SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2018

SEGMENT AND GEOGRAPHIC INFORMATION

The accounting policies of the operating segments are the same as those described in Note 1 of the Company's Form 10-K. Revenue is recognized based on the invoice price at the point in time when the customer obtains control of the product, which is typically upon shipment to the customer. During the second quarter of 2017, as a result of acquisitions, the Company revised its reportable segments to include a Distribution segment. This change in reporting segments required the Company to realign its internal and external reporting. The Company retrospectively revised prior periods results to conform with current period presentations. There is no impact on the Company's previously reported consolidated financial position, results of operations, or cash flows. The Water and Fueling segments include manufacturing operations and supply certain components and finished goods, both between segments and to the Distribution segment. The Company accounts for intersegment revenue transactions consistent with independent third party transactions, that is, at current market prices. Operating income by segment is based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other segments of the Company.

Financial information by reportable business segment is included in the following summary:



	First Quarter Ended
(In millions)	March 31, 2018			March 31, 2017
	Net sales
Water Systems
External sales
United States & Canada	$	80.8		$	71.7
Latin America	29.1			33.0
Europe, Middle East & Africa	49.3			41.4
Asia Pacific	20.8			21.5
Intersegment sales
United States & Canada	11.8			—
Total sales	191.8			167.6
Distribution
External sales	—			—
United States & Canada	56.2			—
Intersegment sales	—			—
Total sales	56.2			—
Fueling Systems
External sales	—			—
United States & Canada	32.8			29.5
All other	26.6			23.2
Intersegment sales	—			—
Total sales	59.4			52.7

Intersegment Eliminations/Other	(11.8		)	—
Consolidated	$	295.6		$	220.3

	First Quarter Ended
	March 31, 2018			March 31, 2017
	Operating income/(loss)
Water Systems	$	25.2		$	21.4
Distribution	(0.8		)	—
Fueling Systems	13.6			11.0
Intersegment Eliminations/Other	(15.3		)	(13.9		)
Consolidated	$	22.7		$	18.5



	March 31, 2018		December 31, 2017
	Total assets
Water Systems	$	710.1	$	695.4
Distribution	171.8		153.1
Fueling Systems	277.6		265.7
Other	81.2		71.2
Consolidated	$	1,240.7	$	1,185.4

Other Assets are generally Corporate assets that are not allocated to the segments and are comprised primarily of cash and property, plant and equipment.