What changed in this filing

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Item 1. Financial Statements

2025-10-21 compared with 2025-07-22 · 160 added, 121 removed, 636 unchanged (31% of the section changed)

2 unchanged sentences

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)

Three months ended Six months ended

In millions, except per-share data June 30,

2025 June 30,

2024 June 30,

2025 June 30,

Three months ended Nine months ended

In millions, except per-share data September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Net sales $ 1,022.0 $ 993.4 $ 3,155.5 $ 3,109.9

4 unchanged sentences

Operating income 231.7 179.9 652.5 608.7

Other expense

Other expense (income)

Loss on sale of business

26.3 — 26.3 —

Net interest expense 14.4 19.8 52.0 73.4

Other expense

Other expense (income)

0.6 ( 0.1 ) 2.1 0.8

23 unchanged sentences

Condensed Consolidated Balance Sheets (Unaudited)

September 30,

2025 December 31,

26 unchanged sentences

Commitments and contingencies (Note 16)

Ordinary shares $ 0.01 par value, 426.0 authorized, 163.9 and 164.8 issued at June 30, 2025 and December 31, 2024, respectively

Ordinary shares $ 0.01 par value, 426.0 authorized, 163.6 and 164.8 issued at September 30, 2025 and December 31, 2024, respectively

Additional paid-in capital 1,351.8 1,501.7

6 unchanged sentences

Condensed Consolidated Statements of Cash Flows (Unaudited)

Six months ended

In millions June 30,

2025 June 30,

Nine months ended

In millions September 30,

2025 September 30,

Operating activities

24 unchanged sentences

Proceeds from sale of property and equipment 0.1 0.4

Payments upon the settlement of net investment hedges

Acquisitions, net of cash acquired ( 292.2 ) —

Other 0.9 ( 0.5 )

1 unchanged sentence

Financing activities

Net (repayments) receipts of short-term borrowings

Net repayments of short-term borrowings

Net borrowings of revolving long-term debt

38 unchanged sentences

Balance - June 30, 2025 163.9 $ 1.7 $ 1,387.3 $ 2,557.3 $ ( 274.1 ) $ 3,672.2

Net income — — — 184.3 — 184.3

Other comprehensive income, net of tax

— — — — 2.4 2.4

Dividends declared, $ 0.25 per share

— — — ( 41.0 ) — ( 41.0 )

Share repurchases

( 0.5 ) — ( 50.0 ) — — ( 50.0 )

Exercise of options, net of shares tendered for payment 0.2 — 8.4 — — 8.4

Share-based compensation — — 6.1 — — 6.1

Balance - September 30, 2025 163.6 $ 1.7 $ 1,351.8 $ 2,700.6 $ ( 271.7 ) $ 3,782.4

In millions Ordinary shares Additional paid-in capital Retained earnings Accumulated

21 unchanged sentences

Balance - June 30, 2024 165.5 $ 1.7 $ 1,569.2 $ 2,109.3 $ ( 247.3 ) $ 3,432.9

Net income — — — 139.6 — 139.6

Other comprehensive loss, net of tax — — — — ( 3.2 ) ( 3.2 )

Dividends declared, $ 0.23 per share

— — — ( 38.0 ) — ( 38.0 )

Share repurchases

( 0.6 ) — ( 50.0 ) — — ( 50.0 )

Exercise of options, net of shares tendered for payment 0.3 — 8.0 — — 8.0

Shares surrendered by employees to pay taxes — — ( 0.5 ) — — ( 0.5 )

Share-based compensation — — 10.0 — — 10.0

Balance - September 30, 2024 165.2 $ 1.7 $ 1,536.7 $ 2,210.9 $ ( 250.5 ) $ 3,498.8

See accompanying notes to condensed consolidated financial statements.

14 unchanged sentences

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

Three months ended Six months ended

In millions June 30,

2025 June 30,

2024 June 30,

2025 June 30,

Three months ended Nine months ended

In millions September 30,

2025 September 30,

2024 September 30,

2025 September 30,

$ 703.9 $ 687.6 $ 2,236.0 $ 2,166.4

8 unchanged sentences

Vertical market net sales information was as follows:

Three months ended Six months ended

In millions June 30,

2025 June 30,

2024 June 30,

2025 June 30,

Three months ended Nine months ended

In millions September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Residential $ 568.3 $ 519.5 $ 1,796.0 $ 1,644.1

3 unchanged sentences

Performance obligations

As of June 30, 2025, we had $ 121.2 million of remaining performance obligations on contracts with an original expected duration of one year or more.

As of September 30, 2025, we had $ 102.4 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.

3 unchanged sentences

Contract assets and liabilities consisted of the following:

In millions June 30,

In millions September 30,

2025 December 31,

3 unchanged sentences

Net contract assets $ 16.4 $ 7.9 $ 8.5 107.6 %

$ 10.2 $ 7.9 $ 2.3 29.1 %

The $ 2.3 million increase in net contract assets from December 31, 2024 to June 30, 2025 was primarily the result of timing of milestone payments.

Approximately 80 % of our contract liabilities at December 31, 2024 were recognized in revenue in the first half of 2025.

Total share-based compensation expense for the three and six months ended June 30, 2025 and 2024 was as follows:

The $ 8.5 million increase in net contract assets from December 31, 2024 to September 30, 2025 was primarily the result of timing of milestone payments.

Approximately 90 % of our contract liabilities at December 31, 2024 were recognized in revenue in the first nine months of 2025.

On September 17, 2025, as part of our Flow reportable segment, we completed the acquisition of Hydra-Stop, LLC for $ 292.2 million in cash, net of cash acquired, and subject to customary adjustments.

The excess purchase price over tangible and identifiable intangible net assets acquired has been preliminarily allocated to goodwill in the amount of $ 166.6 million, all of which is expected to be deductible for income tax purposes.

Identifiable intangible assets acquired include $ 112.0 million of definite-lived customer relationships with an estimated useful life of 18 years and $ 6.2 million of definite-lived proprietary technology intangible assets with an estimated useful life of 7 years.

The pro forma impact of the acquisition was not material.

Total share-based compensation expense for the three and nine months ended September 30, 2025 and 2024 was as follows:

Three months ended

Six months ended

In millions June 30,

2025 June 30,

2024 June 30,

2025 June 30,

Nine months ended

In millions September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Restricted stock units $ 3.8 $ 4.4 $ 11.0 $ 12.5

16 unchanged sentences

Treasury Department yield curve in effect at the time of grant.

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Restructuring and Transformation Program

1 unchanged sentence

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.

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

During the six months ended June 30, 2025, 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 185 employees during the six months ended June 30, 2025.

During the nine months ended September 30, 2025, 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 230 employees during the nine months ended September 30, 2025.

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,

2025 June 30,

2024 June 30,

2025 June 30,

Nine months ended

In millions September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Restructuring Initiatives

14 unchanged sentences

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,

2025 June 30,

2024 June 30,

2025 June 30,

Three months ended Nine months ended

In millions September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Flow $ ( 1.4 ) $ 6.0 $ 17.1 $ 11.0

5 unchanged sentences

$ 12.6 $ 43.7 $ 74.9 $ 82.8

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, 2025:

In millions June 30,

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 nine months ended September 30, 2025:

In millions September 30,

Beginning balance $ 18.7

7 unchanged sentences

Three months ended

Six months ended

In millions, except per-share data June 30,

2025 June 30,

2024 June 30,

2025 June 30,

Nine months ended

In millions, except per-share data September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Net income $ 184.3 $ 139.6 $ 487.7 $ 459.0

22 unchanged sentences

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, 2025:

In millions June 30,

Activity related to our allowance for credit losses is summarized as follows for the nine months ended September 30, 2025:

In millions September 30,

Beginning balance $ 9.1

Bad debt expense

Bad debt benefit

Write-offs, net of recoveries ( 0.7 )

4 unchanged sentences

Supplemental Balance Sheet Information

In millions June 30,

In millions September 30,

2025 December 31,

48 unchanged sentences

In millions December 31,

2024 Foreign Currency

Translation June 30,

2024 Acquisitions Foreign Currency

Translation September 30,

Flow $ 730.4 $ 166.6 $ 62.1 $ 959.1

3 unchanged sentences

Identifiable intangible assets consisted of the following:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

In millions Cost Accumulated

9 unchanged sentences

Total intangibles $ 1,501.3 $ ( 413.3 ) $ 1,088.0 $ 1,482.4 $ ( 448.6 ) $ 1,033.8

Identifiable intangible asset amortization expense was $ 14.3 million and $ 13.4 million for the three months ended June 30, 2025 and 2024, and $ 28.5 million and $ 26.9 million for the six months ended June 30, 2025 and 2024, respectively.

An impairment charge of $ 30.9 million was recorded during the three and six months ended June 30, 2025 related to the write-off of a definite-lived customer relationship intangible asset as a result of a business exit within our Water Solutions segment during the second quarter of 2025.

Identifiable intangible asset amortization expense was $ 13.9 million and $ 13.5 million for the three months ended September 30, 2025 and 2024, and $ 42.4 million and $ 40.4 million for the nine months ended September 30, 2025 and 2024, respectively.

An impairment charge of $ 30.9 million was recorded during the nine months ended September 30, 2025 related to the write-off of a definite-lived customer relationship intangible asset as a result of a business exit within our Water Solutions segment during the second quarter of 2025.

The impairment charge was recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income.

No impairment was recognized for identifiable intangible assets for the three and six months ended June 30, 2024.

No impairment was recognized for identifiable intangible assets for the three months ended September 30, 2025 and the three and nine months ended September 30, 2024.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2025 and the next five years is as follows:

4 unchanged sentences

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

In millions Average interest rate as of June 30, 2025 Maturity

Year June 30,

In millions Average interest rate as of September 30, 2025 Maturity

Year September 30,

2025 December 31,

2 unchanged sentences

Senior notes - fixed rate (1)

4.650 % 2025 19.3 19.3

N/A 2025 — 19.3

Senior notes - fixed rate (1)

13 unchanged sentences

The applicable margin is based on, at PFSA’s election, Pentair’s leverage level or PFSA’s public credit rating.

As of June 30, 2025, total availability under the Senior Credit Facility was $ 880.6 million.

As of September 30, 2025, total availability under the Senior Credit Facility was $ 680.0 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 $ 450.0 million, subject to customary conditions, including the commitment of the participating lenders.

2 unchanged sentences

During 2024, PFSA repaid the remaining $ 162.5 million of quarterly installments on the Term Loan Facility, such that PFSA is not required to make any further quarterly installment payments.

As of June 30, 2025, the remaining obligation of $ 575.0 million matures on July 28, 2027.

As of September 30, 2025, the remaining obligation of $ 575.0 million matures on July 28, 2027.

Th e 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.

3 unchanged sentences

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 $ 20.9 million, of which there were no outstanding borrowings at June 30, 2025.

Borrowings under these credit facilities bear interest at variable rates.

1 unchanged sentence

Notes to condensed consolidated financial statements (unaudited)

We have $ 19.3 million of senior notes maturing in the next twelve months.

We classified this debt as long-term as of June 30, 2025 as we have the intent and ability to refinance such obligation on a long-term basis under the Senior Credit Facility.

Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2025 matures on a calendar year basis as follows:

We have no senior notes maturing in the next twelve months.

Debt outstanding, excluding unamortized issuance costs and discounts, at September 30, 2025 matures on a calendar year basis as follows:

In millions 2025 2026 2027 2028 2029 2030 Thereafter Total

14 unchanged sentences

The majority of our foreign currency contracts have an original maturity date of less than one year.

At June 30, 2025, we had outstanding foreign currency derivative contracts with gross notional U.S.

At September 30, 2025, we had outstanding foreign currency derivative contracts with gross notional U.S.

dollar equivalent amounts of $ 51.8 million.

2 unchanged sentences

Cross currency swaps

At June 30, 2025 and December 31, 2024, we had outstanding cross currency swap agreements with a combined notional amount of $ 819.1 million and $ 728.5 million, respectively.

At September 30, 2025 and December 31, 2024, we had outstanding cross currency swap agreements with a combined notional amount of $ 816.6 million and $ 728.5 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 $ 94.2 million and $ 13.8 million at June 30, 2025 and December 31, 2024, respectively, recorded in Accumulated other comprehensive loss associated with our cross currency swap activity.

We had deferred foreign currency losses of $ 87.9 million and $ 13.8 million at September 30, 2025 and December 31, 2024, 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.

On October 3, 2025, we entered into a new cross currency swap agreement with a notional amount of € 212 million, designated as a cash flow hedge, which will hedge the cash flows related to foreign currency exchange rate fluctuations on intercompany debt.

Hedging of variable interest rates

1 unchanged sentence

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, 2025, 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.

As of September 30, 2025, 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 $ 0.1 million and $ 1.9 million at June 30, 2025 and December 31, 2024, respectively, recorded in Accumulated other comprehensive loss associated with our interest rate swap and collar activity.

We had an unrealized loss of $ 0.1 million at September 30, 2025 and an unrealized gain of $ 1.9 million at December 31, 2024, 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.

19 unchanged sentences

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

September 30,

2025 December 31,

7 unchanged sentences

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

June 30, 2025

September 30, 2025

In millions Level 1 Level 2 Level 3 NAV Total

Recurring fair value measurements

Interest rate contract assets $ — $ 0.3 $ — $ — $ 0.3

Interest rate contract liabilities

8 unchanged sentences

Nonrecurring fair value measurements (1)

(1) During the quarter ended June 30, 2025, we recorded an impairment charge on a definite-lived customer relationship intangible asset of $ 30.9 million.

(1) During the nine months ended September 30, 2025, we recorded an impairment charge on a definite-lived customer relationship intangible asset of $ 30.9 million.

We determined the value using unobservable inputs and wrote the balance of the definite-lived intangible asset to zero.

12 unchanged sentences

In conjunction with the acquisition, we recorded an estimated fair value of $ 8.0 million of contingent earn-out liabilities, which are considered Level 3 under our fair value hierarchy.

The recorded fair value of the associated contingent earn-out liabilities was reviewed as of June 30, 2025, with no further change in fair value.

The recorded fair value of the associated contingent earn-out liabilities was reviewed as of September 30, 2025, with no further change in fair value.

The fair value of the contingent earn-out liabilities will be re-measured for each reporting period until resolution of the contingent earn-out payments, and any resulting changes to fair value would be recorded in earnings.

4 unchanged sentences

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 both the six months ended June 30, 2025 and June 30, 2024 was 14.6 %.

The effective income tax rate for the nine months ended September 30, 2025 was 14.8 %, compared to 14.1 % for the nine months ended September 30, 2024.

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 $ 5.0 million and $ 6.0 million at June 30, 2025 and December 31, 2024, respectively.

The total gross liability for uncertain tax positions was $ 6.5 million and $ 6.0 million at September 30, 2025 and December 31, 2024, 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 have been adopted by a number of jurisdictions in which we operate.

For the nine months ended September 30, 2025 and September 30, 2024, the impact of Pillar Two on our condensed consolidated financial statements was not material.

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

The Organization for Economic Co-operation and Development Pillar Two Model Rules (“Pillar Two”) for a global 15.0% minimum tax have been adopted by a number of jurisdictions in which we operate.

For the six months ended June 30, 2025 and June 30, 2024, the impact of Pillar Two on our condensed consolidated financial statements was not material.

On July 4, 2025, the U.S.

2 unchanged sentences

The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027.

We are currently assessing its impact on our consolidated financial statements.

For the nine months ended September 30, 2025, the impact of the Act on our condensed consolidated financial statements was not material.

Benefit Plans

Components of net periodic benefit expense for our pension plans for the three and six months ended June 30, 2025 and 2024 were as follows:

Three months ended Six months ended

In millions June 30,

2025 June 30,

2024 June 30,

2025 June 30,

Components of net periodic benefit expense for our pension plans for the three and nine months ended September 30, 2025 and 2024 were as follows:

Three months ended Nine months ended

In millions September 30,

2025 September 30,

2024 September 30,

2025 September 30,

Service cost $ 0.3 $ 0.4 $ 0.9 $ 1.2

2 unchanged sentences

Net periodic benefit expense $ 1.1 $ 1.3 $ 3.3 $ 3.9

Components of net periodic benefit expense for our other post-retirement plans for the three and six months ended June 30, 2025 and 2024 were not material .

Components of net periodic benefit expense for our other post-retirement plans for the three and nine months ended September 30, 2025 and 2024 were not material .

Shareholders’ Equity

2 unchanged sentences

The authorization expires on December 31, 2025 .

During the six months ended June 30, 2025, we repurchased 1.3 million of our ordinary shares for $ 125.0 million.

As of June 30, 2025, we had $ 325.0 million available for share repurchases under this authorization.

During the nine months ended September 30, 2025, we repurchased 1.8 million of our ordinary shares for $ 175.0 million.

As of September 30, 2025, we had $ 275.0 million available for share repurchases under this authorization.

Dividends payable

On May 5, 2025, the Board of Directors declared a quarterly cash dividend of $ 0.25 per share, payable on August 1, 2025 to shareholders of record at the close of business on July 18, 2025.

As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $ 41.0 million at June 30, 2025, compared to $ 41.2 million at December 31, 2024.

On September 22, 2025, the Board of Directors declared a quarterly cash dividend of $ 0.25 per share, payable on November 7, 2025 to shareholders of record at the close of business on October 24, 2025.

As a result, the balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $ 41.0 million at September 30, 2025, compared to $ 41.2 million at December 31, 2024.

Segment Information

9 unchanged sentences

Financial information by reportable segment as well as a reconciliation of reportable segment income to consolidated income from continuing operations before income taxes is as follows:

September 30,

2025 December 31,

10 unchanged sentences

Three months ended

Six months ended Three months ended

Six months ended

2025 June 30,

2024 June 30,

2025 June 30,

2024 June 30,

2025 June 30,

2024 June 30,

2025 June 30,

In millions Capital expenditures Depreciation

Nine months ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

In millions Capital expenditures

Flow $ 4.9 $ 4.4 $ 11.8 $ 11.6

6 unchanged sentences

$ 17.4 $ 15.4 $ 45.1 $ 51.7

Three months ended June 30, 2025

Three months ended

Nine months ended

September 30,

2025 September 30,

2024 September 30,

2025 September 30,

In millions Depreciation

Flow $ 5.2 $ 5.4 $ 15.6 $ 16.2

Water Solutions 3.9 4.1 11.9 12.9

Pool 4.1 3.5 10.8 9.8

Reportable segment total

13.2 13.0 38.3 38.9

Corporate and other

2.1 1.9 6.4 6.4

$ 15.3 $ 14.9 $ 44.7 $ 45.3

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Three months ended September 30, 2025

In millions Flow

14 unchanged sentences

Asset impairment and write-offs ( 1.5 )

Loss on sale of business

Deal-related costs and expenses

Intangible amortization

2 unchanged sentences

Income from continuing operations before income taxes $ 216.7

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Three months ended June 30, 2024

Three months ended September 30, 2024

In millions Flow

13 unchanged sentences

Transformation costs ( 12.6 )

Asset impairment and write-offs ( 8.5 )

Legal accrual adjustments and settlements

3 unchanged sentences

Income from continuing operations before income taxes $ 160.2

Six months ended June 30, 2025

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Nine months ended September 30, 2025

In millions Flow

15 unchanged sentences

Loss on sale of business

Deal-related costs and expenses

Intangible amortization

2 unchanged sentences

Income from continuing operations before income taxes $ 572.1

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Six months ended June 30, 2024

Nine months ended September 30, 2024

In millions Flow

22 unchanged sentences

(3) These costs exclude certain expenses reported in the Condensed Consolidated Statements of Operations and Comprehensive Income, including costs that are reflected in "Corporate and other,” and expenses excluded from reportable segment income as defined above.

Pentair plc and Subsidiaries

Notes to condensed consolidated financial statements (unaudited)

Commitments and Contingencies

2 unchanged sentences

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, 2025 were as follows:

In millions June 30,

The changes in the carrying amount of service and product warranties from continuing operations for the nine months ended September 30, 2025 were as follows:

In millions September 30,

Beginning balance $ 67.2

7 unchanged sentences

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, 2025 and December 31, 2024, the outstanding value of bonds, letters of credit and bank guarantees totaled $ 110.8 million and $ 102.1 million, respectively.

As of September 30, 2025 and December 31, 2024, the outstanding value of bonds, letters of credit and bank guarantees totaled $ 105.1 million and $ 102.1 million, respectively.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements