SEGMENT INFORMATION

6 Months Ended

Jun. 30, 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. The Company realigned its internal and external reporting in accordance with the Company’s revised organization and its review of performance. The Water and Fueling segments include manufacturing operations and supply certain components and finished goods, both between segments and to the Distribution segment. In the prior year, the Company reported certain product transfers between Water and Fueling as intersegment revenue. The Company is now reporting these product transfers between Water and Fueling as inventory transfers as a significant number of the Company's manufacturing facilities are shared across segments for scale and efficiency purposes. The Company continues to report intersegment transfers from Water to Distribution as intersegment revenue at market prices to properly reflect the commercial arrangement of vendor to customer that exists between the Water and Distribution segments. Segment operating income is a key financial performance measure. 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. The Company has retrospectively revised segment results in prior periods' 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.

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



	Second Quarter Ended						Six Months Ended
(In millions)	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
	Net sales
Water Systems
External sales
United States & Canada	$	93.8		$	87.4		$	174.6		$	159.1
Latin America	29.0			31.0			58.1			64.0
Europe, Middle East & Africa	48.5			45.1			97.8			86.5
Asia Pacific	19.1			21.7			39.9			43.2
Intersegment sales
United States & Canada	20.0			13.1			31.8			13.1
Total sales	210.4			198.3			402.2			365.9
Distribution
External sales
United States & Canada	79.5			59.1			135.7			59.1
Intersegment sales	—			—			—			—
Total sales	79.5			59.1			135.7			59.1
Fueling Systems
External sales
United States & Canada	38.5			36.1			71.3			65.6
All other	35.6			24.9			62.2			48.1
Intersegment sales	—			—			—			—
Total sales	74.1			61.0			133.5			113.7

Intersegment Eliminations/Other	(20.0		)	(13.1		)	(31.8		)	(13.1		)
Consolidated	$	344.0		$	305.3		$	639.6		$	525.6

	Second Quarter Ended						Six Months Ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
	Operating income/(loss)
Water Systems	$	32.3		$	32.8		$	57.5		$	54.2
Distribution	4.0			3.7			3.2			3.7
Fueling Systems	18.9			14.9			32.5			25.9
Intersegment Eliminations/Other	(14.7		)	(17.1		)	(30.0		)	(31.0		)
Consolidated	$	40.5		$	34.3		$	63.2		$	52.8



	June 30, 2018		December 31, 2017
	Total assets
Water Systems	$	685.6	$	695.4
Distribution	185.7		153.1
Fueling Systems	282.8		265.7
Other	61.6		71.2
Consolidated	$	1,215.7	$	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.