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ACQUISITIONS
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
2026
Wood Brothers Industries
In May 2026, the Company acquired 100 percent of Piertek, Inc, Piertek III, LLC, and Vistar Water Technologies, Inc. ("Wood Brothers Industries"), and its affiliated companies for a purchase price of $49.9 million, net of cash acquired. Wood Brothers Industries is a water treatment wholesale supplier based in Nebraska, and caters to professional water treatment dealers across the United States.

The valuation of assets acquired and liabilities assumed has not yet been finalized as of June 30, 2026. As a result, the Company recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date. Finalization of the valuation during the measurement period could result in a change in the amounts recorded for the acquisition date fair value of intangible assets, goodwill, and income taxes among other items. The completion of the valuation will occur no later than one year from the acquisition date.

The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Assets acquired and liabilities assumed
Cash and cash equivalents$0.4 
Receivables$2.1 
Inventories$6.0 
Property, plant and equipment$0.1 
Lease right-of-use assets$1.5 
Other intangible assets$27.9 
Goodwill$23.0 
Accounts payable and accrued expenses$(2.1)
Lease right-of-use liabilities$(1.5)
Deferred tax liabilities$(7.1)
Total assets acquired and liabilities assumed$50.3 

The Company allocated $19.1 million of the total consideration to customer relationships with a useful life of 12 years, $8.8 million to trade names with a useful life of 6 to 9 years. The fair values of the intangible assets were determined using the income approach. The Company considers the fair value of the intangible assets to be Level 3 measurements due to the significant estimates and assumptions used by management in establishing the estimated fair values.

The goodwill, which is not deductible for tax purposes, includes the value of an assembled workforce, as well as the overall strategic benefits provided to the Company’s product portfolio and is included in the Water Systems segment. The Company has not presented pro forma financial information for the Wood Brothers Industries acquisition because its results are not material to the Company’s condensed consolidated financial statements.

Benson Pump
In April 2026, the Company acquired 100 percent of the ownership interests of Benson Pump Corporation ("Benson Pump") for a purchase price of $21.7 million, after purchase price adjustments based on the level of working capital acquired. Benson Pump is a professional groundwater distributor, operating out of Arkansas.

The valuation of assets acquired and liabilities assumed has not yet been finalized as of June 30, 2026. As a result, the Company recorded preliminary estimates for the fair value of assets acquired and liabilities assumed as of the acquisition date. Finalization of the valuation during the measurement period could result in a change in the amounts recorded for the acquisition date fair value of intangible assets and goodwill among other items. The completion of the valuation will occur no later than one year from the acquisition date. The purchase price was primarily allocated to goodwill and other intangible assets. The goodwill, which is not deductible for tax purposes, includes the value of an assembled workforce, potential future technologies as well as the overall strategic benefits provided to the Company’s product portfolio and is included in the Distribution segment.
The Company has not included various disclosures for the Benson Pump acquisition including presenting separate results of operations of the acquired company since the closing of the acquisition or combined pro forma financial information of the Company and the acquired business, as the Company does not consider the acquisition to be material.

2025
Barnes
In March 2025, the Company acquired 100 percent of Barnes de Colombia S.A. ("Barnes"), a leading manufacturer and distributor of industrial and commercial pumps based in Cota, Cundinamarca, Colombia, for total upfront cash consideration of $96.8 million, net of cash acquired. The valuation of assets acquired and liabilities assumed is final as of March 31, 2026, with no material changes from the preliminary allocation previously disclosed.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date:
(in millions)
Assets acquired and liabilities assumed
Cash and cash equivalents$3.4 
Receivables9.6 
Inventories23.6 
Other current assets3.9 
Property, plant and equipment13.5 
Goodwill43.4 
Other intangible assets45.5 
Other non-current assets3.6 
Debt(13.8)
Accounts payable(8.7)
Accrued expenses and other current liabilities(2.4)
Deferred tax liabilities(18.6)
Other non-current liabilities(2.8)
Total assets acquired and liabilities assumed$100.2 

The Company allocated $33.4 million of the total consideration to customer relationships with a useful life of 8 years, $9.3 million to trade names with a useful life of 11 years, and $2.8 million to developed technology with a useful life of 7 years. The fair values of the intangible assets were determined using the income approach. The Company considers the fair value of the intangible assets to be Level 3 measurements due to the significant estimates and assumptions used by management in establishing the estimated fair values.

The goodwill, which is not deductible for tax purposes, includes the value of an assembled workforce, potential future technologies as well as the overall strategic benefits provided to the Company’s product portfolio and is included in the Water Systems segment.

The results of operations of the acquired business have been included in the Company’s consolidated statement of income since the date the business was acquired. In the first two months of 2026, the Barnes acquisition contributed $6.2 million of incremental net sales while the impact on net income was not significant. The comparative period does not include two months of Barnes revenue, as the acquisition did not occur until March 2025. Beginning in March 2025, all net sales and related net income attributable to Barnes have been included in the Company's consolidated financial results. The Company has not presented pro forma financial information for the Barnes acquisition because its results are not material to the Company’s condensed consolidated financial statements.

PumpEng
In February 2025, the Company acquired 100 percent of the ownership interests of PumpEng Pty Ltd ("PumpEng") for a purchase price of AUD 24.0 million (approximately $15.0 million). PumpEng, based in Australia, specializes in the design, manufacture and service of submersible pumps for the mining sector.
The Company has not included various disclosures for the PumpEng acquisition including presenting separate results of operations of the acquired company since the closing of the acquisition or combined pro forma financial information of the Company and the acquired business, as the Company does not consider the acquisition to be material.

There were $0.3 million and $0.5 million of transaction costs for the second quarter and six months ended June 30, 2026, respectively. There were $0.6 million and $2.1 million of transaction costs for the second quarter and six months ended June 30, 2025, respectively.