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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information Our business has four reportable segments: Water Infrastructure, Applied Water, Measurement and Control Solutions and Water Solutions and Services. The Water Infrastructure segment focuses on the transportation and treatment of water, offering a range of products including water, wastewater and storm water pumps, controls and systems; treatment equipment: filtration and separation, disinfection, wastewater solutions for municipal and industrial applications. The Applied Water segment serves many of the primary uses of water and focuses on the residential, commercial and industrial markets. The Applied Water segment's major products include pumps, valves, heat exchangers, controls and dispensing equipment. The Measurement and Control Solutions segment focuses on developing advanced technology solutions that enable intelligent use and conservation of critical water and energy resources as well as analytical instrumentation used in the testing of water. The Measurement and Control Solutions segment's major products include smart metering, networked communications, measurement and control technologies, critical infrastructure technologies, software and services including cloud-based analytics, and remote monitoring and data management. The Water Solutions and Services segment provides tailored services and solutions, in collaboration with customers and backed by life‑cycle services, including on‑demand water, outsourced water, recycle / reuse, specialty dewatering and emergency response service alternatives to improve operational reliability, performance and environmental compliance. Key offerings within this segment also include equipment systems for industrial needs (influent water, boiler feed water, ultrahigh purity, process water, wastewater treatment, and recycle / reuse), full-scale outsourcing of operations and maintenance, and municipal services, including odor and corrosion control services, as well as leak detection, condition assessment and asset management and pressure monitoring solutions. Additionally, we have Regional selling locations, which consist primarily of selling and marketing organizations and related support services, that offer products and services across our reportable segments. Corporate and other consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs, as well as charges related to certain matters, such as environmental matters, that are managed at a corporate level and are not included in the business segments in evaluating performance or allocating resources. Disaggregated asset information by segment is not provided to the chief operating decision maker ("CODM") for review, therefore, such information is not presented. The following tables contain financial information provided to the CODM for each reportable segment:
(in millions) | Water Infrastructure |  | Applied Water |  | Measurement and Control Solutions |  | Water Solutions and Services |  | Total
Balance for three months ended September 30, 2025 |  |  |  |  |  |  |  |  |
Revenue | $ | 656 |  |  | $ | 456 |  |  | $ | 522 |  |  | $ | 634 |  |  | $ | 2,268 |
Less: |  |  |  |  |  |  |  |  |
Adjusted cost of revenue (a) | 357 |  |  | 291 |  |  | 322 |  |  | 396 |  |  |
Adjusted operating expenses (a) | 154 |  |  | 76 |  |  | 110 |  |  | 111 |  |  |
Other segment items (b) | 32 |  |  | 4 |  |  | 26 |  |  | 29 |  |  |
Segment operating income | $ | 113 |  |  | $ | 85 |  |  | $ | 64 |  |  | $ | 98 |  |  | $ | 360 |
Reconciliation of segment operating income |  |  |  |  |  |  |  |  |
Corporate and other operating (loss) |  |  |  |  |  |  |  |  | (26) |
Interest expense |  |  |  |  |  |  |  |  | (6) |
Other non-operating income, net |  |  |  |  |  |  |  |  | 6 |
Loss on sale of businesses |  |  |  |  |  |  |  |  | (37) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 297 |
(in millions) | Water Infrastructure |  | Applied Water |  | Measurement and Control Solutions |  | Water Solutions and Services |  | Total
Balance for three months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Revenue | $ | 623 |  |  | $ | 447 |  |  | $ | 458 |  |  | $ | 576 |  |  | $ | 2,104 |
Less: |  |  |  |  |  |  |  |  |
Adjusted cost of revenue (a) | 360 |  |  | 291 |  |  | 278 |  |  | 375 |  |  |
Adjusted operating expenses (a) | 152 |  |  | 83 |  |  | 98 |  |  | 107 |  |  |
Other segment items (b) | 15 |  |  | 2 |  |  | 16 |  |  | 31 |  |  |
Segment operating income | $ | 96 |  |  | $ | 71 |  |  | $ | 66 |  |  | $ | 63 |  |  | $ | 296 |
Reconciliation of segment operating income |  |  |  |  |  |  |  |  |
Corporate and other operating (loss) |  |  |  |  |  |  |  |  | (16) |
Interest expense |  |  |  |  |  |  |  |  | (10) |
Other non-operating income, net |  |  |  |  |  |  |  |  | 1 |
Loss on sale of businesses |  |  |  |  |  |  |  |  | (2) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 269 |
(in millions) | Water Infrastructure |  | Applied Water |  | Measurement and Control Solutions |  | Water Solutions and Services |  | Total
Balance for nine months ended September 30, 2025 |  |  |  |  |  |  |  |  |
Revenue | $ | 1,887 |  |  | $ | 1,374 |  |  | $ | 1,552 |  |  | $ | 1,825 |  |  | $ | 6,638 |
Less: |  |  |  |  |  |  |  |  |
Adjusted cost of revenue (a) | 1,051 |  |  | 868 |  |  | 949 |  |  | 1,170 |  |  |
Adjusted operating expenses (a) | 457 |  |  | 246 |  |  | 333 |  |  | 344 |  |  |
Other segment items (b) | 83 |  |  | 19 |  |  | 82 |  |  | 91 |  |  |
Segment operating income | $ | 296 |  |  | $ | 241 |  |  | $ | 188 |  |  | $ | 220 |  |  | $ | 945 |
Reconciliation of segment operating income |  |  |  |  |  |  |  |  |
Corporate and other operating (loss) |  |  |  |  |  |  |  |  | (75) |
Interest expense |  |  |  |  |  |  |  |  | (23) |
Other non-operating income, net |  |  |  |  |  |  |  |  | 13 |
Loss on sale of businesses |  |  |  |  |  |  |  |  | (47) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 813 |
(in millions) | Water Infrastructure |  | Applied Water |  | Measurement and Control Solutions |  | Water Solutions and Services |  | Total
Balance for nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |
Revenue | $ | 1,828 |  |  | $ | 1,339 |  |  | $ | 1,402 |  |  | $ | 1,737 |  |  | $ | 6,306 |
Less: |  |  |  |  |  |  |  |  |
Adjusted cost of revenue (a) | 1,052 |  |  | 874 |  |  | 835 |  |  | 1,128 |  |  |
Adjusted operating expenses (a) | 476 |  |  | 256 |  |  | 303 |  |  | 333 |  |  |
Other segment items (b) | 66 |  |  | 6 |  |  | 49 |  |  | 116 |  |  |
Segment operating income | $ | 234 |  |  | $ | 203 |  |  | $ | 215 |  |  | $ | 160 |  |  | $ | 812 |
Reconciliation of segment operating income |  |  |  |  |  |  |  |  |
Corporate and other operating (loss) |  |  |  |  |  |  |  |  | (70) |
Interest expense |  |  |  |  |  |  |  |  | (35) |
Other non-operating income, net |  |  |  |  |  |  |  |  | 11 |
Loss on sale of businesses |  |  |  |  |  |  |  |  | (6) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 712 |
(a) Adjusted cost of revenue and adjusted operating expenses represent segment-level information that are regularly provided to the CODM. These balances represent cost of revenue and operating expenses, respectively, adjusted to exclude purchase accounting intangible amortization, restructuring and realignment expenses and special charges. (b) Other segment items for each segment represents purchase accounting intangible amortization, restructuring and realignment expenses and special charges, which are excluded from the above significant expense categories regularly provided to the CODM in line with our adjusted measures as outlined in Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report. The accounting policies of each segment are the same as those described in the "Summary of Significant Accounting Policies" section of Note 1 in the Annual Report. The following table contains financial information for each reportable segment:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and Amortization: |  |  |  |  |  |  |
Water Infrastructure | $ | 24 |  |  | $ | 25 |  |  | $ | 71 |  |  | $ | 93 |
Applied Water | 8 |  |  | 7 |  |  | 25 |  |  | 21 |
Measurement and Control Solutions | 43 |  |  | 33 |  |  | 126 |  |  | 98 |
Water Solutions and Services | 64 |  |  | 73 |  |  | 203 |  |  | 199 |
Corporate and other | 3 |  |  | 3 |  |  | 7 |  |  | 9 |
Total | $ | 142 |  |  | $ | 141 |  |  | $ | 432 |  |  | $ | 420 |
Capital Expenditures: |  |  |  |  |  |  |
Water Infrastructure | $ | 7 |  |  | $ | 7 |  |  | $ | 29 |  |  | $ | 24 |
Applied Water | 9 |  |  | 5 |  |  | 23 |  |  | 13 |
Measurement and Control Solutions | 20 |  |  | 14 |  |  | 56 |  |  | 51 |
Water Solutions and Services | 30 |  |  | 37 |  |  | 93 |  |  | 103 |
Regional selling locations (a) | 6 |  |  | 5 |  |  | 23 |  |  | 16 |
Corporate and other | 7 |  |  | 6 |  |  | 24 |  |  | 14 |
Total | $ | 79 |  |  | $ | 74 |  |  | $ | 248 |  |  | $ | 221 |
(a)Represents capital expenditures incurred by the Regional selling locations not allocated to the segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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