0000091142-23-000025 | 10-K | XBRL Viewer


1.			Portions of the company’s definitive Proxy Statement for the 2023 Annual Meeting of Stockholders (to be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after the end of the registrant’s fiscal year and, upon such filing, to be incorporated by reference in Part III).

Amendment Flag

false

Entity Central Index Key

0000091142

Document Fiscal Period Focus

Document Fiscal Year Focus

2022

Class A Common Stock

Document Information [Line Items]

Entity Common Stock, Shares Outstanding

25,905,276

Entity Public Float

$ 41,779,676

Common Stock

Document Information [Line Items]

Entity Common Stock, Shares Outstanding

124,974,017

Entity Public Float

$ 6,733,262,366

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Milwaukee, Wisconsin
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 391.2	$ 443.3
Marketable securities	90.6	188.1
Receivables	581.2	634.4
Inventories	516.4	447.7
Other current assets	54.3	39.1
Total Current Assets	1,633.7	1,752.6
Net property, plant and equipment	590.7	606.7
Goodwill	619.7	627.8
Other intangibles	347.9	364.8
Operating lease assets	29.8	32.5
Other assets	110.5	90.0
Total Assets	3,332.3	3,474.4
Current Liabilities
Trade payables	625.8	745.9
Accrued payroll and benefits	75.7	113.4
Accrued liabilities	159.1	181.8
Product warranties	63.6	70.9
Long-term debt due within one year	10.0	6.8
Total Current Liabilities	934.2	1,118.8
Long-term debt	334.5	189.9
Product warranties	118.9	113.5
Pension liabilities	9.9	15.9
Long-term operating lease liabilities	22.4	22.3
Other liabilities	164.7	181.8
Total Liabilities	1,584.6	1,642.2
Commitments and contingencies	0.0	0.0
Stockholders’ Equity
Preferred Stock	0.0	0.0
Capital in excess of par value	555.9	545.2
Retained earnings	2,885.0	2,826.6
Accumulated other comprehensive loss	(82.4)	(331.4)
Treasury stock at cost	(1,905.7)	(1,503.4)
Total Stockholders’ Equity	1,747.7	1,832.2
Total Liabilities and Stockholders’ Equity	3,332.3	3,474.4
Class A Common Stock
Stockholders’ Equity
Common Stock, value	130.2	130.5
Common Stock
Stockholders’ Equity
Common Stock, value	$ 164.7	$ 164.7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2022	Dec. 31, 2021
Class A Common Stock
Common Stock, shares issued (in shares)	26,035,656	26,104,441
Common Stock
Common Stock, shares issued (in shares)	164,671,938	164,603,153

CONSOLIDATED STATEMENT OF EARNINGS - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Income Statement [Abstract]

Net sales

$ 3,753.9

$ 3,538.9

$ 2,895.3

Cost of products sold

2,424.3

2,228.0

1,787.1

Gross profit

1,329.6

1,310.9

1,108.2

Selling, general and administrative expenses

670.9

701.4

660.3

Severance and restructuring expenses

0.0

7.7

Interest expense

9.4

4.3

7.3

Other expense (income), net

425.6

(20.4)

(11.0)

Earnings before provision for income taxes

223.7

625.6

443.9

(Benefit from) provision for income taxes

(12.0)

138.5

99.0

Net Earnings

$ 235.7

$ 487.1

$ 344.9

Net Earnings Per Share of Common Stock (in dollars per share)

^[1]

$ 1.52

$ 3.05

$ 2.13

Diluted Net Earnings Per Share of Common Stock (in dollars per share)

^[1]

$ 1.51

$ 3.02

$ 2.12

[1]	Earnings per share amounts are calculated discretely and, therefore, may not add up to the total due to rounding.

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 235.7	$ 487.1	$ 344.9
Other comprehensive earnings (loss)
Foreign currency translation adjustments	(39.4)	3.4	18.1
Unrealized net gain on cash flow derivative instruments, less related income tax provision of $(1.4) in 2022, $— in 2021 and $(0.1) in 2020	4.3	0.0	0.4
Change in pension liability less related income tax (provision) benefit of $(179.0) in 2022 $4.5 in 2021 and $(2.8) in 2020	284.1	(13.6)	8.6
Comprehensive Earnings	$ 484.7	$ 476.9	$ 372.0

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Income tax provision on cash flow derivative instruments	$ (1.4)	$ 0.0	$ (0.1)
Income tax (provision) benefit on change in pension liability	$ (179.0)	$ 4.5	$ (2.8)

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities
Net Earnings	$ 235.7	$ 487.1	$ 344.9
Adjustments to reconcile earnings to cash provided by (used in) operating activities:
Depreciation and amortization	76.9	77.9	80.0
Stock based compensation expense	11.1	11.9	12.7
Pension settlement expense	417.3	0.0	0.0
Pension settlement non-cash taxes	(167.7)	0.0	0.0
Net changes in operating assets and liabilities, net of acquisitions:
Current assets and liabilities	(194.1)	90.8	130.4
Noncurrent assets and liabilities	12.2	(26.6)	(5.9)
Cash Provided by Operating Activities	391.4	641.1	562.1
Investing Activities
Acquisitions of businesses	(8.0)	(207.6)	0.0
Investments in marketable securities	(91.6)	(185.4)	(157.4)
Proceeds from sales of marketable securities	178.0	118.2	226.0
Capital expenditures	(70.3)	(75.1)	(56.8)
Cash Provided by (Used in) Investing Activities	8.1	(349.9)	11.8
Financing Activities
Long-term debt incurred	150.6	83.5
Long-term debt repaid			(170.8)
Common stock repurchases	(403.5)	(366.5)	(56.7)
Net (payments) proceeds from stock option activity	(0.7)	32.1	11.4
Dividends paid	(177.2)	(170.1)	(158.7)
Cash Used in Financing Activities	(430.8)	(421.0)	(374.8)
Effect of exchange rate changes on cash and cash equivalents	(20.8)	0.0	0.0
Net (decrease) increase in cash and cash equivalents	(52.1)	(129.8)	199.1
Cash and cash equivalents-beginning of year	443.3	573.1	374.0
Cash and Cash Equivalents-End of Year	$ 391.2	$ 443.3	$ 573.1

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Stock Class A Common Stock	Common Stock Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Foreign currency translation adjustments	Unrealized net gain on cash flow derivative instruments	Change in pension liability	Treasury Stock
Balance at beginning of period at Dec. 31, 2019		$ 130.9	$ 164.5	$ 509.0	$ 2,323.4	$ (348.3)				$ (1,112.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.1)	0.1	0.1
Issuance of share units				(6.7)
Vesting of share units				(1.8)						1.8
Stock based compensation expense				12.4
Exercises of stock options				0.1						11.3
Stock incentives and directors' compensation				7.3						0.4
Net Earnings	$ 344.9				344.9
Dividends on stock					(158.7)
Change in other comprehensive income (loss), less tax							$ 18.1	$ 0.4	$ 8.6
Shares repurchased	(56.7)									(56.7)
Balance at end of period at Dec. 31, 2020	1,848.3	130.8	164.6	520.4	2,509.6	(321.2)	(48.1)	0.6	(273.7)	(1,155.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.3)	0.1	0.3
Issuance of share units				(5.6)
Vesting of share units				(2.2)						2.2
Stock based compensation expense				10.3
Exercises of stock options				15.4						16.5
Stock incentives and directors' compensation				6.6						0.3
Net Earnings	487.1				487.1
Dividends on stock					(170.1)
Change in other comprehensive income (loss), less tax							3.4	0.0	(13.6)
Shares repurchased	(366.5)									(366.5)
Balance at end of period at Dec. 31, 2021	1,832.2	130.5	164.7	545.2	2,826.6	(331.4)	(44.7)	0.6	(287.3)	(1,503.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.3)	0.0	0.3
Issuance of share units				(6.0)
Vesting of share units				(3.0)						3.0
Stock based compensation expense				11.1
Exercises of stock options				1.3						(2.1)
Stock incentives and directors' compensation				7.0						0.3
Net Earnings	235.7				235.7
Dividends on stock					(177.3)
Change in other comprehensive income (loss), less tax							(39.4)	4.3	284.1
Shares repurchased	(403.5)									(403.5)
Balance at end of period at Dec. 31, 2022	$ 1,747.7	$ 130.2	$ 164.7	$ 555.9	$ 2,885.0	$ (82.4)	$ (84.1)	$ 4.9	$ (3.2)	$ (1,905.7)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Unrealized net gain on cash flow derivative instruments
Income tax benefit (provision) on other comprehensive income (loss)	$ (1.4)	$ 0.0	$ (0.1)
Change in pension liability
Income tax benefit (provision) on other comprehensive income (loss)	$ (179.0)	$ 4.5	$ (2.8)
Treasury Stock
Shares surrendered as proceeds and to pay taxes (in shares)	47,309	34,679	35,467

Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Organization and Significant Accounting Policies

Organization. A. O. Smith Corporation (A. O. Smith or the Company) is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world.

Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions.

Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and notes. Actual results could differ from those estimates.

Fair value of financial instruments. The carrying amounts of cash, cash equivalents, marketable securities, receivables, floating rate debt and trade payables approximated fair value as of December 31, 2022 and 2021, due to the short maturities or frequent rate resets of these instruments. The fair value of term notes with insurance companies included in Long-term debt within the consolidated balance sheets was approximately $120.2 million as of December 31, 2022 compared with the carrying amount of $136.5 million for the same date. The fair value of term notes with insurance companies was approximately $128.4 million as of December 31, 2021 compared with the carrying amount of $145.9 million.

Foreign currency translation. For all subsidiaries outside the U.S., with the exception of its Barbados, Hong Kong and Mexican companies and its non-operating companies in the Netherlands, the Company uses the local currency as the functional currency. For those operations using a functional currency other than the U.S. dollar, assets and liabilities were translated into U.S. dollars at year-end exchange rates, and revenues and expenses were translated at weighted-average exchange rates. The resulting translation adjustments were recorded as a separate component of stockholders’ equity. The Barbados, Hong Kong, Mexican and non-operating Netherlands companies use the U.S. dollar as the functional currency. Gains and losses from foreign currency transactions were included in net earnings and were not significant in 2022, 2021, or 2020.

Cash and cash equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Marketable securities. The Company considers all highly liquid investments with maturities greater than 90 days when purchased to be marketable securities. At December 31, 2022, the Company’s marketable securities consisted of bank time deposits with original maturities ranging from 180 days to 12 months and were primarily located at investment grade rated banks in China and Hong Kong.

Inventory valuation. Inventories are carried at lower of cost or net realizable value. Cost is determined on the last-in, first-out (LIFO) method for a majority of the Company’s domestic inventories, which comprised 36 percent and 37 percent of the Company’s total inventory at December 31, 2022 and 2021, respectively. Inventories of foreign subsidiaries, the remaining domestic inventories and supplies were determined using the first-in, first-out (FIFO) method.

Property, plant and equipment. Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method. The estimated service lives used to compute depreciation are generally 25 to 50 years for buildings, three to 20 years for equipment and three to 15 years for software. Maintenance and repair costs are expensed as incurred.

Goodwill and other intangibles. Goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment on an annual basis. Separable intangible assets, primarily comprised of customer relationships, that are not deemed to have an indefinite life are amortized on a straight-line basis over their estimated useful lives which range from five to 25 years.

Impairment of long-lived and amortizable intangible assets. Property, plant and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Such analyses involves significant judgment.

Product warranties. The Company’s products carry warranties that generally range from one to twelve years and are based on terms that are consistent with the market. The Company records a liability for the expected cost of warranty-related claims

at the time of sale and is estimated based on the warranty period, product type and loss experience using actual historical failure rates and estimated costs of product replacement. The variables used in the calculation of the provision are reviewed by the Company at least annually. At times, warranty issues may arise which are beyond the scope of the Company’s historical experience. The Company provides for any such warranty issues as they become known and estimable. The allocation of the warranty liability between current and long-term is based on expected warranty claims to be paid in the next year as determined by historical product failure rates.

The following table presents the Company’s product warranty liability activity in 2022 and 2021:


Years ended December 31 (dollars in millions)	2022		2021
Balance at beginning of year	$	184.4	$	142.3
Expense	64.2		81.2
Claims settled	(66.1)		(51.3)
Acquired obligations	—		12.2
Balance at end of year	$	182.5	$	184.4

Derivative instruments. The Company utilizes certain derivative instruments to enhance its ability to manage currency as well as raw materials price risk. The Company does not enter into contracts for speculative purposes. The fair values of all derivatives are recorded in the consolidated balance sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive loss (AOCL), depending on whether the derivative is designated as part of a hedge transaction and if so, the type of hedge transaction. See Note 14, “Derivative Instruments” for disclosure of the Company’s derivative instruments and hedging activities.

Fair Value Measurements. Accounting Standards Codification (ASC) 820 Fair Value Measurements, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring basis or nonrecurring basis. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on the market approach which are prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

Assets (liabilities) measured at fair value on a recurring basis are as follows (dollars in millions):


Fair Value Measurement Using	Balance Sheet Location	December 31, 2022		December 31, 2021
Quoted prices in active markets for identical assets (Level 1)	Marketable Securities	$	90.6	$	188.1
Significant other observable inputs (Level 2)	Other current assets / Accrued liabilities	6.5		(0.7)

There were no changes in the valuation techniques used to measure fair values on a recurring basis.

Revenue recognition. Substantially all of the Company’s sales are from contracts with customers for the purchase of its products. Contracts and customer purchase orders are used to determine the existence of a sales contract. Shipping documents are used to verify shipment. For substantially all of its products, the Company transfers control of products to the customer at the point in time when title and risk are passed to the customer, which generally occurs upon shipment of the product. See Note 2, “Revenue Recognition” for disclosure of the Company’s revenue recognition activities.

Advertising. The majority of advertising costs are charged to operations as incurred and totaled $100.4 million, $107.0 million and $97.0 million during 2022, 2021 and 2020, respectively. Included in total advertising costs are expenses associated with store displays for water heater, water treatment products, range hood and cook tops in China that are amortized over 12 to 48 months which totaled $17.2 million, $25.2 million and $27.0 million during 2022, 2021 and 2020, respectively.

Research and development. Research and development costs are charged to operations as incurred and amounted to $89.0 million, $94.2 million and $80.7 million during 2022, 2021 and 2020, respectively.

Environmental costs. The Company accrues for costs associated with environmental obligations when such costs are probable and reasonably estimable. Costs of estimated future expenditures are not discounted to their present value. Recoveries of environmental costs from other parties are recorded as assets when their receipt is considered probable. The accruals are adjusted as facts and circumstances change.

Stock-based compensation. Compensation cost is recognized using the straight-line method over the vesting period of the award and forfeitures are recognized as they occur. In accordance with amended ASC 718, the Company recognized $1.1 million, $5.6 million, and $4.2 million of discrete income tax benefits on settled stock based compensation awards during 2022, 2021, and 2020 respectively.

Income taxes. The provision for income taxes is computed using the asset and liability method, in accordance with ASC 740 Income Taxes, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled and are classified as noncurrent in the consolidated balance sheet. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement.

Earnings per share of common stock. The Company is not required to use the two-class method of calculating earnings per share since its Class A Common Stock and Common Stock have equal dividend rights. The numerator for the calculation of basic and diluted earnings per share is net earnings. The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations:


	2022	2021	2020
Denominator for basic earnings per share - weighted-average shares outstanding	154,786,327	159,906,834	161,530,589
Effect of dilutive stock options, restricted stock and share units	993,037	1,413,068	1,073,560
Denominator for diluted earnings per share	155,779,364	161,319,902	162,604,149

Recent Accounting Pronouncements.

In November 2021, the Financial Accounting Standards Board (FASB) amended ASC 832, Government Assistance (issued under Accounting Standards Update (ASU) 2021-10, “Disclosures by Business Entities about Government Assistance”). This amendment requires disclosures that are expected to increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. The Company adopted the amendment on January 1, 2022, and the adoption of ASU 2021-10 did not impact its annual disclosures, consolidated balance sheets, statements of earnings or statements of cash flows.

Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Substantially all of the Company’s sales are from contracts with customers for the purchase of its products. Contracts and customer purchase orders are used to determine the existence of a sales contract. Shipping documents are used to verify shipment. For substantially all of its products, the Company transfers control of products to the customer at the point in time when title and risk are passed to the customer, which generally occurs upon shipment of the product. Each unit sold is considered an independent, unbundled performance obligation. The Company’s sales arrangements do not include other performance obligations that are material in the context of the contract.

The nature, timing and amount of revenue for a respective performance obligation are consistent for each customer. The Company measures the sales transaction price based upon the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. Sales and value added taxes are excluded from the measurement of the transaction price. The Company’s payment terms for the majority of its customers are 30 to 90 days from shipment.

Additionally, certain customers in China pay the Company prior to the shipment of products resulting in a customer deposits liability of $85.7 million and $155.2 million at December 31, 2022 and December 31, 2021, respectively. Customer deposit liabilities are short term in nature, recognized into revenue within one year of receipt. The Company assesses the collectability of customer receivables based on the creditworthiness of a customer as determined by credit checks and analysis, as well as the customer’s payment history. In determining the allowance for credit losses, the Company also considers various factors including the aging of customer accounts and historical write-offs. In addition, the Company monitors other risk factors including forward-looking information when establishing adequate allowances for credit losses, which reflects the current estimate of credit losses expected to be incurred over the life of the receivables. The Company’s allowance for credit losses was $9.5 million at both December 31, 2022 and December 31, 2021.

Rebates and incentives are based on pricing agreements and are tied to sales volume. The amount of revenue is reduced for variable consideration related to customer rebates which are calculated using expected values and are based on program specific factors such as expected rebate percentages based on expected volumes. In situations where the customer has the right to return eligible products, the Company reduces revenue for its estimates of expected product returns, which are primarily based on an analysis of historical experience. Changes in such accruals may be required if actual sales volume differs from estimated sales volume or if future returns differ from historical experience. Shipping and handling costs billed to customers are included in net sales and the related costs are included in cost of products sold and are activities performed to fulfill the promise to transfer products.

Disaggregation of Net Sales

The Company is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas, heat pump and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world.

As each segment manufactures and markets products in its respective region of the world, the Company has determined that geography is the primary factor in reporting its sales. The Company further disaggregates its North America segment sales by major product line as each of North America’s major product lines is sold through distinct distribution channels and these product lines may be impacted differently by certain economic factors. Within the Rest of World segment, particularly in China and India, the Company’s major customers purchase across the Company’s product lines, utilizing the same distribution channels regardless of product type. In addition, the impact of economic factors is unlikely to be differentiated by product line in the Rest of World segment.

The North America segment's major product lines are defined as the following:

Water heaters The Company’s water heaters are open water heating systems that heat potable water. Typical applications for water heaters include residences, restaurants, hotels, office buildings, laundries, car washes and small businesses. The Company sells residential and commercial water heater products and related parts through its wholesale distribution channel, which includes more than 1,000 independent wholesale plumbing distributors. The Company also sells residential water heaters and related parts through retail and maintenance, repair and operations (MRO) channels. A significant portion of the Company’s water heater sales in the North America segment is derived from the replacement of existing products.

Boilers The Company’s boilers are closed loop water heating systems used primarily for space heating or hydronic heating. The Company’s boilers are primarily used in applications in commercial settings for hospitals, schools, hotels and other large commercial buildings while residential boilers are used in homes, apartments and condominiums. The Company’s boiler distribution channel is comprised primarily of manufacturer representative firms, with the remainder of its boilers distributed through wholesale channels. The Company’s boiler sales in the North America segment are derived from a combination of replacement of existing products and new construction.

Water treatment products The Company’s water treatment products range from point-of-entry water softeners, solutions for problem well water, and whole-home water filtration products to on-the-go filtration bottles and point-of-use carbon and reverse osmosis products. Typical applications for the Company’s water treatment products include residences, restaurants, hotels and offices. The Company sells water treatment products through its retail and wholesale distribution channels, similar to water heater products and related parts. The Company’s water treatment products are also sold through independent water quality dealers as well as directly to consumers including through e-commerce sales channels. A portion of the Company’s sales of water treatment products in the North America segment is comprised of replacement filters.

The following table disaggregates the Company’s net sales by segment. As described above, the Company’s North America segment sales are further disaggregated by major product line. In addition, the Company’s Rest of World segment sales are disaggregated by China and all other Rest of World.


Years ended December 31 (dollars in millions)	2022		2021		2020
North America
Water heaters and related parts(1)	$	2,325.1	$	2,115.9	$	1,753.9
Boilers and related parts	272.0		212.1		187.2
Water treatment products	222.0		201.5		177.2
Total North America	2,819.1		2,529.5		2,118.3
Rest of World
China	$	839.1	$	922.4	$	701.0
All other Rest of World	126.7		114.1		99.3
Total Rest of World	965.8		1,036.5		800.3
Inter-segment sales	(31.0)		(27.1)		(23.3)
Total Net Sales	$	3,753.9	$	3,538.9	$	2,895.3

(1)Includes the results of Giant Factories, Inc. (Giant) from October 19, 2021, the date of acquisition.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On October 19, 2021, the Company acquired 100 percent of the shares and related assets of Giant, a Canada-based manufacturer of residential and commercial water heaters for $198.6 million, net of cash acquired. The Company paid $2.5 million of the purchase price in the second quarter of 2022 as a result of final working capital adjustments. The Company incurred acquisition costs of approximately $1.3 million in 2021.

Under the Giant purchase agreement, approximately $8 million of the purchase price was set aside as an escrow to satisfy any potential obligations of the former owners of Giant, should they arise. The Company expects to pay out the escrow during the second quarter of 2023. The allocation of the purchase price to goodwill decreased by $4.3 million in 2022 due to the net impact of a measurement period adjustment, primarily related to income tax matters, partially offset by the final working capital adjustment. The addition of Giant increased the Company's North America market penetration, created additional capacity and enhanced the Company's distribution capabilities. Giant is included in the North America segment.

The following table summarizes the allocation of fair value of the assets acquired and liabilities assumed at the date of acquisition. Of the $53.8 million of acquired identifiable intangible assets, $43.9 million was assigned to trademarks that are not subject to amortization and $9.2 million was assigned to customer relationships which are amortized over 22 years, and the remaining $0.7 million was assigned to non-compete agreements which are amortized over five years. The excess of the acquisition purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill.

The following table summarizes the estimated fair values of Giant's assets acquired and liabilities assumed at the date of acquisition:


October 19, 2021 (dollars in millions)
Current assets, net of cash acquired	$	60.1
Property, plant and equipment	55.8
Intangible assets	53.8
Goodwill	77.6
Total assets acquired	247.3
Current liabilities	(39.2)
Long Term liabilities	(9.5)
Net assets acquired	$	198.6

During the second quarter of 2022, the Company acquired a privately-held water treatment company. The Company paid an aggregate cash purchase price of $5.5 million, net of cash acquired. The addition of the company acquired expands the Company's water treatment platform and is included in the North America segment for reporting purposes.

During the third quarter of 2022, the Company incurred $4.3 million of expenses and related income tax benefit of $1.1 million associated with a terminated acquisition. These expenses were related to the due diligence of a prospective acquisition target and recorded within selling, general and administrative expenses in the consolidated statement of earnings.

As required under ASC 805 Business Combinations, results of operations have been included in the Company’s consolidated financial statements from the date of their acquisition.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The Company’s lease portfolio consists of operating leases for buildings and equipment, such as forklifts and copiers, primarily in the United States and China. The Company defines a lease as a contract that gives the Company the right to control the use of a physical asset for a stated term. The Company pays the lessor for that right, with a series of payments defined in the contract and a corresponding right of use operating lease asset and liability are recorded. The Company has elected not to record leases with an initial term of 12 months or less on its consolidated balance sheet. To determine balance sheet amounts, required legal payments are discounted using the Company’s incremental borrowing rate as of the inception of the lease. The incremental borrowing rate is the rate of interest that the Company would incur if it were to borrow, on a collateralized basis, an amount equal to the value of the leased item over a similar term, in a similar economic environment. Variable lease components not based on an index or rate are excluded from the measurement of the lease asset and liability and expensed as incurred for all asset classes.

Certain leases include one or more options to renew or terminate. Renewal terms can extend the lease term from one to five years and options to terminate can be effective within one year. The exercise of lease renewal or termination is at the Company’s discretion and when it is determined to be reasonably certain to renew or terminate, the option is reflected in the measurement of lease asset and liability. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants or material subleases. Cash flows associated with leases are materially consistent with the expense recorded in the consolidated statement of earnings.

Supplemental balance sheet information related to leases is as follows:


(dollars in millions)	December 31, 2022		December 31, 2021
Liabilities
Short term: Accrued liabilities	$	9.9	$	11.7
Long term: Operating lease liabilities	22.4		22.3
Total operating lease liabilities	$	32.3	$	34.0
Less: Rent incentives and deferrals	(2.5)		(1.5)
Assets
Operating lease assets	$	29.8	$	32.5


Lease Term and Discount Rate			December 31, 2022
Weighted-average remaining lease term			6.4 years
Weighted-average discount rate			3.21%

The components of lease expense were as follows:


(dollars in millions)
Lease Expense(1)	Classification	Year ended December 31, 2022		Year ended December 31, 2021
Operating lease expense	Cost of products sold	$	4.3	$	3.6
	Selling, general and administrative expenses	15.8		16.8

(1)Includes short-term lease expense of $2.1 million and variable lease expenses of $3.1 million for the year ended December 31, 2022 and short-term lease expense of $2.5 million and variable lease expenses of $2.3 million for the year ended December 31, 2021, respectively.

Maturities of lease liabilities were as follows:


(dollars in millions)	December 31, 2022
2023	$	10.6
2024	7.9
2025	5.3
2026	3.2
2027	1.7
After 2027	7.5
Total lease payments	36.2
Less: Imputed interest	(3.9)
Present value of operating lease liabilities	$	32.3

Severance and Restructuring Expenses	12 Months Ended
Severance and Restructuring Expenses	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Severance and Restructuring Expenses	Severance and Restructuring Expenses During the year ended December 31, 2020, to align its business to market conditions, the Company recognized $7.7 million of pre-tax severance and restructuring expenses. These expenses were comprised of $6.8 million in severance costs, as well as a corresponding $1.4 million tax benefit and were completed in 2020. $2.7 million of the expense was related to the North America segment and $5.0 million was related to the Rest of World segment.

Statement of Cash Flows

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Statement of Cash Flows

Supplemental cash flow information is as follows:


Years ended December 31 (dollars in millions)	2022		2021		2020
Net change in current assets and liabilities, net of acquisitions:
Receivables	$	42.5	$	(25.5)	$	4.5
Inventories	(82.8)		(109.5)		2.9
Other current assets	(9.1)		4.9		4.7
Trade payables	(89.4)		142.9		85.6
Accrued liabilities, including payroll and benefits	(46.5)		56.3		29.3
Income taxes	(8.8)		21.7		3.4
	$	(194.1)	$	90.8	$	130.4

In addition cash interest paid during the years ended December 31, 2022, 2021 and 2020 were $9.3 million, $4.2 million, and $7.6 million, respectively. Total cash and cash equivalents and marketable securities at December 31, 2022 and 2021 was $481.8 million and $631.4 million, respectively, of which $472.1 million and $608.0 million were held by the Company’s foreign subsidiaries, at December 31, 2022 and 2021, respectively.

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

The following table presents the components of the Company’s inventory balances:


December 31 (dollars in millions)	2022		2021
Finished products	$	174.4	$	190.2
Work in process	42.1		42.0
Raw materials	349.2		286.3
Inventories, at FIFO cost	565.7		518.5
LIFO reserve	(49.3)		(70.8)
Inventories, at LIFO cost	$	516.4	$	447.7

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


December 31 (dollars in millions)	2022		2021
Land	$	28.5	$	22.9
Buildings	373.2		377.0
Equipment	822.5		805.8
Software	140.6		137.5
	1,364.8		1,343.2
Accumulated depreciation and amortization	(774.1)		(736.5)
Net property, plant, and equipment	$	590.7	$	606.7

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill during the years ended December 31, 2022 and 2021 consisted of the following:


(dollars in millions)	North America		Rest of World		Total
Balance at December 31, 2020	$	487.7	$	59.1	$	546.8
Currency translation adjustment	(1.3)		(0.2)		(1.5)
Acquisitions	82.5		—		82.5
Balance at December 31, 2021	568.9		58.9		627.8
Currency translation adjustment	(7.8)		(0.3)		(8.1)

Balance at December 31, 2022	$	561.1	$	58.6	$	619.7

The carrying amount of other intangible assets consisted of the following:


	2022						2021
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Patents	$	3.7	$	(3.7)	$	—	$	3.7	$	(3.7)	$	—
Customer lists	288.6		(164.0)		124.6		288.3		(150.8)		137.5
Total amortizable intangible assets	292.3		(167.7)		124.6		292.0		(154.5)		137.5
Indefinite-lived intangible assets:
Trade names	223.3		—		223.3		227.3		—		227.3
Total intangible assets	$	515.6	$	(167.7)	$	347.9	$	519.3	$	(154.5)	$	364.8

Amortization expenses of other intangible assets of $12.8 million, $12.3 million, and $14.5 million were recorded in 2022, 2021 and 2020, respectively. In the future, excluding the impact of any future acquisitions, the Company expects amortization expense of approximately $12.5 million annually and the intangible assets will be amortized over a weighted-average period of 12 years.

The Company concluded that no goodwill impairment existed at the time of the annual impairment tests which were performed in the fourth quarters of 2022, 2021 and 2020. No impairments of other intangible assets were recorded in 2022, 2021 and 2020.

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt


December 31 (dollars in millions)	2022		2021
Bank credit lines, average year-end interest rates of 5.0% for 2021	$	—	$	0.8
Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2022 and 1.1% for 2021	185.4		50.0
Commercial paper, average year-end interest rate of 4.6% for 2022	22.6		—
Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.1% for 2022 and 3.1% for 2021	136.5		145.9
	344.5		196.7
Long-term debt due within one year	(10.0)		(6.8)
Long-term debt	$	334.5	$	189.9

In 2021, the Company renewed and amended its $500 million multi-year multi-currency revolving credit agreement with a new expiration date of April 1, 2026. The facility has an accordion provision which allows it to be increased up to $850 million if certain conditions (including lender approval) are satisfied. Borrowings under the Company’s bank credit lines and commercial paper borrowings are supported by the $500 million revolving credit agreement. At its option, the Company either maintains cash balances or pays fees for bank credit and services. The Company has fixed-rate interest expense obligations of $19.5 million on outstanding debt as of December 31, 2022. Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2022 are as follows:


Years ending December 31 (dollars in millions)	Amount
2023	$	10.0
2024	10.0
2025	10.0
2026	236.5
2027	28.5

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

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+ Details

Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

The Company’s authorized capital consists of three million shares of Preferred Stock $1 par value, 27 million shares of Class A Common Stock $5 par value, and 240 million shares of Common Stock $1 par value. The Common Stock has equal dividend rights with Class A Common Stock and is entitled, as a class, to elect one-third of the Board of Directors and has 1/10th vote per share on all other matters. Class A Common Stock is convertible to Common Stock on a one for one basis.

There were 68,785 shares during 2022, 64,072 shares during 2021 and 12,372 shares during 2020, of Class A Common Stock converted into Common Stock. Regular dividends paid on the A. O. Smith Corporation Class A Common Stock and Common Stock amounted to $1.14, $1.06 and $0.98 per share in 2022, 2021 and 2020, respectively.

In 2022, the Board of Directors approved adding 3,500,000 shares of Common Stock to an existing discretionary share repurchase authority. Under the share repurchase program, the Common Stock may be purchased through a combination of Rule 10b5-1 automatic trading plan and discretionary purchases in accordance with applicable securities laws. The number of shares purchased and the timing of the purchases will depend on a number of factors, including share price, trading volume and general market conditions, as well as working capital requirements, general business conditions and other factors, including alternative investment opportunities. The stock repurchase authorization remains effective until terminated by the Company's Board of Directors which may occur at any time, subject to the parameters of any Rule 10b5-1 automatic trading

plan that we may then have in effect. In 2022, the Company repurchased 6,647,895 shares at an average price of $60.70 per share and at a total cost of $403.5 million. As of December 31, 2022, there were 378,462 shares remaining on the existing repurchase authorization. In 2021, the Company repurchased 5,087,467 shares at a cost of $366.5 million. In 2020, the Company repurchased 1,348,391 shares at a cost of $56.7 million.

At December 31, 2022, a total of 130,380 and 39,398,135 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock. At December 31, 2021, a total of 130,380 and 32,924,647 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock.

Changes to accumulated other comprehensive loss by component are as follows:


(dollars in millions)	Years ended December 31,
	2022		2021
Cumulative foreign currency translation
Balance at beginning of period	$	(44.7)	$	(48.1)
Other comprehensive (loss) gain before reclassifications	(39.4)		3.4
Balance at end of period	(84.1)		(44.7)
Unrealized net gain (loss) on cash flow derivatives
Balance at beginning of period	0.6		0.6
Other comprehensive gain (loss) before reclassifications	7.4		(0.6)
Realized (gains) losses on derivatives reclassified to cost of products sold (net of tax provision (benefit) of $1.0 and $(0.2) in 2022 and 2021, respectively)(1)	(3.1)		0.6
Balance at end of period	4.9		0.6
Pension liability
Balance at beginning of period	(287.3)		(273.7)
Other comprehensive gain (loss) before reclassifications	19.8		(28.6)
Amounts reclassified from accumulated other comprehensive loss(1)	264.3		15.0
Balance at end of period	(3.2)		(287.3)
Total accumulated other comprehensive loss, end of period	$	(82.4)	$	(331.4)

(1)Amounts reclassified from accumulated other comprehensive loss:


Realized (gains) losses on derivatives reclassified to cost of products sold	$	(4.1)		$	0.8
Tax provision (benefit)	1.0			(0.2)
Reclassification net of tax	$	(3.1)		$	0.6
Amortization of pension items:
Actuarial losses	$	437.2	(2)	$	20.3	(2)
Prior year service cost	(0.4)		(2)	(0.4)		(2)
	436.8			19.9
Tax benefit	(172.5)			(4.9)
Reclassification net of tax	$	264.3		$	15.0

(2)These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 13, “Pensions and Other Post-retirement Benefits” for additional details.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Stock Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

Stock Based Compensation The Company adopted the A. O. Smith Combined Incentive Compensation Plan (the Incentive Plan) effective January 1, 2007. The Incentive Plan was most recently reapproved by stockholders on April 15, 2020. The Incentive Plan is a continuation of the A. O. Smith Combined Executive Incentive Compensation Plan which was originally approved by stockholders in 2002. The number of shares available for granting of options or share units at December 31, 2022, was

2,613,804 which includes 2,400,000 additional shares that were authorized on April 15, 2020 at the Company's annual meeting of stockholders. Upon stock option exercise or share unit vesting, shares are issued from treasury stock. Total stock based compensation expense recognized in 2022, 2021 and 2020 was $11.1 million, $11.9 million and $12.7 million, respectively.

Stock Options

The stock options granted in 2022, 2021 and 2020 have three year pro rata vesting from the date of grant. Stock options are issued at exercise prices equal to the fair value of the Company’s Common Stock on the date of grant. For active employees, all options granted in 2022, 2021 and 2020 expire ten years after the date of grant. The Company’s stock options are expensed ratably over the three year vesting period; however, included in the stock option expense recognized in 2022, 2021 and 2020 is expense associated with the accelerated vesting of stock option awards for certain employees who either are retirement eligible or become retirement eligible during the vesting period. Stock based compensation expense attributable to stock options for 2022, 2021 and 2020 was $5.5 million, $5.1 million and $6.2 million, respectively.

Changes in options, all of which relate to the Company’s Common Stock, were as follows:


Years Ended December 31	2022			2021			2020
	Number of Options	Weighted Avg. Per Share Exercise Price		Number of Options	Weighted Avg. Per Share Exercise Price		Number of Options	Weighted Avg. Per Share Exercise Price
Number of shares under options:
Outstanding at beginning of year	2,252,498	$	47.73	2,785,654	$	43.01	2,728,350	$	37.64
Granted	322,460	74.11		368,780	60.85		798,970	42.50
Exercised(1)	(66,697)	39.77		(889,345)	38.35		(662,215)	19.59
Forfeited	(26,655)	61.46		(12,591)	49.18		(79,451)	48.98
Outstanding at end of year(2)	2,481,606	51.22		2,252,498	47.73		2,785,654	43.01
Exercisable at end of year(3)	1,675,552	46.88		1,191,795	45.71		1,529,464	40.35

(1)The total intrinsic value of options exercised in 2022, 2021 and 2020 was $1.6 million, $31.0 million and $21.3 million, respectively.

(2)The weighted average remaining contractual life of options outstanding was 7 years at December 31, 2022, and 8 years at December 31, 2021 and December 31, 2020, respectively. The aggregate intrinsic value of options outstanding at December 31, 2022 was $22.6 million.

(3)The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2022, 7 years at December 31, 2021, and 6 years at December 31, 2020, respectively. The aggregate intrinsic value of options exercisable at December 31, 2022 was $18.9 million.


	Number of Options	Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year	1,060,703	$	49.99
Granted	322,460	74.11
Vested	(559,150)	48.73
Forfeited	(17,959)	61.83
Nonvested options at end of year	806,054	60.26

The weighted-average fair value per option at the date of grant during 2022, 2021 and 2020, using the Black-Scholes option-pricing model, was $17.57, $14.03 and $8.17, respectively. Assumptions were as follows:


	2022		2021		2020
Expected life (years)	5.7		5.8		5.7
Risk-free interest rate	1.9	%	1.2	%	1.5	%
Dividend yield	1.5	%	1.6	%	2.1	%
Expected volatility	26.8	%	27.4	%	23.7	%

The expected lives of options for purposes of these models are based on historical exercise behavior. The risk-free interest rates for purposes of these models are based on the U.S. Treasury yield in effect on the date of grant for the respective expected lives of the option. The expected dividend yields for purposes of these models are based on the dividends paid in the preceding four quarters divided by the grant date market value of the Common Stock. The expected volatility for purposes of these models are based on the historical volatility of the Common Stock.

Restricted Stock and Share Units

Participants may also be awarded shares of restricted stock or share units under the Incentive Plan. Share units vest three years after the date of grant. The Company granted 94,731, 104,312 and 174,420 share units under the Incentive Plan in 2022, 2021 and 2020, respectively.

The share units were valued at $7.0 million, $6.4 million and $7.4 million at the date of issuance in 2022, 2021 and 2020, respectively, based on the price of the Company’s Common Stock at the date of grant. The share units are recognized as compensation expense ratably over the three-year vesting period; however, included in share unit expense was expense associated with accelerated vesting of share unit awards for certain employees who are retirement eligible or will become retirement eligible during the vesting period. Stock based compensation expense attributable to share units of $5.6 million, $6.8 million and $6.5 million was recognized in 2022, 2021 and 2020, respectively. Certain non-U.S.-based employees receive the cash value of the share price at the vesting date in lieu of shares. Unvested cash-settled awards are remeasured at each reporting period.

A summary of share unit activity under the Incentive Plan is as follows:


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2021	421,138	$	47.28
Granted	94,731	73.40
Vested	(126,631)	49.49
Forfeited	(9,319)	56.28
Issued and unvested at December 31, 2022	379,919	52.92

Pension and Other Post-retirement Benefits

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Pension and Other Post-retirement Benefits

The Company provides retirement benefits for all U.S. employees including benefits for employees of previously owned businesses which were earned up to the date of sale. The Company also has two foreign pension plans, neither of which is material to the Company’s financial position.

The Company has a defined contribution plan which matches 100 percent of the first one percent of contributions made by participating employees and matches 50 percent of the next five percent of employee contributions. In addition, the Company has defined contribution plans for certain hourly employees which provide for matching Company contributions.

The Company had a defined benefit plan for salaried employees and its non-union hourly workforce. In 2009, the Company announced U.S. employees hired after January 1, 2010, would not participate in the defined benefit plan, and benefit accruals for the majority of current salaried and hourly employees sunset on December 31, 2014. An additional Company contribution is made to the defined contribution plan in lieu of benefits earned in a defined benefit plan. The Company also has defined benefit and contribution plans for certain union hourly employees.

The Company has unfunded defined-benefit post-retirement plans covering certain hourly and salaried employees that provide medical and life insurance benefits from retirement to age 65. Certain hourly employees retiring after January 1, 1996, are subject to a maximum annual benefit and salaried employees hired after December 31, 1993, are not eligible for post-retirement medical benefits.

In 2021, the Company's Board of Directors approved the termination of the defined benefit pension plan (the Plan) with a termination date of December 31, 2021. The Plan represented over 95 percent of the Company's pension plan liability. In the second quarter of 2022, the Company received a determination letter from the Internal Revenue Service (IRS) that allowed the Company to proceed with the termination process. In the fourth quarter of 2022, the Company settled approximately $169 million of Plan liabilities through lump-sum payments from existing plan assets to eligible participants who elected to receive them and settled approximately $463 million of Plan liabilities by entering into an agreement to purchase annuities from Mass Mutual Life Insurance Company (MML). The irrevocable agreement with MML covers approximately 7,000 active and former employees and their beneficiaries, with MML assuming the future annuity payments for these individuals commencing March 1, 2023. These settlements resulted in $417.3 million of pretax expense in 2022, partially offset by approximately $167.7 million in related tax benefits.

Obligations and Funded Status

Pension and Post-retirement Disclosure Information

The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs.


	Pension Benefits						Post-retirement Benefits
Years ended December 31 (dollars in millions)	2022			2021			2022		2021
Accumulated benefit obligation (ABO) at December 31	$	(27.7)		$	(841.2)		N/A		N/A
Change in projected benefit obligations (PBO)
PBO at beginning of year	$	(842.1)		$	(869.8)		$	(2.2)	$	(5.9)
Service cost	(1.4)			(1.6)			—		—
Interest cost	(14.5)			(14.5)			(0.1)		(0.1)
Participant contributions	—			—			(0.1)		(0.1)
Plan amendments	—			—			—		—
Actuarial gain (loss) including assumption changes	147.6			(9.0)			(0.2)		0.6
Benefits paid	219.3			52.8			0.9		3.3
Transfer to insurer	462.8			—			—		—
PBO at end of year	$	(28.3)		$	(842.1)		$	(1.7)	$	(2.2)
Change in fair value of plan assets
Plan assets at beginning of year	$	825.9		$	858.8		$	—	$	—
Actual return on plan assets	(99.1)			18.9			—		—
Contribution by the Company	0.5			1.0			0.8		3.2
Participant contributions	—			—			0.1		0.1
Benefits paid	(219.3)			(52.8)			(0.9)		(3.3)
Transfer to insurer	(462.8)			—			—		—
Plan assets at end of year	$	45.2		$	825.9		$	—	$	—
Funded status	$	16.9		$	(16.2)		$	(1.7)	$	(2.2)
Amount recognized in the balance sheet
Noncurrent assets	$	27.1		$	—		$	—	$	—
Current liabilities	(0.5)			(0.5)			(0.2)		(0.2)
Non-current liabilities	(9.7)			(15.7)			(1.5)		(2.0)
Net pension asset (liability) at end of year	$	16.9	*	$	(16.2)	*	$	(1.7)	$	(2.2)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss	$	5.2		$	469.7		$	0.2	$	—
Prior service cost	2.1			1.4			(2.3)		(2.8)
Total recognized in accumulated other comprehensive loss	$	7.3		$	471.1		$	(2.1)	$	(2.8)

*In addition, the Company has a liability for a foreign pension plan of $0.3 million and $0.2 million at December 31, 2022 and 2021, respectively.

The actuarial loss in the current year for both the pension and post-retirement benefit plans was primarily due to the change in the discount rate.


	Pension Benefits						Post-retirement Benefits
Years ended December 31 (dollars in millions)	2022		2021		2020		2022		2021		2020
Net periodic cost (benefit)
Service cost	$	1.4	$	1.6	$	1.5	$	—	$	—	$	—
Interest cost	14.5		14.5		23.0		0.1		0.1		0.1
Expected return on plan assets	(21.5)		(48.0)		(51.9)		—		—		—
Amortization of unrecognized:
Net actuarial loss	19.9		20.3		20.2		—		—		—
Prior service cost	(0.4)		(0.4)		(0.4)		(0.5)		(0.5)		(0.5)
Defined-benefit plan income	13.9		(12.0)		(7.6)		(0.4)		(0.4)		$	(0.4)
Settlements, curtailments and other one-time charges	417.3		—		2.5		—		—		(0.5)
Various U.S. defined contribution plans cost	15.3		14.6		14.4		—		—		—
	$	446.5	$	2.6	$	9.3	$	(0.4)	$	(0.4)	$	(0.9)

Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial (gain) loss	$	(27.0)	$	38.1	$	11.7	$	0.2	$	(0.6)	$	0.8
Amortization of net actuarial loss	(19.9)		(20.3)		(22.8)		—		—		—
Settlement loss	(417.3)		—		—		—		—		—
Prior service credit	—		—		—		—		—		(2.0)
Amortization of prior service cost	0.4		0.4		0.4		0.5		0.5		0.5
Total recognized in other comprehensive loss	(463.8)		18.2		(10.7)		0.7		(0.1)		(0.7)
Total recognized in net periodic (benefit) cost and other comprehensive loss	$	(32.6)	$	6.2	$	(15.8)	$	0.3	$	(0.5)	$	(1.6)

The 2022 and 2021 after tax adjustments for additional minimum pension liability resulted in other comprehensive gain (loss) of $284.1 million and $(13.6) million, respectively.

Actuarial assumptions used to determine benefit obligations at December 31 are as follows:


	Pension Benefits				Post-retirement Benefits
	2022		2021		2022		2021
Discount rate	5.13	%	2.72	%	5.02	%	2.43	%

Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:


	Pension Benefits						Post-retirement Benefits
Years ended December 31	2022		2021		2020		2022		2021		2020
Discount rate	2.80	%	2.47	%	3.18	%	2.44	%	2.05	%	2.95	%
Expected long-term return on plan assets	3.12	%	6.25	%	6.75	%	N/A		N/A		N/A
Rate of compensation increase	4.00	%	4.00	%	4.00	%	N/A		4.00	%	4.00	%

Assumed health care cost trend rates

Assumed health care cost trend rates as of December 31 are as follows:


	2022 (1)	2021
Health care cost trend rate assumed for next year	N/A	7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	N/A	5.00	%
Year that the rate reaches the ultimate trend rate	N/A	2029

(1) Health care inflation assumptions are no longer needed as all remaining retiree medical benefits are fixed subsidies or reimbursements.

Plan Assets

The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows:


Asset Category	2022		2021
Equity securities	8	%	1	%
Debt securities	27		75

Private equity	5		1
Cash	60		23
	100	%	100	%

The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2022 and 2021 (dollars in millions):


			December 31, 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	26.9	$	26.9	$	—	$	—
Equity securities
Common stocks	3.7		3.7		—		—

Fixed income securities
U.S. Treasury securities	8.6		8.6		—		—
Other fixed income securities	2.7		—		2.7		—


Other types of investments
Mutual funds	0.8		—		0.8		—

Private equity	2.2		—		—		2.2
Total fair value of plan asset investments	$	44.9	$	39.2	$	3.5	$	2.2
Non-investment plan assets	0.3
Total plan assets	$	45.2


			December 31, 2021
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	182.9	$	182.9	$	—	$	—
Equity securities
Common stocks	3.7		3.7		—		—

Fixed income securities
U.S. Treasury securities	52.8		52.8		—		—
Other fixed income securities	551.2		—		551.2		—


Other types of investments
Mutual funds	26.7		—		26.7		—

Private equity	5.1		—		—		5.1
Total fair value of plan asset investments	$	822.4	$	239.4	$	577.9	$	5.1
Non-investment plan assets	3.5
Total plan assets	$	825.9

The short-term investments included in the Company’s plan assets consist of cash and cash equivalents. The fair value of the remaining categories of the Company’s plan assets are valued as follows: equity securities are valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year; fixed income securities are valued using institutional bond quotes, which are based on various market and industry inputs; mutual funds and real estate funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities; Options are valued using the closings market value on the last day of the year; and private equity investments are valued at the estimated fair value at the previous quarter end, which is based on the proportionate share of the underlying portfolio investments.

The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2022 and 2021 (dollars in millions):


	Real estate funds		Private equity		Total
Balance at December 31, 2020	$	79.8	$	4.9	$	84.7
Actual (loss) return on plan assets:
Relating to assets still held at the reporting date	—		3.8		3.8
Relating to assets sold during the period	8.3		(3.1)		5.2
Purchases, sales and settlements	(88.1)		(0.5)		(88.6)
Balance at December 31, 2021	—		5.1		5.1
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date	—		(2.8)		(2.8)
Relating to assets sold during the period	—		(0.2)		(0.2)
Purchases, sales and settlements	—		0.1		0.1
Balance at December 31, 2022	$	—	$	2.2	$	2.2

The Company’s investment policies employ an approach whereby a diversified blend of equity and bond investments is used to maximize the long-term return of plan assets for a prudent level of risk. Equity investments are diversified across domestic and non-domestic stocks, as well as growth, value, and small to large capitalizations. Bond investments include corporate and government issues, with short, mid, and long-term maturities, with a focus on investment-grade when purchased. In preparation for the Plan settlement, which we completed in the fourth quarter of 2022, the target allocation to bonds managers is between 60 to 95 percent with the remainder allocated primarily to equities, private equity managers and cash. Investment and market risks are measured and monitored on an ongoing basis through regular investment portfolio reviews, annual liability measurements and periodic asset/liability studies.

The Company’s actual asset allocations are in line with target allocations. The Company regularly reviews its actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate.

There was no Company stock included in plan assets at December 31, 2022.

Cash Flows

The Company was not required to and did not make any contributions in 2022 to the Plan. The Company is not required to make a contribution in 2023.

Estimated Future Payments

As of December 31, 2022, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


Years ended December 31 (dollars in millions)	Pension Benefits		Post-retirement Benefits
2023	$	4.9	$	0.2
2024	0.7		0.2
2025	0.8		0.2
2026	0.9		0.2
2027	5.1		0.2
2028 – 2032	9.2		0.7

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

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-Publisher FASB
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+ Details

Derivative Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

The Company utilizes certain derivative instruments to enhance its ability to manage currency exposure as well as raw materials price risk. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes. The contracts are executed with major financial institutions with no credit loss anticipated for failure of the counterparties to perform.

Cash Flow Hedges

With the exception of its net investment hedges, the Company designates all of its hedging instruments as cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), gains or losses on the derivative instrument are reported as a component of other comprehensive loss, net of tax, and are reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings.

Foreign Currency Forward Contracts

The Company is exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. The Company utilizes foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency purchases, sales and certain intercompany transactions in the normal course of business. Principal currencies for which the Company utilizes foreign currency forward contracts include the British pound, Canadian dollar, Euro and Mexican peso.

Gains and losses on these instruments are recorded in accumulated other comprehensive loss, net of tax, until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive loss to the consolidated statement of earnings. The assessment of effectiveness for forward contracts is based on changes in the forward rates. These hedges have been determined to be effective.

The majority of the amounts in accumulated other comprehensive loss for cash flow hedges are expected to be reclassified into earnings within one year.

The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts that are designated as cash flow hedges:


December 31 (dollars in millions)	2022				2021
	Buy		Sell		Buy		Sell
British pound	$	—	$	—	$	—	$	—
Canadian dollar	—		76.8		—		113.4
Euro	30.2		—		24.2		—
Mexican peso	15.7		—		23.8		—
Total	$	45.9	$	76.8	$	48.0	$	113.4

Net Investment Hedges

The Company enters into certain foreign currency forward contracts to hedge the exposure to a portion of the Company’s net investments in certain non-U.S. subsidiaries against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. For the derivative instruments that are designated and qualify as net investment hedges, gains and losses are reported in other comprehensive loss where they offset gains and losses recorded on the Company’s net investments in its non-U.S. subsidiaries. These hedges are determined to be effective. The Company recognized $1.4 million of after tax gains and $(0.5) million of after-tax losses associated with hedges of a net investment in non-U.S. subsidiaries in currency translation adjustment in other comprehensive income in 2022 and 2021, respectively. The contractual amount of the Company’s foreign currency forward contracts that are designated as net investment hedges is zero as of December 31, 2022.

The following tables present the impact of derivative contracts on the Company’s financial statements.

Fair value of derivatives designated as hedging instruments under ASC 815:


December 31 (dollars in millions)	Balance Sheet Location	2022		2021
Foreign currency contracts	Other current assets	$	6.4	$	1.7
	Accrued liabilities	—		(1.6)
Total derivatives designated as hedging instruments		$	6.4	$	0.1

The effect of cash flow hedges on the consolidated statement of earnings:

Years ended December 31 (dollars in millions):


Derivatives in ASC 815 cash flow hedging relationships	Amount of gain (loss) recognized in other comprehensive loss on derivatives				Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings	Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings
	2022		2021			2022		2021
Foreign currency contracts	$	9.8	$	(0.8)	Cost of products sold	$	4.1	$	(0.8)

Balance Sheet Hedges

Foreign Exchange Contracts

The Company periodically enters into foreign exchange contracts to mitigate the foreign currency volatility relative to certain intercompany loans. These foreign exchange contracts did not qualify for hedge accounting in accordance with ASC 815, and as such were marked to market through earnings. The fair value of the foreign exchange contracts was an asset balance of $0.1 million as of December 31, 2022 and recorded in Other current assets within the consolidated balance sheet. The fair value of the foreign exchange contracts was a liability balance of $0.8 million as of December 31, 2021 and recorded in Accrued liabilities within the consolidated balance sheet

The following table summarizes the contractual amounts of the Company's foreign exchange contracts that are designated as balance sheet hedges:


December 31 (dollars in millions)	2022				2021
	Buy		Sell		Buy		Sell
Canadian dollar	$	—	$	81.5	$	—	$	125.6

The amounts recognized within the consolidated statements of earnings related to the Company's foreign exchange contracts are set forth below.

Years ended December 31 (dollars in millions)


Derivatives not designated as hedging instruments:	Location of gain within the consolidated statements of earnings	2022		2021		2020
Foreign exchange contracts	Other expense (income) - net	$	1.2	$	(0.9)	$	—

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of the (benefit from) provision for income taxes consisted of the following:


Years ended December 31 (dollars in millions)	2022		2021		2020
Current:
Federal	$	101.8	$	92.2	$	67.1
State	26.6		22.4		17.4
International	30.5		29.5		25.8
Deferred:
Federal	(136.9)		(3.2)		5.6
State	(34.1)		(0.6)		2.3
International	0.1		(1.8)		(19.2)
	$	(12.0)	$	138.5	$	99.0

The (benefit from) provision for income taxes differs from the U.S. federal statutory rate due to the following items:


Years ended December 31	2022		2021		2020
Provision at U.S. federal statutory rate(1)	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit(1)	2.7		2.8		3.5
U.S pension plan settlement expense(1)	(29.5)		—		—
International income tax rate differential—China	(4.6)		(1.6)		(0.6)
International income tax rate differential—other	3.5		0.7		0.2
Research tax credits	(1.0)		(0.4)		(0.5)
Excess tax benefit on stock compensation	(0.5)		(0.9)		(0.9)
Other	3.0		0.5		(0.4)
	(5.4)	%	22.1	%	22.3	%

(1) Included in 2022 is tax effects of the pension plan settlement expense associated with the termination of the Plan. Refer to Note 13, “Pension and Other Postretirement Benefits” for more information. A tax benefit of $101.9 million on the pretax expense were reflected in computed tax provision at U.S. federal statutory rate and state taxes, net of federal tax benefit for 2022. In 2022, the tax benefit of $65.8 million or a 29.5% benefit related to the release of stranded tax effects in AOCL through the income statement was reflected in U.S. pension plan settlement expense.

Components of earnings before income taxes were as follows:


Years ended December 31 (dollars in millions)	2022		2021		2020
U.S.	$	63.9	$	479.0	$	407.3
International	159.8		146.6		36.6
	$	223.7	$	625.6	$	443.9

Our 2022 provision for income taxes included $167.7 million of tax benefit related to the effective settlement of the Plan, $101.9 million of which was the related tax effect on the pretax expense of $417.3 million and $65.8 million of which was related to the release of stranded tax effects in AOCL through the Tax Cuts and Jobs Act. Refer to Note 13, “Pension and Other Postretirement Benefits,” for more information.

The Company paid income taxes of $175.4 million, $131.2 million, and $114.1 million in 2022, 2021 and 2020, respectively.

Undistributed earnings of the Company’s foreign subsidiaries amounted to $647.7 million at December 31, 2022. The Company had $5.3 million accrued for its estimate of withholding taxes due upon repatriation of approximately $173.0 million of foreign earnings it considers not permanently reinvested as of December 31, 2022. The Company considers $474.7 million of the total undistributed earnings to be permanently reinvested as a result of various factors including imposition of statutory restrictions at certain jurisdictions that prohibit the repatriation of a portion of the earnings.

Accordingly, no provision for state, local and foreign withholding income taxes has been provided thereon. Upon repatriation of those earnings, in the form of dividends or otherwise, the Company would be subject to state and local taxes, and withholding taxes payable to the various foreign countries. The Company expects to be able to take a 100% dividend received deduction to offset any US federal income tax liability. Determination of the amount of unrecognized state and local deferred income tax liability and associated foreign withholding taxes is not practicable due to the complexities associated with its hypothetical calculation.

The tax effects of temporary differences of assets and liabilities between income tax and financial reporting are as follows:


December 31 (dollars in millions)	2022				2021
	Assets		Liabilities		Assets		Liabilities
Employee benefits	$	13.9	$	—	$	22.6	$	—
Product liability and warranties	50.7		—		52.3		—
Inventories	1.4		—		7.6		—
Accounts receivable	14.6		—		18.3		—
Property, plant and equipment	—		51.5		—		46.6
Intangibles	—		66.2		—		85.2
Environmental liabilities	1.6		—		1.7		—
Undistributed foreign earnings	—		5.3		—		6.5
Tax loss and credit carryovers	10.1		—		8.9		—
All other	14.0		—		12.9		—
Valuation allowance	(8.3)		—		(7.1)		—
	$	98.0	$	123.0	$	117.2	$	138.3
Net liability			$	25.0			$	21.1

The Company believes it is more likely than not that it will realize its net deferred tax assets through the reduction of future taxable income. The Company considered historical operating results in determining the probability of the realization of the deferred tax assets.

A reconciliation of the beginning and ending amounts of tax loss carryovers, credit carryovers and valuation allowances is as follows:


	Net Operating Losses and Tax Credits				Valuation Allowances
December 31 (dollars in millions)	2022		2021		2022		2021
Beginning balance	$	8.9	$	20.3	$	7.1	$	13.0
(Decreases) / increases	1.2		(11.4)		1.2		(5.9)
Ending balance	$	10.1	$	8.9	$	8.3	$	7.1

The Company has foreign net operating loss carryovers that expire in 2023 through 2028 and state and local net operating loss carryovers that expire in 2030.

A reconciliation of the beginning and ending amount of unrecognized benefits is as follows:


(Dollars in millions)	2022		2021
Balance at January 1	$	14.3	$	9.0
Additions / (decreases) for tax positions of prior years	0.7		5.3
Balance at December 31	$	15.0	$	14.3

The amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate is $2.9 million. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. At December 31, 2022, there was an immaterial amount of interest and penalties accrued. The Company anticipates that there will not be a material decrease in the total amount of unrecognized tax benefits in 2023. The Company’s U.S. federal income tax returns and its U.S. state and local income tax returns are subject to audit for the years 2017-2022 and

2009-2022, respectively. The Company is subject to examinations in foreign tax jurisdictions for the years 2016-2022. If the examinations at certain foreign tax jurisdictions are resolved unfavorably, there could be additional assessments imposed by the relevant authorities.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Environmental Contingencies The Company is a potentially responsible party in judicial and administrative proceedings seeking to clean up sites which have been environmentally impacted. In each case, the Company has established reserves, insurance proceeds and/or a potential recovery from third parties. The Company believes any environmental claims will not have a material effect on its financial position or results of operations. Product Liability The Company is subject to various claims and pending lawsuits for product liability and other matters arising out of the conduct of the Company’s business. With respect to product liability claims, the Company has self-insured a portion of its product liability loss exposure for many years. The Company has established reserves and has insurance coverage, which it believes are adequate to cover incurred claims. For the years ended December 31, 2022 and 2021, the Company had $125 million of product liability insurance for individual losses in excess of $7.5 million. At December 31, 2022 and 2021, our reserve for product liability was $31.7 million and $35.4 million, respectively. The Company periodically reevaluates its exposure on claims and lawsuits and makes adjustments to its reserves as appropriate. The Company believes, based on current knowledge, consultation with counsel, adequate reserves and insurance coverage that the outcome of such claims and lawsuits will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. Purchase Obligations The Company utilizes blanket purchase orders to communicate expected annual requirements to many suppliers. Requirements under blanket purchase orders generally do not become committed until several weeks prior to the scheduled unit production. The purchase obligations the Company considers firm as of December 31, 2022, is $211.4 million, most of which will be ordered in 2023. Inventory Repurchase Arrangements The Company maintains a commercial relationship with a supply-chain service provider (the Provider) in connection with the Company’s business in China. In this capacity, the Provider offers order-entry, warehousing and logistics support. The Provider also offers asset-backed financing to certain of the Company’s distributors in China to facilitate their working capital needs. To facilitate its financing support business, the Provider has collateralized lending facilities in place with multiple Chinese banks under which the Company has agreed to repurchase inventory if both requested by the banks and certain defined conditions are met, primarily related to the aging of the distributors’ notes. The Provider is required to indemnify the Company for any losses the Company would incur in the event of an inventory repurchase under these arrangements. Potential losses under the repurchase arrangements represent the difference between the repurchase price and net proceeds from the resale of product plus costs incurred in the process, less related distributor rebates. Before considering any reduction of distributor rebate accruals of $1.1 million and $3.9 million as of December 31, 2022 and December 31, 2021, respectively, and from the resale of the related inventory, the gross amount the Company would be obligated to repurchase, which would be contingent on the default of all of the outstanding loans, was approximately $2.4 million and $7.2 million as of December 31, 2022 and December 31, 2021, respectively. The Company’s reserves for estimated losses under repurchase arrangements were immaterial as of December 31, 2022 and December 31, 2021. Legal Judgment Income On September 28, 2022, the Company received a cash judgment of $11.5 million from a competitor of our North America segment related to its infringement of one of the Company’s patents. The terms of the judgment resulted in pre-tax income of $11.5 million which is recorded as an offset to selling, general and administrative expenses and a related tax expense of $2.9 million.

Operations by Segment

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Operations by Segment

The Company is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world.

The accounting policies of the reportable segments are the same as those described in the “Summary of Significant Accounting Policies” outlined in Note 1. Segment earnings, defined by the Company as earnings before interest, taxes, general corporate and corporate research and development expenses, were used to measure the performance of the segments.


	Net Sales						Earnings
Years ended December 31 (dollars in millions)	2022		2021		2020		2022 (1)		2021		2020 (2)
North America	$	2,819.1	$	2,529.5	$	2,118.3	$	266.0	$	590.8	$	503.5
Rest of World	965.8		1,036.5		800.3		96.3		91.4		—
Inter-segment	(31.0)		(27.1)		(23.3)		(0.3)		(0.2)		(0.3)
Total segments – sales, segment earnings	$	3,753.9	$	3,538.9	$	2,895.3	$	362.0	$	682.0	$	503.2
Corporate expenses							(128.9)		(52.1)		(52.0)
Interest expense							(9.4)		(4.3)		(7.3)
Earnings before income taxes							223.7		625.6		443.9
(Benefit from) provision for income taxes							(12.0)		138.5		99.0
Net earnings							$	235.7	$	487.1	$	344.9

(1)The Company recognized a pre-tax pension settlement expense of $346.8 million in the North America segment and $70.5 million within Corporate expenses. The (benefit from) provision for income taxes includes a tax benefit of ($167.7 million) related to the pension settlement. For additional information, see Note 13, “Pension and Other Post-retirement Benefits.”

(2)The Company recognized pre-tax severance and restructuring expenses of $2.7 million within the North America segment and $5.0 million within the Rest of World segment. For additional information, see Note 5, “Severance and Restructuring Expenses.”

In 2022, sales to the Company's North America segment’s two largest customers were $596.4 million and $414.2 million which represented 16 percent and 11 percent of the Company’s net sales, respectively. In 2021, sales to the Company's North America segment’s two largest customers were $536.9 million and $401.5 million which represented 15 percent and 11 percent of the Company’s net sales, respectively. In 2020, sales to the Company's North America segment’s two largest customers were $471.9 million and $349.9 million which represented 16 percent and 12 percent of the Company’s net sales, respectively.

Assets, depreciation and capital expenditures by segment


	Total Assets (December 31)						Depreciation and Amortization (Years Ended December 31)						Capital Expenditures (Years Ended December 31)
(dollars in millions)	2022		2021		2020		2022		2021		2020		2022		2021		2020
North America	$	2,230.3	$	2,181.9	$	1,759.1	$	55.7	$	52.2	$	51.5	$	48.6	$	48.0	$	41.7
Rest of World	597.7		792.7		664.9		20.5		25.1		27.9		10.9		15.8		14.9
Corporate	504.3		499.8		736.7		0.7		0.6		0.6		10.8		11.3		0.2
Total	$	3,332.3	$	3,474.4	$	3,160.7	$	76.9	$	77.9	$	80.0	$	70.3	$	75.1	$	56.8

The majority of corporate assets consist of cash, cash equivalents, marketable securities and deferred income taxes.

Net sales and long-lived assets by geographic location

The following data by geographic area includes net sales based on product shipment destination and long-lived assets based on physical location. Long-lived assets include net property, plant and equipment, operating lease assets and other long-term assets.


	Long-lived Assets (December 31)							Net Sales (Years Ended December 31)
(dollars in millions)	2022		2021		2020			2022		2021		2020
United States	$	409.8	$	366.2	$	355.8	United States	$	2,430.0	$	2,239.1	$	1,904.9
China	225.2		259.9		268.3		China	826.6		912.6		695.6
Canada	54.7		59.1		4.5		Canada	341.6		247.2		175.0
Other Foreign	41.3		44.0		43.4		Other Foreign	155.7		140.0		119.8
Total	$	731.0	$	729.2	$	672.0	Total	$	3,753.9	$	3,538.9	$	2,895.3

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2022

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(Dollars in millions)

Years ended December 31, 2022, 2021 and 2020


Description	Balance at Beginning of Year		Charged to Costs and Expenses		Acquisition of Businesses		Deductions		Balance at End of Year
2022:
Valuation allowance for trade and notes receivable	$	9.5	$	0.6	$	—	$	(0.6)	$	9.5
Valuation allowance for deferred tax assets	7.1		1.2		—		—		8.3
2021:
Valuation allowance for trade and notes receivable	$	5.6	$	4.2	$	0.8	$	(1.1)	$	9.5
Valuation allowance for deferred tax assets	13.0		—		—		(5.9)		7.1
2020:
Valuation allowance for trade and notes receivable	$	6.6	$	0.8	$	—	$	(1.8)	$	5.6
Valuation allowance for deferred tax assets	11.9		1.1		—		—		13.0

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Organization	Organization. A. O. Smith Corporation (A. O. Smith or the Company) is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world.
Consolidation	Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions.
Use of estimates	Use of estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and notes. Actual results could differ from those estimates.
Fair value of financial instruments	Fair value of financial instruments. The carrying amounts of cash, cash equivalents, marketable securities, receivables, floating rate debt and trade payables approximated fair value as of December 31, 2022 and 2021, due to the short maturities or frequent rate resets of these instruments.
Foreign currency translation	Foreign currency translation. For all subsidiaries outside the U.S., with the exception of its Barbados, Hong Kong and Mexican companies and its non-operating companies in the Netherlands, the Company uses the local currency as the functional currency. For those operations using a functional currency other than the U.S. dollar, assets and liabilities were translated into U.S. dollars at year-end exchange rates, and revenues and expenses were translated at weighted-average exchange rates. The resulting translation adjustments were recorded as a separate component of stockholders’ equity. The Barbados, Hong Kong, Mexican and non-operating Netherlands companies use the U.S. dollar as the functional currency. Gains and losses from foreign currency transactions were included in net earnings and were not significant in 2022, 2021, or 2020.
Cash and cash equivalents	Cash and cash equivalents. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.
Marketable securities	Marketable securities. The Company considers all highly liquid investments with maturities greater than 90 days when purchased to be marketable securities. At December 31, 2022, the Company’s marketable securities consisted of bank time deposits with original maturities ranging from 180 days to 12 months and were primarily located at investment grade rated banks in China and Hong Kong.
Inventory valuation	Inventory valuation. Inventories are carried at lower of cost or net realizable value. Cost is determined on the last-in, first-out (LIFO) method for a majority of the Company’s domestic inventories, which comprised 36 percent and 37 percent of the Company’s total inventory at December 31, 2022 and 2021, respectively. Inventories of foreign subsidiaries, the remaining domestic inventories and supplies were determined using the first-in, first-out (FIFO) method.
Property, plant and equipment	Property, plant and equipment. Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method. The estimated service lives used to compute depreciation are generally 25 to 50 years for buildings, three to 20 years for equipment and three to 15 years for software. Maintenance and repair costs are expensed as incurred.
Goodwill and other intangibles	Goodwill and other intangibles. Goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment on an annual basis. Separable intangible assets, primarily comprised of customer relationships, that are not deemed to have an indefinite life are amortized on a straight-line basis over their estimated useful lives which range from five to 25 years.
Impairment of long-lived and amortizable intangible assets	Impairment of long-lived and amortizable intangible assets. Property, plant and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Such analyses involves significant judgment.
Product warranties	Product warranties. The Company’s products carry warranties that generally range from one to twelve years and are based on terms that are consistent with the market. The Company records a liability for the expected cost of warranty-related claims at the time of sale and is estimated based on the warranty period, product type and loss experience using actual historical failure rates and estimated costs of product replacement. The variables used in the calculation of the provision are reviewed by the Company at least annually. At times, warranty issues may arise which are beyond the scope of the Company’s historical experience. The Company provides for any such warranty issues as they become known and estimable. The allocation of the warranty liability between current and long-term is based on expected warranty claims to be paid in the next year as determined by historical product failure rates.
Derivative instruments	Derivative instruments. The Company utilizes certain derivative instruments to enhance its ability to manage currency as well as raw materials price risk. The Company does not enter into contracts for speculative purposes. The fair values of all derivatives are recorded in the consolidated balance sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive loss (AOCL), depending on whether the derivative is designated as part of a hedge transaction and if so, the type of hedge transaction.
Fair Value Measurements	Fair Value Measurements. Accounting Standards Codification (ASC) 820 Fair Value Measurements, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring basis or nonrecurring basis. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.Assets and liabilities measured at fair value are based on the market approach which are prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.
Revenue recognition	Revenue recognition. Substantially all of the Company’s sales are from contracts with customers for the purchase of its products. Contracts and customer purchase orders are used to determine the existence of a sales contract. Shipping documents are used to verify shipment. For substantially all of its products, the Company transfers control of products to the customer at the point in time when title and risk are passed to the customer, which generally occurs upon shipment of the product.
Advertising	Advertising. The majority of advertising costs are charged to operations as incurred and totaled $100.4 million, $107.0 million and $97.0 million during 2022, 2021 and 2020, respectively. Included in total advertising costs are expenses associated with store displays for water heater, water treatment products, range hood and cook tops in China that are amortized over 12 to 48 months which totaled $17.2 million, $25.2 million and $27.0 million during 2022, 2021 and 2020, respectively.
Research and development	Research and development. Research and development costs are charged to operations as incurred and amounted to $89.0 million, $94.2 million and $80.7 million during 2022, 2021 and 2020, respectively.
Environmental costs	Environmental costs. The Company accrues for costs associated with environmental obligations when such costs are probable and reasonably estimable. Costs of estimated future expenditures are not discounted to their present value. Recoveries of environmental costs from other parties are recorded as assets when their receipt is considered probable. The accruals are adjusted as facts and circumstances change.
Stock-based compensation	Stock-based compensation. Compensation cost is recognized using the straight-line method over the vesting period of the award and forfeitures are recognized as they occur.
Income taxes	Income taxes. The provision for income taxes is computed using the asset and liability method, in accordance with ASC 740 Income Taxes, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled and are classified as noncurrent in the consolidated balance sheet. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement.
Earnings per share of common stock	Earnings per share of common stock. The Company is not required to use the two-class method of calculating earnings per share since its Class A Common Stock and Common Stock have equal dividend rights. The numerator for the calculation of basic and diluted earnings per share is net earnings.
Recent Accounting Pronouncements	Recent Accounting Pronouncements. In November 2021, the Financial Accounting Standards Board (FASB) amended ASC 832, Government Assistance (issued under Accounting Standards Update (ASU) 2021-10, “Disclosures by Business Entities about Government Assistance”). This amendment requires disclosures that are expected to increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. The Company adopted the amendment on January 1, 2022, and the adoption of ASU 2021-10 did not impact its annual disclosures, consolidated balance sheets, statements of earnings or statements of cash flows.

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Schedule of Product Warranty Liability Activity

The following table presents the Company’s product warranty liability activity in 2022 and 2021:


Years ended December 31 (dollars in millions)	2022		2021
Balance at beginning of year	$	184.4	$	142.3
Expense	64.2		81.2
Claims settled	(66.1)		(51.3)
Acquired obligations	—		12.2
Balance at end of year	$	182.5	$	184.4

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets (liabilities) measured at fair value on a recurring basis are as follows (dollars in millions):


Fair Value Measurement Using	Balance Sheet Location	December 31, 2022		December 31, 2021
Quoted prices in active markets for identical assets (Level 1)	Marketable Securities	$	90.6	$	188.1
Significant other observable inputs (Level 2)	Other current assets / Accrued liabilities	6.5		(0.7)

Schedule of Computation of Basic and Diluted Weighted Average Shares Used in EPS Calculations

The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations:


	2022	2021	2020
Denominator for basic earnings per share - weighted-average shares outstanding	154,786,327	159,906,834	161,530,589
Effect of dilutive stock options, restricted stock and share units	993,037	1,413,068	1,073,560
Denominator for diluted earnings per share	155,779,364	161,319,902	162,604,149

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Net Sales Disaggregated by Segment and Major Product Line


Years ended December 31 (dollars in millions)	2022		2021		2020
North America
Water heaters and related parts(1)	$	2,325.1	$	2,115.9	$	1,753.9
Boilers and related parts	272.0		212.1		187.2
Water treatment products	222.0		201.5		177.2
Total North America	2,819.1		2,529.5		2,118.3
Rest of World
China	$	839.1	$	922.4	$	701.0
All other Rest of World	126.7		114.1		99.3
Total Rest of World	965.8		1,036.5		800.3
Inter-segment sales	(31.0)		(27.1)		(23.3)
Total Net Sales	$	3,753.9	$	3,538.9	$	2,895.3

(1)Includes the results of Giant Factories, Inc. (Giant) from October 19, 2021, the date of acquisition.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Summary of Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition

The following table summarizes the estimated fair values of Giant's assets acquired and liabilities assumed at the date of acquisition:


October 19, 2021 (dollars in millions)
Current assets, net of cash acquired	$	60.1
Property, plant and equipment	55.8
Intangible assets	53.8
Goodwill	77.6
Total assets acquired	247.3
Current liabilities	(39.2)
Long Term liabilities	(9.5)
Net assets acquired	$	198.6

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related To Leases

Supplemental balance sheet information related to leases is as follows:


(dollars in millions)	December 31, 2022		December 31, 2021
Liabilities
Short term: Accrued liabilities	$	9.9	$	11.7
Long term: Operating lease liabilities	22.4		22.3
Total operating lease liabilities	$	32.3	$	34.0
Less: Rent incentives and deferrals	(2.5)		(1.5)
Assets
Operating lease assets	$	29.8	$	32.5


Lease Term and Discount Rate			December 31, 2022
Weighted-average remaining lease term			6.4 years
Weighted-average discount rate			3.21%

Schedule of Components of Lease Expense

The components of lease expense were as follows:


(dollars in millions)
Lease Expense(1)	Classification	Year ended December 31, 2022		Year ended December 31, 2021
Operating lease expense	Cost of products sold	$	4.3	$	3.6
	Selling, general and administrative expenses	15.8		16.8

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:


(dollars in millions)	December 31, 2022
2023	$	10.6
2024	7.9
2025	5.3
2026	3.2
2027	1.7
After 2027	7.5
Total lease payments	36.2
Less: Imputed interest	(3.9)
Present value of operating lease liabilities	$	32.3

Statement of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2022

Supplemental Cash Flow Elements [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information is as follows:


Years ended December 31 (dollars in millions)	2022		2021		2020
Net change in current assets and liabilities, net of acquisitions:
Receivables	$	42.5	$	(25.5)	$	4.5
Inventories	(82.8)		(109.5)		2.9
Other current assets	(9.1)		4.9		4.7
Trade payables	(89.4)		142.9		85.6
Accrued liabilities, including payroll and benefits	(46.5)		56.3		29.3
Income taxes	(8.8)		21.7		3.4
	$	(194.1)	$	90.8	$	130.4

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

The following table presents the components of the Company’s inventory balances:


December 31 (dollars in millions)	2022		2021
Finished products	$	174.4	$	190.2
Work in process	42.1		42.0
Raw materials	349.2		286.3
Inventories, at FIFO cost	565.7		518.5
LIFO reserve	(49.3)		(70.8)
Inventories, at LIFO cost	$	516.4	$	447.7

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment


December 31 (dollars in millions)	2022		2021
Land	$	28.5	$	22.9
Buildings	373.2		377.0
Equipment	822.5		805.8
Software	140.6		137.5
	1,364.8		1,343.2
Accumulated depreciation and amortization	(774.1)		(736.5)
Net property, plant, and equipment	$	590.7	$	606.7

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2022 and 2021 consisted of the following:


(dollars in millions)	North America		Rest of World		Total
Balance at December 31, 2020	$	487.7	$	59.1	$	546.8
Currency translation adjustment	(1.3)		(0.2)		(1.5)
Acquisitions	82.5		—		82.5
Balance at December 31, 2021	568.9		58.9		627.8
Currency translation adjustment	(7.8)		(0.3)		(8.1)

Balance at December 31, 2022	$	561.1	$	58.6	$	619.7

Schedule of Indefinite-Lived Intangible Assets

The carrying amount of other intangible assets consisted of the following:


	2022						2021
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Patents	$	3.7	$	(3.7)	$	—	$	3.7	$	(3.7)	$	—
Customer lists	288.6		(164.0)		124.6		288.3		(150.8)		137.5
Total amortizable intangible assets	292.3		(167.7)		124.6		292.0		(154.5)		137.5
Indefinite-lived intangible assets:
Trade names	223.3		—		223.3		227.3		—		227.3
Total intangible assets	$	515.6	$	(167.7)	$	347.9	$	519.3	$	(154.5)	$	364.8

Schedule of Finite-Lived Intangible Assets

The carrying amount of other intangible assets consisted of the following:


	2022						2021
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Patents	$	3.7	$	(3.7)	$	—	$	3.7	$	(3.7)	$	—
Customer lists	288.6		(164.0)		124.6		288.3		(150.8)		137.5
Total amortizable intangible assets	292.3		(167.7)		124.6		292.0		(154.5)		137.5
Indefinite-lived intangible assets:
Trade names	223.3		—		223.3		227.3		—		227.3
Total intangible assets	$	515.6	$	(167.7)	$	347.9	$	519.3	$	(154.5)	$	364.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Debt


December 31 (dollars in millions)	2022		2021
Bank credit lines, average year-end interest rates of 5.0% for 2021	$	—	$	0.8
Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2022 and 1.1% for 2021	185.4		50.0
Commercial paper, average year-end interest rate of 4.6% for 2022	22.6		—
Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.1% for 2022 and 3.1% for 2021	136.5		145.9
	344.5		196.7
Long-term debt due within one year	(10.0)		(6.8)
Long-term debt	$	334.5	$	189.9

Schedule of Maturities of Long Term Debt

Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2022 are as follows:


Years ending December 31 (dollars in millions)	Amount
2023	$	10.0
2024	10.0
2025	10.0
2026	236.5
2027	28.5

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component

Changes to accumulated other comprehensive loss by component are as follows:


(dollars in millions)	Years ended December 31,
	2022		2021
Cumulative foreign currency translation
Balance at beginning of period	$	(44.7)	$	(48.1)
Other comprehensive (loss) gain before reclassifications	(39.4)		3.4
Balance at end of period	(84.1)		(44.7)
Unrealized net gain (loss) on cash flow derivatives
Balance at beginning of period	0.6		0.6
Other comprehensive gain (loss) before reclassifications	7.4		(0.6)
Realized (gains) losses on derivatives reclassified to cost of products sold (net of tax provision (benefit) of $1.0 and $(0.2) in 2022 and 2021, respectively)(1)	(3.1)		0.6
Balance at end of period	4.9		0.6
Pension liability
Balance at beginning of period	(287.3)		(273.7)
Other comprehensive gain (loss) before reclassifications	19.8		(28.6)
Amounts reclassified from accumulated other comprehensive loss(1)	264.3		15.0
Balance at end of period	(3.2)		(287.3)
Total accumulated other comprehensive loss, end of period	$	(82.4)	$	(331.4)

(1)Amounts reclassified from accumulated other comprehensive loss:


Realized (gains) losses on derivatives reclassified to cost of products sold	$	(4.1)		$	0.8
Tax provision (benefit)	1.0			(0.2)
Reclassification net of tax	$	(3.1)		$	0.6
Amortization of pension items:
Actuarial losses	$	437.2	(2)	$	20.3	(2)
Prior year service cost	(0.4)		(2)	(0.4)		(2)
	436.8			19.9
Tax benefit	(172.5)			(4.9)
Reclassification net of tax	$	264.3		$	15.0

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Changes in Option Shares

Changes in options, all of which relate to the Company’s Common Stock, were as follows:


Years Ended December 31	2022			2021			2020
	Number of Options	Weighted Avg. Per Share Exercise Price		Number of Options	Weighted Avg. Per Share Exercise Price		Number of Options	Weighted Avg. Per Share Exercise Price
Number of shares under options:
Outstanding at beginning of year	2,252,498	$	47.73	2,785,654	$	43.01	2,728,350	$	37.64
Granted	322,460	74.11		368,780	60.85		798,970	42.50
Exercised(1)	(66,697)	39.77		(889,345)	38.35		(662,215)	19.59
Forfeited	(26,655)	61.46		(12,591)	49.18		(79,451)	48.98
Outstanding at end of year(2)	2,481,606	51.22		2,252,498	47.73		2,785,654	43.01
Exercisable at end of year(3)	1,675,552	46.88		1,191,795	45.71		1,529,464	40.35

(1)The total intrinsic value of options exercised in 2022, 2021 and 2020 was $1.6 million, $31.0 million and $21.3 million, respectively.

Schedule of Share-based Payment Arrangement, Performance Shares, Activity


	Number of Options	Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year	1,060,703	$	49.99
Granted	322,460	74.11
Vested	(559,150)	48.73
Forfeited	(17,959)	61.83
Nonvested options at end of year	806,054	60.26

Schedule of Weighted Average Fair Value per Option at Date of Grant

Assumptions were as follows:


	2022		2021		2020
Expected life (years)	5.7		5.8		5.7
Risk-free interest rate	1.9	%	1.2	%	1.5	%
Dividend yield	1.5	%	1.6	%	2.1	%
Expected volatility	26.8	%	27.4	%	23.7	%

Schedule of Share Unit Activity Under Plan

A summary of share unit activity under the Incentive Plan is as follows:


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2021	421,138	$	47.28
Granted	94,731	73.40
Vested	(126,631)	49.49
Forfeited	(9,319)	56.28
Issued and unvested at December 31, 2022	379,919	52.92

Pension and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension and Post Retirement Benefit Plans

The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs.


	Pension Benefits						Post-retirement Benefits
Years ended December 31 (dollars in millions)	2022			2021			2022		2021
Accumulated benefit obligation (ABO) at December 31	$	(27.7)		$	(841.2)		N/A		N/A
Change in projected benefit obligations (PBO)
PBO at beginning of year	$	(842.1)		$	(869.8)		$	(2.2)	$	(5.9)
Service cost	(1.4)			(1.6)			—		—
Interest cost	(14.5)			(14.5)			(0.1)		(0.1)
Participant contributions	—			—			(0.1)		(0.1)
Plan amendments	—			—			—		—
Actuarial gain (loss) including assumption changes	147.6			(9.0)			(0.2)		0.6
Benefits paid	219.3			52.8			0.9		3.3
Transfer to insurer	462.8			—			—		—
PBO at end of year	$	(28.3)		$	(842.1)		$	(1.7)	$	(2.2)
Change in fair value of plan assets
Plan assets at beginning of year	$	825.9		$	858.8		$	—	$	—
Actual return on plan assets	(99.1)			18.9			—		—
Contribution by the Company	0.5			1.0			0.8		3.2
Participant contributions	—			—			0.1		0.1
Benefits paid	(219.3)			(52.8)			(0.9)		(3.3)
Transfer to insurer	(462.8)			—			—		—
Plan assets at end of year	$	45.2		$	825.9		$	—	$	—
Funded status	$	16.9		$	(16.2)		$	(1.7)	$	(2.2)
Amount recognized in the balance sheet
Noncurrent assets	$	27.1		$	—		$	—	$	—
Current liabilities	(0.5)			(0.5)			(0.2)		(0.2)
Non-current liabilities	(9.7)			(15.7)			(1.5)		(2.0)
Net pension asset (liability) at end of year	$	16.9	*	$	(16.2)	*	$	(1.7)	$	(2.2)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss	$	5.2		$	469.7		$	0.2	$	—
Prior service cost	2.1			1.4			(2.3)		(2.8)
Total recognized in accumulated other comprehensive loss	$	7.3		$	471.1		$	(2.1)	$	(2.8)

*In addition, the Company has a liability for a foreign pension plan of $0.3 million and $0.2 million at December 31, 2022 and 2021, respectively.

Schedule of Net Periodic Benefit Costs


	Pension Benefits						Post-retirement Benefits
Years ended December 31 (dollars in millions)	2022		2021		2020		2022		2021		2020
Net periodic cost (benefit)
Service cost	$	1.4	$	1.6	$	1.5	$	—	$	—	$	—
Interest cost	14.5		14.5		23.0		0.1		0.1		0.1
Expected return on plan assets	(21.5)		(48.0)		(51.9)		—		—		—
Amortization of unrecognized:
Net actuarial loss	19.9		20.3		20.2		—		—		—
Prior service cost	(0.4)		(0.4)		(0.4)		(0.5)		(0.5)		(0.5)
Defined-benefit plan income	13.9		(12.0)		(7.6)		(0.4)		(0.4)		$	(0.4)
Settlements, curtailments and other one-time charges	417.3		—		2.5		—		—		(0.5)
Various U.S. defined contribution plans cost	15.3		14.6		14.4		—		—		—
	$	446.5	$	2.6	$	9.3	$	(0.4)	$	(0.4)	$	(0.9)

Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial (gain) loss	$	(27.0)	$	38.1	$	11.7	$	0.2	$	(0.6)	$	0.8
Amortization of net actuarial loss	(19.9)		(20.3)		(22.8)		—		—		—
Settlement loss	(417.3)		—		—		—		—		—
Prior service credit	—		—		—		—		—		(2.0)
Amortization of prior service cost	0.4		0.4		0.4		0.5		0.5		0.5
Total recognized in other comprehensive loss	(463.8)		18.2		(10.7)		0.7		(0.1)		(0.7)
Total recognized in net periodic (benefit) cost and other comprehensive loss	$	(32.6)	$	6.2	$	(15.8)	$	0.3	$	(0.5)	$	(1.6)

Schedule of Actuarial Assumptions Used To Determine Benefit Obligations and Net Periodic Benefit Cost

Actuarial assumptions used to determine benefit obligations at December 31 are as follows:


	Pension Benefits				Post-retirement Benefits
	2022		2021		2022		2021
Discount rate	5.13	%	2.72	%	5.02	%	2.43	%

Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:


	Pension Benefits						Post-retirement Benefits
Years ended December 31	2022		2021		2020		2022		2021		2020
Discount rate	2.80	%	2.47	%	3.18	%	2.44	%	2.05	%	2.95	%
Expected long-term return on plan assets	3.12	%	6.25	%	6.75	%	N/A		N/A		N/A
Rate of compensation increase	4.00	%	4.00	%	4.00	%	N/A		4.00	%	4.00	%

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates as of December 31 are as follows:


	2022 (1)	2021
Health care cost trend rate assumed for next year	N/A	7.00	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	N/A	5.00	%
Year that the rate reaches the ultimate trend rate	N/A	2029

(1) Health care inflation assumptions are no longer needed as all remaining retiree medical benefits are fixed subsidies or reimbursements.

Schedule of Weighted Asset Allocations by Asset Category

The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows:


Asset Category	2022		2021
Equity securities	8	%	1	%
Debt securities	27		75

Private equity	5		1
Cash	60		23
	100	%	100	%

Schedule of Fair Value Measurement of Plan Assets

The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2022 and 2021 (dollars in millions):


			December 31, 2022
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	26.9	$	26.9	$	—	$	—
Equity securities
Common stocks	3.7		3.7		—		—

Fixed income securities
U.S. Treasury securities	8.6		8.6		—		—
Other fixed income securities	2.7		—		2.7		—


Other types of investments
Mutual funds	0.8		—		0.8		—

Private equity	2.2		—		—		2.2
Total fair value of plan asset investments	$	44.9	$	39.2	$	3.5	$	2.2
Non-investment plan assets	0.3
Total plan assets	$	45.2


			December 31, 2021
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	182.9	$	182.9	$	—	$	—
Equity securities
Common stocks	3.7		3.7		—		—

Fixed income securities
U.S. Treasury securities	52.8		52.8		—		—
Other fixed income securities	551.2		—		551.2		—


Other types of investments
Mutual funds	26.7		—		26.7		—

Private equity	5.1		—		—		5.1
Total fair value of plan asset investments	$	822.4	$	239.4	$	577.9	$	5.1
Non-investment plan assets	3.5
Total plan assets	$	825.9

Schedule of Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs

The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2022 and 2021 (dollars in millions):


	Real estate funds		Private equity		Total
Balance at December 31, 2020	$	79.8	$	4.9	$	84.7
Actual (loss) return on plan assets:
Relating to assets still held at the reporting date	—		3.8		3.8
Relating to assets sold during the period	8.3		(3.1)		5.2
Purchases, sales and settlements	(88.1)		(0.5)		(88.6)
Balance at December 31, 2021	—		5.1		5.1
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date	—		(2.8)		(2.8)
Relating to assets sold during the period	—		(0.2)		(0.2)
Purchases, sales and settlements	—		0.1		0.1
Balance at December 31, 2022	$	—	$	2.2	$	2.2

Schedule of Estimated Future Payments

As of December 31, 2022, the following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:


Years ended December 31 (dollars in millions)	Pension Benefits		Post-retirement Benefits
2023	$	4.9	$	0.2
2024	0.7		0.2
2025	0.8		0.2
2026	0.9		0.2
2027	5.1		0.2
2028 – 2032	9.2		0.7

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Contractual Amounts for Derivative Contracts

The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts that are designated as cash flow hedges:


December 31 (dollars in millions)	2022				2021
	Buy		Sell		Buy		Sell
British pound	$	—	$	—	$	—	$	—
Canadian dollar	—		76.8		—		113.4
Euro	30.2		—		24.2		—
Mexican peso	15.7		—		23.8		—
Total	$	45.9	$	76.8	$	48.0	$	113.4

The following table summarizes the contractual amounts of the Company's foreign exchange contracts that are designated as balance sheet hedges:


December 31 (dollars in millions)	2022				2021
	Buy		Sell		Buy		Sell
Canadian dollar	$	—	$	81.5	$	—	$	125.6

Schedule of Impact of Derivatives on Company's Financial Statements

The following tables present the impact of derivative contracts on the Company’s financial statements.

Fair value of derivatives designated as hedging instruments under ASC 815:


December 31 (dollars in millions)	Balance Sheet Location	2022		2021
Foreign currency contracts	Other current assets	$	6.4	$	1.7
	Accrued liabilities	—		(1.6)
Total derivatives designated as hedging instruments		$	6.4	$	0.1

Schedule of effect of derivatives on the condensed consolidated statement of earnings

The effect of cash flow hedges on the consolidated statement of earnings:

Years ended December 31 (dollars in millions):


Derivatives in ASC 815 cash flow hedging relationships	Amount of gain (loss) recognized in other comprehensive loss on derivatives				Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings	Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings
	2022		2021			2022		2021
Foreign currency contracts	$	9.8	$	(0.8)	Cost of products sold	$	4.1	$	(0.8)

The amounts recognized within the consolidated statements of earnings related to the Company's foreign exchange contracts are set forth below.

Years ended December 31 (dollars in millions)


Derivatives not designated as hedging instruments:	Location of gain within the consolidated statements of earnings	2022		2021		2020
Foreign exchange contracts	Other expense (income) - net	$	1.2	$	(0.9)	$	—

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Provision for Income Taxes

The components of the (benefit from) provision for income taxes consisted of the following:


Years ended December 31 (dollars in millions)	2022		2021		2020
Current:
Federal	$	101.8	$	92.2	$	67.1
State	26.6		22.4		17.4
International	30.5		29.5		25.8
Deferred:
Federal	(136.9)		(3.2)		5.6
State	(34.1)		(0.6)		2.3
International	0.1		(1.8)		(19.2)
	$	(12.0)	$	138.5	$	99.0

Difference Between Provision for Income Taxes and U.S. Federal Statutory Rate

The (benefit from) provision for income taxes differs from the U.S. federal statutory rate due to the following items:


Years ended December 31	2022		2021		2020
Provision at U.S. federal statutory rate(1)	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit(1)	2.7		2.8		3.5
U.S pension plan settlement expense(1)	(29.5)		—		—
International income tax rate differential—China	(4.6)		(1.6)		(0.6)
International income tax rate differential—other	3.5		0.7		0.2
Research tax credits	(1.0)		(0.4)		(0.5)
Excess tax benefit on stock compensation	(0.5)		(0.9)		(0.9)
Other	3.0		0.5		(0.4)
	(5.4)	%	22.1	%	22.3	%

Components of Earnings Before Income Taxes

Components of earnings before income taxes were as follows:


Years ended December 31 (dollars in millions)	2022		2021		2020
U.S.	$	63.9	$	479.0	$	407.3
International	159.8		146.6		36.6
	$	223.7	$	625.6	$	443.9

Tax Effects of Temporary Differences of Assets and Liabilities

The tax effects of temporary differences of assets and liabilities between income tax and financial reporting are as follows:


December 31 (dollars in millions)	2022				2021
	Assets		Liabilities		Assets		Liabilities
Employee benefits	$	13.9	$	—	$	22.6	$	—
Product liability and warranties	50.7		—		52.3		—
Inventories	1.4		—		7.6		—
Accounts receivable	14.6		—		18.3		—
Property, plant and equipment	—		51.5		—		46.6
Intangibles	—		66.2		—		85.2
Environmental liabilities	1.6		—		1.7		—
Undistributed foreign earnings	—		5.3		—		6.5
Tax loss and credit carryovers	10.1		—		8.9		—
All other	14.0		—		12.9		—
Valuation allowance	(8.3)		—		(7.1)		—
	$	98.0	$	123.0	$	117.2	$	138.3
Net liability			$	25.0			$	21.1

Reconciliation of Tax Loss Carryovers, Credit Carryovers and Valuation Allowances

A reconciliation of the beginning and ending amounts of tax loss carryovers, credit carryovers and valuation allowances is as follows:


	Net Operating Losses and Tax Credits				Valuation Allowances
December 31 (dollars in millions)	2022		2021		2022		2021
Beginning balance	$	8.9	$	20.3	$	7.1	$	13.0
(Decreases) / increases	1.2		(11.4)		1.2		(5.9)
Ending balance	$	10.1	$	8.9	$	8.3	$	7.1

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized benefits is as follows:


(Dollars in millions)	2022		2021
Balance at January 1	$	14.3	$	9.0
Additions / (decreases) for tax positions of prior years	0.7		5.3
Balance at December 31	$	15.0	$	14.3

Operations by Segment (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Reporting Information by Segment


	Net Sales						Earnings
Years ended December 31 (dollars in millions)	2022		2021		2020		2022 (1)		2021		2020 (2)
North America	$	2,819.1	$	2,529.5	$	2,118.3	$	266.0	$	590.8	$	503.5
Rest of World	965.8		1,036.5		800.3		96.3		91.4		—
Inter-segment	(31.0)		(27.1)		(23.3)		(0.3)		(0.2)		(0.3)
Total segments – sales, segment earnings	$	3,753.9	$	3,538.9	$	2,895.3	$	362.0	$	682.0	$	503.2
Corporate expenses							(128.9)		(52.1)		(52.0)
Interest expense							(9.4)		(4.3)		(7.3)
Earnings before income taxes							223.7		625.6		443.9
(Benefit from) provision for income taxes							(12.0)		138.5		99.0
Net earnings							$	235.7	$	487.1	$	344.9


	Total Assets (December 31)						Depreciation and Amortization (Years Ended December 31)						Capital Expenditures (Years Ended December 31)
(dollars in millions)	2022		2021		2020		2022		2021		2020		2022		2021		2020
North America	$	2,230.3	$	2,181.9	$	1,759.1	$	55.7	$	52.2	$	51.5	$	48.6	$	48.0	$	41.7
Rest of World	597.7		792.7		664.9		20.5		25.1		27.9		10.9		15.8		14.9
Corporate	504.3		499.8		736.7		0.7		0.6		0.6		10.8		11.3		0.2
Total	$	3,332.3	$	3,474.4	$	3,160.7	$	76.9	$	77.9	$	80.0	$	70.3	$	75.1	$	56.8

Schedule of Net Sales and Long-lived Assets, by Geographical Location


	Long-lived Assets (December 31)							Net Sales (Years Ended December 31)
(dollars in millions)	2022		2021		2020			2022		2021		2020
United States	$	409.8	$	366.2	$	355.8	United States	$	2,430.0	$	2,239.1	$	1,904.9
China	225.2		259.9		268.3		China	826.6		912.6		695.6
Canada	54.7		59.1		4.5		Canada	341.6		247.2		175.0
Other Foreign	41.3		44.0		43.4		Other Foreign	155.7		140.0		119.8
Total	$	731.0	$	729.2	$	672.0	Total	$	3,753.9	$	3,538.9	$	2,895.3

Organization and Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of reporting segments \| segment	2
Fair value of term notes	$ 120.2	$ 128.4
Carrying amount of term notes	$ 136.5	$ 145.9
Percentage of (LIFO) inventory	36.00%	37.00%
Advertising costs charged to operations	$ 100.4	$ 107.0	$ 97.0
Amortization of total advertising costs	17.2	25.2	27.0
Research and development costs	89.0	94.2	80.7
Income tax benefits on settled stock based compensation awards	$ 1.1	$ 5.6	$ 4.2
Minimum percentage of amount likely to be realized upon ultimate settlement to recognize tax benefits	50.00%
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Marketable securities, maturity period	180 days
Product warranty period	1 year
Amortization of total advertising costs, months	12 months
Minimum \| Customer Relationships
Organization And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	5 years
Minimum \| Buildings
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	25 years
Minimum \| Equipment
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	3 years
Minimum \| Software
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	3 years
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Marketable securities, maturity period	12 months
Product warranty period	12 years
Amortization of total advertising costs, months	48 months
Maximum \| Customer Relationships
Organization And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives	25 years
Maximum \| Buildings
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	50 years
Maximum \| Equipment
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	20 years
Maximum \| Software
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation	15 years

Organization and Significant Accounting Policies - Company's Product Warranty Liability Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 184.4	$ 142.3
Expense	64.2	81.2
Claims settled	(66.1)	(51.3)
Acquired obligations	0.0	12.2
Balance at end of year	$ 182.5	$ 184.4

Organization and Significant Accounting Policies - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value	$ 90.6	$ 188.1
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets (liabilities) measured at fair value	$ 6.5	$ (0.7)

Organization and Significant Accounting Policies - Schedule of Computation of Basic and Diluted Weighted-Average Shares Used in Earnings per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Denominator for basic earnings per share - weighted-average shares outstanding (in shares)	154,786,327	159,906,834	161,530,589
Effect of dilutive stock options, restricted stock and share units (in shares)	993,037	1,413,068	1,073,560
Denominator for diluted earnings per share (in shares)	155,779,364	161,319,902	162,604,149

Revenue Recognition - Narrative (Details) distributor in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment distributor	Dec. 31, 2021 USD ($)
Disaggregation of Revenue [Line Items]
Customer deposits liability	$ 85.7	$ 155.2
Allowance for doubtful accounts	$ 9.5	$ 9.5
Number of reporting segments \| segment	2
Water Heaters \| North America
Disaggregation of Revenue [Line Items]
Number of wholesale distributors \| distributor	1
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	90 days

Revenue Recognition - Segment Sales Disaggregated by Major Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 3,753.9	$ 3,538.9	$ 2,895.3
China
Disaggregation of Revenue [Line Items]
Net sales	826.6	912.6	695.6
Operating Segments \| North America
Disaggregation of Revenue [Line Items]
Net sales	2,819.1	2,529.5	2,118.3
Operating Segments \| North America \| Water heaters and related parts
Disaggregation of Revenue [Line Items]
Net sales	2,325.1	2,115.9	1,753.9
Operating Segments \| North America \| Boilers and related parts
Disaggregation of Revenue [Line Items]
Net sales	272.0	212.1	187.2
Operating Segments \| North America \| Water treatment products
Disaggregation of Revenue [Line Items]
Net sales	222.0	201.5	177.2
Operating Segments \| Rest of World
Disaggregation of Revenue [Line Items]
Net sales	965.8	1,036.5	800.3
Operating Segments \| Rest of World \| China
Disaggregation of Revenue [Line Items]
Net sales	839.1	922.4	701.0
Operating Segments \| Rest of World \| All other Rest of World
Disaggregation of Revenue [Line Items]
Net sales	126.7	114.1	99.3
Inter-segment sales
Disaggregation of Revenue [Line Items]
Net sales	$ (31.0)	$ (27.1)	$ (23.3)

Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Oct. 19, 2021	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Aggregate cash purchase price, net of cash acquired				$ 8.0	$ 207.6	$ 0.0
Acquired intangible assets, amortization period, in years				12 years
Giant
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100.00%
Aggregate cash purchase price, net of cash acquired	$ 198.6
Additional payments to acquire businesses			$ 2.5
Transaction costs	1.3
Escrow to satisfy any potential obligations to the former owners	8.0
Decrease to goodwill due to net impact of measurement period adjustment				$ 4.3
Acquired intangible assets	53.8
Giant \| Customer relationships
Business Acquisition [Line Items]
Acquired intangible assets subject to amortization	$ 9.2
Acquired intangible assets, amortization period, in years	22 years
Giant \| Noncompete agreements
Business Acquisition [Line Items]
Acquired intangible assets subject to amortization	$ 0.7
Acquired intangible assets, amortization period, in years	5 years
Giant \| Trademarks
Business Acquisition [Line Items]
Acquired intangible assets not subject to amortization	$ 43.9
Privately-Held Water Treatment Company
Business Acquisition [Line Items]
Aggregate cash purchase price, net of cash acquired			$ 5.5
Terminated Acquisition
Business Acquisition [Line Items]
Acquisition-related costs		$ 4.3
Income tax benefit associated with terminated acquisition		$ 1.1

Acquisitions - Summary of Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Oct. 19, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 619.7	$ 627.8		$ 546.8
Giant
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 60.1
Property, plant and equipment			55.8
Intangible assets			53.8
Goodwill			77.6
Total assets acquired			247.3
Current liabilities			(39.2)
Long Term liabilities			(9.5)
Net assets acquired			$ 198.6

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease termination period	1 year
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, renewal term	5 years

Leases - Supplemental balance sheet (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Liabilities
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Short term: Accrued liabilities	$ 9.9	$ 11.7
Long term: Operating lease liabilities	22.4	22.3
Total operating lease liabilities	32.3	34.0
Less: Rent incentives and deferrals	(2.5)	(1.5)
Assets
Operating lease assets	$ 29.8	$ 32.5
Lease Term and Discount Rate
Weighted-average remaining lease term	6 years 4 months 24 days
Weighted-average discount rate	3.21%

Leases - Components of lease expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Short-term lease expense	$ 2.1	$ 2.5
Variable lease cost	3.1	2.3
Cost of products sold
Lessee, Lease, Description [Line Items]
Operating lease expense	4.3	3.6
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 15.8	$ 16.8

Leases - Maturities of lease liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 10.6
2024	7.9
2025	5.3
2026	3.2
2027	1.7
After 2027	7.5
Total lease payments	36.2
Less: Imputed interest	(3.9)
Present value of operating lease liabilities	$ 32.3	$ 34.0

Severance and Restructuring Expenses - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Severance and restructuring expenses	$ 0.0	$ 0.0	$ 7.7
Severance costs			6.8
Tax benefit	$ 12.0	$ (138.5)	(99.0)
North America
Restructuring Cost and Reserve [Line Items]
Severance and restructuring expenses			2.7
Rest of World
Restructuring Cost and Reserve [Line Items]
Severance and restructuring expenses			5.0
Restructuring charges
Restructuring Cost and Reserve [Line Items]
Tax benefit			$ 1.4

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Statement of Cash Flows - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net change in current assets and liabilities, net of acquisitions:
Receivables	$ 42.5	$ (25.5)	$ 4.5
Inventories	(82.8)	(109.5)	2.9
Other current assets	(9.1)	4.9	4.7
Trade payables	(89.4)	142.9	85.6
Accrued liabilities, including payroll and benefits	(46.5)	56.3	29.3
Income taxes	(8.8)	21.7	3.4
Current assets and liabilities	$ (194.1)	$ 90.8	$ 130.4

Statement of Cash Flows - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash interest paid	$ 9.3	$ 4.2	$ 7.6
Cash, cash equivalents and marketable securities	481.8	631.4
Subsidiaries \| Non-US
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and marketable securities	$ 472.1	$ 608.0

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Finished products	$ 174.4	$ 190.2
Work in process	42.1	42.0
Raw materials	349.2	286.3
Inventories, at FIFO cost	565.7	518.5
LIFO reserve	(49.3)	(70.8)
Net inventory	$ 516.4	$ 447.7

Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,364.8	$ 1,343.2
Accumulated depreciation and amortization	(774.1)	(736.5)
Net property, plant, and equipment	590.7	606.7
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	28.5	22.9
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	373.2	377.0
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	822.5	805.8
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 140.6	$ 137.5

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Beginning balance	$ 627.8	$ 546.8
Currency translation adjustment	(8.1)	(1.5)
Acquisitions		82.5
Ending balance	619.7	627.8
North America
Goodwill [Roll Forward]
Beginning balance	568.9	487.7
Currency translation adjustment	(7.8)	(1.3)
Acquisitions		82.5
Ending balance	561.1	568.9
Rest of World
Goodwill [Roll Forward]
Beginning balance	58.9	59.1
Currency translation adjustment	(0.3)	(0.2)
Acquisitions		0.0
Ending balance	$ 58.6	$ 58.9

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 292.3	$ 292.0
Accumulated Amortization	(167.7)	(154.5)
Net	124.6	137.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	515.6	519.3
Accumulated Amortization	(167.7)	(154.5)
Net	347.9	364.8
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	223.3	227.3
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	3.7	3.7
Accumulated Amortization	(3.7)	(3.7)
Net	0.0	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(3.7)	(3.7)
Customer lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	288.6	288.3
Accumulated Amortization	(164.0)	(150.8)
Net	124.6	137.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (164.0)	$ (150.8)

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill And Other Intangibles [Line Items]
Amortization expenses of other intangible assets	$ 12,800,000	$ 12,300,000	$ 14,500,000
Amortization of intangible assets, weighted average period, years	12 years
Goodwill impairment	$ 0	0	0
Other intangible asset impairments	0	$ 0	$ 0
Annually
Goodwill And Other Intangibles [Line Items]
Amortization expenses of other intangible assets	$ 12,500,000

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Debt	$ 344.5	$ 196.7
Long-term debt due within one year	(10.0)	(6.8)
Long-term debt	$ 334.5	$ 189.9
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Average year-end interest rate	5.30%	1.10%
Debt	$ 185.4	$ 50.0
Bank Credit Lines
Debt Instrument [Line Items]
Average year-end interest rate		5.00%
Debt	$ 0.0	$ 0.8
Commercial Paper
Debt Instrument [Line Items]
Average year-end interest rate	4.60%
Debt	$ 22.6	$ 0.0
Term Notes With Insurance Companies
Debt Instrument [Line Items]
Average year-end interest rate	3.10%	3.10%
Debt	$ 136.5	$ 145.9

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Debt - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Fixed-rate interest expense obligation	$ 19,500,000
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Multi-currency revolving credit agreement, maximum borrowing capacity		$ 500,000,000
Accordion feature, higher borrowing capacity option		$ 850,000,000

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 10.0
2024	10.0
2025	10.0
2026	236.5
2027	$ 28.5

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)	3,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 1
Common stock, voting rights, allowable percentage of Board of Directors to elect	33.33%
Common stock, voting rights, matters other than election of Board of Directors, vote per share \| vote	0.1
Common stock, conversion basis, ratio	1
Dividends paid (in dollars per share) \| $ / shares	$ 1.14	$ 1.06	$ 0.98
Stock repurchase program number of shares authorized to repurchase (in shares)	3,500,000
Shares repurchased (in shares)	6,647,895	5,087,467	1,348,391
Shares repurchased, price per share (in dollars per share) \| $ / shares	$ 60.70
Shares repurchased, value \| $	$ 403.5	$ 366.5	$ 56.7
Remaining authorization stock repurchase (in shares)	378,462
Class A Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares)	27,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 5
Shares converted into Common Stock (in shares)	68,785	64,072	12,372
Treasury stock, number of shares held (in shares)	130,380	130,380
Common Stock
Class of Stock [Line Items]
Common Stock, shares authorized (in shares)	240,000,000
Common stock, par value (in dollars per share) \| $ / shares	$ 1
Treasury stock, number of shares held (in shares)	39,398,135	32,924,647

Stockholders' Equity - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,832.2	$ 1,848.3
Balance at end of period	1,747.7	1,832.2
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(331.4)	(321.2)
Balance at end of period	(82.4)	(331.4)
Cumulative foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(44.7)	(48.1)
Other comprehensive gain (loss) before reclassifications	(39.4)	3.4
Balance at end of period	(84.1)	(44.7)
Unrealized net gain (loss) on cash flow derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	0.6	0.6
Other comprehensive gain (loss) before reclassifications	7.4	(0.6)
Amounts reclassified, net of tax	(3.1)	0.6
Balance at end of period	4.9	0.6
Tax provision (benefit)	1.0	(0.2)
Reclassification, before income tax	(4.1)	0.8
Pension liability
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(287.3)	(273.7)
Other comprehensive gain (loss) before reclassifications	19.8	(28.6)
Amounts reclassified, net of tax	264.3	15.0
Balance at end of period	(3.2)	(287.3)
Tax provision (benefit)	(172.5)	(4.9)
Reclassification, before income tax	436.8	19.9
Actuarial losses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax	437.2	20.3
Prior year service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax	$ (0.4)	$ (0.4)

Stock Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 15, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock based compensation cost recognized		$ 11.1	$ 11.9	$ 12.7
Stock option compensation expense recognized		$ 5.5	$ 5.1	$ 6.2
Weighted-average fair value per option at the date of grant (in dollars per share)		$ 17.57	$ 14.03	$ 8.17
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years	3 years	3 years
Award expiration period		10 years	10 years	10 years
Restricted Stock And Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Number of share units granted (in shares)		94,731	104,312	174,420
Value of share units granted		$ 7.0	$ 6.4	$ 7.4
Share based compensation expense attributable to share units		$ 5.6	$ 6.8	$ 6.5
Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for granting of options, restricted stock or share units (in shares)		2,613,804
Additional shares authorized (in shares)	2,400,000

Stock Based Compensation - Changes in Option Awards All of Which Related to Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Outstanding at beginning of year (in shares)	2,252,498	2,785,654	2,728,350
Granted (in shares)	322,460	368,780	798,970
Exercised (in shares)	(66,697)	(889,345)	(662,215)
Forfeited (in shares)	(26,655)	(12,591)	(79,451)
Outstanding at end of year (in shares)	2,481,606	2,252,498	2,785,654
Number of options, Exercisable at End of year (in shares)	1,675,552	1,191,795	1,529,464
Weighted Avg. Per Share Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 47.73	$ 43.01	$ 37.64
Granted (in dollars per share)	74.11	60.85	42.50
Exercised (in dollars per share)	39.77	38.35	19.59
Forfeited (in dollars per share)	61.46	49.18	48.98
Outstanding at end of year (in dollars per share)	51.22	47.73	43.01
Weighted-Avg. Per Share Exercise Price, Exercisable at end of year (in dollars per share)	$ 46.88	$ 45.71	$ 40.35
Intrinsic value of options exercised	$ 1.6	$ 31.0	$ 21.3
Weighted average remaining contractual life of options outstanding	7 years	8 years	8 years
Aggregate intrinsic value of options outstanding	$ 22.6
Weighted average remaining contractual life of options exercisable	6 years	7 years	6 years
Aggregate intrinsic value of options exercisable	$ 18.9

Stock Based Compensation - Nonvested Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Nonvested options at beginning of year (in shares)	1,060,703
Granted (in shares)	322,460	368,780	798,970
Vested (in shares)	(559,150)
Forfeited (in shares)	(17,959)
Nonvested options at end of year (in shares)	806,054	1,060,703
Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year (in dollars per share)	$ 49.99
Granted (in dollars per share)	74.11	$ 60.85	$ 42.50
Vested (in dollars per share)	48.73
Forfeited (in dollars per share)	61.83
Nonvested options at end of year (in dollars per share)	$ 60.26	$ 49.99

Stock Based Compensation - Schedule of Weighted-Average Fair Value per Option at Date of Grant (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Expected life (years)	5 years 8 months 12 days	5 years 9 months 18 days	5 years 8 months 12 days
Risk-free interest rate	1.90%	1.20%	1.50%
Dividend yield	1.50%	1.60%	2.10%
Expected volatility	26.80%	27.40%	23.70%

Stock Based Compensation - Summary of Share Unit Activity Under Plan (Details) - Restricted Stock And Share Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Units
Issued and unvested at beginning of year (in shares)	421,138
Granted (in shares)	94,731	104,312	174,420
Vested (in shares)	(126,631)
Forfeited (in shares)	(9,319)
Issued and unvested at end of year (in shares)	379,919	421,138
Weighted-Average Grant Date Value
Issued and unvested at beginning of year (in dollars per share)	$ 47.28
Granted (in dollars per share)	73.40
Vested (in dollars per share)	49.49
Forfeited (in dollars per share)	56.28
Issued and unvested at end of year (in dollars per share)	$ 52.92	$ 47.28

Pension and Other Post-retirement Benefits - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 USD ($) plan	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Mar. 01, 2023 employee
Defined Benefit Plan Disclosure [Line Items]
Percentage match of the first one percent of contributions made by participating employees		100.00%
Percentage match of the next five percent of contributions made by participating employees		50.00%
Medical and life insurance maximum participant coverage age, in years		65 years
Percentage of the pension plan liability (over)			95.00%
Pension settlement expense		$ 417,300,000	$ 0	$ 0
Pension settlement non-cash taxes		167,700,000	0	0
Other comprehensive gain (loss) for after tax adjustment for additional minimum pension liability		$ 284,100,000	(13,600,000)	$ 8,600,000
Minimum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation to equity managers	60.00%	60.00%
Maximum \| Debt securities
Defined Benefit Plan Disclosure [Line Items]
Target allocation to equity managers	95.00%	95.00%
Forecast
Defined Benefit Plan Disclosure [Line Items]
Number of employees the annuity plan covers \| employee					7,000
The Plan
Defined Benefit Plan Disclosure [Line Items]
Employer contributions		$ 0
Expected employer contributions next year	$ 0	0
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Settlement of plan liabilities through lump-sum payments	169,000,000
Settlement of plan liabilities through the purchase of annuities	$ 463,000,000
Pension settlement expense		417,300,000
Pension settlement non-cash taxes		167,700,000
Employer contributions		$ 500,000	1,000,000.0
Foreign plan \| Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Number of plans \| plan	2	2
Liability on foreign pension plan	$ 300,000	$ 300,000	$ 200,000

Pension and Other Post-retirement Benefits - Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status of Defined Benefit Pension and Post-Retirement Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in fair value of plan assets
Plan assets at beginning of year	$ 822.4
Plan assets at end of year	44.9	$ 822.4
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Accumulated benefit obligation (ABO) at December 31	(27.7)	(841.2)
Change in projected benefit obligations (PBO)
PBO at beginning of year	(842.1)	(869.8)
Service cost	(1.4)	(1.6)	$ (1.5)
Interest cost	(14.5)	(14.5)	(23.0)
Participant contributions	0.0	0.0
Plan amendments	0.0	0.0
Actuarial gain (loss) including assumption changes	147.6	(9.0)
Benefits paid	219.3	52.8
Transfer to insurer	462.8	0.0
PBO at end of year	(28.3)	(842.1)	(869.8)
Change in fair value of plan assets
Plan assets at beginning of year	825.9	858.8
Actual return on plan assets	(99.1)	18.9
Contribution by the Company	0.5	1.0
Participant contributions	0.0	0.0
Benefits paid	(219.3)	(52.8)
Transfer to insurer	(462.8)	0.0
Plan assets at end of year	45.2	825.9	858.8
Funded status	16.9	(16.2)
Amount recognized in the balance sheet
Noncurrent assets	27.1	0.0
Current liabilities	(0.5)	(0.5)
Non-current liabilities	(9.7)	(15.7)
Net pension asset (liability) at end of year	16.9	(16.2)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss	5.2	469.7
Prior service cost	2.1	1.4
Total recognized in accumulated other comprehensive loss	7.3	471.1
Post-retirement Benefits
Change in projected benefit obligations (PBO)
PBO at beginning of year	(2.2)	(5.9)
Service cost	0.0	0.0	0.0
Interest cost	(0.1)	(0.1)	(0.1)
Participant contributions	(0.1)	(0.1)
Plan amendments	0.0	0.0
Actuarial gain (loss) including assumption changes	(0.2)	0.6
Benefits paid	0.9	3.3
Transfer to insurer	0.0	0.0
PBO at end of year	(1.7)	(2.2)	(5.9)
Change in fair value of plan assets
Plan assets at beginning of year	0.0	0.0
Actual return on plan assets	0.0	0.0
Contribution by the Company	0.8	3.2
Participant contributions	0.1	0.1
Benefits paid	(0.9)	(3.3)
Transfer to insurer	0.0	0.0
Plan assets at end of year	0.0	0.0	$ 0.0
Funded status	(1.7)	(2.2)
Amount recognized in the balance sheet
Noncurrent assets	0.0	0.0
Current liabilities	(0.2)	(0.2)
Non-current liabilities	(1.5)	(2.0)
Net pension asset (liability) at end of year	(1.7)	(2.2)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss	0.2	0.0
Prior service cost	(2.3)	(2.8)
Total recognized in accumulated other comprehensive loss	$ (2.1)	$ (2.8)

Pension and Other Post-retirement Benefits - Components of Company's Net Periodic Pension Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Net periodic cost (benefit)
Service cost	$ 1.4	$ 1.6	$ 1.5
Interest cost	14.5	14.5	23.0
Expected return on plan assets	(21.5)	(48.0)	(51.9)
Net actuarial loss	19.9	20.3	20.2
Prior service cost	(0.4)	(0.4)	(0.4)
Defined-benefit plan income	13.9	(12.0)	(7.6)
Settlements, curtailments and other one-time charges	417.3	0.0	2.5
Various U.S. defined contribution plans cost	15.3	14.6	14.4
Total defined benefit plan and defined contribution plan periodic benefit cost	446.5	2.6	9.3
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial (gain) loss	(27.0)	38.1	11.7
Amortization of net actuarial loss	(19.9)	(20.3)	(22.8)
Settlement loss	(417.3)	0.0	0.0
Prior service credit	0.0	0.0	0.0
Amortization of prior service cost	0.4	0.4	0.4
Total recognized in other comprehensive loss	(463.8)	18.2	(10.7)
Total recognized in net periodic (benefit) cost and other comprehensive loss	(32.6)	6.2	(15.8)
Post-retirement Benefits
Net periodic cost (benefit)
Service cost	0.0	0.0	0.0
Interest cost	0.1	0.1	0.1
Expected return on plan assets	0.0	0.0	0.0
Net actuarial loss	0.0	0.0	0.0
Prior service cost	(0.5)	(0.5)	(0.5)
Defined-benefit plan income	(0.4)	(0.4)	(0.4)
Settlements, curtailments and other one-time charges	0.0	0.0	(0.5)
Total defined benefit plan and defined contribution plan periodic benefit cost	(0.4)	(0.4)	(0.9)
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial (gain) loss	0.2	(0.6)	0.8
Amortization of net actuarial loss	0.0	0.0	0.0
Settlement loss	0.0	0.0	0.0
Prior service credit	0.0	0.0	(2.0)
Amortization of prior service cost	0.5	0.5	0.5
Total recognized in other comprehensive loss	0.7	(0.1)	(0.7)
Total recognized in net periodic (benefit) cost and other comprehensive loss	$ 0.3	$ (0.5)	$ (1.6)

Pension and Other Post-retirement Benefits - Actuarial Assumptions Used to Determine Benefit Obligations (Details)	Dec. 31, 2022	Dec. 31, 2021
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.13%	2.72%
Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	5.02%	2.43%

Pension and Other Post-retirement Benefits - Assumptions Used to Determine Net Periodic Benefit Cost (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.80%	2.47%	3.18%
Expected long-term return on plan assets	3.12%	6.25%	6.75%
Rate of compensation increase	4.00%	4.00%	4.00%
Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	2.44%	2.05%	2.95%
Rate of compensation increase		4.00%	4.00%

Pension and Other Post-retirement Benefits - Health Care Cost Trend Rates (Details)	Dec. 31, 2021
Pension And Other Post-Retirement Benefits
Health care cost trend rate assumed for next year	7.00%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%

Pension and Other Post-retirement Benefits - Weighted Asset Allocations by Asset Category (Details)	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	8.00%	1.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	27.00%	75.00%
Private equity
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	5.00%	1.00%
Cash
Defined Benefit Plan Disclosure [Line Items]
Average assets allocation	60.00%	23.00%

Pension and Other Post-retirement Benefits - Fair Value Measurement of Plan Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	$ 44.9	$ 822.4
Non-investment plan assets	0.3	3.5
Total plan assets	45.2	825.9
Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	26.9	182.9
Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	3.7	3.7
U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	8.6	52.8
Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.7	551.2
Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.8	26.7
Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.2	5.1
Quoted Prices in Active Markets for Identical Contracts (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	39.2	239.4
Quoted Prices in Active Markets for Identical Contracts (Level 1) \| Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	26.9	182.9
Quoted Prices in Active Markets for Identical Contracts (Level 1) \| Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	3.7	3.7
Quoted Prices in Active Markets for Identical Contracts (Level 1) \| U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	8.6	52.8
Quoted Prices in Active Markets for Identical Contracts (Level 1) \| Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Quoted Prices in Active Markets for Identical Contracts (Level 1) \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Quoted Prices in Active Markets for Identical Contracts (Level 1) \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	3.5	577.9
Significant Other Observable Inputs (Level 2) \| Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Other Observable Inputs (Level 2) \| U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Other Observable Inputs (Level 2) \| Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.7	551.2
Significant Other Observable Inputs (Level 2) \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.8	26.7
Significant Other Observable Inputs (Level 2) \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Non- observable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.2	5.1	$ 84.7
Significant Non- observable Inputs (Level 3) \| Short-term investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Non- observable Inputs (Level 3) \| Common stocks
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Non- observable Inputs (Level 3) \| U.S. Treasury securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Non- observable Inputs (Level 3) \| Other fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Non- observable Inputs (Level 3) \| Mutual funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	0.0	0.0
Significant Non- observable Inputs (Level 3) \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	2.2	5.1	4.9
Significant Non- observable Inputs (Level 3) \| Real estate
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	$ 0.0	$ 0.0	$ 79.8

Pension and Other Post-retirement Benefits - Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	$ 822.4
Relating to assets still held at the reporting date	(2.8)	$ 3.8
Relating to assets sold during the period	(0.2)	5.2
Purchases, sales and settlements	0.1	(88.6)
Plan assets at end of year	44.9	822.4
Real estate
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Relating to assets still held at the reporting date	0.0	0.0
Relating to assets sold during the period	0.0	8.3
Purchases, sales and settlements	0.0	(88.1)
Private equity
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	5.1
Relating to assets still held at the reporting date	(2.8)	3.8
Relating to assets sold during the period	(0.2)	(3.1)
Purchases, sales and settlements	0.1	(0.5)
Plan assets at end of year	2.2	5.1
Significant Non- observable Inputs (Level 3)
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	5.1	84.7
Plan assets at end of year	2.2	5.1
Significant Non- observable Inputs (Level 3) \| Real estate
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	0.0	79.8
Plan assets at end of year	0.0	0.0
Significant Non- observable Inputs (Level 3) \| Private equity
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Plan assets at beginning of year	5.1	4.9
Plan assets at end of year	$ 2.2	$ 5.1

- Definition

Amount of asset segregated and restricted to provide benefit under defined benefit plan. Asset includes, but is not limited to, stock, bond, other investment, earning from investment, and contribution by employer and employee.

+ References + Details

Pension and Other Post-retirement Benefits - Estimated Future Payments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	$ 4.9
2024	0.7
2025	0.8
2026	0.9
2027	5.1
2028 – 2032	9.2
Post-retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2023	0.2
2024	0.2
2025	0.2
2026	0.2
2027	0.2
2028 – 2032	$ 0.7

Derivative Instruments - Narrative (Details) - USD ($)	12 Months Ended
Derivative Instruments - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Trading Activity, Gains and Losses, Net [Line Items]
Currency translation losses	$ (39,400,000)	$ 3,400,000	$ 18,100,000
Foreign currency contracts \| Designated as Hedging Instrument \| Other current assets
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, assets	6,400,000	1,700,000
Foreign currency contracts \| Designated as Hedging Instrument \| Accrued liabilities
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, liabilities	0	1,600,000
Foreign currency contracts \| Not Designated as a hedging instrument \| Other current assets
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, assets	100,000
Foreign currency contracts \| Not Designated as a hedging instrument \| Accrued liabilities
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, liabilities		800,000
Net Investment Hedging \| Non-US \| Foreign currency forward contracts \| Designated as Hedging Instrument
Trading Activity, Gains and Losses, Net [Line Items]
Currency translation losses	1,400,000	$ (500,000)
Contractual amounts	$ 0
Commodity Futures Contracts
Trading Activity, Gains and Losses, Net [Line Items]
Reclassification period for effective portion of contract, in years	1 year

Derivative Instruments - Summary by Contractual Amounts for Derivatives Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - Foreign currency forward contracts - Cash Flow Hedging - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	$ 45.9	$ 48.0
Buy \| British pound
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0.0	0.0
Buy \| Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0.0	0.0
Buy \| Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	30.2	24.2
Buy \| Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	15.7	23.8
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	76.8	113.4
Sell \| British pound
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0.0	0.0
Sell \| Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	76.8	113.4
Sell \| Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	0.0	0.0
Sell \| Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	$ 0.0	$ 0.0

Derivative Instruments - Impact of Derivative Contracts on Company's Financial Statements (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Total derivatives designated as hedging instruments	$ 6.4	$ 0.1
Foreign currency contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets	6.4	1.7
Foreign currency contracts \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	$ 0.0	$ (1.6)

Derivative Instruments - Effect of Cash Flow Hedges on the Consolidated Statement of Earnings (Details) - Foreign currency contracts - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	$ 9.8	$ (0.8)
Cost of products sold
Derivative [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	$ 4.1	$ (0.8)

Derivative Instruments - Summary of Contractual Amounts for Derivatives not Designated as Hedging Instruments (Details) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Designated as Hedging Instrument \| Foreign exchange contracts \| Fair Value Hedging \| Sell \| Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts	$ 81.5	$ 125.6

Derivative Instruments - Effect of Foreign Exchange Contracts on the Consolidated Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Foreign exchange contracts \| Other expense (income) - net
Derivative Instruments, Gain (Loss) [Line Items]
Derivative gain	$ 1.2	$ (0.9)	$ 0.0

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 101.8	$ 92.2	$ 67.1
State	26.6	22.4	17.4
International	30.5	29.5	25.8
Deferred:
Federal	(136.9)	(3.2)	5.6
State	(34.1)	(0.6)	2.3
International	0.1	(1.8)	(19.2)
Provision for income taxes	$ (12.0)	$ 138.5	$ 99.0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Difference Between Provision For Income Taxes And U.S. Federal Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Statutory Federal Tax Rate [Line Items]
Provision at U.S. federal statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	2.70%	2.80%	3.50%
U.S. pension plan settlement expense	(0.295)	0	0
Research tax credits	(1.00%)	(0.40%)	(0.50%)
Excess tax benefit on stock compensation	(0.50%)	(0.90%)	(0.90%)
Other	3.00%	0.50%	(0.40%)
Effective income tax rate	(5.40%)	22.10%	22.30%
International income tax rate differential—China
Reconciliation of Statutory Federal Tax Rate [Line Items]
International income tax rate differential	(4.60%)	(1.60%)	(0.60%)
International income tax rate differential—other
Reconciliation of Statutory Federal Tax Rate [Line Items]
International income tax rate differential	3.50%	0.70%	0.20%

Income Taxes - Components of Earning Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S.	$ 63.9	$ 479.0	$ 407.3
International	159.8	146.6	36.6
Earnings before provision for income taxes	$ 223.7	$ 625.6	$ 443.9

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Narrative (Details) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Tax Examination [Line Items]
Pension settlement non-cash taxes	$ 167.7	$ 0.0	$ 0.0
Tax benefit on pretax pension plan settlement expense	101.9
Tax benefit on release of stranded tax effects related to pension plan settlement expense	$ 65.8
U.S. pension plan settlement expense	0.295	0	0
Pension settlement expense	$ 417.3	$ 0.0	$ 0.0
Total taxes paid	175.4	131.2	$ 114.1
Undistributed earnings of foreign subsidiaries, including not permanently and permanently reinvested	647.7
Undistributed foreign earnings	5.3	$ 6.5
Undistributed earnings of foreign subsidiaries, not permanently reinvested	173.0
Undistributed earnings of foreign subsidiaries, permanently reinvested	$ 474.7
Percentage of federal income tax liability offset by dividend received deduction	1
Unrecognized tax benefits that would affect the effective tax rate, if recognized	$ 2.9
Pension Benefits
Income Tax Examination [Line Items]
Pension settlement non-cash taxes	167.7
Pension settlement expense	$ 417.3

Income Taxes - Tax Effects of Temporary Differences of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Employee benefits	$ 13.9	$ 22.6
Product liability and warranties	50.7	52.3
Inventories	1.4	7.6
Accounts receivable	14.6	18.3
Environmental liabilities	1.6	1.7
Tax loss and credit carryovers	10.1	8.9
All other	14.0	12.9
Valuation allowance	(8.3)	(7.1)	$ (13.0)
Assets	98.0	117.2
Liabilities
Property, plant and equipment	51.5	46.6
Intangibles	66.2	85.2
Undistributed foreign earnings	5.3	6.5
Liabilities	123.0	138.3
Net liability	$ 25.0	$ 21.1

Income Taxes - Reconciliation of Net Operating Losses, Tax Credit and Valuation Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation Of Net Operating Losses And Tax Credits [Roll Forward]
Beginning balance	$ 8.9	$ 20.3
(Decreases) / increases	1.2	(11.4)
Ending balance	10.1	8.9
Reconciliation Of Valuation Allowance, Deferred Tax Asset [Roll Forward]
Beginning balance	7.1	13.0
(Decreases) / increases	1.2	(5.9)
Ending balance	$ 8.3	$ 7.1

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at January 1	$ 14.3	$ 9.0
Additions for tax positions of prior years	0.7	5.3
Balance at December 31	$ 15.0	$ 14.3

Commitment and Contingencies - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Sep. 28, 2022	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Line Items]
Product liability insurance for individual losses in excess of accrual amount		$ 125.0	$ 125.0
Amounts in excess to be covered by third party insurance		7.5	7.5
Reserve for product liability		31.7	35.4
Purchase obligation		211.4
Distributor rebate accruals		1.1	3.9
Cash judgment	$ 11.5
Pre-tax gain on settlement agreement	11.5
Tax expense on settlement agreement	$ 2.9
Repurchase Of Inventory
Commitments and Contingencies [Line Items]
Other commitment		$ 2.4	$ 7.2

Operations by Segment - Narrative (Details) $ in Millions	12 Months Ended
Operations by Segment - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment	2
Net sales	$ 3,753.9	$ 3,538.9	$ 2,895.3
Pension settlement expense	417.3	0.0	0.0
Pension settlement non-cash taxes	167.7	0.0	0.0
Corporate
Segment Reporting Information [Line Items]
Pension settlement expense	70.5
North America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,819.1	2,529.5	2,118.3
Pension settlement expense	346.8
North America \| Geographic Concentration Risk \| Customer One \| Sales Revenue, Net
Segment Reporting Information [Line Items]
Net sales	$ 596.4	$ 536.9	$ 471.9
Concentration risk percentage	16.00%	15.00%	16.00%
North America \| Geographic Concentration Risk \| Customer Two \| Sales Revenue, Net
Segment Reporting Information [Line Items]
Net sales	$ 414.2	$ 401.5	$ 349.9
Concentration risk percentage	11.00%	11.00%	12.00%

Operations by Segment - Schedule of Segment Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 3,753.9	$ 3,538.9	$ 2,895.3
Segment earnings	362.0	682.0	503.2
Corporate expenses	(425.6)	20.4	11.0
Interest expense	(9.4)	(4.3)	(7.3)
Earnings before income taxes	223.7	625.6	443.9
(Benefit from) provision for income taxes	(12.0)	138.5	99.0
Net Earnings	235.7	487.1	344.9
Severance and restructuring expenses	0.0	0.0	7.7
Pension settlement expense	417.3	0.0	0.0
Pension settlement non-cash taxes	167.7	0.0	0.0
Inter-segment sales
Segment Reporting Information [Line Items]
Net sales	(31.0)	(27.1)	(23.3)
Segment earnings	(0.3)	(0.2)	(0.3)
Corporate
Segment Reporting Information [Line Items]
Corporate expenses	(128.9)	(52.1)	(52.0)
Pension settlement expense	70.5
North America
Segment Reporting Information [Line Items]
Severance and restructuring expenses			2.7
North America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	2,819.1	2,529.5	2,118.3
Segment earnings	266.0	590.8	503.5
Severance and restructuring expenses			2.7
Pension settlement expense	346.8
Rest of World
Segment Reporting Information [Line Items]
Severance and restructuring expenses			5.0
Rest of World \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	965.8	1,036.5	800.3
Segment earnings	$ 96.3	$ 91.4	0.0
Severance and restructuring expenses			$ 5.0

Operations by Segment - Assets, Depreciation And Capital Expenditure By Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 3,332.3	$ 3,474.4	$ 3,160.7
Depreciation and amortization	76.9	77.9	80.0
Capital expenditures	70.3	75.1	56.8
Corporate
Segment Reporting Information [Line Items]
Total Assets	504.3	499.8	736.7
Depreciation and amortization	0.7	0.6	0.6
Capital expenditures	10.8	11.3	0.2
North America \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,230.3	2,181.9	1,759.1
Depreciation and amortization	55.7	52.2	51.5
Capital expenditures	48.6	48.0	41.7
Rest of World \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	597.7	792.7	664.9
Depreciation and amortization	20.5	25.1	27.9
Capital expenditures	$ 10.9	$ 15.8	$ 14.9

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Operations by Segment - Net Sales and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 731.0	$ 729.2	$ 672.0
Net sales	3,753.9	3,538.9	2,895.3
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	409.8	366.2	355.8
Net sales	2,430.0	2,239.1	1,904.9
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	225.2	259.9	268.3
Net sales	826.6	912.6	695.6
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	54.7	59.1	4.5
Net sales	341.6	247.2	175.0
Other Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	41.3	44.0	43.4
Net sales	$ 155.7	$ 140.0	$ 119.8

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Valuation allowance for trade and notes receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 9.5	$ 5.6	$ 6.6
Charged to Costs and Expenses	0.6	4.2	0.8
Acquisition of Businesses	0.0	0.8	0.0
Deductions	(0.6)	(1.1)	(1.8)
Balance at End of Year	9.5	9.5	5.6
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	7.1	13.0	11.9
Charged to Costs and Expenses	1.2	0.0	1.1
Acquisition of Businesses	0.0	0.0	0.0
Deductions	0.0	(5.9)	0.0
Balance at End of Year	$ 8.3	$ 7.1	$ 13.0