SEGMENT AND GEOGRAPHIC INFORMATION

3 Months Ended

Mar. 31, 2020

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. 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 reports 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 reports 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.

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


	First Quarter Ended
(In millions)	March 31, 2020		March 31, 2019
	Net sales
Water Systems
External sales
United States & Canada	$	70.9	$	86.8
Latin America	28.2		30.5
Europe, Middle East & Africa	38.2		37.7
Asia Pacific	13.8		22.2
Intersegment sales
United States & Canada	13.0		11.2
Total sales	164.1		188.4
Distribution
External sales
United States & Canada	60.4		53.3
Intersegment sales	—		—
Total sales	60.4		53.3
Fueling Systems
External sales
United States & Canada	37.4		35.1
All other	17.9		25.1
Intersegment sales	—		—
Total sales	55.3		60.2

Intersegment Eliminations/Other	(13.0)		(11.2)
Consolidated	$	266.8	$	290.7

	First Quarter Ended
	March 31, 2020		March 31, 2019
	Operating income/(loss)
Water Systems	$	18.8	$	19.2
Distribution	(2.2)		(4.3)
Fueling Systems	12.1		12.3
Intersegment Eliminations/Other	(14.9)		(15.1)
Consolidated	$	13.8	$	12.1


	March 31, 2020		December 31, 2019
	Total assets
Water Systems	$	635.2	$	658.3
Distribution	192.5		180.2
Fueling Systems	272.3		283.8
Other	49.5		72.4
Consolidated	$	1,149.5	$	1,194.7

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