v3.26.1
SEGMENT AND GEOGRAPHIC INFORMATION
 6 Months Ended
Jun. 30, 2026
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, 2025. 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 income/(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 the condensed consolidated results for the periods presented:
Second Quarter Ended June 30, 2026Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$321.6 $221.1 $80.2 $622.9 
Intersegment sales36.9 — — 36.9 
$358.5 $221.1 $80.2 $659.8 
Elimination of intersegment sales$(36.9)
Total consolidated sales$622.9 
Cost of sales$230.7 $161.5 $36.9 
Selling, general and administrative expenses62.2 39.9 10.9 
Restructuring expense0.4 — — 
Legal settlement loss (see Note 7)— — 4.5 
Segment operating income$65.2 $19.7 $27.9 $112.8 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit$(0.1)
Corporate general and administrative expenses(19.1)
Interest expense(3.5)
Other income/(expense), net1.3 
Foreign exchange expense, net(2.5)
Consolidated income before income taxes$88.9 
Second Quarter Ended June 30, 2025Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$309.9 $200.0 $77.5 $587.4 
Intersegment sales30.9 — — 30.9 
$340.8 $200.0 $77.5 $618.3 
Elimination of intersegment sales$(30.9)
Total consolidated sales$587.4 
Cost of sales$222.9 $146.6 $38.2 
Selling, general and administrative expenses56.0 37.3 10.2 
Restructuring expense0.1 — — 
Segment operating income$61.8 $16.1 $29.1 $107.0 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment loss$1.1 
Corporate general and administrative expenses(20.0)
Interest expense(2.8)
Other income/(expense), net(0.2)
Foreign exchange income, net(4.5)
Consolidated income before income taxes$80.6 
Six Months Ended June 30, 2026Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$599.4 $372.0 $151.9 $1,123.3 
Intersegment sales77.2 — — 77.2 
$676.6 $372.0 $151.9 $1,200.5 
Elimination of intersegment sales$(77.2)
Total consolidated sales$1,123.3 
Cost of sales$445.0 $271.4 $74.2 
Selling, general and administrative expenses117.6 77.9 21.2 
Restructuring expense4.3 — — 
Legal settlement loss (see Note 7)— — 4.5 
Segment operating income$109.7 $22.7 $52.0 $184.4 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit$(4.3)
Corporate general and administrative expenses(38.5)
Interest expense(5.8)
Other income/(expense), net1.0 
Foreign exchange expense, net(2.1)
Consolidated income before income taxes$134.7 
Six Months Ended June 30, 2025Water SystemsDistributionEnergy SystemsTotal
(In millions)
External sales$556.5 $341.9 $144.3 $1,042.7 
Intersegment sales71.6 — — 71.6 
$628.1 $341.9 $144.3 $1,114.3 
Elimination of intersegment sales$(71.6)
Total consolidated sales$1,042.7 
Cost of sales$414.1 $249.0 $72.6 
Selling, general and administrative expenses108.6 74.5 20.7 
Restructuring expense0.1 0.2 — 
Segment operating income$105.3 $18.2 $51.0 $174.5 
Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit$(3.0)
Corporate general and administrative expenses(39.3)
Interest expense(4.6)
Other income/(expense), net0.7 
Foreign exchange expense, net(5.8)
Consolidated income before income taxes$122.5 
Second Quarter EndedSix Months Ended
(In millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Depreciation and amortization
Water Systems$12.9 $11.6 $25.2 $21.8 
Distribution2.6 2.3 4.9 4.7 
Energy Systems1.1 1.1 2.1 2.1 
Total segment depreciation and amortization$16.6 $15.0 $32.2 $28.6 
Corporate0.8 0.8 1.7 1.6 
Total depreciation and amortization$17.4 $15.8 $33.9 $30.2 
Capital Expenditures
Water Systems$7.4 $10.2 $12.6 $13.4 
Distribution1.9 1.4 5.6 3.1 
Energy Systems1.4 0.2 1.6 1.0 
Total segment capital expenditure$10.7 $11.8 $19.8 $17.5 
Corporate0.1 0.5 0.6 0.9 
Total capital expenditures$10.8 $12.3 $20.4 $18.4 
Assets
Water Systems$1,332.5 $1,282.1 
Distribution458.8 399.0 
Energy Systems274.5 269.2 
Total segment assets$2,065.8 $1,950.3 
Corporate84.9 67.6 
Total assets$2,150.7 $2,017.9 

Cash and property, plant and equipment are the major asset groups in “Corporate” of total assets for the second quarters and six months ended June 30, 2026 and June 30, 2025.
The following table disaggregates the Company's net sales from contracts with customers by segment:
Second Quarter EndedSix Months Ended
(In millions)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net sales
Water Systems
External sales
United States & Canada$183.1 $172.9 $330.1 $307.9 
Latin America52.6 52.8 102.5 92.3 
Europe, Middle East & Africa56.3 55.7 112.1 107.2 
Asia Pacific29.6 28.5 54.7 49.1 
Intersegment sales
United States & Canada36.9 30.9 77.2 71.6 
Total sales358.5 340.8 676.6 628.1 
Distribution
External sales
United States & Canada221.1 200.0 372.0 341.9 
Intersegment sales— — — — 
Total sales221.1 200.0 372.0 341.9 
Energy Systems
External sales
United States & Canada61.2 60.5 114.2 112.3 
All other19.0 17.0 37.7 32.0 
Intersegment sales— — — — 
Total sales80.2 77.5 151.9 144.3 
Intersegment Eliminations/Other(36.9)(30.9)(77.2)(71.6)
Consolidated$622.9 $587.4 $1,123.3 $1,042.7