Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-32892

MUELLER WATER PRODUCTS, INC.

(Exact name of registrant as specified in its charter)


Delaware						20-3547095
(State or other jurisdiction of						(I.R.S. Employer
incorporation or organization)						Identification No.)

1200 Abernathy Road N.E.

Suite 1200

Atlanta, GA 30328

(Address of principal executive offices)

(770) 206-4200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01	MWA	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ☒ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☒ No

There were 156,599,544 shares of common stock of the registrant outstanding at January 31, 2025.

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ITEM		PAGE
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Unaudited Condensed Consolidated Balance Sheets - December 31, 2024 and September 30, 2024	3
	Unaudited Condensed Consolidated Statements of Operations - Three Months Ended December 3 1 , 2024 and 2023	4
	Unaudited Condensed Consolidated Statements of Comprehensive Income - Three Months Ended December 31 , 2024 and 2023	5
	Unaudited Condensed Consolidated Statements of Stockholders' Equity - Three Months Ended December 31 , 2024 and 2023	6
	Unaudited Condensed Consolidated Statements of Cash Flows - Three Months Ended December 31 , 2024 and 2023	7
	Notes to the Unaudited Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 4.	Controls and Procedures	30

PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	32
Item 1A.	Risk Factors	32
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
Item 5.	Other Information	32
Item 6.	Exhibits	33
	Signatures	33

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PART I

Item 1. FINANCIAL STATEMENTS

MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	December 31,		September 30,
	2024		2024
	(in millions, except share amounts)
Assets:
Cash and cash equivalents	$	338.2	$	309.9
Receivables, net of allowance for credit losses of $7.9 million and $8.3 million	145.3		208.9
Inventories, net	317.8		301.7
Other current assets	41.4		37.9
Total current assets	842.7		858.4
Property, plant and equipment, net	320.7		318.8
Intangible assets, net	307.9		309.7
Goodwill, net	81.5		80.7
Other noncurrent assets	66.4		68.3
Total assets	$	1,619.2	$	1,635.9

Liabilities and stockholders’ equity:
Current portion of long-term debt	$	0.8	$	0.8
Accounts payable	98.9		109.9
Other current liabilities	120.6		147.3
Total current liabilities	220.3		258.0
Long-term debt	448.7		448.7
Deferred income taxes	55.1		55.4
Other noncurrent liabilities	61.0		63.7
Total liabilities	785.1		825.8

Commitments and contingencies (Note 10.)

Preferred stock: par value $0.01 per share; 60,000,000 shares authorized; none outstanding at December 31, 2024, and September 30, 2024	—		—
Common stock: par value $0.01 per share; 600,000,000 shares authorized; 156,563,285 and 156,227,170 shares outstanding at December 31, 2024, and September 30, 2024, respectively	1.6		1.6
Additional paid-in capital	1,194.8		1,205.2
Accumulated deficit	(330.6)		(365.9)
Accumulated other comprehensive loss	(31.7)		(30.8)
Total stockholders' equity	834.1		810.1
Total liabilities and stockholders' equity	$	1,619.2	$	1,635.9

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three months ended
	December 31,
	2024		2023

	(in millions, except per share amounts)
Net sales	$	304.3	$	256.4
Cost of sales	201.3		170.1
Gross profit	103.0		86.3
Operating expenses:
Selling, general and administrative	53.9		56.9
Strategic reorganization and other charges	1.7		6.6
Total operating expenses	55.6		63.5
Operating income	47.4		22.8
Other expenses:
Pension expense other than service	—		1.0
Interest expense, net	1.6		3.3
Other expense	—		1.6
Total other expenses, net	1.6		5.9
Income before income taxes	45.8		16.9
Income tax expense	10.5		2.6
Net income	$	35.3	$	14.3

Net income per share:
Basic	$	0.23	$	0.09
Diluted	$	0.22	$	0.09

Weighted average shares outstanding:
Basic	156.3		156.0
Diluted	157.5		156.7

Dividends declared per share	$	0.067	$	0.064

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)


	Three months ended
	December 31,
	2024		2023

	(in millions)
Net income	$	35.3	$	14.3
Other comprehensive income (loss), net of income tax:
Pension actuarial amortization	0.4		0.6
Foreign currency translation	(1.3)		13.3
Total other comprehensive income (loss), net of income tax	(0.9)		13.9
Comprehensive income	$	34.4	$	28.2

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)


	Common stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Total
	(in millions)
Balance at September 30, 2024	$	1.6	$	1,205.2	$	(365.9)	$	(30.8)	$	810.1
Net income	—		—		35.3		—		35.3
Dividends declared	—		(10.5)		—		—		(10.5)
Stock-based compensation	—		2.5		—		—		2.5
Shares retained for employee taxes	—		(4.0)		—		—		(4.0)
Common stock issued	—		1.6		—		—		1.6

Other comprehensive income, net of tax	—		—		—		(0.9)		(0.9)
Balance at December 31, 2024	$	1.6	$	1,194.8	$	(330.6)	$	(31.7)	$	834.1


	Common stock		Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Total
	(in millions)
Balance at September 30, 2023	$	1.6	$	1,240.4	$	(481.8)	$	(48.7)	$	711.5
Net income	—		—		14.3		—		14.3
Dividends declared	—		(10.0)		—		—		(10.0)
Stock-based compensation	—		2.6		—		—		2.6
Shares retained for employee taxes	—		(1.5)		—		—		(1.5)

Common stock issued	—		0.4		—		—		0.4
Other comprehensive income, net of tax	—		—		—		13.9		13.9
Balance at December 31, 2023	$	1.6	$	1,231.9	$	(467.5)	$	(34.8)	$	731.2

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	Three months ended
	December 31,
	2024		2023
	(in millions)
Operating activities:
Net income	$	35.3	$	14.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	9.3		9.5
Amortization	1.8		6.9

Gain on sale of assets	—		(0.1)
Stock-based compensation	2.5		2.6
Pension cost	0.2		1.2
Deferred income taxes	(0.6)		(3.4)
Inventory reserve provision	4.0		2.1
Other, net	0.3		0.3
Changes in assets and liabilities:
Receivables, net	62.9		49.7
Inventories	(20.8)		(14.6)
Other assets	(1.3)		(6.1)
Accounts payable	(10.8)		5.7
Other current liabilities	(26.2)		(3.6)
Other noncurrent liabilities	(2.5)		3.4
Net cash provided by operating activities	54.1		67.9
Investing activities:
Capital expenditures	(11.9)		(5.7)

Proceeds from sale of assets	—		0.1
Net cash used in investing activities	(11.9)		(5.6)
Financing activities:


Dividends paid	(10.5)		(10.0)

Employee taxes related to stock-based compensation	(4.0)		(1.5)
Common stock issued	1.6		0.4


Payments for finance lease obligations	(0.2)		(0.2)
Net cash used in financing activities	(13.1)		(11.3)
Effect of currency exchange rate changes on cash	(0.8)		5.4
Net change in cash and cash equivalents	28.3		56.4
Cash and cash equivalents at beginning of period	309.9		160.3
Cash and cash equivalents at end of period	$	338.2	$	216.7

The accompanying notes are an integral part of the condensed consolidated financial statements.

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	Three months ended
	December 31,
	2024		2023

	(in millions)
Supplemental cash flow information:
Cash paid for interest, net	$	5.8	$	7.6
Cash paid for income taxes, net	$	0.4	$	0.8

The accompanying notes are an integral part of the condensed consolidated financial statements.

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MUELLER WATER PRODUCTS, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF AND FOR THE THREE MONTHS ENDED DECEMBER 31, 2024

(UNAUDITED)

Note 1. Organization and Basis of Presentation

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.

Our condensed 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 as well as in 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. These condensed consolidated financial statements do not include all information required by GAAP for complete financial statements and should be read in conjunction with the consolidated financial statements included in our Annual Report on Form 10-K for the year ended September 30, 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 and most of Canada generally face weather conditions that restrict significant construction and other field crew activity. Therefore, the results of operations for the three months ended December 31, 2024 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 Adopted

In 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 2023-09 requires public business entities to disclose a tabular rate reconciliation utilizing percentages and reporting currency amounts in specific categories with certain reconciling items at or above the specified 5% threshold to improve the transparency and comparability of disclosures. Additionally, entities are required to disclose the year-to-date amount of income taxes paid, net of refunds received, disaggregated by federal (national), state, and foreign jurisdictions. Disclosure of all individual jurisdictions where income taxes paid, net of refunds received, is 5% or more of the total is also required. This guidance is effective for fiscal years beginning after December 15, 2024 with early adoption permitted. Upon adoption, ASU 2023-09 should be applied on a prospective basis while retrospective application is permitted. We do not expect ASU 2023-09 to have a material impact on our financial statements and related disclosures.

In November 2024, the FASB issued ASU No. 2024-03 “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”). ASU 2024-03 requires public business entities to disclose disaggregated information about certain income statement expense line

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items. These expenses include purchases of inventory, employee compensation, depreciation and intangible asset amortization for each income statement line item that contains those expenses. Additionally, specified expenses, gains or losses that are currently required to be disclosed must now be included in the disaggregated income statement expense line item disclosures and any remaining amounts should be described qualitatively. There is also a requirement to separately disclose total selling expenses and provide a definition of those expenses. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Upon adoption, ASU 2024-03 should be applied on a prospective basis while retrospective application is permitted. We are currently evaluating the impact ASU 2024-03 will have on our financial statements and related disclosures.

Status of U.S. Securities and Exchange Commission (“SEC”) Climate Disclosure Rules

In March 2024, the SEC adopted final rules on the enhancement and standardization of climate-related disclosures, which were to become effective on a phased-in timeline in fiscal years beginning in 2025. However, in April 2024, due to legal challenges to the rule, the SEC voluntarily stayed implementation of the final rules. If the rules survive judicial review and are not effectively rescinded by the SEC, they will require registrants to disclose certain climate-related information, including Scope 1 and Scope 2 greenhouse gas emissions and other climate-related topics, in registration statements and annual reports. Additionally, the rules would require disclosure in the notes to the financial statements of the effects of severe weather events and other natural conditions, subject to materiality thresholds.

Strategic Reorganization and Other Charges

The Company expects to incur certain costs related to the decommissioning and probable demolition of its legacy foundry in Decatur, Illinois, the amount of which is not estimable at this time. During the three months ended December 31, 2024, we recorded approximately $1.7 million in Strategic reorganization and other charges consisting of expenses associated with our leadership transition and severance. During the three months ended December 31, 2023, we recorded approximately $6.6 million in Strategic reorganization and other charges consisting of expenses associated with our leadership transition and cybersecurity incidents, as well as other transaction-related expenses. Activity in accrued Strategic reorganization and other charges, reported as part of Other current liabilities, is presented below:


	Three months ended
	December 31,
	2024		2023
	(in millions)
Beginning balance	$	3.4	$	6.6
Expenses incurred	1.7		6.6
Amounts paid and other adjustments, net	(1.5)		(5.4)
Ending balance	$	3.6	$	7.8

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 the fund. Wells Fargo is entitled to the associated tax credits, which are subject to 100% recapture if we do not comply with various regulations and contractual provisions surrounding the foundry project. We have indemnified Wells Fargo for any loss or recapture of tax credits related to the transaction until the seven-year period elapses. We do not anticipate any credit recaptures will be required in connection with this arrangement.

The investment fund contributed $16.5 million cash for a 99.99% stake in a joint venture (“Sub-CDE”) with a CDE. The Sub-CDE then loaned $16.2 million to us, with the use of the loan proceeds restricted to foundry project expenditures. This transaction also includes a put/call provision under which we may be obligated or entitled to repurchase Wells Fargo’s interest in the investment fund. We believe that Wells Fargo will exercise its put option in December 2027 for nominal consideration, resulting in our becoming the sole owner of the investment fund, cancelling the related loans, and recognizing an estimated gain of $3.9 million.

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We determined that the investment fund and the Sub-CDE are variable interest entities (“VIEs”) and that we are the primary beneficiary of the VIEs. The ongoing activities of the VIEs, namely collecting and remitting interest and fees and administering NMTC compliance, were contemplated in the initial design of the transaction and are not expected to significantly affect economic performance throughout the life of the VIEs. Additionally, we are obligated to deliver tax benefits and provide various other guarantees to Wells Fargo and to absorb the losses of the VIEs. Wells Fargo does not have a material interest in the underlying economics of the project. Consequently, we have included the financial statements of the VIEs in our consolidated financial statements.

Intercompany transactions between us and the VIEs have been eliminated in consolidation. Wells Fargo’s contribution to the investment fund is consolidated in our financial statements within Other noncurrent liabilities as a result of its redemption features.

Direct costs associated with Wells Fargo’s capital contribution were netted against the recorded proceeds, resulting in a net cash contribution of $3.9 million. Other direct costs associated with the transaction were capitalized and are being recognized as interest expense over the seven-year tax credit period. Incremental costs to maintain the structure during the compliance period are expensed as incurred and are immaterial to the consolidated financial statements.

Note 2. Revenue from Contracts with Customers

We recognize revenue when control of promised products or services is transferred to our customers, in amounts that reflect the consideration to which we expect to be entitled in exchange for those products or services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, the payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We determine the appropriate revenue recognition for our contracts with customers by analyzing the type, terms and conditions of each customer contract or arrangement.

Disaggregation of Revenue

Refer to Note 8. for disaggregation of our revenues from contracts with customers by reportable segment and by geographical region, which we believe best depicts how the nature, amount, timing and certainty of our revenue and cash flows are affected by economic factors. Geographical region represents the location of the customer.

Contract Asset and Liability Balances

Differences in the timing of revenue recognition, billing and cash collection result in customer receivables, advance payments and billings in excess of revenue recognized. Customer receivables include amounts billed and currently due from customers as well as unbilled amounts including contract assets. Amounts are billed in accordance with contractual terms and unbilled amounts arise when the timing of billing differs from the timing of revenue recognized.

Advance payments and billings in excess of revenue are recognized and recorded as deferred revenue and are classified as Other current liabilities or Other noncurrent liabilities in the accompanying condensed consolidated balance sheets based on the timing of when we expect to recognize revenue. Refer to Note 7. for current and noncurrent amounts. Deferred revenue represents contract liabilities and is recorded when customers remit cash payments in advance of our satisfaction of performance obligations pursuant to contractual arrangements. Contract liabilities are reversed when the performance obligation is satisfied and revenue is recognized. Deferred revenue primarily consists of amounts related to monitoring, leak detection, software and hosting services. In each of the three months ended December 31, 2024 and 2023, we recognized approximately $2.3 million of revenue that was previously deferred. Additionally, during the three months ended December 31, 2024 and 2023, we recorded approximately $2.1 million and $1.5 million, respectively, of additional deferred revenue. We estimate that noncurrent deferred revenue will be recognized as follows: $1.1 million in 2026, $1.3 million in 2027, $1.2 million in 2028, $0.7 million in 2029, $0.5 million in 2030 and $0.8 million thereafter.

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The table below represents the balances of our customer receivables and deferred revenue:


	December 31,		September 30,
	2024		2024

	(in millions)
Billed receivables	$	148.0	$	212.7
Unbilled receivables	5.2		4.5
Gross customer receivables	153.2		217.2
Allowance for credit losses	(7.9)		(8.3)
Receivables, net	$	145.3	$	208.9

Deferred revenue	$	12.6	$	12.8

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. Our performance obligations are generally satisfied at a point in time for sales of equipment and products or over time for our software hosting and leak detection monitoring services. Performance obligations are supported by customer contracts which provide frameworks for the nature of the distinct products or services. The transaction price is adjusted for our estimate of variable consideration which may include discounts and rebates. To estimate variable consideration, we apply the expected value or the most likely amount method based on whichever method most appropriately predicts the amount of consideration we expect to receive. The method applied is typically based on historical experience and known trends. We include estimated variable consideration in the transaction price only to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur in future periods when the uncertainty associated with the variable consideration is subsequently resolved. We exclude from the measurement of the transaction price all taxes assessed by a governmental authority.

We do not adjust the transaction price of a contract for the effects of a significant financing component if, at the inception of the contract, we expect that the period between when we transfer a product or service to a customer and when a customer remits payment will be one year or less.

Revenue for the sale of our products is recognized when the obligations of the terms of our contract are satisfied, which is when the customer is able to direct the use of and obtain substantially all of the benefits from the product, which generally occurs upon shipment when control of the product transfers to the customer.

We offer assurance warranties to our customers that the products provided will function as intended and comply with any agreed-upon specifications. These warranties cannot be purchased separately. On limited products, we offer extended warranties, which may be purchased separately.

Costs to Obtain or Fulfill a Contract

Shipping and handling costs associated with freight activities after the customer has obtained control are accounted for as fulfillment costs and are expensed to Cost of sales within our condensed consolidated statement of operations at the time the revenue is recognized.

We incur certain incremental costs to obtain a contract, which primarily relate to incremental sales commissions. As the expected benefit associated with these incremental costs is generally one year or less based on the nature of the product sold and benefits received, we have applied the practical expedient to expense them as incurred and therefore do not capitalize the related costs. Our sales commissions are paid based on orders or shipments, and we reserve the right to claw back any commissions in the event of product returns, cancellations or lost collections.

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Note 3. Income Taxes

The reconciliation between the U.S. federal statutory income tax rate and the effective income tax rate is presented below:


	Three months ended
	December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Adjustments to reconcile to the effective tax rate:
State income taxes, net of federal benefit	3.9		3.0
Excess tax (benefit) deficit related to stock-based compensation	(3.5)		0.8
Tax credits	(1.3)		(2.7)
Global Intangible Low-Taxed Income	0.6		1.3
Foreign income tax rate differential	(0.7)		(1.8)
Nondeductible compensation	1.1		1.4
Uncertain tax positions	0.7		(8.8)
Valuation allowances	—		0.4
Other	1.1		0.8
Effective income tax rate	22.9	%	15.4	%

At December 31, 2024 and September 30, 2024, the gross liabilities for unrecognized income tax benefits were $3.4 million and $3.0 million, respectively, and are included in Other noncurrent liabilities.

During the three months ended December 31, 2023, we recorded $1.6 million in income tax benefits due to the release of an uncertain tax position that expired on December 31, 2023. During the three months ended December 31, 2024 and 2023, there were no material changes to other uncertain tax positions.

Note 4. Borrowing Arrangements

The components of our long-term debt are as follows:


	December 31,		September 30,
	2024		2024

	(in millions)
4.0% Senior Notes	$	450.0	$	450.0
Finance leases	2.5		2.7
Total debt	452.5		452.7
Less: deferred financing costs	3.0		3.2
Less: current portion of long-term debt	0.8		0.8
Long-term debt	$	448.7	$	448.7

ABL Agreement. Our asset-based lending agreement, as amended, (“ABL”), is provided by a syndicate of banking institutions and consists of a revolving credit facility for up to $175.0 million in borrowing capacity that matures the earlier of (a) March 16, 2029, which is ninety-one days prior to the stated maturity date of our 4.0% Senior Notes if the Notes are still outstanding on that date or (b) March 28, 2029. The ABL includes the ability to borrow up to $25.0 million of swing line loans and up to $60.0 million of letters of credit. The ABL permits us to increase the size of the credit facility by an additional $150.0 million in certain circumstances subject to adequate borrowing base availability.

Borrowings under the ABL bear interest at a floating rate equal to Secured Overnight Financing Rate (“SOFR”) plus an adjustment of 10 basis points and an applicable margin range of 150 to 175 basis points, or a base rate (as defined in the ABL) plus an applicable margin range of 50 to 75 basis points. At December 31, 2024, the applicable margin was 150 basis points for SOFR-based loans and 50 basis points for base rate loans.

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The ABL is subject to mandatory prepayments if total outstanding borrowings under the ABL are greater than the aggregate commitments under the revolving credit facility or if we dispose of overdue accounts receivable in certain circumstances. The borrowing base under the ABL is equal to the sum of (a) 85% of the value of eligible accounts receivable and (b) the lesser of (i) 70% of the value of eligible inventory or (ii) 85% of the net orderly liquidation value of eligible inventory, less certain reserves. Prepayments can be made at any time without penalty. The ABL allows for payments such as cash dividends on our common stock up to certain thresholds.

Substantially all of our United States subsidiaries are borrowers under the ABL and are jointly and severally liable for outstanding borrowings. Our obligations under the ABL are secured by a first-priority perfected lien on all of our United States inventory, accounts receivable, certain cash balances and other supporting assets.

The ABL includes a commitment fee for any unused borrowing capacity of 37.5 basis points per annum when the unused capacity is above 50% of the credit commitments, with a step down to 25.0 basis points per annum when unused capacity is less than or equal to 50% of the credit commitments. At December 31, 2024, the commitment fee was 37.5 basis points.

Borrowings are not subject to any financial maintenance covenants unless excess availability is less than the greater of $17.5 million and 10% of the Loan Cap (as defined in the ABL). Excess availability based on December 31, 2024 data was $163.0 million, as reduced by $11.8 million of outstanding letters of credit and $0.2 million of accrued fees and expenses.

4.0% Senior Unsecured Notes. On May 28, 2021, we privately issued $450.0 million of 4.0% Unsecured Senior Notes (“4.0% Senior Notes”), which mature on June 15, 2029, and bear interest at 4.0%, paid semi-annually in June and December. We capitalized $5.5 million of financing costs, which are being amortized over the term of the 4.0% Senior Notes using the effective interest method. Proceeds from the 4.0% Senior Notes, along with cash on hand, were used to redeem our previously existing notes. Substantially all of our United States subsidiaries guarantee the 4.0% Senior Notes, which are subordinate to borrowings under our ABL. Based on quoted market prices, which is a Level 1 measurement, the outstanding 4.0% Senior Notes had a fair value of $416.8 million at December 31, 2024.

An indenture governing the 4.0% Senior Notes (“Indenture”) contains customary covenants and events of default, including covenants that limit our ability to incur certain debt and liens. There are no financial maintenance covenants associated with the Indenture. We believe we were in compliance with these covenants at December 31, 2024.

We may redeem some or all of the 4.0% Senior Notes at any time after June 15, 2024, at specified redemption prices. Upon a Change of Control (as defined in the Indenture), we could be required to offer to purchase the 4.0% Senior Notes at a price equal to 101% of the outstanding principal amount if there is a Ratings Decline (as defined in the Indenture).

Note 5. Retirement Plan

We have a defined benefit plan (“Pension Plan”) that we fund in accordance with its requirements and, where applicable, in amounts sufficient to satisfy the minimum funding requirements of applicable laws. The Pension Plan provides benefits based on years of service and compensation or at stated amounts for each year of service with an annual measurement date of September 30.

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The components of net periodic cost for our Pension Plan are presented below:


	Three months ended
	December 31,
	2024		2023
	(in millions)
Service cost	$	0.2	$	0.2
Pension expense other than service:
Interest cost	3.0		3.5
Expected return on plan assets	(3.6)		(3.3)
Amortization of actuarial net loss	0.6		0.8
Pension expense other than service	—		1.0
Net periodic cost	$	0.2	$	1.2

The amortization of actuarial losses, net of income tax, is recorded as a component of Other comprehensive income. For each of the three months ended December 31, 2024 and 2023, the amortization of actuarial net loss is shown net of income tax of $0.2 million in the condensed consolidated statements of comprehensive income.

Note 6. Stock-based Compensation Plans

We grant various forms of stock-based compensation, including market-based restricted stock units (“MRSUs”), restricted stock units, stock options and performance-based restricted stock units (“PRSUs”) under our Amended and Restated 2006 Mueller Water Products, Inc. Stock Incentive Plan (the “2006 Stock Plan”), Phantom Plan instruments under our Mueller Water Products, Inc. 2012 Phantom Plan, and Employee stock purchase plan instruments under our 2006 Employee Stock Purchase Plan. Grants issued during the three months ended December 31, 2024 are as follows:


	Number granted	Weighted average grant date fair value per instrument		Total grant date fair value (in millions)
Quarter ended December 31, 2024
MRSUs	64,044	$	38.25	$	2.4
PRSUs	64,044	25.58		1.6
Restricted stock units	87,344	25.58		2.2
Phantom Plan instruments	134,382	25.58		3.4
Non-qualified stock options	207,417	7.90		1.6
Employee stock purchase plan instruments	24,621	$	3.86	0.1

Total - Year-to-date ended December 31, 2024				$	11.3

An MRSU award represents a target number of units that may be paid out at the end of a three-year award cycle based on a calculation of our relative total shareholder return (“TSR”) performance as compared with the TSR of a selected peer group. Settlements in our common shares will range from zero to two times the number of MRSUs granted, depending on our TSR performance relative to that of the peer group.

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Compensation expense attributed to MRSUs is based on the fair value of the awards on their respective grant dates, as determined using a Monte Carlo model. For these awards, compensation expense is recognized even if the awards are not earned or vested. The assumptions used to determine the grant date fair value are indicated below for awards granted to date during the current fiscal year.


						December 3, 2024
Variables used in determining grant date fair value:
Dividend yield						1.10%
Risk-free rate						4.10%
Expected term (in years)						2.80

The expected dividend yield is based on our estimated annual dividend and our stock price history at the grant date. The risk-free interest rate is based on the United States Treasury zero-coupon yield in effect at the grant date with a term equal to the expected term. The expected term represents the average period of time the units are expected to be outstanding.

At December 31, 2024, the outstanding Phantom Plan instruments had a fair value of $22.50 per instrument and our accrued liability for Phantom Plan instruments was $2.9 million and is included within Other current liabilities for amounts related to instruments scheduled to vest in twelve months or less and Other noncurrent liabilities for amounts related to instruments scheduled to vest beyond twelve months.

Stock options generally vest ratably on each anniversary date of the original grant over three years. Compensation expense attributed to stock options is based on the fair value of the awards on their respective grant dates, as determined using a Black-Scholes model. The assumptions used to determine the grant date fair value are indicated below for awards granted to date during the current fiscal year.


			December 3, 2024
Variables used in determining grant date fair value:
Dividend yield			1.64%
Risk-free rate			4.14%
Expected term (in years)			6.00

A PRSU award consists of a target number of units that may be paid out at the end of a three-year award cycle. Settlements in our common shares will range from zero to two times the number of PRSUs granted, depending on our financial performance against predetermined targets.

Restricted stock units generally vest ratably over the life of the award, usually three years, on each anniversary date of the original grant. Compensation expense for restricted stock units is recognized between the grant date and the vesting date (or the date on which a participant becomes retirement-eligible under the terms of the 2006 Stock Plan, if sooner) on a straight-line basis for each tranche of each award. Fair values of restricted stock units are determined using the closing price of our common stock on the respective grant date.

Employee stock purchase plan instruments are shares of our common stock purchased by employees under the Mueller Water Products Inc. 2006 Employee Stock Purchase Plan (“ESPP”). Generally, all full-time, active employees are eligible to participate in the ESPP, subject to certain restrictions. Employee purchases are funded through payroll deductions, and any excess payroll withholdings are returned to the employee. The price for the shares purchased under the ESPP is 85% of the lower of the closing price on the first day or the last day of the offering period.

We issued 260,727 shares of common stock to settle PRSUs vested during the three months ended December 31, 2024. Additionally, we issued 112,597 shares of common stock to settle restricted stock units vested during the three months ended

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December 31, 2024. Finally, we issued 94,877 shares of common stock to settle stock options exercised during the three months ended December 31, 2024. Common shares totaling 156,060 were surrendered to us to pay the applicable tax withholding obligations of equity award participants for the three months ended December 31, 2024.

Operating income included stock-based compensation expense of $3.9 million and $3.4 million during the three months ended December 31, 2024 and 2023, respectively. At December 31, 2024, there was approximately $16.9 million of unrecognized compensation expense related to stock-based compensation arrangements, which will be expensed through December 2027.

We excluded 133,543 and 712,164 stock-based compensation instruments from the calculations of diluted earnings per share in the three months ended December 31, 2024 and 2023, respectively, since their inclusion would have been antidilutive.

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Note 7. Supplemental Balance Sheet Information

Selected supplemental asset information is presented below:


	December 31,		September 30,
	2024		2024

	(in millions)
Inventories, net:
Purchased components and raw materials	$	166.1	$	163.6
Work in process, net	66.9		65.8
Finished goods, net	84.8		72.3
Inventories, net	$	317.8	$	301.7

Other current assets:
Prepaid expenses	$	19.3	$	17.2
Non-trade receivables	2.9		3.4
Maintenance and repair supplies and tooling	5.1		5.4
Goods to be returned	4.0		4.2
Income taxes	0.8		0.8
Workers' compensation reimbursement receivable	2.4		2.4
Other current assets	6.9		4.5
Total other current assets	$	41.4	$	37.9

Property, plant and equipment:
Land	$	6.5	$	6.5
Buildings	127.9		126.6
Machinery and equipment	553.1		550.4
Construction in progress	51.7		45.2
Total property, plant and equipment	739.2		728.7
Accumulated depreciation	(418.5)		(409.9)
Property, plant and equipment, net	$	320.7	$	318.8

Other noncurrent assets:
Operating lease right-of-use assets	$	26.4	$	26.9
Maintenance and repair supplies and tooling	18.6		20.3
Workers' compensation reimbursement receivable	4.1		4.1
Pension asset	14.0		13.5
Note receivable	1.8		1.8
Deferred financing fees	1.2		1.3
Other noncurrent assets	0.3		0.4
Total other noncurrent assets	$	66.4	$	68.3

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Selected supplemental liability information is presented below:


	December 31,		September 30,
	2024		2024

	(in millions)
Other current liabilities:
Compensation and benefits	$	29.6	$	58.3
Customer rebates	21.8		16.9
Income taxes payable	16.0		5.6
Warranty accrual	11.8		13.3
Deferred revenue	7.0		7.1
Returned goods accrual	6.4		7.3
Taxes other than income taxes	3.5		3.5
Operating lease liabilities	5.7		5.5
Workers' compensation accrual	4.5		4.6
Restructuring liabilities	3.6		3.4
Interest payable	0.8		5.3
Other current liabilities	9.9		16.5
Total other current liabilities	$	120.6	$	147.3

Other noncurrent liabilities:
Operating lease liabilities	$	22.0	$	22.5
Warranty accrual	9.2		10.3
Transition tax liability	1.7		1.7
Uncertain tax position liability	3.4		3.0
NMTC liability	3.9		3.9
Workers' compensation accrual	5.8		5.8
Asset retirement obligation	4.2		4.2
Deferred revenue	5.6		5.7
Deferred development grant	2.5		2.5
Other noncurrent liabilities	2.7		4.1
Total other noncurrent liabilities	$	61.0	$	63.7

Goodwill

Goodwill is tested for impairment at the reporting unit level (operating segment or one level below an operating segment) on an annual basis on September 1 of each fiscal year or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying value.

The following table summarizes information concerning our goodwill, all of which is within our Water Management Solutions segment, during the three months ended December 31, 2024, in millions:


Balance at September 30, 2024:
Goodwill	$	821.1
Accumulated impairment	(740.4)
Goodwill, net	80.7
Activity during the three months ended December 31, 2024:
Change in foreign currency exchange rates	0.8
Balance at December 31, 2024	$	81.5

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Note 8. Segment Information

We have two reportable 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. Summarized financial information for our segments is presented below:


	Three months ended
	December 31,
	2024		2023

	(in millions)
Net revenue, excluding intercompany:
Water Flow Solutions	$	174.6	$	141.3
Water Management Solutions	129.7		115.1
	$	304.3	$	256.4
Operating income (loss):
Water Flow Solutions	$	35.3	$	27.2
Water Management Solutions	27.3		15.1
Corporate	(15.2)		(19.5)
	$	47.4	$	22.8
Depreciation and amortization:
Water Flow Solutions	$	6.1	$	9.3
Water Management Solutions	5.0		7.0
Corporate	—		0.1
	$	11.1	$	16.4
Strategic reorganization and other charges:
Water Flow Solutions	$	—	$	0.2
Water Management Solutions	0.3		—
Corporate	1.4		6.4
	$	1.7	$	6.6
Capital expenditures:
Water Flow Solutions	$	5.7	$	3.9
Water Management Solutions	6.2		1.8
Corporate	—		—
	$	11.9	$	5.7
Water Flow Solutions disaggregated revenue:
Central	$	48.5	$	38.5
Northeast	33.3		28.3
Southeast	38.6		37.1
West	43.9		30.6
United States	164.3		134.5
Canada	8.0		4.8
Other international locations	2.3		2.0
	$	174.6	$	141.3
Water Management Solutions disaggregated revenue:
Central	$	35.1	$	29.2
Northeast	29.2		26.8
Southeast	26.6		28.4
West	28.5		20.0
United States	119.4		104.4
Canada	4.4		5.7
Other international locations	5.9		5.0
	$	129.7	$	115.1

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Note 9. Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is as follows:


	Pension actuarial amortization, net of income tax		Foreign currency translation, net of income tax		Total

	(in millions)
Balance at September 30, 2024	$	(19.7)	$	(11.1)	$	(30.8)
Current period other comprehensive income (loss)	0.4		(1.3)		(0.9)
Balance at December 31, 2024	$	(19.3)	$	(12.4)	$	(31.7)

For the three months ended December 31, 2024, pension actuarial amortization included in the condensed consolidated statements of comprehensive income as a component of pension expense other than service was $0.6 million, net of income tax of $0.2 million. Refer to Note 5. Retirement Plans for further information. For the three months ended December 31, 2024, foreign currency translation included in the condensed consolidated statements of comprehensive income was $1.3 million net of no income tax.

Note 10. Commitments and Contingencies

We are involved in various legal proceedings that have arisen in the normal course of operations, including the proceedings summarized below. We provide for costs relating to these matters when a loss is probable and the amount is reasonably estimable. Legal and administrative costs related to these matters are expensed as incurred. The effect of the outcome of these matters on our financial statements cannot be predicted with certainty as any such effect depends on the amount and timing of the resolution of such matters. Other than the litigation described below, we do not believe that any of our outstanding litigation would have a materially adverse effect on our financial position, results of operations, cash flows or liquidity.

Environmental. We are subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the operations at many of our properties and with respect to remediating environmental conditions that may exist at our own or other properties. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable.

In the acquisition agreement pursuant to which a predecessor to Tyco International plc, now Johnson Controls International plc (“Tyco”), sold our businesses to a previous owner in August 1999, Tyco agreed to indemnify us and our affiliates, among other things, for all “Excluded Liabilities.” Excluded Liabilities include, among other things, substantially all liabilities relating to the time prior to August 1999, including environmental liabilities. The indemnity survives indefinitely. Tyco’s indemnity does not cover liabilities to the extent caused by us or the operation of our businesses after August 1999, nor does it cover liabilities arising with respect to businesses or sites acquired after August 1999. Since 2007, Tyco has engaged in multiple corporate restructurings, split-offs and divestitures. While none of these transactions directly affects the indemnification obligations of the Tyco indemnitors under the 1999 acquisition agreement, the result of such transactions is that the assets of, and control over, such Tyco indemnitors has changed. Should any of these Tyco indemnitors become financially unable or fail to comply with the terms of the indemnity, we may be responsible for such obligations or liabilities.

The purchaser of U.S. Pipe has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act in connection with a former manufacturing facility operated by U.S. Pipe that was in the vicinity of a proposed Superfund site located in North Birmingham, Alabama. Under the terms of the acquisition agreement relating to our sale of U.S. Pipe, we agreed to indemnify the purchaser for certain environmental liabilities, including those arising out of the former manufacturing site in North Birmingham. Accordingly, the purchaser tendered the matter to us for indemnification, which we accepted. Ultimate liability for the site will depend on many factors that have not yet been determined, including the determination of the Environmental Protection Agency’s remediation costs, the number and financial viability of the other PRPs (there are four other PRPs currently) and the determination of the final allocation of the costs among the PRPs. Since the amounts of such costs cannot be reasonably estimated at this time, no amounts have been accrued for this matter at December 31, 2024.

CBP Matter. On October 4, 2024, we delivered to the U.S. Customs and Border Protections (“CBP”) a prior disclosure letter to correct information reported at the time of entry under United States laws and customs regulations with respect to the origin of certain products that were supplied by a manufacturer in Canada but that we subsequently determined had not been substantially transformed in Canada, resulting in the underpayment of certain duties to CBP. We identified the entry

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discrepancies to our U.S. importer of such products and provided the information to CBP. We expensed $9.1 million in 2024 consisting of the duties believed to be owed for all relevant periods and expected interest on such amount. Because the matter remains under review by CBP, it is possible that the actual amount of duties and interest owed for these discrepancies may be higher than the amount remitted or CBP may assess additional fines, penalties or enact other measures.

Cybersecurity Incident Putative Class Action. In connection with the cybersecurity incident initially reported on October 28, 2023, the Company was named as a defendant in a putative class action lawsuit captioned David Kok v. Mueller Water Products, Inc., filed on August 30, 2024 in the U.S. District Court for the Northern District of Georgia, Atlanta Division, Case No. 1:24-cv-03894-SCJ. The plaintiff seeks to represent a class of all Company current and former employees whose personally identifying information was allegedly compromised by the incident. The lawsuit asserts various common law tort, contract and state statutory claims, seeks monetary damages, injunctive and declaratory relief, costs and attorneys’ fees and other related relief. We believe the allegations are without merit and intend to vigorously defend against the claims; however, the outcome of this legal proceeding cannot be predicted with certainty.

Indemnification. We are a party to contracts in which it is common for us to agree to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct. We cannot estimate the potential amount of future payments under these indemnities until events arise that would trigger a liability under the indemnities.

Additionally, in connection with the sale of assets and the divestiture of businesses, such as the divestitures of U.S. Pipe and Anvil, we may agree to indemnify buyers and related parties for certain losses or liabilities incurred by these parties with respect to: (i) the representations and warranties made by us to these parties in connection with the sale and (ii) liabilities related to the pre-closing operations of the assets or business sold. Indemnities related to pre-closing operations generally include certain environmental and tax liabilities and other liabilities not assumed by these parties in the transaction.

Indemnities related to the pre-closing operations of sold assets or businesses normally do not represent additional liabilities to us, but simply serve to protect these parties from potential liability associated with our obligations existing at the time of the sale. As with any liability, we have accrued for those pre-closing obligations that are considered probable and reasonably estimable. Should circumstances change, increasing the likelihood of payments related to a specific indemnity, we will accrue a liability when future payment is probable and the amount is reasonably estimable.

Other Matters. We monitor and analyze our warranty experience and costs periodically and may revise our accruals as necessary. Factors considered in our analyses include warranty terms, specific claim situations, general incurred and projected failure rates, the nature of product failures, product and labor costs, and general business conditions.

We are party to a number of lawsuits arising in the ordinary course of business, including product liability cases for products manufactured by us or third parties. While the results of litigation cannot be predicted with certainty, we believe that the final outcome of such other litigation is not likely to have a materially adverse effect on our financial position, results of operations, cash flows or liquidity.

Note 11. Subsequent Events

On January 23, 2025, our Board of Directors declared a dividend of $0.067 per share on our common stock, payable on or about February 21, 2025, to stockholders of record at the close of business on February 10, 2025.

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Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the unaudited condensed consolidated financial statements and related notes thereto that appear elsewhere in this report. This report contains certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements that address activities, events or developments that the Company intends, expects, plans, projects, believes or anticipates will or may occur in the future are forward-looking statements, including, without limitation, statements regarding outlooks, projections, forecasts, expectations, commitments, trend descriptions and the ability to capitalize on trends, value creation, Board of Directors and committee composition plans, long-term strategies and the execution or acceleration thereof, operational improvements, inventory positions, the benefits of capital investments, financial or operating performance, including driving increased margins, operational and commercial initiatives, capital allocation and growth strategy plans, and the demand for the Company’s products. Forward-looking statements are based on certain assumptions and assessments made by the Company in light of the Company’s experience and perception of historical trends, current conditions and expected future developments.

Actual results and the timing of events may differ materially from those contemplated by the forward-looking statements due to a number of factors, including, without limitation, logistical challenges and supply chain disruptions, geopolitical conditions, including the Israel-Hamas war, public health crises, or other events; inventory and in-stock positions of our distributors and end customers; an inability to realize the anticipated benefits from our operational initiatives, including our large capital investments in Decatur, Illinois, plant closures, and reorganization and related strategic realignment activities; an inability to attract or retain a skilled and diverse workforce, including executive officers, increased competition related to the workforce and labor markets; an inability to protect the Company’s information systems against further service interruption, risks resulting from possible future cybersecurity incidents, misappropriation of data or breaches of security; failure to comply with personal data protection and privacy laws; cyclical and changing demand in core markets such as municipal spending, residential construction, and natural gas distribution; government monetary or fiscal policies; the impact of adverse weather conditions; the impact of manufacturing and product performance; the impact of wage, commodity and materials price inflation; foreign exchange rate fluctuations; the impact of higher interest rates; the impact of warranty charges and claims, and related accommodations; the strength of our brands and reputation; an inability to successfully resolve significant legal proceedings or government investigations; compliance with environmental, trade and anti-corruption laws and regulations; climate change and legal or regulatory responses thereto; changing regulatory, trade and tariff conditions; the failure to integrate and/or realize any of the anticipated benefits of acquisitions or divestitures; an inability to achieve some or all of our goals and commitments in environmental and sustainability programs; and other factors that are described in the section entitled “RISK FACTORS” in Item 1A. of the Company’s most recent Annual Report on Form 10-K and later filings on Form 10-Q, as applicable.

Forward-looking statements do not guarantee future performance and are only as of the date they are made. The Company undertakes no duty to update its forward-looking statements except as required by law. Undue reliance should not be placed on any forward-looking statements. You are advised to review any further disclosures the Company makes on related subjects in subsequent Forms 10-K, 10-Q, 8-K and other reports filed with the United States Securities and Exchange Commission.

Overview

Business

We have two reportable segments: Water Flow Solutions and Water Management Solutions. Water Flow Solutions’ portfolio includes iron gate valves, specialty valves and service brass products. Water Flow Solutions represented approximately 57% of our fiscal 2024 net sales. 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. Water Management Solutions represented approximately 43% of our fiscal 2024 net sales.

We estimate approximately 60% to 65% of our 2024 net sales were associated with the repair and replacement of municipal water infrastructure, approximately 25% to 30% were related to residential construction activity and approximately 10% were related to natural gas utilities and industrial applications.

In October 2023, the Israel-Hamas war caused a temporary shutdown of our facility in Ariel, Israel. While we reopened the facility in November 2023, the war caused supply chain challenges that continue to hinder our ability to most efficiently manufacture our products produced in Israel. These supply chain disruptions have adversely impacted, and continue to adversely impact, our ability to efficiently produce and deliver our products from our facility in Ariel, Israel. Additionally, production at this facility has been adversely impacted by limited labor availability in the region. We have made investments in recruiting and

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training new team members, expanding our suppliers and expediting product shipments to increase production levels and meet customer delivery times.

The cybersecurity incident in the first quarter of fiscal 2024 consisted of unauthorized access and deployment of ransomware by a third party to a portion of our internal information system infrastructure. The incident caused temporary disruptions and limitations of access to portions of our business applications supporting certain aspects of our operations including shipping, receiving and payment functions. Operational delays as well as investigation and remediation costs in connection with the incident adversely impacted our results for the first quarter of fiscal 2024; however, there was no material impact to our consolidated net sales for the full fiscal 2024. We have restored the impacted applications and systems. As reported on November 29, 2023, we identified a separate cybersecurity incident, which primarily related to a system that was at the end of its useful life and was already in the process of being replaced in the ordinary course of business. We completed the replacement of this system during the second quarter of fiscal 2024.

In the first quarter of fiscal 2024, we incurred approximately $1.5 million of expenses related to the cybersecurity incidents. We continue to address the impacts of the cybersecurity incidents, including making enhancements to our cybersecurity processes and analyzing the data accessed, exfiltrated or otherwise impacted in connection with the cybersecurity incidents.

In January 2025, we announced the appointment of Ms. Melissa Rasmussen as Senior Vice President and Chief Financial Officer effective March 4, 2025. As previously announced, Mr. Steve Heinrichs will transition from his Chief Financial Officer and Chief Legal Officer roles and remain available to the Company on a consulting basis through September 30, 2025.

For fiscal year 2025, we anticipate that consolidated net sales will increase between 4.2% and 5.7% as compared with fiscal 2024, which does not include any impact as a result of the recently announced tariffs. The external operating environment remains dynamic as we face uncertainties and challenges emanating from changes in government policies, the interest rate environment, the Israel-Hamas war and unrest in the Middle East, as well as labor inflation and availability. We expect these challenges to continue during the remainder of fiscal 2025. After our short-cycle channel and customer inventory levels largely normalized during the first quarter of 2024, our orders and shipments reflected a more typical operating environment compared with the high backlog environment we experienced during and after the COVID-19 pandemic. For the remainder of fiscal 2025, we assume that we will continue to experience a more normalized operating environment leading to normalized seasonality for consolidated net sales. Therefore, we anticipate quarterly consolidated net sales as a percentage of fiscal year 2025 consolidated net sales to be the highest in the third quarter and lowest in the first quarter, with a sequential increase in consolidated net sales in the second quarter as the construction season ramps up for the spring season. In January 2025, Blue Chip Economic Indicators forecasted a 0.7% increase in housing starts for the calendar year 2025 as compared to the calendar year 2024. We anticipate resilient demand in the municipal repair and replacement end market driven by the aging water infrastructure albeit moderated by budgetary and operational pressures on municipalities.

Additionally, we anticipate that new residential construction activity and new lot and land development will be relatively constrained by the interest rate environment, depending on the geographic region. For the remainder of fiscal 2025, we anticipate that inflation will continue to modestly impact manufacturing costs, primarily due to wage inflation, as well as raw materials and purchased parts. We will continue to monitor the market and economic conditions impacting our business and take appropriate actions to address inflationary and other cost pressures, including new tariffs, by implementing price increases, cost containment measures and supplier management measures, among other mitigating actions.

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Results of Operations

Three Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023


	Three months ended December 31, 2024
	Water Flow Solutions		Water Management Solutions		Corporate		Total

	(in millions)
Net sales	$	174.6	$	129.7	$	—	$	304.3
Gross profit	$	55.1	$	47.9	$	—	$	103.0
Operating expenses:
Selling, general and administrative	19.8		20.3		13.8		53.9
Strategic reorganization and other charges	—		0.3		1.4		1.7
Total operating expenses	19.8		20.6		15.2		55.6
Operating income (loss)	$	35.3	$	27.3	$	(15.2)	47.4
Non-operating expenses:

Interest expense, net							1.6

Income before income taxes							45.8
Income tax expense							10.5
Net income							$	35.3

	Three months ended December 31, 2023
	Water Flow Solutions		Water Management Solutions		Corporate		Total

	(in millions)
Net sales	$	141.3	$	115.1	$	—	$	256.4
Gross profit	$	46.6	$	39.7	$	—	$	86.3
Operating expenses:
Selling, general and administrative	19.2		24.6		13.1		56.9
Strategic reorganization and other charges	0.2		—		6.4		6.6
Total operating expenses	19.4		24.6		19.5		63.5
Operating income (loss)	$	27.2	$	15.1	$	(19.5)	22.8
Non-operating expenses:

Pension expense other than service							1.0
Interest expense, net							3.3
Other expense							1.6
Income before income taxes							16.9
Income tax expense							2.6
Net income							$	14.3

Consolidated Analysis

Net sales for the three months ended December 31, 2024 were $304.3 million as compared with $256.4 million in the prior year period, an increase of $47.9 million or 18.7%, primarily as a result of increased volumes at Water Flow Solutions and Water Management Solutions, as well as higher pricing across most product lines.

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Gross profit for the three months ended December 31, 2024 was $103.0 million as compared with $86.3 million in the prior year period, an increase of $16.7 million or 19.4%, primarily as a result of higher volumes and favorable price/cost. Offsetting the increase was a $3.3 million write-down of inventory and other assets associated with our legacy brass foundry in Decatur, Illinois, which ceased production in January 2025. The Israel-Hamas war negatively impacted Gross profit by less than 5%. As a result, Gross margin was 33.8% in the three months ended December 31, 2024 as compared with 33.7% in the prior year period.

Selling, general and administrative expenses (“SG&A”) for the three months ended December 31, 2024 were $53.9 million as compared with $56.9 million in the prior year period, a decrease of $3.0 million or 5.3%, primarily due to lower amortization and favorable foreign exchange impacts, partially offset by approximately 3% inflation, higher third-party fees and personnel-related expense. SG&A as a percentage of net sales was 17.7% and 22.2% for the three months ended December 31, 2024 and December 31, 2023, respectively.

Strategic reorganization and other charges for the three months ended December 31, 2024 were $1.7 million and consisted of expenses associated with our leadership transition and severance. Strategic reorganization and other charges for the three months ended December 31, 2023 were $6.6 million and consisted of expenses associated with our leadership transition, cybersecurity incidents and certain transaction-related expenses.

Net interest expense for the three months ended December 31, 2024 was $1.6 million as compared with $3.3 million in the prior year period, a decrease of $1.7 million or 51.5%, primarily due to higher interest income. The components of net interest expense are as shown below:


	Three months ended
	December 31,
	2024		2023

	(in millions)
4.0% Senior Notes	$	4.5	$	4.5
Deferred financing costs amortization	0.3		0.3
ABL Agreement	0.2		0.2
Capitalized interest	(0.1)		(0.1)
Other interest expense	0.1		0.2
Total interest expense	5.0		5.1
Interest income	(3.4)		(1.8)
Interest expense, net	$	1.6	$	3.3

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The reconciliation between the U.S. federal statutory income tax rate and the effective income tax rate is presented below:


	Three months ended
	December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Adjustments to reconcile to the effective tax rate:
State income taxes, net of federal benefit	3.9		3.0
Excess tax (benefit) deficit related to stock-based compensation	(3.5)		0.8
Tax credits	(1.3)		(2.7)
Global Intangible Low-Taxed Income	0.6		1.3
Foreign income tax rate differential	(0.7)		(1.8)
Nondeductible compensation	1.1		1.4
Uncertain tax positions	0.7		(8.8)
Valuation allowances	—		0.4
Other	1.1		0.8
Effective income tax rate	22.9	%	15.4	%

Segment Analysis

Water Flow Solutions

Net sales for the three months ended December 31, 2024 were $174.6 million as compared with $141.3 million in the prior year period, an increase of $33.3 million or 23.6%, primarily as a result of higher volumes predominately in iron gate valves and specialty valves as well as higher pricing across most product lines.

Gross profit for the three months ended December 31, 2024 was $55.1 million as compared with $46.6 million in the prior year period, an increase of $8.5 million or 18.2%. This increase was primarily a result of higher volumes and favorable price/cost, partially offset by the $3.3 million write-down of inventory and other assets associated with our legacy brass foundry in Decatur, Illinois, which ceased production in January 2025. Gross margin was 31.6% in the three months ended December 31, 2024 and 33.0% in the prior year period.

SG&A for the three months ended December 31, 2024 was $19.8 million as compared with $19.2 million in the prior year period, an increase of $0.6 million or 3.1%, primarily as a result of higher personnel-related expense, including commissions, third-party fees, and inflation of approximately 3%, partially offset by lower amortization. SG&A as a percentage of net sales was 11.3% and 13.6% in the three months ended December 31, 2024 and 2023, respectively.

Water Management Solutions

Net sales for the three months ended December 31, 2024 were $129.7 million as compared with $115.1 million in the prior year period, an increase of $14.6 million or 12.7%, primarily as a result of higher volumes of hydrants as well as higher pricing across most product lines.

Gross profit for the three months ended December 31, 2024 was $47.9 million as compared with $39.7 million in the prior year period, an increase of $8.2 million or 20.7%. The increase was primarily driven by higher volumes in hydrants, and favorable price/cost partially offset by impacts of the Israel-Hamas war. Gross margin was 36.9% in the three months ended December 31, 2024 as compared with 34.5% in the prior year period.

SG&A for the three months ended December 31, 2024 was $20.3 million as compared with $24.6 million in the prior year period, a decrease of $4.3 million or 17.5%, primarily due to lower amortization, favorable foreign exchange impacts, and lower personnel-related expense, partially offset by higher commissions. The decrease was partially offset by higher third-party fees and approximately 3% inflation. SG&A as a percentage of net sales was 15.7% and 21.4% in the three months ended December 31, 2024 and 2023, respectively.

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Corporate

SG&A for the three months ended December 31, 2024 was $13.8 million as compared with $13.1 million in the prior year period, an increase of $0.7 million or 5.3%, primarily as a result of approximately 3% inflation and higher third-party fees partially offset by lower personnel-related expense.

Liquidity and Capital Resources

We had cash and cash equivalents on hand of $338.2 million at December 31, 2024 and $163.0 million of additional borrowing capacity under our ABL based on December 31, 2024 data. At December 31, 2024, cash and cash equivalents included $73.3 million, $12.0 million and $11.6 million in Israel, Canada and China, respectively.

We declared a quarterly dividend of $0.067 per share on January 23, 2025, payable on or about February 21, 2025 to stockholders of record as of February 10, 2025, which will result in an estimated $10.5 million cash outlay.

We did not repurchase any of our outstanding common stock during the three months ended December 31, 2024 under our publicly announced share repurchase program, and as of December 31, 2024, we had $80.0 million remaining under our share repurchase authorization.

The ABL and 4.0% Senior Notes contain customary representations and warranties, covenants and provisions governing an event of default. These covenants restrict our ability to engage in certain activities, including but not limited to, the payment of dividends and the redemption of our common stock.

Net cash provided by operating activities was $54.1 million during the three months ended December 31, 2024 as compared with net cash provided by operating activities of $67.9 million in the prior year period. The decrease in net operating cash flow was primarily driven by changes in working capital, including Other current liabilities such as incentive compensation, partially offset by higher Net income compared with the prior year period.

Capital expenditures were $11.9 million in the three months ended December 31, 2024 as compared with $5.7 million in the prior year period. Capital expenditures increased primarily as a result of timing and higher expenditures associated with our foundries as compared with the prior year period. For the fiscal year 2025, we have provided guidance that our capital expenditures are expected to be between $45.0 million and $50.0 million.

We anticipate that our existing cash, cash equivalents and borrowing capacity combined with our expected operating cash flows will be sufficient to meet our anticipated operating needs, income tax payments, capital expenditures and debt service obligations as they become due through the next twelve months from the date of this filing. However, our ability to make these payments will depend largely on our future operating performance, which may be affected by general economic, financial, competitive, legislative, regulatory, business and other factors beyond our control.

ABL Agreement

Our ABL is provided by a syndicate of banking institutions and consists of a revolving credit facility for up to $175.0 million in borrowing capacity that matures the earlier of (a) March 16, 2029, which is ninety-one days prior to the stated maturity date of our 4.0% Senior Notes if the Notes are still outstanding on that date or (b) March 28, 2029. The ABL includes the ability to borrow up to $25.0 million of swing line loans and up to $60.0 million of letters of credit. The ABL permits us to increase the size of the credit facility by an additional $150.0 million in certain circumstances subject to adequate borrowing base availability.

Borrowings under the ABL bear interest at a floating rate equal to SOFR plus an adjustment of 10 basis points and an applicable margin range of 150 to 175 basis points, or a base rate (as defined in the ABL) plus an applicable margin range of 50 to 75 basis points. At December 31, 2024, the applicable margin was 150 basis points for SOFR-based loans and 50 basis points for base rate loans.

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Prepayments can be made at any time without penalty. The ABL allows for payments such as cash dividends on our common stock up to certain thresholds.

4.0% Senior Unsecured Notes

On May 28, 2021, we privately issued $450.0 million of 4.0% Unsecured Senior Notes (“4.0% Senior Notes”), which mature on June 15, 2029, and bear interest at 4.0%, paid semi-annually in June and December. We capitalized $5.5 million of financing costs, which are being amortized over the term of the 4.0% Senior Notes using the effective interest method. Proceeds from the 4.0% Senior Notes, along with cash on hand, were used to redeem our previously existing notes. Substantially all of our United States subsidiaries guarantee the 4.0% Senior Notes, which are subordinate to borrowings under our ABL. Based on quoted market prices, which is a Level 1 measurement, the outstanding 4.0% Senior Notes had a fair value of $416.8 million at December 31, 2024.

Our corporate credit rating and the credit rating for our debt and outlook are presented below:

Moody’s

Standard & Poor’s

December 31,

September 30,

December 31,

September 30,

2024

Corporate credit rating

Ba1

ABL Agreement

Not rated

4.0% Senior Notes

Ba1

Outlook

Stable

Positive

Stable

These ratings are not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agencies.

Material Cash Requirements

We enter into a variety of contractual obligations as part of our normal operations in addition to capital expenditures. As of December 31, 2024, we had (i) debt obligations related to our $450.0 million 4.0% Senior Notes which mature in 2029 and include annual cash interest payments of $18.0 million in 2025 through 2029, (ii) cumulative cash obligations of $34.3 million for operating leases through 2034 and $2.8 million for finance leases through 2030, and (iii) purchase obligations for raw materials and other purchased parts of approximately $103.6 million which we expect to incur during the next 12 months and $3.0 million beyond June 30, 2025. Additionally, we expect to invest to strengthen our systems, cybersecurity training, policies,

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programs, response plans and other similar measures. We expect to fund these cash requirements from cash on hand and cash generated from operations.

Off-Balance Sheet Arrangements

We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as “structured finance” or “special purpose” entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. In addition, at December 31, 2024, we did not have any undisclosed borrowings, debt, derivative contracts or synthetic leases. Therefore, we were not exposed to any financing, liquidity, market or credit risk that could have arisen had we engaged in such relationships.

We use letters of credit and surety bonds in the ordinary course of business to ensure the performance of contractual obligations. At December 31, 2024, we had $11.8 million of letters of credit and $11.5 million of surety bonds outstanding.

Seasonality

Critical Accounting Estimates

The preparation of financial statements in accordance with GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. These estimates are based upon experience and on various other assumptions we believe to be reasonable under the circumstances. Actual results may differ from these estimates. We consider an accounting estimate to be critical if changes in the estimate that are reasonably likely to occur over time or the use of reasonably different estimates could have a material impact on our financial condition or results of operations. Our critical accounting estimates can be found in the “Critical Accounting Estimates” section in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s 2024 Annual Report on Form 10-K. There have been no changes in the Company’s determination of critical accounting estimates since September 30, 2024.

Item 4. CONTROLS AND PROCEDURES

There have been no changes in our internal control over financial reporting which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting during the quarter ended December 31, 2024.

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and that such information is accumulated and communicated to our management, including the Chief Executive Officer and the Chief Financial Officer as appropriate, to allow timely decisions regarding required disclosure.

Our Chief Executive Officer and our Chief Financial Officer have concluded, based on an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended) by our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, that such disclosure controls and procedures were effective as of the end of the period covered by this report.

Our management, including our Chief Executive Officer and our Chief Financial Officer, does not expect that our disclosure controls can prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. There are inherent limitations in all control systems, including the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of one or more persons. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and, while our disclosure controls and procedures are designed to be effective under circumstances where they should reasonably be expected to

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operate effectively, there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Because of the inherent limitations in any control system, misstatements due to error or fraud may occur and not be detected.

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PART II OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

Refer to the information provided in Note 10. to the Notes to the Condensed Consolidated Financial Statements presented in Item 1. of Part I of this report.

Item 1A. RISK FACTORS

In addition to the other information set forth in this report, you should carefully consider the factors discussed in PART I, “Item 1A. RISK FACTORS” in our 2024 Annual Report on Form 10-K, each of which could materially affect our business, financial condition or operating results. These described risks are not the only risks facing us. Additional risks and uncertainties not known to us or that we deem to be immaterial also may materially adversely affect our business, financial condition or operating results.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table presents the number and average price of shares purchased in each fiscal month of the first quarter of fiscal 2025:


Period	Total number of shares purchased	Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs (1)(2)	Maximum dollar value of shares that may yet be purchased under the plans or programs (in millions)
October 1-31, 2024	133	$	21.37	—	$	80.0
November 1-30, 2024	41,884	25.13		—	80.0
December 1-31, 2024	114,043	25.58		—	$	80.0
Total	156,060	$	25.45	—

(1)In 2015, we announced the authorization of a stock repurchase program for up to $50.0 million of our common stock. The program does not commit us to a particular timing or quantity of purchases, and we may suspend or discontinue the program at any time. In 2017, we announced an increase to the authorized amount of this program to $250.0 million.

(2)During the three months ended December 31, 2024, we repurchased no shares of our common stock pursuant to our share repurchase authorization, and we had $80.0 million remaining under this authorization as of December 31, 2024. During the three months ended December 31, 2024, 156,060 shares were surrendered to us to pay the tax withholding obligations of participants in connection with the vesting of equity awards.

Item 5. OTHER INFORMATION

(c) Our Section 16 officers and directors, as defined in Rule 16a-1(f) of the Securities and Exchange Act of 1934 (the “Exchange Act”), may from time to time enter into plans for the purchase or sale of our common stock that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. During the quarter ended December 31, 2024, the following officer adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408 of Regulation S-K of the Exchange Act):

Mr. Steve Heinrichs, the Company’s Chief Financial Officer and Chief Legal and Compliance Officer, adopted a written trading plan on December 4, 2024. The trading plan begins on March 5, 2025, and ends May 16, 2025. The trading plan is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) and permits Mr. Heinrichs to sell up to 227,099 shares of common stock of the Company, subject to certain conditions.

This trading plan was adopted during an open trading window.

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No other Section 16 officer or director, as defined in Rule 16a-1(f), adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K, during the three months ended December 31, 2024.

Item 6. EXHIBITS


Exhibit No.						Document
10.1+						Letter Agreement, dated December 9, 2024, by and between Mueller Water Products, Inc. and Marietta Edmunds Zakas, Incorporated by reference to Exhibit 10.1 to Mueller Water Products, Inc. Form 8-K (File no. 001-32892) filed on December 11, 2024.
10.2+						O ffer Letter, date d January 9, 2025, by and between Mueller Water Products, Inc. and Melissa Rasmussen . Incorporated by reference to Exhibit 10.1 to Mueller Water Products, Inc. Form 8-K (File no. 001-32892) filed on January 16, 2025.
10.3+*						Mueller Water Products, Inc. Executive Severance Plan.
10.4+*						Mueller Water Products, Inc. Form of Performance Restricted Stock Unit Award Agreement - Market Units (awards granted after fiscal 2024).
10.5+*						Mueller Water Products, Inc. Form of Performance Restricted Stock Unit Awards Agreement - ROIC Units (awards granted after fiscal 2024).
10.6+*						Mueller Water Products, Inc. Form of Restricted Stock Unit Award Agreement (awards granted after fiscal 2024).
10.7+*						Mueller Water Products, Inc. Form of Stock Option Grant Awards Agreement (awards granted after fiscal 2024).
31.1*						Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*						Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*						Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*						Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*						The following financial information from the Quarterly Report on Form 10-Q for the quarter ended December 31, 2024, formatted in XBRL (Extensible Business Reporting Language), (i) the Unaudited Condensed Consolidated Balance Sheets, (ii) the Unaudited Condensed Consolidated Statements of Operations, (iii) the Unaudited Condensed Consolidated Statements of Comprehensive Income, (iv) the Unaudited Condensed Consolidated Statements of Stockholders' Equity, (v) the Unaudited Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Condensed Consolidated Financial Statements.
104*						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

+ Management compensatory plan, contract or arrangement

* Filed or furnished with this quarterly report

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		MUELLER WATER PRODUCTS, INC.
Date:	February 5, 2025	By:	/s/ Suzanne G. Smith
			Suzanne G. Smith
			Chief Accounting Officer

MUELLER GROUP, LLC EXECUTIVE SEVERANCE PLAN (Effective January 1, 2020) PLAN DOCUMENT AND SUMMARY PLAN DESCRIPTION

MUELLER GROUP, LLC EXECUTIVE SEVERANCE PLAN TABLE OF CONTENTS Page EXECUTIVE SEVERANCE PLAN (2020) Page i ARTICLE I ESTABLISHMENT AND PURPOSE OF THE PLAN .............................. 4 1.1 Establishment of the Plan....................................................................................... 4 1.2 Purpose of Plan ...................................................................................................... 4 1.3 Administration of Plan ........................................................................................... 4 1.4 Type of Plan ........................................................................................................... 4 1.5 Effective Date ........................................................................................................ 5 ARTICLE II DEFINITIONS ............................................................................................... 5 2.1 Accounting Firm .................................................................................................... 5 2.2 Affiliate .................................................................................................................. 5 2.3 Base Salary............................................................................................................. 5 2.4 Benefits Multiple ................................................................................................... 5 2.5 Board ...................................................................................................................... 5 2.6 Cause ...................................................................................................................... 5 2.7 Change in Control .................................................................................................. 6 2.8 CiC Severance Formula ......................................................................................... 7 2.9 Code ...................................................................................................................... 7 2.10 Committee .............................................................................................................. 7 2.11 Company ................................................................................................................ 7 2.12 Eligible Employee .................................................................................................. 8 2.13 ERISA .................................................................................................................... 8 2.14 Excise Tax ............................................................................................................. 8 2.15 General Severance Formula ................................................................................... 8 2.16 Good Reason .......................................................................................................... 8 2.17 Inventions ............................................................................................................... 9 2.18 Net After-Tax Receipt............................................................................................ 9 2.19 Outplacement Services Benefit .............................................................................. 9 2.20 Parachute Value ..................................................................................................... 9 2.21 Participant ............................................................................................................ 10 2.22 Participation Agreement ...................................................................................... 10 2.23 Payment................................................................................................................ 10 2.24 Protected Information .......................................................................................... 10 2.25 Qualified Termination of Employment ................................................................ 10 2.26 Reduced Amount ................................................................................................. 10 2.27 Safe Harbor Amount ............................................................................................ 10 2.28 Separation Payment ............................................................................................. 10 2.29 Share .................................................................................................................... 10 2.30 Target Bonus ........................................................................................................ 11 2.31 Value .................................................................................................................... 11

EXECUTIVE SEVERANCE PLAN (2020) Page ii ARTICLE III PARTICIPATION ....................................................................................... 11 3.1 Participation ......................................................................................................... 11 ARTICLE IV TERMINATION OF EMPLOYMENT OF PARTICIPANTS ............... 11 4.1 Termination of Employment of Participants........................................................ 11 ARTICLE V PAYMENTS UPON QUALIFIED TERMINATION OF EMPLOYMENT .......................................................................................... 11 5.1 Cash Separation Payment Outside of a Change in Control ................................. 11 5.2 Cash Separation Payment and Benefits in Connection with a Change in Control ................................................................................................................. 12 5.3 Release and Waiver of Claims ............................................................................. 13 5.4 Accelerated Vesting ............................................................................................. 13 5.5 Exemption from and Compliance with Code Section 409A ................................ 15 ARTICLE VI CERTAIN REDUCTION OF PAYMENTS BY THE COMPANY ........ 17 6.1 Determination of Need for Reduction .................................................................. 17 6.2 Reduced Payments ............................................................................................... 17 ARTICLE VII RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS ........... 18 7.1 Restrictive Covenants .......................................................................................... 18 7.2 Noncompete ........................................................................................................ 19 7.3 Nonsolicitation of Employees ............................................................................. 19 7.4 Nondisclosure of Confidential Information ........................................................ 20 7.5 Nondisparagement ............................................................................................... 20 7.6 Return of Information and Other Property.......................................................... 20 7.7 Assignment/Cooperation..................................................................................... 21 7.8 Breach of Restrictive Covenants .......................................................................... 21 ARTICLE VIII OTHER TERMS AND CONDITIONS ..................................................... 22 ARTICLE IX NONASSIGNABILITY ............................................................................... 22 ARTICLE X UNFUNDED PLAN ..................................................................................... 22 ARTICLE XI MITIGATION AND SETTLEMENT OF CLAIMS ................................ 23 11.1 No Duty to Mitigate ............................................................................................. 23 11.2 Mandatory Arbitration ......................................................................................... 23 11.3 Full Settlement ..................................................................................................... 23 ARTICLE XII TERMINATION AND AMENDMENT OF THIS PLAN ....................... 23 12.1 Amendment and Termination of the Plan ............................................................ 23 12.2 Participant Rights ................................................................................................. 23 ARTICLE XIII SUCCESSORS ............................................................................................. 24 ARTICLE XIV CLAIMS PROCEDURES ........................................................................... 24 15.1 Claims Procedure ................................................................................................. 24

EXECUTIVE SEVERANCE PLAN (2020) Page iii 15.2 Notice of Denial ................................................................................................... 24 15.3 Right to Review ................................................................................................... 25 15.4 Application for Review ........................................................................................ 25 15.5 Hearing ................................................................................................................. 25 15.6 Notice of Hearing ................................................................................................. 25 15.7 Counsel ................................................................................................................ 25 15.8 Decision on Review ............................................................................................. 25 15.9 Filing a Claim ...................................................................................................... 26 ARTICLE XV ERISA RIGHTS ........................................................................................... 26 ARTICLE XVII MISCELLANEOUS .................................................................................... 27 EXHIBIT “A” Error! Bookmark not defined. EXHIBIT “B” 32

EXECUTIVE SEVERANCE PLAN (2020) Page 4 MUELLER GROUP, LLC EXECUTIVE SEVERANCE PLAN ARTICLE I ESTABLISHMENT AND PURPOSE OF THE PLAN 1.1 Establishment of the Plan. Mueller Group, LLC (the “Company”) hereby establishes a severance plan for its Eligible Employees, to be known as the Mueller Group, LLC Executive Severance Plan (the “Plan”). Notwithstanding anything in this Plan to the contrary, upon the signing on the Participation Agreement by Participant, this Plan shall terminate and supersede any prior existing employment agreement and/or other severance agreement between Company and its Affiliates and the Participant. Capitalized terms in this Article I not otherwise defined in Article I shall have the meaning ascribed to such term in Article II. 1.2 Purpose of Plan. The purpose of this Plan is to provide temporary income replacement to Eligible Employees who are involuntarily terminated by the Company or an Affiliate and to assure that the Company and its Affiliates will have the continued dedication of, and the availability of objective advice and counsel from, the Eligible Employees notwithstanding the possibility, threat, or occurrence of a Change in Control of the Company. In the event the Company receives any proposal from a third person concerning a possible business combination with the Company, or acquisition of the Company’s equity securities, or otherwise considers or pursues a transaction that could lead to a Change in Control, the Board of Directors of the Company believes it imperative that the Company and the Board be able to rely upon Eligible Employees to continue in their positions and be available for advice, if requested, without concern that those individuals might be distracted by the personal uncertainties and risks created by such a possibility. Should the Company receive or consider any such proposal or transaction, in addition to their regular duties, such Eligible Employees may be called upon to assist in the assessment of the proposal or transaction, to advise management and the Board as to whether the proposal or transaction would be in the best interest of the Company and its stockholders, and to take such other actions as the Board might determine to be appropriate. 1.3 Administration of Plan. The Committee shall administer the Plan and shall have the power, subject to, and within the limitations of, the express provisions of the Plan, including, but not limited to, the power to (A) make all necessary, desirable, convenient or expedient determinations with respect to the Plan, (B) construe and interpret the Plan, and (C) without limiting any other provision of the Plan, the Committee may delegate its duties and powers hereunder in whole or in part to any subcommittee or individual as it deems appropriate. The Committee shall be the “Plan Administrator” of the Plan and the “named fiduciary” within the meaning of such terms as defined by ERISA. 1.4 Type of Plan. This Plan is intended to be an employee welfare benefit plan for severance benefits within the meaning of Section 3(1) of ERISA.

EXECUTIVE SEVERANCE PLAN (2020) Page 5 1.5 Effective Date. The effective date of this Plan is January 1, 2020. ARTICLE II DEFINITIONS As used in this Plan, the following terms shall have the following respective meanings: 2.1 Accounting Firm. Such certified public accounting firm designated by the Committee. 2.2 Affiliate. The Company and any company, person, or organization which, on the date of determination, (A) is a member of a controlled group of corporations (as defined in Code Section 414(b)) which includes the Company; (B) is a trade or business (whether or not incorporated) which controls, is controlled by or is under common control with (within the meaning of Code Section 414(c)) the Company; (C) is a member of an affiliated service group (as defined in Code Section 414(m)) which includes the Company; or (D) is otherwise required to be aggregated with the Company pursuant to Code Section 414(o) and regulations promulgated thereunder. 2.3 Base Salary. The base salary of an Eligible Employee at his or her stated rate on his or her Qualified Termination of Employment without regard to any reduction prior to the Qualified Termination of Employment that was the basis for a Good Reason resignation. Base Salary does not include overtime pay or other remuneration. The method of determining an Eligible Employee’s Base Salary shall be determined by the Committee in the event of any question related to Base Salary. 2.4 Benefits Multiple. The benefits multiple that is assigned to each Participant and disclosed on Exhibit A. 2.5 Board. The Board of Directors of the Company. 2.6 Cause. A Participant engaging in any of the following activities: (A) Willful failure to perform his or her duties and responsibilities; (B) Embezzlement, fraud, or misappropriation against or with respect to the Company, its Affiliates and/or their assets; (C) Conviction of a felony charge or a plea of guilty or nolo contendre to a felony charge under State or Federal law or discovery by the Employer of such a conviction or plea that occurred within the last ten (10) years and was not previously disclosed to the Employer; (D) Reporting to work while possessing illegal drugs, intoxicants or lawful medication for which the Participant does not have a prescription (other than over-the-counter medication) in any amount or quantity;

EXECUTIVE SEVERANCE PLAN (2020) Page 6 (E) Reporting to work or performing work while impaired by alcohol or under the influence of drugs or other intoxicants, including failure or refusal to take a test as required by a Company or Affiliate policy; provided, however, the Participant can use over the counter or prescription drugs according to the direction for use for such medication provided that the Participant is able to safely and effectively perform his duties; (F) Unlawful trading in the securities of any corporation (including the Company) based on information gained as a result of the Participant’s performance of services for the Company or an Affiliate; (G) Violation of any of the corporate policies, work rules or standards of the Company or an Affiliate, including but not limited to the Code of Conduct, sexual harassment policy and insider trading policy, or violation of any applicable statute, regulation, or rule, or provision of any applicable code of professional ethics; or (H) Willful disclosure to unauthorized persons of confidential information or trade secrets of the Company or an Affiliate, other than reporting any violation, or suspected violation, of any State or Federal law to the appropriate governmental agency, including, without limitation, reporting any violation of any securities laws to the Securities and Exchange Commission or disclosure in the context of an investigation or proceeding conducted by any government agency against the Company or any Affiliate, including, without limitation, for retaliation for reporting any violation, or suspected violation, of any State or Federal law. 2.7 Change in Control. Any of the following events: (A) Acquisition of Substantial Percentage. The acquisition by any person of beneficial ownership of fifty percent (50%) or more of the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this Section, the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, including without limitation, a public offering of securities, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Affiliates, or (iv) any acquisition by any corporation pursuant to a transaction which complies with subparagraphs (i), (ii), and (iii) of Section 2.7(C) hereof; (B) Change in Majority of Board Members. During any period of two consecutive years, individuals who at the beginning of such period constitute the Board (the “Incumbent Board”) cease for any reason other than retirement, death or disability to constitute at least a majority of the Board, provided that any individual becoming a director whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual

EXECUTIVE SEVERANCE PLAN (2020) Page 7 were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office is in connection with an actual or threatened election contest relating to the election or removal of the directors of the Company or other actual or threatened solicitation of proxies of consents by or on behalf of a person other than the Board; (C) Reorganization, Merger or Consolidation. Consummation of a reorganization, merger, or consolidation to which the Company is a party or a sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case unless, following such Business Combination: (i) all or substantially all of the individuals and entities who were the beneficial owners of Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than fifty percent (50%) of the combined voting power of the outstanding voting securities entitled to vote generally in the election of directors of the Company resulting from the Business Combination (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more Affiliates) (the “Successor Entity”) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Voting Securities; and (ii) no person (excluding any Successor Entity or any employee benefit plan, or related trust, of the Company or such Successor Entity) beneficially owns, directly or indirectly, thirty percent (30%) or more of the combined voting power of the then outstanding voting securities of the Successor Entity, except to the extent that such ownership existed prior to the Business Combination; and (iii) at least a majority of the members of the board of directors of the Successor Entity were members of the Incumbent Board (including persons deemed to be members of the Incumbent Board by reason of the proviso to paragraph (B) of this Section) at the time of the execution of the initial Participation Agreement or of the action of the Board providing for such Business Combination; or (D) Liquidation or Dissolution. Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 2.8 CiC Severance Formula. The CiC severance formula that is assigned to each Participant and disclosed on Exhibit A. 2.9 Code. The Internal Revenue Code of 1986, as amended from time to time, and as construed and interpreted by valid regulations or rulings issued thereunder. 2.10 Committee. The Compensation and Human Resources Committee of the Board, or, if no Compensation and Human Resources Committee exists, then the full Board, or a committee of the Board members, as appointed by the full Board to administer this Plan. 2.11 Company. Mueller Group, LLC, a Delaware limited liability company.

EXECUTIVE SEVERANCE PLAN (2020) Page 8 2.12 Eligible Employee. Those key employees of the Company and its Affiliates who are from time to time designated by the Chief Executive Officer as eligible to participate in the Plan. Notwithstanding the above, the Committee may approve criteria for the Chief Executive Officer to use for eligibility purposes of the Plan and shall have the sole authority to approve participation in the Plan by Section 16 Officers of the Company. The current list of Eligible Employees as of the effective date of the Plan is set forth in Exhibit A attached hereto. If an Eligible Employee incurs a termination of employment that is not a Qualified Termination of Employment, the individual will cease to be an Eligible Employee. The Company may update Exhibit A at any time to reflect the then current Eligible Employees, without formally amending the Plan. 2.13 ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time. 2.14 Excise Tax. The excise tax imposed by Code Section 4999, together with any interest or penalties imposed with respect to such excise tax. 2.15 General Severance Formula. The general severance formula that is assigned to each Participant and disclosed on Exhibit A. 2.16 Good Reason. Any of the following: (A) the assignment to the Participant of any duties diminishing the Participant’s position as an employee or officer of the Company or a substantial adverse alteration in the nature of the Participant’s responsibilities and position from those in effect immediately prior to the Change in Control; (B) a material reduction by the Company of the Participant’s annual Base Salary as in effect immediately prior to the Change in Control, except for across-the-board salary reductions similarly affecting all Eligible Employees; (C) without the express written agreement of the Participant, any assignment or change in duties that would require the relocation of the Participant’s principal work place to a location that is more than fifty (50) miles from the Participant’s principal work place immediately prior to a Change in Control of the Company; provided however, the relocation of the Participant’s principal work place must also increase the regular commute distance between the Participant’s residence and work place by more than fifty (50) miles (one-way); (D) the failure of the Company to obtain satisfactory agreement from any successor entity to assume and agree to perform the obligations under this Plan; (E) the failure of the Company to continue in effect, or continue the Participant’s participation in, any compensation plan in which the Participant participates immediately prior to the Change in Control which is material to the Participant’s total compensation and such failure diminishes the Participant’s total compensation (including but not limited to the Company’s stock option, incentive compensation, and bonus plans);

EXECUTIVE SEVERANCE PLAN (2020) Page 9 (F) the failure by the Company to continue to provide the Participant with benefits in the aggregate at least as favorable to those enjoyed by the Participant under any of the Company’s pension, life insurance, medical, health and accident, or disability plans, or other fringe benefit plans or arrangements, in which the Participant was participating at the time of the Change in Control, the taking of any action by the Company which would directly or indirectly materially reduce such benefits and fringe benefits in the aggregate, or the failure by the Company to provide the Participant with the number of paid vacation days to which the Participant is entitled on the basis of years of service with the Company in accordance with the Company’s normal vacation policy in effect at the time of the Change in Control; or (G) any uncured material breach by the Company of this Plan; The Participant’s right to terminate employment for Good Reason shall not be affected by the Participant’s incapacity due to physical or mental illness. However, to terminate employment for Good Reason, (1) the Participant must give the Committee written notice setting forth the circumstances of the act or failure to act alleged to constitute Good Reason within ninety (90) days after the occurrence of such event and stating that the Participant has determined that such act or failure constitutes “Good Reason” hereunder, (2) the Company must fail to correct such act or failure within thirty (30) days after it receives such notice from the Participant (“Cure Period”), and (3) the Participant must actually terminate his or her employment no later than thirty (30) days after the end of the Cure Period. 2.17 Inventions. All designs, discoveries, improvements, ideas, and works of authorship, whether or not patentable, trademarkable or copyrightable, including, without limitation, any novel or improved products, software, computer programs, processes, machines, promotional and advertising materials, data processing systems, circuits, mask works, flowcharts, algorithms, drawings, blue prints, schematics and other manufacturing and sales techniques, that either (i) related to (A) the business of the Company or any of its Affiliates or (B) the actual or demonstrably anticipated research or development of the Company or any of its Affiliates, (ii) result from any work performed by Participant for the Company or any of its Affiliates or (iii) are developed using property or assets of the Company or its Affiliates. 2.18 Net After-Tax Receipt. The Value of a Payment, net of all taxes imposed on a Participant with respect thereto, including, without limitation, under Code Sections 1 and 4999. 2.19 Outplacement Services Benefit. The outplacement services benefit that is assigned to each Participant and disclosed on Exhibit A. 2.20 Parachute Value. With respect to a Payment, the present value as of the date of the Change in Control for purposes of Code Section 280G of the portion of such Payment that constitutes a “parachute payment” under Code Section 280G(b)(2), as determined by the Accounting Firm for purposes of determining whether and to what extent the Excise Tax will apply to such Payment.

EXECUTIVE SEVERANCE PLAN (2020) Page 10 2.21 Participant. An Eligible Employee who is a party to a Participation Agreement which has not been terminated in accordance with the terms of this Plan. 2.22 Participation Agreement. An agreement to participate in the Plan in substantially the form shown as Exhibit B hereto. 2.23 Payment. Any payment or distribution in the nature of compensation (within the meaning of Code Section 280G(b)(2)) to or for the benefit of a Participant, whether paid or payable pursuant to this Plan or otherwise. 2.24 Protected Information. Proprietary business and other information of the Company and its Affiliates which is confidential and not generally known to, or readily ascertainable by, competitors of the Company or its Affiliates including, but not limited to: customer lists (including lists of potential customers); information regarding customer relationships, needs, or practices; skills, experience, compensation, incentives, and evaluations for employees; nonpublic financial information; sources of supply; processes; strategic plans; business methods; investment strategies and plans; sales and marketing plans and materials; future market and product plans; pricing information; research and development techniques, processes, product development, work processes or methodologies; analytical analyses; product analyses; inventions, formulas, or techniques; efficiency data and testing data; technology; drawings, engineering, code, code writing, software and hardware development and platform information; and internal memoranda and policies; provided, however, that information that is (i) in the public domain (other than as a result of a breach of this Plan or other unlawful means), (ii) approved for immediate release by the Company for use and disclosure without restriction, (iii) lawfully obtained from third parties who are not bound by a confidentiality agreement with the Company or its Affiliates, or (iv) independently developed without reliance on other Protected Information is not Protected Information. 2.25 Qualified Termination of Employment. A Participant shall incur a Qualified Termination of Employment if the Participant’s employment with the Company and its Affiliates is involuntarily terminated without Cause or the Participant voluntarily terminates employment for Good Reason. 2.26 Reduced Amount. With respect to a Participant, the greatest aggregate amount of Separation Payments which (a) is less than the sum of all Separation Payments and (b) results in aggregate Net After-Tax Receipts which are equal to or greater than the Net After-Tax Receipts which would result if the Participant were paid the sum of all Separation Payments. 2.27 Safe Harbor Amount. The amount that is equal to 2.99 multiplied by a Participant’s “base amount” as such term is defined in Code Section 280G. 2.28 Separation Payment. With respect to a Participant, a Payment paid or payable to the Participant pursuant to this Plan (disregarding Article VI of this Plan). 2.29 Share. A share of Series A common stock of the Company, par value $0.01 per Share.

EXECUTIVE SEVERANCE PLAN (2020) Page 11 2.30 Target Bonus. With respect to a Participant, the Participant’s annual bonus opportunity assuming the achievement of target performance under any Company-maintained annual incentive plan in effect on the date of the Participant’s Qualified Termination of Employment or, if greater, in effect on the date of a Change in Control; provided, however, if the Participant’s annual bonus is discretionary, then the Participant’s target annual bonus opportunity shall be deemed equal to one hundred percent (100%) of Participant’s Base Salary. 2.31 Value. With respect to a Payment, the economic present value of a Payment as of the date of the Change in Control for purposes of Code Section 280G, as determined by the Accounting Firm using the discount rate required by Code Section 280G(d)(4). ARTICLE III PARTICIPATION 3.1 Participation. Upon designation as an Eligible Employee, the Eligible Employee shall be offered a Participation Agreement and upon execution and delivery thereof by the Eligible Employee, such Eligible Employee shall become a Participant in the Plan. A Participant shall cease to be a Participant in the Plan upon the termination of the Participant’s Participation Agreement, the termination of the Plan, the termination of the Participant’s employment (other than due to a Qualified Termination of Employment), or payment of all amounts due hereunder. ARTICLE IV TERMINATION OF EMPLOYMENT OF PARTICIPANTS 4.1 Termination of Employment of Participants. Nothing in this Plan shall be deemed to entitle a Participant to continued employment with the Company and its Affiliates and the rights of the Company to terminate the employment of a Participant shall continue as fully as though this Plan were not in effect, provided that any Qualified Termination of Employment shall entitle the Participant to the benefits herein provided. In addition, nothing in this Plan shall be deemed to entitle a Participant under this Plan to any rights, or to payments under this Plan, with respect to any plan in which the Participant was not a Participant prior to a Qualified Termination of Employment. ARTICLE V PAYMENTS UPON QUALIFIED TERMINATION OF EMPLOYMENT 5.1 Cash Separation Payments. (A) Subject to Section 5.3 and Article VII hereof, if a Participant in Group A or Group B incurs a Qualified Termination of Employment at any time during the Participant’s employment, including prior to, during or after a Change in Control, such Participant shall (i) be paid a lump sum cash payment equal to the amount determined under the Participant’s General Severance Formula, with such

EXECUTIVE SEVERANCE PLAN (2020) Page 12 payment made on the sixtieth (60th) calendar day following the Participant’s Qualified Termination of Employment, (ii) receive a payment in the amount specified in Section 5.2(C) herein and (iii) receive outplacement services provided by a vendor chosen by the Participant and approved by the Company for a period specified in Exhibit A. The outplacement vendor’s fees shall be paid directly by the Company and such payments shall not exceed the Participant’s Outplacement Services Benefit. (B) Subject to Section 5.3 and Article VII hereof, if a Participant, other than the Participants in Group A or Group B, incurs a Qualified Termination of Employment prior to a Change in Control or after the CiC Protection Period (defined below), the Participant shall (i) be paid a lump sum cash payment equal to the amount determined under the Participant’s General Severance Formula, with such payment made on the sixtieth (60th) calendar day following the Participant’s Qualified Termination of Employment, (ii) receive a payment in the amount specified in Section 5.2(C) herein and (iii) receive outplacement services provided by a vendor chosen by the Participant and approved by the Company for a period specified in Exhibit A. The outplacement vendor’s fees shall be paid directly by the Company and such payments shall not exceed the Participant’s Outplacement Services Benefit. 5.2 Cash Separation Payments and Benefits in Connection with a Change in Control. Subject to Section 5.3 and Article VII hereof, if a Participant, other than the Participants in Group A or Group B (which are governed solely by the benefits specified in Section 5.1(A)), incurs a Qualified Termination of Employment during the twenty-four (24) month period following a Change in Control (“CiC Protection Period”), the Participant shall be entitled to the following benefits: (A) Cash Severance Amount. A lump sum cash payment equal to the amount determined under the Participant’s CiC Severance Formula and paid on the sixtieth (60th) calendar day following the Participant’s Qualified Termination of Employment. (B) Pro Rata Bonus Amount. A lump sum cash payment equal to the Participant’s Target Bonus, adjusted on a pro rata basis based on the number of days Participant was actually employed during the applicable performance period in which Participant incurred a Qualified Termination of Employment and paid on the sixtieth (60th) calendar day following the Participant’s Qualified Termination of Employment. (C) Medical and Life Insurance Benefits. A lump sum cash payment equal to the product of (i) the Participant’s Benefits Multiple and (ii) the monthly Company contribution or subsidy for Participant’s medical, dental, vision and group term- life insurance coverage and paid on the sixtieth (60th) calendar day following the Participant’s Qualified Termination of Employment. For purposes of calculating this amount, the Company contribution or subsidy shall be based on the same

EXECUTIVE SEVERANCE PLAN (2020) Page 13 coverage level and cost to Participant as in effect immediately prior to Participant’s Qualified Termination of Employment. (D) Outplacement Services. Outplacement services provided by a vendor chosen by the Participant and approved by the Company for a period specified in Exhibit A. The outplacement vendor’s fees shall be paid directly by the Company and such payments shall not exceed the Participant’s Outplacement Services Benefit. 5.3 Release and Waiver of Claims. As a condition to receiving payments and benefits under Sections 5.1 or 5.2 hereof, a Participant shall be obligated to execute a general release of claims in favor of the Company, its current and former affiliates and shareholders, and the current and former directors, officers, employees, and agents of the Company in a form acceptable to the Company (“Release Agreement”). Participant must also execute an agreement under which the Participant acknowledges the restrictive covenants and other obligations set forth in Article VII and agrees to be bound by and comply with such restrictive covenants and other obligations (“Restrictive Covenants Agreement”). The Release Agreement and Restrictive Covenants Agreement must be executed by a Participant, provided to the Company, and the Release Agreement must become irrevocable, prior to the sixtieth (60th) day following the Participant’s Qualified Termination of Employment. If a Participant fails to comply with the requirements set forth in this Section 5.3, the Participant shall forfeit any and all payments and benefits that might otherwise have been due the Participant under Section 5.1 or 5.2 hereof. 5.4 Accelerated Vesting and Settlement of Equity Awards. Upon a Change in Control all then-outstanding equity awards held by a Participant shall immediately vest and be settled in accordance with paragraphs (A), (B), (C) and (D) below, notwithstanding any provision to the contrary as set forth in any applicable award agreement. Provided, however, that the immediately preceding sentence shall not apply to the extent that another award meeting the requirements of paragraph (E) below (“Replacement Award”) is provided to the Participant to replace an equity award (“Replaced Award”) subject to paragraphs (A), (B), (C) or (D) below: (A) Outstanding Equity Awards (other than a Stock Options and Stock Appreciation Rights) Subject Solely to a Service Condition. Upon a Change in Control, a Participant’s then-outstanding equity awards, other than stock options and stock appreciation rights (SARs), that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the Participant to the Company or any Affiliate shall become fully vested and shall be settled in cash, Shares or a combination thereof, as determined by the Committee, within sixty (60) days following such Change in Control (except to the extent that settlement of the Award must be made pursuant to its original schedule in order to comply with Code Section 409A). (B) Outstanding Stock Options and SARs Subject Solely to a Service Condition. Upon a Change in Control, a Participant’s then-outstanding stock options and SARs that are not vested and as to which vesting depends solely on the satisfaction of a service obligation by the Participant to the Company or any

EXECUTIVE SEVERANCE PLAN (2020) Page 14 Affiliate shall immediately become fully vested and exercisable over the exercise period set forth in the applicable award agreement. Notwithstanding the immediately preceding the sentence, the Committee may elect to cancel such outstanding stock options or SARs and pay the Participant, within sixty (60) days of the Participant’s Qualified Termination of Employment an amount of cash (less normal withholding taxes) equal to the excess of (i) the value, as determined by the Committee, of the consideration (including cash) received by the holder of a Share as a result of the Change in Control (or if the Company shareholders do not receive any consideration as a result of the Change in Control, the fair market value of a Share on the day immediately prior to the Change in Control) over (ii) the exercise price of such stock options or such SARs, multiplied by the number of Shares subject to each such Award in accordance with Code Section 409A to the extent applicable. No payment shall be made to a Participant for any stock option or SAR if the exercise price for such stock option or SAR, respectively, exceeds the value, as determined by the Committee, of the consideration (including cash) received by the holder of a Share as a result of Change in Control. (C) Outstanding Equity Awards (other than Stock Options and SARs) Subject to a Performance Condition. Upon a Change in Control, a Participant’s then- outstanding equity awards, other than stock options and SARs, that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions (“Performance Awards”) shall immediately vest and all performance conditions shall be deemed satisfied as if target performance was achieved (except to the extent a tranche of a Performance Award was “earned” based on achieved performance during a lesser included period within a multi-year performance period, such earned Performance Award shall immediately vest and all performance conditions shall be deemed satisfied based on such achieved performance) and shall be settled in cash, Shares or a combination thereof, as determined by the Committee, within sixty (60) days following such Change in Control (except to the extent that settlement of such awards must be made pursuant to its original schedule in order to comply with Code Section 409A). (D) Outstanding Stock Options and SARs Subject to a Performance Condition. Upon a Change in Control, a Participant’s then-outstanding stock options and SARs that are not vested and as to which vesting depends upon the satisfaction of one or more performance conditions, shall immediately vest and all performance conditions shall be deemed satisfied as if target performance was achieved and shall be exercisable over the exercise period set forth in the applicable award agreement. Notwithstanding the immediately preceding the sentence, the Committee may elect to cancel such outstanding stock options or SARs and pay the Participant, within sixty (60) days of the Participant’s Qualified Termination of Employment an amount of cash (less normal withholding taxes) equal to the excess of (i) the value, as determined by the Committee, of the consideration (including cash) received by the holder of a Share as a result of the Change in Control (or if the Company shareholders do not receive any consideration as a result of the Change in Control, the fair market value of a Share on the day

EXECUTIVE SEVERANCE PLAN (2020) Page 15 immediately prior to the Change in Control) over (ii) the exercise price of such stock options or such SARs, multiplied by the number of Shares subject to each such Award in accordance with Code Section 409A to the extent applicable. No payment shall be made to a Participant for any stock option or SAR if the exercise price for such stock option or SAR, respectively, exceeds the value, as determined by the Committee, of the consideration (including cash) received by the holder of a Share as a result of Change in Control. (E) Definition of Replacement Award. An equity award shall meet the conditions of this paragraph (E) (and hence qualify as a Replacement Award) if: (i) it is of the same type as the Replaced Award (or, it is of a different type as the Replaced Award, provided that the Committee, as constituted immediately prior to the Change in Control, finds such type acceptable); (ii) it has an intrinsic value at least equal to the value of the Replaced Award; (iii) it relates to publicly traded equity securities listed on a U.S. national securities exchange of the Company or its successor in the Change in Control or another entity that is affiliated with the Company or its successor following the Change in Control (or, in lieu of equity securities, the cash equivalent of the Replaced Award); (iv) its terms and conditions comply with paragraph (F) below; and (v) its other terms and conditions are not less favorable to the Participant than the terms and conditions of the Replaced Award (including the provisions that would apply in the event of a subsequent Change in Control). Without limiting the generality of the foregoing, the Replacement Award may take the form of a continuation of the Replaced Award if the requirements of the preceding sentence are satisfied. The determination of whether the conditions of this paragraph (E) are satisfied shall be made by the Committee, as constituted immediately before the Change in Control, in its sole discretion. (F) Terms and Conditions of Replacement Awards. Upon a Participant’s Qualified Termination of Employment occurring at any time during the CiC Protection Period following the Change in Control, all Replacement Awards held by the Participant shall become fully vested and free of restrictions and, in the case of Replacement Awards in the form of (i) stock options or SARs shall be fully exercisable, (ii) performance-based awards shall be deemed to be satisfied at the target level and paid within sixty (60) days of such Qualified Termination of Employment, (iii) service-based equity awards (other than stock options or SARs) shall be paid within sixty (60) days of such Qualified Termination of Employment. Notwithstanding the foregoing, with respect to any equity award that is considered deferred compensation subject to Code Section 409A, settlement of such equity award shall be made pursuant to its original schedule if necessary to comply with Code Section 409A. 5.5 Exemption from and Compliance with Code Section 409A. (A) It is intended that each installment of any benefits or payments provided hereunder constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2)(i). It is further intended that payments hereunder satisfy,

EXECUTIVE SEVERANCE PLAN (2020) Page 16 to the greatest extent possible, the exemptions from the application of Section 409A of the Code (and any state law of similar effect) provided under Treasury Regulations Section 1.409A-1(b)(4) (as a “short-term deferral”) and Section 1.409A-1(b)(9) (as “separation pay due to involuntary separation”). The parties intend that all the benefits and payments provided under the Plan shall be exempt from, or comply with, the requirements of Code Section 409A. (B) To the extent required by Code Section 409A, all references to “termination of employment,” “Qualified Termination of Employment” and correlative phrases for purposes of the Plan shall be construed to require a “separation from service” (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein). (C) To the extent that (i) any payments or benefits to which the Participant becomes entitled under the Plan, or under any other plan, program or agreement maintained by the Company, in connection with the Participant’s termination of employment with the Company constitute deferred compensation subject to Code Section 409A and (ii) the Participant is deemed at the time of such termination of employment to be a “specified employee” under Code Section 409A, then such payments or benefits shall not be made or commence until the earliest of (x) the expiration of the six (6) month and one day period measured from the date of the Participant’s separation from service (as defined in Section 1.409A-1(h) of the Treasury regulations after giving effect to the presumptions contained therein) from the Company; or (y) the date of the Participant’s death following such separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to the Participant, including (without limitation) the additional twenty percent (20%) tax for which the Participant would otherwise be liable under Code Section 409A(a)(1)(B) in the absence of such deferral. Upon the expiration of the applicable deferral period, any payments which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this paragraph shall be paid to the Participant or the Participant’s beneficiary in one lump sum. For the purposes of this Section 5.5(C), the term “specified employee” means an individual determined by the Company to be a specified employee under Treasury regulation Section 1.409A-1(i) in accordance with the policies of the Company. (D) To the extent any expense reimbursement or the provision of any in-kind benefit under the Plan is determined to be subject to Code Section 409A, the amount of any such expenses eligible for reimbursement, or the provision of any in-kind benefit, in one calendar year shall not affect the expenses eligible for reimbursement in any other taxable year (except for any lifetime or other aggregate limitation applicable to medical expenses), in no event shall any expenses be reimbursed after the last day of the calendar year following the calendar year in which the Participant incurred such expenses, and in no event shall any right to reimbursement or the provision of any in-kind benefit be subject to liquidation or exchange for another benefit.

EXECUTIVE SEVERANCE PLAN (2020) Page 17 (E) In no event may Participant, directly or indirectly, designate the calendar year of any payment under this Plan, and to the extent required by Code Section 409A, any payment that may be paid in more than one taxable year (depending on the time that the Participant executes the Release Agreement) shall be paid in the later taxable year. (F) Nothing contained in this Plan shall constitute any representation or warranty by the Company or any Affiliate regarding compliance with Code Section 409A. Neither the Company nor any Affiliate has any obligation to take any action to prevent the assessment of any excise tax under Code Section 409A on the Participant and the Company and its Affiliates shall have no liability to any Participant with respect thereto. ARTICLE VI CERTAIN REDUCTION OF PAYMENTS BY THE COMPANY 6.1 Determination of Need for Reduction. Notwithstanding anything in this Plan or any Participation Agreement to the contrary, in the event that the Accounting Firm shall have determined that any Payment to a Participant would be subject to the Excise Tax, then the Accounting Firm shall determine whether there is a Reduced Amount, and if so, the amount of the necessary reduction of the Participant’s Separation Payments to meet the definition of a Reduced Amount. All fees payable to the Accounting Firm with respect to this Section shall be paid solely by the Company. 6.2 Reduced Payments. (A) Notice of Reduced Payments and Reductions. If the Accounting Firm determines that there is a Reduced Amount under Section 6.1, the Company shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof. The amount of the Separation Payment payable under Article V will then be reduced so that the aggregate Separation Payments equal the Reduced Amount. In the event that the Separation Payments have to be reduced to a Reduced Amount, the portions of the Separation Payments that would be paid latest in time will be reduced first and if multiple portions of the Separation Payments to be reduced would be paid at the same time, any non-cash payments will be reduced before any cash payments, and any remaining cash payments will be reduced pro- rata. (B) Binding Determinations by Accounting Firm. All determinations made by the Accounting Firm under this Section shall be binding upon the Company and the Participant and shall be made within sixty (60) days of a termination of employment of the Participant. (C) Timing of Payment. As promptly as practicable following such determination of the Reduced Amount, the Company shall pay to or distribute for the benefit of the Participant such Separation Payments as are then due to the Participant under this

EXECUTIVE SEVERANCE PLAN (2020) Page 18 Plan; provided that such payment or distribution shall be made no later than the sixtieth (60th) day following the Qualified Termination of Employment. (D) Overpayments and Underpayments. While it is the intention of the Company to reduce the amounts payable or distributable to a Participant hereunder only if the aggregate Net After Tax Receipts to the Participant would thereby be increased, as a result of the uncertainty in the application of Code Section 4999 at the time of the initial determination by the Accounting Firm hereunder, it is possible that amounts will have been paid or distributed by the Company to or for the benefit of a Participant pursuant to this Plan which should not have been so paid or distributed (“Overpayment”) or that additional amounts which will have not been paid or distributed by the Company to or for the benefit of a Participant pursuant to this Plan could have been so paid or distributed (“Underpayment”), in each case, consistent with the calculation of the Reduced Amount hereunder. (E) Overpayment. In the event that the Accounting Firm determines that an Overpayment has been made, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant which the Accounting Firm believes has a high probability of success, any such benefit of a Participant shall be treated for all purposes as a loan to the Participant which the Participant shall repay to the Company together with interest at the applicable federal rate provided for in Code Section 7872(f)(2); provided, however, that no such loan shall be deemed to have been made and no amount shall be payable by a Participant to the Company if and to the extent (i) such deemed loan and payment would not either reduce the amount on which the Participant is subject to tax under Code Sections 1 and 4999 or otherwise or generate a refund of such taxes, or (ii) such deemed loan would violate any applicable laws or regulations. (F) Underpayment. In the event that the Accounting Firm, based upon controlling precedent or substantial authority, determines that an Underpayment has occurred, any such Underpayment shall be paid by the Company, within sixty (60) days following such determination by the Accounting Firm, to or for the benefit of the Participant together with interest at the applicable federal rate provided for in Code Section 7872(f)(2). ARTICLE VII RESTRICTIVE COVENANTS AND OTHER OBLIGATIONS 7.1 Restrictive Covenants. Each Participant shall be subject to the restrictive covenants set forth in this Article VII regardless of whether Participant becomes eligible to receive payments and benefits under this Plan. Recognizing the specialized nature of the Company and its Affiliates and in consideration of Participant’s employment or continued employment with the Company, Participant acknowledges and agrees that the duration, geographic scope and activity restrictions of the covenants in this Article are reasonable and will not prevent Participant from earning a living.

EXECUTIVE SEVERANCE PLAN (2020) Page 19 7.2 Noncompete. Participant acknowledges that Participant has obtained and will continue to obtain during employment with the Company, knowledge of Protected Information, customer relationships, know-how and goodwill that would, in the event Participant were to become employed by or otherwise associated with a competitor, cause irreparable harm to the Company and its Affiliates. In consideration of Participant’s inclusion under this Plan, during Participant’s employment with the Company and for a period of twelve (12) months after the termination of employment, Participant shall not directly or indirectly (as a director, officer, employee, shareholder, investor, partner, consultant or otherwise) provide services which are the same as, or compete with, the services Participant provided the Company in connection with the business of any person or entity who/which produces or sells any products or services: (i) that compete with those produced, sold or offered for sale by the Company or any Affiliate; or (ii) which the Company or an Affiliate has taken internal or external steps to sell or produce at Participant level, selling or producing during the twenty-four (24) months prior to the Participant’s termination of employment or during the twenty-four (24) months prior to Participant providing such services (both (i) and (ii) hereafter referred to as “Restricted Products/Services”). The geographic scope (the “Territory”) of each covenant in this Article shall be limited to those States and provinces in foreign jurisdiction in which the Company operates. Nothing in this Plan shall prohibit Participant ownership of securities of a corporation that is listed on a national securities exchange or traded in the national over-the-counter market in an amount that does not exceed (together with any indirect or attributed ownership) five percent (5%) of the outstanding shares of common stock of any such corporation. 7.3 Non-Solicitation. During Participant’s employment and for a period of twelve (12) months after the Participant’s termination of employment, Participant shall not: directly or indirectly (a) solicit for employment with an entity other than the Company or its Affiliates to perform services for the Company any individual who is employed by the Company or its Affiliates (an “Employee”) or any individual engaged as a consultant or independent contractor by the Company or its Affiliates (a “Contractor”); (b) encourage, induce, solicit or attempt to solicit any Employee or Contractor to terminate their employment or engagement as a Contractor with the Company or its Affiliates; (c) encourage, induce, solicit or attempt to solicit an Employee or Contractor to diminish the services provided to the Company or its Affiliates; (d) encourage, induce, solicit or attempt to solicit any business from any of the customers or potential customers of the Company or its Affiliates with which Participant had contact on behalf of the Company for the purposes of selling or providing the Restricted Products/Services; or (e) assist any third party with respect to any of the foregoing. Notwithstanding the foregoing, nothing in this Section shall: (i) prohibit Participant from offering employment to, or an independent contractor relationship with, any such person who initiates employment or independent contractor relationship discussions with Participant’s then current employer without any direct or indirect solicitation or involvement by Participant; or (ii) during the term of his employment with the Company, restrict Participant from encouraging any Employee to resign or any Contractor to terminate their engagement with the Company or Affiliate, or from terminating any Employee or Contractor of the Company or Affiliates, provided that such actions are in the best interest of the Company or its Affiliates.

EXECUTIVE SEVERANCE PLAN (2020) Page 20 7.4 Nondisclosure of Confidential Information. The Company has advised Participant and Participant acknowledges that it is the policy of the Company to maintain as secret and confidential all Protected Information and that Protected Information has been and will be developed at substantial cost and effort to the Company and its Affiliates. Participant shall not at any time during employment with the Company, and for a period of twenty- four (24) months after the Participant’s termination of employment, directly or indirectly, divulge, furnish, or make accessible to any person, firm, corporation, association, or other entity (otherwise than as may be required in the regular course of Participant’s employment), nor use in any manner, either during Participant’s employment with the Company or after termination for any reason, any Protected Information, or cause any such information of the Company to enter the public domain. This restriction shall remain in effect with respect to any Protected Information until such Protected Information becomes generally available to the public through no improper action or breach of this Section by Participant. Notwithstanding the limitations set forth above, Participant understands and agrees to keep any Protected Information that qualifies as a trade secret under the applicable law confidential for as long as such Protected Information remains a trade secret. Nothing in this provision will be construed to limit Participant’s ability to file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state, or local governmental agency or commission (collectively, “Government Agencies”). Further, Participant is hereby notified that under the Defend Trade Secrets Act of 2016: (i) no individual shall be held criminally or civilly liable under federal or state law for the disclosure of a trade secret that is: (x) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (y) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (ii) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. 7.5 Nondisparagement. At all times, Participant agrees not to publicly disparage the Company, or any officer or member of the Board of Directors or otherwise make comments harmful to the Company’s reputation. However, nothing in this provision will be construed to prevent Employee from (i) testifying in response to a lawfully served subpoena, giving truthful testimony under oath, or otherwise complying with a lawful court or agency order; (ii) filing a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other Government Agency; or (iii) communicating with, or cooperating or participating in any investigation or proceeding conducted by any Government Agency. 7.6 Return of Information and Other Property. On or before the last day of the Participant’s employment with the Company (or any other time upon the Company’s request), Participant shall deliver to the Company the original and all copies of all documents,

EXECUTIVE SEVERANCE PLAN (2020) Page 21 records and property of any nature whatsoever, including, without limitation, telephones, computers, automobiles and other tangible personal property and any records, documents or property created by Participant that are in Participant’s possession or control and that are the property of the Company or any of its Affiliates, except as authorized in writing or pursuant to the Company’s then existing policies permitting Participant to retain computers, cell phones or other items of Company property for their personal use. Participant further agrees that, within ten (10) days following the Participant’s termination of employment, the Participant shall deliver to the Company a certificate to the effect that all Protected Information and Company trade secrets stored on any computer owned by the Participant or owned by any person residing with the Participant has been deleted. 7.7 Assignment/Cooperation. Participant hereby irrevocable assigns, and upon future creation thereof hereby automatically assigns, to the Company, for no additional consideration and without requiring execution of any other documents, all of the Participant’s right, title and interest in and to all Inventions, as well as any and all rights in and to copyrights, trade secrets, trademarks (and related goodwill), patents and other intellectual property rights therein arising in any jurisdiction throughout the world and all related rights of priority under international conventions with respect thereto, including, without limitation, all pending and future applications and registrations therefor, and continuations, divisions, continuations-in-part, reissues, extensions and renewals thereof (collectively, “Intellectual Property Rights”). During Participant’s employment with the Company and at all times thereafter, upon the request of an authorized executive officer of the Company, Participant shall do any reasonable act and thing to assist the Company in any way to vest in the Company all of Participant’s right, title and interest in and to all Inventions, as well as all Intellectual Property Rights in the Inventions, and to obtain, defend and enforce the Company’s rights in all Inventions and Intellectual Property Rights therein, including, without limitation, agreeing to testify in any suit or other proceeding involving any Invention or document, to review, return or sign all documents that the Company reasonably determines to be necessary or proper, and to apply for, obtain or enforce any patents or copyrights relating to any Invention. The Company shall compensate Participant at a reasonable rate for time actually spent assisting the Company with any of the foregoing after the last day of Participant’s employment with the Company. 7.8 Breach of Restrictive Covenants. (A) Injunctive Relief. It is recognized and acknowledged by Participant that a breach of the covenants contained in this Article 7 shall cause irreparable damage to Company and its goodwill, the exact amount of which will be difficult or impossible to ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, Participant agrees that in the event of a breach of any of the covenants contained in this Article 7, in addition to any other remedy which may be available at law or in equity, the Company shall be entitled to specific performance and injunctive relief without the need to post bond.

EXECUTIVE SEVERANCE PLAN (2020) Page 22 (B) Forfeiture and Clawback. If a Participant breaches any of the covenants contained in this Article 7, the Committee may, in its sole discretion, determine that the Participant (i) shall forfeit any unpaid portion of the payments or benefits provided pursuant to this Plan and/or (ii) shall repay to the Company any amounts previously paid to the Participant pursuant to this Plan. (C) Independent Enforcement. Each of the covenants set forth in Article 7 shall be construed as an agreement independent of (i) any other agreements, or (ii) any other provision in the Plan and the Participation Agreement, and the existence of any claim or cause of action by Participant against the Company, whether predicated on this Plan, the Participation Agreement, or otherwise, regardless of who was at fault and regardless of any claims that either Participant or the Company may have against the other, shall not constitute a defense to the enforcement by the Company of any of the covenants set forth in Article 7 of the Plan. The Company shall not be barred from enforcing any of the covenants set forth in Article 7 of the Plan by reason of any breach of the terms of this Plan, the Participation Agreement, or any other agreement with Participant. ARTICLE VIII OTHER TERMS AND CONDITIONS The Participation Agreement to be entered into pursuant to this Plan shall contain such other terms, provisions and conditions not inconsistent with this Plan as shall be determined by the Committee. Where appearing in this Plan or the Participation Agreement, the masculine shall include the feminine and the plural shall include the singular, unless the context clearly indicates otherwise. Neither Company (including its Affiliates) nor the Committee makes any guarantee of any tax consequences of any payment or benefit under the Plan. Each Participant is solely responsible for his or her own tax consequences. ARTICLE IX NONASSIGNABILITY Each Participant’s rights under this Plan shall be nontransferable except by will or by the laws of descent and distribution. ARTICLE X UNFUNDED PLAN The Plan shall be unfunded and all costs of the Plan shall be paid from the Company’s general assets. Neither the Company nor any Affiliate shall be required to segregate any assets that may at any time be represented by benefits under the Plan. Neither the Company (including any Affiliate) nor the Committee shall be deemed to be a trustee of any amounts to be paid under the Plan. Any liability of the Company or an Affiliate to any Participant with respect to any

EXECUTIVE SEVERANCE PLAN (2020) Page 23 benefit shall be based solely upon any contractual obligations created by the Plan and the Participation Agreement; no such obligation shall be deemed to be secured by any pledge or any encumbrance on any property of the Company or any Affiliate. ARTICLE XI MITIGATION AND SETTLEMENT OF CLAIMS 11.1 No Duty to Mitigate. In no event shall any Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan, and such amounts shall not be reduced whether or not the Participant obtains other employment. 11.2 Mandatory Arbitration. Notwithstanding anything contained in the Plan to the contrary, any controversy or claim arising out of or relating to this Plan shall be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in Atlanta, Georgia. Judgment upon the award rendered by the arbitrator may be entered only in the State Court of Fulton County or the federal court for the Northern District of Georgia. This Plan is construed under, to the extent not preempted by Federal law, enforced in accordance with and governed by, the laws of the State of Georgia. 11.3 Full Settlement. In the event that a Participant contests the Company’s interpretation of any provision of this Plan or the value of any Payment hereunder, and such Participant prevails through arbitration proceedings on at least a major point or significant portion of such contest, the Company agrees to reimburse the Participant, to the full extent permitted by law, all legal fees reasonably incurred by the Participant in such contest, up to a maximum of $50,000. Any amount payable under this Section 11.3 will be paid by the fifteenth (15th) day of the third month following the month of the delivery of the decision of the arbitrator finding in favor of the Participant, but only if the Participant provides evidence of such expenses incurred by Participant, which may be in the form, among other things, of a canceled check or receipt, within twenty (20) days following the entry of such decision. ARTICLE XII TERMINATION AND AMENDMENT OF THIS PLAN 12.1 Amendment and Termination of the Plan. Subject to Section 12.2, the Committee may terminate or amend the Plan at any time with twelve (12) months prior written notice to Participant; provided that immaterial, administrative modifications to the Plan shall not require any notice to Participate. 12.2 Participant Rights. Notwithstanding any provision of the Plan to the contrary, no termination or amendment of the Plan made (i) after a Participant incurs a Qualified Termination of Employment may have the effect of reducing or otherwise impairing the rights and benefits of such Participant under the Plan without the Participant’s written

EXECUTIVE SEVERANCE PLAN (2020) Page 24 consent and (ii) on or after the date of a Change in Control may be effective prior to the second anniversary of such Change in Control. ARTICLE XIII SUCCESSORS The Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of its business and/or assets to assume expressly and agree to perform this Plan and the Participation Agreements in the same manner and to the same extent that the Company would be required to perform them if no such succession had taken place. ARTICLE XIV CLAIMS PROCEDURES 14.1 Claims Procedure. A Participant may file a written claim with the Committee if the Participant believes he or she did not receive all benefits to which he or she is entitled under the Plan. The written claim must be filed within sixty (60) days of the Participant’s Qualified Termination. In the event that a claim is denied, the Committee shall provide to the claimant written notice of the denial within ninety (90) days after the Committee receives the claim, unless special circumstances require an extension of time for processing the claim. If such an extension of time is required, written notice of the extension shall be furnished to the claimant prior to the termination of the initial ninety (90) day period. In no event shall the extension exceed a period of ninety (90) days from the end of such initial period. Any extension notice shall indicate the special circumstances requiring the extension of time, the date by which the Committee expects to render the final decision, the standards on which entitlement to benefits are based, the unresolved issues that prevent a decision on the claim and the additional information needed to resolve those issues. 14.2 Notice of Denial. If a Participant is denied a claim for benefits under the Plan, the Committee shall provide to such claimant written notice of the denial which shall set forth: (A) the specific reasons for the denial; (B) specific references to the pertinent provisions of the Plan on which the denial is based; (C) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is necessary; and (D) an explanation of the Plan’s claim review procedures, and the time limits applicable to such procedures.

EXECUTIVE SEVERANCE PLAN (2020) Page 25 14.3 Right to Review. After receiving written notice of the denial of a claim, a claimant or his or her representative shall be entitled to: (A) request a full and fair review of the denial of the claim by written application to the Committee; (B) request, free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim; (C) submit written comments, documents, records, and other information relating to the denied claim to the Committee; and (D) a review that takes into account all comments, documents, records, and other information submitted by the claimant relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 14.4 Application for Review. If a claimant wishes a review of the decision denying his or her claim to benefits under the Plan, he or she must submit the written application to the Committee within sixty (60) days after receiving written notice of the denial. 14.5 Hearing. Upon receiving such written application for review, the Committee may schedule a hearing for purposes of reviewing the claimant’s claim, which hearing shall take place not more than thirty (30) days from the date on which the Committee received such written application for review. 14.6 Notice of Hearing. At least ten (10) days prior to the scheduled hearing, the claimant and his or her representative designated in writing by him or her, if any, shall receive written notice of the date, time, and place of such scheduled hearing. The claimant or his or her representative, if any, may request that the hearing be rescheduled, for his or her convenience, on another reasonable date or at another reasonable time or place. 14.7 Counsel or Other Representative. All claimants requesting a review of the decision denying their claim for benefits may employ counsel or other representative for purposes of the hearing. 14.8 Decision on Review. No later than sixty (60) days following the receipt of the written application for review, the Committee shall submit its decision on the review in writing to the claimant involved and to his or her representative, if any, unless the Committee determines that special circumstances (such as the need to hold a hearing) require an extension of time, to a day no later than one hundred twenty (120) days after the date of receipt of the written application for review. If the Committee determines that the extension of time is required, the Committee shall furnish to the claimant written notice of the extension before the expiration of the initial sixty (60) day period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Committee expects to render its decision on review. In the case of a decision adverse to the claimant, the Committee shall provide to the claimant written notice of the denial which shall include:

EXECUTIVE SEVERANCE PLAN (2020) Page 26 (A) the specific reasons for the decision; (B) specific references to the pertinent provisions of the Plan on which the decision is based; (C) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claimant’s claim for benefits; and (D) an explanation of the Plan’s claim review procedures, and the time limits applicable to such procedures, including a statement of the claimant’s right to pursue his claim under binding arbitration as required by Section 11.2. 14.9 Filing a Claim. No claim may be filed in a state or federal court regarding a denial of a claim for benefits under the Plan until the Participant has exhausted the administrative review procedures under the Plan as set forth in this Article XIV. ARTICLE XV ERISA RIGHTS Participants in the Plan are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants shall be entitled to (if applicable to the Plan): Receive Information About Your Plan and Benefits • Examine, without charge, at the office of the Plan Administrator and at other specific locations such as worksites and union halls, all documents governing the Plan, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U. S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. • Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, and copies of the latest annual report (Form 5500 Series) and updated summary plan description. The Plan Administrator may request a reasonable charge for the copies. • Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each participant with a copy of this summary annual report. Prudent Action by Plan Fiduciaries In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate the Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of Plan participants and beneficiaries. No one, including the employer, a union, or any other person, may fire a participant or otherwise discriminate against a participant in any way

EXECUTIVE SEVERANCE PLAN (2020) Page 27 to prevent that participant from obtaining a welfare benefit or exercising your rights under ERISA. Enforce Your Rights If a claim for a benefit is denied or ignored, in whole or in part, the participant has a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps the participant can take to enforce the above rights. For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within thirty (30) days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the plan administrator. If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court (although you may be required to complete the Plan’s appeals process or submit your claim to arbitration before a court will hear your claim). If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, you may institute an arbitration proceeding. The arbitrator will decide who should pay court costs and legal fees. If you are successful, the arbitrator may order the person you have sued to pay these costs and fees. If you lose, the arbitrator may order you to pay these costs and fees; for example, if it finds your claim is frivolous. Assistance with Your Questions If you have any questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. ARTICLE XVI MISCELLANEOUS 16.1 General Plan Information. (A) Name, address and telephone number of Plan Sponsor (the Company): Mueller Group, LLC 1200 Abernathy Road NE Suite 1200

EXECUTIVE SEVERANCE PLAN (2020) Page 28 Atlanta, Georgia 30328 770-206-4092 (B) Employer identification number of Plan Sponsor: __________ (C) Plan number assigned to the Plan: _____ (D) Plan Year: January 1 – December 31 (E) Type of plan: Welfare benefit severance plan. (F) Form of Plan Administration: Self-administered by the Plan Sponsor. (G) Name, address and telephone number of the Plan Administrator: Mueller Group, LLC Compensation and Human Resources Committee 1200 Abernathy Road NE Suite 1200 Atlanta, Georgia 30328 770-206-4092 (H) Service of legal process may be made on the Plan Sponsor’s General Counsel at: Attention: General Counsel Mueller Group, LLC 1200 Abernathy Road NE Suite 1200 Atlanta, Georgia 30328 770-206-4137 (I) Service of legal process may also be made upon the Plan Administrator with a copy to the General Counsel. (J) Funding Medium: Benefits under the Plan are paid from the general assets of the Company and its Affiliates.

EXECUTIVE SEVERANCE PLAN (2020) Page 29 EXHIBIT A MUELLER GROUP, LLC EXECUTIVE SEVERANCE PLAN PARTICIPANTS AND SEVERANCE PAYMENTS AND BENEFITS Group A – Miscellaneous / Legacy Participant (Date Entered Program) General Severance Formula Benefits Multiple Outplacement Services Benefit** Dave Johnston*** Director, Smart Infrastructure One-Half (0.5) times Base Salary Six (6) Up to $12,000 Gregory Kirkland (5/13/2020)*** Senior Director, Internal Audit One (1) times Base Salary Twelve (12) Up to $12,000 Donna Raines (5/14/2020)*** VP, Tax One (1) times Base Salary Twelve (12) Up to $12,000 Group B – Vice President Participant (Date Entered Program) General Severance Formula Benefits Multiple Outplacement Services Benefit** Dale Speggen (6/01/2020) VP, GM Specialty Valve One (1) times Base Salary PLUS prorated bonus calculated as provided in accordance with Section 5.2(B) Twelve (12) Up to $12,000 Richelle Feyerherm (5/22/2020)*** VP, Operations Controller Suzanne Smith (2/04/2021)*** VP, Chief Accounting Officer Adam Donnelly (6/23/2022) VP, GM Iron Gate Valves and Hydrants Elizabeth Speggen (1/09/2024)*** VP, FP&A & Corporate Development

EXECUTIVE SEVERANCE PLAN (2020) Page 30 Group C – Senior Vice President Participant (Date Entered Program) General Severance Formula CiC Severance Formula Pro Rata Bonus* Benefits Multiple Outplacement Services Benefit** Scott Floyd (5/22/2020) SVP, Segment Leader One (1) times Base Salary PLUS prorated bonus calculated as provided in accordance with Section 5.2(B) One (1) times the sum of (i) Base Salary and (ii) Target Bonus Calculated as provided in accordance with Section 5.2(B) Twelve (12) Up to $25,000 Todd Helms (5/26/2020) SVP, Chief Human Resources Officer Andy Davies (1/1/2024) SVP, Information Technology Chason Carroll (1/1/2024) SVP, GC & Corporate Secretary Group D – Chief Financial Officer Participant (Date Entered Program) General Severance Formula CiC Severance Formula Pro Rata Bonus* Benefits Multiple Outplacement Services Benefit** Future Chief Financial Officer One and one- half (1.5) times Base Salary PLUS prorated bonus calculated as provided in accordance with Section 5.2(B) One and one-half (1.5) times the sum of (i) Base Salary and (ii) Target Bonus Calculated as provided in accordance with Section 5.2(B) Eighteen (18) Up to $25,000 Group E – Executive Vice President Participant (Date Entered Program) General Severance Formula CiC Severance Formula Pro Rata Bonus* Benefits Multiple Outplacement Services Benefit** Future Executive Officer Two (2) times Base PLUS prorated bonus calculated as provided in accordance with Section 5.2(B) Two (2) times the sum of (i) Base Salary and (ii) Target Bonus Calculated as provided in accordance with Section 5.2(B) Eighteen (18) Up to $25,000

EXECUTIVE SEVERANCE PLAN (2020) Page 31 Group F – Chief Executive Officer Participant (Date Entered Program) General Severance Formula CiC Severance Formula Pro Rata Bonus* Benefits Multiple Outplacement Services Benefit** Future Chief Executive Officer Three (3.0) times Base Salary PLUS prorated bonus calculated as provided in accordance with Section 5.2(B) Three (3) times the sum of (i) Base Salary and (ii) Target Bonus Calculated as provided in accordance with Section 5.2(B) Eighteen (18) Up to $25,000 * This pro rata bonus is provided in connection with a Change in Control and is in addition to the CiC Severance Formula payment amount. Target Bonus shall be adjusted on a pro rata basis based on the number of days Participant was employed during the applicable performance period in which Participant incurred a Qualified Termination of Employment. ** Outplacement Services Benefits shall be provided by Company from Participant’s date of termination of employment until the earlier of (i) 24 months following such date of termination or (ii) the date immediately prior to the date of Participant’s employment with a subsequent employer. *** Are not members of the Executive Leadership Team (“ELT”). All others listed are ELT members.

EXECUTIVE SEVERANCE PLAN (2020) Page 32 EXHIBIT B MUELLER GROUP, LLC EXECUTIVE SEVERANCE PLAN PARTICIPATION AGREEMENT I hereby agree to become a Participant in the Mueller Group, LLC Executive Severance Plan (the “Plan”), effective as of the date signed below. I acknowledge that I have received a copy of the Plan and summary plan description document. I acknowledge and agree that my participation in the Plan will be governed by the terms of this Participation Agreement and the Plan. If I should voluntarily terminate my employment with the Company for any reason at any time (other than for “Good Reason” following a “Change in Control”, as those terms are defined in the Plan), I hereby acknowledge and agree that I will immediately cease participation in the Plan and shall not be eligible for any payments or benefits under the Plan. I acknowledge and agree that any controversy or claim arising out of or relating to the Plan is required to be settled by binding arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association in Atlanta, Georgia and that judgment upon the award rendered by the arbitrator may be entered only in the State Court of Fulton County or the federal court for the Northern District of Georgia. I hereby waive my right to file suit under the Employee Retirement Income Security Act of 1974, as amended, in the event of any such controversy or claim. _____ Initials You must return your signed Participation Agreement to the Company on or before the date two weeks from the date you received this Participation Agreement. If your Participation Agreement is not returned by this date, you will not become a Participant in the Plan unless you are designated again to participate by the Committee in its sole discretion. ________________________________________ Signature of Participant Name of Participant: _______________________ Title: ___________________________________ Date: ___________________________________

1 MUELLER WATER PRODUCTS, INC. SECOND AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT This performance restricted stock unit award agreement (this “Agreement”), effective as of the date of the award set forth below (the “Date of Award”), evidences an agreement to award performance restricted stock units (“PRSUs” or “Market Units”) by Mueller Water Products, Inc. (the “Company”) to the participant named below (the “Participant”), pursuant to the provisions of the Mueller Water Products, Inc. Second Amended and Restated 2006 Stock Incentive Plan (the “Plan”) subject to satisfaction of the performance criteria described in Exhibit A. The Participant has been selected to be eligible to earn an award of PRSUs pursuant to the Plan, as specified below. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan will supersede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. Subject to the previous paragraph, if the PRSUs awarded hereunder are subject to another written Company-related severance plan or program, or any employment or similar written agreement between the Company and Participant (collectively, “Modifying Agreement”), the terms and conditions of the Modifying Agreement shall completely supersede and replace any conflicting or inconsistent terms of this Agreement. Participant: Participant Name Date of Award: Month Day, Year Performance Period: October 1, ______ to September 30, ________ (the “Performance Period”). Threshold, Target and Maximum Number of Market Units for Performance Period: See Exhibit A.

2 The parties hereto agree as follows: 1. Performance Period and Criteria. The performance criteria for the Performance Period are described in Exhibit A. The Committee has developed the performance criteria for the Performance Period as described in Exhibit A. As soon as practical after the Performance Period ends, the Committee will determine whether the performance criteria have been satisfied and the number of PRSUs, if any, earned by the Participant. The actual number of PRSUs earned for the Performance Period will depend on the achievement of the performance criteria described in Exhibit A. 2. Employment with the Company. Except as may otherwise be provided in Section 3, the PRSUs granted hereunder are granted on the condition that (a) the Participant accept this Agreement no later than ninety (90) days following the Date of Award, after which time this Agreement shall be void and of no further effect and (b) the Participant remains in Continuous Service from the Date of Award through (and including) the vesting date, as set forth in Section 3. This Agreement does not confer any right to the Participant (or any other Participant) to be awarded PRSUs or other Stock Awards in the future under the Plan other than as specifically described in this Agreement. 3. Vesting. a. Normal. Except as otherwise provided for in this Agreement, the Participant’s interest in the PRSUs granted under this Agreement shall become nonforfeitable (“Vested”) on the last day of the Performance Period, provided the Participant continues to be employed in Continuous Service through the last day of the Performance Period. If the Participant ceases to be employed by the Company or any Subsidiary for any reason (except as otherwise provided for in this Agreement)) before the last day of the Performance Period, all PRSUs shall be forfeited, without any consideration or payment whatsoever to the Participant. b. Death, Disability and Retirement. (i) Retirement Without Notice. If, during the Performance Period, a Participant terminates Continuous Service as a result of Retirement (and Section 3(b)(ii) does not apply), all Market Units shall be Vested on a pro rata basis based on the Participant’s service during the Performance Period. Except as otherwise provided for in this Agreement, no Market Units shall be earned or Vested for any portion of the Market Units after the Participant’s Continuous Service terminates. (ii) Retirement With Notice / Death / Disability / Retirement Eligible Termination. If, during the Performance Period, (A) the Participant terminates Continuous Service as a result of death or Disability, (B) the Participant’s Continuous Service is terminated on or after the date on which Participant first becomes Retirement eligible for any reason, other than by

3 the Company for Cause or as a result of a voluntary termination without Good Reason (if defined in the Participant’s employment or service agreement between the Participant and the Company or any of its Affiliates), or (C) the Participant is eligible for Retirement and provides or has provided at least six (6) months’ notice of Participant’s intent to retire, all PRSUs shall become Vested on the date Participant’s Continuous Service is terminated. Except as otherwise provided for in this Agreement, no PRSUs shall be Vested for any portion of the PRSUs after the Participant’s Continuous Service terminates. c. Change of Control. Notwithstanding anything to the contrary in this Agreement, in the event a Change of Control occurs during the Performance Period and prior to the Participant’s termination of Continuous Service, the target number of PRSUs shall become Vested and the target number of PRSUs shall automatically be earned. d. No Fractional PRSUs. If, on any vesting date, the vesting schedule would result in the vesting of a fraction of a PRSU, such fraction shall be rounded to a whole PRSU in a manner acceptable to management or any independent third party administering any terms of the Plan for the Company. 4. Timing of Settlement a. Normal. Except as described in Section 4(b), shares of Common Stock attributable to Vested PRSUs that are earned pursuant to Section 1 shall be delivered to the Participant, or his or her beneficiary in the event of the Participant’s death, within ninety (90) days after the last day of the Performance Period. b. Change of Control. In the event of a Change of Control, shares of Common Stock attributable to Vested PRSUs that are earned pursuant to Section 3(c) shall be delivered within ninety (90) days following the Change of Control; provided, however, that with respect to payments subject to Section 409A of the Code, payment shall only be made upon a “Change of Control” event within the meaning of Section 409A of the Code. c. Specific Payment Date. The Committee shall determine on what date within the ninety (90) day payment period described above actual settlement shall be made. 5. Form of Payout. Vested PRSUs will be settled solely in the form of shares of Common Stock of the Company or such other security as common stock shall be converted into in the future. The Participant shall be issued one share of Common Stock (or such other number of securities into which the Common Stock is converted upon a Change of Control as the Committee shall determine in good faith) for each Vested PRSU. 6. Voting Rights and Dividends. Until such time as the PRSUs are settled in shares of the Company’s common stock, the Participant shall not have voting rights or receive dividends in connection with the PRSUs. Further, no dividends shall be paid on any of the PRSUs.

4 7. Termination of Continuous Service. In the event of the Participant’s termination of Continuous Service for any reason other than the Participant’s death, Disability or Retirement during the Performance Period (and except as otherwise provided in Section 3(c) with respect to PRSUs that become Vested upon a Change of Control), all PRSUs held by the Participant at the time of his or her termination of Continuous Service shall be forfeited by the Participant to the Company. 8. Restrictions on Transfer. Unless and until actual shares of Common Stock are received upon settlement of the PRSUs, PRSUs granted pursuant to this Agreement may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated (a “Transfer”), other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of PRSUs is made, or if any attachment, execution, garnishment or lien shall be issued against or placed upon the PRSUs, the Participant’s right to such PRSUs shall be immediately forfeited by the Participant to the Company, and this Agreement shall lapse. 9. Recapitalization. In the event of any change in the capitalization of the Company such as a stock split or corporate transaction such as any merger, consolidation, separation or otherwise, the number and class of PRSUs subject to this Agreement shall be equitably adjusted by the Committee, as set forth in the Plan, to prevent dilution or enlargement of rights. 10. Beneficiary Designation. The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and shall be effective only when filed by the Participant in writing with the Secretary of the Company during his or her lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to his or her estate. 11. Continuation of Employment. This Agreement shall not confer upon the Participant any right to continue employment with the Company or its Subsidiaries, nor shall this Agreement interfere in any way with the Company’s or its Subsidiaries’ right to terminate the Participant’s employment at any time. For purposes of this Agreement, “Termination of Employment” shall mean termination or cessation of the Participant’s employment with the Company and its Subsidiaries for any reason (or no reason), whether the termination of employment is instituted by the Participant or the Company or a Subsidiary, and whether the termination of employment is with or without cause. 12. Non-Competition. Participant agrees that, for a period of one (1) year following Participant’s Termination of Employment (the “Restricted Period”), Participant will not engage, directly or indirectly, whether on behalf of Participant or another person, entity, business or enterprise, in any activities which are the same as, or substantially similar to, activities Participant performed for or on behalf of the Company and which compete with the Business of the Company in the Territory (the “Competitive Services”). For purposes of this Agreement, “Business” means (a) the manufacturing, marketing, distribution, or

5 sale of water and energy infrastructure technology, products, or services, including but not limited to products or services used in the transmission, distribution, and measurement of water; or (b) any similar activities conduct, authorized, offered, provided, or proposed to be conducted by the Company within two (2) years prior to Participant’s Termination of Employment. In addition, for the purposes of this Agreement, “Territory” means the geographic area where Participant worked, represented the Company, or had Material Contact (as defined below) with the Company’s customers or potential customers during Participant’s employment with the Company or for which Participant had responsibilities on behalf of the Company during the two (2)-year period prior to Participant’s Termination of Employment. The Participant acknowledges and agrees that: (a) The Participant is familiar with the Business of the Company and its Subsidiaries and the commercial and competitive nature of the industry and recognizes that the value of the Company’s business would be injured if the Participant performed the Competitive Services for a person or entity that competes with the Business of the Company; (b) This covenant not to compete is essential to the continued good will and profitability of the Company; (c) In the course of employment with the Company or its Subsidiaries, the Participant will become familiar with the trade secrets and other Confidential Information (as defined below) of the Company and its Subsidiaries, affiliates, and other related entities, and that the Participant’s services will be of special, unique, and extraordinary value to the Company; and (d) The Participant’s skills and abilities should enable him or her to seek and obtain similar employment in a business other than one which competes with the Business of the Company, and the Participant possesses other skills that will serve as the basis for employment opportunities that are not prohibited by this covenant not to compete. Following the Participant’s Termination of Employment with the Company, Participant expects to be able to earn a livelihood without violating the terms of this Agreement. 13. Nonsolicitation of Employees. During the term of the Participant’s employment with the Company or its Subsidiaries and the Restricted Period, the Participant shall not, either on Participant’s own behalf or for any person, entity, business or enterprise within the Territory: (a) solicit any employee of the Company or its Subsidiaries with whom the Participant had material contact during the two (2) years prior to Participant’s Termination of Employment to leave his or her employment with the Company or its Subsidiaries; or (b) induce or attempt to induce any such employee to breach any employment agreement with the Company.

6 14. Nonsolicitation of Customers. During the term of the Participant’s employment with the Company or its Subsidiaries and the Restricted Period, the Participant shall not directly or indirectly solicit or attempt to solicit any current customer of the Company or any of its Subsidiaries with which the Participant had Material Contact for the purpose of selling or providing any products or services competitive with the Company. For purposes of this Agreement, products or services shall be considered competitive with the Company if such products or services are of the type conducted, authorized, offered, or provided by the Company within two (2) years prior to Participant’s Termination of Employment. For purposes of this Section, “Material Contact” means contact between Participant and such individual (i) with whom or which Participant dealt on behalf of the Company, (ii) whose dealings with the Company were coordinated or supervised by Participant, (iii) about whom Participant obtained Confidential Information in the ordinary course of business as a result of Participant’s association with the Company, or (iv) who receives products or services authorized by the Company, the sale or provision of which results or resulted in possible compensation, commissions or earnings for Participant within the two (2) years prior to the date of Participant’s Termination of Employment. 15. Developments. The Participant agrees that all inventions, improvements, trade secrets, reports, manuals, computer programs, systems, tapes and other ideas and materials developed or invented by him or her during the period of his or her employment with the Company or its Subsidiaries, either solely or in collaboration with others, which relate to the actual or anticipated business or research of the Company or its Subsidiaries, which result from or are suggested by any work the Participant may do for the Company or its Subsidiaries, or which result from use of the Company’s or its Subsidiaries’ premises or the Company’s or its Subsidiaries’ or their customers’ property (collectively, the “Developments”) shall be the sole and exclusive property of the Company and its Subsidiaries. The Participant hereby assigns to the Company his or her entire right and interest in any Developments and will hereafter execute any documents in connection therewith that the Company may reasonably request. This Section does not apply to any inventions that the Participant made prior to his or her employment by the Company or its Subsidiaries, or to any inventions that he or she develops entirely on his or her own time without using any of the Company’s equipment, supplies, facilities or the Company’s or its Subsidiaries’ or their customers’ confidential information and which do not relate to the Company’s or its Subsidiaries’ businesses, anticipated research and Developments or the work he or she has performed for the Company or its Subsidiaries. 16. Non-Disparagement. The Participant agrees that neither during his or her employment nor following his or her Termination of Employment and continuing for so long as the Company or any affiliate, successor or assigns thereof carries on the name or like business within the Territory, the Participant shall not, directly or indirectly, for himself or herself or on behalf of, or in conjunction with, any other person, persons, company, partnership, corporation, business entity or otherwise make any statements that are inflammatory, detrimental, slanderous, or materially negative in any way to the interests of the Company or its Subsidiaries or other affiliated entities. Nothing in this Agreement, however, shall limit Participant’s ability to (a) file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal,

7 state, or local governmental agency or commission (collectively, “Government Agencies”), (b) communicate with any Government Agencies or (c) otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies, including providing documents or other information, without notice to the Company. 17. Confidentiality and Nondisclosure. The Participant agrees that he or she will not, other than in performance of his or her duties for the Company or its Subsidiaries, disclose or divulge to Third Parties (as defined below) or use or exploit for his or her own benefit or for the benefit of Third Parties any Confidential Information, including trade secrets. For the purposes of this Agreement, “Confidential Information” shall mean confidential and proprietary information, trade secrets, knowledge or data relating to the Company and its Subsidiaries and their businesses, including but not limited to information disclosed to the Participant, or known by the Participant as a consequence of or through employment with the Company or its Subsidiaries, where such information is not generally known in the trade or industry, and where such information refers or relates in any manner whatsoever to the business activities, processes, services, or products of the Company or its Subsidiaries; business and development plans (whether contemplated, initiated, or completed); mergers and acquisitions; pricing information; business contacts; sources of supply; customer information (including customer lists, customer preferences, and sales history); methods of operation; results of analysis; customer lists (including advertising contacts); business forecasts; financial data; costs; revenues; information maintained in electronic form (such as e-mails, computer files, or information on a cell phone, smart phone, or other personal data device); and similar information. Confidential Information shall not include any data or information in the public domain, other than as a result of a breach of this Agreement. The provisions of this paragraph shall apply to the Participant at any time during his or her employment with the Company or its Subsidiaries and for a period of two (2) years following his or her Termination of Employment or, if the Confidential Information is a trade secret, such longer period of time as may be permitted by controlling trade secret laws. The Participant acknowledges and agrees that the Confidential Information is necessary for the Company’s ability to compete with its competitors. The Participant further acknowledges and agrees that the prohibitions against disclosure and use of Confidential Information recited herein are in addition to, and not in lieu of, any rights or remedies that the Company or a Subsidiary may have available pursuant to the laws of the State of Delaware to prevent the disclosure of trade secrets or proprietary information, including but not limited to the Delaware Uniform Trade Secrets Act, 6 Del. Code Ann. §2001, et seq. The Participant agrees that this non-disclosure obligation may extend longer than two (2) years following his or her Termination of Employment as to any materials or information that constitutes a trade secret under the Delaware Uniform Trade Secrets Act. Participant is hereby notified that under the Defend Trade Secrets Act of 2016: (a) no individual shall be held criminally or civilly liable under federal or state law for the disclosure of a trade secret that is: (i) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made

8 under seal so that it is not made public; and (b) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. For purposes of this Agreement, “Third Party” or “Third Parties” shall mean persons, sole proprietorships, firms, partnerships, limited liability partnerships, associations, corporations, limited liability companies, and all other business organizations and entities, excluding the Participant and the Company. The Participant agrees to take all reasonable precautions to safeguard and prevent disclosure of Confidential Information to unauthorized persons or entities. 18. Intellectual Property. The Participant agrees that he or she has no right to use for the benefit of the Participant or anyone other than the Company or its Subsidiaries, any of the copyrights, trademarks, service marks, patents, and inventions of the Company or its Subsidiaries. 19. Injunctive Relief. The Participant and the Company recognize that breach of the provisions of this Agreement restricting the Participant’s activities would give rise to immediate and irreparable injury to the Company that is inadequately compensable in damages. In the event of a breach or threatened breach of the restrictions contained in this Agreement regarding noncompetition, nonsolicitation of employees, nonsolicitation of customers, Developments, non-disparagement, confidentiality and nondisclosure of Confidential Information, and intellectual property (collectively, the “Covenants”), the Participant agrees and consents that the Company shall be entitled to injunctive relief, both preliminary and permanent, without bond, in addition to reimbursement from the Participant for all reasonable attorneys’ fees and expenses incurred by the Company in enforcing these provisions, should the Company prevail. The Participant also agrees not raise the defense that the Company has an adequate remedy at law. In addition, the Company shall be entitled to any other legal or equitable remedies as may be available under law. The remedies provided in this Agreement shall be deemed cumulative and the exercise of one shall not preclude the exercise of any other remedy at law or in equity for the same event or any other event. 20. Dispute Resolution; Agreement to Arbitrate. (a) The Participant and the Company agree that final and binding arbitration shall be the exclusive remedy for any controversy, dispute, or claim arising out of or relating to this Agreement. (b) This Section covers all claims and actions of whatever nature, both at law and in equity, including, but not limited to, any claim for breach of contract (including this Agreement), and includes claims against the Participant and claims against the Company and its Subsidiaries and/or any parents, affiliates, owners, officers, directors, employees, agents, general partners or

9 limited partners of the Company, to the extent such claims involve, in any way, this Agreement. This Section covers all judicial claims that could be brought by either party to this Agreement, but does not cover the filing of charges with Government Agencies that prohibit waiver of the right to file a charge. (c) The arbitration proceeding will be administered by a single arbitrator (the “Arbitrator”) in accordance with the Commercial Arbitration Rules of the American Arbitration Association, taking into account the need for speed and confidentiality. The Arbitrator shall be an attorney or judge with experience in contract litigation and selected pursuant to the applicable rules of the American Arbitration Association. (d) The place and situs of arbitration shall be Wilmington, Delaware (or such other location as may be mutually agreed to by the parties). The Arbitrator may adopt the Commercial Arbitration Rules of the American Arbitration Association, but shall be entitled to deviate from such rules in the Arbitrator’s sole discretion in the interest of a speedy resolution of any dispute or as the Arbitrator shall deem just. The parties agree to facilitate the arbitration by (a) making available to each other and to the Arbitrator for inspection and review all documents, books and records as the Arbitrator shall determine to be relevant to the dispute, (b) making individuals under their control available to other parties and the Arbitrator and (c) observing strictly the time periods established by the Arbitrator for the submission of evidence and pleadings. The Arbitrator shall have the power to render declaratory judgments, as well as to award monetary claims, provided that the Arbitrator shall not have the power to act (i) outside the prescribed scope of this Agreement, or (ii) without providing an opportunity to each party to be represented before the Arbitrator. (e) The Arbitrator’s award shall be in writing. The Arbitrator shall allocate the costs and expenses of the proceedings between the parties and shall award interest as the Arbitrator deems appropriate. The arbitration judgment shall be final and binding on the parties. Judgment on the Arbitrator’s award may be entered in any court having jurisdiction. (f) The Participant and the Company agree and understand that by executing this Agreement and agreeing to this Arbitration provision, they are giving up their rights to trial by jury for any dispute related to this Agreement. 21. Clawback. The Participant acknowledges and agrees that the Participant’s rights with respect to the PRSUs are subject to the Company’s Incentive Compensation Recovery Policy and Supplement Compensation Recovery Policy or similar policies or Applicable Law, as set forth in Section 10.3 of the Plan.

10 22. Miscellaneous. a. This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any shares acquired pursuant to this Agreement, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares are then listed and/or traded, under any blue sky or state securities laws applicable to such shares. It is expressly understood that the Committee is authorized to administer, construe and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant. b. The Committee may terminate, amend or modify the Plan and this Agreement under the terms of and as set forth in the Plan. c. The Participant may elect, subject to any procedural rules adopted by the Committee, to satisfy the withholding requirement, in whole or in part, by having the Company withhold shares of Common Stock having an aggregate Fair Market Value on the date the tax is to be determined, equal to the amount required to be withheld, subject to the restrictions imposed by applicable securities laws and Company policies regarding trading in its shares. The Company shall have the power and the right to deduct or withhold from the Participant’s compensation, or require him or her to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA or similar obligation), domestic or foreign, required by law to be withheld with respect to any payout to him or her under this Agreement. d. The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement. e. This Agreement shall be subject to Applicable Laws, and to such approvals by any governmental agencies or national securities exchanges as may be required. f. Except as provided in the third paragraph of this Agreement, this Agreement and the Plan constitute the entire understanding between the Participant and the Company regarding the PRSUs granted hereunder. Except as provided in the third paragraph of this Agreement, this Agreement and the Plan supersede any prior agreements, commitments or negotiations concerning the PRSUs granted hereunder. g. All rights and obligations of the Company under the Plan and this Agreement, shall inure to the benefit of and be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger,

11 consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. h. To the extent not preempted by the laws of the United States, the laws of the State of Delaware shall be the controlling law in all matters relating to this Agreement without giving effect to principles of conflicts of laws. i. The Participant acknowledges and agrees that the Covenants and other provisions contained herein are reasonable and valid and do not impose limitations greater than those that are necessary to protect the business interests and Confidential Information of the Company. The Company and the Participant agree that the invalidity or unenforceability of any one or more of the Covenants, other provisions, or parts thereof of this Agreement shall not affect the validity or enforceability of the other Covenants, provisions, or parts thereof, all of which are inserted conditionally on their being valid in law, and in the event one or more Covenants, provisions, or parts thereof contained herein shall be invalid, this Agreement shall be construed as if such invalid Covenants, provisions, or parts thereof had not been inserted. The Participant and the Company agree that the Covenants and other provisions contained in this Agreement are severable and divisible, that none of such Covenants or provisions depend on any other Covenant or provision for their enforceability, that each such Covenant and provision constitutes an enforceable obligation between the Company and the Participant, that each such Covenant and provision shall be construed as an agreement independent of any other Covenant or provision of this Agreement, and that the existence of any claim or cause of action by one party to this Agreement against another party to this Agreement, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by any party to this Agreement of any such Covenant or provision. j. If any of the provisions contained in this Agreement relating to the Covenants or other provisions contained herein, or any part thereof, are determined to be unenforceable because of the length of any period of time, the size of any area, the scope of activities or similar term contained therein, then such period of time, area, scope of activities or similar term shall be considered to be adjusted to a period of time, area, scope of activities or similar term which would cure such invalidity, and such Covenant or provision in its reduced form shall then be enforced to the maximum extent permitted by Applicable Law. k. This Agreement is intended to satisfy the requirements of Section 409A of the Code and shall be construed accordingly. To the extent that any amount or benefit that constitutes nonqualified deferred compensation under Section 409A of the Code, and that is not exempt under Section 409A, is otherwise payable or distributable to him or her on account of separation from service (within the meaning of Section 409A of the Code) while he or she is a specified employee (within the meaning of Section 409A of the Code), such amount or benefit shall be settled or distributed on the later of time for payment described in Section 4 of this Agreement and that date which is six (6) months after the date of such separation from service.

12 l. The parties agree that the mutual promises and covenants contained in this Agreement constitute good and valuable consideration. [Signature Page Follows]

13 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the Date of Award. Mueller Water Products, Inc. By: ___________________________________ Marietta Edmunds Zakas Chief Executive Officer ATTEST: __________________________________ Participant

14 EXHIBIT A Market Units and Performance Period The Participant has been awarded the number of performance restricted stock units (“Market Units”) identified in Table 1 below. Each Market Unit that vests will be settled in the Company’s common shares based upon relative total shareholder return performance over the Performance Period. Table 1 Market Unit Award Performance Period Number of Market Units Awarded Total Maximum Number of Shares Total Target Number of Shares Total Threshold Number of Shares Month Day, Year - Month Day, Year x 2x x .5x Performance Criteria The Market Units shall be Vested at the end of the Performance Period, subject to the terms of the Agreement. Vested Market Units will be settled in company shares according to a formula based on the Share Payout Ratio Percentages as set forth below. Table 2 Market Unit Performance Targets Performance rTSR Percentile Rank Goal rTSR Quartile Rank Goal Share Payout Ratio Percentage of Target Earned Number of Shares Earned Maximum 75th + 4th 200% Target 50th 3rd 100% Threshold 25th 2nd 50% Below Threshold < 25th 1st 0% Relative Total Shareholder Return (“rTSR”) Percentile Rank The Company’s rTSR will be compared to that of the companies that comprise the S&P 600 SmallCap Industrials Index, or such other index selected by the Committee if the S&P 600 SmallCap Industrials Index ceases to exist and is a three (3) year cumulative measurement. The rTSR percentile rank is computed by computing the total shareholder return for the Performance Period of each company that was in the S&P 600 SmallCap Industrials Index at the

15 beginning of the Performance Period (the “Peer Group”), provided that (i) if a company in the Peer Group declares bankruptcy at any time during the Performance Period, the company will remain in the peer group and be treated -100% at the end of the Performance Period when establishing the plan payout and (ii) if a company is acquired at any time during the Performance Period, the company shall be removed when establishing the plan payout. The rTSR Percentile Rank is the percentage of total shareholder returns of the Peer Group calculated that are lower than the total shareholder return for the Performance Period (e.g., if the total shareholder return is greater than 75% of the total shareholder returns of the members of the Peer Group, the rTSR Percentile Ranking is the 75th percentile or 4th quartile). Total Shareholder Return (“TSR”) shall be calculated in the following manner: TSR = (Change in Stock Price + Dividends Paid) / Beginning Stock Price 1. “Beginning Stock Price” shall mean the average of the closing prices for each of the twenty (20) trading days immediately prior to the first day of the Performance Period; 2. “Ending Stock Price” shall mean the average of closing prices for each of the last twenty (20) trading days of the Performance Period; 3. “Change in Stock Price” shall equal the Ending Stock Price minus the Beginning Stock Price; 4. “Dividends Paid” shall mean the total of all dividends paid on one (1) share of stock during the Performance Period, provided that dividends shall be treated as though they are reinvested; 5. In all events, TSR shall be adjusted to give effect to any stock dividends, stock splits, reverse stock splits, spin-offs and similar transactions. If the Company achieves an rTSR for the Performance Period at or above the Threshold Percentile Rank Goal specified in Table 2 herein, the Share Payout Ratio Percentage to be used to determine the number of shares earned shall be calculated as follows: (i) if the rTSR meets or exceeds the Threshold Percentile Rank Goal, but does not meet the Target Percentile Rank Goal specified in Table 2 herein, then the Share Payout Ratio Percentage for such Performance Period shall be interpolated on a straight-line basis between Threshold Share Payout Ratio specified in Table 2 herein and Target Share Payout Ratio specified in Table 2 herein and (ii) if the rTSR meets or exceeds the Target Percentile Rank Goal but does not meet the Maximum Percentile Rank Goal, then the Share Payout Ratio Percentage for such Performance Period shall be interpolated on a straight-line basis between the Target Share Payout Ratio and Maximum Share Payout Ratio specified in Table 2 herein. For the avoidance of doubt, 200% being the maximum Share Payout Ratio and if rTSR for the Performance Period is below Threshold Percentile Rank Goal, the Share Payout Ratio shall be zero (0) and no shares shall be issued for the Performance Period.

1 MUELLER WATER PRODUCTS, INC. SECOND AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT This performance restricted stock unit award agreement (this “Agreement”), effective as of the date of the award set forth below (the “Date of Award”), evidences an agreement to award performance restricted stock units (“PRSUs” or “ROIC Units”) by Mueller Water Products, Inc. (the “Company”) to the participant named below (the “Participant”), pursuant to the provisions of the Mueller Water Products, Inc. Second Amended and Restated 2006 Stock Incentive Plan (the “Plan”) subject to satisfaction of the performance criteria described in Exhibit A. The Participant has been selected to be eligible to earn an award of PRSUs pursuant to the Plan, as specified below. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan will supersede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. Subject to the previous paragraph, if the PRSUs awarded hereunder are subject to another written Company-related severance plan or program, or any employment or similar written agreement between the Company and Participant (collectively, “Modifying Agreement”), the terms and conditions of the Modifying Agreement shall completely supersede and replace any conflicting or inconsistent terms of this Agreement. Participant: _____________________ Date of Award: _____________________ Performance Period: October 1, ______ to September 30, ________ (the “Performance Period”). Threshold, Target and Maximum Number of ROIC Units for Performance Period: See Exhibit A.

2 The parties hereto agree as follows: 1. Performance Period and Criteria. The performance criteria for the Performance Period are described in Exhibit A. The Committee has developed the performance criteria for the Performance Period as described in Exhibit A. As soon as practical after the Performance Period ends, the Committee will determine whether the performance criteria have been satisfied and the number of PRSUs, if any, earned by the Participant. The actual number of PRSUs earned for the Performance Period will depend on the achievement of the performance criteria described in Exhibit A. 2. Employment with the Company. Except as may otherwise be provided in Section 3, the PRSUs granted hereunder are granted on the condition that (a) the Participant accept this Agreement no later than ninety (90) days following the Date of Award, after which time this Agreement shall be void and of no further effect and (b) the Participant remains in Continuous Service from the Date of Award through (and including) the vesting date, as set forth in Section 3. This Agreement does not confer any right to the Participant (or any other Participant) to be awarded PRSUs or other Stock Awards in the future under the Plan other than as specifically described in this Agreement. 3. Vesting. a. Normal. Except as otherwise provided for in this Agreement, the Participant’s interest in the PRSUs granted under this Agreement shall become nonforfeitable (“Vested”) on the last day of the Performance Period, provided the Participant continues to be employed in Continuous Service through the last day of the Performance Period. If the Participant ceases to be employed by the Company or any Subsidiary for any reason (except as otherwise provided for in this Agreement) before the last day of the Performance Period, all PRSUs shall be forfeited, without any consideration or payment whatsoever to the Participant. b. Death, Disability and Retirement. (i) Retirement Without Notice. If, during the Performance Period, a Participant terminates Continuous Service as a result of Retirement (and Section 3(b)(ii) does not apply), all Market Units shall be Vested on a pro rata basis based on the Participant’s service during the Performance Period. Except as otherwise provided for in this Agreement, no Market Units shall be earned or Vested for any portion of the Market Units after the Participant’s Continuous Service terminates. (ii) Retirement With Notice / Death / Disability / Retirement Eligible Termination. If, during the Performance Period, (A) the Participant terminates Continuous Service as a result of death or Disability, (B) the Participant’s Continuous Service is terminated on or after the date on which Participant first becomes Retirement eligible for any reason, other than by

3 the Company for Cause or as a result of a voluntary termination without Good Reason (if defined in the Participant’s employment or service agreement between the Participant and the Company or any of its Affiliates) or Company consent, or (C) the Participant is eligible for Retirement and provides or has provided at least six (6) months’ notice of Participant’s intent to retire, all PRSUs shall become Vested on the date Participant’s Continuous Service is terminated. Except as otherwise provided for in this Agreement, no PRSUs shall be Vested for any portion of the PRSUs after the Participant’s Continuous Service terminates. c. Change of Control. Notwithstanding anything to the contrary in this Agreement, in the event a Change of Control occurs during the Performance Period and prior to the Participant’s termination of Continuous Service, the target number of PRSUs shall become Vested and the target number of PRSUs shall automatically be earned. d. No Fractional PRSUs. If, on any vesting date, the vesting schedule would result in the vesting of a fraction of a PRSU, such fraction shall be rounded to a whole PRSU in a manner acceptable to management or any independent third party administering any terms of the Plan for the Company. 4. Timing of Settlement a. Normal. Except as described in Section 4(b), shares of Common Stock attributable to Vested PRSUs that are earned pursuant to Section 1 shall be delivered to the Participant, or his or her beneficiary in the event of the Participant’s death, within ninety (90) days after the last day of the Performance Period. b. Change of Control. In the event of a Change of Control, shares of Common Stock attributable to Vested PRSUs that are earned pursuant to Section 3(c) shall be delivered within ninety (90) days following the Change of Control; provided, however, that with respect to payments subject to Section 409A of the Code, payment shall only be made upon a “Change of Control” event within the meaning of Section 409A of the Code. c. Specific Payment Date. The Committee shall determine on what date within the ninety (90) day payment period described above actual settlement shall be made. 5. Form of Payout. Vested PRSUs will be settled solely in the form of shares of Common Stock of the Company or such other security as common stock shall be converted into in the future. The Participant shall be issued one share of Common Stock (or such other number of securities into which the Common Stock is converted upon a Change of Control as the Committee shall determine in good faith) for each Vested PRSU. 6. Voting Rights and Dividends. Until such time as the PRSUs are settled in shares of the Company’s common stock, the Participant shall not have voting rights or receive dividends in connection with the PRSUs. Further, no dividends shall be paid on any of the PRSUs.

12 l. The parties agree that the mutual promises and covenants contained in this Agreement constitute good and valuable consideration.

14 EXHIBIT A ROIC Units and Performance Period The Participant has been awarded the number of performance restricted stock units (“ROIC Units”) identified in Table 1 below. Each ROIC Unit that vests will be settled in the Company’s common shares based upon the Company’s adjusted return of invested capital over the Performance Period. Table 1 ROIC Unit Award Performance Period Number of ROIC Units Awarded Total Maximum Number of Shares Total Target Number of Shares Total Threshold Number of Shares Month Day, Year - Month Day, Year x 2x x .5x Performance Criteria The ROIC Units shall be Vested at the end of the Performance Period, subject to the terms of the Agreement. Vested ROIC Units will be settled in company shares according to a formula based on the Share Payout Ratio Percentages as set forth below. Calculation of ROIC Adjusted ROIC = Adjusted Return / Invested Capital • Adjusted Return: NOPAT (net operating profit after tax) which is adjusted operating income1 * (1-effective tax rate) • Invested Capital: Total assets less liabilities, excluding cash and debt, with average of five quarter-end balances for each year for Invested Capital • Average of annual measures over a three-year period2 1 Excludes charges relating to: strategic reorganization and other charges, non-cash impairments, legal settlements, severance, product liability charges, one-time impact of significant and/or retroactive tax law changes if not contemplated in ROIC target, other adjustments to conform to adjustments in earnings release, and any other adjustment approved by the Committee. 2 For acquisitions made during the first two years of the Performance Period, the Compensation Committee may adjust the targets to include expected performance of the acquisition. Acquisitions made in the third year of the Performance Period will be excluded in numerator and denominator.

15 Table 2 ROIC Unit Performance Targets Performance ROIC Targets % Share Payout Ratio Percentage of Target Earned Maximum 13.5% 200% Target 11.25% 100% Threshold 9.5% 50% Below Threshold < 9.5% 0%

SECOND AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT EFFECTIVE: DECEMBER 9, 2024 This restricted stock unit award agreement (this “Agreement”), effective as of the Date of Grant set forth below (the “Date of Grant”), evidences an agreement to award restricted stock units (“RSUs”) by Mueller Water Products, Inc. (the “Company”), to the participant named below (the “Participant”), pursuant to the provisions of the Mueller Water Products, Inc. Second Amended and Restated 2006 Stock Incentive Plan (the “Plan”). The Participant has been selected to receive a grant of RSUs pursuant to the Plan, as specified below. If there is any inconsistency between the terms of this Agreement and the terms of the Plan, the terms of the Plan will supersede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to them in the Plan, unless specifically set forth otherwise herein. Subject to the previous paragraph, if the RSUs granted hereunder are subject to another written Company-related severance plan or program, or any employment or similar written agreement between the Company and Participant (collectively, “Modifying Agreement”), the terms and conditions of the Modifying Agreement shall completely supersede and replace any conflicting or inconsistent terms of this Agreement. Participant: Participant Name Date of Grant: Month DD, YYYY Number of RSUs Granted: XX,XXX Purchase Price: None

2 The parties hereto agree as follows: 1. Employment with the Company. Except as may otherwise be provided in Section 2, the RSUs granted hereunder are granted on the condition that (a) the Participant (other than a Participant who is a non-Employee Director) accept this Agreement no later than ninety (90) days following the Date of Grant, after which time this Agreement shall be void and of no further effect, and (b) the Participant remains in Continuous Service from the Date of Grant by the Company through (and including) each Vesting Date, as set forth in Section 2. This Agreement does not confer any right to the Participant (or any other Participant) to be granted RSUs or other Stock Awards in the future under the Plan. 2. Vesting. a. Vesting Without Termination of Continuous Service. One-third of the RSUs shall become nonforfeitable (“Vested”) on each of the first three anniversaries of the Date of Grant, provided that such anniversary date falls on a trading date (defined for this purpose as a date on which the New York Stock Exchange is open for the transaction of business) or, if not, on the next trading date (each a “Vesting Date”), subject to the Participant’s Continuous Service on each Vesting Date. b. Termination of Continuous Service. In the event of the Participant’s termination of Continuous Service for any reason (other than as provided for in this Agreement), all RSUs held by the Participant at the time of his or her termination of Continuous Service shall be forfeited, without any consideration or payment whatsoever to the Participant. c. Death or Disability. All RSUs that have not previously Vested shall vest upon the Participant’s termination of Continuous Service as a result of death or Disability. d. Retirement. (i) Without Notice. In the event that a Participant is Retirement eligible on the Date of Grant or becomes Retirement eligible during the Period of Restriction, the Participant will vest in RSUs that have not previously vested upon the Participant’s Retirement provided that the Participant has remained in Continuous Service from the Grant Date through at least the one year anniversary of the Grant Date (for Participants who are not non- employee directors) or at least to the date of the next regularly scheduled annual stockholders meeting (for Participants who are non-employee directors). Except as otherwise provided for in this Agreement, if the Participant terminates Continuous Service as a result of Participant’s Retirement before the first anniversary of the Grant Date or the next regularly scheduled annual stockholders meeting, as applicable, all unvested RSUs subject to the grant will be forfeited to the Company.

3 (ii) With Notice / Retirement Eligible Termination. If the Participant is eligible for Retirement and (A) provides or has provided at least six (6) months’ notice of Participant’s intent to retire (“Notice”) or (B) the Participant’s Continuous Service is terminated for any reason, other than by the Company for Cause or as a result of a voluntary termination without Good Reason (if defined in the Participant’s employment or service agreement between the Participant and the Company or any of its Affiliates) or Company consent, all RSUs shall become Vested on the date the Participant’s Continuous Service is terminated. e. Change of Control. Notwithstanding anything to the contrary in this Agreement, in the event of a Change of Control of the Company prior to the last Vesting Date and prior to the Participant’s termination of Continuous Service, all RSUs shall become Vested, subject to applicable federal and state securities laws. f. No Fractional RSUs. If, on any Vesting Date, the vesting schedule would result in the vesting of a fraction of an RSU, such fraction shall be rounded to a whole RSU in a manner acceptable to management or any independent third party administering any terms of the Plan for the Company. 3. Timing of Payout. a. No Termination of Continuous Service. Shares of Common Stock attributable to the number of RSUs that become Vested on each Vesting Date shall be delivered to the Participant within sixty (60) days following such Vesting Date. b. Death or Disability. In the event the Participant dies or becomes Disabled prior to any Vesting Date, shares of Common Stock attributable to the number of Vested RSUs shall be delivered to the Participant within sixty (60) days following the date of such death or Disability. c. Change of Control. In the event of a Change of Control, shares of Common Stock attributable to any RSUs that become Vested upon a Change of Control pursuant to Section 2(e) hereof shall be delivered to the Participant within sixty (60) days following the date of the Change of Control; provided, however, that with respect to payments subject to Section 409A of the Code, payment shall only be made upon a “Change in Control” event within the meaning of Section 409A of the Code. To the extent necessary to comply with Section 409A of the Code and to the extent any RSUs are vested for purposes of Section 409A of the Code, shares will be delivered to the Participant within thirty (30) days following either a Change in Control which constitutes a “Change in Control” event within the meaning of Section 409A of the Code or a separation from service with occurs within 2 years after such Change in Control. d. Retirement / Retirement Eligible Termination. In the event the Participant terminates Continuous Service as set forth in Section 2(d), shares of Common Stock attributable to the number of RSUs that would otherwise vest on each Vesting Date

4 shall be delivered to the Participant within sixty (60) days following each such Vesting Date as if the Participant had remained in Continuous Service; provided, however, that such termination of Continuous Service also constitutes a “separation from service” within the meaning of Section 409A of the Code. By way of example, if a Participant who received a grant of RSUs (scheduled to vest one-third on each of the first three anniversaries of the grant date) on December 1, 2024 terminates Continuous Service by reason of Retirement on December 2, 2025 after providing at least six (6) months’ Notice, then the remaining outstanding RSUs will vest and be settled according to the original vesting schedule on December 1, 2026 and December 1, 2027. e. Specific Payment Date. The Committee shall determine on what date within the sixty (60) day payment period described above actual payment shall be made. 4. Form of Settlement. Vested RSUs will be settled solely in the form of shares of Common Stock or such other security as Common Stock shall be converted into in the future. The Participant shall be issued one share of Common Stock (or such other number of securities into which the Common Stock is converted upon a Change of Control as the Committee shall determine in good faith) for each Vested RSU. 5. Voting Rights and Dividends. Until such time as the RSUs are settled in shares of Common Stock, the Participant shall not have voting rights or receive dividends in connection with the RSUs. Further, no dividends shall be paid on any of the RSUs. 6. Restrictions on Transfer. Unless and until actual shares of Common Stock are received upon settlement of the RSUs, RSUs granted pursuant to this Agreement may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated (a “Transfer”), other than by will or by the laws of descent and distribution, except as provided in the Plan. If any Transfer, whether voluntary or involuntary, of RSUs is made, or if any attachment, execution, garnishment or lien shall be issued against or placed upon the RSUs, the Participant’s right to such RSUs shall be immediately forfeited by the Participant to the Company, and this Agreement shall lapse. 7. Recapitalization. In the event of any change in the capitalization of the Company such as a stock split or corporate transaction such as any merger, consolidation, separation or otherwise, the number and class of RSUs subject to this Agreement shall be equitably adjusted by the Committee, as set forth in the Plan, to prevent dilution or enlargement of rights. 8. Beneficiary Designation. The Participant may, from time to time, name any beneficiary or beneficiaries (who may be named contingently or successively) to whom any benefit under this Agreement is paid in case of his or her death before he or she receives any or all of such benefit. Each such designation shall revoke all prior designations by the Participant, shall be in a form prescribed by the Company, and shall be effective only when filed by the Participant in writing with the Secretary of the Company during his or her lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to his or her estate.

5 9. Continuation of Employment. This Agreement shall not confer upon the Participant any right to continue employment with the Company or its Subsidiaries, nor shall this Agreement interfere in any way with the Company’s or its Subsidiaries’ right to terminate the Participant’s employment at any time. For purposes of this Agreement, “Termination of Employment” shall mean termination or cessation of the Participant’s employment with the Company and its Subsidiaries for any reason (or no reason), whether the termination of employment is instituted by the Participant or the Company or a Subsidiary, and whether the termination of employment is with or without cause. 10. Non-Competition. Participant agrees that, for a period of one (1) year following Participant’s Termination of Employment (the “Restricted Period”), Participant will not engage, directly or indirectly, whether on behalf of Participant or another person, entity, business or enterprise, in any activities which are the same as, or substantially similar to, activities Participant performed for or on behalf of the Company and which compete with the Business of the Company in the Territory (the “Competitive Services”). For purposes of this Agreement, “Business” means (a) the manufacturing, marketing, distribution, or sale of water and energy infrastructure technology, products, or services, including but not limited to products or services used in the transmission, distribution, and measurement of water; or (b) any similar activities conduct, authorized, offered, provided, or proposed to be conducted by the Company within two (2) years prior to Participant’s Termination of Employment. In addition, for the purposes of this Agreement, “Territory” means the geographic area where Participant worked, represented the Company, or had Material Contact (as defined below) with the Company’s customers or potential customers during Participant’s employment with the Company or for which Participant had responsibilities on behalf of the Company during the two (2)-year period prior to Participant’s Termination of Employment. The Participant acknowledges and agrees that: (a) The Participant is familiar with the Business of the Company and its Subsidiaries and the commercial and competitive nature of the industry and recognizes that the value of the Company’s business would be injured if the Participant performed the Competitive Services for a person or entity that competes with the Business of the Company; (b) This covenant not to compete is essential to the continued goodwill and profitability of the Company; (c) In the course of employment with the Company or its Subsidiaries, the Participant will become familiar with the trade secrets and other Confidential Information (as defined below) of the Company and its Subsidiaries, affiliates, and other related entities, and that the Participant’s services will be of special, unique, and extraordinary value to the Company; and (d) The Participant’s skills and abilities should enable him or her to seek and obtain similar employment in a business other than one which competes

6 with the Business of the Company, and the Participant possesses other skills that will serve as the basis for employment opportunities that are not prohibited by this covenant not to compete. Following the Participant’s Termination of Employment with the Company, Participant expects to be able to earn a livelihood without violating the terms of this Agreement. 11. Non-Solicitation of Employees. During the term of the Participant’s employment with the Company or its Subsidiaries and the Restricted Period, the Participant shall not, either on Participant’s own behalf or for any person, entity, business or enterprise within the Territory: (a) solicit any employee of the Company or its Subsidiaries with whom the Participant had material contact during the two (2) years prior to Participant’s Termination of Employment to leave his or her employment with the Company or its Subsidiaries; or (b) induce or attempt to induce any such employee to breach any employment agreement with the Company. 12. Non-Solicitation of Customers. During the term of the Participant’s employment with the Company or its Subsidiaries and the Restricted Period, the Participant shall not directly or indirectly solicit or attempt to solicit any current customer of the Company or any of its Subsidiaries with which the Participant had Material Contact for the purpose of selling or providing any products or services competitive with the Company. For purposes of this Agreement, products or services shall be considered competitive with the Company if such products or services are of the type conducted, authorized, offered, or provided by the Company within two (2) years prior to Participant’s Termination of Employment. For purposes of this Section, “Material Contact” means contact between Participant and such individual (i) with whom or which Participant dealt on behalf of the Company, (ii) whose dealings with the Company were coordinated or supervised by Participant, (iii) about whom Participant obtained Confidential Information in the ordinary course of business as a result of Participant’s association with the Company, or (iv) who receives products or services authorized by the Company, the sale or provision of which results or resulted in possible compensation, commissions or earnings for Participant within the two (2) years prior to the date of Participant’s Termination of Employment. 13. Developments. The Participant agrees that all inventions, improvements, trade secrets, reports, manuals, computer programs, systems, tapes and other ideas and materials developed or invented by him or her during the period of his or her employment with the Company or its Subsidiaries, either solely or in collaboration with others, which relate to the actual or anticipated business or research of the Company or its Subsidiaries, which result from or are suggested by any work the Participant may do for the Company or its Subsidiaries, or which result from use of the Company’s or its Subsidiaries’ premises or the Company’s or its Subsidiaries’ or their customers’ property (collectively, the “Developments”) shall be the sole and exclusive property of the Company and its Subsidiaries. The Participant hereby assigns to the Company his or her entire right and interest in any Developments and will hereafter execute any documents in connection therewith that the Company may reasonably request. This Section does not apply to any inventions that the Participant made prior to his or her employment by the Company or its Subsidiaries, or to any inventions that he or she develops entirely on his or her own time without using any of the Company’s equipment, supplies, facilities or the Company’s or

7 its Subsidiaries’ or their customers’ confidential information and which do not relate to the Company’s or its Subsidiaries’ businesses, anticipated research and Developments or the work he or she has performed for the Company or its Subsidiaries. 14. Non-Disparagement. The Participant agrees that neither during his or her employment nor following his or her Termination of Employment and continuing for so long as the Company or any affiliate, successor or assigns thereof carries on the name or like business within the Territory, the Participant shall not, directly or indirectly, for himself or herself or on behalf of, or in conjunction with, any other person, persons, company, partnership, corporation, business entity or otherwise make any statements that are inflammatory, detrimental, slanderous, or materially negative in any way to the interests of the Company or its Subsidiaries or other affiliated entities. Nothing in this Agreement, however, shall limit Participant’s ability to (a) file a charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state, or local governmental agency or commission (collectively, “Government Agencies”), (b) communicate with any Government Agencies or (c) otherwise participate in any investigation or proceeding that may be conducted by any Government Agencies, including providing documents or other information, without notice to the Company. 15. Confidentiality and Nondisclosure. The Participant agrees that he or she will not, other than in performance of his or her duties for the Company or its Subsidiaries, disclose or divulge to Third Parties (as defined below) or use or exploit for his or her own benefit or for the benefit of Third Parties any Confidential Information, including trade secrets. For the purposes of this Agreement, “Confidential Information” shall mean confidential and proprietary information, trade secrets, knowledge or data relating to the Company and its Subsidiaries and their businesses, including but not limited to information disclosed to the Participant, or known by the Participant as a consequence of or through employment with the Company or its Subsidiaries, where such information is not generally known in the trade or industry, and where such information refers or relates in any manner whatsoever to the business activities, processes, services, or products of the Company or its Subsidiaries; business and development plans (whether contemplated, initiated, or completed); mergers and acquisitions; pricing information; business contacts; sources of supply; customer information (including customer lists, customer preferences, and sales history); methods of operation; results of analysis; customer lists (including advertising contacts); business forecasts; financial data; costs; revenues; information maintained in electronic form (such as e-mails, computer files, or information on a cell phone, smart phone, or other personal data device); and similar information. Confidential Information shall not include any data or information in the public domain, other than as a result of a breach of this Agreement. The provisions of this paragraph shall apply to the Participant at any time during his or her employment with the Company or its Subsidiaries and for a period of two (2) years following his or her Termination of Employment or, if the Confidential Information is a trade secret, such longer period of time as may be permitted by controlling trade secret laws. The Participant acknowledges and agrees that the Confidential Information is necessary for the Company’s ability to compete with its competitors. The Participant further

8 acknowledges and agrees that the prohibitions against disclosure and use of Confidential Information recited herein are in addition to, and not in lieu of, any rights or remedies that the Company or a Subsidiary may have available pursuant to the laws of the State of Delaware to prevent the disclosure of trade secrets or proprietary information, including but not limited to the Delaware Uniform Trade Secrets Act, 6 Del. Code Ann. §2001, et seq. The Participant agrees that this non-disclosure obligation may extend longer than two (2) years following his or her Termination of Employment as to any materials or information that constitutes a trade secret under the Delaware Uniform Trade Secrets Act. Participant is hereby notified that under the Defend Trade Secrets Act of 2016: (a) no individual shall be held criminally or civilly liable under federal or state law for the disclosure of a trade secret that is: (i) made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and made solely for the purpose of reporting or investigating a suspected violation of law; or (ii) made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal so that it is not made public; and (b) an individual who pursues a lawsuit for retaliation by an employer for reporting a suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not disclose the trade secret, except as permitted by court order. For purposes of this Agreement, “Third Party” or “Third Parties” shall mean persons, sole proprietorships, firms, partnerships, limited liability partnerships, associations, corporations, limited liability companies, and all other business organizations and entities, excluding the Participant and the Company. The Participant agrees to take all reasonable precautions to safeguard and prevent disclosure of Confidential Information to unauthorized persons or entities. 16. Intellectual Property. The Participant agrees that he or she has no right to use for the benefit of the Participant or anyone other than the Company or its Subsidiaries, any of the copyrights, trademarks, service marks, patents, and inventions of the Company or its Subsidiaries. 17. Injunctive Relief. The Participant and the Company recognize that breach of the provisions of this Agreement restricting the Participant’s activities would give rise to immediate and irreparable injury to the Company that is inadequately compensable in damages. In the event of a breach or threatened breach of the restrictions contained in this Agreement regarding noncompetition, nonsolicitation of employees, nonsolicitation of customers, Developments, non-disparagement, confidentiality and nondisclosure of Confidential Information, and intellectual property (collectively, the “Covenants”), the Participant agrees and consents that the Company shall be entitled to injunctive relief, both preliminary and permanent, without bond, in addition to reimbursement from the Participant for all reasonable attorneys’ fees and expenses incurred by the Company in enforcing these provisions, should the Company prevail. The Participant also agrees not raise the defense that the Company has an adequate remedy at law. In addition, the Company shall be entitled to any other legal or equitable remedies as may be available

9 under law. The remedies provided in this Agreement shall be deemed cumulative and the exercise of one shall not preclude the exercise of any other remedy at law or in equity for the same event or any other event. 18. Dispute Resolution; Agreement to Arbitrate. (a) The Participant and the Company agree that final and binding arbitration shall be the exclusive remedy for any controversy, dispute, or claim arising out of or relating to this Agreement. (b) This Section covers all claims and actions of whatever nature, both at law and in equity, including, but not limited to, any claim for breach of contract (including this Agreement), and includes claims against the Participant and claims against the Company and its Subsidiaries and/or any parents, affiliates, owners, officers, directors, employees, agents, general partners or limited partners of the Company, to the extent such claims involve, in any way, this Agreement. This Section covers all judicial claims that could be brought by either party to this Agreement, but does not cover the filing of charges with Government Agencies that prohibit waiver of the right to file a charge. (c) The arbitration proceeding will be administered by a single arbitrator (the “Arbitrator”) in accordance with the Commercial Arbitration Rules of the American Arbitration Association, taking into account the need for speed and confidentiality. The Arbitrator shall be an attorney or judge with experience in contract litigation and selected pursuant to the applicable rules of the American Arbitration Association. (d) The place and situs of arbitration shall be Wilmington, Delaware (or such other location as may be mutually agreed to by the parties). The Arbitrator may adopt the Commercial Arbitration Rules of the American Arbitration Association, but shall be entitled to deviate from such rules in the Arbitrator’s sole discretion in the interest of a speedy resolution of any dispute or as the Arbitrator shall deem just. The parties agree to facilitate the arbitration by (a) making available to each other and to the Arbitrator for inspection and review all documents, books and records as the Arbitrator shall determine to be relevant to the dispute, (b) making individuals under their control available to other parties and the Arbitrator and (c) observing strictly the time periods established by the Arbitrator for the submission of evidence and pleadings. The Arbitrator shall have the power to render declaratory judgments, as well as to award monetary claims, provided that the Arbitrator shall not have the power to act (i) outside the prescribed scope of this Agreement, or (ii) without providing an opportunity to each party to be represented before the Arbitrator. (e) The Arbitrator’s award shall be in writing. The Arbitrator shall allocate the costs and expenses of the proceedings between the parties and shall award

10 interest as the Arbitrator deems appropriate. The arbitration judgment shall be final and binding on the parties. Judgment on the Arbitrator’s award may be entered in any court having jurisdiction. (f) The Participant and the Company agree and understand that by executing this Agreement and agreeing to this Arbitration provision, they are giving up their rights to trial by jury for any dispute related to this Agreement. 19. Clawback. The Participant acknowledges and agrees that the Participant’s rights with respect to the RSUs are subject to the Company’s Incentive Compensation Recovery Policy and Supplement Compensation Recovery Policy or similar policies or Applicable Law, as set forth in Section 10.3 of the Plan. a. In the event of a breach of this Agreement by the Participant or a material breach of Company policy (including the Company’s Clawback Policy as in effect from time to time) or laws or regulations that could result in a termination for cause (whether or not the Participant is terminated), then the RSUs granted hereby shall be void and of no effect, unless the Committee determines otherwise. b. In the event of financial impropriety by the Participant that results in a restatement of the financial statements of the Company for any applicable period (the “Applicable Period”), as determined by the Audit Committee or the Company’s independent registered public accounting firm; then, if the award granted hereby is made during the Applicable Period or within 90 days after the end of such Applicable Period, the number of RSUs granted hereunder shall be reduced by a fraction: (i) The numerator of which is the amount of operating income decline for the Applicable Period caused by such restatement or breach, and (ii) The denominator of which is the amount of operating income previously determined for the Applicable Period, or if the breach does not result in a decrease in the amount of operating income, the fraction shall be 50%. If RSUs have already vested under this Agreement, then the reduction contemplated by this Section 19(b) shall be applied first to the remaining RSUs that have not vested, pro rata, and second to the vested shares and the Participant shall repay the Company by forfeiting to the Company a number of excess shares received that would have exceeded the amount granted hereby, to be taken from the most recent vesting of RSUs or, if such shares have been sold, the proceeds received from the sale of such shares that would otherwise have been forfeited. As an example of the foregoing, assume the Participant is granted an award of 300 RSUs on December 1, 2018, which vest equally on December 1, 2019, December 1, 2020 and December 1,2021.

11 If the Company discovers a breach or financial impropriety by the Participant on June 30, 2020, which leads to a 50% decrease in operating income for the 2018 fiscal year and which could not result in termination for Cause, then the award granted would be reduced to 150 RSUs, and the reduction would be applied equally to the remaining RSUs, which would mean that the 100 RSUs vesting on December 1, 2020 would be reduced by 75 to 25 RSUs and the 100 remaining RSUs vesting on December 1, 2021 would be reduced by 75 to 25 RSUs. If the Company discovers a breach or financial impropriety by the Participant on June 30, 2021, which leads to a 50% decrease in operating income for the 2018 fiscal year and which could not result in termination for Cause, then the award granted would be reduced to 150 RSUs, which would be applied to the remaining RSUs, which would mean that the 100 RSUs vesting on December 1, 2021 would be reduced by 100 RSUs to 0 RSUs and the Participant would forfeit 50 shares to the Company, taken from the most recent vesting on December 1, 2020, or if such shares had been sold, the Participant would pay to the Company the proceeds received from the sale of those 50 shares. c. In addition to the foregoing, if the Participant has realized any profits from the sale of other Company’s securities during the 12-month period prior to the discovery of breach or financial impropriety referred to above, the Participant shall reimburse the Company for those profits to the extent required by the Company’s Clawback Policy. d. The Company shall have the right to offset future compensation, including, at its sole discretion, stock compensation, to recover any amounts that may be recovered by the Company hereunder. e. The provisions of this Section 19 are supplemental to the Participant’s obligations under, and the rights and remedies of the Company set forth in, any applicable compensation, clawback, recoupment or similar policies as may be adopted by the Company or its Affiliates in effect from time to time, including, without limitation, the Mueller Water Products, Inc. Incentive Compensation Recovery Policy, as the same may be amended or supplemented from time to time or any successor thereto (referred to hereinabove as the “Clawback Policy”), the provisions of which are hereby incorporated by reference. However, in the event any provision of this Section 19 is determined to be in conflict or inconsistent with any provision of the Clawback Policy, the provision of this Section 19 or the Clawback Policy, as the case may be, imposing the greater obligation on the Participant or, to the extent applicable, granting the greater rights and remedies to the Company shall control. Participant acknowledges having been provided with a copy of the Clawback Policy as in effect on the Date of Grant. 20. Miscellaneous. a. This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time,

12 as well as to such rules and regulations as the Committee may adopt for administration of the Plan. The Committee shall have the right to impose such restrictions on any shares acquired pursuant to this Agreement, as it may deem advisable, including, without limitation, restrictions under applicable federal securities laws, under the requirements of any stock exchange or market upon which such shares are then listed and/or traded, under any blue sky or state securities laws applicable to such shares. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be binding upon the Participant. b. The Committee may terminate, amend or modify the Plan and this Agreement under the terms of and as set forth in the Plan. c. The Participant may elect, subject to any procedural rules adopted by the Committee, to satisfy any tax withholding requirement, in whole or in part, by having the Company withhold shares of Common Stock having an aggregate Fair Market Value on the date the tax is to be determined, equal to the amount required to be withheld, subject to the restrictions imposed by applicable securities laws and Company policies regarding trading in its shares. The Company shall have the power and the right to deduct or withhold from the Participant’s compensation, or require him or her to remit to the Company, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA or similar obligation), domestic or foreign, required by law to be withheld with respect to any payout to him or her under this Agreement. d. The Participant agrees to take all steps necessary to comply with all applicable provisions of federal and state securities laws in exercising his or her rights under this Agreement. e. This Agreement shall be subject to Applicable Laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. f. Except as provided in the third paragraph of this Agreement, this Agreement and the Plan constitute the entire understanding between the Participant and the Company regarding the RSUs granted hereunder. Except as provided in the third paragraph of this Agreement, this Agreement and the Plan supersede any prior agreements, commitments or negotiations concerning the RSUs granted hereunder. g. All rights and obligations of the Company under the Plan and this Agreement, shall inure to the benefit of and be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

13 h. To the extent not preempted by the laws of the United States, the laws of the State of Delaware shall be the controlling law in all matters relating to this Agreement without giving effect to principles of conflicts of laws. i. The Participant acknowledges and agrees that the Covenants and other provisions contained herein are reasonable and valid and do not impose limitations greater than those that are necessary to protect the business interests and Confidential Information of the Company. The Company and the Participant agree that the invalidity or unenforceability of any one or more of the Covenants, other provisions, or parts thereof of this Agreement shall not affect the validity or enforceability of the other Covenants, provisions, or parts thereof, all of which are inserted conditionally on their being valid in law, and in the event one or more Covenants, provisions, or parts thereof contained herein shall be invalid, this Agreement shall be construed as if such invalid Covenants, provisions, or parts thereof had not been inserted. The Participant and the Company agree that the Covenants and other provisions contained in this Agreement are severable and divisible, that none of such Covenants or provisions depend on any other Covenant or provision for their enforceability, that each such Covenant and provision constitutes an enforceable obligation between the Company and the Participant, that each such Covenant and provision shall be construed as an agreement independent of any other Covenant or provision of this Agreement, and that the existence of any claim or cause of action by one party to this Agreement against another party to this Agreement, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by any party to this Agreement of any such Covenant or provision. j. If any of the provisions contained in this Agreement relating to the Covenants or other provisions contained herein, or any part thereof, are determined to be unenforceable because of the length of any period of time, the size of any area, the scope of activities or similar term contained therein, then such period of time, area, scope of activities or similar term shall be considered to be adjusted to a period of time, area, scope of activities or similar term which would cure such invalidity, and such Covenant or provision in its reduced form shall then be enforced to the maximum extent permitted by Applicable Law. k. This Agreement is intended to satisfy the requirements of Section 409A of the Code and shall be construed accordingly. To the extent that any amount or benefit that constitutes nonqualified deferred compensation under Section 409A of the Code, and that is not exempt under Section 409A, is otherwise payable or distributable to him or her on account of separation from service (within the meaning of Section 409A of the Code) while he or she is a specified employee (within the meaning of Section 409A of the Code), such amount or benefit shall be settled or distributed on the later of time for payment described in Section 3 of this Agreement and that date which is six (6) months after the date of such separation from service. l. The parties agree that the mutual promises and covenants contained in this Agreement constitute good and valuable consideration.

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective as of the Date of Grant. Mueller Water Products, Inc. By: ___________________________________ Marietta Edmunds Zakas Chief Executive Officer ATTEST: ____________________________________ __________________________________ Participant

1 Mueller Water Products, Inc. Notice Of Stock Option Grant Unless otherwise defined herein, all capitalized terms in this Notice of Stock Option Grant (“Notice of Grant”) shall have the meanings ascribed to them in the Mueller Water Products, Inc. Second Amended and Restated 2006 Stock Incentive Plan (the “Plan”). [Participant Name] [Address Line 1] [Address Line 2] The person named above (the “Optionholder”) has been granted an option (the “Option”) to purchase shares of Common Stock (“Shares”) of Mueller Water Products, Inc. (the “Company”), subject to the terms and conditions of the Plan, this Notice of Grant, and the Stock Option Agreement (attached as Exhibit A), as follows: Date of Grant: Exercise Price per Share: $ Total Number of Shares Granted: Type of Option: Nonstatutory Stock Option Term/Expiration Date: Not later than [insert date that is 10 years from date of grant] Payment: By one or a combination of the following items (as described in greater detail in the Stock Option Agreement and the Plan): • By cash or check • By a “same day sale” arrangement • By delivery of other Shares Vesting Schedule: This Option will vest and may be exercised, in whole or in part, to the extent vested in accordance with the following schedule: - Vesting Without Termination of Continuous Service. One-third of the Shares subject to the Option shall vest and become exercisable on each of the first three anniversaries of the Date of Grant, provided that such anniversary date falls on a trading date (defined for this purpose as a date on which the New York Stock

2 Exchange is open for the transaction of business) or, if not, on the next trading date (each, a “Vesting Date”), subject to the Optionholder’s Continuous Service on each such date. - No Fractional Shares. If, on any Vesting Date, the vesting schedule would result in the vesting of a fraction of a Share, such fraction shall be rounded to the nearest whole Share in a manner acceptable to management or any independent third party administering any terms of the Plan for the Company. - Termination of Continuous Service. In the event the Optionholder terminates Continuous Service for any reason before a Vesting Date (other than as set forth below in “Death or Disability.” “Change of Control” or “Retirement”), all unvested Shares subject to the Option shall be forfeited to the Company and the portion of the Option attributable to such unvested Shares subject to the Option will lapse and terminate and shall not be exercisable by any Person. - Death or Disability. All Shares subject to the Option that have not previously vested shall vest and become exercisable upon the Optionholder’s termination of Continuous Service as a result of death or Disability. - Retirement Without Notice. In the event that an Optionholder is Retirement eligible on the Date of Grant or becomes Retirement eligible before a vesting date, the Optionholder will vest in shares of Common Stock subject to the Option that have not previously vested upon the Optionholder’s Retirement provided that the Optionholder has remained in Continuous Service from the Grant Date through at least the first anniversary of the Grant Date (for Optionholders who are not non- employee directors) or at least to the date of the next regularly scheduled annual stockholders meeting (for Optionholders who are non-employee directors). If an Optionholder who is not a non-employee director terminates Continuous Service as a result of Optionholder’s Retirement before the first anniversary of the Grant Date or an Optionholder who is a non-employee director terminates Continuous Service before the next regularly scheduled annual stockholders meeting, the portion of the Option attributable to any unvested shares will lapse and terminate and shall not be exercisable by any Person. - Retirement With Notice / Retirement Eligible Termination. Notwithstanding anything in the immediately preceding paragraph (entitled “Retirement Without Notice”), if the Participant is eligible for Retirement and (A) provides or has provided at least six (6) months’ notice of Participant’s intent to retire (“Notice”) or (B) the Participant’s Continuous Service is terminated for any reason, other than by the Company for Cause or as a result of a voluntary termination without Good Reason (if defined in the Participant’s employment or service agreement between the Participant and the Company or any of its Affiliates) , all Shares subject to the Option shall become Vested on the date the Participant’s Continuous Service is terminated.

3 The undersigned Optionholder acknowledges receipt of, and understands and agrees to, this Notice of Grant, the Stock Option Agreement, and the Plan, both of which are made a part of this document. The Optionholder has reviewed the Plan, the Notice of Grant and the Stock Option Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing the Notice of Grant. Optionholder further acknowledges that as of the Date of Grant, this Notice of Grant, the Stock Option Agreement, and the Plan set forth the entire understanding between Optionholder and the Company regarding the Option and supersede all prior oral and written agreements on that subject except (i) with respect to options previously granted and delivered to Optionholder by the Company, and (ii) if the Option granted hereunder is subject to another written Company-related severance plan or program, or any employment or similar written agreement between the Company and Optionholder (collectively, “Modifying Agreement”), the terms and conditions of the Modifying Agreement shall completely supersede and replace any conflicting or inconsistent terms of this Agreement: By signing the Notice of Grant, the Optionholder agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice of Grant and the Option Agreement. OPTIONHOLDER: MUELLER WATER PRODUCTS, INC. ___________________________________ (Name) ___________________________________ (Signature) ___________________________________ (Signature) ___________________________________ (Date) Marietta Edmunds Zakas, Chief Executive Officer

4 EXHIBIT A MUELLER WATER PRODUCTS, INC. STOCK OPTION AGREEMENT 1. Grant of Option. The Company hereby grants to the Optionholder named in the Notice of Grant attached to this Agreement (the “Optionholder”) an option (the “Option”) to purchase the number of shares of Common Stock (“Shares”) of the Company, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to the terms and conditions of the Amended and Restated 2006 Stock Incentive Plan (“Plan”), which is incorporated by reference into this Stock Option Agreement (the “Option Agreement”), the Option Agreement and the Notice of Grant. In the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this Option Agreement, the terms and conditions of the Plan shall prevail. Optionholders who are not non-employee directors must accept this Option no later than ninety (90) days following the Date of Grant set forth in the Notice of Grant, after which time the Option and this Option Agreement shall be void and of no further effect. 2. Exercise of Option. a. Right to Exercise. This Option is exercisable during its term in accordance with the vesting schedule set out in the Notice of Grant and the applicable provisions of the Plan and this Option Agreement. b. Method of Exercise. This Option is exercisable by delivery of an exercise notice, in the form attached (the “Exercise Notice”), which shall state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan and the Option Agreement. The Exercise Notice shall be completed by the Optionholder and delivered to the Company’s Stock Plan Administrator, as designated by the Company from time to time. The Exercise Notice shall be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares. The Optionholder shall also be required to make adequate provision for all withholding taxes relating to the exercise of the Option as a condition to the exercise of the Option. This Option shall be deemed to be exercised only upon receipt by the Company of such fully executed Exercise Notice accompanied by the payment of such aggregate Exercise Price and arrangement for the adequate provision for the withholding taxes relating to the exercise. c. Compliance. No Shares shall be issued pursuant to the exercise of this Option unless such issuance, exercise and the method of payment of consideration for such Shares complies with Applicable Law. This Option may not be exercised for a fraction of a Share. Assuming such compliance, for income tax purposes the Exercised Shares shall be considered transferred to the Optionholder on the date

5 the Option is exercised with respect to such Exercised Shares. Notwithstanding the foregoing, the Company shall not be liable to the Optionholder for damages relating to any delays in issuing the certificates for the Exercised Shares to the Optionholder, any loss of the certificates, or any mistakes or errors in the issuance of the certificates or in the certificates themselves. 3. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following, or a combination thereof, at the election of the Optionholder: a. cash or check; b. consideration received by the Company under a “same day sale” program implemented by the Company in connection with the Plan; or c. by delivery to the Company of other Shares; provided, however, that if the Exercise Price of Shares acquired pursuant to this Option is paid by delivery to the Company of other Shares acquired, directly or indirectly from the Company, the Exercise Price shall be paid only by Shares that have been held by the Optionholder for more than six (6) months (or such longer or shorter period of time required to avoid a charge to earnings for financial accounting purposes). The Optionholder may, subject to procedures satisfactory to the Committee, satisfy such delivery requirement by presenting proof of beneficial ownership of such Shares. 4. Period for Exercise. Subject to the provisions of the Plan, the Notice of Grant and this Option Agreement, the Optionholder may exercise this Option as to any vested Shares subject to the Option at any time prior to the earliest to occur of the following: a. the Term/Expiration Date set forth in the Notice of Grant; b. ninety (90) days following the date of the Optionholder’s termination of Continuous Service by the Company without Cause (other than as a result of death, Retirement or Disability) or by the Optionholder for any reason (other than as a result of Retirement); and c. one (1) year following the date of the Optionholder’s termination of Continuous Service as a result of death or Disability; d. two (2) years following the date of the Optionholder’s termination of Continuous Service as a result of Retirement; e. the date of the Optionholder’s termination of Continuous Service by the Company for Cause. 5. Non-Transferability of Option. This Option may not be transferred in any manner other than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Optionholder only by the Optionholder. The terms of the Plan and this Option Agreement shall be binding upon the executors, administrators, heirs, successors and assigns of the Optionholder.

6 6. Lock-Up. By exercising the Option, the Optionholder agrees that the Company (or a representative of the underwriter(s)) may, in connection with an underwritten registration of the offering of any equity securities of the Company under the Securities Act require that the Optionholder not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities of the Company held by the Optionholder, for a period of time specified by the underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities Act. The Optionholder further agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop transfer instructions with respect to Shares until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this section and shall have the right, power and authority to enforce the provisions hereof as though they were a party hereto. 7. Entire Agreement; Governing Law. The Plan and the Notice of Grant are incorporated herein by reference. Except as expressly set forth in the Notice of Grant, the Plan, the Notice of Grant and this Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionholder with respect to the subject matter hereof. The Company may amend the terms of the Option; provided that the rights under any Option shall not be materially impaired by any such amendment except by means of a writing signed by the Company and the Optionholder. The Option is governed by the law of the State of Delaware, without regard to the principles of conflicts of law. 8. NO GUARANTEE OF CONTINUED SERVICE. THE OPTIONHOLDER ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). THE OPTIONHOLDER FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS AN EMPLOYEE, DIRECTOR, OR CONSULTANT FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE WITH THE OPTIONHOLDER’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONHOLDER’S RELATIONSHIP (I) AS AN EMPLOYEE AT ANY TIME, WITH OR WITHOUT CAUSE; (II) AS A CONSULTANT PURSUANT TO THE TERMS OF OPTIONHOLDER’S AGREEMENT WITH THE COMPANY OR AN AFFILIATE; OR (III) AS A DIRECTOR PURSUANT TO THE BYLAWS OF THE COMPANY, AND ANY APPLICABLE PROVISIONS OF THE CORPORATE LAW OF THE STATE OR OTHER JURISDICTION IN WHICH THE COMPANY IS DOMICILED, AS THE CASE MAY BE.

7 MUELLER WATER PRODUCTS, INC. SECOND AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN EXERCISE NOTICE Mueller Water Products, Inc. 1200 Abernathy Road Atlanta, GA 30328 Attention: Stock Plan Administrator 1. Exercise of Option. Effective as of today, ______________ __, 20__, the undersigned ("Purchaser") hereby elects to purchase ______________ shares (the "Shares") of the Common Stock of Mueller Water Products, Inc. (the "Company") under and pursuant to the Amended and Restated 2006 Stock Incentive Plan (the "Plan") and the Notice of Stock Option Grant and Stock Option Agreement dated ___________ ___, 20__ (the "Option Agreement") with the Grant Number __________. The total purchase price for the Shares shall be $______, as required by the Option Agreement. 2. Delivery of Payment. Purchaser herewith delivers to the Company the full purchase price for the Shares in the form of: □ Cash or check in the amount of $_________, with any checks made payable to Mueller Water Products, Inc. □ Irrevocable instructions to sell Shares acquired upon exercise in accordance with the terms of the Company's "same day sale" program. □ ____________ Shares, with a fair market value of $__________, as to which I am attesting ownership pursuant to the form of Tender of Already-Owned Shares by Attestation of Share Ownership Rather than Physical Delivery of Shares attached hereto as Attachment 2 (as further described in Attachment 1, Exercise via Attestation). 3. Tax Withholding. Purchaser has contacted the Company's Stock Plan Administrator to confirm that the tax withholding due upon exercise of the Option is $__________. 4. Representations of Purchaser. a. Purchaser has received, read and understood the Plan, the Notice of Grant and the Option Agreement and agrees to abide by and be bound by their terms and conditions. b. Purchaser agrees: (i) to provide such additional documents as the Company may require pursuant to the terms of the Plan and (ii) to provide for the payment by

8 Purchaser to the Company (in the manner designated by the Company) of the Company's withholding obligation, if any, relating to the exercise of this Option. c. Purchaser hereby makes the following certifications and representations with respect to the Shares, which are being acquired by the Purchaser for his or her own account (or otherwise in compliance with applicable law) upon exercise of the Option as set forth above: (i) If Purchaser is an officer and/or director of the Company, Purchaser has contacted the Company's Stock Plan Administrator to determine whether he or she is subject to Section 16 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and if so: • Purchaser has reviewed his or her transactions relative to Section 16 of the Exchange Act ("Section 16"); • The Company has informed the Purchaser that the grant of the Option is exempt from Section 16(b) of the Exchange Act either because (i) it was approved by the Committee or a committee duly authorized by the Committee pursuant to the rules issued under Section 16, or (ii) Purchaser has held the Option for six (6) months or more, and, therefore, this transaction may not be matched with a non-exempt purchase; and • Purchaser understands that the filing of a Form 4 with the U.S. Securities and Exchange Commission may be required because of this transaction. (ii) Purchaser understands that if he or she is an officer and/or director of the Company, Purchaser may be deemed an "affiliate" of the Company and is therefore subject to certain of the conditions set forth in Rule 144 of the Securities Act. (iii) Purchaser further acknowledges that all certificates representing any of the Shares subject to the provisions of the Option shall have endorsed thereon appropriate legends reflecting the foregoing limitations, as well as any legends reflecting restrictions pursuant to Applicable Law. Purchaser agrees that the Shares are being acquired in accordance with and subject to the terms, provisions and conditions of his or her option documents and the Plan, to all of which the Purchaser hereby expressly assents. This agreement shall inure to the benefit of and be binding upon the Purchaser's heirs, executors, administrators, successors and assigns. (iv) If Purchaser is selling some or all of these Shares in accordance with the terms of the Company's "same day sale" program, Purchaser does not have access to, nor is Purchaser aware of, any nonpublic, material information

9 regarding the Company that could or has influenced his or her decision to sell these Shares. (v) Purchaser further acknowledges that he or she has received a copy of the prospectus prepared by the Company, which provides information regarding the Company, the Plan and the Shares. (vi) Purchaser represents that he or she is entitled to exercise the Option with respect to the number of Shares that the Purchaser wishes to purchase hereby. d. Purchaser agrees that, if required by the Company (or a representative of the underwriters) in connection with an underwritten registration of the offering of any equity securities of the Company under the Securities Act, or the similar laws of a foreign jurisdiction, Purchaser will not sell, dispose of, transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any Shares or other securities of the Company held by Purchaser, for a period of time specified by the underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities Act. Purchaser further agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer instructions with respect to the Shares until the end of such period. 5. Rights as Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder shall exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired shall be issued to the Optionholder as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in the Plan. 6. Tax Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser's purchase or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice. 7. Entire Agreement; Governing Law. The Plan, the Notice of Grant and Option Agreement are incorporated herein by reference. This agreement, the Plan, the Notice of Grant and the Option Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof, and may not be

10 modified adversely to the Purchaser's interest except by means of a writing signed by the Company and Purchaser. This agreement is governed by the law of the State of Delaware. 8. Clawback. The Optionholder acknowledges and agrees that the Optionholder's rights with respect to the Option are subject to the Company's Incentive Compensation Recovery Policy and Supplement Compensation Recovery Policy or similar policies or Applicable Law, as set forth in Section 10.3 of the Plan. Submitted by: Accepted by: PURCHASER: MUELLER WATER PRODUCTS, INC. ___________________________________ (Signature) ___________________________________ (Signature) ___________________________________ (Print Name) ___________________________________ (Print Name) Address: ___________________________________ ___________________________________ ___________________________________ (Date Executed) ___________________________________ (Date Received)

Exhibit 31.1

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Marietta Edmunds Zakas, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mueller Water Products, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 5, 2025


/s/ Marietta Edmunds Zakas
Marietta Edmunds Zakas
Chief Executive Officer

Exhibit 31.2

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Steven S. Heinrichs, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Mueller Water Products, Inc.;

b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: February 5, 2025


/s/ Steven S. Heinrichs
Steven S. Heinrichs
Chief Financial Officer

Exhibit 32.1

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the accompanying Quarterly Report on Form 10-Q of Mueller Water Products, Inc. (the “Company”) for the quarter ended December 31, 2024 (the “Report”), I, Marietta Edmunds Zakas, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 5, 2025


/s/ Marietta Edmunds Zakas
Marietta Edmunds Zakas
Chief Executive Officer

Exhibit 32.2

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

In connection with the accompanying Quarterly Report on Form 10-Q of Mueller Water Products, Inc. (the “Company”) for the quarter ended December 31, 2024 (the “Report”), I, Steven S. Heinrichs, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Dated: February 5, 2025


/s/ Steven S. Heinrichs
Steven S. Heinrichs
Chief Financial Officer

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Dec. 31, 2024	Jan. 31, 2025
Document And Entity Information [Abstract]
Document Fiscal Period Focus	Q1
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2025
Entity Registrant Name	MUELLER WATER PRODUCTS, INC.
Entity Central Index Key	0001350593
Current Fiscal Year End Date	--09-30
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Common Stock, Shares Outstanding		156,599,544
Entity Small Business	false
Title of 12(b) Security	Common stock, par value $0.01
Trading Symbol	MWA
Security Exchange Name	NYSE

Cover Page Document - shares	3 Months Ended
Cover Page Document - shares	Dec. 31, 2024	Jan. 31, 2025
Cover Page [Abstract]
Entity Incorporation, State or Country Code	DE
Document Type	10-Q
Document Type	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-32892
Entity Registrant Name	MUELLER WATER PRODUCTS, INC.
Entity Tax Identification Number	20-3547095
Entity Address, Address Line One	1200 Abernathy Road N.E.
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Atlanta
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30328
City Area Code	(770)
Local Phone Number	206-4200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		156,599,544
Trading Symbol	MWA
Security Exchange Name	NYSE

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Assets:
Cash and cash equivalents	$ 338.2	$ 309.9
Receivables, net	145.3	208.9
Inventories	317.8	301.7
Other current assets	41.4	37.9
Total current assets	842.7	858.4
Property, plant and equipment, net	320.7	318.8
Goodwill	81.5	80.7
Identifiable intangible assets	307.9	309.7
Other noncurrent assets	66.4	68.3
Total assets	1,619.2	1,635.9
Liabilities and stockholders' equity:
Current portion of long-term debt	0.8	0.8
Accounts payable	98.9	109.9
Accrued liabilities	120.6	147.3
Total current liabilities	220.3	258.0
Long-term debt	448.7	448.7
Deferred income taxes	55.1	55.4
Other noncurrent liabilities	61.0	63.7
Total liabilities	785.1	825.8
Commitments and contingencies (Note 10.)
Preferred Stock, Value, Issued	0.0	0.0
Common stock	1.6	1.6
Additional paid-in capital	1,194.8	1,205.2
Accumulated deficit	(330.6)	(365.9)
Accumulated other comprehensive income (loss)	(31.7)	(30.8)
Total equity	834.1	810.1
Total liabilities and stockholders' equity	$ 1,619.2	$ 1,635.9

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Accounts Receivable, Allowance for Credit Loss, Current	$ 7.9	$ 8.3
Preferred Stock, Shares Authorized	60,000,000	60,000,000
Preferred Stock, Shares Outstanding	0	0
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Series A common stock, shares authorized	600,000,000	600,000,000
Common Stock, Shares, Outstanding	156,563,285	156,227,170

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 304.3	$ 256.4
Cost of sales	201.3	170.1
Gross profit	103.0	86.3
Operating expenses:
Selling, general and administrative	53.9	56.9
Restructuring and other charges	1.7	6.6
Total operating expenses	55.6	63.5
Operating income	47.4	22.8
Non-operating expense:
Pension costs (benefits) other then service	0.0	1.0
Interest expense, net	1.6	3.3
Other expense	0.0	1.6
Net other expense	1.6	5.9
Income before income taxes	45.8	16.9
Income tax expense (benefit)	10.5	2.6
Net income (loss)	$ 35.3	$ 14.3
Net income (loss) per basic share:
Earnings Per Share, Basic	$ 0.23	$ 0.09
Net income (loss) per diluted share:
Earnings Per Share, Diluted	$ 0.22	$ 0.09
Weighted average shares outstanding:
Basic, in shares	156,300	156,000
Diluted, in shares	157,500	156,700
Dividends declared per share, in dollars per share	$ 0.067	$ 0.064

Consolidated Statement of Comprehensive Income Statement - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 35.3	$ 14.3
Other comprehensive income (loss):
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	0.4	0.6
Foreign currency translation	(1.3)	13.3
Other comprehensive income (loss), net of tax	(0.9)	13.9
Comprehensive income (loss), net of tax	$ 34.4	$ 28.2

Consolidated Statement Of Stockholders' Equity - USD ($) $ in Millions	Total	Common stock	Additional Paid-in Capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Balance at Sep. 30, 2023	$ 711.5	$ 1.6	$ 1,240.4	$ (481.8)	$ (48.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14.3			14.3
Dividends declared	(10.0)		(10.0)
Stock-based compensation	2.6		2.6
Shares retained for employee taxes	(1.5)		(1.5)
Common stock issued	0.4		0.4
Other comprehensive income, net of tax	13.9				13.9
Balance at Dec. 31, 2023	731.2	1.6	1,231.9	(467.5)	(34.8)
Balance at Sep. 30, 2024	810.1	1.6	1,205.2	(365.9)	(30.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	35.3			35.3
Dividends declared	(10.5)		(10.5)
Stock-based compensation	2.5		2.5
Shares retained for employee taxes	(4.0)		(4.0)
Common stock issued	1.6		1.6
Other comprehensive income, net of tax	(0.9)				(0.9)
Balance at Dec. 31, 2024	$ 834.1	$ 1.6	$ 1,194.8	$ (330.6)	$ (31.7)

Consolidated Statements Of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net cash provided by (used in) operating activities
Net income (loss)	$ 35.3	$ 14.3
Adjustments to reconcile net income (loss) to income (loss) from continuing operations:
Depreciation	9.3	9.5
Amortization	1.8	6.9
Gain (Loss) on Extinguishment of Debt	0.0	(0.1)
Stock-based compensation expense	2.5	2.6
Retirement plans	0.2	1.2
Deferred income taxes	(0.6)	(3.4)
Inventory write-down	4.0	2.1
Other noncash income (expense)	(0.3)	(0.3)
Changes in assets and liabilities, net of acquisitions:
Receivables	62.9	49.7
Inventories	(20.8)	(14.6)
Other current assets and other noncurrent assets	(1.3)	(6.1)
Accounts payable	(10.8)	5.7
Other current liabilities	(26.2)	(3.6)
Long-term liabilities	(2.5)	3.4
Net cash provided by (used in) operating activities, total	54.1	67.9
Investing activities:
Capital expenditures	(11.9)	(5.7)
Proceeds from sales of assets	0.0	0.1
Net cash provided by (used in) investing activities, total	(11.9)	(5.6)
Financing activities:
Dividends paid	(10.5)	(10.0)
Shares retained for employee taxes	(4.0)	(1.5)
Common stock issued	1.6	0.4
Other	(0.2)	(0.2)
Net cash provided by (used in) financing activities, total	(13.1)	(11.3)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(0.8)	5.4
Net change in cash and cash equivalents	28.3	56.4
Cash and cash equivalents	338.2	216.7
Interest Paid, Excluding Capitalized Interest, Operating Activities	5.8	7.6
Income Taxes Paid	$ 0.4	$ 0.8

Organization

3 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization and Basis of Presentation

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 Adopted

Status of U.S. Securities and Exchange Commission (“SEC”) Climate Disclosure Rules

Strategic Reorganization and Other Charges


	Three months ended
	December 31,
	2024		2023
	(in millions)
Beginning balance	$	3.4	$	6.6
Expenses incurred	1.7		6.6
Amounts paid and other adjustments, net	(1.5)		(5.4)
Ending balance	$	3.6	$	7.8

New Markets Tax Credit Program

Revenue from Contracts with Customers (Notes)

3 Months Ended

Dec. 31, 2024

Revenue from Contracts with Customers [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

Disaggregation of Revenue

Contract Asset and Liability Balances

The table below represents the balances of our customer receivables and deferred revenue:


	December 31,		September 30,
	2024		2024

	(in millions)
Billed receivables	$	148.0	$	212.7
Unbilled receivables	5.2		4.5
Gross customer receivables	153.2		217.2
Allowance for credit losses	(7.9)		(8.3)
Receivables, net	$	145.3	$	208.9

Deferred revenue	$	12.6	$	12.8

Performance Obligations

Costs to Obtain or Fulfill a Contract

Income Taxes

3 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

Income Taxes

The reconciliation between the U.S. federal statutory income tax rate and the effective income tax rate is presented below:


	Three months ended
	December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Adjustments to reconcile to the effective tax rate:
State income taxes, net of federal benefit	3.9		3.0
Excess tax (benefit) deficit related to stock-based compensation	(3.5)		0.8
Tax credits	(1.3)		(2.7)
Global Intangible Low-Taxed Income	0.6		1.3
Foreign income tax rate differential	(0.7)		(1.8)
Nondeductible compensation	1.1		1.4
Uncertain tax positions	0.7		(8.8)
Valuation allowances	—		0.4
Other	1.1		0.8
Effective income tax rate	22.9	%	15.4	%

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliation between the U.S. federal statutory income tax rate and the effective income tax rate is presented below:


	Three months ended
	December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Adjustments to reconcile to the effective tax rate:
State income taxes, net of federal benefit	3.9		3.0
Excess tax (benefit) deficit related to stock-based compensation	(3.5)		0.8
Tax credits	(1.3)		(2.7)
Global Intangible Low-Taxed Income	0.6		1.3
Foreign income tax rate differential	(0.7)		(1.8)
Nondeductible compensation	1.1		1.4
Uncertain tax positions	0.7		(8.8)
Valuation allowances	—		0.4
Other	1.1		0.8
Effective income tax rate	22.9	%	15.4	%

Borrowing Arrangements

3 Months Ended

Dec. 31, 2024

Long-Term Debt and Lease Obligation [Abstract]

Borrowing Arrangements

The components of our long-term debt are as follows:


	December 31,		September 30,
	2024		2024

	(in millions)
4.0% Senior Notes	$	450.0	$	450.0
Finance leases	2.5		2.7
Total debt	452.5		452.7
Less: deferred financing costs	3.0		3.2
Less: current portion of long-term debt	0.8		0.8
Long-term debt	$	448.7	$	448.7

Retirement Plans

3 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plan

The components of net periodic cost for our Pension Plan are presented below:


	Three months ended
	December 31,
	2024		2023
	(in millions)
Service cost	$	0.2	$	0.2
Pension expense other than service:
Interest cost	3.0		3.5
Expected return on plan assets	(3.6)		(3.3)
Amortization of actuarial net loss	0.6		0.8
Pension expense other than service	—		1.0
Net periodic cost	$	0.2	$	1.2

Stock-based Compensation Plans

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Payment Arrangement [Text Block]

Stock-based Compensation Plans


	Number granted	Weighted average grant date fair value per instrument		Total grant date fair value (in millions)
Quarter ended December 31, 2024
MRSUs	64,044	$	38.25	$	2.4
PRSUs	64,044	25.58		1.6
Restricted stock units	87,344	25.58		2.2
Phantom Plan instruments	134,382	25.58		3.4
Non-qualified stock options	207,417	7.90		1.6
Employee stock purchase plan instruments	24,621	$	3.86	0.1

Total - Year-to-date ended December 31, 2024				$	11.3


						December 3, 2024
Variables used in determining grant date fair value:
Dividend yield						1.10%
Risk-free rate						4.10%
Expected term (in years)						2.80


			December 3, 2024
Variables used in determining grant date fair value:
Dividend yield			1.64%
Risk-free rate			4.14%
Expected term (in years)			6.00

Supplemental Balance Sheet Information

3 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Supplemental Balance Sheet Information

Selected supplemental asset information is presented below:


	December 31,		September 30,
	2024		2024

	(in millions)
Inventories, net:
Purchased components and raw materials	$	166.1	$	163.6
Work in process, net	66.9		65.8
Finished goods, net	84.8		72.3
Inventories, net	$	317.8	$	301.7

Other current assets:
Prepaid expenses	$	19.3	$	17.2
Non-trade receivables	2.9		3.4
Maintenance and repair supplies and tooling	5.1		5.4
Goods to be returned	4.0		4.2
Income taxes	0.8		0.8
Workers' compensation reimbursement receivable	2.4		2.4
Other current assets	6.9		4.5
Total other current assets	$	41.4	$	37.9

Property, plant and equipment:
Land	$	6.5	$	6.5
Buildings	127.9		126.6
Machinery and equipment	553.1		550.4
Construction in progress	51.7		45.2
Total property, plant and equipment	739.2		728.7
Accumulated depreciation	(418.5)		(409.9)
Property, plant and equipment, net	$	320.7	$	318.8

Other noncurrent assets:
Operating lease right-of-use assets	$	26.4	$	26.9
Maintenance and repair supplies and tooling	18.6		20.3
Workers' compensation reimbursement receivable	4.1		4.1
Pension asset	14.0		13.5
Note receivable	1.8		1.8
Deferred financing fees	1.2		1.3
Other noncurrent assets	0.3		0.4
Total other noncurrent assets	$	66.4	$	68.3

Selected supplemental liability information is presented below:


	December 31,		September 30,
	2024		2024

	(in millions)
Other current liabilities:
Compensation and benefits	$	29.6	$	58.3
Customer rebates	21.8		16.9
Income taxes payable	16.0		5.6
Warranty accrual	11.8		13.3
Deferred revenue	7.0		7.1
Returned goods accrual	6.4		7.3
Taxes other than income taxes	3.5		3.5
Operating lease liabilities	5.7		5.5
Workers' compensation accrual	4.5		4.6
Restructuring liabilities	3.6		3.4
Interest payable	0.8		5.3
Other current liabilities	9.9		16.5
Total other current liabilities	$	120.6	$	147.3

Other noncurrent liabilities:
Operating lease liabilities	$	22.0	$	22.5
Warranty accrual	9.2		10.3
Transition tax liability	1.7		1.7
Uncertain tax position liability	3.4		3.0
NMTC liability	3.9		3.9
Workers' compensation accrual	5.8		5.8
Asset retirement obligation	4.2		4.2
Deferred revenue	5.6		5.7
Deferred development grant	2.5		2.5
Other noncurrent liabilities	2.7		4.1
Total other noncurrent liabilities	$	61.0	$	63.7

Goodwill

The following table summarizes information concerning our goodwill, all of which is within our Water Management Solutions segment, during the three months ended December 31, 2024, in millions:


Balance at September 30, 2024:
Goodwill	$	821.1
Accumulated impairment	(740.4)
Goodwill, net	80.7
Activity during the three months ended December 31, 2024:
Change in foreign currency exchange rates	0.8
Balance at December 31, 2024	$	81.5

Segment Information

3 Months Ended

Dec. 31, 2024

Segment Reporting, Measurement Disclosures [Abstract]

Segment Reporting Disclosure [Text Block]

Segment Information


	Three months ended
	December 31,
	2024		2023

	(in millions)
Net revenue, excluding intercompany:
Water Flow Solutions	$	174.6	$	141.3
Water Management Solutions	129.7		115.1
	$	304.3	$	256.4
Operating income (loss):
Water Flow Solutions	$	35.3	$	27.2
Water Management Solutions	27.3		15.1
Corporate	(15.2)		(19.5)
	$	47.4	$	22.8
Depreciation and amortization:
Water Flow Solutions	$	6.1	$	9.3
Water Management Solutions	5.0		7.0
Corporate	—		0.1
	$	11.1	$	16.4
Strategic reorganization and other charges:
Water Flow Solutions	$	—	$	0.2
Water Management Solutions	0.3		—
Corporate	1.4		6.4
	$	1.7	$	6.6
Capital expenditures:
Water Flow Solutions	$	5.7	$	3.9
Water Management Solutions	6.2		1.8
Corporate	—		—
	$	11.9	$	5.7
Water Flow Solutions disaggregated revenue:
Central	$	48.5	$	38.5
Northeast	33.3		28.3
Southeast	38.6		37.1
West	43.9		30.6
United States	164.3		134.5
Canada	8.0		4.8
Other international locations	2.3		2.0
	$	174.6	$	141.3
Water Management Solutions disaggregated revenue:
Central	$	35.1	$	29.2
Northeast	29.2		26.8
Southeast	26.6		28.4
West	28.5		20.0
United States	119.4		104.4
Canada	4.4		5.7
Other international locations	5.9		5.0
	$	129.7	$	115.1

Accumulated Other Comprehensive Loss

3 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Comprehensive Income (Loss) Note [Text Block]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) is as follows:


	Pension actuarial amortization, net of income tax		Foreign currency translation, net of income tax		Total

	(in millions)
Balance at September 30, 2024	$	(19.7)	$	(11.1)	$	(30.8)
Current period other comprehensive income (loss)	0.4		(1.3)		(0.9)
Balance at December 31, 2024	$	(19.3)	$	(12.4)	$	(31.7)

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Accumulated other comprehensive income (loss) is as follows:


	Pension actuarial amortization, net of income tax		Foreign currency translation, net of income tax		Total

	(in millions)
Balance at September 30, 2024	$	(19.7)	$	(11.1)	$	(30.8)
Current period other comprehensive income (loss)	0.4		(1.3)		(0.9)
Balance at December 31, 2024	$	(19.3)	$	(12.4)	$	(31.7)

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments And Contingencies	Commitments and Contingencies We are involved in various legal proceedings that have arisen in the normal course of operations, including the proceedings summarized below. We provide for costs relating to these matters when a loss is probable and the amount is reasonably estimable. Legal and administrative costs related to these matters are expensed as incurred. The effect of the outcome of these matters on our financial statements cannot be predicted with certainty as any such effect depends on the amount and timing of the resolution of such matters. Other than the litigation described below, we do not believe that any of our outstanding litigation would have a materially adverse effect on our financial position, results of operations, cash flows or liquidity. Environmental. We are subject to a wide variety of laws and regulations concerning the protection of the environment, both with respect to the operations at many of our properties and with respect to remediating environmental conditions that may exist at our own or other properties. We accrue for environmental expenses resulting from existing conditions that relate to past operations when the costs are probable and reasonably estimable. In the acquisition agreement pursuant to which a predecessor to Tyco International plc, now Johnson Controls International plc (“Tyco”), sold our businesses to a previous owner in August 1999, Tyco agreed to indemnify us and our affiliates, among other things, for all “Excluded Liabilities.” Excluded Liabilities include, among other things, substantially all liabilities relating to the time prior to August 1999, including environmental liabilities. The indemnity survives indefinitely. Tyco’s indemnity does not cover liabilities to the extent caused by us or the operation of our businesses after August 1999, nor does it cover liabilities arising with respect to businesses or sites acquired after August 1999. Since 2007, Tyco has engaged in multiple corporate restructurings, split-offs and divestitures. While none of these transactions directly affects the indemnification obligations of the Tyco indemnitors under the 1999 acquisition agreement, the result of such transactions is that the assets of, and control over, such Tyco indemnitors has changed. Should any of these Tyco indemnitors become financially unable or fail to comply with the terms of the indemnity, we may be responsible for such obligations or liabilities. The purchaser of U.S. Pipe has been identified as a “potentially responsible party” (“PRP”) under the Comprehensive Environmental Response, Compensation and Liability Act in connection with a former manufacturing facility operated by U.S. Pipe that was in the vicinity of a proposed Superfund site located in North Birmingham, Alabama. Under the terms of the acquisition agreement relating to our sale of U.S. Pipe, we agreed to indemnify the purchaser for certain environmental liabilities, including those arising out of the former manufacturing site in North Birmingham. Accordingly, the purchaser tendered the matter to us for indemnification, which we accepted. Ultimate liability for the site will depend on many factors that have not yet been determined, including the determination of the Environmental Protection Agency’s remediation costs, the number and financial viability of the other PRPs (there are four other PRPs currently) and the determination of the final allocation of the costs among the PRPs. Since the amounts of such costs cannot be reasonably estimated at this time, no amounts have been accrued for this matter at December 31, 2024. CBP Matter. On October 4, 2024, we delivered to the U.S. Customs and Border Protections (“CBP”) a prior disclosure letter to correct information reported at the time of entry under United States laws and customs regulations with respect to the origin of certain products that were supplied by a manufacturer in Canada but that we subsequently determined had not been substantially transformed in Canada, resulting in the underpayment of certain duties to CBP. We identified the entry discrepancies to our U.S. importer of such products and provided the information to CBP. We expensed $9.1 million in 2024 consisting of the duties believed to be owed for all relevant periods and expected interest on such amount. Because the matter remains under review by CBP, it is possible that the actual amount of duties and interest owed for these discrepancies may be higher than the amount remitted or CBP may assess additional fines, penalties or enact other measures. Cybersecurity Incident Putative Class Action. In connection with the cybersecurity incident initially reported on October 28, 2023, the Company was named as a defendant in a putative class action lawsuit captioned David Kok v. Mueller Water Products, Inc., filed on August 30, 2024 in the U.S. District Court for the Northern District of Georgia, Atlanta Division, Case No. 1:24-cv-03894-SCJ. The plaintiff seeks to represent a class of all Company current and former employees whose personally identifying information was allegedly compromised by the incident. The lawsuit asserts various common law tort, contract and state statutory claims, seeks monetary damages, injunctive and declaratory relief, costs and attorneys’ fees and other related relief. We believe the allegations are without merit and intend to vigorously defend against the claims; however, the outcome of this legal proceeding cannot be predicted with certainty. Indemnification. We are a party to contracts in which it is common for us to agree to indemnify third parties for certain liabilities that arise out of or relate to the subject matter of the contract. In some cases, this indemnity extends to related liabilities arising from the negligence of the indemnified parties, but usually excludes any liabilities caused by gross negligence or willful misconduct. We cannot estimate the potential amount of future payments under these indemnities until events arise that would trigger a liability under the indemnities. Additionally, in connection with the sale of assets and the divestiture of businesses, such as the divestitures of U.S. Pipe and Anvil, we may agree to indemnify buyers and related parties for certain losses or liabilities incurred by these parties with respect to: (i) the representations and warranties made by us to these parties in connection with the sale and (ii) liabilities related to the pre-closing operations of the assets or business sold. Indemnities related to pre-closing operations generally include certain environmental and tax liabilities and other liabilities not assumed by these parties in the transaction. Indemnities related to the pre-closing operations of sold assets or businesses normally do not represent additional liabilities to us, but simply serve to protect these parties from potential liability associated with our obligations existing at the time of the sale. As with any liability, we have accrued for those pre-closing obligations that are considered probable and reasonably estimable. Should circumstances change, increasing the likelihood of payments related to a specific indemnity, we will accrue a liability when future payment is probable and the amount is reasonably estimable. Other Matters. We monitor and analyze our warranty experience and costs periodically and may revise our accruals as necessary. Factors considered in our analyses include warranty terms, specific claim situations, general incurred and projected failure rates, the nature of product failures, product and labor costs, and general business conditions. We are party to a number of lawsuits arising in the ordinary course of business, including product liability cases for products manufactured by us or third parties. While the results of litigation cannot be predicted with certainty, we believe that the final outcome of such other litigation is not likely to have a materially adverse effect on our financial position, results of operations, cash flows or liquidity.

Subsequent Events	3 Months Ended
Subsequent Events	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On January 23, 2025, our Board of Directors declared a dividend of $0.067 per share on our common stock, payable on or about February 21, 2025, to stockholders of record at the close of business on February 10, 2025.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 35.3	$ 14.3

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Steven Heinrichs [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Steve Heinrichs, the Company’s Chief Financial Officer and Chief Legal and Compliance Officer, adopted a written trading plan on December 4, 2024. The trading plan begins on March 5, 2025, and ends May 16, 2025. The trading plan is intended to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) and permits Mr. Heinrichs to sell up to 227,099 shares of common stock of the Company, subject to certain conditions.
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	, 2024
Arrangement Duration	72 days
Aggregate Available	227,099

Organization Restructuring Rollforward (Tables)

3 Months Ended

Dec. 31, 2024

Restructuring Cost and Reserve [Line Items]

Restructuring and Related Costs [Table Text Block]

Activity in accrued Strategic reorganization and other charges, reported as part of Other current liabilities, is presented below:


	Three months ended
	December 31,
	2024		2023
	(in millions)
Beginning balance	$	3.4	$	6.6
Expenses incurred	1.7		6.6
Amounts paid and other adjustments, net	(1.5)		(5.4)
Ending balance	$	3.6	$	7.8

Revenue from Contracts with Customers (Tables)

3 Months Ended

Dec. 31, 2024

Accounts, Notes, Loans and Financing Receivable [Line Items]

Schedule of Accounts, Notes, Loans and Financing Receivable

The table below represents the balances of our customer receivables and deferred revenue:


	December 31,		September 30,
	2024		2024

	(in millions)
Billed receivables	$	148.0	$	212.7
Unbilled receivables	5.2		4.5
Gross customer receivables	153.2		217.2
Allowance for credit losses	(7.9)		(8.3)
Receivables, net	$	145.3	$	208.9

Deferred revenue	$	12.6	$	12.8

Income Taxes Rate Reconciliation (Tables)

3 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The reconciliation between the U.S. federal statutory income tax rate and the effective income tax rate is presented below:


	Three months ended
	December 31,
	2024		2023
U.S. federal statutory income tax rate	21.0	%	21.0	%
Adjustments to reconcile to the effective tax rate:
State income taxes, net of federal benefit	3.9		3.0
Excess tax (benefit) deficit related to stock-based compensation	(3.5)		0.8
Tax credits	(1.3)		(2.7)
Global Intangible Low-Taxed Income	0.6		1.3
Foreign income tax rate differential	(0.7)		(1.8)
Nondeductible compensation	1.1		1.4
Uncertain tax positions	0.7		(8.8)
Valuation allowances	—		0.4
Other	1.1		0.8
Effective income tax rate	22.9	%	15.4	%

Borrowing Arrangements (Tables)

3 Months Ended

Dec. 31, 2024

Long-Term Debt and Lease Obligation [Abstract]

Components of Long-Term Debt

The components of our long-term debt are as follows:


	December 31,		September 30,
	2024		2024

	(in millions)
4.0% Senior Notes	$	450.0	$	450.0
Finance leases	2.5		2.7
Total debt	452.5		452.7
Less: deferred financing costs	3.0		3.2
Less: current portion of long-term debt	0.8		0.8
Long-term debt	$	448.7	$	448.7

Retirement Plans (Tables)

3 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Schedule of Net Periodic Benefit Cost

The components of net periodic cost for our Pension Plan are presented below:


	Three months ended
	December 31,
	2024		2023
	(in millions)
Service cost	$	0.2	$	0.2
Pension expense other than service:
Interest cost	3.0		3.5
Expected return on plan assets	(3.6)		(3.3)
Amortization of actuarial net loss	0.6		0.8
Pension expense other than service	—		1.0
Net periodic cost	$	0.2	$	1.2

Stock-based Compensation Plans (Tables)

3 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-based Payment Arrangement, Activity [Table Text Block]

Grants issued during the three months ended December 31, 2024 are as follows:


	Number granted	Weighted average grant date fair value per instrument		Total grant date fair value (in millions)
Quarter ended December 31, 2024
MRSUs	64,044	$	38.25	$	2.4
PRSUs	64,044	25.58		1.6
Restricted stock units	87,344	25.58		2.2
Phantom Plan instruments	134,382	25.58		3.4
Non-qualified stock options	207,417	7.90		1.6
Employee stock purchase plan instruments	24,621	$	3.86	0.1

Total - Year-to-date ended December 31, 2024				$	11.3

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The assumptions used to determine the grant date fair value are indicated below for awards granted to date during the current fiscal year.


						December 3, 2024
Variables used in determining grant date fair value:
Dividend yield						1.10%
Risk-free rate						4.10%
Expected term (in years)						2.80

The assumptions used to determine the grant date fair value are indicated below for awards granted to date during the current fiscal year.


			December 3, 2024
Variables used in determining grant date fair value:
Dividend yield			1.64%
Risk-free rate			4.14%
Expected term (in years)			6.00

Supplemental Balance Sheet Information (Tables)

3 Months Ended

Dec. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule Of Selected Supplemental Balance Sheet Information [Table Text Block]

Selected supplemental asset information is presented below:


	December 31,		September 30,
	2024		2024

	(in millions)
Inventories, net:
Purchased components and raw materials	$	166.1	$	163.6
Work in process, net	66.9		65.8
Finished goods, net	84.8		72.3
Inventories, net	$	317.8	$	301.7

Other current assets:
Prepaid expenses	$	19.3	$	17.2
Non-trade receivables	2.9		3.4
Maintenance and repair supplies and tooling	5.1		5.4
Goods to be returned	4.0		4.2
Income taxes	0.8		0.8
Workers' compensation reimbursement receivable	2.4		2.4
Other current assets	6.9		4.5
Total other current assets	$	41.4	$	37.9

Property, plant and equipment:
Land	$	6.5	$	6.5
Buildings	127.9		126.6
Machinery and equipment	553.1		550.4
Construction in progress	51.7		45.2
Total property, plant and equipment	739.2		728.7
Accumulated depreciation	(418.5)		(409.9)
Property, plant and equipment, net	$	320.7	$	318.8

Other noncurrent assets:
Operating lease right-of-use assets	$	26.4	$	26.9
Maintenance and repair supplies and tooling	18.6		20.3
Workers' compensation reimbursement receivable	4.1		4.1
Pension asset	14.0		13.5
Note receivable	1.8		1.8
Deferred financing fees	1.2		1.3
Other noncurrent assets	0.3		0.4
Total other noncurrent assets	$	66.4	$	68.3

Schedule of Accrued Liabilities

Selected supplemental liability information is presented below:


	December 31,		September 30,
	2024		2024

	(in millions)
Other current liabilities:
Compensation and benefits	$	29.6	$	58.3
Customer rebates	21.8		16.9
Income taxes payable	16.0		5.6
Warranty accrual	11.8		13.3
Deferred revenue	7.0		7.1
Returned goods accrual	6.4		7.3
Taxes other than income taxes	3.5		3.5
Operating lease liabilities	5.7		5.5
Workers' compensation accrual	4.5		4.6
Restructuring liabilities	3.6		3.4
Interest payable	0.8		5.3
Other current liabilities	9.9		16.5
Total other current liabilities	$	120.6	$	147.3

Other noncurrent liabilities:
Operating lease liabilities	$	22.0	$	22.5
Warranty accrual	9.2		10.3
Transition tax liability	1.7		1.7
Uncertain tax position liability	3.4		3.0
NMTC liability	3.9		3.9
Workers' compensation accrual	5.8		5.8
Asset retirement obligation	4.2		4.2
Deferred revenue	5.6		5.7
Deferred development grant	2.5		2.5
Other noncurrent liabilities	2.7		4.1
Total other noncurrent liabilities	$	61.0	$	63.7

Schedule of Goodwill

The following table summarizes information concerning our goodwill, all of which is within our Water Management Solutions segment, during the three months ended December 31, 2024, in millions:


Balance at September 30, 2024:
Goodwill	$	821.1
Accumulated impairment	(740.4)
Goodwill, net	80.7
Activity during the three months ended December 31, 2024:
Change in foreign currency exchange rates	0.8
Balance at December 31, 2024	$	81.5

Segment Information (Tables)

3 Months Ended

Dec. 31, 2024

Segment Reporting, Measurement Disclosures [Abstract]

Schedule Of Selected Supplemental Balance Sheet Information

Summarized financial information for our segments is presented below:


	Three months ended
	December 31,
	2024		2023

	(in millions)
Net revenue, excluding intercompany:
Water Flow Solutions	$	174.6	$	141.3
Water Management Solutions	129.7		115.1
	$	304.3	$	256.4
Operating income (loss):
Water Flow Solutions	$	35.3	$	27.2
Water Management Solutions	27.3		15.1
Corporate	(15.2)		(19.5)
	$	47.4	$	22.8
Depreciation and amortization:
Water Flow Solutions	$	6.1	$	9.3
Water Management Solutions	5.0		7.0
Corporate	—		0.1
	$	11.1	$	16.4
Strategic reorganization and other charges:
Water Flow Solutions	$	—	$	0.2
Water Management Solutions	0.3		—
Corporate	1.4		6.4
	$	1.7	$	6.6
Capital expenditures:
Water Flow Solutions	$	5.7	$	3.9
Water Management Solutions	6.2		1.8
Corporate	—		—
	$	11.9	$	5.7
Water Flow Solutions disaggregated revenue:
Central	$	48.5	$	38.5
Northeast	33.3		28.3
Southeast	38.6		37.1
West	43.9		30.6
United States	164.3		134.5
Canada	8.0		4.8
Other international locations	2.3		2.0
	$	174.6	$	141.3
Water Management Solutions disaggregated revenue:
Central	$	35.1	$	29.2
Northeast	29.2		26.8
Southeast	26.6		28.4
West	28.5		20.0
United States	119.4		104.4
Canada	4.4		5.7
Other international locations	5.9		5.0
	$	129.7	$	115.1

Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule Of Accumulated Other Comprehensive Loss

Accumulated other comprehensive income (loss) is as follows:


	Pension actuarial amortization, net of income tax		Foreign currency translation, net of income tax		Total

	(in millions)
Balance at September 30, 2024	$	(19.7)	$	(11.1)	$	(30.8)
Current period other comprehensive income (loss)	0.4		(1.3)		(0.9)
Balance at December 31, 2024	$	(19.3)	$	(12.4)	$	(31.7)

Organization (Narrative) (Details) $ in Millions	3 Months Ended
Organization (Narrative) (Details) $ in Millions	Dec. 31, 2024 USD ($) business_segments	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Segment Reporting Information [Line Items]
Restructuring	$ 3.6	$ 7.8	$ 3.4	$ 6.6
Restructuring Reserve, Accrual Adjustment	$ 1.7	$ 6.6
Number of Reportable Segments \| business_segments	2
Other Sundry Liabilities, Noncurrent	$ 3.9
Proceeds from Other Equity, Gross Amount	4.8
Intercompany Loan related to NMTC	12.2
Investment Fund Contribution for NMTC	16.5
Sub-CDE loan from NMTC	$ 16.2

Organization Restructuring (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3.4	$ 6.6
Amounts accrued	1.7	6.6
Amounts (paid) received, net	1.5	5.4
Ending balance	$ 3.6	$ 7.8

Revenue from Contracts with Customers (Details) - USD ($)
$ in Millions

3 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Sep. 30, 2024

Revenue from External Customer [Line Items]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

Disaggregation of Revenue

Contract Asset and Liability Balances

The table below represents the balances of our customer receivables and deferred revenue:


	December 31,		September 30,
	2024		2024

	(in millions)
Billed receivables	$	148.0	$	212.7
Unbilled receivables	5.2		4.5
Gross customer receivables	153.2		217.2
Allowance for credit losses	(7.9)		(8.3)
Receivables, net	$	145.3	$	208.9

Deferred revenue	$	12.6	$	12.8

Performance Obligations

Costs to Obtain or Fulfill a Contract

Deferred Revenue, Revenue Recognized

$ 2.3

Deferred Revenue, Additions

2.1

$ 1.5

Billed Contracts Receivable

148.0

$ 212.7

Deferred Revenue

12.6

12.8

Unbilled receivables

5.2

4.5

Total customer receivables

153.2

217.2

Accounts Receivable, Allowance for Credit Loss, Current

7.9

8.3

Receivables, Net, Current

145.3

$ 208.9

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01

Accounts, Notes, Loans and Financing Receivable [Line Items]

Revenue, Remaining Performance Obligation, Amount

$ 1.1

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01

Accounts, Notes, Loans and Financing Receivable [Line Items]

Revenue, Remaining Performance Obligation, Amount

$ 1.3

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01

Accounts, Notes, Loans and Financing Receivable [Line Items]

Revenue, Remaining Performance Obligation, Amount

$ 1.2

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-01

Accounts, Notes, Loans and Financing Receivable [Line Items]

Revenue, Remaining Performance Obligation, Amount

$ 0.7

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-10-01

Accounts, Notes, Loans and Financing Receivable [Line Items]

Revenue, Remaining Performance Obligation, Amount

$ 0.5

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

1 year

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-10-01

Accounts, Notes, Loans and Financing Receivable [Line Items]

Revenue, Remaining Performance Obligation, Amount

$ 0.8

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits	$ 3.4		$ 3.0
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
State income taxes, net of federal benefit	3.90%	3.00%
Tax credits	(1.30%)	(2.70%)
Other	1.10%	0.80%
Other Expense
Income Tax Disclosure [Abstract]
Unrecognized Tax Benefits, Income Tax Indemnification Asset, Expense		$ 1.6
Income Tax Information [Line Items]
Unrecognized Tax Benefits, Income Tax Indemnification Asset, Expense		$ 1.6

Income Taxes Income Tax Rate Reconciliation (Details)	3 Months Ended
Income Taxes Income Tax Rate Reconciliation (Details)	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%
Adjustments to reconcile to the effective tax rate:
State income taxes, net of federal benefit	3.90%	3.00%
Tax benefits from stock compensation	(3.50%)	0.80%
Tax credits	(1.30%)	(2.70%)
Effective Income Tax Rate Reconciliation, GILTI, percent	0.60%	1.30%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	(0.70%)	(1.80%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Percent	1.10%	1.40%
Effective Income Tax Rate Reconciliation, Uncertain Tax Positions	0.70%	(8.80%)
Valuation allowance adjustment related to stock compensation	0.00%	0.40%
Other	1.10%	0.80%
Effective income tax rate	22.90%	15.40%

Borrowing Arrangements (Narrative) (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 28, 2024	Dec. 31, 2024	Jun. 30, 2021	Sep. 30, 2024	May 28, 2021
Long-term Debt, Gross		$ 452.5		$ 452.7
Outstanding letter of credit accrued fees and expenses		0.2
Future maturities of outstanding borrowings
Outstanding letters of credit		11.8
Domestic Line of Credit [Member]
Revolving credit facility amount		$ (175.0)
Debt Instrument, Basis Spread on Variable Rate	0.10%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
Future maturities of outstanding borrowings
Line of Credit Facility, Maximum Borrowing Capacity		$ 175.0
Potential increase size of the credit facility by an additional amount		$ 150.0
Debt Instrument, Threshold for Unused Commitment Fee, Percentage of Aggregate Revolving Commitments	50.00%
Line of Credit Facility, Borrowing Base, Percentage of Eligible Accounts Receivable		85.00%
Line of Credit Facility, Borrowing Base, Percentage of Eligible Inventory		70.00%
Line of Credit Facility, Borrowing Base, Percentage of Net Orderly Liquidation Value of Eligible Inventory		85.00%
Line of Credit Facility, Covenant, Percent of Loan Cap		10.00%
Unsecured Debt [Member]
Long-term Debt, Gross					$ 450.0
Debt Instrument, Interest Rate, Stated Percentage					4.00%
Future maturities of outstanding borrowings
Payments of debt issuance costs			$ 5.5
Financial Liabilities Fair Value Disclosure		$ 416.8
Debt Instrument, Redemption Price Upon Change In Control, Percentage		101.00%
Swing Line Loans [Member]
Revolving credit facility amount		$ (25.0)
Future maturities of outstanding borrowings
Line of Credit Facility, Maximum Borrowing Capacity		25.0
Letters Of Credit Outstanding [Member]
Revolving credit facility amount		(60.0)
Future maturities of outstanding borrowings
Line of Credit Facility, Maximum Borrowing Capacity		60.0
Revolving Credit Facility
Excess availability reduced by outstanding borrowings, outstanding letters of credit and accrued fees and expenses		163.0
Future maturities of outstanding borrowings
Aggregate commitments availability		17.5
Line of Credit Facility, Remaining Borrowing Capacity		$ 163.0
Minimum [Member] \| Domestic Line of Credit [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Maximum [Member] \| Domestic Line of Credit [Member]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage		0.375%
Base Rate [Member] \| Domestic Line of Credit [Member]
Line of Credit Facility, Interest Rate at Period End		0.50%
Base Rate [Member] \| Minimum [Member] \| Domestic Line of Credit [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Base Rate [Member] \| Maximum [Member] \| Domestic Line of Credit [Member]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Domestic Line of Credit [Member]
Line of Credit Facility, Interest Rate at Period End		1.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum [Member] \| Domestic Line of Credit [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum [Member] \| Domestic Line of Credit [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%

Borrowing Arrangements (Components Of Long-Term Debt) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	May 28, 2021
Long-term Debt, Gross	$ 452.5	$ 452.7
Deferred financing costs	3.0	3.2
Current portion of long-term debt	0.8	0.8
Long-term debt	448.7	448.7
Unsecured Debt [Member]
4.0% Senior Notes	450.0	450.0
Long-term Debt, Gross			$ 450.0
Other [Member]
Finance Lease, Liability	$ 2.5	$ 2.7

Retirement Plans (Narrative) (Details) $ in Millions	3 Months Ended
Retirement Plans (Narrative) (Details) $ in Millions	Dec. 31, 2024 USD ($)
Retirement Benefits [Abstract]
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax	$ 0.2

Retirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan, Service Cost	$ 0.2	$ 0.2
Defined Benefit Plan, Interest Cost	3.0	3.5
Defined Benefit Plan, Expected Return (Loss) on Plan Assets	(3.6)	(3.3)
Amortization of actuarial net loss	0.6	0.8
Defined Benefit Plan, Net Periodic Benefit Cost other than Service Cost	0.0	1.0
Net periodic benefit cost	0.2	$ 1.2
Other comprehensive income (loss), pension income tax effects	$ (0.2)

Stock-based Compensation Plans (Narrative) (Details) $ / shares in Units, $ in Millions		3 Months Ended
	Dec. 03, 2024	Dec. 31, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	1.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	2 years 9 months 18 days
Share-based Payment Arrangement, Expense \| $		$ 3.9	$ 3.4
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount \| $		$ 16.9
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		133,543	712,164
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		156,060
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 25.58
Granted, shares		134,382
Share-based compensation liability \| $		$ 2.9
Share Based Compensation Arrangement By Share Based Payment Award, Fair Value \| $ / shares		$ 22.50
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 25.58
Granted, shares		64,044
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period		3 years
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture		260,727
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 25.58
Granted, shares		87,344
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period		112,597
Market Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 38.25
Granted, shares		64,044
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period		3 years
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	1.64%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 7.90
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.14%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years
Granted, shares		207,417
Shares Issued, Shares, Share-Based Payment Arrangement, before Forfeiture		94,877
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value \| $ / shares		$ 3.86
Granted, shares		24,621
Share-Based Compensation Arrangement by Share-Based Payment Award, Discount from Market Price, Offering Date		85.00%
Minimum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Factors		0
Minimum [Member] \| Market Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Factors		0
Maximum [Member] \| Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Factors		2
Maximum [Member] \| Market Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance Factors		2

Stock-based Compensation Plans Grants Table (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Dec. 03, 2024	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		$ 11.3
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	1.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.10%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	2 years 9 months 18 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares		87,344
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 25.58
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		$ 2.2
Employee Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares		24,621
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 3.86
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		$ 0.1
Phantom Share Units (PSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares		134,382
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 25.58
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		$ 3.4
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares		64,044
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 25.58
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		$ 1.6
Market Based Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares		64,044
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 38.25
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		$ 2.4
Share-based Payment Arrangement, Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, shares		207,417
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 7.90
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture		$ 1.6
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	1.64%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.14%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	6 years

Supplemental Balance Sheet Information (Schedule Of Selected Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents	$ 338.2	$ 309.9	$ 216.7	$ 160.3
Inventories:
Purchased components and raw material	166.1	163.6
Work in process	66.9	65.8
Finished goods	84.8	72.3
Inventories, net	317.8	301.7
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expense	19.3	17.2
Nontrade Receivables	2.9	3.4
Maintenance and repair tooling	5.1	5.4
Other Inventory, Gross	4.0	4.2
Income taxes	0.8	0.8
Nontrade Receivables, Current	2.4	2.4
Other	6.9	4.5
Other	41.4	37.9
Property, plant and equipment:
Land	6.5	6.5
Buildings	127.9	126.6
Machinery and equipment	553.1	550.4
Construction in progress	51.7	45.2
Property, plant and equipment, gross	739.2	728.7
Accumulated depreciation	(418.5)	(409.9)
Property, plant and equipment net	320.7	318.8
Other Assets, Noncurrent [Abstract]
Operating lease, Right-of-Use asset	26.4	26.9
us-Maintenance, repair and tooling supplies	18.6	20.3
Nontrade Receivables, Noncurrent	4.1	4.1
Assets for Plan Benefits, Defined Benefit Plan	14.0	13.5
Other Receivables	1.8	1.8
Debt Issuance Costs, Noncurrent, Net	1.2	1.3
Other Assets, Miscellaneous, Noncurrent	0.3	0.4
Other noncurrent assets	$ 66.4	$ 68.3

Supplemental Balance Sheet Information (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
Other current liabilities:
Compensation and benefits	$ 29.6	$ 58.3
Customer rebates	21.8	16.9
Accrued Income Taxes	16.0	5.6
Warranty accrual	11.8	13.3
Deferred Revenue, Current	7.0	7.1
Customer Refund Liability, Current	6.4	7.3
Accrual for Taxes Other than Income Taxes	3.5	3.5
Operating lease liability, current	5.7	5.5
Workers' Compensation Liability, Current	4.5	4.6
Restructuring reserve, current	3.6	3.4
Interest Payable	0.8	5.3
Other Liabilities, Current	9.9	16.5
Accrued liabilities	120.6	147.3
Other Liabilities, Noncurrent [Abstract]
Operating lease liability, noncurrent	22.0	22.5
Product Warranty Accrual, Noncurrent	9.2	10.3
Transition Tax Liability	1.7	1.7
Unrecognized Tax Benefits	3.4	3.0
New market tax credit liabilities	3.9	3.9
Workers' Compensation Liability, Noncurrent	5.8	5.8
Accrued Environmental Loss Contingencies, Noncurrent	4.2	4.2
Deferred Revenue, Noncurrent	5.6	5.7
Grant yet to be earned	2.5	2.5
Other Accrued Liabilities, Noncurrent	2.7	4.1
Other Liabilities, Noncurrent, Total	$ 61.0	$ 63.7

Supplemental Balance Sheet Information (Goodwill) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024
Statement of Financial Position [Abstract]
Goodwill, Gross		$ 821.1
Goodwill, Impaired, Accumulated Impairment Loss		(740.4)
Goodwill	$ 81.5	$ 80.7
Goodwill, Foreign Currency Translation Gain (Loss)	$ 0.8

Segment Information (Schedule Of Selected Supplemental Balance Sheet Information) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 304.3	$ 256.4
Operating income	47.4	22.8
Depreciation and amortization	11.1	16.4
Restructuring and other charges	1.7	6.6
Payments to Acquire Productive Assets	11.9	5.7
Other Operating Segment \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	174.6	141.3
Operating income	35.3	27.2
Depreciation and amortization	6.1	9.3
Restructuring and other charges	0.0	0.2
Payments to Acquire Productive Assets	5.7	3.9
Other Operating Segment \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	129.7	115.1
Operating income	27.3	15.1
Depreciation and amortization	5.0	7.0
Restructuring and other charges	0.3	0.0
Payments to Acquire Productive Assets	6.2	1.8
Other Operating Segment \| Central Region [Member] \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	48.5	38.5
Other Operating Segment \| Central Region [Member] \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	35.1	29.2
Other Operating Segment \| Northeast Region [Member] [Member] \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	33.3	28.3
Other Operating Segment \| Northeast Region [Member] [Member] \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	29.2	26.8
Other Operating Segment \| Southeast Region [Member] \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	38.6	37.1
Other Operating Segment \| Southeast Region [Member] \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	26.6	28.4
Other Operating Segment \| Western Region [Member] \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	43.9	30.6
Other Operating Segment \| Western Region [Member] \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	28.5	20.0
Other Operating Segment \| CANADA \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	8.0	4.8
Other Operating Segment \| CANADA \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	4.4	5.7
Other Operating Segment \| Other International Locations [Member] \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	2.3	2.0
Other Operating Segment \| Other International Locations [Member] \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	5.9	5.0
Other Operating Segment \| UNITED STATES \| Mueller Co. [Member]
Segment Reporting Information [Line Items]
Net sales	164.3	134.5
Other Operating Segment \| UNITED STATES \| Mueller Technologies [Member]
Segment Reporting Information [Line Items]
Net sales	119.4	104.4
Corporate
Segment Reporting Information [Line Items]
Operating income	(15.2)	(19.5)
Depreciation and amortization	0.0	0.1
Restructuring and other charges	1.4	6.4
Payments to Acquire Productive Assets	$ 0.0	$ 0.0

Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax	$ (19.3)		$ (19.7)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax	0.4
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(12.4)		(11.1)
Foreign currency translation	(1.3)	$ 13.3
Accumulated other comprehensive income (loss)	(31.7)		$ (30.8)
Other comprehensive income (loss), net of tax	(0.9)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax	(1.3)
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax	0.0
Minimum pension liability	0.6
Other comprehensive income (loss), pension income tax effects	$ (0.2)

Subsequent Events (Details) - $ / shares				3 Months Ended
Subsequent Events (Details) - $ / shares	Feb. 21, 2025	Feb. 10, 2025	Jan. 23, 2025	Dec. 31, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Dividends declared per share, in dollars per share				$ 0.067	$ 0.064
Subsequent Event [Member]
Subsequent Event [Line Items]
Dividends declared per share, in dollars per share			$ 0.067
Subsequent Event [Member] \| O 2025 Q1 Dividends
Subsequent Event [Line Items]
Dividends Payable, Date Declared			Jan. 23, 2025
Dividends Payable, Date to be Paid	Feb. 21, 2025
Dividends Payable, Date of Record		Feb. 10, 2025

Commitment and Contingencies (Details) $ in Millions	3 Months Ended
Commitment and Contingencies (Details) $ in Millions	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Payments for Legal Settlements	$ 9.1

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