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SEGMENT AND GEOGRAPHIC INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company’s business consists of the Water Systems, Distribution, and Energy Systems reportable segments, based on the principal end market served. The Company includes unallocated corporate expenses and intercompany eliminations that are not part of a reportable segment in its reconciliations to consolidated results.

The accounting policies of the operating segments are the same as those described in Note 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. Revenue is recognized based on the invoice price at the point in time when the customer obtains control of the product, which is typically upon shipment to the customer. The Water Systems and Energy Systems segments include manufacturing operations and supply certain components and finished goods, both between segments and to the Distribution segment. The Company reports these product transfers between Water Systems and Energy Systems as inventory transfers as a significant number of the Company's manufacturing facilities are shared across segments for scale and efficiency purposes. The Company reports intersegment transfers from Water Systems to Distribution as intersegment revenue at market prices to properly reflect the commercial arrangement of vendor to customer that exists between the Water Systems and Distribution segments.

The Company's chief operating decision maker is its Chief Executive Officer. Performance is evaluated based on the sales and operating income of the segments. Operating income and margin are used to evaluate income generated from segment assets in deciding whether to reinvest profits into each segment or other parts of the entity. Operating income is also used to monitor budget versus actual results for purposes of determining portions of management compensation and for benchmarking against similar measures used by peers and competitors. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented as corporate expenses are not allocated to segments. Interest expense, other income (expense), net, foreign exchange expense, net, and income tax expense are also not allocated to each segment.
The following tables summarize reportable business segment information with a reconciliation to our condensed consolidated results for the periods presented:
Third Quarter Ended September 30, 2025Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$304.4 $197.3 $80.0 $581.7 
Intersegment sales32.2 — — 32.2 
$336.6 $197.3 $80.0 $613.9 
Elimination of intersegment sales$(32.2)
Total consolidated sales$581.7 
Cost of sales$220.1 $142.6 $43.5 
Selling, general and administrative expenses56.2 38.4 11.1 
Restructuring expense0.1 — — 
Segment operating income$60.2 $16.3 $25.4 $101.9 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit$1.1 
Corporate general and administrative expenses(17.8)
Interest expense(3.5)
Other income (expense), net(0.2)
Foreign exchange expense, net(2.7)
Pension settlement loss(55.3)
Consolidated income before income taxes$23.5 
Third Quarter Ended September 30, 2024Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$270.9 $190.8 $69.7 $531.4 
Intersegment sales31.3 — — 31.3 
$302.2 $190.8 $69.7 $562.7 
Elimination of intersegment sales$(31.3)
Total consolidated sales$531.4 
Cost of sales$200.1 $139.9 $35.1 
Selling, general and administrative expenses49.2 38.7 10.5 
Restructuring expense0.1 — — 
Segment operating income$52.8 $12.2 $24.1 $89.1 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit$2.1 
Corporate general and administrative expenses(17.6)
Interest expense(1.6)
Other income (expense), net(0.2)
Foreign exchange income, net0.1 
Pension settlement loss— 
Consolidated income before income taxes$71.9 
Nine Months Ended September 30, 2025Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$861.0 $539.1 $224.3 $1,624.4 
Intersegment sales103.7 — — 103.7 
$964.7 $539.1 $224.3 $1,728.1 
Elimination of intersegment sales$(103.7)
Total consolidated sales$1,624.4 
Cost of sales$634.2 $391.4 $116.1 
Selling, general and administrative expenses164.8 112.9 31.8 
Restructuring expense0.2 0.2 — 
Segment operating income$165.5 $34.6 $76.4 $276.5 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment loss(2.0)
Corporate general and administrative expenses(57.1)
Interest expense(8.1)
Other income (expense), net0.5 
Foreign exchange expense, net(8.5)
Pension settlement loss(55.3)
Consolidated income before income taxes$146.0 
Nine Months Ended September 30, 2024Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$802.4 $528.3 $204.9 $1,535.6 
Intersegment sales102.0 — — 102.0 
$904.4 $528.3 $204.9 $1,637.6 
Elimination of intersegment sales$(102.0)
Total consolidated sales$1,535.6 
Cost of sales$591.7 $387.2 $104.0 
Selling, general and administrative expenses150.3 117.1 32.0 
Restructuring expense0.1 0.1 — 
Segment operating income$162.3 $23.9 $68.9 $255.1 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment loss(1.7)
Corporate general and administrative expenses(52.8)
Interest expense(5.0)
Other income (expense), net0.7 
Foreign exchange expense, net(5.2)
Pension settlement loss— 
Consolidated income before income taxes$191.1 
Third Quarter EndedNine Months Ended
(In millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Depreciation and amortization
Water Systems$11.9 $9.9 $33.7 $29.2 
Distribution2.3 2.3 7.0 7.1 
Energy Systems1.1 1.1 3.2 3.1 
Total segment depreciation and amortization$15.3 $13.3 $43.9 $39.4 
Corporate0.8 0.8 2.4 2.4 
Total depreciation and amortization$16.1 $14.1 $46.3 $41.8 
Capital Expenditures
Water Systems$12.4 $7.0 $22.3 $17.5 
Distribution1.5 1.8 4.6 7.9 
Energy Systems0.5 0.2 1.6 1.2 
Total segment capital expenditure$14.4 $9.0 $28.5 $26.6 
Corporate0.4 0.5 1.3 2.3 
Total capital expenditures$14.8 $9.5 $29.8 $28.9 
Assets
Water Systems$1,244.3 $1,052.1 
Distribution385.1 398.0 
Energy Systems273.1 255.6 
Total segment assets$1,902.5 $1,705.7 
Corporate94.9 101.5 
Total assets$1,997.4 $1,807.2 

Cash and property, plant and equipment are the major asset groups in “Corporate” of total assets for the quarters ended September 30, 2025 and September 30, 2024.
The following table disaggregates the Company's net sales from contracts with customers by segment:
Third Quarter EndedNine Months Ended
(In millions)September 30, 2025September 30, 2024September 30, 2025September 30, 2024
Net sales
Water Systems
External sales
United States & Canada$168.4 $152.3 $476.4 $448.0 
Latin America55.4 43.5 147.7 126.6 
Europe, Middle East & Africa57.5 53.4 164.7 161.7 
Asia Pacific23.1 21.7 72.2 66.1 
Intersegment sales
United States & Canada32.2 31.3 103.7 102.0 
Total sales336.6 302.2 964.7 904.4 
Distribution
External sales
United States & Canada197.3 190.8 539.1 528.3 
Intersegment sales— — — — 
Total sales197.3 190.8 539.1 528.3 
Energy Systems
External sales
United States & Canada61.4 55.1 173.7 160.2 
All other18.6 14.6 50.6 44.7 
Intersegment sales— — — — 
Total sales80.0 69.7 224.3 204.9 
Intersegment Eliminations/Other(32.2)(31.3)(103.7)(102.0)
Consolidated$581.7 $531.4 $1,624.4 $1,535.6