Franklin Electric (FELE) 10-Q 26 Jul 24 2024 Q2 Quarterly report Financial data

COVER

COVER - $ / shares	6 Months Ended
	Jun. 30, 2024	Jul. 24, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		45,672,183
Entity Central Index Key	0000038725
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net sales	$ 543,258	$ 569,181	$ 1,004,158	$ 1,053,732
Cost of sales	343,461	380,700	640,781	702,986
Gross profit	199,797	188,481	363,377	350,746
Selling, general, and administrative expenses	120,648	107,429	236,292	216,964
Restructuring expense	0	149	0	273
Operating income	79,149	80,903	127,085	133,509
Interest expense	(1,976)	(4,178)	(3,424)	(7,325)
Other income, net	184	1,179	890	1,588
Foreign exchange expense	(436)	(3,571)	(5,316)	(5,615)
Income before income taxes	76,921	74,333	119,235	122,157
Income tax expense	17,590	14,173	26,812	24,421
Net income	59,331	60,160	92,423	97,736
Less: Net income attributable to noncontrolling interests	(232)	(560)	(365)	(811)
Net income attributable to Franklin Electric Co., Inc.	$ 59,099	$ 59,600	$ 92,058	$ 96,925
Earnings per share:
Basic	$ 1.28	$ 1.29	$ 1.99	$ 2.09
Diluted	$ 1.26	$ 1.27	$ 1.97	$ 2.06

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 59,331	$ 60,160	$ 92,423	$ 97,736
Other comprehensive income/(loss), before tax:
Foreign currency translation adjustments	(10,299)	4,495	(17,514)	10,989
Employee benefit plan activity	577	555	1,153	1,110
Other comprehensive income/(loss)	(9,722)	5,050	(16,361)	12,099
Income tax expense related to items of other comprehensive income/(loss)	(143)	(139)	(286)	(277)
Other comprehensive income/(loss), net of tax	(9,865)	4,911	(16,647)	11,822
Comprehensive income	49,466	65,071	75,776	109,558
Less: Comprehensive income attributable to noncontrolling interests	(217)	(573)	(309)	(847)
Comprehensive income attributable to Franklin Electric Co., Inc.	$ 49,249	$ 64,498	$ 75,467	$ 108,711

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 58,104	$ 84,963
Receivables, less allowances of $3,754 and $3,594, respectively	299,185	222,418
Inventories:
Raw material	170,195	176,706
Work-in-process	28,788	26,880
Finished goods	326,452	305,110
Total inventories	525,435	508,696
Other current assets	35,972	37,718
Total current assets	918,696	853,795
Property, plant, and equipment, at cost:
Land and buildings	164,196	167,028
Machinery and equipment	315,491	316,227
Furniture and fixtures	57,840	56,997
Other	62,785	59,747
Property, plant, and equipment, gross	600,312	599,999
Less: Allowance for depreciation	(376,116)	(370,260)
Property, plant, and equipment, net	224,196	229,739
Lease right-of-use assets, net	63,270	57,014
Deferred income taxes	9,726	8,758
Intangible assets, net	221,118	230,027
Goodwill	339,770	342,404
Other assets	7,570	6,385
Total assets	1,784,346	1,728,122
Current liabilities:
Accounts payable	175,553	152,419
Accrued expenses and other current liabilities	104,494	100,249
Current lease liability	18,274	17,316
Income taxes	5,394	4,700
Current maturities of long-term debt and short-term borrowings	42,375	12,355
Total current liabilities	346,090	287,039
Long-term debt	87,242	88,056
Long-term lease liability	43,638	38,549
Income taxes payable non-current	0	4,837
Deferred income taxes	29,529	29,461
Employee benefit plans	29,931	35,973
Other long-term liabilities	21,886	33,914
Commitments and contingencies (see Note 15)
Redeemable noncontrolling interest	1,134	1,145
Shareholders' equity:
Common stock (65,000 shares authorized, $.10 par value) outstanding (45,749 and 46,067, respectively)	4,575	4,607
Additional paid-in capital	356,016	344,717
Retained earnings	1,099,285	1,078,512
Accumulated other comprehensive loss	(237,705)	(221,114)
Total shareholders' equity	1,222,171	1,206,722
Noncontrolling interest	2,725	2,426
Total equity	1,224,896	1,209,148
Total liabilities and equity	$ 1,784,346	$ 1,728,122

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Accounts Receivable, Allowance for Credit Loss, Current	$ 3,754	$ 3,594
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)	45,749	46,067

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 92,423	$ 97,736
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization	27,690	26,259
Non-cash lease expense	10,105	8,523
Share-based compensation	7,015	6,410
Deferred income taxes	(939)	1,924
(Gain)/loss on disposals of plant and equipment	(62)	357
Foreign exchange expense	5,316	5,615
Changes in assets and liabilities, net of acquisitions:
Receivables	(82,828)	(70,725)
Inventory	(23,982)	(24,125)
Accounts payable and accrued expenses	13,171	(3,880)
Operating leases	(10,314)	(8,706)
Income taxes	(2,755)	(6,691)
Income taxes-U.S. Tax Cuts and Jobs Act	(3,870)	(2,902)
Employee benefit plans	(384)	831
Other, net	4,417	12,400
Net cash flows from operating activities	35,003	43,026
Cash flows from investing activities:
Additions to property, plant, and equipment	(19,445)	(20,241)
Proceeds from sale of property, plant, and equipment	418	0
Cash paid for acquisitions, net of cash acquired	(1,151)	(6,641)
Other, net	21	2
Net cash flows from investing activities	(20,157)	(26,880)
Cash flows from financing activities:
Proceeds from issuance of debt	225,039	294,650
Repayments of debt	(195,856)	(262,479)
Proceeds from issuance of common stock	4,302	9,010
Purchases of common stock	(47,895)	(25,541)
Dividends paid	(23,980)	(20,872)
Deferred Payments for Acquisitions	(348)	(186)
Net cash flows from financing activities	(38,738)	(5,418)
Effect of exchange rate changes on cash and cash equivalents	(2,967)	(3,291)
Net change in cash and cash equivalents	(26,859)	7,437
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance	84,963	45,790
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance	58,104	53,227
Non-cash items:
Additions to property, plant, and equipment, not yet paid	422	540
Right-of-Use Assets obtained in exchange for new operating lease liabilities	17,202	3,090
Payable to sellers of acquired entities	1,300	644
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	0	419
Payable for share repurchases	$ 316	$ 0

CONDENSED CONSOLIDATED FINANCIA

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying condensed consolidated balance sheet as of December 31, 2023, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of June 30, 2024, and for the second quarters and six months ended June 30, 2024 and June 30, 2023 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, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024. 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, 2023.

ACCOUNTING PRONOUNCEMENTS

ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
ACCOUNTING PRONOUNCEMENTS	ACCOUNTING PRONOUNCEMENTS Accounting Standards Issued But Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company plans to adopt this ASU for its fiscal year end December 31, 2024 disclosures, but does not anticipate the adoption to have a material impact on the Company's financial disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. The Company is still determining the date of adoption for this ASU, but does not anticipate the adoption to have a material impact on the Company's financial disclosures.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS 2023 During the fourth quarter ended December 31, 2023, the Company acquired substantially all of the assets of Aqua Systems of Fort Myers, a water treatment systems distributor. In another separate transaction, the Company acquired substantially all of the assets of Action Manufacturing and Supply, Inc., a water treatment equipment provider located in southwest Florida. The Company also acquired, in a separate transaction, substantially all of the assets of LCA Pump, LLC, which operates Water Works Pump, a Missouri based professional groundwater distributor. The combined purchase price for the acquisitions in the fourth quarter of 2023, was $36.0 million, including contingent consideration with an estimated fair value of $4.3 million, after purchase price adjustments based on the level of working capital acquired. In the first quarter of 2024, the Company recorded a measurement period adjustment of $1.3 million to increase the acquisition-date fair value of the contingent consideration transferred. The measurement period adjustment resulted in an increase to acquired identifiable intangible assets of $2.3 million and a reduction to acquired goodwill of $1.0 million . The measurement period adjustments did not have a significant impact on the Company’s results of operations. The fair value of the assets acquired and liabilities assumed for the above acquisitions is preliminary as of June 30, 2024. 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 was final as of March 31, 2024. 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 as the results of operations for all 2023 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, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS FASB Accounting Standards Codification 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, 2024 and December 31, 2023, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below: June 30, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 7.4 $ 7.4 $ — $ — Total assets $ 7.4 $ 7.4 $ — $ — Liabilities: Share swap transaction $ 0.3 $ 0.3 $ — $ — Forward currency contracts 0.1 — 0.1 — Contingent payments related to acquisition 4.6 — — 4.6 Total liabilities $ 5.0 $ 0.3 $ 0.1 $ 4.6 (In millions) December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 10.9 $ 10.9 $ — $ — Share swap transaction 1.1 1.1 — — Total assets $ 12.0 $ 12.0 $ — $ — Liabilities: Contingent payments related to acquisition $ 3.0 $ — $ — $ 3.0 Total liabilities $ 3.0 $ — $ — $ 3.0 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 asset is recorded within the "Receivables" line of the condensed consolidated balance sheets, and the share swap transaction and forward currency contracts liabilities are recorded within the "Accounts payable" lines of the condensed consolidated balance sheets and are further described in Note 5 - Financial Instruments. The Company's Level 3 category includes contingent consideration related to acquisitions, which valuation inputs are unobservable and significant to the fair value measurement. Projections and estimated probabilities are used to estimate future contingent earn-out payments, which are discounted back to present value to compute contingent earn-out liabilities. The following table provides a roll-forward of the contingent consideration liability, which is included in "Other long-term liabilities" as of December 31, 2023 and "Accrued expenses and other current liabilities" as of June 30, 2024 in the condensed consolidated balance sheets: Second Quarter Ended Six Months Ended (In millions) June 30, 2024 June 30, 2024 Fair value at beginning of period $ 4.5 $ 3.0 Adjustments to prior year acquisition — 1.3 Change in fair value recognized in earnings 0.1 0.3 Payments — — Fair value at end of period $ 4.6 $ 4.6

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS The Company’s non-employee directors' deferred compensation stock program is subject to variable plan accounting and, accordingly, is adjusted for changes in the Company’s stock price at the end of each reporting period. The Company has entered into share swap transaction agreements (the "swap") to mitigate the Company’s exposure to the fluctuations in the Company's stock price. The swap has not been designated as a hedge for accounting purposes and is cancellable with 30 days' written notice by either party. As of June 30, 2024 and December 31, 2023, the swap had a notional value based on 240,000 shares. For the second quarter and six months ended June 30, 2024, changes in the fair value of the swap resulted in losses of $2.9 million, and $0.8 million, respectively. For the second quarter and six months ended June 30, 2023, changes in the fair value of the swap resulted in gains of $1.7 million and $4.7 million, respectively. Gaines and losses resulting from the swap were largely offset by gains and losses on the fa ir 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, 2024, the Company had a notional amount of $28.2 million in forward currency contracts outstanding and the related fair value of those contracts was not material. As of December 31, 2023, the Company had no foreign currency contracts outstanding. For the second quarter and six months ended June 30, 2024, changes in the fair value of the forward currency contracts resulted in losses of $0.9 million and $0.3 million, respectively. 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. These gains and losses 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, 2024
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, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Customer relationships $ 263.5 $ (122.1) $ 263.7 $ (115.5) Patents 7.3 (7.3) 7.3 (7.3) Technology 7.5 (7.5) 7.5 (7.5) Trade names 44.1 (7.0) 44.1 (5.8) Other 3.2 (2.7) 3.4 (2.8) Total $ 325.6 $ (146.6) $ 326.0 $ (138.9) Non-amortizing intangibles: Trade names 42.1 — 42.9 — Total intangibles $ 367.7 $ (146.6) $ 368.9 $ (138.9) Amortization expense related to intangible assets for the second quarters ended June 30, 2024 and June 30, 2023 was $4.7 million and $4.3 million, respectively, and for six months ended June 30, 2024 and June 30, 2023 was $9.5 million and $8.5 million, respectively. The change in the carrying amount of goodwill by reportable segment for the six months ended June 30, 2024 is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2023 $ 221.4 $ 70.4 $ 50.6 $ 342.4 Adjustments to prior year acquisitions (0.7) — (0.1) (0.8) Foreign currency translation (1.8) — — (1.8) Balance as of June 30, 2024 $ 218.9 $ 70.4 $ 50.5 $ 339.8

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	6 Months Ended
	Jun. 30, 2024
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, 2024 and June 30, 2023: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Service cost $ 0.2 $ 0.2 $ 0.3 $ 0.3 Interest cost 1.6 1.8 3.1 3.3 Expected return on assets (1.9) (1.8) (3.8) (3.6) Amortization of: Prior service cost 0.6 — 1.2 — Actuarial loss — 0.5 — 1.1 Settlement cost — — — — Net periodic benefit cost $ 0.5 $ 0.7 $ 0.8 $ 1.1 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, 2024 and June 30, 2023: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 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, 2024
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, 2024 December 31, 2023 Salaries, wages, and commissions $ 41.6 $ 45.9 Product warranty costs 9.4 9.3 Insurance 2.1 2.5 Employee benefits 15.0 13.8 Other 36.4 28.7 Total $ 104.5 $ 100.2

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective tax rate for the six-month period ended June 30, 2024 was 22.5 percent as compared to 20.0 percent for the six-month period ended June 30, 2023. The effective tax rate differs from the U.S. statutory rate of 21 percent primarily due to state taxes and foreign earnings taxed at rates higher than the U.S. statutory rate partially offset by the recognition of the U.S. foreign-derived intangible income (FDII) provisions and certain discrete events including excess tax benefits from share-based compensation. For the second quarter of 2024, the effective tax rate was 22.9 percent compared to 19.1 percent for the second quarter of 2023. The increase in the effective tax rate for the second quarter and first six months of 2024 compared to the comparable period in the prior year was a result of less favorable discrete events in 2024, primarily related to excess tax benefits from share-based compensation, in addition to an increase in the rate on foreign earnings with the implementation of the European Union’s Pillar Two Directive.

DEBT

DEBT	3 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	DEBT Debt consisted of the following: (In millions) June 30, 2024 December 31, 2023 New York Life Agreement $ 75.0 $ 75.0 Credit Agreement 41.0 11.0 Tax increment financing debt 13.4 14.1 Foreign subsidiary debt 0.3 0.5 Less: unamortized debt issuance costs (0.1) (0.1) $ 129.6 $ 100.5 Less: current maturities (42.4) (12.4) Long-term debt $ 87.2 $ 88.1 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. On May 15, 2024, the Company entered into Amendment No. 1 that increased the total available facility amount from lenders to $250.0 million from $150.0 million and changed the expiration date from July 30, 2024 to May 15, 2027. 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"). On May 15, 2024, the Company entered into Amendment No. 1 that increased the total available facility amount from lenders to $250.0 million from $200.0 million and changed the expiration date from July 30, 2024 to May 15, 2027. Credit Agreement As of June 30, 2024, the Company had $41.0 million outstanding borrowings with a weighted-average interest rate of 6.3 percent, $3.5 million in letters of credit outstanding, and $305.5 million of available capacity under its credit agreement. As of December 31, 2023, the Company had $11.0 million outstanding borrowings with a weighted-average interest rate of 6.3 percent, $3.6 million in letters of credit outstanding, and $335.4 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 $17.4 million. As of June 30, 2024, there were no outstanding borrowings and $17.4 million of available capacity under these lines of credit. As of December 31, 2023, there were $17.9 million overdraft lines of credit with no outstanding borrowings and $17.9 million of available capacity under these lines of credit.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
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, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 59.1 $ 59.6 $ 92.1 $ 96.9 Less: Earnings allocated to participating securities 0.2 0.2 0.3 0.3 Net income available to common shareholders $ 58.9 $ 59.4 $ 91.8 $ 96.6 Denominator: Basic weighted average common shares outstanding 46.0 46.2 46.0 46.2 Effect of dilutive securities: Non-participating employee stock options, performance awards, and deferred shares to non-employee directors 0.6 0.7 0.6 0.7 Diluted weighted average common shares outstanding 46.6 46.9 46.6 46.9 Basic earnings per share $ 1.28 $ 1.29 $ 1.99 $ 2.09 Diluted earnings per share $ 1.26 $ 1.27 $ 1.97 $ 2.06

EQUITY ROLL FORWARD

EQUITY ROLL FORWARD	6 Months Ended
	Jun. 30, 2024
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, 2024 and June 30, 2023: (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, 2024 $ 4,609 $ 352,797 $ 1,090,874 $ (227,855) $ 2,554 $ 1,222,979 $ 1,109 Net income — — 59,099 — 186 59,285 46 Dividends on common stock ($0.250/share) — — (11,564) — — (11,564) — Common stock issued — 252 — — — 252 — Common stock repurchased (40) — (39,124) — — (39,164) — Share-based compensation 6 2,967 — — — 2,973 — Dividend to noncontrolling interest — — — — — — (21) Currency translation adjustment — — — (10,284) (15) (10,299) — Pension and other post retirement plans, net of taxes — — — 434 — 434 — Balance as of June 30, 2024 $ 4,575 $ 356,016 $ 1,099,285 $ (237,705) $ 2,725 $ 1,224,896 $ 1,134 (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 December 31, 2023 $ 4,607 $ 344,717 $ 1,078,512 $ (221,114) $ 2,426 $ 1,209,148 $ 1,145 Net Income — — 92,058 — 355 92,413 10 Dividends on common stock ($0.500/share) — — (23,124) — — (23,124) — Common stock issued 7 4,295 — — — 4,302 — Common stock repurchased (50) — (48,161) — — (48,211) — Share-based compensation 11 7,004 — — — 7,015 — Dividend to noncontrolling interest — — — — — — (21) Currency translation adjustment — — — (17,458) (56) (17,514) — Pension and other post retirement plans, net of taxes — — — 867 — 867 — Balance as of June 30, 2024 $ 4,575 $ 356,016 $ 1,099,285 $ (237,705) $ 2,725 $ 1,224,896 $ 1,134 (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

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	6 Months Ended
	Jun. 30, 2024
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, 2024 and June 30, 2023, 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, 2024: Balance as of December 31, 2023 $ (179.3) $ (41.8) $ (221.1) Other comprehensive income/(loss) before reclassifications (17.5) — (17.5) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) (17.5) 0.9 (16.6) Balance as of June 30, 2024 $ (196.8) $ (40.9) $ (237.7) 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) (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, net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively. Amounts related to noncontrolling interests were not material.

SEGMENT AND GEOGRAPHIC INFORMAT

SEGMENT AND GEOGRAPHIC INFORMATION	6 Months Ended
	Jun. 30, 2024
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, 2023. 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, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net sales Water Systems External sales United States & Canada $ 157.7 $ 176.8 $ 295.7 $ 336.2 Latin America 41.8 42.0 83.1 82.3 Europe, Middle East & Africa 56.0 54.6 108.3 105.0 Asia Pacific 24.2 22.2 44.4 41.0 Intersegment sales United States & Canada 35.9 26.1 70.7 63.8 Total sales 315.6 321.7 602.2 628.3 Distribution External sales United States & Canada 190.5 193.1 337.5 336.1 Intersegment sales — — — — Total sales 190.5 193.1 337.5 336.1 Fueling Systems External sales United States & Canada 58.4 60.4 105.1 114.4 All other 14.7 20.0 30.1 38.7 Intersegment sales — — — — Total sales 73.1 80.4 135.2 153.1 Intersegment Eliminations/Other (35.9) (26.1) (70.7) (63.8) Consolidated $ 543.3 $ 569.1 $ 1,004.2 $ 1,053.7 Second Quarter Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating income/(loss) Water Systems $ 62.3 $ 50.8 $ 109.5 $ 99.8 Distribution 9.8 17.8 11.7 22.5 Fueling Systems 26.0 26.7 44.8 47.5 Intersegment Eliminations/Other (19.0) (14.4) (38.9) (36.3) Consolidated $ 79.1 $ 80.9 $ 127.1 $ 133.5 June 30, 2024 December 31, 2023 Total assets Water Systems $ 1,056.5 $ 1,044.4 Distribution 415.5 365.6 Fueling Systems 259.5 256.4 Other 52.8 61.7 Consolidated $ 1,784.3 $ 1,728.1 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, 2024
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. 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, 2024, the Company had $7.5 million of commitments primarily for capital expenditures and purchase of raw materials to be used in production and finished goods. At June 30, 2024, the Company has a contingent consideration liability with an estimated fair value of $4.6 million that could result in a payment of up to $5.0 million if a future profitability milestone is achieved. 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, 2024, are as follows: (In millions) Balance as of December 31, 2023 $ 9.3 Accruals related to product warranties 6.4 Reductions for payments made (6.3) Balance as of June 30, 2024 $ 9.4

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Franklin Electric Co., Inc.	$ 59,099	$ 59,600	$ 92,058	$ 96,925

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	None of the Company’s directors or officers adopted, modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company’s fiscal quarter ended June 30, 2024.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACCOUNTING PRONOUNCEMENTS (Poli

ACCOUNTING PRONOUNCEMENTS (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Changes and Error Corrections [Abstract]
Adoption of New Accounting Standards	Accounting Standards Issued But Not Yet Adopted In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through additional and more detailed information about a reportable segment's expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The guidance is to be applied retrospectively to all prior periods presented in the financial statements. The Company plans to adopt this ASU for its fiscal year end December 31, 2024 disclosures, but does not anticipate the adoption to have a material impact on the Company's financial disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. This amendment modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold, (2) the amount of income taxes paid (net of refunds received) (disaggregated by federal, state, and foreign taxes) as well as individual jurisdictions in which income taxes paid is equal to or greater than 5 percent of total income taxes paid net of refunds, (3) the income or loss from continuing operations before income tax expense or benefit (disaggregated between domestic and foreign) and (4) income tax expense or benefit from continuing operations (disaggregated by federal, state and foreign). ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. The Company is still determining the date of adoption for this ASU, but does not anticipate the adoption to have a material impact on the Company's financial disclosures.

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets Measured on Recurring Basis	As of June 30, 2024 and December 31, 2023, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below: June 30, 2024 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 7.4 $ 7.4 $ — $ — Total assets $ 7.4 $ 7.4 $ — $ — Liabilities: Share swap transaction $ 0.3 $ 0.3 $ — $ — Forward currency contracts 0.1 — 0.1 — Contingent payments related to acquisition 4.6 — — 4.6 Total liabilities $ 5.0 $ 0.3 $ 0.1 $ 4.6 (In millions) December 31, 2023 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Cash equivalents $ 10.9 $ 10.9 $ — $ — Share swap transaction 1.1 1.1 — — Total assets $ 12.0 $ 12.0 $ — $ — Liabilities: Contingent payments related to acquisition $ 3.0 $ — $ — $ 3.0 Total liabilities $ 3.0 $ — $ — $ 3.0
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation	The following table provides a roll-forward of the contingent consideration liability, which is included in "Other long-term liabilities" as of December 31, 2023 and "Accrued expenses and other current liabilities" as of June 30, 2024 in the condensed consolidated balance sheets: Second Quarter Ended Six Months Ended (In millions) June 30, 2024 June 30, 2024 Fair value at beginning of period $ 4.5 $ 3.0 Adjustments to prior year acquisition — 1.3 Change in fair value recognized in earnings 0.1 0.3 Payments — — Fair value at end of period $ 4.6 $ 4.6

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Customer relationships $ 263.5 $ (122.1) $ 263.7 $ (115.5) Patents 7.3 (7.3) 7.3 (7.3) Technology 7.5 (7.5) 7.5 (7.5) Trade names 44.1 (7.0) 44.1 (5.8) Other 3.2 (2.7) 3.4 (2.8) Total $ 325.6 $ (146.6) $ 326.0 $ (138.9) Non-amortizing intangibles: Trade names 42.1 — 42.9 — Total intangibles $ 367.7 $ (146.6) $ 368.9 $ (138.9)
Schedule of Indefinite-Lived Intangible Assets	The carrying amounts of the Company’s intangible assets, excluding goodwill, are as follows: (In millions) June 30, 2024 December 31, 2023 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortizing intangibles: Customer relationships $ 263.5 $ (122.1) $ 263.7 $ (115.5) Patents 7.3 (7.3) 7.3 (7.3) Technology 7.5 (7.5) 7.5 (7.5) Trade names 44.1 (7.0) 44.1 (5.8) Other 3.2 (2.7) 3.4 (2.8) Total $ 325.6 $ (146.6) $ 326.0 $ (138.9) Non-amortizing intangibles: Trade names 42.1 — 42.9 — Total intangibles $ 367.7 $ (146.6) $ 368.9 $ (138.9)
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, 2024 is as follows: (In millions) Water Systems Fueling Systems Distribution Consolidated Balance as of December 31, 2023 $ 221.4 $ 70.4 $ 50.6 $ 342.4 Adjustments to prior year acquisitions (0.7) — (0.1) (0.8) Foreign currency translation (1.8) — — (1.8) Balance as of June 30, 2024 $ 218.9 $ 70.4 $ 50.5 $ 339.8

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and June 30, 2023: (In millions) Pension Benefits Second Quarter Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Service cost $ 0.2 $ 0.2 $ 0.3 $ 0.3 Interest cost 1.6 1.8 3.1 3.3 Expected return on assets (1.9) (1.8) (3.8) (3.6) Amortization of: Prior service cost 0.6 — 1.2 — Actuarial loss — 0.5 — 1.1 Settlement cost — — — — Net periodic benefit cost $ 0.5 $ 0.7 $ 0.8 $ 1.1
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, 2024 and June 30, 2023: (In millions) Other Benefits Second Quarter Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 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, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued expenses and other current liabilities consist of: (In millions) June 30, 2024 December 31, 2023 Salaries, wages, and commissions $ 41.6 $ 45.9 Product warranty costs 9.4 9.3 Insurance 2.1 2.5 Employee benefits 15.0 13.8 Other 36.4 28.7 Total $ 104.5 $ 100.2

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Debt consisted of the following: (In millions) June 30, 2024 December 31, 2023 New York Life Agreement $ 75.0 $ 75.0 Credit Agreement 41.0 11.0 Tax increment financing debt 13.4 14.1 Foreign subsidiary debt 0.3 0.5 Less: unamortized debt issuance costs (0.1) (0.1) $ 129.6 $ 100.5 Less: current maturities (42.4) (12.4) Long-term debt $ 87.2 $ 88.1

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Numerator: Net income attributable to Franklin Electric Co., Inc. $ 59.1 $ 59.6 $ 92.1 $ 96.9 Less: Earnings allocated to participating securities 0.2 0.2 0.3 0.3 Net income available to common shareholders $ 58.9 $ 59.4 $ 91.8 $ 96.6 Denominator: Basic weighted average common shares outstanding 46.0 46.2 46.0 46.2 Effect of dilutive securities: Non-participating employee stock options, performance awards, and deferred shares to non-employee directors 0.6 0.7 0.6 0.7 Diluted weighted average common shares outstanding 46.6 46.9 46.6 46.9 Basic earnings per share $ 1.28 $ 1.29 $ 1.99 $ 2.09 Diluted earnings per share $ 1.26 $ 1.27 $ 1.97 $ 2.06

EQUITY ROLL FORWARD (Tables)

EQUITY ROLL FORWARD (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and June 30, 2023: (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, 2024 $ 4,609 $ 352,797 $ 1,090,874 $ (227,855) $ 2,554 $ 1,222,979 $ 1,109 Net income — — 59,099 — 186 59,285 46 Dividends on common stock ($0.250/share) — — (11,564) — — (11,564) — Common stock issued — 252 — — — 252 — Common stock repurchased (40) — (39,124) — — (39,164) — Share-based compensation 6 2,967 — — — 2,973 — Dividend to noncontrolling interest — — — — — — (21) Currency translation adjustment — — — (10,284) (15) (10,299) — Pension and other post retirement plans, net of taxes — — — 434 — 434 — Balance as of June 30, 2024 $ 4,575 $ 356,016 $ 1,099,285 $ (237,705) $ 2,725 $ 1,224,896 $ 1,134 (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 December 31, 2023 $ 4,607 $ 344,717 $ 1,078,512 $ (221,114) $ 2,426 $ 1,209,148 $ 1,145 Net Income — — 92,058 — 355 92,413 10 Dividends on common stock ($0.500/share) — — (23,124) — — (23,124) — Common stock issued 7 4,295 — — — 4,302 — Common stock repurchased (50) — (48,161) — — (48,211) — Share-based compensation 11 7,004 — — — 7,015 — Dividend to noncontrolling interest — — — — — — (21) Currency translation adjustment — — — (17,458) (56) (17,514) — Pension and other post retirement plans, net of taxes — — — 867 — 867 — Balance as of June 30, 2024 $ 4,575 $ 356,016 $ 1,099,285 $ (237,705) $ 2,725 $ 1,224,896 $ 1,134 (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

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)	Changes in accumulated other comprehensive income/(loss) by component for the six months ended June 30, 2024 and June 30, 2023, 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, 2024: Balance as of December 31, 2023 $ (179.3) $ (41.8) $ (221.1) Other comprehensive income/(loss) before reclassifications (17.5) — (17.5) Amounts reclassified from accumulated other comprehensive income/(loss) (1) — 0.9 0.9 Net other comprehensive income/(loss) (17.5) 0.9 (16.6) Balance as of June 30, 2024 $ (196.8) $ (40.9) $ (237.7) 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) (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, net" line of the Company's condensed consolidated statements of income. (2) Net of tax expense of $0.3 million for the six months ended June 30, 2024 and June 30, 2023, respectively.

SEGMENT AND GEOGRAPHIC INFORM_2

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Net sales Water Systems External sales United States & Canada $ 157.7 $ 176.8 $ 295.7 $ 336.2 Latin America 41.8 42.0 83.1 82.3 Europe, Middle East & Africa 56.0 54.6 108.3 105.0 Asia Pacific 24.2 22.2 44.4 41.0 Intersegment sales United States & Canada 35.9 26.1 70.7 63.8 Total sales 315.6 321.7 602.2 628.3 Distribution External sales United States & Canada 190.5 193.1 337.5 336.1 Intersegment sales — — — — Total sales 190.5 193.1 337.5 336.1 Fueling Systems External sales United States & Canada 58.4 60.4 105.1 114.4 All other 14.7 20.0 30.1 38.7 Intersegment sales — — — — Total sales 73.1 80.4 135.2 153.1 Intersegment Eliminations/Other (35.9) (26.1) (70.7) (63.8) Consolidated $ 543.3 $ 569.1 $ 1,004.2 $ 1,053.7 Second Quarter Ended Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating income/(loss) Water Systems $ 62.3 $ 50.8 $ 109.5 $ 99.8 Distribution 9.8 17.8 11.7 22.5 Fueling Systems 26.0 26.7 44.8 47.5 Intersegment Eliminations/Other (19.0) (14.4) (38.9) (36.3) Consolidated $ 79.1 $ 80.9 $ 127.1 $ 133.5 June 30, 2024 December 31, 2023 Total assets Water Systems $ 1,056.5 $ 1,044.4 Distribution 415.5 365.6 Fueling Systems 259.5 256.4 Other 52.8 61.7 Consolidated $ 1,784.3 $ 1,728.1

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024, are as follows: (In millions) Balance as of December 31, 2023 $ 9.3 Accruals related to product warranties 6.4 Reductions for payments made (6.3) Balance as of June 30, 2024 $ 9.4

ACQUISITIONS (Narrative) (Detai

ACQUISITIONS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Jun. 30, 2024
Business Acquisition
Goodwill, Purchase Accounting Adjustments				$ 0.8
Hydropompe Srl [Domain]
Business Acquisition
Business acquisition, percentage of voting interests acquired			100%
Series of Individually Immaterial Business Acquisitions
Business Acquisition
Total purchase price		$ 36	$ 8.7
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability	$ 1.3
Goodwill, Purchase Accounting Adjustments	1
Finite-Lived Intangible Assets, Purchase Accounting Adjustments	$ 2.3
Business Combination, Contingent Consideration, Liability		$ 4.3

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	$ 129.6	$ 129.6		$ 100.5
Acquisition-related Costs
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	4.6	4.6	$ 4.5	3
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	0	1.3
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	0.1	0.3
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	0	0
Recurring Basis
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	7.4	7.4		10.9
Equity Securities, FV-NI				1.1
Assets, Fair Value Disclosure	7.4	7.4		12
Trading Liabilities, Fair Value Disclosure	0.3	0.3
Foreign Currency Contracts, Liability, Fair Value Disclosure	0.1	0.1
Business Combination, Contingent Consideration, Liability	4.6	4.6		3
Financial Liabilities Fair Value Disclosure	5	5		3
Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	7.4	7.4		10.9
Equity Securities, FV-NI				1.1
Assets, Fair Value Disclosure	7.4	7.4		12
Trading Liabilities, Fair Value Disclosure	0.3	0.3
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Business Combination, Contingent Consideration, Liability	0	0		0
Financial Liabilities Fair Value Disclosure	0.3	0.3		0
Recurring Basis | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0		0
Equity Securities, FV-NI				0
Assets, Fair Value Disclosure	0	0		0
Trading Liabilities, Fair Value Disclosure	0	0
Foreign Currency Contracts, Liability, Fair Value Disclosure	0.1	0.1
Business Combination, Contingent Consideration, Liability	0	0		0
Financial Liabilities Fair Value Disclosure	0.1	0.1		0
Recurring Basis | Significant Unobservable Inputs (Level 3)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Cash equivalents	0	0		0
Equity Securities, FV-NI				0
Assets, Fair Value Disclosure	0	0		0
Trading Liabilities, Fair Value Disclosure	0	0
Foreign Currency Contracts, Liability, Fair Value Disclosure	0	0
Business Combination, Contingent Consideration, Liability	4.6	4.6		3
Financial Liabilities Fair Value Disclosure	4.6	4.6		3
Carrying value
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, carrying value	129.6	129.6		100.5
Fair value | Significant Other Observable Inputs (Level 2)
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
Total debt, fair value	$ 127	$ 127		$ 98.6

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Not Designated as Hedging Instrument $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) shares
Share swap transaction agreement
Derivative
Derivative cancellable written notice term	30 days
Derivative notional amount (in shares) | shares	240,000		240,000		240,000
Share swap transaction agreement | Selling, general, and administrative expenses
Derivative
Loss on derivative	$ 2.9		$ 0.8
Gain on derivative		$ 1.7		$ 4.7
Foreign Exchange Forward
Derivative
Derivative, Notional Amount	28.2		28.2		$ 0
Foreign Exchange Forward | Foreign Currency Gain (Loss)
Derivative
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments	$ (0.9)	$ 0.6	$ (0.3)	$ 1.6

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Intangible Assets
Gross carrying amount, amortized intangibles	$ 325.6		$ 325.6		$ 326
Gross carrying amount, total intangibles	367.7		367.7		368.9
Accumulated amortization	(146.6)		(146.6)		(138.9)
Amortization of Intangible Assets	4.7	$ 4.3	9.5	$ 8.5
Trade Names
Intangible Assets
Gross carrying amount, unamortized intangibles	42.1		42.1		42.9
Customer Relationships
Intangible Assets
Gross carrying amount, amortized intangibles	263.5		263.5		263.7
Accumulated amortization	(122.1)		(122.1)		(115.5)
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	(7.5)		(7.5)		(7.5)
Trade Names
Intangible Assets
Gross carrying amount, amortized intangibles	44.1		44.1		44.1
Accumulated amortization	(7)		(7)		(5.8)
Other
Intangible Assets
Gross carrying amount, amortized intangibles	3.2		3.2		3.4
Accumulated amortization	$ (2.7)		$ (2.7)		$ (2.8)

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill
Goodwill, beginning balance	$ 342,404
Goodwill, Purchase Accounting Adjustments	(800)
Foreign currency translation	(1,800)
Goodwill, ending balance	339,770
Water Systems
Goodwill
Goodwill, beginning balance	221,400
Goodwill, Purchase Accounting Adjustments	(700)
Foreign currency translation	(1,800)
Goodwill, ending balance	218,900
Fueling Systems
Goodwill
Goodwill, beginning balance	70,400
Goodwill, Purchase Accounting Adjustments	0
Foreign currency translation	0
Goodwill, ending balance	70,400
Distribution
Goodwill
Goodwill, beginning balance	50,600
Goodwill, Purchase Accounting Adjustments	(100)
Foreign currency translation	0
Goodwill, ending balance	$ 50,500

EMPLOYEE BENEFIT PLANS (Details

EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension Plan
Net Periodic Benefit Cost
Service cost	$ 0.2	$ 0.2	$ 0.3	$ 0.3
Interest cost	1.6	1.8	3.1	3.3
Expected return on assets	(1.9)	(1.8)	(3.8)	(3.6)
Amortization of Prior Service Cost	0.6	0	1.2	0
Amortization of actuarial loss	0	0.5	0	1.1
Settlement cost	0	0	0	0
Net periodic benefit cost	0.5	0.7	0.8	1.1
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, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Salaries, wages, and commissions	$ 41.6	$ 45.9
Product warranty costs	9.4	9.3
Insurance	2.1	2.5
Employee benefits	15	13.8
Other	36.4	28.7
Accrued expenses and other current liabilities	$ 104.5	$ 100.2

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	22.90%	19.10%	22.50%	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, 2024	Dec. 31, 2023
Debt Instrument
Less: unamortized debt issuance costs	$ (100)	$ (100)
Total debt and capital leases	129,600	100,500
Less: current maturities	(42,375)	(12,355)
Long-term debt	87,242	88,056
Tax increment financing debt
Debt Instrument
Long-term Debt, Gross	13,400	14,100
Foreign subsidiary debt
Debt Instrument
Long-term Debt, Gross	300	500
Credit Agreement
Debt Instrument
Long-term Debt, Gross	41,000	11,000
Remaining borrowing capacity	305,500	335,400
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, 2024	Dec. 31, 2023	May 15, 2024	May 14, 2024
New York Life Investors LLC
Line of Credit Facility
Total borrowing capacity of facility			$ 250	$ 200
Prudential Financial
Line of Credit Facility
Total borrowing capacity of facility			$ 250	$ 150
Bank Overdrafts
Line of Credit Facility
Total borrowing capacity of facility	$ 17.4	$ 17.9
Outstanding borrowings	0	0
Remaining borrowing capacity	17.4	17.9
Credit Agreement
Line of Credit Facility
Outstanding borrowings	$ 41	$ 11
Line of Credit Facility, Interest Rate During Period	6.30%	6.30%
Letters of credit outstanding	$ 3.5	$ 3.6
Remaining borrowing capacity	$ 305.5	$ 335.4

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income attributable to Franklin Electric Co., Inc.	$ 59,099	$ 59,600	$ 92,058	$ 96,925
Less: Earnings allocated to participating securities	200	200	300	300
Net income available to common shareholders	$ 58,900	$ 59,400	$ 91,800	$ 96,600
Basic
Basic weighted average common shares outstanding	46	46.2	46	46.2
Effect of dilutive securities:
Non-participating employee stock options, performance awards, and deferred shares to non-employee directors	0.6	0.7	0.6	0.7
Diluted weighted average common shares outstanding	46.6	46.9	46.6	46.9
Basic	$ 1.28	$ 1.29	$ 1.99	$ 2.09
Diluted	$ 1.26	$ 1.27	$ 1.97	$ 2.06
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Common Stock, Dividends, Per Share, Cash Paid	$ 0.250	$ 0.225	$ 0.500	$ 0.450
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance			$ 1,209,148
Net income	$ 59,331	$ 60,160	92,423	$ 97,736
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	(21)		(21)
Equity, ending balance	1,224,896		1,224,896
Temporary equity, beginning balance	1,109	633	1,145	620
Net income	46	268	10	281
Temporary Equity, Foreign Currency Translation Adjustments	0	0	0	0
Temporary equity, ending balance	1,134	901	1,134	901
Common Stock
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	4,609	4,614	4,607	4,619
Stock Issued During Period, Value, New Issues	0	15	7	22
Stock Repurchased and Retired During Period, Value	(40)	(9)	(50)	(27)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	6	6	11	12
Equity, ending balance	4,575	4,626	4,575	4,626
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	352,797	332,263	344,717	325,426
Stock Issued During Period, Value, New Issues	252	6,057	4,295	8,988
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,967	2,492	7,004	6,398
Equity, ending balance	356,016	340,812	356,016	340,812
Retained Earnings
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	1,090,874	980,114	1,078,512	969,261
Net income	59,099	59,600	92,058	96,925
Dividends, Common Stock, Cash	(11,564)	(10,432)	(23,124)	(20,872)
Stock Repurchased and Retired During Period, Value	(39,124)	(8,399)	(48,161)	(24,431)
Equity, ending balance	1,099,285	1,020,883	1,099,285	1,020,883
Accumulated Other Comprehensive Income/(Loss)
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	(227,855)	(224,560)	(221,114)	(231,448)
Currency translation adjustment	(10,284)	4,482	(17,458)	10,953
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	434	416	867	833
Equity, ending balance	(237,705)	(219,662)	(237,705)	(219,662)
Noncontrolling Interest
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	2,554	2,537	2,426	2,276
Net income	186	292	355	530
Currency translation adjustment	(15)	13	(56)	36
Equity, ending balance	2,725	2,842	2,725	2,842
Total Equity
Increase (Decrease) in Stockholders' Equity
Equity, beginning balance	1,222,979	1,094,968	1,209,148	1,070,134
Net income	59,285	59,892	92,413	97,455
Dividends, Common Stock, Cash	(11,564)	(10,432)	(23,124)	(20,872)
Stock Issued During Period, Value, New Issues	252	6,072	4,302	9,010
Stock Repurchased and Retired During Period, Value	(39,164)	(8,408)	(48,211)	(24,458)
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,973	2,498	7,015	6,410
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders	0		0
Currency translation adjustment	(10,299)	4,495	(17,514)	10,989
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax	434	416	867	833
Equity, ending balance	$ 1,224,896	$ 1,149,501	$ 1,224,896	$ 1,149,501

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			$ 1,209,148
Net other comprehensive income/(loss)	$ (9,865)	$ 4,911	(16,647)	$ 11,822
Equity, ending balance	1,224,896		1,224,896
Income tax expense related to items of other comprehensive income/(loss)	143	139	286	277
Foreign Currency Translation Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(179,300)	(191,300)
Other comprehensive income/(loss) before reclassifications			(17,500)	10,900
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			0	0
Net other comprehensive income/(loss)			(17,500)	10,900
Equity, ending balance	(196,800)	(180,400)	(196,800)	(180,400)
Pension and Post-Retirement Plan Benefit Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(41,800)	(40,100)
Other comprehensive income/(loss) before reclassifications			0	0
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			900	800
Net other comprehensive income/(loss)			900	800
Equity, ending balance	(40,900)	(39,300)	(40,900)	(39,300)
AOCI Including Portion Attributable to Noncontrolling Interest
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax
Equity, beginning balance			(221,100)	(231,400)
Other comprehensive income/(loss) before reclassifications			(17,500)	10,900
Amounts reclassified from accumulated other comprehensive income/(loss) (1)			900	800
Net other comprehensive income/(loss)			(16,600)	11,700
Equity, ending balance	$ (237,700)	$ (219,700)	$ (237,700)	$ (219,700)

SEGMENT AND GEOGRAPHIC INFORM_3

SEGMENT AND GEOGRAPHIC INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segment Reporting Information
Net sales	$ 543,258	$ 569,181	$ 1,004,158	$ 1,053,732
Operating income/(loss)	79,149	80,903	127,085	133,509
Total assets	1,784,346		1,784,346		$ 1,728,122
Corporate And Eliminations
Segment Reporting Information
Net sales	(35,900)	(26,100)	(70,700)	(63,800)
Operating income/(loss)	(19,000)	(14,400)	(38,900)	(36,300)
Total assets	52,800		52,800		61,700
Water Systems | Operating Segments
Segment Reporting Information
Net sales	315,600	321,700	602,200	628,300
Operating income/(loss)	62,300	50,800	109,500	99,800
Total assets	1,056,500		1,056,500		1,044,400
Water Systems | United States & Canada
Segment Reporting Information
Net sales	157,700	176,800	295,700	336,200
Water Systems | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	35,900	26,100	70,700	63,800
Water Systems | Latin America
Segment Reporting Information
Net sales	41,800	42,000	83,100	82,300
Water Systems | EMEA
Segment Reporting Information
Net sales	56,000	54,600	108,300	105,000
Water Systems | Asia Pacific
Segment Reporting Information
Net sales	24,200	22,200	44,400	41,000
Distribution | Operating Segments
Segment Reporting Information
Net sales	190,500	193,100	337,500	336,100
Operating income/(loss)	9,800	17,800	11,700	22,500
Total assets	415,500		415,500		365,600
Distribution | United States & Canada
Segment Reporting Information
Net sales	190,500	193,100	337,500	336,100
Distribution | United States & Canada | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | Operating Segments
Segment Reporting Information
Net sales	73,100	80,400	135,200	153,100
Operating income/(loss)	26,000	26,700	44,800	47,500
Total assets	259,500		259,500		$ 256,400
Fueling Systems | Intersegment Sales
Segment Reporting Information
Net sales	0	0	0	0
Fueling Systems | United States & Canada
Segment Reporting Information
Net sales	58,400	60,400	105,100	114,400
Fueling Systems | All Other
Segment Reporting Information
Net sales	14,700	20,000	30,100	38,700
Consolidated
Segment Reporting Information
Net sales	$ 543,300	$ 569,100	$ 1,004,200	$ 1,053,700

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Commitments
Purchase obligations	$ 7.5
Changes in the Carrying Amount of the Warranty Accrual
Beginning balance	9.3
Accruals related to product warranties	6.4
Reductions for payments made	(6.3)
Ending balance	9.4
Recurring Basis
Loss Contingencies
Business Combination, Contingent Consideration, Liability	4.6		$ 3
Changes in the Carrying Amount of the Warranty Accrual
Business Combination, Contingent Consideration, Liability	4.6		3
Series of Individually Immaterial Business Acquisitions
Loss Contingencies
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	5
Business Combination, Contingent Consideration, Liability			4.3
Changes in the Carrying Amount of the Warranty Accrual
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 5
Business Combination, Contingent Consideration, Liability			$ 4.3
Esso S.A.F. | Pending Litigation | Damages from Product Defects
Loss Contingencies
Loss Contingency, Damages Sought, Value | €		€ 9.5