XML 39 R26.htm IDEA: XBRL DOCUMENT
v3.22.2.2

Segment Information | 12 Months Ended
--- | ---
Sep. 30, 2022
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | Segment Information We adopted a new management structure effective October 1, 2021 which resulted in a change to our reportable segments. Prior period information has been recast to conform to the current presentation. The recasting has no effect on our previously reported consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows. The two newly named business units and reportable segments are Water Flow Solutions and Water Management Solutions. Water Flow Solutions’ product portfolio includes iron gate valves, specialty valves and service brass products. Water Management Solutions’ product and service portfolio includes fire hydrants, repair and installation, natural gas, metering, leak detection, pressure control and software products. Segment results are not reflective of their results on a stand-alone basis. Intersegment sales and transfers are made at selling prices generally intended to cover costs. The determination of segment results excludes certain expenses designated as Corporate because they are not directly attributable to segment operations. Interest expense, loss on early extinguishment of debt and income taxes are not allocated to the segments. Corporate expenses include those costs incurred by our corporate function, such as accounting, treasury, risk management, human resources, legal, tax and other administrative functions. Corporate assets principally consist of our cash, operating lease assets, and certain real property previously owned by U.S. Pipe and Anvil. Business segment assets consist primarily of receivables, inventories, property, plant and equipment, intangible assets and other noncurrent assets. The Company has two significant customers that comprise greater than 10% of our gross sales. One customer comprised 21%, 18%, and 17% of consolidated revenues for the fiscal years ended September 30, 2022, 2021, and 2020, respectively. The Company has outstanding accounts receivable from this customer of $52.1 million and $48.1 million as of September 30, 2022 and 2021, respectively. Another customer comprised 20%, 19%, and 17% of consolidated revenues for the fiscal years ended September 30, 2022, 2021, and 2020, respectively. The Company has outstanding accounts receivable from this customer of $38.6 million and $32.1 million as of September 30, 2022 and 2021, respectively. The Company reports revenue for these customers in both reportable segments, Water Flow Sol utions and Water Management Solutions. Geographical area information is presented below.
| United States |  | Israel |  | Other |  | Total
| (in millions)
Property, plant and equipment, net: |  |  |  |  |  |  |
September 30, 2022 | $ | 284.9 |  |  | $ | 12.6 |  |  | $ | 4.1 |  |  | $ | 301.6 |
September 30, 2021 | 263.9 |  |  | 13.8 |  |  | 5.7 |  |  | 283.4 |
| Year ended
| September 30,
| 2022 |  | 2021 |  | 2020
| (in millions)
Water Flow Solutions disaggregated net revenues: |  |  |  |  |
Central | $ | 190.9 |  |  | $ | 155.1 |  |  | $ | 133.6 |
Northeast | 125.3 |  |  | 110.4 |  |  | 95.1 |
Southeast | 154.3 |  |  | 125.7 |  |  | 108.3 |
West | 182.8 |  |  | 172.4 |  |  | 148.5 |
United States | $ | 653.3 |  |  | $ | 563.6 |  |  | $ | 485.5 |
Canada | 55.0 |  |  | 45.7 |  |  | 39.4 |
Other international locations | 5.8 |  |  | 8.5 |  |  | 7.3 |
| $ | 714.1 |  |  | $ | 617.8 |  |  | $ | 532.2 |
Water Management Solutions disaggregated net revenues: |  |  |  |  |
Central | $ | 142.9 |  |  | $ | 125.6 |  |  | $ | 107.3 |
Northeast | 115.1 |  |  | 100.2 |  |  | 112.1 |
Southeast | 109.4 |  |  | 106.5 |  |  | 76.3 |
West | 102.9 |  |  | 99.1 |  |  | 81.8 |
United States | $ | 470.3 |  |  | $ | 431.4 |  |  | $ | 377.5 |
Canada | 39.2 |  |  | 38.1 |  |  | 33.4 |
Other international locations | 23.8 |  |  | 23.7 |  |  | 21.0 |
| $ | 533.3 |  |  | $ | 493.2 |  |  | $ | 431.9 |
Summarized financial information for our segments is presented below.
| Water Flow Solutions |  | Water Management Solutions |  | Corporate |  | Total
| (in millions)
Net revenue: |  |  |  |  |  |  |
2022 | $ | 714.1 |  |  | $ | 533.3 |  |  | $ | — |  |  | $ | 1,247.4 |
2021 | 617.8 |  |  | 493.2 |  |  | — |  |  | 1,111.0 |
2020 | 532.2 |  |  | 431.9 |  |  | — |  |  | 964.1 |
Operating income (loss): |  |  |  |  |  |  |
2022 | $ | 118.3 |  |  | $ | 48.7 |  |  | $ | (55.4) |  |  | $ | 111.6 |
2021 | 120.9 |  |  | 70.3 |  |  | (59.5) |  |  | 131.7 |
2020 | 104.9 |  |  | 68.7 |  |  | (56.8) |  |  | 116.8 |
Depreciation and amortization: |  |  |  |  |  |  |
2022 | $ | 30.0 |  |  | $ | 30.3 |  |  | $ | 0.2 |  |  | $ | 60.5 |
2021 | 30.5 |  |  | 28.9 |  |  | 0.2 |  |  | 59.6 |
2020 | 28.9 |  |  | 28.7 |  |  | 0.2 |  |  | 57.8 |
Strategic reorganization and other charges: |  |  |  |  |  |  |
2022 | $ | 0.2 |  |  | $ | 0.4 |  |  | $ | 6.6 |  |  | $ | 7.2 |
2021 | 0.1 |  |  | (0.4) |  |  | 8.3 |  |  | 8.0 |
2020 | — |  |  | 0.7 |  |  | 12.3 |  |  | 13.0 |
Capital expenditures: |  |  |  |  |  |  |
2022 | $ | 43.4 |  |  | $ | 11.3 |  |  | $ | — |  |  | $ | 54.7 |
2021 | 51.0 |  |  | 11.6 |  |  | 0.1 |  |  | 62.7 |
2020 | 57.3 |  |  | 10.1 |  |  | 0.3 |  |  | 67.7 |
Intangible assets, net and goodwill |  |  |  |  |  |  |
September 30, 2022 | $ | 302.6 |  |  | $ | 157.2 |  |  | $ | — |  |  | $ | 459.8 |
September 30, 2021 | 324.1 |  |  | 183.5 |  |  | — |  |  | 507.6 |
Inventories, net: |  |  |  |  |  |  |
September 30, 2022 | $ | 160.5 |  |  | $ | 118.2 |  |  | $ | — |  |  | 278.7 |
September 30, 2021 | $ | 104.5 |  |  | $ | 80.2 |  |  | $ | — |  |  | 184.7 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration