Franklin Electric (FELE) 10-K 2 Mar 16 2015 FY Annual report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - USD ($)	12 Months Ended
	Jan. 02, 2016	Feb. 17, 2016	Jul. 02, 2015
Document Information
Entity Registrant Name	FRANKLIN ELECTRIC CO INC
Entity Central Index Key	38,725
Current Fiscal Year End Date	--01-02
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Jan. 2, 2016
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		46,112,066
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 1,514,812,143

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Income Statement
Net sales	$ 924,923	$ 1,047,777	$ 965,462
Cost of sales	627,315	703,367	633,948
Gross profit	297,608	344,410	331,514
Selling, general, and administrative expenses	204,250	227,711	204,014
Restructuring expense	2,997	16,611	3,719
Operating income	90,361	100,088	123,781
Interest expense	(10,039)	(10,735)	(10,597)
Other income, net	6,863	1,349	1,696
Foreign exchange expense	(869)	(999)	(3,331)
Income before income taxes	86,316	89,703	111,549
Income tax expense	12,625	18,851	28,851
Net income	73,691	70,852	82,698
Less: Net income attributable to noncontrolling interests	(746)	(1,046)	(740)
Net income attributable to Franklin Electric Co., Inc.	$ 72,945	$ 69,806	$ 81,958
Income per share:
Basic (in dollars per share)	$ 1.52	$ 1.43	$ 1.70
Diluted (in dollars per share)	1.50	1.41	1.68
Dividends per common share	$ 0.3825	$ 0.3475	$ 0.3050

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Net income	$ 73,691	$ 70,852	$ 82,698
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	(58,886)	(36,243)	(15,987)
Employee benefit plan activity:
Net gain/(loss) arising during period	1,278	(30,395)	25,624
Amortization arising during period	5,759	4,385	4,568
Other comprehensive income/(loss)	(51,849)	(62,253)	14,205
Income tax (expense)/benefit related to items of other comprehensive income/(loss)	(2,471)	8,593	(12,113)
Other comprehensive income/(loss), net of tax	(54,320)	(53,660)	2,092
Comprehensive income	19,371	17,192	84,790
Less: Comprehensive income attributable to noncontrolling interest	121	570	415
Comprehensive income attributable to Franklin Electric Co., Inc.	$ 19,250	$ 16,622	$ 84,375

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 02, 2016	Jan. 03, 2015
Current assets:
Cash and cash equivalents	$ 81,561	$ 59,141
Receivables, less allowances of $3,801 and $3,212, respectively	127,251	143,787
Inventories:
Raw material	82,223	88,961
Work-in-process	18,384	19,148
Finished goods	93,987	112,419
Total inventories	194,594	220,528
Deferred income taxes	0	8,364
Other current assets	34,728	37,719
Total current assets	438,134	469,539
Property, plant and equipment, at cost:
Land and buildings	117,753	127,782
Machinery and equipment	233,834	234,617
Furniture and fixtures	39,639	39,001
Other	19,845	20,539
Property, plant, and equipment, gross	411,071	421,939
Less: Allowance for depreciation	(221,032)	(212,153)
Property, plant, and equipment, net	190,039	209,786
Asset held for sale	1,613	2,405
Deferred income taxes	3,461	3,899
Intangible assets, net	141,357	160,314
Goodwill	199,847	208,828
Other assets	21,957	21,116
Total assets	996,408	1,075,887
Current liabilities:
Accounts payable	57,822	70,806
Deferred tax liability	0	637
Accrued expenses and other current liabilities	52,109	94,782
Income taxes	1,794	788
Current maturities of long-term debt and short-term borrowings	32,946	34,092
Total current liabilities	144,671	201,105
Long-term debt	188,103	143,695
Deferred income taxes	33,404	45,568
Employee benefit plans	47,398	58,709
Other long-term liabilities	16,511	21,407
Commitments and contingencies (see Note 17)	0	0
Redeemable noncontrolling interest	6,856	6,420
Shareowners' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (46,219 and 47,594, respectively)	4,622	4,759
Additional capital	216,472	207,446
Retained earnings	498,214	492,548
Accumulated other comprehensive loss	(161,608)	(107,913)
Total shareowners' equity	557,700	596,840
Noncontrolling interest	1,765	2,143
Total equity	559,465	598,983
Total liabilities and equity	$ 996,408	$ 1,075,887

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 02, 2016	Jan. 03, 2015
Current assets:
Allowance for doubtful accounts (in dollars)	$ 3,801	$ 3,212
Shareowners' equity:
Common shares, authorized (in shares)	65,000,000	65,000,000
Common shares, par value (in dollars per share)	$ 0.10	$ 0.10
Common shares, outstanding	46,219,000	47,594,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Cash flows from operating activities:
Net income	$ 73,691	$ 70,852	$ 82,698
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	35,476	37,210	31,356
Share-based compensation	5,626	7,471	4,875
Deferred income taxes	(6,802)	(2,415)	1,707
Loss on disposals of plant and equipment	1,542	1,351	288
Realized gain on share purchase liability	(2,723)	0	0
Asset impairment	0	0	1,251
Foreign exchange expense	869	999	3,331
Excess tax from share-based payment arrangements	(932)	(2,463)	(5,153)
Changes in assets and liabilities, net of acquisitions:
Receivables	3,444	(29,064)	(16,729)
Inventory	9,350	(32,782)	(7,612)
Accounts payable and accrued expenses	(19,744)	22,852	2,126
Income taxes	5,575	(14,135)	7,009
Employee benefit plans	(2,455)	(6,834)	(7,586)
Other, net	(3,314)	(5,693)	713
Net cash flows from operating activities	99,603	47,349	98,274
Cash flows from investing activities:
Additions to property, plant, and equipment	(26,171)	(35,525)	(67,557)
Proceeds from sale of property, plant, and equipment	202	1,608	138
Cash paid for acquisitions, net of cash acquired	(3,761)	(35,599)	(3,513)
Additional consideration for prior acquisition	(127)	0	0
Cash paid for minority equity investments	0	(6,716)	(5,700)
Other, net	274	(1,490)	180
Net cash flows from investing activities	(29,583)	(77,722)	(76,452)
Cash flows from financing activities:
Proceeds from issuance of debt	233,486	98,394	70,299
Repayment of debt	(189,910)	(117,217)	(45,254)
Proceeds from issuance of common stock	2,050	2,929	14,068
Excess tax from share-based payment arrangements	932	2,463	5,153
Purchases of common stock	(48,579)	(10,610)	(12,364)
Dividends paid	(18,926)	(17,421)	(15,294)
Purchase of redeemable noncontrolling shares	0	(2,875)	0
Share purchase liability payment	(20,200)	0	0
Payment of contingent consideration liability	0		(5,555)
Net cash flows from financing activities	(41,147)	(44,337)	11,053
Effect of exchange rate changes on cash	(6,453)	(702)	(1,660)
Net change in cash and equivalents	22,420	(75,412)	31,215
Cash and equivalents at beginning of period	59,141	134,553	103,338
Cash and equivalents at end of period	81,561	59,141	134,553
Cash paid for income taxes, net of refunds	14,264	29,066	19,062
Cash paid for interest, net of capitalized interest of $0, $392, and $748, respectively	10,211	10,850	10,159
Non-cash items:
Additions to property, plant, and equipment, not yet paid	960	1,030	1,112
Bombas Leao S.A.
Non-cash items:
Payable to seller of Bombas Leao, S.A	$ 24	$ 267	$ 0

CONSOLIDATED STATEMENTS OF CAS7

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Capitalized interest	$ 0	$ 392	$ 748

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Capital	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)	Noncontrolling Interest	India Acquisitions	Impo Motor Pompa Sanayi ve Ticaret A.S.	Impo Motor Pompa Sanayi ve Ticaret A.S.Retained Earnings
Balance at Dec. 29, 2012		$ 4,712	$ 170,890	$ 395,950	$ (57,146)	$ 2,580
Balance (in shares) at Dec. 29, 2012		47,132
Increase (Decrease) in Stockholders' Equity
Net income	$ 82,698			81,958		656
Currency translation adjustment					(15,662)	49
Minimum pension liability adjustment, net of tax expense/(benefit) of $2,471, ($8,593), and $12,113 for 2015, 2014, and 2013, respectively					18,079
Adjustments to Impo redemption value								$ 200	$ (198)
Dividends on common stock ($0.3825, $0.3475, and $0.3050 per share for the years of 2015, 2014, and 2013, respectively)				(14,518)
Noncontrolling dividend						(776)
Common stock issued		$ 88	13,989	(9)
Common stock issued (in shares)		880
Share-based compensation		$ 7	4,868
Share-based compensation (in shares)		65
Common stock repurchased		$ (36)		(12,328)
Common stock repurchased (in shares)		(362)
Tax benefit of stock options exercised			5,063
Balance at Dec. 28, 2013		$ 4,771	194,810	450,855	(54,729)	2,509
Balance (in shares) at Dec. 28, 2013		47,715
Temporary equity, beginning balance at Dec. 29, 2012	5,263
Increase (Decrease) in Temporary Equity
Net income	84
Currency translation adjustment	(374)
Adjustments to Impo redemption value								198
Temporary equity, ending balance at Dec. 28, 2013	5,171
Increase (Decrease) in Stockholders' Equity
Net income	70,852			69,806		654
Currency translation adjustment					(35,767)	(220)
Minimum pension liability adjustment, net of tax expense/(benefit) of $2,471, ($8,593), and $12,113 for 2015, 2014, and 2013, respectively					(17,417)
Adjustments to Impo redemption value								900	(910)
Dividends on common stock ($0.3825, $0.3475, and $0.3050 per share for the years of 2015, 2014, and 2013, respectively)				(16,621)
Noncontrolling dividend						(800)
Common stock issued		$ 17	2,912
Common stock issued (in shares)		172
Share-based compensation		$ (1)	7,472
Share-based compensation (in shares)		(9)
Common stock repurchased		$ (28)		(10,582)
Common stock repurchased (in shares)		(284)
Tax benefit of stock options exercised			2,252
Balance at Jan. 03, 2015	$ 596,840	$ 4,759	207,446	492,548	(107,913)	2,143
Balance (in shares) at Jan. 03, 2015	47,594	47,594
Increase (Decrease) in Temporary Equity
Net income	$ 392
Currency translation adjustment	(256)
Adjustments to Impo redemption value								910
Acquisitions							$ 3,078
Purchase of redeemable noncontrolling shares								(2,875)
Temporary equity, ending balance at Jan. 03, 2015	6,420
Increase (Decrease) in Stockholders' Equity
Net income	73,691			72,945		591
Currency translation adjustment					(58,261)	(146)
Minimum pension liability adjustment, net of tax expense/(benefit) of $2,471, ($8,593), and $12,113 for 2015, 2014, and 2013, respectively					4,566
Adjustments to Impo redemption value								800	$ (760)
Dividends on common stock ($0.3825, $0.3475, and $0.3050 per share for the years of 2015, 2014, and 2013, respectively)				(18,103)
Noncontrolling dividend						(823)
Common stock issued		$ 11	2,039
Common stock issued (in shares)		108
Share-based compensation		$ 15	5,611
Share-based compensation (in shares)		151
Common stock repurchased		$ (163)		(48,416)
Common stock repurchased (in shares)		(1,634)
Tax benefit of stock options exercised			1,376
Balance at Jan. 02, 2016	$ 557,700	$ 4,622	$ 216,472	$ 498,214	$ (161,608)	$ 1,765
Balance (in shares) at Jan. 02, 2016	46,219	46,219
Increase (Decrease) in Temporary Equity
Net income	$ 155
Currency translation adjustment	(479)
Adjustments to Impo redemption value								$ 760
Temporary equity, ending balance at Jan. 02, 2016	$ 6,856

CONSOLIDATED STATEMENTS OF EQU9

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Minimum pension liability tax (expense)/benefit	$ (2,471)	$ 8,593	$ (12,113)
Dividends per common share	$ 0.3825	$ 0.3475	$ 0.3050

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jan. 02, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Company --“Franklin Electric” or the “Company” shall refer to Franklin Electric Co., Inc. and its consolidated subsidiaries. Fiscal Year --The Company's fiscal year ends on the Saturday nearest December 31. The financial statements and accompanying notes are as of and for the years ended January 2, 2016 ( 52 weeks ), January 3, 2015 ( 53 weeks ), and December 28, 2013 ( 52 weeks ), and referred to as 2015 , 2014 , and 2013 , respectively. Principles of Consolidation --The consolidated financial statements include the accounts of Franklin Electric Co., Inc. and its consolidated subsidiaries. All intercompany transactions have been eliminated. Business Combinations --The Company allocates the purchase price of its acquisitions to the assets acquired, liabilities assumed, and noncontrolling interests acquired based upon their respective fair values at the acquisition date. The Company utilizes management estimates and inputs from an independent third-party valuation firm to assist in determining these fair values. The excess of the acquisition price over these estimated fair values is recorded as goodwill. Goodwill is adjusted for any changes to acquisition date fair value amounts made within the measurement period. Acquisition-related transaction costs are recognized separately from the business combination and expensed as incurred. Revenue Recognition --Products are shipped utilizing common carriers direct to customers or, for consignment products, to customer specified warehouse locations. Sales are recognized when the Company’s products are shipped direct or, in the case of consignment products, transferred from the customer specified warehouse location to the customer, at which time transfer of ownership and risk of loss pass to the customer. The Company records net sales revenues after discounts at the time of sale based on specific discount programs in effect, related historical data, and experience. Research and Development Expense --The Company’s research and development activities are charged to expense in the period incurred. The Company incurred expenses of approximately $18.4 million in 2015 , $19.3 million in 2014 , and $16.8 million in 2013 related to research and development. Cash and Cash Equivalents --The Company considers cash on hand, demand deposits, and highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents. Fair Value of Financial Instruments --Total debt, including current maturities, have carrying amounts of $220.9 million at January 2, 2016 and $177.2 million at January 3, 2015 . The estimated fair value of all debt was $225 million and $191 million at January 2, 2016 and January 3, 2015 , respectively. In the absence of quoted prices in active markets, considerable judgment is required in developing estimates of fair value. Estimates are not necessarily indicative of the amounts the Company could realize in a current market transaction. In determining the fair value of its debt, the Company uses estimates based on rates currently available to the Company for debt with similar terms and remaining maturities. Accordingly, the fair value of debt is classified as Level 2 within the valuation hierarchy. The Company’s off-balance sheet instruments consist of operating leases and certain derivative instruments with cancellation terms of thirty days or less. Accounts Receivable, Earned Discounts, and Allowance for Uncollectible Accounts --Accounts receivable are stated at estimated net realizable value. Accounts receivable are comprised of balances due from customers, net of earned discounts and estimated allowances for uncollectible accounts. Earned discounts are based on specific customer agreement terms. In determining allowances for uncollectible accounts, historical collection experience, current trends, aging of accounts receivable, and periodic credit evaluations of customers’ financial condition are reviewed. Inventories -- Inventories are stated at the lower of cost or market. The majority of the cost of domestic and foreign inventories is determined using the FIFO method with a portion of inventory costs determined using the average cost method. The Company reviews its inventories for excess or obsolete products or components based on an analysis of historical usage and management's evaluation of estimated future demand, market conditions, and alternative uses for possible excess or obsolete parts. Property, Plant, and Equipment --Property, plant, and equipment are stated at cost. Depreciation of plant and equipment is calculated on a straight line basis over the estimated useful lives of 10 to 40 years for land improvements and buildings, 5 to 10 years for machinery and equipment, and 3 to 7 years for furniture, fixtures, computers, and software. Maintenance, repairs, and renewals of a minor nature are expensed as incurred. Betterments and major renewals which extend the useful lives or add to the productive capacity of buildings, improvements, and equipment are capitalized. The Company reviews its property, plant, and equipment for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company’s depreciation expense was $26.8 million , $28.1 million , and $23.4 million in 2015 , 2014 , and 2013 , respectively. Goodwill and Other Intangible Assets --The Company tests goodwill for impairment on an annual basis during the fourth quarter or more frequently as warranted by triggering events that indicate potential impairment. Goodwill is tested at the reporting unit level, which the company has determined to be the North America Water Systems, International Water, and Fueling Systems units. In compliance with FASB ASC Topic 350, Intangibles - Goodwill and Other , the Company has evaluated the aggregation criteria and determined that the components within the North America Water Systems and International Water reporting units can be aggregated in 2015 . In assessing the recoverability of goodwill, the Company determines the fair value of its reporting units by utilizing a combination of both the income and market valuation approaches. The income approach estimates fair value based upon future revenue, expenses, and cash flows discounted to present value. The market valuation approach estimates fair value using market multipliers of various financial measures compared to a set of comparable public companies. The fair value calculated for each reporting unit is considered a Level 3 measurement within the fair value hierarchy. An indication of impairment exists if the carrying value of the reporting unit is higher than its fair value, as determined by the above approach. The second step of testing as outlined in FASB ASC Topic 350 must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of the reporting unit's goodwill to its carrying value in the same manner as if the reporting units were being acquired in a business combination. The Company would allocate the fair value to all of the reporting unit's assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. The Company would record an impairment charge for the difference between the implied fair value of goodwill and the recorded goodwill. The Company also tests indefinite lived intangible assets, primarily trade names, for impairment on an annual basis during the fourth quarter of each year, or more frequently as warranted by triggering events that indicate potential impairment. In assessing the recoverability of the trade names, the Company determines the fair value using an income approach. The income approach estimates fair value based upon future revenue and estimated royalty rates. The fair value calculated for indefinite lived intangible assets is considered a Level 3 measurement within the fair value hierarchy. An indication of impairment exists if the carrying value of the trade names is higher than the fair value. The Company would record an impairment charge for the difference. Amortization is recorded and calculated for other definite lived intangible assets on a basis that reflects cash flows over the estimated useful lives. The weighted average number of years over which each intangible class is amortized is 17 years for patents, 6 years for supply agreements, 15 years for technology, 13 to 20 years for customer relationships, 5 years for software, and 8 years for all others. Warranty Obligations --Warranty terms are generally 2 years from date of manufacture or 1 year from date of installation. The general warranty liability is recorded when revenue is recognized and is based on actual historical return rates from the most recent warranty periods. In 2007, the Company began offering an extended warranty program to certain Water Systems segment customers, which provides warranty coverage up to 5 years from the date of manufacture. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims and expected customer returns. The Company actively studies trends of warranty claims and takes action to improve product quality and minimize warranty claims. Income Taxes --Income taxes are accounted for in accordance with FASB ASC Topic 740, Income Taxes . Under this guidance, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities and net operating loss and credit carry forwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company records a liability for uncertain tax positions by establishing a recognition threshold and measurement attribute for recognition and measurement of a tax position taken or expected to be taken in a tax return. Share-Based Compensation -- Share-based awards are issued to key employees and non-employee directors and include discretionary grants of stock options, stock awards, and stock unit awards. Compensation costs resulting from share-based payment transactions are recognized within selling, general, and administrative expenses at the grant date fair value over the requisite service period on a straight-line basis. Pensions --The Company makes its determination for pension, post retirement, and post employment benefit plans liabilities based on management estimates and consultation with actuaries, incorporating estimates and assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets, and other factors. Earnings Per Common Share --Basic and diluted earnings per share are computed and disclosed in accordance with FASB ASC Topic 260, Earnings Per Share . The Company utilizes the two-class method to compute earnings available to common shareholders. Under the two-class method, earnings are adjusted by accretion amounts to redeemable noncontrolling interests recorded at redemption value. The adjustments represent dividend distributions, in substance, to the noncontrolling interest holder as the holders have contractual rights to receive an amount upon redemption other than the fair value of applicable shares. As a result, earnings are adjusted to reflect this in substance distribution that is different from other common shareholders. In addition, the Company allocates net earnings to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. Translation of Foreign Currency Financial Statements --All assets and liabilities of foreign subsidiaries in functional currency other than the U.S. dollar are translated at year end exchange rates. All revenue and expense accounts are translated at average rates in effect during the respective period. Adjustments for translating longer term foreign currency assets and liabilities in U.S. dollars are included as a component of other comprehensive income. Transaction gains and losses that arise from shorter term exchange rate fluctuations are included in the “Foreign exchange expense" line within the Company's consolidated statements of income, as incurred. Significant Estimates --The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions by management affect the allowance for uncollectible accounts, inventory valuation, warranty, business combinations, redeemable noncontrolling interest, trade names and goodwill, income taxes, pension and employee benefit obligations, and share-based compensation. Although the Company regularly assesses these estimates, actual results could materially differ. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	12 Months Ended
	Jan. 02, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
ACCOUNTING PRONOUCEMENTS	ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . This ASU requires an entity to classify deferred tax assets and liabilities as noncurrent within a classified balance sheet. The ASU is effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. Entities can elect either prospective or retrospective adoption of the standard. The Company early adopted the new standard on a prospective basis as of the fiscal year-ended January 2, 2016. Accordingly, classification of prior period deferred tax amounts were not retrospectively adjusted. In February 2015, the FASB issued Accounting Standards Update ASU 2015-02, Consolidation (Topic 810), Amendments to the Consolidation Analysis . The amendments affect both the variable interest entity and voting interest entity consolidation models. The need to assess an entity under a different consolidation model may change previous consolidation conclusions. The standard is effective for both interim and annual reporting periods beginning after December 15, 2015 and early adoption is permitted. The Company has adopted this standard with no impact on the Company's consolidated financial position, results of operations, cash flows, or related disclosures. Accounting Standards Issued But Not Yet Adopted In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . The ASU will require an acquirer to recognize provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined rather than restating prior periods. The ASU will be effective on a prospective basis for interim and annual period beginning after December 15, 2015. The Company will adopt this new standard beginning with the 2016 fiscal year, and does not expect the adoption of this standard to have a material impact on the Company's consolidated financial position, results of operations, cash flows, or related disclosures. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory . The ASU will change the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 eliminates the guidance that entities consider replacement cost or net realizable value less an approximately normal profit margin in the subsequent measurement of inventory when cost is determined on a first-in, first-out or average cost basis. The ASU will be effective on a prospective basis for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. The Company plans to early adopt this standard beginning with the 2016 fiscal year, but does not expect the adoption of this standard to have a material impact on the Company's consolidated financial position, results of operations, or related disclosures. In April 2015, the FASB issued ASU 2015-05, Intangibles-Goodwill and Other Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Agreement . The ASU will require an entity's management to assess, for each annual and interim period, whether a cloud computing arrangement includes a software license. All software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The ASU will be effective for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. Entities will have the choice of prospective or retrospective adoption of the standard. The Company does not expect the adoption of this standard beginning in the 2016 fiscal year to have a material impact on the Company's consolidated financial position, results of operations, cash flows, or related disclosures. In April 2015, the FASB issued ASU 2015-04, Compensation - Retirement Benefits (Topic 715): Practical Expedient for the Measurement Date of an Employer's Defined Benefit Obligation and Plan Assets , which allows an entity a practical expedient to measure defined benefit plan assets and obligations using the month end date that is closest to the entity's fiscal year end and apply that practical expedient consistently from year to year. The practical expedient should be applied consistently to all plans if the entity has more than one plan. The ASU will be effective on a prospective basis for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. The Company does not currently plan on electing the practical expedient for the 2016 fiscal year. Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. The standard will not change the amortization of debt issuance costs, which will continue to follow the existing accounting guidance. In August 2015, the FASB issued ASU 2015-15, Interest-Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which indicates the SEC staff would not object to an entity deferring and presenting debt issuance costs related to line-of-credit arrangements as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. These ASU's will be effective on a retrospective basis for interim and annual periods beginning after December 15, 2015 and early adoption is permitted. These new standards will be adopted by the Company beginning with the 2016 fiscal year with the required change in accounting principle disclosures. The Company does not expect the adoption of these standards to have a material impact on the Company's consolidated financial position, results of operations, cash flows, or related disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date . The amendment in this update defers the effective date of ASU 2014-09 for all entities by one year to annual periods beginning after December 15, 2017. Early adoption is permitted as of the original effective date, interim and annual reporting periods after December 15, 2016. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is still in the process of analyzing the effect of this new standard, including the transition method, to determine the impact on the Company's consolidated financial position, results of operations, cash flows, or related disclosures.

ACQUISITIONS

ACQUISITIONS	12 Months Ended
	Jan. 02, 2016
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS In 2012, the Company acquired a controlling interest in Pioneer Pump Holdings, Inc. ("PPH"). Pursuant to the terms of the 2012 stock purchase agreement, the remaining 29.5 percent noncontrolling interest was recorded at $22.9 million and accounted for as a share purchase liability. During the first quarter of 2015, the Company purchased the remaining 29.5 percent of outstanding shares of PPH for $20.2 million , increasing the Company's ownership in PPH to 100 percent . The purchase was considered the settlement of a financing obligation, and the resulting $2.7 million gain was recorded in the Company's consolidated statements of income in the "Other income, net" line during the first quarter of 2015. During the third quarter of 2014 , the Company acquired controlling interests in two entities in India in separate unrelated transactions. Neither of the acquisitions was individually material, and the combined purchase price paid was approximately $6.6 million . The results of the two businesses from their respective dates of acquisition through January 3, 2015 were not material. In an agreement dated June 6, 2014, between the Company and Bombas Leao S.A. ("Bombas Leao"), the Company acquired rights to 100 percent of the outstanding shares of Bombas Leao for a cash purchase price of approximately BRL 69.6 million million, $31.0 million at the then current exchange rate, subject to certain terms and conditions. The Company also acquired debt and certain liabilities of Bombas Leao. The Company funded the acquisition with cash on hand and short-term borrowings from the Company's revolving credit agreement. $23.5 million consist primarily of customer relationships, which will be amortized utilizing the straight line method over 20 years , and trade names, which are classified as indefinite lived assets and will not be amortized. $3.4 million resulting from the Bombas Leao acquisition consists primarily of broadened product offerings and expanded customer base. All of the goodwill was recorded as part of the Water Systems segment and is not expected to be deductible for tax purposes. Preliminary goodwill increased by $0.3 million and current assets decreased by $0.3 million during 2015 due to working capital adjustments. In addition, the Company paid an additional $0.3 million to the sellers of Bombas Leao during 2015 to satisfy amounts previously accrued per the original purchase agreement. The final purchase price assigned to the major identifiable assets and liabilities for the Bombas Leao acquisition is as follows: (In millions) Assets: Cash acquired $ 1.1 Current assets 13.4 Property, plant, and equipment 6.5 Intangible assets 23.5 Goodwill 3.4 Other assets 3.1 Total assets 51.0 Liabilities (20.0 ) Total consideration paid $ 31.0 The fair values of the identifiable assets, property, plant, and equipment, and liabilities were final as of the second quarter of 2015. The Company utilized management estimates and consultation with an independent third-party valuation firm to assist in the valuation. The results of operations of Bombas Leao were included in the Company's consolidated statements of income from the acquisition date through the year ended January 3, 2015. The difference between actual sales for the Company and proforma sales including Bombas Leao as if it was acquired at the beginning of each year was not material as a component of the Company's consolidated sales for the years ended January 3, 2015 and December 28, 2013, respectively. Due to the immaterial nature of the acquisition, the Company has not included full year proforma statements of income for the acquisition year or previous year. Transaction costs for all acquisition related activity were expensed as incurred under the guidance of FASB ASC Topic 805, Business Combinations. Transaction costs included in selling, general, and administrative expense in the Company’s consolidated statements of income were $0.2 million , $2.4 million , and $1.1 million for the fiscal years ended 2015 , 2014 , and 2013 , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Jan. 02, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FASB ASC Topic 820, Fair Value Measurements and Disclosures , provides guidance for defining, measuring, and disclosing fair value within an established framework and hierarchy. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard established a fair value hierarchy which requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value within the hierarchy are as follows: Level 1 – Quoted prices for identical assets and liabilities in active markets; Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As of January 2, 2016 and January 3, 2015 , the assets measured at fair value on a recurring basis were as set forth in the table below: (In millions) January 2, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 3.9 $ 3.9 $ — $ — January 3, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 5.4 $ 5.4 $ — $ — The Company's Level 1 assets consist of cash equivalents which are generally comprised of foreign bank guaranteed certificates of deposit. The Company has no assets measured on a recurring basis classified as Level 2 or Level 3. As of January 2, 2016 and January 3, 2015 , the Company had $1.6 million and $2.4 million of assets held for sale, respectively, recorded at carrying value in the Water Systems segment relating to an idle facility in Brazil.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	12 Months Ended
	Jan. 02, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The Company’s deferred compensation stock program is subject to variable plan accounting and, accordingly, is adjusted for changes in the Company’s stock price at the end of each reporting period. During February 2014, the Company entered into a share swap transaction agreement ("the swap") to mitigate the Company’s exposure to these fluctuations in the Company's stock price. The swap was not designated as a hedge for accounting purposes and is cancellable with 30 days written notice by either party. As of January 2, 2016, the swap has a notional value based on 175,000 shares. For the years ended January 2, 2016 and January 3, 2015 , the swap resulted in losses of $2.0 million and $0.8 million , respectively. Losses resulting from the swap were primarily offset by gains on the fair value of the deferred compensation stock liability. All gains or losses and expenses related to the swap are recorded in the Company's consolidated statements of income within the “Selling, general, and administrative expenses” line.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Jan. 02, 2016
Equity Method Investments and Joint Ventures [Abstract]
OTHER ASSETS	OTHER ASSETS The Company has equity interests in various companies for strategic purposes. The investments are accounted for under the equity method and are included in “Other assets” on the Company’s consolidated balance sheet. The carrying amount of the investments is adjusted for the Company's proportionate share of earnings, losses, and dividends. The investments are not considered material to the Company’s financial position, neither individually nor in the aggregate. The Company’s proportionate share of earnings from its equity interests, included in the "Other income, net" line of the Company's consolidated statements of income, were immaterial for the years ended January 2, 2016 , January 3, 2015 , and December 28, 2013 .

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	12 Months Ended
	Jan. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND OTHER INTANGIBLE ASSETS	GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amounts of the Company’s intangible assets are as follows: (In millions) 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangibles: Patents $ 7.4 $ (6.2 ) $ 7.6 $ (6.1 ) Supply agreements — — 4.4 (4.4 ) Technology 7.5 (4.8 ) 7.5 (4.3 ) Customer relationships 132.6 (42.3 ) 140.2 (36.5 ) Software 2.5 (1.7 ) 2.9 (1.7 ) Other 1.0 (1.0 ) 1.2 (1.2 ) Total $ 151.0 $ (56.0 ) $ 163.8 $ (54.2 ) Unamortized intangibles: Trade names 46.4 — 50.7 — Total intangibles $ 197.4 $ (56.0 ) $ 214.5 $ (54.2 ) The weighted average number of years over which each intangible class is amortized is as follows: Class Years Patents 17 Supply agreements 6 Technology 15 Customer relationships 13 - 20 Software 5 Other 8 Amortization expense related to intangible assets for fiscal years 2015 , 2014 , and 2013 , was $8.6 million , $9.1 million , and $8.0 million , respectively. Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2016 2017 2018 2019 2020 $ 8.4 $ 8.3 $ 8.3 $ 8.2 $ 8.1 The Company uses the acquisition method of accounting for business combinations. Annual goodwill impairment testing and trade name impairment testing is performed during the fourth quarter of each year based on balances as of the last Saturday of the Company's eighth fiscal period, unless events or circumstances indicate earlier impairment testing is required. No impairment loss was recognized for 2015 , 2014 , or 2013 . The change in the carrying amount of goodwill by reporting segment for 2015 and 2014 , is as follows: (In millions) 2015 Water Systems Fueling Systems Consolidated Balance as of January 3, 2015 $ 145.3 $ 63.5 $ 208.8 Acquisitions — — — Adjustments to prior year acquisitions (0.9 ) (0.2 ) (1.1 ) Foreign currency translation (7.6 ) (0.3 ) (7.9 ) Balance as of January 2, 2016 $ 136.8 $ 63.0 $ 199.8 (In millions) 2014 Water Systems Fueling Systems Consolidated Balance as of December 28, 2013 $ 144.1 $ 63.1 $ 207.2 Acquisitions 6.7 0.6 7.3 Adjustments to prior year acquisitions — — — Foreign currency translation (5.5 ) (0.2 ) (5.7 ) Balance as of January 3, 2015 $ 145.3 $ 63.5 $ 208.8 The 2014 acquired goodwill in the Water Systems segment primarily related to the Company's acquisition of Bombas Leao. The remaining acquired goodwill in both the Water Systems and Fueling Systems segments related to two immaterial controlling interest acquisitions made in India.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Jan. 02, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Plans - As of January 2, 2016 , the Company maintained two domestic pension plans and three German pension plans. The Company used a January 2, 2016 measurement date for these plans. One of the Company’s domestic pension plans covers two management employees (one active employee and one former employee), while the other domestic plan covers all other eligible employees. The two domestic and three German plans collectively comprise the ‘Pension Benefits’ disclosure caption. Other Benefits - The Company also maintains a postretirement benefit plan to provide health and life insurance benefits to employees hired prior to 1992. The Company effectively capped its cost for those benefits through plan amendments made in 1992, freezing Company contributions for insurance benefits at 1991 levels for current and future beneficiaries with actuarially reduced benefits for employees who retire before age 65 . The disclosures surrounding this plan are reflected in the "Other Benefits" caption. The following table sets forth aggregated information related to the Company’s pension benefits and other postretirement benefits, including changes in the benefit obligations, changes in plan assets, funded status, amounts recognized in the balance sheet, amounts recognized in accumulated other comprehensive income, and actuarial assumptions that the Company considered in its determination of benefit obligations and plan costs. Benefit obligation balances presented below reflect the projected benefit obligation (PBO) for the Company's pension plans, and accumulated postretirement benefit obligations (APBO) for the Company's other benefit plans. (In millions) Pension Benefits Other Benefits 2015 2014 2015 2014 Accumulated benefit obligation, end of year $ 182.8 $ 203.4 $ 11.3 $ 13.0 Change in benefit obligation: Benefit obligation, beginning of year $ 209.5 $ 184.7 $ 13.0 $ 12.6 Service cost 1.4 1.2 0.1 0.1 Interest cost 7.5 8.2 0.5 0.5 Actuarial (gain)/loss (12.3 ) 33.0 (1.0 ) 1.2 Settlements paid (0.4 ) (0.2 ) — — Benefits paid (14.4 ) (15.0 ) (1.3 ) (1.4 ) Curtailment (1.9 ) — — — Foreign currency exchange (2.5 ) (2.4 ) — — Benefit obligation, end of year $ 186.9 $ 209.5 $ 11.3 $ 13.0 Change in plan assets: Fair value of assets, beginning of year $ 160.0 $ 151.1 $ — $ — Actual return on plan assets (4.0 ) 14.4 — — Company contributions 6.9 10.1 1.3 1.4 Settlements paid (0.4 ) (0.1 ) — — Benefits paid (14.4 ) (15.0 ) (1.3 ) (1.4 ) Foreign currency exchange (0.7 ) (0.5 ) — — Plan assets, end of year $ 147.4 $ 160.0 $ — $ — Funded status $ (39.5 ) $ (49.5 ) $ (11.3 ) $ (13.0 ) Amounts recognized in balance sheet: Deferred tax asset 29.6 30.4 0.9 1.5 Current liabilities (3.4 ) (3.5 ) (1.2 ) (1.3 ) Noncurrent liabilities (36.0 ) (46.0 ) (10.1 ) (11.7 ) Net liability, end of year $ (9.8 ) $ (19.1 ) $ (10.4 ) $ (11.5 ) Amount recognized in accumulated other comprehensive income: Prior service cost — — 0.5 0.7 Net actuarial loss 48.0 52.3 0.9 1.7 Settlement 2.1 1.4 — — Total recognized in accumulated other comprehensive income $ 50.1 $ 53.7 $ 1.4 $ 2.4 The following table sets forth other changes in plan assets and benefit obligation recognized in other comprehensive income for 2015 and 2014 : (In millions) Pension Benefits Other Benefits 2015 2014 2015 2014 Net actuarial (gain)/loss $ (0.3 ) $ 29.1 $ (1.0 ) $ 1.3 Amortization of: Net actuarial gain (2.8 ) (2.2 ) (0.2 ) (0.1 ) Prior service credit — — (0.4 ) (0.4 ) Settlement recognition (2.1 ) (1.4 ) — — Deferred tax asset/(liability) 1.9 (8.3 ) 0.6 (0.3 ) Foreign currency exchange (0.3 ) (0.3 ) — — Total recognized in other comprehensive income $ (3.6 ) $ 16.9 $ (1.0 ) $ 0.5 Weighted-average assumptions used to determine domestic benefit obligations: Pension Benefits Other Benefits 2015 2014 2015 2014 Discount rate 4.37 % 3.95 % 4.09 % 3.75 % Rate of increase in future compensation* — % — % 3.00 - 8.00% 3.00 - 8.00% *No rate of increases in future compensation used within assumptions for 2015 and 2014 , as the cash balance component of the domestic Pension Plan was frozen and the other domestic Pension Plan components do not base benefits on compensation. Assumptions used to determine domestic periodic benefit cost: Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 4.00 % 4.75 % 4.00 % 3.75 % 4.50 % 3.50 % Rate of increase in future compensation* — % — % — % 3.00 - 8.00% 3.00 - 12.00% 3.00 - 12.00% Expected long-term rate of return on plan assets 7.00 % 7.70 % 8.00 % — % — % — % *No rate of increases in future compensation used within assumptions for 2015 and 2014 , as the cash balance component of the domestic Pension Plan was frozen and the other domestic Pension Plan components do not base benefits on compensation. For the fiscal year ended January 2, 2016 , the Company used the RP-2014 aggregate table adjusted to back out estimated mortality improvements from 2006 to the measurement date using Scale MP-2014, and then projected forward using Scale MP-2015 released by the Society of Actuaries during 2015 to estimate future mortality rates based upon current data. For the fiscal year ended January 3, 2015, the Company adopted the RP-2014 aggregate table projected using Scale MP-2014 released by the Society of Actuaries during 2014. The accumulated benefit obligation for the Company’s tax qualified plan and German benefit pension plans was $175.2 million and $192.8 million for the years ended 2015 and 2014 . The following table sets forth the aggregated net periodic benefit cost for all pension plans for 2015 , 2014 , and 2013 : (In millions) Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 1.4 $ 1.2 $ 1.8 $ 0.1 $ 0.1 $ 0.1 Interest cost 7.5 8.2 7.6 0.5 0.5 0.5 Expected return on assets (9.9 ) (10.6 ) (10.0 ) — — — Amortization of: Transition obligation — — — — — 0.4 Settlement cost — — 0.1 — — — Prior service cost — — — 0.4 0.4 0.4 Actuarial loss 3.4 2.5 3.6 0.2 0.1 — Net periodic benefit cost $ 2.4 $ 1.3 $ 3.1 $ 1.2 $ 1.1 $ 1.4 Settlement cost 1.2 1.0 — — — — Total net periodic benefit cost $ 3.6 $ 2.3 $ 3.1 $ 1.2 $ 1.1 $ 1.4 The estimated net actuarial (gain)/loss and prior service cost/(credit) that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2016 fiscal year are $2.6 million and $0.0 million , respectively, for the pension plans and $0.1 million and $0.3 million , respectively, for all other benefits. The Company consults with a third party investment manager for the assets of the funded domestic defined benefit plan. The plan assets are currently invested primarily in pooled funds, where each fund in turn is composed of mutual funds that have at least daily net asset valuations. Thus, the Company’s funded domestic defined benefit plan assets are invested in a “fund of funds” approach. The Company’s Board has delegated oversight and guidance to an appointed Employee Benefits Committee. The Committee has the tasks of reviewing plan performance and asset allocation, ensuring plan compliance with applicable laws, establishing plan policies, procedures, and controls, monitoring expenses, and other related activities. The plans’ investment policies and strategies focus on the ability to fund benefit obligations as they come due. Considerations include the plan's current funded level, plan design, benefit payment assumptions, funding regulations, impact of potentially volatile business results on the Company’s ability to make certain levels of contributions, and interest rate and asset return volatility among other considerations. The Company currently attempts to maintain plan funded status at approximately 80 percent or greater pursuant to the Pension Protection Act of 2007. Given the plan’s current funded status, the Company’s cash on hand, cash historically generated from business operations, and cash available under committed credit facilities, the Company sees ample liquidity to achieve this goal. Risk management and continuous monitoring requirements are met through monthly investment portfolio reports, quarterly Employee Benefits Committee meetings, annual valuations, asset/liability studies, and the annual assumption process focusing primarily on the return on asset assumption and the discount rate assumption. As of January 2, 2016 , funds were invested in equity, fixed income, and other investments as follows: Equity Percentage U.S. Large Cap 15 % World Equity ex-U.S. 13 % U.S. Small / Mid Cap 6 % Subtotal 34 % Fixed Income U.S. Treasury and Government Agency Securities 11 % Intermediate Duration Bond 24 % Long Duration Bond 19 % High Yield Fixed Income 4 % Emerging Markets Debt 4 % Subtotal 62 % Other Insurance Contracts 3 % Cash Equivalents 1 % Subtotal 4 % Total 100 % The Company does not see any particular concentration of risk within the plans, nor any plan assets that pose difficulties for fair value assessment. The Company currently has no allocation to potentially illiquid or potentially difficult to value assets such as hedge funds, venture capital, private equity, and real estate. The Company works with actuaries and consultants in making its determination of the asset rate of return assumption and also the discount rate assumption. Asset class assumptions are set using a combination of empirical and forward-looking analysis for long-term rate of return on plan assets. A variety of models are applied for filtering historical data and isolating the fundamental characteristics of asset classes. These models provide empirical return estimates for each asset class, which are then reviewed and combined with a qualitative assessment of long-term relationships between asset classes before a return estimate is finalized. This provides an additional means for correcting for the effect of unrealistic or unsustainable short-term valuations or trends, opting instead for return levels and behavior that are more likely to prevail over long periods. With that, the Company has assumed an expected long-term rate of return on plan assets of 6.50 percent for the 2016 net periodic benefit cost, down from 7.00 percent in the prior year. This decrease in the assumed long-term rate of return is due to a higher percentage of assets in fixed income securities. The Company uses the Aon Hewitt AA Above Median curve to determine the discount rate. All cash flow obligations under the plan are matched to bonds in the Aon Hewitt universe of liquid, high-quality, non-callable / non-putable corporate bonds with outliers removed. From that matching exercise, a discount rate is determined. At January 2, 2016, the Company changed the method used to calculate the service and interest components of net periodic benefit cost for pension and other postretirement benefits for plans that utilize a yield curve approach. This change compared to the previous method will result in different service and interest components of net period benefit cost in future periods. Historically, the Company estimated these service and interest cost components utilizing a single weighted-average discount rate derived from the yield curve used to measure the benefit obligation at the beginning of the period. The Company elected to utilize a full yield curve approach in the estimation of these components by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to the relevant projected cash flows. The Company made this change to provide a more precise measurement of service and interest costs by improving the correlation between projected benefit cash flows to the corresponding spot yield curve rates. This change does not affect the measurement of the Company's domestic pension and postretirement benefit obligations and is accounted for as a change in accounting estimate applied prospectively. The change in the service and interest costs going forward is not expected to be material. The Company’s German pension plans are funded by insurance contract policies whereby the insurance company guarantees a fixed minimum return. Due to tax legislation, individual pension benefits can only be financed using direct insurance policies up to certain maximums. These maximum amounts in respect of each member are paid into such an arrangement on a yearly basis. The Company designated all equity and most domestic fixed income plan assets as Level 1, as they are mutual funds with prices that are readily available. The U.S. Treasury securities and German plan assets are designated as Level 2 inputs. The fair value of the German plan assets are measured by the reserve that is supervised by the German Federal Financial Supervisory Authority. The U.S. Treasury securities are administered by the United States government. The fair values of the Company’s pension plan assets for 2015 and 2014 by asset category are as follows: (In millions) 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity U.S. Large Cap $ 22.9 $ 22.9 $ — $ — U.S. Small / Mid Cap 8.1 8.1 — — World Equity ex-U.S. 19.6 19.6 — — Fixed Income U.S. Treasury and Government Agency Securities 15.8 — 15.8 — Intermediate Duration Bond 35.4 35.4 — — — Long Duration Bond 28.0 28.0 — — High Yield Fixed Income 6.5 6.5 — — Emerging Markets Debt 5.4 5.4 — — Other Insurance Contracts 4.9 — 4.9 — Cash and Equivalents 0.8 0.8 — — Total $ 147.4 $ 126.7 $ 20.7 $ — (In millions) 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity U.S. Large Cap $ 23.0 $ 23.0 $ — $ — U.S. Small / Mid Cap 8.9 8.9 — — World Equity ex-U.S. 19.9 19.9 — — Fixed Income U.S. Treasury and Government Agency Securities 27.9 — 27.9 — — Intermediate Duration Bond — — — — Long Duration Bond 62.7 62.7 — — High Yield Fixed Income 7.0 7.0 — — Emerging Markets Debt 5.4 5.4 — — Other Insurance Contracts 5.2 — 5.2 — Cash and Equivalents — — — — Total $ 160.0 $ 126.9 $ 33.1 $ — One of the Company’s domestic pension plans covers only two management employees. The Company does not fund this plan. The plan’s projected benefit obligation and accumulated benefit obligation were $9.8 million and $7.7 million , respectively, for 2015 , and $12.4 million and $10.5 million , respectively, for 2014 . The Company estimates total contributions to the plans of $7 million in 2016 . The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in accordance with the following schedule: (In millions) Pension Benefits Other Benefits 2016 $ 14.9 $ 1.2 2017 11.3 1.1 2018 11.5 1.0 2019 11.2 1.0 2020 11.2 0.9 Years 2021 through 2025 61.6 3.8 Defined Contribution Plans - The Company maintained two defined contribution plans during 2015 and 2014 . The Company's cash contributions are allocated to participant's accounts based on investment elections. The following table sets forth Company contributions to the defined contribution plans: (In millions) 2015 2014 2013 Company contributions to the plans $ 5.9 $ 5.6 $ 5.3

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Jan. 02, 2016
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of: (In millions) 2015 2014 Salaries, wages, and commissions $ 20.5 $ 38.8 Product warranty costs 9.3 9.4 Insurance 2.7 2.8 Employee benefits 11.0 11.1 Pioneer additional purchase price — 22.9 Other 8.6 9.8 $ 52.1 $ 94.8

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jan. 02, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income before income taxes consisted of the following: (In millions) 2015 2014 2013 Domestic $ 23.6 $ 42.2 $ 53.5 Foreign 62.7 47.5 58.0 $ 86.3 $ 89.7 $ 111.5 The income tax provision/(benefit) from continuing operations consisted of the following: (In millions) 2015 2014 2013 Current: Federal $ 1.2 $ 7.4 $ 10.8 Foreign 17.4 12.2 14.3 State 0.8 1.7 2.1 Total current 19.4 21.3 27.2 Deferred: Federal (1.8 ) 3.3 4.3 Foreign (4.0 ) (3.8 ) (1.3 ) State (1.0 ) (1.9 ) (1.3 ) Total deferred $ (6.8 ) $ (2.4 ) $ 1.7 $ 12.6 $ 18.9 $ 28.9 A reconciliation of the tax provision for continuing operations at the U.S. statutory rate to the effective income tax expense rate as reported is as follows: 2015 2014 2013 U.S. Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit (0.3 ) 1.0 1.2 Foreign operations (13.1 ) (9.2 ) (6.2 ) R&D tax credits (1.0 ) (0.6 ) (1.1 ) Uncertain tax position adjustments (1.5 ) (1.6 ) (1.9 ) Deferred tax adjustments - restructuring and rate adjustments 1.1 (3.9 ) — Valuation allowance on state and foreign deferred tax 4.1 (0.3 ) (0.8 ) Purchase of noncontrolling interest (9.4 ) — — Other items (0.3 ) 0.6 (0.3 ) Effective tax rate 14.6 % 21.0 % 25.9 % Significant components of the Company's deferred tax assets and liabilities were as follows: (In millions) 2015 2014 Deferred tax assets: Accrued expenses and reserves $ 12.8 $ 12.2 Compensation and employee benefits 25.7 32.6 Other items 9.6 7.3 Valuation allowance on state and foreign deferred tax (7.2 ) (3.9 ) Total deferred tax assets 40.9 48.2 Deferred tax liabilities: Accelerated depreciation on fixed assets 14.0 14.0 Amortization of intangibles 56.6 62.1 Other items 0.2 6.0 Total deferred tax liabilities 70.8 82.1 Net deferred tax liabilities $ (29.9 ) $ (33.9 ) The effective tax rate continues to be lower than the statutory rate primarily due to the indefinite reinvestment of foreign earnings taxed at rates below the U.S. statutory rate as well as recognition of foreign tax credits. The Company has the ability to indefinitely reinvest these foreign earnings based on the earnings and cash projections of its other operations as well as cash on hand and available credit. The Company settled the liability for the noncontrolling interest of a subsidiary during the first quarter. This transaction created additional accretive benefits for the Company from the reversal of a deferred tax liability created in 2012 when the Company acquired the controlling interest in the Pioneer subsidiary and realized a gain on the then equity investment in Pioneer. The Company also realized a gain on the mandatorily redeemable noncontrolling interest liability. In November 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes . This ASU requires an entity to classify deferred tax assets and liabilities as noncurrent within a classified balance sheet. The ASU is effective for interim and annual periods beginning after December 15, 2016, and early adoption is permitted. Entities can elect either prospective or retrospective adoption of the standard. The Company adopted the new standard on a prospective basis as of the fiscal year-ended January 2, 2016. Accordingly, classification of prior period deferred tax amounts were not retrospectively adjusted. The Company assesses the available positive and negative evidence to estimate whether sufficient future taxable income will be generated to permit use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss for certain state and foreign income tax purposes incurred over the three -year period ended January 2, 2016 . Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future growth. On the basis of this evaluation, as of January 2, 2016 , a valuation allowance of $7.2 million has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized. The Company has foreign income tax net operating loss ("NOL") carryforwards of $5.2 million and state income tax NOL and credit carryforwards of $5.1 million , which will expire on various dates as follows: (In millions) 2016-2019 $ 0.9 2020-2024 2.2 2025-2029 0.2 2030-2034 2.0 2035-2039 0.5 Unlimited 4.5 $ 10.3 The Company believes that it is more likely than not that the benefit from certain foreign NOL carryforwards as well as certain state NOL and state credit carryforwards will not be realized. In recognition of this risk, we have provided a valuation allowance of $2.4 million on the deferred tax assets related to these foreign NOL carryforwards and a valuation allowance of $4.8 million on the deferred tax assets related to these state NOL and credit carryforwards. The Company considers undistributed earnings from its foreign subsidiaries to be indefinitely reinvested with respect to the U.S. It is the Company’s policy to reinvest earnings as needed for operations, capital and acquisition spending. The Company does not provide for deferred taxes on the excess of the financial reporting over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration. That excess totaled approximately $374.8 million as of January 2, 2016 . The determination of the additional deferred taxes that have not been provided is not practicable. As of the beginning of fiscal year 2015 , the Company had gross unrecognized tax benefits of $4.4 million , excluding accrued interest and penalties. The unrecognized tax benefits decreased $2.0 million for federal tax liabilities and remained the same for state income tax liabilities based on evaluations made during 2015 primarily due to statute expirations and offset by uncertain tax positions identified in the current year. The Company had gross unrecognized tax benefits, excluding accrued interest and penalties, of $2.4 million as of January 2, 2016 . A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for 2015 , 2014 , and 2013 (excluding interest and penalties) is as follows: (In millions) 2015 2014 2013 Beginning balance $ 4.4 $ 5.1 $ 6.9 Additions for tax positions of the current year 0.2 0.1 — Additions for tax positions of prior years 0.2 1.7 1.7 Reductions for tax positions of prior years (0.8 ) (1.1 ) (3.5 ) Statute expirations (1.6 ) (1.4 ) — Settlements — — — Ending balance $ 2.4 $ 4.4 $ 5.1 If recognized, each annual effective tax rate would be affected by the net unrecognized tax benefits of $2.3 million , $4.3 million , and $5.0 million as of January 2, 2016 , January 3, 2015 , and December 28, 2013 , respectively. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. In 2015 , interest and penalties decreased $0.2 million , for prior year tax positions. The Company has accrued interest and penalties as of January 2, 2016 , January 3, 2015 , and December 28, 2013 of approximately $2.3 million , $2.5 million , and $0.2 million , respectively. Of the unrecognized tax benefits at January 2, 2016 , $2.1 million is related to acquisitions for which indemnification was provided for in the respective purchase agreement. The stock purchase agreements related to these acquisitions provide the Company rights to recover tax liabilities related to pre-acquisition tax years from the sellers. The Company is subject to taxation in the United States and various state and foreign jurisdictions. With few exceptions, as of January 2, 2016 , the Company is no longer subject to U.S. federal income tax examinations by authorities for years before 2012 and is no longer subject to foreign or state income tax examinations by tax authorities for years before 2010 . It is reasonably possible that the amounts of unrecognized tax benefits could change in the next twelve months as a result of an audit or due to the expiration of a statute of limitation. Based on the current audits in process and pending statute expirations, the payment of taxes as a result could be up to $0.7 million .

DEBT

DEBT	12 Months Ended
	Jan. 02, 2016
Debt Disclosure [Abstract]
DEBT	DEBT New York Life On May 27, 2015, the Company entered into an uncommitted and unsecured private shelf agreement with NYL Investors LLC, an affiliate of New York Life (the "New York Life Agreement") for $150.0 million maximum aggregate principal borrowing capacity and the Company authorized the issuance of $75.0 million of floating rate senior notes due May 27, 2025. These senior notes have a floating interest rate of one-month USD LIBOR plus a spread of 1.35 percent with interest-only payments due on a monthly basis. As of January 2, 2016 , there was $75.0 million remaining borrowing capacity under the New York Life Agreement. Project Bonds On December 31, 2012, the Company, Allen County, Indiana and certain institutional investors entered into a Bond Purchase and Loan Agreement. Under the agreement, Allen County, Indiana issued a series of Project Bonds entitled “Taxable Economic Development Bonds, Series 2012 (Franklin Electric Co., Inc. Project)." The aggregate principal amount of the Project Bonds that were issued, authenticated, and are now outstanding thereunder was limited to $25.0 million . The Company then borrowed the proceeds under the Project Bonds through the issuance of Project Notes to finance the cost of acquisition, construction, installation and equipping of the new Global Corporate Headquarters and Engineering Center. These Project Notes (tax increment financing debt) bear interest at 3.6 percent per annum. Interest and principal balance of the Project Notes are due and payable by the Company directly to the institutional investors in aggregate semi-annual installments commencing on July 10, 2013, and concluding on January 10, 2033. The use of the proceeds from the Project Notes was limited to assist the financing of the new Global Corporate Headquarters and Engineering Center. On May 5, 2015, the Company entered into Amendment No. 1 to the Bond Purchase and Loan Agreement. This amendment provided for debt repayment guarantees from certain Company subsidiaries and waived certain non-financial covenants related to subsidiary guarantees. Prudential Agreement On April 9, 2007, the Company entered into the Amended and Restated Note Purchase and Private Shelf Agreement (the "Prudential Agreement") in the amount of $175.0 million . Under the Prudential Agreement, the Company issued notes in an aggregate principal amount of $110.0 million on April 30, 2007 (the “B-1 Notes”) and $40.0 million on September 7, 2007 (the “B-2 Notes”). The B-1 Notes and B-2 Notes bear a coupon of 5.79 percent and had at issuance an average life of 10 years with a final maturity in 2019. On July 22, 2010, the Company entered into Amendment No. 3 to the Prudential Agreement to increase its borrowing capacity by $25.0 million . On December 14, 2011, the Company entered into Amendment No. 4 to the Second Amended and Restated Note Purchase and Private Shelf Agreement to redefine the debt to EBITDA ratio covenant in order to be equivalent to that under the Agreement. On December 31, 2012, the Company and Prudential Insurance Company of America entered into an amendment to the Second Amended and Restated Note Purchase and Private Shelf Agreement to extend the effective date to December 31, 2015. On May 5, 2015, the Company entered into Amendment No. 6 to the Second Amended and Restated Note Purchase and Private Shelf Agreement. This amendment provided for debt repayment guarantees from certain Company subsidiaries and waived certain non-financial covenants related to subsidiary guarantees. On May 28, 2015, the Company entered into a Third Amended and Restated Note Purchase and Private Shelf Agreement with Prudential to increase the total borrowing capacity from $200.0 million to $250.0 million . As of January 2, 2016 , the Company has $100.0 million borrowing capacity available under the Prudential Agreement. Principal installments of $30.0 million are payable annually commencing on April 30, 2015 and continuing to and including April 30, 2019, with any unpaid balance due at maturity. Credit Agreement On December 14, 2006, the Company entered into an amended and restated unsecured, 60 -month $120.0 million revolving credit agreement (the “Credit Agreement”). The Credit Agreement provides for various borrowing rate options including interest rates based on the London Interbank Offered Rates (LIBOR) plus interest spreads keyed to the Company’s ratio of debt to earnings before interest, taxes, depreciation, and amortization (“EBITDA”). On December 14, 2011, the Company executed the Second Amended and Restated Credit Agreement, which extended the maturity of the Agreement to December 14, 2016, and increased the commitment amount to $150.0 million . On May 5, 2015, the Company entered into Amendment No. 3 to the Credit Agreement. This amendment provided for debt repayment guarantees from certain Company subsidiaries and waived certain non-financial covenants related to subsidiary guarantees. The Company had zero borrowings under the Credit Agreement at January 2, 2016 and January 3, 2015 . Covenants The New York Life Agreement, the Project Bonds, the Prudential Agreement, and the Credit Agreement contain customary affirmative and negative covenants. The affirmative covenants relate to financial statements, notices of material events, conduct of business, inspection of property, maintenance of insurance, compliance with laws and most favored lender obligations. The negative covenants include limitations on loans, advances and investments, and the granting of liens by the Company or its subsidiaries, as well as prohibitions on certain consolidations, mergers, sales and transfers of assets. The covenants also include financial requirements including a maximum leverage ratio of 3.50 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00 . Cross default is applicable with the Credit Agreement, the Prudential Agreement, the Project Bonds, and the New York Life Agreement, but only if the Company is defaulting on an obligation exceeding $10.0 million . The Company was in compliance with all financial covenants as of January 2, 2016 . The Company also has certain overdraft facilities at its foreign subsidiaries, of which none were outstanding at January 2, 2016 and January 3, 2015 . Debt consisted of the following: (In millions) 2015 2014 New York Life $ 75.0 $ — Prudential Agreement - 5.79 percent 120.0 150.0 Tax increment financing debt 22.8 23.7 Capital leases 0.1 0.6 Foreign subsidiary debt 3.1 3.5 221.0 177.8 Less current maturities (32.9 ) (34.1 ) Long-term debt $ 188.1 $ 143.7 The following debt payments are expected to be paid in accordance with the following schedule: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More than 5 years Debt $ 220.9 $ 32.8 $ 31.1 $ 31.2 $ 31.3 $ 1.3 $ 93.2 Capital leases 0.1 0.1 — — — — — $ 221.0 $ 32.9 $ 31.1 $ 31.2 $ 31.3 $ 1.3 $ 93.2

SHAREOWNERS' EQUITY

SHAREOWNERS' EQUITY	12 Months Ended
	Jan. 02, 2016
Equity [Abstract]
SHAREOWNERS' EQUITY	SHAREOWNERS' EQUITY The Company has the authority to issue 65,000,000 , $.10 par value shares. During 2015 , 2014 , and 2013 , pursuant to a stock repurchase program authorized by the Company’s Board of Directors, the Company repurchased and retired the following amounts and number of shares: (In millions, except share amounts) 2015 2014 2013 Repurchases $ 46.3 $ 9.0 $ 2.8 Shares 1,568,731 243,020 88,200 In 2015 , the Company retired 65,209 shares that were received from employees as payment for the exercise price of their stock options and taxes owed upon the exercise of their stock options and release of their restricted awards. The Company also retired 958 shares that had been previously granted as stock awards to employees, but were forfeited upon not meeting the required restriction criteria or termination. In 2014 , the Company retired 40,679 shares that were received from employees as payment for the exercise price of their stock options and taxes owed upon the exercise of their stock options and release of their restricted awards. The Company also retired 68,675 shares that had been previously granted as a stock award to employees, but were forfeited upon termination. In 2013 , the Company retired 273,799 shares that were received from employees as payment for the exercise price of their stock options and taxes owned upon the exercise of their stock options and release of their restricted awards. The Company also retired 6,190 shares that had been previously granted as stock awards to employees, but were forfeited upon termination. In 2015 , 2014 , and 2013 , the Company recorded $1.4 million , $2.3 million , and $5.1 million , respectively, as a reduction in tax liability and an increase to shareowners’ equity as a result of stock option exercises.

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	12 Months Ended
	Jan. 02, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Changes in accumulated other comprehensive income (loss) by component are summarized below: (In millions) For the Year Ended January 2, 2016: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments Total Balance, January 3, 2015 $ (51.8 ) $ (56.1 ) $ (107.9 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (58.9 ) — (58.9 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (58.9 ) — (58.9 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 7.1 (1) 7.1 Income tax (expense)/benefit — (2.5 ) (2.5 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 4.6 4.6 Net current period other comprehensive income/(loss), net of income taxes (58.9 ) 4.6 (54.3 ) Less: Other comprehensive income/(loss) attributable to noncontrolling interest (0.6 ) — (0.6 ) Balance, January 2, 2016 $ (110.1 ) $ (51.5 ) $ (161.6 ) For the Year Ended January 3, 2015: Balance, December 28, 2013 $ (16.0 ) $ (38.7 ) $ (54.7 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (36.3 ) — (36.3 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (36.3 ) — (36.3 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — (26.0 ) (1) (26.0 ) Income tax (expense)/benefit — 8.6 8.6 Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — (17.4 ) (17.4 ) Net current period other comprehensive income/(loss), net of income taxes (36.3 ) (17.4 ) (53.7 ) Less: Other comprehensive income/(loss) attributable to noncontrolling interest (0.5 ) — (0.5 ) Balance, January 3, 2015 $ (51.8 ) $ (56.1 ) $ (107.9 ) For the Year Ended December 28, 2013: Balance, December 29, 2012 $ (0.3 ) $ (56.8 ) $ (57.1 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (16.0 ) — (16.0 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (16.0 ) $ — (16.0 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 30.2 (1 ) 30.2 Income tax (expense)/benefit — (12.1 ) (12.1 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 18.1 18.1 Net current period other comprehensive income/(loss), net of income taxes (16.0 ) 18.1 2.1 Less: Other comprehensive income/(loss) attributable to noncontrolling interest (0.3 ) — (0.3 ) Balance, December 28, 2013 $ (16.0 ) $ (38.7 ) $ (54.7 ) (1) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 8 for additional details) and is included in the "Selling, general, and administrative expenses" line of the Company's consolidated statements of income.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Jan. 02, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. The following table sets forth the computation of basic and diluted earnings per share: (In millions, except per share amounts) 2015 2014 2013 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 72.9 $ 69.8 $ 82.0 Less: Undistributed earnings allocated to participating securities 0.7 0.7 1.0 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.8 0.9 0.2 $ 71.4 $ 68.2 $ 80.8 Denominator: Basic Weighted average common shares 47.1 47.7 47.5 Diluted Effect of dilutive securities: Non-participating employee incentive stock options and performance awards 0.5 0.5 0.6 Adjusted weighted average common shares 47.6 48.2 48.1 Basic earnings per share $ 1.52 $ 1.43 $ 1.70 Diluted earnings per share $ 1.50 $ 1.41 $ 1.68 Anti-dilutive stock options 0.3 0.1 0.1

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Jan. 02, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Company maintains the Franklin Electric Co., Inc. 2012 Stock Plan (the "2012 Stock Plan"), which is a stock-based compensation plan that provides for discretionary grants of stock options, stock awards and stock unit awards, to key employees and non-employee directors. The 2012 Stock Plan authorizes 2,400,000 shares for issuance as follows: 2012 Stock Plan Authorized Shares Stock Options 1,680,000 Stock/Stock Unit Awards 720,000 The Company also maintains the Amended and Restated Franklin Electric Co., Inc. Stock Plan (the "2009 Stock Plan") which, as amended in 2009, provided for discretionary grants of stock options and stock awards. The 2009 Stock Plan authorized 4,400,000 shares for issuance as follows: 2009 Stock Plan Authorized Shares Stock Options 3,200,000 Stock Awards 1,200,000 All options in the 2009 Stock Plan have been awarded. The Company currently issues new shares from its common stock balance to satisfy option exercises and the settlement of stock awards and stock unit awards made under the 2009 Stock Plan and/or the 2012 Stock Plan. The total share-based compensation expense recognized in 2015 , 2014 , and 2013 was $5.6 million , $7.5 million , and $4.9 million , respectively. Stock Options: Under the above plans, the exercise price of each option equals the market price of the Company’s common stock on the date of grant, and the options expire 10 years after the date of the grant. Options granted to employees vest at 25 percent a year and become fully vested and fully exercisable after 4 years (vesting is accelerated upon retirement, death, or disability). Subject to the terms of the plans, in general, the aggregate option exercise price and any applicable tax withholdings may be satisfied in cash or its equivalent, by the plan participant’s delivery of shares of the Company’s common stock having a fair market value at the time of exercise equal to the aggregate option exercise price and/or the applicable tax withholdings or by having shares otherwise subject to the award withheld by the Company or via cashless exercise through a broker-dealer. The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model with a single approach and amortized using a straight-line attribution method over the option’s vesting period. Options granted to retirement eligible employees are immediately expensed. The Company uses historical data to estimate the expected volatility of its stock, the weighted average expected life, the period of time options granted are expected to be outstanding, and its dividend yield. The risk-free rates for periods within the contractual life of the option are based on the U.S. Treasury yield curve in effect at the time of the grant. The assumptions used for the Black-Scholes model to determine the fair value of options granted during 2015 , 2014 , and 2013 , are as follows: 2015 2014 2013 Risk-free interest rate 1.59 % 1.68 % 1.03 % Dividend yield 0.95 % 0.70 % 0.89 % Volatility factor 0.379 0.387 0.394 Expected term 5.5 years 5.6 years 6.0 years Forfeiture rate 3.67 % 3.81 % 4.52 % A summary of the Company’s outstanding stock option activity and related information is as follows: (Shares in thousands) Stock Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000’s) Outstanding at beginning of 2013 2,184 $ 16.69 Granted 176 32.53 Exercised (880 ) 15.98 Forfeited (4 ) 14.37 Expired — — Outstanding at beginning of 2014 1,476 $ 19.01 Granted 115 42.24 Exercised (171 ) 17.03 Forfeited (6 ) 26.28 Expired (17 ) 16.34 Outstanding at beginning of 2015 1,397 $ 21.17 Granted 185 36.67 Exercised (108 ) 18.99 Forfeited (2 ) 34.93 Expired — — Outstanding at end of period 1,472 $ 23.26 4.79 years $ 9,981 Expected to vest after applying forfeiture rate 1,456 $ 23.11 4.74 years $ 9,980 Vested and exercisable at end of period 1,106 $ 19.04 3.61 years $ 9,871 2015 2014 2013 Weighted average grant-date fair value of options $ 12.34 $ 15.09 $ 11.47 (In millions) 2015 2014 2013 Intrinsic value of options exercised $ 1.7 $ 3.8 $ 16.6 Cash received from the exercise of options 2.0 2.9 14.1 Fair value of shares vested 1.4 2.8 2.1 Tax benefit of options exercised 0.7 1.5 6.5 There were no share-based liabilities paid during the 2015 and 2014 fiscal years. A summary of the Company’s non-vested stock option activity and related information is as follows: (Shares in thousands) Shares Weighted-Average Grant- Date Fair Value Non-vested at beginning of 2014 534 $ 25.30 Granted 115 42.24 Vested (330 ) 23.98 Forfeited (6 ) 26.28 Non-vested at beginning of 2015 313 $ 32.91 Granted 185 36.67 Vested (130 ) 29.49 Forfeited (2 ) 34.93 Non-vested at end of period 366 $ 36.02 As of January 2, 2016 , there was $1.6 million of total unrecognized compensation cost related to non-vested stock options granted under the 2012 Stock Plan and the 2009 Stock Plan. That cost is expected to be recognized over a weighted-average period of 2.44 years . Stock/Stock Unit Awards: Under the 2009 Stock Plan, non-employee directors and employees may be granted stock awards. Under the 2012 Stock Plan, non-employee directors and employees may be granted stock awards and stock units. Stock awards to non-employee directors are generally fully vested when made. Stock/stock unit awards to employees cliff vest over 3 or 4 years (subject to accelerated vesting of a pro rata portion in the case of retirement, death or disability) and may be contingent on the attainment of certain performance goals. Dividends are paid to the recipient prior to vesting, except that dividends on performance-based stock awards under the 2012 Stock Plan will be paid only to the extent the performance goals are met. Stock/stock unit awards granted to retirement eligible employees are expensed over the vesting period. A summary of the Company’s restricted stock/stock unit award activity and related information is as follows: (Shares in thousands) Shares Weighted-Average Grant- Date Fair Value Non-vested at beginning of 2014 551 $ 24.75 Awarded 208 42.39 Vested (132 ) 17.08 Forfeited (73 ) 28.49 Non-vested at beginning of 2015 554 $ 32.72 Awarded 134 36.27 Vested (169 ) 30.39 Forfeited (9 ) 32.31 Non-vested at end of period 510 $ 34.43 As of January 2, 2016 , there was $7.7 million of total unrecognized compensation cost related to non-vested stock/stock unit awards granted under the 2012 Stock Plan and the 2009 Stock Plan. That cost is expected to be recognized over a weighted-average period of 2.25 years .

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	12 Months Ended
	Jan. 02, 2016
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHIC INFORMATION	SEGMENT AND GEOGRAPHIC INFORMATION The Company’s business consists of the Water Systems and Fueling Systems reportable segments, based on the principal end market served. The Company includes unallocated corporate expenses and inter-company eliminations in an “Other” segment that together with the Water Systems and Fueling Systems segments, represent the Company. The Water Systems segment designs, manufactures and sells motors, pumps, electronic controls and related parts and equipment primarily for use in submersible water and other fluid system applications. The Fueling Systems segment designs, manufactures and sells pumps, electronic controls and related parts and equipment primarily for use in submersible fueling system applications. The Fueling Systems segment integrates and sells motors and electronic controls produced by the Water Systems segment. The accounting policies of the Company's reportable segments are the same as those described in Note 1 (Summary of Significant Accounting Policies). Performance is evaluated based on the sales and operating income of the segments and a variety of ratios to measure performance. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Financial information by reportable business segment is included in the following summary: Net sales to external customers Operating income (loss) (In millions) 2015 2014 2013 2015 2014 2013 Water Systems $ 707.6 $ 824.6 $ 766.4 $ 86.7 $ 103.9 $ 131.3 Fueling Systems 217.3 223.2 199.1 51.5 49.7 42.6 Other — — — (47.8 ) (53.5 ) (50.1 ) Consolidated $ 924.9 $ 1,047.8 $ 965.5 $ 90.4 $ 100.1 $ 123.8 Total assets Depreciation 2015 2014 2015 2014 2013 Water Systems $ 677.6 $ 757.5 $ 19.5 $ 19.9 $ 18.1 Fueling Systems 248.5 252.7 2.5 2.4 1.9 Other 70.3 65.7 4.8 5.8 3.4 Consolidated $ 996.4 $ 1,075.9 $ 26.8 $ 28.1 $ 23.4 Amortization Capital expenditures 2015 2014 2013 2015 2014 2013 Water Systems $ 6.6 $ 7.1 $ 6.0 $ 19.5 $ 33.8 $ 31.0 Fueling Systems 1.9 1.8 1.9 1.4 3.9 4.0 Other 0.1 0.2 0.1 5.0 4.7 32.2 Consolidated $ 8.6 $ 9.1 $ 8.0 $ 25.9 $ 42.4 $ 67.2 Property, plant and equipment is the major asset group in "Other" of total assets at January 2, 2016 . Property, plant and equipment is the major asset group in "Other" of total assets at January 3, 2015 . Financial information by geographic region is as follows: Net sales Long-lived assets (In millions) 2015 2014 2013 2015 2014 United States $ 418.5 $ 485.5 $ 460.5 $ 404.1 $ 418.0 Foreign 506.4 562.3 505.0 150.7 184.4 Consolidated $ 924.9 $ 1,047.8 $ 965.5 $ 554.8 $ 602.4 Net sales are attributed to geographic regions based upon the ship to location of the customer. Long-lived assets are attributed to geographic regions based upon the country of domicile. No single customer accounted for more than 10 percent of the Company’s consolidated sales in 2015 , 2014 , or 2013 . No single customer accounted for more than 10 percent of the Company's gross accounts receivable in 2015 or 2014 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Jan. 02, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In August 2010, the California Air Resources Board (“CARB”) and South Coast Air Quality Management District (“SCAQMD”) filed civil complaints in the Los Angeles Superior Court against the Company and Franklin Fueling Systems, Inc. The complaints related to a third-party-supplied component part of the Company's Healy 900 Series nozzle, which is part of the Company's Enhanced Vapor Recovery (“EVR”) Systems installed in California gasoline filling stations. The complaints were consolidated into one case (People of the State of California vs. Franklin Fueling Systems, Inc. et al.) which was tried in the later part of December 2012 and early part of January 2013 (“CARB Case”). On July 25, 2013, the Court issued a Final Statement of Decision (“Decision”) in the CARB Case. In its Decision, the Court found on behalf of the Company and issued a complete defense verdict. Judgment was entered on August 27, 2013. An Amended Judgment awarding the Company $0.1 million in costs was entered by the Court on January 22, 2014. On July 16, 2014, CARB appealed. On September 29, 2015 the Court of Appeals heard oral arguments on the case. On December 8, 2015, the Court of Appeals affirmed the lower court’s decision. Although CARB had the opportunity to petition for cert to the California Supreme Court, the time for filing such petition has passed and thus this case has concluded. Neither of these suits has had any effect on CARB's certification of the Company's EVR System or any other products of the Company or its subsidiaries, and did not interfere with continuing sales. CARB has never decertified the Company's EVR System and has never proposed to do so. The Company is defending various other claims and legal actions, including environmental matters, which have arisen in the ordinary course of business. In the opinion of management, based on current knowledge of the facts and after discussion with counsel, these claims and legal actions can be successfully defended or resolved without a material adverse effect on the Company’s financial position, results of operations, and net cash flows. Total rent expense charged to operations for operating leases including contingent rentals was $11.9 million , $12.6 million , and $11.0 million in 2015 , 2014 , and 2013 , respectively. The future minimum rental payments for non-cancelable operating leases as of January 2, 2016 , are as follows: (In millions) 2016 2017 2018 2019 2020 Future minimum rental payments $ 7.7 $ 5.0 $ 3.6 $ 2.5 $ 1.9 Rental commitments subsequent to 2020 are not significant by year, but aggregated are $1.9 million in total. At January 2, 2016 , the Company had $8.3 million of commitments primarily for capital expenditures and the purchase of raw materials to be used in production. The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's consolidated balance sheets for 2015 and 2014 , are as follows: (In millions) 2015 2014 Beginning balance $ 9.4 $ 9.5 Accruals related to product warranties 7.6 8.9 Reductions for payments made (7.7 ) (9.0 ) Ending balance $ 9.3 $ 9.4

RESTRUCTURING

RESTRUCTURING	12 Months Ended
	Jan. 02, 2016
Restructuring and Related Activities [Abstract]
RESTRUCTURING	RESTRUCTURING On July 1, 2014, the Company announced a plan to close its Wittlich, Germany manufacturing facility. As part of this action, the Company will transfer the existing Wittlich manufacturing activity to its Brno, Czech Republic facility. The Company will maintain its European Water Systems headquarters and distribution center in Wittlich, only the manufacturing operations will be relocating. The realignment began in the third quarter of 2014 and is estimated to conclude by the end of 2016. Charges for the realignment are expected to be approximately $19.4 million and will include severance expenses, professional service fees, asset write-offs, and temporarily leased facilities costs. Costs incurred in the twelve months ended January 2, 2016 , included in the “Restructuring expense” line of the Company's consolidated statements of income, are as follows: (In millions) Water Systems Fueling Systems Other Consolidated Employee severance $ 0.3 $ 0.3 $ — $ 0.6 Equipment relocation 0.6 — — 0.6 Asset write-off 0.1 — — 0.1 Pension 0.6 — — 0.6 Other 1.1 — — 1.1 Total $ 2.7 $ 0.3 $ — $ 3.0 Restructuring expenses of $16.6 million and $3.7 million were incurred in 2014 and 2013 , respectively, primarily for the Water Systems realignment. As of January 2, 2016 there were no restructuring reserves. As of January 3, 2015 , there were $13.1 million restructuring reserves.

SELECTED QUARTERLY FINANCIAL DA

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Jan. 02, 2016
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)	SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited quarterly financial information for 2015 and 2014 , from continuing operations, is as follows: (In millions, except per share amounts) Net Sales Gross Profit Net Income Net Income Attributable to Franklin Electric Co., Inc. Basic Earnings Per Share Diluted Earnings Per Share 2015 1st quarter $ 225.7 $ 71.5 $ 20.0 $ 19.8 $ 0.41 $ 0.41 2nd quarter 247.4 80.2 16.4 16.1 0.33 0.33 3rd quarter 232.5 76.8 21.0 20.8 0.44 0.43 4th quarter 219.3 69.1 16.3 16.2 0.34 0.33 $ 924.9 $ 297.6 $ 73.7 $ 72.9 $ 1.52 $ 1.50 2014 1st quarter $ 231.4 $ 78.1 $ 17.4 $ 17.0 $ 0.35 $ 0.35 2nd quarter 284.5 99.4 27.5 27.1 0.56 0.55 3rd quarter 278.1 89.2 22.8 22.7 0.46 0.46 4th quarter 253.8 77.7 3.2 3.0 0.06 0.06 $ 1,047.8 $ 344.4 $ 70.9 $ 69.8 $ 1.43 $ 1.41 Basic and diluted earnings per share amounts are computed independently for each of the quarters presented. As a result, the sum of the quarterly earnings per share amounts may not equal the annual earnings per share amount.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Jan. 02, 2016
Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In millions) Balance at Beginning of Period Additions Charged to Costs and Expenses Deductions (a) Other Balance at End of Period 2015 Allowance for doubtful accounts $ 3.2 $ 1.1 $ 0.5 $ — $ 3.8 Allowance for deferred taxes 3.9 3.5 0.2 — 7.2 2014 Allowance for doubtful accounts $ 3.0 $ 0.2 $ — $ — $ 3.2 Allowance for deferred taxes 3.5 1.3 0.9 — 3.9 2013 Allowance for doubtful accounts $ 3.2 $ (0.1 ) $ 0.1 $ — $ 3.0 Allowance for deferred taxes 4.4 (0.9 ) — — 3.5 (a) Charges for which allowances were created.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jan. 02, 2016
Accounting Policies [Abstract]
Fiscal Year	The Company's fiscal year ends on the Saturday nearest December 31. The financial statements and accompanying notes are as of and for the years ended January 2, 2016 ( 52 weeks ), January 3, 2015 ( 53 weeks ), and December 28, 2013 ( 52 weeks ), and referred to as 2015 , 2014 , and 2013 , respectively.
Principles of Consolidation	The consolidated financial statements include the accounts of Franklin Electric Co., Inc. and its consolidated subsidiaries. All intercompany transactions have been eliminated.
Business Combinations	The Company allocates the purchase price of its acquisitions to the assets acquired, liabilities assumed, and noncontrolling interests acquired based upon their respective fair values at the acquisition date. The Company utilizes management estimates and inputs from an independent third-party valuation firm to assist in determining these fair values. The excess of the acquisition price over these estimated fair values is recorded as goodwill. Goodwill is adjusted for any changes to acquisition date fair value amounts made within the measurement period. Acquisition-related transaction costs are recognized separately from the business combination and expensed as incurred.
Revenue Recognition	Products are shipped utilizing common carriers direct to customers or, for consignment products, to customer specified warehouse locations. Sales are recognized when the Company’s products are shipped direct or, in the case of consignment products, transferred from the customer specified warehouse location to the customer, at which time transfer of ownership and risk of loss pass to the customer. The Company records net sales revenues after discounts at the time of sale based on specific discount programs in effect, related historical data, and experience.
Research and Development Expense	The Company’s research and development activities are charged to expense in the period incurred.
Cash and Cash Equivalents	The Company considers cash on hand, demand deposits, and highly liquid investments with an original maturity date of three months or less to be cash and cash equivalents.
Fair Value of Financial Instruments	In the absence of quoted prices in active markets, considerable judgment is required in developing estimates of fair value. Estimates are not necessarily indicative of the amounts the Company could realize in a current market transaction. In determining the fair value of its debt, the Company uses estimates based on rates currently available to the Company for debt with similar terms and remaining maturities. Accordingly, the fair value of debt is classified as Level 2 within the valuation hierarchy. The Company’s off-balance sheet instruments consist of operating leases and certain derivative instruments with cancellation terms of thirty days or less.
Accounts Receivable, Earned Discounts, and Allowance for Uncollectible Accounts	Accounts receivable are stated at estimated net realizable value. Accounts receivable are comprised of balances due from customers, net of earned discounts and estimated allowances for uncollectible accounts. Earned discounts are based on specific customer agreement terms. In determining allowances for uncollectible accounts, historical collection experience, current trends, aging of accounts receivable, and periodic credit evaluations of customers’ financial condition are reviewed.
Inventories	Inventories are stated at the lower of cost or market. The majority of the cost of domestic and foreign inventories is determined using the FIFO method with a portion of inventory costs determined using the average cost method. The Company reviews its inventories for excess or obsolete products or components based on an analysis of historical usage and management's evaluation of estimated future demand, market conditions, and alternative uses for possible excess or obsolete parts.
Property, Plant, and Equipment	Property, plant, and equipment are stated at cost. Depreciation of plant and equipment is calculated on a straight line basis over the estimated useful lives of 10 to 40 years for land improvements and buildings, 5 to 10 years for machinery and equipment, and 3 to 7 years for furniture, fixtures, computers, and software. Maintenance, repairs, and renewals of a minor nature are expensed as incurred. Betterments and major renewals which extend the useful lives or add to the productive capacity of buildings, improvements, and equipment are capitalized. The Company reviews its property, plant, and equipment for impairment at the asset group level whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The Company’s depreciation expense was $26.8 million , $28.1 million , and $23.4 million in 2015 , 2014 , and 2013 , respectively.
Goodwill and Other Intangible Assets	The Company tests goodwill for impairment on an annual basis during the fourth quarter or more frequently as warranted by triggering events that indicate potential impairment. Goodwill is tested at the reporting unit level, which the company has determined to be the North America Water Systems, International Water, and Fueling Systems units. In compliance with FASB ASC Topic 350, Intangibles - Goodwill and Other , the Company has evaluated the aggregation criteria and determined that the components within the North America Water Systems and International Water reporting units can be aggregated in 2015 . In assessing the recoverability of goodwill, the Company determines the fair value of its reporting units by utilizing a combination of both the income and market valuation approaches. The income approach estimates fair value based upon future revenue, expenses, and cash flows discounted to present value. The market valuation approach estimates fair value using market multipliers of various financial measures compared to a set of comparable public companies. The fair value calculated for each reporting unit is considered a Level 3 measurement within the fair value hierarchy. An indication of impairment exists if the carrying value of the reporting unit is higher than its fair value, as determined by the above approach. The second step of testing as outlined in FASB ASC Topic 350 must be performed to measure the amount of impairment loss. The amount of impairment is determined by comparing the implied fair value of the reporting unit's goodwill to its carrying value in the same manner as if the reporting units were being acquired in a business combination. The Company would allocate the fair value to all of the reporting unit's assets and liabilities, including any unrecognized intangible assets, in a hypothetical analysis that would calculate the implied fair value of goodwill. The Company would record an impairment charge for the difference between the implied fair value of goodwill and the recorded goodwill. The Company also tests indefinite lived intangible assets, primarily trade names, for impairment on an annual basis during the fourth quarter of each year, or more frequently as warranted by triggering events that indicate potential impairment. In assessing the recoverability of the trade names, the Company determines the fair value using an income approach. The income approach estimates fair value based upon future revenue and estimated royalty rates. The fair value calculated for indefinite lived intangible assets is considered a Level 3 measurement within the fair value hierarchy. An indication of impairment exists if the carrying value of the trade names is higher than the fair value. The Company would record an impairment charge for the difference. Amortization is recorded and calculated for other definite lived intangible assets on a basis that reflects cash flows over the estimated useful lives. The weighted average number of years over which each intangible class is amortized is 17 years for patents, 6 years for supply agreements, 15 years for technology, 13 to 20 years for customer relationships, 5 years for software, and 8 years for all others.
Warranty Obligations	Warranty terms are generally 2 years from date of manufacture or 1 year from date of installation. The general warranty liability is recorded when revenue is recognized and is based on actual historical return rates from the most recent warranty periods. In 2007, the Company began offering an extended warranty program to certain Water Systems segment customers, which provides warranty coverage up to 5 years from the date of manufacture. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims and expected customer returns. The Company actively studies trends of warranty claims and takes action to improve product quality and minimize warranty claims.
Income Taxes	Income taxes are accounted for in accordance with FASB ASC Topic 740, Income Taxes . Under this guidance, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities and net operating loss and credit carry forwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be realized. The Company records a liability for uncertain tax positions by establishing a recognition threshold and measurement attribute for recognition and measurement of a tax position taken or expected to be taken in a tax return.
Share-Based Compensation	Share-based awards are issued to key employees and non-employee directors and include discretionary grants of stock options, stock awards, and stock unit awards. Compensation costs resulting from share-based payment transactions are recognized within selling, general, and administrative expenses at the grant date fair value over the requisite service period on a straight-line basis.
Pension	The Company makes its determination for pension, post retirement, and post employment benefit plans liabilities based on management estimates and consultation with actuaries, incorporating estimates and assumptions of future plan service costs, future interest costs on projected benefit obligations, rates of compensation increases, employee turnover rates, anticipated mortality rates, expected investment returns on plan assets, asset allocation assumptions of plan assets, and other factors.
Earnings Per Common Share	Basic and diluted earnings per share are computed and disclosed in accordance with FASB ASC Topic 260, Earnings Per Share . The Company utilizes the two-class method to compute earnings available to common shareholders. Under the two-class method, earnings are adjusted by accretion amounts to redeemable noncontrolling interests recorded at redemption value. The adjustments represent dividend distributions, in substance, to the noncontrolling interest holder as the holders have contractual rights to receive an amount upon redemption other than the fair value of applicable shares. As a result, earnings are adjusted to reflect this in substance distribution that is different from other common shareholders. In addition, the Company allocates net earnings to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards.
Translation of Foreign Currencies	All assets and liabilities of foreign subsidiaries in functional currency other than the U.S. dollar are translated at year end exchange rates. All revenue and expense accounts are translated at average rates in effect during the respective period. Adjustments for translating longer term foreign currency assets and liabilities in U.S. dollars are included as a component of other comprehensive income. Transaction gains and losses that arise from shorter term exchange rate fluctuations are included in the “Foreign exchange expense" line within the Company's consolidated statements of income, as incurred.
Significant Estimates	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make significant estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions by management affect the allowance for uncollectible accounts, inventory valuation, warranty, business combinations, redeemable noncontrolling interest, trade names and goodwill, income taxes, pension and employee benefit obligations, and share-based compensation. Although the Company regularly assesses these estimates, actual results could materially differ. The Company bases its estimates on historical experience and various other assumptions that it believes to be reasonable under the circumstances.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Jan. 02, 2016
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The final purchase price assigned to the major identifiable assets and liabilities for the Bombas Leao acquisition is as follows: (In millions) Assets: Cash acquired $ 1.1 Current assets 13.4 Property, plant, and equipment 6.5 Intangible assets 23.5 Goodwill 3.4 Other assets 3.1 Total assets 51.0 Liabilities (20.0 ) Total consideration paid $ 31.0

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Jan. 02, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of January 2, 2016 and January 3, 2015 , the assets measured at fair value on a recurring basis were as set forth in the table below: (In millions) January 2, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 3.9 $ 3.9 $ — $ — January 3, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 5.4 $ 5.4 $ — $ —

GOODWILL AND OTHER INTANGIBLE33

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	12 Months Ended
	Jan. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Amounts of Intangible Assets	The carrying amounts of the Company’s intangible assets are as follows: (In millions) 2015 2014 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangibles: Patents $ 7.4 $ (6.2 ) $ 7.6 $ (6.1 ) Supply agreements — — 4.4 (4.4 ) Technology 7.5 (4.8 ) 7.5 (4.3 ) Customer relationships 132.6 (42.3 ) 140.2 (36.5 ) Software 2.5 (1.7 ) 2.9 (1.7 ) Other 1.0 (1.0 ) 1.2 (1.2 ) Total $ 151.0 $ (56.0 ) $ 163.8 $ (54.2 ) Unamortized intangibles: Trade names 46.4 — 50.7 — Total intangibles $ 197.4 $ (56.0 ) $ 214.5 $ (54.2 )
Schedule of Finite-Lived Intangible Assets, Useful Life	The weighted average number of years over which each intangible class is amortized is as follows: Class Years Patents 17 Supply agreements 6 Technology 15 Customer relationships 13 - 20 Software 5 Other 8
Schedule of Amortization Expense	Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2016 2017 2018 2019 2020 $ 8.4 $ 8.3 $ 8.3 $ 8.2 $ 8.1
Schedule of Change in the Carrying Amount of Goodwill by Reporting Segment	The change in the carrying amount of goodwill by reporting segment for 2015 and 2014 , is as follows: (In millions) 2015 Water Systems Fueling Systems Consolidated Balance as of January 3, 2015 $ 145.3 $ 63.5 $ 208.8 Acquisitions — — — Adjustments to prior year acquisitions (0.9 ) (0.2 ) (1.1 ) Foreign currency translation (7.6 ) (0.3 ) (7.9 ) Balance as of January 2, 2016 $ 136.8 $ 63.0 $ 199.8 (In millions) 2014 Water Systems Fueling Systems Consolidated Balance as of December 28, 2013 $ 144.1 $ 63.1 $ 207.2 Acquisitions 6.7 0.6 7.3 Adjustments to prior year acquisitions — — — Foreign currency translation (5.5 ) (0.2 ) (5.7 ) Balance as of January 3, 2015 $ 145.3 $ 63.5 $ 208.8

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Jan. 02, 2016
Compensation and Retirement Disclosure [Abstract]
Schedule of Related Changes in the Benefit Obligations, Changes in Plan Assets, Funded Status, Amounts Recognized in the Balance Sheet, Amounts Recognized in Other Accumulated Comprehensive Income	The following table sets forth aggregated information related to the Company’s pension benefits and other postretirement benefits, including changes in the benefit obligations, changes in plan assets, funded status, amounts recognized in the balance sheet, amounts recognized in accumulated other comprehensive income, and actuarial assumptions that the Company considered in its determination of benefit obligations and plan costs. Benefit obligation balances presented below reflect the projected benefit obligation (PBO) for the Company's pension plans, and accumulated postretirement benefit obligations (APBO) for the Company's other benefit plans. (In millions) Pension Benefits Other Benefits 2015 2014 2015 2014 Accumulated benefit obligation, end of year $ 182.8 $ 203.4 $ 11.3 $ 13.0 Change in benefit obligation: Benefit obligation, beginning of year $ 209.5 $ 184.7 $ 13.0 $ 12.6 Service cost 1.4 1.2 0.1 0.1 Interest cost 7.5 8.2 0.5 0.5 Actuarial (gain)/loss (12.3 ) 33.0 (1.0 ) 1.2 Settlements paid (0.4 ) (0.2 ) — — Benefits paid (14.4 ) (15.0 ) (1.3 ) (1.4 ) Curtailment (1.9 ) — — — Foreign currency exchange (2.5 ) (2.4 ) — — Benefit obligation, end of year $ 186.9 $ 209.5 $ 11.3 $ 13.0 Change in plan assets: Fair value of assets, beginning of year $ 160.0 $ 151.1 $ — $ — Actual return on plan assets (4.0 ) 14.4 — — Company contributions 6.9 10.1 1.3 1.4 Settlements paid (0.4 ) (0.1 ) — — Benefits paid (14.4 ) (15.0 ) (1.3 ) (1.4 ) Foreign currency exchange (0.7 ) (0.5 ) — — Plan assets, end of year $ 147.4 $ 160.0 $ — $ — Funded status $ (39.5 ) $ (49.5 ) $ (11.3 ) $ (13.0 ) Amounts recognized in balance sheet: Deferred tax asset 29.6 30.4 0.9 1.5 Current liabilities (3.4 ) (3.5 ) (1.2 ) (1.3 ) Noncurrent liabilities (36.0 ) (46.0 ) (10.1 ) (11.7 ) Net liability, end of year $ (9.8 ) $ (19.1 ) $ (10.4 ) $ (11.5 ) Amount recognized in accumulated other comprehensive income: Prior service cost — — 0.5 0.7 Net actuarial loss 48.0 52.3 0.9 1.7 Settlement 2.1 1.4 — — Total recognized in accumulated other comprehensive income $ 50.1 $ 53.7 $ 1.4 $ 2.4
Schedule of Amounts Recognized in Other Comprehensive Income (Loss)	The following table sets forth other changes in plan assets and benefit obligation recognized in other comprehensive income for 2015 and 2014 : (In millions) Pension Benefits Other Benefits 2015 2014 2015 2014 Net actuarial (gain)/loss $ (0.3 ) $ 29.1 $ (1.0 ) $ 1.3 Amortization of: Net actuarial gain (2.8 ) (2.2 ) (0.2 ) (0.1 ) Prior service credit — — (0.4 ) (0.4 ) Settlement recognition (2.1 ) (1.4 ) — — Deferred tax asset/(liability) 1.9 (8.3 ) 0.6 (0.3 ) Foreign currency exchange (0.3 ) (0.3 ) — — Total recognized in other comprehensive income $ (3.6 ) $ 16.9 $ (1.0 ) $ 0.5
Weighted-average assumptions	Weighted-average assumptions used to determine domestic benefit obligations: Pension Benefits Other Benefits 2015 2014 2015 2014 Discount rate 4.37 % 3.95 % 4.09 % 3.75 % Rate of increase in future compensation* — % — % 3.00 - 8.00% 3.00 - 8.00% *No rate of increases in future compensation used within assumptions for 2015 and 2014 , as the cash balance component of the domestic Pension Plan was frozen and the other domestic Pension Plan components do not base benefits on compensation. Assumptions used to determine domestic periodic benefit cost: Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Discount rate 4.00 % 4.75 % 4.00 % 3.75 % 4.50 % 3.50 % Rate of increase in future compensation* — % — % — % 3.00 - 8.00% 3.00 - 12.00% 3.00 - 12.00% Expected long-term rate of return on plan assets 7.00 % 7.70 % 8.00 % — % — % — % *No rate of increases in future compensation used within assumptions for 2015 and 2014 , as the cash balance component of the domestic Pension Plan was frozen and the other domestic Pension Plan components do not base benefits on compensation.
Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost	The following table sets forth the aggregated net periodic benefit cost for all pension plans for 2015 , 2014 , and 2013 : (In millions) Pension Benefits Other Benefits 2015 2014 2013 2015 2014 2013 Service cost $ 1.4 $ 1.2 $ 1.8 $ 0.1 $ 0.1 $ 0.1 Interest cost 7.5 8.2 7.6 0.5 0.5 0.5 Expected return on assets (9.9 ) (10.6 ) (10.0 ) — — — Amortization of: Transition obligation — — — — — 0.4 Settlement cost — — 0.1 — — — Prior service cost — — — 0.4 0.4 0.4 Actuarial loss 3.4 2.5 3.6 0.2 0.1 — Net periodic benefit cost $ 2.4 $ 1.3 $ 3.1 $ 1.2 $ 1.1 $ 1.4 Settlement cost 1.2 1.0 — — — — Total net periodic benefit cost $ 3.6 $ 2.3 $ 3.1 $ 1.2 $ 1.1 $ 1.4
Schedule of Allocation of Plan Assets	As of January 2, 2016 , funds were invested in equity, fixed income, and other investments as follows: Equity Percentage U.S. Large Cap 15 % World Equity ex-U.S. 13 % U.S. Small / Mid Cap 6 % Subtotal 34 % Fixed Income U.S. Treasury and Government Agency Securities 11 % Intermediate Duration Bond 24 % Long Duration Bond 19 % High Yield Fixed Income 4 % Emerging Markets Debt 4 % Subtotal 62 % Other Insurance Contracts 3 % Cash Equivalents 1 % Subtotal 4 % Total 100 %
Schedule of Fair Value of Defined Benefit Plan Assets	The fair values of the Company’s pension plan assets for 2015 and 2014 by asset category are as follows: (In millions) 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity U.S. Large Cap $ 22.9 $ 22.9 $ — $ — U.S. Small / Mid Cap 8.1 8.1 — — World Equity ex-U.S. 19.6 19.6 — — Fixed Income U.S. Treasury and Government Agency Securities 15.8 — 15.8 — Intermediate Duration Bond 35.4 35.4 — — — Long Duration Bond 28.0 28.0 — — High Yield Fixed Income 6.5 6.5 — — Emerging Markets Debt 5.4 5.4 — — Other Insurance Contracts 4.9 — 4.9 — Cash and Equivalents 0.8 0.8 — — Total $ 147.4 $ 126.7 $ 20.7 $ — (In millions) 2014 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Equity U.S. Large Cap $ 23.0 $ 23.0 $ — $ — U.S. Small / Mid Cap 8.9 8.9 — — World Equity ex-U.S. 19.9 19.9 — — Fixed Income U.S. Treasury and Government Agency Securities 27.9 — 27.9 — — Intermediate Duration Bond — — — — Long Duration Bond 62.7 62.7 — — High Yield Fixed Income 7.0 7.0 — — Emerging Markets Debt 5.4 5.4 — — Other Insurance Contracts 5.2 — 5.2 — Cash and Equivalents — — — — Total $ 160.0 $ 126.9 $ 33.1 $ —
Schedule of Expected Benefit Payments	The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid in accordance with the following schedule: (In millions) Pension Benefits Other Benefits 2016 $ 14.9 $ 1.2 2017 11.3 1.1 2018 11.5 1.0 2019 11.2 1.0 2020 11.2 0.9 Years 2021 through 2025 61.6 3.8
Schedule of Company Contributions to Defined Contribution Plans	The following table sets forth Company contributions to the defined contribution plans: (In millions) 2015 2014 2013 Company contributions to the plans $ 5.9 $ 5.6 $ 5.3

ACCRUED EXPENSES AND OTHER CU35

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Jan. 02, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of: (In millions) 2015 2014 Salaries, wages, and commissions $ 20.5 $ 38.8 Product warranty costs 9.3 9.4 Insurance 2.7 2.8 Employee benefits 11.0 11.1 Pioneer additional purchase price — 22.9 Other 8.6 9.8 $ 52.1 $ 94.8

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jan. 02, 2016
Income Tax Disclosure [Abstract]
Schedule of Income before Income Tax, Domestic and Foreign	Income before income taxes consisted of the following: (In millions) 2015 2014 2013 Domestic $ 23.6 $ 42.2 $ 53.5 Foreign 62.7 47.5 58.0 $ 86.3 $ 89.7 $ 111.5
Schedule of Components of Income Tax Expense (Benefit)	The income tax provision/(benefit) from continuing operations consisted of the following: (In millions) 2015 2014 2013 Current: Federal $ 1.2 $ 7.4 $ 10.8 Foreign 17.4 12.2 14.3 State 0.8 1.7 2.1 Total current 19.4 21.3 27.2 Deferred: Federal (1.8 ) 3.3 4.3 Foreign (4.0 ) (3.8 ) (1.3 ) State (1.0 ) (1.9 ) (1.3 ) Total deferred $ (6.8 ) $ (2.4 ) $ 1.7 $ 12.6 $ 18.9 $ 28.9
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the tax provision for continuing operations at the U.S. statutory rate to the effective income tax expense rate as reported is as follows: 2015 2014 2013 U.S. Federal statutory rate 35.0 % 35.0 % 35.0 % State income taxes, net of federal benefit (0.3 ) 1.0 1.2 Foreign operations (13.1 ) (9.2 ) (6.2 ) R&D tax credits (1.0 ) (0.6 ) (1.1 ) Uncertain tax position adjustments (1.5 ) (1.6 ) (1.9 ) Deferred tax adjustments - restructuring and rate adjustments 1.1 (3.9 ) — Valuation allowance on state and foreign deferred tax 4.1 (0.3 ) (0.8 ) Purchase of noncontrolling interest (9.4 ) — — Other items (0.3 ) 0.6 (0.3 ) Effective tax rate 14.6 % 21.0 % 25.9 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company's deferred tax assets and liabilities were as follows: (In millions) 2015 2014 Deferred tax assets: Accrued expenses and reserves $ 12.8 $ 12.2 Compensation and employee benefits 25.7 32.6 Other items 9.6 7.3 Valuation allowance on state and foreign deferred tax (7.2 ) (3.9 ) Total deferred tax assets 40.9 48.2 Deferred tax liabilities: Accelerated depreciation on fixed assets 14.0 14.0 Amortization of intangibles 56.6 62.1 Other items 0.2 6.0 Total deferred tax liabilities 70.8 82.1 Net deferred tax liabilities $ (29.9 ) $ (33.9 )
Summary of Operating Loss Carryforwards	The Company has foreign income tax net operating loss ("NOL") carryforwards of $5.2 million and state income tax NOL and credit carryforwards of $5.1 million , which will expire on various dates as follows: (In millions) 2016-2019 $ 0.9 2020-2024 2.2 2025-2029 0.2 2030-2034 2.0 2035-2039 0.5 Unlimited 4.5 $ 10.3
Schedule of Unrecognized Tax Benefits Rollforward	A reconciliation of the beginning and ending amount of gross unrecognized tax benefits for 2015 , 2014 , and 2013 (excluding interest and penalties) is as follows: (In millions) 2015 2014 2013 Beginning balance $ 4.4 $ 5.1 $ 6.9 Additions for tax positions of the current year 0.2 0.1 — Additions for tax positions of prior years 0.2 1.7 1.7 Reductions for tax positions of prior years (0.8 ) (1.1 ) (3.5 ) Statute expirations (1.6 ) (1.4 ) — Settlements — — — Ending balance $ 2.4 $ 4.4 $ 5.1

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Jan. 02, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) 2015 2014 New York Life $ 75.0 $ — Prudential Agreement - 5.79 percent 120.0 150.0 Tax increment financing debt 22.8 23.7 Capital leases 0.1 0.6 Foreign subsidiary debt 3.1 3.5 221.0 177.8 Less current maturities (32.9 ) (34.1 ) Long-term debt $ 188.1 $ 143.7
Schedule of Long-term Debt Payments	The following debt payments are expected to be paid in accordance with the following schedule: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More than 5 years Debt $ 220.9 $ 32.8 $ 31.1 $ 31.2 $ 31.3 $ 1.3 $ 93.2 Capital leases 0.1 0.1 — — — — — $ 221.0 $ 32.9 $ 31.1 $ 31.2 $ 31.3 $ 1.3 $ 93.2

SHAREOWNERS' EQUITY (Tables)

SHAREOWNERS' EQUITY (Tables)	12 Months Ended
	Jan. 02, 2016
Equity [Abstract]
Shares Repurchased and Retired During Year	During 2015 , 2014 , and 2013 , pursuant to a stock repurchase program authorized by the Company’s Board of Directors, the Company repurchased and retired the following amounts and number of shares: (In millions, except share amounts) 2015 2014 2013 Repurchases $ 46.3 $ 9.0 $ 2.8 Shares 1,568,731 243,020 88,200

ACCUMULATED OTHER COMPREHENSI39

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	12 Months Ended
	Jan. 02, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	Changes in accumulated other comprehensive income (loss) by component are summarized below: (In millions) For the Year Ended January 2, 2016: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments Total Balance, January 3, 2015 $ (51.8 ) $ (56.1 ) $ (107.9 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (58.9 ) — (58.9 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (58.9 ) — (58.9 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 7.1 (1) 7.1 Income tax (expense)/benefit — (2.5 ) (2.5 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 4.6 4.6 Net current period other comprehensive income/(loss), net of income taxes (58.9 ) 4.6 (54.3 ) Less: Other comprehensive income/(loss) attributable to noncontrolling interest (0.6 ) — (0.6 ) Balance, January 2, 2016 $ (110.1 ) $ (51.5 ) $ (161.6 ) For the Year Ended January 3, 2015: Balance, December 28, 2013 $ (16.0 ) $ (38.7 ) $ (54.7 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (36.3 ) — (36.3 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (36.3 ) — (36.3 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — (26.0 ) (1) (26.0 ) Income tax (expense)/benefit — 8.6 8.6 Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — (17.4 ) (17.4 ) Net current period other comprehensive income/(loss), net of income taxes (36.3 ) (17.4 ) (53.7 ) Less: Other comprehensive income/(loss) attributable to noncontrolling interest (0.5 ) — (0.5 ) Balance, January 3, 2015 $ (51.8 ) $ (56.1 ) $ (107.9 ) For the Year Ended December 28, 2013: Balance, December 29, 2012 $ (0.3 ) $ (56.8 ) $ (57.1 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (16.0 ) — (16.0 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (16.0 ) $ — (16.0 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 30.2 (1 ) 30.2 Income tax (expense)/benefit — (12.1 ) (12.1 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 18.1 18.1 Net current period other comprehensive income/(loss), net of income taxes (16.0 ) 18.1 2.1 Less: Other comprehensive income/(loss) attributable to noncontrolling interest (0.3 ) — (0.3 ) Balance, December 28, 2013 $ (16.0 ) $ (38.7 ) $ (54.7 ) (1) This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 8 for additional details) and is included in the "Selling, general, and administrative expenses" line of the Company's consolidated statements of income.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Jan. 02, 2016
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: (In millions, except per share amounts) 2015 2014 2013 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 72.9 $ 69.8 $ 82.0 Less: Undistributed earnings allocated to participating securities 0.7 0.7 1.0 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.8 0.9 0.2 $ 71.4 $ 68.2 $ 80.8 Denominator: Basic Weighted average common shares 47.1 47.7 47.5 Diluted Effect of dilutive securities: Non-participating employee incentive stock options and performance awards 0.5 0.5 0.6 Adjusted weighted average common shares 47.6 48.2 48.1 Basic earnings per share $ 1.52 $ 1.43 $ 1.70 Diluted earnings per share $ 1.50 $ 1.41 $ 1.68 Anti-dilutive stock options 0.3 0.1 0.1

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Jan. 02, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Authorized Number of Shares	The 2012 Stock Plan authorizes 2,400,000 shares for issuance as follows: 2012 Stock Plan Authorized Shares Stock Options 1,680,000 Stock/Stock Unit Awards 720,000 The Company also maintains the Amended and Restated Franklin Electric Co., Inc. Stock Plan (the "2009 Stock Plan") which, as amended in 2009, provided for discretionary grants of stock options and stock awards. The 2009 Stock Plan authorized 4,400,000 shares for issuance as follows: 2009 Stock Plan Authorized Shares Stock Options 3,200,000 Stock Awards 1,200,000
Schedule of Assumptions Used to Determine the Fair Value of Options Granted	The assumptions used for the Black-Scholes model to determine the fair value of options granted during 2015 , 2014 , and 2013 , are as follows: 2015 2014 2013 Risk-free interest rate 1.59 % 1.68 % 1.03 % Dividend yield 0.95 % 0.70 % 0.89 % Volatility factor 0.379 0.387 0.394 Expected term 5.5 years 5.6 years 6.0 years Forfeiture rate 3.67 % 3.81 % 4.52 %
Schedule of Stock Option Plans Activity	A summary of the Company’s outstanding stock option activity and related information is as follows: (Shares in thousands) Stock Options Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000’s) Outstanding at beginning of 2013 2,184 $ 16.69 Granted 176 32.53 Exercised (880 ) 15.98 Forfeited (4 ) 14.37 Expired — — Outstanding at beginning of 2014 1,476 $ 19.01 Granted 115 42.24 Exercised (171 ) 17.03 Forfeited (6 ) 26.28 Expired (17 ) 16.34 Outstanding at beginning of 2015 1,397 $ 21.17 Granted 185 36.67 Exercised (108 ) 18.99 Forfeited (2 ) 34.93 Expired — — Outstanding at end of period 1,472 $ 23.26 4.79 years $ 9,981 Expected to vest after applying forfeiture rate 1,456 $ 23.11 4.74 years $ 9,980 Vested and exercisable at end of period 1,106 $ 19.04 3.61 years $ 9,871 2015 2014 2013 Weighted average grant-date fair value of options $ 12.34 $ 15.09 $ 11.47 (In millions) 2015 2014 2013 Intrinsic value of options exercised $ 1.7 $ 3.8 $ 16.6 Cash received from the exercise of options 2.0 2.9 14.1 Fair value of shares vested 1.4 2.8 2.1 Tax benefit of options exercised 0.7 1.5 6.5
Schedule of Nonvested Restricted Stock Options Activity	A summary of the Company’s non-vested stock option activity and related information is as follows: (Shares in thousands) Shares Weighted-Average Grant- Date Fair Value Non-vested at beginning of 2014 534 $ 25.30 Granted 115 42.24 Vested (330 ) 23.98 Forfeited (6 ) 26.28 Non-vested at beginning of 2015 313 $ 32.91 Granted 185 36.67 Vested (130 ) 29.49 Forfeited (2 ) 34.93 Non-vested at end of period 366 $ 36.02
Schedule of Restricted Stock/Stock Unit Award Activity	A summary of the Company’s restricted stock/stock unit award activity and related information is as follows: (Shares in thousands) Shares Weighted-Average Grant- Date Fair Value Non-vested at beginning of 2014 551 $ 24.75 Awarded 208 42.39 Vested (132 ) 17.08 Forfeited (73 ) 28.49 Non-vested at beginning of 2015 554 $ 32.72 Awarded 134 36.27 Vested (169 ) 30.39 Forfeited (9 ) 32.31 Non-vested at end of period 510 $ 34.43

SEGMENT AND GEOGRAPHIC INFORM42

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	12 Months Ended
	Jan. 02, 2016
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Business Segment	Financial information by reportable business segment is included in the following summary: Net sales to external customers Operating income (loss) (In millions) 2015 2014 2013 2015 2014 2013 Water Systems $ 707.6 $ 824.6 $ 766.4 $ 86.7 $ 103.9 $ 131.3 Fueling Systems 217.3 223.2 199.1 51.5 49.7 42.6 Other — — — (47.8 ) (53.5 ) (50.1 ) Consolidated $ 924.9 $ 1,047.8 $ 965.5 $ 90.4 $ 100.1 $ 123.8 Total assets Depreciation 2015 2014 2015 2014 2013 Water Systems $ 677.6 $ 757.5 $ 19.5 $ 19.9 $ 18.1 Fueling Systems 248.5 252.7 2.5 2.4 1.9 Other 70.3 65.7 4.8 5.8 3.4 Consolidated $ 996.4 $ 1,075.9 $ 26.8 $ 28.1 $ 23.4 Amortization Capital expenditures 2015 2014 2013 2015 2014 2013 Water Systems $ 6.6 $ 7.1 $ 6.0 $ 19.5 $ 33.8 $ 31.0 Fueling Systems 1.9 1.8 1.9 1.4 3.9 4.0 Other 0.1 0.2 0.1 5.0 4.7 32.2 Consolidated $ 8.6 $ 9.1 $ 8.0 $ 25.9 $ 42.4 $ 67.2
Schedule of Financial Information by Geographic Region	Financial information by geographic region is as follows: Net sales Long-lived assets (In millions) 2015 2014 2013 2015 2014 United States $ 418.5 $ 485.5 $ 460.5 $ 404.1 $ 418.0 Foreign 506.4 562.3 505.0 150.7 184.4 Consolidated $ 924.9 $ 1,047.8 $ 965.5 $ 554.8 $ 602.4

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Jan. 02, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases	The future minimum rental payments for non-cancelable operating leases as of January 2, 2016 , are as follows: (In millions) 2016 2017 2018 2019 2020 Future minimum rental payments $ 7.7 $ 5.0 $ 3.6 $ 2.5 $ 1.9
Schedule of Changes in the Carrying Amount of the Warranty Accrual	The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's consolidated balance sheets for 2015 and 2014 , are as follows: (In millions) 2015 2014 Beginning balance $ 9.4 $ 9.5 Accruals related to product warranties 7.6 8.9 Reductions for payments made (7.7 ) (9.0 ) Ending balance $ 9.3 $ 9.4

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	12 Months Ended
	Jan. 02, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Cost Incurred, Included in Restructuring Expense	Costs incurred in the twelve months ended January 2, 2016 , included in the “Restructuring expense” line of the Company's consolidated statements of income, are as follows: (In millions) Water Systems Fueling Systems Other Consolidated Employee severance $ 0.3 $ 0.3 $ — $ 0.6 Equipment relocation 0.6 — — 0.6 Asset write-off 0.1 — — 0.1 Pension 0.6 — — 0.6 Other 1.1 — — 1.1 Total $ 2.7 $ 0.3 $ — $ 3.0

SELECTED QUARTERLY FINANCIAL 45

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Jan. 02, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	Unaudited quarterly financial information for 2015 and 2014 , from continuing operations, is as follows: (In millions, except per share amounts) Net Sales Gross Profit Net Income Net Income Attributable to Franklin Electric Co., Inc. Basic Earnings Per Share Diluted Earnings Per Share 2015 1st quarter $ 225.7 $ 71.5 $ 20.0 $ 19.8 $ 0.41 $ 0.41 2nd quarter 247.4 80.2 16.4 16.1 0.33 0.33 3rd quarter 232.5 76.8 21.0 20.8 0.44 0.43 4th quarter 219.3 69.1 16.3 16.2 0.34 0.33 $ 924.9 $ 297.6 $ 73.7 $ 72.9 $ 1.52 $ 1.50 2014 1st quarter $ 231.4 $ 78.1 $ 17.4 $ 17.0 $ 0.35 $ 0.35 2nd quarter 284.5 99.4 27.5 27.1 0.56 0.55 3rd quarter 278.1 89.2 22.8 22.7 0.46 0.46 4th quarter 253.8 77.7 3.2 3.0 0.06 0.06 $ 1,047.8 $ 344.4 $ 70.9 $ 69.8 $ 1.43 $ 1.41 Basic and diluted earnings per share amounts are computed independently for each of the quarters presented. As a result, the sum of the quarterly earnings per share amounts may not equal the annual earnings per share amount.

SIGNIFICANT ACCOUNTING POLICI46

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Accounting Policies
Fiscal weeks	52 weeks	53 weeks	52 weeks
Research and development expense	$ 18.4	$ 19.3	$ 16.8
Depreciation	$ 26.8	28.1	$ 23.4
Standard warranty obligation, term (in years)	2
Standard installation warranty obligation, term (in years)	1 year
Extended warranty obligation, term (in years)	5 years
Patents
Accounting Policies
Finite-lived intangible asset, useful life (in years)	17 years
Supply Agreements
Accounting Policies
Finite-lived intangible asset, useful life (in years)	6 years
Technology
Accounting Policies
Finite-lived intangible asset, useful life (in years)	15 years
Customer Relationships | Minimum
Accounting Policies
Finite-lived intangible asset, useful life (in years)	13 years
Customer Relationships | Maximum
Accounting Policies
Finite-lived intangible asset, useful life (in years)	20 years
Software
Accounting Policies
Finite-lived intangible asset, useful life (in years)	5 years
Other
Accounting Policies
Finite-lived intangible asset, useful life (in years)	8 years
Land Improvements and Buildings | Minimum
Accounting Policies
Property, plant, and equipment, useful life (in years)	10 years
Land Improvements and Buildings | Maximum
Accounting Policies
Property, plant, and equipment, useful life (in years)	40 years
Machinery and Equipment | Minimum
Accounting Policies
Property, plant, and equipment, useful life (in years)	5 years
Machinery and Equipment | Maximum
Accounting Policies
Property, plant, and equipment, useful life (in years)	10 years
Furniture, Fixtures, Computers and Software | Minimum
Accounting Policies
Property, plant, and equipment, useful life (in years)	3 years
Furniture, Fixtures, Computers and Software | Maximum
Accounting Policies
Property, plant, and equipment, useful life (in years)	7 years
Significant Other Observable Inputs (Level 2)
Accounting Policies
Fair-value of debt	$ 225	191
Long-term Debt
Accounting Policies
Carrying value of debt	$ 220.9	$ 177.2

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) $ in Thousands, BRL in Millions	Jun. 06, 2014BRL	Apr. 04, 2015USD ($)	Jan. 02, 2016USD ($)	Jan. 03, 2015USD ($)	Dec. 28, 2013USD ($)	Sep. 27, 2014USD ($)	Jun. 06, 2014USD ($)	Mar. 07, 2012USD ($)
Business Acquisition
Realized gain on share purchase liability			$ 2,723	$ 0	$ 0
Goodwill			199,847	208,828	207,200
Goodwill, purchase accounting adjustments			(1,100)	0
Business combination, acquisition related costs			200	$ 2,400	$ 1,100
Pioneer Pump Holdings Inc
Business Acquisition
Ownership percentage by noncontrolling owners								29.50%
Pioneer mandatory share purchase liability								$ 22,900
Business combination consideration transferred		$ 20,200
Realized gain on share purchase liability		$ 2,700
Business combination percentage of voting interests acquired		100.00%
India Acquisitions
Business Acquisition
Total consideration paid						$ 6,600
Bombas Leao S.A.
Business Acquisition
Total consideration paid	BRL 69.6						$ 31,000
Business combination percentage of voting interests acquired	100.00%						100.00%
Intangible assets							$ 23,500
Acquired finite-lived Intangible asset, weighted average useful life (in years)	20 years
Goodwill							$ 3,400
Goodwill, purchase accounting adjustments			300
Business combination, current asset adjustment			(300)
Business combination, additional consideration transferred			$ 300

ACQUISITIONS (Purchase Price As

ACQUISITIONS (Purchase Price Assigned to Each Major Identifiable Asset and Liability) (Details) $ in Thousands, BRL in Millions	Jan. 02, 2016USD ($)	Jan. 03, 2015USD ($)	Jun. 06, 2014BRL	Jun. 06, 2014USD ($)	Dec. 28, 2013USD ($)
Assets:
Goodwill	$ 199,847	$ 208,828			$ 207,200
Bombas Leao S.A.
Assets:
Cash acquired				$ 1,100
Current assets				13,400
Property, plant, and equipment				6,500
Intangible assets				23,500
Goodwill				3,400
Other assets				3,100
Total assets				51,000
Liabilities				(20,000)
Total consideration paid			BRL 69.6	$ 31,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Jan. 03, 2015
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Asset held for sale	$ 1,613	$ 2,405
Recurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	3,900	5,400
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	3,900	5,400
Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	$ 0	$ 0

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Share Swap Transaction Agreement - Not Designated as Hedging Instrument $ in Millions	12 Months Ended
	Jan. 02, 2016USD ($)shares	Jan. 03, 2015USD ($)
Derivative
Derivative cancellable written notice term	30 days
Derivative notional amount (in shares) | shares	175,000
Selling, General and Administrative Expenses
Derivative
Loss on derivative | $	$ 2	$ 0.8

GOODWILL AND OTHER INTANGIBLE51

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Intangible Assets
Gross carrying amount, amortized intangibles	$ 151	$ 163.8
Accumulated amortization	(56)	(54.2)
Amortization expense, intangible assets	8.6	9.1	$ 8
Future Amortization Expense
2,016	8.4
2,017	8.3
2,018	8.3
2,019	8.2
2,020	8.1
Gross carrying amount, total intangibles	197.4	214.5
Patents
Intangible Assets
Gross carrying amount, amortized intangibles	7.4	7.6
Accumulated amortization	$ (6.2)	(6.1)
Finite-lived intangible asset, useful life (in years)	17 years
Supply Agreements
Intangible Assets
Gross carrying amount, amortized intangibles	$ 0	4.4
Accumulated amortization	$ 0	(4.4)
Finite-lived intangible asset, useful life (in years)	6 years
Technology
Intangible Assets
Gross carrying amount, amortized intangibles	$ 7.5	7.5
Accumulated amortization	$ (4.8)	(4.3)
Finite-lived intangible asset, useful life (in years)	15 years
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	$ 132.6	140.2
Accumulated amortization	$ (42.3)	(36.5)
Customer Relationships | Minimum
Intangible Assets
Finite-lived intangible asset, useful life (in years)	13 years
Customer Relationships | Maximum
Intangible Assets
Finite-lived intangible asset, useful life (in years)	20 years
Software
Intangible Assets
Gross carrying amount, amortized intangibles	$ 2.5	2.9
Accumulated amortization	$ (1.7)	(1.7)
Finite-lived intangible asset, useful life (in years)	5 years
Other
Intangible Assets
Gross carrying amount, amortized intangibles	$ 1	1.2
Accumulated amortization	$ (1)	(1.2)
Finite-lived intangible asset, useful life (in years)	8 years
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	$ 46.4	$ 50.7

GOODWILL AND OTHER INTANGIBLE52

GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015
Change in the Carrying Amount of Goodwill by Reporting Segment
Goodwill, beginning balance	$ 208,828	$ 207,200
Acquisitions	0	7,300
Goodwill, purchase accounting adjustments	(1,100)	0
Foreign currency translation	(7,900)	(5,700)
Goodwill, ending balance	199,847	208,828
Water Systems
Change in the Carrying Amount of Goodwill by Reporting Segment
Goodwill, beginning balance	145,300	144,100
Acquisitions	0	6,700
Goodwill, purchase accounting adjustments	(900)	0
Foreign currency translation	(7,600)	(5,500)
Goodwill, ending balance	136,800	145,300
Fueling Systems
Change in the Carrying Amount of Goodwill by Reporting Segment
Goodwill, beginning balance	63,500	63,100
Acquisitions	0	600
Goodwill, purchase accounting adjustments	(200)	0
Foreign currency translation	(300)	(200)
Goodwill, ending balance	$ 63,000	$ 63,500

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Millions	12 Months Ended
	Jan. 02, 2016USD ($)Pension_Plans	Jan. 03, 2015USD ($)	Dec. 28, 2013USD ($)
Net Periodic Benefit Cost and Other Benefit Cost
Defined Benefit plan, attempted plan funded status, minimum, percentage	80.00%
Pension Benefits
Net Periodic Benefit Cost and Other Benefit Cost
Accumulated benefit obligation, end of year	$ 182.8	$ 203.4
Defined Benefit Plan, Change in Benefit Obligation
Benefit obligation, beginning of year	209.5	184.7
Service cost	1.4	1.2	$ 1.8
Interest cost	7.5	8.2	7.6
Actuarial (gain)/loss	(12.3)	33
Settlements paid	(0.4)	(0.2)
Benefits paid	(14.4)	(15)
Curtailment	(1.9)	0
Foreign currency exchange	(2.5)	(2.4)
Benefit obligation, end of year	186.9	209.5	184.7
Defined Benefit Plan, Change in Fair Value of Plan Assets
Fair value of assets, beginning of year	160	151.1
Actual return on plan assets	(4)	14.4
Company contributions	6.9	10.1
Settlements paid	(0.4)	(0.1)
Benefits paid	(14.4)	(15)
Foreign currency exchange	(0.7)	(0.5)
Plan assets, end of year	147.4	160	151.1
Funded status	(39.5)	(49.5)
Amounts recognized in balance sheet:
Deferred tax asset	29.6	30.4
Current liabilities	(3.4)	(3.5)
Noncurrent liabilities	(36)	(46)
Net liability, end of year	(9.8)	(19.1)
Amount recognized in accumulated other comprehensive income:
Prior service cost	0	0
Net actuarial loss	48	52.3
Settlement	2.1	1.4
Total recognized in accumulated other comprehensive income	50.1	53.7
Net Periodic Benefit Cost
Service cost	1.4	1.2	1.8
Interest cost	7.5	8.2	7.6
Expected return on assets	(9.9)	(10.6)	(10)
Amortization of transition obligation	0	0	0
Amortization of settlement cost	0	0	0.1
Amortization of prior service cost	0	0	0
Amortization of actuarial loss	3.4	2.5	3.6
Net periodic benefit cost	2.4	1.3	3.1
Settlement cost	1.2	1	0
Total net periodic benefit cost	$ 3.6	2.3	3.1
Domestic Pension Plans
Net Periodic Benefit Cost and Other Benefit Cost
Defined Benefit Pension plans, number of pension plans | Pension_Plans	2
German Pension Plans
Net Periodic Benefit Cost and Other Benefit Cost
Defined Benefit Pension plans, number of pension plans | Pension_Plans	3
Other Benefits
Net Periodic Benefit Cost and Other Benefit Cost
Accumulated benefit obligation, end of year	$ 11.3	13
Defined Benefit Plan, Change in Benefit Obligation
Benefit obligation, beginning of year	13	12.6
Service cost	0.1	0.1	0.1
Interest cost	0.5	0.5	0.5
Actuarial (gain)/loss	(1)	1.2
Settlements paid	0	0
Benefits paid	(1.3)	(1.4)
Curtailment	0	0
Foreign currency exchange	0	0
Benefit obligation, end of year	11.3	13	12.6
Defined Benefit Plan, Change in Fair Value of Plan Assets
Fair value of assets, beginning of year	0	0
Actual return on plan assets	0	0
Company contributions	1.3	1.4
Settlements paid	0	0
Benefits paid	(1.3)	(1.4)
Foreign currency exchange	0	0
Plan assets, end of year	0	0	0
Funded status	(11.3)	(13)
Amounts recognized in balance sheet:
Deferred tax asset	0.9	1.5
Current liabilities	(1.2)	(1.3)
Noncurrent liabilities	(10.1)	(11.7)
Net liability, end of year	(10.4)	(11.5)
Amount recognized in accumulated other comprehensive income:
Prior service cost	0.5	0.7
Net actuarial loss	0.9	1.7
Settlement	0	0
Total recognized in accumulated other comprehensive income	1.4	2.4
Net Periodic Benefit Cost
Service cost	0.1	0.1	0.1
Interest cost	0.5	0.5	0.5
Expected return on assets	0	0	0
Amortization of transition obligation	0	0	0.4
Amortization of settlement cost	0	0	0
Amortization of prior service cost	0.4	0.4	0.4
Amortization of actuarial loss	0.2	0.1	0
Net periodic benefit cost	1.2	1.1	1.4
Settlement cost	0	0	0
Total net periodic benefit cost	1.2	1.1	$ 1.4
Other Pension Plans Covering Certain Management Employees
Net Periodic Benefit Cost and Other Benefit Cost
Accumulated benefit obligation, end of year	7.7	10.5
Defined Benefit Plan, Change in Benefit Obligation
Benefit obligation, beginning of year	12.4
Benefit obligation, end of year	9.8	12.4
Defined Benefit Plan, Change in Fair Value of Plan Assets
Funded status		0
Domestic Tax Qualified Defined Benefit Pension Plan and German Pension Plans
Net Periodic Benefit Cost and Other Benefit Cost
Accumulated benefit obligation, end of year	$ 175.2	$ 192.8

EMPLOYEE BENEFIT PLANS (Other C

EMPLOYEE BENEFIT PLANS (Other Changes in Plan Assets and Benefit Obligation Recognized in Other Comprehensive Income) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015
Pension Benefits
Defined Benefit Plan Disclosure
Estimated net actuarial (gains) loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2016 fiscal year	$ 2.6
Amortization of prior service cost/(credit) that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2016 fiscal year	0
Net actuarial (gain)/loss	(0.3)	$ 29.1
Amortization of:
Net actuarial gain	(2.8)	(2.2)
Prior service credit	0	0
Settlement recognition	(2.1)	(1.4)
Deferred tax asset/(liability)	1.9	(8.3)
Foreign currency exchange	(0.3)	(0.3)
Total recognized in other comprehensive income	(3.6)	16.9
Other Benefits
Defined Benefit Plan Disclosure
Estimated net actuarial (gains) loss that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2016 fiscal year	0.1
Amortization of prior service cost/(credit) that will be amortized from accumulated other comprehensive income into net periodic benefit cost during the 2016 fiscal year	0.3
Net actuarial (gain)/loss	(1)	1.3
Amortization of:
Net actuarial gain	(0.2)	(0.1)
Prior service credit	(0.4)	(0.4)
Settlement recognition	0	0
Deferred tax asset/(liability)	0.6	(0.3)
Foreign currency exchange	0	0
Total recognized in other comprehensive income	$ (1)	$ 0.5

EMPLOYEE BENEFIT PLANS (Assumpt

EMPLOYEE BENEFIT PLANS (Assumptions Used to Determine Domestic Benefit Obligations and Domestic Periodic Benefit Cost) (Details)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost
Expected long-term rate of return on plan assets (as a percent)	6.50%	7.00%
Pension Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation
Weighted-average discount rate (as a percent)	4.37%	3.95%
Rate of increase in future compensation (Graded) (as a percent)	0.00%	0.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost
Discount rate (as a percent)	4.00%	4.75%	4.00%
Rate of increase in future compensation (Graded) (as a percent)	0.00%	0.00%	0.00%
Expected long-term rate of return on plan assets (as a percent)	7.00%	7.70%	8.00%
Other Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation
Weighted-average discount rate (as a percent)	4.09%	3.75%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost
Discount rate (as a percent)	3.75%	4.50%	3.50%
Expected long-term rate of return on plan assets (as a percent)	0.00%	0.00%	0.00%
Other Benefits | Minimum
Weighted Average Assumptions Used in Calculating Benefit Obligation
Rate of increase in future compensation (Graded) (as a percent)	3.00%	3.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost
Rate of increase in future compensation (Graded) (as a percent)	3.00%	3.00%	3.00%
Other Benefits | Maximum
Weighted Average Assumptions Used in Calculating Benefit Obligation
Rate of increase in future compensation (Graded) (as a percent)	8.00%	8.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost
Rate of increase in future compensation (Graded) (as a percent)	8.00%	12.00%	12.00%

EMPLOYEE BENEFIT PLANS (Funds I

EMPLOYEE BENEFIT PLANS (Funds Invested in Equity, Fixed income, and Other Investments and Fair Values of Pension Plan Assets by Asset Category) (Details) - USD ($) $ in Millions	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Defined Benefit Plan Disclosure
Plan asset allocations	100.00%
Equity Securities
Defined Benefit Plan Disclosure
Plan asset allocations	34.00%
U.S. Large Cap
Defined Benefit Plan Disclosure
Plan asset allocations	15.00%
Fair value of plan assets (in dollars)	$ 22.9	$ 23
U.S. Small/ Mid Cap
Defined Benefit Plan Disclosure
Plan asset allocations	6.00%
Fair value of plan assets (in dollars)	$ 8.1	8.9
World Equity ex- U.S.
Defined Benefit Plan Disclosure
Plan asset allocations	13.00%
Fair value of plan assets (in dollars)	$ 19.6	19.9
Fixed Income Securities
Defined Benefit Plan Disclosure
Plan asset allocations	62.00%
U.S. Treasury and Government Agency Securities
Defined Benefit Plan Disclosure
Plan asset allocations	11.00%
Fair value of plan assets (in dollars)	$ 15.8	27.9
Intermediate Duration Bond
Defined Benefit Plan Disclosure
Plan asset allocations	24.00%
Fair value of plan assets (in dollars)	$ 35.4	0
Long Duration Bond
Defined Benefit Plan Disclosure
Plan asset allocations	19.00%
Fair value of plan assets (in dollars)	$ 28	62.7
High Yield Fixed Income
Defined Benefit Plan Disclosure
Plan asset allocations	4.00%
Fair value of plan assets (in dollars)	$ 6.5	7
Emerging Markets Debt
Defined Benefit Plan Disclosure
Plan asset allocations	4.00%
Fair value of plan assets (in dollars)	$ 5.4	5.4
Other
Defined Benefit Plan Disclosure
Plan asset allocations	4.00%
Insurance Contracts
Defined Benefit Plan Disclosure
Plan asset allocations	3.00%
Fair value of plan assets (in dollars)	$ 4.9	5.2
Cash Equivalents
Defined Benefit Plan Disclosure
Plan asset allocations	1.00%
Fair value of plan assets (in dollars)	$ 0.8	0
Quoted Prices in Active Markets for Identical Assets (Level 1)
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	126.7	126.9
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Large Cap
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	22.9	23
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Small/ Mid Cap
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	8.1	8.9
Quoted Prices in Active Markets for Identical Assets (Level 1) | World Equity ex- U.S.
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	19.6	19.9
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury and Government Agency Securities
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Intermediate Duration Bond
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	35.4	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Long Duration Bond
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	28	62.7
Quoted Prices in Active Markets for Identical Assets (Level 1) | High Yield Fixed Income
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	6.5	7
Quoted Prices in Active Markets for Identical Assets (Level 1) | Emerging Markets Debt
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	5.4	5.4
Quoted Prices in Active Markets for Identical Assets (Level 1) | Insurance Contracts
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) | Cash Equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0.8	0
Significant Other Observable Inputs (Level 2)
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	20.7	33.1
Significant Other Observable Inputs (Level 2) | U.S. Large Cap
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Other Observable Inputs (Level 2) | U.S. Small/ Mid Cap
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Other Observable Inputs (Level 2) | World Equity ex- U.S.
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Other Observable Inputs (Level 2) | U.S. Treasury and Government Agency Securities
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	15.8	27.9
Significant Other Observable Inputs (Level 2) | Intermediate Duration Bond
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Other Observable Inputs (Level 2) | Long Duration Bond
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Other Observable Inputs (Level 2) | High Yield Fixed Income
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Other Observable Inputs (Level 2) | Emerging Markets Debt
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Other Observable Inputs (Level 2) | Insurance Contracts
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	4.9	5.2
Significant Other Observable Inputs (Level 2) | Cash Equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3)
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | U.S. Large Cap
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | U.S. Small/ Mid Cap
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | World Equity ex- U.S.
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | U.S. Treasury and Government Agency Securities
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | Intermediate Duration Bond
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | Long Duration Bond
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | High Yield Fixed Income
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | Emerging Markets Debt
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | Insurance Contracts
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Significant Unobservable Inputs (Level 3) | Cash Equivalents
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	0	0
Pension Benefits
Defined Benefit Plan Disclosure
Fair value of plan assets (in dollars)	$ 147.4	$ 160	$ 151.1

EMPLOYEE BENEFIT PLANS (Expecte

EMPLOYEE BENEFIT PLANS (Expected Benefit Payments) (Details) $ in Millions	12 Months Ended
	Jan. 02, 2016USD ($)
Defined Benefit Plan Disclosure
Estimated future employer contributions in next fiscal year	$ 7
Actuarially reduced benefits for employees who retire before defined age	65
Pension Benefits
Defined Benefit Plan, Estimated Future Benefit Payments
2,016	$ 14.9
2,017	11.3
2,018	11.5
2,019	11.2
2,020	11.2
Years 2021 through 2025	61.6
Other Benefits
Defined Benefit Plan, Estimated Future Benefit Payments
2,016	1.2
2,017	1.1
2,018	1
2,019	1
2,020	0.9
Years 2021 through 2025	$ 3.8

EMPLOYEE BENEFIT PLANS (Defined

EMPLOYEE BENEFIT PLANS (Defined Contribution Plans) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Compensation and Retirement Disclosure [Abstract]
Company contributions to the plans	$ 5.9	$ 5.6	$ 5.3

ACCRUED EXPENSES AND OTHER CU59

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jan. 02, 2016	Jan. 03, 2015
Payables and Accruals
Salaries, wages, and commissions	$ 20,500	$ 38,800
Product warranty costs	9,300	9,400
Insurance	2,700	2,800
Employee benefits	11,000	11,100
Other	8,600	9,800
Total accrued expenses and other current liabilities	52,109	94,782
Pioneer Pump Holdings Inc
Payables and Accruals
Pioneer additional purchase price	$ 0	$ 22,900

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Income Tax Contingency
State income tax cumulative loss, period	3 years
Valuation allowance	$ 7.2	$ 3.9
Deferred taxes on the excess of the financial reporting over the tax basis in our investments in foreign subsidiaries that are essentially permanent in duration	374.8
Unrecognized tax benefits that would impact effective tax rate if recognized	2.3	4.3	$ 5
Increases in unrecognized tax benefits resulting from prior period tax positions related to acquistions	2.1
Decrease in interest and penalties reserve due to prior years tax positions	0.2
Reserve for interest and penalties	2.3	$ 2.5	$ 0.2
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, upper bound	0.7
Foreign NOL carryforwards
Income Tax Contingency
Valuation allowance	2.4
State and NOL carryforwards
Income Tax Contingency
Valuation allowance	$ 4.8

INCOME TAXES (Income Before Inc

INCOME TAXES (Income Before Income Taxes) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Income before income taxes
Domestic	$ 23.6	$ 42.2	$ 53.5
Foreign	62.7	47.5	58
Income before income taxes	$ 86.3	$ 89.7	$ 111.5

INCOME TAXES (Income tax provis

INCOME TAXES (Income tax provisions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Current payable:
Federal	$ 1,200	$ 7,400	$ 10,800
Foreign	17,400	12,200	14,300
State	800	1,700	2,100
Total current	19,400	21,300	27,200
Deferred:
Federal	(1,800)	3,300	4,300
Foreign	(4,000)	(3,800)	(1,300)
State	(1,000)	(1,900)	(1,300)
Total deferred	(6,802)	(2,415)	1,707
Current payable and deferred - Income tax provisions	$ 12,625	$ 18,851	$ 28,851

INCOME TAXES (Effective tax rat

INCOME TAXES (Effective tax rate reconciliation) (Details)	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Income Tax Disclosure [Abstract]
U.S. Federal statutory rate	35.00%	35.00%	35.00%
State income taxes, net of federal benefit	(0.30%)	1.00%	1.20%
Foreign operations	(13.10%)	(9.20%)	(6.20%)
R&D tax credits	(1.00%)	(0.60%)	(1.10%)
Uncertain tax position adjustments	(1.50%)	(1.60%)	(1.90%)
Deferred tax adjustments, restructuring and rate adjustments	1.10%	(3.90%)	0.00%
Valuation allowance on state and foreign deferred tax	4.10%	(0.30%)	(0.80%)
Purchase of noncontrolling interest	(9.40%)	0.00%	0.00%
Other items	(0.30%)	0.60%	(0.30%)
Effective tax rate	14.60%	21.00%	25.90%

INCOME TAXES (Deferred tax asse

INCOME TAXES (Deferred tax assets and liabilities) (Details) - USD ($) $ in Millions	Jan. 02, 2016	Jan. 03, 2015
Deferred tax assets:
Accrued expenses and reserves	$ 12.8	$ 12.2
Compensation and employee benefits	25.7	32.6
Other items	9.6	7.3
Valuation allowance	(7.2)	(3.9)
Total deferred tax assets	40.9	48.2
Deferred tax liabilities:
Accelerated depreciation on fixed assets	14	14
Amortization of intangibles	56.6	62.1
Other items	0.2	6
Total deferred tax liabilities	70.8	82.1
Net deferred tax liabilities	(29.9)	$ (33.9)
State and NOL carryforwards
Deferred tax assets:
Valuation allowance	$ (4.8)

INCOME TAXES (Summary of operat

INCOME TAXES (Summary of operating loss carryforwards) (Details) $ in Millions	Jan. 02, 2016USD ($)
Operating Loss Carryforwards
Deferred tax assets, operating loss carryforwards, foreign	$ 5.2
Deferred tax assets, operating loss carryforwards, state and local	5.1
Deferred tax assets, operating loss carryforwards, subject to expiration, years 2016-2019	0.9
Deferred tax assets, operating loss carryforwards, subject to expiration, years 2020-2024	2.2
Deferred tax assets, operating loss carryforwards, subject to expiration, years 2025-2029	0.2
Deferred tax assets, operating loss carryforwards, subject to expiration, years 2030-2034	2
Deferred Tax Assets, Operating Loss Carryforward, Subject to Expiration, Years 2035-2039	0.5
Deferred tax assets, operating loss carryforwards, subject to expiration, unlimited	4.5
Deferred tax assets, operating loss carryforwards, subject to expiration, total	$ 10.3

INCOME TAXES (Reconciliation of

INCOME TAXES (Reconciliation of the beginning and ending amount of gross unrecognized tax benefits) (Details) - USD ($) $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Beginning balance	$ 4.4	$ 5.1	$ 6.9
Additions for tax positions of the current year	0.2	0.1	0
Additions for tax positions of prior years	0.2	1.7	1.7
Reductions for tax positions of prior years	(0.8)	(1.1)	(3.5)
Statute expirations	(1.6)	(1.4)	0
Settlements	0	0	0
Ending balance	2.4	$ 4.4	$ 5.1
Federal
Reconciliation of the beginning and ending amount of gross unrecognized tax benefits
Statute expirations	$ (2)

DEBT (Details)

DEBT (Details) $ in Thousands	May. 27, 2015USD ($)	Jul. 22, 2010USD ($)	Dec. 14, 2006USD ($)	Jan. 02, 2016USD ($)	Jan. 03, 2015USD ($)	Dec. 28, 2013USD ($)	May. 28, 2015USD ($)	Dec. 31, 2012USD ($)	Dec. 14, 2011USD ($)	Sep. 07, 2007USD ($)	Apr. 30, 2007USD ($)	Apr. 09, 2007USD ($)
Debt
Debt instrument, increase, additional borrowings				$ 233,486	$ 98,394	$ 70,299
Debt instrument covenant total leverage ratio				3.50
Debt instrument covenant total interest ratio				3
Cross default trigger, minimum				$ 10,000
New York Life				75,000	0
Prudential Agreement - 5.79 percent				120,000	150,000
Tax increment financing debt				22,800	23,700
Capital leases				100	600
Foreign subsidiary debt				3,100	3,500
Debt and capital lease obligations				221,000	177,800
Less current maturities				(32,946)	(34,092)
Long-term debt				188,103	143,695
NYL Shelf Agreement
Debt
Long term debt, total borrowing capacity	$ 150,000
Debt instrument basis spread on variable rate	1.35%
Aggregate principal amount of debt	$ 75,000
Debt instrument, unused borrowing capacity, amount	75,000
Tax Increment Financing
Debt
Aggregate principal amount of debt								$ 25,000
Debt instrument, interest rate								3.60%
Prudential Agreement
Debt
Long term debt, total borrowing capacity	$ 200,000						$ 250,000					$ 175,000
Debt instrument, increase, additional borrowings		$ 25,000
Debt instrument, periodic payment, principal				30,000
Debt instrument, unused borrowing capacity, amount				$ 100,000
B-1 Notes | Notes Payable
Debt
Aggregate principal amount of debt											$ 110,000
B-2 Notes | Notes Payable
Debt
Aggregate principal amount of debt										$ 40,000
B-1 and B-2 Notes
Debt
Prudential Agreement, fixed interest rate				5.79%
B-1 and B-2 Notes | Notes Payable
Debt
Debt instrument, term				10 years
Credit Agreement | Unsecured Debt
Line of Credit Facility
Amount of revolving credit			$ 120,000						$ 150,000
Line of credit facility, term			60 months
Line of credit facility, amount outstanding				$ 0	$ 0

DEBT (Debt Payments Expected to

DEBT (Debt Payments Expected to be Paid) (Details) - USD ($) $ in Millions	Jan. 02, 2016	Jan. 03, 2015
Long-term Debt, by Maturity
Debt and capital lease obligations	$ 221	$ 177.8
Year 1	32.9
Year 2	31.1
Year 3	31.2
Year 4	31.3
Year 5	1.3
More than 5 years	93.2
Long-term Debt
Long-term Debt, by Maturity
Long-term debt	220.9	$ 177.2
Year 1	32.8
Year 2	31.1
Year 3	31.2
Year 4	31.3
Year 5	1.3
More than 5 years	93.2
Capital leases
Long-term Debt, by Maturity
Long-term debt	0.1
Year 1	0.1
Year 2	0
Year 3	0
Year 4	0
Year 5	0
More than 5 years	$ 0

SHAREOWNERS' EQUITY (Details)

SHAREOWNERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Equity [Abstract]
Common shares, authorized (in shares)	65,000,000	65,000,000
Common shares, par value (in dollars per share)	$ 0.10	$ 0.10
Stock repurchased and retired during period, value (in dollars)	$ 46.3	$ 9	$ 2.8
Stock repurchased and retired during period, shares	1,568,731	243,020	88,200
Shares retired that had been previously granted as stock awards to employees, but were forfeited upon not meeting the required restriction criteria or termination (in shares)	958	68,675	6,190
Shares retired that were received by employees as payment for the exercise price of their stock options and taxes owed upon exercise of their stock options and release of their restricted awards (in shares)	65,209	40,679	273,799
Increase in shareowners' equity as a result of stock options exercised (in dollars)	$ 1.4	$ 2.3	$ 5.1

ACCUMULATED OTHER COMPREHENSI70

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands		12 Months Ended
		Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Accumulated Other Comprehensive Income (Loss)
Beginning balance		$ (107,913)	$ (54,700)	$ (57,100)
Pre-tax income/(loss)		(58,900)	(36,300)	(16,000)
Income tax (expense)/benefit		0	0	0
Other comprehensive income/(loss) before reclassifications, net of income taxes		(58,900)	(36,300)	(16,000)
Pre-tax income/(loss)		7,100	(26,000)	30,200
Income tax (expense)/benefit		(2,500)	8,600	(12,100)
Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes		4,600	(17,400)	18,100
Net current period other comprehensive income/(loss), net of income taxes		(54,320)	(53,660)	2,092
Less: Other comprehensive income/(loss) attributable to noncontrolling interest		(600)	(500)	(300)
Ending balance		(161,608)	(107,913)	(54,700)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss)
Beginning balance		(51,800)	(16,000)	(300)
Pre-tax income/(loss)		(58,900)	(36,300)	(16,000)
Income tax (expense)/benefit		0	0	0
Other comprehensive income/(loss) before reclassifications, net of income taxes		(58,900)	(36,300)	(16,000)
Pre-tax income/(loss)		0	0	0
Income tax (expense)/benefit		0	0	0
Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes		0	0	0
Net current period other comprehensive income/(loss), net of income taxes		(58,900)	(36,300)	(16,000)
Less: Other comprehensive income/(loss) attributable to noncontrolling interest		(600)	(500)	(300)
Ending balance		(110,100)	(51,800)	(16,000)
Pension and Postretirement Plan Benefit Adjustments
Accumulated Other Comprehensive Income (Loss)
Beginning balance		(56,100)	(38,700)	(56,800)
Pre-tax income/(loss)		0	0	0
Income tax (expense)/benefit		0	0	0
Other comprehensive income/(loss) before reclassifications, net of income taxes		0	0	0
Pre-tax income/(loss)	[1]	7,100	(26,000)	30,200
Income tax (expense)/benefit		(2,500)	8,600	(12,100)
Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes		4,600	(17,400)	18,100
Net current period other comprehensive income/(loss), net of income taxes		4,600	(17,400)	18,100
Less: Other comprehensive income/(loss) attributable to noncontrolling interest		0	0	0
Ending balance		$ (51,500)	$ (56,100)	$ (38,700)
[1]	This accumulated other comprehensive income (loss) component is included in the computation of net periodic pension cost (refer to Note 8 for additional details) and is included in the "Selling, general, and administrative expenses" line of the Company's consolidated statements of income.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended								12 Months Ended
	Jan. 02, 2016	Oct. 03, 2015	Jul. 04, 2015	Apr. 04, 2015	Jan. 03, 2015	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Numerator:
Net income attributable to Franklin Electric Co., Inc. (in dollars)	$ 16,200	$ 20,800	$ 16,100	$ 19,800	$ 3,000	$ 22,700	$ 27,100	$ 17,000	$ 72,945	$ 69,806	$ 81,958
Less: Undistributed earnings allocated to participating securities (in dollars)									700	700	1,000
Net income attributable to Franklin Electric Co., Inc. excluding undistributed earnings (in dollars)									$ 71,400	$ 68,200	$ 80,800
Basic
Weighted average common shares (in shares)									47.1	47.7	47.5
Effect of dilutive securities:
Non-participating employee incentive stock options and performance awards (in shares)									0.5	0.5	0.6
Adjusted weighted average common shares (in shares)									47.6	48.2	48.1
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.44	$ 0.33	$ 0.41	$ 0.06	$ 0.46	$ 0.56	$ 0.35	$ 1.52	$ 1.43	$ 1.70
Diluted earnings per share (in dollars per share)	$ 0.33	$ 0.43	$ 0.33	$ 0.41	$ 0.06	$ 0.46	$ 0.55	$ 0.35	$ 1.50	$ 1.41	$ 1.68
Stock Options
Effect of dilutive securities:
Anti-dilutive stock options (in shares)									0.3	0.1	0.1
Impo Motor Pompa Sanayi ve Ticaret A.S.
Numerator:
Less: Undistributed earnings allocated to redeemable noncontrolling interest (in dollars)									$ 800	$ 900	$ 200

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013	May. 04, 2012	Apr. 24, 2009
Share-based Compensation
Allocated share-based compensation expense (in dollars)	$ 5,600	$ 7,500	$ 4,900
Fair Value Assumptions
Risk-free interest rate (as a percent)	1.59%	1.68%	1.03%
Dividend yield (as a percent)	0.95%	0.70%	0.89%
Volatility factor (as a percent)	37.90%	38.70%	39.40%
Expected term (in years)	5 years 5 months 26 days	5 years 7 months 6 days	6 years
Forfeiture rate (as a percent)	3.67%	3.81%	4.52%
Stock Option Plans Activity and Related Information
Outstanding beginning of period, shares	1,397,000	1,476,000	2,184,000
Outstanding beginning of period, weighted-average exercise price (in dollars per share)	$ 21.17	$ 19.01	$ 16.69
Granted, shares	185,000	115,000	176,000
Granted, weighted-average exercise price (in dollars per share)	$ 36.67	$ 42.24	$ 32.53
Exercised, shares	(108,000)	(171,000)	(880,000)
Exercised, weighted-average exercise price (in dollars per share)	$ 18.99	$ 17.03	$ 15.98
Forfeited, shares	(2,000)	(6,000)	(4,000)
Forfeited, weighted-average exercise price (in dollars per share)	$ 34.93	$ 26.28	$ 14.37
Expired, shares	0	(17,000)	0
Expired, weighted-average exercise price (in dollars per share)	$ 0	$ 16.34	$ 0
Outstanding end of period, shares	1,472,000	1,397,000	1,476,000
Outstanding end of period, weighted-average exercise price (in dollars per share)	$ 23.26	$ 21.17	$ 19.01
Expected to vest after applying forfeiture rate, shares	1,456,000
Expected to vest after applying forfeiture rate, weighted-average exercise price (in dollars per share)	$ 23.11
Vested and exercisable end of period, shares	1,106,000
Vested and exercisable end of period, weighted-average exercise price (in dollars per share)	$ 19.04
Summary of Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding end of period, weighted-average remaining contractual term (in years)	4 years 9 months 14 days
Outstanding end of period, aggregate intrinsic value (in dollars)	$ 9,981
Expected to vest after applying forfeiture rate, weighted-average remaining contractual term (in years)	4 years 8 months 26 days
Expected to vest after applying forfeiture rate, aggregate intrinsic value (in dollars)	$ 9,980
Vested and exercisable end of period, weighted-average remaining contractual term (in years)	3 years 7 months 9 days
Vested and exercisable end of period, aggregate intrinsic value (in dollars)	$ 9,871
Weighted average grant-date fair value of options (in dollars per share)	$ 12.34	$ 15.09	$ 11.47
Intrinsic value of options exercised (in dollars)	$ 1,700	$ 3,800	$ 16,600
Cash received from the exercise of options (in dollars)	2,000	2,900	14,100
Fair value of shares vested (in dollars)	1,400	2,800	2,100
Tax benefit of of options exercised (in dollars)	700	1,500	$ 6,500
Total share-based liabilities paid (in dollars)	$ 0	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares
Non-vested at beginning of period, shares	313,000	534,000
Granted, shares	185,000	115,000
Vested, shares	(130,000)	(330,000)
Forfeited, shares	(2,000)	(6,000)
Non-vested at end of period, shares	366,000	313,000	534,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value
Outstanding beginning of period, weighted-average exercise price (in dollars per share)	$ 32.91	$ 25.30
Granted, weighted-average exercise price (in dollars per share)	36.67	42.24	$ 32.53
Vested, weighted-average grant date fair value (in dollars per share)	29.49	23.98
Forfeited, weighted-average grant date fair value (in dollars per share)	34.93	26.28
Outstanding end of period, weighted-average exercise price (in dollars per share)	$ 36.02	$ 32.91	$ 25.30
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested
Non-vested at beginning of period, shares	554,000	551,000
Non-vested at beginning of period, weighted-average grant date fair value (in dollars per share)	$ 32.72	$ 24.75
Awarded, shares	134,000	208,000
Awarded, weighted-average grant date fair value (in dollars per share)	$ 36.27	$ 42.39
Vested, shares	(169,000)	(132,000)
Vested, weighted-average grant date fair value (in dollars per share)	$ 30.39	$ 17.08
Forfeited, shares	(9,000)	(73,000)
Forfeited, weighted-average grant date fair value (in dollars per share)	$ 32.31	$ 28.49
Non-vested at end of period, shares	510,000	554,000	551,000
Non-vested at the end of period, weighted-average grant date fair value (in dollars per share)	$ 34.43	$ 32.72	$ 24.75
Stock Options
Share-based Compensation
Option expiration term (in years)	10 years
Options granted to vesting employees vesting per year (as a percent)	25.00%
Vesting term (in years)	4
Total unrecognized compensation cost, recogninzed over a weighted-average period (in years)	2 years 5 months 8 days
Total unrecognized compensation cost related to nonvested share-based compensation (in dollars)	$ 1,600
Stock/Stock Unit Awards
Share-based Compensation
Total unrecognized compensation cost, recogninzed over a weighted-average period (in years)	2 years 3 months
Total unrecognized compensation cost related to nonvested share-based compensation (in dollars)	$ 7,700
2009 Stock Plan
Share-based Compensation
Authorized shares					4,400,000
2009 Stock Plan | Stock Options
Share-based Compensation
Authorized shares					3,200,000
2009 Stock Plan | Stock Awards
Share-based Compensation
Authorized shares					1,200,000
2012 Stock Plan
Share-based Compensation
Authorized shares				2,400,000
2012 Stock Plan | Stock Options
Share-based Compensation
Authorized shares				1,680,000
2012 Stock Plan | Stock/Stock Unit Awards
Share-based Compensation
Authorized shares				720,000
Minimum | Stock/Stock Unit Awards
Share-based Compensation
Vesting term (in years)	3
Maximum | Stock/Stock Unit Awards
Share-based Compensation
Vesting term (in years)	4

SEGMENT AND GEOGRAPHIC INFORM73

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 02, 2016	Oct. 03, 2015	Jul. 04, 2015	Apr. 04, 2015	Jan. 03, 2015	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Segment Reporting Information
Net sales to external customers	$ 219,300	$ 232,500	$ 247,400	$ 225,700	$ 253,800	$ 278,100	$ 284,500	$ 231,400	$ 924,923	$ 1,047,777	$ 965,462
Operating income (loss)									90,361	100,088	123,781
Total assets	996,408				1,075,887				996,408	1,075,887
Depreciation									26,800	28,100	23,400
Amortization									8,600	9,100	8,000
Capital expenditures									25,900	42,400	67,200
Long-lived assets	554,800				602,400				554,800	602,400
Water Systems
Segment Reporting Information
Net sales to external customers									707,600	824,600	766,400
Operating income (loss)									86,700	103,900	131,300
Total assets	677,600				757,500				677,600	757,500
Depreciation									19,500	19,900	18,100
Amortization									6,600	7,100	6,000
Capital expenditures									19,500	33,800	31,000
Fueling Systems
Segment Reporting Information
Net sales to external customers									217,300	223,200	199,100
Operating income (loss)									51,500	49,700	42,600
Total assets	248,500				252,700				248,500	252,700
Depreciation									2,500	2,400	1,900
Amortization									1,900	1,800	1,900
Capital expenditures									1,400	3,900	4,000
Other
Segment Reporting Information
Net sales to external customers									0	0	0
Operating income (loss)									(47,800)	(53,500)	(50,100)
Total assets	70,300				65,700				70,300	65,700
Depreciation									4,800	5,800	3,400
Amortization									100	200	100
Capital expenditures									5,000	4,700	32,200
United States
Segment Reporting Information
Net sales to external customers									418,500	485,500	460,500
Long-lived assets	404,100				418,000				404,100	418,000
Foreign
Segment Reporting Information
Net sales to external customers									506,400	562,300	$ 505,000
Long-lived assets	$ 150,700				$ 184,400				$ 150,700	$ 184,400
Credit Concentration Risk
Segment Reporting Information
Concentration risk, customer									0	0
Concentration risk, percentage									10.00%
Customer Concentration Risk
Segment Reporting Information
Concentration risk, customer									0	0	0
Concentration risk, percentage									10.00%

COMMITMENTS AND CONTINGENCIES74

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jan. 22, 2014	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Commitments
Rent expense related to operating leases		$ 11.9	$ 12.6	$ 11
Purchase obligations		8.3
Future Minimum Payments Due for Operating Leases
2,016		7.7
2,017		5
2,018		3.6
2,019		2.5
2,020		1.9
Subsequent to 2020		1.9
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance		9.4	9.5
Accruals related to product warranties		7.6	8.9
Reductions for payments made		(7.7)	(9)
Ending balance		$ 9.3	$ 9.4	$ 9.5
California Air Resources Board
Loss Contingencies
Litigation settlement, amount	$ 0.1

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Thousands	12 Months Ended
	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013	Jul. 01, 2014
Restructuring Cost and Reserve
Restructuring expense	$ 2,997	$ 16,611	$ 3,719
Restructuring reserves	0	$ 13,100
Employee severance
Restructuring Cost and Reserve
Restructuring expense	600
Equipment relocation
Restructuring Cost and Reserve
Restructuring expense	600
Asset write-off
Restructuring Cost and Reserve
Restructuring expense	100
Pension
Restructuring Cost and Reserve
Restructuring expense	600
Other
Restructuring Cost and Reserve
Restructuring expense	1,100
Water Systems
Restructuring Cost and Reserve
Restructuring expense	2,700
Water Systems | Employee severance
Restructuring Cost and Reserve
Restructuring expense	300
Water Systems | Equipment relocation
Restructuring Cost and Reserve
Restructuring expense	600
Water Systems | Asset write-off
Restructuring Cost and Reserve
Restructuring expense	100
Water Systems | Pension
Restructuring Cost and Reserve
Restructuring expense	600
Water Systems | Other
Restructuring Cost and Reserve
Restructuring expense	1,100
Fueling Systems
Restructuring Cost and Reserve
Restructuring expense	300
Fueling Systems | Employee severance
Restructuring Cost and Reserve
Restructuring expense	300
Fueling Systems | Equipment relocation
Restructuring Cost and Reserve
Restructuring expense	0
Fueling Systems | Asset write-off
Restructuring Cost and Reserve
Restructuring expense	0
Fueling Systems | Pension
Restructuring Cost and Reserve
Restructuring expense	0
Fueling Systems | Other
Restructuring Cost and Reserve
Restructuring expense	0
Other
Restructuring Cost and Reserve
Restructuring expense	0
Other | Employee severance
Restructuring Cost and Reserve
Restructuring expense	0
Other | Equipment relocation
Restructuring Cost and Reserve
Restructuring expense	0
Other | Asset write-off
Restructuring Cost and Reserve
Restructuring expense	0
Other | Pension
Restructuring Cost and Reserve
Restructuring expense	0
Other | Other
Restructuring Cost and Reserve
Restructuring expense	$ 0
Wittlich Facility Closure
Restructuring Cost and Reserve
Restructuring and related cost, expected cost				$ 19,400

SELECTED QUARTERLY FINANCIAL 76

SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Jan. 02, 2016	Oct. 03, 2015	Jul. 04, 2015	Apr. 04, 2015	Jan. 03, 2015	Sep. 27, 2014	Jun. 28, 2014	Mar. 29, 2014	Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Net sales	$ 219,300	$ 232,500	$ 247,400	$ 225,700	$ 253,800	$ 278,100	$ 284,500	$ 231,400	$ 924,923	$ 1,047,777	$ 965,462
Gross profit	69,100	76,800	80,200	71,500	77,700	89,200	99,400	78,100	297,608	344,410	331,514
Net income	16,300	21,000	16,400	20,000	3,200	22,800	27,500	17,400	73,691	70,852	82,698
Net income attributable to Franklin Electric Co., Inc.	$ 16,200	$ 20,800	$ 16,100	$ 19,800	$ 3,000	$ 22,700	$ 27,100	$ 17,000	$ 72,945	$ 69,806	$ 81,958
Basic earnings per share (in dollars per share)	$ 0.34	$ 0.44	$ 0.33	$ 0.41	$ 0.06	$ 0.46	$ 0.56	$ 0.35	$ 1.52	$ 1.43	$ 1.70
Diluted earnings per share (in dollars per share)	$ 0.33	$ 0.43	$ 0.33	$ 0.41	$ 0.06	$ 0.46	$ 0.55	$ 0.35	$ 1.50	$ 1.41	$ 1.68

Schedule II - Valuation and Q77

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions		12 Months Ended
		Jan. 02, 2016	Jan. 03, 2015	Dec. 28, 2013
Allowance for Doubtful Accounts
Movement in Valuation Allowances and Reserves
Balance at beginning of period		$ 3.2	$ 3	$ 3.2
Additions charged to costs and expenses		1.1	0.2	(0.1)
Deductions	[1]	0.5	0	0.1
Other	[2]	0	0	0
Balance at end of period		3.8	3.2	3
Allowance for Deferred Taxes
Movement in Valuation Allowances and Reserves
Balance at beginning of period		3.9	3.5	4.4
Additions charged to costs and expenses		3.5	1.3	(0.9)
Deductions	[1]	0.2	0.9	0
Other	[2]	0	0	0
Balance at end of period		$ 7.2	$ 3.9	$ 3.5
[1]	Charges for which allowances were created.
[2]	.