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    SEC Form 11-K filed by Zurn Elkay Water Solutions Corporation

    6/20/25 4:06:54 PM ET
    $ZWS
    Industrial Machinery/Components
    Industrials
    Get the next $ZWS alert in real time by email
    11-K 1 zws123124zurn11-k.htm 11-K Document



     




    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    Washington, D.C. 20549
     
     
    FORM 11-K
     
     
    (Mark One)
    xANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the fiscal year ended December 31, 2024
    OR
     
    ¨TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from_________ to_________
    Commission file number 001-35475
     
     
     
    A.Full title of the plan and the address of the plan, if different from that of the issuer named below:
    Zurn Elkay 401(k) Plan
     
    B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:
    Zurn Elkay Water Solutions Corporation
    511 West Freshwater Way
    Milwaukee, WI 53204
     
     
     







    Contents
    Page (s)
    Report of Independent Registered Public Accounting Firm
    1
    Financial Statements
    2
    Statements of Net Assets Available for Benefits
    2
    Statement of Changes in Net Assets Available for Benefits
    3
    Notes to Financial Statements
    4
    Supplemental Schedule*
    11
    Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
    11
    Index to Exhibit
    12
    Signature
    13



    * Other supplemental schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable.



    Report Of Independent
    Registered Public Accounting Firm

    Benefits Committee of Zurn Elkay Water Solutions Corporation and
    Plan Participants of Zurn Elkay 401(k) Plan
    Milwaukee, Wisconsin

    Opinion On The Financial Statements
    We have audited the accompanying statements of net assets available for benefits of Zurn Elkay 401(k) Plan (the Plan) as of December 31, 2024 and 2023, and the related statement of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.
    Basis For Opinion
    These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
    We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
    Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
    Supplemental Information
    The supplemental information in the accompanying Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.
    /s/ RubinBrown LLP
    We have served as the Plan's auditor since 2008.
    Kansas City, Missouri
    June 20, 2025


    1


    Zurn Elkay 401(k) Plan
    Statements of Net Assets Available for Benefits
    December 31,
    20242023
    Assets
    Investments at fair value:
    Mutual funds$74,494,184 $59,466,342 
    Common/collective trust14,888,922 17,419,984 
    Investment in Zurn Elkay Master Trust274,500,902 259,262,689 
    Investments at fair value363,884,008 336,149,015 
    Receivables:
    Notes receivable from participants4,420,494 4,081,894 
    Total receivables4,420,494 4,081,894 
    Net assets available for benefits$368,304,502 $340,230,909 





    The accompanying notes are an integral part of these financial statements.
    2


    Zurn Elkay 401(k) Plan
    Statement of Changes in Net Assets Available for Benefits
    For the Year Ended December 31, 2024
    Additions to net assets attributed to:
    Contributions:
    Employer$4,619,277 
    Participants14,074,797 
    Rollovers2,705,809 
    Total contributions21,399,883 
    Deductions from net assets attributed to:
    Benefits paid to participants38,867,463 
    Administrative fees474,057 
    Total deductions39,341,520 
    Investment income:
    Interest and dividends1,218,745 
    Net change in fair value of investments11,677,203 
    Investment income - Zurn Elkay Master Trust32,819,528 
    Investment income45,715,476 
    Interest income on notes receivable from participants299,754 
    Net increase in net assets available for benefits28,073,593 
    Net assets available for benefits - beginning of year340,230,909 
    Net assets available for benefits - end of year$368,304,502 





    The accompanying notes are an integral part of these financial statements.


    3

    Zurn Elkay 401(k) Plan
    Notes to Financial Statements
    December 31, 2024 and 2023


    1.    Description of the Plan
        The following description of the Zurn Elkay 401(k) Plan (the "Plan") provides only general information. Participants should refer to the Plan Document for more complete information.
    General
        The Plan is a defined contribution deferral savings plan administered by the Zurn Elkay Water Solutions Corporation Benefits Committee and covers substantially all nonunion employees and a portion of union employees of the Company and its affiliates as defined in the Plan Document.
        The Plan is primarily intended to assist employees in supplementing their retirement income by providing a tax-deferred savings vehicle. A participant is eligible to participate in the Plan after 30 days of service. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan’s trustee and record keeper is Principal Financial Services, Inc. (the "Trustee" or "Principal").
    Contributions
        Participants may elect to defer from 1% to 75% of their annual compensation to the Plan limited to the maximum contribution amount as defined by the Internal Revenue Service ("IRS"). As permitted by Section 401(k) of the Internal Revenue Code ("IRC"), the amounts contributed are not taxable until paid out by the Plan. Participants who have attained age 50 before the close of the Plan year may make catch up contributions to the Plan. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans ("rollover").
        Participants may elect to defer from 1% to 75% of their annual compensation as a Roth 401(k) contribution to the Plan, limited to the maximum contribution amount as defined by the IRS. Participants making Roth 401(k) contributions who have attained the age of 50 are also eligible to make catch-up Roth 401(k) contributions to the Plan. Participants may also contribute amounts representing distributions from other qualified Roth 401(k) plans. A participant's compensation associated with a Roth 401(k) contribution is subjected to federal income taxes in the year of contribution, but the contribution and, in most cases, the earnings on the contribution are not subject to federal income taxes when distributed in accordance with IRS requirements.
        All employees that become eligible for the Plan are subject to automatic enrollment. The salary deferral rate at automatic enrollment is set at a 8% pre-tax contribution rate with an auto-escalation feature that increases contributions 1% annually on July 1 of each year until the contribution percentage reaches 10%. An employee can change the deferral rate made through automatic enrollment by electing a different percentage, and they can affirmatively elect not to participate in the Plan or can elect to contribute on an after-tax Roth 401(k) basis. Participants may, at any time, change their contribution percentage or suspend any future deductions from their pay. The auto-escalation feature is available to all participants, even if they were not automatically enrolled. The automatic salary deferral will be invested in a fund allocation based on the employee’s age, unless otherwise directed by the employee.
        The Company matches employee contributions at 50% of the first 8% of eligible wages. Catch-up contributions are not matched by the Company. Participants’ contributions and Company matching contributions are deposited into participant accounts. The Company matching contributions shall be allocated on a calendar quarter basis in the form of Company stock.
    Vesting
        Participants are immediately vested in their contributions plus actual earnings thereon. The value of Company contributions vests at the earlier to occur of disability, death, attainment of age 65, or three years of service, with some exceptions for certain merged plans. If a participant terminates employment before becoming vested, the value of Company contributions to their account is forfeited. 
    Participant Accounts
        Individual accounts are maintained for each Plan participant. Each participant’s account is credited with the participant’s contributions, allocations of Company matching contributions, and Plan earnings, and charged with withdrawals and an allocation of Plan losses and administrative expenses. Allocations are based on participant compensation or account balances, as defined in the Plan. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s vested account.
    Investment Options
    4


    Notes to Financial Statements (continued)
        Upon enrollment in the Plan, a participant may direct contributions in various investment options maintained by the Trustee. As of December 31, 2024, the Plan offers participants the option to invest their contributions in the following types of investments: mutual funds, a common/collective trust, and the Zurn Elkay Stock Fund. Participants may change their investment options with the Trustee at their discretion. Portfolio investment allocation elections by participants can be up to 100% of any investment option except the Zurn Elkay Stock Fund, which is restricted to a maximum portfolio investment allocation of 20%. All participants must comply with insider trading laws and the Company’s policies, including its insider trading policy, when making any transactions in the Zurn Elkay Stock Fund.
    Payment of Benefits
        The account balance, to the extent it is vested, will be paid upon request to participants who have retired, become disabled, or otherwise left the Company, or to the beneficiaries of deceased participants.
        Upon termination of service, death, disability or retirement, a participant may elect to receive either a lump sum amount equal to the value of the participant’s vested interest in his or her account, or annual installments up to a 15-year period.
        The Plan will distribute a participant’s entire account balance to any participant (or to such participant’s beneficiary in the case of death) who has an account balance less than $1,000 following their termination of employment or death. If the participant’s account balance is between $1,000 and $5,000 following their termination of employment or death, the Plan will automatically rollover a participant’s entire account balance to a designated third-party individual retirement plan provider. Distribution or automatic rollovers of small account balances will occur before the end of the second Plan year following the Plan year during which the participant ceases to participate in the Plan.
    Participant Hardship Withdrawals
        A participant may withdraw all or a portion of their contributions subject to certain hardship withdrawal provisions.
    Forfeited Accounts
        As of December 31, 2024 and 2023, there were approximately $53,052 and $8,203, respectively, of unallocated forfeited accounts. Forfeited accounts are used to reduce future Company contributions or administrative expenses of the Plan. During the year ended December 31, 2024, $877,957 and $1,621 of forfeitures were used to reduce Company contributions and administrative expenses, respectively. Subsequent to year end, $211,589 of forfeitures were utilized to fund contributions related to 2024.
    Notes Receivable from Participants
        Participants may borrow from their accounts up to a maximum of $50,000 or 50% of their vested account balance, whichever is less. The loans are secured by the balance in the participant’s account and bear interest at rates commensurate with local prevailing rates at the time funds are borrowed as determined quarterly by the Plan Administrator. At December 31, 2024, outstanding loans bore interest at rates ranging from 4.25% to 9.5%. Principal and interest are paid ratably through payroll deductions, with maturity dates through August 2039.
    Administrative Expenses
        Plan administrative expenses are paid by the Company or the Plan, at the Company’s discretion. Administrative expenses paid from Plan assets totaled $474,057 for the year ended December 31, 2024.
    Plan Termination
        Although it has not expressed any intention to do so, the Company has the right to terminate the Plan, subject to the provisions set forth in ERISA. If the Plan is terminated, Plan assets will be distributed to the participants based on the individual participant’s interest in the Plan. In the event the Plan is terminated, all participants at the time of termination, would become 100% vested in their accounts.
    2.    Summary of Significant Accounting Policies
    Basis of Accounting
        The accompanying financial statements have been prepared on the accrual basis of accounting.
    Estimates and Assumptions
    5


    Notes to Financial Statements (continued)
        The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of additions to and deductions from net assets during the reporting period. Actual results could differ from those estimates.
    Payment of Benefits
        Benefit payments to participants are recorded when paid.
    Valuation of Investments and Income Recognition
        The Plan’s investments are stated at fair value. In addition, the Plan holds investments in the Zurn Elkay Master Trust (the "Master Trust") which are held in custody at Principal Trust Company and are recorded at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. See Note 4 for discussion of fair value measurements for assets held in the Plan and Master Trust.
        Investment income is recorded as earned on the accrual basis. Purchases and sales of securities are recorded on a trade-date basis. Dividends are recorded on the ex-dividend date. Net change in fair value of investments represents the difference between the aggregate fair value of investments at the end of the year and the values at the beginning of the year, and includes any realized gains and losses and unrealized appreciation or depreciation on those investments.
        Certain management fees and operating expenses charged to the Plan for investments are deducted from income earned on a daily basis and are not separately reflected. Consequently, these management fees and operating expenses are reflected as a reduction of net change in the fair value of investments on the Statement of Changes in Net Assets Available for Benefits.
    Notes Receivable from Participants
        Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable from participants are recorded as a distribution in accordance with the terms of the Plan Document.
    Risks and Uncertainties
        The Plan invests in various investment securities. Investments, in general, are exposed to various risks, such as interest rate changes, credit risks and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the value of investments will occur in the near term and that such change could materially affect participants’ account balances and the amounts reported in the financial statements.
    Contributions Receivable And Credit Loss Policy
    Amounts due for contributions are stated at the amount management expects to collect from outstanding balances less an allowance for expected credit losses. The expected credit losses amount reflects management's best estimate of amounts that will not be collected. This assessment considers historical experience, current conditions and, when appropriate, reasonable and supportable forecasts.
    There is no Employer contribution receivable balance as of December 31, 2024; therefore, there is no allowance for current expected credit loss. No allowance for credit losses was necessary at December 31, 2023.
    3.    Investment in Zurn Elkay Master Trust
    A portion of the Plan's investments are in the Master Trust, which was established effective January 1, 2023 for the investment of assets of the Plan and another Company-sponsored retirement plan. Each plan is a sub-account under the Master Trust. The Plan may invest in any or all of the investments in the Master Trust. Financial information relating to the investments in the Master Trust is included in the financial statements and is based on information provided by the Trustee.
    Investment income (loss) and administrative expenses relating to the Master Trust are allocated to the individual plans based upon units of participation held by each plan. Administrative and investment management expenses are paid from the Master Trust and are allocated to the Plan as a reduction of investment income (loss).
    The following table presents the net assets of the Master Trust at December 31, 2024 and December 31, 2023:
    6


    Notes to Financial Statements (continued)
    20242023
    Master TrustPlan's Interest in Master TrustMaster TrustPlan's Interest in Master Trust
    Assets
    Investments
    Mutual funds$268,240,659 $254,215,724 $259,513,165 $244,845,345 
    Common stock15,859,699 15,859,699 10,202,358 10,187,055 
    Common/collective trust5,077,121 4,425,479 4,601,367 4,062,530 
    Total Investments289,177,479 274,500,902 274,316,890 259,094,930 
    Cash— — 168,011 167,759 
    Total Assets289,177,479 274,500,902 274,484,901 259,262,689 
    Net Assets Available For Benefits$289,177,479 $274,500,902 $274,484,901 $259,262,689 
    During the year ended December 31, 2024, changes in the Master Trust investments were as follows:
    2024
    Investment Income
    Net change in fair value of investments$32,693,183 
    Interest and dividend income126,345 
    Net Investment Income$32,819,528 
    4.    Fair Value Measurements
         Accounting Standards Codification 820, Fair Value Measurements and Disclosures ("ASC 820"), defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. ASC 820 also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed assumptions about the assumptions a market participant would use.
    In accordance with ASC 820, fair value measurements are classified under the following hierarchy:
    Level 1    Quoted prices for identical instruments in active markets.
    Level 2    Quoted prices for similar instruments; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable.
    Level 3    Model-derived valuations in which one or more inputs or value-drivers are both significant to the fair value measurement and unobservable.
        If applicable, the Plan and Master Trust use quoted market prices in active markets to determine fair value, and therefore classifies such measurements within Level 1. Where market prices are not available, the Plan and Master Trust make use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters. These measurements are classified within Level 3 if they use significant unobservable inputs.
        A description of the valuation methodologies used for assets measured at fair value is as follows:
    •Mutual funds - Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan and Master Trust are open-end mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value ("NAV") and to transact at that price. The mutual funds held by the Plan and Master Trust are deemed to be actively traded.
    •Common stock - Valued at the closing price reported on the active market on which the individual securities are traded.
    7


    Notes to Financial Statements (continued)
    •Common/collective trust - Valued at the NAV of units of the common/collective trust. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. This practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV. Participant transactions (purchases and sales) may occur daily. Were the Plan to initiate a full redemption of the common/collective trust fund, the investment advisor reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. A full redemption of the Plan and Master Trust's interest in the Galliard Stable Return Fund N requires a 12-month notice period. The common/collective trust held by the Plan and Master Trust files an annual return on Form 5500 as a direct filing entity.
        The methods described above may produce fair value calculations that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan and Master Trust believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.
        There have been no changes to the methodologies used at December 31, 2024 or 2023.
        The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2024:
    Level 1Level 2Level 3Total
    Mutual funds$74,494,184 $— $— $74,494,184 
    Common/collective trust (a)14,888,922 
    $89,383,106 
        The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2023:
    Level 1Level 2Level 3Total
    Mutual funds$59,466,342 $— $— $59,466,342 
    Common/collective trust (a)17,419,984 
    $76,886,326 
    (a)    Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statements of net assets available for benefits.
    8


    Notes to Financial Statements (continued)
    The following table sets forth by level, within the fair value hierarchy, the Master Trust’s assets at fair value as of December 31, 2024:
    Level 1Level 2Level 3Total
    Mutual funds$268,240,659 $— $— $268,240,659 
    Common stock15,859,699 — — 15,859,699 
    Total Assets at Fair Value$284,100,358 $— $— 284,100,358 
    Common/collective trust (a)5,077,121 
    $289,177,479 
        The following table sets forth by level, within the fair value hierarchy, the Master Trust’s assets at fair value as of December 31, 2023:
    Level 1Level 2Level 3Total
    Mutual funds$259,513,165 $— $— $259,513,165 
    Common stock10,202,358 — — 10,202,358 
    Total Assets at Fair Value$269,715,523 $— $— 269,715,523 
    Common/collective trust (a)4,601,367 
    $274,316,890 
    (a)    Certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in Note 3, Investments in Zurn Elkay Master Trust.
    5.    Related Party Transactions and Party In Interest Transactions
        At December 31, 2024 and 2023, Plan investments included common stock of Zurn Elkay Water Solutions Corporation. The fair value of these shares was $15,859,699 and $10,187,055 at December 31, 2024 and 2023, respectively. These transactions qualify as party in interest transactions but are exempt from the prohibited transactions regulations under ERISA.
    Certain employees have outstanding loans with the Plan as of December 31, 2024 and 2023. These loans qualify as exempt party in interest transactions allowable under ERISA.
    6.    Income Tax Status
        The IRS has determined and informed the Company by a letter dated October 14, 2014 that the Plan, as then designed, and the related trust satisfy the applicable provisions of the IRC. The Plan has been amended since the date of the opinion letter; however, the Company and the Plan Administrator believe that the Plan and related trust are currently designed and being operated in compliance with the applicable requirements of the IRC and therefore no provision for income taxes has been included in the Plan financial statements.
        The Plan's management has reviewed the Plan's tax exempt status and analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2024 and 2023, there are no uncertain tax positions taken or expected to be taken that would require recognition or disclosure in the financial statements during the years ended December 31, 2024 and 2023, respectively. There are currently no audits specific to the Plan for any tax periods in progress from any taxing authorities.
    9


    Notes to Financial Statements (continued)
    7.    Reconciliation of Financial Statements to Form 5500
        The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 for the years ended December 31, 2024 and 2023:
    20242023
    Net assets available for benefits per the financial statements$368,304,502 $340,230,909 
    Fair value adjustment for common/collective trust(717,487)(793,133)
    Adjustment for employee contribution receivable360 — 
    Adjustment for deemed distributed loans(192,505)(279,303)
    Net assets available for benefits per Form 5500$367,394,870 $339,158,473 
        The following is a reconciliation of the increase in net assets per the financial statements to Form 5500 for the year ended December 31, 2024:
    2024
    Increase in net assets available for benefits per the financial statements$28,073,593 
    Adjustment for net change in deemed distributed loans86,798 
    Fair value adjustment for common/collective trust75,646 
    Adjustment for employee contribution receivable360 
    Net income per Form 5500$28,236,397 
    10


    Zurn Elkay 401(k) Plan
    EIN: 04-3722228 PLAN NUMBER: 006
    Schedule H, Line 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
    December 31, 2024
    Identity Of Issuer, Borrower, Current
    Lessor Or Similar PartyDescription Of InvestmentSharesCost** Value
    Columbia Small Cap Value II FundMutual Fund205,197$3,116,949
    DFA Commodity StrategyMutual Fund1,0804,836 
    DFA Global Real Estate SecuritiesMutual Fund57,797583,753 
    EuroPacific Growth FundMutual Fund32,0171,719,971 
    Fidelity Emerging MarketsMutual Fund12,087460,289 
    Fidelity Inflation Protected BondMutual Fund3002,662 
    Fidelity International Bond IndexMutual Fund4223,926 
    Fidelity Short-Term Bond Index FundMutual Fund3933,873 
    Fidelity Small Cap Growth K6 FundMutual Fund230,5734,108,809 
    Fidelity Total Market IndexMutual Fund4,121664,591 
    Galliard Stable Return FundCommon/Collective Trust234,48214,171,435 
    Pear Tree Polaris Foreign Value FundMutual Fund34,212361,276 
    PGIM High Yield FundMutual Fund557,5012,659,280 
    PGIM Total Return Bond FundMutual Fund131,1471,552,784 
    PIMCO CommodityRealReturn Strategy FundMutual Fund28,308372,247 
    T Rowe Price Blue Chip Growth Fund IncMutual Fund93,74817,567,432 
    T Rowe Price International Discovery FundMutual Fund13,030819,701 
    Vanguard Equity Income FundMutual Fund92,4538,151,569 
    Vanguard Extended Market Index FundMutual Fund30,8334,442,358 
    Vanguard High Yield Corporate FundMutual Fund4852,628 
    Vanguard Institutional Index FundMutual Fund47,45022,723,926 
    Vanguard Total Bond Market IndexMutual Fund3,65334,633 
    Vanguard Total Bond Market Index FundMutual Fund256,2242,429,008 
    Vanguard Total International StockMutual Fund2,484314,737 
    Vanguard Total International Stock Index FundMutual Fund18,8842,392,946 
    88,665,619 
    *Participant Notes Receivable
    Participant notes receivable with interest rates between 4.25% and 9.5% and with maturity dates through August 2039
    4,227,989 
    $92,893,608 
    *Represents a party in interest as defined by ERISA.
    **Cost information was omitted for Plan assets that are participant directed.
    The above information is a required disclosure for Form 5500, Schedule H, Part IV, line 4i.

        
    11




    Zurn Elkay Water Solutions Corporation
    Exhibit List to Form 11-K
    Exhibit No.Description
    23.1
    Consent of Independent Registered Public Accounting Firm


    12




    SIGNATURE

        Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees of the Zurn Elkay 401(k) Plan (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
    Zurn Elkay 401(k) Plan
    By:/s/  Danielle Moritz
    Name: Danielle Moritz
    Title:Director of Compensation & Benefits

    Date: June 20, 2025

    13
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    Recent Analyst Ratings for
    $ZWS

    DatePrice TargetRatingAnalyst
    4/16/2025$34.00Hold → Buy
    Stifel
    4/9/2025$29.00Outperform → Neutral
    Exane BNP Paribas
    3/12/2024$40.00Outperform
    Exane BNP Paribas
    2/9/2024$34.00Buy → Neutral
    Mizuho
    12/19/2023$31.00Buy → Hold
    Stifel
    12/13/2023Overweight → Sector Weight
    KeyBanc Capital Markets
    10/9/2023$31.00 → $29.00Buy → Neutral
    Goldman
    6/29/2023$30.00Buy
    Deutsche Bank
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    $ZWS
    Press Releases

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    • Erie's Public Schools and Zurn Elkay Water Solutions Announce Donation for Cleaner, Healthier, Safer Drinking Water

      This summer Erie's Public Schools (EPS) will install 50 donated Elkay filtered bottle filling stations in nine elementary schools and convert all faucets at the district's Culinary Center, ensuring cleaner, healthier, safer drinking water. Donated Elkay filters are tested and certified to reduce lead, PFAS, microplastics and other harmful contaminants. Donation is part of Zurn Elkay's yearlong celebration of the 125th anniversary of the company's founding in Erie, home to 160 associates and three manufacturing and R&D facilities. Zurn Elkay Water Solutions Corporation (NYSE:ZWS) and Erie's Public Schools (EPS) today announced the donation of 50 Elkay filtered bottle filling stations

      5/22/25 5:14:00 PM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • Zurn Elkay Water Solutions Declares Quarterly Cash Dividend

      Zurn Elkay Water Solutions Corporation (NYSE:ZWS) announced today that its Board of Directors declared a quarterly common stock dividend of $0.09 per share. The dividend is payable in cash on June 6, 2025 to stockholders of record as of May 20, 2025. About Zurn Elkay Water Solutions Named one of America's Most Responsible Companies and one of America's Greenest Companies by Newsweek and one of the World's Best Companies for Sustainable Growth by TIME, Zurn Elkay Water Solutions is headquartered in Milwaukee, WI, and is a growth-oriented, pure-play water management business that designs, procures, manufactures and markets what we believe to be the broadest sustainable product portfolio of

      5/1/25 12:24:00 PM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • USA TODAY Names Zurn Elkay Water Solutions One of America's Climate Leaders

      Zurn Elkay ranked No. 55 on the list of 500, No. 3 in the Capital Goods Sector and No. 1 among Wisconsin-based companies Zurn Elkay Water Solutions Corporation (NYSE:ZWS) was named one of America's Climate Leaders 2025 by USA TODAY and Statista. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250423663545/en/Zurn Elkay ranked No. 55 of 500 companies on USA TODAY's list of America's Climate Leaders, No. 3 in the Capital Goods Sector and No. 1 among those based in Wisconsin. The ranking highlights the U.S.-based companies that have reduced their greenhouse gas (GHG) emissions intensity the most between 2021 and 2023, as measured

      4/23/25 4:15:00 PM ET
      $ZWS
      Industrial Machinery/Components
      Industrials

    $ZWS
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

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    • Chief Administrative Officer Peterson Mark W sold $261,170 worth of shares (7,000 units at $37.31), decreasing direct ownership by 2% to 382,618 units (SEC Form 4)

      4 - Zurn Elkay Water Solutions Corp (0001439288) (Issuer)

      5/14/25 4:45:19 PM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • VP-Zurn Business Systems Chhabra Sudhanshu sold $964,002 worth of shares (25,921 units at $37.19) and exercised 25,921 shares at a strike of $9.69 (SEC Form 4)

      4 - Zurn Elkay Water Solutions Corp (0001439288) (Issuer)

      5/14/25 4:45:09 PM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • Chief Financial Officer Pauli David J exercised 4,068 shares at a strike of $12.67 and sold $100,420 worth of shares (2,706 units at $37.11), increasing direct ownership by 2% to 60,772 units (SEC Form 4)

      4 - Zurn Elkay Water Solutions Corp (0001439288) (Issuer)

      5/14/25 4:44:57 PM ET
      $ZWS
      Industrial Machinery/Components
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    $ZWS
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Zurn Elkay Water Solutions upgraded by Stifel with a new price target

      Stifel upgraded Zurn Elkay Water Solutions from Hold to Buy and set a new price target of $34.00

      4/16/25 9:04:01 AM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • Zurn Elkay Water Solutions downgraded by Exane BNP Paribas with a new price target

      Exane BNP Paribas downgraded Zurn Elkay Water Solutions from Outperform to Neutral and set a new price target of $29.00

      4/9/25 8:08:47 AM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • Exane BNP Paribas initiated coverage on Zurn Elkay Water Solutions with a new price target

      Exane BNP Paribas initiated coverage of Zurn Elkay Water Solutions with a rating of Outperform and set a new price target of $40.00

      3/12/24 7:37:08 AM ET
      $ZWS
      Industrial Machinery/Components
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    $ZWS
    SEC Filings

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    • SEC Form 11-K filed by Zurn Elkay Water Solutions Corporation

      11-K - Zurn Elkay Water Solutions Corp (0001439288) (Filer)

      6/20/25 4:06:54 PM ET
      $ZWS
      Industrial Machinery/Components
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    • SEC Form SD filed by Zurn Elkay Water Solutions Corporation

      SD - Zurn Elkay Water Solutions Corp (0001439288) (Filer)

      5/30/25 4:23:25 PM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • SEC Form S-8 filed by Zurn Elkay Water Solutions Corporation

      S-8 - Zurn Elkay Water Solutions Corp (0001439288) (Filer)

      5/2/25 4:52:06 PM ET
      $ZWS
      Industrial Machinery/Components
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    Leadership Updates

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    • Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

      NEW YORK, Sept. 6, 2024 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, September 23, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from

      9/6/24 6:43:00 PM ET
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      Air Freight/Delivery Services
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    $ZWS
    Financials

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    • Zurn Elkay Water Solutions Declares Quarterly Cash Dividend

      Zurn Elkay Water Solutions Corporation (NYSE:ZWS) announced today that its Board of Directors declared a quarterly common stock dividend of $0.09 per share. The dividend is payable in cash on June 6, 2025 to stockholders of record as of May 20, 2025. About Zurn Elkay Water Solutions Named one of America's Most Responsible Companies and one of America's Greenest Companies by Newsweek and one of the World's Best Companies for Sustainable Growth by TIME, Zurn Elkay Water Solutions is headquartered in Milwaukee, WI, and is a growth-oriented, pure-play water management business that designs, procures, manufactures and markets what we believe to be the broadest sustainable product portfolio of

      5/1/25 12:24:00 PM ET
      $ZWS
      Industrial Machinery/Components
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    • Zurn Elkay Water Solutions Reports First Quarter 2025 Financial Results

      Investor call scheduled for Wednesday, April 23, 2025 at 8:30 a.m. Eastern Time (USA) - Zurn Elkay Water Solutions Corporation (NYSE:ZWS) First Quarter Highlights Net sales in the quarter were $389 million compared with $374 million in last year's March quarter (+5% core sales(1), exchange rates reduced net sales by 1%). Net income from continuing operations was $41 million (diluted EPS from continuing operations of $0.24) compared with net income from continuing operations of $34 million (diluted EPS from continuing operations of $0.19) in the year-ago quarter. Adjusted EPS(1) was $0.31 compared with $0.29 in the year-ago quarter. Adjusted EBITDA(1) was $98 million (25.2% of net

      4/22/25 4:10:00 PM ET
      $ZWS
      Industrial Machinery/Components
      Industrials
    • Zurn Elkay Water Solutions Schedules First Quarter 2025 Earnings Release and Investor Conference Call

      Zurn Elkay Water Solutions Corporation (NYSE:ZWS) will hold a conference call and webcast presentation on Wednesday, April 23, 2025, at 7:30 a.m. Central Time to discuss its first quarter 2025 financial results, provide a general business update and respond to investor questions. Zurn Elkay Water Solutions Chairman and CEO, Todd Adams, and CFO, Dave Pauli, will co-host the call and webcast. The Zurn Elkay earnings release for the first quarter ended March 31, 2025, will be released after market close on Tuesday, April 22, 2025. The April 23 investor conference call can be accessed as follows: Domestic toll-free #: 800-715-9871 International toll #: 646-307-1963 Access Code: 6071902 A li

      4/9/25 4:05:00 PM ET
      $ZWS
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    $ZWS
    Large Ownership Changes

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    • Amendment: SEC Form SC 13G/A filed by Zurn Elkay Water Solutions Corporation

      SC 13G/A - Zurn Elkay Water Solutions Corp (0001439288) (Subject)

      11/12/24 5:48:45 PM ET
      $ZWS
      Industrial Machinery/Components
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    • Amendment: SEC Form SC 13G/A filed by Zurn Elkay Water Solutions Corporation

      SC 13G/A - Zurn Elkay Water Solutions Corp (0001439288) (Subject)

      11/4/24 2:13:18 PM ET
      $ZWS
      Industrial Machinery/Components
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    • SEC Form SC 13G filed by Zurn Elkay Water Solutions Corporation

      SC 13G - Zurn Elkay Water Solutions Corp (0001439288) (Subject)

      10/2/24 4:28:03 PM ET
      $ZWS
      Industrial Machinery/Components
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