0000091142-26-000084 | 10-Q | XBRL Viewer

Earnings per Share of Common Stock (Tables)

3 Months Ended

Mar. 31, 2026

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

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


	Three Months Ended March 31,
	2026	2025
Denominator for basic earnings per share - weighted average shares	138,292,701	143,579,588
Effect of dilutive stock options and share units	874,679	828,132
Denominator for diluted earnings per share	139,167,380	144,407,720

Earnings per Share of Common Stock (Details) - shares	3 Months Ended
Earnings per Share of Common Stock (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Denominator for basic earnings per share - weighted average shares (in shares)	138,292,701	143,579,588
Effect of dilutive stock options and share units (in shares)	874,679	828,132
Denominator for diluted earnings per share (in shares)	139,167,380	144,407,720

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
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	$ 18.7
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	$ 1.6	$ 0.0

Revenue Recognition - Narrative (Details) $ in Millions	3 Months Ended
Revenue Recognition - Narrative (Details) $ in Millions	Mar. 31, 2026 USD ($) segment distributor	Dec. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Customer deposits liability	$ 28.9	$ 34.2
Allowance for credit losses	$ 15.3	$ 14.1
Number of reporting segments \| segment	2
Water Heaters \| North America
Disaggregation of Revenue [Line Items]
Number of wholesale distributors (more than) \| distributor	800
Minimum
Disaggregation of Revenue [Line Items]
Payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Payment terms	90 days

Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2026

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 as of the dates indicated that were designated as cash flow hedges:


(dollars in millions)	March 31, 2026				December 31, 2025
	Buy		Sell		Buy		Sell

Canadian dollar	$	—	$	65.0	$	—	$	57.8
Euro	12.7		—		16.8		—
Mexican peso	13.3		—		18.7		—
Total	$	26.0	$	65.0	$	35.5	$	57.8

Schedule of Effect of Derivatives on the Statement of Earnings

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

Three Months Ended March 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
	2026		2025			2026		2025
Foreign currency contracts	$	1.5	$	1.3	Cost of products sold	$	0.6	$	(0.2)
Interest rate swap	0.6		(0.3)		Interest expense	(0.1)		—
	$	2.1	$	1.0		$	0.5	$	(0.2)

Subsequent Event (Details) $ in Millions	3 Months Ended
Subsequent Event (Details) $ in Millions	Jun. 30, 2026 USD ($)
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Restructuring charges	$ 20

- 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

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets (Liabilities) Measured at Fair Value on a 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	March 31, 2026		December 31, 2025
Quoted prices in active markets for identical assets (Level 1)	Marketable Securities	$	18.7	$	18.7
Significant other observable inputs (Level 2)	Net Derivative Assets(1)	1.6		—

(1) See Footnote 11 for additional details regarding the classifications of the derivative contracts.

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Net sales	$ 945.6	$ 963.9
Cost of products sold	579.9	588.5
Gross profit	365.7	375.4
Selling, general and administrative expenses	203.9	192.6
Interest expense	7.1	2.9
Other income, net	0.0	(1.2)
Earnings before provision for income taxes	154.7	181.1
Provision for income taxes	36.7	44.5
Net Earnings	$ 118.0	$ 136.6
Basic Net Earnings Per Share of Common Stock (in USD per share)	$ 0.85	$ 0.95
Diluted Net Earnings Per Share of Common Stock (in USD per share)	0.85	0.95
Dividends Per Share of Common Stock (in USD per share)	$ 0.36	$ 0.34

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	Apr. 28, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	1-475
Entity Registrant Name	A. O. Smith Corporation
Entity Incorporation, State or Country Code	DE
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	WI
Entity Address, Postal Zip Code	53224-9508
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Entity Central Index Key	0000091142
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		25,863,159
Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		111,965,465

Debt (Details) $ in Millions		3 Months Ended
Debt (Details) $ in Millions	Jan. 05, 2026 USD ($) bank	Mar. 31, 2026 covenant	Dec. 31, 2024 USD ($)
Revolving Credit Facility
Line of Credit Facility [Line Items]
Multi-currency revolving credit agreement, maximum borrowing capacity			$ 500
Accordion feature, higher borrowing capacity option			$ 1,000
Number of required financial covenants \| covenant		2
Secured Debt \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, term	3 years
Debt instrument, face amount	$ 470
Number of banks \| bank	8
Debt instrument, basis spread on variable rate	0.88%
Debt instrument, interest rate during period		4.55%

Changes in Accumulated Other Comprehensive Loss by Component

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss by Component

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


(dollars in millions)	Three Months Ended March 31,
	2026		2025
Cumulative foreign currency translation
Balance at beginning of period	$	(91.2)	$	(104.3)
Other comprehensive (loss) gain before reclassifications	(3.5)		0.7
Balance at end of period	(94.7)		(103.6)
Unrealized net (loss) gain on cash flow derivatives
Balance at beginning of period	(0.2)		(1.5)
Other comprehensive gains before reclassifications	1.7		0.7
Realized (gains) losses on derivatives (net of income tax provision (benefit) of $0.1 and ($0.1) in 2026 and 2025, respectively)	(0.4)		0.1
Balance at end of period	1.1		(0.7)
Pension liability
Balance at beginning of period	(7.2)		(6.1)

Amounts reclassified from accumulated other comprehensive loss:	0.1		0.1
Balance at end of period	(7.1)		(6.0)
Accumulated other comprehensive loss, end of period	$	(100.7)	$	(110.3)

Share Based Compensation - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 6.6	$ 6.1
Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Number of units granted (in shares) \| shares	182,070	209,366
Value of units share units granted	$ 14.4	$ 13.7
Share based compensation expense	$ 5.7	$ 5.5
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Number of units granted (in shares) \| shares	30,015	35,365
Value of units share units granted	$ 2.4	$ 2.3
Share based compensation expense	$ 0.9	$ 0.5
Performance Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential payouts range	0
Performance Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Potential payouts range	1.50
A.O. Smith Combined Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for granting of options or share units (in shares) \| shares	1,893,236

Derivative Instruments - Narrative (Details) ¥ in Millions, $ in Millions, ₨ in Billions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Mar. 31, 2026 INR (₨)	Mar. 31, 2026 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 INR (₨)	Dec. 31, 2025 CNY (¥)
Trading Activity, Gains and Losses, Net [Line Items]
Currency translation gains (losses)	$ (3.5)	$ 0.7
Foreign currency contracts \| Designated as Hedging Instrument
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, assets	$ 2.0				$ 1.0
Interest Rate Swap \| Designated as Hedging Instrument
Trading Activity, Gains and Losses, Net [Line Items]
Notional amount \| ₨			₨ 4.2			₨ 4.2
Derivative, fixed interest rate	8.25%		8.25%	8.25%
Interest rate derivative liabilities, at fair value	$ 0.4				$ 1.0
Foreign currency forward contracts \| Designated as Hedging Instrument \| Non-U.S. \| Net Investment Hedges
Trading Activity, Gains and Losses, Net [Line Items]
Fair value of derivative instruments, assets \| ¥				¥ 0.0			¥ 0.0
Notional amount \| ¥				¥ 1,500.0			¥ 1,500.0
Currency translation gains (losses)	$ (2.8)	$ (1.2)
Commodity Futures Contracts
Trading Activity, Gains and Losses, Net [Line Items]
Reclassification period for effective portion of contract, in years	1 year

Product Warranties (Details) - USD ($) $ in Millions	3 Months Ended
Product Warranties (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of year	$ 209.7	$ 190.4
Expense	21.1	19.4
Acquired obligations	0.5	1.1
Claims settled	(20.9)	(16.6)
Balance at end of year	$ 210.4	$ 194.3

Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period	$ 1,858.0
Balance at end of period	1,877.9	$ 1,855.1
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at end of period	(100.7)	(110.3)
Cumulative foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period	(91.2)	(104.3)
Other comprehensive (loss) gain before reclassifications	(3.5)	0.7
Balance at end of period	(94.7)	(103.6)
Unrealized net (loss) gain on cash flow derivatives
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period	(0.2)	(1.5)
Other comprehensive (loss) gain before reclassifications	1.7	0.7
Reclassifications, net of tax	(0.4)	0.1
Balance at end of period	1.1	(0.7)
Income tax provision	0.1	(0.1)
Pension liability
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of period	(7.2)	(6.1)
Reclassifications, net of tax	0.1	0.1
Balance at end of period	$ (7.1)	$ (6.0)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Segment Results - Schedule of Assets, Depreciation and Capital Expenditure by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Segment Reporting Information [Line Items]
Assets	$ 3,650.3		$ 3,142.8
Depreciation and amortization	23.9	$ 20.7
Capital expenditures	10.5	21.3
Operating Segments
Segment Reporting Information [Line Items]
Assets	3,391.5		2,873.0
Depreciation and amortization	23.6	20.4
Capital expenditures	10.5	21.3
Corporate
Segment Reporting Information [Line Items]
Assets	258.8		269.8
Depreciation and amortization	0.3	0.3
Capital expenditures	0.0	0.0
North America \| Operating Segments
Segment Reporting Information [Line Items]
Assets	2,858.8		2,325.7
Depreciation and amortization	19.1	15.4
Capital expenditures	9.5	19.0
Rest of World \| Operating Segments
Segment Reporting Information [Line Items]
Assets	532.7		$ 547.3
Depreciation and amortization	4.5	5.0
Capital expenditures	$ 1.0	$ 2.3

- Definition

Amount of asset recognized for present right to economic benefit.

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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

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2026 are not necessarily indicative of the results expected for the full year. It is suggested the accompanying condensed consolidated financial statements be read in conjunction with the audited consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 10, 2026. Recent Accounting Pronouncements In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. 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 the impact on its financial statements. In November 2024, the FASB issued 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 Accounting Standards Codification (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. The adoption of ASU 2023-09 did not affect the Company’s financial position or its results of operations. Refer to Note 12, Income Taxes, for additional disclosures.

Changes in Accumulated Other Comprehensive Loss by Component (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Changes to Accumulated Other Comprehensive Loss by Component

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


(dollars in millions)	Three Months Ended March 31,
	2026		2025
Cumulative foreign currency translation
Balance at beginning of period	$	(91.2)	$	(104.3)
Other comprehensive (loss) gain before reclassifications	(3.5)		0.7
Balance at end of period	(94.7)		(103.6)
Unrealized net (loss) gain on cash flow derivatives
Balance at beginning of period	(0.2)		(1.5)
Other comprehensive gains before reclassifications	1.7		0.7
Realized (gains) losses on derivatives (net of income tax provision (benefit) of $0.1 and ($0.1) in 2026 and 2025, respectively)	(0.4)		0.1
Balance at end of period	1.1		(0.7)
Pension liability
Balance at beginning of period	(7.2)		(6.1)

Amounts reclassified from accumulated other comprehensive loss:	0.1		0.1
Balance at end of period	(7.1)		(6.0)
Accumulated other comprehensive loss, end of period	$	(100.7)	$	(110.3)

Acquisitions - Schedule of the Allocation of the Fair Value of the Assets Acquired and Liabilities Assumed at the Date of Acquisition (Details) - USD ($) $ in Millions	Mar. 31, 2026	Jan. 06, 2026	Dec. 31, 2025
Business Combination [Line Items]
Goodwill	$ 919.9		$ 710.6
Leonard Value
Business Combination [Line Items]
Current assets		$ 14.8
Property, plant and equipment		4.6
Intangible assets		244.5
Goodwill		212.2
Other assets		0.3
Total assets acquired		476.4
Current liabilities		(5.9)
Other liabilities		(0.5)
Net assets acquired		$ 470.0

Earnings per Share of Common Stock

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Earnings per Share of Common Stock

The numerator for the calculation of basic and diluted earnings per share is net earnings. The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations:


	Three Months Ended March 31,
	2026	2025
Denominator for basic earnings per share - weighted average shares	138,292,701	143,579,588
Effect of dilutive stock options and share units	874,679	828,132
Denominator for diluted earnings per share	139,167,380	144,407,720

Product Warranties (Tables)

3 Months Ended

Mar. 31, 2026

Guarantees and Product Warranties [Abstract]

Schedule of Warranty Liability Activity

The following table presents the Company’s warranty liability activity:


(dollars in millions)	Three Months Ended March 31,
	2026		2025
Balance at January 1,	$	209.7	$	190.4
Expense	21.1		19.4
Acquired obligations	0.5		1.1
Claims settled	(20.9)		(16.6)
Balance at March 31,	$	210.4	$	194.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net earnings	$ 118.0	$ 136.6
Other comprehensive (loss) earnings
Foreign currency translation adjustments	(3.5)	0.7
Unrealized gains on cash flow derivative instruments, less related income provision of $(0.4) in 2026, and $(0.3) in 2025	1.3	0.8
Adjustment to pension liability, less related income tax provision of $0.0 in 2026 and $0.0 2025	0.1	0.1
Comprehensive Earnings	$ 115.9	$ 138.2

- 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.

+ References + Details

- Definition

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

+ References

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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Share Based Compensation - Schedule of Share Unit Activity Under Plan (Details) - Share Units - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Units
Beginning balance (in shares)	631,307
Granted (in shares)	182,070	209,366
Vested (in shares)	(153,295)
Ending balance (in shares)	660,082
Weighted-Average Grant Date Value
Beginning balance (in USD per share)	$ 68.92
Granted (in USD per share)	79.03
Vested (in USD per share)	67.14
Ending balance (in USD per share)	$ 72.09

Acquisitions - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Millions	Jan. 06, 2026	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Impaired Long-Lived Assets Held and Used [Line Items]
Aggregate cash purchase price, net of cash acquired			$ 470.0	$ 0.0
Leonard Value
Impaired Long-Lived Assets Held and Used [Line Items]
Percentage of ownership interest acquired	100.00%
Aggregate cash purchase price, net of cash acquired	$ 470.0
Escrow deposit	2.0
Incurred acquisition costs	6.8
Intangible assets	244.5
Revenue		$ 15.9	15.9
Pre-tax earnings			$ 5.5
Leonard Value \| Patents
Impaired Long-Lived Assets Held and Used [Line Items]
Finite-lived intangibles	$ 5.9
Weighted average useful life	10 years
Leonard Value \| Customer Relationships
Impaired Long-Lived Assets Held and Used [Line Items]
Finite-lived intangibles	$ 199.0
Leonard Value \| Customer Relationships \| Minimum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average useful life	19 years
Leonard Value \| Customer Relationships \| Maximum
Impaired Long-Lived Assets Held and Used [Line Items]
Weighted average useful life	20 years
Leonard Value \| Trademarks
Impaired Long-Lived Assets Held and Used [Line Items]
Acquired identifiable intangible assets	$ 39.6

Inventories (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Finished products	$ 182.6	$ 180.1
Work in process	43.6	43.7
Raw materials	311.0	311.3
Inventories, at FIFO cost	537.2	535.1
LIFO reserve	(48.7)	(55.8)
Inventories, at LIFO cost	$ 488.5	$ 479.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities
Net earnings	$ 118.0	$ 136.6
Adjustments to reconcile net earnings to cash provided by (used in) operating activities:
Depreciation and amortization	23.9	20.7
Share based compensation expense	6.6	6.1
Deferred income taxes	18.3	(5.0)
Net changes in operating assets and liabilities:
Current assets and liabilities	(43.2)	(125.3)
Noncurrent assets and liabilities	5.8	5.6
Cash Provided by Operating Activities	129.4	38.7
Investing Activities
Capital expenditures	(10.5)	(21.3)
Acquisition of business	(470.0)	0.0
Investments in marketable securities	0.0	(22.6)
Net proceeds from sale of marketable securities	0.0	33.1
Cash Used in Investing Activities	(480.5)	(10.8)
Financing Activities
Proceeds from debt	564.4	240.5
Repayments of debt	(101.1)	(164.0)
Common stock repurchases	(51.3)	(120.6)
Net payments from stock option activity	(0.5)	(1.8)
Dividends paid	(50.2)	(49.2)
Cash Provided by (Used in) Financing Activities	361.3	(95.1)
Effect of exchange rate changes on cash and cash equivalents	0.5	0.6
Net increase (decrease) in cash and cash equivalents	10.7	(66.6)
Cash and cash equivalents - beginning of period	174.5	239.6
Cash and Cash Equivalents - End of Period	$ 185.2	$ 173.0

Derivative Instruments - Schedule of Currency of Foreign Currency Forward Contracts (Details) - Foreign currency forward contracts - Designated as Hedging Instrument - Cash flow hedging - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	$ 26.0	$ 35.5
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	12.7	16.8
Buy \| Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	13.3	18.7
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	65.0	57.8
Sell \| Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Total	65.0	57.8
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

Segment Results - Schedule of Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Net sales	$ 945.6	$ 963.9
Cost of products sold	579.9	588.5
Gross profit	365.7	375.4
Selling, general and administrative expenses	203.9	192.6
Other (income) expense, net	0.0	(1.2)
Earnings	161.8	184.0
Interest expense	(7.1)	(2.9)
Earnings before provision for income taxes	154.7	181.1
Reportable Segments
Segment Reporting Information [Line Items]
Net sales	945.6	963.9
North America
Segment Reporting Information [Line Items]
Net sales	748.9	743.4
Rest of World
Segment Reporting Information [Line Items]
Net sales	196.7	220.5
Inter-segment Elimination
Segment Reporting Information [Line Items]
Net sales	(8.5)	(11.5)
Inter-segment Elimination \| North America
Segment Reporting Information [Line Items]
Net sales	(4.5)	(5.3)
Inter-segment Elimination \| Rest of World
Segment Reporting Information [Line Items]
Net sales	(4.0)	(6.2)
Operating Segments
Segment Reporting Information [Line Items]
Net sales	954.1	975.4
Cost of products sold	579.9	588.5
Gross profit	365.7	375.4
Selling, general and administrative expenses	177.1	170.8
Other (income) expense, net	0.8	(0.3)
Earnings	187.8	204.9
Operating Segments \| North America
Segment Reporting Information [Line Items]
Net sales	753.4	748.7
Cost of products sold	451.7	445.7
Gross profit	297.2	297.7
Selling, general and administrative expenses	122.2	113.4
Other (income) expense, net	(0.4)	(0.9)
Earnings	175.4	185.2
Operating Segments \| Rest of World
Segment Reporting Information [Line Items]
Net sales	200.7	226.7
Cost of products sold	128.2	142.8
Gross profit	68.5	77.7
Selling, general and administrative expenses	54.9	57.4
Other (income) expense, net	1.2	0.6
Earnings	12.4	19.7
Corporate Expenses
Segment Reporting Information [Line Items]
Net sales	0.0	0.0
Cost of products sold	0.0	0.0
Gross profit	0.0	0.0
Selling, general and administrative expenses	26.8	21.8
Other (income) expense, net	(0.8)	(0.9)
Earnings	$ (26.0)	$ (20.9)

Derivative Instruments - Schedule of Effect of Cash Flow Hedges on Consolidated Statement of Earnings (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	$ 2.1	$ 1.0
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	0.5	(0.2)
Foreign currency contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	1.5	1.3
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	0.6	(0.2)
Interest Rate Swap
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivatives	0.6	(0.3)
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	$ (0.1)	$ 0.0

Acquisitions

3 Months Ended

Mar. 31, 2026

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

Acquisitions

2026 Acquisition

On January 6, 2026, the Company acquired 100 percent of the shares and related assets of Leonard Valve a leading manufacturer of water temperature and flow solutions. The addition of Leonard Valve is an advancement of its presence in the water management market, and Leonard Valve is included in its North America segment. The transaction was completed for $470.0 million, net of cash acquired and subject to customary adjustments. The all-cash transaction was funded with cash borrowed under a new credit agreement. Upon closing of the acquisition, $2.0 million was placed into escrow to cover potential working capital adjustments. This escrow amount is included in the total purchase consideration.

Most of the combined purchase price for assets and operations acquired was recorded as intangibles and goodwill with the remaining portion allocated to identifiable assets acquired and liabilities assumed. As of March 31, 2026, the purchase price allocation remains preliminary and subject to final valuation adjustments that will be completed within the one-year period following the acquisition date. The Company incurred acquisition costs of approximately $6.8 million that were recorded in "Selling, general and administrative expenses."

The following table summarizes the preliminary allocation of the fair value of the assets acquired and liabilities assumed at the date of acquisition.


(in millions)
Current assets	$	14.8
Property, plant and equipment	4.6
Intangible assets	244.5
Goodwill	212.2
Other assets	0.3
Total assets acquired	476.4
Current liabilities	(5.9)
Other liabilities	(0.5)
Net assets acquired	$	470.0

Of the $244.5 million of acquired identifiable intangible assets, $39.6 million was assigned to trademarks that are not subject to amortization, $5.9 million was assigned to patents which are amortized over 10 years, and the remaining $199.0 million was assigned to customer relationships which are amortized over 19 and 20 years. The excess of the acquisition purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill.

Revenues and pre-tax earnings associated with Leonard Valve included in the consolidated statement of earnings for the quarter ended March 31, 2026 totaled $15.9 million and $5.5 million, respectively. As required under ASC 805 Business Combinations, results of operations have been included in the Company’s consolidated financial statements from the date of their acquisition.

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2026

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

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

The following table summarizes the preliminary allocation of the fair value of the assets acquired and liabilities assumed at the date of acquisition.


(in millions)
Current assets	$	14.8
Property, plant and equipment	4.6
Intangible assets	244.5
Goodwill	212.2
Other assets	0.3
Total assets acquired	476.4
Current liabilities	(5.9)
Other liabilities	(0.5)
Net assets acquired	$	470.0

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11. 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 the impact on its financial statements. In November 2024, the FASB issued 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 Accounting Standards Codification (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. The adoption of ASU 2023-09 did not affect the Company’s financial position or its results of operations. Refer to Note 12, Income Taxes, for additional disclosures.

Subsequent Event	3 Months Ended
Subsequent Event	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In April 2026 the Company approved and announced a restructuring plan in its North America water treatment business designed to increase operational efficiency and improve profitability and growth through footprint optimization as well as brand rationalization. In the second quarter, the Company estimates that it will recognize a restructuring charge of approximately $20 million, the majority of which is due to non-cash impairment expenses.

Share Based Compensation

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Share 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 share based compensation at March 31, 2026 was 1,893,236. Upon vesting or exercise of share based compensation, shares are issued from treasury stock.

Share Units

Participants in the Incentive Plan may be awarded share units. Share units vest three years after the date of grant. The Company granted 182,070 and 209,366 share units under the Incentive Plan in the three months ended March 31, 2026 and 2025, respectively.

The share units were valued at $14.4 million and $13.7 million at the date of issuance in 2026 and 2025, 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. Included in share unit expense in the three months ended March 31, 2026 and 2025 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. Share based compensation expense attributable to share units of $5.7 million and $5.5 million was recognized in the three months ended March 31, 2026 and 2025, 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 for the three months ended March 31, 2026:


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2026	631,307	$	68.92
Granted	182,070	79.03
Vested	(153,295)	67.14

Issued and unvested at March 31, 2026	660,082	72.09

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 grant date. Performance stock units vest under a set of measurement criteria that are based upon achievement of certain sustainability targets. Potential payouts range from zero to 150% of the target awards and changes from target amounts are reflected as performance adjustments. The Company granted 30,015 and 35,365 performance stock units under the Incentive Plan in the three months ended March 31, 2026 and 2025, respectively.

The performance stock units were valued at $2.4 million and $2.3 million at the date of issuance in 2026 and 2025, 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. Share based compensation expense attributable to performance stock units of $0.9 million and $0.5 million was recognized in the three months ended March 31, 2026 and 2025, 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 performance stock unit activity under the Incentive Plan is as follows for the three months ended March 31, 2026:


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2026	109,702	$	72.12
Granted	30,015	79.09
Vested	(33,107)	67.14

Performance adjustments	10,911	65.68
Issued and unvested at March 31, 2026	117,521	74.71

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On January 29, 2026, the Company identified damage to a portion of the roof structure at its Ashland City, Tennessee facility as a result of a severe ice and snow weather event. For safety reasons, production in the affected area was temporarily suspended while remediation activities were performed. During this period, the Company shifted certain production activities to other facilities to mitigate the operational impact. The Company maintains insurance coverage for property damage, as well as business interruption losses, including lost profits and certain incremental costs incurred as a result of the event. The Company is actively working with its insurance carrier and claims adjusters and continues to gather all costs and losses incurred as part of the event. The Company does not expect this matter to have a material effect on its financial position, results of operations, or cash flows, as the majority of the related costs and losses are expected to be recoverable under its insurance coverage. 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 had collateralized lending facilities in place with multiple Chinese banks under which the Company has agreed to repurchase inventory if both requested by the banks and certain defined conditions are met, primarily related to the aging of the distributors’ notes. 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. 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 the product plus costs incurred in the process, less related distributor rebates. The Company’s reserves for estimated losses under these repurchase arrangements were immaterial as of March 31, 2026 and December 31, 2025.

Share Based Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Share Unit Activity

A summary of share unit activity under the Incentive Plan is as follows for the three months ended March 31, 2026:


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2026	631,307	$	68.92
Granted	182,070	79.03
Vested	(153,295)	67.14

Issued and unvested at March 31, 2026	660,082	72.09

Schedule of Performance Stock Unit Activity

A summary of performance stock unit activity under the Incentive Plan is as follows for the three months ended March 31, 2026:


	Number of Units	Weighted-Average Grant Date Value
Issued and unvested at January 1, 2026	109,702	$	72.12
Granted	30,015	79.09
Vested	(33,107)	67.14

Performance adjustments	10,911	65.68
Issued and unvested at March 31, 2026	117,521	74.71

Debt	3 Months Ended
Debt	Mar. 31, 2026
Debt Disclosure [Abstract]
Debt	Debt 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 that 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 a $500 million revolving credit agreement. As a result of the long-term nature of this facility, the Company’s commercial paper and credit line borrowings are classified as long-term debt at March 31, 2026. At its option, the Company either maintains cash balances or pays fees for bank credit and services. The facility requires the Company to maintain two financial covenants, a leverage ratio test and an interest coverage test. The Company was in compliance with the covenants as of March 31, 2026. On January 5, 2026, the Company entered into an agreement for a new three-year, $470 million term loan with a group of eight banks. The Company borrowed the full available amount on January 5, 2026, and used the proceeds to finance the purchase of Leonard Valve. The term loan matures in January 2029, and the terms of the agreement outline a balloon payment at maturity. The interest rate on the loan is variable based on the SOFR (secured overnight financing rate) plus 0.88%. For the period ending March 31, 2026, the interest rate was 4.55%.

Inventories (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

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


(dollars in millions)	March 31, 2026		December 31, 2025
Finished products	$	182.6	$	180.1
Work in process	43.6		43.7
Raw materials	311.0		311.3
Inventories, at FIFO cost	537.2		535.1
LIFO reserve	(48.7)		(55.8)
Inventories, at LIFO cost	$	488.5	$	479.3

Share Based Compensation - Schedule of Performance Stock Unit Activity (Details) - Performance Stock Units - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of Units
Beginning balance (in shares)	109,702
Granted (in shares)	30,015	35,365
Vested (in shares)	(33,107)
Performance adjustments (in shares)	10,911
Ending balance (in shares)	117,521
Weighted-Average Grant Date Value
Beginning balance (in USD per share)	$ 72.12
Granted (in USD per share)	79.09
Vested (in USD per share)	67.14
Performance adjustments (in USD per share)	65.68
Ending balance (in USD per share)	$ 74.71

Product Warranties

3 Months Ended

Mar. 31, 2026

Guarantees and Product Warranties [Abstract]

Product Warranties

The Company offers warranties on the sales of certain of its products with terms that are consistent with the market and records an accrual for the estimated future claims. The following table presents the Company’s warranty liability activity:


(dollars in millions)	Three Months Ended March 31,
	2026		2025
Balance at January 1,	$	209.7	$	190.4
Expense	21.1		19.4
Acquired obligations	0.5		1.1
Claims settled	(20.9)		(16.6)
Balance at March 31,	$	210.4	$	194.3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Income tax provision	$ (0.4)	$ (0.3)
Income tax provision on adjustment to pension liability	$ 0.0	$ 0.0

Segment Results (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Results


	Three Months Ended March 31, 2026
(dollars in millions)	North America		Rest of World		Total Segments		Corporate Expenses		Total
Sales from external customers	$	748.9	$	196.7	$	945.6	$	—	$	945.6
Inter-segment sales	4.5		4.0		8.5		—		8.5
	753.4		200.7		954.1		—		954.1
Elimination of Inter-segment sales	(4.5)		(4.0)		(8.5)		—		(8.5)
Net Sales	748.9		196.7		945.6		—		945.6
Cost of products sold	451.7		128.2		579.9		—		579.9
Gross Profit	297.2		68.5		365.7		—		365.7

Selling, general and administrative expenses	122.2		54.9		177.1		26.8		203.9
Other (income) expense, net	(0.4)		1.2		0.8		(0.8)		—
Earnings	$	175.4	$	12.4	$	187.8	$	(26.0)	$	161.8
Interest expense									(7.1)
Earnings before provision for income taxes									$	154.7


	Three Months Ended March 31, 2025
(dollars in millions)	North America		Rest of World		Total Segments		Corporate Expenses		Total
Sales from external customers	$	743.4	$	220.5	$	963.9	$	—	$	963.9
Inter-segment sales	5.3		6.2		11.5		—		11.5
	748.7		226.7		975.4		—		975.4
Elimination of Inter-segment sales	(5.3)		(6.2)		(11.5)		—		(11.5)
Net Sales	743.4		220.5		963.9		—		963.9
Cost of products sold	445.7		142.8		588.5		—		588.5
Gross Profit	297.7		77.7		375.4		—		375.4

Selling, general and administrative expenses	113.4		57.4		170.8		21.8		192.6
Other (income) expense, net	(0.9)		0.6		(0.3)		(0.9)		(1.2)
Earnings	$	185.2	$	19.7	$	204.9	$	(20.9)	$	184.0
Interest expense									(2.9)
Earnings before provision for income taxes									$	181.1

Assets, depreciation and capital expenditures by segment


Assets
(dollars in millions)	March 31, 2026		December 31, 2025
North America	$	2,858.8	$	2,325.7
Rest of World	532.7		547.3
Total Segments	3,391.5		2,873.0
Corporate(1)	258.8		269.8
Total	$	3,650.3	$	3,142.8

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


Depreciation and amortization	Three Months Ended March 31,
(dollars in millions)	2026		2025
North America	$	19.1	$	15.4
Rest of World	4.5		5.0
Total Segments	23.6		20.4
Corporate	0.3		0.3
Total	$	23.9	$	20.7


Capital expenditures	Three Months Ended March 31,
(dollars in millions)	2026		2025
North America	$	9.5	$	19.0
Rest of World	1.0		2.3
Total Segments	10.5		21.3
Corporate	—		—
Total	$	10.5	$	21.3

Revenue Recognition - Schedule of Segment Sales Disaggregated by Major Product Line (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Total Net Sales		$ 945.6	$ 963.9
Leonard Value
Disaggregation of Revenue [Line Items]
Revenue	$ 15.9	15.9
North America
Disaggregation of Revenue [Line Items]
Total Net Sales		748.9	743.4
Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales		196.7	220.5
Operating Segments
Disaggregation of Revenue [Line Items]
Total Net Sales		954.1	975.4
Operating Segments \| North America
Disaggregation of Revenue [Line Items]
Total Net Sales		753.4	748.7
Operating Segments \| Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales		200.7	226.7
Operating Segments \| Rest of World \| China
Disaggregation of Revenue [Line Items]
Total Net Sales		162.4	187.2
Operating Segments \| Rest of World \| All other Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales		38.3	39.5
Operating Segments \| Water heaters and related parts \| North America
Disaggregation of Revenue [Line Items]
Total Net Sales		611.8	624.6
Operating Segments \| Boilers, related parts, and components \| North America
Disaggregation of Revenue [Line Items]
Total Net Sales		81.5	64.4
Operating Segments \| Water treatment products and related parts \| North America
Disaggregation of Revenue [Line Items]
Total Net Sales		60.1	59.7
Inter-segment sales
Disaggregation of Revenue [Line Items]
Total Net Sales		(8.5)	(11.5)
Inter-segment sales \| North America
Disaggregation of Revenue [Line Items]
Total Net Sales		(4.5)	(5.3)
Inter-segment sales \| Rest of World
Disaggregation of Revenue [Line Items]
Total Net Sales		$ (4.0)	$ (6.2)

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Mar. 31, 2026	Dec. 31, 2025
Class A Common Stock
Common stock, shares issued (in shares)	25,993,539	25,993,539
Common Stock
Common stock, shares issued (in shares)	164,714,053	164,714,053

CONDENSED 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	Treasury Stock
Balance at the beginning of period at Dec. 31, 2024		$ 130.1	$ 164.7	$ 601.3	$ 3,601.3		$ (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				(12.6)
Vesting of share units				(1.7)			1.7
Share based compensation expense				6.0
Exercises of stock options				0.1			(1.8)
Issuance of share based compensation				12.6
Net earnings	$ 136.6				136.6
Dividends on stock					(49.1)
Shares repurchased							(120.6)
Excise tax on repurchases of common stock							(1.2)
Balance at end of period at Mar. 31, 2025	1,855.1	130.0	164.7	605.8	3,688.8	$ (110.3)	(2,623.9)
Balance at the beginning of period at Dec. 31, 2025	1,858.0	130.0	164.7	614.4	3,951.8		(2,904.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class A Common Stock		0.0	0.0	0.0
Issuance of share units				(13.3)
Vesting of share units				(4.3)			4.3
Share based compensation expense				6.3
Exercises of stock options				2.6			(3.1)
Issuance of share based compensation				13.3
Net earnings	118.0				118.0
Dividends on stock					(50.0)
Shares repurchased							(51.3)
Excise tax on repurchases of common stock							(0.5)
Balance at end of period at Mar. 31, 2026	$ 1,877.9	$ 130.0	$ 164.7	$ 619.0	$ 4,019.8	$ (100.7)	$ (2,954.9)

Inventories

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Inventories

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


(dollars in millions)	March 31, 2026		December 31, 2025
Finished products	$	182.6	$	180.1
Work in process	43.6		43.7
Raw materials	311.0		311.3
Inventories, at FIFO cost	537.2		535.1
LIFO reserve	(48.7)		(55.8)
Inventories, at LIFO cost	$	488.5	$	479.3

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Net Sales Disaggregated by Segment and Major Product Line

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. The Company’s Rest of World segment sales are disaggregated by China and all other Rest of World:


(dollars in millions)	Three Months Ended March 31,
	2026		2025
North America
Water heaters and related parts	$	611.8	$	624.6
Boilers, related parts, and components (1)	81.5		64.4
Water treatment products and related parts	60.1		59.7
Total North America	753.4		748.7
Rest of World
China	$	162.4	$	187.2
All other Rest of World	38.3		39.5
Total Rest of World	200.7		226.7
Inter-segment sales	(8.5)		(11.5)
Total Net Sales	$	945.6	$	963.9

(1) Includes $15.9 million of sales of LVC Holdco LLC (Leonard Valve) from January 6, 2026, the date of acquisition.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 185.2	$ 174.5
Marketable securities	18.7	18.7
Receivables	634.1	582.3
Inventories	488.5	479.3
Other current assets	41.9	36.7
Total Current Assets	1,368.4	1,291.5
Property, plant and equipment	1,579.8	1,564.5
Less accumulated depreciation	(947.6)	(929.4)
Net property, plant and equipment	632.2	635.1
Goodwill	919.9	710.6
Other intangibles	598.7	362.3
Operating lease assets	51.8	46.3
Other assets	79.3	97.0
Total Assets	3,650.3	3,142.8
Current Liabilities
Trade payables	543.0	504.1
Accrued payroll and benefits	60.7	93.6
Accrued liabilities	159.4	147.5
Product warranties	73.4	75.0
Debt due within one year	41.6	42.3
Total Current Liabilities	878.1	862.5
Long-term debt	574.2	112.7
Product warranties	137.0	134.7
Long-term operating lease liabilities	40.7	37.1
Other liabilities	142.4	137.8
Total Liabilities	1,772.4	1,284.8
Stockholders’ Equity
Capital in excess of par value	619.0	614.4
Retained earnings	4,019.8	3,951.8
Accumulated other comprehensive loss	(100.7)	(98.6)
Treasury stock at cost	(2,954.9)	(2,904.3)
Total Stockholders’ Equity	1,877.9	1,858.0
Total Liabilities and Stockholders’ Equity	3,650.3	3,142.8
Class A Common Stock
Stockholders’ Equity
Common Stock, value	130.0	130.0
Common Stock
Stockholders’ Equity
Common Stock, value	$ 164.7	$ 164.7

Segment Results - Narrative (Details)	3 Months Ended
Segment Results - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reporting segments	2

Derivative Instruments

3 Months Ended

Mar. 31, 2026

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 that qualify for hedge accounting in accordance with ASC 815 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 from time to time 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 condensed 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 $2.0 million as of March 31, 2026 and $1.0 million as of December 31, 2025, respectively, which was recorded in Other current assets within the condensed consolidated balance sheet.

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


(dollars in millions)	March 31, 2026				December 31, 2025
	Buy		Sell		Buy		Sell

Canadian dollar	$	—	$	65.0	$	—	$	57.8
Euro	12.7		—		16.8		—
Mexican peso	13.3		—		18.7		—
Total	$	26.0	$	65.0	$	35.5	$	57.8

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 the Secured Overnight Financing Rate (SOFR) benchmark interest rate associated with variable rate borrowings. The interest rate swap at March 31, 2026 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 March 31, 2026 and December 31, 2025. The aggregate effective interest rate of the swap as of March 31, 2026 was 8.25%.

The fair value of the interest rate swap contract was a liability balance of $0.4 million and $1.0 million as of March 31, 2026 and December 31, 2025, respectively, which was recorded in Accrued liabilities within the condensed consolidated balance sheet.

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

Three Months Ended March 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
	2026		2025			2026		2025
Foreign currency contracts	$	1.5	$	1.3	Cost of products sold	$	0.6	$	(0.2)
Interest rate swap	0.6		(0.3)		Interest expense	(0.1)		—
	$	2.1	$	1.0		$	0.5	$	(0.2)

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 $2.8 million and $1.2 million of after-tax losses associated with hedges of net investments in non-U.S. subsidiaries in currency translation adjustment in other comprehensive loss in the three months ended March 31, 2026 and March 31, 2025, respectively.

The contractual amount of the Company’s foreign currency denominated intercompany debt that is designated as a net investment hedge was ¥1.5 billion RMB as of March 31, 2026 and December 31, 2025. The fair value of the net investment hedge was zero as of March 31, 2026 and December 31, 2025.

- 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.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective income tax rate for the three months ended March 31, 2026 was 23.7 percent. The Company estimates that its annual effective income tax rate for the full year 2026 will be approximately between 24.0 and 24.5 percent. The effective income tax rate for the three months ended March 31, 2025 was 24.6 percent. The change in the effective income tax rate for the three months ended March 31, 2026 compared to the effective income tax rate for the three months ended March 31, 2025 was primarily due to the geographical earnings mix. As of March 31, 2026, the Company had $13.0 million of unrecognized tax benefits of which $4.9 million would affect its effective income tax rate if recognized. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. The Company’s U.S. federal income tax returns and its U.S. state and local income tax returns are subject to audit for the years 2022-2026 and 2010-2026, respectively. The Company is subject to examinations in foreign tax jurisdictions for the years 2020-2026.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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-Topic 740
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

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

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


Fair Value Measurement Using	Balance Sheet Location	March 31, 2026		December 31, 2025
Quoted prices in active markets for identical assets (Level 1)	Marketable Securities	$	18.7	$	18.7
Significant other observable inputs (Level 2)	Net Derivative Assets(1)	1.6		—

(1) See Footnote 11 for additional details regarding the classifications of the derivative contracts.

Items measured at fair value were comprised of the Company’s marketable securities (Level 1) and derivative instruments (Level 2). There were no changes in the Company's valuation techniques used to measure fair values on a recurring basis during the three months ended March 31, 2026.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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-Topic 820
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Revenue Recognition

3 Months Ended

Mar. 31, 2026

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 $28.9 million and $34.2 million at March 31, 2026 and December 31, 2025, 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 $15.3 million and $14.1 million at March 31, 2026 and December 31, 2025, 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, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas, heat pump and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world, and as a result, 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 and Components 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. Additionally, the Company designs and manufactures components related to water temperature control valves and boiler controls. The valves and controls are primarily used for institutional, commercial, and residential applications, including digital monitoring solutions for multi‑family, education, and light commercial facilities. The Company’s boiler and component distribution channel is comprised primarily of manufacturer representative firms, with the remainder distributed through wholesale channels. The Company’s boiler and component 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.


(dollars in millions)	Three Months Ended March 31,
	2026		2025
North America
Water heaters and related parts	$	611.8	$	624.6
Boilers, related parts, and components (1)	81.5		64.4
Water treatment products and related parts	60.1		59.7
Total North America	753.4		748.7
Rest of World
China	$	162.4	$	187.2
All other Rest of World	38.3		39.5
Total Rest of World	200.7		226.7
Inter-segment sales	(8.5)		(11.5)
Total Net Sales	$	945.6	$	963.9

(1) Includes $15.9 million of sales of LVC Holdco LLC (Leonard Valve) from January 6, 2026, the date of acquisition.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-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

Segment Results

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Results

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 the 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. The CODM uses these financial measures to evaluate and allocate capital and company resources as critical determinants of segment performance.


	Three Months Ended March 31, 2026
(dollars in millions)	North America		Rest of World		Total Segments		Corporate Expenses		Total
Sales from external customers	$	748.9	$	196.7	$	945.6	$	—	$	945.6
Inter-segment sales	4.5		4.0		8.5		—		8.5
	753.4		200.7		954.1		—		954.1
Elimination of Inter-segment sales	(4.5)		(4.0)		(8.5)		—		(8.5)
Net Sales	748.9		196.7		945.6		—		945.6
Cost of products sold	451.7		128.2		579.9		—		579.9
Gross Profit	297.2		68.5		365.7		—		365.7

Selling, general and administrative expenses	122.2		54.9		177.1		26.8		203.9
Other (income) expense, net	(0.4)		1.2		0.8		(0.8)		—
Earnings	$	175.4	$	12.4	$	187.8	$	(26.0)	$	161.8
Interest expense									(7.1)
Earnings before provision for income taxes									$	154.7


	Three Months Ended March 31, 2025
(dollars in millions)	North America		Rest of World		Total Segments		Corporate Expenses		Total
Sales from external customers	$	743.4	$	220.5	$	963.9	$	—	$	963.9
Inter-segment sales	5.3		6.2		11.5		—		11.5
	748.7		226.7		975.4		—		975.4
Elimination of Inter-segment sales	(5.3)		(6.2)		(11.5)		—		(11.5)
Net Sales	743.4		220.5		963.9		—		963.9
Cost of products sold	445.7		142.8		588.5		—		588.5
Gross Profit	297.7		77.7		375.4		—		375.4

Selling, general and administrative expenses	113.4		57.4		170.8		21.8		192.6
Other (income) expense, net	(0.9)		0.6		(0.3)		(0.9)		(1.2)
Earnings	$	185.2	$	19.7	$	204.9	$	(20.9)	$	184.0
Interest expense									(2.9)
Earnings before provision for income taxes									$	181.1

Assets, depreciation and capital expenditures by segment


Assets
(dollars in millions)	March 31, 2026		December 31, 2025
North America	$	2,858.8	$	2,325.7
Rest of World	532.7		547.3
Total Segments	3,391.5		2,873.0
Corporate(1)	258.8		269.8
Total	$	3,650.3	$	3,142.8

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


Depreciation and amortization	Three Months Ended March 31,
(dollars in millions)	2026		2025
North America	$	19.1	$	15.4
Rest of World	4.5		5.0
Total Segments	23.6		20.4
Corporate	0.3		0.3
Total	$	23.9	$	20.7


Capital expenditures	Three Months Ended March 31,
(dollars in millions)	2026		2025
North America	$	9.5	$	19.0
Rest of World	1.0		2.3
Total Segments	10.5		21.3
Corporate	—		—
Total	$	10.5	$	21.3

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
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+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2026
Income Tax Contingency [Line Items]
Effective tax rate	23.70%	24.60%
Unrecognized tax benefits	$ 13.0
Unrecognized tax benefits that would affect the effective tax rate, if recognized	$ 4.9
Minimum \| Forecast
Income Tax Contingency [Line Items]
Effective tax rate			24.00%
Maximum \| Forecast
Income Tax Contingency [Line Items]
Effective tax rate			24.50%