Franklin Electric (FELE) 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

COVER

COVER - $ / shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
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 Listing, Par Value Per Share	$ 0.10
Entity Common Stock, Shares Outstanding		46,190,670
Entity Central Index Key	0000038725
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Net sales	$ 308,281	$ 355,340	$ 575,035	$ 646,055
Cost of sales	201,159	235,622	377,596	436,831
Gross profit	107,122	119,718	197,439	209,224
Selling, general, and administrative expenses	72,314	75,782	147,937	152,081
Restructuring expense	875	245	1,748	1,331
Operating income	33,933	43,691	47,754	55,812
Interest expense	(1,132)	(2,295)	(2,366)	(4,637)
Other expense, net	(397)	(292)	(599)	(53)
Foreign exchange income/(expense)	(906)	(505)	56	84
Income before income taxes	31,498	40,599	44,845	51,206
Income tax expense	6,696	7,787	9,251	9,267
Net income	24,802	32,812	35,594	41,939
Less: Net (income) attributable to noncontrolling interests	(151)	(67)	(300)	(138)
Net income attributable to Franklin Electric Co., Inc.	$ 24,651	$ 32,745	$ 35,294	$ 41,801
Income per share:
Basic earnings per share (in dollars per share)	$ 0.53	$ 0.70	$ 0.76	$ 0.89
Diluted earnings per share (in dollars per share)	$ 0.52	$ 0.70	$ 0.75	$ 0.89

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 24,802	$ 32,812	$ 35,594	$ 41,939
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	1,977	1,362	(35,745)	(1,448)
Employee benefit plan activity	901	649	1,802	1,299
Other comprehensive income/(loss)	2,878	2,011	(33,943)	(149)
Income tax expense related to items of other comprehensive income/(loss)	(185)	(141)	(370)	(282)
Other comprehensive income/(loss), net of tax	2,693	1,870	(34,313)	(431)
Comprehensive income	27,495	34,682	1,281	41,508
Less: Comprehensive income attributable to noncontrolling interests	173	126	327	158
Comprehensive income attributable to Franklin Electric Co., Inc.	$ 27,322	$ 34,556	$ 954	$ 41,350

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 43,083	$ 64,405
Receivables, less allowances of $4,741 and $3,705, respectively	183,210	173,327
Inventories:
Raw material	94,697	98,286
Work-in-process	20,696	18,392
Finished goods	184,002	183,568
Total inventories	299,395	300,246
Other current assets	23,653	29,466
Total current assets	549,341	567,444
Property, plant, and equipment, at cost:
Land and buildings	133,620	142,189
Machinery and equipment	270,702	276,541
Furniture and fixtures	45,159	43,631
Other	28,879	29,293
Property, plant, and equipment, gross	478,360	491,654
Less: Allowance for depreciation	(291,997)	(290,326)
Property, plant, and equipment, net	186,363	201,328
Right-of-Use Asset, net	27,687	27,621
Deferred income taxes	7,911	9,171
Intangible assets, net	121,725	131,127
Goodwill	256,219	256,059
Other assets	2,086	1,993
Total assets	1,151,332	1,194,743
Current liabilities:
Accounts payable	86,767	82,593
Accrued expenses and other current liabilities	65,316	68,444
Current lease liability	10,273	9,838
Income taxes	7,297	3,010
Current maturities of long-term debt and short-term borrowings	4,243	21,879
Total current liabilities	173,896	185,764
Long-term debt	92,489	93,141
Long-term lease liability	17,416	17,785
Income taxes payable non-current	11,965	11,965
Deferred income taxes	25,748	27,598
Employee benefit plans	36,631	38,288
Other long-term liabilities	17,938	21,769
Commitments and contingencies (see Note 14)	0	0
Redeemable noncontrolling interest	(262)	(236)
Shareholders' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (46,185 and 46,391, respectively)	4,618	4,639
Additional capital	278,175	269,656
Retained earnings	715,621	712,460
Accumulated other comprehensive loss	(224,550)	(190,210)
Total shareholders' equity	773,864	796,545
Noncontrolling interest	1,647	2,124
Total equity	775,511	798,669
Total liabilities and equity	$ 1,151,332	$ 1,194,743

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,741	$ 3,705
Shareholders' equity:
Common shares, authorized (in shares)	65,000	65,000
Common shares, par value (in dollars per share)	$ 0.10	$ 0.10
Common shares, outstanding (in shares)	46,185	46,391

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 35,594	$ 41,939
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	17,990	18,350
Non-cash lease expense	5,283	5,199
Share-based compensation	7,015	5,524
Deferred income taxes	(125)	501
Loss on disposals of plant and equipment	448	594
Foreign exchange income	(56)	(84)
Changes in assets and liabilities, net of acquisitions:
Receivables	(17,820)	(46,371)
Inventory	(7,520)	(35,318)
Accounts payable and accrued expenses	8,561	18,637
Operating leases	(5,283)	(5,195)
Income taxes	3,825	535
Employee benefit plans	99	(50)
Other, net	(1,010)	(116)
Net cash flows from operating activities	47,001	4,145
Cash flows from investing activities:
Additions to property, plant, and equipment	(9,445)	(10,444)
Proceeds from sale of property, plant, and equipment	25	866
Cash paid for acquisitions, net of cash acquired	(5,826)	(6,728)
Other, net	3	8
Net cash flows from investing activities	(15,243)	(16,298)
Cash flows from financing activities:
Proceeds from issuance of debt	98,234	129,985
Repayment of debt	(116,142)	(113,171)
Proceeds from issuance of common stock	1,520	1,495
Purchases of common stock	(17,724)	(9,543)
Dividends paid	(14,446)	(13,510)
Purchase of redeemable noncontrolling shares	0	(485)
Net cash flows from financing activities	(48,558)	(5,229)
Effect of exchange rate changes on cash	(4,522)	(800)
Net change in cash and equivalents	(21,322)	(18,182)
Cash and equivalents at beginning of period	64,405	59,173
Cash and equivalents at end of period	43,083	40,991
Cash paid for income taxes, net of refunds	6,227	8,578
Cash paid for interest	2,483	4,731
Non-cash items:
Additions to property, plant, and equipment, not yet paid	204	307
Right-of-Use Assets obtained in exchange for new operating lease liabilities	4,915	1,772
Accrued dividends payable to noncontrolling interests	$ 830	$ 642

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	CONDENSED CONSOLIDATED FINANCIAL STATEMENTSThe accompanying condensed consolidated balance sheet as of December 31, 2019, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of June 30, 2020, and for the second quarters and six months ended June 30, 2020 and June 30, 2019 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, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. 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, 2019.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the standard effective January 1, 2020. The standard did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which modifies the measurement of expected credit losses on certain financial instruments, including trade receivables. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted. Amendments should be applied using a modified retrospective approach except for debt securities, which require a prospective transitions approach. The Company adopted the standard effective January 1, 2020. The standard did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. 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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , which is expected to reduce cost and complexity related to accounting for income taxes. ASU 2019-12 eliminates the need for the Company to analyze whether certain exceptions apply and improves financial statement preparers' application of income tax-related guidance. ASU 2019-12 is effective for interim and annual periods beginning after December 15, 2020 with early adoption permitted. Amendments related to franchise taxes that are partially based on income should be applied on either a retrospective or modified retrospective basis. All other amendments should be applied on a prospective basis. The Company is still determining the date of adoption of this ASU. Adoption is not expected 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, 2020
Business Combinations [Abstract]
ACQUISITIONS	ACQUISITIONSDuring the first quarter ended March 31, 2020, the Company acquired all of the assets of a company that manufactures line shaft turbines and other adjacent product lines for a purchase price of $6.3 million after working capital adjustments. The fair value of the assets acquired and liabilities assumed are preliminary as of June 30, 2020. In addition, 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 2020, as the results of operations for this acquisition is immaterial. During the third quarter ended September 30, 2019, the Company acquired 100 percent of the ownership interests of First Sales, LLC for a purchase price of approximately $15.5 million after working capital adjustments. The acquisition was not material, and the fair value of the assets acquired and liabilities assumed are preliminary as of June 30, 2020. 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. Transaction costs were expensed as incurred under the guidance of FASB Accounting Standards Codification Topic 805, Business Combinations

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019, the assets measured at fair value on a recurring basis were as set forth in the table below: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Cash equivalents $ 4.4 $ 4.4 $ — $ — December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 4.0 $ 4.0 $ — $ — 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.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTSThe 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, 2020, the swap had a notional value based on 280,000 shares. For the second quarter and six months ended June 30, 2020, the swap resulted in a gain of $1.3 million and a loss of $1.5 million, respectively. For the second quarter and six months ended June 30, 2019, the swap resulted in a loss of $0.9 million and a gain $1.0 million, respectively. Gains and losses resulting from the swap were primarily offset by gains and losses on the fair value of the deferred compensation stock liability. All gains or losses and expenses related to the swap are recorded in the Company's condensed consolidated statements of income within the “Selling, general, and administrative expenses” line.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.4 $ (7.1) $ 7.4 $ (7.0) Technology 7.5 (7.0) 7.5 (6.8) Customer relationships 150.9 (73.6) 155.4 (71.4) Other 3.7 (2.8) 3.8 (2.8) Total $ 169.5 $ (90.5) $ 174.1 $ (88.0) Unamortizing intangibles: Trade names 42.7 — 45.0 — Total intangibles $ 212.2 $ (90.5) $ 219.1 $ (88.0) Amortization expense related to intangible assets for the second quarters ended June 30, 2020 and June 30, 2019 was $2.3 million and $2.3 million, and for the six months ended June 30, 2020 and June 30, 2019, $4.7 million and $4.6 million respectively. Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2020 2021 2022 2023 2024 $ 9.2 $ 8.8 $ 8.6 $ 8.5 $ 8.3 The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2020, is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2019 $ 151.0 $ 67.6 $ 37.5 $ 256.1 Acquisitions 3.0 — — 3.0 Foreign currency translation (2.7) (0.2) — (2.9) Balance as of June 30, 2020 $ 151.3 $ 67.4 $ 37.5 $ 256.2

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2020
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Plans - As of June 30, 2020, the Company maintained two domestic pension plans and three German pension plans. The Company used a December 31, 2019 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, 2020 and June 30, 2019: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Service cost $ 0.2 $ 0.2 $ 0.3 $ 0.4 Interest cost 1.1 1.5 2.2 3.0 Expected return on assets (1.7) (2.0) (3.4) (4.0) Amortization of: Prior service cost — — — — Actuarial loss 0.9 0.7 1.8 1.3 Settlement cost — — — — Net periodic benefit cost $ 0.5 $ 0.4 $ 0.9 $ 0.7 In the six months ended June 30, 2020, the Company made contributions of $0.1 million to the funded plans. The amount of contributions to be made to the plans during the calendar year 2020 will be finalized by September 15, 2020, based upon the funding level requirements identified and year-end valuation performed at December 31, 2019. 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, 2020 and June 30, 2019: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Service cost $ — $ — $ — $ — Interest cost — 0.1 0.1 0.2 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — — — Settlement cost — — — — Net periodic benefit cost $ — $ 0.1 $ 0.1 $ 0.2

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
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, 2020 was 20.6 percent as compared to 18.1 percent for the six month period ended June 30, 2019. 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 U.S. foreign-derived intangible income (FDII) provisions, and certain discrete events including excess tax benefits from share-based compensation. For the second quarter of 2020, the effective tax rate was 21.3 percent as compared to 19.2 percent for the second quarter of 2019. The increase in the effective tax rate was primarily a result of net unfavorable discrete events of $0.4 million recorded in the second quarter of 2020 compared to net favorable discrete events of $0.6 million in the second quarter of 2019. During the second quarter of 2020, the Company recorded $1.4 million of expense for a valuation allowance on deferred tax assets in foreign jurisdictions to recognize only the portion of the deferred tax assets that are more likely than not to be realized. In addition, the Company recorded a benefit of $1.2 million for the release of a deferred tax liability related to unrecognized foreign exchange on the settlement of an intercompany loan. The Company also recorded $0.2 million of expense for other discrete events primarily related to foreign withholding tax on a distribution in a foreign jurisdiction. On March 27, 2020, President Trump signed into U.S. federal law the CARES Act, which is aimed at providing emergency assistance and health care for individuals, families, and businesses affected by the COVID-19 pandemic and generally supporting the U.S. economy. The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of the employer portion of social security payments, net operating loss carryback periods, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. The Company does not expect there to be a material impact to the consolidated financial statements.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: (In millions) June 30, 2020 December 31, 2019 Tax increment financing debt 18.2 18.7 New York Life Agreement 75.0 75.0 Credit Agreement 1.7 19.0 Financing Leases — 0.1 Foreign subsidiary debt 1.9 2.3 Less: unamortized debt issuance costs (0.1) (0.1) $ 96.7 $ 115.0 Less: current maturities (4.2) (21.9) Long-term debt $ 92.5 $ 93.1 Debt outstanding, excluding unamortized debt issuance costs, at June 30, 2020 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 96.8 $ 4.2 $ 1.3 $ 1.3 $ 1.3 $ 1.4 $ 87.3 Prudential Agreement The Company maintains the Third Amended and Restated Note Purchase and Private Shelf Agreement (the "Prudential Agreement"), which expires on July 30, 2021 and has an initial borrowing capacity of $250.0 million. As of June 30, 2020, the Company has $150.0 million borrowing capacity available under the Prudential Agreement. 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, 2020, 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, 2020, the Company had $1.7 million in outstanding borrowings which were primarily used for working capital needs, the payment of existing indebtedness and acquisitions, $4.2 million in letters of credit outstanding, and $294.1 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, 2020.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
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, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 24.7 $ 32.7 $ 35.3 $ 41.8 Less: Earnings allocated to participating securities 0.2 0.2 0.2 0.3 Net income available to common shareholders $ 24.5 $ 32.5 $ 35.1 $ 41.5 Denominator: Basic weighted average common shares outstanding 46.2 46.3 46.3 46.3 Effect of dilutive securities: Non-participating employee stock options and performance awards 0.3 0.4 0.4 0.4 Diluted weighted average common shares outstanding 46.5 46.7 46.7 46.7 Basic earnings per share $ 0.53 $ 0.70 $ 0.76 $ 0.89 Diluted earnings per share $ 0.52 $ 0.70 $ 0.75 $ 0.89 There were 0.4 million and 0.3 million stock options outstanding for the second quarters ended June 30, 2020 and June 30, 2019, and 0.3 million and 0.2 million stock options outstanding for the six months ended June 30, 2020 and June 30, 2019 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, 2020
Stockholders' Equity Note [Abstract]
EQUITY ROLL FORWARD	EQUITY ROLL FORWARD The schedules below set forth equity changes in the second quarters ended June 30, 2020 and June 30, 2019: (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, 2020 $ 4,614 $ 274,869 $ 698,917 $ (49,373) $ (177,848) $ 2,287 $ 753,466 $ (245) Net income 24,651 169 24,820 (18) Dividends on common stock ($0.155/share) (7,206) (7,206) Common stock issued 2 647 649 Common stock repurchased (2) (741) (743) Share-based compensation 4 2,659 2,663 Noncontrolling dividend (830) (830) Purchase of redeemable noncontrolling shares — — Currency translation adjustment 1,955 21 1,976 1 Pension liability, net of tax 716 716 Balance as of June 30, 2020 $ 4,618 $ 278,175 $ 715,621 $ (48,657) $ (175,893) $ 1,647 $ 775,511 $ (262) (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 ($0.145/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) The schedules below set forth equity changes in the six months ended June 30, 2020 and June 30, 2019: (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, 2019 $ 4,639 $ 269,656 $ 712,460 $ (50,089) $ (140,121) $ 2,124 $ 798,669 $ (236) Net Income 35,294 356 35,650 (56) Dividends on common stock ($0.310/share) (14,446) (14,446) Common stock issued 4 1,516 1,520 Common stock repurchased (37) (17,687) (17,724) Share-based compensation 12 7,003 7,015 Noncontrolling dividend (830) (830) Purchase of redeemable non-controlling shares — — Currency translation adjustment (35,772) (3) (35,775) 30 Pension liability, net of taxes 1,432 1,432 Balance as of June 30, 2020 $ 4,618 $ 278,175 $ 715,621 $ (48,657) $ (175,893) $ 1,647 $ 775,511 $ (262) (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 ($0.290/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 non-controlling shares — (485) Currency translation adjustment (1,468) (20) (1,488) 40 Pension liability, net of taxes 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)

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	6 Months Ended
	Jun. 30, 2020
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, 2020 and June 30, 2019, are summarized below: (In millions) For the six months ended June 30, 2020: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total Balance as of December 31, 2019 $ (140.2) $ (50.0) $ (190.2) Other comprehensive income/(loss) before reclassifications (35.8) — (35.8) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.4 1.4 Net other comprehensive income/(loss) (35.8) 1.4 (34.4) Balance as of June 30, 2020 $ (176.0) $ (48.6) $ (224.6) For the six months ended June 30, 2019: 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) (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 $0.4 million and $0.3 million for the six months ended June 30, 2020 and June 30, 2019, respectively. Amounts related to noncontrolling interests were not material.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	6 Months Ended
	Jun. 30, 2020
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. Financial information by reportable business segment is included in the following summary: Second Quarter Ended Six Months Ended (In millions) June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net sales Water Systems External sales United States & Canada $ 80.8 $ 103.1 $ 151.7 $ 189.9 Latin America 24.2 29.4 52.4 59.9 Europe, Middle East & Africa 35.5 39.0 73.7 76.7 Asia Pacific 19.7 18.7 33.5 40.9 Intersegment sales United States & Canada 18.2 14.8 31.2 26.0 Total sales 178.4 205.0 342.5 393.4 Distribution External sales United States & Canada 92.1 87.1 152.5 140.4 Intersegment sales — — — — Total sales 92.1 87.1 152.5 140.4 Fueling Systems External sales United States & Canada 35.3 45.9 72.6 81.1 All other 20.7 32.1 38.6 57.2 Intersegment sales — — — — Total sales 56.0 78.0 111.2 138.3 Intersegment Eliminations/Other (18.2) (14.8) (31.2) (26.0) Consolidated $ 308.3 $ 355.3 $ 575.0 $ 646.1 Second Quarter Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating income/(loss) Water Systems $ 28.7 $ 30.9 $ 47.5 $ 50.1 Distribution 6.8 4.5 4.6 0.2 Fueling Systems 13.5 21.7 25.6 34.0 Intersegment Eliminations/Other (15.1) (13.4) (29.9) (28.5) Consolidated $ 33.9 $ 43.7 $ 47.8 $ 55.8 June 30, 2020 December 31, 2019 Total assets Water Systems $ 625.2 $ 658.3 Distribution 200.3 180.2 Fueling Systems 267.3 283.8 Other 58.5 72.4 Consolidated $ 1,151.3 $ 1,194.7

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
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, 2020, the Company had $8.5 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, 2020, are as follows: (In millions) Balance as of December 31, 2019 $ 9.1 Accruals related to product warranties 4.8 Additions related to acquisitions — Reductions for payments made (4.8) Balance as of June 30, 2020 $ 9.1 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 utilizes 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 as of the second quarter and six months ended June 30, 2020 are as follows: Lease Cost (in millions): Second Quarter Ended Six Months Ended Operating lease cost $ 3.2 $ 5.2 Short-term lease cost 0.1 0.2 Other Information: Weighted-average remaining lease term 4 years Weighted-average discount rate 3.8 % The minimum rental payments for non-cancellable operating leases as of June 30, 2020, are as follows: (In millions) 2020 2021 2022 2023 2024 Thereafter Future Minimum Rental Payments $ 5.7 $ 9.5 $ 6.2 $ 3.9 $ 1.6 $ 2.5

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
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 and no additional awards are granted out of the plan. However, there are still unvested awards and unexercised options under this plan. 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, 2020 and June 30, 2019 are as follows: June 30, 2020 June 30, 2019 Risk-free interest rate 1.39 % 2.53 % Dividend yield 1.04 % 1.05 % Volatility factor 29.45 % 29.38 % Expected term 5.5 years 5.5 years A summary of the Company’s outstanding stock option activity and related information for the six months ended June 30, 2020 is as follows: (Shares in thousands) June 30, 2020 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,262 $ 37.99 Granted 214 59.71 Exercised (43) 34.82 Forfeited (4) 50.13 Outstanding at end of period 1,429 $ 41.31 Expected to vest after applying forfeiture rate 1,427 $ 41.29 Vested and exercisable at end of period 958 $ 35.70 A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of June 30, 2020 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 5.87 years $ 18,033 Expected to vest after applying forfeiture rate 5.86 years $ 18,027 Vested and exercisable at end of period 4.48 years $ 16,338 The total intrinsic value of options exercised during the six months ended June 30, 2020 and June 30, 2019 was $0.9 million and $2.1 million, respectively. As of June 30, 2020, there was $1.6 million of total unrecognized compensation cost related to non-vested stock options granted under the stock plans. That cost is expected to be recognized over a weighted-average period of 1.66 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, 2020 is as follows: (Shares in thousands) June 30, 2020 Restricted Stock/Stock Unit Awards Weighted-Average Grant- Non-vested at beginning of period 463 $ 42.36 Awarded 118 59.27 Vested (127) 33.85 Forfeited (17) 48.72 Non-vested at end of period 437 $ 49.16 As of June 30, 2020, there was $11.1 million of total unrecognized compensation cost related to non-vested restricted stock/stock unit awards granted under the stock plans. That cost is expected to be recognized over a weighted-average period of 1.56 years.

ACCOUNTING PRONOUNCEMENTS (Poli

ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the standard effective January 1, 2020. The standard did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which modifies the measurement of expected credit losses on certain financial instruments, including trade receivables. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019 with early adoption permitted. Amendments should be applied using a modified retrospective approach except for debt securities, which require a prospective transitions approach. The Company adopted the standard effective January 1, 2020. The standard did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows.
Accounting Standards Issued But Not Yet Adopted	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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of June 30, 2020 and December 31, 2019, the assets measured at fair value on a recurring basis were as set forth in the table below: June 30, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Cash equivalents $ 4.4 $ 4.4 $ — $ — December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 4.0 $ 4.0 $ — $ —

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.4 $ (7.1) $ 7.4 $ (7.0) Technology 7.5 (7.0) 7.5 (6.8) Customer relationships 150.9 (73.6) 155.4 (71.4) Other 3.7 (2.8) 3.8 (2.8) Total $ 169.5 $ (90.5) $ 174.1 $ (88.0) Unamortizing intangibles: Trade names 42.7 — 45.0 — Total intangibles $ 212.2 $ (90.5) $ 219.1 $ (88.0)
Schedule of Indefinite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets are as follows: (In millions) June 30, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.4 $ (7.1) $ 7.4 $ (7.0) Technology 7.5 (7.0) 7.5 (6.8) Customer relationships 150.9 (73.6) 155.4 (71.4) Other 3.7 (2.8) 3.8 (2.8) Total $ 169.5 $ (90.5) $ 174.1 $ (88.0) Unamortizing intangibles: Trade names 42.7 — 45.0 — Total intangibles $ 212.2 $ (90.5) $ 219.1 $ (88.0)
Schedule of Amortization Expense	Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2020 2021 2022 2023 2024 $ 9.2 $ 8.8 $ 8.6 $ 8.5 $ 8.3
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, 2020, is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2019 $ 151.0 $ 67.6 $ 37.5 $ 256.1 Acquisitions 3.0 — — 3.0 Foreign currency translation (2.7) (0.2) — (2.9) Balance as of June 30, 2020 $ 151.3 $ 67.4 $ 37.5 $ 256.2

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and June 30, 2019: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Service cost $ 0.2 $ 0.2 $ 0.3 $ 0.4 Interest cost 1.1 1.5 2.2 3.0 Expected return on assets (1.7) (2.0) (3.4) (4.0) Amortization of: Prior service cost — — — — Actuarial loss 0.9 0.7 1.8 1.3 Settlement cost — — — — Net periodic benefit cost $ 0.5 $ 0.4 $ 0.9 $ 0.7
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, 2020 and June 30, 2019: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Service cost $ — $ — $ — $ — Interest cost — 0.1 0.1 0.2 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — — — Settlement cost — — — — Net periodic benefit cost $ — $ 0.1 $ 0.1 $ 0.2

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) June 30, 2020 December 31, 2019 Tax increment financing debt 18.2 18.7 New York Life Agreement 75.0 75.0 Credit Agreement 1.7 19.0 Financing Leases — 0.1 Foreign subsidiary debt 1.9 2.3 Less: unamortized debt issuance costs (0.1) (0.1) $ 96.7 $ 115.0 Less: current maturities (4.2) (21.9) Long-term debt $ 92.5 $ 93.1
Schedule of Long-term Debt Payments	Debt outstanding, excluding unamortized debt issuance costs, at June 30, 2020 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 96.8 $ 4.2 $ 1.3 $ 1.3 $ 1.3 $ 1.4 $ 87.3

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 24.7 $ 32.7 $ 35.3 $ 41.8 Less: Earnings allocated to participating securities 0.2 0.2 0.2 0.3 Net income available to common shareholders $ 24.5 $ 32.5 $ 35.1 $ 41.5 Denominator: Basic weighted average common shares outstanding 46.2 46.3 46.3 46.3 Effect of dilutive securities: Non-participating employee stock options and performance awards 0.3 0.4 0.4 0.4 Diluted weighted average common shares outstanding 46.5 46.7 46.7 46.7 Basic earnings per share $ 0.53 $ 0.70 $ 0.76 $ 0.89 Diluted earnings per share $ 0.52 $ 0.70 $ 0.75 $ 0.89

EQUITY ROLL FORWARD (Tables)

EQUITY ROLL FORWARD (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity	The schedules below set forth equity changes in the second quarters ended June 30, 2020 and June 30, 2019: (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, 2020 $ 4,614 $ 274,869 $ 698,917 $ (49,373) $ (177,848) $ 2,287 $ 753,466 $ (245) Net income 24,651 169 24,820 (18) Dividends on common stock ($0.155/share) (7,206) (7,206) Common stock issued 2 647 649 Common stock repurchased (2) (741) (743) Share-based compensation 4 2,659 2,663 Noncontrolling dividend (830) (830) Purchase of redeemable noncontrolling shares — — Currency translation adjustment 1,955 21 1,976 1 Pension liability, net of tax 716 716 Balance as of June 30, 2020 $ 4,618 $ 278,175 $ 715,621 $ (48,657) $ (175,893) $ 1,647 $ 775,511 $ (262) (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 ($0.145/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) The schedules below set forth equity changes in the six months ended June 30, 2020 and June 30, 2019: (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, 2019 $ 4,639 $ 269,656 $ 712,460 $ (50,089) $ (140,121) $ 2,124 $ 798,669 $ (236) Net Income 35,294 356 35,650 (56) Dividends on common stock ($0.310/share) (14,446) (14,446) Common stock issued 4 1,516 1,520 Common stock repurchased (37) (17,687) (17,724) Share-based compensation 12 7,003 7,015 Noncontrolling dividend (830) (830) Purchase of redeemable non-controlling shares — — Currency translation adjustment (35,772) (3) (35,775) 30 Pension liability, net of taxes 1,432 1,432 Balance as of June 30, 2020 $ 4,618 $ 278,175 $ 715,621 $ (48,657) $ (175,893) $ 1,647 $ 775,511 $ (262) (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 ($0.290/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 non-controlling shares — (485) Currency translation adjustment (1,468) (20) (1,488) 40 Pension liability, net of taxes 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)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2020 and June 30, 2019, are summarized below: (In millions) For the six months ended June 30, 2020: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total Balance as of December 31, 2019 $ (140.2) $ (50.0) $ (190.2) Other comprehensive income/(loss) before reclassifications (35.8) — (35.8) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.4 1.4 Net other comprehensive income/(loss) (35.8) 1.4 (34.4) Balance as of June 30, 2020 $ (176.0) $ (48.6) $ (224.6) For the six months ended June 30, 2019: 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) (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 $0.4 million and $0.3 million for the six months ended June 30, 2020 and June 30, 2019, respectively.

SEGMENT AND GEOGRAPHIC INFORM_2

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Net sales Water Systems External sales United States & Canada $ 80.8 $ 103.1 $ 151.7 $ 189.9 Latin America 24.2 29.4 52.4 59.9 Europe, Middle East & Africa 35.5 39.0 73.7 76.7 Asia Pacific 19.7 18.7 33.5 40.9 Intersegment sales United States & Canada 18.2 14.8 31.2 26.0 Total sales 178.4 205.0 342.5 393.4 Distribution External sales United States & Canada 92.1 87.1 152.5 140.4 Intersegment sales — — — — Total sales 92.1 87.1 152.5 140.4 Fueling Systems External sales United States & Canada 35.3 45.9 72.6 81.1 All other 20.7 32.1 38.6 57.2 Intersegment sales — — — — Total sales 56.0 78.0 111.2 138.3 Intersegment Eliminations/Other (18.2) (14.8) (31.2) (26.0) Consolidated $ 308.3 $ 355.3 $ 575.0 $ 646.1 Second Quarter Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Operating income/(loss) Water Systems $ 28.7 $ 30.9 $ 47.5 $ 50.1 Distribution 6.8 4.5 4.6 0.2 Fueling Systems 13.5 21.7 25.6 34.0 Intersegment Eliminations/Other (15.1) (13.4) (29.9) (28.5) Consolidated $ 33.9 $ 43.7 $ 47.8 $ 55.8 June 30, 2020 December 31, 2019 Total assets Water Systems $ 625.2 $ 658.3 Distribution 200.3 180.2 Fueling Systems 267.3 283.8 Other 58.5 72.4 Consolidated $ 1,151.3 $ 1,194.7

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020, are as follows: (In millions) Balance as of December 31, 2019 $ 9.1 Accruals related to product warranties 4.8 Additions related to acquisitions — Reductions for payments made (4.8) Balance as of June 30, 2020 $ 9.1
Lease, Cost	The components of the Company’s operating lease portfolio as of the second quarter and six months ended June 30, 2020 are as follows: Lease Cost (in millions): Second Quarter Ended Six Months Ended Operating lease cost $ 3.2 $ 5.2 Short-term lease cost 0.1 0.2 Other Information: Weighted-average remaining lease term 4 years Weighted-average discount rate 3.8 %
Lessee, Operating Lease, Liability, Maturity	The minimum rental payments for non-cancellable operating leases as of June 30, 2020, are as follows: (In millions) 2020 2021 2022 2023 2024 Thereafter Future Minimum Rental Payments $ 5.7 $ 9.5 $ 6.2 $ 3.9 $ 1.6 $ 2.5

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and June 30, 2019 are as follows: June 30, 2020 June 30, 2019 Risk-free interest rate 1.39 % 2.53 % Dividend yield 1.04 % 1.05 % Volatility factor 29.45 % 29.38 % Expected term 5.5 years 5.5 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, 2020 is as follows: (Shares in thousands) June 30, 2020 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,262 $ 37.99 Granted 214 59.71 Exercised (43) 34.82 Forfeited (4) 50.13 Outstanding at end of period 1,429 $ 41.31 Expected to vest after applying forfeiture rate 1,427 $ 41.29 Vested and exercisable at end of period 958 $ 35.70
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, 2020 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 5.87 years $ 18,033 Expected to vest after applying forfeiture rate 5.86 years $ 18,027 Vested and exercisable at end of period 4.48 years $ 16,338
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, 2020 is as follows: (Shares in thousands) June 30, 2020 Restricted Stock/Stock Unit Awards Weighted-Average Grant- Non-vested at beginning of period 463 $ 42.36 Awarded 118 59.27 Vested (127) 33.85 Forfeited (17) 48.72 Non-vested at end of period 437 $ 49.16

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Jun. 30, 2019
Business Acquisition
Business Combination, Acquisition Related Costs			$ 0.1	$ 0.1
Company
Business Acquisition
Total purchase price	$ 6.3
First Sales, LLC
Business Acquisition
Business acquisition, percentage of voting interests acquired		100.00%
Total purchase price		$ 15.5
Pluga Pumps and Motors Private Limited | Pluga Pumps and Motors Private Limited
Business Acquisition
Noncontrolling Interest, Ownership Percentage by Parent			100.00%	100.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	$ 96.7	$ 115
Recurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	4.4	4
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	4.4	4
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
Carrying value
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	96.7	115
Fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, fair value	$ 105.1	$ 121

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, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)
Derivative
Derivative cancellable written notice term			30 days
Derivative notional amount (in shares) | shares	280,000		280,000
Selling, general, and administrative expenses
Derivative
Gain on derivative	$ 1.3			$ 1
Loss on derivative		$ 0.9	$ 1.5

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Intangible Assets
Gross carrying amount, amortized intangibles	$ 169.5		$ 169.5		$ 174.1
Gross carrying amount, total intangibles	212.2		212.2		219.1
Accumulated amortization	(90.5)		(90.5)		(88)
Amortization of Intangible Assets	2.3	$ 2.3	4.7	$ 4.6
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	42.7		42.7		45
Patents
Intangible Assets
Gross carrying amount, amortized intangibles	7.4		7.4		7.4
Accumulated amortization	(7.1)		(7.1)		(7)
Technology
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.5		7.5
Accumulated amortization	(7)		(7)		(6.8)
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	150.9		150.9		155.4
Accumulated amortization	(73.6)		(73.6)		(71.4)
Other
Intangible Assets
Gross carrying amount, amortized intangibles	3.7		3.7		3.8
Accumulated amortization	$ (2.8)		$ (2.8)		$ (2.8)

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Future Amortization) (Details) $ in Millions	Jun. 30, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 9.2
2021	8.8
2022	8.6
2023	8.5
2024	$ 8.3

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Goodwill
Goodwill, beginning balance	$ 256,059
Acquisitions	3,000
Foreign currency translation	(2,900)
Goodwill, ending balance	256,219
Water Systems
Goodwill
Goodwill, beginning balance	151,000
Acquisitions	3,000
Foreign currency translation	(2,700)
Goodwill, ending balance	151,300
Fueling Systems
Goodwill
Goodwill, beginning balance	67,600
Acquisitions	0
Foreign currency translation	(200)
Goodwill, ending balance	67,400
Distribution
Goodwill
Goodwill, beginning balance	37,500
Acquisitions	0
Foreign currency translation	0
Goodwill, ending balance	$ 37,500

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)Pension_Plan	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)Pension_Plan	Jun. 30, 2019USD ($)
Net Periodic Benefit Cost and Other Benefit Cost
Company contributions			$ 0.1
Foreign
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plan	3		3
United States
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	$ 0.3	$ 0.4
Interest cost	1.1	1.5	2.2	3
Expected return on assets	(1.7)	(2)	(3.4)	(4)
Amortization of prior service cost	0	0	0	0
Amortization of actuarial loss	0.9	0.7	1.8	1.3
Settlement cost	0	0	0	0
Net periodic benefit cost	0.5	0.4	0.9	0.7
Other Benefits
Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	0	0.1	0.1	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
Settlement cost	0	0	0	0
Net periodic benefit cost	$ 0	$ 0.1	$ 0.1	$ 0.2

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Effective tax rate	21.30%	19.20%	20.60%	18.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount	$ 0.4	$ 0.6
Deferred Tax Assets, Valuation Allowance	1.4		$ 1.4
Adjustment for Long-term Intercompany Transactions, Tax Expense (Benefit)	1.2
Other Tax Expense (Benefit)	$ 0.2

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument
Long-term debt	$ 96,800
Financing Leases	0	$ 100
Less: unamortized debt issuance costs	(100)	(100)
Total debt and capital leases	96,700	115,000
Less: current maturities	(4,243)	(21,879)
Long-term debt	92,489	93,141
Tax increment financing debt
Debt Instrument
Long-term debt	18,200	18,700
Credit Agreement
Debt Instrument
Long-term debt	1,700	19,000
Foreign subsidiary debt
Debt Instrument
Long-term debt	1,900	2,300
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) $ in Millions	Jun. 30, 2020USD ($)
Long-term Debt, by Maturity
Debt	$ 96.8
Year 1	4.2
Year 2	1.3
Year 3	1.3
Year 4	1.3
Year 5	1.4
More than 5 years	$ 87.3

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	Oct. 28, 2016	Jun. 30, 2020	Sep. 26, 2018	Jul. 30, 2018	Dec. 31, 2012
Line of Credit Facility
Cross default trigger, minimum		$ 10
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
Aggregrate principal amount of debt					$ 25
Debt instrument, interest rate		3.60%
Credit Agreement
Debt Instrument
Total borrowing capacity of facility	$ 450
Remaining borrowing capacity		$ 294.1
Line of Credit Facility
Current borrowing capacity	300
Increase amount available	$ 150
Outstanding borrowings		1.7
Letters of credit outstanding		4.2
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
Remaining borrowing capacity		150
New York Life Investors LLC
Debt Instrument
Total borrowing capacity of facility				$ 200
Remaining borrowing capacity		$ 125
New York Life Investors LLC | Senior Notes
Debt Instrument
Aggregrate principal amount of debt			$ 75
Shelf Agreement, fixed interest rate		4.04%

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income attributable to Franklin Electric Co., Inc.	$ 24,651	$ 32,745	$ 35,294	$ 41,801
Less: Earnings allocated to participating securities	200	200	200	300
Net income available to common shareholders	$ 24,500	$ 32,500	$ 35,100	$ 41,500
Basic
Basic weighted average common shares outstanding	46.2	46.3	46.3	46.3
Effect of dilutive securities:
Non-participating employee stock options and performance awards	0.3	0.4	0.4	0.4
Diluted weighted average common shares outstanding	46.5	46.7	46.7	46.7
Basic earnings per share (in dollars per share)	$ 0.53	$ 0.70	$ 0.76	$ 0.89
Diluted earnings per share (in dollars per share)	$ 0.52	$ 0.70	$ 0.75	$ 0.89
Anti-dilutive stock options (in shares)	0.4	0.3	0.3	0.2

EQUITY ROLL FORWARD (Details)

EQUITY ROLL FORWARD (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common Stock, Dividends, Per Share, Cash Paid	$ 0.155	$ 0.145	$ 0.310	$ 0.290
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance			$ 798,669
Net income	$ 24,802	$ 32,812	35,594	$ 41,939
Equity, ending balance	775,511		775,511
Temporary equity, beginning balance	(245)	408	(236)	518
Net income	(18)	(180)	(56)	(283)
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests	0	(485)	0	(485)
Temporary Equity, Foreign Currency Translation Adjustments	1	47	30	40
Temporary equity, ending balance	(262)	(210)	(262)	(210)
Common Stock
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	4,614	4,637	4,639	4,632
Stock Issued During Period, Value, New Issues	2	1	4	7
Stock Repurchased and Retired During Period, Value	(2)	(12)	(37)	(21)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	4	6	12	14
Equity, ending balance	4,618	4,632	4,618	4,632
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	274,869	262,002	269,656	257,535
Stock Issued During Period, Value, New Issues	647	243	1,516	1,488
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,659	2,288	7,003	5,510
Equity, ending balance	278,175	264,533	278,175	264,533
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	698,917	652,737	712,460	654,724
Net income	24,651	32,745	35,294	41,801
Dividends, Common Stock, Cash	(7,206)	(6,787)	(14,446)	(13,510)
Stock Repurchased and Retired During Period, Value	(741)	(5,202)	(17,687)	(9,522)
Equity, ending balance	715,621	673,493	715,621	673,493
Minimum Pension Liability
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(49,373)	(48,076)	(50,089)	(48,585)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	716	508	1,432	1,017
Equity, ending balance	(48,657)	(47,568)	(48,657)	(47,568)
Cumulative Translation Adjustment
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(177,848)	(137,205)	(140,121)	(134,434)
Currency translation adjustment	1,955	1,303	(35,772)	(1,468)
Equity, ending balance	(175,893)	(135,902)	(175,893)	(135,902)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	2,287	2,097	2,124	1,955
Net income	169	247	356	421
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(830)	(642)	(830)	(642)
Currency translation adjustment	21	12	(3)	(20)
Equity, ending balance	1,647	1,714	1,647	1,714
Total Equity
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	753,466	736,192	798,669	735,827
Net income	24,820	32,992	35,650	42,222
Dividends, Common Stock, Cash	(7,206)	(6,787)	(14,446)	(13,510)
Stock Issued During Period, Value, New Issues	649	244	1,520	1,495
Stock Repurchased and Retired During Period, Value	(743)	(5,214)	(17,724)	(9,543)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,663	2,294	7,015	5,524
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(830)	(642)	(830)	(642)
Currency translation adjustment	1,976	1,315	(35,775)	(1,488)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	716	508	1,432	1,017
Equity, ending balance	$ 775,511	$ 760,902	$ 775,511	$ 760,902

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			$ 798,669
Other comprehensive income/(loss)	$ 2,693	$ 1,870	(34,313)	$ (431)
Equity, ending balance	775,511		775,511
Income tax expense related to items of other comprehensive income/(loss)	185	141	370	282
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(140,200)	(134,500)
Other comprehensive income/(loss) before reclassifications			(35,800)	(1,400)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			0	0
Other comprehensive income/(loss)			(35,800)	(1,400)
Equity, ending balance	(176,000)	(135,900)	(176,000)	(135,900)
Pension and Post-Retirement Plan Benefit Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(50,000)	(48,500)
Other comprehensive income/(loss) before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			1,400	900
Other comprehensive income/(loss)			1,400	900
Equity, ending balance	(48,600)	(47,600)	(48,600)	(47,600)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(190,200)	(183,000)
Other comprehensive income/(loss) before reclassifications			(35,800)	(1,400)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			1,400	900
Other comprehensive income/(loss)			(34,400)	(500)
Equity, ending balance	$ (224,600)	$ (183,500)	$ (224,600)	$ (183,500)

SEGMENT AND GEOGRAPHIC INFORM_3

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information
Net sales	$ 308,281	$ 355,340	$ 575,035	$ 646,055
Operating income/(loss)	33,933	43,691	47,754	55,812
Total assets	1,151,332		1,151,332		$ 1,194,743
Corporate And Eliminations
Segment Reporting Information
Net sales	(18,200)	(14,800)	(31,200)	(26,000)
Operating income/(loss)	(15,100)	(13,400)	(29,900)	(28,500)
Total assets	58,500		58,500		72,400
Water Systems | Operating Segments
Segment Reporting Information
Net sales	178,400	205,000	342,500	393,400
Operating income/(loss)	28,700	30,900	47,500	50,100
Total assets	625,200		625,200		658,300
Water Systems | United States & Canada
Segment Reporting Information
Net sales	80,800	103,100	151,700	189,900
Water Systems | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	18,200	14,800	31,200	26,000
Water Systems | Latin America
Segment Reporting Information
Net sales	24,200	29,400	52,400	59,900
Water Systems | EMEA
Segment Reporting Information
Net sales	35,500	39,000	73,700	76,700
Water Systems | Asia Pacific
Segment Reporting Information
Net sales	19,700	18,700	33,500	40,900
Distribution | Operating Segments
Segment Reporting Information
Net sales	92,100	87,100	152,500	140,400
Operating income/(loss)	6,800	4,500	4,600	200
Total assets	200,300		200,300		180,200
Distribution | United States & Canada
Segment Reporting Information
Net sales	92,100	87,100	152,500	140,400
Distribution | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | Operating Segments
Segment Reporting Information
Net sales	56,000	78,000	111,200	138,300
Operating income/(loss)	13,500	21,700	25,600	34,000
Total assets	267,300		267,300		$ 283,800
Fueling Systems | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | United States & Canada
Segment Reporting Information
Net sales	35,300	45,900	72,600	81,100
Fueling Systems | All Other
Segment Reporting Information
Net sales	$ 20,700	$ 32,100	$ 38,600	$ 57,200

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)
Commitments
Purchase obligations	$ 8.5
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance	9.1
Accruals related to product warranties	4.8
Additions related to acquisitions	0
Reductions for payments made	(4.8)
Ending balance	$ 9.1
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

OPERATING LEASES, LEASE COST (D

OPERATING LEASES, LEASE COST (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
OPERATING LEASES [Abstract]
Operating lease cost	$ 3.2	$ 5.2
Short-term lease cost	$ 0.1	$ 0.2
Weighted-average remaining lease term	4 years	4 years
Weighted-average discount rate	3.80%	3.80%

OPERATING LEASES, MATURITY ANAL

OPERATING LEASES, MATURITY ANALYSIS (Details) $ in Millions	Jun. 30, 2020USD ($)
OPERATING LEASES [Abstract]
2020	$ 5.7
2021	9.5
2022	6.2
2023	3.9
2024	1.6
Thereafter	$ 2.5

SHARE-BASED COMPENSATION (Share

SHARE-BASED COMPENSATION (Shares Authorized) (Details)	Jun. 30, 2020shares
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, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	1.39%	2.53%
Dividend yield	1.04%	1.05%
Volatility factor	29.45%	29.38%
Expected term	5 years 6 months	5 years 6 months

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, 2020	Jun. 30, 2019
Share-based Compensation
Intrinsic value of options exercised	$ 900	$ 2,100
Total unrecognized compensation cost related to nonvested share-based compensation	$ 1,600
Total unrecognized compensation cost, recognized over a weighted-average period	1 year 7 months 28 days
Stock Option Plans Activity and Related Information, Shares
Outstanding beginning of period, shares	1,262
Granted, shares	214
Exercised, shares	(43)
Forfeited, shares	(4)
Outstanding end of period, shares	1,429
Expected to vest after applying forfeiture rate, shares	1,427
Vested and exercisable end of period, shares	958
Stock Option Plans Activity and Related Information, Weighted Average Exercise Price
Outstanding beginning of period, weighted-average exercise price	$ 37.99
Granted, weighted-average exercise price	59.71
Exercised, weighted-average exercise price	34.82
Forfeited, weighted-average exercise price	50.13
Outstanding end of period, weighted-average exercise price	41.31
Expected to vest after applying forfeiture rate, weighted-average exercise price	41.29
Vested and exercisable end of period, weighted-average exercise price	$ 35.70
Summary of Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding at end of period, weighted-average remaining contractual term	5 years 10 months 13 days
Outstanding at end of period, aggregate intrinsic value	$ 18,033
Expected to vest after applying forfeiture rate, weighted-average remaining contractual term	5 years 10 months 9 days
Expected to vest after applying forfeiture rate, aggregate intrinsic value	$ 18,027
Vested and exercisable end of period, weighted-average remaining contractual term	4 years 5 months 23 days
Vested and exercisable end of period, aggregate intrinsic value	$ 16,338

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, 2020USD ($)$ / sharesshares
Share-based Compensation
Total unrecognized compensation cost related to nonvested share-based compensation | $	$ 11.1
Total unrecognized compensation cost, recognized over a weighted-average period	1 year 6 months 21 days
Stock/Stock Unit Award Activity and Related Information, Shares
Non-vested at beginning of period, shares | shares	463
Awarded, shares | shares	118
Vested, shares | shares	(127)
Forfeited, shares | shares	(17)
Non-vested at end of period, shares | shares	437
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	$ 42.36
Awarded, weighted-average grant date fair value | $ / shares	59.27
Vested, weighted-average grant date fair value | $ / shares	33.85
Forfeited, weighted-average grant date fair value | $ / shares	48.72
Non-vested at the end of period, weighted-average grant date fair value | $ / shares	$ 49.16