0000091142-26-000008 | 10-K | XBRL Viewer

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Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,564.4	$ 1,495.9
Accumulated depreciation and amortization	(929.3)	(867.2)
Net property, plant, and equipment	635.1	628.7
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	30.4	30.0
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	424.9	408.5
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	961.8	911.8
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 147.3	$ 145.6

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2025

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

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(Dollars in millions)

Years ended December 31, 2025, 2024 and 2023


Description	Balance at Beginning of Year		Charged to Costs and Expenses		Acquisition of Businesses		Deductions		Balance at End of Year
2025:
Valuation allowance for trade and notes receivable	$	12.9	$	1.9	$	—	$	(0.7)	$	14.1
Valuation allowance for deferred tax assets	6.1		4.3		—		—		10.4
2024:
Valuation allowance for trade and notes receivable	10.1		3.1		—		(0.3)		12.9
Valuation allowance for deferred tax assets	11.7		—		—		(5.6)		6.1
2023:
Valuation allowance for trade and notes receivable	9.5		1.1		—		(0.5)		10.1
Valuation allowance for deferred tax assets	8.3		3.4		—		—		11.7

Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

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, India, and Europe. 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, 2025 and 2024, due to the short maturities or frequent rate resets of these instruments. The fair value of term notes with financial institutions included in Long-term debt within the consolidated balance sheets was approximately $139.0 million as of December 31, 2025 compared with the carrying amount of $155.0 million for the same date. The fair value of term notes with financial institutions was approximately $143.6 million as of December 31, 2024 compared with the carrying amount of $163.2 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 2025, 2024, or 2023.

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, 2025, 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 certain portion of the Company’s domestic inventories, which comprised 40 percent and 43 percent of the Company’s total inventory at December 31, 2025 and 2024, respectively. The inventories of foreign subsidiaries and 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 two 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 settled in the next year as determined by historical product failure rates.

The following table presents the Company’s product warranty liability activity in 2025 and 2024:


Years ended December 31 (dollars in millions)	2025		2024
Balance at beginning of year	$	190.4	$	188.1
Expense	84.2		81.1
Claims settled	(66.0)		(78.8)
Acquired obligations	1.1		—
Balance at end of year	$	209.7	$	190.4

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 13, “Derivative Instruments” for disclosure of the Company’s derivative instruments and hedging activities.

Fair Value Measurements. Accounting Standards Codification (ASC) 820 Fair Value Measurements, 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, 2025		December 31, 2024
Quoted prices in active markets for identical assets (Level 1)	Marketable Securities	$	18.7	$	36.5
Significant other observable inputs (Level 2)	Accrued liabilities	—		(1.9)

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 $101.1 million, $100.3 million and $93.9 million during 2025, 2024 and 2023, respectively. Included in total advertising costs are expenses associated with store displays for water heater, water treatment products, and kitchen products in China that are amortized over 12 to 48 months which totaled $24.0 million, $21.1 million and $15.2 million during 2025, 2024 and 2023, respectively.

Research and development. Research and development costs are charged to operations as incurred and amounted to $95.0 million, $101.7 million and $97.5 million during 2025, 2024 and 2023, 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 Compensation-Stock Compensation, the Company recognized $0.6 million, $4.1 million, and $3.2 million of discrete income tax benefits on settled stock based compensation awards during 2025, 2024, and 2023 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 because 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:


	2025	2024	2023
Denominator for basic earnings per share - weighted-average shares outstanding	141,029,845	145,997,584	149,952,679
Effect of dilutive stock options, restricted stock and share units	884,995	1,086,496	1,062,895
Denominator for diluted earnings per share	141,914,840	147,084,080	151,015,574

Recent Accounting Pronouncements

In September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), which modernizes the accounting guidance for internal-use software costs by eliminating the requirement to assess software development stages and introduces a new capitalization threshold. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of reviewing the guidance and evaluating its impact on its financial statements.

In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03 “Income Statement - Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses.” The ASU requires additional disclosures by disaggregating the costs and expense line items that are presented on the face of the income statement. The ASU is effective for the Company beginning with its 2027 annual disclosures and subsequent interim periods. Early adoption is permitted. This ASU requires a public company to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its disclosures.

In December 2023, the FASB amended ASC 740 (issued under ASU 2023-09, “Improvements to Income Tax Disclosures”). This ASU requires added disclosures related to the tax rate reconciliation and income taxes paid and includes other amendments intended to improve effectiveness and comparability. The update is effective for the Company beginning with its 2025 annual disclosures and interim periods beginning in 2026. As a result of adoption, income tax disclosures for prior periods presented have been revised to conform to the new disclosure requirements. The adoption of ASU 2023-09 did not affect the Company’s financial position or its results of operations. Refer to Note 14, Income Taxes, for additional disclosures.

Restructuring and Impairment Expenses - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment expenses			$ 17.6
Severance costs			12.1
Other restructuring costs			0.8
Non-cash impairments		$ 0.0	4.7	$ 15.6
Income tax benefit			3.2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Turkey
Restructuring Cost and Reserve [Line Items]
Non-cash impairments				15.6
Carrying value of disposal group				0.6
Restructuring expense related to the exit of a business				3.2
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Turkey \| Impairment Recorded As Net Reduction To Assets And Liabilities
Restructuring Cost and Reserve [Line Items]
Non-cash impairments				4.5
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Turkey \| Impairment Recorded For Anticipated Liquidation Of Cumulative Foreign Currency Translation Adjustment Recorded In Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Non-cash impairments				11.1
Disposal Group, Held-for-Sale, Not Discontinued Operations \| Turkey \| Corporate
Restructuring Cost and Reserve [Line Items]
Non-cash impairments				3.1
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| Turkey \| Accumulated Other Comprehensive Loss
Restructuring Cost and Reserve [Line Items]
Foreign currency translation losses released from accumulated other comprehensive loss	$ 11.0
North America
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment expenses			6.3
Rest of World
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment expenses			$ 11.3
Rest of World \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Turkey \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Non-cash impairments				$ 12.5

Cover Page - USD ($)

12 Months Ended

Dec. 31, 2025

Jan. 31, 2026

Jun. 30, 2025

Document Information [Line Items]

Document Type

10-K

Document Annual Report

true

Document Period End Date

Dec. 31, 2025

Current Fiscal Year End Date

--12-31

Document Transition Report

false

Entity File Number

1-475

Entity Registrant Name

A. O. Smith Corporation

Entity Incorporation, State or Country Code

Entity Tax Identification Number

39-0619790

Entity Address, Address Line One

11270 West Park Place

Entity Address, City or Town

Milwaukee

Entity Address, State or Province

Entity Address, Postal Zip Code

53224

City Area Code

414

Local Phone Number

359-4000

Title of 12(b) Security

Common Stock (par value $1.00 per share)

Trading Symbol

AOS

Security Exchange Name

NYSE

Entity Well-known Seasoned Issuer

Yes

Entity Voluntary Filers

Entity Current Reporting Status

Yes

Entity Interactive Data Current

Yes

Entity Filer Category

Large Accelerated Filer

Entity Emerging Growth Company

false

Entity Small Business

false

ICFR Auditor Attestation Flag

true

Document Financial Statement Error Correction [Flag]

false

Entity Shell Company

false

Documents Incorporated by Reference


1.			Portions of the company’s definitive Proxy Statement for the 2026 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

2025

Class A Common Stock

Document Information [Line Items]

Entity Common Stock, Shares Outstanding

25,863,159

Entity Public Float

$ 51,976,522

Common Stock

Document Information [Line Items]

Entity Common Stock, Shares Outstanding

112,426,758

Entity Public Float

$ 7,422,052,617

Commitment and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
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	26.6	26.3
Purchase obligation	211.7
Distributor rebate accruals	1.9	2.0
Repurchase Of Inventory
Commitments and Contingencies [Line Items]
Other commitment	$ 2.1	$ 2.9

Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The Company was obligated under the following debt instruments:


December 31 (dollars in millions)	2025		2024
Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2024	$	—	$	30.0
Variable rate agreements, expiring 2029, average year-end interest rates of 7.4% for 2025 and 8.0% for 2024	46.6		49.0
Fixed rate agreements, expiring 2026-2034, average year-end interest rates of 3.3% for 2025 and 3.1% for 2024	108.4		114.2
	155.0		193.2
Long-term debt due within one year	(42.3)		(10.0)
Long-term debt	$	112.7	$	183.2

Schedule of Maturities of Long Term Debt

Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2025 are as follows:


Years ending December 31 (dollars in millions)	Amount
2026	$	42.3
2027	39.9
2028	24.9
2029	24.9
2030	10.0

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
December 31, 2025
2026	$ 14.3
2027	9.4
2028	7.1
2029	5.7
2030	4.9
After 2030	15.3
Total lease payments	56.7
Less: Imputed interest	(8.8)
Present value of operating lease liabilities	$ 47.9	$ 34.8

Income Taxes - Income Tax Paid (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Federal	$ 119.2	$ 136.1	$ 134.8
State	21.7	28.2	25.7
Income taxes paid, net, total	165.2	187.7	189.5
Canada
Effective Income Tax Rate Reconciliation [Line Items]
International	11.4	11.4	11.6
China
Effective Income Tax Rate Reconciliation [Line Items]
International	9.3	8.3	15.0
Other foreign jurisdictions
Effective Income Tax Rate Reconciliation [Line Items]
International	$ 3.6	$ 3.7	$ 2.4

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Beginning balance	$ 761.7	$ 633.4
Currency translation adjustment	2.8	(10.1)
Acquisitions		138.4
Acquisition adjustments	(53.9)
Ending balance	710.6	761.7
North America
Goodwill [Roll Forward]
Beginning balance	586.7	574.9
Currency translation adjustment	4.8	(8.7)
Acquisitions		20.5
Acquisition adjustments	0.0
Ending balance	591.5	586.7
Rest of World
Goodwill [Roll Forward]
Beginning balance	175.0	58.5
Currency translation adjustment	(2.0)	(1.4)
Acquisitions		117.9
Acquisition adjustments	(53.9)
Ending balance	$ 119.1	$ 175.0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025 and 2024 consisted of the following:


(dollars in millions)	North America		Rest of World		Total
Balance at December 31, 2023	$	574.9	$	58.5	$	633.4
Currency translation adjustment	(8.7)		(1.4)		(10.1)
Acquisitions	20.5		117.9		138.4
Balance at December 31, 2024	586.7		175.0		761.7
Currency translation adjustment	4.8		(2.0)		2.8

Acquisition adjustments(1)	—		(53.9)		(53.9)
Balance at December 31, 2025	$	591.5	$	119.1	$	710.6

(1)Measurement period adjustments related to the 2024 acquisitions which impacted the amount of goodwill originally reported.

Schedule of Indefinite-Lived Intangible Assets

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


	2025						2024
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Patents	$	7.4	$	(4.2)	$	3.2	$	3.7	$	(3.7)	$	—
Customer lists	291.7		(201.6)		90.1		287.5		(187.3)		100.2
Total amortizable intangible assets	299.1		(205.8)		93.3		291.2		(191.0)		100.2
Indefinite-lived intangible assets:
Trade names	269.0		—		269.0		220.9		—		220.9
Total intangible assets	$	568.1	$	(205.8)	$	362.3	$	512.1	$	(191.0)	$	321.1

Schedule of Finite-Lived Intangible Assets

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


	2025						2024
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Patents	$	7.4	$	(4.2)	$	3.2	$	3.7	$	(3.7)	$	—
Customer lists	291.7		(201.6)		90.1		287.5		(187.3)		100.2
Total amortizable intangible assets	299.1		(205.8)		93.3		291.2		(191.0)		100.2
Indefinite-lived intangible assets:
Trade names	269.0		—		269.0		220.9		—		220.9
Total intangible assets	$	568.1	$	(205.8)	$	362.3	$	512.1	$	(191.0)	$	321.1

- Definition

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

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+ Details

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill And Other Intangibles [Line Items]
Amortization expenses of other intangible assets	$ 14,800,000	$ 12,700,000	$ 12,600,000
Amortization of intangible assets, weighted average period, years	9 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	$ 14,500,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

Acquisitions

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Acquisitions

2024 Acquisitions

During the fourth quarter of 2024, the Company acquired Pureit, a residential water purification business in South Asia, from Unilever for an aggregate purchase price of $124.6 million. The acquired company is included in the Rest of World segment. The purchase price consists of an initial cash payment of $117.9 million upon the closing of the transaction and a separate payment of $6.7 million made under a transitional supply agreement with Unilever. The Company incurred acquisition costs of approximately $1.4 million.

The following table summarizes the final allocation of the fair value of the assets acquired and liabilities assumed at the date of acquisition. Of the $56.4 million of acquired identifiable intangible assets, $48.5 million was assigned to trademarks that are not subject to amortization, $3.7 million was assigned to patents which are amortized over 15 years, and the remaining $4.2 million million was assigned to customer relationships which are amortized over two to three 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 allocation of the purchase price to goodwill decreased by $0.8 million in 2025 due to valuation adjustments related to identifiable intangible assets.


(dollars in millions)
Current assets	$	5.6
Property, plant and equipment	0.6
Intangible assets	56.4
Goodwill	63.9
Total assets acquired	126.5
Current liabilities	(1.9)
Net assets acquired	$	124.6

During the first quarter of 2024, the Company acquired a privately-held water treatment company. The Company paid an aggregate cash purchase price of $21.3 million, net of cash acquired. The Company also agreed to make contingent payments based on the amount by which sales of products increase over the next three years. The addition of the acquired company expanded the Company's water treatment footprint in North America. The acquired company is included in the North America segment.

2023 Acquisitions

During the third quarter of 2023, the Company acquired a privately-held water treatment company. The Company paid an aggregate cash purchase price of $16.8 million, net of cash acquired. The addition of the acquired company expands the Company's water treatment platform. The acquired company is included in the North America segment.

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

- Definition

The entire disclosure for business combination.

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+ Details

Stock Based Compensation - Narrative (Details) $ in Millions		12 Months Ended
	Apr. 15, 2020 shares	Dec. 31, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 13.8	$ 14.9	$ 11.5
Stock option compensation expense recognized		$ 0.1	$ 0.6	$ 1.2
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period				10 years
Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Granted (in shares) \| shares		269,545	195,497	168,807
Value of share units granted		$ 17.9	$ 16.1	$ 11.3
Share based compensation expense attributable to share units		11.2	12.5	9.6
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense		$ 2.5	$ 1.8	$ 0.7
Award vesting period		3 years
Granted (in shares) \| shares		38,435	29,475	24,580
Value of share units granted		$ 2.5	$ 2.4	$ 1.7
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential payout range		0
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential payout range		1.50
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) \| shares		2,028,442
Additional shares authorized (in shares) \| shares	2,400,000

Statements of Cash Flows

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

Statements of Cash Flows

Supplemental cash flow information is as follows:


Years ended December 31 (dollars in millions)	2025		2024		2023
Net change in current assets and liabilities, net of acquisitions:
Receivables	$	(36.4)	$	49.0	$	(16.4)
Inventories	56.9		(40.5)		18.1
Other current assets	8.3		7.1		7.2
Trade payables	(97.9)		(5.9)		(21.4)
Accrued liabilities, including payroll and benefits	16.5		(32.9)		28.4
Income taxes	(3.1)		0.6		4.1
	$	(55.7)	$	(22.6)	$	20.0

In addition, cash interest paid during the years ended December 31, 2025, 2024 and 2023 was $13.5 million, $6.7 million, and $12.3 million, respectively. Total cash and cash equivalents and marketable securities at December 31, 2025 and 2024 was $193.2 million and $276.1 million, respectively, of which $140.1 million and $205.7 million were held by the Company’s foreign subsidiaries, at December 31, 2025 and 2024, respectively.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrealized net gain on cash flow derivative instruments
Income tax (provision) benefit on other comprehensive income (loss)	$ (0.4)	$ 0.7	$ 1.4
Change in pension liability
Income tax (provision) benefit on other comprehensive income (loss)	$ 0.4	$ 0.5	$ 0.5
Treasury Stock
Shares surrendered as proceeds and to pay taxes (in shares)	32,203	36,300	61,605

Derivative Instruments

12 Months Ended

Dec. 31, 2025

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 combined fair value of the foreign currency forward contracts was an asset balance of $1.0 million as of December 31, 2025 which was recorded in Other current assets within the consolidated balance sheet. The combined fair value of the foreign currency forward contracts was a liability balance of $1.4 million as of December 31, 2024 and recorded in Accrued liabilities within the consolidated balance sheet.

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)	2025				2024
	Buy		Sell		Buy		Sell
Canadian dollar	$	—	$	57.8	$	—	$	28.9
Euro	16.8		—		14.0		—
Mexican peso	18.7		—		27.2		—
Total	$	35.5	$	57.8	$	41.2	$	28.9

Interest Rate Swaps

The Company is exposed to interest rate risk as a result of its floating rate borrowings. The Company entered into a forward interest rate swap agreement with an independent counterparty to hedge the variability in cash flows due to changes in Secured Overnight Financing Rate (SOFR) benchmark interest rate associated with variable rate borrowings. The interest rate swap has a maturity date of September 30, 2029 and effectively converts the Company’s variable interest rate obligation to a fixed interest rate obligation. The interest rate swap had an aggregate notional amount of 4.2 billion rupees as of December 31, 2025 and December 31, 2024. The aggregate effective interest rate of the swap as of December 31, 2025 and December 31, 2024 was 8.25%.

The fair value of the interest rate swap contract was a liability balance of $1.0 million as of December 31, 2025 which was recorded in Accrued liabilities within the consolidated balance sheet. The fair value of the interest rate swap contract was $0.5 million as of December 31, 2024 which was recorded in Accrued liabilities within the consolidated balance sheet.

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
	2025		2024			2025		2024
Foreign currency contracts	$	4.0	$	(0.7)	Cost of products sold	$	1.6	$	2.2
Interest rate swaps	(0.5)		(0.5)		Interest Expense	(0.4)		(0.1)
	$	3.5	$	(1.2)		$	1.2	$	2.1

Net Investment Hedges

The Company uses foreign currency denominated intercompany debt and third-party 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 $8.8 million of after-tax losses and $2.3 million of after-tax gains associated with hedges of a net investment in non-U.S. subsidiaries in currency translation adjustment in other comprehensive income in 2025 and 2024, respectively.

The contractual amount of the Company’s foreign currency denominated intercompany debt that are designated as net investment hedge was 1.5 billion RMB as of both December 31, 2025 and December 31, 2024. The fair value of the net investment hedges was zero as of both December 31, 2025 and December 31, 2024.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Income Taxes - Tax Effects of Temporary Differences of Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Assets
Employee benefits	$ 18.7	$ 16.7
Product liability and warranties	55.9	51.6
Inventories	3.1	2.0
Accounts receivable	12.4	12.0
Environmental liabilities	1.3	1.4
Tax loss and credit carryovers	22.7	9.7
All other	11.2	11.0
Valuation allowance	(10.4)	(6.1)	$ (11.7)
Assets	114.9	98.3
Liabilities
Property, plant and equipment	51.9	49.8
Intangibles	80.9	58.6
Undistributed foreign earnings	4.8	3.5
Liabilities	137.6	111.9
Net liability	$ 22.7	$ 13.6

Acquisitions - Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Goodwill	$ 710.6	$ 761.7	$ 633.4
Pureit
Business Combination [Line Items]
Current assets		5.6
Property, plant and equipment		0.6
Intangible assets		56.4
Goodwill		63.9
Total assets acquired		126.5
Current liabilities		(1.9)
Net assets acquired		$ 124.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Inventories (Tables)

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

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


December 31 (dollars in millions)	2025		2024
Finished products	$	180.1	$	196.1
Work in process	43.7		42.4
Raw materials	311.3		343.0
Inventories, at FIFO cost	535.1		581.5
LIFO reserve	(55.8)		(49.4)
Inventories, at LIFO cost	$	479.3	$	532.1

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Finished products	$ 180.1	$ 196.1
Work in process	43.7	42.4
Raw materials	311.3	343.0
Inventories, at FIFO cost	535.1	581.5
LIFO reserve	(55.8)	(49.4)
Inventories, at LIFO cost	$ 479.3	$ 532.1

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

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Income Statement [Abstract]

Net sales

$ 3,830.2

$ 3,818.1

$ 3,852.8

Cost of products sold

2,342.8

2,362.0

2,368.0

Gross profit

1,487.4

1,456.1

1,484.8

Selling, general and administrative expenses

759.4

739.3

727.4

Restructuring and impairment expenses

0.0

17.6

18.8

Interest expense

13.5

6.7

12.0

Other income, net

(0.6)

(8.5)

(6.9)

Earnings before provision for income taxes

715.1

701.0

733.5

Provision for income taxes

168.9

167.4

176.9

Net Earnings

$ 546.2

$ 533.6

$ 556.6

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

^[1]

$ 3.87

$ 3.65

$ 3.71

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

^[1]

$ 3.85

$ 3.63

$ 3.69

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

Subsequent Events (Details) - LVC Holdco LLC - Subsequent Event $ in Millions	Jan. 06, 2026 USD ($)
Subsequent Event [Line Items]
Aggregate purchase price	$ 470.0
Cash consideration transferred	$ 412.0

Organization and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2025
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, India, and Europe. 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, 2025 and 2024, 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 2025, 2024, or 2023.
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, 2025, 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 certain portion of the Company’s domestic inventories, which comprised 40 percent and 43 percent of the Company’s total inventory at December 31, 2025 and 2024, respectively. The inventories of foreign subsidiaries and 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 two 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 settled 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, 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 $101.1 million, $100.3 million and $93.9 million during 2025, 2024 and 2023, respectively. Included in total advertising costs are expenses associated with store displays for water heater, water treatment products, and kitchen products in China that are amortized over 12 to 48 months which totaled $24.0 million, $21.1 million and $15.2 million during 2025, 2024 and 2023, respectively.
Research and development	Research and development. Research and development costs are charged to operations as incurred and amounted to $95.0 million, $101.7 million and $97.5 million during 2025, 2024 and 2023, 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 because 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 September 2025, the FASB issued ASU No. 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40), which modernizes the accounting guidance for internal-use software costs by eliminating the requirement to assess software development stages and introduces a new capitalization threshold. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently in the process of reviewing the guidance and evaluating its impact on its financial statements. In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03 “Income Statement - Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses.” The ASU requires additional disclosures by disaggregating the costs and expense line items that are presented on the face of the income statement. The ASU is effective for the Company beginning with its 2027 annual disclosures and subsequent interim periods. Early adoption is permitted. This ASU requires a public company to apply the amendments either prospectively to financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its disclosures. In December 2023, the FASB amended ASC 740 (issued under ASU 2023-09, “Improvements to Income Tax Disclosures”). This ASU requires added disclosures related to the tax rate reconciliation and income taxes paid and includes other amendments intended to improve effectiveness and comparability. The update is effective for the Company beginning with its 2025 annual disclosures and interim periods beginning in 2026. As a result of adoption, income tax disclosures for prior periods presented have been revised to conform to the new disclosure requirements. The adoption of ASU 2023-09 did not affect the Company’s financial position or its results of operations. Refer to Note 14, Income Taxes, for additional disclosures.

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property Plant and Equipment


December 31 (dollars in millions)	2025		2024
Land	$	30.4	$	30.0
Buildings	424.9		408.5
Equipment	961.8		911.8
Software	147.3		145.6
	1,564.4		1,495.9
Accumulated depreciation and amortization	(929.3)		(867.2)
Net property, plant, and equipment	$	635.1	$	628.7

Operations by Segment - Reportable Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 3,830.2	$ 3,818.1	$ 3,852.8
Cost of products sold	2,342.8	2,362.0	2,368.0
Gross profit	1,487.4	1,456.1	1,484.8
Selling, general and administrative expenses	759.4	739.3	727.4
Restructuring and impairment expenses	0.0	17.6	18.8
Other expense (income), net	(0.6)	(8.5)	(6.9)
Earnings	728.6	707.7	745.5
Interest expense	(13.5)	(6.7)	(12.0)
Earnings before provision for income taxes	715.1	701.0	733.5
Reportable Segments
Segment Reporting Information [Line Items]
Net sales	3,830.2	3,818.1	3,852.8
North America
Segment Reporting Information [Line Items]
Net sales	2,964.4	2,928.1	2,904.3
Rest of World
Segment Reporting Information [Line Items]
Net sales	865.8	890.0	948.5
Operating Segments
Segment Reporting Information [Line Items]
Net sales	3,864.6	3,868.7	3,879.8
Cost of products sold	2,342.8	2,362.0	2,368.1
Gross profit	1,487.4	1,456.1	1,484.7
Selling, general and administrative expenses	680.2	668.2	654.6
Restructuring and impairment expenses		17.6	15.7
Other expense (income), net	3.1	(1.3)	4.8
Earnings	804.1	771.6	809.6
Operating Segments \| North America
Segment Reporting Information [Line Items]
Net sales	2,984.2	2,950.1	2,922.9
Cost of products sold	1,792.2	1,780.1	1,761.1
Gross profit	1,172.2	1,148.0	1,143.2
Selling, general and administrative expenses	444.3	433.2	411.6
Restructuring and impairment expenses		6.3	0.0
Other expense (income), net	0.0	1.0	4.9
Earnings	727.9	707.5	726.7
Operating Segments \| Rest of World
Segment Reporting Information [Line Items]
Net sales	880.4	918.6	956.9
Cost of products sold	550.6	581.9	607.0
Gross profit	315.2	308.1	341.5
Selling, general and administrative expenses	235.9	235.0	243.0
Restructuring and impairment expenses		11.3	15.7
Other expense (income), net	3.1	(2.3)	(0.1)
Earnings	76.4	64.5	83.4
Inter-segment Elimination
Segment Reporting Information [Line Items]
Net sales	(34.4)	(50.6)	(27.0)
Gross profit	(0.2)	(0.4)	(0.5)
Earnings	(0.2)	(0.4)	(0.5)
Inter-segment Elimination \| North America
Segment Reporting Information [Line Items]
Net sales	(19.8)	(22.0)	(18.6)
Inter-segment Elimination \| Rest of World
Segment Reporting Information [Line Items]
Net sales	(14.6)	(28.6)	(8.4)
Gross profit	0.2	0.4	0.5
Corporate
Segment Reporting Information [Line Items]
Net sales	0.0	0.0	0.0
Cost of products sold	0.0	0.0	(0.1)
Gross profit	0.0	0.0	0.1
Selling, general and administrative expenses	79.2	71.1	72.8
Restructuring and impairment expenses		0.0	3.1
Other expense (income), net	(3.7)	(7.2)	(11.7)
Earnings	$ (75.5)	$ (63.9)	$ (64.1)

Stock Based Compensation - Performance Stock Unit Activity (Details) - Performance Shares - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Units
Issued and unvested at beginning of year (in shares)	74,398
Granted (in shares)	38,435	29,475	24,580
Forfeited (in shares)	(3,131)
Issued and unvested at end of year (in shares)	109,702	74,398
Weighted-Average Grant Date Value
Issued and unvested at beginning of year (in dollars per share)	$ 75.40
Granted (in dollars per share)	65.68
Forfeited (in dollars per share)	70.78
Issued and unvested at end of year (in dollars per share)	$ 72.12	$ 75.40

Organization and Significant Accounting Policies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of reporting segments \| segment	2
Fair value of term notes	$ 139.0	$ 143.6
Carrying amount of term notes	$ 155.0	$ 163.2
Percentage of (LIFO) inventory	40.00%	43.00%
Advertising costs charged to operations	$ 101.1	$ 100.3	$ 93.9
Amortization of total advertising costs	24.0	21.1	15.2
Research and development costs	95.0	101.7	97.5
Income tax benefits on settled stock based compensation awards	$ 0.6	$ 4.1	$ 3.2
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	2 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

Stockholders' Equity - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 1,883.5	$ 1,844.4
Balance at end of period	1,858.0	1,883.5
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(111.9)	(84.2)
Balance at end of period	(98.6)	(111.9)
Cumulative foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(104.3)	(80.3)
Other comprehensive gain (loss) before reclassifications	13.1	(24.0)
Balance at end of period	(91.2)	(104.3)
Unrealized net (loss) gain on cash flow derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1.5)	0.7
Other comprehensive gain (loss) before reclassifications	2.5	(0.5)
Amounts reclassified, net of tax	(1.2)	(1.7)
Balance at end of period	(0.2)	(1.5)
Reclassification, before income tax	(1.6)	(2.2)
Tax provision (benefit)	0.4	0.5
Pension liability
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(6.1)	(4.6)
Other comprehensive gain (loss) before reclassifications	(1.4)	(1.8)
Amounts reclassified, net of tax	0.3	0.3
Balance at end of period	(7.2)	(6.1)
Reclassification, before income tax	0.4	0.4
Tax provision (benefit)	(0.1)	(0.1)
Actuarial losses
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax	0.3	0.3
Prior year service cost
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Reclassification, before income tax	$ 0.1	$ 0.1

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Operating Activities
Net earnings	$ 546.2	$ 533.6	$ 556.6
Adjustments to reconcile earnings to cash provided by (used in) operating activities:
Depreciation and amortization	85.1	78.8	78.3
Stock based compensation expense	13.8	14.9	11.5
Deferred income taxes	8.9	(4.6)	(3.8)
Non-cash impairments	0.0	4.7	15.6
Pension settlement income	0.0	0.0	(0.9)
Pension settlement non-cash taxes	0.0	0.0	0.2
Net changes in operating assets and liabilities, net of acquisitions:
Current assets and liabilities	(55.7)	(22.6)	20.0
Noncurrent assets and liabilities	18.5	(23.0)	(7.2)
Cash Provided by Operating Activities	616.8	581.8	670.3
Investing Activities
Capital expenditures	(70.8)	(108.0)	(72.6)
Acquisitions	0.0	(145.9)	(16.8)
Investments in marketable securities	(42.7)	(73.7)	(63.1)
Net proceeds from sales of marketable securities	60.5	60.5	128.4
Cash Used in Investing Activities	(53.0)	(267.1)	(24.1)
Financing Activities
Proceeds from debt	1,087.3	1,100.1	688.0
Repayments of debt	(1,124.9)	(1,030.4)	(906.1)
Common stock repurchases	(400.8)	(305.8)	(306.5)
Net proceeds from stock option activity	1.0	18.1	23.4
Dividends paid	(195.7)	(190.4)	(183.5)
Cash Used in Financing Activities	(633.1)	(408.4)	(684.7)
Effect of exchange rate changes on cash and cash equivalents	4.2	(6.6)	(12.8)
Net decrease in cash and cash equivalents	(65.1)	(100.3)	(51.3)
Cash and cash equivalents-beginning of year	239.6	339.9	391.2
Cash and Cash Equivalents-End of Year	$ 174.5	$ 239.6	$ 339.9

Acquisitions - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Mar. 31, 2024	Sep. 30, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Business Combination [Line Items]
Acquired intangible assets, amortization period, in years				9 years
Decrease to goodwill due to net impact of measurement period adjustment				$ 53.9
Aggregate cash purchase price, net of cash acquired				0.0	$ 145.9	$ 16.8
Pureit
Business Combination [Line Items]
Aggregate purchase price	$ 124.6
Initial cash payment transaction	117.9
Acquisition-related costs	1.4
Intangible assets	56.4				56.4
Decrease to goodwill due to net impact of measurement period adjustment				$ 0.8
Pureit \| Patents
Business Combination [Line Items]
Recognized asset acquired, identifiable intangible asset, finite-lived	$ 3.7				3.7
Acquired intangible assets, amortization period, in years	15 years
Pureit \| Customer Relationships
Business Combination [Line Items]
Recognized asset acquired, identifiable intangible asset, finite-lived	$ 4.2				4.2
Pureit \| Customer Relationships \| Minimum
Business Combination [Line Items]
Acquired intangible assets, amortization period, in years	2 years
Pureit \| Customer Relationships \| Maximum
Business Combination [Line Items]
Acquired intangible assets, amortization period, in years	3 years
Pureit \| Trademarks
Business Combination [Line Items]
Recognized asset acquired, identifiable intangible asset, indefinite-lived	$ 48.5				$ 48.5
Pureit \| Unilever
Business Combination [Line Items]
Initial cash payment transaction	$ 6.7
Privately-Held Water Treatment Company
Business Combination [Line Items]
Aggregate cash purchase price, net of cash acquired		$ 21.3	$ 16.8
Contingent payment term		3 years

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


December 31 (dollars in millions)	2025		2024
Land	$	30.4	$	30.0
Buildings	424.9		408.5
Equipment	961.8		911.8
Software	147.3		145.6
	1,564.4		1,495.9
Accumulated depreciation and amortization	(929.3)		(867.2)
Net property, plant, and equipment	$	635.1	$	628.7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2025	Dec. 31, 2024
Class A Common Stock
Common stock, shares issued (in shares)	25,993,539	26,014,825
Common Stock
Common stock, shares issued (in shares)	164,714,053	164,692,769

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2025

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

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


(dollars in millions)
Current assets	$	5.6
Property, plant and equipment	0.6
Intangible assets	56.4
Goodwill	63.9
Total assets acquired	126.5
Current liabilities	(1.9)
Net assets acquired	$	124.6

Leases

12 Months Ended

Dec. 31, 2025

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 arrangements related to material residual value guarantees, 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, 2025		December 31, 2024
Liabilities
Short term: Accrued liabilities	$	10.8	$	11.3
Long term: Operating lease liabilities	37.1		23.5
Total operating lease liabilities	$	47.9	$	34.8
Less: Rent incentives and deferrals	(1.6)		(2.0)
Assets
Operating lease assets	$	46.3	$	32.8


Lease Term and Discount Rate			December 31, 2025
Weighted-average remaining lease term			7.1 years
Weighted-average discount rate			5.40%

The components of lease expense were as follows:


(dollars in millions)
Lease Expense(1)	Classification	Year ended December 31, 2025		Year ended December 31, 2024
Operating lease expense	Cost of products sold	$	6.4	$	7.0
	Selling, general and administrative expenses	16.8		15.9

(1)Includes short-term lease expense of $1.8 million and variable lease expenses of $5.8 million for the year ended December 31, 2025 and short-term lease expense of $1.7 million and variable lease expenses of $6.0 million for the year ended December 31, 2024, respectively.

Maturities of lease liabilities were as follows:


(dollars in millions)	December 31, 2025
2026	$	14.3
2027	9.4
2028	7.1
2029	5.7
2030	4.9
After 2030	15.3
Total lease payments	56.7
Less: Imputed interest	(8.8)
Present value of operating lease liabilities	$	47.9

Inventories

12 Months Ended

Dec. 31, 2025

Inventory Disclosure [Abstract]

Inventories

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


December 31 (dollars in millions)	2025		2024
Finished products	$	180.1	$	196.1
Work in process	43.7		42.4
Raw materials	311.3		343.0
Inventories, at FIFO cost	535.1		581.5
LIFO reserve	(55.8)		(49.4)
Inventories, at LIFO cost	$	479.3	$	532.1

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Derivative Instruments - 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, 2025	Dec. 31, 2024
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 35.5	$ 41.2
Buy \| Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	0.0	0.0
Buy \| Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	16.8	14.0
Buy \| Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	18.7	27.2
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	57.8	28.9
Sell \| Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	57.8	28.9
Sell \| Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	0.0	0.0
Sell \| Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 0.0	$ 0.0

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2025
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. For product liability claims, the Company self insures a portion of its product liability loss exposure. The Company has established reserves and insurance coverage that it believes are adequate to cover incurred claims. For the years ended December 31, 2025 and 2024, the Company had $125 million of product liability insurance for individual losses in excess of $7.5 million. At December 31, 2025 and 2024, the reserve for product liability was $26.6 million and $26.3 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 certain 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, 2025, is $211.7 million, most of which will be ordered in 2026. Inventory Repurchase Arrangements The Company maintained 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 offered order-entry, warehousing and logistics support. The Provider also offered 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 collateralized lending facilities in place with multiple Chinese banks under which the Company 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. As of December 31, 2025, the Company terminated the arrangement with the Provider. Existing loan balances will be paid down throughout 2026 with no new loans offered. Before considering any reduction of distributor rebate accruals of $1.9 million and $2.0 million as of December 31, 2025 and December 31, 2024, 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 $2.1 million and $2.9 million as of December 31, 2025 and December 31, 2024, respectively. The Company’s reserves for estimated losses under repurchase arrangements were immaterial as of December 31, 2025 and December 31, 2024.

Income Taxes - Reconciliation of Net Operating Losses, Tax Credit and Valuation Allowances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Reconciliation Of Net Operating Losses And Tax Credits [Roll Forward]
Beginning balance	$ 9.7	$ 12.3
Change in balance	13.0	(2.6)
Ending balance	22.7	9.7
Reconciliation Of Valuation Allowance, Deferred Tax Asset [Roll Forward]
Beginning balance	6.1	11.7
Change in balance	4.3	(5.6)
Ending balance	$ 10.4	$ 6.1

Revenue Recognition - Narrative (Details) $ in Millions	12 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) segment distributor	Dec. 31, 2024 USD ($)
Disaggregation of Revenue [Line Items]
Customer deposits liability	$ 34.2	$ 54.4
Allowance for doubtful accounts	$ 14.1	$ 12.9
Number of reporting segments \| segment	2
Water Heaters \| North America
Disaggregation of Revenue [Line Items]
Number of wholesale distributors \| distributor	800
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	90 days

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

Schedule of 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,
	2025		2024
Cumulative foreign currency translation
Balance at beginning of period	$	(104.3)	$	(80.3)
Other comprehensive gain (loss) before reclassifications	13.1		(24.0)
Balance at end of period	(91.2)		(104.3)
Unrealized net (loss) gain on cash flow derivatives
Balance at beginning of period	(1.5)		0.7
Other comprehensive gain (loss) before reclassifications	2.5		(0.5)
Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $0.4 in 2025 and $0.5 in 2024, respectively)(1)	(1.2)		(1.7)
Balance at end of period	(0.2)		(1.5)
Pension liability
Balance at beginning of period	(6.1)		(4.6)
Other comprehensive loss before reclassifications	(1.4)		(1.8)
Amounts reclassified from accumulated other comprehensive loss(1)	0.3		0.3
Balance at end of period	(7.2)		(6.1)
Total accumulated other comprehensive loss, end of period	$	(98.6)	$	(111.9)

(1)Amounts reclassified from accumulated other comprehensive loss:


Realized gains on derivatives reclassified to cost of products sold	$	(1.6)	$	(2.2)
Tax provision	0.4		0.5
Reclassification net of tax	$	(1.2)	$	(1.7)
Amortization of pension items:
Actuarial losses	$	0.3	$	0.3
Prior year service cost	0.1		0.1
	0.4		0.4
Tax benefit	(0.1)		(0.1)
Reclassification net of tax	$	0.3	$	0.3

Restructuring and Impairment Expenses (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Reserve

The following table presents an analysis of the Company’s restructuring reserve for the years ended December 31, 2025, 2024, and 2023:


(dollars in millions)	Severance Costs		Other Restructuring Expenses		Non-cash Impairments		Total
Balance at December 31, 2023	$	0.3	$	2.9	$	—	$	3.2
Charges	12.1		0.8		4.7		17.6
Cash payments	(3.5)		(2.2)		—		(5.7)
Non-cash and other adjustments	—		—		(4.7)		(4.7)
Balance at December 31, 2024	8.9		1.5		—		10.4
Charges	—		—		—		—
Cash payments	(8.9)		(0.8)		—		(9.7)
Non-cash and other adjustments	—		—		—		—
Balance at December 31, 2025	—		0.7		—		0.7

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Valuation allowance for trade and notes receivable
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 12.9	$ 10.1	$ 9.5
Charged to Costs and Expenses	1.9	3.1	1.1
Acquisition of Businesses	0.0	0.0	0.0
Deductions	(0.7)	(0.3)	(0.5)
Balance at End of Year	14.1	12.9	10.1
Valuation allowance for deferred tax assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	6.1	11.7	8.3
Charged to Costs and Expenses	4.3	0.0	3.4
Acquisition of Businesses	0.0	0.0	0.0
Deductions	0.0	(5.6)	0.0
Balance at End of Year	$ 10.4	$ 6.1	$ 11.7

Organization and Significant Accounting Policies - Computation of Basic and Diluted Weighted-Average Shares Used in Earnings per Share Calculations (Details) - shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Denominator for basic earnings per share - weighted-average shares outstanding (in shares)	141,029,845	145,997,584	149,952,679
Effect of dilutive stock options, restricted stock and share units (in shares)	884,995	1,086,496	1,062,895
Denominator for diluted earnings per share (in shares)	141,914,840	147,084,080	151,015,574

Operations by Segment

12 Months Ended

Dec. 31, 2025

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, India, and Europe. 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 Company’s Chief Executive Officer (CEO) is the Chief Operating Decision Maker (CODM). The CODM allocates resources and makes operating decisions based on the financial information presented by the two reporting segments. The measures regularly reviewed by our CODM include segment sales, earnings, and segment margin. Segment earnings, defined by the Company as earnings before interest expense, taxes, corporate expense, and corporate research and development expenses, were used to measure the performance of the segments. Our CODM uses these financial measures to evaluate and allocate capital and company resources as critical determinants of segment performance.

The accounting policies of the reportable segments are the same as those described in the “Summary of Significant Accounting Policies” outlined in Note 1 - Organization and Significant Accounting Policies.


	December 31, 2025
(dollars in millions)	North America		Rest of World		Inter-segment Elimination		Total Segments		Less: Corporate Expenses		Total
Sales from external customers	$	2,964.4	$	865.8	$	—	$	3,830.2	$	—	$	3,830.2
Inter-segment sales	19.8		14.6		—		34.4		—		34.4
	2,984.2		880.4		—		3,864.6		—		3,864.6
Elimination of Inter-segment sales	(19.8)		(14.6)		—		(34.4)		—		(34.4)
Net Sales	2,964.4		865.8		—		3,830.2		—		3,830.2
Cost of products sold	1,792.2		550.6		—		2,342.8		—		2,342.8
Gross Profit	1,172.2		315.2		—		1,487.4		—		1,487.4
Inter-segment Profit	—		0.2		(0.2)		—		—		—
Selling, general and administrative expenses	444.3		235.9		—		680.2		79.2		759.4
Other expense (income), net(1)	—		3.1		—		3.1		(3.7)		(0.6)
Earnings	$	727.9	$	76.4	$	(0.2)	$	804.1	$	(75.5)	$	728.6
Interest expense											(13.5)
Earnings before provision for income taxes											$	715.1

(1)Other expense (income), net consists primarily of interest income that is located within Corporate Expenses.


	December 31, 2024
(dollars in millions)	North America		Rest of World		Inter-segment Elimination		Total Segments		Less: Corporate Expenses		Total
Sales from external customers	$	2,928.1	$	890.0	$	—	$	3,818.1	$	—	$	3,818.1
Inter-segment sales	22.0		28.6		—		50.6		—		50.6
	2,950.1		918.6		—		3,868.7		—		3,868.7
Elimination of Inter-segment sales	(22.0)		(28.6)		—		(50.6)		—		(50.6)
Net Sales	2,928.1		890.0		—		3,818.1		—		3,818.1
Cost of products sold	1,780.1		581.9		—		2,362.0		—		2,362.0
Gross Profit	1,148.0		308.1		—		1,456.1		—		1,456.1
Inter-segment Profit	—		0.4		(0.4)		—		—		—
Selling, general and administrative expenses	433.2		235.0		—		668.2		71.1		739.3
Restructuring and impairment expense	6.3		11.3		—		17.6		—		17.6
Other expense (income), net(2)	1.0		(2.3)		—		(1.3)		(7.2)		(8.5)
Earnings	$	707.5	$	64.5	$	(0.4)	$	771.6	$	(63.9)	$	707.7
Interest expense											(6.7)
Earnings before provision for income taxes											$	701.0

(2)Other expense (income), net consists primarily of interest income that is located within Corporate Expenses.


	December 31, 2023
(dollars in millions)	North America		Rest of World		Inter-segment Elimination		Total Segments		Less: Corporate Expenses		Total
Sales from external customers	$	2,904.3	$	948.5	$	—	$	3,852.8	$	—	$	3,852.8
Inter-segment sales	18.6		8.4		—		27.0		—		27.0
	2,922.9		956.9		—		3,879.8		—		3,879.8
Elimination of Inter-segment sales	(18.6)		(8.4)		—		(27.0)		—		(27.0)
Net Sales	2,904.3		948.5		—		3,852.8		—		3,852.8
Cost of products sold	1,761.1		607.0		—		2,368.1		(0.1)		2,368.0
Gross Profit	1,143.2		341.5		—		1,484.7		0.1		1,484.8
Inter-segment Profit	—		0.5		(0.5)		—		—		—
Selling, general and administrative expenses	411.6		243.0		—		654.6		72.8		727.4
Restructuring and impairment expense	—		15.7		—		15.7		3.1		18.8
Other expense (income), net(3)	4.9		(0.1)		—		4.8		(11.7)		(6.9)
Earnings	$	726.7	$	83.4	$	(0.5)	$	809.6	$	(64.1)	$	745.5
Interest expense											(12.0)
Earnings before provision for income taxes											$	733.5

(3)Other expense (income), net consists primarily of interest income that is located within Corporate Expenses.

In 2025, sales to the Company's North America segment’s two largest customers were $599.7 million and $467.8 million which represented 16 percent and 12 percent of the Company’s net sales, respectively. In 2024, sales to the Company's North America segment’s two largest customers were $586.6 million and $495.8 million which represented 15 percent and 13 percent of the Company’s net sales, respectively. In 2023, sales to the Company's North America segment’s two largest customers were $604.5 million and $509.0 million which represented 16 percent and 13 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)	2025		2024		2023		2025		2024		2023		2025		2024		2023
North America	$	2,325.7	$	2,315.2	$	2,297.4	$	64.1	$	60.4	$	58.6	$	60.6	$	100.3	$	58.4
Rest of World	547.3		592.1		475.0		19.6		17.0		18.3		10.2		7.6		11.0
Total Segments	2,873.0		2,907.3		2,772.4		83.7		77.4		76.9		70.8		107.9		69.4
Corporate(1)	269.8		332.7		441.5		1.4		1.4		1.4		—		0.1		3.2
Total	$	3,142.8	$	3,240.0	$	3,213.9	$	85.1	$	78.8	$	78.3	$	70.8	$	108.0	$	72.6

(1)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)	2025		2024		2023			2025		2024		2023
United States	$	447.7	$	441.4	$	422.6	United States	$	2,619.1	$	2,573.7	$	2,547.1
China	193.6		193.8		210.6		China	672.8		760.0		827.4
Canada	56.7		54.0		58.1		Canada	326.5		331.2		335.3
Other Foreign	80.4		75.1		52.1		Other Foreign	211.8		153.2		143.0
Total	$	778.4	$	764.3	$	743.4	Total	$	3,830.2	$	3,818.1	$	3,852.8

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 280
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-Name Accounting Standards Codification
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+ Details

Derivative Instruments - Effect of Cash Flow Hedges on the Consolidated Statement of Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	$ 3.5	$ (1.2)
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	1.2	2.1
Interest Expense
Derivative [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	(0.4)	(0.1)
Foreign currency contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	4.0	(0.7)
Foreign currency contracts \| Cost of products sold
Derivative [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	1.6	2.2
Interest rate swaps
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	$ (0.5)	$ (0.5)

Organization and Significant Accounting Policies - Company's Product Warranty Liability Activity (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 190.4	$ 188.1
Expense	84.2	81.1
Claims settled	(66.0)	(78.8)
Acquired obligations	1.1	0.0
Balance at end of year	$ 209.7	$ 190.4

Derivative Instruments - Narrative (Details) ¥ in Millions, $ in Millions, ₨ in Billions	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2025 INR (₨)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 INR (₨)	Dec. 31, 2024 CNY (¥)
Trading Activity, Gains and Losses, Net [Line Items]
Currency translation gains (losses)	$ 13.1	$ (24.0)	$ 3.8
Foreign currency contracts \| Designated as Hedging Instrument
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, assets	$ 1.0
Fair value of derivative instruments, liabilities		$ 1.4			¥ 0.0		¥ 0.0
Interest rate swaps \| Designated as Hedging Instrument
Trading Activity, Gains and Losses, Net [Line Items]
Contractual amounts \| ₨				₨ 4.2		₨ 4.2
Aggregate effective interest rate	8.25%	8.25%		8.25%	8.25%	8.25%	8.25%
Interest rate derivative liabilities, at fair value	$ 1.0	$ 0.5
Foreign currency forward contracts \| Designated as Hedging Instrument \| Non-US \| Net Investment Hedging
Trading Activity, Gains and Losses, Net [Line Items]
Contractual amounts \| ¥					¥ 1,500.0		¥ 1,500.0
Currency translation gains (losses)	$ (8.8)	$ 2.3
Commodity Futures Contracts
Trading Activity, Gains and Losses, Net [Line Items]
Reclassification period for effective portion of contract, in years	1 year

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Statements of Cash Flows - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Cash interest paid	$ 13.5	$ 6.7	$ 12.3
Cash, cash equivalents and marketable securities	193.2	276.1
Subsidiaries \| Non-US
Cash and Cash Equivalents [Line Items]
Cash, cash equivalents and marketable securities	$ 140.1	$ 205.7

Income Taxes - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Undistributed earnings of foreign subsidiaries, including not permanently and permanently reinvested	$ 633.1
Undistributed foreign earnings	4.8	$ 3.5
Undistributed earnings of foreign subsidiaries, not permanently reinvested	93.0
Undistributed earnings of foreign subsidiaries, permanently reinvested	$ 540.1
Percentage of federal income tax liability offset by dividend received deduction	1
Unrecognized tax benefits that would affect the effective tax rate, if recognized	$ 4.9

Income Taxes - Components of Earning Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
U.S.	$ 586.0	$ 577.2	$ 596.4
International	129.1	123.8	137.1
Earnings before provision for income taxes	$ 715.1	$ 701.0	$ 733.5

- 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.

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+ Details

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]
Balance at January 1	$ 16.2	$ 17.2
Change to tax positions from prior years	(3.2)	(1.0)
Balance at December 31	$ 13.0	$ 16.2

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Product Warranty Liability Activity

The following table presents the Company’s product warranty liability activity in 2025 and 2024:


Years ended December 31 (dollars in millions)	2025		2024
Balance at beginning of year	$	190.4	$	188.1
Expense	84.2		81.1
Claims settled	(66.0)		(78.8)
Acquired obligations	1.1		—
Balance at end of year	$	209.7	$	190.4

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, 2025		December 31, 2024
Quoted prices in active markets for identical assets (Level 1)	Marketable Securities	$	18.7	$	36.5
Significant other observable inputs (Level 2)	Accrued liabilities	—		(1.9)

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:


	2025	2024	2023
Denominator for basic earnings per share - weighted-average shares outstanding	141,029,845	145,997,584	149,952,679
Effect of dilutive stock options, restricted stock and share units	884,995	1,086,496	1,062,895
Denominator for diluted earnings per share	141,914,840	147,084,080	151,015,574

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2025
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 6, 2026, the Company completed the acquisition of LVC Holdco LLC (“Leonard Valve”). The transaction was completed for $470.0 million, subject to customary adjustments. The all-cash transaction is valued at approximately $412.0 million after adjusting for estimated tax benefits and was funded with cash borrowed under a new credit agreement. The Company has not completed the analysis of identifying and estimating the fair value of identifiable intangible assets acquired. We anticipate preparing a preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed by the end of the second quarter of fiscal 2026. The measurement period for the valuation of net assets acquired ends as soon as information on the facts and circumstances that existed as of the acquisition date becomes available, but not to exceed 12 months following the acquisition date. Adjustments in purchase price allocations may require a change in the amounts allocated to net assets acquired during the periods in which the adjustments are determined. On January 29, 2026, the Company identified a compromise to a portion of the Ashland City, Tennessee facility roof structure due to a severe ice and snow weather event. For safety purposes, production has been halted temporarily in the area of the facility impacted while remediation activities are underway. The Company has shifted certain production activities to other facilities to address the temporary impact. The Company has insurance coverage for the repair of the assets that were impacted and is working closely with its insurance carrier and claims adjusters to ensure financial recovery due to the event. The Company’s insurance policies also provide business interruption coverage, including lost profits, and the reimbursement of other expenses and costs to be incurred relating to the damages and losses suffered. The Company’s evaluation of the situation and associated remediation activities is ongoing. As of the date of this filing, the Company does not expect the event to result in a material impact on its financial results.

Stock Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation

The Company adopted the A. O. Smith Combined Incentive Compensation Plan (the Incentive Plan) effective January 1, 2007, and 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, 2025, was 2,028,442 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 2025, 2024 and 2023 was $13.8 million, $14.9 million and $11.5 million, respectively.

Stock Options

Beginning in 2023, the Company no longer grants stock options. For active employees, all options granted expire ten years after the date of grant. Stock based compensation expense attributable to stock options for 2025, 2024 and 2023 was $0.1 million, $0.6 million and $1.2 million, respectively.

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


Years Ended December 31	2025			2024			2023
	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	1,395,841	$	55.07	1,872,553	$	52.93	2,481,606	$	51.22
Exercised(1)	(83,712)	39.60		(473,452)	46.46		(600,344)	45.68
Forfeited	(15,300)	53.00		(3,260)	74.27		(8,709)	66.96
Outstanding at end of year(2)	1,296,829	56.10		1,395,841	55.07		1,872,553	52.93
Exercisable at end of year(3)	1,296,829	56.10		1,295,061	53.59		1,549,749	49.51

(1)The total intrinsic value of options exercised in 2025, 2024 and 2023 was $2.0 million, $18.0 million and $15.0 million, respectively.

(2)The weighted average remaining contractual life of options outstanding was 5 years at December 31, 2025, 6 years at December 31, 2024 and 7 years at December 31, 2023, respectively. The aggregate intrinsic value of options outstanding at December 31, 2025 was $16.0 million.

(3)The weighted average remaining contractual life of options exercisable was 5 years at December 31, 2025, and 6 years at December 31, 2024 and December 31, 2023, respectively. The aggregate intrinsic value of options exercisable at December 31, 2025 was $16.0 million.


	Number of Options	Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year	100,780	$	74.10
Vested	(100,780)	74.10
Nonvested options at end of year	—	—

Share Units

Participants in the Incentive Plan may also be awarded share units. Share units vest three years after the date of grant. The Company granted 269,545, 195,497 and 168,807 share units under the Incentive Plan in 2025, 2024 and 2023, respectively.

The share units were valued at $17.9 million, $16.1 million and $11.3 million at the date of issuance in 2025, 2024 and 2023, 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 $11.2 million, $12.5 million and $9.6 million was recognized in 2025, 2024 and 2023, 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, 2025	469,269	$	71.50
Granted	269,545	66.28
Vested	(87,790)	72.78
Forfeited	(19,717)	70.21
Issued and unvested at December 31, 2025	631,307	68.92

Performance Stock Units

Beginning in 2023, certain executives may be awarded performance stock units under the Incentive Plan. Performance stock units vest over three years following the date of the grant. Performance stock units vest under a set of measurement criteria which are based upon achievement of certain Sustainability targets. Potential payouts range from zero to 150 percent of the target awards and changes from target amounts are reflected as performance adjustments. The Company granted 38,435, 29,475 and 24,580 performance stock units under the Incentive Plan in 2025, 2024 and 2023, respectively.

The performance stock units were valued at $2.5 million, $2.4 million and $1.7 million at the date of issuance in 2025, 2024 and 2023, respectively, based on the price of the Company’s Common Stock at the date of grant. The performance stock units are recognized as compensation expense ratably over the three-year vesting period. Stock based compensation expense attributable to performance stock units of $2.5 million, $1.8 million and $0.7 million was recognized in 2025, 2024 and 2023, respectively. Certain non-U.S.-based executives 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 stock unit activity under the Incentive Plan is as follows:


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2025	74,398	$	75.40
Granted	38,435	65.68
Forfeited	(3,131)	70.78

Issued and unvested at December 31, 2025	109,702	72.12

Income Taxes - Components of Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current:
Federal	$ 99.8	$ 124.3	$ 124.9
State	25.4	25.2	28.3
International	34.8	22.5	27.5
Deferred:
Federal	11.9	(4.4)	(4.8)
State	2.1	(0.5)	(1.8)
International	(5.1)	0.3	2.8
Provision for income taxes	$ 168.9	$ 167.4	$ 176.9

- Definition

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

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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Operations by Segment - Assets, Depreciation And Capital Expenditure By Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Total Assets	$ 3,142.8	$ 3,240.0	$ 3,213.9
Depreciation and amortization	85.1	78.8	78.3
Capital Expenditures	70.8	108.0	72.6
Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,873.0	2,907.3	2,772.4
Depreciation and amortization	83.7	77.4	76.9
Capital Expenditures	70.8	107.9	69.4
Corporate
Segment Reporting Information [Line Items]
Total Assets	269.8	332.7	441.5
Depreciation and amortization	1.4	1.4	1.4
Capital Expenditures	0.0	0.1	3.2
North America \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	2,325.7	2,315.2	2,297.4
Depreciation and amortization	64.1	60.4	58.6
Capital Expenditures	60.6	100.3	58.4
Rest of World \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	547.3	592.1	475.0
Depreciation and amortization	19.6	17.0	18.3
Capital Expenditures	$ 10.2	$ 7.6	$ 11.0

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

Income Taxes - Provision for (Benefit from) Income Taxes Differs From The U.S. Federal Statutory Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dollars
U.S. federal statutory tax rate	$ 150.2	$ 147.2	$ 154.0
State and local income tax, net of federal (national) benefit	21.0	18.1	21.0
Provision for income taxes	$ 168.9	$ 167.4	$ 176.9
Percentages
U.S. federal statutory tax rate	21.00%	21.00%	21.00%
State and local income tax, net of federal (national) benefit	2.90%	2.60%	2.90%
Effective income tax rate	23.60%	23.90%	24.10%
China
Dollars
Tax benefit from research and development expenditures	$ (8.5)	$ (7.9)	$ (10.1)
Other Adjustments	$ 4.2	$ 3.2	$ 5.3
Percentages
Tax benefit from research and development expenditures	(1.20%)	(1.10%)	(1.40%)
Other Adjustments	0.60%	0.50%	0.70%
Other foreign jurisdictions
Dollars
Other foreign jurisdictions	$ 6.8	$ 1.5	$ 6.2
Percentages
Other foreign jurisdictions	1.00%	0.20%	0.90%
United States
Dollars
Other Adjustments	$ (4.8)	$ 5.3	$ 0.5
Percentages
Other Adjustments	(0.70%)	0.70%	0.00%

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

The components of the provision for income taxes consisted of the following:


Years ended December 31 (dollars in millions)	2025		2024		2023
Current:
Federal	$	99.8	$	124.3	$	124.9
State	25.4		25.2		28.3
International	34.8		22.5		27.5
Deferred:
Federal	11.9		(4.4)		(4.8)
State	2.1		(0.5)		(1.8)
International	(5.1)		0.3		2.8
	$	168.9	$	167.4	$	176.9

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


Years ended December 31	2025				2024				2023
	Dollars		Percentages		Dollars		Percentages		Dollars		Percentages
U.S. federal statutory tax rate	$	150.2	21.0	%	$	147.2	21.0	%	$	154.0	21.0	%
State and local income tax, net of federal (national) benefit (1)	21.0		2.9		18.1		2.6		21.0		2.9
Foreign tax effects
China
Tax benefit from research and development expenditures	(8.5)		(1.2)		(7.9)		(1.1)		(10.1)		(1.4)
Other	4.2		0.6		3.2		0.5		5.3		0.7
Other foreign jurisdictions	6.8		1.0		1.5		0.2		6.2		0.9
Other Adjustments	(4.8)		(0.7)		5.3		0.7		0.5		0.0
	$	168.9	23.6	%	$	167.4	23.9	%	$	176.9	24.1	%

(1)The state and local jurisdictions that contribute to the majority (greater than 50%) of the tax effect in this category include California, Florida, Illinois, Massachusetts, Maryland, New Jersey, New York and New York City for 2025, California, Illinois, Maryland, Michigan, New Jersey, New York, Pennsylvania and Tennessee for 2024 and California, Florida, Illinois, Massachusetts, New Jersey, New York, Pennsylvania and Tennessee for 2023.

Components of earnings before income taxes were as follows:


Years ended December 31 (dollars in millions)	2025		2024		2023
U.S.	$	586.0	$	577.2	$	596.4
International	129.1		123.8		137.1
	$	715.1	$	701.0	$	733.5

The cash taxes paid by the Company were as follows:


Years ended December 31 (dollars in millions)	2025		2024		2023
Federal	$	119.2	$	136.1	$	134.8
State	21.7		28.2		25.7
International
Canada	11.4		11.4		11.6
China	9.3		8.3		15.0
Other foreign jurisdictions	3.6		3.7		2.4
	$	165.2	$	187.7	$	189.5

Undistributed earnings of the Company’s foreign subsidiaries amounted to $633.1 million at December 31, 2025. The Company had $4.8 million accrued for its estimate of withholding taxes due upon repatriation of approximately $93.0 million of foreign earnings it considers not permanently reinvested as of December 31, 2025. The Company considers $540.1 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 percent 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)	2025				2024
	Assets		Liabilities		Assets		Liabilities
Employee benefits	$	18.7	$	—	$	16.7	$	—
Product liability and warranties	55.9		—		51.6		—
Inventories	3.1		—		2.0		—
Accounts receivable	12.4		—		12.0		—
Property, plant and equipment	—		51.9		—		49.8
Intangibles	—		80.9		—		58.6
Environmental liabilities	1.3		—		1.4		—
Undistributed foreign earnings	—		4.8		—		3.5
Tax loss and credit carryovers	22.7		—		9.7		—
All other	11.2		—		11.0		—
Valuation allowance	(10.4)		—		(6.1)		—
	$	114.9	$	137.6	$	98.3	$	111.9
Net liability			$	22.7			$	13.6

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)	2025		2024		2025		2024
Beginning balance	$	9.7	$	12.3	$	6.1	$	11.7
Change in balance	13.0		(2.6)		4.3		(5.6)
Ending balance	$	22.7	$	9.7	$	10.4	$	6.1

The Company has foreign net operating loss carryovers that expire in 2026 through 2031, with some net operating losses being carried forward indefinitely and state and local net operating loss carryovers that are carried forward indefinitely.

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


(dollars in millions)	2025		2024
Balance at January 1	$	16.2	$	17.2
Change to tax positions from prior years	(3.2)		(1.0)
Balance at December 31	$	13.0	$	16.2

The amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate is $4.9 million. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. At December 31, 2025, 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 2026. 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 2022-2025 and 2010-2025, respectively. The Company is subject to examinations in foreign tax jurisdictions for the years 2019-2025. 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Section 50
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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net Earnings	$ 546.2	$ 533.6	$ 556.6
Other comprehensive earnings (loss)
Foreign currency translation adjustments	13.1	(24.0)	3.8
Unrealized net gain (loss) on cash flow derivative instruments, less related income tax (provision) benefit of $(0.4) in 2025, $0.7 in 2024 and $1.4 in 2023	1.3	(2.2)	(4.2)
Change in pension liability less related income tax benefit of $0.4 in 2025, $0.5 in 2024 and $0.5 in 2023	(1.1)	(1.5)	(1.4)
Comprehensive Earnings	$ 559.5	$ 505.9	$ 554.8

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

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+ Details

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Debt	$ 155.0	$ 193.2
Long-term debt due within one year	(42.3)	(10.0)
Long-term debt	$ 112.7	$ 183.2
Variable Rate Agreements
Debt Instrument [Line Items]
Average year-end interest rate	7.40%	8.00%
Debt	$ 46.6	$ 49.0
Fixed Rate Agreements
Debt Instrument [Line Items]
Average year-end interest rate	3.30%	3.10%
Debt	$ 108.4	$ 114.2
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Average year-end interest rate		5.30%
Debt	$ 0.0	$ 30.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

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

+ References

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 174.5	$ 239.6
Marketable securities	18.7	36.5
Receivables	582.3	541.4
Inventories	479.3	532.1
Other current assets	36.7	43.3
Total Current Assets	1,291.5	1,392.9
Net property, plant and equipment	635.1	628.7
Goodwill	710.6	761.7
Other intangibles	362.3	321.1
Operating lease assets	46.3	32.8
Other assets	97.0	102.8
Total Assets	3,142.8	3,240.0
Current Liabilities
Trade payables	504.1	588.7
Accrued payroll and benefits	93.6	78.5
Accrued liabilities	147.5	153.0
Product warranties	75.0	67.0
Long-term debt due within one year	42.3	10.0
Total Current Liabilities	862.5	897.2
Long-term debt	112.7	183.2
Product warranties	134.7	123.4
Pension liabilities	7.4	11.0
Long-term operating lease liabilities	37.1	23.5
Other liabilities	130.4	118.2
Total Liabilities	1,284.8	1,356.5
Commitments and contingencies	0.0	0.0
Stockholders’ Equity
Preferred Stock	0.0	0.0
Capital in excess of par value	614.4	601.3
Retained earnings	3,951.8	3,601.3
Accumulated other comprehensive loss	(98.6)	(111.9)
Treasury stock at cost	(2,904.3)	(2,502.0)
Total Stockholders’ Equity	1,858.0	1,883.5
Total Liabilities and Stockholders’ Equity	3,142.8	3,240.0
Class A Common Stock
Stockholders’ Equity
Common stock, value	130.0	130.1
Common Stock
Stockholders’ Equity
Common stock, value	$ 164.7	$ 164.7

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill during the years ended December 31, 2025 and 2024 consisted of the following:


(dollars in millions)	North America		Rest of World		Total
Balance at December 31, 2023	$	574.9	$	58.5	$	633.4
Currency translation adjustment	(8.7)		(1.4)		(10.1)
Acquisitions	20.5		117.9		138.4
Balance at December 31, 2024	586.7		175.0		761.7
Currency translation adjustment	4.8		(2.0)		2.8

Acquisition adjustments(1)	—		(53.9)		(53.9)
Balance at December 31, 2025	$	591.5	$	119.1	$	710.6

(1)Measurement period adjustments related to the 2024 acquisitions which impacted the amount of goodwill originally reported.

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


	2025						2024
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization		Net		Gross Carrying Amount		Accumulated Amortization		Net
Amortizable intangible assets:
Patents	$	7.4	$	(4.2)	$	3.2	$	3.7	$	(3.7)	$	—
Customer lists	291.7		(201.6)		90.1		287.5		(187.3)		100.2
Total amortizable intangible assets	299.1		(205.8)		93.3		291.2		(191.0)		100.2
Indefinite-lived intangible assets:
Trade names	269.0		—		269.0		220.9		—		220.9
Total intangible assets	$	568.1	$	(205.8)	$	362.3	$	512.1	$	(191.0)	$	321.1

Amortization expenses of other intangible assets of $14.8 million, $12.7 million, and $12.6 million were recorded in 2025, 2024 and 2023, respectively. In the future, excluding the impact of any future acquisitions, the Company expects amortization expense of approximately $14.5 million annually and the intangible assets will be amortized over a weighted-average period of 9 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 2025, 2024 and 2023. No impairments of other intangible assets were recorded in 2025, 2024 and 2023.

Operations by Segment - Narrative (Details) $ in Millions	12 Months Ended
Operations by Segment - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reporting segments \| segment	2
Net sales	$ 3,830.2	$ 3,818.1	$ 3,852.8
North America
Segment Reporting Information [Line Items]
Net sales	2,964.4	2,928.1	2,904.3
North America \| Geographic Concentration Risk \| Customer One \| Sales Revenue, Net
Segment Reporting Information [Line Items]
Net sales	$ 599.7	$ 586.6	$ 604.5
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	$ 467.8	$ 495.8	$ 509.0
Concentration risk percentage	12.00%	13.00%	13.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- 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.

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+ Details

Restructuring and Impairment Expenses

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Impairment Expenses

2024 Restructuring and Impairment Expenses

The Company recognized $17.6 million of restructuring and impairment expenses during the year ended December 31, 2024. These expenses were comprised of $12.1 million in severance costs, $0.8 million of other restructuring expenses, and asset impairments of $4.7 million, as well as a corresponding $3.2 million tax benefit.

Of the $17.6 million expense recognized during the year ended December 31, 2024, $6.3 million was related to the Company’s water treatment business in the North America segment and was a result of a profitability improvement strategy that prioritizes improving its cost structure. In the Rest of World segment, severance costs in China of $11.3 million was related to the right sizing of that business for current market conditions.

2023 Restructuring and Impairment Expenses

In 2023, the Company determined that its business in Turkey (disposal group) included in the Rest of World segment met the criteria to be classified as held for sale. The Company determined the fair value of the disposal group, less cost to sell, was lower than its carrying amount. As a result the Company recorded an impairment expense of $15.6 million, of which $12.5 million was recorded in the Rest of World segment, and $3.1 million was recorded in Corporate Expense. The impairment was recorded as a net reduction of $4.5 million to the assets and liabilities and $11.1 million for the anticipated liquidation of the cumulative foreign currency translation adjustment associated with the disposal group. The remaining carrying value of the disposal group was $0.6 million and classified as held for sale. During 2023, the Company sold the disposal group for an amount that approximated the carrying value of the net assets. Upon closing of the sale in the second quarter of 2023, the Company released $11.0 million of foreign currency translation losses from accumulated other comprehensive loss.

Also in 2023, the Company recorded $3.2 million of restructuring expense related to the exit of a business within the Far East region.

The following table presents an analysis of the Company’s restructuring reserve for the years ended December 31, 2025, 2024, and 2023:


(dollars in millions)	Severance Costs		Other Restructuring Expenses		Non-cash Impairments		Total
Balance at December 31, 2023	$	0.3	$	2.9	$	—	$	3.2
Charges	12.1		0.8		4.7		17.6
Cash payments	(3.5)		(2.2)		—		(5.7)
Non-cash and other adjustments	—		—		(4.7)		(4.7)
Balance at December 31, 2024	8.9		1.5		—		10.4
Charges	—		—		—		—
Cash payments	(8.9)		(0.8)		—		(9.7)
Non-cash and other adjustments	—		—		—		—
Balance at December 31, 2025	—		0.7		—		0.7

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Milwaukee, Wisconsin
Auditor Firm ID	42

Debt - Schedule of Maturities of Long Term Debt (Details) $ in Millions	Dec. 31, 2025 USD ($)
Amount
2026	$ 42.3
2027	39.9
2028	24.9
2029	24.9
2030	$ 10.0

Organization and Significant Accounting Policies - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
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	$ 18.7	$ 36.5
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	$ 0.0	$ (1.9)

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2025
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

Stock Based Compensation - Share Unit Activity Under Plan (Details) - Share Units - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Units
Issued and unvested at beginning of year (in shares)	469,269
Granted (in shares)	269,545	195,497	168,807
Vested (in shares)	(87,790)
Forfeited (in shares)	(19,717)
Issued and unvested at end of year (in shares)	631,307	469,269
Weighted-Average Grant Date Value
Issued and unvested at beginning of year (in dollars per share)	$ 71.50
Granted (in dollars per share)	66.28
Vested (in dollars per share)	72.78
Forfeited (in dollars per share)	70.21
Issued and unvested at end of year (in dollars per share)	$ 68.92	$ 71.50

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes consisted of the following:


Years ended December 31 (dollars in millions)	2025		2024		2023
Current:
Federal	$	99.8	$	124.3	$	124.9
State	25.4		25.2		28.3
International	34.8		22.5		27.5
Deferred:
Federal	11.9		(4.4)		(4.8)
State	2.1		(0.5)		(1.8)
International	(5.1)		0.3		2.8
	$	168.9	$	167.4	$	176.9

Schedule of Difference Between Provision for (Benefit From) Income Taxes and U.S. Federal Statutory Rate

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


Years ended December 31	2025				2024				2023
	Dollars		Percentages		Dollars		Percentages		Dollars		Percentages
U.S. federal statutory tax rate	$	150.2	21.0	%	$	147.2	21.0	%	$	154.0	21.0	%
State and local income tax, net of federal (national) benefit (1)	21.0		2.9		18.1		2.6		21.0		2.9
Foreign tax effects
China
Tax benefit from research and development expenditures	(8.5)		(1.2)		(7.9)		(1.1)		(10.1)		(1.4)
Other	4.2		0.6		3.2		0.5		5.3		0.7
Other foreign jurisdictions	6.8		1.0		1.5		0.2		6.2		0.9
Other Adjustments	(4.8)		(0.7)		5.3		0.7		0.5		0.0
	$	168.9	23.6	%	$	167.4	23.9	%	$	176.9	24.1	%

Schedule of Components of Earnings Before Income Taxes

Components of earnings before income taxes were as follows:


Years ended December 31 (dollars in millions)	2025		2024		2023
U.S.	$	586.0	$	577.2	$	596.4
International	129.1		123.8		137.1
	$	715.1	$	701.0	$	733.5

Schedule of Income Tax Paid

Supplemental cash flow information is as follows:


Years ended December 31 (dollars in millions)	2025		2024		2023
Net change in current assets and liabilities, net of acquisitions:
Receivables	$	(36.4)	$	49.0	$	(16.4)
Inventories	56.9		(40.5)		18.1
Other current assets	8.3		7.1		7.2
Trade payables	(97.9)		(5.9)		(21.4)
Accrued liabilities, including payroll and benefits	16.5		(32.9)		28.4
Income taxes	(3.1)		0.6		4.1
	$	(55.7)	$	(22.6)	$	20.0

The cash taxes paid by the Company were as follows:


Years ended December 31 (dollars in millions)	2025		2024		2023
Federal	$	119.2	$	136.1	$	134.8
State	21.7		28.2		25.7
International
Canada	11.4		11.4		11.6
China	9.3		8.3		15.0
Other foreign jurisdictions	3.6		3.7		2.4
	$	165.2	$	187.7	$	189.5

Schedule of 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)	2025				2024
	Assets		Liabilities		Assets		Liabilities
Employee benefits	$	18.7	$	—	$	16.7	$	—
Product liability and warranties	55.9		—		51.6		—
Inventories	3.1		—		2.0		—
Accounts receivable	12.4		—		12.0		—
Property, plant and equipment	—		51.9		—		49.8
Intangibles	—		80.9		—		58.6
Environmental liabilities	1.3		—		1.4		—
Undistributed foreign earnings	—		4.8		—		3.5
Tax loss and credit carryovers	22.7		—		9.7		—
All other	11.2		—		11.0		—
Valuation allowance	(10.4)		—		(6.1)		—
	$	114.9	$	137.6	$	98.3	$	111.9
Net liability			$	22.7			$	13.6

Schedule of 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)	2025		2024		2025		2024
Beginning balance	$	9.7	$	12.3	$	6.1	$	11.7
Change in balance	13.0		(2.6)		4.3		(5.6)
Ending balance	$	22.7	$	9.7	$	10.4	$	6.1

Schedule of Reconciliation of Unrecognized Tax Benefits

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


(dollars in millions)	2025		2024
Balance at January 1	$	16.2	$	17.2
Change to tax positions from prior years	(3.2)		(1.0)
Balance at December 31	$	13.0	$	16.2

Revenue Recognition

12 Months Ended

Dec. 31, 2025

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 $34.2 million and $54.4 million at December 31, 2025 and December 31, 2024, 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 $14.1 million and $12.9 million at December 31, 2025 and December 31, 2024, respectively.

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, India, and Europe. 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 approximately 800 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, 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 heaters. 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)	2025		2024		2023
North America
Water heaters and related parts	$	2,460.1	$	2,441.7	$	2,456.9
Boilers and related parts	281.0		260.0		240.1
Water treatment products	243.1		248.4		225.9
Total North America	2,984.2		2,950.1		2,922.9
Rest of World
China	$	689.5	$	791.9	$	835.1
All other Rest of World(1)	190.9		126.7		121.8
Total Rest of World	880.4		918.6		956.9
Inter-segment sales	(34.4)		(50.6)		(27.0)
Total Net Sales	$	3,830.2	$	3,818.1	$	3,852.8

(1)Includes the results of Pureit from the fourth quarter 2024, the period 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

CONSOLIDATED STATEMENTS 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, 2022		$ 130.2	$ 164.7	$ 555.9	$ 2,885.0	$ (82.4)				$ (1,905.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.1)	0.0	0.1
Issuance of share units				(10.3)
Vesting of share units				(3.7)						3.7
Stock based compensation expense				10.4
Exercises of stock options				14.5						8.8
Issuance of share based compensation				11.3
Stock incentives and directors’ compensation										0.3
Net Earnings	$ 556.6				556.6
Dividends on stock					(183.5)
Change in other comprehensive income (loss), less tax							$ 3.8	$ (4.2)	$ (1.4)
Shares repurchased	(306.5)									(306.5)
Excise tax on repurchases of common stock										(3.1)
Balance at end of period at Dec. 31, 2023	1,844.4	130.1	164.7	578.2	3,258.1	(84.2)	(80.3)	0.7	(4.6)	(2,202.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		0.0	0.0	0.0
Issuance of share units				(15.0)
Vesting of share units				(2.5)						2.5
Stock based compensation expense				13.1
Exercises of stock options				11.4						6.6
Issuance of share based compensation				16.1
Stock incentives and directors’ compensation										0.2
Net Earnings	533.6				533.6
Dividends on stock					(190.4)
Change in other comprehensive income (loss), less tax							(24.0)	(2.2)	(1.5)
Shares repurchased	(305.8)									(305.8)
Excise tax on repurchases of common stock										(3.0)
Balance at end of period at Dec. 31, 2024	1,883.5	130.1	164.7	601.3	3,601.3	(111.9)	(104.3)	(1.5)	(6.1)	(2,502.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		(0.1)	0.0	0.1
Issuance of share units				(16.7)
Vesting of share units				(2.5)						2.4
Stock based compensation expense				13.2
Exercises of stock options				1.3						(0.2)
Issuance of share based compensation				17.7
Stock incentives and directors’ compensation										0.3
Net Earnings	546.2				546.2
Dividends on stock					(195.7)
Change in other comprehensive income (loss), less tax							13.1	1.3	(1.1)
Shares repurchased	(400.8)									(400.8)
Excise tax on repurchases of common stock										(4.0)
Balance at end of period at Dec. 31, 2025	$ 1,858.0	$ 130.0	$ 164.7	$ 614.4	$ 3,951.8	$ (98.6)	$ (91.2)	$ (0.2)	$ (7.2)	$ (2,904.3)

Stock Based Compensation - Nonvested Stock Options (Details)	12 Months Ended
	Dec. 31, 2025 $ / shares shares
Number of Options
Nonvested options at beginning of year (in shares) \| shares	100,780
Vested (in shares) \| shares	(100,780)
Nonvested options at end of year (in shares) \| shares	0
Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year (in dollars per share) \| $ / shares	$ 74.10
Vested (in dollars per share) \| $ / shares	74.10
Nonvested options at end of year (in dollars per share) \| $ / shares	$ 0

Stockholders' Equity

12 Months Ended

Dec. 31, 2025

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 21,286 shares during 2025, 8,307 shares during 2024 and 12,524 shares during 2023, 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 $1.38, $1.30 and $1.22 per share in 2025, 2024 and 2023, respectively.

In 2025, the Board of Directors approved adding 5,000,000 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 2025, the Company repurchased 5,942,601 shares at an average price of $67.44 per share and at a total cost of $400.8 million. As of December 31, 2025, there were 803,524 shares remaining on the existing repurchase authorization. In 2024, the Company repurchased 3,755,337 shares at a cost of $305.8 million. In 2023, the Company repurchased 4,377,000 shares at a cost of $306.5 million.

At December 31, 2025, a total of 130,380 and 52,034,704 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock. At December 31, 2024, a total of 130,380 and 46,257,599 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,
	2025		2024
Cumulative foreign currency translation
Balance at beginning of period	$	(104.3)	$	(80.3)
Other comprehensive gain (loss) before reclassifications	13.1		(24.0)
Balance at end of period	(91.2)		(104.3)
Unrealized net (loss) gain on cash flow derivatives
Balance at beginning of period	(1.5)		0.7
Other comprehensive gain (loss) before reclassifications	2.5		(0.5)
Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $0.4 in 2025 and $0.5 in 2024, respectively)(1)	(1.2)		(1.7)
Balance at end of period	(0.2)		(1.5)
Pension liability
Balance at beginning of period	(6.1)		(4.6)
Other comprehensive loss before reclassifications	(1.4)		(1.8)
Amounts reclassified from accumulated other comprehensive loss(1)	0.3		0.3
Balance at end of period	(7.2)		(6.1)
Total accumulated other comprehensive loss, end of period	$	(98.6)	$	(111.9)

(1)Amounts reclassified from accumulated other comprehensive loss:


Realized gains on derivatives reclassified to cost of products sold	$	(1.6)	$	(2.2)
Tax provision	0.4		0.5
Reclassification net of tax	$	(1.2)	$	(1.7)
Amortization of pension items:
Actuarial losses	$	0.3	$	0.3
Prior year service cost	0.1		0.1
	0.4		0.4
Tax benefit	(0.1)		(0.1)
Reclassification net of tax	$	0.3	$	0.3

- Definition

The entire disclosure for equity.

+ References

+ Details

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

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	2025			2024			2023
	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	1,395,841	$	55.07	1,872,553	$	52.93	2,481,606	$	51.22
Exercised(1)	(83,712)	39.60		(473,452)	46.46		(600,344)	45.68
Forfeited	(15,300)	53.00		(3,260)	74.27		(8,709)	66.96
Outstanding at end of year(2)	1,296,829	56.10		1,395,841	55.07		1,872,553	52.93
Exercisable at end of year(3)	1,296,829	56.10		1,295,061	53.59		1,549,749	49.51

(1)The total intrinsic value of options exercised in 2025, 2024 and 2023 was $2.0 million, $18.0 million and $15.0 million, respectively.

Schedule of Stock Unit Activity


	Number of Options	Weighted Avg. Per Share Exercise Price
Nonvested options at beginning of year	100,780	$	74.10
Vested	(100,780)	74.10
Nonvested options at end of year	—	—

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


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2025	74,398	$	75.40
Granted	38,435	65.68
Forfeited	(3,131)	70.78

Issued and unvested at December 31, 2025	109,702	72.12

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, 2025	469,269	$	71.50
Granted	269,545	66.28
Vested	(87,790)	72.78
Forfeited	(19,717)	70.21
Issued and unvested at December 31, 2025	631,307	68.92

Operations by Segment (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Reporting Information by Segment


	December 31, 2025
(dollars in millions)	North America		Rest of World		Inter-segment Elimination		Total Segments		Less: Corporate Expenses		Total
Sales from external customers	$	2,964.4	$	865.8	$	—	$	3,830.2	$	—	$	3,830.2
Inter-segment sales	19.8		14.6		—		34.4		—		34.4
	2,984.2		880.4		—		3,864.6		—		3,864.6
Elimination of Inter-segment sales	(19.8)		(14.6)		—		(34.4)		—		(34.4)
Net Sales	2,964.4		865.8		—		3,830.2		—		3,830.2
Cost of products sold	1,792.2		550.6		—		2,342.8		—		2,342.8
Gross Profit	1,172.2		315.2		—		1,487.4		—		1,487.4
Inter-segment Profit	—		0.2		(0.2)		—		—		—
Selling, general and administrative expenses	444.3		235.9		—		680.2		79.2		759.4
Other expense (income), net(1)	—		3.1		—		3.1		(3.7)		(0.6)
Earnings	$	727.9	$	76.4	$	(0.2)	$	804.1	$	(75.5)	$	728.6
Interest expense											(13.5)
Earnings before provision for income taxes											$	715.1

(1)Other expense (income), net consists primarily of interest income that is located within Corporate Expenses.


	December 31, 2024
(dollars in millions)	North America		Rest of World		Inter-segment Elimination		Total Segments		Less: Corporate Expenses		Total
Sales from external customers	$	2,928.1	$	890.0	$	—	$	3,818.1	$	—	$	3,818.1
Inter-segment sales	22.0		28.6		—		50.6		—		50.6
	2,950.1		918.6		—		3,868.7		—		3,868.7
Elimination of Inter-segment sales	(22.0)		(28.6)		—		(50.6)		—		(50.6)
Net Sales	2,928.1		890.0		—		3,818.1		—		3,818.1
Cost of products sold	1,780.1		581.9		—		2,362.0		—		2,362.0
Gross Profit	1,148.0		308.1		—		1,456.1		—		1,456.1
Inter-segment Profit	—		0.4		(0.4)		—		—		—
Selling, general and administrative expenses	433.2		235.0		—		668.2		71.1		739.3
Restructuring and impairment expense	6.3		11.3		—		17.6		—		17.6
Other expense (income), net(2)	1.0		(2.3)		—		(1.3)		(7.2)		(8.5)
Earnings	$	707.5	$	64.5	$	(0.4)	$	771.6	$	(63.9)	$	707.7
Interest expense											(6.7)
Earnings before provision for income taxes											$	701.0

(2)Other expense (income), net consists primarily of interest income that is located within Corporate Expenses.


	December 31, 2023
(dollars in millions)	North America		Rest of World		Inter-segment Elimination		Total Segments		Less: Corporate Expenses		Total
Sales from external customers	$	2,904.3	$	948.5	$	—	$	3,852.8	$	—	$	3,852.8
Inter-segment sales	18.6		8.4		—		27.0		—		27.0
	2,922.9		956.9		—		3,879.8		—		3,879.8
Elimination of Inter-segment sales	(18.6)		(8.4)		—		(27.0)		—		(27.0)
Net Sales	2,904.3		948.5		—		3,852.8		—		3,852.8
Cost of products sold	1,761.1		607.0		—		2,368.1		(0.1)		2,368.0
Gross Profit	1,143.2		341.5		—		1,484.7		0.1		1,484.8
Inter-segment Profit	—		0.5		(0.5)		—		—		—
Selling, general and administrative expenses	411.6		243.0		—		654.6		72.8		727.4
Restructuring and impairment expense	—		15.7		—		15.7		3.1		18.8
Other expense (income), net(3)	4.9		(0.1)		—		4.8		(11.7)		(6.9)
Earnings	$	726.7	$	83.4	$	(0.5)	$	809.6	$	(64.1)	$	745.5
Interest expense											(12.0)
Earnings before provision for income taxes											$	733.5

(3)Other expense (income), net consists primarily of interest income that is located within Corporate Expenses.

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)	2025		2024		2023		2025		2024		2023		2025		2024		2023
North America	$	2,325.7	$	2,315.2	$	2,297.4	$	64.1	$	60.4	$	58.6	$	60.6	$	100.3	$	58.4
Rest of World	547.3		592.1		475.0		19.6		17.0		18.3		10.2		7.6		11.0
Total Segments	2,873.0		2,907.3		2,772.4		83.7		77.4		76.9		70.8		107.9		69.4
Corporate(1)	269.8		332.7		441.5		1.4		1.4		1.4		—		0.1		3.2
Total	$	3,142.8	$	3,240.0	$	3,213.9	$	85.1	$	78.8	$	78.3	$	70.8	$	108.0	$	72.6

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

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)	2025		2024		2023			2025		2024		2023
United States	$	447.7	$	441.4	$	422.6	United States	$	2,619.1	$	2,573.7	$	2,547.1
China	193.6		193.8		210.6		China	672.8		760.0		827.4
Canada	56.7		54.0		58.1		Canada	326.5		331.2		335.3
Other Foreign	80.4		75.1		52.1		Other Foreign	211.8		153.2		143.0
Total	$	778.4	$	764.3	$	743.4	Total	$	3,830.2	$	3,818.1	$	3,852.8

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) vote $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 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	$ 1.38	$ 1.30	$ 1.22
Stock repurchase program number of shares authorized to repurchase (in shares)	5,000,000
Shares repurchased (in shares)	5,942,601	3,755,337	4,377,000
Shares repurchased, price per share (in dollars per share) \| $ / shares	$ 67.44
Shares repurchased, value \| $	$ 400.8	$ 305.8	$ 306.5
Remaining authorization stock repurchase (in shares)	803,524
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)	21,286	8,307	12,524
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)	52,034,704	46,257,599

Operations by Segment - Net Sales and Long-Lived Assets by Geographic Location (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 778.4	$ 764.3	$ 743.4
Net sales	3,830.2	3,818.1	3,852.8
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	447.7	441.4	422.6
Net sales	2,619.1	2,573.7	2,547.1
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	193.6	193.8	210.6
Net sales	672.8	760.0	827.4
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	56.7	54.0	58.1
Net sales	326.5	331.2	335.3
Other Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	80.4	75.1	52.1
Net sales	$ 211.8	$ 153.2	$ 143.0

- Definition

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Unrealized net (loss) gain on cash flow derivative instruments, less related income tax (provision) benefit	$ (0.4)	$ 0.7	$ 1.4
Change in pension liability less related income tax benefit	$ 0.4	$ 0.5	$ 0.5

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program consistent with other legal, compliance, strategic, operational, and financial risk areas. Our program is guided by cybersecurity frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), although we also look to other standards to help us identify, assess, and manage cybersecurity risks relevant to our business. The Company has a robust cybersecurity program to assess, identify and manage material risk from cybersecurity threats and to prevent, detect and respond to cybersecurity threats, including those associated with the use of third-party service providers. Our approach to cybersecurity risk management includes: •Cybersecurity awareness training, including interactive simulations and tabletop exercises for our employees, incident response personnel, and senior management •Periodic risk assessments designed to help identify significant or potentially material cybersecurity risks to our critical systems, information, and our broader enterprise information technology (IT) environment; •The use of external service providers, where appropriate, to assess, test or otherwise assist with aspects of our security controls; •A multi-layered defense and continuous monitoring strategy employing various tools and testing, and incorporating lessons learned from our defense and monitoring efforts to help prevent future attacks; and •Information security assessments conducted on third parties with whom we share sensitive electronic data against established cybersecurity frameworks; While the Company's information systems are exposed to cybersecurity threats and risks, we have not experienced any material cybersecurity incidents during 2025, 2024 or 2023, and any costs or operational impacts related to cybersecurity incidents were immaterial during this period. We continue to invest in cybersecurity and the resiliency of our networks, including our controls and processes, all of which are designed in an effort to protect our IT systems and infrastructure, and the information they contain. For more information regarding the risks we face from cybersecurity threats, please see Item 1A - Risk Factors
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall enterprise risk management program, and shares common methodologies, reporting channels and governance processes that apply across the enterprise risk management program consistent with other legal, compliance, strategic, operational, and financial risk areas. Our program is guided by cybersecurity frameworks, such as the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), although we also look to other standards to help us identify, assess, and manage cybersecurity risks relevant to our business.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	We recognize the importance of maintaining the safety and security of our systems and data and have a holistic process for overseeing and managing cybersecurity and related risks. This process is supported by both our management and our Board of Directors. Our Chief Digital and Information Officer (CDIO) oversees our information systems and cybersecurity function and reports to our Chief Executive Officer (CEO). He has over 30 years of experience in leading information systems management, strategy, and operational execution, including incident management, prevention, and response. Our Chief Information Security Officer (CISO) reports to our CDIO and is responsible for the protection and defense of our networks and systems and managing cybersecurity risk. He has over 20 years of experience in managing cybersecurity and related risks, including threat identification, incident response, and defense strategies. Our CDIO and CISO are supported by a direct and cross-functional team of professionals with broad experience and expertise in threat assessment and detection, mitigation technologies, training, incident response, and regulatory compliance. Our Board of Directors is responsible for overseeing our enterprise risk management activities in general, which includes our management of information and cybersecurity risk. The full Board receives an update on our cyber risk management process and trends related to cybersecurity at least annually, or real-time if a material event occurs. The Audit Committee of the Board assists the full Board in its oversight of cybersecurity risks. As part of its oversight, the Audit Committee receives regular reports from management on information systems and security, including metrics and controls at each meeting, and other items at least annually including risk assessments, security software, incident response plans, and key updates to the cybersecurity program and its effectiveness. We have also established a committee of our executive leadership team to consider cybersecurity risks and to consider mitigation strategies in managing the risks. Our CDIO and CISO participate on this committee, which meets regularly. We have an established incident response plan led by our CDIO and CISO to assess, respond, and report in the event of a cybersecurity incident. Depending on the nature and severity of the incident, the plan requires escalating notifications up to our CEO, the Audit Committee and our Board.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee of the Board assists the full Board in its oversight of cybersecurity risks. As part of its oversight, the Audit Committee receives regular reports from management on information systems and security, including metrics and controls at each meeting, and other items at least annually including risk assessments, security software, incident response plans, and key updates to the cybersecurity program and its effectiveness.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board of Directors is responsible for overseeing our enterprise risk management activities in general, which includes our management of information and cybersecurity risk. The full Board receives an update on our cyber risk management process and trends related to cybersecurity at least annually, or real-time if a material event occurs. The Audit Committee of the Board assists the full Board in its oversight of cybersecurity risks. As part of its oversight, the Audit Committee receives regular reports from management on information systems and security, including metrics and controls at each meeting, and other items at least annually including risk assessments, security software, incident response plans, and key updates to the cybersecurity program and its effectiveness.
Cybersecurity Risk Role of Management [Text Block]	We have also established a committee of our executive leadership team to consider cybersecurity risks and to consider mitigation strategies in managing the risks. Our CDIO and CISO participate on this committee, which meets regularly. We have an established incident response plan led by our CDIO and CISO to assess, respond, and report in the event of a cybersecurity incident. Depending on the nature and severity of the incident, the plan requires escalating notifications up to our CEO, the Audit Committee and our Board.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Chief Digital and Information Officer (CDIO) oversees our information systems and cybersecurity function and reports to our Chief Executive Officer (CEO). He has over 30 years of experience in leading information systems management, strategy, and operational execution, including incident management, prevention, and response. Our Chief Information Security Officer (CISO) reports to our CDIO and is responsible for the protection and defense of our networks and systems and managing cybersecurity risk. He has over 20 years of experience in managing cybersecurity and related risks, including threat identification, incident response, and defense strategies. Our CDIO and CISO are supported by a direct and cross-functional team of professionals with broad experience and expertise in threat assessment and detection, mitigation technologies, training, incident response, and regulatory compliance. Our Board of Directors is responsible for overseeing our enterprise risk management activities in general, which includes our management of information and cybersecurity risk. The full Board receives an update on our cyber risk management process and trends related to cybersecurity at least annually, or real-time if a material event occurs. The Audit Committee of the Board assists the full Board in its oversight of cybersecurity risks. As part of its oversight, the Audit Committee receives regular reports from management on information systems and security, including metrics and controls at each meeting, and other items at least annually including risk assessments, security software, incident response plans, and key updates to the cybersecurity program and its effectiveness. We have also established a committee of our executive leadership team to consider cybersecurity risks and to consider mitigation strategies in managing the risks. Our CDIO and CISO participate on this committee, which meets regularly. We have an established incident response plan led by our CDIO and CISO to assess, respond, and report in the event of a cybersecurity incident. Depending on the nature and severity of the incident, the plan requires escalating notifications up to our CEO, the Audit Committee and our Board.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Chief Digital and Information Officer (CDIO) oversees our information systems and cybersecurity function and reports to our Chief Executive Officer (CEO). He has over 30 years of experience in leading information systems management, strategy, and operational execution, including incident management, prevention, and response. Our Chief Information Security Officer (CISO) reports to our CDIO and is responsible for the protection and defense of our networks and systems and managing cybersecurity risk. He has over 20 years of experience in managing cybersecurity and related risks, including threat identification, incident response, and defense strategies. Our CDIO and CISO are supported by a direct and cross-functional team of professionals with broad experience and expertise in threat assessment and detection, mitigation technologies, training, incident response, and regulatory compliance.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We have also established a committee of our executive leadership team to consider cybersecurity risks and to consider mitigation strategies in managing the risks. Our CDIO and CISO participate on this committee, which meets regularly. We have an established incident response plan led by our CDIO and CISO to assess, respond, and report in the event of a cybersecurity incident. Depending on the nature and severity of the incident, the plan requires escalating notifications up to our CEO, the Audit Committee and our Board.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Restructuring and Impairment Expenses - Schedule of Analysis of Company's Restructuring Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Beginning balance	$ 10.4	$ 3.2
Charges	0.0	17.6
Cash payments	(9.7)	(5.7)
Non-cash and other adjustments	0.0	(4.7)
Ending balance	$ 0.7	$ 10.4
Restructuring Incurred Cost, Statement of Income or Comprehensive Income, Extensible Enumeration, Not Disclosed Flag	false	false
Severance Costs
Restructuring Reserve [Roll Forward]
Beginning balance	$ 8.9	$ 0.3
Charges	0.0	12.1
Cash payments	(8.9)	(3.5)
Non-cash and other adjustments	0.0	0.0
Ending balance	0.0	8.9
Other Restructuring Expenses
Restructuring Reserve [Roll Forward]
Beginning balance	1.5	2.9
Charges	0.0	0.8
Cash payments	(0.8)	(2.2)
Non-cash and other adjustments	0.0	0.0
Ending balance	0.7	1.5
Non-cash Impairments
Restructuring Reserve [Roll Forward]
Beginning balance	0.0	0.0
Charges	0.0	4.7
Cash payments	0.0	0.0
Non-cash and other adjustments	0.0	(4.7)
Ending balance	$ 0.0	$ 0.0

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Lessee, Lease, Description [Line Items]
Short-term lease expense	$ 1.8	$ 1.7
Variable lease cost	5.8	6.0
Cost of products sold
Lessee, Lease, Description [Line Items]
Operating lease expense	6.4	7.0
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 16.8	$ 15.9

Debt

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Debt

The Company was obligated under the following debt instruments:


December 31 (dollars in millions)	2025		2024
Revolving credit agreement borrowings, average year-end interest rates of 5.3% for 2024	$	—	$	30.0
Variable rate agreements, expiring 2029, average year-end interest rates of 7.4% for 2025 and 8.0% for 2024	46.6		49.0
Fixed rate agreements, expiring 2026-2034, average year-end interest rates of 3.3% for 2025 and 3.1% for 2024	108.4		114.2
	155.0		193.2
Long-term debt due within one year	(42.3)		(10.0)
Long-term debt	$	112.7	$	183.2

In 2024, the Company renewed and amended its $500 million multi-year multi-currency revolving credit agreement with a new expiration date of August 23, 2029. The facility has an accordion provision which allows it to be increased up to $1 billion 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. As a result of the long-term nature of this facility, the Company’s credit line borrowings are classified as long-term debt at December 31, 2024 (no credit line borrowings existed at December 31, 2025). At its option, the Company either maintains cash balances or pays fees for bank credit and services. The Company has interest expense obligations of $15.3 million on outstanding debt as of December 31, 2025. Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2025 are as follows:


Years ending December 31 (dollars in millions)	Amount
2026	$	42.3
2027	39.9
2028	24.9
2029	24.9
2030	10.0

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Liabilities
Short term: Accrued liabilities	$ 10.8	$ 11.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Long term: Operating lease liabilities	$ 37.1	$ 23.5
Total operating lease liabilities	47.9	34.8
Less: Rent incentives and deferrals	(1.6)	(2.0)
Assets
Operating lease assets	$ 46.3	$ 32.8
Lease Term and Discount Rate
Weighted-average remaining lease term	7 years 1 month 6 days
Weighted-average discount rate	5.40%

Statements of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2025

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)	2025		2024		2023
Net change in current assets and liabilities, net of acquisitions:
Receivables	$	(36.4)	$	49.0	$	(16.4)
Inventories	56.9		(40.5)		18.1
Other current assets	8.3		7.1		7.2
Trade payables	(97.9)		(5.9)		(21.4)
Accrued liabilities, including payroll and benefits	16.5		(32.9)		28.4
Income taxes	(3.1)		0.6		4.1
	$	(55.7)	$	(22.6)	$	20.0

The cash taxes paid by the Company were as follows:


Years ended December 31 (dollars in millions)	2025		2024		2023
Federal	$	119.2	$	136.1	$	134.8
State	21.7		28.2		25.7
International
Canada	11.4		11.4		11.6
China	9.3		8.3		15.0
Other foreign jurisdictions	3.6		3.7		2.4
	$	165.2	$	187.7	$	189.5

Statements of Cash Flows - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Net change in current assets and liabilities, net of acquisitions:
Receivables	$ (36.4)	$ 49.0	$ (16.4)
Inventories	56.9	(40.5)	18.1
Other current assets	8.3	7.1	7.2
Trade payables	(97.9)	(5.9)	(21.4)
Accrued liabilities, including payroll and benefits	16.5	(32.9)	28.4
Income taxes	(3.1)	0.6	4.1
Current assets and liabilities	$ (55.7)	$ (22.6)	$ 20.0

Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 299.1	$ 291.2
Accumulated Amortization	(205.8)	(191.0)
Net	93.3	100.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Carrying Amount	568.1	512.1
Accumulated Amortization	(205.8)	(191.0)
Net	362.3	321.1
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	269.0	220.9
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	7.4	3.7
Accumulated Amortization	(4.2)	(3.7)
Net	3.2	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(4.2)	(3.7)
Customer lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	291.7	287.5
Accumulated Amortization	(201.6)	(187.3)
Net	90.1	100.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (201.6)	$ (187.3)

Leases (Tables)

12 Months Ended

Dec. 31, 2025

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, 2025		December 31, 2024
Liabilities
Short term: Accrued liabilities	$	10.8	$	11.3
Long term: Operating lease liabilities	37.1		23.5
Total operating lease liabilities	$	47.9	$	34.8
Less: Rent incentives and deferrals	(1.6)		(2.0)
Assets
Operating lease assets	$	46.3	$	32.8


Lease Term and Discount Rate			December 31, 2025
Weighted-average remaining lease term			7.1 years
Weighted-average discount rate			5.40%

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, 2025		Year ended December 31, 2024
Operating lease expense	Cost of products sold	$	6.4	$	7.0
	Selling, general and administrative expenses	16.8		15.9

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows:


(dollars in millions)	December 31, 2025
2026	$	14.3
2027	9.4
2028	7.1
2029	5.7
2030	4.9
After 2030	15.3
Total lease payments	56.7
Less: Imputed interest	(8.8)
Present value of operating lease liabilities	$	47.9

Debt - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Fixed-rate interest expense obligation	$ 15.3
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Multi-currency revolving credit agreement, maximum borrowing capacity		$ 500.0
Accordion feature, higher borrowing capacity option		$ 1,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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, 2025	Dec. 31, 2024	Dec. 31, 2023
Number of Options
Outstanding at beginning of year (in shares)	1,395,841	1,872,553	2,481,606
Exercised (in shares)	(83,712)	(473,452)	(600,344)
Forfeited (in shares)	(15,300)	(3,260)	(8,709)
Outstanding at end of year (in shares)	1,296,829	1,395,841	1,872,553
Number of options, exercisable at end of year (in shares)	1,296,829	1,295,061	1,549,749
Weighted Avg. Per Share Exercise Price
Outstanding at beginning of year (in dollars per share)	$ 55.07	$ 52.93	$ 51.22
Exercised (in dollars per share)	39.60	46.46	45.68
Forfeited (in dollars per share)	53.00	74.27	66.96
Outstanding at end of year (in dollars per share)	56.10	55.07	52.93
Weighted-avg. per share exercise price, exercisable at end of year (in dollars per share)	$ 56.10	$ 53.59	$ 49.51
Intrinsic value of options exercised	$ 2.0	$ 18.0	$ 15.0
Weighted average remaining contractual life of options outstanding	5 years	6 years	7 years
Aggregate intrinsic value of options outstanding	$ 16.0
Weighted average remaining contractual life of options exercisable	5 years	6 years	6 years
Aggregate intrinsic value of options exercisable	$ 16.0

Revenue Recognition - Segment Sales Disaggregated by Major Product Line (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total Net Sales	$ 3,830.2	$ 3,818.1	$ 3,852.8
China
Disaggregation of Revenue [Line Items]
Total Net Sales	672.8	760.0	827.4
North America
Disaggregation of Revenue [Line Items]
Total Net Sales	2,964.4	2,928.1	2,904.3
Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales	865.8	890.0	948.5
Operating Segments
Disaggregation of Revenue [Line Items]
Total Net Sales	3,864.6	3,868.7	3,879.8
Operating Segments \| North America
Disaggregation of Revenue [Line Items]
Total Net Sales	2,984.2	2,950.1	2,922.9
Operating Segments \| North America \| Water heaters and related parts
Disaggregation of Revenue [Line Items]
Total Net Sales	2,460.1	2,441.7	2,456.9
Operating Segments \| North America \| Boilers and related parts
Disaggregation of Revenue [Line Items]
Total Net Sales	281.0	260.0	240.1
Operating Segments \| North America \| Water treatment products
Disaggregation of Revenue [Line Items]
Total Net Sales	243.1	248.4	225.9
Operating Segments \| Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales	880.4	918.6	956.9
Operating Segments \| Rest of World \| China
Disaggregation of Revenue [Line Items]
Total Net Sales	689.5	791.9	835.1
Operating Segments \| Rest of World \| All other Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales	190.9	126.7	121.8
Inter-segment sales
Disaggregation of Revenue [Line Items]
Total Net Sales	(34.4)	(50.6)	(27.0)
Inter-segment sales \| North America
Disaggregation of Revenue [Line Items]
Total Net Sales	(19.8)	(22.0)	(18.6)
Inter-segment sales \| Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales	$ (14.6)	$ (28.6)	$ (8.4)

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Net Sales Disaggregated by Segment and Major Product Line


Years ended December 31 (dollars in millions)	2025		2024		2023
North America
Water heaters and related parts	$	2,460.1	$	2,441.7	$	2,456.9
Boilers and related parts	281.0		260.0		240.1
Water treatment products	243.1		248.4		225.9
Total North America	2,984.2		2,950.1		2,922.9
Rest of World
China	$	689.5	$	791.9	$	835.1
All other Rest of World(1)	190.9		126.7		121.8
Total Rest of World	880.4		918.6		956.9
Inter-segment sales	(34.4)		(50.6)		(27.0)
Total Net Sales	$	3,830.2	$	3,818.1	$	3,852.8

(1)Includes the results of Pureit from the fourth quarter 2024, the period of acquisition.

Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 2025

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)	2025				2024
	Buy		Sell		Buy		Sell
Canadian dollar	$	—	$	57.8	$	—	$	28.9
Euro	16.8		—		14.0		—
Mexican peso	18.7		—		27.2		—
Total	$	35.5	$	57.8	$	41.2	$	28.9

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
	2025		2024			2025		2024
Foreign currency contracts	$	4.0	$	(0.7)	Cost of products sold	$	1.6	$	2.2
Interest rate swaps	(0.5)		(0.5)		Interest Expense	(0.4)		(0.1)
	$	3.5	$	(1.2)		$	1.2	$	2.1