(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Global Select Market | |||||||||||||||||
(Title of each class) | (Trading symbol) | (Name of each exchange on which registered) |
☒ | No | ☐ |
☒ | No | ☐ |
☒ | Accelerated Filer | ☐ | Non-Accelerated Filer | ☐ | Smaller Reporting Company | ||||||||||||||||||
Emerging Growth Company |
Yes | No | ☒ |
Outstanding at | ||||||||
Class of Common Stock Par Value | October 28, 2022 | |||||||
$ |
Page | |||||||||||
PART I. | FINANCIAL INFORMATION | Number | |||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II. | OTHER INFORMATION | ||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 6. | |||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands, except per share amounts) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general, and administrative expenses | |||||||||||||||||||||||
Restructuring expense | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income/(expense), net | ( | ( | |||||||||||||||||||||
Foreign exchange income/(expense) | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Less: Net (income)/loss attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||
Net income attributable to Franklin Electric Co., Inc. | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Third Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
(In thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income/(loss), before tax: | |||||||||||||||||||||||
Foreign currency translation adjustments | ( | ( | ( | ( | |||||||||||||||||||
Employee benefit plan activity | |||||||||||||||||||||||
Other comprehensive income/(loss) | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense related to items of other comprehensive income/(loss) | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income/(loss), net of tax | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income/(loss) attributable to noncontrolling interests | |||||||||||||||||||||||
Comprehensive income attributable to Franklin Electric Co., Inc. | $ | $ | $ | $ |
(In thousands, except per share amounts) | September 30, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, less allowances of $ | |||||||||||
Inventories: | |||||||||||
Raw material | |||||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, at cost: | |||||||||||
Land and buildings | |||||||||||
Machinery and equipment | |||||||||||
Furniture and fixtures | |||||||||||
Other | |||||||||||
Property, plant, and equipment, gross | |||||||||||
Less: Allowance for depreciation | ( | ( | |||||||||
Property, plant, and equipment, net | |||||||||||
Right-of-use asset, net | |||||||||||
Deferred income taxes | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current lease liability | |||||||||||
Income taxes | |||||||||||
Current maturities of long-term debt and short-term borrowings | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term lease liability | |||||||||||
Income taxes payable non-current | |||||||||||
Deferred income taxes | |||||||||||
Employee benefit plans | |||||||||||
Other long-term liabilities | |||||||||||
Commitments and contingencies (see Note 15) | |||||||||||
Redeemable noncontrolling interest | ( | ||||||||||
Shareholders' equity: | |||||||||||
Common stock ( | |||||||||||
Additional capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders' equity | |||||||||||
Noncontrolling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2022 | September 30, 2021 | |||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Non-cash lease expense | |||||||||||
Share-based compensation | |||||||||||
Deferred income taxes | |||||||||||
(Gain)/Loss on disposals of plant and equipment | ( | ||||||||||
Foreign exchange (income)/expense | |||||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Receivables | ( | ( | |||||||||
Inventory | ( | ( | |||||||||
Accounts payable and accrued expenses | |||||||||||
Operating leases | ( | ( | |||||||||
Income taxes | ( | ( | |||||||||
Income taxes-U.S. Tax Cuts and Jobs Act | ( | ( | |||||||||
Employee benefit plans | |||||||||||
Other, net | ( | ( | |||||||||
Net cash flows from operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant, and equipment | ( | ( | |||||||||
Proceeds from sale of property, plant, and equipment | |||||||||||
Cash paid for acquisitions, net of cash acquired | ( | ( | |||||||||
Other, net | |||||||||||
Net cash flows from investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of debt | |||||||||||
Repayment of debt | ( | ( | |||||||||
Proceeds from issuance of common stock | |||||||||||
Purchases of common stock | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Net cash flows from financing activities | |||||||||||
Effect of exchange rate changes on cash | ( | ( | |||||||||
Net change in cash and equivalents | ( | ( | |||||||||
Cash and equivalents at beginning of period | |||||||||||
Cash and equivalents at end of period | $ | $ |
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2022 | September 30, 2021 | |||||||||
Cash paid for income taxes, net of refunds | $ | $ | |||||||||
Cash paid for interest | $ | $ | |||||||||
Non-cash items: | |||||||||||
Additions to property, plant, and equipment, not yet paid | $ | $ | |||||||||
Right-of-Use Assets obtained in exchange for new operating lease liabilities | $ | $ | |||||||||
Payable to sellers of acquired entities | $ | $ | |||||||||
Page Number | ||||||||
Note 1. | ||||||||
Note 2. | ||||||||
Note 3. | ||||||||
Note 4. | ||||||||
Note 5. | ||||||||
Note 6. | ||||||||
Note 7. | ||||||||
Note 8. | ||||||||
Note 9. | ||||||||
Note 10. | ||||||||
Note 11. | ||||||||
Note 12. | ||||||||
Note 13. | ||||||||
Note 14. | ||||||||
Note 15. | ||||||||
Note 16. |
(In millions) | ||||||||
Assets: | ||||||||
Inventory | $ | |||||||
Intangible assets | ||||||||
Goodwill | ||||||||
Other assets | ||||||||
Total assets | ||||||||
Liabilities | ||||||||
Less: Bargain purchase gain | ||||||||
Total consideration paid | $ |
(In millions) | September 30, 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 | $ | $ | $ | $ | ||||||||||
Forward currency contracts assets | ||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||
Liabilities: | ||||||||||||||
Share swap transaction | $ | $ | $ | $ | ||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||
December 31, 2021 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||
Share swap transaction | ||||||||||||||
Total assets | $ | $ | $ | $ |
(In millions) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||
Amortizing intangibles: | ||||||||||||||||||||||||||
Customer relationships | ( | ( | ||||||||||||||||||||||||
Patents | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Technology | ( | ( | ||||||||||||||||||||||||
Trade names | ( | $ | ( | |||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Unamortizing intangibles: | ||||||||||||||||||||||||||
Trade names | — | — | ||||||||||||||||||||||||
Total intangibles | $ | $ | ( | $ | $ | ( |
(In millions) | 2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||||
$ | $ | $ | $ | $ |
(In millions) | ||||||||||||||||||||||||||
Water Systems | Fueling Systems | Distribution | Consolidated | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||
Adjustments to prior year acquisitions | ( | ( | ||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | |||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | $ |
(In millions) | Pension Benefits | ||||||||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost | |||||||||||||||||||||||
Actuarial loss | |||||||||||||||||||||||
Settlement cost | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
(In millions) | Other Benefits | ||||||||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on assets | |||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Prior service cost | |||||||||||||||||||||||
Actuarial loss | |||||||||||||||||||||||
Settlement cost | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
(In millions) | September 30, 2022 | December 31, 2021 | ||||||||||||
Salaries, wages, and commissions | ||||||||||||||
Product warranty costs | ||||||||||||||
Insurance | ||||||||||||||
Employee benefits | ||||||||||||||
Other | ||||||||||||||
Total |
(In millions) | September 30, 2022 | December 31, 2021 | ||||||||||||
New York Life Agreement | ||||||||||||||
Credit Agreement | ||||||||||||||
Tax increment financing debt | ||||||||||||||
Foreign subsidiary debt | ||||||||||||||
Other | ||||||||||||||
Less: unamortized debt issuance costs | ( | ( | ||||||||||||
$ | $ | |||||||||||||
Less: current maturities | ( | ( | ||||||||||||
Long-term debt | $ |
(In millions) | Total | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | More Than 5 Years | |||||||||||||||||||||||||||||||||||||
Debt | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
(In millions, except per share amounts) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income attributable to Franklin Electric Co., Inc. | $ | $ | $ | $ | |||||||||||||||||||
Less: Earnings allocated to participating securities | |||||||||||||||||||||||
Net income available to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Basic weighted average common shares outstanding | |||||||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
Non-participating employee stock options, performance awards, and deferred shares to non-employee directors | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
(In thousands) | Common Stock | Additional Paid in Capital | Retained Earnings | Minimum Pension Liability | Cumulative Translation Adjustment | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
(In thousands) | Common Stock | Additional Paid in Capital | Retained Earnings | Minimum Pension Liability | Cumulative Translation Adjustment | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Pension liability, net of taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( |
(In thousands) | Common Stock | Additional Paid in Capital | Retained Earnings | Minimum Pension Liability | Cumulative Translation Adjustment | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability, net of taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
(In thousands) | Common Stock | Additional Paid in Capital | Retained Earnings | Minimum Pension Liability | Cumulative Translation Adjustment | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
Net Income | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Pension liability, net of taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of September 30, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||
(In millions) | Foreign Currency Translation Adjustments | Pension and Post-Retirement Plan Benefit Adjustments (2) | Total | ||||||||||||||
For the nine months ended September 30, 2022: | |||||||||||||||||
Balance as of December 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income/(loss) before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) (1) | |||||||||||||||||
Net other comprehensive income/(loss) | ( | ( | |||||||||||||||
Balance as of September 30, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
For the nine months ended September 30, 2021: | |||||||||||||||||
Balance as of December 31, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income/(loss) before reclassifications | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) (1) | |||||||||||||||||
Net other comprehensive income/(loss) | ( | ( | |||||||||||||||
Balance as of September 30, 2021 | $ | ( | $ | ( | $ | ( |
Third Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
(In millions) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||
Net sales | |||||||||||||||||||||||
Water Systems | |||||||||||||||||||||||
External sales | |||||||||||||||||||||||
United States & Canada | $ | $ | $ | $ | |||||||||||||||||||
Latin America | |||||||||||||||||||||||
Europe, Middle East & Africa | |||||||||||||||||||||||
Asia Pacific | |||||||||||||||||||||||
Intersegment sales | |||||||||||||||||||||||
United States & Canada | |||||||||||||||||||||||
Total sales | |||||||||||||||||||||||
Distribution | |||||||||||||||||||||||
External sales | |||||||||||||||||||||||
United States & Canada | |||||||||||||||||||||||
Intersegment sales | |||||||||||||||||||||||
Total sales | |||||||||||||||||||||||
Fueling Systems | |||||||||||||||||||||||
External sales | |||||||||||||||||||||||
United States & Canada | |||||||||||||||||||||||
All other | |||||||||||||||||||||||
Intersegment sales | |||||||||||||||||||||||
Total sales | |||||||||||||||||||||||
Intersegment Eliminations/Other | ( | ( | ( | ( | |||||||||||||||||||
Consolidated | $ | $ | $ | $ | |||||||||||||||||||
Third Quarter Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||
Operating income/(loss) | |||||||||||||||||||||||
Water Systems | $ | $ | $ | $ | |||||||||||||||||||
Distribution | |||||||||||||||||||||||
Fueling Systems | |||||||||||||||||||||||
Intersegment Eliminations/Other | ( | ( | ( | ( | |||||||||||||||||||
Consolidated | $ | $ | $ | $ |
September 30, 2022 | December 31, 2021 | ||||||||||
Total assets | |||||||||||
Water Systems | $ | $ | |||||||||
Distribution | |||||||||||
Fueling Systems | |||||||||||
Other | |||||||||||
Consolidated | $ | $ |
(In millions) | ||||||||
Balance as of December 31, 2021 | $ | |||||||
Accruals related to product warranties | ||||||||
Additions related to acquisitions | ||||||||
Reductions for payments made | ( | |||||||
Balance as of September 30, 2022 | $ |
Third Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||
Lease Cost (in millions): | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Short-term lease cost | ||||||||||||||||||||||||||
Other Information: | ||||||||||||||||||||||||||
Weighted-average remaining lease term | ||||||||||||||||||||||||||
Weighted-average discount rate | % | % |
(In millions) | 2022 | 2023 | 2024 | 2025 | 2026 | Thereafter | ||||||||||||||
Future Minimum Rental Payments | $ | $ | $ | $ | $ | $ |
2012 Stock Plan | Authorized Shares | |||||||
Stock Options | ||||||||
Stock/Stock Unit Awards |
2009 Stock Plan | Authorized Shares | ||||
Stock Options | |||||
Stock Awards |
September 30, 2022 | September 30, 2021 | |||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Dividend yield | % | % | ||||||||||||
Volatility factor | % | % | ||||||||||||
Expected term |
(Shares in thousands) | September 30, 2022 | |||||||||||||
Stock Options | Shares | Weighted-Average Exercise Price | ||||||||||||
Outstanding at beginning of period | $ | |||||||||||||
Granted | ||||||||||||||
Exercised | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Expired | ( | $ | ||||||||||||
Outstanding at end of period | $ | |||||||||||||
Expected to vest after applying forfeiture rate | $ | |||||||||||||
Vested and exercisable at end of period | $ |
Weighted-Average Remaining Contractual Term | Aggregate Intrinsic Value (000's) | |||||||||||||
Outstanding at end of period | $ | |||||||||||||
Expected to vest after applying forfeiture rate | $ | |||||||||||||
Vested and exercisable at end of period | $ |
(Shares in thousands) | September 30, 2022 | |||||||||||||
Restricted Stock/Stock Unit Awards | Shares | Weighted-Average Grant- Date Fair Value | ||||||||||||
Non-vested at beginning of period | $ | |||||||||||||
Awarded | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Non-vested at end of period | $ |
Net Sales | |||||||||||||||||
(In millions) | Q3 2022 | Q3 2021 | 2022 v 2021 | ||||||||||||||
Water Systems | $ | 293.1 | $ | 260.7 | $ | 32.4 | |||||||||||
Fueling Systems | 90.2 | 81.0 | 9.2 | ||||||||||||||
Distribution | 193.2 | 140.2 | 53.0 | ||||||||||||||
Eliminations/Other | (24.8) | (22.9) | (1.9) | ||||||||||||||
Consolidated | $ | 551.7 | $ | 459.0 | $ | 92.7 |
Operating income (loss) | ||||||||||||||||||||
(In millions) | Q3 2022 | Q3 2021 | 2022 v 2021 | |||||||||||||||||
Water Systems | $ | 45.5 | $ | 36.8 | $ | 8.7 | ||||||||||||||
Fueling Systems | 28.6 | 23.9 | 4.7 | |||||||||||||||||
Distribution | 19.0 | 12.3 | 6.7 | |||||||||||||||||
Eliminations/Other | (13.1) | (16.4) | 3.3 | |||||||||||||||||
Consolidated | $ | 80.0 | $ | 56.6 | $ | 23.4 |
Net Sales | |||||||||||||||||
(In millions) | YTD September 30, 2022 | YTD September 30, 2021 | 2022 v 2021 | ||||||||||||||
Water Systems | $ | 876.2 | $ | 705.5 | $ | 170.7 | |||||||||||
Fueling Systems | 248.7 | 210.0 | 38.7 | ||||||||||||||
Distribution | 519.2 | 380.7 | 138.5 | ||||||||||||||
Eliminations/Other | (89.8) | (66.9) | (22.9) | ||||||||||||||
Consolidated | $ | 1,554.3 | $ | 1,229.3 | $ | 325.0 |
Operating income (loss) | ||||||||||||||||||||
(In millions) | YTD September 30, 2022 | YTD September 30, 2021 | 2022 v 2021 | |||||||||||||||||
Water Systems | $ | 127.7 | $ | 102.7 | $ | 25.0 | ||||||||||||||
Fueling Systems | 72.4 | 57.3 | 15.1 | |||||||||||||||||
Distribution | 51.7 | 30.3 | 21.4 | |||||||||||||||||
Eliminations/Other | (50.8) | (48.3) | (2.5) | |||||||||||||||||
Consolidated | $ | 201.0 | $ | 142.0 | $ | 59.0 |
(in millions) | 2022 | 2021 | ||||||||||||
Net cash flows from operating activities | $ | 7.2 | $ | 93.9 | ||||||||||
Net cash flows from investing activities | (30.9) | (213.4) | ||||||||||||
Net cash flows from financing activities | 29.2 | 68.2 | ||||||||||||
Impact of exchange rates on cash and cash equivalents | (6.5) | (3.5) | ||||||||||||
Change in cash and cash equivalents | $ | (1.0) | $ | (54.8) |
Period | Total Number of Shares Repurchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan | Maximum Number of Shares that may yet to be Repurchased | ||||||||||||||||||||||
July 1 - July 31 | 972 | 69.80 | 972 | 422,942 | ||||||||||||||||||||||
August 1 - August 31 | — | — | — | 422,942 | ||||||||||||||||||||||
September 1 - September 30 | — | — | — | 422,942 | ||||||||||||||||||||||
Total | 972 | 69.80 | 972 | 422,942 |
Number | Description |
3.1 | |||||
3.2 | |||||
10.1 | |||||
10.2 | |||||
10.3 | |||||
10.4 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | The following financial information from Franklin Electric Co., Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline eXtensible Business Reporting Language (Inline XBRL): (i) Condensed Consolidated Statements of Income for the third quarter and nine months ended September 30, 2022 and 2021 (ii) Condensed Consolidated Statements of Comprehensive Income/(Loss) for the third quarter and nine months ended September 30, 2022 and 2021, (iii) Condensed Consolidated Balance Sheets as of September 30, 2022, and December 31, 2021, (iv) Condensed Consolidated Statement of Cash Flows for the nine months ended September 30, 2022 and 2021, and (v) Notes to Condensed Consolidated Financial Statements (filed herewith) | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
FRANKLIN ELECTRIC CO., INC. | |||||||||||
Registrant | |||||||||||
Date: November 1, 2022 | By | /s/ Gregg C. Sengstack | |||||||||
Gregg C. Sengstack, Chairperson and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: November 1, 2022 | By | /s/ Jeffery L. Taylor | |||||||||
Jeffery L. Taylor, Vice President and Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
Date: | November 1, 2022 | |||||||
/s/ Gregg C. Sengstack | ||||||||
Gregg C. Sengstack | ||||||||
Chairperson and Chief Executive Officer | ||||||||
Franklin Electric Co., Inc. |
Date: | November 1, 2022 | |||||||
/s/ Jeffery L. Taylor | ||||||||
Jeffery L. Taylor | ||||||||
Vice President and Chief Financial Officer | ||||||||
Franklin Electric Co., Inc. |
Date: | November 1, 2022 | |||||||
/s/ Gregg C. Sengstack | ||||||||
Gregg C. Sengstack | ||||||||
Chairperson and Chief Executive Officer | ||||||||
Franklin Electric Co., Inc. |
Date: | November 1, 2022 | |||||||
/s/ Jeffery L. Taylor | ||||||||
Jeffery L. Taylor | ||||||||
Vice President and Chief Financial Officer | ||||||||
Franklin Electric Co., Inc. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Income Statement [Abstract] | ||||
Net sales | $ 551,672 | $ 459,019 | $ 1,554,280 | $ 1,229,345 |
Cost of sales | 361,077 | 295,903 | 1,029,063 | 798,444 |
Gross profit | 190,595 | 163,116 | 525,217 | 430,901 |
Selling, general, and administrative expenses | 109,366 | 106,446 | 322,352 | 288,534 |
Restructuring expense | 1,185 | 76 | 1,898 | 381 |
Operating income | 80,044 | 56,594 | 200,967 | 141,986 |
Interest expense | (3,066) | (1,384) | (7,492) | (3,840) |
Other income/(expense), net | (1,250) | 2,061 | (2,787) | 1,531 |
Foreign exchange income/(expense) | (3,376) | (408) | (4,290) | (1,654) |
Income before income taxes | 72,352 | 56,863 | 186,398 | 138,023 |
Income tax expense | 13,380 | 10,409 | 37,544 | 24,043 |
Net income | 58,972 | 46,454 | 148,854 | 113,980 |
Less: Net (income)/loss attributable to noncontrolling interests | (348) | (282) | (1,101) | (787) |
Net income attributable to Franklin Electric Co., Inc. | $ 58,624 | $ 46,172 | $ 147,753 | $ 113,193 |
Earnings per share: | ||||
Basic | $ 1.26 | $ 0.99 | $ 3.17 | $ 2.43 |
Diluted | $ 1.24 | $ 0.98 | $ 3.13 | $ 2.40 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 58,972 | $ 46,454 | $ 148,854 | $ 113,980 |
Other comprehensive income/(loss), before tax: | ||||
Foreign currency translation adjustments | (16,046) | (12,085) | (26,959) | (15,464) |
Employee benefit plan activity | 1,656 | 1,158 | 4,032 | 3,391 |
Other comprehensive income/(loss) | (14,390) | (10,927) | (22,927) | (12,073) |
Income tax expense related to items of other comprehensive income/(loss) | (379) | (243) | (899) | (707) |
Other comprehensive income/(loss), net of tax | (14,769) | (11,170) | (23,826) | (12,780) |
Comprehensive income | 44,203 | 35,284 | 125,028 | 101,200 |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | 226 | 231 | 854 | 692 |
Comprehensive income attributable to Franklin Electric Co., Inc. | $ 43,977 | $ 35,053 | $ 124,174 | $ 100,508 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Current assets: | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,988 | $ 3,975 |
Shareholders' equity: | ||
Common shares, authorized (in shares) | 65,000 | 65,000 |
Common shares, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common shares, outstanding (in shares) | 46,318 | 46,483 |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
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, 2021, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of September 30, 2022, and for the third quarters and nine months ended September 30, 2022 and September 30, 2021 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all accounting entries and adjustments (including normal, recurring adjustments) considered necessary for a fair presentation of the financial position and the results of operations for the interim periods have been made. Operating results for the third quarter and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022. For further information, including a description of the critical accounting policies of Franklin Electric Co., Inc. (the "Company"), refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. In the second quarter of 2022, the Company concluded that Turkey represents a highly inflationary economy as its projected three-year cumulative inflation rate exceeds 100%. As a result, the Company started remeasuring the financial statements for the Company’s Turkish operations in accordance with the highly inflationary accounting rules in ASC 830, Foreign Currency Matters, as of April 1, 2022. As a result, all gains and losses resulting from the remeasurement of the financial results of operations and other transactional foreign exchange gains and losses would be reflected in earnings rather than as a component of the Company’s comprehensive income within stockholders’ equity. As of September 30, 2022, this impact was not significant to the Company’s results.
|
ACCOUNTING PRONOUNCEMENTS |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
ACCOUNTING PRONOUNCEMENTS | ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 reduces the number of accounting models for various convertible instruments and reduces form-over-substance-based accounting conclusions for the derivatives scope exception for contracts in an entity’s own equity. The FASB also updated Earnings Per Share (“EPS”) guidance under Topic 260 by requiring an entity to consider the potential effect of share settlement in the diluted EPS calculation for instruments that may be settled in cash or shares as well as other amendments. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021 with early adoption permitted but no earlier than fiscal years beginning after December 15, 2020. The guidance should be adopted at the beginning of a fiscal year. ASU 2020-06 should be applied on either a retrospective or modified retrospective basis. The Company adopted the standard effective January 1, 2022 using the modified retrospective approach, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. Accounting Standards Issued But Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires entities to recognize and measure contracts on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. This will improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 with early adoption permitted. ASU 2021-08 should be applied on a prospective basis to business combinations that occur after the effective date. The Company plans to adopt this ASU on January 1, 2023 and does not anticipate the adoption to 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 be applied prospectively. The Company plans to adopt this ASU on January 1, 2023, and does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.
|
ACQUISITIONS |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITIONS | ACQUISITIONS During the fourth quarter ended December 31, 2021, the Company acquired 100 percent of the ownership interests of B&R Industries, Inc. ("B&R"), a water treatment equipment provider located in Mesa, Arizona, for a cash purchase price of $16.3 million after purchase price adjustments based on the level of working capital acquired. B&R will be included as part of the Water Systems segment of the Company. The Company also acquired, in a separate transaction, 100 percent of the ownership interests of Blake Group Holdings, Inc. ("Blake"), a professional groundwater distributor operating in the northeast United States for a cash purchase price of $28.5 million after purchase price adjustments based on the level of working capital acquired. Blake will be included as part of the Distribution segment of the Company. The fair value of the assets acquired and liabilities assumed for both acquisitions is preliminary as of September 30, 2022. During the third quarter ended September 30, 2021, the Company acquired 100 percent of the ownership interests of Minetuff Dewatering Pumps Australia Pty Ltd for a cash purchase price of $13.7 million after purchase price adjustments based on the level of working capital acquired. Minetuff manufactures and sells submersible pumps, spare parts, and accessories to the mining industry and will expand the Company’s existing product offerings and channel access in the Water Systems segment. The fair value of the assets acquired and liabilities assumed for the acquisition were considered final as of September 30, 2022. During the second quarter ended June 30, 2021, the Company acquired, in separate transactions, 100 percent of the ownership interests of Puronics, Inc. and its wholly owned subsidiaries, headquartered in Livermore, California, and 100 percent of the ownership interests of New Aqua, LLC and its wholly owned subsidiaries, headquartered in Indianapolis, Indiana. Both Puronics and New Aqua are water treatment equipment providers and will be included as a part of the Water Systems segment of the Company. In a separate transaction during the second quarter ended June 30, 2021, the Company acquired all of the assets of Power Integrity Services, LLC, a North Carolina-based company, which will be included in the Fueling Systems segment of the Company. In another separate transaction during the second quarter ended June 30, 2021, the Company acquired all of the assets of Atlantic Turbine Pump, LLC, a Georgia-based company, which will be included in the Distribution segment of the Company. The Company recorded estimated fair values that exceed the acquisition price by $0.4 million, representing a bargain purchase gain due to favorable market conditions within the "Other income/(expense), net" line in the consolidated statements of income for the year ended December 31, 2021. The final combined, all-cash purchase price for all acquisitions in the second quarter was $185.5 million after purchase price adjustments based on the level of working capital acquired. The fair value of the assets acquired and liabilities assumed were considered final as of June 30, 2022. The identifiable intangible assets recognized in the separate transactions in 2021 were $132.3 million and consist primarily of customer relationships and trade names from New Aqua of $93.2 million, which will be amortized using the straight-line method over 12 - 20 years. The goodwill of $65.8 million resulting from the acquisitions in 2021 consists primarily of expanded geographical presence and product channel expansion. Goodwill deductible for tax purposes is $62.5 million from the acquisitions in 2021. Goodwill was recorded in the Water Systems and Fueling Systems segments. The preliminary purchase price assigned to the major identifiable assets and liabilities for all acquisitions in 2021 on an aggregated basis is as follows:
The Company has not presented separate results of operations since closing or combined pro forma financial information of the Company and the acquired interest since the beginning of 2021, as the results of operations for all acquisitions is immaterial. Transaction costs were expensed as incurred under the guidance of FASB Accounting Standards Codification Topic 805, Business Combinations. There were $0.0 million and $0.2 million of transaction costs included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income for the third quarter and nine months ended September 30, 2022, respectively. There were $0.0 million and $0.8 million of transaction costs included in the "Selling, general, and administrative expenses" line of the Company's condensed consolidated statements of income for the third quarter and nine months ended September 30, 2021, respectively.
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FAIR VALUE MEASUREMENTS |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 September 30, 2022 and December 31, 2021, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below:
The Company’s Level 1 cash equivalents assets are generally comprised of foreign bank guaranteed certificates of deposit and short term deposits. The share swap transaction and forward currency contracts assets and liabilities are recorded within the "Receivables" and "Accounts Payable" lines of the condensed consolidated balance sheets and are further described in Note 5 - Financial Instruments. The Company has no assets or liabilities measured on a recurring basis classified as Level 3. Total debt, including current maturities, have carrying amounts of $268.8 million and $188.5 million and estimated fair values of $265.4 million and $196.1 million as of September 30, 2022 and December 31, 2021, respectively. In the absence of quoted prices in active markets, considerable judgment is required in developing estimates of fair value. Estimates are not necessarily indicative of the amounts the Company could realize in a current market transaction. In determining the fair value of its debt, the Company uses estimates based on rates currently available to the Company for debt with similar terms and remaining maturities. Accordingly, the fair value of debt is classified as Level 2 within the valuation hierarchy.
|
FINANCIAL INSTRUMENTS |
9 Months Ended |
---|---|
Sep. 30, 2022 | |
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 September 30, 2022, the swap had a notional value based on 225,000 shares. For the third quarter and nine months ended September 30, 2022, the swap resulted in a gain of $1.8 million and a loss of $2.8 million, respectively. For the third quarters and nine months ended September 30, 2021, the swap resulted in a loss of $0.2 million and a gain of $3.1 million, respectively. Gains and losses resulting from the swap were largely offset by gains and losses on the fair value of the deferred compensation stock liability. All gains or losses and expenses related to the swap are recorded in the Company's condensed consolidated statements of income within the “Selling, general, and administrative expenses” line. The Company is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business including making sales and purchases of raw materials and finished goods in foreign denominated currencies with third party customers and suppliers as well as to wholly owned subsidiaries of the Company. To reduce its exposure to foreign currency exchange rate volatility, the Company enters into various forward currency contracts to offset these fluctuations. The Company uses forward currency contracts only in an attempt to limit underlying exposure from foreign currency exchange rate fluctuations and to minimize earnings volatility associated with foreign currency exchange rate fluctuations and has not elected to use hedge accounting. Decisions on whether to use such derivative instruments are primarily based on the amount of exposure to the currency involved and an assessment of the near-term market value for each currency. For the third quarter and nine months ended September 30, 2022, the forward currency contracts resulted in a gain of $0.4 million and a gain of $0.7 million, respectively. This is recorded in the Company's condensed consolidated statements of income within the "Foreign exchange income/(expense)" line.
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GOODWILL AND OTHER INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND OTHER INTANGIBLE ASSETS | GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amounts of the Company’s intangible assets are as follows:
Amortization expense related to intangible assets for the third quarters ended September 30, 2022 and September 30, 2021 was $4.2 million and $4.3 million, respectively, and for the nine months ended September 30, 2022 and September 30, 2021, $12.9 million and $10.2 million, respectively. Amortization expense for each of the five succeeding years is projected as follows:
The change in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2022, is as follows:
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EMPLOYEE BENEFIT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Defined Benefit Plans - As of September 30, 2022, the Company maintained two domestic pension plans and three German pension plans. The Company used a December 31, 2021 measurement date for these plans. One of the Company's domestic pension plans covers one active management employee, while the other domestic plan covers all eligible employees. Both domestic plans were frozen as of December 31, 2011. The two domestic and three German plans collectively comprise the 'Pension Benefits' disclosure caption. Other Benefits - The Company's other post-retirement benefit plan provides health and life insurance to domestic employees hired prior to 1992. The following table sets forth the aggregated net periodic benefit cost for all pension plans for the third quarters and nine months ended September 30, 2022 and September 30, 2021:
In the nine months ended September 30, 2022, the Company made contributions of $0.1 million to the funded plans. The amount of contributions to be made to the plans during the calendar year 2022 will be finalized by September 15, 2022, based upon the funding level requirements identified and year-end valuation performed at December 31, 2021. The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the third quarters and nine months ended September 30, 2022 and September 30, 2021:
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
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Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of:
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INCOME TAXES |
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Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXESThe Company’s effective tax rate from continuing operations for the nine month period ended September 30, 2022 was 20.1 percent as compared to 17.4 percent for the nine month period ended September 30, 2021. The effective tax rate is lower than the U.S. statutory rate of 21 percent primarily due to the recognition of the U.S. foreign-derived intangible income (FDII) provisions and certain discrete events including excess tax benefits from share-based compensation partially offset by state taxes. For the third quarter of 2022, the effective tax rate was 18.5 percent compared to 18.3 percent for the third quarter of 2021. The increase in the effective tax rate for the nine month period ended September 30, 2022 was primarily a result of less favorable discrete events recorded in the nine month period ended September 30, 2022, as compared to the nine month period ended September 30, 2021, primarily related to excess tax benefits from share based compensation. During the third quarter of 2022, the Company recorded $1.1 million of benefit from the reconciliation of the domestic federal return to the provision predominantly related to additional FDII benefit. During the third quarter of 2021, the Company recorded $0.8 million of excess tax benefits from share-based compensation.
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DEBT |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEBT | DEBT Debt consisted of the following:
Debt outstanding, excluding unamortized debt issuance costs, at September 30, 2022 matures as follows:
Prudential Agreement The Company maintains the Fourth Amended and Restated Note Purchase and Private Shelf Agreement (the "Prudential Agreement") with PGIM, Inc. and its affiliates, which was renewed on July 30, 2021 and expires on July 30, 2024. The Prudential Agreement has an initial borrowing capacity of $150.0 million. As of September 30, 2022, the Company had no notes issued and $150.0 million borrowing capacity available under the Prudential Agreement. Project Bonds The Company, Allen County, Indiana and certain institutional investors maintain a Bond Purchase and Loan Agreement. Under the agreement, Allen County, Indiana issued a series of Project Bonds entitled “Taxable Economic Development Bonds, Series 2012 (Franklin Electric Co., Inc. Project)." The aggregate principal amount of the Project Bonds that were issued, authenticated, and are now outstanding thereunder was limited to $25.0 million. These Project Bonds ("Tax increment financing debt") bear interest at 3.6 percent per annum. Interest and principal balance of the Project Bonds are due and payable by the Company directly to the institutional investors in aggregate semi-annual installments commencing on July 10, 2013, and concluding on January 10, 2033. New York Life Agreement The Company maintains an uncommitted and unsecured private shelf agreement with NYL Investors LLC and its affiliates (the "New York Life Agreement"), which was renewed on July 30, 2021 and expires on July 30, 2024. The New York Life Agreement has a maximum aggregate borrowing capacity of $200.0 million. On September 26, 2018, the Company issued and sold $75.0 million of fixed rate senior notes due September 26, 2025. These senior notes bear an interest rate of 4.04 percent with interest-only payments due semi-annually. The proceeds from the issuance of the notes were used to pay off existing variable interest rate indebtedness. As of September 30, 2022, there was $125.0 million remaining borrowing capacity under the New York Life Agreement. Credit Agreement The Company maintains the Fourth Amended and Restated Credit Agreement (the "Credit Agreement”). The Credit Agreement was renewed on May 13, 2021, has a maturity date of May 13, 2026. On May 11, 2022, the Company entered into Amendment No. 1 that increased the commitment amount from $250.0 million to $350.0 million. The Credit Agreement provides that the Borrowers may request an increase in the aggregate commitments by up to $125.0 million subject to agreement of the lenders (not to exceed a total commitment of $475.0 million). Under the Credit Agreement, the Borrowers are required to pay certain fees, including a facility fee of 0.100 percent to 0.275 percent (depending on the Company's leverage ratio) of the aggregate commitment, which fee is payable quarterly in arrears. USD loans may be made either at (i) a Secured Overnight Financing Rate (SOFR) Term Benchmark, with a zero percent floor, plus an applicable margin of 0.950 percent to 1.975 percent (depending on the Company's leverage ratio) or (ii) an alternative base rate as defined in the Credit Agreement. EUR loans may be made in Euro Interbank Offer Rate (EURIBOR) Term Benchmark, with a zero percent floor, plus an applicable margin of 0.850 percent to 1.875 percent (depending on the Company’s leverage ratio) or (ii) an alternative base rate as defined in the Credit Agreement. As of September 30, 2022, the Company had $174.2 million outstanding borrowings, $4.0 million in letters of credit outstanding, and $171.8 million of available capacity under the Credit Agreement. The Company also has lines of credit for certain subsidiaries with various expiration dates. The aggregate maximum borrowing capacity of these overdraft lines of credits is $18.7 million. As of September 30, 2022, there were $4.2 million outstanding borrowings and $14.5 million of available capacity under these lines of credit. Covenants The Company’s credit agreements contain customary financial covenants. The Company’s most significant agreements and restrictive covenants are in the New York Life Agreement, the Project Bonds, the Prudential Agreement, and the Credit Agreement; each containing both affirmative and negative covenants. The affirmative covenants relate to financial statements, notices of material events, conduct of business, inspection of property, maintenance of insurance, compliance with laws and most favored lender obligations. The negative covenants include limitations on loans, advances and investments, and the granting of liens by the Company or its subsidiaries, as well as prohibitions on certain consolidations, mergers, sales and transfers of assets. The covenants also include financial requirements including a maximum leverage ratio of 3.50 to 1.00 and a minimum interest coverage ratio of 3.00 to 1.00. Cross default is applicable with the Prudential Agreement, the Project Bonds, the New York Life Agreement, and the Credit Agreement but only if the Company is defaulting on an obligation exceeding $10.0 million. The Company was in compliance with all financial covenants as of September 30, 2022.
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EARNINGS PER SHARE |
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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:
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EQUITY ROLL FORWARD |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY ROLL FORWARD | EQUITY ROLL FORWARD The schedules below set forth equity changes in the third quarters ended September 30, 2022 and September 30, 2021:
The schedule below set forth equity changes in the nine months ended September 30, 2022 and September 30, 2021:
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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) Changes in accumulated other comprehensive income/(loss) by component for the nine months ended September 30, 2022 and September 30, 2021, are summarized below:
(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 $0.9 million and $0.7 million for the nine months ended September 30, 2022 and September 30, 2021, respectively. Amounts related to noncontrolling interests were not material.
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SEGMENT AND GEOGRAPHIC INFORMATION |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The accounting policies of the operating segments are the same as those described in Note 1 of the Company's Form 10-K. Revenue is recognized based on the invoice price at the point in time when the customer obtains control of the product, which is typically upon shipment to the customer. The Water and Fueling segments include manufacturing operations and supply certain components and finished goods, both between segments and to the Distribution segment. The Company reports these product transfers between Water and Fueling as inventory transfers as a significant number of the Company's manufacturing facilities are shared across segments for scale and efficiency purposes. The Company reports intersegment transfers from Water to Distribution as intersegment revenue at market prices to properly reflect the commercial arrangement of vendor to customer that exists between the Water and Distribution segments. Segment operating income is a key financial performance measure. Operating income by segment is based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other segments of the Company. Financial information by reportable business segment is included in the following summary:
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COMMITMENTS AND CONTINGENCIES |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 continuing position that its products were not the cause of any alleged damage. The Company's response to the expert's final report is due in January 2023, at which time the French court will determine whether the merits of the claim warrant additional proceedings. 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 September 30, 2022, the Company had $13.9 million of commitments primarily for capital expenditures and purchase of raw materials to be used in production. The Company provides warranties on most of its products. The warranty terms vary but are generally two years to five years from date of manufacture or one year to five years from date of installation. Provisions for estimated expenses related to product warranty are made at the time products are sold or when specific warranty issues are identified. These estimates are established using historical information about the nature, frequency, and average cost of warranty claims. The Company actively studies trends of warranty claims and takes actions to improve product quality and minimize warranty claims. The Company believes that the warranty reserve is appropriate; however, actual claims incurred could differ from the original estimates, requiring adjustments to the reserve. The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's condensed consolidated balance sheet for the nine months ended September 30, 2022, are as follows:
The Company maintains certain warehouses, distribution centers, office space, and equipment operating leases. The Company also has lease agreements that are classified as financing. These financing leases are immaterial to the Company. The Company utilizes interest rates from lease agreements unless the lease agreement does not provide a readily determinable rate. In these instances, the Company utilizes its incremental borrowing rate in effect at the inception of a lease when determining the present value of future lease payments. Some of the Company’s leases include renewal options. The Company excludes these renewal options in the expected lease term unless the Company is reasonably certain that the option will be exercised. The components of the Company’s operating lease portfolio as of the third quarter and nine months ended September 30, 2022 are as follows:
As of September 30, 2022, the Company has approximately $2.3 million of additional ROU assets related to leases that have not yet commenced, but create future lease obligations. The minimum rental payments for non-cancellable operating leases as of September 30, 2022, are as follows:
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SHARE-BASED COMPENSATION |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION The Franklin Electric Co., Inc. 2017 Stock Plan (the "2017 Stock Plan") is a stock-based compensation plan that provides for discretionary grants of stock options, stock awards, stock unit awards, and stock appreciation rights ("SARs") to key employees and non-employee directors. The number of shares that may be issued under the Plan is 1,400,000. Stock options and SARs reduce the number of available shares by one share for each share subject to the option or SAR, and stock awards and stock unit awards settled in shares reduce the number of available shares by 1.5 shares for every one share delivered. The Company also maintains the Franklin Electric Co., Inc. 2012 Stock Plan (the "2012 Stock Plan"), which is a stock-based compensation plan that provides for discretionary grants of stock options, stock awards, and stock unit awards to key employees and non-employee directors. The 2012 Stock Plan authorized 2,400,000 shares for issuance as follows:
No additional options and awards are granted out of the 2012 Stock Plan. However, there are still unvested awards and unexercised options under this plan. The Company also maintains the Amended and Restated Franklin Electric Co., Inc. Stock Plan (the "2009 Stock Plan") which, as amended in 2009, provided for discretionary grants of stock options and stock awards. The 2009 Stock Plan authorized 4,400,000 shares for issuance as follows:
All options in the 2009 Stock Plan have been awarded and no additional awards are granted out of the plan. However, there are still unvested awards and unexercised options under this plan. The Company currently issues new shares from its common stock balance to satisfy option exercises and the settlement of stock awards and stock unit awards made under the outstanding stock plans. Stock Options: The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model with a single approach and amortized using a straight-line attribution method over the option’s vesting period. The assumptions used for the Black-Scholes model to determine the fair value of options granted during the nine months ended September 30, 2022 and September 30, 2021 are as follows:
A summary of the Company’s outstanding stock option activity and related information for the nine months ended September 30, 2022 is as follows:
A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of September 30, 2022 is as follows:
The total intrinsic value of options exercised during the nine months ended September 30, 2022 and September 30, 2021 was $3.3 million and $15.1 million, respectively. As of September 30, 2022, there was $1.1 million of total unrecognized compensation cost related to non-vested stock options granted under the stock plans. That cost is expected to be recognized over a weighted-average period of 1.63 years. Stock/Stock Unit Awards: A summary of the Company’s restricted stock/stock unit award activity and related information for the nine months ended September 30, 2022 is as follows:
As of September 30, 2022, there was $10.7 million of total unrecognized compensation cost related to non-vested restricted stock/stock unit awards granted under the stock plans. That cost is expected to be recognized over a weighted-average period of 1.40 years.
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ACCOUNTING PRONOUNCEMENTS (Policies) |
9 Months Ended |
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Sep. 30, 2022 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. ASU 2020-06 reduces the number of accounting models for various convertible instruments and reduces form-over-substance-based accounting conclusions for the derivatives scope exception for contracts in an entity’s own equity. The FASB also updated Earnings Per Share (“EPS”) guidance under Topic 260 by requiring an entity to consider the potential effect of share settlement in the diluted EPS calculation for instruments that may be settled in cash or shares as well as other amendments. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021 with early adoption permitted but no earlier than fiscal years beginning after December 15, 2020. The guidance should be adopted at the beginning of a fiscal year. ASU 2020-06 should be applied on either a retrospective or modified retrospective basis. The Company adopted the standard effective January 1, 2022 using the modified retrospective approach, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. Accounting Standards Issued But Not Yet Adopted In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires entities to recognize and measure contracts on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. This will improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 with early adoption permitted. ASU 2021-08 should be applied on a prospective basis to business combinations that occur after the effective date. The Company plans to adopt this ASU on January 1, 2023 and does not anticipate the adoption to 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 be applied prospectively. The Company plans to adopt this ASU on January 1, 2023, and does not anticipate the adoption to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.
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ACQUISITIONS (Tables) |
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The preliminary purchase price assigned to the major identifiable assets and liabilities for all acquisitions in 2021 on an aggregated basis is as follows:
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FAIR VALUE MEASUREMENTS (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets Measured on Recurring Basis | As of September 30, 2022 and December 31, 2021, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below:
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The carrying amounts of the Company’s intangible assets are as follows:
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Schedule of Indefinite-Lived Intangible Assets | The carrying amounts of the Company’s intangible assets are as follows:
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Schedule of Amortization Expense | Amortization expense for each of the five succeeding years is projected as follows:
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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 nine months ended September 30, 2022, is as follows:
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EMPLOYEE BENEFIT PLANS (Tables) |
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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 third quarters and nine months ended September 30, 2022 and September 30, 2021:
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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 third quarters and nine months ended September 30, 2022 and September 30, 2021:
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consist of:
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DEBT (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Debt consisted of the following:
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Schedule of Long-term Debt Payments | Debt outstanding, excluding unamortized debt issuance costs, at September 30, 2022 matures as follows:
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EARNINGS PER SHARE (Tables) |
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share:
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EQUITY ROLL FORWARD (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders' Equity | The schedules below set forth equity changes in the third quarters ended September 30, 2022 and September 30, 2021:
The schedule below set forth equity changes in the nine months ended September 30, 2022 and September 30, 2021:
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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | Changes in accumulated other comprehensive income/(loss) by component for the nine months ended September 30, 2022 and September 30, 2021, are summarized below:
(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 $0.9 million and $0.7 million for the nine months ended September 30, 2022 and September 30, 2021, respectively.
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SEGMENT AND GEOGRAPHIC INFORMATION (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information by Reportable Business Segment | Financial information by reportable business segment is included in the following summary:
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COMMITMENTS AND CONTINGENCIES (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in the Carrying Amount of the Warranty Accrual | The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's condensed consolidated balance sheet for the nine months ended September 30, 2022, are as follows:
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Lease, Cost | The components of the Company’s operating lease portfolio as of the third quarter and nine months ended September 30, 2022 are as follows:
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Lessee, Operating Lease, Liability, Maturity | The minimum rental payments for non-cancellable operating leases as of September 30, 2022, are as follows:
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SHARE-BASED COMPENSATION (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Authorized Number of Shares | The 2012 Stock Plan authorized 2,400,000 shares for issuance as follows:
No additional options and awards are granted out of the 2012 Stock Plan. However, there are still unvested awards and unexercised options under this plan. The Company also maintains the Amended and Restated Franklin Electric Co., Inc. Stock Plan (the "2009 Stock Plan") which, as amended in 2009, provided for discretionary grants of stock options and stock awards. The 2009 Stock Plan authorized 4,400,000 shares for issuance as follows:
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Schedule of Assumptions Used to Determine the Fair Value of Options Granted | The assumptions used for the Black-Scholes model to determine the fair value of options granted during the nine months ended September 30, 2022 and September 30, 2021 are as follows:
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Schedule of Stock Option Plans Activity | A summary of the Company’s outstanding stock option activity and related information for the nine months ended September 30, 2022 is as follows:
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Schedule of Stock Options, Contractual Term and Aggregate Intrinsic Value | A summary of the weighted-average remaining contractual term and aggregate intrinsic value as of September 30, 2022 is as follows:
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Schedule of Restricted Stock/Stock Unit Award Activity | A summary of the Company’s restricted stock/stock unit award activity and related information for the nine months ended September 30, 2022 is as follows:
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ACQUISITIONS (Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Sep. 30, 2022 |
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Business Acquisition | ||
Goodwill | $ 329,630 | $ 323,999 |
Series of Individually Immaterial Business Acquisitions | ||
Business Acquisition | ||
Inventory | 34,300 | |
Intangible assets | 132,300 | |
Goodwill | 65,800 | |
Other assets | 39,000 | |
Total assets | 271,400 | |
Liabilities | 27,000 | |
Business Combination, Bargain Purchase, Gain Recognized, Amount | 400 | |
Total consideration paid | $ 244,000 |
FINANCIAL INSTRUMENTS (Details) - Not Designated as Hedging Instrument $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2021
USD ($)
|
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Share swap transaction agreement | ||||
Derivative | ||||
Derivative cancellable written notice term | 30 days | |||
Derivative notional amount (in shares) | shares | 225,000 | 225,000 | ||
Share swap transaction agreement | Selling, general, and administrative expenses | ||||
Derivative | ||||
Loss on derivative | $ 0.2 | $ 2.8 | ||
Gain on derivative | $ 1.8 | $ 3.1 | ||
Foreign Exchange Forward | Foreign Currency Gain (Loss) | ||||
Derivative | ||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 0.4 | $ 0.7 |
GOODWILL AND OTHER INTANGIBLE ASSETS (Future Amortization) (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 16.8 |
2023 | 16.7 |
2024 | 16.6 |
2025 | 15.8 |
2026 | $ 14.8 |
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2022
USD ($)
| |
Goodwill | |
Goodwill, beginning balance | $ 329,630 |
Acquisitions | 0 |
Goodwill, Purchase Accounting Adjustments | (100) |
Foreign currency translation | (5,500) |
Goodwill, ending balance | 323,999 |
Water Systems | |
Goodwill | |
Goodwill, beginning balance | 213,900 |
Acquisitions | 0 |
Goodwill, Purchase Accounting Adjustments | 300 |
Foreign currency translation | (5,000) |
Goodwill, ending balance | 209,200 |
Fueling Systems | |
Goodwill | |
Goodwill, beginning balance | 70,700 |
Acquisitions | 0 |
Goodwill, Purchase Accounting Adjustments | 0 |
Foreign currency translation | (500) |
Goodwill, ending balance | 70,200 |
Distribution | |
Goodwill | |
Goodwill, beginning balance | 45,000 |
Acquisitions | 0 |
Goodwill, Purchase Accounting Adjustments | (400) |
Foreign currency translation | 0 |
Goodwill, ending balance | $ 44,600 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Payables and Accruals [Abstract] | ||
Salaries, wages, and commissions | $ 52.7 | $ 62.3 |
Product warranty costs | 11.9 | 10.5 |
Insurance | 2.2 | 2.3 |
Employee benefits | 11.5 | 11.9 |
Other | 32.1 | 28.4 |
Accrued expenses and other current liabilities | $ 110.4 | $ 115.4 |
INCOME TAXES (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 18.50% | 18.30% | 20.10% | 17.40% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Other Tax Expense (Benefit) | $ 1.1 | $ 0.8 |
DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands |
Sep. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Instrument | ||
Long-term Debt, Gross | $ 269,000 | |
Less: unamortized debt issuance costs | (200) | $ (200) |
Total debt and capital leases | 268,800 | 188,500 |
Less: current maturities | (179,619) | (97,981) |
Long-term debt | 89,225 | 90,535 |
Tax increment financing debt | ||
Debt Instrument | ||
Long-term Debt, Gross | 15,300 | 16,500 |
Foreign subsidiary debt | ||
Debt Instrument | ||
Long-term Debt, Gross | 4,500 | 500 |
All Other | ||
Debt Instrument | ||
Long-term Debt, Gross | 0 | 100 |
Credit Agreement | ||
Debt Instrument | ||
Long-term Debt, Gross | 174,200 | 96,600 |
New York Life Investors LLC | ||
Debt Instrument | ||
Long-term Debt, Gross | $ 75,000 | $ 75,000 |
DEBT (Debt Payments Expected to be Paid) (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
Long-term Debt, by Maturity | |
Long-term Debt, Gross | $ 269.0 |
Year 1 | 179.6 |
Year 2 | 1.4 |
Year 3 | 76.4 |
Year 4 | 1.5 |
Year 5 | 1.4 |
More than 5 years | $ 8.7 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
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Numerator: | ||||
Net income attributable to Franklin Electric Co., Inc. | $ 58,624 | $ 46,172 | $ 147,753 | $ 113,193 |
Less: Earnings allocated to participating securities | 200 | 300 | 600 | 700 |
Net income available to common shareholders | $ 58,400 | $ 45,900 | $ 147,200 | $ 112,500 |
Basic | ||||
Basic weighted average common shares outstanding | 46.3 | 46.5 | 46.4 | 46.4 |
Effect of dilutive securities: | ||||
Non-participating employee stock options, performance awards, and deferred shares to non-employee directors | 0.7 | 0.5 | 0.7 | 0.6 |
Diluted weighted average common shares outstanding | 47.0 | 47.0 | 47.1 | 47.0 |
Basic | $ 1.26 | $ 0.99 | $ 3.17 | $ 2.43 |
Diluted | $ 1.24 | $ 0.98 | $ 3.13 | $ 2.40 |
Anti-dilutive stock options (in shares) | 0.0 | 0.0 | 0.1 | 0.1 |
COMMITMENTS AND CONTINGENCIES (Details) € in Millions, $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2022
EUR (€)
|
Sep. 30, 2022
USD ($)
|
|
Commitments | ||
Purchase obligations | $ 13.9 | |
Changes in the Carrying Amount of the Warranty Accrual | ||
Beginning balance | 10.5 | |
Accruals related to product warranties | 8.3 | |
Additions related to acquisitions | 0.0 | |
Reductions for payments made | (6.9) | |
Ending balance | $ 11.9 | |
Minimum | ||
Product Warranty Liability | ||
Standard warranty obligation term (in years) | 2 years | 2 years |
Standard installation warranty obligation term (in years) | 1 year | 1 year |
Maximum | ||
Product Warranty Liability | ||
Standard warranty obligation term (in years) | 5 years | 5 years |
Standard installation warranty obligation term (in years) | 5 years | 5 years |
Esso S.A.F. | Pending Litigation | Damages from Product Defects | ||
Loss Contingencies | ||
Loss Contingency, Damages Sought, Value | € | € 9.5 |
OPERATING LEASES, LEASE COST (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
Sep. 30, 2022 |
Sep. 30, 2021 |
|
OPERATING LEASES [Abstract] | ||||
Operating lease cost | $ 4.3 | $ 3.5 | $ 12.9 | $ 9.2 |
Short-term lease cost | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.5 |
Weighted-average remaining lease term | 4 years 3 months 18 days | 4 years 1 month 6 days | 4 years 3 months 18 days | 4 years 1 month 6 days |
Weighted-average discount rate | 3.70% | 4.10% | 3.70% | 4.10% |
Lessee, Operating Lease, Lease Not Yet Commenced, ROU Asset | $ 2.3 | $ 2.3 |
OPERATING LEASES, MATURITY ANALYSIS (Details) $ in Millions |
Sep. 30, 2022
USD ($)
|
---|---|
OPERATING LEASES [Abstract] | |
2022 | $ 4.5 |
2023 | 15.5 |
2024 | 10.6 |
2025 | 7.3 |
2026 | 5.7 |
Thereafter | $ 8.4 |
SHARE-BASED COMPENSATION (Shares Authorized) (Details) |
Sep. 30, 2022
shares
|
---|---|
2017 Stock Plan | |
Share-based Compensation | |
Number of shares authorized | 1,400,000 |
Non fungible share basis | 1 |
Fungible share basis | 1.5 |
2012 Stock Plan | |
Share-based Compensation | |
Number of shares authorized | 2,400,000 |
2012 Stock Plan | Stock Options | |
Share-based Compensation | |
Number of shares authorized | 1,680,000 |
2012 Stock Plan | Stock and Stock Unit Awards | |
Share-based Compensation | |
Number of shares authorized | 720,000 |
2009 Stock Plan | |
Share-based Compensation | |
Number of shares authorized | 4,400,000 |
2009 Stock Plan | Stock Options | |
Share-based Compensation | |
Number of shares authorized | 3,200,000 |
2009 Stock Plan | Stock Awards | |
Share-based Compensation | |
Number of shares authorized | 1,200,000 |
SHARE-BASED COMPENSATION (Valuation Assumptions Used) (Details) - Stock Options |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Sep. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Risk-free interest rate | 1.87% | 0.66% |
Dividend yield | 0.93% | 0.96% |
Volatility factor | 33.88% | 34.98% |
Expected term | 5 years 6 months | 5 years 6 months |
Label | Element | Value |
---|---|---|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 40,536,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 130,787,000 |
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