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Segment Information | 12 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Reporting Disclosure [Text Block] | Segment Information 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, as well as pressure management and control products and solutions. Our segments are determined by internally reported financial information regularly reported to the company’s chief operating decision maker (“CODM”), who is our Chief Executive Officer. Segment operating income is the primary measure used by the CODM to assess performance and allocate resources. Operating income is also used to monitor budget versus actual results and provide insight into underlying trends comparing past financial performance with current performance of each segment. The significant expense categories and amounts align with segment-level information that is regularly provided to the CODM. Segment results are not reflective of their results on a stand-alone basis and exclude intersegment sales. The determination of segment results excludes certain expenses designated as Corporate because they are not directly attributable to segment operations and are not allocated to the segments. Items such as interest expense, loss on early extinguishment of debt, pension expense or benefit, 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. Financial information by reportable segment is included in the following summary:
2025 | Water Flow Solutions |  | Water Management Solutions |  | Total
| (in millions)
Net sales | $ | 824.9 |  |  | $ | 604.8 |  |  | $ | 1,429.7 |
Cost of sales | 528.6 |  |  | 384.4 |  |  | 913.0 |
Gross profit | 296.3 |  |  | 220.4 |  |  | 516.7 |
Selling, general and administrative expenses | 90.3 |  |  | 96.9 |  |  |
Strategic reorganization and other charges | 1.0 |  |  | 0.7 |  |  |
Segment operating income | $ | 205.0 |  |  | $ | 122.8 |  |  | 327.8 |
Reconciliation of segment operating income to consolidated income before income taxes |  |  |  |  |
Corporate general and administrative expenses |  |  |  |  | 60.1 |
Corporate strategic reorganization and other charges |  |  |  |  | 7.1 |
Pension benefit other than service |  |  |  |  | (0.2) |
Interest expense, net |  |  |  |  | 6.6 |
Income before income taxes |  |  |  |  | $ | 254.2 |
2024 | Water Flow Solutions |  | Water Management Solutions |  | Total
| (in millions)
Net sales | $ | 755.5 |  |  | $ | 559.2 |  |  | $ | 1,314.7 |
Cost of sales | 483.6 |  |  | 372.1 |  |  | 855.7 |
Gross profit | 271.9 |  |  | 187.1 |  |  | 459.0 |
Selling, general and administrative expenses | 92.5 |  |  | 95.0 |  |  |
Strategic reorganization and other charges | 0.2 |  |  | 1.8 |  |  |
Goodwill impairment | — |  |  | 16.3 |  |  |
Segment operating income | $ | 179.2 |  |  | $ | 74.0 |  |  | 253.2 |
Reconciliation of segment operating income to consolidated income before income taxes |  |  |  |  |
Corporate general and administrative expenses |  |  |  |  | 57.7 |
Corporate strategic reorganization and other charges |  |  |  |  | 13.8 |
Pension expense other than service |  |  |  |  | 4.0 |
Interest expense, net |  |  |  |  | 12.7 |
Other expense |  |  |  |  | 1.6 |
Income before income taxes |  |  |  |  | $ | 163.4 |
2023 | Water Flow Solutions |  | Water Management Solutions |  | Total
| (in millions)
Net sales | $ | 634.4 |  |  | $ | 641.3 |  |  | $ | 1,275.7 |
Cost of sales | 469.5 |  |  | 426.7 |  |  | 896.2 |
Gross profit | 164.9 |  |  | 214.6 |  |  | 379.5 |
Selling, general and administrative expenses | 85.3 |  |  | 106.9 |  |  |
Strategic reorganization and other charges | — |  |  | 1.7 |  |  |
Segment operating income | $ | 79.6 |  |  | $ | 106.0 |  |  | 185.6 |
Reconciliation of segment operating income to consolidated income before income taxes |  |  |  |  |
Corporate general and administrative expenses |  |  |  |  | 49.7 |
Corporate strategic reorganization and other charges |  |  |  |  | 8.5 |
Pension expense other than service |  |  |  |  | 3.7 |
Interest expense, net |  |  |  |  | 14.7 |
Income before income taxes |  |  |  |  | $ | 109.0 |
Business segment assets primarily consist of inventories and intangible assets. Other relevant segment information is presented below:
| Water Flow Solutions |  | Water Management Solutions |  | Corporate |  | Total
| (in millions)
Depreciation and amortization: |  |  |  |  |  |  |
2025 | $ | 26.6 |  |  | $ | 20.2 |  |  | $ | 0.1 |  |  | $ | 46.9 |
2024 | 38.3 |  |  | 27.7 |  |  | 0.2 |  |  | 66.2 |
2023 | $ | 32.8 |  |  | $ | 29.5 |  |  | $ | 0.2 |  |  | $ | 62.5 |
Capital expenditures: |  |  |  |  |  |  |
2025 | $ | 24.1 |  |  | $ | 23.2 |  |  | $ | — |  |  | $ | 47.3 |
2024 | 31.1 |  |  | 16.3 |  |  | — |  |  | 47.4 |
2023 | $ | 33.4 |  |  | $ | 14.2 |  |  | $ | — |  |  | $ | 47.6 |
Intangible assets, net and goodwill |  |  |  |  |  |  |
September 30, 2025 | $ | 264.5 |  |  | $ | 132.0 |  |  | $ | — |  |  | $ | 396.5 |
September 30, 2024 | $ | 264.9 |  |  | $ | 125.5 |  |  | $ | — |  |  | $ | 390.4 |
Inventories, net: |  |  |  |  |  |  |
September 30, 2025 | $ | 197.2 |  |  | $ | 131.5 |  |  | $ | — |  |  | $ | 328.7 |
September 30, 2024 | $ | 187.3 |  |  | $ | 114.4 |  |  | $ | — |  |  | $ | 301.7 |
Geographical area information is presented below:
| United States |  | Israel |  | Other |  | Total
| (in millions)
Property, plant and equipment, net: |  |  |  |  |  |  |
September 30, 2025 | $ | 318.9 |  |  | $ | 12.8 |  |  | $ | 4.0 |  |  | $ | 335.7 |
September 30, 2024 | $ | 302.8 |  |  | $ | 11.9 |  |  | $ | 4.1 |  |  | $ | 318.8 |
| Year ended September 30,
| 2025 |  | 2024 |  | 2023
| (in millions)
Water Flow Solutions disaggregated net revenue: |  |  |  |  |
Central | $ | 227.7 |  |  | $ | 196.8 |  |  | $ | 176.0 |
Northeast | 148.9 |  |  | 139.2 |  |  | 130.6 |
Southeast | 189.2 |  |  | 181.6 |  |  | 118.4 |
West | 203.5 |  |  | 185.5 |  |  | 160.9 |
United States | 769.3 |  |  | 703.1 |  |  | 585.9 |
Canada | 44.0 |  |  | 42.2 |  |  | 36.2 |
Other international locations | 11.6 |  |  | 10.2 |  |  | 12.3 |
| $ | 824.9 |  |  | $ | 755.5 |  |  | $ | 634.4 |
Water Management Solutions disaggregated net revenue: |  |  |  |  |
Central | $ | 161.4 |  |  | $ | 149.4 |  |  | $ | 169.2 |
Northeast | 122.7 |  |  | 120.3 |  |  | 151.2 |
Southeast | 136.0 |  |  | 132.4 |  |  | 137.4 |
West | 124.4 |  |  | 103.6 |  |  | 119.0 |
United States | 544.5 |  |  | 505.7 |  |  | 576.8 |
Canada | 33.6 |  |  | 33.3 |  |  | 38.3 |
Other international locations | 26.7 |  |  | 20.2 |  |  | 26.2 |
| $ | 604.8 |  |  | $ | 559.2 |  |  | $ | 641.3 |
The Company has two significant customers that comprise greater than 10% of gross sales. One customer comprised 20% of gross sales for each of the fiscal years ended September 30, 2025 and 2024, and 18% of gross sales for fiscal year ended September 30, 2023. The Company had outstanding Accounts receivable from this customer of $56.5 million and $59.1 million as of September 30, 2025 and 2024, respectively. Another customer comprised 17% of gross sales for the fiscal year ended September 30, 2025, and 18% of gross sales for each of the fiscal years ended September 30, 2024, and 2023, respectively. The Company had outstanding Accounts receivable from this customer of $42.4 million and $36.9 million as of September 30, 2025 and 2024, respectively. The Company reports revenue for these customers in both reportable segments, Water Flow Solutions and Water Management Solutions.

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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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