Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of fair value of financial assets and liabilities

	Fair Value Measurement at December 31, 2021 Using:
			Quoted Prices in Active		Significant Other		Significant
			Markets for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(in millions)
Assets
Plan asset for deferred compensation(1)	$	2.6	$	2.6	$	—	$	—
Interest rate swap(1)	$	1.4	$	—	$	1.4	$	—
Total assets	$	4.0	$	2.6	$	1.4	$	—
Liabilities
Interest rate swap(3)	$	0.6	$	—	$	0.6	$	—
Plan liability for deferred compensation(2)	$	2.6	$	2.6	$	—	$	—
Contingent consideration(4)	$	6.3	$	—	$	—	$	6.3
Total liabilities	$	9.5	$	2.6	$	0.6	$	6.3

	Fair Value Measurements at December 31, 2020 Using:
			Quoted Prices in Active		Significant Other		Significant
			Markets for Identical		Observable		Unobservable
			Assets		Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
	(in millions)
Assets
Plan asset for deferred compensation(1)	$	2.5	$	2.5	$	—	$	—
Total assets	$	2.5	$	2.5	$	—	$	—
Liabilities
Interest rate swaps(3)	$	0.6	$	—	$	0.6	$	—
Plan liability for deferred compensation(2)	$	2.5	$	2.5	$	—	$	—
Designated foreign currency hedge(3)	$	0.1	$	—	$	0.1	$	—
Contingent consideration(4)	$	3.2	$	—	$	—	$	3.2
Total liabilities	$	6.4	$	2.5	$	0.7	$	3.2

(1) Included on the Company’s consolidated balance sheet in other assets (other, net).

(2) Included on the Company’s consolidated balance sheet in accrued compensation and benefits.

(3) Included on the Company’s consolidated balance sheet in accrued expenses and other liabilities.

(4) As of December 31, 2021, $3.8 million classified in accrued expenses and other liabilities on the Company’s consolidated balance sheet, relates to contingent consideration as part of the acquisition of Australian Valve Group Pty Ltd (“AVG”) and $2.5 million classified in other noncurrent liabilities relates to contingent consideration as part of the acquisition of Sentinel Hydrosolutions, LLC (“Sentinel”). The balance as of December 31, 2020 of $3.2 million related to the estimated contingent consideration as part of the acquisition of AVG and was classified on the Company’s consolidated balance sheet in other noncurrent liabilities.

Significant Unobservable Inputs (Level 3)

Summary of the changes in fair value of all financial assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3)

							Total realized and unrealized
	Balance						(gains) losses included in:				Balance
	December 31,						Net earnings		Comprehensive		December 31,
	2020		Settlements		Purchases		adjustments		income		2021
	(in millions)
Contingent consideration	$	3.2		—	$	2.5		0.8	$	(0.2)	$	6.3