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v3.25.4

SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Financial Information by Reportable Business Segment | Financial information by reportable business segment is included in the following summary:
2025 | Water Systems |  | Distribution |  | Energy Systems |  | Total
(In millions)
External sales | $ | 1,131.6 |  |  | $ | 700.7 |  |  | $ | 299.0 |  |  | $ | 2,131.3 |
Intersegment sales | 124.8 |  |  | — |  |  | — |  |  | 124.8 |
| $ | 1,256.4 |  |  | $ | 700.7 |  |  | $ | 299.0 |  |  | $ | 2,256.1 |
Elimination of intersegment sales |  |  |  |  |  |  | $ | (124.8) |
Total consolidated sales |  |  |  |  |  |  | $ | 2,131.3 |
Cost of sales | $ | 830.1 |  |  | $ | 511.2 |  |  | $ | 156.6 |  |  |
Selling, general and administrative expenses | 218.7 |  |  | 149.4 |  |  | 43.3 |  |  |
Restructuring expense | 0.4 |  |  | 0.3 |  |  | — |  |  |
Segment operating income | $ | 207.2 |  |  | $ | 39.8 |  |  | $ | 99.1 |  |  | $ | 346.1 |
Reconciliation of segment operating income to income before income taxes |  |  |  |  |  |  |
Deferred intersegment loss |  |  |  |  |  |  | $ | (2.4) |
Corporate general and administrative expenses |  |  |  |  |  |  | (74.8) |
Interest expense |  |  |  |  |  |  | (10.6) |
Other income, net |  |  |  |  |  |  | 0.6 |
Foreign exchange expense |  |  |  |  |  |  | (9.3) |
Pension settlement loss |  |  |  |  |  |  | (54.9) |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 194.7 |
2024 | Water Systems |  | Distribution |  | Energy Systems |  | Total
(In millions)
External sales | $ | 1,062.1 |  |  | $ | 685.5 |  |  | $ | 273.7 |  |  | $ | 2,021.3 |
Intersegment sales | 121.9 |  |  | — |  |  | — |  |  | 121.9 |
| $ | 1,184.0 |  |  | $ | 685.5 |  |  | $ | 273.7 |  |  | $ | 2,143.2 |
Elimination of intersegment sales |  |  |  |  |  |  | $ | (121.9) |
Total consolidated sales |  |  |  |  |  |  | $ | 2,021.3 |
Cost of sales | $ | 782.0 |  |  | $ | 505.9 |  |  | $ | 137.6 |  |  |
Selling, general and administrative expenses | 201.7 |  |  | 154.6 |  |  | 42.1 |  |  |
Restructuring expense | 2.4 |  |  | 0.7 |  |  | 0.4 |  |  |
Segment operating income | $ | 197.9 |  |  | $ | 24.3 |  |  | $ | 93.6 |  |  | $ | 315.8 |
Reconciliation of segment operating income to income before income taxes |  |  |  |  |  |  |
Deferred intersegment loss |  |  |  |  |  |  | $ | (0.5) |
Corporate general and administrative expenses |  |  |  |  |  |  | (71.7) |
Interest expense |  |  |  |  |  |  | (6.3) |
Other income, net |  |  |  |  |  |  | 1.3 |
Foreign exchange expense |  |  |  |  |  |  | (6.8) |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 231.8 |
2023 | Water Systems |  | Distribution |  | Energy Systems |  | Consolidated
(In millions)
External sales | $ | 1,095.3 |  |  | $ | 673.3 |  |  | $ | 296.5 |  |  | $ | 2,065.1 |
Intersegment sales | 108.4 |  |  | — |  |  | — |  |  | 108.4 |
| $ | 1,203.7 |  |  | $ | 673.3 |  |  | $ | 296.5 |  |  | $ | 2,173.5 |
Elimination of intersegment sales |  |  |  |  |  |  | $ | (108.4) |
Total consolidated sales |  |  |  |  |  |  | $ | 2,065.1 |
Cost of sales | $ | 819.3 |  |  | 497.4 |  | $ | 162.0 |  |  |
Selling, general and administrative expenses | 187.3 |  |  | 141.6 |  |  | 41.2 |  |  |
Restructuring expense | 0.5 |  |  | — |  |  | 0.6 |  |  |
Segment operating income | $ | 196.6 |  |  | $ | 34.3 |  |  | $ | 92.7 |  |  | $ | 323.6 |
Reconciliation of segment operating income to income before income taxes |  |  |  |  |  |  |
Deferred intersegment profit |  |  |  |  |  |  | $ | 2.2 |
Corporate general and administrative expenses |  |  |  |  |  |  | (63.4) |
Interest expense |  |  |  |  |  |  | (11.8) |
Other income, net |  |  |  |  |  |  | 3.7 |
Foreign exchange expense |  |  |  |  |  |  | (12.1) |
Consolidated income before income taxes |  |  |  |  |  |  | $ | 242.2 |
(In millions) | 2025 |  | 2024 |  | 2023
Depreciation and amortization |  |  |  |  |
Water Systems | $ | 45.8 |  |  | $ | 39.0 |  |  | $ | 36.9 |
Distribution | 9.3 |  | 9.6 |  | 7.6
Energy Systems | 4.3 |  | 4.3 |  | 4.2
Total segment depreciation and amortization | $ | 59.4 |  |  | $ | 52.9 |  |  | $ | 48.7 |
Corporate | 3.5 |  | 3.2 |  | 3.6
Total depreciation and amortization | $ | 62.9 |  |  | $ | 56.1 |  |  | $ | 52.3 |
Capital Expenditures |  |  |  |  |
Water Systems | $ | 32.7 |  |  | $ | 27.8 |  |  | $ | 28.6 |
Distribution | 6.2 |  | 9.3 |  | 9.3
Energy Systems | 2.6 |  | 2.3 |  | 3.0
Total segment capital expenditure | $ | 41.5 |  |  | $ | 39.4 |  |  | $ | 40.9 |
Corporate | 3.5 |  | 1.8 |  | 2.3
Total capital expenditure | $ | 45.0 |  |  | $ | 41.2 |  |  | $ | 43.2 |
Assets |  |  |  |  |
Water Systems | $ | 1,235.0 |  |  | $ | 998.8 |  |  | $ | 1,044.4 |
Distribution | 367.2 |  | 358.9 |  | 365.6
Energy Systems | 259.5 |  | 250.4 |  | 256.4
Total segment assets | $ | 1,861.7 |  |  | $ | 1,608.1 |  |  | $ | 1,666.4 |
Corporate | 82.7 |  | 212.5 |  | 61.7
Total assets | $ | 1,944.4 |  |  | $ | 1,820.6 |  |  | $ | 1,728.1 |
Schedule of Financial Information by Geographic Region | Financial information by geographic region is as follows:
| Net sales |  | Long-lived assets
(In millions) | 2025 |  | 2024 |  | 2023 |  | 2025 |  | 2024 |  | 2023
United States | $ | 1,446.5 |  |  | $ | 1,400.4 |  |  | $ | 1,441.6 |  |  | $ | 610.3 |  |  | $ | 626.6 |  |  | $ | 625.3 |
Foreign | 684.8 |  |  | 620.9 |  |  | 623.5 |  |  | 368.9 |  |  | 221.6 |  |  | 240.3 |
Consolidated | $ | 2,131.3 |  |  | $ | 2,021.3 |  |  | $ | 2,065.1 |  |  | $ | 979.2 |  |  | $ | 848.2 |  |  | $ | 865.6 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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