v3.26.1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Financial Information by Reportable Business 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