Franklin Electric (FELE) 10-Q 3 May 22 2022 Q1 Quarterly report Financial data

COVER

COVER - $ / shares	3 Months Ended
	Mar. 31, 2022	Apr. 29, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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		46,313,320
Entity Central Index Key	0000038725
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 451,470	$ 333,046
Cost of sales	306,136	217,500
Gross profit	145,334	115,546
Selling, general, and administrative expenses	104,673	81,603
Restructuring expense	720	152
Operating income	39,941	33,791
Interest expense	(1,494)	(1,090)
Other income/(expense), net	(378)	(100)
Foreign exchange income/(expense)	(585)	(57)
Income before income taxes	37,484	32,544
Income tax expense	7,365	4,381
Net income	30,119	28,163
Less: Net (income)/expense attributable to noncontrolling interests	(354)	(283)
Net income attributable to Franklin Electric Co., Inc.	$ 29,765	$ 27,880
Income per share:
Basic	$ 0.64	$ 0.60
Diluted	$ 0.63	$ 0.59

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 30,119	$ 28,163
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	8,592	(11,514)
Employee benefit plan activity	1,192	1,116
Other comprehensive income/(loss)	9,784	(10,398)
Income tax expense related to items of other comprehensive income/(loss)	(260)	(232)
Other comprehensive income/(loss), net of tax	9,524	(10,630)
Comprehensive income	39,643	17,533
Less: Comprehensive income/(loss) attributable to noncontrolling interests	316	218
Comprehensive income attributable to Franklin Electric Co., Inc.	$ 39,327	$ 17,315

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 38,581	$ 40,536
Receivables, less allowances of $4,430 and $3,975, respectively	229,736	196,173
Inventories:
Raw material	184,332	166,918
Work-in-process	31,961	24,725
Finished goods	311,574	258,332
Total inventories	527,867	449,975
Other current assets	37,401	37,963
Total current assets	833,585	724,647
Property, plant, and equipment, at cost:
Land and buildings	157,510	154,544
Machinery and equipment	297,634	296,078
Furniture and fixtures	45,836	44,324
Other	44,982	40,231
Property, plant, and equipment, gross	545,962	535,177
Less: Allowance for depreciation	(331,772)	(324,523)
Property, plant, and equipment, net	214,190	210,654
Right-of-use asset, net	46,458	48,379
Deferred income taxes	7,675	7,675
Intangible assets, net	247,127	249,691
Goodwill	329,388	329,630
Other assets	4,766	4,489
Total assets	1,683,189	1,575,165
Current liabilities:
Accounts payable	190,488	164,758
Accrued expenses and other current liabilities	87,292	115,408
Current lease liability	15,188	15,320
Income taxes	3,774	2,547
Current maturities of long-term debt and short-term borrowings	194,846	97,981
Total current liabilities	491,588	396,014
Long-term debt	89,933	90,535
Long-term lease liability	31,140	32,937
Income taxes payable non-current	11,610	11,610
Deferred income taxes	29,828	28,162
Employee benefit plans	39,926	40,696
Other long-term liabilities	24,999	26,568
Commitments and contingencies (see Note 15)	0	0
Redeemable noncontrolling interest	106	(19)
Shareholders' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (46,354 and 46,483, respectively)	4,635	4,648
Additional capital	314,935	310,617
Retained earnings	861,156	859,817
Accumulated other comprehensive loss	(219,019)	(228,581)
Total shareholders' equity	961,707	946,501
Noncontrolling interest	2,352	2,161
Total equity	964,059	948,662
Total liabilities and equity	$ 1,683,189	$ 1,575,165

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Accounts Receivable, Allowance for Credit Loss, Current	$ 4,430	$ 3,975
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)	46,354	46,483

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 30,119	$ 28,163
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	12,078	9,574
Non-cash lease expense	4,181	3,068
Share-based compensation	3,985	4,190
Deferred income taxes	1,268	90
(Gain)/Loss on disposals of plant and equipment	620	212
Foreign exchange (income)/expense	585	57
Changes in assets and liabilities, net of acquisitions:
Receivables	(34,119)	(24,196)
Inventory	(74,690)	(14,327)
Accounts payable and accrued expenses	(2,753)	(298)
Operating leases	(4,181)	(3,068)
Income taxes	2,654	3,220
Employee benefit plans	343	118
Other, net	(1,401)	(1,421)
Net cash flows from operating activities	(61,311)	5,382
Cash flows from investing activities:
Additions to property, plant, and equipment	(9,456)	(6,744)
Proceeds from sale of property, plant, and equipment	0	0
Cash paid for acquisitions, net of cash acquired	553	70
Other, net	0	3
Net cash flows from investing activities	(8,903)	(6,671)
Cash flows from financing activities:
Proceeds from issuance of debt	198,556	693
Repayment of debt	(101,705)	(1,150)
Proceeds from issuance of common stock	343	5,083
Purchases of common stock	(19,319)	(4,849)
Dividends paid	(9,130)	(8,143)
Net cash flows from financing activities	68,745	(8,366)
Effect of exchange rate changes on cash	(486)	(2,801)
Net change in cash and equivalents	(1,955)	(12,456)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	38,581	118,331
Cash paid for income taxes, net of refunds	3,610	2,295
Cash paid for interest	2,330	2,013
Non-cash items:
Additions to property, plant, and equipment, not yet paid	749	811
Right-of-Use Assets obtained in exchange for new operating lease liabilities	$ 1,962	$ 4,615

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2022
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, 2021, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of March 31, 2022, and for the first quarters ended March 31, 2022 and March 31, 2021 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 first quarter ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. 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, 2021.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the standard effective January 1, 2022 using the modified retrospective approach, 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 October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires entities to recognize and measure contracts on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers , as if it had originated the contracts. This will improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 with early adoption permitted. ASU 2021-08 should be applied on a prospective basis to business combinations that occur after the effective date. The Company is still determining the date of adoption for this ASU, but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2022
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS During the fourth quarter ended December 31, 2021, the Company acquired 100 percent of the ownership interests of B&R Industries, Inc. ("B&R"), a water treatment equipment provider located in Mesa, Arizona, for a cash purchase price of $16.2 million after purchase price adjustments based on the level of working capital acquired. B&R will be included as part of the Water Systems segment of the Company. The Company also acquired, in a separate transaction, 100 percent of the ownership interests of Blake Group Holdings, Inc. ("Blake"), a professional groundwater distributor operating in the northeast United States for a cash purchase price of $28.6 million after purchase price adjustments based on the level of working capital acquired. Blake will be included as part of the Distribution segment of the Company. The fair value of the assets acquired and liabilities assumed for both acquisitions is preliminary as of March 31, 2022. During the third quarter ended September 30, 2021, the Company acquired 100 percent of the ownership interests of Minetuff Dewatering Pumps Australia Pty Ltd for a cash purchase price of $13.7 million after purchase price adjustments based on the level of working capital acquired. Minetuff manufactures and sells submersible pumps, spare parts, and accessories to the mining industry and will expand the Company’s existing product offerings and channel access in the Water Systems segment. The fair value of the assets acquired and liabilities assumed for the acquisition is preliminary as of March 31, 2022. 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. The Company recorded estimated fair values that exceed the acquisition price by $0.4 million, representing a bargain purchase gain due to favorable market conditions within the "Other income/(expense), net" line in the consolidated statements of income for the year ended December 31, 2021. The combined, all-cash purchase price for all acquisitions in the second quarter was $185.5 million after purchase price adjustments based on the level of working capital acquired. The fair value of the assets acquired and liabilities assumed for all acquisitions are preliminary as of March 31, 2022. The identifiable intangible assets recognized in the separate transactions in 2021, were $131.9 million, and consist primarily of customer relationships and trade names from New Aqua of $93.7 million, which will be amortized using the straight-line method over 12 - 20 years. The goodwill of $65.4 million resulting from the acquisitions in 2021 consists primarily of expanded geographical presence and product channel expansion. Goodwill deductible for tax purposes is $61.6 million from the acquisitions in 2021. Goodwill was recorded in the Water Systems and Fueling Systems segments. The preliminary purchase price assigned to the major identifiable assets and liabilities for all acquisitions in 2021 on an aggregated basis is as follows: (In millions) Assets: Inventory $ 34.4 Intangible assets 131.9 Goodwill 65.4 Other assets 39.3 Total assets 271.0 Liabilities 26.6 Less: Bargain purchase gain 0.4 Total consideration paid $ 244.0 For all acquisitions in 2021, consolidated revenue for the first quarter ended March 31, 2021 was $45.3 million, which would be incremental to the Company's revenue had the acquisitions occurred on the first day of 2021. Consolidated revenue for the first quarter ended March 31, 2022 was $48.2 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 2021, as the results of operations for all acquisitions is immaterial. Transaction costs were expensed as incurred under the guidance of FASB Accounting Standards Codification Topic 805, Business Combinations. There were $0.2 million and $0.1 million of transaction costs included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income for the first quarter ended March 31, 2022 and March 31, 2021, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below: March 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 7.2 $ 7.2 $ — $ — Share swap transaction — — — — Forward currency contracts assets 0.1 — 0.1 — Total assets $ 7.3 $ 7.2 $ 0.1 $ — Liabilities: Forward currency contracts liabilities $ 0.2 $ — $ 0.2 $ — Total liabilities $ 0.2 $ — $ 0.2 $ — December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 5.3 $ 5.3 $ — $ — Share swap transaction 0.6 0.6 — — Total assets $ 5.9 $ 5.9 $ — $ — The Company’s Level 1 cash equivalents assets are generally comprised of foreign bank guaranteed certificates of deposit and short term deposits. The share swap transaction and forward currency contracts assets and liabilities are recorded within the "Receivables" and "Accounts Payable" lines of the condensed consolidated balance sheets and are further described in Note 5 - Financial Instruments. The Company has no assets or liabilities measured on a recurring basis classified as Level 3.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTSThe 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 March 31, 2022, the swap had a notional value based on 210,000 shares. For the first quarter ended March 31, 2022 and March 31, 2021, the swap resulted in a loss of $2.4 million and a gain of $2.7 million, respectively. Gains and losses resulting from the swap were largely offset by gains and losses on the fair value of the deferred compensation stock liability. All gains or losses and expenses related to the swap are recorded in the Company's condensed consolidated statements of income within the “Selling, general, and administrative expenses” line. The Company is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business including making sales and purchases of raw materials and finished goods in foreign denominated currencies with third party customers and suppliers as well as to wholly owned subsidiaries of the Company. To reduce its exposure to foreign currency exchange rate volatility, the Company enters into various forward currency contracts to offset these fluctuations. The Company uses forward currency contracts only in an attempt to limit underlying exposure from foreign currency exchange rate fluctuations and to minimize earnings volatility associated with foreign currency exchange rate fluctuations and has not elected to use hedge accounting. Decisions on whether to use such derivative instruments are primarily based on the amount of exposure to the currency involved and an assessment of the near-term market value for each currency. For the first quarter ended March 31, 2022, the forward currency contracts resulted in a loss of $0.2 million and is recorded in the Company's condensed consolidated statements of income within the "Foreign exchange income/(expense)" line.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2022
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) March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Customer relationships 256.2 (92.7) 255.1 (88.8) Patents $ 7.3 $ (7.3) $ 7.3 $ (7.3) Technology 7.5 (7.4) 7.5 (7.3) Trade names 42.2 (2.1) $ 42.1 (1.5) Other 2.8 (2.7) 2.8 (2.7) Total $ 316.0 $ (112.2) $ 314.8 $ (107.6) Unamortizing intangibles: Trade names 43.3 — 42.5 — Total intangibles $ 359.3 $ (112.2) $ 357.3 $ (107.6) Amortization expense related to intangible assets for the first quarters ended March 31, 2022 and March 31, 2021 was $4.3 million and $2.5 million, respectively. Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2022 2023 2024 2025 2026 $ 17.1 $ 17.0 $ 16.9 $ 16.0 $ 15.1 The change in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2022, is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2021 $ 213.9 $ 70.7 $ 45.0 $ 329.6 Acquisitions — — — — Adjustments to prior year acquisitions — — (0.5) (0.5) Foreign currency translation 0.4 (0.1) — 0.3 Balance as of March 31, 2022 $ 214.3 $ 70.6 $ 44.5 $ 329.4

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	3 Months Ended
	Mar. 31, 2022
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS Defined Benefit Plans - As of March 31, 2022, the Company maintained two domestic pension plans and three German pension plans. The Company used a December 31, 2021 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. Both domestic plans were 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 first quarters ended March 31, 2022 and March 31, 2021: (In millions) Pension Benefits First Quarter Ended March 31, 2022 March 31, 2021 Service cost $ 0.2 $ 0.2 Interest cost 0.8 0.7 Expected return on assets (1.5) (1.4) Amortization of: Prior service cost — — Actuarial loss 1.2 1.0 Settlement cost — — Net periodic benefit cost $ 0.7 $ 0.5 In the three months ended March 31, 2022, 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 2022 will be finalized by September 15, 2022, based upon the funding level requirements identified and year-end valuation performed at December 31, 2021. The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the first quarters ended March 31, 2022 and March 31, 2021: (In millions) Other Benefits First Quarter Ended March 31, 2022 March 31, 2021 Service cost $ — $ — Interest cost 0.1 — Expected return on assets — — Amortization of: Prior service cost — — Actuarial loss — 0.1 Settlement cost — — Net periodic benefit cost $ 0.1 $ 0.1

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of: (In millions) March 31, 2022 December 31, 2021 Salaries, wages, and commissions 39.6 62.3 Product warranty costs 10.6 10.5 Insurance 1.8 2.3 Employee benefits 5.7 11.9 Other 29.6 28.4 Total 87.3 115.4

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate from continuing operations for the three month period ended March 31, 2022 was 19.7 percent as compared to 13.5 percent for the three month period ended March 31, 2021. The effective tax rate is lower than the U.S. statutory rate of 21 percent primarily due to 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. The increase in the effective tax rate was primarily a result of less favorable discrete events recorded in the three month period ended March 31, 2022, as compared to the three month period ended March 31, 2021.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: (In millions) March 31, 2022 December 31, 2021 New York Life Agreement 75.0 75.0 Credit Agreement 191.8 96.6 Tax increment financing debt 15.9 16.5 Foreign subsidiary debt 2.2 0.5 Other — 0.1 Less: unamortized debt issuance costs (0.2) (0.2) $ 284.7 $ 188.5 Less: current maturities (194.8) (98.0) Long-term debt $ 89.9 90.5 Debt outstanding, excluding unamortized debt issuance costs, at March 31, 2022 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 284.9 $ 194.8 $ 1.4 $ 1.4 $ 76.4 $ 1.5 $ 9.4 Prudential Agreement The Company maintains the Fourth Amended and Restated Note Purchase and Private Shelf Agreement (the "Prudential Agreement") with PGIM, Inc. and its affiliates, which was renewed on July 30, 2021 and expires on July 30, 2024. The Prudential Agreement has an initial borrowing capacity of $150.0 million. As of March 31, 2022, 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 and its affiliates (the "New York Life Agreement"), which was renewed on July 30, 2021 and expires on July 30, 2024. The New York Life Agreement has 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 March 31, 2022, 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 March 31, 2022, the Company had $191.8 million outstanding borrowings, $4.0 million in letters of credit outstanding, and $54.2 million of available capacity under the Credit Agreement. The Company also has lines of credit for certain subsidiaries with various expiration dates. The aggregate maximum borrowing capacity of these overdraft lines of credits is $20.2 million. As of March 31, 2022, there were $1.8 million outstanding borrowings and $18.4 million of available capacity under these lines of credit. Covenants The Company’s credit agreements contain customary financial covenants. The Company’s most significant agreements and restrictive covenants are in the New York Life Agreement, the Project Bonds, the Prudential Agreement, and the Credit Agreement; each containing both affirmative and negative covenants. The affirmative covenants relate to financial statements, notices of material events, conduct of business, inspection of property, maintenance of insurance, compliance with laws and most favored lender obligations. The negative covenants include limitations on loans, advances and investments, and the granting of liens by the Company or its subsidiaries, as well as prohibitions on certain consolidations, mergers, sales and transfers of assets. The covenants also include financial requirements including a maximum leverage ratio of 3.50 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00. Cross default is applicable with the Prudential Agreement, the Project Bonds, the New York Life Agreement, and the Credit Agreement but only if the Company is defaulting on an obligation exceeding $10.0 million. The Company was in compliance with all financial covenants as of March 31, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
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: First Quarter Ended (In millions, except per share amounts) March 31, 2022 March 31, 2021 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 29.8 $ 27.9 Less: Earnings allocated to participating securities 0.1 0.2 Net income available to common shareholders $ 29.7 $ 27.7 Denominator: Basic weighted average common shares outstanding 46.4 46.3 Effect of dilutive securities: Non-participating employee stock options, performance awards, and deferred shares to non-employee directors 0.7 0.6 Diluted weighted average common shares outstanding 47.1 46.9 Basic earnings per share $ 0.64 $ 0.60 Diluted earnings per share $ 0.63 $ 0.59

EQUITY ROLL FORWARD

EQUITY ROLL FORWARD	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
EQUITY ROLL FORWARD	EQUITY ROLL FORWARD The schedules below set forth equity changes in the first quarters ended March 31, 2022 and March 31, 2021: (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, 2021 $ 4,648 $ 310,617 $ 859,817 $ (49,076) $ (179,505) $ 2,161 $ 948,662 $ (19) Net income 29,765 235 30,000 119 Dividends on common stock ($0.195/share) (9,129) (9,129) Common stock issued 1 342 343 Common stock repurchased (23) (19,297) (19,320) Share-based compensation 9 3,976 3,985 Currency translation adjustment 8,630 (44) 8,586 6 Pension liability, net of tax 932 932 Balance as of March 31, 2022 $ 4,635 $ 314,935 $ 861,156 $ (48,144) $ (170,875) $ 2,352 $ 964,059 $ 106 (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 27,880 207 28,087 76 Dividends on common stock ($0.175/share) (8,143) (8,143) Common stock issued 14 5,069 5,083 Common stock repurchased (6) (4,843) (4,849) Share-based compensation 11 4,179 4,190 Currency translation adjustment (11,449) (66) (11,515) 1 Pension liability, net of taxes 884 884 Balance as of March 31, 2021 $ 4,641 $ 292,668 $ 779,456 $ (51,782) $ (163,554) $ 2,257 $ 863,686 $ (168)

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) Changes in accumulated other comprehensive income/(loss) by component for the three months ended March 31, 2022 and March 31, 2021, are summarized below: (In millions) Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total For the three months ended March 31, 2022: Balance as of December 31, 2021 $ (179.6) $ (49.0) $ (228.6) Other comprehensive income/(loss) before reclassifications 8.7 — 8.7 Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) 8.7 0.9 9.6 Balance as of March 31, 2022 $ (170.9) $ (48.1) $ (219.0) For the three months ended March 31, 2021: Balance as of December 31, 2020 $ (152.2) $ (52.6) $ (204.8) Other comprehensive income/(loss) before reclassifications (11.4) — (11.4) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) (11.4) 0.9 (10.5) Balance as of March 31, 2021 $ (163.6) $ (51.7) $ (215.3) (1) This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 7 for additional details) and is included in the "Other income/(expense), net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million and $0.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively. Amounts related to noncontrolling interests were not material.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	3 Months Ended
	Mar. 31, 2022
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: First Quarter Ended (In millions) March 31, 2022 March 31, 2021 Net sales Water Systems External sales United States & Canada $ 134.7 $ 84.2 Latin America 37.9 31.7 Europe, Middle East & Africa 51.0 44.4 Asia Pacific 20.5 20.2 Intersegment sales United States & Canada 28.5 17.1 Total sales 272.6 197.6 Distribution External sales United States & Canada 134.9 95.7 Intersegment sales — — Total sales 134.9 95.7 Fueling Systems External sales United States & Canada 51.9 37.7 All other 20.6 19.1 Intersegment sales — — Total sales 72.5 56.8 Intersegment Eliminations/Other (28.5) (17.1) Consolidated $ 451.5 $ 333.0 First Quarter Ended March 31, 2022 March 31, 2021 Operating income/(loss) Water Systems $ 33.2 $ 31.3 Distribution 9.4 2.0 Fueling Systems 17.7 14.9 Intersegment Eliminations/Other (20.4) (14.4) Consolidated $ 39.9 $ 33.8 March 31, 2022 December 31, 2021 Total assets Water Systems $ 951.2 $ 894.4 Distribution 419.4 363.0 Fueling Systems 277.1 273.6 Other 35.5 44.2 Consolidated $ 1,683.2 $ 1,575.2 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	3 Months Ended
	Mar. 31, 2022
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 its 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 financial position, results of operations, or cash flows. 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 March 31, 2022, the Company had $15.2 million of commitments primarily for capital expenditures and purchase of raw materials to be used in production. The Company provides warranties on most of its products. The warranty terms vary but are generally two years to five years from date of manufacture or one year to five years from date of installation. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims. The Company actively studies trends of warranty claims and takes actions to improve product quality and minimize warranty claims. The Company believes that the warranty reserve is appropriate; however, actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's condensed consolidated balance sheet for the three months ended March 31, 2022, are as follows: (In millions) Balance as of December 31, 2021 $ 10.5 Accruals related to product warranties 2.0 Additions related to acquisitions — Reductions for payments made (1.9) Balance as of March 31, 2022 $ 10.6 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 in effect at the inception of a lease 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 first quarter ended March 31, 2022 are as follows: First Quarter Ended Lease Cost (in millions): March 31, 2022 Operating lease cost $ 4.2 Short-term lease cost 0.1 Other Information: Weighted-average remaining lease term 4.2 years Weighted-average discount rate 3.9 % As of March 31, 2022, the Company has approximately $1.5 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 March 31, 2022, are as follows: (In millions) 2022 2023 2024 2025 2026 Thereafter Future Minimum Rental Payments $ 12.6 $ 13.2 $ 8.6 $ 5.5 $ 4.2 $ 6.5

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
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 No additional options and awards are granted out of the 2012 Stock Plan. However, there are still unvested awards and unexercised options under this plan. 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 three months ended March 31, 2022 and March 31, 2021 are as follows: March 31, 2022 March 31, 2021 Risk-free interest rate 1.87 % 0.66 % Dividend yield 0.93 % 0.96 % Volatility factor 33.88 % 34.98 % Expected term 5.5 years 5.5 years A summary of the Company’s outstanding stock option activity and related information for the three months ended March 31, 2022 is as follows: (Shares in thousands) March 31, 2022 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,043 $ 49.21 Granted 110 83.90 Exercised (8) 44.09 Forfeited (15) 73.25 Outstanding at end of period 1,130 $ 52.29 Expected to vest after applying forfeiture rate 1,127 $ 52.23 Vested and exercisable at end of period 891 $ 46.22 A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of March 31, 2022 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 5.81 years $ 34,843 Expected to vest after applying forfeiture rate 5.80 years $ 34,829 Vested and exercisable at end of period 4.93 years $ 32,804 The total intrinsic value of options exercised during the three months ended March 31, 2022 and March 31, 2021 was $0.3 million and $5.8 million, respectively. As of March 31, 2022, there was $1.5 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 2.10 years. Stock/Stock Unit Awards: A summary of the Company’s restricted stock/stock unit award activity and related information for the three months ended March 31, 2022 is as follows: (Shares in thousands) March 31, 2022 Restricted Stock/Stock Unit Awards Weighted-Average Grant- Non-vested at beginning of period 348 $ 58.20 Awarded 104 83.86 Vested (129) 47.10 Forfeited (14) 69.64 Non-vested at end of period 309 $ 70.98 As of March 31, 2022, there was $14.6 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 1.85 years.

ACCOUNTING PRONOUNCEMENTS (Poli

ACCOUNTING PRONOUNCEMENTS (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Changes and Error Corrections [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted the standard effective January 1, 2022 using the modified retrospective approach, 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 October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . ASU 2021-08 requires entities to recognize and measure contracts on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers , as if it had originated the contracts. This will improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 with early adoption permitted. ASU 2021-08 should be applied on a prospective basis to business combinations that occur after the effective date. The Company is still determining the date of adoption for this ASU, but does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The preliminary purchase price assigned to the major identifiable assets and liabilities for all acquisitions in 2021 on an aggregated basis is as follows: (In millions) Assets: Inventory $ 34.4 Intangible assets 131.9 Goodwill 65.4 Other assets 39.3 Total assets 271.0 Liabilities 26.6 Less: Bargain purchase gain 0.4 Total consideration paid $ 244.0

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of March 31, 2022 and December 31, 2021, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below: March 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 7.2 $ 7.2 $ — $ — Share swap transaction — — — — Forward currency contracts assets 0.1 — 0.1 — Total assets $ 7.3 $ 7.2 $ 0.1 $ — Liabilities: Forward currency contracts liabilities $ 0.2 $ — $ 0.2 $ — Total liabilities $ 0.2 $ — $ 0.2 $ — December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 5.3 $ 5.3 $ — $ — Share swap transaction 0.6 0.6 — — Total assets $ 5.9 $ 5.9 $ — $ —

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
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) March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Customer relationships 256.2 (92.7) 255.1 (88.8) Patents $ 7.3 $ (7.3) $ 7.3 $ (7.3) Technology 7.5 (7.4) 7.5 (7.3) Trade names 42.2 (2.1) $ 42.1 (1.5) Other 2.8 (2.7) 2.8 (2.7) Total $ 316.0 $ (112.2) $ 314.8 $ (107.6) Unamortizing intangibles: Trade names 43.3 — 42.5 — Total intangibles $ 359.3 $ (112.2) $ 357.3 $ (107.6)
Schedule of Indefinite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets are as follows: (In millions) March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Customer relationships 256.2 (92.7) 255.1 (88.8) Patents $ 7.3 $ (7.3) $ 7.3 $ (7.3) Technology 7.5 (7.4) 7.5 (7.3) Trade names 42.2 (2.1) $ 42.1 (1.5) Other 2.8 (2.7) 2.8 (2.7) Total $ 316.0 $ (112.2) $ 314.8 $ (107.6) Unamortizing intangibles: Trade names 43.3 — 42.5 — Total intangibles $ 359.3 $ (112.2) $ 357.3 $ (107.6)
Schedule of Amortization Expense	Amortization expense for each of the five succeeding years is projected as follows: (In millions) 2022 2023 2024 2025 2026 $ 17.1 $ 17.0 $ 16.9 $ 16.0 $ 15.1
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 three months ended March 31, 2022, is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2021 $ 213.9 $ 70.7 $ 45.0 $ 329.6 Acquisitions — — — — Adjustments to prior year acquisitions — — (0.5) (0.5) Foreign currency translation 0.4 (0.1) — 0.3 Balance as of March 31, 2022 $ 214.3 $ 70.6 $ 44.5 $ 329.4

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	3 Months Ended
	Mar. 31, 2022
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 first quarters ended March 31, 2022 and March 31, 2021: (In millions) Pension Benefits First Quarter Ended March 31, 2022 March 31, 2021 Service cost $ 0.2 $ 0.2 Interest cost 0.8 0.7 Expected return on assets (1.5) (1.4) Amortization of: Prior service cost — — Actuarial loss 1.2 1.0 Settlement cost — — Net periodic benefit cost $ 0.7 $ 0.5
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 first quarters ended March 31, 2022 and March 31, 2021: (In millions) Other Benefits First Quarter Ended March 31, 2022 March 31, 2021 Service cost $ — $ — Interest cost 0.1 — Expected return on assets — — Amortization of: Prior service cost — — Actuarial loss — 0.1 Settlement cost — — Net periodic benefit cost $ 0.1 $ 0.1

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of: (In millions) March 31, 2022 December 31, 2021 Salaries, wages, and commissions 39.6 62.3 Product warranty costs 10.6 10.5 Insurance 1.8 2.3 Employee benefits 5.7 11.9 Other 29.6 28.4 Total 87.3 115.4

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) March 31, 2022 December 31, 2021 New York Life Agreement 75.0 75.0 Credit Agreement 191.8 96.6 Tax increment financing debt 15.9 16.5 Foreign subsidiary debt 2.2 0.5 Other — 0.1 Less: unamortized debt issuance costs (0.2) (0.2) $ 284.7 $ 188.5 Less: current maturities (194.8) (98.0) Long-term debt $ 89.9 90.5
Schedule of Long-term Debt Payments	Debt outstanding, excluding unamortized debt issuance costs, at March 31, 2022 matures as follows: (In millions) Total Year 1 Year 2 Year 3 Year 4 Year 5 More Than 5 Years Debt $ 284.9 $ 194.8 $ 1.4 $ 1.4 $ 76.4 $ 1.5 $ 9.4

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: First Quarter Ended (In millions, except per share amounts) March 31, 2022 March 31, 2021 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 29.8 $ 27.9 Less: Earnings allocated to participating securities 0.1 0.2 Net income available to common shareholders $ 29.7 $ 27.7 Denominator: Basic weighted average common shares outstanding 46.4 46.3 Effect of dilutive securities: Non-participating employee stock options, performance awards, and deferred shares to non-employee directors 0.7 0.6 Diluted weighted average common shares outstanding 47.1 46.9 Basic earnings per share $ 0.64 $ 0.60 Diluted earnings per share $ 0.63 $ 0.59

EQUITY ROLL FORWARD (Tables)

EQUITY ROLL FORWARD (Tables)	3 Months Ended
	Mar. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity	The schedules below set forth equity changes in the first quarters ended March 31, 2022 and March 31, 2021: (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, 2021 $ 4,648 $ 310,617 $ 859,817 $ (49,076) $ (179,505) $ 2,161 $ 948,662 $ (19) Net income 29,765 235 30,000 119 Dividends on common stock ($0.195/share) (9,129) (9,129) Common stock issued 1 342 343 Common stock repurchased (23) (19,297) (19,320) Share-based compensation 9 3,976 3,985 Currency translation adjustment 8,630 (44) 8,586 6 Pension liability, net of tax 932 932 Balance as of March 31, 2022 $ 4,635 $ 314,935 $ 861,156 $ (48,144) $ (170,875) $ 2,352 $ 964,059 $ 106 (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 27,880 207 28,087 76 Dividends on common stock ($0.175/share) (8,143) (8,143) Common stock issued 14 5,069 5,083 Common stock repurchased (6) (4,843) (4,849) Share-based compensation 11 4,179 4,190 Currency translation adjustment (11,449) (66) (11,515) 1 Pension liability, net of taxes 884 884 Balance as of March 31, 2021 $ 4,641 $ 292,668 $ 779,456 $ (51,782) $ (163,554) $ 2,257 $ 863,686 $ (168)

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	3 Months Ended
	Mar. 31, 2022
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Changes in accumulated other comprehensive income/(loss) by component for the three months ended March 31, 2022 and March 31, 2021, are summarized below: (In millions) Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total For the three months ended March 31, 2022: Balance as of December 31, 2021 $ (179.6) $ (49.0) $ (228.6) Other comprehensive income/(loss) before reclassifications 8.7 — 8.7 Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) 8.7 0.9 9.6 Balance as of March 31, 2022 $ (170.9) $ (48.1) $ (219.0) For the three months ended March 31, 2021: Balance as of December 31, 2020 $ (152.2) $ (52.6) $ (204.8) Other comprehensive income/(loss) before reclassifications (11.4) — (11.4) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) (11.4) 0.9 (10.5) Balance as of March 31, 2021 $ (163.6) $ (51.7) $ (215.3) (1) This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 7 for additional details) and is included in the "Other income/(expense), net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million and $0.2 million for the three months ended March 31, 2022 and March 31, 2021, respectively.

SEGMENT AND GEOGRAPHIC INFORM_2

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Business Segment	Financial information by reportable business segment is included in the following summary: First Quarter Ended (In millions) March 31, 2022 March 31, 2021 Net sales Water Systems External sales United States & Canada $ 134.7 $ 84.2 Latin America 37.9 31.7 Europe, Middle East & Africa 51.0 44.4 Asia Pacific 20.5 20.2 Intersegment sales United States & Canada 28.5 17.1 Total sales 272.6 197.6 Distribution External sales United States & Canada 134.9 95.7 Intersegment sales — — Total sales 134.9 95.7 Fueling Systems External sales United States & Canada 51.9 37.7 All other 20.6 19.1 Intersegment sales — — Total sales 72.5 56.8 Intersegment Eliminations/Other (28.5) (17.1) Consolidated $ 451.5 $ 333.0 First Quarter Ended March 31, 2022 March 31, 2021 Operating income/(loss) Water Systems $ 33.2 $ 31.3 Distribution 9.4 2.0 Fueling Systems 17.7 14.9 Intersegment Eliminations/Other (20.4) (14.4) Consolidated $ 39.9 $ 33.8 March 31, 2022 December 31, 2021 Total assets Water Systems $ 951.2 $ 894.4 Distribution 419.4 363.0 Fueling Systems 277.1 273.6 Other 35.5 44.2 Consolidated $ 1,683.2 $ 1,575.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022, are as follows: (In millions) Balance as of December 31, 2021 $ 10.5 Accruals related to product warranties 2.0 Additions related to acquisitions — Reductions for payments made (1.9) Balance as of March 31, 2022 $ 10.6
Lease, Cost	The components of the Company’s operating lease portfolio as of the first quarter ended March 31, 2022 are as follows: First Quarter Ended Lease Cost (in millions): March 31, 2022 Operating lease cost $ 4.2 Short-term lease cost 0.1 Other Information: Weighted-average remaining lease term 4.2 years Weighted-average discount rate 3.9 %
Lessee, Operating Lease, Liability, Maturity	The minimum rental payments for non-cancellable operating leases as of March 31, 2022, are as follows: (In millions) 2022 2023 2024 2025 2026 Thereafter Future Minimum Rental Payments $ 12.6 $ 13.2 $ 8.6 $ 5.5 $ 4.2 $ 6.5

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
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 No additional options and awards are granted out of the 2012 Stock Plan. However, there are still unvested awards and unexercised options under this plan. 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 three months ended March 31, 2022 and March 31, 2021 are as follows: March 31, 2022 March 31, 2021 Risk-free interest rate 1.87 % 0.66 % Dividend yield 0.93 % 0.96 % Volatility factor 33.88 % 34.98 % 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 three months ended March 31, 2022 is as follows: (Shares in thousands) March 31, 2022 Stock Options Shares Weighted-Average Exercise Price Outstanding at beginning of period 1,043 $ 49.21 Granted 110 83.90 Exercised (8) 44.09 Forfeited (15) 73.25 Outstanding at end of period 1,130 $ 52.29 Expected to vest after applying forfeiture rate 1,127 $ 52.23 Vested and exercisable at end of period 891 $ 46.22
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 March 31, 2022 is as follows: Weighted-Average Remaining Contractual Term Aggregate Intrinsic Value (000's) Outstanding at end of period 5.81 years $ 34,843 Expected to vest after applying forfeiture rate 5.80 years $ 34,829 Vested and exercisable at end of period 4.93 years $ 32,804
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 three months ended March 31, 2022 is as follows: (Shares in thousands) March 31, 2022 Restricted Stock/Stock Unit Awards Weighted-Average Grant- Non-vested at beginning of period 348 $ 58.20 Awarded 104 83.86 Vested (129) 47.10 Forfeited (14) 69.64 Non-vested at end of period 309 $ 70.98

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition
Goodwill	$ 329,388	$ 329,630				$ 329,630
Business Combination, Acquisition Related Costs	200				$ 100
B&R Industries, Inc.
Business Acquisition
Business acquisition, percentage of voting interests acquired		100.00%				100.00%
Total purchase price		$ 16,200
Blake Group Holdings, Inc. [Member]
Business Acquisition
Business acquisition, percentage of voting interests acquired		100.00%				100.00%
Total purchase price		$ 28,600
Minetuff Dewatering Pumps Australiz Pty Ltd
Business Acquisition
Business acquisition, percentage of voting interests acquired			100.00%
Total purchase price			$ 13,700
Puronics, Inc.
Business Acquisition
Business acquisition, percentage of voting interests acquired				100.00%
New Aqua, LLC
Business Acquisition
Business acquisition, percentage of voting interests acquired				100.00%
Intangible assets				$ 93,700
Atlantic Turbine Pump, LLC
Business Acquisition
Business Combination, Bargain Purchase, Gain Recognized, Amount				400
Series of Individually Immaterial Business Acquisitions
Business Acquisition
Total purchase price				$ 185,500
Business Combination, Bargain Purchase, Gain Recognized, Amount						$ 400
Intangible assets		131,900				131,900
Goodwill		65,400				65,400
Business Acquisition, Goodwill, Expected Tax Deductible Amount		$ 61,600				$ 61,600
Business Acquisition, Pro Forma Revenue	$ 48,200				$ 45,300
Minimum | Series of Individually Immaterial Business Acquisitions
Business Acquisition
Acquired intangible assets useful life						12 years
Maximum | Series of Individually Immaterial Business Acquisitions
Business Acquisition
Acquired intangible assets useful life						20 years

ACQUISITIONS (Assets Acquired a

ACQUISITIONS (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022
Business Acquisition
Goodwill	$ 329,630	$ 329,388
Series of Individually Immaterial Business Acquisitions
Business Acquisition
Inventory	34,400
Intangible assets	131,900
Goodwill	65,400
Other assets	39,300
Total assets	271,000
Liabilities	26,600
Business Combination, Bargain Purchase, Gain Recognized, Amount	400
Total consideration paid	$ 244,000

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	$ 284.7	$ 188.5
Recurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	7.2	5.3
Equity Securities, FV-NI	0	0.6
Foreign Currency Contract, Asset, Fair Value Disclosure	0.1
Assets, Fair Value Disclosure	7.3	5.9
Foreign Currency Contracts, Liability, Fair Value Disclosure	0.2
Financial Liabilities Fair Value Disclosure	0.2
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	7.2	5.3
Equity Securities, FV-NI	0	0.6
Foreign Currency Contract, Asset, Fair Value Disclosure	0
Assets, Fair Value Disclosure	7.2	5.9
Foreign Currency Contracts, Liability, Fair Value Disclosure	0
Financial Liabilities Fair Value Disclosure	0
Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Equity Securities, FV-NI	0	0
Foreign Currency Contract, Asset, Fair Value Disclosure	0.1
Assets, Fair Value Disclosure	0.1	0
Foreign Currency Contracts, Liability, Fair Value Disclosure	0.2
Financial Liabilities Fair Value Disclosure	0.2
Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0
Equity Securities, FV-NI	0	0
Foreign Currency Contract, Asset, Fair Value Disclosure	0
Assets, Fair Value Disclosure	0	0
Foreign Currency Contracts, Liability, Fair Value Disclosure	0
Financial Liabilities Fair Value Disclosure	0
Carrying value
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	284.7	188.5
Fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, fair value	$ 287.1	$ 196.1

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Not Designated as Hedging Instrument $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)shares	Mar. 31, 2021USD ($)
Share swap transaction agreement
Derivative
Derivative cancellable written notice term	30 days
Derivative notional amount (in shares) | shares	210,000
Share swap transaction agreement | Selling, general, and administrative expenses
Derivative
Loss on derivative	$ 2.4
Gain on derivative		$ 2.7
Foreign Exchange Forward | Foreign Currency Gain (Loss)
Derivative
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 0.2

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Intangible Assets
Gross carrying amount, amortized intangibles	$ 316		$ 314.8
Gross carrying amount, total intangibles	359.3		357.3
Accumulated amortization	(112.2)		(107.6)
Amortization of Intangible Assets	4.3	$ 2.5
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	43.3		42.5
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	256.2		255.1
Accumulated amortization	(92.7)		(88.8)
Patents
Intangible Assets
Gross carrying amount, amortized intangibles	7.3		7.3
Accumulated amortization	(7.3)		(7.3)
Technology
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.5
Accumulated amortization	(7.4)		(7.3)
Trade Names
Intangible Assets
Gross carrying amount, amortized intangibles	42.2		42.1
Accumulated amortization	(2.1)		(1.5)
Other
Intangible Assets
Gross carrying amount, amortized intangibles	2.8		2.8
Accumulated amortization	$ (2.7)		$ (2.7)

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS (Future Amortization) (Details) $ in Millions	Mar. 31, 2022USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 17.1
2023	17
2024	16.9
2025	16
2026	$ 15.1

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Goodwill
Goodwill, beginning balance	$ 329,630
Acquisitions	0
Goodwill, Purchase Accounting Adjustments	(500)
Foreign currency translation	300
Goodwill, ending balance	329,388
Water Systems
Goodwill
Goodwill, beginning balance	213,900
Acquisitions	0
Goodwill, Purchase Accounting Adjustments	0
Foreign currency translation	400
Goodwill, ending balance	214,300
Fueling Systems
Goodwill
Goodwill, beginning balance	70,700
Acquisitions	0
Goodwill, Purchase Accounting Adjustments	0
Foreign currency translation	(100)
Goodwill, ending balance	70,600
Distribution
Goodwill
Goodwill, beginning balance	45,000
Acquisitions	0
Goodwill, Purchase Accounting Adjustments	(500)
Foreign currency translation	0
Goodwill, ending balance	$ 44,500

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)Pension_Plan	Mar. 31, 2021USD ($)
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
Foreign
Net Periodic Benefit Cost and Other Benefit Cost
Number of pension plans (in ones) | Pension_Plan	3
Pension Plan
Net Periodic Benefit Cost
Service cost	$ 0.2	$ 0.2
Interest cost	0.8	0.7
Expected return on assets	(1.5)	(1.4)
Amortization of Prior Service Cost	0	0
Amortization of actuarial loss	1.2	1
Settlement cost	0	0
Net periodic benefit cost	0.7	0.5
Other Benefits
Net Periodic Benefit Cost
Service cost	0	0
Interest cost	0.1	0
Expected return on assets	0	0
Amortization of Prior Service Cost	0	0
Amortization of actuarial loss	0	0.1
Settlement cost	0	0
Net periodic benefit cost	$ 0.1	$ 0.1

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Salaries, wages, and commissions	$ 39,600	$ 62,300
Product warranty costs	10,600	10,500
Insurance	1,800	2,300
Employee benefits	5,700	11,900
Other	29,600	28,400
Accrued expenses and other current liabilities	$ 87,292	$ 115,408

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	19.70%	13.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument
Long-term Debt, Gross	$ 284,900
Less: unamortized debt issuance costs	(200)	$ (200)
Total debt and capital leases	284,700	188,500
Less: current maturities	(194,846)	(97,981)
Long-term debt	89,933	90,535
Tax increment financing debt
Debt Instrument
Long-term Debt, Gross	15,900	16,500
Foreign subsidiary debt
Debt Instrument
Long-term Debt, Gross	2,200	500
All Other
Debt Instrument
Long-term Debt, Gross	0	100
Credit Agreement
Debt Instrument
Long-term Debt, Gross	191,800	96,600
New York Life Investors LLC
Debt Instrument
Long-term Debt, Gross	$ 75,000	$ 75,000

DEBT (Debt Payments Expected to

DEBT (Debt Payments Expected to be Paid) (Details) $ in Millions	Mar. 31, 2022USD ($)
Long-term Debt, by Maturity
Long-term Debt, Gross	$ 284.9
Year 1	194.8
Year 2	1.4
Year 3	1.4
Year 4	76.4
Year 5	1.5
More than 5 years	$ 9.4

DEBT (Details)

DEBT (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Sep. 26, 2018USD ($)	Dec. 31, 2012USD ($)
Line of Credit Facility
Cross default trigger, minimum	$ 10
Bank Overdrafts
Debt Instrument
Total borrowing capacity of facility	20.2
Remaining borrowing capacity	18.4
Line of Credit Facility
Outstanding borrowings	$ 1.8
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	54.2
Line of Credit Facility
Current borrowing capacity	250
Increase amount available	125
Outstanding borrowings	191.8
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	$ 150
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
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income attributable to Franklin Electric Co., Inc.	$ 29,765	$ 27,880
Less: Earnings allocated to participating securities	100	200
Net income available to common shareholders	$ 29,700	$ 27,700
Basic
Basic weighted average common shares outstanding	46.4	46.3
Effect of dilutive securities:
Non-participating employee stock options, performance awards, and deferred shares to non-employee directors	0.7	0.6
Diluted weighted average common shares outstanding	47.1	46.9
Basic	$ 0.64	$ 0.60
Diluted	$ 0.63	$ 0.59
Anti-dilutive stock options (in shares)	0.1	0.1

EQUITY ROLL FORWARD (Details)

EQUITY ROLL FORWARD (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock, Dividends, Per Share, Cash Paid	$ 0.195	$ 0.175
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	$ 948,662
Net income	30,119	$ 28,163
Equity, ending balance	964,059
Temporary equity, beginning balance	(19)	(245)
Net income	119	76
Temporary Equity, Foreign Currency Translation Adjustments	6	1
Temporary equity, ending balance	106	(168)
Common Stock
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	4,648	4,622
Stock Issued During Period, Value, New Issues	1	14
Stock Repurchased and Retired During Period, Value	(23)	(6)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	9	11
Equity, ending balance	4,635	4,641
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	310,617	283,420
Stock Issued During Period, Value, New Issues	342	5,069
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	3,976	4,179
Equity, ending balance	314,935	292,668
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	859,817	764,562
Net income	29,765	27,880
Dividends, Common Stock, Cash	(9,129)	(8,143)
Stock Repurchased and Retired During Period, Value	(19,297)	(4,843)
Equity, ending balance	861,156	779,456
Minimum Pension Liability
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(49,076)	(52,666)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	932	884
Equity, ending balance	(48,144)	(51,782)
Cumulative Translation Adjustment
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(179,505)	(152,105)
Currency translation adjustment	8,630	(11,449)
Equity, ending balance	(170,875)	(163,554)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	2,161	2,116
Net income	235	207
Currency translation adjustment	(44)	(66)
Equity, ending balance	2,352	2,257
Total Equity
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	948,662	849,949
Net income	30,000	28,087
Dividends, Common Stock, Cash	(9,129)	(8,143)
Stock Issued During Period, Value, New Issues	343	5,083
Stock Repurchased and Retired During Period, Value	(19,320)	(4,849)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	3,985	4,190
Currency translation adjustment	8,586	(11,515)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	932	884
Equity, ending balance	$ 964,059	$ 863,686

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance	$ 948,662
Other comprehensive income/(loss)	9,524	$ (10,630)
Equity, ending balance	964,059
Income tax expense related to items of other comprehensive income/(loss)	260	232
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance	(179,600)	(152,200)
Other comprehensive income/(loss) before reclassifications	8,700	(11,400)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)	0	0
Other comprehensive income/(loss)	8,700	(11,400)
Equity, ending balance	(170,900)	(163,600)
Pension and Post-Retirement Plan Benefit Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance	(49,000)	(52,600)
Other comprehensive income/(loss) before reclassifications	0	0
Amounts reclassified from accumulated other comprehensive income/(loss) (1)	900	900
Other comprehensive income/(loss)	900	900
Equity, ending balance	(48,100)	(51,700)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance	(228,600)	(204,800)
Other comprehensive income/(loss) before reclassifications	8,700	(11,400)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)	900	900
Other comprehensive income/(loss)	9,600	(10,500)
Equity, ending balance	$ (219,000)	$ (215,300)

SEGMENT AND GEOGRAPHIC INFORM_3

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segment Reporting Information
Net sales	$ 451,470	$ 333,046
Operating income/(loss)	39,941	33,791
Total assets	1,683,189		$ 1,575,165
Corporate And Eliminations
Segment Reporting Information
Net sales	(28,500)	(17,100)
Operating income/(loss)	(20,400)	(14,400)
Total assets	35,500		44,200
Water Systems | Operating Segments
Segment Reporting Information
Net sales	272,600	197,600
Operating income/(loss)	33,200	31,300
Total assets	951,200		894,400
Water Systems | United States & Canada
Segment Reporting Information
Net sales	134,700	84,200
Water Systems | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	28,500	17,100
Water Systems | Latin America
Segment Reporting Information
Net sales	37,900	31,700
Water Systems | EMEA
Segment Reporting Information
Net sales	51,000	44,400
Water Systems | Asia Pacific
Segment Reporting Information
Net sales	20,500	20,200
Distribution | Operating Segments
Segment Reporting Information
Net sales	134,900	95,700
Operating income/(loss)	9,400	2,000
Total assets	419,400		363,000
Distribution | United States & Canada
Segment Reporting Information
Net sales	134,900	95,700
Distribution | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	0	0
Fueling Systems | Operating Segments
Segment Reporting Information
Net sales	72,500	56,800
Operating income/(loss)	17,700	14,900
Total assets	277,100		$ 273,600
Fueling Systems | Intersegment Sales
Segment Reporting Information
Net sales	0	0
Fueling Systems | United States & Canada
Segment Reporting Information
Net sales	51,900	37,700
Fueling Systems | All Other
Segment Reporting Information
Net sales	$ 20,600	$ 19,100

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022EUR (€)	Mar. 31, 2022USD ($)
Commitments
Purchase obligations		$ 15.2
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance		10.5
Accruals related to product warranties		2
Additions related to acquisitions		0
Reductions for payments made		(1.9)
Ending balance		$ 10.6
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
	Mar. 31, 2022USD ($)
OPERATING LEASES [Abstract]
Operating lease cost	$ 4.2
Short-term lease cost	$ 0.1
Weighted-average remaining lease term	4 years 2 months 12 days
Weighted-average discount rate	3.90%
Lessee, Operating Lease, Lease Not Yet Commenced, ROU Asset	$ 1.5

OPERATING LEASES, MATURITY ANAL

OPERATING LEASES, MATURITY ANALYSIS (Details) $ in Millions	Mar. 31, 2022USD ($)
OPERATING LEASES [Abstract]
2022	$ 12.6
2023	13.2
2024	8.6
2025	5.5
2026	4.2
Thereafter	$ 6.5

SHARE-BASED COMPENSATION (Share

SHARE-BASED COMPENSATION (Shares Authorized) (Details)	Mar. 31, 2022shares
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]
Risk-free interest rate	1.87%	0.66%
Dividend yield	0.93%	0.96%
Volatility factor	33.88%	34.98%
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	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation
Intrinsic value of options exercised	$ 300	$ 5,800
Total unrecognized compensation cost related to nonvested share-based compensation	$ 1,500
Total unrecognized compensation cost, recognized over a weighted-average period	2 years 1 month 6 days
Stock Option Plans Activity and Related Information, Shares
Outstanding beginning of period, shares	1,043
Granted, shares	110
Exercised, shares	(8)
Forfeited, shares	(15)
Outstanding end of period, shares	1,130
Expected to vest after applying forfeiture rate, shares	1,127
Vested and exercisable end of period, shares	891
Stock Option Plans Activity and Related Information, Weighted Average Exercise Price
Outstanding beginning of period, weighted-average exercise price	$ 49.21
Granted, weighted-average exercise price	83.90
Exercised, weighted-average exercise price	44.09
Forfeited, weighted-average exercise price	73.25
Outstanding end of period, weighted-average exercise price	52.29
Expected to vest after applying forfeiture rate, weighted-average exercise price	52.23
Vested and exercisable end of period, weighted-average exercise price	$ 46.22
Summary of Weighted Average Remaining Contractual Term and Aggregate Intrinsic Value
Outstanding at end of period, weighted-average remaining contractual term	5 years 9 months 21 days
Outstanding at end of period, aggregate intrinsic value	$ 34,843
Expected to vest after applying forfeiture rate, weighted-average remaining contractual term	5 years 9 months 18 days
Expected to vest after applying forfeiture rate, aggregate intrinsic value	$ 34,829
Vested and exercisable end of period, weighted-average remaining contractual term	4 years 11 months 4 days
Vested and exercisable end of period, aggregate intrinsic value	$ 32,804

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	3 Months Ended
	Mar. 31, 2022USD ($)$ / sharesshares
Share-based Compensation
Total unrecognized compensation cost related to nonvested share-based compensation | $	$ 14.6
Total unrecognized compensation cost, recognized over a weighted-average period	1 year 10 months 6 days
Stock/Stock Unit Award Activity and Related Information, Shares
Non-vested at beginning of period, shares | shares	348
Awarded, shares | shares	104
Vested, shares | shares	(129)
Forfeited, shares | shares	(14)
Non-vested at end of period, shares | shares	309
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	$ 58.20
Awarded, weighted-average grant date fair value | $ / shares	83.86
Vested, weighted-average grant date fair value | $ / shares	47.10
Forfeited, weighted-average grant date fair value | $ / shares	69.64
Non-vested at the end of period, weighted-average grant date fair value | $ / shares	$ 70.98

Uncategorized Items - fele-2022

Label	Element	Value
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 40,536,000
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 130,787,000