Franklin Electric (FELE) 10-Q 30 Jul 19 2019 Q2 Quarterly report Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION - $ / shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	0-362
Entity Registrant Name	FRANKLIN ELECTRIC CO INC
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0827455
Entity Address, Address Line One	9255 Coverdale Road
Entity Address, City or Town	Fort Wayne,
Entity Address, State or Province	IN
Entity Address, Postal Zip Code	46809
City Area Code	260
Local Phone Number	824-2900
Entity Information, Former Legal or Registered Name	Not Applicable
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	FELE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000038725
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Listing, Par Value Per Share	$ 0.10
Entity Common Stock, Shares Outstanding		46,337,645

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Net sales	$ 355,340	$ 343,970	$ 646,055	$ 639,600
Cost of sales	235,622	227,894	436,831	424,542
Gross profit	119,718	116,076	209,224	215,058
Selling, general, and administrative expenses	75,782	74,965	152,081	151,240
Restructuring expense	245	637	1,331	644
Operating income	43,691	40,474	55,812	63,174
Interest (expense)	(2,295)	(2,606)	(4,637)	(5,034)
Other income/(expense), net	(292)	45	(53)	(159)
Foreign exchange income/(expense)	(505)	(999)	84	(1,550)
Income before income taxes	40,599	36,914	51,206	56,431
Income tax expense	7,787	6,875	9,267	5,177
Net income	32,812	30,039	41,939	51,254
Less: Net (income)/loss attributable to noncontrolling interests	(67)	458	(138)	417
Net income attributable to Franklin Electric Co., Inc.	$ 32,745	$ 30,497	$ 41,801	$ 51,671
Income per share:
Basic earnings per share (in dollars per share)	$ 0.70	$ 0.65	$ 0.89	$ 1.10
Diluted earnings per share (in dollars per share)	$ 0.70	$ 0.64	$ 0.89	$ 1.09

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 32,812	$ 30,039	$ 41,939	$ 51,254
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	1,362	(32,736)	(1,448)	(25,741)
Employee benefit plan activity	649	774	1,299	1,552
Other comprehensive income/(loss)	2,011	(31,962)	(149)	(24,189)
Income tax expense related to items of other comprehensive income/(loss)	(141)	(176)	(282)	(353)
Other comprehensive income/(loss), net of tax	1,870	(32,138)	(431)	(24,542)
Comprehensive income/(loss)	34,682	(2,099)	41,508	26,712
Less: Comprehensive income/(loss) attributable to noncontrolling interests	126	(469)	158	(376)
Comprehensive income/(loss) attributable to Franklin Electric Co., Inc.	$ 34,556	$ (1,630)	$ 41,350	$ 27,088

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 40,991	$ 59,173
Receivables, less allowances of $4,441 and $4,394, respectively	220,815	172,899
Inventories:
Raw material	118,091	98,858
Work-in-process	22,174	18,649
Finished goods	212,118	196,542
Total inventories	352,383	314,049
Other current assets	34,937	33,758
Total current assets	649,126	579,879
Property, plant, and equipment, at cost:
Land and buildings	142,349	144,299
Machinery and equipment	271,379	269,484
Furniture and fixtures	42,834	49,426
Other	26,687	22,795
Property, plant, and equipment, gross	483,249	486,004
Less: Allowance for depreciation	(281,149)	(278,940)
Property, plant, and equipment, net	202,100	207,064
Right-of-Use Asset, net	25,708	0
Deferred income taxes	9,177	8,694
Intangible assets, net	130,724	135,052
Goodwill	250,168	248,748
Other assets	2,660	2,928
Total assets	1,269,663	1,182,365
Current liabilities:
Accounts payable	99,654	76,652
Accrued expenses and other current liabilities	61,651	64,811
Current lease liability	8,605	0
Income taxes	2,109	2,419
Current maturities of long-term debt and short-term borrowings	129,337	111,975
Total current liabilities	301,356	255,857
Long-term debt	93,707	94,379
Long-term lease liability	17,105	0
Income taxes payable non-current	10,881	10,881
Deferred income taxes	29,815	28,949
Employee benefit plans	36,523	38,020
Other long-term liabilities	19,584	17,934
Commitments and contingencies (see Note 14)	0	0
Redeemable noncontrolling interest	(210)	518
Shareholders' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (46,323 and 46,326, respectively)	4,632	4,632
Additional capital	264,533	257,535
Retained earnings	673,493	654,724
Accumulated other comprehensive loss	(183,470)	(183,019)
Total shareholders' equity	759,188	733,872
Noncontrolling interest	1,714	1,955
Total equity	760,902	735,827
Total liabilities and equity	$ 1,269,663	$ 1,182,365

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Receivables, less allowances of $4,441 and $4,394, respectively	$ 4,441	$ 4,394
Shareholders' 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 (in shares)	46,323,000	46,326,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 41,939	$ 51,254
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	18,350	19,595
Non-cash lease expense	5,199	0
Share-based compensation	5,524	4,769
Deferred income taxes	501	(4,760)
Loss on disposals of plant and equipment	594	127
Foreign exchange (income)/expense	(84)	1,550
Changes in assets and liabilities, net of acquisitions:
Receivables	(46,371)	(40,812)
Inventory	(35,318)	(20,614)
Accounts payable and accrued expenses	18,637	(1,072)
Operating Leases	(5,195)	0
Income taxes	535	(703)
Income taxes-U.S. Tax Cuts and Jobs Act	0	(4,600)
Employee benefit plans	(50)	(1,718)
Other, net	(116)	2,153
Net cash flows from operating activities	4,145	5,169
Cash flows from investing activities:
Additions to property, plant, and equipment	(10,444)	(11,446)
Proceeds from sale of property, plant, and equipment	866	306
Cash paid for acquisitions, net of cash acquired	(6,728)	(8,428)
Other, net	8	199
Net cash flows from investing activities	(16,298)	(19,369)
Cash flows from financing activities:
Proceeds from issuance of debt	129,985	110,054
Repayment of debt	(113,171)	(72,721)
Proceeds from issuance of common stock	1,495	1,795
Purchases of common stock	(9,543)	(10,953)
Dividends paid	(13,510)	(10,658)
Purchase of redeemable noncontrolling shares	(485)	0
Net cash flows from financing activities	(5,229)	17,517
Effect of exchange rate changes on cash	(800)	(506)
Net change in cash and equivalents	(18,182)	2,811
Cash and equivalents at beginning of period	59,173	67,233
Cash and equivalents at end of period	40,991	70,044
Cash paid for income taxes, net of refunds	8,578	15,829
Cash paid for interest	4,731	5,354
Non-cash items:
Additions to property, plant, and equipment, not yet paid	307	0
Right-of-Use Assets obtained in exchange for new operating lease liabilities	1,772	0
NonCashDividendsNCI	642	0
Valley Farms Supply, Inc
Noncash or Part Noncash Acquisitions [Line Items]
Noncash or Part Noncash Acquisition, Payables Assumed	$ 0	$ 450

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying condensed consolidated balance sheet as of December 31, 2018 , which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of June 30, 2019 , and for the second quarters and six months ended June 30, 2019 and June 30, 2018 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 periods have been made. Operating results for the second quarter and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2019 . 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 December 31, 2018 .

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU was issued following the enactment of the U.S. Tax Cuts and Jobs Act of 2017 ("Tax Act") and permits entities to elect a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and may be applied either at the beginning of the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company adopted the standard effective January 1, 2019 and did not reclassify tax effects stranded in accumulated other comprehensive loss. As such, there is no impact on the Company’s consolidated financial position, results of operations, and cash flows as a result of the adoption of the ASU. 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 (“ROU”) assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements . ASU 2018-10 clarifies certain aspects of Topic 842, including the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. ASU 2018-11 allows entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Additionally, ASU 2018-11 allows lessors to not separate non-lease components from the associated lease component if certain conditions are met. The guidance is to be applied using either the transition method prescribed in ASU 2018-11 or a modified retrospective approach at the beginning of the earliest comparative period in the financial statements. The Company adopted the standard effective January 1, 2019 utilizing the optional transition method prescribed in ASU 2018-11. The Company utilized the transition practical expedients, per ASC 842-10-65-11, that are permitted with the new standard when elected as a package. The Company will also utilize other available practical expedients, including the election not to separate non-lease components and the election to use hindsight when determining the lease terms. Finally, the Company has made an accounting policy election to not present leases with an initial term of 12 months or less (short-term leases) on the balance sheet. The Company has recorded on the Balance Sheet ROU assets and lease liabilities. The initial ROU asset at the implementation of the standard was approximately $26.3 million with a corresponding lease liability of the same amount. The Company segregated the lease liabilities between short term and long term based on the related contractual maturities. The Company has recognized the cash paid for lease liabilities in the Statement of Cash Flows. The Company did not have an adjustment to retained earnings as a result of the adoption of this standard. Additional disclosures regarding the Company’s leases can be found in Footnote 14 - Commitments and Contingencies. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) as modified by subsequently issued ASUs 2015-14, 2016-08, 2016-10, 2016-12 and 2016-20 (collectively ASU 2014-09). Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“Topic 605”), and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. The Company made the accounting policy election allowed by ASC 606-10-32-2A to continue to present sales tax on a net basis, consistent with current guidance in ASC 605-45-15-2(e). The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted ASU 2014-09 during the first quarter ended March 31, 2018 utilizing the modified retrospective approach. The adoption of this ASU did not have a material impact to the Company’s condensed consolidated financial position, results of operations, or cash flow; however, the adoption of this ASU requires the Company to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company completed its assessment of the additional disclosure requirements with the following results: Disaggregation of Revenue The adoption of this ASU requires the Company to disaggregate revenue into categories to depict how the nature, timing, and uncertainty of revenue and cash flows are affected by economic factors. As evidenced in Footnote 13 Segment and Geographic Information, the Company’s business consists of the Water, Fueling, Distribution, and Other segments. The Other segment includes unallocated corporate expenses and intersegment eliminations. A reconciliation of disaggregated revenue to segment revenue as well as Water Segment revenue by geographical regions is provided in Footnote 13, consistent with how the Company evaluates financial performance. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC Topic 606. The Company typically sells its products to customers by purchase order, and does not have any additional performance obligations included in contracts to customers other than the shipment of products. 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. The Company typically ships products FOB shipping at which point control of the products passes to the customers. Any shipping and handling fees prior to shipment are considered activities required to fulfill the Company’s promise to transfer goods, and do not qualify as a separate performance obligation. Shipping and handling costs are recorded as a component of cost of sales. Additionally, the Company offers assurance-type warranties (vs. service warranties) which do not qualify as a separate performance obligation. Therefore, the Company allocates the transaction price based on a single performance obligation. The Company offers normal and customary trade terms to its customers, no significant part of which is of an extended nature. The Company considers the performance obligation satisfied and recognizes revenue at a point in time, the time of shipment. The Company does not generally allow for refunds or returns to customers and does not have outstanding performance obligations for contracts with original durations of greater than one year at the end of the reporting period. Contract Costs The Company does not have outstanding contracts with an original term greater than one year; therefore, the Company expenses costs to obtain a contract as incurred. Accounting Standards Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments remove disclosures that no longer are considered cost beneficial, including the estimated amounts in accumulated other comprehensive income expected to be recognized as components of net periodic expense over the next fiscal year. The amendments clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant, including the reasons for significant gains and losses related to change in the benefit obligation for the period. The ASU should be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2020. The Company is still determining the date of adoption for this ASU but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In August 2018, the FASB issued ASU 2018-15, Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include internal-use software license). The ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption and is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted. The Company is still determining the date of adoption for this ASU but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 removes step two from the goodwill impairment test and instead requires an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit's fair value. The ASU is effective on a prospective basis for interim and annual periods beginning after December 15, 2019 with early adoption permitted. The Company is still determining the date of adoption for this ASU but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2019
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONS During the second quarter ended June 30, 2019, the Company acquired the remaining interest in Pluga Pumps and Motors Private Limited, India, increasing the Company's ownership to 100 percent . The redemption of this interest was immaterial. During the first quarter ended March 31, 2019, the Company acquired 100 percent of the ownership interests of Mt. Pleasant, Michigan-based Milan Supply Company ("Milan Supply"), for a purchase price of approximately $6.1 million after working capital adjustments. Milan Supply is a professional groundwater distributor operating six locations in the State of Michigan. Milan Supply is part of the Company’s Distribution Segment, which is a collection of professional groundwater equipment distributors. The Company has not presented separate results of operations since closing or combined pro forma financial information of the Company and the acquired interest since the beginning of 2019, as the results of operations for this acquisition is immaterial. The fair value of the assets acquired and the liabilities assumed are preliminary as of June 30, 2019. During the third quarter ended September 30, 2018, the Company acquired, in separate transactions, substantially all of the assets of Stationary Power Division ("SPD") of Midtronics, Inc., and 100 percent of the ownership interest in Industrias Rotor Pump S.A. ("Industrias Rotor Pump") for a combined purchase price of approximately $37 million . The acquisitions were not material individually or in the aggregate. The fair value of the assets acquired and the liabilities assumed are preliminary as of June 30, 2019. Transaction costs were expensed as incurred under the guidance of FASB Accounting Standards Codification Topic 805, Business Combinations . There were $ 0.1 million and $0.1 million of transaction costs included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income for the second quarter and six months ended June 30, 2019 respectively. There were $0.1 million and $0.2 million of transaction costs incurred in the second quarter and six months ended June 30, 2018, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2019
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 June 30, 2019 and December 31, 2018 , the assets measured at fair value on a recurring basis were as set forth in the table below: (In millions) June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 1.9 $ 1.9 $ — $ — December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 2.5 $ 2.5 $ — $ — 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. Total debt, including current maturities, have carrying amounts of $222.9 million and $206.3 million and estimated fair values of $228 million and $205 million as of June 30, 2019 and December 31, 2018

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
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. The Company has entered into share swap transaction agreements (the "swap") to mitigate the Company’s exposure to the fluctuations in the Company's stock price. The swap has not been designated as a hedge for accounting purposes and is cancellable with 30 days' written notice by either party. As of June 30, 2019 , the swap had a notional value based on 255,000 shares. For the second quarter and six months ended June 30, 2019 , the swap resulted in a loss of $0.9 million and a gain of $1.0 million , respectively. For the second quarter and six months ended June 30, 2018 , the swap resulted in a gain of 0.8 million and a loss of 0.3 million

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2019
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) June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.5 $ (7.0 ) $ 7.5 $ (6.9 ) Technology 7.5 (6.6 ) 7.5 (6.4 ) Customer relationships 151.0 (67.6 ) 151.0 (63.8 ) Other 2.8 (2.7 ) 2.8 (2.5 ) Total $ 168.8 $ (83.9 ) $ 168.8 $ (79.6 ) Unamortizing intangibles: Trade names 45.8 — 45.9 — Total intangibles $ 214.6 $ (83.9 ) $ 214.7 $ (79.6 ) Amortization expense related to intangible assets for the second quarters ended June 30, 2019 and June 30, 2018 was $2.3 million and $2.2 million , and for the six months ended June 30, 2019 and June 30, 2018 , $ 4.6 million and $ 4.3 million respectively. Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2019 2020 2021 2022 2023 $ 9.2 $ 9.1 $ 8.7 $ 8.5 $ 8.4 The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2019 , is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2018 $ 145.5 $ 67.5 $ 35.7 $ 248.7 Acquisitions — — 1.7 1.7 Foreign currency translation (0.3 ) 0.1 — (0.2 ) Balance as of June 30, 2019 $ 145.2 $ 67.6 $ 37.4 $ 250.2

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Plans - As of June 30, 2019 , the Company maintained two domestic pension plans and three German pension plans. The Company used a December 31, 2018 measurement date for these plans. One of the Company's domestic pension plans covers one active management employee, while the other domestic plan covers all eligible employees (plan was frozen as of December 31, 2011). The two domestic and three German plans collectively comprise the 'Pension Benefits' disclosure caption. Other Benefits - The Company's other post-retirement 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 plans for the second quarters and six months ended June 30, 2019 and June 30, 2018 : (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Service cost $ 0.2 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.5 1.4 3.0 2.7 Expected return on assets (2.0 ) (2.2 ) (4.0 ) (4.3 ) Amortization of: Prior service cost — — — — Actuarial loss 0.7 0.8 1.3 1.5 Settlement cost — — — — Net periodic benefit cost $ 0.4 $ 0.2 $ 0.7 $ 0.3 In the six months ended June 30, 2019 , the Company made contributions of $0.0 million to the funded plans. The amount of contributions to be made to the plans during the calendar year 2019 will be finalized by September 15, 2019, based upon the funding level requirements identified and year-end valuation performed at December 31, 2018 . The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the second quarters and six months ended June 30, 2019 and June 30, 2018 : (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Service cost $ — $ — $ — $ — Interest cost 0.1 0.1 0.2 0.2 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — — 0.1 Settlement cost — — — — Net periodic benefit cost $ 0.1 $ 0.1 $ 0.2 $ 0.3

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate from continuing operations for the six month period ended June 30, 2019 was 18.1 percent as compared to 9.2 percent for the six month period ended June 30, 2018 . The effective tax rate is lower than the U.S. statutory rate of 21 percent primarily due to foreign earnings taxed at rates below the U.S. statutory rate, the recognition of the foreign-derived intangible income (FDII) provisions, and certain discrete events including excess tax benefits from share-based compensation. For the second quarter of 2019 the effective tax rate was 19.2 percent as compared to 18.6 percent for the second quarter of 2018. The increase in the effective tax rate for the six months ended June 30, 2019 , compared with the same period in 2018, was primarily a result of the release of a valuation allowance of $5.4 million

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: (In millions) June 30, 2019 December 31, 2018 Prudential Agreement $ — $ 30.0 Tax increment financing debt 19.3 19.8 New York Life Agreement 75.0 75.0 Credit Agreement 123.3 76.3 Financing Leases 0.1 0.1 Foreign subsidiary debt 5.5 5.4 Less: unamortized debt issuance costs (0.2 ) (0.2 ) $ 223.0 $ 206.4 Less: current maturities (129.3 ) (112.0 ) Long-term debt $ 93.7 $ 94.4 Debt outstanding, excluding unamortized debt issuance costs, at June 30, 2019 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 223.1 $ 129.3 $ 1.2 $ 1.3 $ 1.3 $ 1.3 $ 88.7 Financing Leases 0.1 — 0.1 — — — — $ 223.2 $ 129.3 $ 1.3 $ 1.3 $ 1.3 $ 1.3 $ 88.7 Prudential Agreement The Company maintains the Third Amended and Restated Note Purchase and Private Shelf Agreement (the "Prudential Agreement") with an initial borrowing capacity of $250.0 million . The Company paid the remaining principal balance of the previously issued notes during the second quarter of 2019. As of June 30, 2019 , the Company has $150.0 million borrowing capacity available under the Prudential Agreement. There is no additional borrowing capacity resulting from principal payments made by the Company. Project Bonds The Company, Allen County, Indiana and certain institutional investors maintain 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 . 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. New York Life Agreement The Company maintains an uncommitted and unsecured private shelf agreement with NYL Investors LLC, an affiliate of New York Life, and each of the undersigned holders of Notes (the "New York Life Agreement"), with a maximum aggregate borrowing capacity of $200.0 million . On September 26, 2018, the Company issued and sold $75.0 million of fixed rate senior notes due September 26, 2025. These senior notes bear an interest rate of 4.04 percent with interest-only payments due semi-annually. The proceeds from the issuance of the notes were used to pay off existing variable interest rate indebtedness. As of June 30, 2019 , there was $125.0 million remaining borrowing capacity under the New York Life Agreement. Credit Agreement The Company maintains the Third Amended and Restated Credit Agreement (the "Credit Agreement”). The Credit Agreement has a maturity date of October 28, 2021 and commitment amount of $300.0 million . The Credit Agreement provides that the Borrowers may request an increase in the aggregate commitments by up to $150.0 million (not to exceed a total commitment of $450.0 million ). Under the Credit Agreement, the Borrowers are required to pay certain fees, including a facility fee of 0.100% to 0.275% (depending on the Company's leverage ratio) of the aggregate commitment, which fee is payable quarterly in arrears. Loans may be made either at (i) a Eurocurrency rate based on LIBOR plus an applicable margin of 0.75% to 1.60% (depending on the Company's leverage ratio) or (ii) an alternative base rate as defined in the Credit Agreement. As of June 30, 2019 , the Company had $123.3 million in outstanding borrowings which were primarily used for working capital needs and the payment of existing indebtedness, $5.0 million in letters of credit outstanding, and $171.7 million of available capacity under the Credit Agreement. Covenants The Company’s credit agreements contain customary financial covenants. The Company’s most significant agreements and restrictive covenants are in the New York Life Agreement, the Project Bonds, the Prudential Agreement, and the Credit Agreement; each containing both 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 1.00 to 3.50 and a minimum interest coverage ratio of 1.00 to 3.00 . Cross default is applicable with the Prudential Agreement, the Project Bonds, the New York Life Agreement, and the Credit 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 June 30, 2019 .

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2019
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: Second Quarter Ended Six Months Ended (In millions, except per share amounts) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 32.7 $ 30.5 $ 41.8 $ 51.7 Less: Earnings allocated to participating securities 0.2 0.2 0.3 0.4 Net income available to common shareholders $ 32.5 $ 30.3 $ 41.5 $ 51.3 Denominator: Basic weighted average common shares outstanding 46.3 46.5 46.3 46.5 Effect of dilutive securities: Non-participating employee stock options and performance awards 0.4 0.5 0.4 0.5 Diluted weighted average common shares outstanding 46.7 47.0 46.7 47.0 Basic earnings per share $ 0.70 $ 0.65 $ 0.89 $ 1.10 Diluted earnings per share $ 0.70 $ 0.64 $ 0.89 $ 1.09 There were 0.3 million and 0.2 million stock options outstanding for the second quarters ended June 30, 2019 and June 30, 2018 , and 0.2 million and 0.2 million stock options outstanding for the six months ended June 30, 2019 and June 30, 2018 respectively, that were excluded from the computation of diluted earnings per share, as their inclusion would be anti-dilutive.

EQUITY ROLL FORWARD

EQUITY ROLL FORWARD	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
EQUITY ROLL FORWARD	EQUITY ROLL FORWARD The schedules below set forth equity changes in the second quarters ended June 30, 2019 and June 30, 2018 : (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 March 31, 2019 $ 4,637 $ 262,002 $ 652,737 $ (48,076 ) $ (137,205 ) $ 2,097 $ 736,192 $ 408 Net income 32,745 247 32,992 (180 ) Dividends on common stock ($0.1450/share) (6,787 ) (6,787 ) Common stock issued 1 243 244 Common stock repurchased (12 ) (5,202 ) (5,214 ) Share-based compensation 6 2,288 2,294 Noncontrolling dividend (642 ) (642 ) Purchase of redeemable noncontrolling shares — (485 ) Currency translation adjustment 1,303 12 1,315 47 Pension liability, net of tax 508 508 Balance as of June 30, 2019 $ 4,632 $ 264,533 $ 673,493 $ (47,568 ) $ (135,902 ) $ 1,714 $ 760,902 $ (210 ) (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 March 31, 2018 $ 4,652 $ 244,095 $ 613,113 $ (48,763 ) $ (92,740 ) $ 2,199 $ 722,556 $ 1,360 Net income 30,497 190 30,687 (648 ) Dividends on common stock ($0.1200/share) (5,621 ) (5,621 ) Common stock issued 6 1,147 1,153 Common stock repurchased (7 ) (2,997 ) (3,004 ) Share-based compensation 3 1,440 1,443 Noncontrolling dividend — — Purchase of redeemable noncontrolling shares — — Currency translation adjustment (32,725 ) (63 ) (32,788 ) 52 Pension liability, net of tax 598 598 Balance as of June 30, 2018 $ 4,654 $ 246,682 $ 634,992 $ (48,165 ) $ (125,465 ) $ 2,326 $ 715,024 $ 764 The schedules below set forth equity changes in the six months ended June 30, 2019 and June 30, 2018 : (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 December 31, 2018 $ 4,632 $ 257,535 $ 654,724 $ (48,585 ) $ (134,434 ) $ 1,955 $ 735,827 $ 518 Net income 41,801 421 42,222 (283 ) Dividends on common stock ($0.2900/share) (13,510 ) (13,510 ) Common stock issued 7 1,488 1,495 Common stock repurchased (21 ) (9,522 ) (9,543 ) Share-based compensation 14 5,510 5,524 Noncontrolling dividend (642 ) (642 ) Purchase of redeemable noncontrolling shares — (485 ) Currency translation adjustment (1,468 ) (20 ) (1,488 ) 40 Pension liability, net of tax 1,017 1,017 Balance as of June 30, 2019 $ 4,632 $ 264,533 $ 673,493 $ (47,568 ) $ (135,902 ) $ 1,714 $ 760,902 $ (210 ) (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 December 31, 2017 $ 4,663 $ 240,136 $ 604,905 $ (49,364 ) $ (99,683 ) $ 1,964 $ 702,621 $ 1,502 Net income 51,671 385 52,056 (802 ) Dividends on common stock ($0.2275/share) (10,658 ) (10,658 ) Common stock issued 9 1,786 1,795 Common stock repurchased (27 ) (10,926 ) (10,953 ) Share-based compensation 9 4,760 4,769 Noncontrolling dividend — — Purchase of redeemable noncontrolling shares — — Currency translation adjustment (25,782 ) (23 ) (25,805 ) 64 Pension liability, net of tax 1,199 1,199 Balance as of June 30, 2018 $ 4,654 $ 246,682 $ 634,992 $ (48,165 ) $ (125,465 ) $ 2,326 $ 715,024 $ 764

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) Changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2019 and June 30, 2018 , are summarized below: (In millions) For the six months ended June 30, 2019: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total Balance as of December 31, 2018 $ (134.5 ) $ (48.5 ) $ (183.0 ) Other comprehensive income/(loss) before reclassifications (1.4 ) — (1.4 ) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) (1.4 ) 0.9 (0.5 ) Balance as of June 30, 2019 $ (135.9 ) $ (47.6 ) $ (183.5 ) For the six months ended June 30, 2018 Balance as of December 31, 2017 $ (99.7 ) $ (49.3 ) $ (149.0 ) Other comprehensive income/(loss) before reclassifications (25.8 ) — (25.8 ) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.2 1.2 Net other comprehensive income/(loss) (25.8 ) 1.2 (24.6 ) Balance as of June 30, 2018 $ (125.5 ) $ (48.1 ) $ (173.6 ) (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 "Other income/(expense), net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million and $0.4 million for the six months ended June 30, 2019 and June 30, 2018 , respectively. Amounts related to noncontrolling interests were not material.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT AND GEOGRAPHIC INFORMATION	SEGMENT AND GEOGRAPHIC INFORMATION The accounting policies of the operating segments are the same as those described in Note 1 of the Company's Form 10-K. Revenue is recognized based on the invoice price at the point in time when the customer obtains control of the product, which is typically upon shipment to the customer. The Water and Fueling segments include manufacturing operations and supply certain components and finished goods, both between segments and to the Distribution segment. The Company reports these product transfers between Water and Fueling as inventory transfers as a significant number of the Company's manufacturing facilities are shared across segments for scale and efficiency purposes. The Company reports intersegment transfers from Water to Distribution as intersegment revenue at market prices to properly reflect the commercial arrangement of vendor to customer that exists between the Water and Distribution segments. Segment operating income is a key financial performance measure. Operating income by segment is based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other segments of the Company. During the first quarter of 2019, the Company changed management reporting for transfers of certain products between the Water and Fueling segments. This reclassification resulted in $1.0 million of sales and $0.1 million of operating income for the second quarter ended June 30, 2018 and $1.8 million of sales and $0.2 million of operating income for the six months ended June 30, 2018 , being reclassified between the Fueling segment and the Water segment. Additionally, the changes to management reporting had an impact on how the Company reviews and summarizes sales of geographical components within a segment. The Company has updated the sales of geographical components of the Water Systems segment from prior year to align with current management reporting. The changes resulted in sales reclassifications from Latin America, Asia Pacific, and Europe, Middle East, and Africa ("EMEA") to the U.S. and Canada for both the second quarter and six months ended June 30, 2018. This resulted in $3.5 million and $6.6 million of sales to be reclassified to the U.S. and Canada for the second quarter and six months ended June 30, 2018, respectively. There is no impact on the Company's previously reported consolidated financial position, results of operations, or cash flows. Financial information by reportable business segment is included in the following summary: Second Quarter Ended Six Months Ended (In millions) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net sales Water Systems External sales United States & Canada $ 103.1 $ 98.3 $ 189.9 $ 183.0 Latin America 29.4 28.9 59.9 58.0 Europe, Middle East & Africa 39.0 45.2 76.7 91.4 Asia Pacific 18.7 19.0 40.9 39.8 Intersegment sales United States & Canada 14.8 20.0 26.0 31.8 Total sales 205.0 211.4 393.4 404.0 Distribution External sales United States & Canada 87.1 79.5 140.4 135.7 Intersegment sales — — — — Total sales 87.1 79.5 140.4 135.7 Fueling Systems External sales United States & Canada 45.9 37.5 81.1 69.5 All other 32.1 35.6 57.2 62.2 Intersegment sales — — — — Total sales 78.0 73.1 138.3 131.7 Intersegment Eliminations/Other (14.8 ) (20.0 ) (26.0 ) (31.8 ) Consolidated $ 355.3 $ 344.0 $ 646.1 $ 639.6 Second Quarter Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Operating income/(loss) Water Systems $ 30.9 $ 32.2 $ 50.1 $ 57.3 Distribution 4.5 4.0 0.2 3.2 Fueling Systems 21.7 19.0 34.0 32.7 Intersegment Eliminations/Other (13.4 ) (14.7 ) (28.5 ) (30.0 ) Consolidated $ 43.7 $ 40.5 $ 55.8 $ 63.2 June 30, 2019 December 31, 2018 Total assets Water Systems $ 707.5 $ 679.7 Distribution 204.9 165.1 Fueling Systems 299.6 275.7 Other 57.7 61.9 Consolidated $ 1,269.7 $ 1,182.4

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	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 defended or resolved without a material effect on the Company’s financial position, results of operations, and net cash flows. At June 30, 2019 , the Company had $9.2 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 two years to five years from date of manufacture or one year to five years from date of installation. 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 six months ended June 30, 2019 , are as follows: (In millions) Balance as of December 31, 2018 $ 9.0 Accruals related to product warranties 5.1 Additions related to acquisitions 0.2 Reductions for payments made (5.4 ) Balance as of June 30, 2019 $ 8.9 The Company maintains certain warehouses, distribution centers, office space, and equipment operating leases. The Company also has lease agreements that are classified as financing. These financing leases are immaterial to the Company. The Company utilizes interest rates from lease agreements unless the lease agreement does not provide a readily determinable rate. In these instances, the Company utilized its incremental borrowing rate based on the information available as of the adoption of ASU 2016-02 or at the inception of any new leases entered into thereafter when determining the present value of future lease payments. Some of the Company’s leases include renewal options. The Company excludes these renewal options in the expected lease term unless the Company is reasonably certain that the option will be exercised. The components of the Company’s operating lease portfolio for both the second quarter and the six months ended June 30, 2019 are as follows: Lease Cost (in millions): Second Quarter Ended Sixth Months Ended Operating lease cost $ 2.4 $ 5.2 Short-term lease cost — 0.1 Other Information: Weighted-average remaining lease term 6 years Weighted-average discount rate 3.9 % The minimum rental payments for non-cancellable operating leases as of June 30, 2019 , are as follows: (In millions) 2019 2020 2021 2022 2023 Thereafter Future Minimum Rental Payments $ 4.8 $ 7.9 $ 5.4 $ 3.4 $ 2.3 $ 5.8 The minimum rental payments for non-cancellable operating leases as of December 31, 2018, were reported as follows: (In millions) 2019 2020 2021 2022 2023 Thereafter Future Minimum Rental Payments $ 8.9 $ 5.9 $ 3.5 $ 2.0 $ 1.1 $ 5.7

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION The Franklin Electric Co., Inc. 2017 Stock Plan (the "2017 Stock Plan") is a stock-based compensation plan that provides for discretionary grants of stock options, stock awards, stock unit awards, and stock appreciation rights ("SARs") to key employees and non-employee directors. The number of shares that may be issued under the Plan is 1,400,000 . Stock options and SARs reduce the number of available shares by one share for each share subject to the option or SAR, and stock awards and stock unit awards settled in shares reduce the number of available shares by 1.5 shares for every one share delivered. The Company also 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 outstanding stock plans. 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 six months ended June 30, 2019 and June 30, 2018 are as follows: June 30, 2019 June 30, 2018 Risk-free interest rate 2.53 % 2.69 % Dividend yield 1.05 % 1.05 % Volatility factor 29.38 % 28.71 % Expected term 5.5 years 5.6 years A summary of the Company’s outstanding stock option activity and related information for the six months ended June 30, 2019 is as follows: (Shares in thousands) June 30, 2019 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,229 $ 33.25 Granted 190 55.16 Exercised (68 ) 21.99 Forfeited (2 ) 42.77 Outstanding at end of period 1,349 $ 36.89 Expected to vest after applying forfeiture rate 1,342 $ 36.84 Vested and exercisable at end of period 830 $ 31.90 A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of June 30, 2019 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 6.31 years $ 15,768 Expected to vest after applying forfeiture rate 6.30 years $ 15,731 Vested and exercisable at end of period 4.86 years $ 12,945 The total intrinsic value of options exercised during the six months ended June 30, 2019 and June 30, 2018 was $2.1 million and $2.0 million , respectively. As of June 30, 2019 , there was $2.0 million of total unrecognized compensation cost related to non-vested stock options granted under the 2012 Stock Plan. That cost is expected to be recognized over a weighted-average period of 1.93 years . Stock/Stock Unit Awards: A summary of the Company’s restricted stock/stock unit award activity and related information for the six months ended June 30, 2019 is as follows: (Shares in thousands) June 30, 2019 Restricted Stock/Stock Unit Awards Shares Weighted-Average Grant- Date Fair Value Non-vested at beginning of period 498 $ 37.27 Awarded 136 51.59 Vested (133 ) 33.64 Forfeited (9 ) 38.80 Non-vested at end of period 492 $ 42.19 As of June 30, 2019 , there was $11.3 million of total unrecognized compensation cost related to non-vested restricted 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 1.73 years .

ACCOUNTING PRONOUNCEMENTS (Poli

ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Changes and Error Corrections [Abstract]
Recently Issued Accounting Pronouncements	Adoption of New Accounting Standards In February 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This ASU was issued following the enactment of the U.S. Tax Cuts and Jobs Act of 2017 ("Tax Act") and permits entities to elect a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The ASU is effective for interim and annual periods beginning after December 15, 2018, with early adoption permitted, and may be applied either at the beginning of the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. The Company adopted the standard effective January 1, 2019 and did not reclassify tax effects stranded in accumulated other comprehensive loss. As such, there is no impact on the Company’s consolidated financial position, results of operations, and cash flows as a result of the adoption of the ASU. 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 (“ROU”) assets and lease liabilities on the balance sheet for all leases with terms longer than 12 months. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases and ASU 2018-11, Leases (Topic 842): Targeted Improvements . ASU 2018-10 clarifies certain aspects of Topic 842, including the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments, among other things. ASU 2018-11 allows entities adopting ASU 2016-02 to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new lease standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. Additionally, ASU 2018-11 allows lessors to not separate non-lease components from the associated lease component if certain conditions are met. The guidance is to be applied using either the transition method prescribed in ASU 2018-11 or a modified retrospective approach at the beginning of the earliest comparative period in the financial statements. The Company adopted the standard effective January 1, 2019 utilizing the optional transition method prescribed in ASU 2018-11. The Company utilized the transition practical expedients, per ASC 842-10-65-11, that are permitted with the new standard when elected as a package. The Company will also utilize other available practical expedients, including the election not to separate non-lease components and the election to use hindsight when determining the lease terms. Finally, the Company has made an accounting policy election to not present leases with an initial term of 12 months or less (short-term leases) on the balance sheet. The Company has recorded on the Balance Sheet ROU assets and lease liabilities. The initial ROU asset at the implementation of the standard was approximately $26.3 million with a corresponding lease liability of the same amount. The Company segregated the lease liabilities between short term and long term based on the related contractual maturities. The Company has recognized the cash paid for lease liabilities in the Statement of Cash Flows. The Company did not have an adjustment to retained earnings as a result of the adoption of this standard. Additional disclosures regarding the Company’s leases can be found in Footnote 14 - Commitments and Contingencies. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) as modified by subsequently issued ASUs 2015-14, 2016-08, 2016-10, 2016-12 and 2016-20 (collectively ASU 2014-09). Topic 606 supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition (“Topic 605”), and requires the recognition of revenue when promised goods or services are transferred to customers in an amount that reflects the considerations to which the entity expects to be entitled to in exchange for those goods or services. The Company made the accounting policy election allowed by ASC 606-10-32-2A to continue to present sales tax on a net basis, consistent with current guidance in ASC 605-45-15-2(e). The guidance permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (modified retrospective method). The Company adopted ASU 2014-09 during the first quarter ended March 31, 2018 utilizing the modified retrospective approach. The adoption of this ASU did not have a material impact to the Company’s condensed consolidated financial position, results of operations, or cash flow; however, the adoption of this ASU requires the Company to disclose sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company completed its assessment of the additional disclosure requirements with the following results: Disaggregation of Revenue The adoption of this ASU requires the Company to disaggregate revenue into categories to depict how the nature, timing, and uncertainty of revenue and cash flows are affected by economic factors. As evidenced in Footnote 13 Segment and Geographic Information, the Company’s business consists of the Water, Fueling, Distribution, and Other segments. The Other segment includes unallocated corporate expenses and intersegment eliminations. A reconciliation of disaggregated revenue to segment revenue as well as Water Segment revenue by geographical regions is provided in Footnote 13, consistent with how the Company evaluates financial performance. Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC Topic 606. The Company typically sells its products to customers by purchase order, and does not have any additional performance obligations included in contracts to customers other than the shipment of products. 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. The Company typically ships products FOB shipping at which point control of the products passes to the customers. Any shipping and handling fees prior to shipment are considered activities required to fulfill the Company’s promise to transfer goods, and do not qualify as a separate performance obligation. Shipping and handling costs are recorded as a component of cost of sales. Additionally, the Company offers assurance-type warranties (vs. service warranties) which do not qualify as a separate performance obligation. Therefore, the Company allocates the transaction price based on a single performance obligation. The Company offers normal and customary trade terms to its customers, no significant part of which is of an extended nature. The Company considers the performance obligation satisfied and recognizes revenue at a point in time, the time of shipment. The Company does not generally allow for refunds or returns to customers and does not have outstanding performance obligations for contracts with original durations of greater than one year at the end of the reporting period. Contract Costs The Company does not have outstanding contracts with an original term greater than one year; therefore, the Company expenses costs to obtain a contract as incurred. Accounting Standards Issued But Not Yet Adopted In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Topic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments remove disclosures that no longer are considered cost beneficial, including the estimated amounts in accumulated other comprehensive income expected to be recognized as components of net periodic expense over the next fiscal year. The amendments clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant, including the reasons for significant gains and losses related to change in the benefit obligation for the period. The ASU should be applied retrospectively and is effective for interim and annual periods beginning after December 15, 2020. The Company is still determining the date of adoption for this ASU but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In August 2018, the FASB issued ASU 2018-15, Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include internal-use software license). The ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption and is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted. The Company is still determining the date of adoption for this ASU but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 removes step two from the goodwill impairment test and instead requires an entity to recognize a goodwill impairment charge for the amount by which the goodwill carrying amount exceeds the reporting unit's fair value. The ASU is effective on a prospective basis for interim and annual periods beginning after December 15, 2019 with early adoption permitted. The Company is still determining the date of adoption for this ASU but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of June 30, 2019 and December 31, 2018 , the assets measured at fair value on a recurring basis were as set forth in the table below: (In millions) June 30, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 1.9 $ 1.9 $ — $ — December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 2.5 $ 2.5 $ — $ —

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets are as follows: (In millions) June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.5 $ (7.0 ) $ 7.5 $ (6.9 ) Technology 7.5 (6.6 ) 7.5 (6.4 ) Customer relationships 151.0 (67.6 ) 151.0 (63.8 ) Other 2.8 (2.7 ) 2.8 (2.5 ) Total $ 168.8 $ (83.9 ) $ 168.8 $ (79.6 ) Unamortizing intangibles: Trade names 45.8 — 45.9 — Total intangibles $ 214.6 $ (83.9 ) $ 214.7 $ (79.6 )
Schedule of Indefinite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets are as follows: (In millions) June 30, 2019 December 31, 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.5 $ (7.0 ) $ 7.5 $ (6.9 ) Technology 7.5 (6.6 ) 7.5 (6.4 ) Customer relationships 151.0 (67.6 ) 151.0 (63.8 ) Other 2.8 (2.7 ) 2.8 (2.5 ) Total $ 168.8 $ (83.9 ) $ 168.8 $ (79.6 ) Unamortizing intangibles: Trade names 45.8 — 45.9 — Total intangibles $ 214.6 $ (83.9 ) $ 214.7 $ (79.6 )
Schedule of Amortization Expense	Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2019 2020 2021 2022 2023 $ 9.2 $ 9.1 $ 8.7 $ 8.5 $ 8.4
Schedule of Change in the Carrying Amount of Goodwill by Reporting Segment	The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2019 , is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2018 $ 145.5 $ 67.5 $ 35.7 $ 248.7 Acquisitions — — 1.7 1.7 Foreign currency translation (0.3 ) 0.1 — (0.2 ) Balance as of June 30, 2019 $ 145.2 $ 67.6 $ 37.4 $ 250.2

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2019
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
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 the second quarters and six months ended June 30, 2019 and June 30, 2018 : (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Service cost $ 0.2 $ 0.2 $ 0.4 $ 0.4 Interest cost 1.5 1.4 3.0 2.7 Expected return on assets (2.0 ) (2.2 ) (4.0 ) (4.3 ) Amortization of: Prior service cost — — — — Actuarial loss 0.7 0.8 1.3 1.5 Settlement cost — — — — Net periodic benefit cost $ 0.4 $ 0.2 $ 0.7 $ 0.3
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost	The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the second quarters and six months ended June 30, 2019 and June 30, 2018 : (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Service cost $ — $ — $ — $ — Interest cost 0.1 0.1 0.2 0.2 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — — 0.1 Settlement cost — — — — Net periodic benefit cost $ 0.1 $ 0.1 $ 0.2 $ 0.3

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) June 30, 2019 December 31, 2018 Prudential Agreement $ — $ 30.0 Tax increment financing debt 19.3 19.8 New York Life Agreement 75.0 75.0 Credit Agreement 123.3 76.3 Financing Leases 0.1 0.1 Foreign subsidiary debt 5.5 5.4 Less: unamortized debt issuance costs (0.2 ) (0.2 ) $ 223.0 $ 206.4 Less: current maturities (129.3 ) (112.0 ) Long-term debt $ 93.7 $ 94.4
Schedule of Long-term Debt Payments	Debt outstanding, excluding unamortized debt issuance costs, at June 30, 2019 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 223.1 $ 129.3 $ 1.2 $ 1.3 $ 1.3 $ 1.3 $ 88.7 Financing Leases 0.1 — 0.1 — — — — $ 223.2 $ 129.3 $ 1.3 $ 1.3 $ 1.3 $ 1.3 $ 88.7

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
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: Second Quarter Ended Six Months Ended (In millions, except per share amounts) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 32.7 $ 30.5 $ 41.8 $ 51.7 Less: Earnings allocated to participating securities 0.2 0.2 0.3 0.4 Net income available to common shareholders $ 32.5 $ 30.3 $ 41.5 $ 51.3 Denominator: Basic weighted average common shares outstanding 46.3 46.5 46.3 46.5 Effect of dilutive securities: Non-participating employee stock options and performance awards 0.4 0.5 0.4 0.5 Diluted weighted average common shares outstanding 46.7 47.0 46.7 47.0 Basic earnings per share $ 0.70 $ 0.65 $ 0.89 $ 1.10 Diluted earnings per share $ 0.70 $ 0.64 $ 0.89 $ 1.09

EQUITY ROLL FORWARD (Tables)

EQUITY ROLL FORWARD (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Stockholders' Equity	The schedules below set forth equity changes in the second quarters ended June 30, 2019 and June 30, 2018 : (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 March 31, 2019 $ 4,637 $ 262,002 $ 652,737 $ (48,076 ) $ (137,205 ) $ 2,097 $ 736,192 $ 408 Net income 32,745 247 32,992 (180 ) Dividends on common stock ($0.1450/share) (6,787 ) (6,787 ) Common stock issued 1 243 244 Common stock repurchased (12 ) (5,202 ) (5,214 ) Share-based compensation 6 2,288 2,294 Noncontrolling dividend (642 ) (642 ) Purchase of redeemable noncontrolling shares — (485 ) Currency translation adjustment 1,303 12 1,315 47 Pension liability, net of tax 508 508 Balance as of June 30, 2019 $ 4,632 $ 264,533 $ 673,493 $ (47,568 ) $ (135,902 ) $ 1,714 $ 760,902 $ (210 ) (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 March 31, 2018 $ 4,652 $ 244,095 $ 613,113 $ (48,763 ) $ (92,740 ) $ 2,199 $ 722,556 $ 1,360 Net income 30,497 190 30,687 (648 ) Dividends on common stock ($0.1200/share) (5,621 ) (5,621 ) Common stock issued 6 1,147 1,153 Common stock repurchased (7 ) (2,997 ) (3,004 ) Share-based compensation 3 1,440 1,443 Noncontrolling dividend — — Purchase of redeemable noncontrolling shares — — Currency translation adjustment (32,725 ) (63 ) (32,788 ) 52 Pension liability, net of tax 598 598 Balance as of June 30, 2018 $ 4,654 $ 246,682 $ 634,992 $ (48,165 ) $ (125,465 ) $ 2,326 $ 715,024 $ 764 The schedules below set forth equity changes in the six months ended June 30, 2019 and June 30, 2018 : (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 December 31, 2018 $ 4,632 $ 257,535 $ 654,724 $ (48,585 ) $ (134,434 ) $ 1,955 $ 735,827 $ 518 Net income 41,801 421 42,222 (283 ) Dividends on common stock ($0.2900/share) (13,510 ) (13,510 ) Common stock issued 7 1,488 1,495 Common stock repurchased (21 ) (9,522 ) (9,543 ) Share-based compensation 14 5,510 5,524 Noncontrolling dividend (642 ) (642 ) Purchase of redeemable noncontrolling shares — (485 ) Currency translation adjustment (1,468 ) (20 ) (1,488 ) 40 Pension liability, net of tax 1,017 1,017 Balance as of June 30, 2019 $ 4,632 $ 264,533 $ 673,493 $ (47,568 ) $ (135,902 ) $ 1,714 $ 760,902 $ (210 ) (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 December 31, 2017 $ 4,663 $ 240,136 $ 604,905 $ (49,364 ) $ (99,683 ) $ 1,964 $ 702,621 $ 1,502 Net income 51,671 385 52,056 (802 ) Dividends on common stock ($0.2275/share) (10,658 ) (10,658 ) Common stock issued 9 1,786 1,795 Common stock repurchased (27 ) (10,926 ) (10,953 ) Share-based compensation 9 4,760 4,769 Noncontrolling dividend — — Purchase of redeemable noncontrolling shares — — Currency translation adjustment (25,782 ) (23 ) (25,805 ) 64 Pension liability, net of tax 1,199 1,199 Balance as of June 30, 2018 $ 4,654 $ 246,682 $ 634,992 $ (48,165 ) $ (125,465 ) $ 2,326 $ 715,024 $ 764

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2019 and June 30, 2018 , are summarized below: (In millions) For the six months ended June 30, 2019: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total Balance as of December 31, 2018 $ (134.5 ) $ (48.5 ) $ (183.0 ) Other comprehensive income/(loss) before reclassifications (1.4 ) — (1.4 ) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) (1.4 ) 0.9 (0.5 ) Balance as of June 30, 2019 $ (135.9 ) $ (47.6 ) $ (183.5 ) For the six months ended June 30, 2018 Balance as of December 31, 2017 $ (99.7 ) $ (49.3 ) $ (149.0 ) Other comprehensive income/(loss) before reclassifications (25.8 ) — (25.8 ) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.2 1.2 Net other comprehensive income/(loss) (25.8 ) 1.2 (24.6 ) Balance as of June 30, 2018 $ (125.5 ) $ (48.1 ) $ (173.6 ) (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 "Other income/(expense), net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million and $0.4 million for the six months ended June 30, 2019 and June 30, 2018 , respectively.

SEGMENT AND GEOGRAPHIC INFORM_2

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Business Segment	Financial information by reportable business segment is included in the following summary: Second Quarter Ended Six Months Ended (In millions) June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Net sales Water Systems External sales United States & Canada $ 103.1 $ 98.3 $ 189.9 $ 183.0 Latin America 29.4 28.9 59.9 58.0 Europe, Middle East & Africa 39.0 45.2 76.7 91.4 Asia Pacific 18.7 19.0 40.9 39.8 Intersegment sales United States & Canada 14.8 20.0 26.0 31.8 Total sales 205.0 211.4 393.4 404.0 Distribution External sales United States & Canada 87.1 79.5 140.4 135.7 Intersegment sales — — — — Total sales 87.1 79.5 140.4 135.7 Fueling Systems External sales United States & Canada 45.9 37.5 81.1 69.5 All other 32.1 35.6 57.2 62.2 Intersegment sales — — — — Total sales 78.0 73.1 138.3 131.7 Intersegment Eliminations/Other (14.8 ) (20.0 ) (26.0 ) (31.8 ) Consolidated $ 355.3 $ 344.0 $ 646.1 $ 639.6 Second Quarter Ended Six Months Ended June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Operating income/(loss) Water Systems $ 30.9 $ 32.2 $ 50.1 $ 57.3 Distribution 4.5 4.0 0.2 3.2 Fueling Systems 21.7 19.0 34.0 32.7 Intersegment Eliminations/Other (13.4 ) (14.7 ) (28.5 ) (30.0 ) Consolidated $ 43.7 $ 40.5 $ 55.8 $ 63.2 June 30, 2019 December 31, 2018 Total assets Water Systems $ 707.5 $ 679.7 Distribution 204.9 165.1 Fueling Systems 299.6 275.7 Other 57.7 61.9 Consolidated $ 1,269.7 $ 1,182.4

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2019
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 six months ended June 30, 2019 , are as follows: (In millions) Balance as of December 31, 2018 $ 9.0 Accruals related to product warranties 5.1 Additions related to acquisitions 0.2 Reductions for payments made (5.4 ) Balance as of June 30, 2019 $ 8.9

COMMITMENTS AND CONTINGENCIES O

COMMITMENTS AND CONTINGENCIES OPERATING LEASES (Tables)	6 Months Ended
	Jun. 30, 2019
OPERATING LEASES [Abstract]
Lease, Cost	The components of the Company’s operating lease portfolio for both the second quarter and the six months ended June 30, 2019 are as follows: Lease Cost (in millions): Second Quarter Ended Sixth Months Ended Operating lease cost $ 2.4 $ 5.2 Short-term lease cost — 0.1 Other Information: Weighted-average remaining lease term 6 years Weighted-average discount rate 3.9 %
Lessee, Operating Lease, Liability, Maturity	The minimum rental payments for non-cancellable operating leases as of June 30, 2019 , are as follows: (In millions) 2019 2020 2021 2022 2023 Thereafter Future Minimum Rental Payments $ 4.8 $ 7.9 $ 5.4 $ 3.4 $ 2.3 $ 5.8 The minimum rental payments for non-cancellable operating leases as of December 31, 2018, were reported as follows: (In millions) 2019 2020 2021 2022 2023 Thereafter Future Minimum Rental Payments $ 8.9 $ 5.9 $ 3.5 $ 2.0 $ 1.1 $ 5.7

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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 six months ended June 30, 2019 and June 30, 2018 are as follows: June 30, 2019 June 30, 2018 Risk-free interest rate 2.53 % 2.69 % Dividend yield 1.05 % 1.05 % Volatility factor 29.38 % 28.71 % Expected term 5.5 years 5.6 years
Schedule of Stock Option Plans Activity	A summary of the Company’s outstanding stock option activity and related information for the six months ended June 30, 2019 is as follows: (Shares in thousands) June 30, 2019 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,229 $ 33.25 Granted 190 55.16 Exercised (68 ) 21.99 Forfeited (2 ) 42.77 Outstanding at end of period 1,349 $ 36.89 Expected to vest after applying forfeiture rate 1,342 $ 36.84 Vested and exercisable at end of period 830 $ 31.90
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 June 30, 2019 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 6.31 years $ 15,768 Expected to vest after applying forfeiture rate 6.30 years $ 15,731 Vested and exercisable at end of period 4.86 years $ 12,945
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 six months ended June 30, 2019 is as follows: (Shares in thousands) June 30, 2019 Restricted Stock/Stock Unit Awards Shares Weighted-Average Grant- Date Fair Value Non-vested at beginning of period 498 $ 37.27 Awarded 136 51.59 Vested (133 ) 33.64 Forfeited (9 ) 38.80 Non-vested at end of period 492 $ 42.19

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition
Acquisition related costs	$ 0.1			$ 0.1	$ 0.1	$ 0.2
Pluga Pumps and Motors Private Limited
Business Acquisition
Noncontrolling Interest, Ownership Percentage by Parent	100.00%				100.00%
Milan Supply Company
Business Acquisition
Business acquisition, percentage of voting interests acquired		100.00%
Total purchase price		$ 6.1
Industrias Rotor Pump S.A.
Business Acquisition
Business acquisition, percentage of voting interests acquired			100.00%
Industrias Rotor Pump and SPD Acquisitions
Business Acquisition
Total purchase price			$ 37

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Recurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	$ 1.9	$ 2.5
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	1.9	2.5
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
Fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Debt	228	205
Carrying value
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Debt	$ 222.9	$ 206.3

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Share swap transaction agreement - Not Designated as Hedging Instrument $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)
Derivative
Derivative cancellable written notice term			30 days
Derivative notional amount (in shares) | shares	255,000		255,000
Selling, general, and administrative expenses
Derivative
Gain on derivative		$ 0.8	$ 1
Loss on Derivative	$ 0.9			$ 0.3

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Intangible Assets
Amortization of Intangible Assets	$ 2.3	$ 2.2	$ 4.6	$ 4.3
Gross carrying amount, amortized intangibles	168.8		168.8		$ 168.8
Accumulated amortization	(83.9)		(83.9)		(79.6)
Gross carrying amount, total intangibles	214.6		214.6		214.7
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	45.8		45.8		45.9
Patents
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.5		7.5
Accumulated amortization	(7)		(7)		(6.9)
Technology
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.5		7.5
Accumulated amortization	(6.6)		(6.6)		(6.4)
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	151		151		151
Accumulated amortization	(67.6)		(67.6)		(63.8)
Other
Intangible Assets
Gross carrying amount, amortized intangibles	2.8		2.8		2.8
Accumulated amortization	$ (2.7)		$ (2.7)		$ (2.5)

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Future Amortization) (Details) $ in Millions	Jun. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 9.2
2020	9.1
2021	8.7
2022	8.5
2023	$ 8.4

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Goodwill
Goodwill, beginning balance	$ 248,748
Acquisitions	1,700
Foreign currency translation	(200)
Goodwill, ending balance	250,168
Water Systems
Goodwill
Goodwill, beginning balance	145,500
Acquisitions	0
Foreign currency translation	(300)
Goodwill, ending balance	145,200
Fueling Systems
Goodwill
Goodwill, beginning balance	67,500
Acquisitions	0
Foreign currency translation	100
Goodwill, ending balance	67,600
Distribution
Goodwill
Goodwill, beginning balance	35,700
Acquisitions	1,700
Foreign currency translation	0
Goodwill, ending balance	$ 37,400

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)Pension_Plan	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)Pension_Plan	Jun. 30, 2018USD ($)
Net Periodic Benefit Cost and Other Benefit Cost
Company contributions			$ 0
Foreign Plan
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plan	3		3
Domestic Pension Plans
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plan	2		2
Pension Plan
Net Periodic Benefit Cost
Service cost	$ 0.2	$ 0.2	$ 0.4	$ 0.4
Interest cost	1.5	1.4	3	2.7
Expected return on assets	(2)	(2.2)	(4)	(4.3)
Amortization of prior service cost	0	0	0	0
Amortization of actuarial loss	0.7	0.8	1.3	1.5
Settlement cost	0	0	0	0
Net periodic benefit cost	0.4	0.2	0.7	0.3
Other Benefits
Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	0.1	0.1	0.2	0.2
Expected return on assets	0	0	0	0
Amortization of prior service cost	0	0	0	0
Amortization of actuarial loss	0	0	0	0.1
Settlement cost	0	0	0	0
Net periodic benefit cost	$ 0.1	$ 0.1	$ 0.2	$ 0.3

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	19.20%	18.60%	18.10%	9.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Valuation allowance, deferred tax asset, decrease, amount			$ (5.4)

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument
Long-term debt	$ 223,100
Financing Leases	100	$ 100
Less: unamortized debt issuance costs	(200)	(200)
Total debt and capital leases	223,000	206,400
Less: current maturities	(129,337)	(111,975)
Long-term debt	93,707	94,379
Tax increment financing debt
Debt Instrument
Long-term debt	19,300	19,800
Line of Credit
Debt Instrument
Long-term debt	123,300	76,300
Foreign subsidiary debt
Debt Instrument
Long-term debt	5,500	5,400
Prudential
Debt Instrument
Long-term debt	0	30,000
New York Life Investors LLC
Debt Instrument
Long-term debt	$ 75,000	$ 75,000

DEBT (Debt Payments Expected to

DEBT (Debt Payments Expected to be Paid) (Details) - USD ($) $ in Millions	Jun. 30, 2019	Dec. 31, 2018
Long-term Debt, by Maturity
Debt	$ 223.1
Year 1	129.3
Year 2	1.2
Year 3	1.3
Year 4	1.3
Year 5	1.3
More than 5 years	88.7
Capital Leases Oblgations, by Maturity
Capital leases	0.1	$ 0.1
Year 1	0
Year 2	0.1
Year 3	0
Year 4	0
Year 5	0
More than 5 years	0
Total debt and capital leases	223.2
Year 1	129.3
Year 2	1.3
Year 3	1.3
Year 4	1.3
Year 5	1.3
More than 5 years	$ 88.7

DEBT (Details)

DEBT (Details) - USD ($)	Oct. 28, 2016	Jun. 30, 2019	Sep. 26, 2018	Jul. 30, 2018	Dec. 31, 2012
Line of Credit Facility
Cross default trigger, minimum		$ 10,000,000
Minimum
Line of Credit Facility
Debt instrument covenant total leverage ratio		1
Debt instrument covenant total interest ratio		1
Maximum
Line of Credit Facility
Debt instrument covenant total leverage ratio		3.50
Debt instrument covenant total interest ratio		3
Tax increment financing debt
Debt Instrument
Debt instrument, interest rate		3.60%
Aggregrate principal amount of debt					$ 25,000,000
Credit Agreement
Debt Instrument
Total borrowing capacity of facility	$ 450,000,000
Remaining borrowing capacity		$ 171,700,000
Line of Credit Facility
Current borrowing capacity	300,000,000
Increase amount available	$ 150,000,000
Outstanding borrowings		123,300,000
Letters of credit outstanding		5,000,000
Credit Agreement | Minimum
Line of Credit Facility
Facility fee (as a percentage)	0.10%
Credit Agreement | Maximum
Line of Credit Facility
Facility fee (as a percentage)	0.275%
Credit Agreement | LIBOR | Minimum
Debt Instrument
Debt instrument basis spread of variable rate	0.75%
Credit Agreement | LIBOR | Maximum
Debt Instrument
Debt instrument basis spread of variable rate	1.60%
Prudential
Debt Instrument
Total borrowing capacity of facility		250,000,000
Remaining borrowing capacity		150,000,000
New York Life Investors LLC
Debt Instrument
Total borrowing capacity of facility				$ 200,000,000
Remaining borrowing capacity		$ 125,000,000
New York Life Investors LLC | Senior Notes
Debt Instrument
Shelf Agreement, fixed interest rate		4.04%
Aggregrate principal amount of debt			$ 75,000,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator:
Net income attributable to Franklin Electric Co., Inc.	$ 32,745	$ 30,497	$ 41,801	$ 51,671
Less: Undistributed earnings allocated to participating securities	200	200	300	400
Net income available to common shareholders	$ 32,500	$ 30,300	$ 41,500	$ 51,300
Basic
Basic weighted average common shares outstanding (in shares)	46.3	46.5	46.3	46.5
Effect of dilutive securities:
Non-participating employee stock options and performance awards (in shares)	0.4	0.5	0.4	0.5
Diluted weighted average common shares outstanding (in shares)	46.7	47	46.7	47
Basic earnings per share (in dollars per share)	$ 0.70	$ 0.65	$ 0.89	$ 1.10
Diluted earnings per share (in dollars per share)	$ 0.70	$ 0.64	$ 0.89	$ 1.09
Anti-dilutive stock options (in shares)	0.3	0.2	0.2	0.2

EQUITY ROLL FORWARD (Details)

EQUITY ROLL FORWARD (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Common Stock, Dividends, Per Share, Cash Paid	$ 0.1450	$ 0.1200	$ 0.2900	$ 0.2275
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance			$ 735,827
Net income	$ 32,812	$ 30,039	41,939	$ 51,254
Equity, ending balance	760,902		760,902
Temporary equity, beginning balance	408	1,360	518	1,502
Net income	(180)	(648)	(283)	(802)
Currency translation adjustment	(485)	0	(485)	0
Temporary Equity, Foreign Currency Translation Adjustments	47	52	40	64
Temporary equity, ending balance	(210)	764	(210)	764
Common Stock
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	4,637	4,652	4,632	4,663
Stock Issued During Period, Value, New Issues	1	6	7	9
Stock Repurchased and Retired During Period, Value	(12)	(7)	(21)	(27)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	6	3	14	9
Equity, ending balance	4,632	4,654	4,632	4,654
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	262,002	244,095	257,535	240,136
Stock Issued During Period, Value, New Issues	243	1,147	1,488	1,786
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,288	1,440	5,510	4,760
Equity, ending balance	264,533	246,682	264,533	246,682
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	652,737	613,113	654,724	604,905
Net income	32,745	30,497	41,801	51,671
Dividends, Common Stock, Cash	(6,787)	(5,621)	(13,510)	(10,658)
Stock Repurchased and Retired During Period, Value	(5,202)	(2,997)	(9,522)	(10,926)
Equity, ending balance	673,493	634,992	673,493	634,992
Minimum Pension Liability
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(48,076)	(48,763)	(48,585)	(49,364)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	508	598	1,017	1,199
Equity, ending balance	(47,568)	(48,165)	(47,568)	(48,165)
Cumulative Translation Adjustment
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(137,205)	(92,740)	(134,434)	(99,683)
Currency translation adjustment	1,303	(32,725)	(1,468)	(25,782)
Equity, ending balance	(135,902)	(125,465)	(135,902)	(125,465)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	2,097	2,199	1,955	1,964
Net income	247	190	421	385
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(642)	0	(642)	0
Currency translation adjustment	12	(63)	(20)	(23)
Equity, ending balance	1,714	2,326	1,714	2,326
Total Equity
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	736,192	722,556	735,827	702,621
Net income	32,992	30,687	42,222	52,056
Dividends, Common Stock, Cash	(6,787)	(5,621)	(13,510)	(10,658)
Stock Issued During Period, Value, New Issues	244	1,153	1,495	1,795
Stock Repurchased and Retired During Period, Value	(5,214)	(3,004)	(9,543)	(10,953)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,294	1,443	5,524	4,769
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(642)	0	(642)	0
Currency translation adjustment	1,315	(32,788)	(1,488)	(25,805)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	508	598	1,017	1,199
Equity, ending balance	$ 760,902	$ 715,024	$ 760,902	$ 715,024

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			$ 735,827
Other comprehensive income/(loss)	$ 1,870	$ (32,138)	(431)	$ (24,542)
Equity, ending balance	760,902		760,902
Income tax expense related to items of other comprehensive income/(loss)	141	176	282	353
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(134,500)	(99,700)
Other comprehensive income/(loss) before reclassifications			(1,400)	(25,800)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			0	0
Other comprehensive income/(loss)			(1,400)	(25,800)
Equity, ending balance	(135,900)	(125,500)	(135,900)	(125,500)
Pension and Post-Retirement Plan Benefit Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(48,500)	(49,300)
Other comprehensive income/(loss) before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			900	1,200
Other comprehensive income/(loss)			900	1,200
Equity, ending balance	(47,600)	(48,100)	(47,600)	(48,100)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(183,000)	(149,000)
Other comprehensive income/(loss) before reclassifications			(1,400)	(25,800)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			900	1,200
Other comprehensive income/(loss)			(500)	(24,600)
Equity, ending balance	$ (183,500)	$ (173,600)	$ (183,500)	$ (173,600)

SEGMENT AND GEOGRAPHIC INFORM_3

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Segment Reporting Information
Net sales	$ 355,340	$ 343,970	$ 646,055	$ 639,600
Operating income/(loss)	43,691	40,474	55,812	63,174
Total assets	1,269,663		1,269,663		$ 1,182,365
Segment Change
Segment Reporting Information
Net sales		1,000		1,800
Operating income/(loss)		100		200
Operating Segments | Water Systems
Segment Reporting Information
Net sales	205,000	211,400	393,400	404,000
Operating income/(loss)	30,900	32,200	50,100	57,300
Total assets	707,500		707,500		679,700
Operating Segments | Distribution
Segment Reporting Information
Net sales	87,100	79,500	140,400	135,700
Operating income/(loss)	4,500	4,000	200	3,200
Total assets	204,900		204,900		165,100
Operating Segments | Fueling Systems
Segment Reporting Information
Net sales	78,000	73,100	138,300	131,700
Operating income/(loss)	21,700	19,000	34,000	32,700
Total assets	299,600		299,600		275,700
Operating Segments | Corporate And Eliminations
Segment Reporting Information
Total assets	57,700		57,700		$ 61,900
Intersegment Sales | Distribution
Segment Reporting Information
Net sales	0	0	0	0
Intersegment Sales | Fueling Systems
Segment Reporting Information
Net sales	0	0	0	0
Corporate And Eliminations
Segment Reporting Information
Net sales	(14,800)	(20,000)	(26,000)	(31,800)
Operating income/(loss)	(13,400)	(14,700)	(28,500)	(30,000)
United States & Canada | Water Systems
Segment Reporting Information
Net sales	103,100	98,300	189,900	183,000
United States & Canada | Distribution
Segment Reporting Information
Net sales	87,100	79,500	140,400	135,700
United States & Canada | Fueling Systems
Segment Reporting Information
Net sales	45,900	37,500	81,100	69,500
United States & Canada | Intersegment Sales | Water Systems
Segment Reporting Information
Net sales	14,800	20,000	26,000	31,800
Latin America | Water Systems
Segment Reporting Information
Net sales	29,400	28,900	59,900	58,000
EMEA | Water Systems
Segment Reporting Information
Net sales	39,000	45,200	76,700	91,400
EMEA | Segment Change
Segment Reporting Information
Net sales		3,500		6,600
Asia Pacific | Water Systems
Segment Reporting Information
Net sales	18,700	19,000	40,900	39,800
All Other | Fueling Systems
Segment Reporting Information
Net sales	$ 32,100	$ 35,600	$ 57,200	$ 62,200

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Commitments
Purchase obligations	$ 9.2
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance	9
Accruals related to product warranties	5.1
Additions related to acquisitions	0.2
Reductions for payments made	(5.4)
Ending balance	$ 8.9
Minimum
Product Warranty Liability
Standard warranty obligation term (in years)	2 years
Standard installation warranty obligation term (in years)	1 year
Maximum
Product Warranty Liability
Standard warranty obligation term (in years)	5 years
Standard installation warranty obligation term (in years)	5 years

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES OPERATING LEASES (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
OPERATING LEASES [Abstract]
Operating lease cost	$ 2.4	$ 5.2
Short-term lease cost	$ 0	$ 0.1
Weighted-average remaining lease term	6 years	6 years
Weighted-average discount rate	3.90%	3.90%
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year	$ 4.8	$ 4.8
Lessee, Operating Lease, Liability, Payments, Due Year Two	7.9	7.9	$ 5.9
Lessee, Operating Lease, Liability, Payments, Due Year Three	5.4	5.4	3.5
Lessee, Operating Lease, Liability, Payments, Due Year Four	3.4	3.4	2
Lessee, Operating Lease, Liability, Payments, Due Year Five	2.3	2.3	1.1
Lessee, Operating Lease, Liability, Payments, Due after Year Five	$ 5.8	$ 5.8	5.7
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months			$ 8.9

SHARE-BASED COMPENSATION (Share

SHARE-BASED COMPENSATION (Shares Authorized) (Details)	Jun. 30, 2019shares
2017 Stock Plan
Share-based Compensation
Number of shares authorized	1,400,000
Non fungible share basis	1
Fungible share basis	1.5
2012 Stock Plan
Share-based Compensation
Number of shares authorized	2,400,000
2012 Stock Plan | Stock Options
Share-based Compensation
Number of shares authorized	1,680,000
2012 Stock Plan | Stock and Stock Unit Awards
Share-based Compensation
Number of shares authorized	720,000
2009 Stock Plan
Share-based Compensation
Number of shares authorized	4,400,000
2009 Stock Plan | Stock Options
Share-based Compensation
Number of shares authorized	3,200,000
2009 Stock Plan | Stock Awards
Share-based Compensation
Number of shares authorized	1,200,000

SHARE-BASED COMPENSATION (Valua

SHARE-BASED COMPENSATION (Valuation Assumptions Used) (Details) - Stock Options	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	2.53%	2.69%
Dividend yield	1.05%	1.05%
Volatility factor	29.38%	28.71%
Expected term	5 years 6 months	5 years 7 months 6 days

SHARE-BASED COMPENSATION (Stock

SHARE-BASED COMPENSATION (Stock Option Activity) (Details) - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation
Intrinsic value of options exercised	$ 2,100	$ 2,000
Total unrecognized compensation cost related to nonvested share-based compensation	$ 2,000
Total unrecognized compensation cost, recognized over a weighted-average period	1 year 11 months 4 days
Stock Option Plans Activity and Related Information, Shares
Outstanding beginning of period, shares	1,229
Granted, shares	190
Exercised, shares	(68)
Forfeited, shares	(2)
Outstanding end of period, shares	1,349
Expected to vest after applying forfeiture rate, shares	1,342
Vested and exercisable end of period, shares	830
Stock Option Plans Activity and Related Information, Weighted Average Exercise Price
Outstanding beginning of period, weighted-average exercise price	$ 33.25
Granted, weighted-average exercise price	55.16
Exercised, weighted-average exercise price	21.99
Forfeited, weighted-average exercise price	42.77
Outstanding end of period, weighted-average exercise price	36.89
Expected to vest after applying forfeiture rate, weighted-average exercise price	36.84
Vested and exercisable end of period, weighted-average exercise price	$ 31.90
Summary of Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding at end of period, weighted-average remaining contractual term	6 years 3 months 21 days
Outstanding at end of period, aggregate intrinsic value	$ 15,768
Expected to vest after applying forfeiture rate, weighted-average remaining contractual term	6 years 3 months 18 days
Expected to vest after applying forfeiture rate, aggregate intrinsic value	$ 15,731
Vested and exercisable end of period, weighted-average remaining contractual term	4 years 10 months 9 days
Vested and exercisable end of period, aggregate intrinsic value	$ 12,945

SHARE-BASED COMPENSATION (Sto_2

SHARE-BASED COMPENSATION (Stock/Stock Unit Award Activity) (Details) - Stock and Stock Unit Awards $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Share-based Compensation
Total unrecognized compensation cost related to nonvested share-based compensation | $	$ 11.3
Total unrecognized compensation cost, recognized over a weighted-average period	1 year 8 months 23 days
Stock/Stock Unit Award Activity and Related Information, Shares
Non-vested at beginning of period, shares | shares	498
Awarded, shares | shares	136
Vested, shares | shares	(133)
Forfeited, shares | shares	(9)
Non-vested at end of period, shares | shares	492
Stock/Stock Unit Award Activity and Related Information, Weighted Average Grant Date Fair Value
Non-vested at beginning of period, weighted-average grant date fair value | $ / shares	$ 37.27
Awarded, weighted-average grant date fair value | $ / shares	51.59
Vested, weighted-average grant date fair value | $ / shares	33.64
Forfeited, weighted-average grant date fair value | $ / shares	38.80
Non-vested at the end of period, weighted-average grant date fair value | $ / shares	$ 42.19