v3.25.1
Segment Results
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Results Segment Results
The Company is comprised of two reporting segments: North America and Rest of World. The Rest of World segment is primarily comprised of China, Europe and India. Both segments manufacture and market comprehensive lines of residential and commercial gas and electric water heaters, boilers, tanks and water treatment products. Both segments primarily manufacture and market in their respective regions of the world.
Three Months Ended March 31, 2025
(dollars in millions)North AmericaRest of WorldInter-segment EliminationTotal SegmentsLess: Corporate ExpensesTotal
Sales from external customers$743.4 $220.5 $— $963.9 $— $963.9 
Inter-segment sales5.3 6.2 — 11.5 — 11.5 
748.7 226.7 — 975.4 — 975.4 
Elimination of Inter-segment sales(5.3)(6.2)— (11.5)— (11.5)
Net Sales743.4 220.5 — 963.9 — 963.9 
Cost of products sold445.7 142.8 — 588.5 — 588.5 
Gross Profit297.7 77.7 — 375.4 — 375.4 
Inter-segment Profit— — — — — — 
Selling, general and administrative expenses113.4 57.4 — 170.8 21.8 192.6 
Other (income) expense, net(0.9)0.6 — (0.3)(0.9)(1.2)
Earnings$185.2 $19.7 $— $204.9 $(20.9)$184.0 
Interest expense(2.9)
Earnings before provision for income taxes$181.1 
Three Months Ended March 31, 2024
(dollars in millions)North AmericaRest of WorldInter-segment EliminationTotal SegmentsLess: Corporate ExpensesTotal
Sales from external customers$761.6 $217.2 $— $978.8 $— $978.8 
Inter-segment sales4.7 9.7 — 14.4 — 14.4 
766.3 226.9 — 993.2 — 993.2 
Elimination of Inter-segment sales(4.7)(9.7)— (14.4)— (14.4)
Net Sales761.6 217.2 — 978.8 — 978.8 
Cost of products sold449.1 145.0 — 594.1 — 594.1 
Gross Profit312.5 72.2 — 384.7 — 384.7 
Inter-segment Profit— 0.3 (0.3)— — — 
Selling, general and administrative expenses113.3 56.5 — 169.8 22.4 192.2 
Other expense (income), net0.5 (1.2)— (0.7)(0.5)(1.2)
Earnings$198.7 $17.2 $(0.3)$215.6 $(21.9)$193.7 
Interest expense(1.0)
Earnings before provision for income taxes$192.7 
Assets, depreciation and capital expenditures by segment
Assets
(dollars in millions)March 31, 2025December 31, 2024
North America$2,437.3 $2,315.2 
Rest of World557.7 592.1 
Total Segments2,995.0 2,907.3 
Corporate(1)
272.7 332.7 
Total$3,267.7 $3,240.0 
(1) The majority of corporate assets consist of cash, cash equivalents, marketable securities, and deferred income taxes.
Depreciation and amortizationThree Months Ended
March 31,
(dollars in millions)20252024
North America$15.4 $14.8 
Rest of World5.0 4.4 
Total Segments20.4 19.2 
Corporate0.3 0.4 
Total$20.7 $19.6 
Capital expendituresThree Months Ended
March 31,
(dollars in millions)20252024
North America$19.0 $19.8 
Rest of World2.3 2.1 
Total Segments21.3 21.9 
Corporate— 0.1 
Total$21.3 $22.0