Franklin Electric (FELE) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

COVER

COVER - $ / shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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		46,432,448
Entity Central Index Key	0000038725
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 437,280	$ 308,281	$ 770,326	$ 575,035
Cost of sales	285,041	201,159	502,541	377,596
Gross profit	152,239	107,122	267,785	197,439
Selling, general, and administrative expenses	100,485	72,314	182,088	147,937
Restructuring expense	153	875	305	1,748
Operating income	51,601	33,933	85,392	47,754
Interest expense	(1,366)	(1,132)	(2,456)	(2,366)
Other income/(expense), net	(430)	(397)	(530)	(599)
Foreign exchange income/(expense)	(1,189)	(906)	(1,246)	56
Income before income taxes	48,616	31,498	81,160	44,845
Income tax (benefit)/expense	9,253	6,696	13,634	9,251
Net income	39,363	24,802	67,526	35,594
Less: Net (income)/expense attributable to noncontrolling interests	(222)	(151)	(505)	(300)
Net income attributable to Franklin Electric Co., Inc.	$ 39,141	$ 24,651	$ 67,021	$ 35,294
Income per share:
Basic	$ 0.84	$ 0.53	$ 1.44	$ 0.76
Diluted	$ 0.83	$ 0.52	$ 1.42	$ 0.75

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 39,363	$ 24,802	$ 67,526	$ 35,594
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	8,135	1,977	(3,379)	(35,745)
Employee benefit plan activity	1,117	901	2,233	1,802
Other comprehensive income/(loss)	9,252	2,878	(1,146)	(33,943)
Income tax expense related to items of other comprehensive income/(loss)	(232)	(185)	(464)	(370)
Other comprehensive income/(loss), net of tax	9,020	2,693	(1,610)	(34,313)
Comprehensive income	48,383	27,495	65,916	1,281
Less: Comprehensive income/(loss) attributable to noncontrolling interests	243	173	461	327
Comprehensive income attributable to Franklin Electric Co., Inc.	$ 48,140	$ 27,322	$ 65,455	$ 954

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 81,597	$ 130,787
Receivables, less allowances of $4,136 and $3,999, respectively	226,074	159,827
Inventories:
Raw material	117,503	87,226
Work-in-process	22,518	20,565
Finished goods	210,100	193,141
Total inventories	350,121	300,932
Other current assets	33,474	27,708
Total current assets	691,266	619,254
Property, plant, and equipment, at cost:
Land and buildings	156,480	152,323
Machinery and equipment	292,734	287,840
Furniture and fixtures	48,361	47,890
Other	36,500	33,193
Property, plant, and equipment, gross	534,075	521,246
Less: Allowance for depreciation	(323,652)	(312,225)
Property, plant, and equipment, net	210,423	209,021
Right-of-use asset, net	35,881	31,954
Deferred income taxes	9,507	8,824
Intangible assets, net	244,261	133,782
Goodwill	316,409	266,737
Other assets	3,098	2,735
Total assets	1,510,845	1,272,307
Current liabilities:
Accounts payable	148,862	95,903
Accrued expenses and other current liabilities	89,443	89,048
Current lease liability	12,680	11,090
Income taxes	3,592	5,112
Current maturities of long-term debt and short-term borrowings	132,428	2,551
Total current liabilities	387,005	203,704
Long-term debt	91,279	91,966
Long-term lease liability	23,416	20,866
Income taxes payable non-current	11,610	11,965
Deferred income taxes	27,373	25,671
Employee benefit plans	41,386	44,443
Other long-term liabilities	25,145	23,988
Commitments and contingencies (see Note 14)	0	0
Redeemable noncontrolling interest	(209)	(245)
Shareholders' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (46,455 and 46,222, respectively)	4,645	4,622
Additional capital	298,944	283,420
Retained earnings	804,047	764,562
Accumulated other comprehensive loss	(206,337)	(204,771)
Total shareholders' equity	901,299	847,833
Noncontrolling interest	2,541	2,116
Total equity	903,840	849,949
Total liabilities and equity	$ 1,510,845	$ 1,272,307

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,136	$ 3,999
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)	46,455	46,222

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 67,526	$ 35,594
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	20,535	17,990
Non-cash lease expense	6,471	5,283
Share-based compensation	6,573	7,015
Deferred income taxes	376	(125)
Loss on disposals of plant and equipment	131	448
Foreign exchange (income)/expense	1,246	(56)
Changes in assets and liabilities, net of acquisitions:
Receivables	(62,860)	(17,820)
Inventory	(41,848)	(7,520)
Accounts payable and accrued expenses	50,262	8,561
Operating leases	(6,471)	(5,283)
Income taxes	(4,362)	3,825
Income taxes-U.S. Tax Cuts and Jobs Act	(355)	0
Employee benefit plans	(160)	99
Other, net	(1,534)	(1,010)
Net cash flows from operating activities	35,530	47,001
Cash flows from investing activities:
Additions to property, plant, and equipment	(12,777)	(9,445)
Proceeds from sale of property, plant, and equipment	8	25
Cash paid for acquisitions, net of cash acquired	(180,917)	(5,826)
Other, net	27	3
Net cash flows from investing activities	(193,659)	(15,243)
Cash flows from financing activities:
Proceeds from issuance of debt	150,343	98,234
Repayment of debt	(21,079)	(116,142)
Proceeds from issuance of common stock	8,989	1,520
Purchases of common stock	(11,231)	(17,724)
Dividends paid	(16,320)	(14,446)
Net cash flows from financing activities	110,702	(48,558)
Effect of exchange rate changes on cash	(1,763)	(4,522)
Net change in cash and equivalents	(49,190)	(21,322)
Cash and equivalents at beginning of period	130,787	64,405
Cash and equivalents at end of period	81,597	43,083
Cash paid for income taxes, net of refunds	17,496	6,227
Cash paid for interest	2,505	2,483
Non-cash items:
Additions to property, plant, and equipment, not yet paid	492	204
Right-of-Use Assets obtained in exchange for new operating lease liabilities	5,515	4,915
Payable to sellers of acquired entities	600	0
Accrued dividends payable to noncontrolling interest	$ 0	$ 830

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2021
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, 2020, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of June 30, 2021, and for the second quarters and six months ended June 30, 2021 and June 30, 2020 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, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. 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, 2020.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate ("LIBOR") and other reference rates which are expected to be discontinues due to reference rate reform. ASU 2020-04 is effective on a prospective basis between March 12, 2020 and December 31, 2022. The Company adopted the standard effective January 1, 2021, and it did not 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 adopted the standard effective January 1, 2021, and it 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 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . ASU 2020-06 reduces the number of accounting models for various convertible instruments and reduces form-over-substance-based accounting conclusions for the derivatives scope exception for contracts in an entity’s own equity. The FASB also updated Earnings Per Share (“EPS”) guidance under Topic 260 by requiring an entity to consider the potential effect of share settlement in the diluted EPS calculation for instruments that may be settled in cash or shares as well as other amendments. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021 with early adoption permitted but no earlier than fiscal years beginning after December 15, 2020. The guidance should be adopted at the beginning of a fiscal year. ASU 2020-06 should be applied on either a retrospective or modified retrospective basis. The Company is planning to adopt on January 1, 2022, but does not expect the ASU 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, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS During the second quarter ended June 30, 2021, the Company acquired, in separate transactions, 100 percent of the ownership interests of Puronics, Inc. and its wholly owned subsidiaries, headquartered in Livermore, California, and 100 percent of the ownership interests of New Aqua, LLC and its wholly owned subsidiaries, headquartered in Indianapolis, Indiana. Both Puronics and New Aqua are water treatment equipment providers and will be included as a part of the Water Systems segment of the Company. In a separate transaction during the second quarter ended June 30, 2021, the Company acquired all of the assets of Power Integrity Services, LLC, a North Carolina-based company, which will be included in the Fueling Systems segment of the Company. In another separate transaction during the second quarter ended June 30, 2021, the Company acquired all of the assets of Atlantic Turbine Pump, LLC, a Georgia-based company, which will be included in the Distribution segment of the Company. As of June 30, 2021, the Company has recorded estimated fair values that exceed the acquisition price by $0.5 million, representing a bargain purchase gain due to favorable market conditions within accrued expenses and other current liabilities in the consolidated balance sheets for the Atlantic Turbine Pump acquisition. Once the determination of fair values is complete in 2022, the Company will recognize the bargain purchase gain in the consolidated statements of income. The combined purchase price for all acquisitions in the quarter was $184.3 million after working capital adjustments, which were all cash transactions. All acquisitions in the quarter expand the Company's geographical presence and product channels. The fair value of the assets acquired and liabilities assumed for all acquisitions are preliminary as of June 30, 2021 and is classified as Level 3 within the valuation hierarchy. The identifiable intangible assets recognized in the separate transactions in the second quarter ended June 30, 2021, were $115.6 million, and consist primarily of customer relationships and trade names, which will be amortized using the straight-line method over 12 - 20 years. The goodwill of $50.1 million resulting from the acquisitions in the second quarter ended June 30, 2021, is expected to be deductible for tax purposes and consists primarily of expanded geographical presence and product channel expansion. Goodwill was recorded in the Water Systems and Fueling Systems segment (see Note 6 - Goodwill and Other Intangible Assets). For all acquisitions in the second quarter ended June 30, 2021, consolidated annual revenue for the full year 2020 was $97.3 million, which would be incremental to the Company's revenue had the acquisition occurred on the first day of 2020. Since acquisition in the second quarter of 2021, consolidated revenue was $15.6 million. 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 all acquisitions is immaterial. During the fourth quarter ended December 31, 2020, the Company acquired 100 percent of the ownership interests of Gicon Pumps & Equipment, Inc., a professional groundwater distributor operating seven locations in the state of Texas for a purchase price of $28.1 million after working capital adjustments. Gicon will be included as part of the Distribution segment of the Company. As of June 30, 2021, the Company has recorded estimated fair values that exceed the acquisition price by $3.4 million, representing a bargain purchase gain due to favorable market conditions within accrued expenses and other current liabilities in the consolidated balance sheets. Once the determination of fair values is complete in 2021, the Company will recognize the bargain purchase gain in the consolidated statements of income. In a separate transaction during the fourth quarter ended December 31, 2020, the Company acquired 100 percent of the ownership interests in Waterite Inc. and its affiliate Waterite America Inc., headquartered in Winnipeg, Manitoba, Canada, for a purchase price of $21.9 million after working capital adjustments. Waterite will be included as a part of the Water Systems segment of the Company. The fair value of the assets acquired and liabilities assumed for both acquisitions are preliminary as of June 30, 2021 and is classified as Level 3 within the valuation hierarchy. 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 both acquisitions is immaterial. Transaction costs were expensed as incurred under the guidance of FASB Accounting Standards Codification Topic 805, Business Combinations. There were $0.8 million and $0.9 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, 2021, respectively. Transaction costs were immaterial in the second quarter and six months ended June 30, 2020.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2021
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, 2021 and December 31, 2020, the assets measured at fair value on a recurring basis were as set forth in the table below: June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Cash equivalents $ 5.9 $ 5.9 $ — $ — December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 20.2 $ 20.2 $ — $ — 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, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The Company’s non-employee directors' 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, 2021, the swap had a notional value based on 210,000 shares. For the second quarter and six months ended June 30, 2021, the swap resulted in a gain of $0.6 million and a gain of $3.3 million, respectively. 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. Gains and losses resulting from the swap were largely offset by gains and losses on the fair value of the deferred

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2021
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, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.4 $ (7.3) $ 7.5 $ (7.3) Technology 7.5 (7.3) 7.5 (7.2) Customer relationships 246.7 (83.4) 165.1 (78.5) Trade names 37.2 (0.4) $ 3.4 (0.2) Other 3.1 (2.8) 2.9 (2.8) Total $ 301.9 $ (101.2) $ 186.4 $ (96.0) Unamortizing intangibles: Trade names 43.6 — 43.4 — Total intangibles $ 345.5 $ (101.2) $ 229.8 $ (96.0) Amortization expense related to intangible assets for the second quarters ended June 30, 2021 and June 30, 2020 was $3.5 million and $2.3 million respectively, and for the six months ended June 30, 2021 and June 30, 2020, $6.0 million and $4.7 million respectively. Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2021 2022 2023 2024 2025 $ 12.6 $ 14.4 $ 14.3 $ 14.1 $ 13.3 The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2021, is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2020 $ 161.5 $ 67.7 $ 37.5 $ 266.7 Acquisitions 47.5 2.6 — 50.1 Adjustments to prior year acquisitions 0.1 — — 0.1 Foreign currency translation (0.5) — — (0.5) Balance as of June 30, 2021 $ 208.6 $ 70.3 $ 37.5 $ 316.4

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Plans - As of June 30, 2021, the Company maintained two domestic pension plans and three German pension plans. The Company used a December 31, 2020 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, 2021 and June 30, 2020: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Service cost $ 0.2 $ 0.2 $ 0.4 $ 0.3 Interest cost 0.7 1.1 1.4 2.2 Expected return on assets (1.4) (1.7) (2.8) (3.4) Amortization of: Prior service cost — — — — Actuarial loss 1.1 0.9 2.1 1.8 Settlement cost — — — — Net periodic benefit cost $ 0.6 $ 0.5 $ 1.1 $ 0.9 In the six months ended June 30, 2021, 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 2021 will be finalized by September 15, 2021, based upon the funding level requirements identified and year-end valuation performed at December 31, 2020. 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, 2021 and June 30, 2020: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Service cost $ — $ — $ — $ — Interest cost 0.1 — 0.1 0.1 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — 0.1 — Settlement cost — — — — Net periodic benefit cost $ 0.1 $ — $ 0.2 $ 0.1

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
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, 2021 was 16.8 percent as compared to 20.6 percent for the six month period ended June 30, 2020. 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 partially offset by state taxes. For the second quarter of 2021 the effective tax rate was 19.0 percent as compared to 21.3 percent for the second quarter of 2020. The decrease in the effective tax rate was primarily a result of net favorable discrete events of $0.5 million, including increased excess tax benefits from share-based compensation, recorded in the second quarter of 2021 compared to net unfavorable discrete events of $0.4 million in the second quarter of 2020 due to a valuation allowance on deferred tax assets in foreign jurisdictions. During the first quarter of 2021, the Company also recorded a deferred tax benefit of $0.8 million as a result of a tax election made in a foreign jurisdiction.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: (In millions) June 30, 2021 December 31, 2020 New York Life Agreement 75.0 75.0 Credit Agreement 130.0 — Tax increment financing debt 17.1 17.6 Financing Leases — 0.1 Foreign subsidiary debt 1.7 1.8 Other — 0.2 Less: unamortized debt issuance costs (0.1) (0.1) $ 223.7 $ 94.6 Less: current maturities (132.4) (2.6) Long-term debt $ 91.3 92.0 Debt outstanding, excluding unamortized debt issuance costs, at June 30, 2021 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 223.8 $ 132.5 $ 1.3 $ 1.3 $ 1.4 $ 76.4 $ 10.9 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, 2021, the Company had no notes issued and $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 Bonds ("Tax increment financing debt") bear interest at 3.6 percent per annum. Interest and principal balance of the Project Bonds 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, 2021, there was $125.0 million remaining borrowing capacity under the New York Life Agreement. Credit Agreement The Company maintains the Fourth Amended and Restated Credit Agreement (the "Credit Agreement”). The Credit Agreement was renewed on May 13, 2021, has a maturity date of May 13, 2026, and commitment amount of $250.0 million. The Credit Agreement provides that the Borrowers may request an increase in the aggregate commitments by up to $125.0 million subject to agreement of the lenders (not to exceed a total commitment of $375.0 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 0.85% to 1.88% (depending on the Company's leverage ratio) or (ii) an alternative base rate as defined in the Credit Agreement. As of June 30, 2021, the Company had $130.0 million outstanding borrowings, $4.0 million in letters of credit outstanding, and $116.0 million of available capacity under the Credit Agreement. Covenants

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
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 non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings 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, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 39.1 $ 24.7 $ 67.0 $ 35.3 Less: Earnings allocated to participating securities 0.2 0.2 0.4 0.2 Net income available to common shareholders $ 38.9 $ 24.5 $ 66.6 $ 35.1 Denominator: Basic weighted average common shares outstanding 46.5 46.2 46.4 46.3 Effect of dilutive securities: Non-participating employee stock options and performance awards 0.6 0.3 0.6 0.4 Diluted weighted average common shares outstanding 47.1 46.5 47.0 46.7 Basic earnings per share $ 0.84 $ 0.53 $ 1.44 $ 0.76 Diluted earnings per share $ 0.83 $ 0.52 $ 1.42 $ 0.75

EQUITY ROLL FORWARD

EQUITY ROLL FORWARD	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
EQUITY ROLL FORWARD	EQUITY ROLL FORWARD The schedules below set forth equity changes in the second quarters ended June 30, 2021 and June 30, 2020: (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, 2021 $ 4,641 $ 292,668 $ 779,456 $ (51,782) $ (163,554) $ 2,257 $ 863,686 $ (168) Net income 39,141 270 39,411 (48) Dividends on common stock ($0.175/share) (8,177) (8,177) Common stock issued 12 3,894 3,906 Common stock repurchased (9) (6,373) (6,382) Share-based compensation 1 2,382 2,383 Noncontrolling dividend — — Currency translation adjustment 8,114 14 8,128 7 Pension liability, net of tax 885 885 Balance as of June 30, 2021 $ 4,645 $ 298,944 $ 804,047 $ (50,897) $ (155,440) $ 2,541 $ 903,840 $ (209) (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) Currency translation adjustment 1,955 21 1,976 1 Pension liability, net of taxes 716 716 Balance as of June 30, 2020 $ 4,618 $ 278,175 $ 715,621 $ (48,657) $ (175,893) $ 1,647 $ 775,511 $ (262) The schedule below set forth equity changes in the six months ended June 30, 2021 and June 30, 2020: (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, 2020 $ 4,622 $ 283,420 $ 764,562 $ (52,666) $ (152,105) $ 2,116 $ 849,949 $ (245) Net Income 67,021 477 67,498 28 Dividends on common stock ($0.3500/share) (16,320) (16,320) Common stock issued 26 8,963 8,989 Common stock repurchased (15) (11,216) (11,231) Share-based compensation 12 6,561 6,573 Noncontrolling dividend — — Currency translation adjustment (3,335) (52) (3,387) 8 Pension liability, net of taxes 1,769 1,769 Balance as of June 30, 2021 $ 4,645 $ 298,944 $ 804,047 $ (50,897) $ (155,440) $ 2,541 $ 903,840 $ (209) (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 ($0.3100/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) 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)

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	6 Months Ended
	Jun. 30, 2021
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, 2021 and June 30, 2020, are summarized below: (In millions) For the six months ended June 30, 2021: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total Balance as of December 31, 2020 $ (152.2) $ (52.6) $ (204.8) Other comprehensive income/(loss) before reclassifications (3.3) — (3.3) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.8 1.8 Net other comprehensive income/(loss) (3.3) 1.8 (1.5) Balance as of June 30, 2021 $ (155.5) $ (50.8) $ (206.3) For the six months ended June 30, 2020: 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) (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 $0.5 million and $0.4 million for the six months ended June 30, 2021 and June 30, 2020, respectively. Amounts related to noncontrolling interests were not material.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	6 Months Ended
	Jun. 30, 2021
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, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net sales Water Systems External sales United States & Canada $ 114.1 $ 80.8 $ 198.3 $ 151.7 Latin America 34.7 24.2 66.4 52.4 Europe, Middle East & Africa 51.4 35.5 95.8 73.7 Asia Pacific 20.1 19.7 40.3 33.5 Intersegment sales United States & Canada 26.9 18.2 44.0 31.2 Total sales 247.2 178.4 444.8 342.5 Distribution External sales United States & Canada 144.8 92.1 240.5 152.5 Intersegment sales — — — — Total sales 144.8 92.1 240.5 152.5 Fueling Systems External sales United States & Canada 50.6 35.3 88.1 72.6 All other 21.6 20.7 40.9 38.6 Intersegment sales — — — — Total sales 72.2 56.0 129.0 111.2 Intersegment Eliminations/Other (26.9) (18.2) (44.0) (31.2) Consolidated $ 437.3 $ 308.3 $ 770.3 $ 575.0 Second Quarter Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating income/(loss) Water Systems $ 34.6 $ 28.7 $ 65.9 $ 47.5 Distribution 16.0 6.8 18.0 4.6 Fueling Systems 18.5 13.5 33.4 25.6 Intersegment Eliminations/Other (17.5) (15.1) (31.9) (29.9) Consolidated $ 51.6 $ 33.9 $ 85.4 $ 47.8 June 30, 2021 December 31, 2020 Total assets Water Systems $ 863.0 $ 645.9 Distribution 296.6 249.0 Fueling Systems 270.0 268.9 Other 81.2 108.5 Consolidated $ 1,510.8 $ 1,272.3 Other Assets are generally Corporate assets that are not allocated to the segments and are comprised primarily of cash and property, plant and equipment.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES In 2011, the Company became aware of a review of alleged issues with certain underground piping connections installed in filling stations in France owned by the French Subsidiary of Exxon Mobile, Esso S.A.F. A French court ordered that a designated, subject-matter expert review 103 filling stations to determine what, if any, damages are present and the cause of those damages. The Company has participated in this investigation since 2011, along with several other third parties including equipment installers, engineering design firms who designed and provided specifications for the stations, and contract manufacturers of some of the installed equipment. The subject-matter expert has issued their preliminary report, which indicates that total damages incurred by Esso amounted to approximately 12 million euro. It is the Company’s position that its products were not the cause of any alleged damage. The Company has retained experts to demonstrate that its products did not cause the damage, and in January 2021, submitted its response to the expert’s preliminary report for each station. The expert's response to the Company's report is due to the Court in June 2022. The Company cannot predict the ultimate outcome of this matter. Any exposure related to this matter is neither probable nor estimable at this time. If payments result from a resolution of this matter, depending on the amount, they could have a material effect on the Company’s results of operations. The Company is defending other 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, 2021, the Company had $7.8 million of commitments primarily for capital expenditures and purchase of raw materials to be used in production. The Company provides warranties on most of its products. The warranty terms vary but are generally 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, 2021, are as follows: (In millions) Balance as of December 31, 2020 $ 9.7 Accruals related to product warranties 6.5 Additions related to acquisitions — Reductions for payments made (6.4) Balance as of June 30, 2021 $ 9.8 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, 2021 are as follows: Lease Cost (in millions): Second Quarter Ended Six Months Ended Operating lease cost $ 2.7 $ 5.7 Short-term lease cost 0.1 0.4 Other Information: Weighted-average remaining lease term 4.1 years Weighted-average discount rate 4.0 % As of June 30, 2021, the Company has approximately $2.5 million of additional ROU assets related to leases that have not yet commenced, but create future lease obligations. The minimum rental payments for non-cancellable operating leases as of June 30, 2021, are as follows: (In millions) 2021 2022 2023 2024 2025 Thereafter Future Minimum Rental Payments $ 9.2 $ 10.3 $ 7.0 $ 4.0 $ 2.5 $ 6.6

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
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, 2021 and June 30, 2020 are as follows: June 30, 2021 June 30, 2020 Risk-free interest rate 0.66 % 1.39 % Dividend yield 0.96 % 1.04 % Volatility factor 34.98 % 29.45 % 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, 2021 is as follows: (Shares in thousands) June 30, 2021 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,331 $ 41.90 Granted 152 73.14 Exercised (256) 35.10 Forfeited — — Outstanding at end of period 1,227 $ 47.18 Expected to vest after applying forfeiture rate 1,224 $ 47.13 Vested and exercisable at end of period 839 $ 40.45 A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of June 30, 2021 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 6.19 years $ 41,025 Expected to vest after applying forfeiture rate 6.18 years $ 40,981 Vested and exercisable at end of period 5.06 years $ 33,700 The total intrinsic value of options exercised during the six months ended June 30, 2021 and June 30, 2020 was $11.2 million and $0.9 million, respectively. As of June 30, 2021, there was $1.4 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 1.74 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, 2021 is as follows: (Shares in thousands) June 30, 2021 Restricted Stock/Stock Unit Awards Weighted-Average Grant- Non-vested at beginning of period 403 $ 49.34 Awarded 104 74.23 Vested (118) 43.21 Forfeited (9) 47.76 Non-vested at end of period 380 $ 58.12 As of June 30, 2021, there was $11.5 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 1.38 years.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENT Amended and Restated Note Purchase and Private Shelf Agreement - NYL Shelf Agreement On July 30, 2021, Franklin Electric Co., Inc. and Franklin Electric B.V. ("Dutch Subsidiary Issuer") entered into a new unsecured $200.0 million uncommitted maximum aggregate principal amount private shelf facility for a period of up to 3 years pursuant to that certain Amended and Restated Note Purchase and Private Shelf Agreement with NYL Investors LLC, New York Life Insurance Company and New York Life Insurance and Annuity Corporation (collectively, “New York Life”) dated as of July 30, 2021 (the “NYL Shelf Agreement”). Subject to the terms and conditions set forth therein, the NYL Shelf Agreement allows the Company to issue senior promissory notes to New York Life at floating or fixed rate economic terms to be agreed upon at the time of issuance, from time to time during a three year issuance period ending July 30, 2024. The minimum principal amount of the private shelf note that can be issued under the NYL Shelf Agreement is $5.0 million with an issuance fee of 0.10% of the aggregate principal amount of the issued shelf note, payable on the date of issuance in Dollars. The NYL Shelf Agreement also provides for other fees, including a varying leverage fee payable for periods during which the ratio of the Company’s consolidated total debt to earnings before interest, taxes, depreciation and amortization is equal to or greater than 2.00 to 1.00. The term of each note issuance under the NYL Shelf Agreement will be selected by the Company and will not exceed 12 years for fixed rate notes and 10 years for floating rate notes. The proceeds of any issuance under the NYL Shelf Agreement will be used as set forth in the applicable Request for Purchase. The NYL Shelf Agreement has customary affirmative and negative covenants for agreements of these types. The affirmative covenants include delivery of financial statements, permitting of inspections of the property of the Company and its subsidiaries, maintenance of insurance, compliance with laws and most favored lender obligations. The negative covenants include limitations on loans or advances, acquisitions (including investments), and the granting of liens by the Company or its subsidiaries, as well as prohibitions on certain consolidations, mergers, sales and transfers of assets. The covenants also include financial requirements including a maximum leverage ratio of 3.50 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00. Under specific acquisition factors, the maximum leverage ratio can increase to 4.00 to 1.00 for up to four consecutive Fiscal Quarters. Cross default is applicable with the NYL Shelf Agreement, but only if the Company is defaulting on an obligation exceeding $10.0 million. The NYL Shelf Agreement also contains customary events of default (with customary grace periods, as applicable, for certain of those events of default). If an event of default occurs, all payment obligations under the private shelf notes outstanding plus a yield maintenance amount (if any) may be declared due and payable. For certain events of default relating to insolvency, bankruptcy or liquidation, all payment obligations under outstanding private shelf notes plus a yield maintenance amount (if any) automatically become due and payable. The covenants in the NYL Shelf Agreement are subject to a number of important exceptions and qualifications set forth therein. All notes issued under the NYL Shelf Agreement are unsecured and rank pari passu in right of payment with the Company’s other senior unsecured indebtedness. The payment of outstanding amounts due under any notes and the performance by the Company of its obligations under the NYL Shelf Agreement have been guaranteed by certain wholly-owned U.S. subsidiaries of the Company. The description of the NYL Shelf Agreement contained herein is qualified in its entirety by reference to the NYL Shelf Agreement, a copy of which is filed hereto as Exhibit 10.5. Fourth Amended and Restated Note Purchase and Private Shelf Agreement - Pru Shelf Agreement Also on July 30, 2021, Franklin Electric Co., Inc. and Franklin Electric B.V. ("Dutch Subsidiary Issuer") entered into an unsecured $150.0 million uncommitted maximum aggregate principal amount private shelf facility for a period of up to 3 years pursuant to that certain Fourth Amended and Restated Note Purchase and Private Shelf Agreement, dated as of July 30, 2021, with Prudential Investment Management, Inc. (“Prudential”) and the purchasers named therein (the “Pru Shelf Agreement”). The Pru Shelf Agreement amended and restated the Third Amended and Restated Note Purchase and Private Shelf Agreement, dated as of May 28, 2015, between the Company and Prudential and the purchasers named therein (the “Existing 2015 Shelf Agreement”) and amended and restated the Existing 2004 Shelf Agreement and the Series B-1 Notes and Series B-2 Notes (collectively, the "Series B Notes"). The Series B Notes that were issued under the 2004 Shelf Agreement that were outstanding under the Existing 2015 Shelf Agreement in the original principal amount of $150.0 million became outstanding under the Pru Shelf Agreement. The minimum principal amount of the private shelf note that can be issued under the Pru Shelf Agreement is $5.0 million payable on the date of issuance. The Pru Shelf Agreement also provides for other fees, including a varying leverage fee payable for periods during which the ratio of the Company’s consolidated total debt to earnings before interest, taxes, depreciation and amortization is equal to or greater than 2.00 to 1.00. Any private shelf note issued under the Pru Shelf Agreement during the issuance period may have a maturity of up to 15 years, provided that the average life for each private shelf note issued is no more than 12 years after the date of original issuance. The private shelf notes may be issued in U.S. dollars or in the equivalent thereof at the time of issuance in British Pounds and Euros. The proceeds of any issuance under the Pru Shelf Agreement will be used for general corporate purposes, including the repayment of existing indebtedness. The Pru Shelf Agreement has customary affirmative and negative covenants for agreements of these types. The affirmative covenants include delivery of financial statements, permitting of inspections of the property of the Company and its subsidiaries, maintenance of insurance, compliance with laws and most favored lender obligations. The negative covenants include limitations on loans or advances, acquisitions (including investments), and the granting of liens by the Company or its subsidiaries, as well as prohibitions on certain consolidations, mergers, sales and transfers of assets. The covenants also include financial requirements including a maximum leverage ratio of 3.50 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00. Under specific acquisition factors, the maximum leverage ratio can increase to 4.00 to 1.00 for up to four consecutive Fiscal Quarters. Cross default is applicable with the Pru Shelf Agreement, but only if the Company is defaulting on an obligation exceeding $10.0 million. The Pru Shelf Agreement also contains customary events of default (with customary grace periods, as applicable, for certain of those events of default). If an event of default occurs, all payment obligations under the private shelf notes outstanding plus a yield maintenance amount (if any) may be declared due and payable. For certain events of default relating to insolvency, bankruptcy or liquidation, all payment obligations under outstanding private shelf notes plus a yield maintenance amount (if any) automatically become due and payable. The covenants in the Pru Shelf Agreement are subject to a number of important exceptions and qualifications set forth therein. All notes issued under the Pru Shelf Agreement are unsecured and rank pari passu in right of payment with the Company’s other senior unsecured indebtedness. The payment of outstanding amounts due under any notes and the performance by the Company of its obligations under the Pru Shelf Agreement have been guaranteed by certain wholly-owned U.S. subsidiaries of the Company. The description of the Pru Shelf Agreement contained herein is qualified in its entirety by reference to the Pru Shelf Agreement, a copy of which is filed hereto as Exhibit 10.6.

ACCOUNTING PRONOUNCEMENTS (Poli

ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying U.S. generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate ("LIBOR") and other reference rates which are expected to be discontinues due to reference rate reform. ASU 2020-04 is effective on a prospective basis between March 12, 2020 and December 31, 2022. The Company adopted the standard effective January 1, 2021, and it did not 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 adopted the standard effective January 1, 2021, and it 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 2020, the FASB issued ASU 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . ASU 2020-06 reduces the number of accounting models for various convertible instruments and reduces form-over-substance-based accounting conclusions for the derivatives scope exception for contracts in an entity’s own equity. The FASB also updated Earnings Per Share (“EPS”) guidance under Topic 260 by requiring an entity to consider the potential effect of share settlement in the diluted EPS calculation for instruments that may be settled in cash or shares as well as other amendments. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021 with early adoption permitted but no earlier than fiscal years beginning after December 15, 2020. The guidance should be adopted at the beginning of a fiscal year. ASU 2020-06 should be applied on either a retrospective or modified retrospective basis. The Company is planning to adopt on January 1, 2022, but does not expect the ASU 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, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of June 30, 2021 and December 31, 2020, the assets measured at fair value on a recurring basis were as set forth in the table below: June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Cash equivalents $ 5.9 $ 5.9 $ — $ — December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash equivalents $ 20.2 $ 20.2 $ — $ —

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.4 $ (7.3) $ 7.5 $ (7.3) Technology 7.5 (7.3) 7.5 (7.2) Customer relationships 246.7 (83.4) 165.1 (78.5) Trade names 37.2 (0.4) $ 3.4 (0.2) Other 3.1 (2.8) 2.9 (2.8) Total $ 301.9 $ (101.2) $ 186.4 $ (96.0) Unamortizing intangibles: Trade names 43.6 — 43.4 — Total intangibles $ 345.5 $ (101.2) $ 229.8 $ (96.0)
Schedule of Indefinite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets are as follows: (In millions) June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Patents $ 7.4 $ (7.3) $ 7.5 $ (7.3) Technology 7.5 (7.3) 7.5 (7.2) Customer relationships 246.7 (83.4) 165.1 (78.5) Trade names 37.2 (0.4) $ 3.4 (0.2) Other 3.1 (2.8) 2.9 (2.8) Total $ 301.9 $ (101.2) $ 186.4 $ (96.0) Unamortizing intangibles: Trade names 43.6 — 43.4 — Total intangibles $ 345.5 $ (101.2) $ 229.8 $ (96.0)
Schedule of Amortization Expense	Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2021 2022 2023 2024 2025 $ 12.6 $ 14.4 $ 14.3 $ 14.1 $ 13.3
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, 2021, is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2020 $ 161.5 $ 67.7 $ 37.5 $ 266.7 Acquisitions 47.5 2.6 — 50.1 Adjustments to prior year acquisitions 0.1 — — 0.1 Foreign currency translation (0.5) — — (0.5) Balance as of June 30, 2021 $ 208.6 $ 70.3 $ 37.5 $ 316.4

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and June 30, 2020: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Service cost $ 0.2 $ 0.2 $ 0.4 $ 0.3 Interest cost 0.7 1.1 1.4 2.2 Expected return on assets (1.4) (1.7) (2.8) (3.4) Amortization of: Prior service cost — — — — Actuarial loss 1.1 0.9 2.1 1.8 Settlement cost — — — — Net periodic benefit cost $ 0.6 $ 0.5 $ 1.1 $ 0.9
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, 2021 and June 30, 2020: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Service cost $ — $ — $ — $ — Interest cost 0.1 — 0.1 0.1 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — 0.1 — Settlement cost — — — — Net periodic benefit cost $ 0.1 $ — $ 0.2 $ 0.1

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) June 30, 2021 December 31, 2020 New York Life Agreement 75.0 75.0 Credit Agreement 130.0 — Tax increment financing debt 17.1 17.6 Financing Leases — 0.1 Foreign subsidiary debt 1.7 1.8 Other — 0.2 Less: unamortized debt issuance costs (0.1) (0.1) $ 223.7 $ 94.6 Less: current maturities (132.4) (2.6) Long-term debt $ 91.3 92.0
Schedule of Long-term Debt Payments	Debt outstanding, excluding unamortized debt issuance costs, at June 30, 2021 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 223.8 $ 132.5 $ 1.3 $ 1.3 $ 1.4 $ 76.4 $ 10.9

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 39.1 $ 24.7 $ 67.0 $ 35.3 Less: Earnings allocated to participating securities 0.2 0.2 0.4 0.2 Net income available to common shareholders $ 38.9 $ 24.5 $ 66.6 $ 35.1 Denominator: Basic weighted average common shares outstanding 46.5 46.2 46.4 46.3 Effect of dilutive securities: Non-participating employee stock options and performance awards 0.6 0.3 0.6 0.4 Diluted weighted average common shares outstanding 47.1 46.5 47.0 46.7 Basic earnings per share $ 0.84 $ 0.53 $ 1.44 $ 0.76 Diluted earnings per share $ 0.83 $ 0.52 $ 1.42 $ 0.75

EQUITY ROLL FORWARD (Tables)

EQUITY ROLL FORWARD (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity	The schedules below set forth equity changes in the second quarters ended June 30, 2021 and June 30, 2020: (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, 2021 $ 4,641 $ 292,668 $ 779,456 $ (51,782) $ (163,554) $ 2,257 $ 863,686 $ (168) Net income 39,141 270 39,411 (48) Dividends on common stock ($0.175/share) (8,177) (8,177) Common stock issued 12 3,894 3,906 Common stock repurchased (9) (6,373) (6,382) Share-based compensation 1 2,382 2,383 Noncontrolling dividend — — Currency translation adjustment 8,114 14 8,128 7 Pension liability, net of tax 885 885 Balance as of June 30, 2021 $ 4,645 $ 298,944 $ 804,047 $ (50,897) $ (155,440) $ 2,541 $ 903,840 $ (209) (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) Currency translation adjustment 1,955 21 1,976 1 Pension liability, net of taxes 716 716 Balance as of June 30, 2020 $ 4,618 $ 278,175 $ 715,621 $ (48,657) $ (175,893) $ 1,647 $ 775,511 $ (262) The schedule below set forth equity changes in the six months ended June 30, 2021 and June 30, 2020: (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, 2020 $ 4,622 $ 283,420 $ 764,562 $ (52,666) $ (152,105) $ 2,116 $ 849,949 $ (245) Net Income 67,021 477 67,498 28 Dividends on common stock ($0.3500/share) (16,320) (16,320) Common stock issued 26 8,963 8,989 Common stock repurchased (15) (11,216) (11,231) Share-based compensation 12 6,561 6,573 Noncontrolling dividend — — Currency translation adjustment (3,335) (52) (3,387) 8 Pension liability, net of taxes 1,769 1,769 Balance as of June 30, 2021 $ 4,645 $ 298,944 $ 804,047 $ (50,897) $ (155,440) $ 2,541 $ 903,840 $ (209) (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 ($0.3100/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) 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)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2021 and June 30, 2020, are summarized below: (In millions) For the six months ended June 30, 2021: Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total Balance as of December 31, 2020 $ (152.2) $ (52.6) $ (204.8) Other comprehensive income/(loss) before reclassifications (3.3) — (3.3) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.8 1.8 Net other comprehensive income/(loss) (3.3) 1.8 (1.5) Balance as of June 30, 2021 $ (155.5) $ (50.8) $ (206.3) For the six months ended June 30, 2020: 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) (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 $0.5 million and $0.4 million for the six months ended June 30, 2021 and June 30, 2020, respectively.

SEGMENT AND GEOGRAPHIC INFORM_2

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Net sales Water Systems External sales United States & Canada $ 114.1 $ 80.8 $ 198.3 $ 151.7 Latin America 34.7 24.2 66.4 52.4 Europe, Middle East & Africa 51.4 35.5 95.8 73.7 Asia Pacific 20.1 19.7 40.3 33.5 Intersegment sales United States & Canada 26.9 18.2 44.0 31.2 Total sales 247.2 178.4 444.8 342.5 Distribution External sales United States & Canada 144.8 92.1 240.5 152.5 Intersegment sales — — — — Total sales 144.8 92.1 240.5 152.5 Fueling Systems External sales United States & Canada 50.6 35.3 88.1 72.6 All other 21.6 20.7 40.9 38.6 Intersegment sales — — — — Total sales 72.2 56.0 129.0 111.2 Intersegment Eliminations/Other (26.9) (18.2) (44.0) (31.2) Consolidated $ 437.3 $ 308.3 $ 770.3 $ 575.0 Second Quarter Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Operating income/(loss) Water Systems $ 34.6 $ 28.7 $ 65.9 $ 47.5 Distribution 16.0 6.8 18.0 4.6 Fueling Systems 18.5 13.5 33.4 25.6 Intersegment Eliminations/Other (17.5) (15.1) (31.9) (29.9) Consolidated $ 51.6 $ 33.9 $ 85.4 $ 47.8 June 30, 2021 December 31, 2020 Total assets Water Systems $ 863.0 $ 645.9 Distribution 296.6 249.0 Fueling Systems 270.0 268.9 Other 81.2 108.5 Consolidated $ 1,510.8 $ 1,272.3

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021, are as follows: (In millions) Balance as of December 31, 2020 $ 9.7 Accruals related to product warranties 6.5 Additions related to acquisitions — Reductions for payments made (6.4) Balance as of June 30, 2021 $ 9.8
Lease, Cost	The components of the Company’s operating lease portfolio as of the second quarter and six months ended June 30, 2021 are as follows: Lease Cost (in millions): Second Quarter Ended Six Months Ended Operating lease cost $ 2.7 $ 5.7 Short-term lease cost 0.1 0.4 Other Information: Weighted-average remaining lease term 4.1 years Weighted-average discount rate 4.0 %
Lessee, Operating Lease, Liability, Maturity	The minimum rental payments for non-cancellable operating leases as of June 30, 2021, are as follows: (In millions) 2021 2022 2023 2024 2025 Thereafter Future Minimum Rental Payments $ 9.2 $ 10.3 $ 7.0 $ 4.0 $ 2.5 $ 6.6

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 and June 30, 2020 are as follows: June 30, 2021 June 30, 2020 Risk-free interest rate 0.66 % 1.39 % Dividend yield 0.96 % 1.04 % Volatility factor 34.98 % 29.45 % 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, 2021 is as follows: (Shares in thousands) June 30, 2021 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,331 $ 41.90 Granted 152 73.14 Exercised (256) 35.10 Forfeited — — Outstanding at end of period 1,227 $ 47.18 Expected to vest after applying forfeiture rate 1,224 $ 47.13 Vested and exercisable at end of period 839 $ 40.45
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, 2021 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 6.19 years $ 41,025 Expected to vest after applying forfeiture rate 6.18 years $ 40,981 Vested and exercisable at end of period 5.06 years $ 33,700
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, 2021 is as follows: (Shares in thousands) June 30, 2021 Restricted Stock/Stock Unit Awards Weighted-Average Grant- Non-vested at beginning of period 403 $ 49.34 Awarded 104 74.23 Vested (118) 43.21 Forfeited (9) 47.76 Non-vested at end of period 380 $ 58.12

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Business Acquisition
Goodwill	$ 316,409	$ 316,409	$ 266,737
Business Combination, Acquisition Related Costs	$ 800	$ 900
Puronics, Inc.
Business Acquisition
Business acquisition, percentage of voting interests acquired	100.00%	100.00%
New Aqua, LLC
Business Acquisition
Business acquisition, percentage of voting interests acquired	100.00%	100.00%
Atlantic Turbine Pump, LLC
Business Acquisition
Business Combination, Bargain Purchase, Gain Recognized, Amount		$ 500
Puronics Inc., New Aqua LLC, Power Integrity Services, LLC, and Atlantic Turbine Pump LLS
Business Acquisition
Total purchase price		184,300
Intangible assets	$ 115,600	115,600
Goodwill	50,100	50,100
Business Acquisition, Goodwill, Expected Tax Deductible Amount	50,100	50,100
Business Acquisition, Pro Forma Revenue	$ 15,600		$ 97,300
Gicon Pumps & Equipment, Inc.
Business Acquisition
Business acquisition, percentage of voting interests acquired			100.00%
Business Combination, Bargain Purchase, Gain Recognized, Amount		3,400
Total purchase price		28,100
Waterite, Inc. and Waterite America, Inc.
Business Acquisition
Business acquisition, percentage of voting interests acquired			100.00%
Total purchase price		$ 21,900
Minimum | Puronics Inc., New Aqua LLC, Power Integrity Services, LLC, and Atlantic Turbine Pump LLS
Business Acquisition
Acquired intangible assets useful life		12 years
Maximum | Puronics Inc., New Aqua LLC, Power Integrity Services, LLC, and Atlantic Turbine Pump LLS
Business Acquisition
Acquired intangible assets useful life		20 years

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	$ 223.7	$ 94.6
Recurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	5.9	20.2
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	5.9	20.2
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	223.7	94.6
Fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, fair value	$ 233.6	$ 107.3

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, 2021USD ($)shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)
Derivative
Derivative cancellable written notice term			30 days
Derivative notional amount (in shares) | shares	210,000		210,000
Selling, general, and administrative expenses
Derivative
Gain on derivative	$ 0.6	$ 1.3	$ 3.3
Loss on derivative				$ 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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Intangible Assets
Gross carrying amount, amortized intangibles	$ 301.9		$ 301.9		$ 186.4
Gross carrying amount, total intangibles	345.5		345.5		229.8
Accumulated amortization	(101.2)		(101.2)		(96)
Amortization of Intangible Assets	3.5	$ 2.3	6	$ 4.7
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	43.6		43.6		43.4
Patents
Intangible Assets
Gross carrying amount, amortized intangibles	7.4		7.4		7.5
Accumulated amortization	(7.3)		(7.3)		(7.3)
Technology
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.5		7.5
Accumulated amortization	(7.3)		(7.3)		(7.2)
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	246.7		246.7		165.1
Accumulated amortization	(83.4)		(83.4)		(78.5)
Trade Names
Intangible Assets
Gross carrying amount, amortized intangibles	37.2		37.2		3.4
Accumulated amortization	(0.4)		(0.4)		(0.2)
Other
Intangible Assets
Gross carrying amount, amortized intangibles	3.1		3.1		2.9
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, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 12.6
2022	14.4
2023	14.3
2024	14.1
2025	$ 13.3

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill
Goodwill, beginning balance	$ 266,737
Acquisitions	50,100
Goodwill, Purchase Accounting Adjustments	100
Foreign currency translation	(500)
Goodwill, ending balance	316,409
Water Systems
Goodwill
Goodwill, beginning balance	161,500
Acquisitions	47,500
Goodwill, Purchase Accounting Adjustments	100
Foreign currency translation	(500)
Goodwill, ending balance	208,600
Fueling Systems
Goodwill
Goodwill, beginning balance	67,700
Acquisitions	2,600
Goodwill, Purchase Accounting Adjustments	0
Foreign currency translation	0
Goodwill, ending balance	70,300
Distribution
Goodwill
Goodwill, beginning balance	37,500
Acquisitions	0
Goodwill, Purchase Accounting Adjustments	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, 2021USD ($)Pension_Plan	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)Pension_Plan	Jun. 30, 2020USD ($)
Net Periodic Benefit Cost and Other Benefit Cost
Company contributions			$ 0.1
United States
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plan	2		2
Foreign
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plan	3		3
Pension Plan
Net Periodic Benefit Cost
Service cost	$ 0.2	$ 0.2	$ 0.4	$ 0.3
Interest cost	0.7	1.1	1.4	2.2
Expected return on assets	(1.4)	(1.7)	(2.8)	(3.4)
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	0	0
Amortization of actuarial loss	1.1	0.9	2.1	1.8
Settlement cost	0	0	0	0
Net periodic benefit cost	0.6	0.5	1.1	0.9
Other Benefits
Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	0.1	0	0.1	0.1
Expected return on assets	0	0	0	0
Defined Benefit Plan, Amortization of Prior Service Cost (Credit)	0	0	0	0
Amortization of actuarial loss	0	0	0.1	0
Settlement cost	0	0	0	0
Net periodic benefit cost	$ 0.1	$ 0	$ 0.2	$ 0.1

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	19.00%	21.30%	16.80%	20.60%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%
Other Tax Expense (Benefit)	$ 0.5	$ 0.4
Deferred Other Tax Expense (Benefit)			$ 0.8

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument
Long-term debt	$ 223,800
Financing Leases	0	$ 100
Less: unamortized debt issuance costs	(100)	(100)
Total debt and capital leases	223,700	94,600
Less: current maturities	(132,428)	(2,551)
Long-term debt	91,279	91,966
Tax increment financing debt
Debt Instrument
Long-term debt	17,100	17,600
Foreign subsidiary debt
Debt Instrument
Long-term debt	1,700	1,800
All Other
Debt Instrument
Long-term debt	0	200
Credit Agreement
Debt Instrument
Long-term debt	130,000	0
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, 2021USD ($)
Long-term Debt, by Maturity
Debt	$ 223.8
Year 1	132.5
Year 2	1.3
Year 3	1.3
Year 4	1.4
Year 5	76.4
More than 5 years	$ 10.9

DEBT (Details)

DEBT (Details) $ in Millions	May 13, 2021USD ($)	Jun. 30, 2021USD ($)	Sep. 26, 2018USD ($)	Dec. 31, 2012USD ($)
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	$ 375
Remaining borrowing capacity		$ 116
Line of Credit Facility
Current borrowing capacity	250
Increase amount available	$ 125
Outstanding borrowings		130
Letters of credit outstanding		4
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	0.85%
Credit Agreement | LIBOR | Maximum
Debt Instrument
Debt instrument basis spread of variable rate	1.88%
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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net income attributable to Franklin Electric Co., Inc.	$ 39,141	$ 24,651	$ 67,021	$ 35,294
Less: Earnings allocated to participating securities	200	200	400	200
Net income available to common shareholders	$ 38,900	$ 24,500	$ 66,600	$ 35,100
Basic
Basic weighted average common shares outstanding	46.5	46.2	46.4	46.3
Effect of dilutive securities:
Non-participating employee stock options and performance awards	0.6	0.3	0.6	0.4
Diluted weighted average common shares outstanding	47.1	46.5	47	46.7
Basic	$ 0.84	$ 0.53	$ 1.44	$ 0.76
Diluted	$ 0.83	$ 0.52	$ 1.42	$ 0.75
Anti-dilutive stock options (in shares)	0	0.4	0.1	0.3

EQUITY ROLL FORWARD (Details)

EQUITY ROLL FORWARD (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Common Stock, Dividends, Per Share, Cash Paid	$ 0.175	$ 0.155	$ 0.3500	$ 0.3100
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance			$ 849,949
Net income	$ 39,363	$ 24,802	67,526	$ 35,594
Equity, ending balance	903,840		903,840
Temporary equity, beginning balance	(168)	(245)	(245)	(236)
Net income	(48)	(18)	28	(56)
Temporary Equity, Foreign Currency Translation Adjustments	7	1	8	30
Temporary equity, ending balance	(209)	(262)	(209)	(262)
Common Stock
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	4,641	4,614	4,622	4,639
Stock Issued During Period, Value, New Issues	12	2	26	4
Stock Repurchased and Retired During Period, Value	(9)	(2)	(15)	(37)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	1	4	12	12
Equity, ending balance	4,645	4,618	4,645	4,618
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	292,668	274,869	283,420	269,656
Stock Issued During Period, Value, New Issues	3,894	647	8,963	1,516
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,382	2,659	6,561	7,003
Equity, ending balance	298,944	278,175	298,944	278,175
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	779,456	698,917	764,562	712,460
Net income	39,141	24,651	67,021	35,294
Dividends, Common Stock, Cash	(8,177)	(7,206)	(16,320)	(14,446)
Stock Repurchased and Retired During Period, Value	(6,373)	(741)	(11,216)	(17,687)
Equity, ending balance	804,047	715,621	804,047	715,621
Minimum Pension Liability
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(51,782)	(49,373)	(52,666)	(50,089)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	885	716	1,769	1,432
Equity, ending balance	(50,897)	(48,657)	(50,897)	(48,657)
Cumulative Translation Adjustment
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(163,554)	(177,848)	(152,105)	(140,121)
Currency translation adjustment	8,114	1,955	(3,335)	(35,772)
Equity, ending balance	(155,440)	(175,893)	(155,440)	(175,893)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	2,257	2,287	2,116	2,124
Net income	270	169	477	356
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	(830)	0	(830)
Currency translation adjustment	14	21	(52)	(3)
Equity, ending balance	2,541	1,647	2,541	1,647
Total Equity
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	863,686	753,466	849,949	798,669
Net income	39,411	24,820	67,498	35,650
Dividends, Common Stock, Cash	(8,177)	(7,206)	(16,320)	(14,446)
Stock Issued During Period, Value, New Issues	3,906	649	8,989	1,520
Stock Repurchased and Retired During Period, Value	(6,382)	(743)	(11,231)	(17,724)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,383	2,663	6,573	7,015
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0	(830)	0	(830)
Currency translation adjustment	8,128	1,976	(3,387)	(35,775)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	885	716	1,769	1,432
Equity, ending balance	$ 903,840	$ 775,511	$ 903,840	$ 775,511

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			$ 849,949
Other comprehensive income/(loss)	$ 9,020	$ 2,693	(1,610)	$ (34,313)
Equity, ending balance	903,840		903,840
Income tax expense related to items of other comprehensive income/(loss)	232	185	464	370
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(152,200)	(140,200)
Other comprehensive income/(loss) before reclassifications			(3,300)	(35,800)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			0	0
Other comprehensive income/(loss)			(3,300)	(35,800)
Equity, ending balance	(155,500)	(176,000)	(155,500)	(176,000)
Pension and Post-Retirement Plan Benefit Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(52,600)	(50,000)
Other comprehensive income/(loss) before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			1,800	1,400
Other comprehensive income/(loss)			1,800	1,400
Equity, ending balance	(50,800)	(48,600)	(50,800)	(48,600)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(204,800)	(190,200)
Other comprehensive income/(loss) before reclassifications			(3,300)	(35,800)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			1,800	1,400
Other comprehensive income/(loss)			(1,500)	(34,400)
Equity, ending balance	$ (206,300)	$ (224,600)	$ (206,300)	$ (224,600)

SEGMENT AND GEOGRAPHIC INFORM_3

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Segment Reporting Information
Net sales	$ 437,280	$ 308,281	$ 770,326	$ 575,035
Operating income/(loss)	51,601	33,933	85,392	47,754
Total assets	1,510,845		1,510,845		$ 1,272,307
Corporate And Eliminations
Segment Reporting Information
Net sales	(26,900)	(18,200)	(44,000)	(31,200)
Operating income/(loss)	(17,500)	(15,100)	(31,900)	(29,900)
Total assets	81,200		81,200		108,500
Water Systems | Operating Segments
Segment Reporting Information
Net sales	247,200	178,400	444,800	342,500
Operating income/(loss)	34,600	28,700	65,900	47,500
Total assets	863,000		863,000		645,900
Water Systems | United States & Canada
Segment Reporting Information
Net sales	114,100	80,800	198,300	151,700
Water Systems | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	26,900	18,200	44,000	31,200
Water Systems | Latin America
Segment Reporting Information
Net sales	34,700	24,200	66,400	52,400
Water Systems | EMEA
Segment Reporting Information
Net sales	51,400	35,500	95,800	73,700
Water Systems | Asia Pacific
Segment Reporting Information
Net sales	20,100	19,700	40,300	33,500
Distribution | Operating Segments
Segment Reporting Information
Net sales	144,800	92,100	240,500	152,500
Operating income/(loss)	16,000	6,800	18,000	4,600
Total assets	296,600		296,600		249,000
Distribution | United States & Canada
Segment Reporting Information
Net sales	144,800	92,100	240,500	152,500
Distribution | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | Operating Segments
Segment Reporting Information
Net sales	72,200	56,000	129,000	111,200
Operating income/(loss)	18,500	13,500	33,400	25,600
Total assets	270,000		270,000		$ 268,900
Fueling Systems | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | United States & Canada
Segment Reporting Information
Net sales	50,600	35,300	88,100	72,600
Fueling Systems | All Other
Segment Reporting Information
Net sales	$ 21,600	$ 20,700	$ 40,900	$ 38,600

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2021EUR (€)	Jun. 30, 2021USD ($)
Commitments
Purchase obligations		$ 7.8
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance		9.7
Accruals related to product warranties		6.5
Additions related to acquisitions		0
Reductions for payments made		(6.4)
Ending balance		$ 9.8
Minimum
Product Warranty Liability
Standard warranty obligation term (in years)	2 years	2 years
Standard installation warranty obligation term (in years)	1 year	1 year
Maximum
Product Warranty Liability
Standard warranty obligation term (in years)	5 years	5 years
Standard installation warranty obligation term (in years)	5 years	5 years
Esso S.A.F. | Pending Litigation | Damages from Product Defects
Loss Contingencies
Loss Contingency, Damages Sought, Value | €	€ 12

OPERATING LEASES, LEASE COST (D

OPERATING LEASES, LEASE COST (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
OPERATING LEASES [Abstract]
Operating lease cost	$ 2.7	$ 5.7
Short-term lease cost	$ 0.1	$ 0.4
Weighted-average remaining lease term	4 years 1 month 6 days	4 years 1 month 6 days
Weighted-average discount rate	4.00%	4.00%
Lessee, Operating Lease, Lease Not Yet Commenced, ROU Asset	$ 2.5	$ 2.5

OPERATING LEASES, MATURITY ANAL

OPERATING LEASES, MATURITY ANALYSIS (Details) $ in Millions	Jun. 30, 2021USD ($)
OPERATING LEASES [Abstract]
2021	$ 9.2
2022	10.3
2023	7
2024	4
2025	2.5
Thereafter	$ 6.6

SHARE-BASED COMPENSATION (Share

SHARE-BASED COMPENSATION (Shares Authorized) (Details)	Jun. 30, 2021shares
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, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	0.66%	1.39%
Dividend yield	0.96%	1.04%
Volatility factor	34.98%	29.45%
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, 2021	Jun. 30, 2020
Share-based Compensation
Intrinsic value of options exercised	$ 11,200	$ 900
Total unrecognized compensation cost related to nonvested share-based compensation	$ 1,400
Total unrecognized compensation cost, recognized over a weighted-average period	1 year 8 months 26 days
Stock Option Plans Activity and Related Information, Shares
Outstanding beginning of period, shares	1,331
Granted, shares	152
Exercised, shares	(256)
Forfeited, shares	0
Outstanding end of period, shares	1,227
Expected to vest after applying forfeiture rate, shares	1,224
Vested and exercisable end of period, shares	839
Stock Option Plans Activity and Related Information, Weighted Average Exercise Price
Outstanding beginning of period, weighted-average exercise price	$ 41.90
Granted, weighted-average exercise price	73.14
Exercised, weighted-average exercise price	35.10
Forfeited, weighted-average exercise price	0
Outstanding end of period, weighted-average exercise price	47.18
Expected to vest after applying forfeiture rate, weighted-average exercise price	47.13
Vested and exercisable end of period, weighted-average exercise price	$ 40.45
Summary of Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding at end of period, weighted-average remaining contractual term	6 years 2 months 8 days
Outstanding at end of period, aggregate intrinsic value	$ 41,025,000
Expected to vest after applying forfeiture rate, weighted-average remaining contractual term	6 years 2 months 4 days
Expected to vest after applying forfeiture rate, aggregate intrinsic value	$ 40,981,000
Vested and exercisable end of period, weighted-average remaining contractual term	5 years 21 days
Vested and exercisable end of period, aggregate intrinsic value	$ 33,700,000

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, 2021USD ($)$ / sharesshares
Share-based Compensation
Total unrecognized compensation cost related to nonvested share-based compensation | $	$ 11.5
Total unrecognized compensation cost, recognized over a weighted-average period	1 year 4 months 17 days
Stock/Stock Unit Award Activity and Related Information, Shares
Non-vested at beginning of period, shares | shares	403
Awarded, shares | shares	104
Vested, shares | shares	(118)
Forfeited, shares | shares	(9)
Non-vested at end of period, shares | shares	380
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	$ 49.34
Awarded, weighted-average grant date fair value | $ / shares	74.23
Vested, weighted-average grant date fair value | $ / shares	43.21
Forfeited, weighted-average grant date fair value | $ / shares	47.76
Non-vested at the end of period, weighted-average grant date fair value | $ / shares	$ 58.12

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Subsequent Event [Line Items]
Cross default trigger, minimum		$ 10,000,000
Minimum
Subsequent Event [Line Items]
Debt instrument covenant total leverage ratio		1
Debt instrument covenant total interest ratio		1
Maximum
Subsequent Event [Line Items]
Debt instrument covenant total leverage ratio		3.50
Debt instrument covenant total interest ratio		3
New York Life Investors LLC
Subsequent Event [Line Items]
Total borrowing capacity of facility		$ 200,000,000
New York Life Investors LLC | Subsequent Event
Subsequent Event [Line Items]
Total borrowing capacity of facility	$ 200,000,000
Line Of Credit Facility Minimum Borrowing Capacity	$ 5,000,000
Facility fee (as a percentage)	0.10%
Cross default trigger, minimum	$ 10,000,000
New York Life Investors LLC | Subsequent Event | Minimum
Subsequent Event [Line Items]
Ratio of Indebtedness to EBITDA	1
Debt instrument covenant total leverage ratio	1
Debt instrument covenant total interest ratio	1
Ratio of Indebtedness to Net Capital for Acquisitions	1
New York Life Investors LLC | Subsequent Event | Maximum
Subsequent Event [Line Items]
Ratio of Indebtedness to EBITDA	2
Debt instrument covenant total leverage ratio	3.50
Debt instrument covenant total interest ratio	3
Ratio of Indebtedness to Net Capital for Acquisitions	4
Prudential
Subsequent Event [Line Items]
Total borrowing capacity of facility		$ 250,000,000
Prudential | Subsequent Event
Subsequent Event [Line Items]
Total borrowing capacity of facility	$ 150,000,000
Line Of Credit Facility Minimum Borrowing Capacity	5,000,000
Cross default trigger, minimum	10,000,000
Line Of Credit Facility Original Principal Amount	$ 150,000,000
Prudential | Subsequent Event | Minimum
Subsequent Event [Line Items]
Ratio of Indebtedness to EBITDA	1
Debt instrument covenant total leverage ratio	1
Debt instrument covenant total interest ratio	1
Ratio of Indebtedness to Net Capital for Acquisitions	1
Prudential | Subsequent Event | Maximum
Subsequent Event [Line Items]
Ratio of Indebtedness to EBITDA	2
Debt instrument covenant total leverage ratio	3.50
Debt instrument covenant total interest ratio	3
Ratio of Indebtedness to Net Capital for Acquisitions	4