Company: MWA
Filing Date: 2025-11-19
Form Type: 10-K
Source: 0001350593-25-000066
Chunk: 95

Company: Mueller Water Products, Inc.
Filing Date: 2025-11-19
Form: 10-K
Item: Item 15
Chunk 95
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The accompanying notes are an integral part of the consolidated financial statements.F- 9

Table of ContentsIndex to Financial Statements

MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1.    Organization 

Mueller Water Products, Inc., a Delaware corporation, together with its consolidated subsidiaries, operates in two business segments: Water Flow Solutions and Water Management Solutions.  Water Flow Solutions’ portfolio includes iron gate valves, specialty valves and service brass products.  Water Management Solutions’ portfolio includes fire hydrants, repair and installation, natural gas, metering, leak detection, as well as pressure management and control products and solutions.  The “Company,” “we,” “us” and “our” refer to Mueller Water Products, Inc. and its subsidiaries.  With regard to the Company’s segments, “we,” “us” and “our” may also refer to the segment being discussed.   We have approximately 3,500 employees globally, of which approximately 42% of our United States workers are covered by collective bargaining agreements.Our consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which require us to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, sales and expenses and the disclosure of contingent assets and liabilities for the reporting periods.  Actual results could differ from those estimates.  All significant intercompany balances and transactions have been eliminated.  Unless the context indicates otherwise, whenever we refer to a particular year, we mean our fiscal year ended or ending September 30 in that particular calendar year.New Markets Tax Credit Program.  On December 22, 2020, we entered into a financing transaction with Wells Fargo Community Investment Holdings, LLC (“Wells Fargo”) related to our brass foundry construction project in Decatur, Illinois under a qualified New Markets Tax Credit program (“NMTC”).  The NMTC is a federal program intended to encourage capital investment in qualified lower income communities.  Under the NMTC, investors claim federal income tax credits over a period of seven years in connection with qualified investments in the equity of community development entities (“CDE”s), which are privately managed investment institutions that are certified to make qualified low-income community investments, such as in our foundry project.Under the NMTC, Wells Fargo contributed capital of $4.8 million to an investment fund and we loaned $12.2 million to