Concentration of Credit Risk

The Company’s cash and cash equivalents and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivable are derived from revenue earned from customers located in the U.S. and internationally and generally do not require collateral. The Company’s trade receivables do not represent a significant concentration of credit risk at September 30, 2019 and 2018 due to the wide variety of customers and markets into which products are sold and their dispersion across geographic areas. The Company does perform ongoing credit evaluations of its customers and maintains an allowance for potential credit losses on trade receivables. As of and for the years ended September 30, 2019, 2018 and 2017, no customer accounted for more than 10% of net sales or net accounts receivable.

The Company operates predominantly in ten countries worldwide and provides a wide range of proven product brands and advanced water and wastewater treatment technologies, mobile and emergency water supply solutions and service contract options through its Integrated Solutions and Services and Applied Product Technologies segments. The Company is a multi-national business but its sales and operations are primarily in the U.S. Sales to unaffiliated customers are based on the Company locations that maintain the customer relationship and transacts the external sale.

The following tables set forth external net revenue, net of intercompany eliminations, and net asset information by region:



	Year Ended September 30,
	2019		2018		2017
Sales to external customers
United States	$	1,147,649	$	1,067,636	$	1,033,404
Rest of World	296,792		271,905		214,020
Total	$	1,444,441	$	1,339,541	$	1,247,424



	September 30, 2019		September 30, 2018
Net Assets
United States	$	324,887	$	332,624
Rest of World	40,935		29,392
	365,822		362,016

Long Lived Assets
United States	304,088		286,193
Rest of World	29,496		33,830
	$	333,584	$	320,023