Franklin Electric (FELE) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

COVER

COVER - $ / shares	6 Months Ended
	Jun. 30, 2023	Jul. 26, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		46,260,817
Entity Central Index Key	0000038725
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 569,181	$ 551,138	$ 1,053,732	$ 1,002,608
Cost of sales	380,700	361,850	702,986	667,986
Gross profit	188,481	189,288	350,746	334,622
Selling, general, and administrative expenses	107,429	108,313	216,964	212,986
Restructuring (income)/expense	149	(7)	273	713
Operating income	80,903	80,982	133,509	120,923
Interest expense	(4,178)	(2,932)	(7,325)	(4,426)
Other income/(expense), net	1,179	(1,159)	1,588	(1,537)
Foreign exchange expense	(3,571)	(329)	(5,615)	(914)
Income before income taxes	74,333	76,562	122,157	114,046
Income tax expense	14,173	16,799	24,421	24,164
Net income	60,160	59,763	97,736	89,882
Less: Net income attributable to noncontrolling interests	(560)	(399)	(811)	(753)
Net income attributable to Franklin Electric Co., Inc.	$ 59,600	$ 59,364	$ 96,925	$ 89,129
Earnings per share:
Basic	$ 1.29	$ 1.27	$ 2.09	$ 1.91
Diluted	$ 1.27	$ 1.26	$ 2.06	$ 1.89

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 60,160	$ 59,763	$ 97,736	$ 89,882
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	4,495	(19,505)	10,989	(10,913)
Employee benefit plan activity	555	1,184	1,110	2,376
Other comprehensive income/(loss)	5,050	(18,321)	12,099	(8,537)
Income tax expense related to items of other comprehensive income/(loss)	(139)	(260)	(277)	(520)
Other comprehensive income/(loss), net of tax	4,911	(18,581)	11,822	(9,057)
Comprehensive income	65,071	41,182	109,558	80,825
Less: Comprehensive income attributable to noncontrolling interests	(573)	(312)	(847)	(628)
Comprehensive income attributable to Franklin Electric Co., Inc.	$ 64,498	$ 40,870	$ 108,711	$ 80,197

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 53,227	$ 45,790
Receivables, less allowances of $3,942 and $4,211, respectively	299,485	230,404
Inventories:
Raw material	194,336	196,876
Work-in-process	30,597	30,276
Finished goods	349,709	317,828
Total inventories	574,642	544,980
Other current assets	39,036	36,916
Total current assets	966,390	858,090
Property, plant, and equipment, at cost:
Land and buildings	165,670	159,253
Machinery and equipment	308,593	297,496
Furniture and fixtures	54,725	50,264
Other	56,334	50,249
Property, plant, and equipment, gross	585,322	557,262
Less: Allowance for depreciation	(360,858)	(342,108)
Property, plant, and equipment, net	224,464	215,154
Lease right-of-use assets, net	44,160	48,948
Deferred income taxes	7,140	6,778
Intangible assets, net	223,997	231,275
Goodwill	330,297	328,046
Other assets	6,633	5,910
Total assets	1,803,081	1,694,201
Current liabilities:
Accounts payable	161,266	139,266
Accrued expenses and other current liabilities	95,079	120,555
Current lease liability	13,624	15,959
Income taxes	2,867	3,233
Current maturities of long-term debt and short-term borrowings	159,841	126,756
Total current liabilities	432,677	405,769
Long-term debt	88,680	89,271
Long-term lease liability	29,513	32,858
Income taxes payable non-current	4,837	8,707
Deferred income taxes	32,434	29,744
Employee benefit plans	32,628	31,889
Other long-term liabilities	31,910	25,209
Commitments and contingencies (see Note 15)
Redeemable noncontrolling interest	901	620
Shareholders' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (46,257 and 46,193, respectively)	4,626	4,619
Additional capital	340,812	325,426
Retained earnings	1,020,883	969,261
Accumulated other comprehensive loss	(219,662)	(231,448)
Total shareholders' equity	1,146,659	1,067,858
Noncontrolling interest	2,842	2,276
Total equity	1,149,501	1,070,134
Total liabilities and equity	$ 1,803,081	$ 1,694,201

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Accounts Receivable, Allowance for Credit Loss, Current	$ 3,942	$ 4,211
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)	46,257	46,193

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 97,736	$ 89,882
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	26,259	24,521
Non-cash lease expense	8,523	8,526
Share-based compensation	6,410	6,322
Deferred income taxes	1,924	2,004
Loss on disposals of plant and equipment	357	721
Foreign exchange expense	5,615	914
Changes in assets and liabilities, net of acquisitions:
Receivables	(70,725)	(93,063)
Inventory	(24,125)	(123,817)
Accounts payable and accrued expenses	(3,880)	29,969
Operating leases	(8,706)	(8,526)
Income taxes	(6,691)	(1,891)
Income taxes-U.S. Tax Cuts and Jobs Act	(2,902)	(355)
Employee benefit plans	831	826
Other, net	12,400	1,426
Net cash flows from operating activities	43,026	(62,541)
Cash flows from investing activities:
Additions to property, plant, and equipment	(20,241)	(20,084)
Proceeds from sale of property, plant, and equipment	0	6
Cash paid for acquisitions, net of cash acquired	(6,641)	(1,365)
Other, net	2	(8)
Net cash flows from investing activities	(26,880)	(21,451)
Cash flows from financing activities:
Proceeds from issuance of debt	294,650	341,810
Repayments of debt	(262,479)	(215,538)
Proceeds from issuance of common stock	9,010	1,916
Purchases of common stock	(25,541)	(30,644)
Dividends paid	(20,872)	(18,205)
Deferred Payments for Acquisitions	(186)	0
Net cash flows from financing activities	(5,418)	79,339
Effect of exchange rate changes on cash and cash equivalents	(3,291)	(2,658)
Net change in cash and cash equivalents	7,437	(7,311)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	45,790	40,536
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	53,227	33,225
Non-cash items:
Additions to property, plant, and equipment, not yet paid	540	571
Right-of-Use Assets obtained in exchange for new operating lease liabilities	3,090	8,359
Payable to sellers of acquired entities	644	0
Non-cash investment to acquire property in lieu of cash payment for products provided	$ 419	$ 0

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2023
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, 2022, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of June 30, 2023, and for the second quarters and six months ended June 30, 2023 and June 30, 2022 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all accounting entries and adjustments (including normal, recurring adjustments) considered necessary for a fair presentation of the financial position and the results of operations for the interim periods have been made. Operating results for the second quarter and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. 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, 2022.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . ASU 2022-04 creates the obligation for a company that uses a supplier finance program to purchase goods or services to disclose qualitative and quantitative information about its supplier finance program(s). This will allow financial statement users to better consider the effect of the program(s) on the entity's working capital, liquidity and cash flow over time. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023 with early adoption permitted. ASU 2022-04 should be applied retrospectively to each period in which a balance sheet is presented except for the amendment on rollforward information, which should be applied prospectively. The Company adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows as the Company has no current supplier finance programs.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS	ACQUISITIONS 2023 During the first quarter ended March 31, 2023, the Company acquired all of the assets of Phil-Good Products, Inc. ("Phil-Good"). Phil-Good is an injection molded plastics component manufacturer. In another separate transaction in the first quarter of 2023, the Company acquired 100 percent of the ownership interests of Hydropompe S.r.l. ("Hydropompe"). Hydropompe is a pump manufacturer with a focus in dewatering and sewage products. The combined, all-cash purchase price for both acquisitions in the first quarter of 2023 was $8.7 million after purchase price adjustments based on the level of working capital acquired. The fair value of the assets acquired and liabilities assumed for both acquisitions is preliminary as of June 30, 2023. In addition, the Company has not presented separate results of operations of the acquired companies since the closing of the acquisitions or combined pro forma financial information of the Company and the acquired interests since the beginning of 2022, as the results of operations for both acquisitions are immaterial. Transaction costs were expensed as incurred under the guidance of FASB Accounting Standards Codification Topic 805, Business Combinations and were insignificant for all periods presented.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FASB ASC Topic 820, Fair Value Measurements and Disclosures , provides guidance for defining, measuring, and disclosing fair value within an established framework and hierarchy. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard established a fair value hierarchy which requires an entity to maximize the use of observable inputs and to minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value within the hierarchy are as follows: Level 1 – Quoted prices for identical assets and liabilities in active markets; Level 2 – Quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. As of June 30, 2023 and December 31, 2022, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below: June 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 11.7 $ 11.7 $ — $ — Share swap transaction 0.9 0.9 — — Total assets $ 12.6 $ 12.6 $ — $ — Liabilities: Forward currency contracts $ 0.1 $ — $ 0.1 $ — Total liabilities $ 0.1 $ — $ 0.1 $ — December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 7.9 $ 7.9 $ — $ — Total assets $ 7.9 $ 7.9 $ — $ — Liabilities: Share swap transaction $ 0.1 $ 0.1 $ — $ — Total liabilities $ 0.1 $ 0.1 $ — $ — 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.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, respectively, the swap had a notional value based on 240,000 shares and 225,000 shares. For the second quarter and six months ended June 30, 2023, changes in the fair value of the swap resulted in a gain of $1.7 million and a gain of $4.7 million, respectively. For the second quarter and six months ended June 30, 2022, changes in the fair value of the swap resulted in a loss of $2.1 million and a loss of $4.6 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. As of June 30, 2023 and December 31, 2022, respectively, the Company had a notional amount of $27.9 million and $10.3 million in forward currency contracts outstanding and the related fair value of those contracts was not material. For the second quarter and six months ended June 30, 2023, changes in the fair value of the forward currency contracts resulted in gains of $0.6 million and $1.6 million, respectively. For the second quarter and six months ended June 30, 2022, changes in the fair value of the forward currency contracts resulted in gains of $0.5 million and $0.3 million, respectively. These gains are recorded in the Company's condensed consolidated statements of income within the "Foreign exchange expense" line.

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
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, excluding goodwill, are as follows: (In millions) June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangibles: Customer relationships 252.2 (108.8) 251.6 (101.5) Patents $ 7.3 $ (7.3) $ 7.3 $ (7.3) Technology 7.5 (7.4) 7.5 (7.4) Trade names 41.7 (4.8) $ 41.8 (3.7) Other 3.4 (2.8) 3.4 (2.7) Total $ 312.1 $ (131.1) $ 311.6 $ (122.6) Indefinite-lived intangibles: Trade names 43.0 — 42.3 — Total intangibles $ 355.1 $ (131.1) $ 353.9 $ (122.6) Amortization expense related to intangible assets for the second quarters ended June 30, 2023 and June 30, 2022 was $4.3 million and $4.4 million, respectively, and for the six months ended June 30, 2023 and June 30, 2022 was $8.5 million and $8.7 million, respectively. The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2023 is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2022 $ 211.9 $ 70.3 $ 45.8 $ 328.0 Acquisitions 1.0 — — 1.0 Foreign currency translation 1.1 0.2 — 1.3 Balance as of June 30, 2023 $ 214.0 $ 70.5 $ 45.8 $ 330.3

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLANS	EMPLOYEE BENEFIT PLANS The following table sets forth the aggregated net periodic benefit cost for all pension plans for the second quarters and six months ended June 30, 2023 and June 30, 2022: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Service cost $ 0.2 $ 0.2 $ 0.3 $ 0.4 Interest cost 1.8 0.8 3.3 1.6 Expected return on assets (1.8) (1.5) (3.6) (3.0) Amortization of: Prior service cost — — — — Actuarial loss 0.5 1.2 1.1 2.4 Settlement cost — — — — Net periodic benefit cost $ 0.7 $ 0.7 $ 1.1 $ 1.4 The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the second quarters and six months ended June 30, 2023 and June 30, 2022: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Service cost $ — $ — $ — $ — Interest cost — — 0.1 0.1 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — — — Settlement cost — — — — Net periodic benefit cost $ — $ — $ 0.1 $ 0.1

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
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) June 30, 2023 December 31, 2022 Salaries, wages, and commissions 40.3 57.9 Product warranty costs 10.7 11.2 Insurance 3.0 1.7 Employee benefits 8.9 13.5 Other 32.2 36.3 Total 95.1 120.6

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate for the six-month period ended June 30, 2023, was 20.0 percent as compared to 21.2 percent for the six-month period ended June 30, 2022. The effective tax rate differs from the U.S. statutory rate of 21 percent primarily due to the recognition of the U.S. foreign-derived intangible income (FDII) provisions, partially offset by state taxes, and certain discrete events including excess tax benefits from share-based compensation. For the second quarter of 2023, the effective tax rate was 19.1 percent compared to 21.9 percent for the second quarter of 2022. The decrease in the effective tax rates for the second quarter and first six months of 2023 compared to the comparable periods in the prior year was a result of more favorable discrete events in 2023, primarily related to excess tax benefits from share-based compensation.

DEBT

DEBT	3 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: (In millions) June 30, 2023 December 31, 2022 New York Life Agreement 75.0 75.0 Credit Agreement 158.3 122.8 Tax increment financing debt 14.7 15.3 Foreign subsidiary debt 0.6 3.1 Other — — Less: unamortized debt issuance costs (0.1) (0.1) $ 248.5 $ 216.1 Less: current maturities (159.8) (126.8) Long-term debt $ 88.7 89.3 Credit Agreement As of June 30, 2023, the Company had $158.3 million outstanding borrowings with a weighted-average interest rate of 5.9 percent, $3.6 million in letters of credit outstanding, and $188.1 million of available capacity under its credit agreement. As of December 31, 2022, the Company had $122.8 million outstanding borrowings with a weighted-average interest rate of 5.0 percent, $4.0 million in letters of credit outstanding, and $223.2 million of available capacity under its credit agreement. The Company also has overdraft lines of credit for certain subsidiaries with various expiration dates. The aggregate maximum borrowing capacity of these overdraft lines of credits is $20.3 million. As of June 30, 2023, there were $0.1 million outstanding borrowings and $20.2 million of available capacity under these lines of credit. As of December 31, 2022, there were $22.0 million overdraft lines of credit with $2.7 million of outstanding borrowings and $19.3 million of available capacity under these lines of credit.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The Company calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders. Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards. The following table sets forth the computation of basic and diluted earnings per share: Second Quarter Ended Six Months Ended (In millions, except per share amounts) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 59.6 $ 59.4 $ 96.9 $ 89.1 Less: Earnings allocated to participating securities 0.2 0.2 0.3 0.4 Net income available to common shareholders $ 59.4 $ 59.2 $ 96.6 $ 88.7 Denominator: Basic weighted average common shares outstanding 46.2 46.3 46.2 46.4 Effect of dilutive securities: Non-participating employee stock options, performance awards, and deferred shares to non-employee directors 0.7 0.6 0.7 0.7 Diluted weighted average common shares outstanding 46.9 46.9 46.9 47.1 Basic earnings per share $ 1.29 $ 1.27 $ 2.09 $ 1.91 Diluted earnings per share $ 1.27 $ 1.26 $ 2.06 $ 1.89

EQUITY ROLL FORWARD

EQUITY ROLL FORWARD	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
EQUITY ROLL FORWARD	EQUITY ROLL FORWARD The schedules below set forth equity changes in the second quarters and six months ended June 30, 2023 and June 30, 2022: (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of March 31, 2023 $ 4,614 $ 332,263 $ 980,114 $ (224,560) $ 2,537 $ 1,094,968 $ 633 Net income — — 59,600 — 292 59,892 268 Dividends on common stock ($0.225/share) — — (10,432) — — (10,432) — Common stock issued 15 6,057 — — — 6,072 — Common stock repurchased (9) — (8,399) — — (8,408) — Share-based compensation 6 2,492 — — — 2,498 — Currency translation adjustment — — — 4,482 13 4,495 — Pension and other post retirement plans, net of taxes — — — 416 — 416 — Balance as of June 30, 2023 $ 4,626 $ 340,812 $ 1,020,883 $ (219,662) $ 2,842 $ 1,149,501 $ 901 (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of March 31, 2022 $ 4,635 $ 314,935 $ 861,156 $ (219,019) $ 2,352 $ 964,059 $ 106 Net income — — 59,364 — 229 59,593 170 Dividends on common stock ($0.195/share) — — (9,076) — — (9,076) — Common stock issued 3 1,570 — — — 1,573 — Common stock repurchased (15) — (11,309) — — (11,324) — Share-based compensation 5 2,332 — — — 2,337 — Currency translation adjustment — — — (19,418) (95) (19,513) 8 Pension and other post retirement plans, net of taxes — — — 924 — 924 — Balance as of June 30, 2022 $ 4,628 $ 318,837 $ 900,135 $ (237,513) $ 2,486 $ 988,573 $ 284 (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of December 31, 2022 $ 4,619 $ 325,426 $ 969,261 $ (231,448) $ 2,276 $ 1,070,134 $ 620 Net Income — — 96,925 — 530 97,455 281 Dividends on common stock ($0.450/share) — — (20,872) — — (20,872) — Common stock issued 22 8,988 — — — 9,010 — Common stock repurchased (27) — (24,431) — — (24,458) — Share-based compensation 12 6,398 — — — 6,410 — Currency translation adjustment — — — 10,953 36 10,989 — Pension and other post retirement plans, net of taxes — — — 833 — 833 — Balance as of June 30, 2023 $ 4,626 $ 340,812 $ 1,020,883 $ (219,662) $ 2,842 $ 1,149,501 $ 901 (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of December 31, 2021 $ 4,648 $ 310,617 $ 859,817 $ (228,581) $ 2,161 $ 948,662 $ (19) Net Income — — 89,129 — 464 89,593 289 Dividends on common stock ($0.390/share) — — (18,205) — — (18,205) — Common stock issued 4 1,912 — — — 1,916 — Common stock repurchased (38) — (30,606) — — (30,644) — Share-based compensation 14 6,308 — — — 6,322 — Currency translation adjustment — — — (10,788) (139) (10,927) 14 Pension and other post retirement plans, net of taxes — — — 1,856 — 1,856 — Balance as of June 30, 2022 $ 4,628 $ 318,837 $ 900,135 $ (237,513) $ 2,486 $ 988,573 $ 284

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) Changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2023 and June 30, 2022, are summarized below: (In millions) Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total For the six months ended June 30, 2023: Balance as of December 31, 2022 $ (191.3) $ (40.1) $ (231.4) Other comprehensive income/(loss) before reclassifications 10.9 — 10.9 Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.8 0.8 Net other comprehensive income/(loss) 10.9 0.8 11.7 Balance as of June 30, 2023 $ (180.4) $ (39.3) $ (219.7) For the six months ended June 30, 2022: Balance as of December 31, 2021 $ (179.6) $ (49.0) $ (228.6) Other comprehensive income/(loss) before reclassifications (10.7) — (10.7) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.8 1.8 Net other comprehensive income/(loss) (10.7) 1.8 (8.9) Balance as of June 30, 2022 $ (190.3) $ (47.2) $ (237.5) (1) This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 7 for additional details) and is included in the "Other income/(expense), net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million and $0.5 million for the six months ended June 30, 2023 and June 30, 2022, respectively. Amounts related to noncontrolling interests were not material.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	6 Months Ended
	Jun. 30, 2023
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 Annual Report on Form 10-K for the year ended December 31, 2022. Revenue is recognized based on the invoice price at the point in time when the customer obtains control of the product, which is typically upon shipment to the customer. The Water and Fueling segments include manufacturing operations and supply certain components and finished goods, both between segments and to the Distribution segment. The Company reports these product transfers between Water and Fueling as inventory transfers as a significant number of the Company's manufacturing facilities are shared across segments for scale and efficiency purposes. The Company reports intersegment transfers from Water to Distribution as intersegment revenue at market prices to properly reflect the commercial arrangement of vendor to customer that exists between the Water and Distribution segments. Segment operating income is a key financial performance measure. Operating income by segment is based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other segments of the Company. Financial information by reportable business segment is included in the following summary: Second Quarter Ended Six Months Ended (In millions) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net sales Water Systems External sales United States & Canada $ 176.8 $ 158.4 $ 336.2 $ 293.1 Latin America 42.0 41.7 82.3 79.6 Europe, Middle East & Africa 54.6 49.7 105.0 100.7 Asia Pacific 22.2 24.2 41.0 44.7 Intersegment sales United States & Canada 26.1 36.5 63.8 65.0 Total sales 321.7 310.5 628.3 583.1 Distribution External sales United States & Canada 193.1 191.1 336.1 326.0 Intersegment sales — — — — Total sales 193.1 191.1 336.1 326.0 Fueling Systems External sales United States & Canada 60.4 64.2 114.4 116.0 All other 20.0 21.8 38.7 42.5 Intersegment sales — — — — Total sales 80.4 86.0 153.1 158.5 Intersegment Eliminations/Other (26.1) (36.5) (63.8) (65.0) Consolidated $ 569.1 $ 551.1 $ 1,053.7 $ 1,002.6 Second Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating income/(loss) Water Systems $ 50.8 $ 49.0 $ 99.8 $ 82.2 Distribution 17.8 23.3 22.5 32.7 Fueling Systems 26.7 26.1 47.5 43.8 Intersegment Eliminations/Other (14.4) (17.4) (36.3) (37.8) Consolidated $ 80.9 $ 81.0 $ 133.5 $ 120.9 June 30, 2023 December 31, 2022 Total assets Water Systems $ 1,058.6 $ 1,017.5 Distribution 412.4 360.4 Fueling Systems 276.6 269.1 Other 55.5 47.2 Consolidated $ 1,803.1 $ 1,694.2 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	6 Months Ended
	Jun. 30, 2023
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. In May 2022, the subject-matter expert issued its final report, which indicates that total damages incurred by Esso amounted to approximately 9.5 million Euro. It is the Company’s position that its products were not the cause of any alleged damage. The Company submitted its response to the expert's final report in February 2023. 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 June 30, 2023, the Company had $11.1 million of commitments primarily for capital expenditures and purchase of raw materials to be used in production. The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's condensed consolidated balance sheet for the six months ended June 30, 2023, are as follows: (In millions) Balance as of December 31, 2022 $ 11.2 Accruals related to product warranties 6.4 Reductions for payments made (6.9) Balance as of June 30, 2023 $ 10.7

ACCOUNTING PRONOUNCEMENTS (Poli

ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Adoption of New Accounting Standards	Adoption of New Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . ASU 2022-04 creates the obligation for a company that uses a supplier finance program to purchase goods or services to disclose qualitative and quantitative information about its supplier finance program(s). This will allow financial statement users to better consider the effect of the program(s) on the entity's working capital, liquidity and cash flow over time. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023 with early adoption permitted. ASU 2022-04 should be applied retrospectively to each period in which a balance sheet is presented except for the amendment on rollforward information, which should be applied prospectively. The Company adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows as the Company has no current supplier finance programs.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of June 30, 2023 and December 31, 2022, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below: June 30, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 11.7 $ 11.7 $ — $ — Share swap transaction 0.9 0.9 — — Total assets $ 12.6 $ 12.6 $ — $ — Liabilities: Forward currency contracts $ 0.1 $ — $ 0.1 $ — Total liabilities $ 0.1 $ — $ 0.1 $ — December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 7.9 $ 7.9 $ — $ — Total assets $ 7.9 $ 7.9 $ — $ — Liabilities: Share swap transaction $ 0.1 $ 0.1 $ — $ — Total liabilities $ 0.1 $ 0.1 $ — $ —

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets, excluding goodwill, are as follows: (In millions) June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangibles: Customer relationships 252.2 (108.8) 251.6 (101.5) Patents $ 7.3 $ (7.3) $ 7.3 $ (7.3) Technology 7.5 (7.4) 7.5 (7.4) Trade names 41.7 (4.8) $ 41.8 (3.7) Other 3.4 (2.8) 3.4 (2.7) Total $ 312.1 $ (131.1) $ 311.6 $ (122.6) Indefinite-lived intangibles: Trade names 43.0 — 42.3 — Total intangibles $ 355.1 $ (131.1) $ 353.9 $ (122.6)
Schedule of Indefinite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets, excluding goodwill, are as follows: (In millions) June 30, 2023 December 31, 2022 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Definite-lived intangibles: Customer relationships 252.2 (108.8) 251.6 (101.5) Patents $ 7.3 $ (7.3) $ 7.3 $ (7.3) Technology 7.5 (7.4) 7.5 (7.4) Trade names 41.7 (4.8) $ 41.8 (3.7) Other 3.4 (2.8) 3.4 (2.7) Total $ 312.1 $ (131.1) $ 311.6 $ (122.6) Indefinite-lived intangibles: Trade names 43.0 — 42.3 — Total intangibles $ 355.1 $ (131.1) $ 353.9 $ (122.6)
Schedule of Change in the Carrying Amount of Goodwill by Reporting Segment	The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2023 is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2022 $ 211.9 $ 70.3 $ 45.8 $ 328.0 Acquisitions 1.0 — — 1.0 Foreign currency translation 1.1 0.2 — 1.3 Balance as of June 30, 2023 $ 214.0 $ 70.5 $ 45.8 $ 330.3

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2023
Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost	The following table sets forth the aggregated net periodic benefit cost for all pension plans for the second quarters and six months ended June 30, 2023 and June 30, 2022: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Service cost $ 0.2 $ 0.2 $ 0.3 $ 0.4 Interest cost 1.8 0.8 3.3 1.6 Expected return on assets (1.8) (1.5) (3.6) (3.0) Amortization of: Prior service cost — — — — Actuarial loss 0.5 1.2 1.1 2.4 Settlement cost — — — — Net periodic benefit cost $ 0.7 $ 0.7 $ 1.1 $ 1.4
Other Benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost	The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the second quarters and six months ended June 30, 2023 and June 30, 2022: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Service cost $ — $ — $ — $ — Interest cost — — 0.1 0.1 Expected return on assets — — — — Amortization of: Prior service cost — — — — Actuarial loss — — — — Settlement cost — — — — Net periodic benefit cost $ — $ — $ 0.1 $ 0.1

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of: (In millions) June 30, 2023 December 31, 2022 Salaries, wages, and commissions 40.3 57.9 Product warranty costs 10.7 11.2 Insurance 3.0 1.7 Employee benefits 8.9 13.5 Other 32.2 36.3 Total 95.1 120.6

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) June 30, 2023 December 31, 2022 New York Life Agreement 75.0 75.0 Credit Agreement 158.3 122.8 Tax increment financing debt 14.7 15.3 Foreign subsidiary debt 0.6 3.1 Other — — Less: unamortized debt issuance costs (0.1) (0.1) $ 248.5 $ 216.1 Less: current maturities (159.8) (126.8) Long-term debt $ 88.7 89.3

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Earnings Per Share	The following table sets forth the computation of basic and diluted earnings per share: Second Quarter Ended Six Months Ended (In millions, except per share amounts) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 59.6 $ 59.4 $ 96.9 $ 89.1 Less: Earnings allocated to participating securities 0.2 0.2 0.3 0.4 Net income available to common shareholders $ 59.4 $ 59.2 $ 96.6 $ 88.7 Denominator: Basic weighted average common shares outstanding 46.2 46.3 46.2 46.4 Effect of dilutive securities: Non-participating employee stock options, performance awards, and deferred shares to non-employee directors 0.7 0.6 0.7 0.7 Diluted weighted average common shares outstanding 46.9 46.9 46.9 47.1 Basic earnings per share $ 1.29 $ 1.27 $ 2.09 $ 1.91 Diluted earnings per share $ 1.27 $ 1.26 $ 2.06 $ 1.89

EQUITY ROLL FORWARD (Tables)

EQUITY ROLL FORWARD (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Stockholders' Equity	The schedules below set forth equity changes in the second quarters and six months ended June 30, 2023 and June 30, 2022: (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of March 31, 2023 $ 4,614 $ 332,263 $ 980,114 $ (224,560) $ 2,537 $ 1,094,968 $ 633 Net income — — 59,600 — 292 59,892 268 Dividends on common stock ($0.225/share) — — (10,432) — — (10,432) — Common stock issued 15 6,057 — — — 6,072 — Common stock repurchased (9) — (8,399) — — (8,408) — Share-based compensation 6 2,492 — — — 2,498 — Currency translation adjustment — — — 4,482 13 4,495 — Pension and other post retirement plans, net of taxes — — — 416 — 416 — Balance as of June 30, 2023 $ 4,626 $ 340,812 $ 1,020,883 $ (219,662) $ 2,842 $ 1,149,501 $ 901 (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of March 31, 2022 $ 4,635 $ 314,935 $ 861,156 $ (219,019) $ 2,352 $ 964,059 $ 106 Net income — — 59,364 — 229 59,593 170 Dividends on common stock ($0.195/share) — — (9,076) — — (9,076) — Common stock issued 3 1,570 — — — 1,573 — Common stock repurchased (15) — (11,309) — — (11,324) — Share-based compensation 5 2,332 — — — 2,337 — Currency translation adjustment — — — (19,418) (95) (19,513) 8 Pension and other post retirement plans, net of taxes — — — 924 — 924 — Balance as of June 30, 2022 $ 4,628 $ 318,837 $ 900,135 $ (237,513) $ 2,486 $ 988,573 $ 284 (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of December 31, 2022 $ 4,619 $ 325,426 $ 969,261 $ (231,448) $ 2,276 $ 1,070,134 $ 620 Net Income — — 96,925 — 530 97,455 281 Dividends on common stock ($0.450/share) — — (20,872) — — (20,872) — Common stock issued 22 8,988 — — — 9,010 — Common stock repurchased (27) — (24,431) — — (24,458) — Share-based compensation 12 6,398 — — — 6,410 — Currency translation adjustment — — — 10,953 36 10,989 — Pension and other post retirement plans, net of taxes — — — 833 — 833 — Balance as of June 30, 2023 $ 4,626 $ 340,812 $ 1,020,883 $ (219,662) $ 2,842 $ 1,149,501 $ 901 (In thousands) Common Stock Additional Paid in Capital Retained Earnings Accumulated Other Comprehensive Income/(Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest Balance as of December 31, 2021 $ 4,648 $ 310,617 $ 859,817 $ (228,581) $ 2,161 $ 948,662 $ (19) Net Income — — 89,129 — 464 89,593 289 Dividends on common stock ($0.390/share) — — (18,205) — — (18,205) — Common stock issued 4 1,912 — — — 1,916 — Common stock repurchased (38) — (30,606) — — (30,644) — Share-based compensation 14 6,308 — — — 6,322 — Currency translation adjustment — — — (10,788) (139) (10,927) 14 Pension and other post retirement plans, net of taxes — — — 1,856 — 1,856 — Balance as of June 30, 2022 $ 4,628 $ 318,837 $ 900,135 $ (237,513) $ 2,486 $ 988,573 $ 284

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2023 and June 30, 2022, are summarized below: (In millions) Foreign Currency Translation Adjustments Pension and Post-Retirement Plan Benefit Adjustments (2) Total For the six months ended June 30, 2023: Balance as of December 31, 2022 $ (191.3) $ (40.1) $ (231.4) Other comprehensive income/(loss) before reclassifications 10.9 — 10.9 Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.8 0.8 Net other comprehensive income/(loss) 10.9 0.8 11.7 Balance as of June 30, 2023 $ (180.4) $ (39.3) $ (219.7) For the six months ended June 30, 2022: Balance as of December 31, 2021 $ (179.6) $ (49.0) $ (228.6) Other comprehensive income/(loss) before reclassifications (10.7) — (10.7) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 1.8 1.8 Net other comprehensive income/(loss) (10.7) 1.8 (8.9) Balance as of June 30, 2022 $ (190.3) $ (47.2) $ (237.5) (1) This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 7 for additional details) and is included in the "Other income/(expense), net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million and $0.5 million for the six months ended June 30, 2023 and June 30, 2022, respectively.

SEGMENT AND GEOGRAPHIC INFORM_2

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Business Segment	Financial information by reportable business segment is included in the following summary: Second Quarter Ended Six Months Ended (In millions) June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net sales Water Systems External sales United States & Canada $ 176.8 $ 158.4 $ 336.2 $ 293.1 Latin America 42.0 41.7 82.3 79.6 Europe, Middle East & Africa 54.6 49.7 105.0 100.7 Asia Pacific 22.2 24.2 41.0 44.7 Intersegment sales United States & Canada 26.1 36.5 63.8 65.0 Total sales 321.7 310.5 628.3 583.1 Distribution External sales United States & Canada 193.1 191.1 336.1 326.0 Intersegment sales — — — — Total sales 193.1 191.1 336.1 326.0 Fueling Systems External sales United States & Canada 60.4 64.2 114.4 116.0 All other 20.0 21.8 38.7 42.5 Intersegment sales — — — — Total sales 80.4 86.0 153.1 158.5 Intersegment Eliminations/Other (26.1) (36.5) (63.8) (65.0) Consolidated $ 569.1 $ 551.1 $ 1,053.7 $ 1,002.6 Second Quarter Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Operating income/(loss) Water Systems $ 50.8 $ 49.0 $ 99.8 $ 82.2 Distribution 17.8 23.3 22.5 32.7 Fueling Systems 26.7 26.1 47.5 43.8 Intersegment Eliminations/Other (14.4) (17.4) (36.3) (37.8) Consolidated $ 80.9 $ 81.0 $ 133.5 $ 120.9 June 30, 2023 December 31, 2022 Total assets Water Systems $ 1,058.6 $ 1,017.5 Distribution 412.4 360.4 Fueling Systems 276.6 269.1 Other 55.5 47.2 Consolidated $ 1,803.1 $ 1,694.2

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Changes in the Carrying Amount of the Warranty Accrual	The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's condensed consolidated balance sheet for the six months ended June 30, 2023, are as follows: (In millions) Balance as of December 31, 2022 $ 11.2 Accruals related to product warranties 6.4 Reductions for payments made (6.9) Balance as of June 30, 2023 $ 10.7

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Jun. 30, 2023
Hydropompe Srl [Domain]
Business Acquisition
Business acquisition, percentage of voting interests acquired		100%
Series of Individually Immaterial Business Acquisitions
Business Acquisition
Total purchase price	$ 8.7

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	$ 248.5	$ 216.1
Recurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	11.7	7.9
Equity Securities, FV-NI	0.9
Foreign Currency Contracts, Liability, Fair Value Disclosure	0.1
Assets, Fair Value Disclosure	12.6	7.9
Trading Liabilities, Fair Value Disclosure		0.1
Financial Liabilities Fair Value Disclosure	0.1	0.1
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	11.7	7.9
Equity Securities, FV-NI	0.9
Foreign Currency Contracts, Liability, Fair Value Disclosure	0
Assets, Fair Value Disclosure	12.6	7.9
Trading Liabilities, Fair Value Disclosure		0.1
Financial Liabilities Fair Value Disclosure	0	0.1
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
Foreign Currency Contracts, Liability, Fair Value Disclosure	0.1
Assets, Fair Value Disclosure	0	0
Trading Liabilities, Fair Value Disclosure		0
Financial Liabilities Fair Value Disclosure	0.1	0
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
Foreign Currency Contracts, Liability, Fair Value Disclosure	0
Assets, Fair Value Disclosure	0	0
Trading Liabilities, Fair Value Disclosure		0
Financial Liabilities Fair Value Disclosure	0	0
Carrying value
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	248.5	216.1
Fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, fair value	$ 244.9	$ 213.2

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Not Designated as Hedging Instrument $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares
Share swap transaction agreement
Derivative
Derivative cancellable written notice term	30 days
Derivative notional amount (in shares) | shares	240,000		240,000		225,000
Share swap transaction agreement | Selling, general, and administrative expenses
Derivative
Gain on derivative	$ 1.7		$ 4.7
Loss on derivative		$ 2.1		$ 4.6
Foreign Exchange Forward
Derivative
Derivative, Notional Amount	27.9		27.9		$ 10.3
Foreign Exchange Forward | Foreign Currency Gain (Loss)
Derivative
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ 0.6	$ 0.5	$ 1.6	$ 0.3

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Intangible Assets
Gross carrying amount, amortized intangibles	$ 312.1		$ 312.1		$ 311.6
Gross carrying amount, total intangibles	355.1		355.1		353.9
Accumulated amortization	(131.1)		(131.1)		(122.6)
Amortization of Intangible Assets	4.3	$ 4.4	8.5	$ 8.7
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	43		43		42.3
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	252.2		252.2		251.6
Accumulated amortization	(108.8)		(108.8)		(101.5)
Patents
Intangible Assets
Gross carrying amount, amortized intangibles	7.3		7.3		7.3
Accumulated amortization	(7.3)		(7.3)		(7.3)
Technology
Intangible Assets
Gross carrying amount, amortized intangibles	7.5		7.5		7.5
Accumulated amortization	(7.4)		(7.4)		(7.4)
Trade Names
Intangible Assets
Gross carrying amount, amortized intangibles	41.7		41.7		41.8
Accumulated amortization	(4.8)		(4.8)		(3.7)
Other
Intangible Assets
Gross carrying amount, amortized intangibles	3.4		3.4		3.4
Accumulated amortization	$ (2.8)		$ (2.8)		$ (2.7)

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill
Goodwill, beginning balance	$ 328,046
Acquisitions	1,000
Foreign currency translation	1,300
Goodwill, ending balance	330,297
Water Systems
Goodwill
Goodwill, beginning balance	211,900
Acquisitions	1,000
Foreign currency translation	1,100
Goodwill, ending balance	214,000
Fueling Systems
Goodwill
Goodwill, beginning balance	70,300
Acquisitions	0
Foreign currency translation	200
Goodwill, ending balance	70,500
Distribution
Goodwill
Goodwill, beginning balance	45,800
Acquisitions	0
Foreign currency translation	0
Goodwill, ending balance	$ 45,800

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plan
Net Periodic Benefit Cost
Service cost	$ 0.2	$ 0.2	$ 0.3	$ 0.4
Interest cost	1.8	0.8	3.3	1.6
Expected return on assets	(1.8)	(1.5)	(3.6)	(3)
Amortization of Prior Service Cost	0	0	0	0
Amortization of actuarial loss	0.5	1.2	1.1	2.4
Settlement cost	0	0	0	0
Net periodic benefit cost	0.7	0.7	1.1	1.4
Other Benefits
Net Periodic Benefit Cost
Service cost	0	0	0	0
Interest cost	0	0	0.1	0.1
Expected return on assets	0	0	0	0
Amortization of Prior Service Cost	0	0	0	0
Amortization of actuarial loss	0	0	0	0
Settlement cost	0	0	0	0
Net periodic benefit cost	$ 0	$ 0	$ 0.1	$ 0.1

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Salaries, wages, and commissions	$ 40.3	$ 57.9
Product warranty costs	10.7	11.2
Insurance	3	1.7
Employee benefits	8.9	13.5
Other	32.2	36.3
Accrued expenses and other current liabilities	$ 95.1	$ 120.6

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	19.10%	21.90%	20%	21.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21%

DEBT (Schedule of Debt) (Detail

DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument
Less: unamortized debt issuance costs	$ (100)	$ (100)
Total debt and capital leases	248,500	216,100
Less: current maturities	(159,841)	(126,756)
Long-term debt	88,680	89,271
Tax increment financing debt
Debt Instrument
Long-term Debt, Gross	14,700	15,300
Foreign subsidiary debt
Debt Instrument
Long-term Debt, Gross	600	3,100
All Other
Debt Instrument
Long-term Debt, Gross	0	0
Credit Agreement
Debt Instrument
Long-term Debt, Gross	158,300	122,800
New York Life Investors LLC
Debt Instrument
Long-term Debt, Gross	$ 75,000	$ 75,000

DEBT (Details)

DEBT (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Bank Overdrafts
Line of Credit Facility
Total borrowing capacity of facility	$ 20.3	$ 22
Outstanding borrowings	0.1	2.7
Remaining borrowing capacity	20.2	19.3
Credit Agreement
Line of Credit Facility
Outstanding borrowings	$ 158.3	$ 122.8
Line of Credit Facility, Interest Rate During Period	5.90%	5%
Letters of credit outstanding	$ 3.6	$ 4
Remaining borrowing capacity	$ 188.1	$ 223.2

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income attributable to Franklin Electric Co., Inc.	$ 59,600	$ 59,364	$ 96,925	$ 89,129
Less: Earnings allocated to participating securities	200	200	300	400
Net income available to common shareholders	$ 59,400	$ 59,200	$ 96,600	$ 88,700
Basic
Basic weighted average common shares outstanding	46.2	46.3	46.2	46.4
Effect of dilutive securities:
Non-participating employee stock options, performance awards, and deferred shares to non-employee directors	0.7	0.6	0.7	0.7
Diluted weighted average common shares outstanding	46.9	46.9	46.9	47.1
Basic	$ 1.29	$ 1.27	$ 2.09	$ 1.91
Diluted	$ 1.27	$ 1.26	$ 2.06	$ 1.89
Anti-dilutive stock options (in shares)	0.1	0.1	0.1	0.1

EQUITY ROLL FORWARD (Details)

EQUITY ROLL FORWARD (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Common Stock, Dividends, Per Share, Cash Paid	$ 0.225	$ 0.195	$ 0.450	$ 0.390
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance			$ 1,070,134
Net income	$ 60,160	$ 59,763	97,736	$ 89,882
Equity, ending balance	1,149,501		1,149,501
Temporary equity, beginning balance	633	106	620	(19)
Net income	268	170	281	289
Temporary Equity, Foreign Currency Translation Adjustments	0	8	0	14
Temporary equity, ending balance	901	284	901	284
Common Stock
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	4,614	4,635	4,619	4,648
Stock Issued During Period, Value, New Issues	15	3	22	4
Stock Repurchased and Retired During Period, Value	(9)	(15)	(27)	(38)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	6	5	12	14
Equity, ending balance	4,626	4,628	4,626	4,628
Additional Paid in Capital
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	332,263	314,935	325,426	310,617
Stock Issued During Period, Value, New Issues	6,057	1,570	8,988	1,912
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,492	2,332	6,398	6,308
Equity, ending balance	340,812	318,837	340,812	318,837
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	980,114	861,156	969,261	859,817
Net income	59,600	59,364	96,925	89,129
Dividends, Common Stock, Cash	(10,432)	(9,076)	(20,872)	(18,205)
Stock Repurchased and Retired During Period, Value	(8,399)	(11,309)	(24,431)	(30,606)
Equity, ending balance	1,020,883	900,135	1,020,883	900,135
Accumulated Other Comprehensive Income/(Loss)
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(224,560)	(219,019)	(231,448)	(228,581)
Currency translation adjustment	4,482	(19,418)	10,953	(10,788)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	416	924	833	1,856
Equity, ending balance	(219,662)	(237,513)	(219,662)	(237,513)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	2,537	2,352	2,276	2,161
Net income	292	229	530	464
Currency translation adjustment	13	(95)	36	(139)
Equity, ending balance	2,842	2,486	2,842	2,486
Total Equity
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	1,094,968	964,059	1,070,134	948,662
Net income	59,892	59,593	97,455	89,593
Dividends, Common Stock, Cash	(10,432)	(9,076)	(20,872)	(18,205)
Stock Issued During Period, Value, New Issues	6,072	1,573	9,010	1,916
Stock Repurchased and Retired During Period, Value	(8,408)	(11,324)	(24,458)	(30,644)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,498	2,337	6,410	6,322
Currency translation adjustment	4,495	(19,513)	10,989	(10,927)
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	416	924	833	1,856
Equity, ending balance	$ 1,149,501	$ 988,573	$ 1,149,501	$ 988,573

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			$ 1,070,134
Net other comprehensive income/(loss)	$ 4,911	$ (18,581)	11,822	$ (9,057)
Equity, ending balance	1,149,501		1,149,501
Income tax expense related to items of other comprehensive income/(loss)	139	260	277	520
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(191,300)	(179,600)
Other comprehensive income/(loss) before reclassifications			10,900	(10,700)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			0	0
Net other comprehensive income/(loss)			10,900	(10,700)
Equity, ending balance	(180,400)	(190,300)	(180,400)	(190,300)
Pension and Post-Retirement Plan Benefit Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(40,100)	(49,000)
Other comprehensive income/(loss) before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			800	1,800
Net other comprehensive income/(loss)			800	1,800
Equity, ending balance	(39,300)	(47,200)	(39,300)	(47,200)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(231,400)	(228,600)
Other comprehensive income/(loss) before reclassifications			10,900	(10,700)
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			800	1,800
Net other comprehensive income/(loss)			11,700	(8,900)
Equity, ending balance	$ (219,700)	$ (237,500)	$ (219,700)	$ (237,500)

SEGMENT AND GEOGRAPHIC INFORM_3

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Segment Reporting Information
Net sales	$ 569,181	$ 551,138	$ 1,053,732	$ 1,002,608
Operating income/(loss)	80,903	80,982	133,509	120,923
Total assets	1,803,081		1,803,081		$ 1,694,201
Corporate And Eliminations
Segment Reporting Information
Net sales	(26,100)	(36,500)	(63,800)	(65,000)
Operating income/(loss)	(14,400)	(17,400)	(36,300)	(37,800)
Total assets	55,500		55,500		47,200
Water Systems | Operating Segments
Segment Reporting Information
Net sales	321,700	310,500	628,300	583,100
Operating income/(loss)	50,800	49,000	99,800	82,200
Total assets	1,058,600		1,058,600		1,017,500
Water Systems | United States & Canada
Segment Reporting Information
Net sales	176,800	158,400	336,200	293,100
Water Systems | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	26,100	36,500	63,800	65,000
Water Systems | Latin America
Segment Reporting Information
Net sales	42,000	41,700	82,300	79,600
Water Systems | EMEA
Segment Reporting Information
Net sales	54,600	49,700	105,000	100,700
Water Systems | Asia Pacific
Segment Reporting Information
Net sales	22,200	24,200	41,000	44,700
Distribution | Operating Segments
Segment Reporting Information
Net sales	193,100	191,100	336,100	326,000
Operating income/(loss)	17,800	23,300	22,500	32,700
Total assets	412,400		412,400		360,400
Distribution | United States & Canada
Segment Reporting Information
Net sales	193,100	191,100	336,100	326,000
Distribution | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | Operating Segments
Segment Reporting Information
Net sales	80,400	86,000	153,100	158,500
Operating income/(loss)	26,700	26,100	47,500	43,800
Total assets	276,600		276,600		$ 269,100
Fueling Systems | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | United States & Canada
Segment Reporting Information
Net sales	60,400	64,200	114,400	116,000
Fueling Systems | All Other
Segment Reporting Information
Net sales	20,000	21,800	38,700	42,500
Consolidated
Segment Reporting Information
Net sales	$ 569,100	$ 551,100	$ 1,053,700	$ 1,002,600

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - 6 months ended Jun. 30, 2023 € in Millions, $ in Millions	EUR (€)	USD ($)
Commitments
Purchase obligations		$ 11.1
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance		11.2
Accruals related to product warranties		6.4
Reductions for payments made		(6.9)
Ending balance		$ 10.7
Esso S.A.F. | Pending Litigation | Damages from Product Defects
Loss Contingencies
Loss Contingency, Damages Sought, Value | €	€ 9.5