Franklin Electric (FELE) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - shares	3 Months Ended
	Apr. 02, 2016	May. 02, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	FRANKLIN ELECTRIC CO INC
Entity Central Index Key	38,725
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Apr. 2, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		46,165,309

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Income Statement
Net sales	$ 218,430	$ 225,728
Cost of sales	144,194	154,238
Gross profit	74,236	71,490
Selling, general, and administrative expenses	52,345	55,160
Restructuring expense	820	463
Operating income	21,071	15,867
Interest expense	(2,427)	(2,708)
Other income/(expense), net	(32)	3,019
Foreign exchange income/(expense)	(77)	416
Income before income taxes	18,535	16,594
Income tax (benefit)/expense	4,955	(3,382)
Net income	13,580	19,976
Less: Net income attributable to noncontrolling interests	(123)	(181)
Net income attributable to Franklin Electric Co., Inc.	$ 13,457	$ 19,795
Income per share:
Basic (in dollars per share)	$ 0.28	$ 0.41
Diluted (in dollars per share)	0.28	0.41
Dividends per common share	$ 0.0975	$ 0.0900

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Net income	$ 13,580	$ 19,976
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	13,025	(27,882)
Employee benefit plan activity	742	987
Other comprehensive income/(loss)	13,767	(26,895)
Income tax expense related to items of other comprehensive income/(loss)	(266)	(333)
Other comprehensive income/(loss), net of tax	13,501	(27,228)
Comprehensive income/(loss)	27,081	(7,252)
Less: Comprehensive income/(loss) attributable to noncontrolling interests	208	(170)
Comprehensive income/(loss) attributable to Franklin Electric Co., Inc.	$ 26,873	$ (7,082)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016
Current assets:
Cash and cash equivalents	$ 74,642	$ 81,561
Receivables, less allowances of $3,815 and $3,801, respectively	151,173	127,251
Inventories:
Raw material	87,817	82,223
Work-in-process	18,145	18,384
Finished goods	101,779	93,987
Total inventories	207,741	194,594
Other current assets	30,617	34,715
Total current assets	464,173	438,121
Property, plant, and equipment, at cost:
Land and buildings	117,483	117,753
Machinery and equipment	238,567	233,834
Furniture and fixtures	38,823	39,639
Other	27,829	19,845
Property, plant, and equipment, gross	422,702	411,071
Less: Allowance for depreciation	(227,946)	(221,032)
Property, plant, and equipment, net	194,756	190,039
Assets held for sale	3,782	1,613
Deferred income taxes	5,084	3,461
Intangible assets, net	141,490	141,357
Goodwill	201,580	199,847
Other assets	21,658	21,673
Total assets	1,032,523	996,111
Current liabilities:
Accounts payable	62,568	57,822
Accrued expenses and other current liabilities	46,594	52,109
Income taxes	2,628	1,794
Current maturities of long-term debt and short-term borrowings	45,337	32,946
Total current liabilities	157,127	144,671
Long-term debt	187,257	187,806
Deferred income taxes	36,025	33,404
Employee benefit plans	46,799	47,398
Other long-term liabilities	17,656	16,511
Commitments and contingencies (see Note 14)	0	0
Redeemable noncontrolling interest	7,329	6,856
Shareowners' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (46,166 and 46,219, respectively)	4,617	4,622
Additional capital	219,400	216,472
Retained earnings	502,512	498,214
Accumulated other comprehensive loss	(148,192)	(161,608)
Total shareowners' equity	578,337	557,700
Noncontrolling interest	1,993	1,765
Total equity	580,330	559,465
Total liabilities and equity	$ 1,032,523	$ 996,111

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Apr. 02, 2016	Jan. 02, 2016
Current assets:
Allowance for doubtful accounts (in dollars)	$ 3,815	$ 3,801
Shareowners' equity:
Common shares, authorized (in shares)	65,000	65,000
Common shares, par value (in dollars per share)	$ 0.10	$ 0.10
Common shares, outstanding (in shares)	46,166	46,219

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Cash flows from operating activities:
Net income	$ 13,580	$ 19,976
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	8,752	8,840
Share-based compensation	2,539	2,354
Deferred income taxes	270	(6,540)
Loss on disposals of plant and equipment and impairment of asset held for sale	1,415	46
Realized gain on share purchase liability	0	(2,723)
Foreign exchange expense/(income)	(77)	416
Excess tax from share-based payment arrangements	(53)	(515)
Changes in assets and liabilities, net of acquisitions:
Receivables	(20,609)	(17,901)
Inventory	(8,884)	(7,360)
Accounts payable and accrued expenses	(3,649)	(18,081)
Income taxes	1,633	292
Employee benefit plans	(488)	(9)
Other, net	4,980	221
Net cash flows from operating activities	(437)	(21,816)
Cash flows from investing activities:
Additions to property, plant, and equipment	(11,153)	(4,205)
Proceeds from sale of property, plant, and equipment	185	8
Cash paid for acquisitions, net of cash acquired	0	(3,616)
Net cash flows from investing activities	(10,968)	(7,813)
Cash flows from financing activities:
Proceeds from issuance of debt	31,606	77,918
Repayment of debt	(19,817)	(9,105)
Proceeds from issuance of common stock	411	883
Excess tax from share-based payment arrangements	53	515
Purchases of common stock	(4,175)	(2,288)
Dividends paid	(4,506)	(4,283)
Share purchase liability payment	0	(20,200)
Net cash flows from financing activities	3,572	43,440
Effect of exchange rate changes on cash	914	(3,359)
Net change in cash and equivalents	(6,919)	10,452
Cash and equivalents at beginning of period	81,561	59,141
Cash and equivalents at end of period	74,642	69,593
Cash paid for income taxes, net of refunds	2,542	3,210
Cash paid for interest	2,644	2,755
Additions to property, plant, and equipment, not yet paid	289	221
Bombas Leao S.A.
Cash flows from financing activities:
Payable to seller of Bombas Leao	$ 24	$ 267

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3 Months Ended
	Apr. 02, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying condensed consolidated balance sheet as of January 2, 2016 , which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of April 2, 2016 , and for the first quarters ended April 2, 2016 and April 4, 2015 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all accounting entries and adjustments (including normal, recurring adjustments) considered necessary for a fair presentation of the financial position and the results of operations for the interim period have been made. Operating results for the first quarter ended April 2, 2016 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2016 . For further information, including a description of the critical accounting policies of Franklin Electric Co., Inc. (the "Company"), refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended January 2, 2016 .

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Apr. 02, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
ACCOUNTING PRONOUCEMENTS	ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2015-03, 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 instead of a deferred asset. The standard does not change the amortization of debt issuance costs, which will continue to follow the existing accounting guidance. The Company adopted ASU 2015-03 during the first quarter ended April 2, 2016. The retrospective adoption of this ASU required a total of approximately $0.3 million of unamortized debt issuance costs as of year-end 2015 to be reclassified from "Other assets" and "Other current assets" to a direct deduction from "Long-term debt" in the Company's condensed consolidated balance sheet as of January 2, 2016. In addition, there were no impacts to the Company's results of operations, retained earnings, or cash flows in the current or previous interim and annual reporting periods. Accounting Standards Issued But Not Yet Adopted In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. This standard simplifies several aspects of the accounting for employee share-based payment transactions including the recognition of excess tax benefits and deficiencies, the classification of those excess tax benefits on the statement of cash flows, an accounting policy election for forfeitures, the amount an employer can withhold to cover income taxes and still qualify for equity classification, and the classification of those taxes paid on the statement of cash flows. This ASU is effective for annual and interim periods beginning after December 15, 2016 with early adoption permitted. The transition method is either prospective, retrospective or modified retrospective, depending on the area covered in this update. The Company is still in the process of analyzing the effects of this new standard to determine the impact on the Company's consolidated financial position, results of operations, cash flows, and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes existing guidance on accounting for leases found in Accounting Standards Codification ("ASC") Topic 840. This ASU requires lessees to present right-of-use assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. The guidance is to be applied using a modified retrospective approach at the beginning of the earliest comparative period in the financial statements and is effective for interim and annual periods beginning after December 15, 2018 with early adoption permitted. The Company is still in the process of analyzing the effect of this new standard to determine the impact on the Company's consolidated financial position, results of operations, cash flows, and 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 March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) . ASU 2016-08 clarifies the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. ASU 2016-10 clarifies the implementation guidance on identifying performance obligations. These ASU's are effective for interim and annual reporting periods beginning after December 15, 2017. Early adoption is permitted, but not before interim and annual reporting periods beginning after December 15, 2016. Entities have the option of using either a full retrospective or a modified retrospective approach to adopt these standards. The Company is still in the process of analyzing the effect of these new standards, including the transition method, to determine the impact on the Company's consolidated financial position, results of operations, cash flows, and related disclosures.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Apr. 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 April 2, 2016 and January 2, 2016 , the assets measured at fair value on a recurring basis were as set forth in the table below: (In millions) April 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 $ 3.8 $ 3.8 $ — $ — 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 $ — $ — The Company's Level 1 assets consist of cash equivalents which are generally comprised of foreign bank guaranteed certificates of deposit. Total debt, including current maturities, have carrying amounts of $232.5 million and $220.6 million and estimated fair values of $237 million and $225 million as of April 2, 2016 and January 2, 2016 , 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 following table summarizes information regarding the Company's non-financial assets measured at fair value on a nonrecurring basis: April 2, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Recognized Loss Asset held for sale $ 2.0 $ — $ — $ 2.0 $ 0.4 The Company's Level 3 asset consists of a held for sale facility. During the first quarter of 2016, the Company agreed upon the terms of a letter of intent to sell its Saco, Maine facility. As a result, the Company reduced the carrying amount of the held for sale asset to approximate the estimated sales price less costs to sell. As of April 2, 2016 and January 2, 2016 , the Company also had $1.8 million and $1.6 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	3 Months Ended
	Apr. 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 April 2, 2016 , the swap has a notional value based on 175,000 shares. For the first quarters ended April 2, 2016 and April 4, 2015 , the swap resulted in a gain of $0.8 million and a loss of $0.1 million , respectively. Gains and losses on the swap were primarily offset by gains and losses 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 condensed consolidated statements of income within the “Selling, general, and administrative expenses” line.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Apr. 02, 2016
Equity Method Investments and Joint Ventures [Abstract]
OTHER ASSETS	OTHER ASSETS The Company has equity interests in various companies for various strategic purposes. The investments are accounted for under the equity method and are included in “Other assets” on the Company’s condensed consolidated balance sheets. 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/(expense), net" line of the Company's condensed consolidated statements of income, were immaterial for the first quarters ended April 2, 2016 and April 4, 2015 .

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Apr. 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) April 2, 2016 January 2, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangibles: Patents $ 7.5 $ (6.3 ) $ 7.4 $ (6.2 ) Technology 7.5 (4.9 ) 7.5 (4.8 ) Customer relationships 134.5 (44.7 ) 132.6 (42.3 ) Software 2.5 (1.7 ) 2.5 (1.7 ) Other 0.3 (0.3 ) 1.0 (1.0 ) Total $ 152.3 $ (57.9 ) $ 151.0 $ (56.0 ) Unamortized intangibles: Trade names 47.1 — 46.4 — Total intangibles $ 199.4 $ (57.9 ) $ 197.4 $ (56.0 ) Amortization expense related to intangible assets for the first quarters ended April 2, 2016 and April 4, 2015 was $2.0 million and $2.2 million , respectively. Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2016 2017 2018 2019 2020 $ 8.6 $ 8.4 $ 8.4 $ 8.3 $ 8.2 The change in the carrying amount of goodwill by reporting segment for the first quarter ended April 2, 2016 , is as follows: (In millions) Water Systems Fueling Systems Consolidated Balance as of January 2, 2016 $ 136.8 $ 63.0 $ 199.8 Foreign currency translation 1.9 (0.1 ) 1.8 Balance as of April 2, 2016 $ 138.7 $ 62.9 $ 201.6

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Apr. 02, 2016
Compensation and Retirement Disclosure [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Plans - As of April 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's other postretirement benefit plan provides health and life insurance to domestic employees hired prior to 1992. The following table sets forth the aggregated net periodic benefit cost for all pension and postretirement plans for the first quarters ended April 2, 2016 and April 4, 2015 , respectively: (In millions) Pension Benefits Other Benefits First Quarter Ended First Quarter Ended April 2, 2016 April 4, 2015 April 2, 2016 April 4, 2015 Service cost $ 0.2 $ 0.3 $ — $ — Interest cost 1.5 1.8 0.1 0.1 Expected return on assets (2.3 ) (2.5 ) — — Amortization of prior service cost — — 0.1 0.1 Amortization of loss 0.6 0.8 — 0.1 Net periodic benefit cost $ — $ 0.4 $ 0.2 $ 0.3 Settlement cost 0.3 0.3 — — Total net periodic benefit cost $ 0.3 $ 0.7 $ 0.2 $ 0.3 In the first quarter ended April 2, 2016 , the Company made contributions of $0.6 million to the funded plans. The amount of contributions to be made to the plans during the calendar year 2016 will be finalized by September 15, 2016, based upon the plans' year-end valuation at January 2, 2016 , and the funding level required for the plans' year ended January 2, 2016 .

INCOME TAXES

INCOME TAXES	3 Months Ended
	Apr. 02, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate from continuing operations for the three month period ended April 2, 2016 was 26.7% as compared to negative 20.4% for the three month period ended April 4, 2015. The effective tax rate continues to be lower than the U.S. 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 U.S. tax incentives and 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. In addition during the three month period ended April 4, 2015, 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.

DEBT

DEBT	3 Months Ended
	Apr. 02, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: (In millions) April 2, 2016 January 2, 2016 Prudential Agreement - 5.79 percent $ 120.0 $ 120.0 Tax increment financing debt 22.3 22.8 New York Life 75.0 75.0 Revolver 11.5 — Capital leases 0.1 0.1 Foreign subsidiary debt 4.0 3.1 Less: unamortized debt issuance costs (0.3 ) (0.3 ) $ 232.6 $ 220.7 Less: current maturities (45.3 ) (32.9 ) Long-term debt $ 187.3 $ 187.8 During the first quarter ended April 2, 2016 , a portion of the revolver borrowing was used for seasonal working capital needs. Debt outstanding, excluding unamortized debt issuance costs, at April 2, 2016 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 232.8 $ 45.3 $ 31.1 $ 31.2 $ 31.3 $ 1.3 $ 92.6 Capital leases 0.1 — 0.1 — — — — $ 232.9 $ 45.3 $ 31.2 $ 31.2 $ 31.3 $ 1.3 $ 92.6

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Apr. 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: First Quarter Ended (In millions, except per share amounts) April 2, 2016 April 4, 2015 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 13.5 $ 19.8 Less: Undistributed earnings allocated to participating securities 0.1 0.2 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.5 0.1 $ 12.9 $ 19.5 Denominator: Basic Weighted average common shares 46.1 47.6 Diluted Effect of dilutive securities: Non-participating employee stock options and performance awards 0.3 0.5 Adjusted weighted average common shares 46.4 48.1 Basic earnings per share $ 0.28 $ 0.41 Diluted earnings per share $ 0.28 $ 0.41 Anti-dilutive stock options 0.6 0.2

EQUITY ROLL FORWARD

EQUITY ROLL FORWARD	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
EQUITY ROLL FORWARD	EQUITY ROLL FORWARD The schedule below sets forth equity changes in the first quarter ended April 2, 2016 : (In thousands) Common Stock Additional Paid in Capital Retained Earnings Minimum Pension Liability Cumulative Translation Adjustment Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of January 2, 2016 $ 4,622 $ 216,472 $ 498,214 $ (51,558 ) $ (110,050 ) $ 1,765 $ 559,465 $ 6,856 Net income 13,457 162 13,619 (39 ) Adjustment to Impo redemption value (493 ) (493 ) 493 Dividends on common stock (4,506 ) (4,506 ) Common stock issued 2 409 411 Common stock repurchased (15 ) (4,160 ) (4,175 ) Share-based compensation 8 2,531 2,539 Tax expense of stock options exercised (12 ) (12 ) Currency translation adjustment 12,940 66 13,006 19 Pension liability, net of tax 476 476 Balance as of April 2, 2016 $ 4,617 $ 219,400 $ 502,512 $ (51,082 ) $ (97,110 ) $ 1,993 $ 580,330 $ 7,329

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) Changes in accumulated other comprehensive income/(loss) by component for the first quarters ended April 2, 2016 and April 4, 2015 , are summarized below: (In millions) For the first quarter ended April 2, 2016: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments Total Balance as of January 2, 2016 $ (110.1 ) $ (51.5 ) $ (161.6 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) 13.1 — 13.1 Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes 13.1 — 13.1 Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 0.7 (1) 0.7 Income tax (expense)/benefit — (0.3 ) (0.3 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 0.4 0.4 Net current period other comprehensive income/(loss), net of income taxes 13.1 0.4 13.5 Less: Other comprehensive income/(loss) attributable to noncontrolling interests 0.1 — 0.1 Balance as of April 2, 2016 $ (97.1 ) $ (51.1 ) $ (148.2 ) For the first quarter ended April 4, 2015: Balance as of January 3, 2015 $ (51.8 ) $ (56.1 ) $ (107.9 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (27.8 ) — (27.8 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (27.8 ) — (27.8 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 1.0 (1) 1.0 Income tax (expense)/benefit — (0.4 ) (0.4 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 0.6 0.6 Net current period other comprehensive income/(loss), net of income taxes (27.8 ) 0.6 (27.2 ) Less: Other comprehensive income/(loss) attributable to noncontrolling interests (0.3 ) — (0.3 ) Balance as of April 4, 2015 $ (79.3 ) $ (55.5 ) $ (134.8 ) (1) This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 7 for additional details) and is included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income.

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
	Apr. 02, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Financial information by reportable business segment is included in the following summary: First Quarter Ended (In millions) April 2, 2016 April 4, 2015 Net sales to external customers Water Systems $ 168.8 $ 179.2 Fueling Systems 49.6 46.5 Other — — Consolidated $ 218.4 $ 225.7 First Quarter Ended April 2, 2016 April 4, 2015 Operating income/(loss) Water Systems $ 24.2 $ 19.4 Fueling Systems 10.2 9.6 Other (13.3 ) (13.1 ) Consolidated $ 21.1 $ 15.9 April 2, 2016 January 2, 2016 Total assets Water Systems $ 712.0 $ 677.6 Fueling Systems 249.4 248.5 Other 71.1 70.0 Consolidated $ 1,032.5 $ 996.1 Property, plant, and equipment is the major asset group in "Other" of total assets as of April 2, 2016 and January 2, 2016 .

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Apr. 02, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	The Company is defending various claims and legal actions 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 effect on the Company’s financial position, results of operations, and net cash flows. At April 2, 2016 , the Company had $18.8 million of commitments primarily for capital expenditures and purchase of raw materials to be used in production. The Company provides warranties on most of its products. The warranty terms vary but are generally 2 years from date of manufacture or 1 year from date of installation. In 2007, the Company began offering an extended warranty program to certain Water Systems customers which provides warranty coverage up to 5 years from 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. The Company actively studies trends of warranty claims and takes actions to improve product quality and minimize warranty claims. The Company believes that the warranty reserve is appropriate; however, actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. 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 condensed consolidated balance sheet for the first quarter ended April 2, 2016 , are as follows: (In millions) Balance as of January 2, 2016 $ 9.3 Accruals related to product warranties 1.2 Reductions for payments made (1.7 ) Balance as of April 2, 2016 $ 8.8

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Apr. 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 authorized 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. Stock Options: 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. The assumptions used for the Black-Scholes model to determine the fair value of options granted during the first quarters ended April 2, 2016 and April 4, 2015 are as follows: April 2, 2016 April 4, 2015 Risk-free interest rate 1.21 % 1.59 % Dividend yield 1.32 % 0.95 % Volatility factor 0.377 0.379 Expected term 5.5 years 5.5 years Forfeiture rate 3.77 % 3.67 % There were 265,270 and 184,706 stock options granted during the first quarters ended April 2, 2016 and April 4, 2015 , respectively. A summary of the Company’s outstanding stock option activity and related information for the first quarters ended April 2, 2016 and April 4, 2015 is as follows: (Shares in thousands) April 2, 2016 April 4, 2015 Stock Options Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,472 $ 23.26 1,397 $ 21.17 Granted 265 29.08 185 36.67 Exercised (21 ) 18.98 (46 ) 19.36 Outstanding at end of period 1,716 $ 24.22 1,536 $ 23.09 Expected to vest after applying forfeiture rate 1,680 $ 24.05 1,511 $ 22.86 Vested and exercisable at end of period 1,183 $ 20.54 1,124 $ 18.75 A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of April 2, 2016 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 5.82 years $ 15,402 Expected to vest after applying forfeiture rate 5.74 years $ 15,338 Vested and exercisable at end of period 4.39 years $ 14,348 The total intrinsic value of options exercised during the first quarters ended April 2, 2016 and April 4, 2015 was $0.2 million and $0.8 million , respectively. As of April 2, 2016 , there was $2.5 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 2.72 years . Stock/Stock Unit Awards: A summary of the Company’s restricted stock/stock unit award activity and related information for the first quarters ended April 2, 2016 and April 4, 2015 is as follows: (Shares in thousands) April 2, 2016 April 4, 2015 Stock/Stock Unit Awards Shares Weighted-Average Grant- Date Fair Value Weighted-Average Grant- Non-vested at beginning of period 510 $ 34.43 554 $ 32.72 Awarded 162 29.08 120 36.67 Vested (31 ) 34.32 (74 ) 25.01 Forfeited (11 ) 32.53 — — Non-vested at end of period 630 $ 33.10 600 $ 34.47 As of April 2, 2016 , there was $11.4 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 2.67 years .

RESTRUCTURING

RESTRUCTURING	3 Months Ended
	Apr. 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 first quarter ended April 2, 2016 , included in the “Restructuring expense” line of the Company's condensed consolidated statements of income, are as follows: First Quarter Ended April 2, 2016 (In millions) Water Systems Fueling Systems Other Consolidated Employee severance $ 0.1 $ — $ — $ 0.1 Equipment relocation — — — — Asset write-off — 0.4 — 0.4 Other 0.3 — — 0.3 Total $ 0.4 $ 0.4 $ — $ 0.8 Restructuring expenses for the first quarter ended April 4, 2015 were approximately $0.5 million and primarily for the Water Systems realignment. As of April 2, 2016 , there were $0.2 million of restructuring reserves. As of April 4, 2015 , there were $6.4 million of restructuring reserves. The restructuring reserves were primarily for severance.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Apr. 02, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of April 2, 2016 and January 2, 2016 , the assets measured at fair value on a recurring basis were as set forth in the table below: (In millions) April 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 $ 3.8 $ 3.8 $ — $ — 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 $ — $ —
Schedule of Fair Value, Assets Measured on a Nonrecurring Basis	The following table summarizes information regarding the Company's non-financial assets measured at fair value on a nonrecurring basis: April 2, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Recognized Loss Asset held for sale $ 2.0 $ — $ — $ 2.0 $ 0.4

GOODWILL AND OTHER INTANGIBLE24

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Apr. 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) April 2, 2016 January 2, 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangibles: Patents $ 7.5 $ (6.3 ) $ 7.4 $ (6.2 ) Technology 7.5 (4.9 ) 7.5 (4.8 ) Customer relationships 134.5 (44.7 ) 132.6 (42.3 ) Software 2.5 (1.7 ) 2.5 (1.7 ) Other 0.3 (0.3 ) 1.0 (1.0 ) Total $ 152.3 $ (57.9 ) $ 151.0 $ (56.0 ) Unamortized intangibles: Trade names 47.1 — 46.4 — Total intangibles $ 199.4 $ (57.9 ) $ 197.4 $ (56.0 )
Schedule of Amortization Expense	Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2016 2017 2018 2019 2020 $ 8.6 $ 8.4 $ 8.4 $ 8.3 $ 8.2
Schedule of Change in the Carrying Amount of Goodwill by Reporting Segment	The change in the carrying amount of goodwill by reporting segment for the first quarter ended April 2, 2016 , is as follows: (In millions) Water Systems Fueling Systems Consolidated Balance as of January 2, 2016 $ 136.8 $ 63.0 $ 199.8 Foreign currency translation 1.9 (0.1 ) 1.8 Balance as of April 2, 2016 $ 138.7 $ 62.9 $ 201.6

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Apr. 02, 2016
Compensation and Retirement Disclosure [Abstract]
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 and postretirement plans for the first quarters ended April 2, 2016 and April 4, 2015 , respectively: (In millions) Pension Benefits Other Benefits First Quarter Ended First Quarter Ended April 2, 2016 April 4, 2015 April 2, 2016 April 4, 2015 Service cost $ 0.2 $ 0.3 $ — $ — Interest cost 1.5 1.8 0.1 0.1 Expected return on assets (2.3 ) (2.5 ) — — Amortization of prior service cost — — 0.1 0.1 Amortization of loss 0.6 0.8 — 0.1 Net periodic benefit cost $ — $ 0.4 $ 0.2 $ 0.3 Settlement cost 0.3 0.3 — — Total net periodic benefit cost $ 0.3 $ 0.7 $ 0.2 $ 0.3

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Apr. 02, 2016
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) April 2, 2016 January 2, 2016 Prudential Agreement - 5.79 percent $ 120.0 $ 120.0 Tax increment financing debt 22.3 22.8 New York Life 75.0 75.0 Revolver 11.5 — Capital leases 0.1 0.1 Foreign subsidiary debt 4.0 3.1 Less: unamortized debt issuance costs (0.3 ) (0.3 ) $ 232.6 $ 220.7 Less: current maturities (45.3 ) (32.9 ) Long-term debt $ 187.3 $ 187.8
Schedule of Long-term Debt Payments	Debt outstanding, excluding unamortized debt issuance costs, at April 2, 2016 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 232.8 $ 45.3 $ 31.1 $ 31.2 $ 31.3 $ 1.3 $ 92.6 Capital leases 0.1 — 0.1 — — — — $ 232.9 $ 45.3 $ 31.2 $ 31.2 $ 31.3 $ 1.3 $ 92.6

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Apr. 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: First Quarter Ended (In millions, except per share amounts) April 2, 2016 April 4, 2015 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 13.5 $ 19.8 Less: Undistributed earnings allocated to participating securities 0.1 0.2 Less: Undistributed earnings allocated to redeemable noncontrolling interest 0.5 0.1 $ 12.9 $ 19.5 Denominator: Basic Weighted average common shares 46.1 47.6 Diluted Effect of dilutive securities: Non-participating employee stock options and performance awards 0.3 0.5 Adjusted weighted average common shares 46.4 48.1 Basic earnings per share $ 0.28 $ 0.41 Diluted earnings per share $ 0.28 $ 0.41 Anti-dilutive stock options 0.6 0.2

EQUITY ROLL FORWARD (Tables)

EQUITY ROLL FORWARD (Tables)	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
Schedule of Stockholders' Equity	The schedule below sets forth equity changes in the first quarter ended April 2, 2016 : (In thousands) Common Stock Additional Paid in Capital Retained Earnings Minimum Pension Liability Cumulative Translation Adjustment Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of January 2, 2016 $ 4,622 $ 216,472 $ 498,214 $ (51,558 ) $ (110,050 ) $ 1,765 $ 559,465 $ 6,856 Net income 13,457 162 13,619 (39 ) Adjustment to Impo redemption value (493 ) (493 ) 493 Dividends on common stock (4,506 ) (4,506 ) Common stock issued 2 409 411 Common stock repurchased (15 ) (4,160 ) (4,175 ) Share-based compensation 8 2,531 2,539 Tax expense of stock options exercised (12 ) (12 ) Currency translation adjustment 12,940 66 13,006 19 Pension liability, net of tax 476 476 Balance as of April 2, 2016 $ 4,617 $ 219,400 $ 502,512 $ (51,082 ) $ (97,110 ) $ 1,993 $ 580,330 $ 7,329

ACCUMULATED OTHER COMPREHENSI29

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Changes in accumulated other comprehensive income/(loss) by component for the first quarters ended April 2, 2016 and April 4, 2015 , are summarized below: (In millions) For the first quarter ended April 2, 2016: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments Total Balance as of January 2, 2016 $ (110.1 ) $ (51.5 ) $ (161.6 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) 13.1 — 13.1 Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes 13.1 — 13.1 Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 0.7 (1) 0.7 Income tax (expense)/benefit — (0.3 ) (0.3 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 0.4 0.4 Net current period other comprehensive income/(loss), net of income taxes 13.1 0.4 13.5 Less: Other comprehensive income/(loss) attributable to noncontrolling interests 0.1 — 0.1 Balance as of April 2, 2016 $ (97.1 ) $ (51.1 ) $ (148.2 ) For the first quarter ended April 4, 2015: Balance as of January 3, 2015 $ (51.8 ) $ (56.1 ) $ (107.9 ) Other comprehensive income/(loss) before reclassifications: Pre-tax income/(loss) (27.8 ) — (27.8 ) Income tax (expense)/benefit — — — Other comprehensive income/(loss) before reclassifications, net of income taxes (27.8 ) — (27.8 ) Amounts reclassified from accumulated other comprehensive income/(loss): Pre-tax income/(loss) — 1.0 (1) 1.0 Income tax (expense)/benefit — (0.4 ) (0.4 ) Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes — 0.6 0.6 Net current period other comprehensive income/(loss), net of income taxes (27.8 ) 0.6 (27.2 ) Less: Other comprehensive income/(loss) attributable to noncontrolling interests (0.3 ) — (0.3 ) Balance as of April 4, 2015 $ (79.3 ) $ (55.5 ) $ (134.8 ) (1) This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 7 for additional details) and is included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income.

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
	Apr. 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: First Quarter Ended (In millions) April 2, 2016 April 4, 2015 Net sales to external customers Water Systems $ 168.8 $ 179.2 Fueling Systems 49.6 46.5 Other — — Consolidated $ 218.4 $ 225.7 First Quarter Ended April 2, 2016 April 4, 2015 Operating income/(loss) Water Systems $ 24.2 $ 19.4 Fueling Systems 10.2 9.6 Other (13.3 ) (13.1 ) Consolidated $ 21.1 $ 15.9 April 2, 2016 January 2, 2016 Total assets Water Systems $ 712.0 $ 677.6 Fueling Systems 249.4 248.5 Other 71.1 70.0 Consolidated $ 1,032.5 $ 996.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Apr. 02, 2016
Commitments and Contingencies Disclosure [Abstract]
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 condensed consolidated balance sheet for the first quarter ended April 2, 2016 , are as follows: (In millions) Balance as of January 2, 2016 $ 9.3 Accruals related to product warranties 1.2 Reductions for payments made (1.7 ) Balance as of April 2, 2016 $ 8.8

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Apr. 02, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Authorized Number of Shares	The 2012 Stock Plan authorized 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 the first quarters ended April 2, 2016 and April 4, 2015 are as follows: April 2, 2016 April 4, 2015 Risk-free interest rate 1.21 % 1.59 % Dividend yield 1.32 % 0.95 % Volatility factor 0.377 0.379 Expected term 5.5 years 5.5 years Forfeiture rate 3.77 % 3.67 %
Schedule of Stock Option Plans Activity	A summary of the Company’s outstanding stock option activity and related information for the first quarters ended April 2, 2016 and April 4, 2015 is as follows: (Shares in thousands) April 2, 2016 April 4, 2015 Stock Options Shares Weighted-Average Exercise Price Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,472 $ 23.26 1,397 $ 21.17 Granted 265 29.08 185 36.67 Exercised (21 ) 18.98 (46 ) 19.36 Outstanding at end of period 1,716 $ 24.22 1,536 $ 23.09 Expected to vest after applying forfeiture rate 1,680 $ 24.05 1,511 $ 22.86 Vested and exercisable at end of period 1,183 $ 20.54 1,124 $ 18.75
Schedule of Stock Options, Contractual Term and Aggregate Intrinsic Value	A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of April 2, 2016 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 5.82 years $ 15,402 Expected to vest after applying forfeiture rate 5.74 years $ 15,338 Vested and exercisable at end of period 4.39 years $ 14,348
Schedule of Restricted Stock/Stock Unit Award Activity	A summary of the Company’s restricted stock/stock unit award activity and related information for the first quarters ended April 2, 2016 and April 4, 2015 is as follows: (Shares in thousands) April 2, 2016 April 4, 2015 Stock/Stock Unit Awards Shares Weighted-Average Grant- Date Fair Value Weighted-Average Grant- Non-vested at beginning of period 510 $ 34.43 554 $ 32.72 Awarded 162 29.08 120 36.67 Vested (31 ) 34.32 (74 ) 25.01 Forfeited (11 ) 32.53 — — Non-vested at end of period 630 $ 33.10 600 $ 34.47

RESTRUCTURING (Tables)

RESTRUCTURING (Tables)	3 Months Ended
	Apr. 02, 2016
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Cost Incurred, Included in Restructuring Expense	Costs incurred in the first quarter ended April 2, 2016 , included in the “Restructuring expense” line of the Company's condensed consolidated statements of income, are as follows: First Quarter Ended April 2, 2016 (In millions) Water Systems Fueling Systems Other Consolidated Employee severance $ 0.1 $ — $ — $ 0.1 Equipment relocation — — — — Asset write-off — 0.4 — 0.4 Other 0.3 — — 0.3 Total $ 0.4 $ 0.4 $ — $ 0.8

ACCOUNTING PRONOUNCEMENTS (Deta

ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) $ in Millions	Apr. 02, 2016	Jan. 02, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Unamortized debt issuance costs reclassified	$ 0.3	$ 0.3

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Jan. 02, 2016
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Assets held for sale recorded at carrying value	$ 3,782	$ 1,613
Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Estimated fair value of debt	237,000	225,000
Recurring Basis | Estimate of Fair Value Measurement
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	3,800	3,900
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	3,800	3,900
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
Debt
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Carrying value of debt	232,500	220,600
Saco Facility | Nonrecurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Asset held for sale	2,000
Impairment of long-lived assets to be disposed of	0
Saco Facility | Nonrecurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Asset held for sale	0
Saco Facility | Nonrecurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Asset held for sale	0
Saco Facility | Nonrecurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Asset held for sale	2,000
Brazil Facility
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Assets held for sale recorded at carrying value	$ 1,800	$ 1,600

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Share swap transaction agreement - Not Designated as Hedging Instrument $ in Millions	3 Months Ended
	Apr. 02, 2016USD ($)shares	Apr. 04, 2015USD ($)
Derivative
Derivative cancellable written notice term	30 days
Derivative notional amount (in shares) | shares	175,000
Selling, general, and administrative expenses
Derivative
Gain on derivative	$ 0.8
Loss on derivative		$ 0.1

GOODWILL AND OTHER INTANGIBLE37

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015	Jan. 02, 2016
Intangible Assets
Gross carrying amount, amortized intangibles	$ 152.3		$ 151
Accumulated amortization	(57.9)		(56)
Gross carrying amount, total intangibles	199.4		197.4
Amortization expense, intangible assets	2	$ 2.2
Future Amortization Expense
2,016	8.6
2,017	8.4
2,018	8.4
2,019	8.3
2,020	8.2
Patents
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.4
Accumulated amortization	(6.3)		(6.2)
Technology
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.5
Accumulated amortization	(4.9)		(4.8)
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	134.5		132.6
Accumulated amortization	(44.7)		(42.3)
Software
Intangible Assets
Gross carrying amount, amortized intangibles	2.5		2.5
Accumulated amortization	(1.7)		(1.7)
Other
Intangible Assets
Gross carrying amount, amortized intangibles	0.3		1
Accumulated amortization	(0.3)		(1)
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	$ 47.1		$ 46.4

GOODWILL AND OTHER INTANGIBLE38

GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands	3 Months Ended
	Apr. 02, 2016USD ($)
Change in the Carrying Amount of Goodwill by Reporting Segment
Goodwill, beginning balance	$ 199,847
Foreign currency translation	1,800
Goodwill, ending balance	201,580
Water Systems
Change in the Carrying Amount of Goodwill by Reporting Segment
Goodwill, beginning balance	136,800
Foreign currency translation	1,900
Goodwill, ending balance	138,700
Fueling Systems
Change in the Carrying Amount of Goodwill by Reporting Segment
Goodwill, beginning balance	63,000
Foreign currency translation	(100)
Goodwill, ending balance	$ 62,900

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Millions	3 Months Ended
	Apr. 02, 2016USD ($)Pension_Plans	Apr. 04, 2015USD ($)
Net Periodic Benefit Cost
Company contributions	$ 0.6
Pension Benefits
Net Periodic Benefit Cost
Service cost	0.2	$ 0.3
Interest cost	1.5	1.8
Expected return on assets	(2.3)	(2.5)
Amortization of prior service cost	0	0
Amortization of loss	0.6	0.8
Net periodic benefit cost	0	0.4
Settlement cost	0.3	0.3
Total net periodic benefit cost	$ 0.3	0.7
Domestic Pension Plans
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plans	2
German Pension Plans
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plans	3
Other Benefits
Net Periodic Benefit Cost
Service cost	$ 0	0
Interest cost	0.1	0.1
Expected return on assets	0	0
Amortization of prior service cost	0.1	0.1
Amortization of loss	0	0.1
Net periodic benefit cost	0.2	0.3
Settlement cost	0	0
Total net periodic benefit cost	$ 0.2	$ 0.3

INCOME TAXES Income Taxes (Deta

INCOME TAXES Income Taxes (Details)	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	26.70%	(20.40%)

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	Apr. 02, 2016	Jan. 02, 2016
Debt Instrument
Prudential Agreement - 5.79 percent	$ 120,000	$ 120,000
Tax increment financing debt	22,300	22,800
New York Life	75,000	75,000
Revolver	11,500	0
Capital leases	100	100
Foreign subsidiary debt	4,000	3,100
Less: unamortized debt issuance costs	(300)	(300)
Debt and capital lease obligations	232,600	220,700
Less: current maturities	(45,337)	(32,946)
Long-term debt	$ 187,257	$ 187,806
B-1 and B-2 Notes
Debt Instrument
Prudential interest rate	5.79%

DEBT (Debt Payments Expected to

DEBT (Debt Payments Expected to be Paid) (Details) $ in Millions	Apr. 02, 2016USD ($)
Debt Instrument
Debt and capital lease obligations	$ 232.9
Long-term Debt, by Maturity
Year 1	45.3
Year 2	31.2
Year 3	31.2
Year 4	31.3
Year 5	1.3
More than 5 years	92.6
Debt
Debt Instrument
Debt and capital lease obligations	232.8
Long-term Debt, by Maturity
Year 1	45.3
Year 2	31.1
Year 3	31.2
Year 4	31.3
Year 5	1.3
More than 5 years	92.6
Capital leases
Debt Instrument
Debt and capital lease obligations	0.1
Long-term Debt, by Maturity
Year 1	0
Year 2	0.1
Year 3	0
Year 4	0
Year 5	0
More than 5 years	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Numerator:
Net income attributable to Franklin Electric Co., Inc. (in dollars)	$ 13,457	$ 19,795
Less: Undistributed earnings allocated to participating securities (in dollars)	100	200
Less: Undistributed earnings allocated to redeemable noncontrolling interest (in dollars)	500	100
Net income attributable to Franklin Electric Co., Inc. excluding undistributed earnings (in dollars)	$ 12,900	$ 19,500
Basic
Weighted average common shares (in shares)	46.1	47.6
Effect of dilutive securities:
Non-participating employee stock options and performance awards (in shares)	0.3	0.5
Adjusted weighted average common shares (in shares)	46.4	48.1
Basic earnings per share (in dollars per share)	$ 0.28	$ 0.41
Diluted earnings per share (in dollars per share)	$ 0.28	$ 0.41
Stock Options
Effect of dilutive securities:
Anti-dilutive stock options (in shares)	0.6	0.2

EQUITY ROLL FORWARD (Details)

EQUITY ROLL FORWARD (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	$ 559,465
Net income	13,580	$ 19,976
Adjustment to Impo redemption value	500	$ 100
Equity, ending balance	580,330
Increase (Decrease) in Temporary Equity
Temporary equity, beginning balance	6,856
Net income	(39)
Adjustment to Impo redemption value	493
Currency translation adjustment	19
Temporary equity, ending balance	7,329
Common Stock
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	4,622
Common stock issued	2
Common stock repurchased	(15)
Share-based compensation	8
Equity, ending balance	4,617
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	216,472
Common stock issued	409
Share-based compensation	2,531
Tax expense of stock options exercised	(12)
Equity, ending balance	219,400
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	498,214
Net income	13,457
Adjustment to Impo redemption value	(493)
Dividends on common stock	(4,506)
Common stock repurchased	(4,160)
Equity, ending balance	502,512
Minimum Pension Liability
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(51,558)
Pension liability, net of tax	476
Equity, ending balance	(51,082)
Cumulative Translation Adjustment
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(110,050)
Currency translation adjustment	12,940
Equity, ending balance	(97,110)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	1,765
Net income	162
Currency translation adjustment	66
Equity, ending balance	1,993
Total Equity
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	559,465
Net income	13,619
Adjustment to Impo redemption value	(493)
Dividends on common stock	(4,506)
Common stock issued	411
Common stock repurchased	(4,175)
Share-based compensation	2,539
Tax expense of stock options exercised	(12)
Currency translation adjustment	13,006
Pension liability, net of tax	(476)
Equity, ending balance	$ 580,330

ACCUMULATED OTHER COMPREHENSI45

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands		3 Months Ended
		Apr. 02, 2016	Apr. 04, 2015
Accumulated Other Comprehensive Income/(Loss)
Beginning balance		$ (161,608)	$ (107,900)
Pre-tax income/(loss)		13,100	(27,800)
Income tax (expense)/benefit		0	0
Other comprehensive income/(loss) before reclassifications, net of income taxes		13,100	(27,800)
Pre-tax income/(loss)		700	1,000
Income tax (expense)/benefit		(300)	(400)
Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes		400	600
Net current period other comprehensive income/(loss), net of income taxes		13,501	(27,228)
Less: Other comprehensive income/(loss) attributable to noncontrolling interests		100	(300)
Ending balance		(148,192)	(134,800)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income/(Loss)
Beginning balance		(110,100)	(51,800)
Pre-tax income/(loss)		13,100	(27,800)
Income tax (expense)/benefit		0	0
Other comprehensive income/(loss) before reclassifications, net of income taxes		13,100	(27,800)
Pre-tax income/(loss)		0	0
Income tax (expense)/benefit		0	0
Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes		0	0
Net current period other comprehensive income/(loss), net of income taxes		13,100	(27,800)
Less: Other comprehensive income/(loss) attributable to noncontrolling interests		100	(300)
Ending balance		(97,100)	(79,300)
Pension and Postretirement Plan Benefit Adjustments
Accumulated Other Comprehensive Income/(Loss)
Beginning balance		(51,500)	(56,100)
Pre-tax income/(loss)		0	0
Income tax (expense)/benefit		0	0
Other comprehensive income/(loss) before reclassifications, net of income taxes		0	0
Pre-tax income/(loss)	[1]	700	1,000
Income tax (expense)/benefit		(300)	(400)
Amounts reclassified from accumulated other comprehensive income/(loss), net of income taxes		400	600
Net current period other comprehensive income/(loss), net of income taxes		400	600
Less: Other comprehensive income/(loss) attributable to noncontrolling interests		0	0
Ending balance		$ (51,100)	$ (55,500)
[1]	This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 7 for additional details) and is included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income.

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015	Jan. 02, 2016
Segment Reporting Information
Net sales to external customers	$ 218,430	$ 225,728
Operating income/(loss)	21,071	15,867
Total assets	1,032,523		$ 996,111
Water Systems
Segment Reporting Information
Net sales to external customers	168,800	179,200
Operating income/(loss)	24,200	19,400
Total assets	712,000		677,600
Fueling Systems
Segment Reporting Information
Net sales to external customers	49,600	46,500
Operating income/(loss)	10,200	9,600
Total assets	249,400		248,500
Other
Segment Reporting Information
Net sales to external customers	0	0
Operating income/(loss)	(13,300)	$ (13,100)
Total assets	$ 71,100		$ 70,000

COMMITMENTS AND CONTINGENCIES47

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended
	Apr. 02, 2016USD ($)
Commitments
Purchase obligations	$ 18.8
Product Warranties Disclosures
Standard warranty obligation term (in years)	2 years
Standard installation warranty obligation term (in years)	1 year
Extended warranty obligation term (in years)	5 years
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance	$ 9.3
Accruals related to product warranties	1.2
Reductions for payments made	(1.7)
Ending balance	$ 8.8

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015	May. 04, 2012	Apr. 24, 2009
Fair Value Assumptions
Risk-free interest rate (as a percent)	1.21%	1.59%
Dividend yield (as a percent)	1.32%	0.95%
Volatility factor (as a percent)	37.70%	37.90%
Expected term (in years)	5 years 6 months	5 years 5 months 26 days
Forfeiture rate (as a percent)	3.77%	3.67%
Stock Option Plans Activity and Related Information
Outstanding beginning of period, shares	1,472,000	1,397,000
Outstanding beginning of period, weighted-average exercise price (in dollars per share)	$ 23.26	$ 21.17
Granted, shares	265,270	184,706
Granted, weighted-average exercise price (in dollars per share)	$ 29.08	$ 36.67
Exercised, shares	(21,000)	(46,000)
Exercised, weighted-average exercise price (in dollars per share)	$ 18.98	$ 19.36
Outstanding end of period, shares	1,716,000	1,536,000
Outstanding end of period, weighted-average exercise price (in dollars per share)	$ 24.22	$ 23.09
Expected to vest after applying forfeiture rate, shares	1,680,000	1,511,000
Expected to vest after applying forfeiture rate, weighted-average exercise price (in dollars per share)	$ 24.05	$ 22.86
Vested and exercisable end of period, shares	1,183,000	1,124,000
Vested and exercisable end of period, weighted-average exercise price (in dollars per share)	$ 20.54	$ 18.75
Summary of Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding end of period, weighted-average remaining contractual term (in years)	5 years 9 months 25 days
Outstanding end of period, aggregate intrinsic value (in dollars)	$ 15,402
Expected to vest after applying forfeiture rate, weighted-average remaining contractual term (in years)	5 years 8 months 26 days
Expected to vest after applying forfeiture rate, aggregate intrinsic value (in dollars)	$ 15,338
Vested and exercisable end of period, weighted-average remaining contractual term (in years)	4 years 4 months 20 days
Vested and exercisable end of period, aggregate intrinsic value (in dollars)	$ 14,348
Intrinsic value of options exercised (in dollars)	$ 200	$ 800
Stock/Stock Unit Award Activity and Related Information
Non-vested at beginning of period, shares	510,000	554,000
Non-vested at beginning of period, weighted-average grant date fair value (in dollars per share)	$ 34.43	$ 32.72
Awarded, shares	162,000	120,000
Awarded, weighted-average grant date fair value (in dollars per share)	$ 29.08	$ 36.67
Vested, shares	(31,000)	(74,000)
Vested, weighted-average grant date fair value (in dollars per share)	$ 34.32	$ 25.01
Forfeited, shares	(11,000)	0
Forfeited, weighted-average grant date fair value (in dollars per share)	$ 32.53	$ 0
Non-vested at end of period, shares	630,000	600,000
Non-vested at the end of period, weighted-average grant date fair value (in dollars per share)	$ 33.10	$ 34.47
Options
Share-based Compensation
Total unrecognized compensation cost related to nonvested share-based compensation (in dollars)	$ 2,500
Total unrecognized compensation cost, recognized over a weighted-average period (in years)	2 years 8 months 19 days
Employee Stock/Stock Unit Award
Share-based Compensation
Total unrecognized compensation cost related to nonvested share-based compensation (in dollars)	$ 11,400
Total unrecognized compensation cost, recognized over a weighted-average period (in years)	2 years 8 months 1 day
2012 Stock Plan
Share-based Compensation
Authorized shares			2,400,000
2012 Stock Plan | Options
Share-based Compensation
Authorized shares			1,680,000
2012 Stock Plan | Employee Stock/Stock Unit Award
Share-based Compensation
Authorized shares			720,000
2009 Stock Plan
Share-based Compensation
Authorized shares				4,400,000
2009 Stock Plan | Options
Share-based Compensation
Authorized shares				3,200,000
2009 Stock Plan | Awards
Share-based Compensation
Authorized shares				1,200,000

RESTRUCTURING (Details)

RESTRUCTURING (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015	Jul. 01, 2014
Restructuring Cost and Reserve
Restructuring expense	$ 820	$ 463
Restructuring reserves	200	$ 6,400
Employee Severance
Restructuring Cost and Reserve
Restructuring expense	100
Equipment Relocation
Restructuring Cost and Reserve
Restructuring expense	0
Asset write-off
Restructuring Cost and Reserve
Restructuring expense	400
Other
Restructuring Cost and Reserve
Restructuring expense	300
Water Systems
Restructuring Cost and Reserve
Restructuring expense	400
Water Systems | Employee Severance
Restructuring Cost and Reserve
Restructuring expense	100
Water Systems | Equipment Relocation
Restructuring Cost and Reserve
Restructuring expense	0
Water Systems | Asset write-off
Restructuring Cost and Reserve
Restructuring expense	0
Water Systems | Other
Restructuring Cost and Reserve
Restructuring expense	300
Fueling Systems
Restructuring Cost and Reserve
Restructuring expense	400
Fueling Systems | Employee Severance
Restructuring Cost and Reserve
Restructuring expense	0
Fueling Systems | Equipment Relocation
Restructuring Cost and Reserve
Restructuring expense	0
Fueling Systems | Asset write-off
Restructuring Cost and Reserve
Restructuring expense	400
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 | Other
Restructuring Cost and Reserve
Restructuring expense	$ 0
Wittlich Facility Closure
Restructuring Cost and Reserve
Restructuring and related cost, expected cost			$ 19,400