Form 10-Q - Quarterly report [Sections 13 or 15(d)]

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the Quarterly Period Ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-11625


Pentair plc

(Exact name of registrant as specified in its charter)

Ireland

98-1141328

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Regal House, 70 London Road,

Twickenham,

London,

TW13QS

United Kingdom

(Address of principal executive offices)

Registrant’s telephone number, including area code: 44-74-9421-6154

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares, nominal value $0.01 per share	PNR	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting
company

☐

Emerging growth
company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

On June 30, 2024, 165,497,736 shares of registrant’s common stock were outstanding.

Table of Contents

Pentair plc and Subsidiaries


		Page

PART I FINANCIAL INFORMATION

ITEM 1.	Financial Statements (unaudited)

	Condensed Consolidated Statements of Operations and Comprehensive Income	3

	Condensed Consolidated Balance Sheets	4

	Condensed Consolidated Statements of Cash Flows	5

	Condensed Consolidated Statements of Changes in Equity	6

	Notes to Condensed Consolidated Financial Statements	7

ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	19

ITEM 3.	Quantitative and Qualitative Disclosures about Market Risk	31

ITEM 4.	Controls and Procedures	31

PART II OTHER INFORMATION

ITEM 1.	Legal Proceedings	32

ITEM 1A.	Risk Factors	32

ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	33

ITEM 5.	Other Information	33

ITEM 6.	Exhibits	34

	Signatures	35

Table of Contents

PART I FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Pentair plc and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)


	Three months ended				Six months ended
In millions, except per-share data	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1
Cost of goods sold	661.4		683.0		1,288.5		1,329.8
Gross profit	437.9		399.5		828.0		781.3
Selling, general and administrative expenses	165.1		165.1		350.3		338.4
Research and development expenses	24.8		25.9		48.9		50.8

Operating income	248.0		208.5		428.8		392.1
Other expense (income)



Net interest expense	26.3		31.8		53.6		64.2
Other expense (income)	0.8		(4.8)		0.9		(4.1)
Income from continuing operations before income taxes	220.9		181.5		374.3		332.0
Provision for income taxes	34.8		27.3		54.7		49.3
Net income from continuing operations	186.1		154.2		319.6		282.7
Loss from discontinued operations, net of tax	—		(1.3)		(0.2)		(0.1)

Net income	$	186.1	$	152.9	$	319.4	$	282.6

Comprehensive income, net of tax
Net income	$	186.1	$	152.9	$	319.4	$	282.6
Changes in cumulative translation adjustment	(10.1)		(2.2)		(31.8)		9.9

Changes in market value of derivative financial instruments, net of tax	6.2		(0.3)		28.9		(7.5)
Comprehensive income	$	182.2	$	150.4	$	316.5	$	285.0
Earnings (loss) per ordinary share
Basic
Continuing operations	$	1.12	$	0.94	$	1.93	$	1.71
Discontinued operations	—		(0.01)		—		—
Basic earnings per ordinary share	$	1.12	$	0.93	$	1.93	$	1.71
Diluted
Continuing operations	$	1.11	$	0.93	$	1.91	$	1.70
Discontinued operations	—		(0.01)		—		—
Diluted earnings per ordinary share	$	1.11	$	0.92	$	1.91	$	1.70
Weighted average ordinary shares outstanding
Basic	165.9		165.0		165.8		164.9
Diluted	167.3		166.1		167.3		165.9

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Pentair plc and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)


	June 30, 2024		December 31, 2023
In millions, except per-share data
Assets
Current assets
Cash and cash equivalents	$	214.3	$	170.3
Accounts receivable, net of allowances of $10.6 and $11.2, respectively	567.8		561.7
Inventories	647.5		677.7
Other current assets	133.9		159.3

Total current assets	1,563.5		1,569.0
Property, plant and equipment, net	361.4		362.0
Other assets
Goodwill	3,250.6		3,274.6
Intangibles, net	1,012.4		1,042.4
Other non-current assets	360.1		315.3

Total other assets	4,623.1		4,632.3
Total assets	$	6,548.0	$	6,563.3
Liabilities and Equity
Current liabilities
Current maturities of short-term borrowings	$	3.3	$	—
Accounts payable	295.0		278.9
Employee compensation and benefits	104.0		125.4
Other current liabilities	548.1		545.3

Total current liabilities	950.4		949.6
Other liabilities
Long-term debt	1,752.6		1,988.3
Pension and other post-retirement compensation and benefits	71.8		73.6
Deferred tax liabilities	38.7		40.0
Other non-current liabilities	301.6		294.7

Total liabilities	3,115.1		3,346.2
Commitments and contingencies (Note 15)
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 165.5 and 165.3 issued at June 30, 2024 and December 31, 2023, respectively	1.7		1.7

Additional paid-in capital	1,569.2		1,593.6
Retained earnings	2,109.3		1,866.2
Accumulated other comprehensive loss	(247.3)		(244.4)
Total equity	3,432.9		3,217.1
Total liabilities and equity	$	6,548.0	$	6,563.3

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Pentair plc and Subsidiaries

Condensed Consolidated Statements of Cash Flows (Unaudited)


	Six months ended
In millions	June 30, 2024		June 30, 2023
Operating activities
Net income	$	319.4	$	282.6
Loss from discontinued operations, net of tax	0.2		0.1

Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities
Equity income of unconsolidated subsidiaries	(1.1)		(0.8)
Depreciation	30.4		29.4
Amortization	26.9		27.7
Deferred income taxes	12.6		(31.9)

Share-based compensation	16.3		14.1
Asset impairment and write-offs	0.8		4.4




Gain on sale of assets	—		(3.4)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	(10.7)		7.4
Inventories	23.5		33.6
Other current assets	(4.0)		(16.7)
Accounts payable	19.4		(25.8)
Employee compensation and benefits	(19.4)		(1.2)
Other current liabilities	6.6		22.1
Other non-current assets and liabilities	10.9		(1.5)
Net cash provided by operating activities of continuing operations	431.8		340.1
Net cash used for operating activities of discontinued operations	(0.2)		(1.6)
Net cash provided by operating activities	431.6		338.5
Investing activities
Capital expenditures	(36.3)		(35.4)
Proceeds from sale of property and equipment	—		5.0

Acquisitions, net of cash acquired	—		0.2
Other	(0.5)		4.1


Net cash used for investing activities	(36.8)		(26.1)
Financing activities
Net receipts of short-term borrowings	3.3		—
Net repayments of revolving long-term debt	—		(204.3)

Repayments of long-term debt	(237.5)		—


Shares issued to employees, net of shares withheld	9.3		0.8
Repurchases of ordinary shares	(50.0)		—
Dividends paid	(76.2)		(72.5)



Net cash used for financing activities	(351.1)		(276.0)

Effect of exchange rate changes on cash and cash equivalents	0.3		(3.7)
Change in cash and cash equivalents	44.0		32.7
Cash and cash equivalents, beginning of period	170.3		108.9
Cash and cash equivalents, end of period	$	214.3	$	141.6

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Pentair plc and Subsidiaries

Condensed Consolidated Statements of Changes in Equity (Unaudited)


In millions	Ordinary shares			Additional paid-in capital	Retained earnings		Accumulated other comprehensive (loss) income				Total
	Number	Amount
Balance - December 31, 2023	165.3	$	1.7		$	1,593.6	$	1,866.2	$	(244.4)		$	3,217.1
Net income	—	—			—		133.3		—			133.3
Other comprehensive income, net of tax	—	—			—		—		1.0			1.0
Dividends declared, $0.23 per share	—	—			—		(38.2)		—			(38.2)

Exercise of options, net of shares tendered for payment	0.4	—			15.2		—		—			15.2
Issuance of restricted shares, net of cancellations	0.4	—			(4.0)		—		—			(4.0)
Shares surrendered by employees to pay taxes	(0.1)	—			(5.1)		—		—			(5.1)
Share-based compensation	—	—			7.9		—		—			7.9
Balance - March 31, 2024	166.0	$	1.7		$	1,607.6	$	1,961.3	$	(243.4)		$	3,327.2
Net income	—	—			—		186.1		—			186.1
Other comprehensive loss, net of tax	—	—			—		—		(3.9)			(3.9)
Dividends declared, $0.23 per share	—	—			—		(38.1)		—			(38.1)
Share repurchases	(0.6)	—			(50.0)		—		—			(50.0)
Exercise of options, net of shares tendered for payment	0.1	—			3.7		—		—			3.7

Shares surrendered by employees to pay taxes	—	—			(0.5)		—		—			(0.5)
Share-based compensation	—	—			8.4		—		—			8.4
Balance - June 30, 2024	165.5	$	1.7		$	1,569.2	$	2,109.3	$	(247.3)		$	3,432.9


In millions	Ordinary shares			Additional paid-in capital		Retained earnings		Accumulated other comprehensive (loss) income		Total
	Number	Amount
Balance - December 31, 2022	164.5	$	1.7	$	1,554.9	$	1,390.5	$	(239.0)	$	2,708.1
Net income	—	—		—		129.7		—		129.7

Other comprehensive income, net of tax	—	—		—		—		4.9		4.9
Dividends declared, $0.22 per share	—	—		—		(36.3)		—		(36.3)

Exercise of options, net of shares tendered for payment	0.1	—		2.5		—		—		2.5
Issuance of restricted shares, net of cancellations	0.5	—		(2.3)		—		—		(2.3)
Shares surrendered by employees to pay taxes	(0.1)	—		(4.3)		—		—		(4.3)
Share-based compensation	—	—		7.2		—		—		7.2
Balance - March 31, 2023	165.0	$	1.7	$	1,558.0	$	1,483.9	$	(234.1)	$	2,809.5
Net income	—	—		—		152.9		—		152.9
Other comprehensive loss, net of tax	—	—		—		—		(2.5)		(2.5)
Dividends declared, $0.22 per share	—	—		—		(36.4)		—		(36.4)

Exercise of options, net of shares tendered for payment	0.1	—		6.3		—		—		6.3

Shares surrendered by employees to pay taxes	—	—		(1.4)		—		—		(1.4)
Share-based compensation	—	—		6.9		—		—		6.9
Balance - June 30, 2023	165.1	$	1.7	$	1,569.8	$	1,600.4	$	(236.6)	$	2,935.3

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

1.Basis of Presentation and Responsibility for Interim Financial Statements

The accompanying unaudited condensed consolidated financial statements of Pentair plc and its subsidiaries (“we,” “us,” “our,” “Pentair,” or the “Company”) have been prepared following the requirements of the United States (“U.S.”) Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) can be condensed or omitted.

We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year.

Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis.

Recent U.S. Securities and Exchange Commission (“SEC”) final rules

In March 2024, the SEC issued the final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. These rules, if adopted, will require registrants to disclose certain climate-related information, including Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics, in registration statements and annual reports, when material. Disclosure requirements, absent the results of pending legal challenges, may begin phasing in with our annual reporting for the year ending December 31, 2025. We are currently evaluating the impact the rules will have on our disclosures.

2.Revenue

We disaggregate our revenue from contracts with customers by segment, geographic location and vertical market, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Refer to Note 14 for revenue disaggregated by segment.

Geographic net sales information, based on geographic destination of the sale, was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
U.S.	$	773.6	$	757.6	$	1,478.8	$	1,473.4
Western Europe	127.2		119.5		258.8		247.3
Developing (1)	139.3		142.5		262.0		263.6
Other Developed (2)	59.2		62.9		116.9		126.8
Consolidated net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1


(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.

Vertical market net sales information was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Residential	$	581.4	$	536.0	$	1,124.6	$	1,102.4
Commercial	308.6		344.8		582.2		618.1
Industrial	209.3		201.7		409.7		390.6
Consolidated net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Performance obligations

As of June 30, 2024, we had $88.1 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.

Contract assets and liabilities

Contract assets and liabilities consisted of the following:


In millions	June 30, 2024		December 31, 2023		$ Change		% Change
Contract assets	$	61.9	$	70.8	$	(8.9)	(12.6)	%
Contract liabilities	35.8		53.7		(17.9)		(33.3)	%
Net contract assets	$	26.1	$	17.1	$	9.0	52.6	%

The $9.0 million increase in net contract assets from December 31, 2023 to June 30, 2024 was primarily the result of timing of milestone payments. Approximately 85% of our contract liabilities at December 31, 2023 were recognized in revenue in the first half of 2024.

3. Share Plans

Total share-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restricted stock units	$	4.3	$	3.7	$	8.1	$	7.4
Stock options	1.3		1.0		2.7		2.1
Performance share units	2.8		2.2		5.5		4.6
Total share-based compensation expense	$	8.4	$	6.9	$	16.3	$	14.1

In the first quarter of 2024, we issued our annual share-based compensation grants under the Pentair plc 2020 Share and Incentive Plan to eligible employees. The total number of awards issued was approximately 0.5 million, of which 0.2 million were restricted stock units (“RSUs”), 0.2 million were stock options and 0.1 million were performance share units (“PSUs”). The weighted-average grant date fair value of the RSUs, stock options and PSUs issued was $75.70, $25.10 and $71.83, respectively.

We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends and using the following assumptions:


	2024 Annual Grant
Risk-free interest rate	4.44	%
Expected dividend yield	1.43	%
Expected share price volatility	30.90	%
Expected term (years)	6.5

These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behavior, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected. We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected share price volatility, we considered a rolling average of historical volatility measured over a period approximately equal to the expected option term. The risk-free interest rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

4. 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 six months ended June 30, 2024, 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 200 employees during the six months ended June 30, 2024.

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				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restructuring Initiatives
Severance and related costs	$	5.4	$	0.9	$	9.4	$	3.4

Other restructuring costs and related adjustments (1)	(0.1)		(0.1)		0.9		0.5
Total restructuring costs	5.3		0.8		10.3		3.9
Transformation Program
Severance and related costs	0.3		0.3		0.7		2.2
Other transformation costs (2)	11.5		5.7		28.1		12.3
Total transformation costs	11.8		6.0		28.8		14.5
Total restructuring and transformation costs	$	17.1	$	6.8	$	39.1	$	18.4
(1) Other restructuring costs and related adjustments primarily consist of certain accruals, 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, partially offset by gain on sale of assets.

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


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Flow	$	2.4	$	0.8	$	5.0	$	1.2
Water Solutions	0.9		(2.6)		1.5		(1.1)
Pool	1.7		1.9		5.4		5.2
Corporate and other	12.1		6.7		27.2		13.1
Total restructuring and transformation costs	$	17.1	$	6.8	$	39.1	$	18.4

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 six months ended June 30, 2024:


In millions	June 30, 2024
Beginning balance	$	13.4

Costs incurred	10.1
Cash payments and other	(12.1)
Ending balance	$	11.4

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

5. Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three months ended				Six months ended
In millions, except per-share data	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net income	$	186.1	$	152.9	$	319.4	$	282.6
Net income from continuing operations	$	186.1	$	154.2	$	319.6	$	282.7
Weighted average ordinary shares outstanding
Basic	165.9		165.0		165.8		164.9
Dilutive impact of stock options, restricted stock units and performance share units	1.4		1.1		1.5		1.0
Diluted	167.3		166.1		167.3		165.9
Earnings (loss) per ordinary share
Basic
Continuing operations	$	1.12	$	0.94	$	1.93	$	1.71
Discontinued operations	—		(0.01)		—		—
Basic earnings per ordinary share	$	1.12	$	0.93	$	1.93	$	1.71
Diluted
Continuing operations	$	1.11	$	0.93	$	1.91	$	1.70
Discontinued operations	—		(0.01)		—		—
Diluted earnings per ordinary share	$	1.11	$	0.92	$	1.91	$	1.70
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.2		0.3		0.2		0.6

6. Accounts Receivable

All trade receivables are reported on our Condensed Consolidated Balance Sheets at the outstanding principal amount adjusted for any allowance for credit losses and write-offs, net of recoveries. We record an allowance for credit losses, reducing our receivables balance to an amount we estimate is collectible from our customers. Estimates used in determining the allowance for credit losses are based on current trends, aging of accounts receivable, periodic credit evaluations of our customers’ financial condition, and historical collection experience as well as reasonable and supportable forecasts of future economic conditions. Write-offs are recorded at the time all collection efforts have been exhausted. We generally do not require collateral. We review our allowance for credit losses on a quarterly basis.

Activity related to our allowance for credit losses is summarized as follows for the six months ended June 30, 2024:


In millions	June 30, 2024
Beginning balance	$	11.2


Write-offs, net of recoveries	(1.0)
Other (1)	0.4
Ending balance	$	10.6
(1) Other amounts are primarily the effects of changes in currency translation and the impact of allowance for credits.

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

7. Supplemental Balance Sheet Information


In millions	June 30, 2024		December 31, 2023
Inventories
Raw materials and supplies	$	341.1	$	369.1
Work-in-process	94.5		97.1
Finished goods	211.9		211.5
Total inventories	$	647.5	$	677.7
Other current assets
Cost in excess of billings	$	61.9	$	70.8
Prepaid expenses	65.6		55.2

Other current assets	6.4		33.3
Total other current assets	$	133.9	$	159.3
Property, plant and equipment, net
Land and land improvements	$	31.8	$	32.3
Buildings and leasehold improvements	227.7		225.5
Machinery and equipment	683.7		669.9
Capitalized software	90.7		70.5
Construction in progress	38.2		55.8
Total property, plant and equipment	1,072.1		1,054.0
Accumulated depreciation and amortization	710.7		692.0
Total property, plant and equipment, net	$	361.4	$	362.0
Other non-current assets
Right-of-use lease assets	$	124.8	$	102.0

Deferred income taxes	126.7		113.2
Deferred compensation plan assets	28.3		26.1

Other non-current assets	80.3		74.0
Total other non-current assets	$	360.1	$	315.3
Other current liabilities

Dividends payable	$	38.1	$	38.0
Accrued warranty	74.2		65.0
Accrued rebates and incentives	197.2		181.8
Accrued freight	22.4		20.4
Billings in excess of cost	28.2		46.9
Current lease liability	25.5		26.2
Income taxes payable	25.8		20.7
Accrued restructuring	11.4		13.4
Interest payable	28.2		29.7
Other current liabilities	97.1		103.2
Total other current liabilities	$	548.1	$	545.3
Other non-current liabilities
Long-term lease liability	$	104.0	$	79.1
Income taxes payable	36.2		35.6
Self-insurance liabilities	52.7		51.9
Deferred compensation plan liabilities	28.3		26.1
Foreign currency contract liabilities	48.4		70.0
Other non-current liabilities	32.0		32.0
Total other non-current liabilities	$	301.6	$	294.7

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

8. Goodwill and Other Identifiable Intangible Assets

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


In millions	December 31, 2023		Foreign Currency Translation		June 30, 2024
Flow	$	767.1	$	(19.0)	$	748.1
Water Solutions	1,400.6		(5.0)		1,395.6
Pool	1,106.9		—		1,106.9
Total goodwill	$	3,274.6	$	(24.0)	$	3,250.6

Identifiable intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,100.8	$	(381.0)	$	719.8	$	1,106.2	$	(361.8)	$	744.4
Proprietary technology and patents	89.3		(45.8)		43.5		89.7		(43.2)		46.5


Total definite-life intangibles	1,190.1		(426.8)		763.3		1,195.9		(405.0)		790.9
Indefinite-life intangibles
Trade names	249.1		—		249.1		251.5		—		251.5
Total intangibles	$	1,439.2	$	(426.8)	$	1,012.4	$	1,447.4	$	(405.0)	$	1,042.4

Identifiable intangible asset amortization expense was $13.4 million and $13.9 million for the three months ended June 30, 2024 and 2023, and $26.9 million and $27.7 million for the six months ended June 30, 2024 and 2023, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows:


	Q3-Q4
	2024		2025		2026		2027		2028		2029
Estimated amortization expense	$	27.0	$	54.0	$	52.8	$	51.5	$	49.0	$	48.6

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

9. Debt

Debt and the average interest rates on debt outstanding were as follows:


In millions	Average interest rate as of June 30, 2024	Maturity Year	June 30, 2024		December 31, 2023

Revolving credit facility (Senior Credit Facility)	6.637%	2026	$	—	$	—
Term Loan Facility	6.802%	2023 - 2027	950.0		987.5
Term loans (Senior Credit Facility)	N/A	2024	—		200.0
Senior notes - fixed rate (1)	4.650%	2025	19.3		19.3
Senior notes - fixed rate (1)	4.500%	2029	400.0		400.0
Senior notes - fixed rate (1)	5.900%	2032	400.0		400.0
Other	N/A	N/A	3.3		—
Unamortized debt issuance costs and discounts	N/A	N/A	(16.7)		(18.5)
Total debt			1,755.9		1,988.3
Less: Current maturities of short-term borrowings			(3.3)		—
Long-term debt			$	1,752.6	$	1,988.3
(1) Senior notes are guaranteed as to payment by Pentair plc.

Pentair, Pentair Finance S.à r.l (“PFSA”) and Pentair, Inc. are parties to a credit agreement (the “Senior Credit Facility”), with Pentair as guarantor and PFSA and Pentair, Inc. as borrowers, providing for a $900.0 million senior unsecured revolving credit facility. During the second quarter of 2024, PFSA repaid $200.0 million of term loans under the Senior Credit Facility. The revolving credit facility has a maturity date of December 16, 2026. Borrowings under the Senior Credit Facility bear interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, adjusted euro interbank offered rate, adjusted daily simple secured overnight financing rate or central bank rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.

As of June 30, 2024, total availability under the Senior Credit Facility was $900.0 million. In addition, PFSA has the option to request to increase the revolving credit facility and/or to enter into one or more tranches of term loans in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders.

In addition, Pentair and PFSA are parties to a senior unsecured term loan facility (the “Term Loan Facility”), with PFSA, as borrower, Pentair, as guarantor, providing for an aggregate principal amount of $1.0 billion. The Term Loan Facility has a maturity date of July 28, 2027, with required quarterly installment payments of $6.3 million which began on the last day of the third quarter of 2023 and increase to $12.5 million beginning with the last day of the third quarter of 2024. The Term Loan Facility bears interest at a rate equal to an alternate base rate, adjusted term secured overnight financing rate, or adjusted daily simple secured overnight financing rate, plus, in each case, an applicable margin. The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.

Our debt agreements contain various financial covenants, but the most restrictive covenants are contained in the Senior Credit Facility and the Term Loan Facility. The Senior Credit Facility and the Term Loan Facility contain covenants requiring us not to permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash and cash equivalents in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense (“EBITDA”) on the last day of any period of four consecutive fiscal quarters (each, a “testing period”) to exceed 3.75 to 1.00 (or, at PFSA’s election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) (the “Leverage Ratio”) and (ii) the ratio of our EBITDA to our consolidated interest expense, for the same period to be less than 3.00 to 1.00 as of the end of each fiscal quarter. For purposes of the Leverage Ratio, the Senior Credit Facility and the Term Loan Facility provide for the calculation of EBITDA giving pro forma effect to certain acquisitions, divestitures and liquidations during the period to which such calculation relates.

In addition to the Senior Credit Facility and the Term Loan Facility, we have various other credit facilities with an aggregate availability of $20.8 million, of which there were no outstanding borrowings at June 30, 2024. Borrowings under these credit facilities bear interest at variable rates.

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

We have $25.0 million of Term Loan Facility payments due in the next twelve months. We classified this debt as long-term as of June 30, 2024 as we have the intent and ability to refinance such obligation on a long-term basis under the revolving credit facility under the Senior Credit Facility.

Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2024 matures on a calendar year basis as follows:


	Q3 - Q4
In millions	2024		2025		2026		2027		2028		2029		Thereafter		Total
Contractual debt obligation maturities	$	3.3	$	69.3	$	50.0	$	850.0	$	—	$	400.0	$	400.0	$	1,772.6

10. Derivatives and Financial Instruments

Derivative financial instruments

We are exposed to market risk related to changes in foreign currency exchange rates and interest rates on our variable rate indebtedness. To manage the volatility related to these exposures, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates or variable interest rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.

Foreign currency contracts

We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. The majority of our foreign currency contracts have an original maturity date of less than one year.

At June 30, 2024 and December 31, 2023, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $17.9 million and $23.9 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income was not material for any period presented.

Cross currency swaps

At June 30, 2024 and December 31, 2023, we had outstanding cross currency swap agreements with a combined notional amount of $909.8 million and $940.2 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. We had deferred foreign currency losses of $27.7 million and $51.6 million at June 30, 2024 and December 31, 2023, respectively, recorded in Accumulated other comprehensive loss associated with our cross currency swap activity. The periodic interest settlements related to our cross currency swap agreements are classified as operating activities. The cash flows that relate to principal balances are classified as financing activities for the cash flow hedges on intercompany debt and investing activities for the net investment hedges.

Hedging of variable interest rates

We manage our exposure to certain interest rate risks related to our variable rate debt through the use of interest rate swaps and collars. We enter into these agreements to hedge the variability of interest expense and cash flows attributable to changes in interest rates of our variable rate debt. As of June 30, 2024, we had an aggregate notional amount of $300.0 million and $200.0 million in interest rate swaps and collars, respectively, that are designated as cash flow hedges.

Unrealized gains and losses related to the fair value of the interest rate swaps are recorded in Accumulated other comprehensive loss on our Condensed Consolidated Balance Sheets. We had unrealized gains of $5.2 million and $0.3 million at June 30, 2024 and December 31, 2023, respectively, recorded in Accumulated other comprehensive loss associated with our interest rate swap and collar activity. The periodic interest settlements related to our interest rate swaps and collars are classified as operating activities.

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Fair value measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date:


Level 1:						Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets.

Level 2:						Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3:						Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.

Fair value of financial instruments

The following methods were used to estimate the fair values of each class of financial instrument:

•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;

•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined above;

•foreign currency contracts, interest rate swap and collar agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined above; and

•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined above; fair value of common/collective trusts are valued at net asset value (“NAV”), which is based on the fair value of the underlying securities owned by the fund and divided by the number of shares outstanding.

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:


	June 30, 2024				December 31, 2023
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	953.3	$	953.3	$	1,187.5	$	1,187.5
Fixed rate debt	819.3		796.7		819.3		824.5
Total debt	$	1,772.6	$	1,750.0	$	2,006.8	$	2,012.0

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:


	June 30, 2024
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	5.2	$	—	$	—	$	5.2
Foreign currency contract assets	—		7.5		—		—		7.5
Foreign currency contract liabilities	—		(48.4)		—		—		(48.4)


Deferred compensation plan assets	13.5		—		—		14.8		28.3
Total recurring fair value measurements	$	13.5	$	(35.7)	$	—	$	14.8	$	(7.4)


	December 31, 2023
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	0.3	$	—	$	—	$	0.3
Foreign currency contract assets	—		0.2		—		—		0.2
Foreign currency contract liabilities	—		(70.0)		—		—		(70.0)
Deferred compensation plan assets	12.1		—		—		14.0		26.1
Total recurring fair value measurements	$	12.1	$	(69.5)	$	—	$	14.0	$	(43.4)

11. Income Taxes

We manage our affairs so that we are centrally managed and controlled in the United Kingdom (“U.K.”) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates.

The effective income tax rate for the six months ended June 30, 2024 was 14.6%, compared to 14.8% for the six months ended June 30, 2023. We continue to actively pursue initiatives to reduce our effective tax rate. The tax rate in any quarter can be affected positively or negatively by the mix of global earnings or adjustments that are required to be reported in the specific quarter of resolution.

The total gross liability for uncertain tax positions was $37.3 million and $38.6 million at June 30, 2024 and December 31, 2023, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income, which is consistent with our past practices.

The Organization for Economic Co-operation and Development Pillar Two Model Rules (“Pillar Two”) for a global 15.0% minimum tax are in the process of being adopted by a number of jurisdictions in which we operate. In particular, the U.K. completed passage of legislation to comply with the Pillar Two framework which became effective on January 1, 2024. For the six months ended June 30, 2024, the impact of Pillar Two on our condensed consolidated financial statements was not material.

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

12. Benefit Plans

Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Service cost	$	0.4	$	0.4	$	0.8	$	0.8
Interest cost	1.0		1.0		2.0		2.0
Expected return on plan assets	(0.1)		(0.2)		(0.2)		(0.4)

Net periodic benefit expense	$	1.3	$	1.2	$	2.6	$	2.4

Components of net periodic benefit expense for our other post-retirement plans for the three and six months ended June 30, 2024 and 2023 were not material.

13. Shareholders’ Equity

Share repurchases

In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million. The authorization expires on December 31, 2025. During the three and six months ended June 30, 2024, we repurchased 0.6 million of our ordinary shares for $50.0 million. As of June 30, 2024, we had $550.0 million available for share repurchases under this authorization.

Dividends payable

On May 6, 2024, the Board of Directors declared a quarterly cash dividend of $0.23 per share, payable on August 2, 2024 to shareholders of record at the close of business on July 19, 2024. As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $38.1 million at June 30, 2024, compared to $38.0 million at December 31, 2023.

14. Segment Information

We are composed of three reporting segments: Flow, Water Solutions and Pool. We evaluate performance based on net sales and reportable segment income and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Reportable segment income represents operating income of each reportable segment inclusive of equity income of unconsolidated subsidiaries and exclusive of intangible amortization, costs of restructuring and transformation activities, impairments, legal accrual adjustments and settlements and other unusual non-operating items. “Corporate and other” activity primarily consists of corporate expenses not allocated to the segments, including executive office, board of directors, and centrally-managed corporate functional or shared service costs related to finance, human resources, communications and corporate development. These activities do not meet the criteria for a stand-alone reporting segment under accounting standards codification (“ASC”) 280.

Net sales of the Company’s reportable segments as well as Corporate and other were as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023

Flow	$	396.8	$	411.6	$	781.1	$	803.4
Water Solutions	310.5		336.2		583.6		608.2
Pool	391.5		334.3		751.0		698.6
Reportable segment net sales	1,098.8		1,082.1		2,115.7		2,110.2
Corporate and other	0.5		0.4		0.8		0.9
Net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1

Table of Contents

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

The following table presents a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Reportable segment income
Flow	$	84.4	$	74.8	$	161.7	$	139.8
Water Solutions	72.9		74.8		128.5		127.2
Pool	133.6		105.1		244.4		221.3
Reportable segment income	290.9		254.7		534.6		488.3
Corporate and other	(19.5)		(20.5)		(45.9)		(43.1)


Asset impairment and write-offs	—		(0.5)		(0.8)		(4.4)
Restructuring and other	(5.9)		(0.6)		(10.5)		(3.5)
Transformation costs	(11.8)		(6.0)		(28.8)		(14.5)
Intangible amortization	(13.4)		(13.9)		(26.9)		(27.7)







Legal accrual adjustments and settlements	7.9		(4.1)		8.2		(2.2)
Interest expense, net	(26.3)		(31.8)		(53.6)		(64.2)
Other (expense) income	(1.0)		4.2		(2.0)		3.3
Income from continuing operations before income taxes	$	220.9	$	181.5	$	374.3	$	332.0

15. Commitments and Contingencies

Warranties

We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant.

The changes in the carrying amount of service and product warranties from continuing operations for the six months ended June 30, 2024 were as follows:


In millions	June 30, 2024
Beginning balance	$	65.0
Service and product warranty provision	49.9
Payments	(40.5)

Foreign currency translation	(0.2)
Ending balance	$	74.2

Stand-by letters of credit, bank guarantees and bonds

In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.

As of June 30, 2024 and December 31, 2023, the outstanding value of bonds, letters of credit and bank guarantees totaled $107.2 million and $124.3 million, respectively.

Table of Contents

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Forward-looking Statements

This report contains statements that we believe to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words “targets,” “plans,” “believes,” “expects,” “intends,” “will,” “likely,” “may,” “anticipates,” “estimates,” “projects,” “should,” “would,” “could,” “positioned,” “strategy,” or “future” or words, phrases, or terms of similar substance or the negative thereof are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the overall global economic and business conditions impacting our business, including the strength of housing and related markets and conditions relating to international hostilities; supply, demand, logistics, competition and pricing pressures related to and in the markets we serve; the ability to achieve the benefits of our restructuring plans, cost reduction initiatives and Transformation Program; the impact of raw material, logistics and labor costs and other inflation; volatility in currency exchange rates and interest rates; failure of markets to accept new product introductions and enhancements; the ability to successfully identify, finance, complete and integrate acquisitions; risks associated with operating foreign businesses; the impact of seasonality of sales and weather conditions; our ability to comply with laws and regulations; the impact of changes in laws, regulations and administrative policy, including those that limit U.S. tax benefits or impact trade agreements and tariffs; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating and environmental, social and governance (“ESG”) goals and targets. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission, including this Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2023. All forward-looking statements speak only as of the date of this report. Pentair assumes no obligation, and disclaims any obligation, to update the information contained in this report.

Overview

The terms “us,” “we,” “our” or “Pentair” refer to Pentair plc and its consolidated subsidiaries. At Pentair, we believe the health of our world depends on reliable access to clean water. We deliver a comprehensive range of smart, sustainable water solutions to homes, businesses and industries around the world. Our industry-leading and proven portfolio of solutions enables our customers to access clean, safe water; reduce water consumption; and recover and reuse water. Whether it’s moving, improving or helping people enjoy water, we help manage life’s most essential resource. We are composed of three reporting segments: Flow, Water Solutions and Pool. For the first six months of 2024, the Flow, Water Solutions and Pool segments represented approximately 37%, 28% and 35% of total revenues, respectively. We classify our operations into reporting segments based primarily on types of products offered and markets served:

•Flow — The focus of this segment is to deliver water where it is needed, when it is needed, more efficiently and to transform waste into value. This segment designs, manufactures and sells a variety of fluid treatment and pump products and systems, including pressure vessels, gas recovery solutions, membrane bioreactors, wastewater reuse systems and advanced membrane filtration, separation systems, water disposal pumps, water supply pumps, fluid transfer pumps, turbine pumps, solid handling pumps and agricultural spray nozzles, while serving the global residential, commercial and industrial markets. These products and systems are used in a range of applications, including fluid delivery, ion exchange, desalination, food and beverage, separation technologies for the oil and gas industry, residential and municipal wells, water treatment, wastewater solids handling, pressure boosting, circulation and transfer, fire suppression, flood control, agricultural irrigation and crop spray.

•Water Solutions — The focus of this segment is to provide great-tasting, higher-quality water and ice while helping people use water more productively. This segment designs, manufactures and sells commercial and residential water treatment products and systems including pressure tanks, control valves, activated carbon products, commercial ice machines, conventional filtration products, and point-of-entry and point-of-use water treatment systems. These water treatment products and systems are used in residential whole home water filtration, drinking water filtration and water softening solutions in addition to commercial total water management and filtration in foodservice operations. In addition, our water solutions business also provides installation and preventative services for water management solutions for commercial operators.

Table of Contents

•Pool — The focus of this segment is to provide innovative, energy-efficient pool solutions to help people more sustainably enjoy water. This segment designs, manufactures and sells a complete line of energy-efficient residential and commercial pool equipment and accessories including pumps, filters, heaters, lights, automatic controls, automatic cleaners, maintenance equipment and pool accessories. Applications for our pool products include residential and commercial pool maintenance, pool repair, renovation, service, construction and aquaculture solutions.

Key Trends and Uncertainties Regarding Our Existing Business

The following trends and uncertainties affected our financial performance in the first six months of 2024 and are reasonably likely to impact our results in the future:

•In 2021, we created a transformation office and launched and committed resources to the Transformation Program designed to accelerate growth and drive margin expansion by driving operational excellence, reducing complexity and streamlining our processes. During 2023 and the first six months of 2024, we made strategic progress on our Transformation Program initiatives with a focus on our four key themes of pricing excellence, strategic sourcing, operations excellence and organizational effectiveness. We expect to continue to execute on our key Transformation Program initiatives to drive margin expansion and to continue to incur transformation costs throughout the remainder of 2024 and beyond.

•In 2024, we began using 80/20 guiding principles to enable our Transformation Program. This 80/20 analysis is expected to create value by focusing on the right customers and products through quadrant based strategies. We expect the analysis to result in actions to improve operating performance by reducing lower margin sales and removing complexity in the future.

•During 2023 and the first six months of 2024, we executed certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. We expect these actions to continue throughout the remainder of 2024 and to drive margin growth.

•During 2023 and the first six months of 2024, we experienced inflationary cost increases for certain raw materials as well as logistics and transportation costs. The current volatile market for commodities has the potential to continue to drive price increases in our supply chain. While we have taken pricing actions and implemented transformation initiatives that we expect to improve productivity and offset cost increases, we anticipate supply chain pressures and inflationary cost increases to continue for the remainder of 2024.

•The Organization for Economic Co-operation and Development Pillar Two Model Rules (“Pillar Two”) for a global 15.0% minimum tax are in the process of being adopted by a number of jurisdictions in which we operate. Pillar Two has negatively impacted our effective tax rate in 2024. That impact could change in the future as we continue to evaluate the enacted legislative changes and as new guidance becomes available.

•We have identified specific product and geographic market opportunities that we find attractive and continue to pursue, both within and outside the U.S. We expect to continue investing in our businesses to drive these opportunities through research and development and additional sales and marketing resources. Unless we successfully penetrate these markets, our core sales growth will likely be limited or may decline.

In 2024, our operating objectives focus on delivering our core and building our future. We expect to execute these objectives by:

•Delivering profitable revenue growth and productivity for customers and shareholders;

•Continuing to focus on capital allocation through:

◦Committing to maintain our investment grade rating;

◦Focusing on reducing our long-term debt;

◦Returning cash to shareholders through dividends and share repurchases; and

◦Accelerating our performance with strategically aligned mergers and acquisitions;

•Focusing growth initiatives that accelerate our investments in digital, innovation, technology and ESG;

Table of Contents

•Continuing to implement our Transformation Program initiatives that will drive operational excellence, reduce complexity and improve our organizational structure, which includes the focus on 80/20 actions to drive profitable growth; and

•Building a high performance growth culture and delivering on our commitments while living our Win Right values.

CONSOLIDATED RESULTS OF OPERATIONS

The consolidated results of operations for the three months ended June 30, 2024 and 2023 were as follows:


	Three months ended
In millions	June 30, 2024			June 30, 2023			$ Change		% / Point Change
Net sales	$	1,099.3		$	1,082.5		$	16.8	1.6	%
Cost of goods sold	661.4			683.0			(21.6)		(3.2)	%
Gross profit	437.9			399.5			38.4		9.6	%
% of net sales	39.8		%	36.9		%			2.9	pts

Selling, general and administrative	165.1			165.1			—		—	%
% of net sales	15.0		%	15.3		%			(0.3)	pts
Research and development	24.8			25.9			(1.1)		(4.2)	%
% of net sales	2.3		%	2.4		%			(0.1)	pts



Operating income	248.0			208.5			39.5		18.9	%
% of net sales	22.6		%	19.3		%			3.3	pts



Other expense (income)	0.8			(4.8)			5.6		N.M.
Net interest expense	26.3			31.8			(5.5)		(17.3)	%


Income from continuing operations before income taxes	220.9			181.5			39.4		21.7	%
Provision for income taxes	34.8			27.3			7.5		27.5	%
Effective tax rate	15.8		%	15.0		%			0.8	pts

N.M. Not Meaningful

Table of Contents

The consolidated results of operations for the six months ended June 30, 2024 and 2023 were as follows:


	Six months ended
In millions	June 30, 2024			June 30, 2023			$ Change		% / Point Change
Net sales	$	2,116.5		$	2,111.1		$	5.4	0.3	%
Cost of goods sold	1,288.5			1,329.8			(41.3)		(3.1)	%
Gross profit	828.0			781.3			46.7		6.0	%
% of net sales	39.1		%	37.0		%			2.1	pts

Selling, general and administrative expenses	350.3			338.4			11.9		3.5	%
% of net sales	16.6		%	16.0		%			0.6	pts
Research and development expenses	48.9			50.8			(1.9)		(3.7)	%
% of net sales	2.3		%	2.4		%			(0.1)	pts



Operating income	428.8			392.1			36.7		9.4	%
% of net sales	20.3		%	18.6		%			1.7	pts



Other expense (income)	0.9			(4.1)			5.0		N.M.
Net interest expense	53.6			64.2			(10.6)		(16.5)	%

Income from continuing operations before income taxes	374.3			332.0			42.3		12.7	%
Provision for income taxes	54.7			49.3			5.4		11.0	%
Effective tax rate	14.6		%	14.8		%			(0.2)	pts

N.M. Not Meaningful

Net sales

The components of the consolidated net sales change from the prior period were as follows:


	Three months ended June 30, 2024		Six months ended June 30, 2024
	over the prior year period		over the prior year period
Volume	1.1	%	(1.3)	%
Price	1.1		1.9
Core growth	2.2		0.6
Acquisition/Divestitures	(0.2)		(0.1)
Currency	(0.4)		(0.2)
Total	1.6	%	0.3	%

The 1.6 and 0.3 percent increases in net sales in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•increased sales volume within our Pool segment due to higher demand compared to the prior year;

•increased sales volume in our commercial flow business within our Flow segment in the first half of 2024 compared to the prior year; and

•increased selling prices in our commercial flow and industrial solutions businesses within our Flow segment, in our commercial business within our Water Solutions segment and in our Pool segment to mitigate inflationary cost increases.

Table of Contents

These increases were partially offset by:

•decreased sales volume in our residential flow and industrial solutions businesses within our Flow segment compared to the prior year;

•decreased sales volume within our commercial and residential businesses in our Water Solutions segment compared to the prior year, in addition to the completion of a large project in 2023 within our commercial business that did not recur in the first half of 2024;

•unfavorable foreign currency effects compared to the prior year; and

•a product line exit in our Pool segment that occurred in the first half of 2024.

Gross profit

The 2.9 and 2.1 percentage point increases in gross profit as a percentage of net sales in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•increases in selling prices to mitigate impacts of inflationary costs;

•increased productivity mainly driven by manufacturing leverage within our Pool segment and transformation initiatives; and

•asset impairment and write-offs of $0.8 million recorded in the first half of 2024, compared to $3.9 million in the first half of 2023.

These increases were partially offset by:

•inflationary cost increases related to labor costs and certain raw materials.

Selling, general and administrative expenses (“SG&A”)

The 0.3 percentage point decrease in SG&A as a percentage of net sales in the second quarter of 2024 from 2023 was primarily driven by:

•a reduction in our legal accrual of $7.9 million in the second quarter of 2024, compared to an increase in our legal accrual of $4.1 million in the second quarter of 2023.

This decrease was partially offset by:

•transformation costs of $11.8 million in the second quarter of 2024, compared to $6.0 million in the second quarter of 2023; and

•restructuring and other costs of $5.9 million in the second quarter of 2024, compared to $0.6 million in the second quarter of 2023.

The 0.6 percentage point increase in SG&A as a percentage of net sales in the first half of 2024 from 2023 was primarily driven by:

•transformation costs of $28.8 million in the first half of 2024, compared to $14.5 million in the first half of 2023; and

•restructuring and other costs of $10.5 million in the first half of 2024, compared to $3.5 million in the first half of 2023.

This increase was partially offset by:

•a reduction in our legal accrual of $8.2 million in the first half of 2024, compared to an increase in our legal accrual of $2.2 million in the first half of 2023.

Net interest expense

The 17.3 and 16.5 percent decreases in net interest expense in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•lower variable debt compared to the same period of the prior year.

Table of Contents

Provision for income taxes

The 0.8 percentage point increase in the effective tax rate in the second quarter of 2024 from 2023 was primarily driven by:

•the unfavorable mix of global earnings.

The 0.2 percentage point decrease in the effective tax rate in the first half of 2024 from 2023 was primarily driven by:

•the favorable impact of discrete items that occurred during the first half of 2024 that did not occur in the same period of the prior year.

This decrease was partially offset by:

•the unfavorable mix of global earnings.

SEGMENT RESULTS OF OPERATIONS

The summary that follows provides a discussion of the results of operations of our three reportable segments (Flow, Water Solutions and Pool). Each of these segments comprises various product offerings that serve multiple end users.

We evaluate performance based on net sales and reportable segment income (“segment income”) and use a variety of ratios to measure performance of our reporting segments. Segment income represents operating income of each reportable segment inclusive of equity income of unconsolidated subsidiaries and exclusive of intangible amortization, costs of restructuring and transformation activities, impairments, legal accrual adjustments and settlements and other unusual non-operating items.

Flow

The net sales and segment income for Flow were as follows:


	Three months ended								Six months ended
In millions	June 30, 2024			June 30, 2023			% / Point Change		June 30, 2024			June 30, 2023			% / Point Change
Net sales	$	396.8		$	411.6		(3.6)%		$	781.1		$	803.4		(2.8)%
Segment income	84.4			74.8			12.8%		161.7			139.8			15.7%
% of net sales	21.3		%	18.2		%	3.1	pts	20.7		%	17.4		%	3.3	pts

Net sales

The components of the change in Flow net sales from the prior period were as follows:


	Three months ended June 30, 2024		Six months ended June 30, 2024
	over the prior year period		over the prior year period
Volume	(4.3)	%	(4.3)	%
Price	1.2		1.7
Core growth	(3.1)		(2.6)

Currency	(0.5)		(0.2)
Total	(3.6)	%	(2.8)	%

The 3.6 and 2.8 percent decreases in net sales for Flow in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•decreased sales volume in our residential flow and industrial solutions businesses compared to the prior year; and

•unfavorable foreign currency effects compared to the prior year.

These decreases were partially offset by:

•increased sales volume in our commercial flow business in the first half of 2024 compared to the prior year; and

•increased selling prices in our commercial flow and industrial solutions businesses to mitigate inflationary cost increases.

Table of Contents

Segment income

The components of the change in Flow segment income as a percentage of net sales from the prior period were as follows:


	Three months ended June 30, 2024		Six months ended June 30, 2024
	over the prior year period		over the prior year period
Growth/Price	1.0	pts	2.1	pts

Inflation	(2.3)		(2.3)
Productivity	4.4		3.5
Total	3.1	pts	3.3	pts

The 3.1 and 3.3 percentage point increases in segment income for Flow as a percentage of net sales in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•increased selling prices in our commercial flow and industrial solutions businesses to mitigate impacts of inflation; and

•increased productivity mainly driven by transformation initiatives.

These increases were partially offset by:

•inflationary cost increases related to labor costs and certain raw materials.

Water Solutions

The net sales and segment income for Water Solutions were as follows:


	Three months ended								Six months ended
In millions	June 30, 2024			June 30, 2023			% / Point Change		June 30, 2024			June 30, 2023			% / Point Change
Net sales	$	310.5		$	336.2		(7.6)%		$	583.6		$	608.2		(4.0)%
Segment income	72.9			74.8			(2.5)%		128.5			127.2			1.0%
% of net sales	23.5		%	22.2		%	1.3	pts	22.0		%	20.9		%	1.1	pts

Net sales

The components of the change in Water Solutions net sales from the prior period were as follows:


	Three months ended June 30, 2024		Six months ended June 30, 2024
	over the prior year period		over the prior year period
Volume	(8.1)	%	(4.8)	%
Price	1.1		1.3
Core growth	(7.0)		(3.5)

Currency	(0.6)		(0.5)
Total	(7.6)	%	(4.0)	%

The 7.6 and 4.0 percent decreases in net sales for Water Solutions in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•decreased sales volume in our commercial and residential businesses compared to the prior year, in addition to the completion of a large project in 2023 within our commercial business that did not recur in the first half of 2024; and

•unfavorable foreign currency effects compared to the prior year.

These decreases were partially offset by:

•increased selling prices in our commercial business to mitigate inflationary cost increases.

Table of Contents

Segment income

The components of the change in Water Solutions segment income as a percentage of net sales from the prior period were as follows:


	Three months ended June 30, 2024		Six months ended June 30, 2024
	over the prior year period		over the prior year period
Growth/Price	1.4	pts	1.9	pts
Currency	(0.1)		(0.3)
Inflation	(2.0)		(2.3)
Productivity	2.0		1.8
Total	1.3	pts	1.1	pts

The 1.3 and 1.1 percentage point increases in segment income for Water Solutions as a percentage of net sales in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•increased productivity mainly driven by transformation initiatives; and

•increased selling prices in our commercial business to mitigate impacts of inflation and favorable mix.

These increases were partially offset by:

•inflationary cost increases related to labor costs and certain raw materials; and

•unfavorable foreign currency effects compared to the prior year.

Pool

The net sales and segment income for Pool were as follows:


	Three months ended								Six months ended
In millions	June 30, 2024			June 30, 2023			% / Point Change		June 30, 2024			June 30, 2023			% / Point Change
Net sales	$	391.5		$	334.3		17.1%		$	751.0		$	698.6		7.5%
Segment income	133.6			105.1			27.1%		244.4			221.3			10.4%
% of net sales	34.1		%	31.4		%	2.7	pts	32.5		%	31.7		%	0.8	pts

Net sales

The components of the change in Pool net sales from the prior period were as follows:


	Three months ended June 30, 2024		Six months ended June 30, 2024
	over the prior year period		over the prior year period
Volume	17.1	%	5.2	%
Price	0.8		2.7
Core growth	17.9		7.9
Acquisition/Divestiture	(0.7)		(0.3)
Currency	(0.1)		(0.1)
Total	17.1	%	7.5	%

The 17.1 and 7.5 percent increases in net sales for Pool in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•increased sales volume due to higher demand compared to the prior year; and

•increased selling prices to mitigate inflationary cost increases.

Table of Contents

These increases were partially offset by:

•a product line exit that occurred in the first half of 2024.

Segment income

The components of the change in Pool segment income as a percentage of net sales from the prior period were as follows:


	Three months ended June 30, 2024		Six months ended June 30, 2024
	over the prior year period		over the prior year period
Growth/Price/Divestiture	1.6	pts	2.3	pts

Inflation	(2.1)		(1.9)
Productivity	3.2		0.4
Total	2.7	pts	0.8	pts

The 2.7 and 0.8 percentage point increases in segment income for Pool as a percentage of net sales in the second quarter and first half, respectively, of 2024 from 2023 were primarily driven by:

•increased productivity driven by manufacturing leverage and transformation initiatives; and

•increased selling prices to mitigate impacts of inflation.

These increases were partially offset by:

•inflationary cost increases related to labor costs and certain raw materials.

BACKLOG OF ORDERS BY SEGMENT


In millions	June 30, 2024		December 31, 2023		$ Change		% Change
Flow	$	333.2	$	390.1	$	(56.9)	(14.6)	%
Water Solutions	89.5		108.5		(19.0)		(17.5)	%
Pool	68.2		239.7		(171.5)		(71.5)	%
Total backlog	$	490.9	$	738.3	$	(247.4)	(33.5)	%

The majority of our backlog is short cycle in nature with shipments within one year from when a customer places an order and a substantial portion of our revenues has historically resulted from orders received and products delivered in the same month. A portion of our backlog, particularly from orders for major capital projects, can take more than one year from order to delivery depending on the size and type of order. We record, as part of our backlog, all orders from external customers, which represent firm commitments, and are supported by a purchase order or other legitimate contract. Our backlog of orders is dependent upon when customers place orders and is not necessarily an indicator of our expected results for our 2024 net sales. The decrease in our overall backlog from December 31, 2023 was primarily driven by our backlog trending down to more historical levels as a result of increased manufacturing capacity and improved lead times within each of our reportable segments as well as delivery of orders associated with certain advance sale (“early buy”) programs within our Pool segment.

LIQUIDITY AND CAPITAL RESOURCES

We generally fund cash requirements for working capital, capital expenditures, equity investments, acquisitions, debt repayments, dividend payments and share repurchases from cash generated from operations, availability under existing committed revolving credit facilities and in certain instances, public and private debt and equity offerings. Our primary revolving credit facility has generally been adequate for these purposes, although we have negotiated additional credit facilities or completed debt and equity offerings as needed to allow us to complete acquisitions.

We experience seasonal cash flows primarily due to seasonal demand in a number of markets. Consistent with historical trends, we experienced seasonal cash usage in the first quarter of 2024 and drew on our revolving credit facility to fund our operations. This cash usage reversed in the second quarter as the seasonality of our businesses peaked and generated significant cash to fund our operations.

Table of Contents

End-user demand for pool equipment in the Pool segment, water solution products in the Water Solutions segment, and residential water supply and agricultural products within the Flow segment follows warm weather trends, with seasonal highs from April to September. The magnitude of the sales spike is partially mitigated by employing some advance sale “early buy” programs (generally including extended payment terms and/or additional discounts). Demand for residential and agricultural water systems is also impacted by weather patterns, particularly by temperature, heavy flooding and droughts.

We expect to continue to have sufficient cash and borrowing capacity to support working capital needs and capital expenditures, to pay interest and service debt and to pay dividends to shareholders quarterly. We believe our existing liquidity position, coupled with our currently anticipated operating cash flows, will be sufficient to meet our cash needs arising in the ordinary course of business for the next twelve months.

Summary of cash flows


	Six months ended
In millions	June 30, 2024		June 30, 2023
Net cash provided by (used for):
Operating activities of continuing operations	$	431.8	$	340.1
Investing activities	(36.8)		(26.1)
Financing activities	(351.1)		(276.0)

Operating activities

Net cash provided by operating activities of continuing operations in the first six months of 2024 primarily reflects net income from continuing operations, net of non-cash depreciation, definite-lived intangible amortization, share-based compensation and asset impairment, of $394.0 million. Additionally, we had a cash inflow of $15.4 million as a result of changes in net working capital, primarily due to lower inventory and increased accounts payable balances. The decrease in inventory was primarily related to supply chain efficiencies and improved lead times. The higher accounts payable balance was attributable to inventory purchases for our peak sales season.

Net cash provided by operating activities of continuing operations in the first six months of 2023 primarily reflects net income from continuing operations, net of non-cash depreciation, definite-lived intangible amortization and asset impairment, of $344.2 million.

Investing activities

Net cash used for investing activities in the first six months of 2024 primarily reflects capital expenditures of $36.3 million.

Net cash used for investing activities in the first six months of 2023 primarily reflects capital expenditures of $35.4 million, partially offset by proceeds from the sale of property and equipment of $5.0 million.

Financing activities

Net cash used for financing activities in the first six months of 2024 primarily relates to the repayment of $200.0 million term loans under the Senior Credit Facility, $37.5 million Term Loan Facility principal payments, dividend payments of $76.2 million and share repurchases of $50.0 million.

Net cash used for financing activities in the first six months of 2023 primarily relates to net repayments of revolving long-term debt of $204.3 million and dividend payments of $72.5 million.

Table of Contents

Free cash flow

In addition to measuring our cash flow generation or usage based upon operating, investing and financing classifications included in the Condensed Consolidated Statements of Cash Flows, we also measure our free cash flow. We have a long-term goal to consistently generate free cash flow that is equal to 100 percent conversion of net income. Free cash flow is a non-U.S. GAAP financial measure that we use to assess our cash flow performance. We believe free cash flow is an important measure of liquidity because it provides us and our investors a measurement of cash generated from operations that is available to pay dividends, repurchase shares and repay debt. In addition, free cash flow is used as a criterion to measure and pay compensation-based incentives. Our measure of free cash flow may not be comparable to similarly titled measures reported by other companies.

The following table is a reconciliation of free cash flow:


	Six months ended
In millions		June 30, 2024		June 30, 2023
Net cash provided by operating activities of continuing operations		$	431.8	$	340.1
Capital expenditures of continuing operations		(36.3)		(35.4)
Proceeds from sale of property and equipment of continuing operations		—		5.0
Free cash flow from continuing operations		395.5		309.7
Net cash used for operating activities of discontinued operations		(0.2)		(1.6)


Free cash flow		$	395.3	$	308.1

Debt and capital

Table of Contents

As of June 30, 2024, we had $105.5 million of cash held in certain countries in which the ability to repatriate is limited due to local regulations or significant potential tax consequences.

Share repurchases

In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million. This authorization expires on December 31, 2025. During the three and six months ended June 30, 2024, we repurchased 0.6 million of our ordinary shares for $50.0 million. As of June 30, 2024, we had $550.0 million available for share repurchases under this authorization.

Dividends payable

We paid dividends in the first six months of 2024 of $76.2 million, or $0.46 per ordinary share compared with $72.5 million, or $0.44 per ordinary share, in the prior year period.

Under Irish law, the payment of future cash dividends and repurchases of shares may be paid only out of Pentair plc’s “distributable reserves” on its statutory balance sheet. Pentair plc is not permitted to pay dividends out of share capital, which includes share premiums. Distributable reserves may be created through the earnings of the Irish parent company and through a reduction in share capital approved by the Irish High Court. Distributable reserves are not linked to a U.S. generally accepted accounting principles (“GAAP”) reported amount (e.g., retained earnings). Our distributable reserve balance was $6.9 billion as of December 31, 2023.

Supplemental guarantor information

Pentair plc (the “Parent Company Guarantor”), fully and unconditionally, guarantees the senior notes of PFSA (the “Subsidiary Issuer”). The Subsidiary Issuer is a Luxembourg private limited liability company and 100 percent-owned subsidiary of the Parent Company Guarantor.

The Parent Company Guarantor is a holding company established to own directly and indirectly substantially all of its operating and other subsidiaries. The Subsidiary Issuer is a holding company formed to own directly and indirectly substantially all of its operating and other subsidiaries and to issue debt securities, including the senior notes. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the senior notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the senior notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the senior notes or the guarantees.

Table of Contents

The following table presents summarized financial information as of June 30, 2024 and December 31, 2023 for the Parent Company Guarantor and Subsidiary Issuer on a combined basis after elimination of (i) intercompany transactions and balances among the guarantors and issuer and (ii) equity in earnings from and investments in any subsidiary that is a non-guarantor or issuer.


In millions	June 30, 2024		December 31, 2023

Current assets (1)	$	93.9	$	71.7
Noncurrent assets (2)	2,580.1		2,686.9
Current liabilities (3)	1,680.5		1,659.0
Noncurrent liabilities (4)	1,966.5		2,331.4
(1) No assets due from non-guarantor subsidiaries were included as of June 30, 2024 and December 31, 2023, respectively.
(2) Includes assets due from non-guarantor subsidiaries of $2,554.2 million and $2,673.3 million as of June 30, 2024 and December 31, 2023, respectively.
(3) Includes liabilities due to non-guarantor subsidiaries of $1,606.3 million and $1,583.6 million as of June 30, 2024 and December 31, 2023, respectively.
(4) Includes liabilities due to non-guarantor subsidiaries of $155.8 million and $268.4 million as of June 30, 2024 and December 31, 2023, respectively.

The Parent Company Guarantor and Subsidiary Issuer do not have material results of operations on a combined basis.

CRITICAL ACCOUNTING POLICIES

We have adopted various accounting policies to prepare the consolidated financial statements in accordance with GAAP. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. In our Annual Report on Form 10-K for the year ended December 31, 2023, we identified the critical accounting policies that affect our more significant estimates and assumptions used in preparing our consolidated financial statements. There have been no material changes to our critical accounting policies and estimates from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our market risk during the quarter ended June 30, 2024. For additional information refer to Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023.

ITEM 4. CONTROLS AND PROCEDURES

(a) Evaluation of Disclosure Controls and Procedures

We maintain a system of disclosure controls and procedures designed to provide reasonable assurance as to the reliability of our published financial statements and other disclosures included in this report. Our management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the quarter ended June 30, 2024 pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (the “Exchange Act”). Based upon their evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, as of the end of the quarter ended June 30, 2024 to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms, and to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.

(b) Changes in Internal Control over Financial Reporting

There was no change in our internal control over financial reporting that occurred during the quarter ended June 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Table of Contents

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

We have been, and in the future may be, made parties to a number of actions filed or have been, and in the future may be, given notice of potential claims relating to the conduct of our business, including those relating to commercial, contractual or regulatory disputes with suppliers, customers, authorities or parties to acquisitions and divestitures; intellectual property matters; environmental, asbestos, safety and health matters; product liability claims; claims relating to the use or installation of our products; consumer and consumer protection matters; and employment and labor matters.

ITEM 1A. RISK FACTORS

There have been no material changes from the risk factors previously disclosed in Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2023.

Table of Contents

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table provides information with respect to purchases we made of our ordinary shares during the second quarter of 2024:


	(a)	(b)		(c)	(d)
Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs	Dollar value of shares that may yet be purchased under the plans or programs
April 1 - April 27	2,679	$	83.71	—	$	600,002,203
April 28 - May 25	194,427	83.86		190,705	584,002,629
May 26 - June 30	429,728	79.26		429,001	550,002,247
Total	626,834			619,706

(a)The purchases in this column include 2,679 shares for the period April 1 - April 27, 3,722 shares for the period April 28 - May 25 and 727 shares for the period May 26 - June 30 deemed surrendered to us by participants in our equity incentive plans to satisfy the exercise price or withholding of tax obligations related to the exercise of stock options and vesting of restricted and performance shares.

(b)The average price paid in this column includes shares deemed surrendered to us by participants in our equity incentive plans to satisfy the exercise price for the exercise price of stock options and withholding tax obligations due upon stock option exercises and vesting of restricted and performance shares.

(c)The number of shares in this column represents the number of shares repurchased as part of our publicly announced plans to repurchase our ordinary shares up to the maximum dollar limit authorized by the Board of Directors, discussed below.

(d)In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million. This authorization expires on December 31, 2025. As of June 30, 2024, we had $550.0 million remaining availability for repurchases under this authorization. From time to time, we may enter into a Rule 10b5-1 trading plan for the purpose of repurchasing shares under this authorization.

ITEM 5. OTHER INFORMATION

(c)During the second quarter of 2024, none of our directors or Section 16 officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation S-K), except as set forth in the table below.

(a)

(b)

Name and Title

Action Taken

Date

Type of Trading Arrangement

Duration of Trading Arrangement

Aggregate Number of Shares to be Sold

David A. Jones, Director

Adoption

04/30/2024

Rule 10b5-1 trading arrangement

08/30/2024

Up to 4,008 shares issuable upon the exercise of options to acquire shares pursuant to the trading arrangement

(a) Each trading arrangement marked as a Rule 10b5-1 trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c).

(b) Each trading arrangement permits transactions through and including the earlier to occur of the completion of all sales under the trading arrangement or the date listed in the table.

Table of Contents

ITEM 6. EXHIBITS

The exhibits listed in the following Exhibit Index are filed as part of this Quarterly Report on Form 10-Q.

Exhibit Index to Form 10-Q for the Period Ended June 30, 2024


22						List of Guarantors and Subsidiary Issuers of Guaranteed Securities. (Incorporated by reference to Exhibit 22 to the Quarterly Report on Form 10-Q of Pentair plc for the quarter ended September 30, 2022 (File No. 001-11625)).
31.1						Certification of Chief Executive Officer.
31.2						Certification of Chief Financial Officer.
32.1						Certification of Chief Executive Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2						Certification of Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101						The following materials from Pentair plc’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 are filed herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023, (ii) the Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023, (iii) the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Changes in Equity for the three and six months ended June 30, 2024 and 2023, (v) Notes to Condensed Consolidated Financial Statements, and (vi) the information included in Part II, Item 5(c). The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on July 23, 2024.



			Pentair plc
			Registrant

			By			/s/ Robert P. Fishman
						Robert P. Fishman
						Executive Vice President, Chief Financial Officer and Chief Accounting Officer

Exhibit 31.1

Certification

I, John L. Stauch, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pentair plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:	July 23, 2024	/s/ John L. Stauch
		John L. Stauch
		President and Chief Executive Officer

Exhibit 31.2

Certification

I, Robert P. Fishman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Pentair plc;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date:	July 23, 2024	/s/ Robert P. Fishman
		Robert P. Fishman
		Executive Vice President, Chief Financial Officer and Chief Accounting Officer

Exhibit 32.1

Certification of CEO Pursuant To

18 U.S.C. Section 1350,

As Adopted Pursuant To

Section 906 Of The Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report of Pentair plc (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John L. Stauch, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


Date:	July 23, 2024	/s/ John L. Stauch
		John L. Stauch
		President and Chief Executive Officer

Exhibit 32.2

Certification of CFO Pursuant To

18 U.S.C. Section 1350,

As Adopted Pursuant To

Section 906 Of The Sarbanes-Oxley Act Of 2002

In connection with the Quarterly Report of Pentair plc (the “Company”) on Form 10-Q for the period ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Robert P. Fishman, Executive Vice President, Chief Financial Officer and Chief Accounting Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


Date:	July 23, 2024	/s/ Robert P. Fishman
		Robert P. Fishman
		Executive Vice President, Chief Financial Officer and Chief Accounting Officer

Cover	6 Months Ended
Cover	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-11625
Entity Registrant Name	Pentair plc
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000077360
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1141328
Entity Address, Address Line One	Regal House, 70 London Road,
Entity Address, Address Line Two	Twickenham,
Entity Address, City or Town	London,
Entity Address, Postal Zip Code	TW13QS
Entity Address, Country	GB
Country Region	44
City Area Code	74
Local Phone Number	9421-6154
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	PNR
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Amendment Flag	false
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	165,497,736

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 1,099.3	$ 1,082.5	$ 2,116.5	$ 2,111.1
Cost of goods sold	661.4	683.0	1,288.5	1,329.8
Gross profit	437.9	399.5	828.0	781.3
Selling, general and administrative expenses	165.1	165.1	350.3	338.4
Research and development expenses	24.8	25.9	48.9	50.8
Operating income	248.0	208.5	428.8	392.1
Other expense (income)
Net interest expense	26.3	31.8	53.6	64.2
Other expense (income)	0.8	(4.8)	0.9	(4.1)
Income from continuing operations before income taxes	220.9	181.5	374.3	332.0
Provision for income taxes	34.8	27.3	54.7	49.3
Net income from continuing operations	186.1	154.2	319.6	282.7
Loss from discontinued operations, net of tax	0.0	(1.3)	(0.2)	(0.1)
Net income	186.1	152.9	319.4	282.6
Comprehensive income, net of tax
Net income	186.1	152.9	319.4	282.6
Changes in cumulative translation adjustment	(10.1)	(2.2)	(31.8)	9.9
Changes in market value of derivative financial instruments, net of tax	6.2	(0.3)	28.9	(7.5)
Comprehensive income	$ 182.2	$ 150.4	$ 316.5	$ 285.0
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 1.12	$ 0.94	$ 1.93	$ 1.71
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Basic earnings per ordinary share (in dollars per share)	1.12	0.93	1.93	1.71
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	1.11	0.93	1.91	1.70
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Diluted earnings per ordinary share (in dollars per share)	$ 1.11	$ 0.92	$ 1.91	$ 1.70
Weighted average ordinary shares outstanding
Basic (shares)	165.9	165.0	165.8	164.9
Diluted (shares)	167.3	166.1	167.3	165.9

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 214.3	$ 170.3
Accounts receivable, net of allowances of $10.6 and $11.2, respectively	567.8	561.7
Inventories	647.5	677.7
Other current assets	133.9	159.3
Total current assets	1,563.5	1,569.0
Property, plant and equipment, net	361.4	362.0
Other assets
Goodwill	3,250.6	3,274.6
Intangibles, net	1,012.4	1,042.4
Other non-current assets	360.1	315.3
Total other assets	4,623.1	4,632.3
Total assets	6,548.0	6,563.3
Current liabilities
Current maturities of short-term borrowings	3.3	0.0
Accounts payable	295.0	278.9
Employee compensation and benefits	104.0	125.4
Other current liabilities	548.1	545.3
Total current liabilities	950.4	949.6
Other liabilities
Long-term debt	1,752.6	1,988.3
Pension and other post-retirement compensation and benefits	71.8	73.6
Deferred tax liabilities	38.7	40.0
Other non-current liabilities	301.6	294.7
Total liabilities	3,115.1	3,346.2
Equity
Ordinary shares $0.01 par value, 426.0 authorized, 165.5 and 165.3 issued at June 30, 2024 and December 31, 2023, respectively	1.7	1.7
Additional paid-in capital	1,569.2	1,593.6
Retained earnings	2,109.3	1,866.2
Accumulated other comprehensive loss	(247.3)	(244.4)
Total equity	3,432.9	3,217.1
Total liabilities and equity	$ 6,548.0	$ 6,563.3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 10.6	$ 11.2
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	426.0	426.0
Common shares issued (in shares)	165.5	165.3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 319.4	$ 282.6
Loss from discontinued operations, net of tax	0.2	0.1
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities
Equity income of unconsolidated subsidiaries	(1.1)	(0.8)
Depreciation	30.4	29.4
Amortization	26.9	27.7
Deferred income taxes	12.6	(31.9)
Share-based compensation	16.3	14.1
Asset impairment and write-offs	0.8	4.4
Gain on sale of assets	0.0	(3.4)
Changes in assets and liabilities, net of effects of business acquisitions
Accounts receivable	(10.7)	7.4
Inventories	23.5	33.6
Other current assets	(4.0)	(16.7)
Accounts payable	19.4	(25.8)
Employee compensation and benefits	(19.4)	(1.2)
Other current liabilities	6.6	22.1
Other non-current assets and liabilities	10.9	(1.5)
Net cash provided by operating activities of continuing operations	431.8	340.1
Net cash used for operating activities of discontinued operations	(0.2)	(1.6)
Net cash provided by operating activities	431.6	338.5
Investing activities
Capital expenditures	(36.3)	(35.4)
Proceeds from sale of property and equipment	0.0	5.0
Acquisitions, net of cash acquired	0.0	0.2
Other	(0.5)	4.1
Net cash used for investing activities	(36.8)	(26.1)
Financing activities
Net receipts of short-term borrowings	3.3	0.0
Net repayments of revolving long-term debt	0.0	(204.3)
Repayments of long-term debt	(237.5)	0.0
Shares issued to employees, net of shares withheld	9.3	0.8
Repurchases of ordinary shares	(50.0)	0.0
Dividends paid	(76.2)	(72.5)
Net cash used for financing activities	(351.1)	(276.0)
Effect of exchange rate changes on cash and cash equivalents	0.3	(3.7)
Change in cash and cash equivalents	44.0	32.7
Cash and cash equivalents, beginning of period	170.3	108.9
Cash and cash equivalents, end of period	$ 214.3	$ 141.6

Condensed Consolidated Statements of Changes in Equity - USD ($) shares in Thousands, $ in Millions	Total	Ordinary shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive (loss) income
Dividends (in dollars per share)	$ 0.22
Beginning Balance (in shares) at Dec. 31, 2022		164,500
Beginning Balance at Dec. 31, 2022	$ 2,708.1	$ 1.7	$ 1,554.9	$ 1,390.5	$ (239.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	129.7			129.7
Other comprehensive loss, net of tax	4.9				4.9
Dividends declared	(36.3)			(36.3)
Exercise of options, net of shares tendered for payment (in shares)		100
Exercise of options, net of shares tendered for payment	2.5		2.5
Issuance of restricted shares, net of cancellations (in shares)		(500)
Issuance of restricted shares, net of cancellations	(2.3)		(2.3)
Shares surrendered by employees to pay taxes (in shares)		(100)
Shares surrendered by employees to pay taxes	(4.3)		(4.3)
Share-based compensation	7.2		7.2
Ending Balance (in shares) at Mar. 31, 2023		165,000
Ending Balance at Mar. 31, 2023	2,809.5	$ 1.7	1,558.0	1,483.9	(234.1)
Beginning Balance (in shares) at Dec. 31, 2022		164,500
Beginning Balance at Dec. 31, 2022	2,708.1	$ 1.7	1,554.9	1,390.5	(239.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	282.6
Ending Balance (in shares) at Jun. 30, 2023		165,100
Ending Balance at Jun. 30, 2023	$ 2,935.3	$ 1.7	1,569.8	1,600.4	(236.6)
Dividends (in dollars per share)	$ 0.22
Beginning Balance (in shares) at Mar. 31, 2023		165,000
Beginning Balance at Mar. 31, 2023	$ 2,809.5	$ 1.7	1,558.0	1,483.9	(234.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	152.9			152.9
Other comprehensive loss, net of tax	(2.5)				(2.5)
Dividends declared	(36.4)			(36.4)
Exercise of options, net of shares tendered for payment (in shares)		100
Exercise of options, net of shares tendered for payment	6.3		6.3
Shares surrendered by employees to pay taxes	(1.4)		(1.4)
Share-based compensation	6.9		6.9
Ending Balance (in shares) at Jun. 30, 2023		165,100
Ending Balance at Jun. 30, 2023	$ 2,935.3	$ 1.7	1,569.8	1,600.4	(236.6)
Dividends (in dollars per share)	$ 0.23
Beginning Balance (in shares) at Dec. 31, 2023		165,300
Beginning Balance at Dec. 31, 2023	$ 3,217.1	$ 1.7	1,593.6	1,866.2	(244.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	133.3			133.3
Other comprehensive loss, net of tax	1.0				1.0
Dividends declared	(38.2)			(38.2)
Exercise of options, net of shares tendered for payment (in shares)		400
Exercise of options, net of shares tendered for payment	15.2		15.2
Issuance of restricted shares, net of cancellations (in shares)		(400)
Issuance of restricted shares, net of cancellations	(4.0)		(4.0)
Shares surrendered by employees to pay taxes (in shares)		(100)
Shares surrendered by employees to pay taxes	(5.1)		(5.1)
Share-based compensation	7.9		7.9
Ending Balance (in shares) at Mar. 31, 2024		166,000
Ending Balance at Mar. 31, 2024	3,327.2	$ 1.7	1,607.6	1,961.3	(243.4)
Beginning Balance (in shares) at Dec. 31, 2023		165,300
Beginning Balance at Dec. 31, 2023	3,217.1	$ 1.7	1,593.6	1,866.2	(244.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 319.4
Share repurchase (in shares)	(600)
Share repurchases	$ (50.0)
Ending Balance (in shares) at Jun. 30, 2024		165,500
Ending Balance at Jun. 30, 2024	$ 3,432.9	$ 1.7	1,569.2	2,109.3	(247.3)
Dividends (in dollars per share)	$ 0.23
Beginning Balance (in shares) at Mar. 31, 2024		166,000
Beginning Balance at Mar. 31, 2024	$ 3,327.2	$ 1.7	1,607.6	1,961.3	(243.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	186.1			186.1
Other comprehensive loss, net of tax	(3.9)				(3.9)
Dividends declared	$ (38.1)			(38.1)
Share repurchase (in shares)	(600)	(600)
Share repurchases	$ (50.0)		(50.0)
Exercise of options, net of shares tendered for payment (in shares)		100
Exercise of options, net of shares tendered for payment	3.7		3.7
Shares surrendered by employees to pay taxes	(0.5)		(0.5)
Share-based compensation	8.4		8.4
Ending Balance (in shares) at Jun. 30, 2024		165,500
Ending Balance at Jun. 30, 2024	$ 3,432.9	$ 1.7	$ 1,569.2	$ 2,109.3	$ (247.3)

Basis of Presentation and Responsibility for Interim Financial Statements	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Responsibility for Interim Financial Statements	Basis of Presentation and Responsibility for Interim Financial Statements The accompanying unaudited condensed consolidated financial statements of Pentair plc and its subsidiaries (“we,” “us,” “our,” “Pentair,” or the “Company”) have been prepared following the requirements of the United States (“U.S.”) Securities and Exchange Commission for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“GAAP”) can be condensed or omitted. We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis. Recent U.S. Securities and Exchange Commission (“SEC”) final rules In March 2024, the SEC issued the final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors. In April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. These rules, if adopted, will require registrants to disclose certain climate-related information, including Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics, in registration statements and annual reports, when material. Disclosure requirements, absent the results of pending legal challenges, may begin phasing in with our annual reporting for the year ending December 31, 2025. We are currently evaluating the impact the rules will have on our disclosures.

Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Geographic net sales information, based on geographic destination of the sale, was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
U.S.	$	773.6	$	757.6	$	1,478.8	$	1,473.4
Western Europe	127.2		119.5		258.8		247.3
Developing (1)	139.3		142.5		262.0		263.6
Other Developed (2)	59.2		62.9		116.9		126.8
Consolidated net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1


(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.

Vertical market net sales information was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Residential	$	581.4	$	536.0	$	1,124.6	$	1,102.4
Commercial	308.6		344.8		582.2		618.1
Industrial	209.3		201.7		409.7		390.6
Consolidated net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1

Performance obligations

Contract assets and liabilities

Contract assets and liabilities consisted of the following:


In millions	June 30, 2024		December 31, 2023		$ Change		% Change
Contract assets	$	61.9	$	70.8	$	(8.9)	(12.6)	%
Contract liabilities	35.8		53.7		(17.9)		(33.3)	%
Net contract assets	$	26.1	$	17.1	$	9.0	52.6	%

Share Plans

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share Plans

Total share-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restricted stock units	$	4.3	$	3.7	$	8.1	$	7.4
Stock options	1.3		1.0		2.7		2.1
Performance share units	2.8		2.2		5.5		4.6
Total share-based compensation expense	$	8.4	$	6.9	$	16.3	$	14.1


	2024 Annual Grant
Risk-free interest rate	4.44	%
Expected dividend yield	1.43	%
Expected share price volatility	30.90	%
Expected term (years)	6.5

Restructuring and Transformation Program

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring and Transformation Programs

Restructuring and Transformation Program


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restructuring Initiatives
Severance and related costs	$	5.4	$	0.9	$	9.4	$	3.4

Other restructuring costs and related adjustments (1)	(0.1)		(0.1)		0.9		0.5
Total restructuring costs	5.3		0.8		10.3		3.9
Transformation Program
Severance and related costs	0.3		0.3		0.7		2.2
Other transformation costs (2)	11.5		5.7		28.1		12.3
Total transformation costs	11.8		6.0		28.8		14.5
Total restructuring and transformation costs	$	17.1	$	6.8	$	39.1	$	18.4
(1) Other restructuring costs and related adjustments primarily consist of certain accruals, 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, partially offset by gain on sale of assets.

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


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Flow	$	2.4	$	0.8	$	5.0	$	1.2
Water Solutions	0.9		(2.6)		1.5		(1.1)
Pool	1.7		1.9		5.4		5.2
Corporate and other	12.1		6.7		27.2		13.1
Total restructuring and transformation costs	$	17.1	$	6.8	$	39.1	$	18.4


In millions	June 30, 2024
Beginning balance	$	13.4

Costs incurred	10.1
Cash payments and other	(12.1)
Ending balance	$	11.4

Earnings Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three months ended				Six months ended
In millions, except per-share data	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net income	$	186.1	$	152.9	$	319.4	$	282.6
Net income from continuing operations	$	186.1	$	154.2	$	319.6	$	282.7
Weighted average ordinary shares outstanding
Basic	165.9		165.0		165.8		164.9
Dilutive impact of stock options, restricted stock units and performance share units	1.4		1.1		1.5		1.0
Diluted	167.3		166.1		167.3		165.9
Earnings (loss) per ordinary share
Basic
Continuing operations	$	1.12	$	0.94	$	1.93	$	1.71
Discontinued operations	—		(0.01)		—		—
Basic earnings per ordinary share	$	1.12	$	0.93	$	1.93	$	1.71
Diluted
Continuing operations	$	1.11	$	0.93	$	1.91	$	1.70
Discontinued operations	—		(0.01)		—		—
Diluted earnings per ordinary share	$	1.11	$	0.92	$	1.91	$	1.70
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.2		0.3		0.2		0.6

Accounts Receivable

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable

Activity related to our allowance for credit losses is summarized as follows for the six months ended June 30, 2024:


In millions	June 30, 2024
Beginning balance	$	11.2


Write-offs, net of recoveries	(1.0)
Other (1)	0.4
Ending balance	$	10.6
(1) Other amounts are primarily the effects of changes in currency translation and the impact of allowance for credits.

Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 2024

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information


In millions	June 30, 2024		December 31, 2023
Inventories
Raw materials and supplies	$	341.1	$	369.1
Work-in-process	94.5		97.1
Finished goods	211.9		211.5
Total inventories	$	647.5	$	677.7
Other current assets
Cost in excess of billings	$	61.9	$	70.8
Prepaid expenses	65.6		55.2

Other current assets	6.4		33.3
Total other current assets	$	133.9	$	159.3
Property, plant and equipment, net
Land and land improvements	$	31.8	$	32.3
Buildings and leasehold improvements	227.7		225.5
Machinery and equipment	683.7		669.9
Capitalized software	90.7		70.5
Construction in progress	38.2		55.8
Total property, plant and equipment	1,072.1		1,054.0
Accumulated depreciation and amortization	710.7		692.0
Total property, plant and equipment, net	$	361.4	$	362.0
Other non-current assets
Right-of-use lease assets	$	124.8	$	102.0

Deferred income taxes	126.7		113.2
Deferred compensation plan assets	28.3		26.1

Other non-current assets	80.3		74.0
Total other non-current assets	$	360.1	$	315.3
Other current liabilities

Dividends payable	$	38.1	$	38.0
Accrued warranty	74.2		65.0
Accrued rebates and incentives	197.2		181.8
Accrued freight	22.4		20.4
Billings in excess of cost	28.2		46.9
Current lease liability	25.5		26.2
Income taxes payable	25.8		20.7
Accrued restructuring	11.4		13.4
Interest payable	28.2		29.7
Other current liabilities	97.1		103.2
Total other current liabilities	$	548.1	$	545.3
Other non-current liabilities
Long-term lease liability	$	104.0	$	79.1
Income taxes payable	36.2		35.6
Self-insurance liabilities	52.7		51.9
Deferred compensation plan liabilities	28.3		26.1
Foreign currency contract liabilities	48.4		70.0
Other non-current liabilities	32.0		32.0
Total other non-current liabilities	$	301.6	$	294.7

Goodwill and Other Identifiable Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

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


In millions	December 31, 2023		Foreign Currency Translation		June 30, 2024
Flow	$	767.1	$	(19.0)	$	748.1
Water Solutions	1,400.6		(5.0)		1,395.6
Pool	1,106.9		—		1,106.9
Total goodwill	$	3,274.6	$	(24.0)	$	3,250.6

Identifiable intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,100.8	$	(381.0)	$	719.8	$	1,106.2	$	(361.8)	$	744.4
Proprietary technology and patents	89.3		(45.8)		43.5		89.7		(43.2)		46.5


Total definite-life intangibles	1,190.1		(426.8)		763.3		1,195.9		(405.0)		790.9
Indefinite-life intangibles
Trade names	249.1		—		249.1		251.5		—		251.5
Total intangibles	$	1,439.2	$	(426.8)	$	1,012.4	$	1,447.4	$	(405.0)	$	1,042.4

Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows:


	Q3-Q4
	2024		2025		2026		2027		2028		2029
Estimated amortization expense	$	27.0	$	54.0	$	52.8	$	51.5	$	49.0	$	48.6

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt and the average interest rates on debt outstanding were as follows:


In millions	Average interest rate as of June 30, 2024	Maturity Year	June 30, 2024		December 31, 2023

Revolving credit facility (Senior Credit Facility)	6.637%	2026	$	—	$	—
Term Loan Facility	6.802%	2023 - 2027	950.0		987.5
Term loans (Senior Credit Facility)	N/A	2024	—		200.0
Senior notes - fixed rate (1)	4.650%	2025	19.3		19.3
Senior notes - fixed rate (1)	4.500%	2029	400.0		400.0
Senior notes - fixed rate (1)	5.900%	2032	400.0		400.0
Other	N/A	N/A	3.3		—
Unamortized debt issuance costs and discounts	N/A	N/A	(16.7)		(18.5)
Total debt			1,755.9		1,988.3
Less: Current maturities of short-term borrowings			(3.3)		—
Long-term debt			$	1,752.6	$	1,988.3
(1) Senior notes are guaranteed as to payment by Pentair plc.

Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2024 matures on a calendar year basis as follows:


	Q3 - Q4
In millions	2024		2025		2026		2027		2028		2029		Thereafter		Total
Contractual debt obligation maturities	$	3.3	$	69.3	$	50.0	$	850.0	$	—	$	400.0	$	400.0	$	1,772.6

Derivatives and Financial Instruments

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Financial Instruments

Derivative financial instruments

Foreign currency contracts

Cross currency swaps

Hedging of variable interest rates

Fair value measurements


Level 1:						Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets.

Level 2:						Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3:						Valuation is based upon other unobservable inputs that are significant to the fair value measurement.

Fair value of financial instruments

The following methods were used to estimate the fair values of each class of financial instrument:

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:


	June 30, 2024				December 31, 2023
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	953.3	$	953.3	$	1,187.5	$	1,187.5
Fixed rate debt	819.3		796.7		819.3		824.5
Total debt	$	1,772.6	$	1,750.0	$	2,006.8	$	2,012.0

Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:


	June 30, 2024
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	5.2	$	—	$	—	$	5.2
Foreign currency contract assets	—		7.5		—		—		7.5
Foreign currency contract liabilities	—		(48.4)		—		—		(48.4)


Deferred compensation plan assets	13.5		—		—		14.8		28.3
Total recurring fair value measurements	$	13.5	$	(35.7)	$	—	$	14.8	$	(7.4)


	December 31, 2023
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	0.3	$	—	$	—	$	0.3
Foreign currency contract assets	—		0.2		—		—		0.2
Foreign currency contract liabilities	—		(70.0)		—		—		(70.0)
Deferred compensation plan assets	12.1		—		—		14.0		26.1
Total recurring fair value measurements	$	12.1	$	(69.5)	$	—	$	14.0	$	(43.4)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We manage our affairs so that we are centrally managed and controlled in the United Kingdom (“U.K.”) and therefore have our tax residency in the U.K. The provision for income taxes consists of provisions for the U.K. and international income taxes. We operate in an international environment with operations in various locations outside the U.K. Accordingly, the consolidated income tax rate is a composite rate reflecting the earnings in the various locations and the applicable rates. The effective income tax rate for the six months ended June 30, 2024 was 14.6%, compared to 14.8% for the six months ended June 30, 2023. We continue to actively pursue initiatives to reduce our effective tax rate. The tax rate in any quarter can be affected positively or negatively by the mix of global earnings or adjustments that are required to be reported in the specific quarter of resolution. The total gross liability for uncertain tax positions was $37.3 million and $38.6 million at June 30, 2024 and December 31, 2023, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Operations and Comprehensive Income, which is consistent with our past practices. The Organization for Economic Co-operation and Development Pillar Two Model Rules (“Pillar Two”) for a global 15.0% minimum tax are in the process of being adopted by a number of jurisdictions in which we operate. In particular, the U.K. completed passage of legislation to comply with the Pillar Two framework which became effective on January 1, 2024. For the six months ended June 30, 2024, the impact of Pillar Two on our condensed consolidated financial statements was not material.

Benefit Plans

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Benefit Plans

Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Service cost	$	0.4	$	0.4	$	0.8	$	0.8
Interest cost	1.0		1.0		2.0		2.0
Expected return on plan assets	(0.1)		(0.2)		(0.2)		(0.4)

Net periodic benefit expense	$	1.3	$	1.2	$	2.6	$	2.4

Components of net periodic benefit expense for our other post-retirement plans for the three and six months ended June 30, 2024 and 2023 were not material

Shareholders' Equity	6 Months Ended
Shareholders' Equity	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Share repurchases In December 2020, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $750.0 million. The authorization expires on December 31, 2025. During the three and six months ended June 30, 2024, we repurchased 0.6 million of our ordinary shares for $50.0 million. As of June 30, 2024, we had $550.0 million available for share repurchases under this authorization. Dividends payable On May 6, 2024, the Board of Directors declared a quarterly cash dividend of $0.23 per share, payable on August 2, 2024 to shareholders of record at the close of business on July 19, 2024. As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $38.1 million at June 30, 2024, compared to $38.0 million at December 31, 2023.

Segment Information

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

Net sales of the Company’s reportable segments as well as Corporate and other were as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023

Flow	$	396.8	$	411.6	$	781.1	$	803.4
Water Solutions	310.5		336.2		583.6		608.2
Pool	391.5		334.3		751.0		698.6
Reportable segment net sales	1,098.8		1,082.1		2,115.7		2,110.2
Corporate and other	0.5		0.4		0.8		0.9
Net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1

The following table presents a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Reportable segment income
Flow	$	84.4	$	74.8	$	161.7	$	139.8
Water Solutions	72.9		74.8		128.5		127.2
Pool	133.6		105.1		244.4		221.3
Reportable segment income	290.9		254.7		534.6		488.3
Corporate and other	(19.5)		(20.5)		(45.9)		(43.1)


Asset impairment and write-offs	—		(0.5)		(0.8)		(4.4)
Restructuring and other	(5.9)		(0.6)		(10.5)		(3.5)
Transformation costs	(11.8)		(6.0)		(28.8)		(14.5)
Intangible amortization	(13.4)		(13.9)		(26.9)		(27.7)







Legal accrual adjustments and settlements	7.9		(4.1)		8.2		(2.2)
Interest expense, net	(26.3)		(31.8)		(53.6)		(64.2)
Other (expense) income	(1.0)		4.2		(2.0)		3.3
Income from continuing operations before income taxes	$	220.9	$	181.5	$	374.3	$	332.0

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Warranties

The changes in the carrying amount of service and product warranties from continuing operations for the six months ended June 30, 2024 were as follows:


In millions	June 30, 2024
Beginning balance	$	65.0
Service and product warranty provision	49.9
Payments	(40.5)

Foreign currency translation	(0.2)
Ending balance	$	74.2

Stand-by letters of credit, bank guarantees and bonds

As of June 30, 2024 and December 31, 2023, the outstanding value of bonds, letters of credit and bank guarantees totaled $107.2 million and $124.3 million, respectively.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 186.1	$ 152.9	$ 319.4	$ 282.6

Insider Trading Arrangements

3 Months Ended

6 Months Ended

Jun. 30, 2024

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

David A. Jones [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

(a)

(b)

Name and Title

Action Taken

Date

Type of Trading Arrangement

Duration of Trading Arrangement

Aggregate Number of Shares to be Sold

David A. Jones, Director

Adoption

04/30/2024

Rule 10b5-1 trading arrangement

08/30/2024

Up to 4,008 shares issuable upon the exercise of options to acquire shares pursuant to the trading arrangement

(a) Each trading arrangement marked as a Rule 10b5-1 trading arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c).

(b) Each trading arrangement permits transactions through and including the earlier to occur of the completion of all sales under the trading arrangement or the date listed in the table.

Name

David A. Jones

Title

Director

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

04/30/2024

Arrangement Duration

122 days

Aggregate Available

4,008

Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

Geographic net sales information, based on geographic destination of the sale, was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
U.S.	$	773.6	$	757.6	$	1,478.8	$	1,473.4
Western Europe	127.2		119.5		258.8		247.3
Developing (1)	139.3		142.5		262.0		263.6
Other Developed (2)	59.2		62.9		116.9		126.8
Consolidated net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1


(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.

Vertical market net sales information was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Residential	$	581.4	$	536.0	$	1,124.6	$	1,102.4
Commercial	308.6		344.8		582.2		618.1
Industrial	209.3		201.7		409.7		390.6
Consolidated net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1

Contract with Customer, Asset and Liability

Contract assets and liabilities

Contract assets and liabilities consisted of the following:


In millions	June 30, 2024		December 31, 2023		$ Change		% Change
Contract assets	$	61.9	$	70.8	$	(8.9)	(12.6)	%
Contract liabilities	35.8		53.7		(17.9)		(33.3)	%
Net contract assets	$	26.1	$	17.1	$	9.0	52.6	%

Share Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation Expense

Total share-based compensation expense for the three and six months ended June 30, 2024 and 2023 was as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restricted stock units	$	4.3	$	3.7	$	8.1	$	7.4
Stock options	1.3		1.0		2.7		2.1
Performance share units	2.8		2.2		5.5		4.6
Total share-based compensation expense	$	8.4	$	6.9	$	16.3	$	14.1

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions


	2024 Annual Grant
Risk-free interest rate	4.44	%
Expected dividend yield	1.43	%
Expected share price volatility	30.90	%
Expected term (years)	6.5

Restructuring and Transformation Program (Tables)

6 Months Ended

Jun. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring And Transformation Related Costs


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Restructuring Initiatives
Severance and related costs	$	5.4	$	0.9	$	9.4	$	3.4

Other restructuring costs and related adjustments (1)	(0.1)		(0.1)		0.9		0.5
Total restructuring costs	5.3		0.8		10.3		3.9
Transformation Program
Severance and related costs	0.3		0.3		0.7		2.2
Other transformation costs (2)	11.5		5.7		28.1		12.3
Total transformation costs	11.8		6.0		28.8		14.5
Total restructuring and transformation costs	$	17.1	$	6.8	$	39.1	$	18.4
(1) Other restructuring costs and related adjustments primarily consist of certain accruals, 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, partially offset by gain on sale of assets.

Restructuring And Transformation Costs By Segment

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


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Flow	$	2.4	$	0.8	$	5.0	$	1.2
Water Solutions	0.9		(2.6)		1.5		(1.1)
Pool	1.7		1.9		5.4		5.2
Corporate and other	12.1		6.7		27.2		13.1
Total restructuring and transformation costs	$	17.1	$	6.8	$	39.1	$	18.4

Restructuring Accrual Activity Recorded on Consolidated Balance Sheets


In millions	June 30, 2024
Beginning balance	$	13.4

Costs incurred	10.1
Cash payments and other	(12.1)
Ending balance	$	11.4

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three months ended				Six months ended
In millions, except per-share data	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net income	$	186.1	$	152.9	$	319.4	$	282.6
Net income from continuing operations	$	186.1	$	154.2	$	319.6	$	282.7
Weighted average ordinary shares outstanding
Basic	165.9		165.0		165.8		164.9
Dilutive impact of stock options, restricted stock units and performance share units	1.4		1.1		1.5		1.0
Diluted	167.3		166.1		167.3		165.9
Earnings (loss) per ordinary share
Basic
Continuing operations	$	1.12	$	0.94	$	1.93	$	1.71
Discontinued operations	—		(0.01)		—		—
Basic earnings per ordinary share	$	1.12	$	0.93	$	1.93	$	1.71
Diluted
Continuing operations	$	1.11	$	0.93	$	1.91	$	1.70
Discontinued operations	—		(0.01)		—		—
Diluted earnings per ordinary share	$	1.11	$	0.92	$	1.91	$	1.70
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.2		0.3		0.2		0.6

Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2024

Receivables [Abstract]

Accounts Receivable, Allowance for Credit Loss

Activity related to our allowance for credit losses is summarized as follows for the six months ended June 30, 2024:


In millions	June 30, 2024
Beginning balance	$	11.2


Write-offs, net of recoveries	(1.0)
Other (1)	0.4
Ending balance	$	10.6
(1) Other amounts are primarily the effects of changes in currency translation and the impact of allowance for credits.

Supplemental Balance Sheet Information (Tables)

6 Months Ended

Jun. 30, 2024

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information


In millions	June 30, 2024		December 31, 2023
Inventories
Raw materials and supplies	$	341.1	$	369.1
Work-in-process	94.5		97.1
Finished goods	211.9		211.5
Total inventories	$	647.5	$	677.7
Other current assets
Cost in excess of billings	$	61.9	$	70.8
Prepaid expenses	65.6		55.2

Other current assets	6.4		33.3
Total other current assets	$	133.9	$	159.3
Property, plant and equipment, net
Land and land improvements	$	31.8	$	32.3
Buildings and leasehold improvements	227.7		225.5
Machinery and equipment	683.7		669.9
Capitalized software	90.7		70.5
Construction in progress	38.2		55.8
Total property, plant and equipment	1,072.1		1,054.0
Accumulated depreciation and amortization	710.7		692.0
Total property, plant and equipment, net	$	361.4	$	362.0
Other non-current assets
Right-of-use lease assets	$	124.8	$	102.0

Deferred income taxes	126.7		113.2
Deferred compensation plan assets	28.3		26.1

Other non-current assets	80.3		74.0
Total other non-current assets	$	360.1	$	315.3
Other current liabilities

Dividends payable	$	38.1	$	38.0
Accrued warranty	74.2		65.0
Accrued rebates and incentives	197.2		181.8
Accrued freight	22.4		20.4
Billings in excess of cost	28.2		46.9
Current lease liability	25.5		26.2
Income taxes payable	25.8		20.7
Accrued restructuring	11.4		13.4
Interest payable	28.2		29.7
Other current liabilities	97.1		103.2
Total other current liabilities	$	548.1	$	545.3
Other non-current liabilities
Long-term lease liability	$	104.0	$	79.1
Income taxes payable	36.2		35.6
Self-insurance liabilities	52.7		51.9
Deferred compensation plan liabilities	28.3		26.1
Foreign currency contract liabilities	48.4		70.0
Other non-current liabilities	32.0		32.0
Total other non-current liabilities	$	301.6	$	294.7

Goodwill and Other Identifiable Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [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, 2023		Foreign Currency Translation		June 30, 2024
Flow	$	767.1	$	(19.0)	$	748.1
Water Solutions	1,400.6		(5.0)		1,395.6
Pool	1,106.9		—		1,106.9
Total goodwill	$	3,274.6	$	(24.0)	$	3,250.6

Detail of Identifiable Intangible Assets

Identifiable intangible assets consisted of the following:


	June 30, 2024						December 31, 2023
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,100.8	$	(381.0)	$	719.8	$	1,106.2	$	(361.8)	$	744.4
Proprietary technology and patents	89.3		(45.8)		43.5		89.7		(43.2)		46.5


Total definite-life intangibles	1,190.1		(426.8)		763.3		1,195.9		(405.0)		790.9
Indefinite-life intangibles
Trade names	249.1		—		249.1		251.5		—		251.5
Total intangibles	$	1,439.2	$	(426.8)	$	1,012.4	$	1,447.4	$	(405.0)	$	1,042.4

Estimated Future Amortization Expense for Identifiable Intangible Assets

Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows:


	Q3-Q4
	2024		2025		2026		2027		2028		2029
Estimated amortization expense	$	27.0	$	54.0	$	52.8	$	51.5	$	49.0	$	48.6

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt and Average Interest Rates on Debt Outstanding

Debt and the average interest rates on debt outstanding were as follows:


In millions	Average interest rate as of June 30, 2024	Maturity Year	June 30, 2024		December 31, 2023

Revolving credit facility (Senior Credit Facility)	6.637%	2026	$	—	$	—
Term Loan Facility	6.802%	2023 - 2027	950.0		987.5
Term loans (Senior Credit Facility)	N/A	2024	—		200.0
Senior notes - fixed rate (1)	4.650%	2025	19.3		19.3
Senior notes - fixed rate (1)	4.500%	2029	400.0		400.0
Senior notes - fixed rate (1)	5.900%	2032	400.0		400.0
Other	N/A	N/A	3.3		—
Unamortized debt issuance costs and discounts	N/A	N/A	(16.7)		(18.5)
Total debt			1,755.9		1,988.3
Less: Current maturities of short-term borrowings			(3.3)		—
Long-term debt			$	1,752.6	$	1,988.3
(1) Senior notes are guaranteed as to payment by Pentair plc.

Debt Outstanding Matures on Calendar Year Basis

Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2024 matures on a calendar year basis as follows:


	Q3 - Q4
In millions	2024		2025		2026		2027		2028		2029		Thereafter		Total
Contractual debt obligation maturities	$	3.3	$	69.3	$	50.0	$	850.0	$	—	$	400.0	$	400.0	$	1,772.6

Derivatives and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:


	June 30, 2024				December 31, 2023
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	953.3	$	953.3	$	1,187.5	$	1,187.5
Fixed rate debt	819.3		796.7		819.3		824.5
Total debt	$	1,772.6	$	1,750.0	$	2,006.8	$	2,012.0

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring and nonrecurring basis were as follows:


	June 30, 2024
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	5.2	$	—	$	—	$	5.2
Foreign currency contract assets	—		7.5		—		—		7.5
Foreign currency contract liabilities	—		(48.4)		—		—		(48.4)


Deferred compensation plan assets	13.5		—		—		14.8		28.3
Total recurring fair value measurements	$	13.5	$	(35.7)	$	—	$	14.8	$	(7.4)


	December 31, 2023
In millions	Level 1		Level 2		Level 3		NAV		Total
Recurring fair value measurements
Interest rate contract assets	$	—	$	0.3	$	—	$	—	$	0.3
Foreign currency contract assets	—		0.2		—		—		0.2
Foreign currency contract liabilities	—		(70.0)		—		—		(70.0)
Deferred compensation plan assets	12.1		—		—		14.0		26.1
Total recurring fair value measurements	$	12.1	$	(69.5)	$	—	$	14.0	$	(43.4)

Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs

Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2024 and 2023 were as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Service cost	$	0.4	$	0.4	$	0.8	$	0.8
Interest cost	1.0		1.0		2.0		2.0
Expected return on plan assets	(0.1)		(0.2)		(0.2)		(0.4)

Net periodic benefit expense	$	1.3	$	1.2	$	2.6	$	2.4

Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Financial Information by Reportable Segment

Net sales of the Company’s reportable segments as well as Corporate and other were as follows:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023

Flow	$	396.8	$	411.6	$	781.1	$	803.4
Water Solutions	310.5		336.2		583.6		608.2
Pool	391.5		334.3		751.0		698.6
Reportable segment net sales	1,098.8		1,082.1		2,115.7		2,110.2
Corporate and other	0.5		0.4		0.8		0.9
Net sales	$	1,099.3	$	1,082.5	$	2,116.5	$	2,111.1

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes:


	Three months ended				Six months ended
In millions	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Reportable segment income
Flow	$	84.4	$	74.8	$	161.7	$	139.8
Water Solutions	72.9		74.8		128.5		127.2
Pool	133.6		105.1		244.4		221.3
Reportable segment income	290.9		254.7		534.6		488.3
Corporate and other	(19.5)		(20.5)		(45.9)		(43.1)


Asset impairment and write-offs	—		(0.5)		(0.8)		(4.4)
Restructuring and other	(5.9)		(0.6)		(10.5)		(3.5)
Transformation costs	(11.8)		(6.0)		(28.8)		(14.5)
Intangible amortization	(13.4)		(13.9)		(26.9)		(27.7)







Legal accrual adjustments and settlements	7.9		(4.1)		8.2		(2.2)
Interest expense, net	(26.3)		(31.8)		(53.6)		(64.2)
Other (expense) income	(1.0)		4.2		(2.0)		3.3
Income from continuing operations before income taxes	$	220.9	$	181.5	$	374.3	$	332.0

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Changes in Carrying Amount of Service and Product Warranties

The changes in the carrying amount of service and product warranties from continuing operations for the six months ended June 30, 2024 were as follows:


In millions	June 30, 2024
Beginning balance	$	65.0
Service and product warranty provision	49.9
Payments	(40.5)

Foreign currency translation	(0.2)
Ending balance	$	74.2

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 1,099.3	$ 1,082.5	$ 2,116.5	$ 2,111.1
Residential
Disaggregation of Revenue [Line Items]
Net sales	581.4	536.0	1,124.6	1,102.4
Commercial
Disaggregation of Revenue [Line Items]
Net sales	308.6	344.8	582.2	618.1
Industrial
Disaggregation of Revenue [Line Items]
Net sales	209.3	201.7	409.7	390.6
U.S.
Disaggregation of Revenue [Line Items]
Net sales	773.6	757.6	1,478.8	1,473.4
Western Europe
Disaggregation of Revenue [Line Items]
Net sales	127.2	119.5	258.8	247.3
Developing
Disaggregation of Revenue [Line Items]
Net sales	139.3	142.5	262.0	263.6
Other Developed
Disaggregation of Revenue [Line Items]
Net sales	$ 59.2	$ 62.9	$ 116.9	$ 126.8

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 $ in Millions	Jun. 30, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 88.1
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation period	18 months

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 61.9	$ 70.8
Contract liabilities	35.8	53.7
Net contract assets	26.1	$ 17.1
$ Change
Contract assets	(8.9)
Contract liabilities	(17.9)
Net contract assets	$ 9.0
% Change
Contract assets	(12.60%)
Contract liabilities	(33.30%)
Net contract assets	52.60%

Revenue - Additional Information (Details) $ in Millions	6 Months Ended
Revenue - Additional Information (Details) $ in Millions	Jun. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Change in net contract assets	$ 9.0
Percent of contract liabilities	85.00%

Share Plans - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 8.4	$ 6.9	$ 16.3	$ 14.1
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4.3	3.7	8.1	7.4
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1.3	1.0	2.7	2.1
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 2.8	$ 2.2	$ 5.5	$ 4.6

Share Plans - Additional Information (Detail) - Two Thousand Twenty Share and Incentive Plan shares in Millions	3 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares)	0.5
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.2
Weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 75.70
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	0.2
Weighted-average grant date fair value of options (in dollars per share) \| $ / shares	$ 25.10
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	0.1
Weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 71.83

Share Plans - Schedule of Valuation Assumptions (Details)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Risk-free interest rate	4.44%
Expected dividend yield	1.43%
Expected share price volatility	30.90%
Expected term (years)	6 years 6 months

Restructuring and Transformation Program - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2024 Person
Restructuring and Related Activities [Abstract]
Number of employees	200

Restructuring and Transformation Program - Costs Included in Selling, General & Administrative Expenses (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 5.3	$ 0.8	$ 10.3	$ 3.9
Transformation costs	11.8	6.0	28.8	14.5
Total restructuring and transformation costs	17.1	6.8	39.1	18.4
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Transformation costs	0.3	0.3	0.7	2.2
Other Transformation
Restructuring Cost and Reserve [Line Items]
Transformation costs	11.5	5.7	28.1	12.3
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	5.4	0.9	9.4	3.4
Other Restructuring Costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ (0.1)	$ (0.1)	$ 0.9	$ 0.5

Restructuring and Transformation Program - Restructuring Costs by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	$ 17.1	$ 6.8	$ 39.1	$ 18.4
Flow
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	2.4	0.8
Water Solutions
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	0.9	(2.6)	1.5	(1.1)
Pool
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	1.7	1.9	5.4	5.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs	$ 12.1	$ 6.7	27.2	13.1
Flow
Restructuring Cost and Reserve [Line Items]
Restructuring and transformation costs			$ 5.0	$ 1.2

Restructuring and Transformation Program - Accrual Activity (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 13.4
Costs incurred	10.1
Cash payments and other	(12.1)
Ending balance	$ 11.4

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net income	$ 186.1	$ 152.9	$ 319.4	$ 282.6
Net income from continuing operations	$ 186.1	$ 154.2	$ 319.6	$ 282.7
Weighted average common shares outstanding
Basic (shares)	165.9	165.0	165.8	164.9
Dilutive impact of stock options, restricted stock units and performance share units	1.4	1.1	1.5	1.0
Diluted (shares)	167.3	166.1	167.3	165.9
Earnings (loss) Per Share, Basic
Continuing operations (in dollars per share)	$ 1.12	$ 0.94	$ 1.93	$ 1.71
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Basic earnings (loss) per ordinary share (in dollars per share)	1.12	0.93	1.93	1.71
Earnings (loss) Per Share, Diluted
Continuing operations (in dollars per share)	1.11	0.93	1.91	1.70
Discontinued operations (in dollars per share)	0	(0.01)	0	0
Diluted earnings (loss) per ordinary share (in dollars per share)	$ 1.11	$ 0.92	$ 1.91	$ 1.70
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.2	0.3	0.2	0.6

Accounts Receivable (Details) $ in Millions	6 Months Ended
Accounts Receivable (Details) $ in Millions	Jun. 30, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 11.2
Write-offs, net of recoveries	(1.0)
Other	0.4
Ending balance	$ 10.6

Supplemental Balance Sheet Information (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Inventories
Raw materials and supplies	$ 341.1	$ 369.1
Work-in-process	94.5	97.1
Finished goods	211.9	211.5
Total inventories	647.5	677.7
Other current assets
Cost in excess of billings	61.9	70.8
Prepaid expenses	65.6	55.2
Other current assets	6.4	33.3
Total other current assets	133.9	159.3
Property, plant and equipment, net
Land and land improvements	31.8	32.3
Buildings and leasehold improvements	227.7	225.5
Machinery and equipment	683.7	669.9
Capitalized software	90.7	70.5
Construction in progress	38.2	55.8
Total property, plant and equipment	1,072.1	1,054.0
Accumulated depreciation and amortization	710.7	692.0
Total property, plant and equipment, net	361.4	362.0
Other non-current assets
Right-of-use lease assets	124.8	102.0
Prepaid income taxes	126.7	113.2
Deferred compensation plan assets	28.3	26.1
Other non-current assets	80.3	74.0
Total other non-current assets	360.1	315.3
Other current liabilities
Dividends payable	38.1	38.0
Accrued warranty	74.2	65.0
Accrued rebates and incentives	197.2	181.8
Accrued freight	22.4	20.4
Billings in excess of cost	28.2	46.9
Current lease liability	25.5	26.2
Income taxes payable	25.8	20.7
Accrued restructuring	11.4	13.4
Interest payable	28.2	29.7
Other current liabilities	97.1	103.2
Total other current liabilities	548.1	545.3
Other non-current liabilities
Long-term lease liability	104.0	79.1
Income taxes payable	36.2	35.6
Self-insurance liabilities	52.7	51.9
Deferred compensation plan liabilities	28.3	26.1
Foreign currency contract liabilities	48.4	70.0
Other non-current liabilities	32.0	32.0
Total other non-current liabilities	$ 301.6	$ 294.7

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 3,274.6
Foreign currency translation/other	(24.0)
Ending Balance	3,250.6
Water Solutions
Goodwill [Roll Forward]
Beginning Balance	1,400.6
Foreign currency translation/other	(5.0)
Ending Balance	1,395.6
Pool
Goodwill [Roll Forward]
Beginning Balance	1,106.9
Foreign currency translation/other	0.0
Ending Balance	1,106.9
Flow
Goodwill [Roll Forward]
Beginning Balance	767.1
Foreign currency translation/other	(19.0)
Ending Balance	$ 748.1

Goodwill and Other Identifiable Intangible Assets - Detail of Identifiable Intangible Assets (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Acquired Intangible Assets By Major Class [Line Items]
Cost	$ 1,190.1	$ 1,195.9
Accumulated amortization	(426.8)	(405.0)
Net	763.3	790.9
Cost	1,439.2	1,447.4
Net	1,012.4	1,042.4
Customer relationships
Acquired Intangible Assets By Major Class [Line Items]
Cost	1,100.8	1,106.2
Accumulated amortization	(381.0)	(361.8)
Net	719.8	744.4
Other
Acquired Intangible Assets By Major Class [Line Items]
Cost	89.3	89.7
Accumulated amortization	(45.8)	(43.2)
Net	43.5	46.5
Trade names intangibles
Acquired Intangible Assets By Major Class [Line Items]
Net, indefinite-life intangibles	$ 249.1	$ 251.5

Goodwill and Other Identifiable Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible amortization	$ 13.4	$ 13.9	$ 26.9	$ 27.7

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q3-Q4 2024	$ 27.0
2025	54.0
2026	52.8
2027	51.5
2028	49.0
2029	$ 48.6

Debt - Debt and Average Interest Rates on Debt Outstanding (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Short-Term Debt	$ (3.3)	$ 0.0
Unamortized debt issuance costs and discounts	(16.7)	(18.5)
Debt	1,755.9	1,988.3
Total debt	$ 1,752.6	1,988.3
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	6.637%
Debt, gross	$ 0.0	0.0
Term Loans \| 5-year Term Loan Facility
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	6.802%
Debt, gross	$ 950.0	987.5	$ 1,000.0
Term Loans \| Term Loans, 1.033% Due 2024
Debt Instrument [Line Items]
Debt, gross	$ 0.0	200.0
Senior Notes \| Senior Notes 4.650% Due 2025
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	4.65%
Debt, gross	$ 19.3	19.3
Senior Notes \| Senior Notes 4.500% Due 2029
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	4.50%
Debt, gross	$ 400.0	400.0
Senior Notes \| Senior Notes 5.900%
Debt Instrument [Line Items]
Average interest rate as of June 30, 2024	5.90%
Debt, gross	$ 400.0	$ 400.0

Debt - Additional Information (Detail)			3 Months Ended	6 Months Ended
Debt - Additional Information (Detail)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) testingPeriod	Jun. 30, 2024 USD ($) testingPeriod	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)
Debt Instrument [Line Items]
Repayments of long-term debt				$ 237,500,000	$ 0
Leverage ratio covenant period				12 months
Line of Credit \| Term Loans Due 2024
Debt Instrument [Line Items]
Optional line of credit limit increase			$ 300,000,000.0	$ 300,000,000.0
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			900,000,000.0	900,000,000.0
Available capacity			900,000,000.0	900,000,000.0
Debt, gross			$ 0	$ 0		$ 0
Line of Credit \| Revolving Credit Facility \| Pentair, Pentair Finance S.à r.l (“PFSA“)
Debt Instrument [Line Items]
Number of testing periods \| testingPeriod			4	4
Line of Credit \| Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Debt covenant, unrestricted cash				$ 5,000,000.0
Debt agreement financial covenant, leverage ratio			1.00	1.00
EBITDA ratio for debt			1.00	1.00
Line of Credit \| Revolving Credit Facility \| Minimum \| Pentair, Pentair Finance S.à r.l (“PFSA“)
Debt Instrument [Line Items]
Debt agreement financial covenant, leverage ratio			4.25	4.25
Line of Credit \| Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Debt covenant, unrestricted cash				$ 250,000,000.0
Debt agreement financial covenant, leverage ratio			3.75	3.75
EBITDA ratio for debt			3.00	3.00
Line of Credit \| Revolving Credit Facility \| Maximum \| Pentair, Pentair Finance S.à r.l (“PFSA“)
Debt Instrument [Line Items]
Debt agreement financial covenant, leverage ratio			1.00	1.00
Term Loans
Debt Instrument [Line Items]
Repayments of principal in next twelve months			$ 25,000,000.0	$ 25,000,000.0
Term Loans \| Term Loans, 1.033% Due 2024
Debt Instrument [Line Items]
Repayments of long-term debt			200,000,000
Debt, gross			0	0		200,000,000.0
Term Loans \| 5-year Term Loan Facility
Debt Instrument [Line Items]
Debt, gross			950,000,000.0	950,000,000.0		$ 987,500,000	$ 1,000,000,000
Debt installment payment amount		$ 6,300,000
Term Loans \| 5-year Term Loan Facility \| Forecast \| Subsequent Event
Debt Instrument [Line Items]
Debt installment payment amount	$ 12,500,000
Other Credit Facilities
Debt Instrument [Line Items]
Credit facility maximum borrowing capacity			20,800,000	20,800,000
Borrowings outstanding			$ 0	$ 0

Debt - Debt Outstanding Matures on Calendar Year Basis (Detail) $ in Millions	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Q3-Q4 2024	$ 3.3
2025	69.3
2026	50.0
2027	850.0
2028	0.0
2029	400.0
Thereafter	400.0
Total debt	$ 1,772.6

Derivatives and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
AOCI, cash flow hedge, cumulative gain		$ 5.2	$ 0.3
Foreign Exchange Contract
Derivative [Line Items]
Notional amount		17.9	23.9
Currency Swap
Derivative [Line Items]
Notional amount		909.8	$ 940.2
Loss on derivative hedge	$ 51.6	27.7
Interest Rate Swap
Derivative [Line Items]
Notional amount		300.0
Interest Rate Collar
Derivative [Line Items]
Notional amount		$ 200.0

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Total debt	$ 1,752.6	$ 1,988.3
Recorded Amount
Derivative [Line Items]
Variable rate debt	953.3	1,187.5
Fixed rate debt	819.3	819.3
Total debt	1,772.6	2,006.8
Fair Value
Derivative [Line Items]
Variable rate debt	953.3	1,187.5
Fixed rate debt	796.7	824.5
Total debt	$ 1,750.0	$ 2,012.0

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	$ (48.4)	$ (70.0)
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	7.5	0.2
Foreign currency contract liabilities	(48.4)	(70.0)
Deferred compensation plan	28.3	26.1
Total recurring fair value measurements	(7.4)	(43.4)
Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	5.2	0.3
Level 1 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan	13.5	12.1
Total recurring fair value measurements	13.5	12.1
Level 1 \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	0.0	0.0
Level 2 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	7.5	0.2
Foreign currency contract liabilities	(48.4)	(70.0)
Deferred compensation plan	0.0	0.0
Total recurring fair value measurements	(35.7)	(69.5)
Level 2 \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	5.2	0.3
Level 3 \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan	0.0	0.0
Total recurring fair value measurements	0.0	0.0
Level 3 \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	0.0	0.0
NAV \| Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan	14.8	14.0
Total recurring fair value measurements	14.8	14.0
NAV \| Fair Value, Measurements, Recurring \| Interest Rate Contract
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate contract assets	$ 0.0	$ 0.0

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	14.60%	14.80%
Total gross liability for unrecognized tax benefits	$ 37.3		$ 38.6

Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Service cost	$ 0.4	$ 0.4	$ 0.8	$ 0.8
Interest cost	1.0	1.0	2.0	2.0
Expected return on plan assets	(0.1)	(0.2)	(0.2)	(0.4)
Net periodic benefit cost	$ 1.3	$ 1.2	$ 2.6	$ 2.4

Shareholders' Equity (Detail) - USD ($) $ / shares in Units, shares in Thousands	1 Months Ended	3 Months Ended				6 Months Ended
	Dec. 31, 2020	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Dec. 31, 2023	Dec. 01, 2020
Stockholders Equity Note Disclosure [Line Items]
Share repurchase (in shares)		600				600
Dividends (in dollars per share)		$ 0.23	$ 0.23	$ 0.22	$ 0.22
Dividends payable		$ 38,100,000				$ 38,100,000	$ 38,000,000.0
Share repurchase		50,000,000.0				50,000,000.0
December 2020 Share Repurchase Program
Stockholders Equity Note Disclosure [Line Items]
Repurchase of shares of our common stock up to a maximum aggregate value								$ 750,000,000.0
Common stock authorized for repurchase, expiration date	Dec. 31, 2025
Share repurchase program remaining available amount		$ 550,000,000.0				$ 550,000,000.0

Segment Information - Additional Information (Details)	6 Months Ended
Segment Information - Additional Information (Details)	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,099.3	$ 1,082.5	$ 2,116.5	$ 2,111.1
Reportable segments
Segment Reporting Information [Line Items]
Net sales	1,098.8	1,082.1	2,115.7	2,110.2
Corporate and other
Segment Reporting Information [Line Items]
Net sales	0.5	0.4	0.8	0.9
Flow \| Reportable segments
Segment Reporting Information [Line Items]
Net sales	396.8	411.6	781.1	803.4
Water Solutions \| Reportable segments
Segment Reporting Information [Line Items]
Net sales	310.5	336.2	583.6	608.2
Pool \| Reportable segments
Segment Reporting Information [Line Items]
Net sales	$ 391.5	$ 334.3	$ 751.0	$ 698.6

Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	$ 248.0	$ 208.5	$ 428.8	$ 392.1
Asset impairment and write-offs			(0.8)	(4.4)
Transformation costs	(11.8)	(6.0)	(28.8)	(14.5)
Intangible amortization	(13.4)	(13.9)	(26.9)	(27.7)
Interest expense, net	(26.3)	(31.8)	(53.6)	(64.2)
Other expense (income)	(0.8)	4.8	(0.9)	4.1
Income from continuing operations before income taxes	220.9	181.5	374.3	332.0
Reportable segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	290.9	254.7	534.6	488.3
Reportable segments \| Flow
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	84.4	74.8	161.7	139.8
Reportable segments \| Water Solutions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	72.9	74.8	128.5	127.2
Reportable segments \| Pool
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	133.6	105.1	244.4	221.3
Corporate and other
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment income	(19.5)	(20.5)	(45.9)	(43.1)
Segment reconciling items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Asset impairment and write-offs	0.0	(0.5)	(0.8)	(4.4)
Restructuring and other	(5.9)	(0.6)	(10.5)	(3.5)
Transformation costs	(11.8)	(6.0)	(28.8)	(14.5)
Intangible amortization	(13.4)	(13.9)	(26.9)	(27.7)
Legal Accrual Adjustments and Settlements	7.9	(4.1)	8.2	(2.2)
Interest expense, net	(26.3)	(31.8)	(53.6)	(64.2)
Other expense (income)	$ (1.0)	$ 4.2	$ (2.0)	$ 3.3

Commitments and Contingencies - Changes in Carrying Amount of Service and Product Warranties (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Movement in Standard Product Warranty Accrual [Roll Forward]
Beginning balance	$ 65.0
Service and product warranty provision	49.9
Payments	(40.5)
Foreign currency translation	(0.2)
Ending balance	$ 74.2