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SEGMENT AND GEOGRAPHIC INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
The Company’s business consists of the Water Systems, Distribution, and Fueling Systems reportable segments, based on the principal end market served. The Company includes unallocated corporate expenses and intercompany eliminations in an “Intersegment Eliminations/Other” segment that together with the Water Systems, Distribution, and Fueling Systems segments, represent the Company.

The Water Systems segment designs, manufactures and sells motors, pumps, electronic controls, water treatment systems and related parts and equipment primarily for use in submersible water or other fluid system applications. The Fueling Systems segment designs, manufactures and sells pumps, electronic controls and related parts and equipment primarily for use in submersible fueling system applications. The Fueling Systems segment integrates and sells motors and electronic controls produced by the Water Systems segment. The Company reports these product transfers between Water and Fueling as inventory transfers since a significant number of the Company's manufacturing facilities are shared across segments for scale and efficiency purposes. The Distribution segment sells to and provides presale support and specifications to the installing contractors. The Distribution segment sells products produced by the Water Systems segment. The Company reports intersegment transfers from Water Systems to Distribution as intersegment revenue at market prices to properly reflect the commercial arrangement of vendor to customer that exists between the Water Systems 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 accounting policies of the Company’s reportable segments are the same as those described in Note 1 - Summary of Significant Accounting Policies. Performance is evaluated based on the sales and operating income of the segments and a variety of ratios to measure performance. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented.
Financial information by reportable business segment is included in the following summary:
Net Sales
(In millions)202320222021
Water Systems
External sales
United States & Canada$636.0 $596.9 $460.8 
Latin America174.2 159.3 139.5 
Europe, Middle East & Africa198.3 192.8 189.8 
Asia Pacific86.8 92.5 85.1 
Intersegment sales
United States & Canada108.4 116.0 88.4 
Total sales1,203.7 1,157.5 963.6 
Distribution
External sales
United States & Canada673.3 668.1 497.6 
Intersegment sales— — — 
Total sales673.3 668.1 497.6 
Fueling Systems
External sales
United States & Canada220.9 242.6 198.5 
All other75.6 91.5 90.6 
Intersegment sales— — — 
Total Sales296.5 334.1 289.1 
Intersegment Eliminations/Other(108.4)(116.0)(88.4)
Consolidated$2,065.1 $2,043.7 $1,661.9 
Operating income (loss)
202320222021
Water Systems$196.6 $172.3 $139.1 
Distribution34.3 54.5 35.9 
Fueling Systems92.7 96.8 79.5 
Intersegment Eliminations/Other(61.2)(66.4)(65.3)
Consolidated$262.4 $257.2 $189.2 
 Total assetsDepreciation
202320222021202320222021
Water Systems$1,044.4 $1,017.5 $894.4 $22.1 $20.4 $19.8 
Distribution365.6 360.4 363.0 6.8 6.1 4.4 
Fueling Systems256.4 269.1 273.6 2.6 2.5 2.2 
Other61.7 47.2 44.2 3.6 4.1 3.8 
Consolidated$1,728.1 $1,694.2 $1,575.2 $35.1 $33.1 $30.2 
 AmortizationCapital expenditures
202320222021202320222021
Water Systems$14.7 $14.7 $11.9 $28.6 $23.4 $19.4 
Distribution0.8 0.8 0.7 9.3 13.4 6.5 
Fueling Systems1.6 1.7 1.8 3.0 2.7 3.0 
Other— — — 2.3 1.6 1.2 
Consolidated$17.1 $17.2 $14.4 $43.2 $41.1 $30.1 

Cash and property, plant and equipment are the major asset groups in “Other” of total assets for the years ended December 31, 2023, December 31, 2022 and December 31, 2021.

Financial information by geographic region is as follows:
 Net salesLong-lived assets
(In millions)202320222021202320222021
United States$1,441.6 $1,414.1 $1,075.7 $625.3 $601.7 $604.5 
Foreign623.5 629.6 586.2 240.3 227.6 238.4 
Consolidated$2,065.1 $2,043.7 $1,661.9 $865.6 $829.3 $842.9 

Net sales are attributed to geographic regions based upon the ship to location of the customer. Long-lived assets are attributed to geographic regions based upon the country of domicile.

The Company offers a large array of products and systems to multiple markets and customers. Product sales information is tracked regionally and products are categorized differently between regions based on local needs and reporting requirements. However, net sales by segment are representative of the Company’s sales by major product category. The Company sells its products through various distribution channels including wholesale and retail distributors, specialty distributors, industrial and petroleum equipment distributors, as well as major oil and utility companies and original equipment manufacturers.

No single customer accounted for more than 10 percent of the Company’s net sales in 2023, 2022, or 2021. No single customer accounted for more than 10 percent of the Company’s gross accounts receivable in 2023 or 2022.