Restructuring and Transformation Program

9 Months Ended

Sep. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring and Transformation Program

Restructuring and Transformation Program

In 2021, we launched and committed resources to a program designed to accelerate growth and drive margin expansion through transformation of our business model to drive operational excellence, reduce complexity and streamline our processes (the “Transformation Program”). The Transformation Program is structured in multiple phases and is expected to empower us to work more efficiently and optimize our business to better serve our customers while meeting our financial objectives.

During the nine months ended September 30, 2025, we initiated and continued execution of activities associated with our Transformation Program as well as initiated and continued certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Restructuring and Transformation Program initiatives included a reduction in hourly and salaried headcount of approximately 230 employees during the nine months ended September 30, 2025.

Restructuring and transformation-related costs included within Cost of goods sold and Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income included the following: 

	Three months ended				Nine months ended
In millions	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Restructuring Initiatives
Severance and related costs	$	—	$	17.4	$	20.3	$	26.8
Other restructuring costs and related adjustments (1)	1.1		10.9		6.0		11.8
Total restructuring costs	1.1		28.3		26.3		38.6
Transformation Program
Severance and related costs	—		—		—		0.7
Asset impairment and write-offs	0.7		2.8		16.2		2.8
Other transformation costs (2)	10.8		12.6		32.4		40.7
Total transformation costs	11.5		15.4		48.6		44.2
Total restructuring and transformation costs	$	12.6	$	43.7	$	74.9	$	82.8
(1) Other restructuring costs and related adjustments primarily consist of certain accruals and related refinements as well as various contract termination costs, asset impairments and inventory write-offs associated with business and product line exits.
(2) Other transformation costs primarily consist of professional services and project management related costs.

Restructuring and transformation costs by reportable segment as well as Corporate and other were as follows:

	Three months ended				Nine months ended
In millions	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Flow	$	(1.4)	$	6.0	$	17.1	$	11.0
Water Solutions	0.9		16.2		10.7		17.7
Pool	2.8		4.7		11.8		10.1
Corporate and other	10.3		16.8		35.3		44.0
Total restructuring and transformation costs	$	12.6	$	43.7	$	74.9	$	82.8

Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the nine months ended September 30, 2025: 

In millions	September 30, 2025
Beginning balance	$	18.7
Costs incurred	20.3
Cash payments and other	(26.1)
Ending balance	$	12.9