounted for 19%, 20% and 22% of consolidated net sales for the years ended December 31, 2024, 2023, and 2022, respectively. No other customers account for more than 10% of consolidated net sales for the years ended December 31, 2024, 2023, or 2022.
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Dividends
On January 30, 2025, the Company's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.09 per share to be paid on March 7, 2025, to stockholders of record as of February 20, 2025.
Pension Plan Termination
On January 30, 2025, subsequent to the end of the fiscal year, the Company's Board of Directors approved a resolution to terminate the Company's defined benefit pension plan. During the first quarter of fiscal year 2025, the Company commenced the plan termination process and expects to complete the termination during 2025. The termination of the plan will follow an amendment to freeze the plan, pursuant to which all future benefit accruals, including compensation increases, will be frozen effective March 31, 2025.
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
Schedule II – Valuation and Qualifying Accounts
(in Millions)
  Additions  
DescriptionBalance at
Beginning
of Year		Charged to
Costs and
Expenses		Charged
to Other
Accounts		Deductions
(1)		Balance at
End of
Year
Year Ended December 31, 2022
Valuation allowance for trade and notes receivable1.2 1.0 — (0.8)1.4 
Valuation allowance for income taxes35.1 0.1 0.3 (3.3)32.2 
Year Ended December 31, 2023
Valuation allowance for trade and notes receivable1.4 2.3 — (0.6)3.1 
Valuation allowance for income taxes32.2 0.5 — (20.7)12.0 
Year Ended December 31, 2024
Valuation allowance for trade and notes receivable3.1 (0.1)— (1.2)1.8 
Valuation allowance for income taxes12.0 — — (3.0)9.0 
______________________
 (1)     Uncollectible amounts, dispositions charged against the accrual and write-off of expiring tax loss carryforwards.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 160.2 $ 112.7 $ 61.7
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Timothy J Jahnke [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement   Timothy J. Jahnke, Director, adopted a new written trading plan on December 6, 2024. The plan's maximum duration is until April 1, 2026. The first trade will not occur until April 1, 2025, at the earliest. The trading plan is intended to permit Mr. Jahnke to sell 60,000 of his shares held.
Name Timothy J. Jahnke  
Title Director  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 6, 2024  
Expiration Date April 1, 2026  
Arrangement Duration 365 days  
Aggregate Available 60,000 60,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Zurn Elkay’s management and Board recognize the importance of robust oversight of cybersecurity risk, information security, and technology risk in maintaining the trust and confidence of our customers, partners, employees, and stockholders. The Audit Committee, on behalf of the Board, oversees the Company’s material financial and other risk exposures, including risks related to cybersecurity. Our Board has extensive cybersecurity experience, including two members of the Audit Committee who have received a certificate in cybersecurity oversight from the Carnegie Mellon University Software Engineering Institute. Cybersecurity risk also is monitored, assessed and managed as part of the Company’s integrated Enterprise Risk Management program. A cybersecurity governance council, comprised of executive leaders, including the two members of the Audit Committee with cybersecurity experience, meets at least quarterly to review the Company’s cybersecurity program and its effectiveness. This cybersecurity governance council receives updates and reports from the Company’s global cybersecurity team (discussed below) on the cybersecurity program and its effectiveness relating to the prevention, detection, mitigation and remediation of cybersecurity incidents. The Chief Information Officer (CIO) provides periodic updates to the Audit Committee on any material initiatives and key updates on the cybersecurity program and its effectiveness, including any material threats. The CIO also provides an annual update regarding information security to the full Board. The CIO has more than 36 years of information technology experience, including approximately 18 years serving as a CIO.
To assess, identify and manage material risks from cybersecurity threats and to prevent, detect and respond to cybersecurity threats, including threats associated with the use of third-party service providers, the Company has a robust cybersecurity program. The Company’s global cybersecurity team, overseen by the CIO, implements policies and procedures and uses a balanced approach to validate the effectiveness of the program, leveraging third party expert security resources, information technology resources, executive business leadership, internal and external audit, third-party vendors and other IT and business partners. The program uses a combination of standards and best practices from the National Institute of Standards and Technology, Center of Internet Security, third-party vendor partners, and other industry forums. Annually, the program is assessed both internally and externally, including a thorough industry benchmarking, maturity assessments, best practice reviews, and risk assessments, with control validation occurring monthly internally (focused on core critical controls), quarterly (focused on vulnerabilities/cyber-incident simulations) and annually (focused on a review of best practices) via third-party vendors and partners, and annually via external third parties, including the conduct of internal/external penetration tests and tabletop exercises. Third-party service providers are assessed initially based on security questionnaires and the access of third-party service providers is audited annually and/or with any change in circumstances. Third-party service providers are also monitored through a combination of security information and event management technology and managed detection response services. The CIO provides key results and findings from these assessments to the cybersecurity governance council and Audit
Committee. The Company has a robust incident response plan intended to help provide timely remediation to cybersecurity incidents and also to help provide notice of any material incidents to the appropriate internal and external entities.
To help associates acquire the knowledge to support the protection of our environment, the Company provides comprehensive annual security awareness training, periodic information updates, and regular testing/training programs. In addition, the Company annually purchases a cybersecurity insurance policy.
The Company depends heavily on information technology infrastructure to manage our business objectives and operations, support our customers’ requirements and protect sensitive information. To date, the Company has not experienced a cybersecurity threat or cybersecurity incident that has materially affected the Company, including our business strategy, results of operations or financial condition. While the Company has a robust cybersecurity program in place and has taken steps to maintain and enhance its cybersecurity, a material security breach could impede the Company’s ability to carry on business in the normal course.
As we have previously described in Item 1A, Risk Factors, there have been significant and increasing instances of data and security breaches, malicious interference with technology systems and industrial espionage involving companies in numerous industries, including cloud providers, and cybersecurity threats are becoming more complex. In addition, at times a large percentage of our workforce may be working remotely, which may heighten these risks. While we have taken steps to maintain and enhance our cybersecurity by implementing additional security technologies, internal controls, network and data center resiliency, redundancy and disaster recovery processes and backup systems, upgrading our remote work environment and by obtaining insurance coverage, these measures may be inadequate and our technology systems could be vulnerable to disability, failures, or unauthorized access. As a result, any inability by us to successfully manage our information systems, or respond effectively to any attack on or interference with our systems, including matters related to system and data security, privacy, reliability, compliance, performance and access, problems related to our systems caused by natural disasters, security breaches or malicious attacks, misuse of artificial intelligence tools, and any inability of these systems to fulfill their intended business purpose, could impede our ability to record or process orders, manufacture and ship in a timely manner, account for and collect receivables, protect sensitive data of the Company, our customers, our employees, our suppliers and other business partners, comply with our third party obligations of confidentiality and care, or otherwise carry on business in the normal course. Any such events could require costly remediation beyond levels covered by insurance and could cause us to lose customers and/or revenue, including as a result of legal or regulatory claims or proceedings, or damage our reputation, any of which could have a material adverse effect on our business and operating results. We are also subject to an increasing number of evolving data privacy and security laws and regulations that impose requirements on us. We collect, store, access and otherwise process various types of confidential or sensitive data, including proprietary business information, personal data and other information that is subject to privacy and security laws, regulations and/or customer-imposed controls. Failure to comply with such laws and regulations could result in the imposition of fines, penalties and other costs.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Cybersecurity risk also is monitored, assessed and managed as part of the Company’s integrated Enterprise Risk Management program.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block] The Audit Committee, on behalf of the Board, oversees the Company’s material financial and other risk exposures, including risks related to cybersecurity. Our Board has extensive cybersecurity experience, including two members of the Audit Committee who have received a certificate in cybersecurity oversight from the Carnegie Mellon University Software Engineering Institute.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] A cybersecurity governance council, comprised of executive leaders, including the two members of the Audit Committee with cybersecurity experience, meets at least quarterly to review the Company’s cybersecurity program and its effectiveness. This cybersecurity governance council receives updates and reports from the Company’s global cybersecurity team (discussed below) on the cybersecurity program and its effectiveness relating to the prevention, detection, mitigation and remediation of cybersecurity incidents. The Chief Information Officer (CIO) provides periodic updates to the Audit Committee on any material initiatives and key updates on the cybersecurity program and its effectiveness, including any material threats. The CIO also provides an annual update regarding information security to the full Board.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] A cybersecurity governance council, comprised of executive leaders, including the two members of the Audit Committee with cybersecurity experience, meets at least quarterly to review the Company’s cybersecurity program and its effectiveness. This cybersecurity governance council receives updates and reports from the Company’s global cybersecurity team (discussed below) on the cybersecurity program and its effectiveness relating to the prevention, detection, mitigation and remediation of cybersecurity incidents. The Chief Information Officer (CIO) provides periodic updates to the Audit Committee on any material initiatives and key updates on the cybersecurity program and its effectiveness, including any material threats. The CIO also provides an annual update regarding information security to the full Board
Cybersecurity Risk Role of Management [Text Block] A cybersecurity governance council, comprised of executive leaders, including the two members of the Audit Committee with cybersecurity experience, meets at least quarterly to review the Company’s cybersecurity program and its effectiveness. This cybersecurity governance council receives updates and reports from the Company’s global cybersecurity team (discussed below) on the cybersecurity program and its effectiveness relating to the prevention, detection, mitigation and remediation of cybersecurity incidents. The Chief Information Officer (CIO) provides periodic updates to the Audit Committee on any material initiatives and key updates on the cybersecurity program and its effectiveness, including any material threats. The CIO also provides an annual update regarding information security to the full Board. The CIO has more than 36 years of information technology experience, including approximately 18 years serving as a CIO.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] A cybersecurity governance council, comprised of executive leaders, including the two members of the Audit Committee with cybersecurity experience, meets at least quarterly to review the Company’s cybersecurity program and its effectiveness. This cybersecurity governance council receives updates and reports from the Company’s global cybersecurity team (discussed below) on the cybersecurity program and its effectiveness relating to the prevention, detection, mitigation and remediation of cybersecurity incidents. The Chief Information Officer (CIO) provides periodic updates to the Audit Committee on any material initiatives and key updates on the cybersecurity program and its effectiveness, including any material threats. The CIO also provides an annual update regarding information security to the full Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CIO has more than 36 years of information technology experience, including approximately 18 years serving as a CIO.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] Zurn Elkay’s management and Board recognize the importance of robust oversight of cybersecurity risk, information security, and technology risk in maintaining the trust and confidence of our customers, partners, employees, and stockholders. The Audit Committee, on behalf of the Board, oversees the Company’s material financial and other risk exposures, including risks related to cybersecurity. Our Board has extensive cybersecurity experience, including two members of the Audit Committee who have received a certificate in cybersecurity oversight from the Carnegie Mellon University Software Engineering Institute. Cybersecurity risk also is monitored, assessed and managed as part of the Company’s integrated Enterprise Risk Management program. A cybersecurity governance council, comprised of executive leaders, including the two members of the Audit Committee with cybersecurity experience, meets at least quarterly to review the Company’s cybersecurity program and its effectiveness. This cybersecurity governance council receives updates and reports from the Company’s global cybersecurity team (discussed below) on the cybersecurity program and its effectiveness relating to the prevention, detection, mitigation and remediation of cybersecurity incidents. The Chief Information Officer (CIO) provides periodic updates to the Audit Committee on any material initiatives and key updates on the cybersecurity program and its effectiveness, including any material threats. The CIO also provides an annual update regarding information security to the full Board. The CIO has more than 36 years of information technology experience, including approximately 18 years serving as a CIO.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Use of Estimates
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Leases
Leases
The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement and determines whether it is an operating or financing lease. Operating and financing leases result in the Company recording a right-of-use ("ROU") asset, current lease liability, and long-term lease liability on its balance sheet. Lease expense for operating leases and amortization expense for finance leases is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet and are instead recognized on a straight-line basis over the lease term.
Stock-Based Compensation
Stock-Based Compensation
The Company accounts for stock-based compensation in accordance with ASC 718, Accounting for Stock Compensation ("ASC 718"). ASC 718 requires compensation costs related to stock-based payment transactions to be recognized in the financial statements. Generally, compensation cost is measured based on the grant-date fair value of the equity instruments issued. Compensation cost is recognized over the requisite service period, generally as the awards vest.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all highly liquid investments with a maturity of three months or less to be cash and cash equivalents.
Receivables
Receivables
Receivables are stated net of allowances for doubtful accounts of $1.8 million at December 31, 2024, and $3.1 million at December 31, 2023. The Company assesses the collectability of customer receivables based on the credit worthiness 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. Generally, advance payment is not required. Allowances for doubtful accounts established are recorded within selling, general and administrative expenses within the consolidated statements of operations.
Inventories
Inventories
Inventories are comprised of material, direct labor and manufacturing overhead, and are stated at the lower of cost or market. Market is determined based on estimated net realizable values. The percentage of the Company’s total inventories valued using the "last-in, first-out" (LIFO) method was 94% and 92% at December 31, 2024 and 2023, respectively. All remaining inventories are valued using the "first-in, first-out" (FIFO) method.
In some cases, the Company has determined a certain portion of inventories are excess or obsolete. In those cases, the Company writes down the value of those inventories to their net realizable value based upon assumptions about future demand and market conditions. If actual market conditions are less favorable than those projected by management, adjustments to established inventory reserves may be required.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are initially stated at cost. Depreciation is provided using the straight-line method over 10 to 30 years for buildings and improvements, 5 to 10 years for machinery and equipment and 3 to 5 years for computer hardware and software. Where appropriate, the depreciable lives of certain assets may be adjusted to reflect a change in the use of those assets, or depreciation may be accelerated in the case of an eventual asset disposal.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Intangible assets consist of acquired trademarks and tradenames, customer relationships (including distribution network) and patents. The customer relationships, patents, and certain tradenames are being amortized using the straight-line method over their estimated useful lives of 7 to 20 years, 3 to 10 years and 5 to 20 years, respectively. Where appropriate, the lives of certain intangible assets may be adjusted to reflect a change in the use of those assets, or amortization may be accelerated in the case of a known intangible asset discontinuation.
Goodwill, trademarks and certain tradenames have indefinite lives and are not amortized. However, the goodwill and intangible assets are tested annually for impairment, and may be tested more frequently if any triggering events occur that would reduce the recoverability of the asset. In conducting the annual impairment test for goodwill, the Company has the option to first assess qualitative factors to determine whether it is more likely than not (greater than 50% likelihood) the fair value of any reporting unit is less than its carrying amount. If a qualitative assessment determines an impairment is more likely than not, the Company is required to perform a quantitative impairment test. Otherwise, no further analysis is required. Alternatively, the Company may elect to proceed directly to the quantitative impairment test. In conducting a quantitative assessment, the Company utilizes a discounted cash flow methodology based on future business projections and a market value approach (guideline public company comparables). The Company performs the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. If the carrying amount exceeds the fair value of the reporting unit, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit's fair value up to the amount of the recorded goodwill.
During the fourth quarter of the year ended December 31, 2024, the Company completed its annual goodwill and intangible asset impairment tests and elected to perform a qualitative assessment.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets
The carrying value of long-lived assets, including amortizable intangible assets and tangible fixed assets, are evaluated for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment of amortizable intangible assets and tangible fixed assets is generally determined by comparing projected undiscounted cash flows to be generated by the asset, or group of assets, to its carrying value. If impairment is identified, a loss is recorded equal to the excess of the asset's net book value over its fair value, and the cost basis is adjusted accordingly. During the years ended December 31, 2024 and December 31, 2023, the Company recognized $7.4 million and $2.5 million of fixed asset impairment charges, respectively. The Company recognized no impairment charges during the during the year ended December 31, 2022. Impairments are determined utilizing Level 3 inputs within the Fair Value hierarchy, and the Company reviews and considers input from outside specialists, when appropriate. Actual results could vary from these estimates.
Product Warranty Product WarrantyThe Company offers warranties on the sales of certain of its products and records an accrual for estimated future claims. Such accruals are based upon historical experience and management’s estimate of the level of future claims.
Income Taxes
Income Taxes
Deferred income taxes are provided for future tax effects attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses, tax credits and other applicable carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be actually paid or recovered. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of continuing operations in the period that includes the date of enactment.
The Company regularly reviews its deferred tax assets for recoverability and provides a valuation allowance against its deferred tax assets if, based upon consideration of all positive and negative evidence, the Company determines that it is more-likely-than-not that a portion or all of the deferred tax assets will ultimately not be realized in future tax periods. Such positive and negative evidence would include review of historical earnings and losses, anticipated future earnings, the time period over which the temporary differences and carryforwards are anticipated to reverse and implementation of feasible, prudent tax planning strategies.
The Company is subject to income taxes in the United States and multiple foreign jurisdictions. Significant judgment is required in determining the Company’s worldwide provision for income taxes and recording the related deferred tax assets and liabilities. In the ordinary course of the Company’s business, there is inherent uncertainty in quantifying the ultimate tax outcome of all the numerous transactions and required calculations relating to the Company’s tax positions. Accruals for unrecognized tax benefits are provided for in accordance with the requirements of ASC 740. An unrecognized tax benefit represents the difference between the recognition of benefits related to uncertain tax positions for income tax reporting purposes and financial reporting purposes. The Company has established a reserve for interest and penalties, as applicable, for uncertain tax positions and it is recorded as a component of the overall income tax provision.
The Company is subject to periodic income tax examinations by domestic and foreign income tax authorities. Although the outcome of income tax examinations is always uncertain, the Company believes that it has appropriate support for the positions taken on its income tax returns and has adequately provided for potential income tax assessments. Nonetheless, the amounts ultimately settled relating to issues raised by the taxing authorities may differ materially from the amounts accrued for each year.
Per Share Data
Per Share Data
Basic net income per share from continuing and discontinued operations is computed by dividing net income from continuing operations and income from discontinued operations, respectively, by the corresponding weighted average number of common shares outstanding for the period. Diluted net income per share from continuing and discontinued operations is computed based on the weighted average number of common shares outstanding, increased by the number of incremental shares that would have been outstanding if the potential dilutive shares were issued through the exercise of outstanding stock options to purchase common shares, except when the effect would be anti-dilutive.
Foreign Currency Translation
Foreign Currency Translation
Assets and liabilities of subsidiaries operating outside of the United States with a functional currency other than the U.S. dollar are translated into U.S. dollars using exchange rates at the end of the respective period. Revenues and expenses of such entities are translated at average exchange rates in effect during the respective period. Foreign currency translation adjustments are included as a component of accumulated other comprehensive loss.
Advertising Costs
Advertising Costs
Advertising costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred
Research, Development and Engineering Costs
Research, Development and Engineering Costs
Research, development and engineering costs are charged to selling, general and administrative expenses on the consolidated statements of operations as incurred
Concentrations of Credit Risk
Concentrations of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of cash and temporary investments and trade accounts receivable.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update 2023-09 “Income Taxes (Topic 470): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which establishes new income tax disclosures to consistently categorize and provide greater disaggregation of information in the rate reconciliation, including dollar value and percentage impacts of each component of the reconciliation, as well as further disaggregates income taxes paid. This guidance is effective for fiscal years beginning after December 15, 2024. The Company is evaluating the impact of the adoption of ASU 2023-09 on the consolidated financial statements.
In November 2024, the FASB issued Accounting Standards Update 2024-03 “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which is intended to improve disclosures about a public business entity's expenses, primarily through additional disaggregation of income statement expenses. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the impact of the adoption of ASU 2024-03 on the consolidated financial statements.
Revenue Recognition Revenue Recognition
A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized when obligations under the terms of a contract with the customer are satisfied. For the majority of the Company's product sales, revenue is recognized at a point-in-time when control of the product is transferred to the customer, which generally occurs when the product is shipped from the Company's manufacturing facility to the customer. When contracts include multiple products to be delivered to the customer, generally each product is separately priced and is determined to be distinct within the context of the contract. Other than a standard assurance-type warranty that the product will conform to agreed-upon specifications, there are generally no other significant post-shipment obligations. The expected costs associated with standard warranties continues to be recognized as an expense when the products are sold.
When the contract provides the customer the right to return eligible products or when the customer is part of a sales rebate program, the Company reduces revenue at the point of sale using current facts and historical experience by using an estimate for expected product returns and rebates associated with the transaction. The Company adjusts these estimates at the earlier of when the most likely amount of consideration that is expected to be received changes or when the consideration becomes fixed. Accordingly, an increase or decrease to revenue is recognized at that time.
Sales and other taxes collected concurrent with revenue-producing activities are excluded from revenue. The Company has elected to recognize the cost for freight and shipping when control of products has transferred to the customer as a component of cost of sales in the consolidated statements of operations. The Company classifies shipping and handling fees
billed to customers as net sales and the corresponding costs are classified as cost of sales in the consolidated statements of operations.
Revenue by Category
The Company designs, procures, manufactures, and markets a comprehensive portfolio of water management solutions. The Company disaggregates its sales by customer type and geographic location, which the Company believes best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows may be impacted differently by certain economic factors.
Contract Balances
For substantially all of the Company's product sales, the customer is billed 100% of the contract value when the product ships and payment is generally due 30 days from shipment. Certain contracts include longer payment periods; however, the Company has elected to utilize the practical expedient in which the Company will only recognize a financing component to the sale if payment is due more than one year from the date of shipment.
Billings are recorded as accounts receivable when an unconditional right to the contractual consideration exists. Contract assets arise when the Company performs by transferring goods or services to a customer before the customer pays consideration, or before the customer’s payment is due. A contract liability exists when the Company has received consideration or the amount is due from the customer in advance of revenue recognition.The Company utilizes the optional exemption provided by ASC 606-10-50-14A for variable consideration, and has not included estimated rebates in the amount of unsatisfied performance obligations.
Timing of Performance Obligations Satisfied at a Point in Time
The Company determined that the customer is able to control the product when it is delivered to them; thus, depending on the shipping terms, control will transfer at different points between the Company's manufacturing facility or warehouse and the customer’s location. The Company considers control to have transferred upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset and the customer has significant risks and rewards of ownership of the asset.
Variable Consideration
The Company provides volume-based rebates and the right to return product to certain customers, which are accrued for based on current facts and historical experience. Rebates are paid either on an annual or quarterly basis. There are no other significant variable consideration elements included in the Company's contracts with customers.
Contract Costs
The Company has elected to expense contract costs as incurred if the amortization period is expected to be one year or less. If the amortization period of these costs is expected to be greater than one year, the costs would be subject to capitalization.
v3.25.0.1
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Schedule of Product Warranty Liability The following table presents changes in the Company’s product warranty liability during each of the periods presented (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Balance at beginning of period$4.7 $4.2 $1.3 
Acquired obligations— — 3.5 
Charged to operations3.0 2.4 1.6 
Claims settled(2.8)(1.9)(2.2)
Balance at end of period$4.9 $4.7 $4.2 
Schedule of Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss, net of tax, for the years ended December 31, 2024, 2023, and 2022 are as follows (in millions):
Foreign Currency Translation and Other AdjustmentsPension and Other Postretirement PlansTotal
Balance at December 31, 2021$(70.9)$(4.0)$(74.9)
Other comprehensive (loss) income before reclassifications$(4.2)$4.1 $(0.1)
Balance at December 31, 2022$(75.1)$0.1 $(75.0)
Other comprehensive income before reclassifications$3.6 $3.7 $7.3 
Balance at December 31, 2023$(71.5)$3.8 $(67.7)
Other comprehensive (loss) income before reclassifications$(10.0)$3.3 $(6.7)
Balance at December 31, 2024$(81.5)$7.1 $(74.4)
v3.25.0.1
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Preliminary Fair Value Assets Acquired and Liabilities Assumed The final fair value of the assets acquired and liabilities assumed were as follows (in millions):
As Reported June 30, 2023
Assets acquired:
Receivables, net$92.0 
Inventories139.5 
Other current assets8.5 
Property, plant and equipment, net127.1 
Intangible assets, net865.5 
Goodwill546.2 
Other assets56.9 
Total assets acquired$1,835.7 
Liabilities assumed:
Trade payables$30.5 
Compensation and benefits39.3 
Current portion of pension and other postretirement benefit obligations17.3 
Other current liabilities45.8 
Operating lease liability24.2 
Pension and other postretirement benefit obligations3.6 
Deferred income taxes206.7 
Other liabilities10.5 
Total liabilities assumed377.9 
Total purchase price$1,457.8 
Schedule of Pro Forma Financial Information
The pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results that would have been achieved had the Elkay Merger been completed as of the date indicated or the results that may be obtained in the future.
Year Ended
December 31, 2022
Net sales$1,580.5 
Net income from continuing operations$37.6 
Earnings per share from continuing operations
Basic$0.25 
Assuming dilution$0.24 
v3.25.0.1
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The major components of the Income from discontinued operations, net of tax presented in the consolidated statements of operations during the years ended December 31, 2024, 2023, and 2022 are included in the table below (in millions):
Year Ended
(1)(1)(2)
December 31, 2024
December 31, 2023
December 31, 2022
Selling, general and administrative income(0.7)(8.4)(2.9)
Income from discontinued operations before income tax0.7 8.4 2.9 
Income tax benefit0.6 0.1 1.8 
Income from discontinued operations, net of tax$1.3 $8.5 $4.7 
____________________
(1)Selling, general and administrative income for the years ended December 31, 2024 and 2023 include the release of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.
(2)Results of operations for the year ended December 31, 2022 include the release of certain accruals as a result of costs the Company is obligated to under indemnification being lower than original estimates.
The consolidated statements of cash flows for the periods presented have not been adjusted to separately disclose cash flows related to discontinued operations. However, the significant investing cash flows and other significant non-cash operating items associated with the discontinued operations were as follows (in millions):
Year Ended
December 31, 2022
Net payments from divestiture of discontinued operations$35.0 
v3.25.0.1
Restructuring and Other Similar Charges (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The following table summarizes the Company's restructuring and other similar charges incurred during the years ended December 31, 2024, 2023, and 2022 (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Employee termination benefits$2.1 $3.4 $13.6 
Asset impairment charges8.0 2.5 — 
Contract termination and other associated costs3.4 9.4 1.8 
Total restructuring and other similar charges$13.5 $15.3 $15.4 
Restructuring Costs To-date (Period from April 1, 2011 to December 31, 2024)
Restructuring Costs To-date (Period from April 1, 2011 to December 31, 2024)
Employee termination benefits$35.9 
Asset impairment charges10.5 
Contract termination and other associated costs21.9 
Total restructuring and other similar charges$68.3 
Schedule of Activity in Restructuring Accrual
The following table summarizes the activity in the Company's accrual for restructuring and other similar charges for the years ended December 31, 2024 and 2023 (in millions):
Employee termination benefitsAsset impairment chargesContract termination and other associated costsTotal
Accrued restructuring costs, December 31, 2022
$7.8 $— $1.2 $9.0 
Charges3.4 2.5 9.4 15.3 
Cash payments(10.5)— (10.0)(20.5)
Non-cash charges— (2.5)— (2.5)
Accrued restructuring costs, December 31, 2023 (1)
$0.7 $— $0.6 $1.3 
Charges2.1 8.0 3.4 13.5 
Cash payments (1.7)— (3.9)(5.6)
Non-cash charges— (8.0)— (8.0)
Accrued restructuring costs, December 31, 2024 (1)
$1.1 $— $0.1 $1.2 
____________________
(1)    As of December 31, 2024 and December 31, 2023, the accrual for restructuring and other similar charges is included in other current liabilities in the consolidated balance sheets.
v3.25.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following tables present revenue disaggregated by customer type and the geographic region of the end customer (in millions):
Year Ended
Customer TypeDecember 31, 2024December 31, 2023December 31, 2022
Institutional$740.5 $690.5 $517.7 
Commercial451.1 443.1 373.7 
All other374.9 396.9 390.4 
    Total$1,566.5 $1,530.5 $1,281.8 

Year Ended
GeographyDecember 31, 2024December 31, 2023December 31, 2022
United States$1,428.9 $1,410.1 $1,171.8 
Canada90.1 78.7 75.1 
Rest of world47.5 41.7 34.9 
    Total$1,566.5 $1,530.5 $1,281.8 
v3.25.0.1
Inventories (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Major Classes of Inventories
The major classes of inventories are summarized as follows (in millions):
December 31, 2024December 31, 2023
Finished goods$228.7 $224.8 
Work in progress12.1 11.5 
Raw materials44.8 48.8 
Inventories at First-in, First-Out ("FIFO") cost285.6 285.1 
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost(13.0)(7.5)
$272.6 $277.6 
v3.25.0.1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, plant and equipment, net is summarized as follows (in millions):
 December 31, 2024December 31, 2023
Land$13.5 $14.1 
Buildings and improvements103.5 108.5 
Machinery and equipment123.8 114.6 
Computer hardware and software30.4 28.0 
Construction in-progress15.4 18.0 
286.6 283.2 
Less accumulated depreciation(122.6)(102.9)
$164.0 $180.3 
v3.25.0.1
Goodwill and Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
The changes in the net carrying value of goodwill for the years ended December 31, 2024 and 2023 consisted of the following (in millions):
Net carrying amount as of December 31, 2022
$777.0 
Purchase accounting adjustments (1)19.0 
Net carrying amount as of December 31, 2023
$796.0 
Currency translation adjustments(1.8)
Net carrying amount as of December 31, 2024
$794.2 
______________________
(1)Refer to Note 3, Acquisitions for additional information regarding acquisitions.
Schedule of Gross Carrying Amount and Accumulated Amortization for Finite-Lived Intangible Assets
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of December 31, 2024 and December 31, 2023 consisted of the following (in millions):
December 31, 2024
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$27.4 $(22.9)$4.5 
Customer relationships (including distribution network)16 years1,066.9 (398.1)668.8 
Tradenames19 years156.7 (24.7)132.0 
Intangible assets not subject to amortization - trademarks and tradenames86.3 — 86.3 
Total intangible assets, net16 years$1,337.3 $(445.7)$891.6 
December 31, 2023
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$26.4 $(22.8)$3.6 
Customer relationships (including distribution network)16 years1,070.4 (348.8)721.6 
Tradenames19 years156.8 (16.7)140.1 
Intangible assets not subject to amortization - trademarks and tradenames87.1 — 87.1 
Total intangible assets, net16 years$1,340.7 $(388.3)$952.4 
Schedule of Gross Carrying Amount and Accumulated Amortization for Infinite-Lived Intangible Assets
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of December 31, 2024 and December 31, 2023 consisted of the following (in millions):
December 31, 2024
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$27.4 $(22.9)$4.5 
Customer relationships (including distribution network)16 years1,066.9 (398.1)668.8 
Tradenames19 years156.7 (24.7)132.0 
Intangible assets not subject to amortization - trademarks and tradenames86.3 — 86.3 
Total intangible assets, net16 years$1,337.3 $(445.7)$891.6 
December 31, 2023
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents9 years$26.4 $(22.8)$3.6 
Customer relationships (including distribution network)16 years1,070.4 (348.8)721.6 
Tradenames19 years156.8 (16.7)140.1 
Intangible assets not subject to amortization - trademarks and tradenames87.1 — 87.1 
Total intangible assets, net16 years$1,340.7 $(388.3)$952.4 
v3.25.0.1
Other Current Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities are summarized as follows (in millions):
December 31, 2024December 31, 2023
Commissions$9.2 $8.6 
Current portion of operating lease liability (1)12.7 10.6 
Income taxes payable2.3 3.5 
Professional fees1.6 0.6 
Product warranty (2)4.9 4.7 
Restructuring and other similar charges (3)1.2 1.3 
Risk management (4)5.5 5.2 
Sales rebates73.2 70.8 
Tax indemnities12.2 13.8 
Taxes, other than income taxes2.9 3.7 
Other10.5 9.0 
$136.2 $131.8 
___________________
(1)See more information related to leases within Note 13, Leases.
(2)See more information related to the product warranty obligations balance within Note 2, Significant Accounting Policies.
(3)See more information related to the restructuring obligations balance within Note 5, Restructuring and Other Similar Charges.
(4)Includes projected liabilities related to losses arising from automobile, general, environmental, worker's compensation, and product liability claims.
v3.25.0.1
Long-Term Debt (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Summary of Long-Term Debt
Long-term debt is summarized as follows (in millions):
December 31, 2024December 31, 2023
Term loan (1)$475.0 $473.6 
Finance leases (2)20.6 21.7 
Total495.6 495.3 
Less current maturities0.8 0.9 
Long-term debt$494.8 $494.4 
____________________
(1)Includes unamortized debt issuance costs of $5.4 million and $6.8 million at December 31, 2024 and December 31, 2023, respectively.
(2)See more information related to finance leases within Note 13, Leases.
Schedule of Maturities of Long-Term Debt
Future maturities of debt and finance lease obligations as of December 31, 2024, excluding the unamortized debt issuance costs of $5.4 million, were as follows (in millions):
Years ending December 31:
2025$0.8 
20260.9 
20271.0 
2028481.5 
20291.2 
Thereafter15.7 
$501.1 
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
ROU Assets and Lease Liability Recorded on Consolidated Balance Sheets
ROU assets and lease liability balances recorded on the consolidated balance sheets are summarized as follows (in millions):
LeasesClassificationDecember 31, 2024December 31, 2023
Assets:    
Operating ROU assetsOther assets$51.2 $46.4 
Finance ROU assets Property, plant and equipment, net (1) 19.0 20.8 
Total ROU assets$70.2 $67.2 
     
Liabilities:
Current    
OperatingOther current liabilities$12.7 $10.6 
Finance Current maturities of debt 0.8 0.9 
Non-current
Operating  Operating lease liability 43.3 37.3 
FinanceLong-term debt19.8 20.8 
Total lease liabilities   $76.6 $69.6 
____________________
(1)Finance lease assets are recorded net of accumulated amortization of $3.2 million and $2.0 million as of December 31, 2024 and December 31, 2023, respectively.
Lease Costs
The components of lease expense reported in the consolidated statements of operations are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating lease expenses (1)$14.9 $13.8 $9.8 
Finance lease expenses:
Depreciation of finance ROU assets (1)1.6 1.7 0.2 
Interest on lease liabilities (2)1.5 1.5 — 
Total finance lease expense3.1 3.2 0.2 
Variable and short-term lease expense (1)7.6 7.0 6.2 
Total lease expense$25.6 $24.0 $16.2 
____________________
(1)Included in cost of sales, selling, general and administrative expenses, and restructuring and other similar charges.
(2)Included in interest expense, net.
The weighted-average remaining lease terms and discount rates for leases are as follows:
Year Ended
Lease Term and Discount RateDecember 31, 2024December 31, 2023December 31, 2022
Weighted-average remaining lease terms (years): 
Operating leases5.05.96.4
Finance leases13.013.83.0
Weighted-average discount rate:
Operating leases6.4 %6.4 %6.1 %
Finance leases7.1 %7.1 %5.2 %
Cash paid for amounts included in the measurement of lease liabilities are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating cash flows from operating leases$14.1 $13.2 $9.8 
Operating cash flows from finance leases1.5 1.5 — 
Financing cash flows from finance leases0.8 0.8 0.2 
ROU assets obtained (disposed) in exchange for lease liabilities are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Operating leases$18.9 $14.4 $38.9 
Finance leases(0.2)21.8 0.5 
Future Minimum Lease Payments Under Finance Leases
Future minimum lease payments under operating and finance leases as of December 31, 2024 are as follows (in millions):
Years ending December 31,Operating LeasesFinance Leases
2025$15.8 $2.2 
202614.7 2.2 
202713.8 2.3 
20287.4 2.3 
20294.4 2.4 
Thereafter9.8 20.6 
Total future minimum lease payments65.9 32.0 
Less: Imputed interest(9.9)(11.4)
Total lease liabilities$56.0 $20.6 
Future Minimum Lease Payments Under Operating Leases
Future minimum lease payments under operating and finance leases as of December 31, 2024 are as follows (in millions):
Years ending December 31,Operating LeasesFinance Leases
2025$15.8 $2.2 
202614.7 2.2 
202713.8 2.3 
20287.4 2.3 
20294.4 2.4 
Thereafter9.8 20.6 
Total future minimum lease payments65.9 32.0 
Less: Imputed interest(9.9)(11.4)
Total lease liabilities$56.0 $20.6 
v3.25.0.1
Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Fair Value of Options Granted
The fair value of each option granted under the Plan was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Expected option term (in years)6.56.56.5
Expected volatility factor32 %32 %32 %
Weighted-average risk-free interest rate4.33 %3.90 %3.11 %
Expected dividend rate1.0 %1.2 %1.0 %
Schedule of Stock Options Activity
A summary of stock option activity during the years ended December 31, 2024, 2023, and 2022 is as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
SharesWeighted Avg. Exercise PriceSharesWeighted Avg. Exercise PriceSharesWeighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of period2,089,493 $14.67 2,647,578 $13.75 2,844,062 $13.44 
Granted93,410 31.05 146,295 22.25 103,454 28.68 
Exercised (1)(1,241,512)12.62 (655,644)11.66 (221,506)11.89 
Canceled/Forfeited(26,808)28.49 (48,736)27.77 (78,432)27.65 
Outstanding at end of period (2)914,583 $18.72 2,089,493 $14.67 2,647,578 $13.75 
Exercisable at end of period (3)747,808 $16.71 1,878,789 $13.35 2,439,667 $12.36 
______________________
(1)The total intrinsic value of options exercised during the years ended December 31, 2024, 2023, and 2022 was $29.3 million, $11.0 million and $3.8 million, respectively.
(2)The weighted average remaining contractual life of options outstanding was 4.8 years at December 31, 2024, 4.1 years at December 31, 2023 and 4.4 years at December 31, 2022. The aggregate intrinsic value of options outstanding at December 31, 2024 was $17.0 million.
(3)The weighted average remaining contractual life of options exercisable was 3.9 years at December 31, 2024, 3.4 years at December 31, 2023 and 3.9 years at December 31, 2022. The aggregate intrinsic value of options exercisable at December 31, 2024 was $15.4 million.
SharesWeighted Avg. Exercise Price
Nonvested options at beginning of period210,704 $26.49 
Granted93,410 31.05 
Vested(114,728)28.09 
Canceled/Forfeited(22,611)27.74 
Nonvested options at end of period166,775 $27.77 
Schedule of Restricted Stock Units Activity A summary of RSU activity during the years ended December 31, 2024, 2023, and 2022 is as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
UnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair Value
Nonvested RSUs at beginning of period501,321 $26.05 580,112 $29.33 501,331 $25.98 
Granted125,565 31.23 242,385 23.40 370,244 28.80 
Vested(318,274)27.06 (218,153)30.70 (166,318)18.37 
Canceled/Forfeited(45,537)27.30 (103,023)28.40 (125,145)28.92 
Nonvested RSUs at end of period263,075 $26.97 501,321 $26.05 580,112 $29.33 
Schedule of Nonvested Performance-based Units Activity A summary of PSU activity during the years ended December 31, 2024, 2023, and 2022 is as follows:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
UnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair ValueUnitsWeighted Avg. Grant Date Fair Value
Nonvested PSUs at beginning of period866,810 $27.88 939,459 $27.07 777,374 $26.27 
Granted553,548 34.33 425,246 23.25 177,724 30.92 
Vested (1)(431,702)32.25 (468,722)22.17 — — 
Canceled/Forfeited(42,915)30.91 (29,173)26.07 (15,639)30.70 
Nonvested PSUs at end of period945,741 $29.53 866,810 $27.88 939,459 $27.07 
______________________
(1)For the years ended December 31, 2024 and 2023, represents the target level of PSUs vested.
v3.25.0.1
Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Components of Net Benefit Costs
The components of net periodic benefit cost reported in the consolidated statements of operations are as follows (in millions):
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Pension Benefits:
Service cost$0.1 $0.1 $0.1 
Interest cost11.2 12.1 8.6 
Expected return on plan assets(7.5)(7.5)(9.6)
Recognition of actuarial gains(0.1)— — 
Net periodic benefit (income) expense$3.7 $4.7 $(0.9)
Other Postretirement Benefits:
Interest cost$0.4 $0.6 $0.4 
Recognition of actuarial gains(1.3)(2.0)(1.9)
Net periodic benefit (income) expense$(0.9)$(1.4)$(1.5)
Summary of the Plan's Status
The status of the plans is summarized as follows (in millions):
 Pension BenefitsOther Postretirement Benefits
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2024Year Ended December 31, 2023
Benefit obligation at beginning of period$(224.0)$(226.3)$(8.7)$(11.7)
Service cost(0.1)(0.1)— — 
Interest cost(11.2)(12.1)(0.4)(0.6)
Actuarial (losses) gains5.4 (5.1)1.1 2.4 
Benefits paid19.1 19.6 1.0 1.4 
Plan participant contributions— — (0.2)(0.2)
Settlements0.2 — — — 
Benefit obligation at end of period$(210.6)$(224.0)$(7.2)$(8.7)
Plan assets at the beginning of the period$195.2 $186.2 $— $— 
Actual return on plan assets6.6 17.2 — — 
Contributions20.4 11.4 1.0 1.4 
Benefits paid(19.1)(19.6)(1.0)(1.4)
Settlements(0.1)— — — 
Plan assets at end of period$203.0 $195.2 $— $— 
Funded status of plans$(7.6)$(28.8)$(7.2)$(8.7)
Net amount on Consolidated Balance Sheets consists of:
Non-current assets$0.5 $0.3 $— $— 
Current liabilities$(0.3)$(0.3)$(0.9)$(1.0)
Long-term liabilities(7.8)(28.8)(6.3)(7.7)
Total net funded status$(7.6)$(28.8)$(7.2)$(8.7)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Amounts included in accumulated other comprehensive loss, net of tax, related to defined benefit plans at December 31, 2024 and December 31, 2023 consist of the following (in millions):
As of December 31, 2024
Pension
Benefits		Other Postretirement
Benefits		Total
Unrecognized actuarial gain(8.7)(0.7)(9.4)
Accumulated other comprehensive income, gross(8.7)(0.7)(9.4)
Deferred income tax provision2.1 0.2 2.3 
Accumulated other comprehensive income, net$(6.6)$(0.5)$(7.1)
As of December 31, 2023
Pension
Benefits		Other Postretirement
Benefits		Total
Unrecognized actuarial gain(4.1)(0.9)(5.0)
Accumulated other comprehensive income, gross(4.1)(0.9)(5.0)
Deferred income tax provision1.0 0.2 1.2 
Accumulated other comprehensive income, net$(3.1)$(0.7)$(3.8)
Schedule of Assumptions Used
The following table presents significant assumptions used to determine benefit obligations and net periodic benefit cost (income) in weighted-average percentages:
 Pension BenefitsOther Postretirement Benefits
 December 31, 2024December 31, 2023December 31, 2022December 31, 2024December 31, 2023December 31, 2022
Benefit Obligations:
Discount rate5.7 %5.2 %5.6 %5.6 %5.2 %5.6 %
Rate of compensation increase3.0 %3.0 %3.0 %n/an/an/a
Net Periodic Benefit Cost:
Discount rate5.2 %5.6 %3.0 %5.2 %5.6 %3.4 %
Rate of compensation increase3.0 %3.0 %3.0 %n/an/an/a
Expected return on plan assets4.0 %4.3 %4.0 %n/an/an/a
Schedule of Allocation of Plan Assets The following table presents the Company’s target investment allocations for the year ended December 31, 2024 and actual investment allocations at December 31, 2024 and December 31, 2023.
 Plan Assets
 December 31, 2024December 31, 2023
 Investment
Policy (1)		Target
Allocation (2)		Actual
Allocation		Actual
Allocation
Equity securities0%-30%10%10%30%
Debt securities (including cash and cash equivalents)70%-100%90%90%70%
______________________
(1)The investment policy allocation represents the guidelines of the Company's pension plans based on the changes in the plans funded status.
(2)The target allocations represent the weighted average target allocations for the Company's U.S. pension plan.
Schedule of Fair Value of Pension Plan Assets
The fair values of the Company’s pension plan assets for both the U.S and non-U.S. plans at December 31, 2024 and December 31, 2023, by asset category are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 12, Fair Value Measurements.
 December 31, 2024
 Quoted Prices in
Active  Market
(Level 1)		Significant Other
Observable  Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Assets Measured at Net Asset Value
(1)		Total
Cash and cash equivalents$4.2 $— $— $— $4.2 
Investment funds
   Fixed income funds (2) — — — 178.3 178.3 
   U.S. equity funds (3)3.0 — — 9.4 12.4 
   International equity funds (3)— — — 5.7 5.7 
   Balanced funds (3)— — — 2.4 2.4 
Total$7.2 $— $— $195.8 $203.0 
 December 31, 2023
 Quoted Prices in
Active  Market
(Level 1)		Significant Other
Observable  Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Assets Measured at Net Asset Value
(1)		Total
Cash and cash equivalents$14.9 $— $— $— $14.9 
Investment funds
   Fixed income funds (2) — — — 123.5 123.5 
   U.S. equity funds (3)9.3 — — 28.8 38.1 
   International equity funds (3)— — — 16.4 16.4 
   Balanced funds (3)— — — 2.3 2.3 
Total$24.2 $— $— $171.0 $195.2 
______________________
(1)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
(2)The Company's fixed income mutual and commingled funds primarily include investments in U.S. government securities and corporate bonds. The commingled funds also include an insignificant portion of investments in asset-backed securities or partnerships. The mutual and commingled funds are primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.
(3)The Company's equity mutual and commingled funds primarily include investments in U.S. and international common stock. The balanced mutual and commingled funds invest in a combination of fixed income and equity securities. The mutual and commingled funds are primarily valued using the net asset value, which reflects the plan's share of the fair value of the investments.
The fair values of the Company’s deferred compensation plan assets and liability are included in the table below (in millions). For additional information on the fair value hierarchy and the inputs used to measure fair value, see Note 12, Fair Value Measurements.
Fair Value as of December 31, 2024
Quoted Prices in
Active Market
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total
Deferred compensation plan assets:    
Mutual funds (1)$1.2 $— $— $1.2 
Corporate-owned life insurance policies (2)— 15.1 — 15.1 
Total assets at fair value$1.2 $15.1 $— $16.3 
     
Deferred compensation liability at fair value (3):$18.9 $— $— $18.9 
Fair Value as of December 31, 2023
Quoted Prices in
Active Market
(Level 1)		Significant Other
Observable Inputs
(Level 2)		Significant
Unobservable
Inputs (Level 3)		Total
Deferred compensation plan assets:    
Mutual funds (1)$0.1 $— $— $0.1 
Corporate-owned life insurance policies (2)— 13.2 — 13.2 
Total assets at fair value$0.1 $13.2 $— $13.3 
 
Deferred compensation liability at fair value (3):$14.7 $— $— $14.7 
______________________
(1)The Company has elected to use the fair value option for the mutual funds to better align the measurement of the assets with the measurement of the liability, which are measured using quoted prices of identical instruments in active markets and are categorized as Level 1.
(2)The corporate-owned life insurance contracts are recorded at cash surrender value, which is provided by a third party and reflects the net asset value of the underlying publicly traded mutual funds, and are categorized as Level 2.
(3)The deferred compensation liability is measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants.
Schedule of Expected Benefit Payments
Expected benefit payments to be paid in each of the next five years and in the aggregate for the five years thereafter are as follows (in millions):
Years Ending December 31:Pension
Benefits		Other
Postretirement
Benefits
2025$19.7 $0.9 
202619.3 0.9 
202719.0 0.8 
202818.7 0.8 
202918.4 0.8 
2030 - 203483.8 2.9 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Components of the Provision (Benefit) For Income Taxes
The components of the provision for income taxes are as follows (in millions):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
Current:
United States$48.4 $36.4 $16.7 
Non-United States5.3 4.6 1.8 
State and local7.7 7.6 5.4 
Total current61.4 48.6 23.9 
Deferred:
United States(12.9)(7.5)3.4 
Non-United States0.2 1.3 0.7 
State and local(0.6)0.2 (1.2)
Total deferred(13.3)(6.0)2.9 
Provision for income taxes$48.1 $42.6 $26.8 
U.S. Statutory Income Tax Rate Reconciliation
The provision for income taxes differs from the United States statutory income tax rate due to the following items (in millions):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
Provision for income taxes at U.S. federal statutory income tax rate$43.5 $30.8 $17.6 
State and local income taxes, net of federal benefit6.4 5.2 3.4 
Net effects of foreign rate differential0.9 0.9 0.5 
Net effects of foreign operations— 0.1 — 
Nondeductible acquisition costs— (1.3)4.2 
Unrecognized tax benefits, net of federal benefit(2.9)0.5 0.2 
Excess tax benefits related to equity compensation(4.6)(1.7)(1.2)
§162(m) compensation limitation5.4 6.2 3.3 
Nondeductible loss on divestiture of asbestos liabilities and certain assets— 2.0 — 
Net changes in valuation allowance(0.2)0.5 (0.8)
Other(0.4)(0.6)(0.4)
Provision for income taxes $48.1 $42.6 $26.8 
Components of Income (Loss) Before Income Taxes
The provision for income taxes was calculated based upon the following components of income from continuing operations before income taxes (in millions):
 Year Ended
 December 31, 2024December 31, 2023December 31, 2022
United States$185.0 $127.6 $74.5 
Non-United States22.0 19.2 9.3 
Income before income taxes$207.0 $146.8 $83.8 
Schedule of Deferred Income Taxes
Deferred income taxes consist of the tax effects of the following temporary differences (in millions):
December 31, 2024December 31, 2023
Deferred tax assets:
Compensation and retirement benefits$19.4 $24.5 
General accruals and reserves12.7 11.3 
Lease liabilities19.3 17.2 
State tax net operating loss and credit carryforwards10.3 13.4 
Federal and state capital loss carryforwards0.4 0.5 
Foreign net operating loss carryforwards0.9 1.0 
Other2.4 2.8 
Total deferred tax assets before valuation allowance65.4 70.7 
Valuation allowance(9.0)(12.0)
Total deferred tax assets56.4 58.7 
Deferred tax liabilities:
Property, plant and equipment19.8 23.4 
Lease ROU assets17.7 16.6 
Inventories15.3 17.0 
Intangible assets and goodwill197.2 208.4 
Total deferred tax liabilities250.0 265.4 
Net deferred tax assets (liabilities)$(193.6)$(206.7)
Net amount on Consolidated Balance Sheets consists of:
Other assets$2.9 $3.3 
Deferred income taxes(196.5)(210.0)
Net long-term deferred tax assets (liabilities)$(193.6)$(206.7)
Reconciliation of Gross Unrecognized Tax Benefits
The following table represents a reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31, 2024 and 2023 (in millions):
Year Ended
December 31, 2024December 31, 2023
Balance at beginning of period$5.1 $5.4 
Additions based on tax positions related to the current year0.1 0.1 
Additions for tax positions of prior years— 0.1 
Reductions for tax positions of prior years(0.1)— 
Reductions due to lapse of applicable statute of limitations(3.4)(0.5)
Balance at end of period$1.7 $5.1 
v3.25.0.1
Business Segment, Geographic and Customer Information (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Business Segment Information The following table includes segment revenue, significant expense items and segment profit as viewed by the CODM for the years ended December 31, 2024, 2023 and 2022:
Year Ended
December 31, 2024December 31, 2023December 31, 2022
Net sales$1,566.5 $1,530.5 $1,281.8 
Less:
Cost of sales859.5 882.4 816.3 
Selling, general and administrative expenses389.8 371.3 309.0 
Other segment items (1)158.3 172.6 99.5 
Segment profit (Net income from continuing operations)$158.9 $104.2 $57.0 
______________________
(1)Other segment items include restructuring and other similar charges, amortization of intangible assets, interest expense, net, actuarial gain on pension and other postretirement benefit obligations, other expense, net, provision for income taxes, and other non-recurring charges.
Summary of Net Sales and Long-Lived Assets
Net sales to third parties and long-lived assets by geographic region are as follows (in millions):
 Net SalesLong-lived Assets
 Year Ended December 31, 2024Year Ended December 31, 2023Year Ended December 31, 2022December 31, 2024December 31, 2023December 31, 2022
United States$1,394.8 $1,368.8 $1,135.3 $148.0 $160.6 $165.9 
Canada145.8 133.8 131.1 10.2 11.7 12.0 
Rest of World25.9 27.9 15.4 5.8 8.0 5.9 
$1,566.5 $1,530.5 $1,281.8 $164.0 $180.3 $183.8 
v3.25.0.1
Basis of Presentation and Description of Business (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Loss on divestiture of asbestos liabilities and certain assets $ 11.4 $ 0.0 $ 11.4 $ 0.0
v3.25.0.1
Significant Accounting Policies - Narrative (Details) - USD ($)
shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Allowance for doubtful accounts $ 1,800,000 $ 3,100,000  
Percentage of inventory valued using LIFO 94.00% 92.00%  
Write-down of inventories $ 11,600,000 $ 3,400,000 $ 800,000
Weighted average useful life 16 years 16 years  
Goodwill impairment charges $ 0 $ 0 0
Impairment charge   $ 0 0
Impairment charges of tangible fixed assets $ 7,400,000   $ 0
Antidilutive shares excluded from computation for diluted net income per share (in shares) 0.2 0.3 0.4
Amount reclassified from accumulated other comprehensive loss to net income $ 0 $ 0 $ 0
Currency translation (gains) losses 800,000 (900,000) (1,000,000)
Advertising costs 18,100,000 18,400,000 12,500,000
Research, development and engineering costs 25,900,000 $ 23,700,000 $ 18,400,000
Tradenames      
Property, Plant and Equipment [Line Items]      
Impairment charge $ 600,000    
Customer relationships (including distribution network)      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 16 years 16 years  
Patents      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 9 years 9 years  
Tradenames      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 19 years 19 years  
Minimum | Customer relationships (including distribution network)      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 7 years    
Minimum | Patents      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 3 years    
Minimum | Tradenames      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 5 years    
Minimum | Buildings and improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 10 years    
Minimum | Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 5 years    
Minimum | Computer hardware and software      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 3 years    
Maximum | Customer relationships (including distribution network)      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 20 years    
Maximum | Patents      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 10 years    
Maximum | Tradenames      
Property, Plant and Equipment [Line Items]      
Weighted average useful life 20 years    
Maximum | Buildings and improvements      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 30 years    
Maximum | Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 10 years    
Maximum | Computer hardware and software      
Property, Plant and Equipment [Line Items]      
Property, plant and equipment useful life 5 years    
v3.25.0.1
Significant Accounting Policies - Product Warranty (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]      
Balance at beginning of period $ 4.7 $ 4.2 $ 1.3
Acquired obligations 0.0 0.0 3.5
Charged to operations 3.0 2.4 1.6
Claims settled (2.8) (1.9) (2.2)
Balance at end of period $ 4.9 $ 4.7 $ 4.2
v3.25.0.1
Significant Accounting Policies - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance $ 1,602.8 $ 1,615.0 $ 126.4
Other comprehensive (loss) income before reclassifications (6.7) 7.3 (0.1)
Ending balance 1,586.8 1,602.8 1,615.0
Total      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (67.7) (75.0) (74.9)
Ending balance (74.4) (67.7) (75.0)
Foreign Currency Translation and Other Adjustments      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance (71.5) (75.1) (70.9)
Other comprehensive (loss) income before reclassifications (10.0) 3.6 (4.2)
Ending balance (81.5) (71.5) (75.1)
Pension and Other Postretirement Plans      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Beginning balance 3.8 0.1 (4.0)
Other comprehensive (loss) income before reclassifications 3.3 3.7 4.1
Ending balance $ 7.1 $ 3.8 $ 0.1
v3.25.0.1
Acquisitions - Narrative (Details) - Elkay Manufacturing Company
$ / shares in Units, $ in Millions
 6 Months Ended 12 Months Ended
Jul. 01, 2022
USD ($)
member
director
$ / shares
shares
Jun. 30, 2023
shares
Dec. 31, 2022
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2024
director
member
Business Acquisition [Line Items]          
Purchase price $ 1,457.8        
Purchase price, common stock $ 1,411.9        
Business acquisition, share price (in usd per share) | $ / shares $ 27.48        
Cash purchase price $ 45.9        
Issued shares (in shares) | shares 51,564,524        
Percent of shares issued of outstanding shares 29.00%        
Equity interest issued (in shares) | shares   186,020      
Incurred transaction-related costs       $ 33.7  
Number of board members | member 11       10
Number of directors | director 2       1
Business acquisition, pro forma net income (loss)       (37.6)  
Net sales     $ 264.4    
Net loss     $ 11.5    
Acquisition-related Costs          
Business Acquisition [Line Items]          
Business acquisition, pro forma net income (loss)       33.7  
Fair Value Adjustment to Inventory          
Business Acquisition [Line Items]          
Business acquisition, pro forma net income (loss)       $ 18.3  
v3.25.0.1
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Assets acquired:        
Goodwill $ 794.2 $ 796.0   $ 777.0
Elkay Manufacturing Company        
Assets acquired:        
Receivables, net     $ 92.0  
Inventories     139.5  
Other current assets     8.5  
Property, plant and equipment, net     127.1  
Intangible assets, net     865.5  
Goodwill     546.2  
Other assets     56.9  
Total assets acquired     1,835.7  
Liabilities assumed:        
Trade payables     30.5  
Compensation and benefits     39.3  
Current portion of pension and other postretirement benefit obligations     17.3  
Other current liabilities     45.8  
Operating lease liability     24.2  
Pension and other postretirement benefit obligations     3.6  
Deferred income taxes     206.7  
Other liabilities     10.5  
Total liabilities assumed     377.9  
Total purchase price     $ 1,457.8  
v3.25.0.1
Acquisitions - Pro Forma Financial Information (Details) - Elkay Manufacturing Company
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
$ / shares
Business Acquisition [Line Items]  
Net sales | $ $ 1,580.5
Net income from continuing operations | $ $ 37.6
Earnings per share from continuing operations  
Basic (in dollars per share) | $ / shares $ 0.25
Assuming dilution (in dollars per share) | $ / shares $ 0.24
v3.25.0.1
Discontinued Operations - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Working capital $ 35.0
Discontinued Operations, Disposed of by Sale | Process & Motion Control  
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Working capital $ 35.0
v3.25.0.1
Discontinued Operations - Loss From Discontinued Operations (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Income from discontinued operations, net of tax $ 1.3 $ 8.5 $ 4.7
Discontinued Operations, Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Selling, general and administrative income (0.7) (8.4) (2.9)
Income from discontinued operations before income tax 0.7 8.4 2.9
Income tax benefit 0.6 0.1 1.8
Income from discontinued operations, net of tax $ 1.3 $ 8.5 $ 4.7
v3.25.0.1
Discontinued Operations - Other Significant Operating Non-Cash Items (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net payments from divestiture of discontinued operations $ 0.0 $ 0.0 $ 35.0
Discontinued Operations, Disposed of by Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Net payments from divestiture of discontinued operations     $ 35.0
v3.25.0.1
Restructuring and Other Similar Charges - By Operating Segment (Details) - USD ($)
$ in Millions
 12 Months Ended 165 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring and other similar charges $ 13.5 $ 15.3 $ 15.4 $ 68.3
Employee termination benefits        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other similar charges 2.1 3.4 13.6 35.9
Asset impairment charges        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other similar charges 8.0 2.5 0.0  
Contract termination and other associated costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other similar charges $ 3.4 $ 9.4 $ 1.8 $ 21.9
v3.25.0.1
Restructuring and Other Similar Charges - Restructuring Reserve Rollforward (Details) - USD ($)
$ in Millions
 12 Months Ended 165 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Restructuring Reserve [Roll Forward]        
Accrued restructuring costs, Beginning of period $ 1.3 $ 9.0    
Charges 13.5 15.3 $ 15.4 $ 68.3
Cash payments (5.6) (20.5)    
Non-cash charges (8.0) (2.5)    
Accrued restructuring costs, End of period 1.2 1.3 9.0 1.2
Employee termination benefits        
Restructuring Reserve [Roll Forward]        
Accrued restructuring costs, Beginning of period 0.7 7.8    
Charges 2.1 3.4 13.6 35.9
Cash payments (1.7) (10.5)    
Non-cash charges 0.0 0.0    
Accrued restructuring costs, End of period 1.1 0.7 7.8 1.1
Asset impairment charges        
Restructuring Reserve [Roll Forward]        
Accrued restructuring costs, Beginning of period 0.0 0.0    
Charges 8.0 2.5   10.5
Cash payments 0.0 0.0    
Non-cash charges (8.0) (2.5)    
Accrued restructuring costs, End of period 0.0 0.0 0.0 0.0
Contract termination and other associated costs        
Restructuring Reserve [Roll Forward]        
Accrued restructuring costs, Beginning of period 0.6 1.2    
Charges 3.4 9.4 1.8 21.9
Cash payments (3.9) (10.0)    
Non-cash charges 0.0 0.0    
Accrued restructuring costs, End of period $ 0.1 $ 0.6 $ 1.2 $ 0.1
v3.25.0.1
Revenue Recognition - Revenue Disaggregated by Customer Type (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total $ 1,566.5 $ 1,530.5 $ 1,281.8
Institutional      
Disaggregation of Revenue [Line Items]      
Total 740.5 690.5 517.7
Commercial      
Disaggregation of Revenue [Line Items]      
Total 451.1 443.1 373.7
All other      
Disaggregation of Revenue [Line Items]      
Total $ 374.9 $ 396.9 $ 390.4
v3.25.0.1
Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total $ 1,566.5 $ 1,530.5 $ 1,281.8
United States      
Disaggregation of Revenue [Line Items]      
Total 1,428.9 1,410.1 1,171.8
Canada      
Disaggregation of Revenue [Line Items]      
Total 90.1 78.7 75.1
Rest of world      
Disaggregation of Revenue [Line Items]      
Total $ 47.5 $ 41.7 $ 34.9
v3.25.0.1
Revenue Recognition - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percent billed of contract value 100.00%    
Past due period 30 days    
Performance obligations expected to be satisfied $ 48,800,000 $ 50,800,000  
Impairment loss recognized $ 0 $ 0 $ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]      
Percentage of remaining performance obligation 100.00%    
Percentage of remaining performance obligation, expected timing 1 year    
v3.25.0.1
Inventories (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Finished goods $ 228.7 $ 224.8
Work in progress 12.1 11.5
Raw materials 44.8 48.8
Inventories at First-in, First-Out ("FIFO") cost 285.6 285.1
Adjustment to state inventories at Last-in, First-Out ("LIFO") cost (13.0) (7.5)
Inventories, net $ 272.6 $ 277.6
v3.25.0.1
Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 286.6 $ 283.2
Less accumulated depreciation (122.6) (102.9)
Property, plant and equipment, net 164.0 180.3
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 13.5 14.1
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 103.5 108.5
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 123.8 114.6
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 30.4 28.0
Construction in-progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 15.4 $ 18.0
v3.25.0.1
Goodwill and Intangible Assets - Schedule of Changes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Goodwill [Roll Forward]    
Net carrying amount, beginning of period $ 796.0 $ 777.0
Purchase accounting adjustments   19.0
Currency translation adjustments (1.8)  
Net carrying amount, end of period $ 794.2 $ 796.0
v3.25.0.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Cumulative goodwill impairment charges $ 337.1 $ 337.1  
Amortization of intangible assets 59.1 $ 58.7 $ 34.0
Future amortization expense      
Expected amortization expense year one 58.6    
Expected amortization expense year two 58.4    
Expected amortization expense year three 58.4    
Expected amortization expense year four 58.4    
Expected amortization expense year five $ 58.4    
Customer relationships (including distribution network)      
Finite-Lived Intangible Assets [Line Items]      
Intangible assets not subject to amortization - trademarks and tradenames     16 years
Tradenames      
Finite-Lived Intangible Assets [Line Items]      
Intangible assets not subject to amortization - trademarks and tradenames     20 years
v3.25.0.1
Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Intangible assets subject to amortization:    
Weighted Average Useful Life 16 years 16 years
Accumulated Amortization $ (445.7) $ (388.3)
Intangible assets not subject to amortization - trademarks and tradenames    
Gross Carrying Amount 1,337.3 1,340.7
Net Carrying Amount 891.6 952.4
Tradenames    
Intangible assets not subject to amortization - trademarks and tradenames    
Intangible assets not subject to amortization - trademarks and tradenames $ 86.3 $ 87.1
Patents    
Intangible assets subject to amortization:    
Weighted Average Useful Life 9 years 9 years
Gross Carrying Amount $ 27.4 $ 26.4
Accumulated Amortization (22.9) (22.8)
Net Carrying Amount $ 4.5 $ 3.6
Customer Relationships    
Intangible assets subject to amortization:    
Weighted Average Useful Life 16 years 16 years
Gross Carrying Amount $ 1,066.9 $ 1,070.4
Accumulated Amortization (398.1) (348.8)
Net Carrying Amount $ 668.8 $ 721.6
Tradenames    
Intangible assets subject to amortization:    
Weighted Average Useful Life 19 years 19 years
Gross Carrying Amount $ 156.7 $ 156.8
Accumulated Amortization (24.7) (16.7)
Net Carrying Amount $ 132.0 $ 140.1
v3.25.0.1
Other Current Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Commissions $ 9.2 $ 8.6
Current portion of operating lease liability 12.7 10.6
Income taxes payable 2.3 3.5
Professional fees 1.6 0.6
Product warranty 4.9 4.7
Restructuring and other similar charges 1.2 1.3
Risk management 5.5 5.2
Sales rebates 73.2 70.8
Tax indemnities 12.2 13.8
Taxes, other than income taxes 2.9 3.7
Other 10.5 9.0
Other current liabilities $ 136.2 $ 131.8
Operating lease, liability, current, statement of financial position, extensible list Other current liabilities Other current liabilities
v3.25.0.1
Long-Term Debt - Summary of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total $ 495.6 $ 495.3
Less current maturities 0.8 0.9
Long-term debt 494.8 494.4
Term loans | Term Loan    
Debt Instrument [Line Items]    
Total 475.0 473.6
Unamortized original issue discount 5.4 6.8
Finance leases | Other    
Debt Instrument [Line Items]    
Total $ 20.6 $ 21.7
v3.25.0.1
Long-Term Debt - Narrative (Details)
 12 Months Ended
Oct. 11, 2023
USD ($)
Jul. 01, 2023
Rate
Mar. 31, 2022
USD ($)
Oct. 04, 2021
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Debt Instrument [Line Items]              
Loss on extinguishment of debt         $ 0 $ 900,000 $ 0
Long-term debt, gross         501,100,000    
Finance lease obligation         495,600,000 495,300,000  
Cash interest paid         $ 30,900,000 $ 36,100,000 $ 24,300,000
Term Loan | Term loans              
Debt Instrument [Line Items]              
Maximum borrowing capacity       $ 550,000,000      
Redemption of debt $ 60,000,000     $ 500,000,000      
Interest rate       4.875%      
Loss on extinguishment of debt $ 900,000            
Periodic debt payments     $ 1,400,000        
Positive ratio         0.86    
Weighted-average effective interest rate         6.42% 7.47%  
Weighted average effective interest rate, over time         7.28% 7.09%  
Finance lease obligation         $ 475,000,000.0 $ 473,600,000  
Unamortized original issue discount         $ 5,400,000 6,800,000  
Term Loan | Term loans | Leverage Ratio Scenario Two              
Debt Instrument [Line Items]              
Decrease in borrowing rate       0.25%      
Term Loan | Term loans | Secured Overnight Financing Rate (SOFR)              
Debt Instrument [Line Items]              
Positive ratio | Rate   180.00%          
Basis spread on variable rate         2.00%    
Term Loan | Term loans | Secured Overnight Financing Rate (SOFR) | Variable Rate, Period One              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.115%          
Term Loan | Term loans | Secured Overnight Financing Rate (SOFR) | Variable Rate, Period Two              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.262%          
Term Loan | Term loans | Secured Overnight Financing Rate (SOFR) | Variable Rate, Period Three              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.428%          
Term Loan | Term loans | Secured Overnight Financing Rate (SOFR) | Leverage Ratio Scenario One              
Debt Instrument [Line Items]              
Basis spread on variable rate       2.25%      
Term Loan | Term loans | Base Rate | Leverage Ratio Scenario One              
Debt Instrument [Line Items]              
Basis spread on variable rate       1.25%      
Revolving Credit Facility | Term loans              
Debt Instrument [Line Items]              
Maximum borrowing capacity       $ 200,000,000      
Positive ratio         0.86    
Long-term debt, gross         $ 0 0  
Outstanding letters of credit         11,300,000 11,000,000  
Revolving Credit Facility | Term loans | Leverage Ratio Scenario One              
Debt Instrument [Line Items]              
Positive ratio       2,000,000.00      
Commitment fee percentage       0.50%      
Revolving Credit Facility | Term loans | Leverage Ratio Scenario Two              
Debt Instrument [Line Items]              
Positive ratio       2,000,000.00      
Decrease in borrowing rate       0.25%      
Commitment fee percentage       0.375%      
Revolving Credit Facility | Term loans | Secured Overnight Financing Rate (SOFR) | Variable Rate, Period One              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.115%          
Revolving Credit Facility | Term loans | Secured Overnight Financing Rate (SOFR) | Variable Rate, Period Two              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.262%          
Revolving Credit Facility | Term loans | Secured Overnight Financing Rate (SOFR) | Variable Rate, Period Three              
Debt Instrument [Line Items]              
Basis spread on variable rate   0.428%          
Revolving Credit Facility | Term loans | Secured Overnight Financing Rate (SOFR) | Leverage Ratio Scenario One              
Debt Instrument [Line Items]              
Basis spread on variable rate       2.00%      
Revolving Credit Facility | Term loans | Base Rate | Leverage Ratio Scenario One              
Debt Instrument [Line Items]              
Basis spread on variable rate       1.00%      
Other | Finance leases              
Debt Instrument [Line Items]              
Finance lease obligation         $ 20,600,000 $ 21,700,000  
v3.25.0.1
Long-Term Debt - Future Debt Maturities (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Years ending December 31:  
2025 $ 0.8
2026 0.9
2027 1.0
2028 481.5
2029 1.2
Thereafter 15.7
Long-term debt, gross $ 501.1
v3.25.0.1
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair value of long-term debt $ 503.4 $ 503.9
v3.25.0.1
Leases - ROU Assets and Lease Liability Balances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Assets    
Operating ROU assets $ 51.2 $ 46.4
Finance ROU assets 19.0 20.8
Total ROU assets 70.2 67.2
Current    
Operating 12.7 10.6
Finance 0.8 0.9
Non-current    
Operating 43.3 37.3
Finance 19.8 20.8
Total lease liabilities $ 76.6 $ 69.6
Operating lease, right-of-use, statement of financial position, extensible list Other assets Other assets
Finance lease, right-of-use, statement of financial position, extensible list Property, plant and equipment, net Property, plant and equipment, net
Operating lease, liability, current, statement of financial position, extensible list Other current liabilities Other current liabilities
Finance lease, liability, current, statement of financial position, extensible list Current maturities of debt Current maturities of debt
Finance lease, liability, noncurrent, statement of financial position, extensible list Long-term debt Long-term debt
Finance lease assets accumulated amortization $ 3.2 $ 2.0
v3.25.0.1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Operating lease expenses $ 14.9 $ 13.8 $ 9.8
Finance lease expenses:      
Depreciation of finance ROU assets 1.6 1.7 0.2
Interest on lease liabilities 1.5 1.5 0.0
Total finance lease expense 3.1 3.2 0.2
Variable and short-term lease expense 7.6 7.0 6.2
Total lease expense $ 25.6 $ 24.0 $ 16.2
v3.25.0.1
Leases - Future Minimum Lease Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Leases  
2025 $ 15.8
2026 14.7
2027 13.8
2028 7.4
2029 4.4
Thereafter 9.8
Total future minimum lease payments 65.9
Less: Imputed interest (9.9)
Total lease liabilities 56.0
Finance Leases  
2025 2.2
2026 2.2
2027 2.3
2028 2.3
2029 2.4
Thereafter 20.6
Total future minimum lease payments 32.0
Less: Imputed interest (11.4)
Total lease liabilities $ 20.6
v3.25.0.1
Leases - Weighted-Average Remaining Lease Terms (Details)
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Weighted-average remaining lease terms (years):      
Operating leases 5 years 5 years 10 months 24 days 6 years 4 months 24 days
Finance leases 13 years 13 years 9 months 18 days 3 years
Weighted-average discount rate:      
Operating leases 6.40% 6.40% 6.10%
Finance leases 7.10% 7.10% 5.20%
v3.25.0.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flow, Lessee [Abstract]      
Operating cash flows from operating leases $ 14.1 $ 13.2 $ 9.8
Operating cash flows from finance leases 1.5 1.5 0.0
Financing cash flows from finance leases 0.8 0.8 0.2
Right-Of-Use Asset Obtained In Exchange For Lease Liability [Abstract]      
Operating leases 18.9 14.4 38.9
Finance leases $ (0.2) $ 21.8 $ 0.5
v3.25.0.1
Stock-Based Compensation - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Oct. 04, 2021
Dec. 31, 2024
USD ($)
grantee
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
May 31, 2024
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period   3 years      
Stock-based compensation expense   $ 37.9 $ 40.0 $ 25.0  
Multiplied factor of awards 2.03446        
Unrecognized compensation cost   $ 31.7      
Unrecognized compensation cost, weighted-average period of recognition   1 year 8 months 12 days      
Tax benefit on stock-based compensation   $ 9.2 9.8 5.9  
Excess tax benefit related to stock options exercised   $ 4.6 $ 2.0 $ 0.9  
Weighted-average grant date fair value (in dollars per share) | $ / shares   $ 11.43 $ 8.28 $ 9.79  
Fair value of options vested   $ 1.1 $ 0.9 $ 0.9  
Discontinued Operations, Disposed of by Sale          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation expense     0.2 0.2  
Share based payment amount   $ 4.9 $ 4.9 $ 4.9  
Number of grantees | grantee   124      
Stock Options          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award maximum term   10 years      
Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period       2 years  
Restricted Stock Units (RSUs) | Nonemployee Director          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Period until shares are issued   6 months      
Performance Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period   3 years 3 years 2 years 6 months  
Performance Shares | Minimum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting rights, percentage   0.00%      
Performance Shares | Maximum          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Award vesting rights, percentage   200.00%      
Employee Stock          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
ESPP shares authorized (in shares) | shares         2,000,000
ESPP shares issued during the period (in shares) | shares   44,436      
Number of shares reserved for issuance (in shares) | shares   1,955,564      
Stock-based compensation expense   $ 0.3      
v3.25.0.1
Stock-Based Compensation - Fair Value Options Granted (Details) - Stock Options
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected option term (in years) 6 years 6 months 6 years 6 months 6 years 6 months
Expected volatility factor 32.00% 32.00% 32.00%
Weighted-average risk-free interest rate 4.33% 3.90% 3.11%
Expected dividend rate 1.00% 1.20% 1.00%
v3.25.0.1
Stock-Based Compensation - Stock Options (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Outstanding at beginning of period (in shares) 2,089,493 2,647,578 2,844,062
Granted (in shares) 93,410 146,295 103,454
Exercised (in shares) (1,241,512) (655,644) (221,506)
Canceled/Forfeited (in shares) (26,808) (48,736) (78,432)
Outstanding at end of period (in shares) 914,583 2,089,493 2,647,578
Exercisable at end of period (in shares) 747,808 1,878,789 2,439,667
Weighted Avg. Exercise Price      
Outstanding at beginning of period (in dollars per share) $ 14.67 $ 13.75 $ 13.44
Granted (in dollars per share) 31.05 22.25 28.68
Exercised (in dollars per share) 12.62 11.66 11.89
Canceled/Forfeited (in dollars per share) 28.49 27.77 27.65
Outstanding at end of period (in dollars per share) 18.72 14.67 13.75
Exercisable at end of period (in dollars per share) $ 16.71 $ 13.35 $ 12.36
Intrinsic value of options exercised $ 29.3 $ 11.0 $ 3.8
Weighted average remaining contractual life of options outstanding 4 years 9 months 18 days 4 years 1 month 6 days 4 years 4 months 24 days
Aggregate intrinsic value of options outstanding $ 17.0    
Weighted average remaining contractual life of options exercisable 3 years 10 months 24 days 3 years 4 months 24 days 3 years 10 months 24 days
Aggregate intrinsic value of options exercisable $ 15.4    
v3.25.0.1
Stock-Based Compensation - Nonvested Options (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Shares      
Nonvested options at beginning of period (in shares) 210,704    
Granted (in shares) 93,410 146,295 103,454
Vested (in shares) (114,728)    
Canceled/Forfeited (in shares) (22,611)    
Nonvested options at end of period (in shares) 166,775 210,704  
Weighted Avg. Exercise Price      
Nonvested options at beginning of period (in dollars per share) $ 26.49    
Granted (in dollars per share) 31.05 $ 22.25 $ 28.68
Vested (in dollars per share) 28.09    
Canceled/Forfeited (in dollars per share) 27.74    
Nonvested options at end of period (in dollars per share) $ 27.77 $ 26.49  
v3.25.0.1
Stock-Based Compensation - Nonvested Stock Unit Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock Units (RSUs)      
Units      
Nonvested units at beginning of period (in shares) 501,321 580,112 501,331
Granted (in shares) 125,565 242,385 370,244
Vested (in shares) (318,274) (218,153) (166,318)
Canceled/Forfeited (in shares) (45,537) (103,023) (125,145)
Nonvested units at end of period (in shares) 263,075 501,321 580,112
Weighted Avg. Grant Date Fair Value      
Nonvested units at beginning of period (in dollars per share) $ 26.05 $ 29.33 $ 25.98
Granted (in dollars per share) 31.23 23.40 28.80
Vested (in dollars per share) 27.06 30.70 18.37
Canceled/Forfeited (in dollars per share) 27.30 28.40 28.92
Nonvested units at end of period (in dollars per share) $ 26.97 $ 26.05 $ 29.33
Performance Shares      
Units      
Nonvested units at beginning of period (in shares) 866,810 939,459 777,374
Granted (in shares) 553,548 425,246 177,724
Vested (in shares) (431,702) (468,722) 0
Canceled/Forfeited (in shares) (42,915) (29,173) (15,639)
Nonvested units at end of period (in shares) 945,741 866,810 939,459
Weighted Avg. Grant Date Fair Value      
Nonvested units at beginning of period (in dollars per share) $ 27.88 $ 27.07 $ 26.27
Granted (in dollars per share) 34.33 23.25 30.92
Vested (in dollars per share) 32.25 22.17 0
Canceled/Forfeited (in dollars per share) 30.91 26.07 30.70
Nonvested units at end of period (in dollars per share) $ 29.53 $ 27.88 $ 27.07
v3.25.0.1
Retirement Benefits - Narrative (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
category
$ / shares
shares
Dec. 31, 2023
USD ($)
provider
$ / shares
shares
Dec. 31, 2022
USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actuarial gain on pension and other postretirement benefit obligations $ 1.4 $ 2.0 $ 1.9
Actuarial gain (loss) on pension and postretirement benefit obligations 1.4 $ 2.0 1.9
Number of medical provider options | provider   65  
Contributions 20.0 $ 11.0 0.3
Fair value of plan assets 203.0 195.2  
Defined contribution savings plan - expense recognized $ 5.6 $ 4.5 5.9
Defined Contribution Savings Plan      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Granted (in shares) | shares 137,031 201,053  
Granted (in dollars per share) | $ / shares $ 33.71 $ 25.06  
Pension Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actuarial gain (loss) on pension and postretirement benefit obligations $ 5.4 $ (5.1)  
Contributions 20.4 11.4  
Projected benefit obligation 210.6 224.0 226.3
Fair value of plan assets 203.0 195.2 186.2
Under-funded status $ 7.6 28.8  
Number of investment categories | category 2    
Pension plans that are not fully funded - projected benefit obligation $ 210.6 224.0  
Pension plans that are not fully funded - accumulated benefit obligation 209.2 219.0  
Pension plans that are not fully funded - fair value of plan assets 203.0 195.2  
Other Postretirement Benefits      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actuarial gain (loss) on pension and postretirement benefit obligations 1.1 2.4  
Contributions 1.0 1.4  
Projected benefit obligation 7.2 8.7 11.7
Fair value of plan assets 0.0 0.0 $ 0.0
Under-funded status $ 7.2 $ 8.7  
Assumed health care cost trend rate, percent 7.00%    
Ultimate health care cost trend rate, percent 5.00%    
v3.25.0.1
Retirement Benefits - Pension and Other Postretirement Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Pension and Other Postretirement Benefits:      
Service cost $ 0.1 $ 0.1 $ 0.1
Interest cost 11.2 12.1 8.6
Expected return on plan assets (7.5) (7.5) (9.6)
Recognition of actuarial gains (0.1) 0.0 0.0
Net periodic benefit (income) expense 3.7 4.7 (0.9)
Other Postretirement Benefits      
Pension and Other Postretirement Benefits:      
Service cost 0.0 0.0  
Interest cost 0.4 0.6 0.4
Recognition of actuarial gains (1.3) (2.0) (1.9)
Net periodic benefit (income) expense $ (0.9) $ (1.4) $ (1.5)
v3.25.0.1
Retirement Benefits - Status of Plans (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Actuarial (losses) gains $ 1.4 $ 2.0 $ 1.9
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Plan assets at the beginning of the period 195.2    
Contributions 20.0 11.0 0.3
Plan assets at end of period 203.0 195.2  
Net amount on Consolidated Balance Sheets consists of:      
Current liabilities (1.2) (1.3)  
Long-term liabilities (14.1) (36.6)  
Pension Benefits      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Benefit obligation at beginning of period (224.0) (226.3)  
Service cost (0.1) (0.1) (0.1)
Interest cost (11.2) (12.1) (8.6)
Actuarial (losses) gains 5.4 (5.1)  
Benefits paid 19.1 19.6  
Plan participant contributions 0.0 0.0  
Settlements 0.2 0.0  
Benefit obligation at end of period (210.6) (224.0) (226.3)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Plan assets at the beginning of the period 195.2 186.2  
Actual return on plan assets 6.6 17.2  
Contributions 20.4 11.4  
Benefits paid (19.1) (19.6)  
Settlements (0.1) 0.0  
Plan assets at end of period 203.0 195.2 186.2
Funded status of plans (7.6) (28.8)  
Net amount on Consolidated Balance Sheets consists of:      
Non-current assets 0.5 0.3  
Current liabilities (0.3) (0.3)  
Long-term liabilities (7.8) (28.8)  
Total net funded status (7.6) (28.8)  
Other Postretirement Benefits      
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Benefit obligation at beginning of period (8.7) (11.7)  
Service cost 0.0 0.0  
Interest cost (0.4) (0.6) (0.4)
Actuarial (losses) gains 1.1 2.4  
Benefits paid 1.0 1.4  
Plan participant contributions (0.2) (0.2)  
Settlements 0.0 0.0  
Benefit obligation at end of period (7.2) (8.7) (11.7)
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Plan assets at the beginning of the period 0.0 0.0  
Actual return on plan assets 0.0 0.0  
Contributions 1.0 1.4  
Benefits paid (1.0) (1.4)  
Settlements 0.0 0.0  
Plan assets at end of period 0.0 0.0 $ 0.0
Funded status of plans (7.2) (8.7)  
Net amount on Consolidated Balance Sheets consists of:      
Non-current assets 0.0 0.0  
Current liabilities (0.9) (1.0)  
Long-term liabilities (6.3) (7.7)  
Total net funded status $ (7.2) $ (8.7)  
v3.25.0.1
Retirement Benefits - Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Unrecognized actuarial gain $ (9.4) $ (5.0)
Accumulated other comprehensive income, gross (9.4) (5.0)
Deferred income tax provision 2.3 1.2
Accumulated other comprehensive income, net (7.1) (3.8)
Pension Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Unrecognized actuarial gain (8.7) (4.1)
Accumulated other comprehensive income, gross (8.7) (4.1)
Deferred income tax provision 2.1 1.0
Accumulated other comprehensive income, net (6.6) (3.1)
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Unrecognized actuarial gain (0.7) (0.9)
Accumulated other comprehensive income, gross (0.7) (0.9)
Deferred income tax provision 0.2 0.2
Accumulated other comprehensive income, net $ (0.5) $ (0.7)
v3.25.0.1
Retirement Benefits - Significant Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pension Benefits      
Benefit Obligations:      
Discount rate 5.70% 5.20% 5.60%
Rate of compensation increase 3.00% 3.00% 3.00%
Net Periodic Benefit Cost:      
Discount rate 5.20% 5.60% 3.00%
Rate of compensation increase 3.00% 3.00% 3.00%
Expected return on plan assets 4.00% 4.30% 4.00%
Other Postretirement Benefits      
Benefit Obligations:      
Discount rate 5.60% 5.20% 5.60%
Net Periodic Benefit Cost:      
Discount rate 5.20% 5.60% 3.40%
v3.25.0.1
Retirement Benefits - Target Investment Allocations (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Equity securities    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation 10.00%  
Actual Allocation 10.00% 30.00%
Equity securities | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Investment Policy 0.00%  
Equity securities | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Investment Policy 30.00%  
Debt securities (including cash and cash equivalents)    
Defined Benefit Plan Disclosure [Line Items]    
Target Allocation 90.00%  
Actual Allocation 90.00% 70.00%
Debt securities (including cash and cash equivalents) | Minimum    
Defined Benefit Plan Disclosure [Line Items]    
Investment Policy 70.00%  
Debt securities (including cash and cash equivalents) | Maximum    
Defined Benefit Plan Disclosure [Line Items]    
Investment Policy 100.00%  
v3.25.0.1
Retirement Benefits - Fair Value Measurements (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 203.0 $ 195.2
Quoted Prices in Active  Market (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 7.2 24.2
Significant Other Observable  Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Significant Unobservable Inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Assets Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 195.8 171.0
Cash and cash equivalents    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 4.2 14.9
Cash and cash equivalents | Quoted Prices in Active  Market (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 4.2 14.9
Cash and cash equivalents | Significant Other Observable  Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Cash and cash equivalents | Significant Unobservable Inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Cash and cash equivalents | Assets Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Fixed income funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 178.3 123.5
Fixed income funds | Quoted Prices in Active  Market (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Fixed income funds | Significant Other Observable  Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Fixed income funds | Significant Unobservable Inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Fixed income funds | Assets Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 178.3 123.5
U.S. equity funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 12.4 38.1
U.S. equity funds | Quoted Prices in Active  Market (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 3.0 9.3
U.S. equity funds | Significant Other Observable  Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
U.S. equity funds | Significant Unobservable Inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
U.S. equity funds | Assets Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 9.4 28.8
International equity funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 5.7 16.4
International equity funds | Quoted Prices in Active  Market (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
International equity funds | Significant Other Observable  Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
International equity funds | Significant Unobservable Inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
International equity funds | Assets Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 5.7 16.4
Balanced funds    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 2.4 2.3
Balanced funds | Quoted Prices in Active  Market (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Balanced funds | Significant Other Observable  Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Balanced funds | Significant Unobservable Inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets 0.0 0.0
Balanced funds | Assets Measured at Net Asset Value    
Defined Benefit Plan Disclosure [Line Items]    
Fair value of plan assets $ 2.4 $ 2.3
v3.25.0.1
Retirement Benefits - Expected Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Pension Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2025 $ 19.7
2026 19.3
2027 19.0
2028 18.7
2029 18.4
2030 - 2034 83.8
Other Postretirement Benefits  
Defined Benefit Plan Disclosure [Line Items]  
2025 0.9
2026 0.9
2027 0.8
2028 0.8
2029 0.8
2030 - 2034 $ 2.9
v3.25.0.1
Retirement Benefits - Deferred Compensation Plan (Details) - Supplemental Employee Retirement Plan - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value $ 16.3 $ 13.3
Deferred compensation liability at fair value 18.9 14.7
Mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 1.2 0.1
Corporate-owned life insurance policies    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 15.1 13.2
Quoted Prices in Active  Market (Level 1)    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 1.2 0.1
Deferred compensation liability at fair value 18.9 14.7
Quoted Prices in Active  Market (Level 1) | Mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 1.2 0.1
Quoted Prices in Active  Market (Level 1) | Corporate-owned life insurance policies    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 0.0 0.0
Significant Other Observable  Inputs (Level 2)    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 15.1 13.2
Deferred compensation liability at fair value 0.0 0.0
Significant Other Observable  Inputs (Level 2) | Mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 0.0 0.0
Significant Other Observable  Inputs (Level 2) | Corporate-owned life insurance policies    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 15.1 13.2
Significant Unobservable Inputs (Level 3)    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 0.0 0.0
Deferred compensation liability at fair value 0.0 0.0
Significant Unobservable Inputs (Level 3) | Mutual funds    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value 0.0 0.0
Significant Unobservable Inputs (Level 3) | Corporate-owned life insurance policies    
Defined Benefit Plan Disclosure [Line Items]    
Total assets at fair value $ 0.0 $ 0.0
v3.25.0.1
Income Taxes - Income Tax Provision (Benefit) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current:      
United States $ 48.4 $ 36.4 $ 16.7
Non-United States 5.3 4.6 1.8
State and local 7.7 7.6 5.4
Total current 61.4 48.6 23.9
Deferred:      
United States (12.9) (7.5) 3.4
Non-United States 0.2 1.3 0.7
State and local (0.6) 0.2 (1.2)
Total deferred (13.3) (6.0) 2.9
Provision for income taxes $ 48.1 $ 42.6 $ 26.8
v3.25.0.1
Income Taxes - U.S. Statutory Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Provision for income taxes at U.S. federal statutory income tax rate $ 43.5 $ 30.8 $ 17.6
State and local income taxes, net of federal benefit 6.4 5.2 3.4
Net effects of foreign rate differential 0.9 0.9 0.5
Net effects of foreign operations 0.0 0.1 0.0
Nondeductible acquisition costs 0.0 (1.3) 4.2
Unrecognized tax benefits, net of federal benefit (2.9) 0.5 0.2
Excess tax benefits related to equity compensation (4.6) (1.7) (1.2)
§162(m) compensation limitation 5.4 6.2 3.3
Nondeductible loss on divestiture of asbestos liabilities and certain assets 0.0 2.0 0.0
Net changes in valuation allowance (0.2) 0.5 (0.8)
Other (0.4) (0.6) (0.4)
Provision for income taxes $ 48.1 $ 42.6 $ 26.8
v3.25.0.1
Income Taxes - Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ 185.0 $ 127.6 $ 74.5
Non-United States 22.0 19.2 9.3
Income before income taxes $ 207.0 $ 146.8 $ 83.8
v3.25.0.1
Income Taxes - Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Compensation and retirement benefits $ 19.4 $ 24.5
General accruals and reserves 12.7 11.3
Lease liabilities 19.3 17.2
State tax net operating loss and credit carryforwards 10.3 13.4
Federal and state capital loss carryforwards 0.4 0.5
Foreign net operating loss carryforwards 0.9 1.0
Other 2.4 2.8
Total deferred tax assets before valuation allowance 65.4 70.7
Valuation allowance (9.0) (12.0)
Total deferred tax assets 56.4 58.7
Deferred tax liabilities:    
Property, plant and equipment 19.8 23.4
Lease ROU assets 17.7 16.6
Inventories 15.3 17.0
Intangible assets and goodwill 197.2 208.4
Total deferred tax liabilities 250.0 265.4
Net deferred tax liabilities (193.6) (206.7)
Net amount on Consolidated Balance Sheets consists of:    
Other assets 2.9 3.3
Deferred income taxes (196.5) (210.0)
Net deferred tax liabilities $ (193.6) $ (206.7)
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Foreign NOL carryforwards $ 3.4    
Valuation allowance for foreign NOL carryforward 0.9    
Undistributed earnings of foreign subsidiaries 41.5    
Undistributed earnings of foreign subsidiaries, potential related taxes 2.2    
Other liabilities 17.3 $ 13.5  
Income taxes payable 2.3 3.5  
Net cash paid for income taxes 68.1 45.7 $ 3.1
Liability for unrecognized tax benefits 1.8 5.6  
Unrecognized tax benefits, income tax penalties and interest accrued 0.5 1.1  
Income tax (benefit) expense (0.4) 0.4 $ 0.2
Other Current Liabilities      
Operating Loss Carryforwards [Line Items]      
Income taxes payable 2.3 3.5  
Other Current Assets      
Operating Loss Carryforwards [Line Items]      
Income taxes receivable 19.6 $ 17.0  
State Tax Authority      
Operating Loss Carryforwards [Line Items]      
State tax net operating loss carryforwards 171.2    
State tax net operating loss carryforwards, valuation allowance $ 6.1    
v3.25.0.1
Income Taxes - Gross Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of period $ 5.1 $ 5.4
Additions based on tax positions related to the current year 0.1 0.1
Additions for tax positions of prior years 0.0 0.1
Reductions for tax positions of prior years (0.1) 0.0
Reductions due to lapse of applicable statute of limitations (3.4) (0.5)
Balance at end of period $ 1.7 $ 5.1
v3.25.0.1
Commitments and Contingencies (Details)
lawsuit in Thousands, claimant in Thousands, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
lawsuit
claimant
Commitments and Contingencies Disclosure [Abstract]        
Loss on divestiture of asbestos liabilities and certain assets $ 11.4 $ 0.0 $ 11.4 $ 0.0
Transaction expenses $ 2.1      
Number of pending lawsuits | lawsuit       6
Number of pending claims | claimant       7
Period to file claims       10 years
Reserve for asbestos claims       $ 79.0
Insurance for asbestos claims       72.1
Potential liability estimated insurance coverage       $ 6.9
v3.25.0.1
Common Stock Repurchases (Details) - USD ($)
$ / shares in Units, shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Feb. 08, 2023
Jan. 27, 2020
Mar. 31, 2015
Equity, Class of Treasury Stock [Line Items]            
Repurchased and canceled shares (in shares) 4.7 5.3 1.1      
Cost of repurchased and canceled shares $ 150,200,000 $ 125,000,000.0 $ 24,700,000      
Weighted average price of repurchased and canceled shares (in dollars per share) $ 31.81 $ 23.66 $ 23.00      
Common Stock            
Equity, Class of Treasury Stock [Line Items]            
Stock repurchase program, authorized amount       $ 500,000,000.0 $ 300,000,000.0 $ 200,000,000.0
Stock repurchase program, remaining authorized repurchase amount $ 240,200,000          
v3.25.0.1
Business Segment, Geographic and Customer Information - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Segment Reporting Information [Line Items]      
Number of business segments 1    
Number of reportable segments 1    
Interest income | $ $ 7.8 $ 4.9 $ 0.5
Largest Customer | Revenue from Contract with Customer Benchmark | Customer Concentration Risk      
Segment Reporting Information [Line Items]      
Concentration risk percentage 19.00% 20.00% 22.00%
v3.25.0.1
Business Segment, Geographic and Customer Information - Schedule of Segment Revenue, Significant Expenses and Segment Profit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net sales $ 1,566.5 $ 1,530.5 $ 1,281.8
Less:      
Cost of sales 859.5 882.4 816.3
Selling, general and administrative expenses 389.8 371.3 309.0
Net income from continuing operations 158.9 104.2 57.0
Reportable Segment      
Segment Reporting Information [Line Items]      
Net sales 1,566.5 1,530.5 1,281.8
Less:      
Cost of sales 859.5 882.4 816.3
Selling, general and administrative expenses 389.8 371.3 309.0
Other segment items 158.3 172.6 99.5
Net income from continuing operations $ 158.9 $ 104.2 $ 57.0
v3.25.0.1
Business Segment, Geographic and Customer Information - Schedule of Business Segment Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segments, Geographical Areas [Abstract]      
Net sales $ 1,566.5 $ 1,530.5 $ 1,281.8
Long-lived Assets 164.0 180.3 183.8
Reportable Geographical Components      
Segments, Geographical Areas [Abstract]      
Net sales 1,566.5 1,530.5 1,281.8
United States      
Segments, Geographical Areas [Abstract]      
Net sales 1,428.9 1,410.1 1,171.8
Long-lived Assets 148.0 160.6 165.9
United States | Reportable Geographical Components      
Segments, Geographical Areas [Abstract]      
Net sales 1,394.8 1,368.8 1,135.3
Canada      
Segments, Geographical Areas [Abstract]      
Net sales 90.1 78.7 75.1
Long-lived Assets 10.2 11.7 12.0
Canada | Reportable Geographical Components      
Segments, Geographical Areas [Abstract]      
Net sales 145.8 133.8 131.1
Rest of world      
Segments, Geographical Areas [Abstract]      
Net sales 47.5 41.7 34.9
Long-lived Assets 5.8 8.0 5.9
Rest of world | Reportable Geographical Components      
Segments, Geographical Areas [Abstract]      
Net sales $ 25.9 $ 27.9 $ 15.4
v3.25.0.1
Subsequent Events (Details) - $ / shares
 12 Months Ended
Jan. 30, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Subsequent Event [Line Items]        
Common stock dividend to be paid (in dollars per share)   $ 0.33 $ 0.29 $ 0.20
Subsequent Event        
Subsequent Event [Line Items]        
Common stock dividend to be paid (in dollars per share) $ 0.09      
v3.25.0.1
Schedule II - Valuation and Qualifying Accounts - Schedule II (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Valuation allowance for trade and notes receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year $ 3.1 $ 1.4 $ 1.2
Charged to Costs and Expenses (0.1) 2.3 1.0
Charged to Other Accounts 0.0 0.0 0.0
Deductions (1.2) (0.6) (0.8)
Balance at End of Year 1.8 3.1 1.4
Valuation allowance for income taxes      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Year 12.0 32.2 35.1
Charged to Costs and Expenses 0.0 0.5 0.1
Charged to Other Accounts 0.0 0.0 0.3
Deductions (3.0) (20.7) (3.3)
Balance at End of Year $ 9.0 $ 12.0 $ 32.2