Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

We are composed of three reporting segments: Flow, Water Solutions and Pool. We evaluate performance based on net sales and reportable segment income and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Reportable segment income represents operating income of each reportable segment inclusive of equity income of unconsolidated subsidiaries and exclusive of intangible amortization, costs of restructuring and transformation activities, impairments, legal accrual adjustments and settlements and other unusual non-operating items. “Corporate and other” activity primarily consists of corporate expenses not allocated to the segments, including executive office, board of directors, and centrally-managed corporate functional or shared service costs related to finance, human resources, communications and corporate development. These activities do not meet the criteria for a stand-alone reporting segment under accounting standards codification (“ASC”) 280.

Net sales of the Company’s reportable segments as well as Corporate and other were as follows:

	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Flow	$	396.8	$	411.6	$	781.1	$	803.4
Water Solutions	310.5		336.2		583.6		608.2
Pool	391.5		334.3		751.0		698.6
Reportable segment net sales	1,098.8		1,082.1		2,115.7		2,110.2
Corporate and other	0.5		0.4		0.8		0.9
Net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1

The following table presents a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes:

	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Reportable segment income
Flow	$	84.4	$	74.8	$	161.7	$	139.8
Water Solutions	72.9		74.8		128.5		127.2
Pool	133.6		105.1		244.4		221.3
Reportable segment income	290.9		254.7		534.6		488.3
Corporate and other	(19.5)		(20.5)		(45.9)		(43.1)
Asset impairment and write-offs	—		(0.5)		(0.8)		(4.4)
Restructuring and other	(5.9)		(0.6)		(10.5)		(3.5)
Transformation costs	(11.8)		(6.0)		(28.8)		(14.5)
Intangible amortization	(13.4)		(13.9)		(26.9)		(27.7)
Legal accrual adjustments and settlements	7.9		(4.1)		8.2		(2.2)
Interest expense, net	(26.3)		(31.8)		(53.6)		(64.2)
Other (expense) income	(1.0)		4.2		(2.0)		3.3
Income from continuing operations before income taxes	$	220.9	$	181.5	$	374.3	$	332.0