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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2018	Jan. 31, 2019	Jun. 30, 2018
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	FY
Entity Registrant Name	SMITH A O CORP
Entity Central Index Key	0000091142
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Trading Symbol	AOS
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Small Business	false
Common Class A
Document Information [Line Items]
Entity Public Float			$ 54,612,426
Entity Common Stock, Shares Outstanding		26,059,903
Common Stock
Document Information [Line Items]
Entity Public Float			$ 8,368,308,653
Entity Common Stock, Shares Outstanding		141,852,744

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Current Assets
Cash and cash equivalents	$ 259.7	$ 346.6
Marketable securities	385.3	473.4
Receivables	647.3	592.7
Inventories	304.7	297.0
Other current assets	41.5	57.2
Total Current Assets	1,638.5	1,766.9
Net property, plant and equipment	540.0	528.9
Goodwill	513.0	516.7
Other intangibles	293.1	308.7
Other assets	86.9	76.2
Total Assets	3,071.5	3,197.4
Liabilities
Trade payables	543.8	535.0
Accrued payroll and benefits	79.4	90.8
Accrued liabilities	120.4	116.0
Product warranties	41.7	44.5
Long-term debt due within one year	0.0	7.5
Total Current Liabilities	785.3	793.8
Long-term debt	221.4	402.9
Product warranties	97.7	97.9
Pension liabilities	49.4	48.1
Other liabilities	200.7	209.8
Total Liabilities	1,354.5	1,552.5
Commitments and contingencies
Stockholders' Equity
Preferred Stock
Common Stock, value	164.5	164.5
Capital in excess of par value	496.7	486.5
Retained earnings	2,102.8	1,788.7
Accumulated other comprehensive loss	(350.8)	(299.5)
Treasury stock at cost	(827.2)	(626.5)
Total Stockholders' Equity	1,717.0	1,644.9
Total Liabilities and Stockholders' Equity	3,071.5	3,197.4
Common Class A
Stockholders' Equity
Common Stock, value	131.0	131.2
Total Stockholders' Equity	$ 131.0	$ 131.2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Dec. 31, 2018	Dec. 31, 2017
Common Stock, shares issued	164,516,267	164,468,033
Common Class A
Common Stock, shares issued	26,191,327	26,239,559

CONSOLIDATED STATEMENT OF EARNINGS - USD ($) $ in Millions	12 Months Ended
CONSOLIDATED STATEMENT OF EARNINGS - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net sales	$ 3,187.9	$ 2,996.7	$ 2,685.9
Cost of products sold	1,882.4	1,764.3	1,571.7
Gross profit	1,305.5	1,232.4	1,114.2
Selling, general and administrative expenses	753.8	722.8	662.5
Restructuring and impairment expenses	6.7	0.0	0.0
Interest expense	8.4	10.1	7.3
Other income - net	(21.2)	(21.3)	(18.1)
Earnings before provision for income taxes	557.8	520.8	462.5
Provision for income taxes	113.6	224.3	136.0
Net Earnings	$ 444.2	$ 296.5	$ 326.5
Net Earnings Per Share of Common Stock	$ 2.60	$ 1.72	$ 1.87
Diluted Net Earnings Per Share of Common Stock	$ 2.58	$ 1.70	$ 1.85

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net Earnings	$ 444.2	$ 296.5	$ 326.5
Other comprehensive earnings (loss)
Foreign currency translation adjustments	(38.4)	52.7	(39.8)
Unrealized net gain (loss) on cash flow derivative instruments, less related income tax (provision) benefit of ($0.1) in 2018, $0.7 in 2017 and $0.6 in 2016	0.2	(1.1)	(1.0)
Change in pension liability less related income tax benefit (provision) of $4.3 in 2018, $(7.5) in 2017 and $5.7 in 2016	(13.1)	12.1	(9.0)
Comprehensive Earnings	$ 392.9	$ 360.2	$ 276.7

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unrealized net (loss) gain on cash flow derivative instruments, related income tax benefit (provision)	$ 0.1	$ 0.7	$ 0.6
Change in pension liability, related income tax (provision) benefit	$ 4.3	$ (7.5)	$ 5.7

CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities
Net earnings	$ 444.2	$ 296.5	$ 326.5
Adjustments to reconcile earnings to cash provided by (used in) operating activities:
Depreciation and amortization	71.9	70.1	65.1
U.S. Tax Reform income tax expense	0.0	81.8	0.0
Stock based compensation expense	10.1	9.9	9.4
Net changes in operating assets and liabilities, net of acquisitions:
Current assets and liabilities	(40.0)	(127.8)	68.5
Noncurrent assets and liabilities	(37.3)	(4.1)	(22.9)
Cash Provided by Operating Activities	448.9	326.4	446.6
Investing Activities
Acquisitions of businesses	0.0	(43.1)	(90.8)
Investments in marketable securities	(523.4)	(583.5)	(563.8)
Proceeds from sales of marketable securities	595.9	562.7	435.1
Capital expenditures	(85.2)	(94.2)	(80.7)
Cash Used in Investing Activities	(12.7)	(158.1)	(300.2)
Financing Activities
Long-term debt (repaid) incurred	(189.0)	86.5	74.1
Common stock repurchases	(202.6)	(139.1)	(135.2)
Net proceeds (payments) from stock option activity	0.9	(0.9)	5.7
Acquisition related contingent payments	(2.3)	(1.7)	0.0
Dividends paid	(130.1)	(96.9)	(84.2)
Cash Used in Financing Activities	(523.1)	(152.1)	(139.6)
Net (decrease) increase in cash and cash equivalents	(86.9)	16.2	6.8
Cash and cash equivalents-beginning of year	346.6	330.4	323.6
Cash and Cash Equivalents-End of Year	$ 259.7	$ 346.6	$ 330.4

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Millions	Total	Common Class A	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at Dec. 31, 2015		$ 131.8	$ 164.4	$ 469.3	$ 1,346.8	$ (313.4)	$ (360.5)
Conversion of Class A Common Stock		(0.2)	0.0	0.2
Foreign currency translation adjustments	$ (39.8)					(39.8)
Net earnings	326.5				326.5
Issuance of share units				(4.6)
Unrealized net gain (loss) on cash flow derivative instruments, less related income tax (provision) benefit of ($0.1) in 2018, $0.7 in 2017 and $0.6 in 2016	(1.0)					(1.0)
Cash dividends on stock					(84.2)
Vesting of share units				(2.0)			3.4
Change in pension liability less related income tax benefit (provision) of $4.3 in 2018, $(7.5) in 2017 and $5.7 in 2016	(9.0)					(9.0)
Stock based compensation expense				8.8
Exercises of stock options				0.3			4.0
Stock incentives and directors' compensation				5.6			0.2
Shares repurchased	(135.2)						(135.2)
Balance at Dec. 31, 2016	1,511.4	131.6	164.4	477.6	1,589.1	(363.2)	(488.1)
Conversion of Class A Common Stock		(0.4)	0.1	0.3
Foreign currency translation adjustments	52.7					52.7
Net earnings	296.5				296.5
Issuance of share units				(4.9)
Unrealized net gain (loss) on cash flow derivative instruments, less related income tax (provision) benefit of ($0.1) in 2018, $0.7 in 2017 and $0.6 in 2016	(1.1)					(1.1)
Cash dividends on stock					(96.9)
Vesting of share units				(2.9)			2.9
Change in pension liability less related income tax benefit (provision) of $4.3 in 2018, $(7.5) in 2017 and $5.7 in 2016	12.1					12.1
Stock based compensation expense				9.2
Exercises of stock options				1.4			(2.4)
Stock incentives and directors' compensation				5.8			0.2
Shares repurchased	(139.1)						(139.1)
Balance at Dec. 31, 2017	1,644.9	131.2	164.5	486.5	1,788.7	(299.5)	(626.5)
Conversion of Class A Common Stock		(0.2)	0.0	0.2
Foreign currency translation adjustments	(38.4)					(38.4)
Net earnings	444.2				444.2
Issuance of share units				(6.0)
Unrealized net gain (loss) on cash flow derivative instruments, less related income tax (provision) benefit of ($0.1) in 2018, $0.7 in 2017 and $0.6 in 2016	0.2					0.2
Cash dividends on stock					(130.1)
Vesting of share units				(2.4)			2.5
Change in pension liability less related income tax benefit (provision) of $4.3 in 2018, $(7.5) in 2017 and $5.7 in 2016	(13.1)					(13.1)
Stock based compensation expense				10.1
Exercises of stock options				1.4			(0.7)
Stock incentives and directors' compensation				6.9			0.1
Shares repurchased	(202.6)						(202.6)
Balance at Dec. 31, 2018	$ 1,717.0	$ 131.0	$ 164.5	$ 496.7	$ 2,102.8	$ (350.8)	$ (827.2)

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Unrealized net (loss) gain on cash flow derivative instruments, related income tax benefit (provision)	$ (0.1)	$ (0.7)	$ (0.6)
Change in pension liability, related income tax (provision) benefit	4.3	(7.5)	5.7
Accumulated Other Comprehensive Loss
Unrealized net (loss) gain on cash flow derivative instruments, related income tax benefit (provision)	(0.1)	0.7	0.6
Change in pension liability, related income tax (provision) benefit	$ 4.3	$ (7.5)	$ 5.7
Treasury Stock
Exercise of stock options, shares surrendered as proceeds and to pay taxes	54,180	160,856	54,019

Organization and Significant Accounting Policies

12 Months Ended

Dec. 31, 2018

Organization and Significant Accounting Policies

1. Organization and Significant Accounting Policies

Organization.

A. O. Smith Corporation (A. O. Smith or 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. The Rest of World segment also manufacturers and markets in-home air purification products in China.

Consolidation.

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions.

Use of estimates

. The preparation of financial statements in conformity with accounting principles generally accepted in the United States (U.S.) requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and notes. Actual results could differ from those estimates.

Fair value of financial instruments.

The carrying amounts of cash, cash equivalents, marketable securities, receivables, floating rate debt and trade payables approximated fair value as of December 31, 2018 and 2017, due to the short maturities or frequent rate resets of these instruments. As of December 31, 2018 and 2017, the carrying value of term notes with insurance companies was approximately $120.0 million and $127.5 million, respectively, which approximated fair value in both years. The fair value was estimated based on current rates offered for debt with similar maturities.

Foreign currency translation

. For all subsidiaries outside the U.S., with the exception of its Barbados, Hong Kong and Mexican companies and its non-operating companies in the Netherlands, the Company uses the local currency as the functional currency. For those operations using a functional currency other than the U.S. dollar, assets and liabilities were translated into U.S. dollars at year-end exchange rates, and revenues and expenses were translated at weighted-average exchange rates. The resulting translation adjustments were recorded as a separate component of stockholders’ equity. The Barbados, Hong Kong, Mexican and Netherlands companies use the U.S. dollar as the functional currency. Gains and losses from foreign currency transactions were included in net earnings and were not significant in 2018, 2017, or 2016.

Cash and cash equivalents

. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Marketable securities

. The Company considers all highly liquid investments with maturities greater than 90 days when purchased to be marketable securities. At December 31, 2018, the Company’s marketable securities consisted of bank time deposits with original maturities ranging from 180 days to 12 months and were primarily located at investment grade rated banks in China.

Inventory valuation.

Inventories are carried at lower of cost

and net realizable value

. Cost is determined on the last-in, first-out (LIFO) method for a majority of the Company’s domestic inventories, which comprised 64 percent and 59 percent of the Company’s total inventory at December 31, 2018 and 2017, respectively. Inventories of foreign subsidiaries, the remaining domestic inventories and supplies were determined using the first-in, first-out (FIFO) method.

Property, plant and equipment.

Property, plant and equipment are stated at cost. Depreciation is computed primarily by the straight-line method. The estimated service lives used to compute depreciation are generally 25 to 50 years for buildings, three to 20 years for equipment and three to 15 years for software. Maintenance and repair costs are expensed as incurred.

Goodwill and other intangibles.

Goodwill and indefinite-lived intangible assets are not amortized but are reviewed for impairment on an annual basis. Separable intangible assets, primarily comprised of customer relationships, that are not deemed to have an indefinite life are amortized on a straight-line basis over their estimated useful lives which range from three to 25 years.

Impairment of long-lived and amortizable intangible assets.

Property, plant and equipment and intangible assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the sum of the expected undiscounted cash flows is less than the carrying value of the related asset or group of assets, a loss is recognized for the difference between the fair value and carrying value of the asset or group of assets. Such analyses necessarily involve significant judgment.

Product warranties.

The Company’s products carry warranties that generally range from one to ten years and are based on terms that are consistent with the market. The Company records a liability for the expected cost of warranty-related claims at the time of sale. The allocation of the warranty liability between current and long-term is based on expected warranty claims to be paid in the next year as determined by historical product failure rates.

The following table presents the Company’s product warranty liability activity in 2018 and 2017:

Years ended December 31 (dollars in millions)	2018			2017
Balance at beginning of year	$	141.2		$	140.9
Expense		40.7			39.7
Claims settled		(42.5	)		(39.4	)
Balance at end of year	$	139.4		$	141.2

Derivative instruments.

The Company utilizes certain derivative instruments to enhance its ability to manage currency as well as raw materials price risk. The Company does not enter into contracts for speculative purposes. The fair values of all derivatives are recorded in the consolidated balance sheets. The change in a derivative’s fair value is recorded each period in current earnings or accumulated other comprehensive loss (AOCL), depending on whether the derivative is designated as part of a hedge transaction and if so, the type of hedge transaction. See Note 13, “Derivative Instruments” of the notes to consolidated financial statements for disclosure of the Company’s derivative instruments and hedging activities.

Fair Value Measurements.

Accounting Standards Codification

(

ASC) 820

Fair Value Measurements

, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring basis or nonrecurring basis. ASC 820 clarifies that fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and (Level 3) unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on the market approach which are prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities.

Assets measured at fair value on a recurring basis are as follows (dollars in millions):

Fair Value Measurement Using	December 31, 2018		December 31, 2017
Quoted prices in active markets for identical assets (Level 1)	$	385.3	$	473.4
Significant other observable inputs (Level 2)		7.5		(1.4	)

There were no changes in the valuation techniques used to measure fair values on a recurring basis.

Revenue recognition.

The Company adopted ASC 606-10 as of January 1, 2018. Substantially all of the Company’s sales are from contracts with customers for the purchase of its products. Contracts and customer purchase orders are used to determine the existence of a sales contract. Shipping documents are used to verify shipment. For substantially all of its products, the Company transfers control of products to the customer at the point in time when title and risk are passed to the customer, which generally occurs upon shipment of the product. See Note 2, “Revenue Recognition” for disclosure of the Company’s revenue recognition activities.

Advertising.

The majority of advertising costs are charged to operations as incurred and amounted to $132.1 million, $126.9 million and $113.9 million during 2018, 2017 and 2016, respectively. Included in total advertising costs are expenses associated with store displays for water heater, water treatment and air purification products in China that are amortized over 12 to 36 months which totaled $38.7 million, $43.0 million and $37.0 million during 2018, 2017 and 2016, respectively.

Research and development.

Research and development costs are charged to operations as incurred and amounted to $94.0 million, $86.4 million and $80.1 million during 2018, 2017 and 2016, respectively.

Environmental costs.

The Company accrues for costs associated with environmental obligations when such costs are probable and reasonably estimable. Costs of estimated future expenditures are not discounted to their present value. Recoveries of environmental costs from other parties are recorded as assets when their receipt is considered probable. The accruals are adjusted as facts and circumstances change.

Stock-based compensation.

Compensation cost is recognized using the straight-line method over the vesting period of the award and forfeitures are recognized as they occur. In accordance with amended ASC 718, the Company recognized $2.4 million, $11.6 million, and $5.9 million of discrete income tax benefits on settled stock based compensation awards during 2018, 2017, and 2016 respectively.

Income taxes.

The provision for income taxes is computed using the asset and liability method, in accordance with ASC 740

Income Taxes

, under which deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities and for operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax assets are expected to be realized or settled and are classified as noncurrent in the consolidated balance sheet. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such positions are then measured based on the largest benefit that has a greater than 50 percent likelihood of being realized upon settlement.

Earnings per share of common stock.

The Company is not required to use the two-class method of calculating earnings per share since its Class A Common Stock and Common Stock have equal dividend rights. The numerator for the calculation of basic and diluted earnings per share is net earnings. The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations:

	2018		2017		2016
Denominator for basic earnings per share - weighted-average shares outstanding		170,589,345		172,666,056		174,712,683
Effect of dilutive stock options, restricted stock and share units		1,604,695		1,939,133		2,112,597
Denominator for diluted earnings per share		172,194,040		174,605,189		176,825,280

On April 11, 2016, the Company’s stockholders approved a proposal to increase the Company’s authorized shares of Common Stock and on September 7, 2016, the Company’s Board of Directors declared a two-for-one stock split of the Company’s Class A Common Stock and Common Stock (including treasury shares) in the form of a 100 percent stock dividend to stockholders of record on September 21, 2016 and payable on October 5, 2016. All references in the financial statements and footnotes to the number of shares outstanding, price per share, per share amounts and stock based compensation data have been recast to reflect the stock split for all periods presented.

Reclassifications.

Certain amounts from prior years have been reclassified to conform with current year presentation.

Recent Accounting Pronouncements

In August 2017, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 815,

Derivatives and Hedging

(issued under Accounting Standards Update (ASU) 2017-12, “Targeted Improvements to Accounting for Hedging Activities”). Under this amendment, more hedging strategies are eligible for hedge accounting treatment. ASU 2017-12 also amends the presentation and disclosure requirements regarding derivatives and hedging and changes how companies assess effectiveness. The Company adopted the amendment on January 1, 2018 and the adoption of ASU 2017-12 did not have a material impact on its consolidated balance sheets, statements of earnings or statements of cash flows.

In May 2017, the FASB amended ASC 718,

Compensation – Stock Compensation

(issued under ASU 2017-09, “Scope of Modification Accounting”). This amendment clarifies when changes to the terms or conditions of share-based payment awards must be accounted for as a modification. Under this amendment, modification accounting must be used if three conditions are met: the fair value changes, the vesting conditions change, or the classification of the award changes due to the changes in terms or conditions. The Company adopted the amendment on January 1, 2018 and the adoption of ASU 2017-09 did not have a material impact on its consolidated balance sheets, statements of earnings or statements of cash flows.

In March 2017, the FASB amended ASC 715,

Compensation – Retirement Benefits

(issued under ASU 2017-07, “Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost”). This amendment changes the way net periodic benefit cost associated with employer-sponsored defined benefit plans is presented in the statement of earnings. Under the amendment, the service cost component of net periodic benefit cost is included in the same lines in the statement of earnings as other employee compensation costs and the other components of net periodic benefit cost must be presented separately outside of income from operations. The Company adopted the amendment on January 1, 2018. As a result of this adoption, for the year ended December 31, 2017 the Company retrospectively reclassified $6.3 million and $4.6 million of non-service cost pension income from cost of products sold and selling, general and administrative expenses, respectively, to other income in the consolidated statement of earnings. The for the year ended December 31, 2016, the Company retrospectively reclassified $5.1 million and $3.6 million of non-service cost pension income from cost of products sold and selling, general and administrative expenses, respectively, to other income in the consolidated statement of earnings. The adoption did not have a material impact on the Company’s consolidated balance sheets, statements of earnings or statements of cash flows.

In January 2017, the FASB amended ASC 350,

Intangibles – Goodwill and Other

(issued under ASU 2017-04, “Simplifying the Test for Goodwill Impairment”). This amendment simplifies the test for goodwill impairment by only requiring an entity to perform an annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount that the carrying amount exceeds the reporting unit’s fair value. Any loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The amendment requires adoption on January 1, 2020. The Company does not expect that the adoption of ASU 2017-04 will have a material impact on its consolidated balance sheets, statements of earnings or statements of cash flows.

In October 2016, the FASB amended ASC 740,

Income Taxes

(issued under ASU 2016-16). This amendment requires that the income tax consequences of an intra-entity transfer of an asset other than inventory be recognized when the transfer occurs. The Company adopted this amendment on January 1, 2018 and the adoption of amended ASU 2016-16 did not have a material impact on its consolidated balance sheets, statement of earnings or statements of cash flows.

In February 2016, the FASB amended ASC 842,

Leases

(issued under ASU 2016-02). This amendment requires the recognition of lease assets and lease liabilities on the balance sheet for most leasing arrangements currently classified as operating leases. This amendment is effective for periods beginning January 1, 2019. The Company intends to apply the modified retrospective transition method and elect the transition option to use the effective date of January 1, 2019 as the date of initial application. The Company also intends to elect the package of practical expedients and the practical expedient not to separate lease and non-lease components. The Company does not intend to elect the hindsight practical expedient.

In 2018, the Company completed a comprehensive analysis of its lease population.

The impact of adoption will result in the recognition of lease liabilities and corresponding right-of-use assets of approximately $55 million each. The adoption of ASU 2016-02 will not have a material impact on its consolidated balance sheets, statements of earnings or statements of cash flows.

In May 2014, the FASB issued ASC 606-10,

Revenue from Contracts with Customers

(issued under ASU 2014-09). ASU 2014-09 replaces all previously existing revenue recognition guidance. The Company adopted ASU 2014-09 on January 1, 2018 using the full retrospective method and therefore applied the standard to all contracts commencing on or after January 1, 2016. The Company recognized a net after-tax reduction to opening retained earnings of $3.9 million as of January 1, 2016 in connection with the adoption of ASU 2014-09. The adoption of ASU 2014-09 did not have a material impact on the Company’s consolidated balance sheets, statements of earnings or statements of cash flows. See Note 2 “Revenue Recognition” for further discussion.

Revenue Recognition

12 Months Ended

Dec. 31, 2018

Revenue Recognition Disclosure [Text Block]

2. Revenue Recognition

Substantially all of the Company’s sales are from contracts with customers for the purchase of its products. Contracts and customer purchase orders are used to determine the existence of a sales contract. Shipping documents are used to verify shipment. For substantially all of its products, the Company transfers control of products to the customer at the point in time when title and risk are passed to the customer, which generally occurs upon shipment of the product. Each unit sold is considered an independent, unbundled performance obligation. The Company’s sales arrangements do not include other performance obligations that are material in the context of the contract. The nature, timing and amount of revenue for a respective performance obligation are consistent for each customer. The Company measures the sales transaction price based upon the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. Sales and value added taxes are excluded from the measurement of transaction price. The Company’s payment terms for the majority of its customers are 30 to 90 days from shipment.

Additionally, certain customers in China pay prior to the shipment of products resulting in a customer deposits liability of $47.0 million and $56.0 million at December 31, 2018 and December 31, 2017, respectively. The Company assesses collectability based on the creditworthiness of the customer as determined by credit checks and analysis, as well as the customer’s payment history. The Company’s allowance for doubtful accounts was $6.4 million and $5.3 million at December 31, 2018 and December 31, 2017, respectively.

Rebates and incentives are based on pricing agreements and are tied to sales volume. The amount of revenue is reduced for variable consideration related to customer rebates which are calculated using expected values and is based on program specific factors such as expected rebate percentages based on expected volumes. In situations where the customer has the right to return eligible products, the Company reduces revenue for its estimates of expected product returns, which are primarily based on an analysis of historical experience. Changes in such accruals may be required if actual sales volume differs from estimated sales volume or if future returns differ from historical experience. Shipping and handling costs billed to customers are included in net sales and the related costs are included in cost of products sold and are activities performed to fulfill the promise to transfer products.

Disaggregation of Net Sales

, tanks

and water treatment products. Both segments primarily manufacture and market in their respective regions of the world. The Rest of World segment also manufactures and markets in-home air purification products in China.

As each segment manufactures and markets products in its respective region of the world, the Company has determined that geography is the primary factor in reporting its sales. The Company further disaggregates its North America segment sales by major product line as each of North America’s major product lines is sold through distinct distribution channels and these product lines may be impacted differently by certain economic factors. Within the Rest of World segment, particularly in China and India, the Company’s major customers purchase across the Company’s product lines, utilizing the same distribution channel regardless of product type. In addition, the impact of economic factors is unlikely to be differentiated by product line in the Rest of World segment.

The North America segment major product lines are defined as the following:

Water heaters

The Company’s water heaters are open water heating systems that heat potable water. Typical applications for water heaters include residences, restaurants, hotels and motels, office buildings, laundries, car washes and small businesses. The Company sells residential and commercial water heater products and related parts through its wholesale distribution channel, which includes more than 1,300 independent wholesale plumbing distributors. The Company also sells residential water heaters and related parts through retail and maintenance, repair and operations (MRO) channels. A significant portion of the Company’s water heater sales in the North America segment is derived from the replacement of existing products.

Boilers

The Company’s boilers are closed loop water heating systems used primarily for space heating or hydronic heating. The Company’s boilers are primarily used in applications in commercial settings for hospitals, schools, hotels and other large commercial buildings while residential boilers are used in homes, apartments and condominiums. The Company’s boiler distribution channel is comprised primarily of manufacturer representative firms

, with the remainder our boilers distributed through wholesale channels.

The Company’s boiler sales in the North America segment are derived from a combination of replacement of existing products and new construction.

Water treatment

products

The Company’s water treatment products range from point-of-entry water softeners and whole-home water filtration products to on-the-go filtration bottles and point-of-use carbon and reverse osmosis products. Typical applications for the Company’s water treatment products include residences, restaurants, hotels and offices. A portion of the Company’s sales of water treatment products in the North America segment is comprised of replacement filters.

The following table disaggregates the Company’s net sales by segment. As described above, the Company’s North America segment sales are further disaggregated by major product line. In addition, the Company’s Rest of World segment sales are disaggregated by China and all other Rest of World.

Years ending December 31 (dollars in millions)	2018			2017			2016
North America
Water heaters and related parts	$	1,757.0		$	1,663.0		$	1,563.2
Boilers and related parts		200.4			183.3			161.6
Water treatment products (1)		87.3			58.5			18.4
Total North America		2,044.7			1,904.8			1,743.2
Rest of World
China	$	1,070.4		$	1,029.4		$	887.5
All other Rest of World		103.2			86.9			78.1
Total Rest of World		1,173.6			1,116.3			965.6
Inter-segment sales		(30.4	)		(24.4	)		(22.9	)
Total Net Sales	$	3,187.9		$	2,996.7		$	2,685.9

(1)	Includes Hague Quality Water International (Hague) and Aquasana, Inc. (Aquasana) from the date of acquisition of September 5, 2017 and August 8, 2016, respectively.

Acquisitions

12 Months Ended

Dec. 31, 2018

Acquisitions

3. Acquisitions

On September 5, 2017, the Company acquired

100

percent of the shares of Hague, an Ohio-based water softener company. With the addition of Hague, the Company grew its North America water treatment platform. Hague is included in the Company’s North America segment for reporting purposes.

The Company paid an aggregate cash purchase price of $43.1 million, net of $4.1 million of cash acquired. In addition, the Company established a $1.5 million holdback liability to satisfy any potential obligations of the former owners of Hague, should they arise. The Company also agreed to make a contingent payment of up to an additional $2.0 million based on the amount by which products manufactured by or branded Hague increase over the two-year period ending June 30, 2019. In addition, the Company incurred acquisition-related costs of approximately $0.2 million.

As of the acquisition date, the Company estimated the fair value of the holdback liability and additional contingent consideration at $1.5 million and $2.0 million, respectively. During 2018, the Company finalized the amount of acquisition date working capital, which resulted in a $1.3 million payment to the former owners of Hague related to the aforementioned holdback. The Company also paid $1.0 million of contingent payments associated with the amount by which sales of products manufactured by Hague increase over the two-year period ending June 30, 2019. As of December 31, 2018, the Company estimated the fair value of the remaining contingent consideration at $1.0 million.

The following table summarizes the allocation of fair value of the assets acquired and liabilities assumed at the date of acquisition of Hague for purposes of allocating the purchase price. The $12.8 million of acquired intangible assets was comprised of $

1.1

million of trade names that are not subject to amortization and $

11.7

million of customer lists being amortized over 18 years.

September 5, 2017 (dollars in millions)
Current assets, net of cash acquired	$	7.8
Property, plant and equipment		6.9
Intangible assets		12.8
Goodwill		22.2
Total assets acquired		49.7
Current liabilities		(5.6	)
Long-term liabilities		(1.0	)
Total liabilities assumed		(6.6	)
Net assets acquired	$	43.1

Hague’s

results of operations have been included in the Company’s consolidated financial statements from September 5, 2017, the date of acquisition.

On August 8, 2016, the Company acquired

100

percent of the shares of Aquasana, a Texas-based water treatment company. With the addition of Aquasana, the Company entered the North America water treatment market. Aquasana is included in the Company’s North America segment for reporting purposes.

The Company paid an aggregate cash purchase price of $85.1 million, net of $1.9 million of cash acquired. In addition, the Company incurred acquisition-related costs of approximately $1.2 million and recorded a holdback liability to satisfy any potential obligations of the former owners of Aquasana to pay any adjustment to the purchase price. As of the acquisition date, the fair value of the holdback liability was $1.7 million. The Company paid the full holdback liability to the former owners of Aquasana in 2017.

The following table summarizes the allocation of fair value of the assets acquired and liabilities assumed at the date of acquisition of Aquasana. The $30.0 million of acquired intangible assets was comprised of $

21.5

million of trade names that are not subject to amortization, $

8.3

million of customer lists being amortized over ten years and $

0.2

million of patents being amortized over five years.

August 8, 2016 (dollars in millions)
Current assets, net of cash acquired	$	7.3
Property, plant and equipment		2.7
Intangible assets		30.0
Goodwill		60.4
Total assets acquired		100.4
Current liabilities		(7.1	)
Long-term liabilities		(8.2	)
Total liabilities assumed		(15.3	)
Net assets acquired	$	85.1

Aquasana’s

results of operations have been included in the Company’s financial statements from August 8, 2016, the date of acquisition.

Restructuring and Impairment Expenses

12 Months Ended

Dec. 31, 2018

Restructuring and Impairment Expenses

4. Restructuring and Impairment Expenses

On March 21, 2018, the Company announced a move of manufacturing operations from its Renton, Washington facility to other U.S. facilities. The Company recognized $6.7 million of restructuring and impairment expenses, comprised of $4.0 million of severance and compensation related costs, lease exit costs of $2.1 million and impairment charges related to long-lived assets totaling $0.6 million, as well as a corresponding $1.7 million tax benefit related to the charges. As of December 31, 2018, the consolidation of the Renton facility to other U.S. facilities was complete. There were no restructuring and impairment expenses in 2017 or 2016.

The following table presents an analysis of the Company’s restructuring reserve for the twelve months ended December 31, 2018:

(dollars in millions)	Severance Costs			Lease Exit Costs			Fixed Assets Impairment			Total
Balance at January 1, 2018	$	—		$	—		$	—		$	—
Restructuring expense recognized		4.0			2.1			0.6			6.7
Cash payments and disposals		(3.8	)		(0.8	)		(0.6	)		(5.2	)
Balance at December 31, 2018	$	0.2		$	1.3		$	—		$	1.5

Statement of Cash Flows

12 Months Ended

Dec. 31, 2018

Statement of Cash Flows

5. Statement of Cash Flows

Supplemental cash flow information is as follows:

Years ended December 31 (dollars in millions)	2018			2017			2016
Net change in current assets and liabilities, net of acquisitions:
Receivables	$	(54.6	)	$	(75.8	)	$	(15.1	)
Inventories		(7.7	)		(37.5	)		(23.4	)
Other current assets		10.0			(9.0	)		(3.2	)
Trade payables		8.8			(5.1	)		101.5
Accrued liabilities, including payroll and benefits		(3.5	)		12.2			6.0
Income taxes payable (refundable)		7.0			(12.6	)		2.7
	$	(40.0	)	$	(127.8	)	$	68.5

Inventories

12 Months Ended

Dec. 31, 2018

Inventories

6. Inventories

December 31 (dollars in millions)	2018			2017
Finished products	$	137.6		$	140.4
Work in process		23.3			18.3
Raw materials		174.4			160.5
Inventories, at FIFO cost		335.3			319.2
LIFO reserve		(30.6	)		(22.2	)
	$	304.7		$	297.0

The Company recognized after-tax LIFO (income) expense of $(0.4) million, $(0.3) million and $0.3 million in 2018, 2017 and 2016, respectively.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2018

Property, Plant and Equipment

7. Property, Plant and Equipment

December 31 (dollars in millions)	2018		2017
Land	$	11.2	$	11.2
Buildings		323.3		329.9
Equipment		643.8		608.4
Software		118.5		110.6
		1,096.8		1,060.1
Less accumulated depreciation and amortization		556.8		531.2
	$	540.0	$	528.9

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2018

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets

Changes in the carrying amount of goodwill during the years ended December 31, 2018 and 2017 consisted of the following:

(dollars in millions)	North America			Rest of World			Total
Balance at December 31, 2016	$	432.2		$	59.3		$	491.5
Acquisitions		22.2			—			22.2
Currency translation adjustment		2.8			0.2			3.0
Balance at December 31, 2017		457.2			59.5			516.7
Currency translation adjustment		(3.3	)		(0.4	)		(3.7	)
Balance at December 31, 2018	$	453.9		$	59.1		$	513.0

The carrying amount of other intangible assets consisted of the following:

	2018							2017
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Amortizable intangible assets:
Patents	$	3.7	$	(3.3	)	$	0.4	$	3.7	$	(2.7	)	$	1.0
Customer lists		236.8		(108.2	)		128.6		235.8		(93.3	)		142.5
Total amortizable intangible assets		240.5		(111.5	)		129.0		239.5		(96.0	)		143.5
Indefinite-lived intangible assets:
Trade names		164.1		—			164.1		165.2		—			165.2
Total intangible assets	$	404.6	$	(111.5	)	$	293.1	$	404.7	$	(96.0	)	$	308.7

Amortization expenses of other intangible assets of $14.3 million, $13.7 million, and $13.4 million were recorded in 2018, 2017 and 2016, respectively. In the future, excluding the impact of any future acquisitions, the Company expects amortization expense of approximately $14.2 million annually and the intangible assets will be amortized over a weighted average period of 12 years.

The Company concluded that no goodwill impairment existed at the time of the annual impairment tests which were performed in the fourth quarters of 2018, 2017 and 2016. No impairments of other intangible assets were recorded in 2018, 2017 and 2016.

Debt and Lease Commitments

12 Months Ended

Dec. 31, 2018

Debt and Lease Commitments

9. Debt and Lease Commitments

December 31 (dollars in millions)	2018		2017
Bank credit lines, average year-end interest rates of 3.4% for 2018 and 2.5% for 2017	$	17.1	$	15.9
Revolving credit agreement borrowings, average year-end interest rates of 3.5% for 2018 and 2.5% for 2017		10.0		190.0
Commercial paper, average year-end interest rates of 2.7% for 2018 and 1.7% for 2017		74.3		77.0
Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.3% for 2018 and 3.4% for 2017		120.0		122.7
Canadian term notes with insurance companies, expiring through 2018, average year-end interest rates of 5.3% for 2017		—		4.8
		221.4		410.4
Less long-term debt due within one year		—		7.5
Long-term debt	$	221.4	$	402.9

In December 2016, the Company completed a $500 million multi-year multi-currency revolving credit agreement with a group of nine banks, which expires on December 15, 2021. The facility has an accordion provision which allows it to be increased up to $700 million if certain conditions (including lender approval) are satisfied. Borrowings under the Company’s bank credit lines and commercial paper borrowings are supported by the revolving credit agreement. As a result of the long-term nature of this facility, the commercial paper and credit line borrowings are classified as long-term debt at December 31, 2018 and 2017. At its option, the Company either maintains cash balances or pays fees for bank credit and services.

On November 28, 2016, the Company issued $45 million in term notes in two tranches to two insurance companies. Principal payments commence in 2023 and 2028 and the notes mature in

2029

and

2034

. The notes have interest rates of

2.87

percent and

3.10

percent. Proceeds of the notes were used to pay down borrowings under the Company’s revolving credit facility.

Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2018 are as follows:

Years ending December 31 (dollars in millions)	Amount
2019	$	—
2020		6.8
2021		108.2
2022		6.8
2023		10.0

Future minimum payments under non-cancelable operating leases relating mostly to office, manufacturing and warehouse facilities total $69.1 million and are due as follows:

Years ending December 31 (dollars in millions)	Amount
2019	$	14.8
2020		11.4
2021		8.6
2022		7.5
2023		3.5
Thereafter		23.3

Rent expense, including payments under operating leases, was $24.0 million, $23.9 million and $22.4 million in 2018, 2017 and 2016, respectively.

Cash interest paid by the Company was $8.6 million, $10.0 million and $7.2 million in 2018, 2017 and 2016, respectively. The Company capitalized interest expense of $0.4 million, $0.7 million and $0.2 million in 2018, 2017 and 2016, respectively.

Stockholders' Equity

12 Months Ended

Dec. 31, 2018

Stockholders' Equity

10. Stockholders’ Equity

The Company’s authorized capital consists of three million shares of Preferred Stock $1 par value, 27 million shares of Class A Common Stock $5 par value, and 240 million shares of Common Stock $1 par value. The Common Stock has equal dividend rights with Class A Common Stock and is entitled, as a class, to elect one-third of the Board of Directors and has 1/10th vote per share on all other matters. Class A Common Stock is convertible to Common Stock on a one for one basis.

There were 48,232 shares during 2018, 73,792 shares during 2017 and 60,045 shares during 2016, of Class A Common Stock converted into Common Stock. Regular dividends paid on the A. O. Smith Corporation Class A Common Stock and Common Stock amounted to $0.76, $0.56 and $0.48 per share in 2018, 2017 and 2016, respectively.

In July 2018, the Company’s Board of Directors approved adding

2.5 million

shares of Common Stock to an existing discretionary share repurchase authority. In December 2018, the Company’s Board of Directors authorized adding an additional 5 million shares of Common Stock to the discretionary share repurchase authority. Under the share repurchase program, the Company may purchase the Common Stock through a combination of Rule 10b5-1 automatic trading plan and discretionary purchases in accordance with applicable securities laws.

The number of shares purchased and the timing of the purchases will depend on a number of factors, including share price, trading volume and general market conditions, as well as working capital requirements, general business conditions and other factors, including alternative investment opportunities. The stock repurchase authorization remains effective until terminated by the Company’s Board of Directors which may occur at any time, subject to the parameters of any Rule 10b5-1 automatic trading plan that the Company may then have in effect. In 2018, the Company repurchased 3,797,800 shares at an average price of $53.34 per share and at a total cost of $202.6 million. As of December 31, 2018, there were 6,075,253 shares remaining on the existing repurchase authorization. In 2017, the Company purchased 2,533,350 shares at a cost of $139.1 million. In 2016, the Company purchased 3,273,109 shares at a cost of $135.2 million.

At December 31, 2018, a total of 130,380 and 22,418,066 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock. At December 31, 2017, a total of 130,380 and 18,914,082 shares of Class A Common Stock and Common Stock, respectively, were held as treasury stock.

Accumulated other comprehensive loss is as follows:

December 31 (dollars in millions)	2018			2017
Cumulative foreign currency translation adjustments	$	(64.9	)	$	(26.5	)
Unrealized net loss on cash flow derivative instruments less related income tax benefit provision of $0.2 in 2018 and $0.6 in 2017		(0.7	)		(0.9	)
Pension liability less related income tax benefit of $180.1 in 2018 and $175.9 in 2017		(285.2	)		(272.1	)
	$	(350.8	)	$	(299.5	)

Changes to accumulated other comprehensive loss by component are as follows:

	Years ended December 31,
	2018			2017
Cumulative foreign currency translation
Balance at beginning of period	$	(26.5	)	$	(79.2	)
Other comprehensive gain (loss) before reclassifications		(38.4	)		52.7
Balance at end of period		(64.9	)		(26.5	)
Unrealized net (loss) gain on cash flow derivatives
Balance at beginning of period		(0.9	)		0.2
Other comprehensive gain (loss) before reclassifications		0.6			(0.5	)
Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $0.2 and $0.4 in 2018 and 2017, respectively) (1)		(0.4	)		(0.6	)
Balance at end of period		(0.7	)		(0.9	)
Pension liability
Balance at beginning of period		(272.1	)		(284.2	)
Other comprehensive (loss) gain before reclassifications		(27.0	)		1.4
Amounts reclassified from accumulated other comprehensive loss (1)		13.9			10.7
Balance at end of period		(285.2	)		(272.1	)
Total accumulated other comprehensive loss, end of period	$	(350.8	)	$	(299.5	)
(1) Amounts reclassified from accumulated other comprehensive loss:
Realized gains on derivatives reclassified to cost of products sold		(0.6	)		(1.0	)
Tax provision		0.2			0.4
Reclassification net of tax	$	(0.4	)	$	(0.6	)
Amortization of pension items:
Actuarial losses	$	19.0	(2)	$	17.9	(2)
Prior year service cost		(0.5	) (2)		(0.4	) (2)
		18.5			17.5
Tax benefit		(4.6	)		(6.8	)
Reclassification net of tax	$	13.9		$	10.7

(2)	These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 12 “ Pensions and Other Post-retirement Benefits” for additional details

Stock Based Compensation

12 Months Ended

Dec. 31, 2018

Stock Based Compensation

11. Stock Based Compensation

The Company adopted the A. O. Smith Combined Incentive Compensation Plan (the “Plan”) effective January 1, 2007. The Plan was reapproved by stockholders on April 16, 2012. The Plan is a continuation of the A. O. Smith Combined Executive Incentive Compensation Plan which was originally approved by shareholders in 2002. The number of shares available for granting of options or share units at December 31, 2018, was 2,490,644. Upon stock option exercise or share unit vesting, shares are issued from treasury stock.

Total stock based compensation expense recognized in 2018, 2017 and 2016 was $10.1 million, $9.9 million and $9.4 million, respectively.

Stock options

The stock options granted in 2018, 2017 and 2016 have three year pro rata vesting from the dates of grant. Stock options are issued at exercise prices equal to the fair value of Common Stock on the date of grant. For active employees, all options granted in 2018, 2017 and 2016 expire ten years after the date of grant. Stock option compensation expense recognized in 2018, 2017 and 2016 was $4.4 million, $4.7 million and $4.5 million, respectively. Included in the stock option expense recognized in 2018, 2017 and 2016 is expense associated with the accelerated vesting of stock option awards for certain employees who either are retirement eligible or become retirement eligible during the vesting period.

Changes in option shares, all of which are Common Stock, were as follows:

Years Ended December 31	2018					2017					2016
	Shares			Weighted Avg. Exercise Price		Shares			Weighted Avg. Exercise Price		Shares			Weighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of year		2,263,126			27.73		2,664,333			21.69		2,653,558			18.03
Granted		373,220			61.62		358,150			50.16		553,370			32.25
Exercised (1)		(176,302	)		22.93		(752,603	)		16.93		(531,933	)		14.12
Forfeited		(27,355	)		47.95		(6,754	)		37.46		(10,662	)		37.23
Outstanding at end of year (2)		2,432,689			33.05		2,263,126			27.73		2,664,333			21.69
Exercisable at end of year (3)		1,665,184			24.52		1,387,259			20.48		1,602,651			16.12

(1)	The total intrinsic value of options exercised in 2018, 2017 and 2016 was $6.8 million, $29.1 million and $13.5 million, respectively.

(2)	The weighted average remaining contractual life of options outstanding was 7 years at December 31, 2018, December 31, 2017, and December 31, 2016. The aggregate intrinsic value of options outstanding at December 31, 2018 was $33.0 million.

(3)	The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2018, December 31, 2017 and, December 31, 2016. The aggregate intrinsic value of options exercisable at December 31, 2018 was $31.1 million.

	Shares			Weighted Avg. Exercise Price
Nonvested options at beginning of year		875,867			39.21
Granted		373,220			61.62
Vested		(454,653	)		36.26
Forfeited		(26,929	)		47.96
Nonvested options at end of year		767,505			51.55

The weighted-average fair value per option at the date of grant during 2018, 2017 and 2016, using the Black-Scholes option-pricing model, was $

14.80

, $

13.04

and $

8.03

, respectively. Assumptions were as follows:

	2018			2017			2016
Expected life (years)		5.7			5.7			5.8
Risk-free interest rate		2.9	%		2.4	%		1.7	%
Dividend yield		1.0	%		1.0	%		1.3	%
Expected volatility		22.1	%		26.5	%		27.7	%

The expected life of options for purposes of these models is based on historical exercise behaviors. The risk free interest rates for purposes of these models are based on the U.S. Treasury yield curve in effect on the date of grant for the respective expected lives of the option. The expected dividend yields for purposes of these models are based on the dividends paid in the preceding four quarters divided by the grant date market value of the Common Stock. The expected volatility for purposes of these models is based on the historical volatility of the Common Stock.

Stock Appreciations Rights (SARs)

Certain non-U.S.-based employees were granted SARs. Each SAR award grants the employee the right to receive cash equal to the excess of the share price of the Company’s Common Stock on the date that a participant exercises such right over the grant date value of the SAR. SARs granted have three year pro rata vesting from the date of grant. SARs were issued at exercise prices equal to the fair value of the Company’s Common Stock on the date of grant and expire ten years from the date of grant. The fair value and compensation expense for SARs are remeasured at each reporting period using the Black-Scholes option-pricing model, using assumptions similar to stock option awards. No SARs were granted in 2018, 2017 or 2016. As of December 31, 2018, there were 16,170 SARs outstanding and exercisable. In 2017, there were 23,660 SARs outstanding and 15,774 were exercisable. In 2016, there were 24,940 SARs outstanding and 8,320 were exercisable. Stock based compensation expense attributable to SARS was not material in 2018, 2017 and 2016.

Restricted stock and share units

Participants may also be awarded shares of restricted stock or share units under the Plan. The Company granted 106,581, 107,853 and 160,465 share units under the plan in 2018, 2017 and 2016, respectively.

The share units were valued at $6.6 million, $5.4 million and $5.2 million at the date of issuance in 2018, 2017 and 2016, respectively, and will be recognized as compensation expense ratably over the three-year vesting period; however, included in share based compensation is expense associated with the accelerated vesting of share unit awards for certain employees who either are retirement eligible or become retirement eligible during the vesting period. Compensation expense of $5.7 million, $5.2 million and $4.9 million was recognized in 2018, 2017 and 2016, respectively. Certain non-U.S.-based employees receive the cash value of vested shares at the vesting date in lieu of shares.

A summary of share unit activity under the plan is as follows:

	Number of Units			Weighted-Average Grant Date Value
Outstanding at January 1, 2018		433,290		$	34.96
Granted		106,581			61.70
Vested		(145,105	)		30.79
Forfeited		(15,165	)		43.44
Outstanding at December 31, 2018		379,601			42.93

Pension and Other Post-retirement Benefits

12 Months Ended

Dec. 31, 2018

Pension and Other Post-retirement Benefits

12. Pension and Other Post-retirement Benefits

The Company provides retirement benefits for all U.S. employees including benefits for employees of previously owned businesses which were earned up to the date of sale. The Company also has two foreign pension plans, neither of which is material to the Company’s financial position.

The Company has a defined contribution plan which matches 100 percent of the first one percent of contributions made by participating employees and matches 50 percent of the next five percent of employee contributions. The Company also has defined contribution plans for certain hourly employees which provide for matching Company contributions.

The Company also has a defined benefit plan for salaried employees and its non-union hourly workforce. In 2009, the Company announced U.S. employees hired after January 1, 2010, would not participate in the defined benefit plan, and benefit accruals for the majority of current salaried and hourly employees sunset on December 31, 2014. An additional Company contribution is made to the defined contribution plan in lieu of benefits earned in a defined benefit plan. The Company also has defined benefit and contribution plans for certain union hourly employees.

The Company has unfunded defined-benefit post-retirement plans covering certain hourly and salaried employees that provide medical and life insurance benefits from retirement to age 65. Certain hourly employees retiring after January 1, 1996, are subject to a maximum annual benefit and salaried employees hired after December 31, 1993, are not eligible for post-retirement medical benefits.

Obligations and Funded Status

Pension and Post-Retirement Disclosure Information under ASC 715,

Compensation – Retirement Benefits

(ASC 715)

The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs.

	Pension Benefits						Post-retirement Benefits
Years ended December 31 (dollars in millions)	2018			2017			2018			2017
Accumulated benefit obligation (ABO) at December 31	$	833.0		$	921.8			N/A			N/A
Change in projected benefit obligations (PBO)
PBO at beginning of year	$	(922.7	)	$	(895.8	)	$	(7.6	)	$	(6.6	)
Service cost		(2.0	)		(1.8	)		(0.2	)		(0.1	)
Interest cost		(28.9	)		(30.0	)		(0.3	)		(0.3	)
Participant contributions		—			—			(0.1	)		(0.1	)
Plan amendments		—			—			—			—
Actuarial gain (loss) including assumption changes		61.2			(54.3	)		0.6			(1.1	)
Benefits paid		58.6			59.2			0.6			0.6
PBO at end of year	$	(833.8	)	$	(922.7	)	$	(7.0	)	$	(7.6	)
Change in fair value of plan assets
Plan assets at beginning of year	$	874.8		$	787.0		$	—		$	—
Actual return on plan assets		(39.3	)		116.5			—			—
Contribution by the company		0.6			30.5			0.5			0.4
Participant contributions		—			—			0.1			0.1
Benefits paid		(58.6	)		(59.2	)		(0.6	)		(0.5	)
Plan assets at end of year	$	777.5		$	874.8		$	—		$	—
Funded status	$	(56.3	)	$	(47.9	)	$	(7.0	)	$	(7.6	)
Amount recognized in the balance sheet
Current liabilities	$	(7.1	)	$	(0.5	)	$	(0.5	)	$	(0.3	)
Non-current liabilities		(49.2	)		(47.4	)		(6.5	)		(7.3	)
Net pension liability at end of year	$	(56.3	)*	$	(47.9	)*	$	(7.0	)	$	(7.6	)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss (gain)	$	468.9		$	451.8		$	(1.4	)	$	(0.8	)
Prior service cost		—			(0.5	)		(2.2	)		(2.6	)
Total recognized in accumulated other comprehensive loss	$	468.9		$	451.3		$	(3.6	)	$	(3.4	)

*	In addition, the Company has a liability for a foreign pension plan of $0.2 million at December 31, 2018 and 2017.

	Pension Benefits									Post-retirement Benefits
Years ended December 31 (dollars in millions)	2018			2017			2016			2018			2017			2016
Net periodic benefit cost
Service cost	$	2.0		$	1.8		$	1.8		$	0.1		$	0.1		$	0.1
Interest cost		28.9			30.0			30.6			0.3			0.3			0.2
Expected return on plan assets		(58.1	)		(58.4	)		(55.9	)		—			—			—
Amortization of unrecognized:
Net actuarial loss (gain)		19.0			17.9			17.7			—			(0.1	)		(0.2	)
Prior service cost		(0.5	)		(0.4	)		(1.1	)		(0.4	)		(0.4	)		(0.4	)
Defined-benefit plan income		(8.7	)		(9.1	)		(6.9	)	$	—		$	(0.1	)	$	(0.3	)
Various U.S. defined contribution plans cost		12.2			12.0			11.6
	$	3.5		$	2.9		$	4.7
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial loss (gain)	$	36.1		$	(3.8	)	$	29.9		$	(0.6	)	$	1.1		$	0.2
Amortization of net actuarial (loss) gain		(19.0	)		(17.9	)		(17.7	)		—			0.1			0.2
Prior service cost		—			—			0.6			—			—			—
Amortization of prior service cost		0.5			0.5			1.1			0.4			0.4			0.4
Total recognized in other comprehensive loss		17.6			(21.2	)		13.9			(0.2	)		1.6			0.8
Total recognized in net periodic cost (benefit) and other comprehensive loss	$	8.9		$	(30.3	)	$	7.0		$	(0.2	)	$	1.5		$	0.5

The estimated net actuarial loss and prior service cost for the pension plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2019 are $18.8 million and $(0.5) million, respectively. The estimated net actuarial loss and prior year service cost for the post-retirement benefit plans that will be amortized from accumulated other comprehensive loss into net periodic benefit cost during 2019 are $(0.1) million and $(0.4) million, respectively. As permitted under ASC 715, the amortization of any prior service cost was previously determined using a straight-line amortization of the cost over the average remaining service period of employees expected to receive benefits under the plan.

The 2018 and 2017 after tax adjustments for additional minimum pension liability resulted in other comprehensive (loss) gain of ($13.1) million and $12.1 million, respectively.

Actuarial assumptions used to determine benefit obligations at December 31 are as follows:

	Pension Benefits						Post-retirement Benefits
	2018			2017			2018			2017
Discount rate		4.32	%		3.65	%		4.46	%		3.79	%

Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:

	Pension Benefits									Post-retirement Benefits
Years ended December 31	2018			2017			2016			2018			2017			2016
Discount rate		3.65	%		4.15	%		4.40	%		3.79	%		4.40	%		4.55	%
Expected long-term return on plan assets		7.15	%		7.50	%		7.50	%		n/a			n/a			n/a
Rate of compensation increase		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%

Assumptions

In developing the expected long-term rate of return on plan assets assumption, the Company evaluated its pension plan’s target and actual asset allocation and expected long-term rates of return of equity and bond indices. The Company also considered its pension plan’s historical ten-year and 25-year compounded annualized returns of 8.9 percent and 8.5 percent, respectively.

Assumed health care cost trend rates

Assumed health care cost trend rates as of December 31 are as follows:

	2018			2017
Health care cost trend rate assumed for next year		6.00	%		6.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%
Year that the rate reaches the ultimate trend rate		2021			2021

A one-percentage-point change in the assumed health care cost trend rates would not result in a material impact on the Company’s consolidated financial statements.

Plan Assets

The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows:

Asset Category	2018			2017
Equity securities		40	%		45	%
Debt securities		48			43
Real estate		10			9
Private equity		2			2
Other		—			1
		100	%		100	%

The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2018 and 2017 (dollars in millions):

			December 31, 2018
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	14.4	$	—	$	14.4	$	—
Equity securities
Common stocks		125.6		125.6		—		—
Commingled equity funds		104.3		—		104.3		—
Fixed income securities
U.S. treasury securities		86.0		86.0		—		—
Other fixed income securities		185.8		—		185.8		—
Commingled fixed income funds		92.0		—		92.0		—
Other types of investments
Mutual funds		73.6		—		73.6		—
Real estate funds		80.4		—		—		80.4
Private equity		13.2		—		—		13.2
Total fair value of plan asset investments	$	775.3	$	211.6	$	470.1	$	93.6
Non-investment plan assets		2.2
Total plan assets	$	777.5

			December 31, 2017
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	15.8	$	2.0	$	13.8	$	—
Equity securities
Common stocks		220.3		220.3		—		—
Commingled equity funds		121.5		—		121.5		—
Fixed income securities
U.S. treasury securities		46.0		46.0		—		—
Other fixed income securities		219.9		—		219.9		—
Commingled fixed income funds		99.8		—		99.8		—
Other types of investments
Mutual funds		51.8		—		51.8		—
Real estate funds		77.8		—		—		77.8
Private equity		20.9		—		—		20.9
Total fair value of plan asset investments	$	873.8	$	268.3	$	506.8	$	98.7
Non-investment plan assets		1.0
Total plan assets	$	874.8

The short-term investments included in the Company’s plan assets consist of cash and cash equivalents. The fair value of the remaining categories of the Company’s plan assets are valued as follows: equity securities are valued using the closing stock price on a national securities exchange, which reflects the last reported sales price on the last business day of the year; fixed income securities are valued using institutional bond quotes, which are based on various market and industry inputs; mutual funds and real estate funds are valued using the net asset value of the fund, which is based on the fair value of the underlying securities; and private equity investments are valued at the estimated fair value at the previous quarter end, which is based on the proportionate share of the underlying portfolio investments.

The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2018 and 2017 (dollars in millions):

	Short term investments			Real estate funds		Private equity			Total
Balance at December 31, 2016	$	19.7		$	74.3	$	28.0		$	122.0
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date		—			3.5		(5.6	)		(2.1	)
Relating to assets sold during the period		—			—		7.8			7.8
Purchases, sales and settlements		(19.7	)		—		(9.3	)		(29.0	)
Balance at December 31, 2017		—			77.8		20.9			98.7
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date		—			2.6		(0.3	)		2.3
Relating to assets sold during the period		—			—		(0.8	)		(0.8	)
Purchases, sales and settlements		—			—		(6.6	)		(6.6	)
Balance at December 31, 2018	$	—		$	80.4	$	13.2		$	93.6

The Company’s investment policies employ an approach whereby a diversified blend of equity and bond investments is used to maximize the long-term return of plan assets for a prudent level of risk. Equity investments are diversified across domestic and non-domestic stocks, as well as growth, value, and small to large capitalizations. Bond investments include corporate and government issues, with short-, mid- and long-term maturities, with a focus on investment grade when purchased. The Company’s target allocation to equity managers is between 30 to 60 percent with the remainder allocated primarily to bonds, real estate, private equity managers and cash. Investment and market risks are measured and monitored on an ongoing basis through regular investment portfolio reviews, annual liability measurements and periodic asset/liability studies.

The Company’s actual asset allocations are in line with target allocations. The Company regularly reviews its actual asset allocation and periodically rebalances its investments to the targeted allocation when considered appropriate.

There was no Company stock included in plan assets at December 31, 2018.

Cash Flows

The Company was not required to and did not make any contributions in 2018.

The Company is not required to make a contribution in 2019.

Estimated Future Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Years ending December 31 (dollars in millions)	Pension Benefits		Post-retirement Benefits
2019	$	66.4	$	0.5
2020		68.3		0.5
2021		59.0		0.5
2022		58.3		0.5
2023		57.8		0.5
2024 – 2028		285.1		2.3

Derivative instruments

12 Months Ended

Dec. 31, 2018

Derivative instruments

13. Derivative instruments

ASC 815,

Derivatives and Hedging

, as amended, requires that all derivative instruments be recorded on the balance sheet at fair value and establishes criteria for designation and effectiveness of the hedging relationships. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as a part of a hedging relationship and, further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument, based upon the exposure hedged, as a fair value hedge, a cash flow hedge, or a hedge of a net investment in a foreign operation.

The Company utilizes certain derivative instruments to enhance its ability to manage currency exposure as well as raw materials price risk. Derivative instruments are entered into for periods consistent with the related underlying exposures and do not constitute positions independent of those exposures. The Company does not enter into contracts for speculative purposes. The contracts are executed with major financial institutions with no credit loss anticipated for failure of the counterparties to perform.

Cash Flow Hedges

With the exception of its net investment hedges, the Company designates that all of its hedging instruments are cash flow hedges. For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), gains or losses on the derivative instrument are reported as a component of other comprehensive loss, net of tax, and are reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings.

Foreign Currency Forward Contracts

The Company is exposed to foreign currency exchange risk as a result of transactions in currencies other than the functional currency of certain subsidiaries. The Company utilizes foreign currency forward purchase and sale contracts to manage the volatility associated with foreign currency purchases, sales and certain intercompany transactions in the normal course of business. Principal currencies for which the Company utilizes foreign currency forward contracts include the British pound, Canadian dollar, Euro and Mexican peso.

Gains and losses on these instruments are recorded in accumulated other comprehensive loss, net of tax, until the underlying transaction is recorded in earnings. When the hedged item is realized, gains or losses are reclassified from accumulated other comprehensive loss to the consolidated statement of earnings. The assessment of effectiveness for forward contracts is based on changes in the forward rates. These hedges have been determined to be effective.

The majority of the amounts in accumulated other comprehensive loss for cash flow hedges are expected to be reclassified into earnings within one year.

The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts:

December 31 (dollars in millions)	2018				2017
	Buy		Sell		Buy		Sell
British pound	$	—	$	1.0	$	—	$	1.2
Canadian dollar		—		—		—		48.1
Euro		32.0		—		29.3		—
Mexican peso		27.8		—		16.3		—
Total	$	59.8	$	1.0	$	45.6	$	49.3

Commodity Futures Contracts

In addition to entering into supply arrangements in the normal course of business, the Company also enters into futures contracts to fix the cost of certain raw material purchases, principally steel, with the objective of minimizing changes in cost due to market price fluctuations. The hedging strategy for achieving this objective is to purchase steel futures contracts on the New York Metals Exchange (NYMEX) and copper futures contracts on the open market of the London Metals Exchange (LME) or over the counter contracts based on the LME.

With NYMEX, the Company is required to make cash deposits on unrealized losses on steel derivative contracts.

The after-tax gains and losses of the contracts as of December 31, 2018 were recorded in accumulated other comprehensive loss and will be reclassified into cost of products sold in the period in which the underlying transaction is recorded in earnings. The after-tax gains and losses on the contracts will be reclassified within one year. Commodity hedges outstanding at December 31, 2018 total approximately 15,000 tons of steel.

Net Investment Hedges

The Company enters into certain foreign currency forward contracts to hedge the exposure to a portion of the Company’s net investments in certain non-U.S. subsidiaries against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. For the derivative instruments that are designated and qualify as net investment hedges, gains and losses are reported in other comprehensive loss where they offset gains and losses recorded on the Company’s net investments in its non-U.S. subsidiaries. These hedges are determined to be effective. The Company recognized $7.4 million of after-tax gains associated with hedges of a net investment in non-U.S. subsidiaries in currency translation adjustment in other comprehensive loss in 2018. The contractual amount of the Company’s foreign currency forward contracts that are designated as net investment hedges is $150.0 million as of December 31, 2018.

The following tables present the impact of derivative contracts on the Company’s financial statements.

Fair value of derivatives designated as hedging instruments under ASC 815:

		Fair Value
December 31 (dollars in millions)	Balance Sheet Location	2018			2017
Foreign currency contracts	Other current assets	$	3.9		$	0.2
	Other non-current assets		5.1			—
	Accrued liabilities		(0.6	)		(1.8	)
Commodities contracts	Other current assets		—			0.2
	Accrued liabilities		(0.9	)		—
Total derivatives designated as hedging instruments		$	7.5		$	(1.4	)

The effect of derivative instruments on the consolidated statement of earnings is as follows.

Years ended December 31 (dollars in millions)

Derivatives in ASC 815 cash flow hedging relationships	Amount of gain (loss) recognized in other comprehensive loss on derivative						Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings		Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings
	2018			2017					2018		2017
Foreign currency contracts	$	1.8		$	(1.1	)		Cost of products sold	$	0.3	$	0.4
Commodities contracts		(1.1	)		0.5			Cost of products sold		0.3		0.6
	$	0.7		$	(0.6	)			$	0.6	$	1.0

Income Taxes

12 Months Ended

Dec. 31, 2018

Income Taxes

14. Income Taxes

The components of the provision (benefit) for income taxes consisted of the following:

Years ended December 31 (dollars in millions)	2018			2017			2016
Current:
Federal	$	60.1		$	148.0		$	71.6
State		15.6			9.4			14.5
International		38.6			43.8			34.9
Deferred:
Federal		(1.7	)		23.5			11.0
State		1.5			5.8			5.2
International		(0.5	)		(6.2	)		(1.2	)
	$	113.6		$	224.3		$	136.0

The provision for income taxes differs from the U.S. federal statutory rate due to the following items:

Years ended December 31	2018			2017			2016
Provision at U.S. federal statutory rate		21.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		2.4			1.9			2.8
International income tax rate differential - China		(2.3	)		(6.5	)		(6.2	)
International income tax rate differential - other		1.1			0.1			0.3
U.S. manufacturing credit		—			(1.4	)		(1.5	)
Research tax credits		(0.5	)		(0.3	)		(0.3	)
Excess tax benefit on stock compensation		(0.4	)		(2.2	)		(1.1	)
Other		(0.9	)		0.8			0.4
		20.4	%		27.4	%		29.4	%
U.S. Tax Cuts & Jobs Act (U.S. Tax Reform)		—			15.7			—
		20.4	%		43.1	%		29.4	%

U.S. Tax Reform was enacted on December 22, 2017 and significantly changed U.S. corporate income tax laws. Among other things, U.S. Tax Reform reduced the U.S. corporate income tax rate to 21 percent commencing on January 1, 2018, implemented a territorial tax system and levied a one-time mandatory tax on undistributed earnings of foreign subsidiaries of U.S. companies.

As a result of U.S. Tax Reform, the Company recorded income tax expense of $81.8 million in the fourth quarter of 2017. The income tax expense resulting from U.S. Tax Reform was included in the provision for income taxes on the Company’s consolidated statement of earnings and consisted of two components: $83.5 million of income tax expense related to the one-time mandatory tax on undistributed foreign earnings and a $1.7 million income tax benefit resulting from the remeasurement of the Company’s U.S. deferred tax assets and liabilities based on the lower U.S. corporate income tax rate.

As permitted under the SEC Staff Accounting Bulletin 118, the amounts recorded during 2017 were subject to revisions in 2018. The Company completed its accounting for the income tax effects of U.S. Tax Reform as of December 31, 2018 and determined that there was no material adjustment necessary to the provisional amounts it recorded in 2017.

Components of earnings before income taxes were as follows:

Years ended December 31 (dollars in millions)	2018		2017		2016
U.S.	$	376.0	$	329.9	$	300.9
International		181.8		190.9		161.6
	$	557.8	$	520.8	$	462.5

Total income taxes paid by the Company amounted to $116.4 million, $131.1 million, and $117.4 million in 2018, 2017 and 2016, respectively.

As of December 31, 2018, the Company has $28.9 million accrued for its estimate of withholding taxes due upon repatriation of undistributed foreign earnings it considers to be not permanently reinvested. As of December 31, 2018, $644.1 million of cash and cash equivalents and marketable securities were held by its foreign subsidiaries.

The tax effects of temporary differences of assets and liabilities between income tax and financial reporting are as follows:

December 31 (dollars in millions)
	2018					2017
	Assets			Liabilities		Assets			Liabilities
Employee benefits	$	32.5		$	—	$	30.4		$	—
Product liability and warranties		42.5			—		43.4			—
Inventories		—			0.6		—			2.0
Accounts receivable		18.3			—		16.5			—
Property, plant and equipment		—			36.3		—			31.1
Intangibles		—			57.3		—			54.3
Environmental liabilities		2.1			—		2.4			—
Undistributed foreign earnings		—			28.9		—			38.6
Tax loss and credit carryovers		17.5			—		19.8			—
All other		4.0			—		5.5			—
Valuation allowance		(13.1	)		—		(15.0	)		—
	$	103.8		$	123.1	$	103.0		$	126.0
Net liability				$	19.3				$	23.0

The Company believes it is more likely than not that it will realize its deferred tax assets through the reduction of future taxable income. The Company considered historical operating results in determining the probability of the realization of the deferred tax assets.

A reconciliation of the beginning and ending amounts of tax loss carryovers, credit carryovers and valuation allowances is as follows:

December 31 (dollars in millions)
	Net Operating Losses and Tax Credits					Valuation Allowances
	2018			2017		2018			2017
Beginning balance	$	19.8		$	18.2	$	15.0		$	13.1
Additions		—			1.6		—			1.9
Reductions		(2.3	)		—		(1.9	)		—
Ending balance	$	17.5		$	19.8	$	13.1		$	15.0

The Company has foreign net operating loss carryovers that expire in 2019 through 2026 and state and local net operating loss carryovers that expire between 2019 and 2035.

A reconciliation of the beginning and ending amount of unrecognized benefits is as follows:

(Dollars in millions)	2018		2017
Balance at January 1	$	6.2	$	4.2
Additions for tax positions of prior years		2.1		2.0
Balance at December 31	$	8.3	$	6.2

The amount of unrecognized tax benefits that, if recognized, would affect the effective income tax rate is $0.8 million. The Company recognizes potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. At December 31, 2018, there was an immaterial amount of interest and penalties accrued. The Company anticipates that there will not be a decrease in the total amount of unrecognized tax benefits in 2019. The Company’s U.S. federal income tax returns and its U.S. state and local income tax returns are subject to audit for the years 2016-2018 and 2001-2018, respectively. The Company is subject to non-U.S. income tax audits for the years 2009-2018.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies

15. Commitments and Contingencies

The Company is a potentially responsible party in judicial and administrative proceedings seeking to clean up sites which have been environmentally impacted. In each case the Company has established reserves, insurance proceeds and/or a potential recovery from third parties. The Company believes any environmental claims will not have a material effect on its financial position or results of operations.

The Company is subject to various claims and pending lawsuits for product liability and other matters arising out of the conduct of the Company’s business. With respect to product liability claims, the Company has self-insured a portion of its product liability loss exposure for many years. The Company has established reserves and has insurance coverage, which it believes are adequate to cover incurred claims. For the years ended December 31, 2018 and 2017, the Company had $125 million of product liability insurance for individual losses in excess of $7.5 million. The Company periodically reevaluates its exposure on claims and lawsuits and makes adjustments to its reserves as appropriate. The Company believes, based on current knowledge, consultation with counsel, adequate reserves and insurance coverage that the outcome of such claims and lawsuits will not have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Operations by Segment

12 Months Ended

Dec. 31, 2018

Operations by Segment

16. Operations by Segment

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. Our Rest of World segment also manufactures and markets in-home air purification products in China.

The accounting policies of the reportable segments are the same as those described in the “Summary of Significant Accounting Policies” outlined in Note 1. Segment earnings, defined by the Company as earnings before interest, taxes, general corporate and corporate research and development expenses, were used to measure the performance of the segments.

	Net Sales									Earnings
Years ended December 31 (dollars in millions)	2018			2017			2016			2018			2017			2016
North America (1)	$	2,044.7		$	1,904.8		$	1,743.2		$	464.1		$	428.6		$	385.9
Rest of World		1,173.6			1,116.3			965.6			149.3			149.3			129.1
Inter-segment		(30.4	)		(24.4	)		(22.9	)		—			—			—
Total segments – sales, segment earnings	$	3,187.9		$	2,996.7		$	2,685.9		$	613.4		$	577.9		$	515.0
Corporate expenses											(47.2	)		(47.0	)		(45.2	)
Interest expense											(8.4	)		(10.1	)		(7.3	)
Earnings before income taxes											557.8			520.8			462.5
Provision for income taxes (2)											(113.6	)		(224.3	)		(136.0	)
Net earnings										$	444.2		$	296.5		$	326.5

(1)	In 2018, the Company recognized $6.7 million of restructuring and impairment expenses in connection with the move of manufacturing operations from our Renton, Washington facility to other U.S. facilities. For additional information, see Note 4 “Restructuring and Impairment Expenses.”

(2)	In 2017, the Company recorded a one-time charge of $81.8 million associated with U.S. Tax Reform, primarily related to the repatriation of undistributed foreign earnings. For additional information, see Note 14 “Income Taxes.”

In 2018, sales to the North America segment’s two largest customers were $425.3 million and $355.6 million which represented 13 percent and 11 percent of the Company’s net sales, respectively. In 2017, sales to the North America segment’s two largest customers were $361.4 million and $335.2 million which represented 12 percent and 11 percent of the Company’s net sales, respectively. In 2016, sales to the North America segment’s two largest customers were $311.5 million and $280.8 million which represented 12 percent and 11 percent of the Company’s net sales, respectively.

Assets, depreciation and capital expenditures by segment

	Total Assets ( December 31 )						Depreciation and Amortization (Years Ended December 31 )						Capital Expenditures (Years Ended December 31 )
(dollars in millions)	2018		2017		2016		2018		2017		2016		2018		2017		2016
North America	$	1,653.6	$	1,592.6	$	1,515.9	$	45.5	$	45.1	$	42.9	$	45.8	$	38.5	$	45.9
Rest of World		721.6		741.4		584.3		25.2		23.8		21.0		32.3		55.2		34.3
Corporate		696.3		863.4		790.8		1.2		1.2		1.2		7.1		0.5		0.5
Total	$	3,071.5	$	3,197.4	$	2,891.0	$	71.9	$	70.1	$	65.1	$	85.2	$	94.2	$	80.7

The majority of corporate assets consist of cash, cash equivalents, marketable securities and deferred income taxes.

Net sales and long-lived assets by geographic location

The following data by geographic area includes net sales based on product shipment destination and long-lived assets based on physical location. Long-lived assets include net property, plant and equipment and other long-term assets.

	Long-lived Assets (December 31)							Net Sales (Years Ended December 31)
(dollars in millions)	2018		2017		2016			2018		2017		2016
United States	$	327.3	$	303.0	$	292.4	United States	$	1,820.8	$	1,698.1	$	1,570.7
China		252.6		250.8		184.3	China		1,071.2		1,034.9		887.1
Canada		3.1		3.2		3.1	Canada		175.0		163.7		138.7
Other Foreign		42.9		47.1		48.4	Other Foreign		120.9		100.0		89.4
Total	$	625.9	$	604.1	$	528.2	Total	$	3,187.9	$	2,996.7	$	2,685.9

Quarterly Results of Operations

12 Months Ended

Dec. 31, 2018

Quarterly Results of Operations

17. Quarterly Results of Operations (Unaudited)


(dollars in millions, except per share amounts)	1st Quarter				2nd Quarter				3rd Quarter				4th Quarter
	2018		2017		2018		2017		2018		2017		2018		2017
Net sales	$	788.0	$	740.0	$	833.3	$	738.2	$	754.1	$	749.9	$	812.5	$	768.6
Gross profit		321.5		300.9		341.0		304.2		306.0		305.0		337.0		322.3
Net earnings		98.8		87.7		114.5		92.4		104.6		93.7		126.3		22.7
Basic earnings per share		0.58		0.51		0.67		0.53		0.61		0.54		0.75		0.13
Diluted earnings per share		0.57		0.50		0.66		0.53		0.61		0.54		0.74		0.13
Common dividends declared		0.18		0.14		0.18		0.14		0.18		0.14		0.22		0.14

Net earnings per share are computed separately for each period, and therefore, the sum of such quarterly per share amounts may differ from the total for the year.

In the first quarter of 2018, the Company recorded $6.7 million of restructuring and impairment expenses associated with a move of manufacturing operations from its Renton, Washington facility to other U.S. facilities. These charges

reduced

after-tax earnings by

$5.0 million or $0.03 per share. In the fourth quarter of 2017, the Company recorded a one-time charge of $81.8 million associated with U.S. Tax Reform, primarily related to the repatriation of undistributed foreign earnings. These charges reduced earnings per share by $0.47.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2018

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

A. O. SMITH CORPORATION

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(Dollars in millions)

Years ended December 31, 2018, 2017 and 2016

Description	Balance at Beginning of Year		Charged to Costs and Expenses		Acquisition of Businesses		Deductions			Balance at End of Year
2018:
Valuation allowance for trade and notes receivable	$	5.3	$	1.5	$	—	$	(0.4	)	$	6.4
Valuation allowance for deferred tax assets		15.0		—		—		(1.9	)		13.1
2017:
Valuation allowance for trade and notes receivable	$	6.3	$	—	$	0.2	$	(1.2	)	$	5.3
Valuation allowance for deferred tax assets		13.1		1.9		—		—			15.0
2016:
Valuation allowance for trade and notes receivable	$	6.0	$	1.1	$	0.2	$	(1.0	)	$	6.3
Valuation allowance for deferred tax assets		11.0		2.1		—		—			13.1

Organization and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2018

Organization

Organization.

, tanks

Consolidation

Consolidation.

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries after elimination of intercompany transactions.

Use of estimates

Fair value of financial instruments

Fair value of financial instruments.

Foreign currency translation

Cash and cash equivalents

. The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.

Marketable securities

Inventory valuation

Inventory valuation.

Inventories are carried at lower of cost

and net realizable value

Property, plant and equipment

Property, plant and equipment.

Goodwill and other intangibles

Goodwill and other intangibles.

Impairment of long-lived and amortizable intangible assets

Impairment of long-lived and amortizable intangible assets.

Product warranties

Product warranties.

The following table presents the Company’s product warranty liability activity in 2018 and 2017:

Years ended December 31 (dollars in millions)	2018			2017
Balance at beginning of year	$	141.2		$	140.9
Expense		40.7			39.7
Claims settled		(42.5	)		(39.4	)
Balance at end of year	$	139.4		$	141.2

Derivative instruments

Derivative instruments.

Fair Value Measurements

Fair Value Measurements.

Accounting Standards Codification

(

ASC) 820

Fair Value Measurements

Assets measured at fair value on a recurring basis are as follows (dollars in millions):

Fair Value Measurement Using	December 31, 2018		December 31, 2017
Quoted prices in active markets for identical assets (Level 1)	$	385.3	$	473.4
Significant other observable inputs (Level 2)		7.5		(1.4	)

There were no changes in the valuation techniques used to measure fair values on a recurring basis.

Revenue recognition

Revenue recognition.

Advertising

Advertising.

Research and development

Research and development.

Research and development costs are charged to operations as incurred and amounted to $94.0 million, $86.4 million and $80.1 million during 2018, 2017 and 2016, respectively.

Environmental costs

Environmental costs.

Stock-based compensation

Stock-based compensation.

Income taxes

Income taxes.

The provision for income taxes is computed using the asset and liability method, in accordance with ASC 740

Income Taxes

Earnings per share of common stock

Earnings per share of common stock.

	2018		2017		2016
Denominator for basic earnings per share - weighted-average shares outstanding		170,589,345		172,666,056		174,712,683
Effect of dilutive stock options, restricted stock and share units		1,604,695		1,939,133		2,112,597
Denominator for diluted earnings per share		172,194,040		174,605,189		176,825,280

Reclassifications

Reclassifications.

Certain amounts from prior years have been reclassified to conform with current year presentation.

Recent Accounting Pronouncements

In August 2017, the Financial Accounting Standards Board (FASB) amended Accounting Standards Codification (ASC) 815,

Derivatives and Hedging

In May 2017, the FASB amended ASC 718,

Compensation – Stock Compensation

In March 2017, the FASB amended ASC 715,

Compensation – Retirement Benefits

In January 2017, the FASB amended ASC 350,

Intangibles – Goodwill and Other

In October 2016, the FASB amended ASC 740,

Income Taxes

In February 2016, the FASB amended ASC 842,

Leases

In 2018, the Company completed a comprehensive analysis of its lease population.

In May 2014, the FASB issued ASC 606-10,

Revenue from Contracts with Customers

Organization and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Product Warranty Liability Activity

The following table presents the Company’s product warranty liability activity in 2018 and 2017:

Years ended December 31 (dollars in millions)	2018			2017
Balance at beginning of year	$	141.2		$	140.9
Expense		40.7			39.7
Claims settled		(42.5	)		(39.4	)
Balance at end of year	$	139.4		$	141.2

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis are as follows (dollars in millions):

Fair Value Measurement Using	December 31, 2018		December 31, 2017
Quoted prices in active markets for identical assets (Level 1)	$	385.3	$	473.4
Significant other observable inputs (Level 2)		7.5		(1.4	)

Schedule of Computation of Basic and Diluted Weighted Average Shares Used in EPS Calculations

The following table sets forth the computation of basic and diluted weighted-average shares used in the earnings per share calculations:

	2018		2017		2016
Denominator for basic earnings per share - weighted-average shares outstanding		170,589,345		172,666,056		174,712,683
Effect of dilutive stock options, restricted stock and share units		1,604,695		1,939,133		2,112,597
Denominator for diluted earnings per share		172,194,040		174,605,189		176,825,280

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2018

Revenue Recognition [Abstract]

Segment Sales Disaggregated by Major Product Line

Years ending December 31 (dollars in millions)	2018			2017			2016
North America
Water heaters and related parts	$	1,757.0		$	1,663.0		$	1,563.2
Boilers and related parts		200.4			183.3			161.6
Water treatment products (1)		87.3			58.5			18.4
Total North America		2,044.7			1,904.8			1,743.2
Rest of World
China	$	1,070.4		$	1,029.4		$	887.5
All other Rest of World		103.2			86.9			78.1
Total Rest of World		1,173.6			1,116.3			965.6
Inter-segment sales		(30.4	)		(24.4	)		(22.9	)
Total Net Sales	$	3,187.9		$	2,996.7		$	2,685.9

(1)	Includes Hague Quality Water International (Hague) and Aquasana, Inc. (Aquasana) from the date of acquisition of September 5, 2017 and August 8, 2016, respectively.

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Hague

Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition

1.1

million of trade names that are not subject to amortization and $

11.7

million of customer lists being amortized over 18 years.

September 5, 2017 (dollars in millions)
Current assets, net of cash acquired	$	7.8
Property, plant and equipment		6.9
Intangible assets		12.8
Goodwill		22.2
Total assets acquired		49.7
Current liabilities		(5.6	)
Long-term liabilities		(1.0	)
Total liabilities assumed		(6.6	)
Net assets acquired	$	43.1

Aquasana

Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition

21.5

million of trade names that are not subject to amortization, $

8.3

million of customer lists being amortized over ten years and $

0.2

million of patents being amortized over five years.

August 8, 2016 (dollars in millions)
Current assets, net of cash acquired	$	7.3
Property, plant and equipment		2.7
Intangible assets		30.0
Goodwill		60.4
Total assets acquired		100.4
Current liabilities		(7.1	)
Long-term liabilities		(8.2	)
Total liabilities assumed		(15.3	)
Net assets acquired	$	85.1

Restructuring and Impairment Expenses (Tables)

12 Months Ended

Dec. 31, 2018

Analysis of Company's Restructuring Reserve

The following table presents an analysis of the Company’s restructuring reserve for the twelve months ended December 31, 2018:

(dollars in millions)	Severance Costs			Lease Exit Costs			Fixed Assets Impairment			Total
Balance at January 1, 2018	$	—		$	—		$	—		$	—
Restructuring expense recognized		4.0			2.1			0.6			6.7
Cash payments and disposals		(3.8	)		(0.8	)		(0.6	)		(5.2	)
Balance at December 31, 2018	$	0.2		$	1.3		$	—		$	1.5

Statement of Cash Flows (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Supplemental Cash Flow Information

Supplemental cash flow information is as follows:

Years ended December 31 (dollars in millions)	2018			2017			2016
Net change in current assets and liabilities, net of acquisitions:
Receivables	$	(54.6	)	$	(75.8	)	$	(15.1	)
Inventories		(7.7	)		(37.5	)		(23.4	)
Other current assets		10.0			(9.0	)		(3.2	)
Trade payables		8.8			(5.1	)		101.5
Accrued liabilities, including payroll and benefits		(3.5	)		12.2			6.0
Income taxes payable (refundable)		7.0			(12.6	)		2.7
	$	(40.0	)	$	(127.8	)	$	68.5

Inventories (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Inventories

December 31 (dollars in millions)	2018			2017
Finished products	$	137.6		$	140.4
Work in process		23.3			18.3
Raw materials		174.4			160.5
Inventories, at FIFO cost		335.3			319.2
LIFO reserve		(30.6	)		(22.2	)
	$	304.7		$	297.0

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Property Plant and Equipment

December 31 (dollars in millions)	2018		2017
Land	$	11.2	$	11.2
Buildings		323.3		329.9
Equipment		643.8		608.4
Software		118.5		110.6
		1,096.8		1,060.1
Less accumulated depreciation and amortization		556.8		531.2
	$	540.0	$	528.9

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Changes in Carrying Amount of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2018 and 2017 consisted of the following:

(dollars in millions)	North America			Rest of World			Total
Balance at December 31, 2016	$	432.2		$	59.3		$	491.5
Acquisitions		22.2			—			22.2
Currency translation adjustment		2.8			0.2			3.0
Balance at December 31, 2017		457.2			59.5			516.7
Currency translation adjustment		(3.3	)		(0.4	)		(3.7	)
Balance at December 31, 2018	$	453.9		$	59.1		$	513.0

Schedule of Carrying Amount of Other Intangible Assets

The carrying amount of other intangible assets consisted of the following:

	2018							2017
December 31 (dollars in millions)	Gross Carrying Amount		Accumulated Amortization			Net		Gross Carrying Amount		Accumulated Amortization			Net
Amortizable intangible assets:
Patents	$	3.7	$	(3.3	)	$	0.4	$	3.7	$	(2.7	)	$	1.0
Customer lists		236.8		(108.2	)		128.6		235.8		(93.3	)		142.5
Total amortizable intangible assets		240.5		(111.5	)		129.0		239.5		(96.0	)		143.5
Indefinite-lived intangible assets:
Trade names		164.1		—			164.1		165.2		—			165.2
Total intangible assets	$	404.6	$	(111.5	)	$	293.1	$	404.7	$	(96.0	)	$	308.7

Debt and Lease Commitments (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Debt and Lease Commitments

December 31 (dollars in millions)	2018		2017
Bank credit lines, average year-end interest rates of 3.4% for 2018 and 2.5% for 2017	$	17.1	$	15.9
Revolving credit agreement borrowings, average year-end interest rates of 3.5% for 2018 and 2.5% for 2017		10.0		190.0
Commercial paper, average year-end interest rates of 2.7% for 2018 and 1.7% for 2017		74.3		77.0
Term notes with insurance companies, expiring 2029-2034, average year-end interest rates of 3.3% for 2018 and 3.4% for 2017		120.0		122.7
Canadian term notes with insurance companies, expiring through 2018, average year-end interest rates of 5.3% for 2017		—		4.8
		221.4		410.4
Less long-term debt due within one year		—		7.5
Long-term debt	$	221.4	$	402.9

Schedule of Maturities of Long Term Debt

Scheduled maturities of long-term debt within each of the five years subsequent to December 31, 2018 are as follows:

Years ending December 31 (dollars in millions)	Amount
2019	$	—
2020		6.8
2021		108.2
2022		6.8
2023		10.0

Schedule of Future Minimum Payments Under Non Cancelable Operating Leases

Future minimum payments under non-cancelable operating leases relating mostly to office, manufacturing and warehouse facilities total $69.1 million and are due as follows:

Years ending December 31 (dollars in millions)	Amount
2019	$	14.8
2020		11.4
2021		8.6
2022		7.5
2023		3.5
Thereafter		23.3

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is as follows:

December 31 (dollars in millions)	2018			2017
Cumulative foreign currency translation adjustments	$	(64.9	)	$	(26.5	)
Unrealized net loss on cash flow derivative instruments less related income tax benefit provision of $0.2 in 2018 and $0.6 in 2017		(0.7	)		(0.9	)
Pension liability less related income tax benefit of $180.1 in 2018 and $175.9 in 2017		(285.2	)		(272.1	)
	$	(350.8	)	$	(299.5	)

Changes in Accumulated Other Comprehensive Loss by Component

Changes to accumulated other comprehensive loss by component are as follows:

	Years ended December 31,
	2018			2017
Cumulative foreign currency translation
Balance at beginning of period	$	(26.5	)	$	(79.2	)
Other comprehensive gain (loss) before reclassifications		(38.4	)		52.7
Balance at end of period		(64.9	)		(26.5	)
Unrealized net (loss) gain on cash flow derivatives
Balance at beginning of period		(0.9	)		0.2
Other comprehensive gain (loss) before reclassifications		0.6			(0.5	)
Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $0.2 and $0.4 in 2018 and 2017, respectively) (1)		(0.4	)		(0.6	)
Balance at end of period		(0.7	)		(0.9	)
Pension liability
Balance at beginning of period		(272.1	)		(284.2	)
Other comprehensive (loss) gain before reclassifications		(27.0	)		1.4
Amounts reclassified from accumulated other comprehensive loss (1)		13.9			10.7
Balance at end of period		(285.2	)		(272.1	)
Total accumulated other comprehensive loss, end of period	$	(350.8	)	$	(299.5	)
(1) Amounts reclassified from accumulated other comprehensive loss:
Realized gains on derivatives reclassified to cost of products sold		(0.6	)		(1.0	)
Tax provision		0.2			0.4
Reclassification net of tax	$	(0.4	)	$	(0.6	)
Amortization of pension items:
Actuarial losses	$	19.0	(2)	$	17.9	(2)
Prior year service cost		(0.5	) (2)		(0.4	) (2)
		18.5			17.5
Tax benefit		(4.6	)		(6.8	)
Reclassification net of tax	$	13.9		$	10.7

(2)	These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 12 “ Pensions and Other Post-retirement Benefits” for additional details

Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Changes in Option Shares

Changes in option shares, all of which are Common Stock, were as follows:

Years Ended December 31	2018					2017					2016
	Shares			Weighted Avg. Exercise Price		Shares			Weighted Avg. Exercise Price		Shares			Weighted Avg. Exercise Price
Number of shares under options:
Outstanding at beginning of year		2,263,126			27.73		2,664,333			21.69		2,653,558			18.03
Granted		373,220			61.62		358,150			50.16		553,370			32.25
Exercised (1)		(176,302	)		22.93		(752,603	)		16.93		(531,933	)		14.12
Forfeited		(27,355	)		47.95		(6,754	)		37.46		(10,662	)		37.23
Outstanding at end of year (2)		2,432,689			33.05		2,263,126			27.73		2,664,333			21.69
Exercisable at end of year (3)		1,665,184			24.52		1,387,259			20.48		1,602,651			16.12

(1)	The total intrinsic value of options exercised in 2018, 2017 and 2016 was $6.8 million, $29.1 million and $13.5 million, respectively.

(2)	The weighted average remaining contractual life of options outstanding was 7 years at December 31, 2018, December 31, 2017, and December 31, 2016. The aggregate intrinsic value of options outstanding at December 31, 2018 was $33.0 million.

(3)	The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2018, December 31, 2017 and, December 31, 2016. The aggregate intrinsic value of options exercisable at December 31, 2018 was $31.1 million.

Share-based Compensation, Performance Shares Award Nonvested Activity

	Shares			Weighted Avg. Exercise Price
Nonvested options at beginning of year		875,867			39.21
Granted		373,220			61.62
Vested		(454,653	)		36.26
Forfeited		(26,929	)		47.96
Nonvested options at end of year		767,505			51.55

Schedule of Weighted Average Fair Value per Option at Date of Grant

The weighted-average fair value per option at the date of grant during 2018, 2017 and 2016, using the Black-Scholes option-pricing model, was $

14.80

, $

13.04

and $

8.03

, respectively. Assumptions were as follows:

	2018			2017			2016
Expected life (years)		5.7			5.7			5.8
Risk-free interest rate		2.9	%		2.4	%		1.7	%
Dividend yield		1.0	%		1.0	%		1.3	%
Expected volatility		22.1	%		26.5	%		27.7	%

Schedule of Share Unit Activity Under Plan

A summary of share unit activity under the plan is as follows:

	Number of Units			Weighted-Average Grant Date Value
Outstanding at January 1, 2018		433,290		$	34.96
Granted		106,581			61.70
Vested		(145,105	)		30.79
Forfeited		(15,165	)		43.44
Outstanding at December 31, 2018		379,601			42.93

Pension and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Changes in Benefit Obligation, Plan Assets and Funded Status of Defined Benefit Pension and Post Retirement Benefit Plans

The following tables present the changes in benefit obligations, plan assets and funded status for domestic pension and post-retirement plans and the components of net periodic benefit costs.

	Pension Benefits						Post-retirement Benefits
Years ended December 31 (dollars in millions)	2018			2017			2018			2017
Accumulated benefit obligation (ABO) at December 31	$	833.0		$	921.8			N/A			N/A
Change in projected benefit obligations (PBO)
PBO at beginning of year	$	(922.7	)	$	(895.8	)	$	(7.6	)	$	(6.6	)
Service cost		(2.0	)		(1.8	)		(0.2	)		(0.1	)
Interest cost		(28.9	)		(30.0	)		(0.3	)		(0.3	)
Participant contributions		—			—			(0.1	)		(0.1	)
Plan amendments		—			—			—			—
Actuarial gain (loss) including assumption changes		61.2			(54.3	)		0.6			(1.1	)
Benefits paid		58.6			59.2			0.6			0.6
PBO at end of year	$	(833.8	)	$	(922.7	)	$	(7.0	)	$	(7.6	)
Change in fair value of plan assets
Plan assets at beginning of year	$	874.8		$	787.0		$	—		$	—
Actual return on plan assets		(39.3	)		116.5			—			—
Contribution by the company		0.6			30.5			0.5			0.4
Participant contributions		—			—			0.1			0.1
Benefits paid		(58.6	)		(59.2	)		(0.6	)		(0.5	)
Plan assets at end of year	$	777.5		$	874.8		$	—		$	—
Funded status	$	(56.3	)	$	(47.9	)	$	(7.0	)	$	(7.6	)
Amount recognized in the balance sheet
Current liabilities	$	(7.1	)	$	(0.5	)	$	(0.5	)	$	(0.3	)
Non-current liabilities		(49.2	)		(47.4	)		(6.5	)		(7.3	)
Net pension liability at end of year	$	(56.3	)*	$	(47.9	)*	$	(7.0	)	$	(7.6	)
Amounts recognized in accumulated other comprehensive loss before tax
Net actuarial loss (gain)	$	468.9		$	451.8		$	(1.4	)	$	(0.8	)
Prior service cost		—			(0.5	)		(2.2	)		(2.6	)
Total recognized in accumulated other comprehensive loss	$	468.9		$	451.3		$	(3.6	)	$	(3.4	)

*	In addition, the Company has a liability for a foreign pension plan of $0.2 million at December 31, 2018 and 2017.

Schedule of Net Periodic Benefit Cost

	Pension Benefits									Post-retirement Benefits
Years ended December 31 (dollars in millions)	2018			2017			2016			2018			2017			2016
Net periodic benefit cost
Service cost	$	2.0		$	1.8		$	1.8		$	0.1		$	0.1		$	0.1
Interest cost		28.9			30.0			30.6			0.3			0.3			0.2
Expected return on plan assets		(58.1	)		(58.4	)		(55.9	)		—			—			—
Amortization of unrecognized:
Net actuarial loss (gain)		19.0			17.9			17.7			—			(0.1	)		(0.2	)
Prior service cost		(0.5	)		(0.4	)		(1.1	)		(0.4	)		(0.4	)		(0.4	)
Defined-benefit plan income		(8.7	)		(9.1	)		(6.9	)	$	—		$	(0.1	)	$	(0.3	)
Various U.S. defined contribution plans cost		12.2			12.0			11.6
	$	3.5		$	2.9		$	4.7
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss
Net actuarial loss (gain)	$	36.1		$	(3.8	)	$	29.9		$	(0.6	)	$	1.1		$	0.2
Amortization of net actuarial (loss) gain		(19.0	)		(17.9	)		(17.7	)		—			0.1			0.2
Prior service cost		—			—			0.6			—			—			—
Amortization of prior service cost		0.5			0.5			1.1			0.4			0.4			0.4
Total recognized in other comprehensive loss		17.6			(21.2	)		13.9			(0.2	)		1.6			0.8
Total recognized in net periodic cost (benefit) and other comprehensive loss	$	8.9		$	(30.3	)	$	7.0		$	(0.2	)	$	1.5		$	0.5

Schedule of Actuarial Assumptions Used To Determine Benefit Obligations

Actuarial assumptions used to determine benefit obligations at December 31 are as follows:

	Pension Benefits						Post-retirement Benefits
	2018			2017			2018			2017
Discount rate		4.32	%		3.65	%		4.46	%		3.79	%

Schedule of Actuarial Assumptions Used To Determine Net Periodic Benefit Cost

Actuarial assumptions used to determine net periodic benefit cost for the year ended December 31 are as follows:

	Pension Benefits									Post-retirement Benefits
Years ended December 31	2018			2017			2016			2018			2017			2016
Discount rate		3.65	%		4.15	%		4.40	%		3.79	%		4.40	%		4.55	%
Expected long-term return on plan assets		7.15	%		7.50	%		7.50	%		n/a			n/a			n/a
Rate of compensation increase		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%

Schedule of Health Care Cost Trend Rates

Assumed health care cost trend rates as of December 31 are as follows:

	2018			2017
Health care cost trend rate assumed for next year		6.00	%		6.50	%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)		5.00	%		5.00	%
Year that the rate reaches the ultimate trend rate		2021			2021

Schedule of Weighted Asset Allocations by Asset Category

The Company’s pension plan weighted asset allocations as of December 31 by asset category are as follows:

Asset Category	2018			2017
Equity securities		40	%		45	%
Debt securities		48			43
Real estate		10			9
Private equity		2			2
Other		—			1
		100	%		100	%

Schedule of Fair Value Measurement of Plan Assets

The following tables present the fair value measurement of the Company’s plan assets as of December 31, 2018 and 2017 (dollars in millions):

			December 31, 2018
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	14.4	$	—	$	14.4	$	—
Equity securities
Common stocks		125.6		125.6		—		—
Commingled equity funds		104.3		—		104.3		—
Fixed income securities
U.S. treasury securities		86.0		86.0		—		—
Other fixed income securities		185.8		—		185.8		—
Commingled fixed income funds		92.0		—		92.0		—
Other types of investments
Mutual funds		73.6		—		73.6		—
Real estate funds		80.4		—		—		80.4
Private equity		13.2		—		—		13.2
Total fair value of plan asset investments	$	775.3	$	211.6	$	470.1	$	93.6
Non-investment plan assets		2.2
Total plan assets	$	777.5

			December 31, 2017
Asset Category	Total		Quoted Prices in Active Markets for Identical Contracts (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Non- observable Inputs (Level 3)
Short-term investments	$	15.8	$	2.0	$	13.8	$	—
Equity securities
Common stocks		220.3		220.3		—		—
Commingled equity funds		121.5		—		121.5		—
Fixed income securities
U.S. treasury securities		46.0		46.0		—		—
Other fixed income securities		219.9		—		219.9		—
Commingled fixed income funds		99.8		—		99.8		—
Other types of investments
Mutual funds		51.8		—		51.8		—
Real estate funds		77.8		—		—		77.8
Private equity		20.9		—		—		20.9
Total fair value of plan asset investments	$	873.8	$	268.3	$	506.8	$	98.7
Non-investment plan assets		1.0
Total plan assets	$	874.8

Schedule of Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs

The following table presents a reconciliation of the fair value measurements using significant unobservable inputs (Level 3) as of December 31, 2018 and 2017 (dollars in millions):

	Short term investments			Real estate funds		Private equity			Total
Balance at December 31, 2016	$	19.7		$	74.3	$	28.0		$	122.0
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date		—			3.5		(5.6	)		(2.1	)
Relating to assets sold during the period		—			—		7.8			7.8
Purchases, sales and settlements		(19.7	)		—		(9.3	)		(29.0	)
Balance at December 31, 2017		—			77.8		20.9			98.7
Actual return (loss) on plan assets:
Relating to assets still held at the reporting date		—			2.6		(0.3	)		2.3
Relating to assets sold during the period		—			—		(0.8	)		(0.8	)
Purchases, sales and settlements		—			—		(6.6	)		(6.6	)
Balance at December 31, 2018	$	—		$	80.4	$	13.2		$	93.6

Schedule of Estimated Future Payments

The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:

Years ending December 31 (dollars in millions)	Pension Benefits		Post-retirement Benefits
2019	$	66.4	$	0.5
2020		68.3		0.5
2021		59.0		0.5
2022		58.3		0.5
2023		57.8		0.5
2024 – 2028		285.1		2.3

Derivative instruments (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Summary by Currency of Foreign Currency Forward Contracts

The following table summarizes, by currency, the contractual amounts of the Company’s foreign currency forward contracts:

December 31 (dollars in millions)	2018				2017
	Buy		Sell		Buy		Sell
British pound	$	—	$	1.0	$	—	$	1.2
Canadian dollar		—		—		—		48.1
Euro		32.0		—		29.3		—
Mexican peso		27.8		—		16.3		—
Total	$	59.8	$	1.0	$	45.6	$	49.3

Schedule of Impact of Cash Flow Hedges on Company's Financial Statements

The following tables present the impact of derivative contracts on the Company’s financial statements.

Fair value of derivatives designated as hedging instruments under ASC 815:

		Fair Value
December 31 (dollars in millions)	Balance Sheet Location	2018			2017
Foreign currency contracts	Other current assets	$	3.9		$	0.2
	Other non-current assets		5.1			—
	Accrued liabilities		(0.6	)		(1.8	)
Commodities contracts	Other current assets		—			0.2
	Accrued liabilities		(0.9	)		—
Total derivatives designated as hedging instruments		$	7.5		$	(1.4	)

Schedule of Effect of Derivatives Instruments on Condensed Consolidated Statement of Earnings

The effect of derivative instruments on the consolidated statement of earnings is as follows.

Years ended December 31 (dollars in millions)

Derivatives in ASC 815 cash flow hedging relationships	Amount of gain (loss) recognized in other comprehensive loss on derivative						Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings		Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings
	2018			2017					2018		2017
Foreign currency contracts	$	1.8		$	(1.1	)		Cost of products sold	$	0.3	$	0.4
Commodities contracts		(1.1	)		0.5			Cost of products sold		0.3		0.6
	$	0.7		$	(0.6	)			$	0.6	$	1.0

Designated as Hedging Instrument

Schedule of Impact of Cash Flow Hedges on Company's Financial Statements

The effect of derivative instruments on the consolidated statement of earnings is as follows.

Years ended December 31 (dollars in millions)

Derivatives in ASC 815 cash flow hedging relationships	Amount of gain (loss) recognized in other comprehensive loss on derivative						Location of gain (loss) reclassified from accumulated other comprehensive loss into earnings		Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings
	2018			2017					2018		2017
Foreign currency contracts	$	1.8		$	(1.1	)		Cost of products sold	$	0.3	$	0.4
Commodities contracts		(1.1	)		0.5			Cost of products sold		0.3		0.6
	$	0.7		$	(0.6	)			$	0.6	$	1.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Components of Provision for Income Taxes

The components of the provision (benefit) for income taxes consisted of the following:

Years ended December 31 (dollars in millions)	2018			2017			2016
Current:
Federal	$	60.1		$	148.0		$	71.6
State		15.6			9.4			14.5
International		38.6			43.8			34.9
Deferred:
Federal		(1.7	)		23.5			11.0
State		1.5			5.8			5.2
International		(0.5	)		(6.2	)		(1.2	)
	$	113.6		$	224.3		$	136.0

Difference Between Provision for Income Taxes and U.S. Federal Statutory Rate

The provision for income taxes differs from the U.S. federal statutory rate due to the following items:

Years ended December 31	2018			2017			2016
Provision at U.S. federal statutory rate		21.0	%		35.0	%		35.0	%
State taxes, net of federal benefit		2.4			1.9			2.8
International income tax rate differential - China		(2.3	)		(6.5	)		(6.2	)
International income tax rate differential - other		1.1			0.1			0.3
U.S. manufacturing credit		—			(1.4	)		(1.5	)
Research tax credits		(0.5	)		(0.3	)		(0.3	)
Excess tax benefit on stock compensation		(0.4	)		(2.2	)		(1.1	)
Other		(0.9	)		0.8			0.4
		20.4	%		27.4	%		29.4	%
U.S. Tax Cuts & Jobs Act (U.S. Tax Reform)		—			15.7			—
		20.4	%		43.1	%		29.4	%

Components of Earnings Before Income Taxes

Components of earnings before income taxes were as follows:

Years ended December 31 (dollars in millions)	2018		2017		2016
U.S.	$	376.0	$	329.9	$	300.9
International		181.8		190.9		161.6
	$	557.8	$	520.8	$	462.5

Tax Effects of Temporary Differences of Assets and Liabilities

The tax effects of temporary differences of assets and liabilities between income tax and financial reporting are as follows:

December 31 (dollars in millions)
	2018					2017
	Assets			Liabilities		Assets			Liabilities
Employee benefits	$	32.5		$	—	$	30.4		$	—
Product liability and warranties		42.5			—		43.4			—
Inventories		—			0.6		—			2.0
Accounts receivable		18.3			—		16.5			—
Property, plant and equipment		—			36.3		—			31.1
Intangibles		—			57.3		—			54.3
Environmental liabilities		2.1			—		2.4			—
Undistributed foreign earnings		—			28.9		—			38.6
Tax loss and credit carryovers		17.5			—		19.8			—
All other		4.0			—		5.5			—
Valuation allowance		(13.1	)		—		(15.0	)		—
	$	103.8		$	123.1	$	103.0		$	126.0
Net liability				$	19.3				$	23.0

Reconciliation of Tax Loss Carryovers, Credit Carryovers and Valuation Allowances

A reconciliation of the beginning and ending amounts of tax loss carryovers, credit carryovers and valuation allowances is as follows:

December 31 (dollars in millions)
	Net Operating Losses and Tax Credits					Valuation Allowances
	2018			2017		2018			2017
Beginning balance	$	19.8		$	18.2	$	15.0		$	13.1
Additions		—			1.6		—			1.9
Reductions		(2.3	)		—		(1.9	)		—
Ending balance	$	17.5		$	19.8	$	13.1		$	15.0

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized benefits is as follows:

(Dollars in millions)	2018		2017
Balance at January 1	$	6.2	$	4.2
Additions for tax positions of prior years		2.1		2.0
Balance at December 31	$	8.3	$	6.2

Operations by Segment (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Segment Earnings

Segment earnings, defined by the Company as earnings before interest, taxes, general corporate and corporate research and development expenses, were used to measure the performance of the segments.

	Net Sales									Earnings
Years ended December 31 (dollars in millions)	2018			2017			2016			2018			2017			2016
North America (1)	$	2,044.7		$	1,904.8		$	1,743.2		$	464.1		$	428.6		$	385.9
Rest of World		1,173.6			1,116.3			965.6			149.3			149.3			129.1
Inter-segment		(30.4	)		(24.4	)		(22.9	)		—			—			—
Total segments – sales, segment earnings	$	3,187.9		$	2,996.7		$	2,685.9		$	613.4		$	577.9		$	515.0
Corporate expenses											(47.2	)		(47.0	)		(45.2	)
Interest expense											(8.4	)		(10.1	)		(7.3	)
Earnings before income taxes											557.8			520.8			462.5
Provision for income taxes (2)											(113.6	)		(224.3	)		(136.0	)
Net earnings										$	444.2		$	296.5		$	326.5

(1)	In 2018, the Company recognized $6.7 million of restructuring and impairment expenses in connection with the move of manufacturing operations from our Renton, Washington facility to other U.S. facilities. For additional information, see Note 4 “Restructuring and Impairment Expenses.”

(2)	In 2017, the Company recorded a one-time charge of $81.8 million associated with U.S. Tax Reform, primarily related to the repatriation of undistributed foreign earnings. For additional information, see Note 14 “Income Taxes.”

Schedule of Assets, Depreciation And Capital Expenditure By Segment

Assets, depreciation and capital expenditures by segment

	Total Assets ( December 31 )						Depreciation and Amortization (Years Ended December 31 )						Capital Expenditures (Years Ended December 31 )
(dollars in millions)	2018		2017		2016		2018		2017		2016		2018		2017		2016
North America	$	1,653.6	$	1,592.6	$	1,515.9	$	45.5	$	45.1	$	42.9	$	45.8	$	38.5	$	45.9
Rest of World		721.6		741.4		584.3		25.2		23.8		21.0		32.3		55.2		34.3
Corporate		696.3		863.4		790.8		1.2		1.2		1.2		7.1		0.5		0.5
Total	$	3,071.5	$	3,197.4	$	2,891.0	$	71.9	$	70.1	$	65.1	$	85.2	$	94.2	$	80.7

Schedule of Net Sales and Long-Lived Assets by Geographic Location

	Long-lived Assets (December 31)							Net Sales (Years Ended December 31)
(dollars in millions)	2018		2017		2016			2018		2017		2016
United States	$	327.3	$	303.0	$	292.4	United States	$	1,820.8	$	1,698.1	$	1,570.7
China		252.6		250.8		184.3	China		1,071.2		1,034.9		887.1
Canada		3.1		3.2		3.1	Canada		175.0		163.7		138.7
Other Foreign		42.9		47.1		48.4	Other Foreign		120.9		100.0		89.4
Total	$	625.9	$	604.1	$	528.2	Total	$	3,187.9	$	2,996.7	$	2,685.9

Quarterly Results of Operations (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Quarterly Results of Operations


(dollars in millions, except per share amounts)	1st Quarter				2nd Quarter				3rd Quarter				4th Quarter
	2018		2017		2018		2017		2018		2017		2018		2017
Net sales	$	788.0	$	740.0	$	833.3	$	738.2	$	754.1	$	749.9	$	812.5	$	768.6
Gross profit		321.5		300.9		341.0		304.2		306.0		305.0		337.0		322.3
Net earnings		98.8		87.7		114.5		92.4		104.6		93.7		126.3		22.7
Basic earnings per share		0.58		0.51		0.67		0.53		0.61		0.54		0.75		0.13
Diluted earnings per share		0.57		0.50		0.66		0.53		0.61		0.54		0.74		0.13
Common dividends declared		0.18		0.14		0.18		0.14		0.18		0.14		0.22		0.14

Organization and Significant Accounting Policies - Additional Information (Detail) $ in Millions			12 Months Ended
	Oct. 05, 2016	Sep. 07, 2016	Dec. 31, 2018 USD ($) Segment	Dec. 31, 2017 USD ($) Segment	Dec. 31, 2016 USD ($)	Jan. 01, 2019 USD ($)	Jan. 01, 2018 USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of reporting segments \| Segment			2	2
Fair value of term notes			$ 120.0	$ 127.5
Carrying amount of term notes			$ 120.0	$ 127.5
Percentage of (LIFO) inventory			64.00%	59.00%
Advertising costs charged to operations			$ 132.1	$ 126.9	$ 113.9
Amortization of total advertising costs			38.7	43.0	37.0
Research and development costs			94.0	86.4	80.1
Excess tax deductions recognized as financing cash flows			$ 2.4	11.6	5.9
Minimum percentage of amount likely to be realized upon ultimate settlement to recognize tax benefits			50.00%
Stock split ratio	2	2
Percentage of stock dividend to stock holders			100.00%
Dividend payable date			Oct. 05, 2016
Dividend date of record			Sep. 21, 2016
Recognition of right of use assets			$ 55.0
Subsequent Event [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Right use of liability						$ 50.0
Accounting Standards Update 2014-09 [Member] \| Retained Earnings [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Net after tax reduction to opening retained earnings							$ 3.9
Cost of Products Sold \| Accounting Standards Update 2017-07 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Reclassified amounts of non-service cost pension income on adoption of amendment				6.3	5.1
Selling, General and Administrative Expenses [Member] \| Accounting Standards Update 2017-07 [Member]
Organization And Summary Of Significant Accounting Policies [Line Items]
Reclassified amounts of non-service cost pension income on adoption of amendment				$ 4.6	$ 3.6
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Marketable securities, Maturity period			180 days
Product warranty period			1 year
Amortization of total advertising costs, months			12 months
Minimum \| Buildings
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation			25 years
Minimum \| Equipment
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation			3 years
Minimum \| Software
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation			3 years
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Marketable securities, Maturity period			12 months
Product warranty period			10 years
Amortization of total advertising costs, months			36 months
Maximum \| Customer Relationships
Organization And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives			25 years
Maximum \| Buildings
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation			50 years
Maximum \| Equipment
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation			20 years
Maximum \| Software
Organization And Summary Of Significant Accounting Policies [Line Items]
Estimated service lives used to compute depreciation			15 years

Company's Warranty Liability Activity (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Product Warranties
Balance at beginning of year	$ 141.2	$ 140.9
Expense	40.7	39.7
Claims settled	(42.5)	(39.4)
Balance at end of year	$ 139.4	$ 141.2

Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Quoted Prices In Active Markets For Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets measured at fair value on recurring basis	$ 385.3	$ 473.4
Significant other observable inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities measured at fair value on recurring basis	$ 7.5	$ (1.4)

Schedule of Computation of Basic and Diluted Weighted-Average Shares Used in Earnings per Share Calculations (Detail) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share Of Common Stock
Denominator for basic earnings per share - weighted-average shares outstanding	170,589,345	172,666,056	174,712,683
Effect of dilutive stock options, restricted stock and share units	1,604,695	1,939,133	2,112,597
Denominator for diluted earnings per share	172,194,040	174,605,189	176,825,280

Revenue Recognition - Additional Information (Detail) $ in Millions	12 Months Ended
	Dec. 31, 2018 USD ($) Segment Distributor	Dec. 31, 2017 USD ($) Segment
Customer deposits liability	$ 47.0	$ 56.0
Allowance for doubtful accounts	$ 6.4	$ 5.3
Number of Reportable Segments \| Segment	2	2
Water Heaters \| North America
Number Of Wholesale Distributors \| Distributor	1,300

Segment Sales Disaggregated by Major Product Line (Detail) - USD ($)
$ in Millions

3 Months Ended

12 Months Ended

Dec. 31, 2018

Sep. 30, 2018

Jun. 30, 2018

Mar. 31, 2018

Dec. 31, 2017

Sep. 30, 2017

Jun. 30, 2017

Mar. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Net sales

$ 812.5

$ 754.1

$ 833.3

$ 788.0

$ 768.6

$ 749.9

$ 738.2

$ 740.0

$ 3,187.9

$ 2,996.7

$ 2,685.9

China

Net sales

1,071.2

1,034.9

887.1

Inter-segment

Net sales

(30.4)

(24.4)

(22.9)

Inter-segment | Rest of World [Member]

Net sales

2.5

Operating Segments [Member] | North America

Net sales

2,044.7

1,904.8

1,743.2

Operating Segments [Member] | North America | Water Heaters And Related Parts [Member]

Net sales

1,757.0

1,663.0

1,563.2

Operating Segments [Member] | North America | Boilers And Related Parts [Member]

Net sales

200.4

183.3

161.6

Operating Segments [Member] | North America | Water Treatment Products [Member]

Net sales

^[1]

87.3

58.5

18.4

Operating Segments [Member] | Rest of World [Member]

Net sales

1,173.6

1,116.3

965.6

Operating Segments [Member] | Rest of World [Member] | China

Net sales

1,070.4

1,029.4

887.5

Operating Segments [Member] | Rest of World [Member] | All Other Rest Of World [Member]

Net sales

$ 103.2

$ 86.9

$ 78.1

[1]	Includes Hague Quality Water International (Hague) and Aquasana, Inc. (Aquasana) from the date of acquisition of September 5, 2017 and August 8, 2016, respectively.

Segment Sales Disaggregated by Major Product Line (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment sales	$ 812.5	$ 754.1	$ 833.3	$ 788.0	$ 768.6	$ 749.9	$ 738.2	$ 740.0	$ 3,187.9	$ 2,996.7	$ 2,685.9
Intersegment Eliminations [Member]
Segment sales									$ (30.4)	(24.4)	(22.9)
Rest of World [Member] \| Intersegment Eliminations [Member]
Segment sales										$ 2.5	$ 2.5

Acquisitions - Additional Information (Detail) - USD ($) $ in Millions			12 Months Ended
	Sep. 05, 2017	Aug. 08, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Business Acquisition [Line Items]
Aggregate cash purchase price, net of cash acquired			$ 0.0	$ 43.1	$ 90.8
Acquired intangible assets, amortization period, in years			12 years
Aquasana
Business Acquisition [Line Items]
Percentage of ownership interest acquired		100.00%
Aggregate cash purchase price, net of cash acquired		$ 85.1
Cash acquired from business acquisition		1.9
Contingent consideration and holdback		1.7
Acquisition-related costs		1.2
Acquired intangible assets		30.0
Aquasana \| Trade Names
Business Acquisition [Line Items]
Acquired intangible assets, not subject to amortization		21.5
Aquasana \| Customer Lists
Business Acquisition [Line Items]
Acquired intangible assets, subject to amortization		$ 8.3
Acquired intangible assets, amortization period, in years		10 years
Aquasana \| Patents
Business Acquisition [Line Items]
Acquired intangible assets, subject to amortization		$ 0.2
Acquired intangible assets, amortization period, in years		5 years
Hague
Business Acquisition [Line Items]
Percentage of ownership interest acquired	100.00%
Aggregate cash purchase price, net of cash acquired	$ 43.1
Cash acquired from business acquisition	4.1
Contingent consideration and holdback	$ 1.5			2.0
Contingent consideration, conditions measurement period	2 years
Acquisition-related costs	$ 0.2
Acquired intangible assets	12.8
Payment for Contingent Consideration Liability, Financing Activities			$ 1.3
Estimated Fair Value Business Combination Contingent Consideration Liability			$ 1.0	$ 1.0
Hague \| Trade Names
Business Acquisition [Line Items]
Acquired intangible assets, not subject to amortization	1.1
Hague \| Customer Lists
Business Acquisition [Line Items]
Acquired intangible assets, subject to amortization	$ 11.7
Acquired intangible assets, amortization period, in years	18 years

Summary of Preliminary Allocation of Fair Value of Assets Acquired and Liabilities Assumed at Date of Acquisition (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Sep. 05, 2017	Dec. 31, 2016	Aug. 08, 2016
Business Acquisition [Line Items]
Goodwill	$ 513.0	$ 516.7		$ 491.5
Aquasana
Business Acquisition [Line Items]
Current assets, net of cash acquired					$ 7.3
Property, plant and equipment					2.7
Intangible assets					30.0
Goodwill					60.4
Total assets acquired					100.4
Current liabilities					(7.1)
Long-term liabilities					(8.2)
Total liabilities assumed					(15.3)
Net assets acquired					$ 85.1
Hague
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 7.8
Property, plant and equipment			6.9
Intangible assets			12.8
Goodwill			22.2
Total assets acquired			49.7
Current liabilities			(5.6)
Long-term liabilities			(1.0)
Total liabilities assumed			(6.6)
Net assets acquired			$ 43.1

Restructuring and Impairment Expenses - Additional Information (Detail) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Mar. 21, 2018	Mar. 21, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Restructuring Costs and Asset Impairment Charges	$ 6.7		$ 6.7	$ 0.0	$ 0.0
Severance Costs		$ 4.0
Lease exit cost		2.1
Impairment of long-lived assets		0.6
Income Tax Expense (Benefit)			$ 113.6	$ 224.3	$ 136.0
Restructuring and Impairment Charges
Income Tax Expense (Benefit)		$ 1.7

Analysis of Company's Restructuring Reserve (Detail) - USD ($) $ in Millions		12 Months Ended
	Mar. 21, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Beginning balance
Restructuring expense recognized	$ 6.7	6.7	$ 0.0	$ 0.0
Cash payments and disposals		(5.2)
Ending balance		1.5
Severance Costs
Beginning balance
Restructuring expense recognized		4.0
Cash payments and disposals		(3.8)
Ending balance		0.2
Lease Exit Costs
Beginning balance
Restructuring expense recognized		2.1
Cash payments and disposals		(0.8)
Ending balance		1.3
Fixed Assets Impairment
Beginning balance
Restructuring expense recognized		0.6
Cash payments and disposals		(0.6)
Ending balance

Schedule of Supplemental Cash Flow Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net change in current assets and liabilities, net of acquisitions:
Receivables	$ (54.6)	$ (75.8)	$ (15.1)
Inventories	(7.7)	(37.5)	(23.4)
Other current assets	10.0	(9.0)	(3.2)
Trade payables	8.8	(5.1)	101.5
Accrued liabilities, including payroll and benefits	(3.5)	12.2	6.0
Income taxes payable (refundable)	7.0	(12.6)	2.7
Current assets and liabilities	$ (40.0)	$ (127.8)	$ 68.5

Schedule of Inventories (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Inventories
Finished products	$ 137.6	$ 140.4
Work in process	23.3	18.3
Raw materials	174.4	160.5
Inventories, at FIFO cost	335.3	319.2
LIFO reserve	(30.6)	(22.2)
Net inventory	$ 304.7	$ 297.0

Inventories - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Inventories [Line Items]
After-tax LIFO (income) expense	$ (0.4)	$ (0.3)	$ 0.3

Property, Plant and Equipment (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,096.8	$ 1,060.1
Less accumulated depreciation and amortization	556.8	531.2
Net property, plant and equipment	540.0	528.9
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	11.2	11.2
Buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	323.3	329.9
Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	643.8	608.4
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 118.5	$ 110.6

Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Goodwill [Line Items]
Beginning balance	$ 516.7	$ 491.5
Acquisitions		22.2
Currency translation adjustment	(3.7)	3.0
Ending balance	513.0	516.7
North America
Goodwill [Line Items]
Beginning balance	457.2	432.2
Acquisitions		22.2
Currency translation adjustment	(3.3)	2.8
Ending balance	453.9	457.2
Rest of World
Goodwill [Line Items]
Beginning balance	59.5	59.3
Currency translation adjustment	(0.4)	0.2
Ending balance	$ 59.1	$ 59.5

Schedule of Carrying Amount of Other Intangible Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Amortizable intangible assets	$ 240.5	$ 239.5
Gross Carrying Amount, Total intangible assets	404.6	404.7
Accumulated Amortization, Amortizable intangible assets	(111.5)	(96.0)
Net, Amortizable intangible assets	129.0	143.5
Net, Total intangible assets	293.1	308.7
Trade Names
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization, Amortizable intangible assets
Gross Carrying Amount, indefinite-lived intangible assets	164.1	165.2
Net, Indefinite-lived intangible assets	164.1	165.2
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Amortizable intangible assets	3.7	3.7
Accumulated Amortization, Amortizable intangible assets	(3.3)	(2.7)
Net, Amortizable intangible assets	0.4	1.0
Customer Lists
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount, Amortizable intangible assets	236.8	235.8
Accumulated Amortization, Amortizable intangible assets	(108.2)	(93.3)
Net, Amortizable intangible assets	$ 128.6	$ 142.5

Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill And Other Intangibles [Line Items]
Amortization expenses of other intangible assets	$ 14,300,000	$ 13,700,000	$ 13,400,000
Amortization of intangible assets, weighted average period, years	12 years
Annual impairment of goodwill	$ 0	0	0
Intangible asset impairment charge	0	$ 0	$ 0
Annually
Goodwill And Other Intangibles [Line Items]
Amortization expenses of other intangible assets	$ 14,200,000

Debt and Lease Commitments (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt	$ 221.4	$ 410.4
Less long-term debt due within one year	0.0	7.5
Long-term debt	221.4	402.9
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Debt	10.0	190.0
Bank Credit Lines
Debt Instrument [Line Items]
Debt	17.1	15.9
Commercial Paper
Debt Instrument [Line Items]
Debt	74.3	77.0
Term Notes With Insurance Companies
Debt Instrument [Line Items]
Debt	$ 120.0	122.7
Canadian Term Notes With Insurance Companies
Debt Instrument [Line Items]
Debt		$ 4.8

Debt and Lease Commitments (Parenthetical) (Detail)	12 Months Ended
Debt and Lease Commitments (Parenthetical) (Detail)	Dec. 31, 2018	Dec. 31, 2017
Bank Credit Lines
Debt Instrument [Line Items]
Line of credit facility, average year-end interest rate	3.40%	2.50%
Commercial Paper
Debt Instrument [Line Items]
Line of credit facility, average year-end interest rate	2.70%	1.70%
Term Notes With Insurance Companies
Debt Instrument [Line Items]
Line of credit facility, average year-end interest rate	3.30%	3.40%
Debt instrument maturity	2029	2034
Canadian Term Notes With Insurance Companies
Debt Instrument [Line Items]
Line of credit facility, average year-end interest rate		5.30%
Debt instrument maturity	2018
Revolving Credit Agreement Borrowings
Debt Instrument [Line Items]
Line of credit facility, average year-end interest rate	3.50%	2.50%

Debt and Lease Commitments - Additional Information (Detail) $ in Millions		12 Months Ended
	Nov. 28, 2016 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Multi-currency revolving credit agreement				$ 500.0
Number of banks involved in multi-year multi-currency revolving credit agreement				9
Revolving credit facility, expiration date				Dec. 15, 2021
Multi-currency revolving credit agreement, maximum amount				$ 700.0
Future minimum payments under non-cancelable operating leases due, total		$ 69.1
Rent expense, including payments under operating leases		24.0	$ 23.9	22.4
Interest paid		8.6	10.0	7.2
Capitalized interest expense		$ 0.4	$ 0.7	$ 0.2
Term Notes With Insurance Companies
Debt Instrument [Line Items]
Debt instrument, maturity year		2029	2034
November 2016 Term Notes with Insurance Companies
Debt Instrument [Line Items]
Debt instrument, issued	$ 45.0
Debt instrument, number of tranches	2
November 2016 Term Notes with Insurance Companies \| Tranche One
Debt Instrument [Line Items]
Debt instrument, principle repayment commencement year	2023
Debt instrument, maturity year	2029
Debt instrument, interest rate	2.87%
November 2016 Term Notes with Insurance Companies \| Tranche Two
Debt Instrument [Line Items]
Debt instrument, principle repayment commencement year	2028
Debt instrument, maturity year	2034
Debt instrument, interest rate	3.10%

Schedule of Maturities of Long Term Debt (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Debt And Lease Commitments [Abstract]
2019
2020	6.8
2021	108.2
2022	6.8
2023	$ 10.0

Schedule of Future Minimum Payments Under Non-Cancelable Operating Leases (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Debt And Lease Commitments [Abstract]
2019	$ 14.8
2020	11.4
2021	8.6
2022	7.5
2023	3.5
Thereafter	$ 23.3

Stockholders Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jul. 31, 2018
Stockholders Equity [Line Items]
Preferred stock, par value	$ 1
Common Stock, shares authorized	240,000,000
Common stock, par value	$ 1
Dividends paid	$ 0.76	$ 0.56	$ 0.48
Stock repurchase program number of shares authorized to repurchase	5,000,000			2,500,000
Shares repurchased	3,797,800	2,533,350	3,273,109
Shares repurchased, value	$ 202.6	$ 139.1	$ 135.2
Remaining authorization stock repurchase	6,075,253
Common Class A
Stockholders Equity [Line Items]
Common Stock, shares authorized	27,000,000
Common stock, par value	$ 5
Shares converted into Common Stock	48,232	73,792	60,045
Treasury stock, number of shares held	130,380		130,380
Common Stock
Stockholders Equity [Line Items]
Treasury stock, number of shares held	22,418,066		18,914,082

Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Stockholders' Equity [Abstract]
Cumulative foreign currency translation adjustments	$ (64.9)	$ (26.5)
Unrealized net loss on cash flow derivative instruments less related income tax benefit provision of $0.2 in 2018 and $0.6 in 2017	(0.7)	(0.9)
Pension liability less related income tax benefit of $180.1 in 2018 and $175.9 in 2017	(285.2)	(272.1)
Accumulated other comprehensive loss	$ (350.8)	$ (299.5)

Schedule of Accumulated Other Comprehensive Loss (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unrealized net (loss) gain on cash flow derivative instruments, related income tax benefit (provision)	$ 0.2	$ 0.6
Pension liability, related income tax benefit	$ 180.1	$ 175.9

Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance

$ 1,644.9

$ 1,511.4

Balance

1,717.0

1,644.9

Cumulative foreign currency translation

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance

(26.5)

(79.2)

Other comprehensive gain (loss) before reclassifications

(38.4)

52.7

Balance

(64.9)

(26.5)

Unrealized net gain on cash flow derivatives

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance

(0.9)

0.2

Other comprehensive gain (loss) before reclassifications

0.6

(0.5)

Realized gains on derivatives reclassified to cost of products sold (net of tax provision of $0.2 and $0.4 in 2018 and 2017, respectively)(1)

^[1]

(0.4)

(0.6)

Balance

(0.7)

(0.9)

Pension liability

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance

(272.1)

(284.2)

Other comprehensive gain (loss) before reclassifications

(27.0)

1.4

Amounts reclassified from accumulated other comprehensive loss

^[1]

13.9

10.7

Balance

(285.2)

(272.1)

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Income (Loss) [Line Items]

Balance

(299.5)

(363.2)

Balance

$ (350.8)

$ (299.5)

[1]

Amounts reclassified from accumulated other comprehensive loss: Realized gains on derivatives reclassified to cost of products sold (0.6 ) (1.0 ) Tax provision 0.2 0.4 Reclassification net of tax $ (0.4 ) $ (0.6 ) Amortization of pension items: Actuarial losses $ 19.0 (2) $ 17.9 (2) Prior year service cost (0.5 )(2) (0.4 )(2) 18.5 17.5 Tax benefit (4.6 ) (6.8 ) Reclassification net of tax $ 13.9 $ 10.7

Changes in Accumulated Other Comprehensive Loss by Component (Parenthetical) (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Accumulated Other Comprehensive Income (Loss) [Line Items]

Cost of products sold

$ (1,882.4)

$ (1,764.3)

$ (1,571.7)

Unrealized net gain on cash flow derivatives

Accumulated Other Comprehensive Income (Loss) [Line Items]

Realized gains on derivatives reclassified to cost of products sold, tax provision

0.2

0.4

Pension liability

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification, before income tax benefit

18.5

17.5

Tax provision (benefit)

(4.6)

(6.8)

Reclassification net of tax

^[1]

13.9

10.7

Actuarial losses

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification, before income tax benefit

^[2]

19.0

17.9

Prior year service cost

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reclassification, before income tax benefit

^[2]

(0.5)

(0.4)

Reclassification out of Accumulated Other Comprehensive Income | Unrealized net gain on cash flow derivatives

Accumulated Other Comprehensive Income (Loss) [Line Items]

Cost of products sold

(0.6)

(1.0)

Tax provision (benefit)

0.2

0.4

Reclassification net of tax

$ (0.4)

$ (0.6)

[1]

[2]

These accumulated other comprehensive loss components are included in the computation of net periodic benefit cost. See Note 12 “ Pensions and Other Post-retirement Benefits” for additional details.

Stock Based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Total stock based compensation cost recognized

$ 10.1

$ 9.9

$ 9.4

Stock option compensation expense recognized

$ 4.4

$ 4.7

$ 4.5

Weighted-average fair value per option at the date of grant

$ 14.80

$ 13.04

$ 8.03

Number of Options, outstanding

2,432,689

^[1]

2,263,126

^[1]

2,664,333

^[1]

2,653,558

Number of options, exercisable at end of period

^[2]

1,665,184

1,387,259

1,602,651

intrinsic value of options exercised

$ 6.8

$ 29.1

$ 13.5

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

7 years

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value

$ 33.0

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term

6 years

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value

$ 31.1

Employee Stock Option

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Award expiration period

10 years

Stock Appreciation Rights (SARs)

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Award expiration period

10 years

Number of Options, outstanding

16,170

23,660

24,940

Number of options, exercisable at end of period

16,170

15,774

8,320

Restricted Stock And Share Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Award vesting period

3 years

Number of Units - Granted

106,581

107,853

160,465

Value of share units at the date of issuance

$ 6.6

$ 5.4

$ 5.2

Share based compensation expense attributable to share units

$ 5.7

$ 5.2

$ 4.9

A.O. Smith Combined Compensation Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Number of shares available for granting of options, restricted stock or share units

2,490,644

[1]	The weighted average remaining contractual life of options outstanding was 7 years at December 31, 2018, December 31, 2017, and December 31, 2016. The aggregate intrinsic value of options outstanding at December 31, 2018 was $33.0 million.
[2]	The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2018, December 31, 2017 and, December 31, 2016. The aggregate intrinsic value of options exercisable at December 31, 2018 was $31.1 million.

Changes in Option Awards All of Which Related to Common Stock (Detail) - $ / shares

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Weighted-Avg. Per Share Exercise Price, beginning period

$ 27.73

^[1]

$ 21.69

^[1]

$ 18.03

Weighted-Avg. Per Share Exercise Price - Granted

61.62

50.16

32.25

Weighted-Avg. Per Share Exercise Price - Exercised

^[2]

22.93

16.93

14.12

Weighted-Avg. Per Share Exercise Price - Forfeited

47.95

37.46

37.23

Weighted-Avg. Per Share Exercise Price, ending period

^[1]

33.05

27.73

21.69

Weighted-Avg. Per Share Exercisable Price, ending period

^[3]

$ 24.52

$ 20.48

$ 16.12

Outstanding, Beginning Balance

2,263,126

^[1]

2,664,333

^[1]

2,653,558

Granted

373,220

358,150

553,370

Exercised

^[2]

(176,302)

(752,603)

(531,933)

Forfeited

(27,355)

(6,754)

(10,662)

Outstanding, Ending Balance

^[1]

2,432,689

2,263,126

2,664,333

Exercisable at End of Period

^[3]

1,665,184

1,387,259

1,602,651

[1]	The weighted average remaining contractual life of options outstanding was 7 years at December 31, 2018, December 31, 2017, and December 31, 2016. The aggregate intrinsic value of options outstanding at December 31, 2018 was $33.0 million.
[2]	The total intrinsic value of options exercised in 2018, 2017 and 2016 was $6.8 million, $29.1 million and $13.5 million, respectively.
[3]	The weighted average remaining contractual life of options exercisable was 6 years at December 31, 2018, December 31, 2017 and, December 31, 2016. The aggregate intrinsic value of options exercisable at December 31, 2018 was $31.1 million.

Nonvested Stock Options (Detail) - $ / shares	12 Months Ended
Nonvested Stock Options (Detail) - $ / shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Nonvested options at beginning of year (Shares)	875,867
Granted (Shares)	373,220	358,150	553,370
Vested (Shares)	(454,653)
Forfeited (Shares)	(26,929)
Nonvested options at end of year (Shares)	767,505	875,867
Nonvested options at beginning of year (Weighted Avg. Exercise Price)	$ 39.21
Granted (Weighted Avg. Exercise Price)	14.80	$ 13.04	$ 8.03
Vested (Weighted Avg. Exercise Price)	36.26
Forfeited (Weighted Avg. Exercise Price)	47.96
Nonvested options at end of year (Weighted Avg. Exercise Price)	$ 51.55	$ 39.21

Schedule of Weighted-Average Fair Value per Option at Date of Grant (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2015
Stock Based Compensation [Abstract]
Expected life (years)	5 years 8 months 12 days	5 years 8 months 12 days	5 years 9 months 18 days
Risk-free interest rate	2.90%	2.40%	1.70%
Dividend yield	1.00%	1.00%	1.30%
Expected volatility	22.10%	26.50%	27.70%

Summary of Share Unit Activity Under Plan (Detail) - Restricted Stock And Share Units - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Units Issued and unvested, Beginning of Period	433,290
Number of Units - Granted	106,581	107,853	160,465
Number of Units - Vested	(145,105)
Number of Units - Forfeited/cancelled	(15,165)
Number of Units Issued and unvested, End of Period	379,601	433,290
Weighted-Average Grant Date Value, Beginning of Period	$ 34.96
Weighted-Average Grant Date Value - Granted	61.70
Weighted-Average Grant Date Value - Vested	30.79
Weighted-Average Grant Date Value - Forfeited/cancelled	43.44
Weighted-Average Grant Date Value, End of Period	$ 42.93	$ 34.96

Pensions and Other Post-retirement Benefits - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Percentage match of the first one percent of contributions made by participating employees	100.00%
Percentage Match Of The Next Five Percent Of Contributions Made By Participating Employees	50.00%
Medical and life insurance maximum participant coverage age, in years	65 years
Other comprehensive gain(loss) as a result of after tax adjustments for additional minimum pension liability	$ 13.1	$ 12.1
Minimum
Defined Benefit Plan Disclosure [Line Items]
Target allocation to equity managers	30.00%
Maximum
Defined Benefit Plan Disclosure [Line Items]
Target allocation to equity managers		60.00%
Ten Year Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Number of historical years for which compounded annualized returns is considered	10 years
Compounded annualized return of pension plan	8.90%
Twenty Five Year Pension Plan
Defined Benefit Plan Disclosure [Line Items]
Number of historical years for which compounded annualized returns is considered	25 years
Compounded annualized return of pension plan	8.50%
Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Estimated net actuarial gain that will be amortized from accumulated other comprehensive loss into net periodic benefit cost	$ 18.8
Estimated net prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost	(0.5)
Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated net actuarial gain that will be amortized from accumulated other comprehensive loss into net periodic benefit cost	(0.1)
Estimated net prior service cost that will be amortized from accumulated other comprehensive loss into net periodic benefit cost	$ (0.4)

Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status of Defined Benefit Pension and Post-Retirement Benefit Plans (Detail) - USD ($)
$ in Millions

12 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2016

Change in projected benefit obligations (PBO)

Participant contributions

Plan amendments

Change in fair value of plan assets

Plan assets at beginning of year

873.8

Actual return on plan assets

Participant contributions

Plan assets at end of year

775.3

873.8

Prior service cost

Pension Plans, Defined Benefit

Defined Benefit Plan Disclosure [Line Items]

Accumulated benefit obligation (ABO) at December 31

921.8

Change in projected benefit obligations (PBO)

PBO at beginning of year

(922.7)

(895.8)

Service cost

(2.0)

(1.8)

Interest cost

(28.9)

(30.0)

(30.6)

Actuarial loss including assumption changes

61.2

(54.3)

Benefits paid

58.6

59.2

PBO at end of year

(833.8)

(922.7)

(895.8)

Change in fair value of plan assets

Plan assets at beginning of year

874.8

787.0

Actual return on plan assets

(39.3)

116.5

Contribution by the company

0.6

30.5

Benefits paid

(58.6)

(59.2)

Plan assets at end of year

777.5

874.8

787.0

Funded status

(56.3)

(47.9)

Current liabilities

(7.1)

(0.5)

Non-current liabilities

(49.2)

(47.4)

Net pension liability at end of year

^[1]

(56.3)

(47.9)

Net actuarial loss (gain)

468.9

451.8

Prior service cost

(0.5)

Total recognized in accumulated other comprehensive loss

468.9

451.3

Post-Retirement Benefits

Change in projected benefit obligations (PBO)

PBO at beginning of year

(7.6)

(6.6)

Service cost

(0.2)

(0.1)

Interest cost

(0.3)

(0.2)

Participant contributions

(0.1)

Actuarial loss including assumption changes

0.6

(1.1)

Benefits paid

0.6

PBO at end of year

(7.0)

(7.6)

$ (6.6)

Change in fair value of plan assets

Contribution by the company

0.5

0.4

Participant contributions

0.1

Benefits paid

(0.6)

(0.5)

Funded status

(7.0)

(7.6)

Current liabilities

(0.5)

(0.3)

Non-current liabilities

(6.5)

(7.3)

Net pension liability at end of year

(7.0)

(7.6)

Net actuarial loss (gain)

(1.4)

(0.8)

Prior service cost

(2.2)

(2.6)

Total recognized in accumulated other comprehensive loss

$ (3.6)

$ (3.4)

[1]	In addition, the Company has a liability for a foreign pension plan of $0.2 million at December 31, 2018 and 2017.

Schedule of Changes in Benefit Obligations, Plan Assets and Funded Status of Defined Benefit Pension and Post-Retirement Benefit Plans (Parenthetical) (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Liability on foreign pension plan	$ 0.2	$ 0.2

Components of Company's Net Pension Expense (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension and Other Postretirement Benefits Disclosure [Line Items]
Expected return on plan assets
Net actuarial loss (gain)
Defined-benefit plan (income) cost
Amortization of net actuarial (loss) gain
Prior service cost
Total recognized in other comprehensive loss	13.1	(12.1)	9.0
Pension Plans, Defined Benefit
Pension and Other Postretirement Benefits Disclosure [Line Items]
Service cost	2.0	1.8	1.8
Interest cost	28.9	30.0	30.6
Expected return on plan assets	(58.1)	(58.4)	(55.9)
Net actuarial loss (gain)	19.0	17.9	17.7
Prior service cost	(0.5)	(0.4)	(1.1)
Defined-benefit plan (income) cost	(8.7)	(9.1)	(6.9)
Various U.S. defined contribution plans cost	12.2	12.0	11.6
Defined Benefit Plan And Defined Contribution Plan Periodic Benefit Cost, Total	3.5	2.9	4.7
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss Net actuarial (gain) loss	36.1	(3.8)	29.9
Amortization of net actuarial (loss) gain	(19.0)	(17.9)	(17.7)
Prior service cost			0.6
Amortization of prior service cost	0.5	0.5	1.1
Total recognized in other comprehensive loss	17.6	(21.2)	13.9
Total recognized in net periodic (benefit) cost and other comprehensive loss	8.9	(30.3)	7.0
Post-Retirement Benefits
Pension and Other Postretirement Benefits Disclosure [Line Items]
Service cost	0.2	0.1	0.1
Interest cost	0.3	0.3	0.2
Net actuarial loss (gain)		(0.1)	(0.2)
Prior service cost	(0.4)	(0.4)	(0.4)
Defined-benefit plan (income) cost		(0.1)	(0.3)
Other changes in plan assets and projected benefit obligation recognized in other comprehensive loss Net actuarial (gain) loss	(0.6)	1.1	0.2
Amortization of net actuarial (loss) gain		0.1	0.2
Amortization of prior service cost	0.4	0.4	0.4
Total recognized in other comprehensive loss	(0.2)	1.6	0.8
Total recognized in net periodic (benefit) cost and other comprehensive loss	$ (0.2)	$ 1.5	$ 0.5

Actuarial Assumptions Used to Determine Benefit Obligations (Detail)	Dec. 31, 2018	Dec. 31, 2017
Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.32%	3.65%
Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	4.46%	3.79%

Assumptions Used to Determine Net Periodic Benefit Cost (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.65%	4.15%	4.40%
Expected long-term return on plan assets	7.15%	7.50%	7.50%
Rate of compensation increase	4.00%	4.00%	4.00%
Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Discount rate	3.79%	4.40%	4.55%
Rate of compensation increase	4.00%	4.00%	4.00%

Health Care Cost Trend Rates (Detail)	12 Months Ended
Health Care Cost Trend Rates (Detail)	Dec. 31, 2018	Dec. 31, 2017
Pension And Other Post-Retirement Benefits
Health care cost trend rate assumed for next year	6.00%	6.50%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)	5.00%	5.00%
Year that the rate reaches the ultimate trend rate	2021	2021

Weighted Asset Allocations by Asset Category (Detail)	Dec. 31, 2018	Dec. 31, 2017
Pension And Other Post-Retirement Benefits
Average Assets Allocation	100.00%	100.00%
Equity Securities
Pension And Other Post-Retirement Benefits
Average Assets Allocation	40.00%	45.00%
Debt Securities
Pension And Other Post-Retirement Benefits
Average Assets Allocation	48.00%	43.00%
Real estate
Pension And Other Post-Retirement Benefits
Average Assets Allocation	10.00%	9.00%
Private equity
Pension And Other Post-Retirement Benefits
Average Assets Allocation	2.00%	2.00%
Other
Pension And Other Post-Retirement Benefits
Average Assets Allocation	0.00%	1.00%

Fair Value Measurement of Plan Assets (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	$ 775.3	$ 873.8
Non-investment plan assets	2.2	1.0
Total plan assets	777.5	874.8
Short-term Investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	14.4	15.8
Equity Securities \| Commingled Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	104.3	121.5
Equity Securities \| Common Stock
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	125.6	220.3
Fixed Income Securities \| Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	185.8	219.9
Fixed Income Securities \| Commingled Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	92.0	99.8
Fixed Income Securities \| US Treasury Securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	86.0	46.0
Other Investments \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	13.2	20.9
Other Investments \| Mutual Fund
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	73.6	51.8
Other Investments \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	80.4	77.8
Quoted Prices In Active Markets For Identical Assets (Level 1)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	211.6	268.3
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Short-term Investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments		2.0
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Equity Securities \| Common Stock
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	125.6	220.3
Quoted Prices In Active Markets For Identical Assets (Level 1) \| Fixed Income Securities \| US Treasury Securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	86.0	46.0
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	470.1	506.8
Significant Other Observable Inputs (Level 2) \| Short-term Investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	14.4	13.8
Significant Other Observable Inputs (Level 2) \| Equity Securities \| Commingled Equity Funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	104.3	121.5
Significant Other Observable Inputs (Level 2) \| Fixed Income Securities \| Other Fixed Income Securities
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	185.8	219.9
Significant Other Observable Inputs (Level 2) \| Fixed Income Securities \| Commingled Fixed Income Funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	92.0	99.8
Significant Other Observable Inputs (Level 2) \| Other Investments \| Mutual Fund
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	73.6	51.8
Significant Non-observable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	93.6	98.7	122.0
Significant Non-observable Inputs (Level 3) \| Short-term Investments
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments			19.7
Significant Non-observable Inputs (Level 3) \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	80.4	77.8	$ 74.3
Significant Non-observable Inputs (Level 3) \| Other Investments \| Private equity
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	13.2	20.9
Significant Non-observable Inputs (Level 3) \| Other Investments \| Real estate funds
Defined Benefit Plan Disclosure [Line Items]
Total fair value of plan asset investments	$ 80.4	$ 77.8

Reconciliation of Fair Value Measurements Using Significant Unobservable Inputs (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Plan assets at beginning of year	$ 873.8
Plan assets at end of year	775.3	873.8
Significant Non-observable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at beginning of year	98.7	122.0
Relating to assets still held at the reporting date	2.3	(2.1)
Relating to assets sold during the period	(0.8)	7.8
Purchases, sales and settlements	(6.6)	(29.0)
Plan assets at end of year	93.6	98.7
Short-term Investments
Defined Benefit Plan Disclosure [Line Items]
Plan assets at beginning of year	15.8
Plan assets at end of year	14.4	15.8
Short-term Investments \| Significant Non-observable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at beginning of year		19.7
Purchases, sales and settlements		(19.7)
Real estate funds \| Significant Non-observable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at beginning of year	77.8	74.3
Relating to assets still held at the reporting date	2.6	3.5
Plan assets at end of year	80.4	77.8
Private equity \| Significant Non-observable Inputs (Level 3)
Defined Benefit Plan Disclosure [Line Items]
Plan assets at beginning of year	20.9	28.0
Relating to assets still held at the reporting date	(0.3)	(5.6)
Relating to assets sold during the period	(0.8)	7.8
Purchases, sales and settlements	(6.6)	(9.3)
Plan assets at end of year	$ 13.2	$ 20.9

Estimated Future Payments (Detail) $ in Millions	Dec. 31, 2018 USD ($)
Pension Plans, Defined Benefit
Defined Benefit Plan Disclosure [Line Items]
2019	$ 66.4
2020	68.3
2021	59.0
2022	58.3
2023	57.8
2024 - 2028	285.1
Post-Retirement Benefits
Defined Benefit Plan Disclosure [Line Items]
2019	0.5
2020	0.5
2021	0.5
2022	0.5
2023	0.5
2024 - 2028	$ 2.3

Schedule of Summary by Currency of Foreign Currency Forward Contracts (Detail) - Foreign currency forward contracts - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Buy
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	$ 59.8	$ 45.6
Buy \| Euro
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	32.0	29.3
Buy \| Mexican peso
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	27.8	16.3
Sell
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	1.0	49.3
Sell \| British pound
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts	$ 1.0	1.2
Sell \| Canadian dollar
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Contractual amounts of foreign currency forward contracts		$ 48.1

Derivative Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trading Activity, Gains and Losses, Net [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ (38.4)	$ 52.7	$ (39.8)
Net Investment Hedging [Member] \| Non-US [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	7.4
Derivative, Notional Amount	$ 150.0
Commodity Futures Contracts
Trading Activity, Gains and Losses, Net [Line Items]
Reclassification period for effective portion of contract, in years	1 year

Impact of Derivative Contracts on Company's Financial Statements (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets
Fair value of derivative instruments, liabilities
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, total	7.5	(1.4)
Designated as Hedging Instrument \| Foreign Currency Contracts \| Other Current Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets	3.9	0.2
Designated as Hedging Instrument \| Foreign Currency Contracts \| Accrued Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	(0.6)	(1.8)
Designated as Hedging Instrument \| Foreign Currency Contracts \| Other Noncurrent Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets	5.1
Designated as Hedging Instrument \| Commodities Contracts \| Other Current Assets
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, assets		$ 0.2
Designated as Hedging Instrument \| Commodities Contracts \| Accrued Liabilities
Derivatives, Fair Value [Line Items]
Fair value of derivative instruments, liabilities	$ (0.9)

Schedule of Effect of Derivatives Instruments on Consolidated Statement of Earnings (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivative	$ 0.7	$ (0.6)
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	0.6	1.0
Foreign Currency Contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivative	1.8	(1.1)
Foreign Currency Contracts \| Cost Of Products Sold
Derivative [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	0.3	0.4
Commodities Contracts
Derivative [Line Items]
Amount of gain (loss) recognized in other comprehensive loss on derivative	(1.1)	0.5
Commodities Contracts \| Cost Of Products Sold
Derivative [Line Items]
Amount of gain (loss) reclassified from accumulated other comprehensive loss into earnings	$ 0.3	$ 0.6

Components of Provision for Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Current, Federal	$ 60.1	$ 148.0	$ 71.6
Current, State	15.6	9.4	14.5
Current, International	38.6	43.8	34.9
Deferred, Federal	(1.7)	23.5	11.0
Deferred, State	1.5	5.8	5.2
Deferred, International	(0.5)	(6.2)	(1.2)
Provision for income taxes	$ 113.6	$ 224.3	$ 136.0

Difference Between Provision For Income Taxes And U.S. Federal Statutory Rate (Detail)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Provision at U.S. federal statutory rate	21.00%	35.00%	35.00%
State taxes, net of federal benefit	2.40%	1.90%	2.80%
U.S. manufacturing credit		(1.40%)	(1.50%)
Research tax credits	(0.50%)	(0.30%)	(0.30%)
Excess tax benefit on stock compensation	(0.40%)	(2.20%)	(1.10%)
Other	(0.90%)	0.80%	0.40%
Effective Income Tax Rate Continuing Operations Excluding Change in Tax Rate, Total	20.40%	27.40%	29.40%
U.S. Tax Cuts & Jobs Act (U.S. Tax Reform)		15.70%
Effective Income Tax Rate Reconciliation, Percent, Total	20.40%	43.10%	29.40%
State Administration of Taxation, China
Income Taxes
International income tax rate differential	(2.30%)	(6.50%)	(6.20%)
Other
Income Taxes
International income tax rate differential	1.10%	0.10%	0.30%

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax Contingency [Line Items]
Corporate income tax rate			21.00%	35.00%	35.00%
Provisional Income tax expense	$ 6,700,000	$ 81,800,000	$ 0	$ 81,800,000	$ 0
Income tax expense related to one time mandatory tax		83,500,000
Income tax expense due to tax rate reform		$ 1,700,000
Total taxes paid			116,400,000	$ 131,100,000	$ 117,400,000
Cash and cash equivalents and marketable securities were held by foreign subsidiaries			644,100,000
Unrecognized tax benefits that would affect the effective tax rate, if recognized			800,000
Anticipated decrease in unrecognized tax benefits			$ 0
State and local \| Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2001
State and local \| Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2018
Non-U.S. \| Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2009
Non-U.S. \| Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2018
U.S. federal \| Earliest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2016
U.S. federal \| Latest Tax Year
Income Tax Contingency [Line Items]
Income tax examinations, years under examination			2018
Discontinued Operations
Income Tax Contingency [Line Items]
Additional income tax accrual			$ 28,900,000

Components of Earning Before Income Taxes (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Income Before Income Tax [Line Items]
U.S.	$ 376.0	$ 329.9	$ 300.9
International	181.8	190.9	161.6
Earnings before provision for income taxes	$ 557.8	$ 520.8	$ 462.5

Tax Effects of Temporary Differences of Assets and Liabilities (Detail) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
Component Of Net Income Tax Assets And Liabilities [Line Items]
Employee benefits, Assets	$ 32.5	$ 30.4
Product liability and warranties, Assets	42.5	43.4
Inventories, Assets
Accounts receivable, Assets	18.3	16.5
Property, plant and equipment, Assets
Intangibles, Assets
Environmental, Assets	2.1	2.4
Undistributed foreign earnings, Assets
Tax loss and credit carryovers, Assets	17.5	19.8
All other, Assets	4.0	5.5
Valuation allowance, Assets	(13.1)	(15.0)
Assets	103.8	103.0
Employee benefits, Liabilities
Product liability and warranties, Liabilities
Inventories, Liabilities	0.6	2.0
Accounts receivable, Liabilities
Property, plant and equipment, Liabilities	36.3	31.1
Intangibles, Liabilities	57.3	54.3
Environmental, Liabilities
Undistributed foreign earnings, Liabilities	28.9	38.6
Tax loss and credit carryovers, Liabilities
All other, Liabilities
Valuation allowance, Liabilities
All other, Liabilities	123.1	126.0
Net liability	$ 19.3	$ 23.0

Reconciliation of Tax Loss Carryovers, Credit Carryovers and Valuation Allowances (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Net Operating Losses and Tax Credits, Beginning balance	$ 19.8	$ 18.2
Net Operating Losses and Tax Credits, Additions		1.6
Net Operating Losses and Tax Credits, Reductions	(2.3)
Net Operating Losses and Tax Credits, Ending balance	17.5	19.8	$ 18.2
Balance at Beginning of Year	15.0
Valuation Allowances, Additions
Valuation Allowances, Reductions
Balance at End of Year	13.1	15.0
Valuation Allowance For Deferred Tax Assets
Income Taxes
Balance at Beginning of Year	15.0	13.1
Valuation Allowances, Additions	0.0	1.9	0.0
Valuation Allowances, Reductions	(1.9)	0.0	0.0
Balance at End of Year	$ 13.1	$ 15.0	$ 13.1

Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Balance at January 1	$ 6.2	$ 4.2
Additions for tax positions of prior years	2.1	2.0
Balance at December 31	$ 8.3	$ 6.2

Commitment and Contingencies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Commitments and Contingencies [Line Items]
Product liability insurance for individual losses in excess of accrual amount	$ 125,000,000	$ 125,000,000
Amounts in excess to be covered by third party insurance	$ 7,500,000	$ 7,500,000

Operations by Segment - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Sales to a largest customer	$ 812.5	$ 754.1	$ 833.3	$ 788.0	$ 768.6	$ 749.9	$ 738.2	$ 740.0	$ 3,187.9	$ 2,996.7	$ 2,685.9
Restructuring, Settlement and Impairment Provisions									6.7
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount										81.8
North America \| Geographic Concentration Risk \| Customer one
Segment Reporting Information [Line Items]
Sales to a largest customer									425.3	361.4	311.5
North America \| Geographic Concentration Risk \| Customer Two
Segment Reporting Information [Line Items]
Sales to a largest customer									$ 355.6	$ 335.2	$ 280.8
North America \| Sales Revenue, Goods, Net \| Geographic Concentration Risk \| Customer one
Segment Reporting Information [Line Items]
Concentration Risk, Percentage									13.00%	12.00%	12.00%
North America \| Sales Revenue, Goods, Net \| Geographic Concentration Risk \| Customer Two
Segment Reporting Information [Line Items]
Concentration Risk, Percentage									11.00%	11.00%	11.00%

Schedule of Segment Earnings (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Net sales	$ 812.5	$ 754.1	$ 833.3	$ 788.0	$ 768.6	$ 749.9	$ 738.2	$ 740.0	$ 3,187.9	$ 2,996.7	$ 2,685.9
Segment earnings									613.4	577.9	515.0
Other income (expense)									21.2	21.3	18.1
Interest expense									(8.4)	(10.1)	(7.3)
Earnings before provision for income taxes									557.8	520.8	462.5
Provision for income taxes									113.6	224.3	136.0
Earnings from continuing operations	$ 126.3	$ 104.6	$ 114.5	$ 98.8	$ 22.7	$ 93.7	$ 92.4	$ 87.7	444.2	296.5	326.5
Inter-segment
Segment Reporting Information [Line Items]
Net sales									(30.4)	(24.4)	(22.9)
Segment earnings
Corporate
Segment Reporting Information [Line Items]
Other income (expense)									(47.2)	(47.0)	(45.2)
North America \| Operating Segments
Segment Reporting Information [Line Items]
Net sales									2,044.7	1,904.8	1,743.2
Segment earnings									464.1	428.6	385.9
Rest of World \| Operating Segments
Segment Reporting Information [Line Items]
Net sales									1,173.6	1,116.3	965.6
Segment earnings									$ 149.3	149.3	129.1
Rest of World \| Inter-segment
Segment Reporting Information [Line Items]
Net sales										$ 2.5	$ 2.5

Assets, Depreciation And Capital Expenditure By Segment (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Reporting Information [Line Items]
Total Assets	$ 3,071.5	$ 3,197.4	$ 2,891.0
Depreciation and amortization	71.9	70.1	65.1
Capital expenditures	85.2	94.2	80.7
Corporate
Segment Reporting Information [Line Items]
Total Assets	696.3	863.4	790.8
Depreciation and amortization	1.2	1.2	1.2
Capital expenditures	7.1	0.5	0.5
North America \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	1,653.6	1,592.6	1,515.9
Depreciation and amortization	45.5	45.1	42.9
Capital expenditures	45.8	38.5	45.9
Rest of World \| Operating Segments
Segment Reporting Information [Line Items]
Total Assets	721.6	741.4	584.3
Depreciation and amortization	25.2	23.8	21.0
Capital expenditures	$ 32.3	$ 55.2	$ 34.3

Net Sales and Long-Lived Assets by Geographic Location (Detail) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 625.9				$ 604.1				$ 625.9	$ 604.1	$ 528.2
Net sales	812.5	$ 754.1	$ 833.3	$ 788.0	768.6	$ 749.9	$ 738.2	$ 740.0	3,187.9	2,996.7	2,685.9
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	327.3				303.0				327.3	303.0	292.4
Net sales									1,820.8	1,698.1	1,570.7
China
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	252.6				250.8				252.6	250.8	184.3
Net sales									1,071.2	1,034.9	887.1
Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	3.1				3.2				3.1	3.2	3.1
Net sales									175.0	163.7	138.7
Other Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived Assets	$ 42.9				$ 47.1				42.9	47.1	48.4
Net sales									$ 120.9	$ 100.0	$ 89.4

Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information [Line Items]
Net sales	$ 812.5	$ 754.1	$ 833.3	$ 788.0	$ 768.6	$ 749.9	$ 738.2	$ 740.0	$ 3,187.9	$ 2,996.7	$ 2,685.9
Gross profit	337.0	306.0	341.0	321.5	322.3	305.0	304.2	300.9	1,305.5	1,232.4	1,114.2
Net earnings	$ 126.3	$ 104.6	$ 114.5	$ 98.8	$ 22.7	$ 93.7	$ 92.4	$ 87.7	$ 444.2	$ 296.5	$ 326.5
Basic earnings per share	$ 0.75	$ 0.61	$ 0.67	$ 0.58	$ 0.13	$ 0.54	$ 0.53	$ 0.51	$ 2.60	$ 1.72	$ 1.87
Diluted earnings per share	0.74	0.61	0.66	0.57	0.13	0.54	0.53	0.50	$ 2.58	$ 1.70	$ 1.85
Common dividends declared	$ 0.22	$ 0.18	$ 0.18	$ 0.18	$ 0.14	$ 0.14	$ 0.14	$ 0.14

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Quarterly Results of Operations - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Information [Line Items]
Provisional Income tax expense	$ 6.7	$ 81.8	$ 0.0	$ 81.8	$ 0.0
Provisional Income tax expense, reduce earnings per share		$ 0.47
Income tax expense, reduce after tax earnings	$ 5.0
Income tax expense, reduce after tax earnings per share	$ 0.03

Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Valuation and Qualifying Accounts Disclosure [Line Items]
Acquisition of Businesses
Deductions
Valuation Allowance For Trade And Notes Receivable
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	5.3	6.3	$ 6.0
Charged to Costs and Expenses	1.5	0.0	1.1
Acquisition of Businesses	0.0	0.2	0.2
Deductions	(0.4)	(1.2)	(1.0)
Balance at End of Year	6.4	5.3	6.3
Valuation Allowance For Deferred Tax Assets
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance at Beginning of Year	15.0	13.1	11.0
Charged to Costs and Expenses	0.0	1.9	2.1
Acquisition of Businesses	0.0	1.9	0.0
Deductions	(1.9)	0.0	0.0
Balance at End of Year	$ 13.1	$ 15.0	$ 13.1