Goodwill and Other Identifiable Intangible Assets

12 Months Ended

Dec. 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 for the years ended December 31, 2025 and 2024 by reportable segment were as follows:

In millions	December 31, 2024		Acquisitions		Foreign  currency translation		December 31, 2025
Flow	$	730.4	$	169.2	$	67.9	$	967.5
Water Solutions	1,392.7		—		14.4		1,407.1
Pool	1,163.5		—		—		1,163.5
Total goodwill	$	3,286.6	$	169.2	$	82.3	$	3,538.1

In millions	December 31, 2023		Acquisitions		Foreign currency translation		December 31, 2024
Flow	$	767.1	$	—	$	(36.7)	$	730.4
Water Solutions	1,400.6		—		(7.9)		1,392.7
Pool	1,106.9		56.6		—		1,163.5
Total goodwill	$	3,274.6	$	56.6	$	(44.6)	$	3,286.6

There has been no impairment of goodwill for any of the years presented.

Identifiable intangible assets consisted of the following at December 31:

	2025						2024
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,166.0	$	(389.4)	$	776.6	$	1,146.5	$	(400.2)	$	746.3
Proprietary technology and patents	82.4		(41.6)		40.8		88.8		(48.4)		40.4
Total definite-life intangibles	1,248.4		(431.0)		817.4		1,235.3		(448.6)		786.7
Indefinite-life intangibles
Trade names	255.9		—		255.9		247.1		—		247.1
Total intangibles	$	1,504.3	$	(431.0)	$	1,073.3	$	1,482.4	$	(448.6)	$	1,033.8

Identifiable intangible asset amortization expense in 2025, 2024 and 2023 was $58.1 million, $54.3 million and $55.3 million, respectively.

An impairment charge of $30.9 million was recorded in 2025 related to the write-off of a definite-lived customer relationship intangible asset resulting from a business exit within our Water Solutions segment during the second quarter of 2025. The impairment charge was recorded in Selling, general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income. No impairment charge was recorded for identifiable intangible assets in 2024 or 2023.

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

In millions	2026		2027		2028		2029		2030
Estimated amortization expense	$	61.6	$	60.3	$	57.6	$	57.2	$	56.6