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Segment Information | 12 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | Segment Information We adopted our current management structure effective October 1, 2021 which resulted in a change to our reportable segments. Prior period information was 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. Our business units and reportable segments are Water Flow Solutions and Water Management Solutions. Water Flow Solutions’ portfolio includes iron gate valves, specialty valves and service brass products. Water Management Solutions’ portfolio includes fire hydrants, repair and installation, natural gas, metering, leak detection, and pressure management and control products and solutions. 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 primarily consist of inventories, property, plant and equipment, and intangible assets. The Company has two significant customers that comprise greater than 10% of gross sales. One customer comprised 18%, 21%, and 18% of consolidated revenues for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. The Company has outstanding Accounts receivable from this customer of $46.4 million and $52.1 million as of September 30, 2023 and 2022, respectively. Another customer comprised 18%, 20%, and 19% of consolidated revenues for the fiscal years ended September 30, 2023, 2022, and 2021, respectively. The Company has outstanding Accounts receivable from this customer of $37.7 million and $38.6 million as of September 30, 2023 and 2022, respectively. The Company reports revenue for these customers in both reportable segments, Water Flow Solutions and Water Management Solutions. Geographical area information is presented below.
| United States |  | Israel |  | Other |  | Total
| (in millions)
Property, plant and equipment, net: |  |  |  |  |  |  |
September 30, 2023 | $ | 295.6 |  |  | $ | 11.9 |  |  | $ | 4.2 |  |  | $ | 311.7 |
September 30, 2022 | $ | 284.9 |  |  | $ | 12.6 |  |  | $ | 4.1 |  |  | $ | 301.6 |
| Year ended September 30,
| 2023 |  | 2022 |  | 2021
| (in millions)
Water Flow Solutions disaggregated net revenue: |  |  |  |  |
Central | $ | 176.0 |  |  | $ | 190.9 |  |  | $ | 155.1 |
Northeast | 130.6 |  |  | 125.3 |  |  | 110.4 |
Southeast | 118.4 |  |  | 154.3 |  |  | 125.7 |
West | 160.9 |  |  | 182.8 |  |  | 172.4 |
United States | $ | 585.9 |  |  | $ | 653.3 |  |  | $ | 563.6 |
Canada | 36.2 |  |  | 55.0 |  |  | 45.7 |
Other international locations | 12.3 |  |  | 5.8 |  |  | 8.5 |
| $ | 634.4 |  |  | $ | 714.1 |  |  | $ | 617.8 |
Water Management Solutions disaggregated net revenue: |  |  |  |  |
Central | $ | 169.2 |  |  | $ | 142.9 |  |  | $ | 125.6 |
Northeast | 151.2 |  |  | 115.1 |  |  | 100.2 |
Southeast | 137.4 |  |  | 109.4 |  |  | 106.5 |
West | 119.0 |  |  | 102.9 |  |  | 99.1 |
United States | $ | 576.8 |  |  | $ | 470.3 |  |  | $ | 431.4 |
Canada | 38.3 |  |  | 39.2 |  |  | 38.1 |
Other international locations | 26.2 |  |  | 23.8 |  |  | 23.7 |
| $ | 641.3 |  |  | $ | 533.3 |  |  | $ | 493.2 |
Summarized financial information for our segments is presented below.
| Water Flow Solutions |  | Water Management Solutions |  | Corporate |  | Total
| (in millions)
Net revenue: |  |  |  |  |  |  |
2023 | $ | 634.4 |  |  | $ | 641.3 |  |  | $ | — |  |  | $ | 1,275.7 |
2022 | 714.1 |  |  | 533.3 |  |  | — |  |  | 1,247.4 |
2021 | $ | 617.8 |  |  | $ | 493.2 |  |  | $ | — |  |  | $ | 1,111.0 |
Operating income (loss): |  |  |  |  |  |  |
2023 | $ | 79.6 |  |  | $ | 106.0 |  |  | $ | (58.2) |  |  | $ | 127.4 |
2022 | 118.3 |  |  | 48.7 |  |  | (55.4) |  |  | 111.6 |
2021 | $ | 120.9 |  |  | $ | 70.3 |  |  | $ | (59.5) |  |  | $ | 131.7 |
Depreciation and amortization: |  |  |  |  |  |  |
2023 | $ | 32.8 |  |  | $ | 29.5 |  |  | $ | 0.2 |  |  | $ | 62.5 |
2022 | 30.0 |  |  | 30.3 |  |  | 0.2 |  |  | 60.5 |
2021 | $ | 30.5 |  |  | $ | 28.9 |  |  | $ | 0.2 |  |  | $ | 59.6 |
Strategic reorganization and other charges: |  |  |  |  |  |  |
2023 | $ | — |  |  | $ | 1.7 |  |  | $ | 8.5 |  |  | $ | 10.2 |
2022 | 0.2 |  |  | 0.4 |  |  | 6.6 |  |  | 7.2 |
2021 | $ | 0.1 |  |  | $ | (0.4) |  |  | $ | 8.3 |  |  | $ | 8.0 |
Capital expenditures: |  |  |  |  |  |  |
2023 | $ | 33.4 |  |  | $ | 14.2 |  |  | $ | — |  |  | $ | 47.6 |
2022 | 43.4 |  |  | 11.3 |  |  | — |  |  | 54.7 |
2021 | $ | 51.0 |  |  | $ | 11.6 |  |  | $ | 0.1 |  |  | $ | 62.7 |
Intangible assets, net and goodwill |  |  |  |  |  |  |
September 30, 2023 | $ | 283.8 |  |  | $ | 143.9 |  |  | $ | — |  |  | $ | 427.7 |
September 30, 2022 | $ | 302.6 |  |  | $ | 157.2 |  |  | $ | — |  |  | $ | 459.8 |
Inventories, net: |  |  |  |  |  |  |
September 30, 2023 | $ | 173.8 |  |  | $ | 124.1 |  |  | $ | — |  |  | $ | 297.9 |
September 30, 2022 | $ | 160.5 |  |  | $ | 118.2 |  |  | $ | — |  |  | $ | 278.7 |

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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 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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