ZURN ELKAY WATER SOLUTIONS CORP, 10-Q filed on 7/29/2025
Quarterly Report
v3.25.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2025
Jul. 24, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-35475  
Entity Registrant Name ZURN ELKAY WATER SOLUTIONS CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 20-5197013  
Entity Address, Address Line One 511 W. Freshwater Way  
Entity Address, Postal Zip Code 53204  
Entity Address, City or Town Milwaukee,  
Entity Address, State or Province WI  
City Area Code 855  
Local Phone Number 480-5050  
Title of 12(b) Security Common Stock, $.01 par value  
Trading Symbol ZWS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   167,552,517
Entity Central Index Key 0001439288  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Current Fiscal Year End Date --12-31  
v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 201.9 $ 198.0
Receivables, net 240.1 202.2
Inventories, net 275.8 272.6
Income taxes receivable 2.5 19.6
Other current assets 33.7 29.7
Total current assets 754.0 722.1
Property, plant and equipment, net 162.2 164.0
Intangible assets, net 863.9 891.6
Goodwill 795.6 794.2
Other assets 78.6 76.6
Total assets 2,654.3 2,648.5
Current liabilities:    
Current maturities of debt 0.8 0.8
Trade payables 88.9 71.7
Compensation and benefits 34.0 37.9
Current portion of pension and postretirement benefit obligations 1.2 1.2
Other current liabilities 153.4 136.2
Total current liabilities 278.3 247.8
Long-term debt 495.1 494.8
Pension and postretirement benefit obligations 14.0 14.1
Deferred income taxes 186.0 196.5
Operating lease liability 46.3 43.3
Other liabilities 70.2 65.2
Total liabilities 1,089.9 1,061.7
Stockholders' equity:    
Common stock, $0.01 par value; 200,000,000 shares authorized; shares issued and outstanding: 167,661,315 at June 30, 2025 and 170,308,023 at December 31, 2024 1.7 1.7
Additional paid-in capital 2,817.9 2,828.2
Retained deficit (1,185.5) (1,168.7)
Accumulated other comprehensive loss (69.7) (74.4)
Total stockholders' equity 1,564.4 1,586.8
Total liabilities and stockholders' equity $ 2,654.3 $ 2,648.5
v3.25.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
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) 167,661,315 170,308,023
Common stock, shares outstanding (in shares) 167,661,315 170,308,023
v3.25.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Net sales $ 444.5 $ 412.0 $ 833.3 $ 785.8
Cost of sales 242.2 225.7 450.0 429.4
Gross profit 202.3 186.3 383.3 356.4
Selling, general and administrative expenses 108.2 98.9 209.4 194.8
Restructuring and other similar charges 1.9 0.7 3.6 7.0
Amortization of intangible assets 14.6 14.8 29.3 29.5
Income from operations 77.6 71.9 141.0 125.1
Non-operating expense:        
Interest expense, net (7.7) (8.5) (15.0) (17.3)
Other expense, net (2.0) (1.6) (2.0) (3.0)
Income before income taxes 67.9 61.8 124.0 104.8
Provision for income taxes (17.8) (16.5) (32.9) (25.5)
Net income from continuing operations 50.1 45.3 91.1 79.3
Income from discontinued operations, net of tax 0.4 0.7 3.0 1.0
Net income $ 50.5 $ 46.0 $ 94.1 $ 80.3
Basic net income per share:        
Continuing operations (in dollars per share) $ 0.30 $ 0.26 $ 0.54 $ 0.46
Discontinued operations (in dollars per share) 0 0.01 0.02 0.01
Net income (in dollars per share) 0.30 0.27 0.56 0.47
Diluted net income per share:        
Continuing operations (in dollars per share) 0.29 0.26 0.53 0.45
Discontinued operations (in dollars per share) 0 0.01 0.02 0.01
Net income (in dollars per share) $ 0.29 $ 0.27 $ 0.55 $ 0.46
Weighted-average number of shares outstanding (in thousands):        
Basic (in shares) 168,483 172,627 169,409 172,818
Effect of dilutive equity awards (in shares) 1,600 2,376 1,901 2,738
Diluted (in shares) 170,083 175,003 171,310 175,556
v3.25.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 50.5 $ 46.0 $ 94.1 $ 80.3
Other comprehensive income (loss):        
Foreign currency translation adjustments 4.9 (1.5) 4.7 (4.0)
Other comprehensive income (loss), net of tax 4.9 (1.5) 4.7 (4.0)
Total comprehensive income $ 55.4 $ 44.5 $ 98.8 $ 76.3
v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 94.1 $ 80.3
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 15.5 13.8
Amortization of intangible assets 29.3 29.5
Non-cash restructuring charges 0.5 5.2
Loss on dispositions of long-lived assets 0.0 0.4
Deferred income taxes (10.6) (13.0)
Other non-cash expense 1.1 2.3
Pension curtailment (0.7) 0.0
Stock-based compensation expense 19.5 19.4
Changes in operating assets and liabilities:    
Receivables, net (36.8) (30.6)
Inventories, net (1.7) 0.4
Other assets 21.3 2.0
Accounts payable 16.8 21.8
Accruals and other 5.2 7.5
Cash provided by operating activities 153.5 139.0
Investing activities    
Expenditures for property, plant and equipment (13.3) (8.6)
Proceeds from dispositions of long-lived assets 0.0 1.6
Cash used for investing activities (13.3) (7.0)
Financing activities    
Repayments of debt (0.4) (0.4)
Proceeds from exercise of stock options and ESPP contributions 2.4 3.8
Taxes withheld and paid on employees' share-based payment awards (0.5) 0.0
Repurchase of common stock (109.9) (79.9)
Payment of common stock dividends (30.3) (27.7)
Cash used for financing activities (138.7) (104.2)
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2.4 (1.8)
Increase in cash, cash equivalents and restricted cash 3.9 26.0
Cash, cash equivalents and restricted cash at beginning of period 198.0 136.7
Cash, cash equivalents and restricted cash at end of period $ 201.9 $ 162.7
v3.25.2
Basis of Presentation and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies Basis of Presentation and Significant Accounting Policies
The unaudited condensed 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. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading.
In the opinion of management, the condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results of operations for the interim periods. Results for the interim periods are not necessarily indicative of results that may be expected for the year ending December 31, 2025. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
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.
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.
v3.25.2
Restructuring and Other Similar Charges
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring and Other Similar Charges Restructuring and Other Similar Charges
During the three and six months ended June 30, 2025, 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 mergers and acquisitions 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 the Company's 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 during the three and six months ended June 30, 2025 and June 30, 2024, (in millions):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Employee termination benefits$0.8 $0.2 $1.3 $0.4 
Contract termination and other associated costs1.1 0.5 2.3 6.6 
Total restructuring and other similar charges$1.9 $0.7 $3.6 $7.0 
The following table summarizes the activity in the Company's restructuring accrual for the six months ended June 30, 2025 (in millions):
Employee termination benefitsContract termination and other associated costsTotal
Accrued restructuring costs, December 31, 2024 (1)$1.1 $0.1 $1.2 
Charges1.3 2.3 3.6 
Cash payments(1.5)(1.9)(3.4)
Non-cash charges (2)— (0.5)(0.5)
Accrued restructuring costs, June 30, 2025 (1)$0.9 $— $0.9 
(1)As of June 30, 2025 and December 31, 2024, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.
(2)Non-cash charges consist primarily of asset impairments based on Level 3 inputs.
v3.25.2
Discontinued Operations
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Discontinued Operations Discontinued Operations
On October 4, 2021, the Company completed a Reverse Morris Trust tax-free spin-off transaction (the “Spin-Off Transaction”) in which (i) substantially all the assets and liabilities of the Company's Process & Motion Control ("PMC") business were transferred to a newly created subsidiary, Land Newco, Inc. (“Land”), (ii) the shares of Land were distributed to the Company's stockholders pro rata, and (iii) Land was merged with a subsidiary of Regal Rexnord Corporation (formerly known as Regal Beloit Corporation), in which the stock of Land was converted into a specified number of shares of Regal Rexnord Corporation in accordance with the exchange ratio. The operating results of PMC are reported as discontinued operations in the consolidated statements of operations for all periods presented, as the Spin-Off Transaction of PMC represented a strategic shift that had a major impact on operations and financial results. The condensed consolidated statements of cash flows for the six months ended June 30, 2025 and June 30, 2024 have not been adjusted to separately disclose cash flows related to the discontinued operations.
The major components of the Income from discontinued operations, net of tax presented in the condensed consolidated statements of operations for the three and six months ended June 30, 2025 and June 30, 2024, are as follows (in millions):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Selling, general and administrative expense (1)$— $(0.7)$(2.6)$(0.7)
Income from discontinued operations before income tax— 0.7 2.6 0.7 
Income tax benefit0.4 — 0.4 0.3 
Income from discontinued operations, net of tax$0.4 $0.7 $3.0 $1.0 
(1)Selling, general and administrative expense includes the release of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.
v3.25.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2025
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 Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. 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 continue 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 condensed consolidated statements of operations. Unsatisfied performance obligations as of June 30, 2025 have an expected duration of one year or less.
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):
Three Months EndedSix Months Ended
Customer TypeJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Institutional$217.8 $196.1 $409.2 $374.4 
Commercial125.6 118.1 234.5 224.9 
All other101.1 97.8 189.6 186.5 
    Total$444.5 $412.0 $833.3 $785.8 
Three Months EndedSix Months Ended
GeographyJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
United States$410.4 $378.3 $767.9 $719.5 
Canada25.3 23.8 45.4 44.9 
Rest of world8.8 9.9 20.0 21.4 
    Total$444.5 $412.0 $833.3 $785.8 
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 June 30, 2025 and December 31, 2024 were not material.
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.
Allowance for Credit Losses
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 credit losses, the Company also considers various factors, including the aging of customer accounts and historical write-offs. In addition, the Company monitors other risk factors, including forward-looking information when establishing allowances for credit losses, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables.
v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The provision for income taxes for all periods presented is based on an estimated effective income tax rate for the respective fiscal years. The estimated annual effective income tax rate is determined excluding the effect of significant discrete items or items that are reported net of their related tax effects. The tax effect of significant discrete items is reflected in the period in which they occur. The Company's income tax expense is impacted by a number of factors, including the amount of taxable earnings derived in foreign jurisdictions with tax rates that are generally higher than the U.S. federal statutory rate, state tax rates in the jurisdictions where the Company does business and the Company's ability to utilize various tax credits, capital loss and net operating loss (“NOL”) carryforwards.
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted. There are multiple business tax provisions for which further guidance from the U.S. Treasury and the Internal Revenue Service is needed. The Company is currently reviewing and evaluating the impact of the guidance provided to date that could affect our income tax payable and deferred tax liability, including changes related to bonus depreciation and the expensing of research and development expenditures, among other topics.
The Company regularly reviews its deferred tax assets 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 deemed appropriate. In addition, all other available positive and negative evidence is taken into consideration for the purpose of determining the proper balances of such valuation allowances. As a result of this review, the Company continues to maintain 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. Future changes to the balances of these valuation allowances, as a result of this continued review and analysis by the Company, could impact the financial statements for such period of change.
The income tax provision was $17.8 million for the three months ended June 30, 2025, compared to $16.5 million for the three months ended June 30, 2024. The effective income tax rate for the three months ended June 30, 2025 was 26.2% versus 26.7% for the three months ended June 30, 2024. The effective income tax rate for the three months ended June 30, 2025 and the three months ended June 30, 2024 was above the U.S. federal statutory rate of 21% primarily due to the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, partially offset by the recognition of income tax benefits associated with share-based payments.
The income tax provision was $32.9 million for the six months ended June 30, 2025, compared to $25.5 million for the six months ended June 30, 2024. The effective income tax rate for the six months ended June 30, 2025 was 26.5% versus 24.3% for the six months ended June 30, 2024. The effective income tax rate for the six months ended June 30, 2025 and for the six months ended June 30, 2024 was above the U.S. federal statutory rate of 21% primarily due to the accrual of additional income taxes associated with compensation deduction limitations under Section 162(m) of the Internal Revenue Code, the accrual of various state income taxes and the accrual of foreign income taxes, which are generally above the U.S. federal statutory rate, partially offset by the recognition of income tax benefits associated with share-based payments.
The Company’s total liability for net unrecognized tax benefits as of June 30, 2025 and December 31, 2024 was $2.0 million and $1.8 million, respectively. The Company recognizes accrued interest and penalties related to unrecognized income tax benefits in income tax expense. As of June 30, 2025 and December 31, 2024, the total amount of unrecognized tax benefits includes gross accrued interest and penalties of $0.5 million. The Company recognized $0.1 million and $(0.2) million of net interest and penalties as income tax expense (benefit) during the six months ended June 30, 2025 and June 30, 2024, 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. It is reasonably possible that the amounts of unrecognized income tax benefits could change in the next twelve months based upon future income tax examinations; however, any potential payments of income tax, interest and penalties would not be 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, 2021, state and local income tax examinations for years ending prior to December 31, 2020 or significant foreign income tax examinations for years ending prior to March 31, 2020.
v3.25.2
Earnings per Share
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Earnings per Share Earnings per Share
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 and the vesting of restricted stock units and performance stock units using the treasury stock method, except when the effect would be anti-dilutive.
The computation for diluted net income per share for the three and six months ended June 30, 2025 excludes 0.1 million shares due to their anti-dilutive effects. The computation for diluted net income per share for the three and six months ended June 30, 2024 excludes 0.5 million shares and 0.3 million shares due to their anti-dilutive effects, respectively.
v3.25.2
Stockholders' Equity
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Stockholders' Equity
Stockholders' equity consists of the following (in millions):
Common stock (1)Additional paid-in capitalRetained deficitAccumulated other comprehensive lossTotal stockholders’ equity
Balance at December 31, 2023$1.7 $2,847.0 $(1,178.2)$(67.7)$1,602.8 
Total comprehensive income— — 34.3 (2.5)31.8 
Stock-based compensation expense— 10.0 — — 10.0 
Proceeds from exercise of stock options— 2.1 — — 2.1 
Repurchase of common stock— — (18.9)— (18.9)
Common stock dividends ($0.08 per share)
— (13.9)— — (13.9)
Balance at March 31, 2024$1.7 $2,845.2 $(1,162.8)$(70.2)$1,613.9 
Total comprehensive income— — 46.0 (1.5)44.5 
Stock-based compensation expense— 9.4 — — 9.4 
Proceeds from exercise of stock options— 1.7 — — 1.7 
Repurchase of common stock— — (61.3)— (61.3)
Common stock dividends ($0.08 per share)
— (13.8)— — (13.8)
Balance at June 30, 2024$1.7 $2,842.5 $(1,178.1)$(71.7)$1,594.4 
Common stock (1)Additional
paid-in
capital		Retained
deficit		Accumulated
other
comprehensive
loss		Total
stockholders’
equity
Balance at December 31, 2024$1.7 $2,828.2 $(1,168.7)$(74.4)$1,586.8 
Total comprehensive income— — 43.6 (0.2)43.4 
Stock-based compensation expense— 10.5 — — 10.5 
Proceeds from exercise of stock options and ESPP contributions— 1.1 — — 1.1 
Taxes withheld and paid on employees' share-based payment awards— (0.5)— — (0.5)
Repurchase of common stock— — (78.0)— (78.0)
Common stock dividends ($0.09 per share)
— (15.3)— — (15.3)
Balance at March 31, 2025$1.7 $2,824.0 $(1,203.1)$(74.6)$1,548.0 
Total comprehensive income— — 50.5 4.9 55.4 
Stock-based compensation expense— 9.0 — — 9.0 
Proceeds from exercise of stock options and ESPP contributions— 1.3 — — 1.3 
Repurchase of common stock— — (32.9)— (32.9)
Common stock dividends ($0.09 per share)
— (16.4)— — (16.4)
Balance at June 30, 2025$1.7 $2,817.9 $(1,185.5)$(69.7)$1,564.4 
(1)During the three and six months ended June 30, 2025, the Company issued 109,796 and 597,933 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively. During the three and six months ended June 30, 2024, the Company issued 171,495 and 1,398,393 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively.
Share Repurchase Program
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 of Directors. During the three months ended June 30, 2025, the Company repurchased 972,619 shares of common stock at a total cost of $32.5 million at an average price of $33.41 per share. During the six months ended June 30, 2025, the Company repurchased 3,244,641 shares of common stock at a total cost of $109.9 million at a weighted average price of $33.87 per share. During the three months ended June 30, 2024, the Company repurchased 1,942,016 shares of common stock at a total cost of $61.0 million at an average
price of $31.38 per share. During the six months ended June 30, 2024, the Company repurchased 2,562,860 shares of common stock at a total cost of $79.9 million at an average price of $31.15 per share. The repurchased shares were canceled by the Company upon receipt. Approximately $130.3 million of the existing authority remained under the Repurchase Program at June 30, 2025.
v3.25.2
Accumulated Other Comprehensive Loss
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2025, are as follows (in millions):
Foreign Currency Translation and OtherPension and Postretirement PlansTotal
Balance at December 31, 2024$(81.5)$7.1 $(74.4)
Other comprehensive income before reclassifications4.7 — 4.7 
Net current period other comprehensive income4.7 — 4.7 
Balance at June 30, 2025$(76.8)$7.1 $(69.7)
There were no amounts reclassified from accumulated other comprehensive loss to net income during the six months ended June 30, 2025 and 2024.
v3.25.2
Inventories
 6 Months Ended
Jun. 30, 2025
Inventory, Net [Abstract]  
Inventories Inventories
The major classes of inventories are summarized as follows (in millions):
June 30, 2025December 31, 2024
Finished goods$233.2 $228.7 
Work in progress11.8 12.1 
Raw materials50.8 44.8 
Inventories at First-In, First-Out ("FIFO") cost295.8 285.6 
Adjustment to state inventories at Last-In, First-Out ("LIFO") cost(20.0)(13.0)
$275.8 $272.6 
v3.25.2
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2025
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 six months ended June 30, 2025, are presented below (in millions):
Net carrying amount as of December 31, 2024$794.2 
  Currency translation adjustments 1.4 
Net carrying amount as of June 30, 2025$795.6 
The gross carrying amount and accumulated amortization for each major class of identifiable intangible assets as of June 30, 2025 and December 31, 2024 are as follows (in millions):
June 30, 2025
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents10 years$27.8 $(23.2)$4.6 
Customer relationships (including distribution network)16 years1,068.7 (423.7)645.0 
Tradenames19 years156.8 (28.8)128.0 
Intangible assets not subject to amortization - trademarks and tradenames86.3 — 86.3 
Total intangible assets, net16 years$1,339.6 $(475.7)$863.9 
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 
Intangible asset amortization expense totaled $14.6 million and $14.8 million for the three months ended June 30, 2025 and June 30, 2024, respectively. Intangible asset amortization expense totaled $29.3 million and $29.5 million for the six months ended June 30, 2025 and June 30, 2024, respectively.
The Company expects to recognize amortization expense on the intangible assets subject to amortization of $58.7 million in the year ending December 31, 2025 (inclusive of the $29.3 million of amortization expense recognized in the six months ended June 30, 2025), $58.5 million in 2026, $58.5 million in 2027, $58.5 million in 2028, $58.5 million in 2029 and $58.5 million in 2030.
v3.25.2
Other Current Liabilities
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Other Current Liabilities Other Current Liabilities
Other current liabilities are summarized as follows (in millions):
June 30, 2025December 31, 2024
Commissions$12.4 $9.2 
Current portion of operating lease liability14.1 12.7 
Income taxes payable7.2 2.3 
Professional fees2.1 1.6 
Product warranty (1)5.6 4.9 
Restructuring and other similar charges (2)0.9 1.2 
Risk management (3)5.8 5.5 
Sales rebates77.9 73.2 
Tax indemnities11.1 12.2 
Taxes, other than income taxes2.9 2.9 
Other13.4 10.5 
$153.4 $136.2 
____________________
(1)See more information related to the product warranty obligations balance within Note 14, Commitments and Contingencies.
(2)See more information related to the restructuring obligations balance within Note 2, Restructuring and Other Similar Charges.
(3)Includes projected liabilities related to losses arising from automobile, general, environmental, worker's compensation, and product liability claims.
v3.25.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt is summarized as follows (in millions):
June 30, 2025December 31, 2024
Term loan (1)$475.7 $475.0 
Finance leases20.2 20.6 
Total495.9 495.6 
Less current maturities0.8 0.8 
Long-term debt$495.1 $494.8 
(1)Includes unamortized debt issuance costs of $4.7 million and $5.4 million at June 30, 2025 and December 31, 2024, respectively.
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 June 30, 2025, 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 a $625 million 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.
In October 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. In connection with the voluntary prepayment of $60.0 million, quarterly principal payments 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 0.79 to 1.00 as of June 30, 2025, and therefore the applicable margin 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 June 30, 2025 and for the six months then ended, the borrowings under the Term Loan had weighted-average effective interest rates of 6.41% and 6.44%, 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 0.79 to 1.00 as of June 30, 2025. 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 shall equal 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 shall equal 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 June 30, 2025 and December 31, 2024, there were no amounts borrowed under the Revolving Credit Facility. As of June 30, 2025 and December 31, 2024, $10.1 million and $11.3 million, respectively, of the Revolving Credit Facility was considered utilized in connection with outstanding letters of credit.
Finance Leases
At June 30, 2025 and December 31, 2024, the Company had finance lease obligations of $20.2 million and $20.6 million, respectively.
v3.25.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
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 Financial Instruments
The Company has a nonqualified deferred compensation plan where assets are invested in mutual funds and corporate-owned life insurance contracts held in a Rabbi Trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for the mutual funds, which are measured using quoted prices of identical instruments in active markets categorized as Level 1. 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 categorized as Level 2. The deferred compensation plan assets are classified within Other assets on the condensed consolidated balance sheets. Deferred compensation plan liabilities are measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants categorized as Level 1. Deferred compensation short-term and long-term plan liabilities are classified within Compensation and benefits and Other liabilities, respectively, on the condensed consolidated balance sheets.
The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in millions):
Fair Value as of June 30, 2025
Level 1Level 2Level 3Total
Deferred compensation plan assets$2.1 $15.9 $— $18.0 
Deferred compensation plan liabilities20.9 — — 20.9 
Fair Value as of December 31, 2024
Level 1Level 2Level 3Total
Deferred compensation plan assets$1.2 $15.1 $— $16.3 
Deferred compensation plan liabilities18.9 — — 18.9 
There were no transfers of assets between levels at June 30, 2025 and December 31, 2024, respectively.
Fair Value of Non-Derivative Financial Instruments
The carrying amounts of cash, receivables, payables and accrued liabilities approximated fair value at June 30, 2025 and December 31, 2024, due to the short-term nature of those instruments. The fair value of long-term debt as of June 30, 2025 and December 31, 2024, was approximately $503.0 million and $503.4 million, respectively. The fair value is based on quoted market prices for the same instruments.
v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Warranties:
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 (in millions):
Six Months Ended
June 30, 2025June 30, 2024
Balance at beginning of period$4.9 $4.7 
Charged to operations2.0 1.2 
Claims settled(1.3)(1.1)
Balance at end of period$5.6 $4.8 
Contingencies:
The Company's subsidiaries are involved in various unresolved legal actions, administrative proceedings and claims in the ordinary course of business involving, among other things, product liability, commercial, employment, workers' compensation, intellectual property claims and environmental matters. The Company establishes accruals in a manner that is consistent with accounting principles generally accepted in the United States for costs associated with such matters when a liability is probable and those costs are capable of being reasonably estimated. Although it is not possible to predict with certainty the outcome of these unresolved legal actions or the range of possible loss or recovery, based upon current information, management believes the eventual outcome of these unresolved legal actions, either individually or in the aggregate, will not have a material adverse effect on the financial position, results of operations or cash flows of the Company.
v3.25.2
Retirement Benefits
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Retirement Benefits Retirement Benefits
The components of net periodic cost are as follows (in millions):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Pension Benefits:
Service cost$— $0.1 $— $0.1 
Interest cost2.9 2.8 5.7 5.6 
Expected return on plan assets(2.3)(1.8)(4.6)(3.7)
Curtailment— — (0.7)— 
Net periodic cost$0.6 $1.1 $0.4 $2.0 
Other Postretirement Benefits:
Interest cost$0.1 $0.1 $0.2 $0.2 
Net periodic cost$0.1 $0.1 $0.2 $0.2 
The service cost component of net periodic cost is presented within Cost of sales and Selling, general and administrative expenses in the condensed consolidated statements of operations, while the other components of net periodic cost are presented within Other 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).
On January 30, 2025, the Company's Board of Directors approved a resolution to terminate the Company's U.S. defined benefit pension plan (the "Pension Plan") with the full freeze of benefit accruals under the Plan effective March 31, 2025 and the termination of the Pension Plan effective April 1, 2025. The Pension Plan freeze resulted in a curtailment gain of $0.7 million in the first quarter of 2025. The Company expects to annuitize the remaining pension liability in fiscal year 2025.
See Note 15, Retirement Benefits, to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for further information regarding retirement benefits.
v3.25.2
Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Zurn Elkay Water Solutions Corporation Performance Incentive Plan (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 the Company's performance and create value for the Company's stockholders. For the three months ended June 30, 2025 and June 30, 2024, the Company recognized $9.0 million and $9.4 million of stock-based compensation expense, respectively. For the six months ended June 30, 2025 and June 30, 2024, the Company recognized $19.5 million and $19.4 million of stock-based compensation expense, respectively.
During the six months ended June 30, 2025, the Company granted the following stock options, restricted stock units, performance stock units, and common stock to directors, executive officers, and certain other employees:
Award TypeNumber of AwardsWeighted Average Grant-Date Fair Value
Stock options66,540 $13.11 
Restricted stock units187,490 $35.34 
Performance stock units388,651 $35.47 
Common stock123,550 $34.28 
Employee Stock Purchase Plan
In May 2024, the Company’s stockholders approved the adoption of the Zurn Elkay Water Solutions Corporation Employee Stock Purchase Plan (the “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 three and six months ended June 30, 2025, the Company issued 18,403 and 45,698 shares of common stock, respectively. As of June 30, 2025, 1,909,866 shares remained available for future issuance. During the three and six months ended June 30, 2025, the Company recognized $0.1 million and $0.3 million of stock-based compensation expense related to the ESPP, respectively.
See Note 14, Stock-Based Compensation, to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for further information regarding stock-based compensation.
v3.25.2
Business Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company 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. Revenue is primarily generated in the United States and the Company manages and evaluates its operations on a consolidated basis as one reportable operating segment due to similarities of its products, processes, customer base and methods of distribution. See Note 2, Significant Accounting Policies, to the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for further information regarding the Company's 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 three and six months ended June 30, 2025 and June 30, 2024:
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net sales$444.5 $412.0 $833.3 $785.8 
Less:
Cost of sales242.2 225.7 450.0 429.4 
Selling, general and administrative expenses108.2 98.9 209.4 194.8 
Other segment items (1)44.0 42.1 82.8 82.3 
Segment profit (Net income from continuing operations)$50.1 $45.3 $91.1 $79.3 
(1)Other segment items include restructuring and other similar charges, amortization of intangible assets, interest expense, net, other expense, net, and provision for income taxes.
Segment net sales, amortization, interest expense, net, income before income taxes and income tax expense are included on the condensed consolidated statement of operations. Segment assets are included on the condensed 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 condensed consolidated statement of cash flows. Interest income for the three months ended June 30, 2025 and June 30, 2024 was $1.4 million and $1.9 million, respectively. Interest income for the six months ended June 30, 2025 and June 30, 2024 was $3.1 million and $3.5 million, respectively.
v3.25.2
Subsequent Events
 6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 24, 2025, the Company's Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.09 per share to be paid on September 5, 2025, to stockholders of record as of August 20, 2025.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net Income (Loss) $ 50.5 $ 46.0 $ 94.1 $ 80.3
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
Basis of Presentation and Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
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 Accounting Standards Codification ("ASC") 606, Revenue from Contracts with Customers. 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 continue 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 condensed consolidated statements of operations. Unsatisfied performance obligations as of June 30, 2025 have an expected duration of one year or less.
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.
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.
Allowance for Credit Losses
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 credit losses, the Company also considers various factors, including the aging of customer accounts and historical write-offs. In addition, the Company monitors other risk factors, including forward-looking information when establishing allowances for credit losses, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables.
Fair Value of Financial Instruments
The Company has a nonqualified deferred compensation plan where assets are invested in mutual funds and corporate-owned life insurance contracts held in a Rabbi Trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for the mutual funds, which are measured using quoted prices of identical instruments in active markets categorized as Level 1. 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 categorized as Level 2. The deferred compensation plan assets are classified within Other assets on the condensed consolidated balance sheets. Deferred compensation plan liabilities are measured at fair value based on quoted prices of identical instruments to the investment vehicles selected by the participants categorized as Level 1. Deferred compensation short-term and long-term plan liabilities are classified within Compensation and benefits and Other liabilities, respectively, on the condensed consolidated balance sheets.
v3.25.2
Restructuring and Other Similar Charges (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs
The following table summarizes the Company's restructuring and other similar charges during the three and six months ended June 30, 2025 and June 30, 2024, (in millions):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Employee termination benefits$0.8 $0.2 $1.3 $0.4 
Contract termination and other associated costs1.1 0.5 2.3 6.6 
Total restructuring and other similar charges$1.9 $0.7 $3.6 $7.0 
Schedule of Activity in Restructuring Accrual
The following table summarizes the activity in the Company's restructuring accrual for the six months ended June 30, 2025 (in millions):
Employee termination benefitsContract termination and other associated costsTotal
Accrued restructuring costs, December 31, 2024 (1)$1.1 $0.1 $1.2 
Charges1.3 2.3 3.6 
Cash payments(1.5)(1.9)(3.4)
Non-cash charges (2)— (0.5)(0.5)
Accrued restructuring costs, June 30, 2025 (1)$0.9 $— $0.9 
(1)As of June 30, 2025 and December 31, 2024, the restructuring accrual is included in other current liabilities in the condensed consolidated balance sheets.
(2)Non-cash charges consist primarily of asset impairments based on Level 3 inputs.
v3.25.2
Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The major components of the Income from discontinued operations, net of tax presented in the condensed consolidated statements of operations for the three and six months ended June 30, 2025 and June 30, 2024, are as follows (in millions):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Selling, general and administrative expense (1)$— $(0.7)$(2.6)$(0.7)
Income from discontinued operations before income tax— 0.7 2.6 0.7 
Income tax benefit0.4 — 0.4 0.3 
Income from discontinued operations, net of tax$0.4 $0.7 $3.0 $1.0 
(1)Selling, general and administrative expense includes the release of certain accruals as a result of costs the Company will no longer incur related to the Spin-Off Transaction.
v3.25.2
Revenue Recognition (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue The following tables present revenue disaggregated by customer type and the geographic region of the end customer (in millions):
Three Months EndedSix Months Ended
Customer TypeJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
Institutional$217.8 $196.1 $409.2 $374.4 
Commercial125.6 118.1 234.5 224.9 
All other101.1 97.8 189.6 186.5 
    Total$444.5 $412.0 $833.3 $785.8 
Three Months EndedSix Months Ended
GeographyJune 30, 2025June 30, 2024June 30, 2025June 30, 2024
United States$410.4 $378.3 $767.9 $719.5 
Canada25.3 23.8 45.4 44.9 
Rest of world8.8 9.9 20.0 21.4 
    Total$444.5 $412.0 $833.3 $785.8 
v3.25.2
Stockholders' Equity (Tables)
 6 Months Ended
Jun. 30, 2025
Stockholders' Equity Note [Abstract]  
Schedule of Stockholders' Equity
Stockholders' equity consists of the following (in millions):
Common stock (1)Additional paid-in capitalRetained deficitAccumulated other comprehensive lossTotal stockholders’ equity
Balance at December 31, 2023$1.7 $2,847.0 $(1,178.2)$(67.7)$1,602.8 
Total comprehensive income— — 34.3 (2.5)31.8 
Stock-based compensation expense— 10.0 — — 10.0 
Proceeds from exercise of stock options— 2.1 — — 2.1 
Repurchase of common stock— — (18.9)— (18.9)
Common stock dividends ($0.08 per share)
— (13.9)— — (13.9)
Balance at March 31, 2024$1.7 $2,845.2 $(1,162.8)$(70.2)$1,613.9 
Total comprehensive income— — 46.0 (1.5)44.5 
Stock-based compensation expense— 9.4 — — 9.4 
Proceeds from exercise of stock options— 1.7 — — 1.7 
Repurchase of common stock— — (61.3)— (61.3)
Common stock dividends ($0.08 per share)
— (13.8)— — (13.8)
Balance at June 30, 2024$1.7 $2,842.5 $(1,178.1)$(71.7)$1,594.4 
Common stock (1)Additional
paid-in
capital		Retained
deficit		Accumulated
other
comprehensive
loss		Total
stockholders’
equity
Balance at December 31, 2024$1.7 $2,828.2 $(1,168.7)$(74.4)$1,586.8 
Total comprehensive income— — 43.6 (0.2)43.4 
Stock-based compensation expense— 10.5 — — 10.5 
Proceeds from exercise of stock options and ESPP contributions— 1.1 — — 1.1 
Taxes withheld and paid on employees' share-based payment awards— (0.5)— — (0.5)
Repurchase of common stock— — (78.0)— (78.0)
Common stock dividends ($0.09 per share)
— (15.3)— — (15.3)
Balance at March 31, 2025$1.7 $2,824.0 $(1,203.1)$(74.6)$1,548.0 
Total comprehensive income— — 50.5 4.9 55.4 
Stock-based compensation expense— 9.0 — — 9.0 
Proceeds from exercise of stock options and ESPP contributions— 1.3 — — 1.3 
Repurchase of common stock— — (32.9)— (32.9)
Common stock dividends ($0.09 per share)
— (16.4)— — (16.4)
Balance at June 30, 2025$1.7 $2,817.9 $(1,185.5)$(69.7)$1,564.4 
(1)During the three and six months ended June 30, 2025, the Company issued 109,796 and 597,933 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively. During the three and six months ended June 30, 2024, the Company issued 171,495 and 1,398,393 shares of common stock, upon the exercise of stock options, vesting of restricted stock units and performance stock units, and for other common stock issuances, respectively.
v3.25.2
Accumulated Other Comprehensive Loss (Tables)
 6 Months Ended
Jun. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss, net of tax, for the six months ended June 30, 2025, are as follows (in millions):
Foreign Currency Translation and OtherPension and Postretirement PlansTotal
Balance at December 31, 2024$(81.5)$7.1 $(74.4)
Other comprehensive income before reclassifications4.7 — 4.7 
Net current period other comprehensive income4.7 — 4.7 
Balance at June 30, 2025$(76.8)$7.1 $(69.7)
v3.25.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2025
Inventory, Net [Abstract]  
Schedule of Major Classes of Inventories
The major classes of inventories are summarized as follows (in millions):
June 30, 2025December 31, 2024
Finished goods$233.2 $228.7 
Work in progress11.8 12.1 
Raw materials50.8 44.8 
Inventories at First-In, First-Out ("FIFO") cost295.8 285.6 
Adjustment to state inventories at Last-In, First-Out ("LIFO") cost(20.0)(13.0)
$275.8 $272.6 
v3.25.2
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets and Goodwill
The changes in the net carrying value of goodwill for the six months ended June 30, 2025, are presented below (in millions):
Net carrying amount as of December 31, 2024$794.2 
  Currency translation adjustments 1.4 
Net carrying amount as of June 30, 2025$795.6 
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 June 30, 2025 and December 31, 2024 are as follows (in millions):
June 30, 2025
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents10 years$27.8 $(23.2)$4.6 
Customer relationships (including distribution network)16 years1,068.7 (423.7)645.0 
Tradenames19 years156.8 (28.8)128.0 
Intangible assets not subject to amortization - trademarks and tradenames86.3 — 86.3 
Total intangible assets, net16 years$1,339.6 $(475.7)$863.9 
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 
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 June 30, 2025 and December 31, 2024 are as follows (in millions):
June 30, 2025
Weighted Average Useful LifeGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Intangible assets subject to amortization:
Patents10 years$27.8 $(23.2)$4.6 
Customer relationships (including distribution network)16 years1,068.7 (423.7)645.0 
Tradenames19 years156.8 (28.8)128.0 
Intangible assets not subject to amortization - trademarks and tradenames86.3 — 86.3 
Total intangible assets, net16 years$1,339.6 $(475.7)$863.9 
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 
v3.25.2
Other Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities are summarized as follows (in millions):
June 30, 2025December 31, 2024
Commissions$12.4 $9.2 
Current portion of operating lease liability14.1 12.7 
Income taxes payable7.2 2.3 
Professional fees2.1 1.6 
Product warranty (1)5.6 4.9 
Restructuring and other similar charges (2)0.9 1.2 
Risk management (3)5.8 5.5 
Sales rebates77.9 73.2 
Tax indemnities11.1 12.2 
Taxes, other than income taxes2.9 2.9 
Other13.4 10.5 
$153.4 $136.2 
____________________
(1)See more information related to the product warranty obligations balance within Note 14, Commitments and Contingencies.
(2)See more information related to the restructuring obligations balance within Note 2, Restructuring and Other Similar Charges.
(3)Includes projected liabilities related to losses arising from automobile, general, environmental, worker's compensation, and product liability claims.
v3.25.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt
Long-term debt is summarized as follows (in millions):
June 30, 2025December 31, 2024
Term loan (1)$475.7 $475.0 
Finance leases20.2 20.6 
Total495.9 495.6 
Less current maturities0.8 0.8 
Long-term debt$495.1 $494.8 
(1)Includes unamortized debt issuance costs of $4.7 million and $5.4 million at June 30, 2025 and December 31, 2024, respectively.
v3.25.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Recognized at Fair Value on a Recurring Basis
The following table provides a summary of the Company's assets and liabilities that were recognized at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in millions):
Fair Value as of June 30, 2025
Level 1Level 2Level 3Total
Deferred compensation plan assets$2.1 $15.9 $— $18.0 
Deferred compensation plan liabilities20.9 — — 20.9 
Fair Value as of December 31, 2024
Level 1Level 2Level 3Total
Deferred compensation plan assets$1.2 $15.1 $— $16.3 
Deferred compensation plan liabilities18.9 — — 18.9 
v3.25.2
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Product Warranty Liability The following table presents changes in the Company’s product warranty liability (in millions):
Six Months Ended
June 30, 2025June 30, 2024
Balance at beginning of period$4.9 $4.7 
Charged to operations2.0 1.2 
Claims settled(1.3)(1.1)
Balance at end of period$5.6 $4.8 
v3.25.2
Retirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Costs
The components of net periodic cost are as follows (in millions):
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Pension Benefits:
Service cost$— $0.1 $— $0.1 
Interest cost2.9 2.8 5.7 5.6 
Expected return on plan assets(2.3)(1.8)(4.6)(3.7)
Curtailment— — (0.7)— 
Net periodic cost$0.6 $1.1 $0.4 $2.0 
Other Postretirement Benefits:
Interest cost$0.1 $0.1 $0.2 $0.2 
Net periodic cost$0.1 $0.1 $0.2 $0.2 
v3.25.2
Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule of Share-Based Payments
During the six months ended June 30, 2025, the Company granted the following stock options, restricted stock units, performance stock units, and common stock to directors, executive officers, and certain other employees:
Award TypeNumber of AwardsWeighted Average Grant-Date Fair Value
Stock options66,540 $13.11 
Restricted stock units187,490 $35.34 
Performance stock units388,651 $35.47 
Common stock123,550 $34.28 
v3.25.2
Business Segment Information (Tables)
 6 Months Ended
Jun. 30, 2025
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 three and six months ended June 30, 2025 and June 30, 2024:
Three Months EndedSix Months Ended
June 30, 2025June 30, 2024June 30, 2025June 30, 2024
Net sales$444.5 $412.0 $833.3 $785.8 
Less:
Cost of sales242.2 225.7 450.0 429.4 
Selling, general and administrative expenses108.2 98.9 209.4 194.8 
Other segment items (1)44.0 42.1 82.8 82.3 
Segment profit (Net income from continuing operations)$50.1 $45.3 $91.1 $79.3 
(1)Other segment items include restructuring and other similar charges, amortization of intangible assets, interest expense, net, other expense, net, and provision for income taxes.
v3.25.2
Restructuring and Other Similar Charges - By Operating Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring and other similar charges $ 1.9 $ 0.7 $ 3.6 $ 7.0
Employee termination benefits        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other similar charges 0.8 0.2 1.3 0.4
Contract termination and other associated costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring and other similar charges $ 1.1 $ 0.5 $ 2.3 $ 6.6
v3.25.2
Restructuring and Other Similar Charges - Restructuring Reserve Rollforward (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring Reserve [Roll Forward]        
Accrued restructuring costs, beginning of the period     $ 1.2  
Charges $ 1.9 $ 0.7 3.6 $ 7.0
Cash payments     (3.4)  
Non-cash charges     (0.5)  
Accrued restructuring costs, end of period 0.9   0.9  
Employee termination benefits        
Restructuring Reserve [Roll Forward]        
Accrued restructuring costs, beginning of the period     1.1  
Charges 0.8 0.2 1.3 0.4
Cash payments     (1.5)  
Non-cash charges     0.0  
Accrued restructuring costs, end of period 0.9   0.9  
Contract termination and other associated costs        
Restructuring Reserve [Roll Forward]        
Accrued restructuring costs, beginning of the period     0.1  
Charges 1.1 $ 0.5 2.3 $ 6.6
Cash payments     (1.9)  
Non-cash charges     (0.5)  
Accrued restructuring costs, end of period $ 0.0   $ 0.0  
v3.25.2
Discontinued Operations - Loss From Discontinued Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]        
Income from discontinued operations, net of tax $ 0.4 $ 0.7 $ 3.0 $ 1.0
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 expense 0.0 (0.7) (2.6) (0.7)
Income from discontinued operations before income tax 0.0 0.7 2.6 0.7
Income tax benefit 0.4 0.0 0.4 0.3
Income from discontinued operations, net of tax $ 0.4 $ 0.7 $ 3.0 $ 1.0
v3.25.2
Revenue Recognition - Revenue Disaggregated by Customer Type (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total $ 444.5 $ 412.0 $ 833.3 $ 785.8
Institutional        
Disaggregation of Revenue [Line Items]        
Total 217.8 196.1 409.2 374.4
Commercial        
Disaggregation of Revenue [Line Items]        
Total 125.6 118.1 234.5 224.9
All other        
Disaggregation of Revenue [Line Items]        
Total $ 101.1 $ 97.8 $ 189.6 $ 186.5
v3.25.2
Revenue Recognition - Revenue Disaggregated by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Total $ 444.5 $ 412.0 $ 833.3 $ 785.8
United States        
Disaggregation of Revenue [Line Items]        
Total 410.4 378.3 767.9 719.5
Canada        
Disaggregation of Revenue [Line Items]        
Total 25.3 23.8 45.4 44.9
Rest of world        
Disaggregation of Revenue [Line Items]        
Total $ 8.8 $ 9.9 $ 20.0 $ 21.4
v3.25.2
Revenue Recognition - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Percent of contract billed 100.00%
Past due period 30 days
v3.25.2
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Income tax provision $ 17.8 $ 16.5 $ 32.9 $ 25.5  
Effective income tax rate 26.20% 26.70% 26.50% 24.30%  
Unrecognized tax benefits $ 2.0   $ 2.0   $ 1.8
Accrued interest and penalties $ 0.5   0.5   $ 0.5
Net interest and penalties recognized as income tax (benefit) expense     $ 0.1 $ (0.2)  
v3.25.2
Earnings per Share (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Earnings Per Share [Abstract]        
Antidilutive securities excluded from computation of earnings per share (in shares) 0.1 0.5 0.1 0.3
v3.25.2
Stockholders' Equity - Roll Forward (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance $ 1,548.0 $ 1,586.8 $ 1,613.9 $ 1,602.8 $ 1,586.8 $ 1,602.8
Total comprehensive income 55.4 43.4 44.5 31.8 98.8 76.3
Stock-based compensation expense 9.0 10.5 9.4 10.0    
Proceeds from exercise of stock options and ESPP contributions 1.3 1.1 1.7 2.1    
Taxes withheld and paid on employees' share-based payment awards   (0.5)        
Repurchase of common stock (32.9) (78.0) (61.3) (18.9)    
Common stock dividends (16.4) (15.3) (13.8) (13.9)    
Ending balance $ 1,564.4 $ 1,548.0 $ 1,594.4 $ 1,613.9 $ 1,564.4 $ 1,594.4
Common stock dividend declared (in dollars per share) $ 0.09 $ 0.09 $ 0.08 $ 0.08    
Common stock issued (in shares) 109,796   171,495   597,933 1,398,393
Common Stock            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance $ 1.7 $ 1.7 $ 1.7 $ 1.7 $ 1.7 $ 1.7
Ending balance 1.7 1.7 1.7 1.7 1.7 1.7
Additional paid-in capital            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance 2,824.0 2,828.2 2,845.2 2,847.0 2,828.2 2,847.0
Stock-based compensation expense 9.0 10.5 9.4 10.0    
Proceeds from exercise of stock options and ESPP contributions 1.3 1.1 1.7 2.1    
Taxes withheld and paid on employees' share-based payment awards   (0.5)        
Common stock dividends (16.4) (15.3) (13.8) (13.9)    
Ending balance 2,817.9 2,824.0 2,842.5 2,845.2 2,817.9 2,842.5
Retained deficit            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (1,203.1) (1,168.7) (1,162.8) (1,178.2) (1,168.7) (1,178.2)
Total comprehensive income 50.5 43.6 46.0 34.3    
Repurchase of common stock (32.9) (78.0) (61.3) (18.9)    
Ending balance (1,185.5) (1,203.1) (1,178.1) (1,162.8) (1,185.5) (1,178.1)
Accumulated other comprehensive loss            
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Beginning balance (74.6) (74.4) (70.2) (67.7) (74.4) (67.7)
Total comprehensive income 4.9 (0.2) (1.5) (2.5)    
Ending balance $ (69.7) $ (74.6) $ (71.7) $ (70.2) $ (69.7) $ (71.7)
v3.25.2
Stockholders' Equity - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Feb. 08, 2023
Jan. 27, 2020
Mar. 31, 2015
Class of Stock [Line Items]              
Repurchased and canceled shares (in shares) 972,619 1,942,016 3,244,641 2,562,860      
Repurchase of common stock $ 32.5 $ 61.0 $ 109.9 $ 79.9      
Average price of repurchased and canceled shares of common stock (in dollars per share) $ 33.41 $ 31.38 $ 33.87 $ 31.15      
Remaining amount of repurchase authority $ 130.3   $ 130.3        
Common Stock              
Class of Stock [Line Items]              
Common stock repurchase program amount         $ 500.0 $ 300.0 $ 200.0
v3.25.2
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance $ 1,548.0 $ 1,613.9 $ 1,586.8 $ 1,602.8
Other comprehensive income before reclassifications     4.7  
Other comprehensive income (loss), net of tax 4.9 (1.5) 4.7 (4.0)
Ending balance 1,564.4 1,594.4 1,564.4 1,594.4
Amounts reclassified from accumulated other comprehensive loss     0.0 0.0
Total        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance (74.6) (70.2) (74.4) (67.7)
Ending balance (69.7) $ (71.7) (69.7) $ (71.7)
Foreign Currency Translation and Other        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     (81.5)  
Other comprehensive income before reclassifications     4.7  
Other comprehensive income (loss), net of tax     4.7  
Ending balance (76.8)   (76.8)  
Pension and Postretirement Plans        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Beginning balance     7.1  
Other comprehensive income before reclassifications     0.0  
Other comprehensive income (loss), net of tax     0.0  
Ending balance $ 7.1   $ 7.1  
v3.25.2
Inventories (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Inventory, Net [Abstract]    
Finished goods $ 233.2 $ 228.7
Work in progress 11.8 12.1
Raw materials 50.8 44.8
Inventories at First-In, First-Out ("FIFO") cost 295.8 285.6
Adjustment to state inventories at Last-In, First-Out ("LIFO") cost (20.0) (13.0)
Inventories, net $ 275.8 $ 272.6
v3.25.2
Goodwill and Intangible Assets - Changes in Net Carrying Value (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Net carrying amount, beginning of period $ 794.2
Currency translation adjustments 1.4
Net carrying amount, end of period $ 795.6
v3.25.2
Goodwill and Intangible Assets - Gross Carrying Amount and Accumulated Amortization (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Intangible assets subject to amortization:    
Weighted Average Useful Life 16 years 16 years
Accumulated Amortization $ (475.7) $ (445.7)
Intangible assets not subject to amortization - trademarks and tradenames    
Gross Carrying Amount 1,339.6 1,337.3
Net Carrying Amount 863.9 891.6
Intangible assets not subject to amortization - trademarks and tradenames    
Intangible assets not subject to amortization - trademarks and tradenames    
Carrying amount $ 86.3 $ 86.3
Patents    
Intangible assets subject to amortization:    
Weighted Average Useful Life 10 years 9 years
Gross Carrying Amount $ 27.8 $ 27.4
Accumulated Amortization (23.2) (22.9)
Net Carrying Amount $ 4.6 $ 4.5
Customer relationships (including distribution network)    
Intangible assets subject to amortization:    
Weighted Average Useful Life 16 years 16 years
Gross Carrying Amount $ 1,068.7 $ 1,066.9
Accumulated Amortization (423.7) (398.1)
Net Carrying Amount $ 645.0 $ 668.8
Tradenames    
Intangible assets subject to amortization:    
Weighted Average Useful Life 19 years 19 years
Gross Carrying Amount $ 156.8 $ 156.7
Accumulated Amortization (28.8) (24.7)
Net Carrying Amount $ 128.0 $ 132.0
v3.25.2
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Intangible asset amortization expense $ 14.6 $ 14.8 $ 29.3 $ 29.5
Amortization expense in year ending 2025 58.7   58.7  
Amortization expense in fiscal year 2026 58.5   58.5  
Amortization expense in fiscal year 2027 58.5   58.5  
Amortization expense in fiscal year 2028 58.5   58.5  
Amortization expense in fiscal year 2029 58.5   58.5  
Amortization expense in fiscal year 2030 $ 58.5   $ 58.5  
v3.25.2
Other Current Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Other Liabilities Disclosure [Abstract]    
Commissions $ 12.4 $ 9.2
Current portion of operating lease liability 14.1 12.7
Income taxes payable 7.2 2.3
Professional fees 2.1 1.6
Product warranty 5.6 4.9
Restructuring and other similar charges 0.9 1.2
Risk management 5.8 5.5
Sales rebates 77.9 73.2
Tax indemnities 11.1 12.2
Taxes, other than income taxes 2.9 2.9
Other 13.4 10.5
Other current liabilities $ 153.4 $ 136.2
Operating lease, liability, current, statement of financial position, extensible list Other current liabilities Other current liabilities
v3.25.2
Long-Term Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Total $ 495.9 $ 495.6
Less current maturities 0.8 0.8
Long-term debt 495.1 494.8
Term loan | Term Loan    
Debt Instrument [Line Items]    
Total 475.7 475.0
Unamortized debt issuance costs 4.7 5.4
Finance Leases    
Debt Instrument [Line Items]    
Total 20.2 20.6
Finance Leases | Other    
Debt Instrument [Line Items]    
Total $ 20.2 $ 20.6
v3.25.2
Long-Term Debt - Narrative (Details)
 1 Months Ended 6 Months Ended
Oct. 11, 2023
USD ($)
Jul. 01, 2023
Oct. 04, 2021
USD ($)
Oct. 31, 2023
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]            
Finance lease obligation         $ 495,900,000 $ 495,600,000
Senior Secured Credit Facility | Term Loan            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 550,000,000.0      
Repayments of term loan     625,000,000      
Repayments of debt $ 60,000,000   $ 500,000,000 $ 60,000,000    
Interest rate     4.875%      
Loss on extinguishment of debt       $ 900,000    
Lien leverage ratio         0.79  
Weighted-average effective interest rate         6.41%  
Weighted-average interest rate, over time         6.44%  
Finance lease obligation         $ 475,700,000 475,000,000.0
Senior Secured Credit Facility | Term Loan | Leverage Ratio Scenario Two            
Debt Instrument [Line Items]            
Interest rate decrease     0.25%      
Senior Secured Credit Facility | Term Loan | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Applicable margin         2.00%  
Lien leverage ratio   1.80        
Senior Secured Credit Facility | Term Loan | Secured Overnight Financing Rate (SOFR) | Leverage Ratio Scenario One            
Debt Instrument [Line Items]            
Applicable margin     2.25%      
Senior Secured Credit Facility | Term Loan | Base Rate | Leverage Ratio Scenario One            
Debt Instrument [Line Items]            
Applicable margin     1.25%      
Senior Secured Credit Facility | Term Loan | One Month | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Applicable margin   0.115%        
Senior Secured Credit Facility | Term Loan | Three Months | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Applicable margin   0.262%        
Senior Secured Credit Facility | Term Loan | Six Months | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Applicable margin   0.428%        
Senior Secured Credit Facility | Revolving credit facility            
Debt Instrument [Line Items]            
Maximum borrowing capacity     $ 200,000,000.0      
Lien leverage ratio         0.79  
Amounts borrowed         $ 0 0
Letters of credit outstanding, amount         10,100,000 11,300,000
Senior Secured Credit Facility | Revolving credit facility | Leverage Ratio Scenario One            
Debt Instrument [Line Items]            
Lien leverage ratio     2.00      
Commitment fee     0.50%      
Senior Secured Credit Facility | Revolving credit facility | Leverage Ratio Scenario Two            
Debt Instrument [Line Items]            
Lien leverage ratio     2.00      
Interest rate decrease     0.25%      
Commitment fee     0.375%      
Senior Secured Credit Facility | Revolving credit facility | Secured Overnight Financing Rate (SOFR) | Leverage Ratio Scenario One            
Debt Instrument [Line Items]            
Applicable margin     2.00%      
Senior Secured Credit Facility | Revolving credit facility | Base Rate | Leverage Ratio Scenario One            
Debt Instrument [Line Items]            
Applicable margin     1.00%      
Senior Secured Credit Facility | Revolving credit facility | One Month | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Applicable margin   0.115%        
Senior Secured Credit Facility | Revolving credit facility | Three Months | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Applicable margin   0.262%        
Senior Secured Credit Facility | Revolving credit facility | Six Months | Secured Overnight Financing Rate (SOFR)            
Debt Instrument [Line Items]            
Applicable margin   0.428%        
Finance Leases            
Debt Instrument [Line Items]            
Finance lease obligation         $ 20,200,000 $ 20,600,000
v3.25.2
Fair Value Measurements - Schedule of Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets $ 18.0 $ 16.3
Deferred compensation plan liabilities 20.9 18.9
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 2.1 1.2
Deferred compensation plan liabilities 20.9 18.9
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 15.9 15.1
Deferred compensation plan liabilities 0.0 0.0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Deferred compensation plan liabilities $ 0.0 $ 0.0
v3.25.2
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2025
Dec. 31, 2024
Fair Value Disclosures [Abstract]    
Fair value of long-term debt $ 503.0 $ 503.4
v3.25.2
Commitments and Contingencies - Warranty Liability (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Movement in Product Warranty Accrual [Roll Forward]    
Balance at beginning of period $ 4.9 $ 4.7
Charged to operations 2.0 1.2
Claims settled (1.3) (1.1)
Balance at end of period $ 5.6 $ 4.8
v3.25.2
Retirement Benefits - Schedule of Components of Net Periodic Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pension Benefits:          
Defined Benefit Plan Disclosure [Line Items]          
Service cost $ 0.0   $ 0.1 $ 0.0 $ 0.1
Interest cost 2.9   2.8 5.7 5.6
Expected return on plan assets (2.3)   (1.8) (4.6) (3.7)
Curtailment   $ 0.0 0.0 (0.7) 0.0
Net periodic cost 0.6   1.1 0.4 2.0
Other Postretirement Benefits:          
Defined Benefit Plan Disclosure [Line Items]          
Interest cost 0.1   0.1 0.2 0.2
Net periodic cost $ 0.1   $ 0.1 $ 0.2 $ 0.2
v3.25.2
Retirement Benefits - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pension Benefits:        
Defined Benefit Plan Disclosure [Line Items]        
Curtailment $ 0.0 $ 0.0 $ 0.7 $ 0.0
v3.25.2
Stock-Based Compensation - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
May 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation expense $ 9.0 $ 9.4 $ 19.5 $ 19.4  
Employee Stock Purchase Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Stock-based compensation expense $ 0.1   $ 0.3    
ESPP shares authorized (in shares)         2,000,000
ESPP shares issued during the period (in shares) 18,403   45,698    
Number of shares reserved for issuance (in shares) 1,909,866   1,909,866    
v3.25.2
Stock-Based Compensation - Stock Options, Restricted Stock Units, and Performance Stock Units (Details)
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Stock options  
Number of Awards  
Number of awards (in shares) | shares 66,540
Weighted Average Grant-Date Fair Value  
Weighted average grant-date fair value (in dollars per share) | $ / shares $ 13.11
Restricted stock units  
Number of Awards  
Number of awards (in shares) | shares 187,490
Weighted Average Grant-Date Fair Value  
Weighted average grant-date fair value (in dollars per share) | $ / shares $ 35.34
Performance stock units  
Number of Awards  
Number of awards (in shares) | shares 388,651
Weighted Average Grant-Date Fair Value  
Weighted average grant-date fair value (in dollars per share) | $ / shares $ 35.47
Common stock  
Number of Awards  
Number of awards (in shares) | shares 123,550
Weighted Average Grant-Date Fair Value  
Weighted average grant-date fair value (in dollars per share) | $ / shares $ 34.28
v3.25.2
Business Segment Information - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
segment
Jun. 30, 2024
USD ($)
Segment Reporting [Abstract]        
Number of business segments     1  
Number of reportable segments     1  
Interest income | $ $ 1.4 $ 1.9 $ 3.1 $ 3.5
v3.25.2
Business Segment Information - Schedule of Segment Revenue, Significant Expenses and Segment Profit (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Net sales $ 444.5 $ 412.0 $ 833.3 $ 785.8
Less:        
Cost of sales 242.2 225.7 450.0 429.4
Selling, general and administrative expenses 108.2 98.9 209.4 194.8
Net income from continuing operations 50.1 45.3 91.1 79.3
Reportable Segment        
Segment Reporting Information [Line Items]        
Net sales 444.5 412.0 833.3 785.8
Less:        
Cost of sales 242.2 225.7 450.0 429.4
Selling, general and administrative expenses 108.2 98.9 209.4 194.8
Other segment items 44.0 42.1 82.8 82.3
Net income from continuing operations $ 50.1 $ 45.3 $ 91.1 $ 79.3
v3.25.2
Subsequent Events (Details) - $ / shares
 3 Months Ended
Jul. 24, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Subsequent Event [Line Items]          
Common stock dividend declared (in dollars per share)   $ 0.09 $ 0.09 $ 0.08 $ 0.08
Subsequent Event          
Subsequent Event [Line Items]          
Common stock dividend declared (in dollars per share) $ 0.09