Goodwill and Other Identifiable Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2026

Intangible Asset, Goodwill and Other [Abstract]

Carrying Amount of Goodwill by Segment

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

In millions	December 31, 2025		Reallocation (1)		January 1, 2026		Foreign Currency Translation		March 31, 2026
Flow	$	967.5	$	(326.3)	$	641.2	$	(7.4)	$	633.8
Water Solutions	1,407.1		326.3		1,733.4		(6.0)		1,727.4
Pool	1,163.5		—		1,163.5		—		1,163.5
Total goodwill	$	3,538.1	$	—	$	3,538.1	$	(13.4)	$	3,524.7

(1) In the first quarter of 2026, we reorganized the composition of our reportable segments, as disclosed in Note 1, which resulted in a change to our reporting unit structure. A quantitative assessment was performed for the impacted reporting units, using the income and market approaches. The estimated fair values of the impacted reporting units significantly exceeded the carrying values, and therefore, no impairment charge was recorded. As a result of the assessment, we reallocated $44.2 million of goodwill from the Flow segment to the Water Solutions segment based on the relative fair values of the impacted reporting units. In addition, $282.1 million was reallocated from the Flow segment to the Water Solutions segment prospectively to conform to the new segment composition.

Detail of Identifiable Intangible Assets

Identifiable intangible assets consisted of the following:

	March 31, 2026						December 31, 2025
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,158.7	$	(396.0)	$	762.7	$	1,166.0	$	(389.4)	$	776.6
Proprietary technology and patents	82.3		(43.2)		39.1		82.4		(41.6)		40.8
Total definite-life intangibles	1,241.0		(439.2)		801.8		1,248.4		(431.0)		817.4
Indefinite-life intangibles
Trade names	254.3		—		254.3		255.9		—		255.9
Total intangibles	$	1,495.3	$	(439.2)	$	1,056.1	$	1,504.3	$	(431.0)	$	1,073.3

Estimated Future Amortization Expense for Identifiable Intangible Assets

Estimated future amortization expense for identifiable intangible assets during the remainder of 2026 and the next five years is as follows:

	Q2 - Q4
	2026		2027		2028		2029		2030		2031
Estimated amortization expense	$	45.8	$	60.2	$	57.6	$	57.2	$	56.6	$	56.4