Company: MWA
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001350593-25-000029
Chunk: 14

Company: Mueller Water Products, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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2024.  In our opinion, all normal and recurring adjustments that we consider necessary for a fair financial statement presentation have been made.  The condensed consolidated balance sheet at September 30, 2024 was derived from our audited financial statements. Our business is seasonal as a result of the impact of cold weather conditions.  Net sales and operating income historically have been lowest in the three-month periods ending December 31 and March 31 when the northern United States (“U.S.”) and most of Canada generally face weather conditions that restrict significant construction and other field crew activity.  Therefore, the results of operations for the six months ended March 31, 2025 are not necessarily indicative of operating results that may be achieved for any other interim period or the full year.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.Accounting Pronouncements Not Yet AdoptedIn November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”).  ASU 2023-07 requires public business entities that disclose information on their reportable segments to provide additional information on their significant expense categories and “other segment items,” which represent the difference between segment revenue less significant segment expense and a segment’s measure of profit or loss.  A description of “other segment items” is also required.  Further, certain segment related disclosures that were limited to annual disclosure are now required for interim periods.  Finally, public business entities are required to disclose the title and position of their Chief Operating Decision Maker (“CODM”) and explain how the CODM uses the reported measures of profit or loss to assess segment performance.  This guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.  Upon adoption, ASU 2023-07 should be applied retrospectively to all prior periods.  We do not expect ASU 2023-07 to have a material impact on our financial statements and related disclosures.In December 2023, the FASB issued ASU No. 2023-09 “Income Taxes (Topic 740): Improvements to Tax Disclosures” (“ASU 2023-09”).  ASU 2023