SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Financial Information by Reportable Business Segment

The following tables summarize reportable business segment information with a reconciliation to our condensed consolidated results for the periods presented:


Second Quarter Ended June 30, 2025	Water Systems		Distribution		Energy Systems		Total
(In millions)

External sales	$	309.9	$	200.0	$	77.5	$	587.4
Intersegment sales	30.9		—		—		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 expenses	56.0		37.3		10.2
Restructuring expense	0.1		—		—
Segment operating income	$	61.8	$	16.1	$	29.1	$	107.0

Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit							$	1.1
Corporate general and administrative expenses							(20.0)
Interest expense							(2.8)
Other income (expense), net							(0.2)
Foreign exchange expense, net							(4.5)
Consolidated income before income taxes							$	80.6


Second Quarter Ended June 30, 2024	Water Systems		Distribution		Energy Systems		Total
(In millions)

External sales	$	279.7	$	190.5	$	73.1	$	543.3
Intersegment sales	35.9		—		—		35.9
	$	315.6	$	190.5	$	73.1	$	579.2

Elimination of intersegment sales							$	(35.9)
Total consolidated sales							$	543.3

Cost of sales	$	202.3	$	140.0	$	36.2
Selling, general and administrative expenses	51.0		40.7		10.9
Restructuring expense	—		—		—
Segment operating income	$	62.3	$	9.8	$	26.0	$	98.1

Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit							$	(0.9)
Corporate general and administrative expenses							(18.1)
Interest expense							(2.0)
Other income (expense), net							0.2
Foreign exchange expense, net							(0.4)
Consolidated income before income taxes							$	76.9


Six Months Ended June 30, 2025	Water Systems		Distribution		Energy Systems		Total
(In millions)

External sales	$	556.5	$	341.9	$	144.3	$	1,042.7
Intersegment sales	71.6		—		—		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 expenses	108.6		74.5		20.7
Restructuring expense	0.1		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), net							0.7
Foreign exchange expense, net							(5.8)
Consolidated income before income taxes							$	122.5


Six Months Ended June 30, 2024	Water Systems		Distribution		Energy Systems		Total
(In millions)

External sales	$	531.5	$	337.5	$	135.2	$	1,004.2
Intersegment sales	70.7		—		—		70.7
	$	602.2	$	337.5	$	135.2	$	1,074.9

Elimination of intersegment sales							$	(70.7)
Total consolidated sales							$	1,004.2

Cost of sales	$	391.6	$	247.4	$	68.9
Selling, general and administrative expenses	101.1		78.4		21.6
Restructuring expense	—		—		—
Segment operating income	$	109.5	$	11.7	$	44.7	$	165.9

Reconciliation of segment operating income to income before income taxes
Deferred intersegment profit							(3.7)
Corporate general and administrative expenses							(35.2)
Interest expense							(3.4)
Other income (expense), net							0.9
Foreign exchange expense, net							(5.3)
Consolidated income before income taxes							$	119.2


	Second Quarter Ended				Six Months Ended
(In millions)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Depreciation and amortization
Water Systems	$	11.6	$	9.7	$	21.8	$	19.3
Distribution	2.3		2.4		4.7		4.8
Energy Systems	1.1		1.0		2.1		2.1
Total segment depreciation and amortization	$	15.0	$	13.1	$	28.6	$	26.2
Corporate	0.8		0.8		1.6		1.5
Total depreciation and amortization	$	15.8	$	13.9	$	30.2	$	27.7

Capital Expenditures
Water Systems	10.2		6.7		13.4		10.5
Distribution	1.4		3.5		3.1		6.1
Energy Systems	0.2		0.5		1.0		1.0
Total segment capital expenditure	$	11.8	$	10.7	$	17.5	$	17.6
Corporate	0.5		1.0		0.9		1.8
Total capital expenditures	$	12.3	$	11.7	$	18.4	$	19.4

Assets
Water Systems	$	1,282.1	$	1,056.5
Distribution	399.0		415.5
Energy Systems	269.2		259.5
Total segment assets	1,950.3		1,731.5
Corporate	67.6		52.8
Total assets	$	2,017.9	$	1,784.3

Cash and property, plant and equipment are the major asset groups in “Corporate” of total assets for the quarters ended June 30, 2025 and June 30, 2024.

The following table disaggregates the Company's net sales from contracts with customers by segment:


	Second Quarter Ended				Six Months Ended
(In millions)	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
	Net sales
Water Systems
External sales
United States & Canada	$	172.9	$	157.7	$	307.9	$	295.7
Latin America	52.8		41.8		92.3		83.1
Europe, Middle East & Africa	55.7		56.0		107.2		108.3
Asia Pacific	28.5		24.2		49.1		44.4
Intersegment sales
United States & Canada	30.9		35.9		71.6		70.7
Total sales	340.8		315.6		628.1		602.2
Distribution
External sales
United States & Canada	200.0		190.5		341.9		337.5
Intersegment sales	—		—		—		—
Total sales	200.0		190.5		341.9		337.5
Energy Systems
External sales
United States & Canada	60.5		58.4		112.3		105.1
All other	17.0		14.7		32.0		30.1
Intersegment sales	—		—		—		—
Total sales	77.5		73.1		144.3		135.2

Intersegment Eliminations/Other	(30.9)		(35.9)		(71.6)		(70.7)
Consolidated	$	587.4	$	543.3	$	1,042.7	$	1,004.2