Goodwill and Other Identifiable Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill by reportable segment were as follows:

In millions	December 31, 2024		Foreign Currency Translation		March 31, 2025
Flow	$	730.4	$	19.5	$	749.9
Water Solutions	1,392.7		4.4		1,397.1
Pool	1,163.5		—		1,163.5
Total goodwill	$	3,286.6	$	23.9	$	3,310.5

Identifiable intangible assets consisted of the following:

	March 31, 2025						December 31, 2024
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,077.7	$	(343.9)	$	733.8	$	1,146.5	$	(400.2)	$	746.3
Proprietary technology and patents	75.2		(36.1)		39.1		88.8		(48.4)		40.4
Total definite-life intangibles	1,152.9		(380.0)		772.9		1,235.3		(448.6)		786.7
Indefinite-life intangibles
Trade names	249.6		—		249.6		247.1		—		247.1
Total intangibles	$	1,402.5	$	(380.0)	$	1,022.5	$	1,482.4	$	(448.6)	$	1,033.8

Identifiable intangible asset amortization expense was $14.2 million and $13.5 million for the three months ended March 31, 2025 and 2024, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2025 and the next five years is as follows:

	Q2 - Q4
	2025		2026		2027		2028		2029		2030
Estimated amortization expense	$	42.9	$	55.9	$	54.6	$	52.1	$	51.7	$	51.2