v3.26.1
Segment Information
 9 Months Ended
Jun. 30, 2026
Segment Reporting, Measurement Disclosures [Abstract]  
Segment Information 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 such expenses are not directly attributable to segment operations and are not allocated to the segments. Additionally, items such as interest expense, 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 below:
Three months ended June 30, 2026Water Flow SolutionsWater Management SolutionsTotal
(in millions)
Net sales$215.3 $180.6 $395.9 
Cost of sales125.8 114.3 240.1 
Gross profit89.5 66.3 155.8 
Selling, general and administrative expenses23.5 23.8 
Strategic reorganization and other charges— 6.6 
Segment operating income$66.0 $35.9 101.9 
Reconciliation of segment operating income to consolidated income before income taxes
Corporate general and administrative expenses16.7 
Corporate strategic reorganization and other charges4.6 
Pension expense other than service0.1 
Interest expense, net0.7 
Income before income taxes$79.8 

Three months ended June 30, 2025 Water Flow SolutionsWater Management SolutionsTotal
(in millions)
Net sales$216.6 $163.7 $380.3 
Cost of sales132.8 101.8 234.6 
Gross profit83.8 61.9 145.7 
Selling, general and administrative expenses23.3 31.6 
Strategic reorganization and other charges— 0.2 
Segment operating income$60.5 $30.1 90.6 
Reconciliation of segment operating income to consolidated income before income taxes
Corporate general and administrative expenses16.1 
Corporate strategic reorganization and other charges0.8 
Interest expense, net1.7 
Income before income taxes$72.0 
Nine months ended June 30, 2026Water Flow SolutionsWater Management SolutionsTotal
(in millions)
Net sales$606.6 $491.9 $1,098.5 
Cost of sales359.2 319.2 678.4 
Gross profit247.4 172.7 420.1 
Selling, general and administrative expenses66.8 70.2 
Strategic reorganization and other charges— 6.8 
Segment operating income$180.6 $95.7 276.3 
Reconciliation of segment operating income to consolidated income before income taxes
Corporate general and administrative expenses46.5 
Corporate strategic reorganization and other charges12.1 
Pension expense other than service0.1 
Interest expense, net3.3 
Income before income taxes$214.3 




Nine months ended June 30, 2025Water Flow SolutionsWater Management SolutionsTotal
(in millions)
Net sales$607.4 $441.5 $1,048.9 
Cost of sales391.5 280.7 672.2 
Gross profit215.9 160.8 376.7 
Selling, general and administrative expenses65.0 71.5 
Strategic reorganization and other charges1.0 0.6 
Segment operating income$149.9 $88.7 238.6 
Reconciliation of segment operating income to consolidated income before income taxes
Corporate general and administrative expenses44.1 
Corporate strategic reorganization and other charges3.5 
Pension benefit other than service(0.1)
Interest expense, net5.6 
Income before income taxes$185.5 
Depreciation and amortization and capital expenditures by reportable segment is included in the summary below:

Three months endedNine months ended
June 30,June 30,
2026202520262025
(in millions)
Depreciation and amortization:
Water Flow Solutions$7.5 $6.6 $21.8 $19.0 
Water Management Solutions5.1 5.0 15.2 15.0 
Corporate— 0.1 0.1 0.1 
$12.6 $11.7 $37.1 $34.1 
Capital expenditures:
Water Flow Solutions$6.9 $5.3 $18.3 $15.8 
Water Management Solutions4.8 6.4 25.3 17.0 
$11.7 $11.7 $43.6 $32.8 

Segment assets primarily consist of intangible assets and inventories. A summary of these assets by reportable segment is included in the summary below:

June 30,September 30,
20262025
(in millions)
Intangible assets, net and goodwill
Water Flow Solutions$264.3 $264.5 
Water Management Solutions128.4 132.0 
$392.7 $396.5 
Inventories, net
Water Flow Solutions$239.6 $197.2 
Water Management Solutions140.2 131.5 
$379.8 $328.7 
Disaggregated revenues by reportable segment and geographical region are included in the summary below:

Three months endedNine months ended
June 30,June 30,
2026202520262025
(in millions)
Water Flow Solutions disaggregated revenue:
Central$59.3 $56.9 $177.7 $163.5 
Northeast39.1 38.1 108.3 112.1 
Southeast50.4 48.4 148.1 137.4 
West48.8 57.4 129.3 152.2 
United States197.6 200.8 563.4 565.2 
Canada15.0 13.5 35.8 34.1 
Other international locations2.7 2.3 7.4 8.1 
$215.3 $216.6 $606.6 $607.4 
Water Management Solutions disaggregated revenue:
Central$51.9 $40.3 $145.1 $115.5 
Northeast40.1 31.0 106.0 88.3 
Southeast40.0 38.5 115.3 99.0 
West29.9 35.7 77.3 93.5 
United States161.9 145.5 443.7 396.3 
Canada11.4 10.9 27.4 24.5 
Other international locations7.3 7.3 20.8 20.7 
$180.6 $163.7 $491.9 $441.5