(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 | May 2, 2023 | |||||||
$ |
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. | |||||||||||
First Quarter Ended | |||||||||||
(In thousands, except per share amounts) | March 31, 2023 | March 31, 2022 | |||||||||
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 | $ | $ |
First Quarter Ended | |||||||||||
(In thousands) | March 31, 2023 | March 31, 2022 | |||||||||
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) | March 31, 2023 | December 31, 2022 | |||||||||
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 | |||||||||||
Lease right-of-use assets, net | |||||||||||
Deferred income taxes | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
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 | $ | $ |
Three Months Ended | |||||||||||
(In thousands) | March 31, 2023 | March 31, 2022 | |||||||||
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 | |||||||||||
Employee benefit plans | |||||||||||
Other, net | ( | ||||||||||
Net cash flows from operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Additions to property, plant, and equipment | ( | ( | |||||||||
Cash paid for acquisitions, net of cash acquired | ( | ||||||||||
Net cash flows from investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of debt | |||||||||||
Repayments 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 and cash equivalents | ( | ( | |||||||||
Net change in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
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. |
(In millions) | March 31, 2023 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||
Share swap transaction | ||||||||||||||
Forward currency contracts | ||||||||||||||
Total assets | $ | $ | $ | $ | ||||||||||
December 31, 2022 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||
Assets: | ||||||||||||||
Cash equivalents | $ | $ | $ | $ | ||||||||||
Total assets | $ | $ | $ | $ | ||||||||||
Liabilities: | ||||||||||||||
Share swap transaction | $ | $ | $ | $ | ||||||||||
Total liabilities | $ | $ | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |||||||||||||||||||||||
Definite-lived intangibles: | ||||||||||||||||||||||||||
Customer relationships | ( | ( | ||||||||||||||||||||||||
Patents | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Technology | ( | ( | ||||||||||||||||||||||||
Trade names | ( | $ | ( | |||||||||||||||||||||||
Other | ( | ( | ||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Indefinite-lived intangibles: | ||||||||||||||||||||||||||
Trade names | — | — | ||||||||||||||||||||||||
Total intangibles | $ | $ | ( | $ | $ | ( |
(In millions) | ||||||||||||||||||||||||||
Water Systems | Fueling Systems | Distribution | Consolidation | |||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisitions | ||||||||||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ |
(In millions) | Pension Benefits | ||||||||||
First Quarter Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
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 | ||||||||||
First Quarter Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Service cost | $ | $ | |||||||||
Interest cost | |||||||||||
Expected return on assets | |||||||||||
Amortization of: | |||||||||||
Prior service cost | |||||||||||
Actuarial loss | |||||||||||
Settlement cost | |||||||||||
Net periodic benefit cost | $ | $ |
(In millions) | March 31, 2023 | December 31, 2022 | ||||||||||||
Salaries, wages, and commissions | ||||||||||||||
Product warranty costs | ||||||||||||||
Insurance | ||||||||||||||
Employee benefits | ||||||||||||||
Other | ||||||||||||||
Total |
(In millions) | March 31, 2023 | December 31, 2022 | ||||||||||||
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 | $ |
First Quarter Ended | |||||||||||
(In millions, except per share amounts) | March 31, 2023 | March 31, 2022 | |||||||||
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 | Pension and Other Post Retirement Plans | Cumulative Translation Adjustment | Noncontrolling Interest | Total Equity | Redeemable Noncontrolling Interest | |||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Dividends on common stock ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | |||||||||||||||||||||||||||||||||||||||||||||||
Pension and other post retirement plans, net of taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||
(In thousands) | Common Stock | Additional Paid in Capital | Retained Earnings | Pension and Other Post Retirement Plans | 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 and other post retirement plans, net of taxes | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
(In millions) | Foreign Currency Translation Adjustments | Pension and Post-Retirement Plan Benefit Adjustments (2) | Total | ||||||||||||||
For the three months ended March 31, 2023: | |||||||||||||||||
Balance as of December 31, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income/(loss) before reclassifications | |||||||||||||||||
Amounts reclassified from accumulated other comprehensive income/(loss) (1) | |||||||||||||||||
Net other comprehensive income/(loss) | |||||||||||||||||
Balance as of March 31, 2023 | $ | ( | $ | ( | $ | ( | |||||||||||
For the three months ended March 31, 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 March 31, 2022 | $ | ( | $ | ( | $ | ( |
First Quarter Ended | |||||||||||
(In millions) | March 31, 2023 | March 31, 2022 | |||||||||
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 | $ | $ | |||||||||
First Quarter Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
Operating income/(loss) | |||||||||||
Water Systems | $ | $ | |||||||||
Distribution | |||||||||||
Fueling Systems | |||||||||||
Intersegment Eliminations/Other | ( | ( | |||||||||
Consolidated | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
Total assets | |||||||||||
Water Systems | $ | $ | |||||||||
Distribution | |||||||||||
Fueling Systems | |||||||||||
Other | |||||||||||
Consolidated | $ | $ |
(In millions) | ||||||||
Balance as of December 31, 2022 | $ | |||||||
Accruals related to product warranties | ||||||||
Additions related to acquisitions | ||||||||
Reductions for payments made | ( | |||||||
Balance as of March 31, 2023 | $ |
Net Sales | |||||||||||||||||
(In millions) | Q1 2023 | Q1 2022 | 2023 v 2022 | ||||||||||||||
Water Systems | $ | 306.6 | $ | 272.6 | $ | 34.0 | |||||||||||
Fueling Systems | 72.7 | 72.5 | 0.2 | ||||||||||||||
Distribution | 143.0 | 134.9 | 8.1 | ||||||||||||||
Eliminations/Other | (37.7) | (28.5) | (9.2) | ||||||||||||||
Consolidated | $ | 484.6 | $ | 451.5 | $ | 33.1 |
Operating income (loss) | ||||||||||||||||||||
(In millions) | Q1 2023 | Q1 2022 | 2023 v 2022 | |||||||||||||||||
Water Systems | $ | 49.0 | $ | 33.2 | $ | 15.8 | ||||||||||||||
Fueling Systems | 20.8 | 17.7 | 3.1 | |||||||||||||||||
Distribution | 4.7 | 9.4 | (4.7) | |||||||||||||||||
Eliminations/Other | (21.9) | (20.4) | (1.5) | |||||||||||||||||
Consolidated | $ | 52.6 | $ | 39.9 | $ | 12.7 |
(in millions) | 2023 | 2022 | ||||||||||||
Net cash flows from operating activities | $ | (12.0) | $ | (61.3) | ||||||||||
Net cash flows from investing activities | (14.6) | (8.9) | ||||||||||||
Net cash flows from financing activities | 33.1 | 68.7 | ||||||||||||
Impact of exchange rates on cash and cash equivalents | (0.4) | (0.5) | ||||||||||||
Change in cash and cash equivalents | $ | 6.1 | $ | (2.0) |
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 | ||||||||||||||||||||||
January 1 - January 31 | 72,235 | 82.25 | 72,235 | 1,215,872 | ||||||||||||||||||||||
February 1 - February 28 | — | — | — | 1,215,872 | ||||||||||||||||||||||
March 1 - March 31 | 90,000 | 90.39 | 90,000 | 1,125,872 | ||||||||||||||||||||||
Total | 162,235 | 86.76 | 162,235 | 1,125,872 |
Number | Description |
3.1 | |||||
3.2 | |||||
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 March 31, 2023, formatted in Inline eXtensible Business Reporting Language (Inline XBRL): (i) Condensed Consolidated Statements of Income for the first quarter ended March 31, 2023 and 2022 (ii) Condensed Consolidated Statements of Comprehensive Income/(Loss) for the first quarter ended March 31, 2023 and 2022, (iii) Condensed Consolidated Balance Sheets as of March 31, 2023, and December 31, 2022, (iv) Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023 and 2022, 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: May 5, 2023 | By | /s/ Gregg C. Sengstack | |||||||||
Gregg C. Sengstack, Chairperson and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: May 5, 2023 | By | /s/ Jeffery L. Taylor | |||||||||
Jeffery L. Taylor, Vice President and Chief Financial Officer | |||||||||||
(Principal Financial and Accounting Officer) |
Date: | May 5, 2023 | |||||||
/s/ Gregg C. Sengstack | ||||||||
Gregg C. Sengstack | ||||||||
Chairperson and Chief Executive Officer | ||||||||
Franklin Electric Co., Inc. |
Date: | May 5, 2023 | |||||||
/s/ Jeffery L. Taylor | ||||||||
Jeffery L. Taylor | ||||||||
Vice President and Chief Financial Officer | ||||||||
Franklin Electric Co., Inc. |
Date: | May 5, 2023 | |||||||
/s/ Gregg C. Sengstack | ||||||||
Gregg C. Sengstack | ||||||||
Chairperson and Chief Executive Officer | ||||||||
Franklin Electric Co., Inc. |
Date: | May 5, 2023 | |||||||
/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 | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Statement [Abstract] | ||
Net sales | $ 484,551 | $ 451,470 |
Cost of sales | 322,286 | 306,136 |
Gross profit | 162,265 | 145,334 |
Selling, general, and administrative expenses | 109,535 | 104,673 |
Restructuring expense | 124 | 720 |
Operating income | 52,606 | 39,941 |
Interest expense | (3,147) | (1,494) |
Other income/(expense), net | 409 | (378) |
Foreign exchange income/(expense) | (2,044) | (585) |
Income before income taxes | 47,824 | 37,484 |
Income tax expense | 10,248 | 7,365 |
Net income | 37,576 | 30,119 |
Less: Net (income)/loss attributable to noncontrolling interests | (251) | (354) |
Net income attributable to Franklin Electric Co., Inc. | $ 37,325 | $ 29,765 |
Earnings per share: | ||
Basic | $ 0.81 | $ 0.64 |
Diluted | $ 0.79 | $ 0.63 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 37,576 | $ 30,119 |
Other comprehensive income/(loss), before tax: | ||
Foreign currency translation adjustments | 6,494 | 8,592 |
Employee benefit plan activity | 555 | 1,192 |
Other comprehensive income/(loss) | 7,049 | 9,784 |
Income tax expense related to items of other comprehensive income/(loss) | (138) | (260) |
Other comprehensive income/(loss), net of tax | 6,911 | 9,524 |
Comprehensive income | 44,487 | 39,643 |
Less: Comprehensive (income)/loss attributable to noncontrolling interests | (274) | (316) |
Comprehensive income attributable to Franklin Electric Co., Inc. | $ 44,213 | $ 39,327 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Current assets: | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 3,984 | $ 4,211 |
Shareholders' equity: | ||
Common shares, authorized (in shares) | 65,000 | 65,000 |
Common shares, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common shares, outstanding (in shares) | 46,138 | 46,193 |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | CONDENSED CONSOLIDATED FINANCIAL STATEMENTSThe accompanying condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited financial statements, and the unaudited interim condensed consolidated financial statements as of March 31, 2023, and for the first quarters ended March 31, 2023 and March 31, 2022 have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations. In the opinion of management, all accounting entries and adjustments (including normal, recurring adjustments) considered necessary for a fair presentation of the financial position and the results of operations for the interim periods have been made. Operating results for the first quarter ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023. For further information, including a description of the critical accounting policies of Franklin Electric Co., Inc. (the "Company"), refer to the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. |
ACCOUNTING PRONOUNCEMENTS |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
ACCOUNTING PRONOUNCEMENTS | ACCOUNTING PRONOUNCEMENTS Adoption of New Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires entities to recognize and measure contracts on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. This will improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 with early adoption permitted. ASU 2021-08 should be applied on a prospective basis to business combinations that occur after the effective date. The Company adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. ASU 2022-04 creates the obligation for a company that uses a supplier finance program to purchase goods or services to disclose qualitative and quantitative information about its supplier finance program(s). This will allow financial statement users to better consider the effect of the program(s) on the entity's working capital, liquidity and cash flow over time. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023 with early adoption permitted. ASU 2022-04 should be applied retrospectively to each period in which a balance sheet is presented except for the amendment on rollforward information, which should be applied prospectively. The Company adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows as the Company has no current supplier finance programs.
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ACQUISITIONS |
3 Months Ended |
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Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITIONS | ACQUISITIONS 2023 During the first quarter ended March 31, 2023, the Company acquired all of the assets of Phil-Good Products, Inc. ("Phil-Good"). Phil-Good is an injection molded plastics component manufacturer. In another, separate transaction in the first quarter of 2023, the Company acquired 100 percent of the ownership interests of Hydropompe S.r.l. ("Hydropompe"). Hydropompe is a pump manufacturer with a focus in the dewatering and sewage products. The combined, all-cash purchase price for both acquisitions in the first quarter of 2023 was $6.9 million after purchase price adjustments based on the level of working capital acquired. The fair value of the assets acquired and liabilities assumed for both acquisitions is preliminary as of March 31, 2023. In addition, the Company has not presented separate results of operations of the acquired companies since the closing of the acquisitions or combined pro forma financial information of the Company and the acquired interests since the beginning of 2022, as the results of operations for both acquisitions are immaterial. 2022 During the fourth quarter ended December 31, 2022, the Company acquired 100 percent of the ownership interests of Casper Well Products ("Casper") for a purchase price of $2.0 million after purchase price adjustments based on the level of working capital acquired. Casper conducts the sale and distribution of pumps, drilling equipment, tanks, pipe, accessories and other equipment used in drilling water wells and distribution of water-related products. The fair value of the assets acquired and liabilities assumed is preliminary as of March 31, 2023. In addition, the Company has not presented separate results of operations of the acquired company since the closing of the acquisition or combined pro forma financial information of the Company and the acquired interest since the beginning of 2022, as the results of operations for this acquisition are 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 first quarters ended March 31, 2023 and March 31, 2022, respectively.
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FAIR VALUE MEASUREMENTS |
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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 March 31, 2023 and December 31, 2022, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below:
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. Total debt, including current maturities, have carrying amounts of $274.1 million and $216.1 million and estimated fair values of $271.9 million and $213.2 million as of March 31, 2023 and December 31, 2022, 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.
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FINANCIAL INSTRUMENTS |
3 Months Ended |
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Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022, the swap had a notional value based on 225,000 shares. For the first quarters ended March 31, 2023 and March 31, 2022, changes in the fair value of the swap resulted in a gain of $2.9 million and a loss of $2.4 million, respectively. Gains and losses resulting from the swap were largely offset by gains and losses on the fair value of the deferred compensation stock liability. All gains or losses and expenses related to the swap are recorded in the Company's condensed consolidated statements of income within the “Selling, general, and administrative expenses” line. The Company is exposed to foreign currency exchange rate risk arising from transactions in the normal course of business including making sales and purchases of raw materials and finished goods in foreign denominated currencies with third party customers and suppliers as well as to wholly owned subsidiaries of the Company. To reduce its exposure to foreign currency exchange rate volatility, the Company enters into various forward currency contracts to offset these fluctuations. The Company uses forward currency contracts only in an attempt to limit underlying exposure from foreign currency exchange rate fluctuations and to minimize earnings volatility associated with foreign currency exchange rate fluctuations and has not elected to use hedge accounting. Decisions on whether to use such derivative instruments are primarily based on the amount of exposure to the currency involved and an assessment of the near-term market value for each currency. As of March 31, 2023 and December 31, 2022, respectively, the Company had a notional amount of $22.4 million and $10.3 million in forward currency contracts outstanding and the related fair value of those contracts was not material. For the first quarters ended March 31, 2023 and March 31, 2022, changes is the fair value of the forward currency contracts resulted in a gain of $1.0 million and a loss of $0.2 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 first quarters ended March 31, 2023 and March 31, 2022 was $4.2 million and $4.3 million, respectively. The change in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2023, is as follows:
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EMPLOYEE BENEFIT PLANS |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The following table sets forth the aggregated net periodic benefit cost for all pension plans for the first quarters ended March 31, 2023 and March 31, 2022:
The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the first quarters ended March 31, 2023 and March 31, 2022:
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of:
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INCOME TAXES |
3 Months Ended |
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Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The Company’s effective tax rate for the three-month period ended March 31, 2023, was 21.4 percent as compared to 19.7 percent for the three-month period ended March 31, 2022. The effective tax rate differs from the U.S. statutory rate of 21 percent primarily due to state taxes partially offset by the recognition of the U.S. foreign-derived intangible income (FDII) provisions and certain discrete events including excess tax benefits from share-based compensation. The increase in the effective tax rate was primarily a result of less favorable discrete events recorded in the three month period ended March 31, 2023, as compared to the three month period ended March 31, 2022.
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DEBT |
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DEBT | DEBT Debt consisted of the following:
Credit Agreement As of March 31, 2023, the Company had $182.5 million outstanding borrowings with a weighted-average interest rate of 5.6 percent, $3.6 million in letters of credit outstanding, and $163.9 million of available capacity under its credit agreement. As of December 31,2022, the company had $122.8 million outstanding borrowings with a weighted-average interest rate of 5.0 percent, $4.0 million in letters of credit outstanding, and $223.2 million of available capacity under its credit agreement. The Company also has lines of credit for certain subsidiaries with various expiration dates. The aggregate maximum borrowing capacity of these overdraft lines of credits is $21.9 million. As of March 31, 2023, there were $1.5 million outstanding borrowings and $20.4 million of available capacity under these lines of credit. As of December 31, 2022, there were $22.0 million overdraft lines of credit with $2.7 million of outstanding borrowings and $19.3 million of available capacity under these lines of credit.
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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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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EQUITY ROLL FORWARD | EQUITY ROLL FORWARD The schedules below set forth equity changes in the first quarters ended March 31, 2023 and March 31, 2022:
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ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) |
3 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 three months ended March 31, 2023 and March 31, 2022, 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 $0.1 million and $0.3 million for the three months ended March 31, 2023 and March 31, 2022, respectively. Amounts related to noncontrolling interests were not material.
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SEGMENT AND GEOGRAPHIC INFORMATION |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION The accounting policies of the operating segments are the same as those described in Note 1 of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Revenue is recognized based on the invoice price at the point in time when the customer obtains control of the product, which is typically upon shipment to the customer. The Water and Fueling segments include manufacturing operations and supply certain components and finished goods, both between segments and to the Distribution segment. The Company reports these product transfers between Water and Fueling as inventory transfers as a significant number of the Company's manufacturing facilities are shared across segments for scale and efficiency purposes. The Company reports intersegment transfers from Water to Distribution as intersegment revenue at market prices to properly reflect the commercial arrangement of vendor to customer that exists between the Water and Distribution segments. Segment operating income is a key financial performance measure. Operating income by segment is based on net sales less identifiable operating expenses and allocations and includes profits recorded on sales to other segments of the Company. Financial information by reportable business segment is included in the following summary:
Other Assets are generally Corporate assets that are not allocated to the segments and are comprised primarily of cash and property, plant and equipment.
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COMMITMENTS AND CONTINGENCIES |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES In 2011, the Company became aware of a review of alleged issues with certain underground piping connections installed in filling stations in France owned by the French Subsidiary of Exxon Mobile, Esso S.A.F. A French court ordered that a designated, subject-matter expert review 103 filling stations to determine what, if any, damages are present and the cause of those damages. The Company has participated in this investigation since 2011, along with several other third parties including equipment installers, engineering design firms who designed and provided specifications for the stations, and contract manufacturers of some of the installed equipment. In May 2022, the subject-matter expert issued its final report, which indicates that total damages incurred by Esso amounted to approximately 9.5 million Euro. It is the Company’s position that its products were not the cause of any alleged damage. The Company submitted its response to the expert's final report in February 2023. The Company cannot predict the ultimate outcome of this matter. Any exposure related to this matter is neither probable nor estimable at this time. If payments result from a resolution of this matter, depending on the amount, they could have a material effect on the Company’s financial position, results of operations, or cash flows. The Company is defending other various claims and legal actions which have arisen in the ordinary course of business. In the opinion of management, based on current knowledge of the facts and after discussion with counsel, these claims and legal actions can be defended or resolved without a material effect on the Company’s financial position, results of operations, and net cash flows. At March 31, 2023, the Company had $13.2 million of commitments primarily for capital expenditures and purchase of raw materials to be used in production. The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's condensed consolidated balance sheet for the three months ended March 31, 2023, are as follows:
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ACCOUNTING PRONOUNCEMENTS (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Adoption of New Accounting Standards | Adoption of New Accounting Standards In October 2021, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires entities to recognize and measure contracts on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. This will improve comparability after the business combination by providing consistent recognition and measurement guidance for revenue contracts with customers acquired in a business combination and revenue contracts with customers not acquired in a business combination. ASU 2021-08 is effective for interim and annual periods beginning after December 15, 2022 with early adoption permitted. ASU 2021-08 should be applied on a prospective basis to business combinations that occur after the effective date. The Company adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows. In September 2022, the FASB issued ASU 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations. ASU 2022-04 creates the obligation for a company that uses a supplier finance program to purchase goods or services to disclose qualitative and quantitative information about its supplier finance program(s). This will allow financial statement users to better consider the effect of the program(s) on the entity's working capital, liquidity and cash flow over time. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the amendment on rollforward information, which is effective for fiscal years beginning after December 15, 2023 with early adoption permitted. ASU 2022-04 should be applied retrospectively to each period in which a balance sheet is presented except for the amendment on rollforward information, which should be applied prospectively. The Company adopted this ASU on January 1, 2023, and it did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows as the Company has no current supplier finance programs.
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FAIR VALUE MEASUREMENTS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets Measured on Recurring Basis | As of March 31, 2023 and December 31, 2022, the assets and liabilities measured at fair value on a recurring basis were as set forth in the table below:
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GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Change in the Carrying Amount of Goodwill by Reporting Segment | The change in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2023, is as follows:
|
EMPLOYEE BENEFIT PLANS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost | The following table sets forth the aggregated net periodic benefit cost for all pension plans for the first quarters ended March 31, 2023 and March 31, 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Aggregated Net Periodic Benefit Cost and Other Benefit Cost | The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the first quarters ended March 31, 2023 and March 31, 2022:
|
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consist of:
|
DEBT (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt | Debt consisted of the following:
|
EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic and Diluted Earnings Per Share | The following table sets forth the computation of basic and diluted earnings per share:
|
EQUITY ROLL FORWARD (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders' Equity | The schedules below set forth equity changes in the first quarters ended March 31, 2023 and March 31, 2022:
|
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS) | Changes in accumulated other comprehensive income/(loss) by component for the three months ended March 31, 2023 and March 31, 2022, 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 $0.1 million and $0.3 million for the three months ended March 31, 2023 and March 31, 2022, respectively.
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SEGMENT AND GEOGRAPHIC INFORMATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Information by Reportable Business Segment | Financial information by reportable business segment is included in the following summary:
|
COMMITMENTS AND CONTINGENCIES (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in the Carrying Amount of the Warranty Accrual | The changes in the carrying amount of the warranty accrual, as recorded in the "Accrued expenses and other current liabilities" line of the Company's condensed consolidated balance sheet for the three months ended March 31, 2023, are as follows:
|
ACQUISITIONS (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 31, 2022 |
|
Business Acquisition | |||
Business Combination, Acquisition Related Costs | $ 0.0 | $ 0.2 | |
Hydropompe Srl [Domain] | |||
Business Acquisition | |||
Business acquisition, percentage of voting interests acquired | 100.00% | ||
Series of Individually Immaterial Business Acquisitions | |||
Business Acquisition | |||
Total purchase price | $ 6.9 | ||
Casper Well Products | |||
Business Acquisition | |||
Business acquisition, percentage of voting interests acquired | 100.00% | ||
Total purchase price | $ 2.0 |
FINANCIAL INSTRUMENTS (Details) - Not Designated as Hedging Instrument $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
shares
|
Mar. 31, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
shares
|
|
Share swap transaction agreement | |||
Derivative | |||
Derivative cancellable written notice term | 30 days | ||
Derivative notional amount (in shares) | shares | 225,000 | 225,000 | |
Share swap transaction agreement | Selling, general, and administrative expenses | |||
Derivative | |||
Gain on derivative | $ 2.9 | ||
Loss on derivative | $ 2.4 | ||
Foreign Exchange Forward | |||
Derivative | |||
Derivative, Notional Amount | 22.4 | $ 10.3 | |
Foreign Exchange Forward | Foreign Currency Gain (Loss) | |||
Derivative | |||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ 1.0 | $ (0.2) |
GOODWILL AND OTHER INTANGIBLE ASSETS GOODWILL AND OTHER INTANGIBLE ASSETS (Goodwill) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Goodwill | |
Goodwill, beginning balance | $ 328,046 |
Acquisitions | 700 |
Foreign currency translation | 600 |
Goodwill, ending balance | 329,330 |
Water Systems | |
Goodwill | |
Goodwill, beginning balance | 211,900 |
Acquisitions | 700 |
Foreign currency translation | 500 |
Goodwill, ending balance | 213,100 |
Fueling Systems | |
Goodwill | |
Goodwill, beginning balance | 70,300 |
Acquisitions | 0 |
Foreign currency translation | 100 |
Goodwill, ending balance | 70,400 |
Distribution | |
Goodwill | |
Goodwill, beginning balance | 45,800 |
Acquisitions | 0 |
Foreign currency translation | 0 |
Goodwill, ending balance | $ 45,800 |
EMPLOYEE BENEFIT PLANS (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Pension Plan | ||
Net Periodic Benefit Cost | ||
Service cost | $ 0.1 | $ 0.2 |
Interest cost | 1.5 | 0.8 |
Expected return on assets | (1.8) | (1.5) |
Amortization of Prior Service Cost | 0.0 | 0.0 |
Amortization of actuarial loss | 0.6 | 1.2 |
Settlement cost | 0.0 | 0.0 |
Net periodic benefit cost | 0.4 | 0.7 |
Other Benefits | ||
Net Periodic Benefit Cost | ||
Service cost | 0.0 | 0.0 |
Interest cost | 0.1 | 0.1 |
Expected return on assets | 0.0 | 0.0 |
Amortization of Prior Service Cost | 0.0 | 0.0 |
Amortization of actuarial loss | 0.0 | 0.0 |
Settlement cost | 0.0 | 0.0 |
Net periodic benefit cost | $ 0.1 | $ 0.1 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Millions |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Payables and Accruals [Abstract] | ||
Salaries, wages, and commissions | $ 35.2 | $ 57.9 |
Product warranty costs | 11.3 | 11.2 |
Insurance | 1.6 | 1.7 |
Employee benefits | 6.0 | 13.5 |
Other | 34.6 | 36.3 |
Accrued expenses and other current liabilities | $ 88.7 | $ 120.6 |
INCOME TAXES (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 21.40% | 19.70% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
DEBT (Schedule of Debt) (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument | ||
Less: unamortized debt issuance costs | $ (100) | $ (100) |
Total debt and capital leases | 274,100 | 216,100 |
Less: current maturities | (185,280) | (126,756) |
Long-term debt | 88,766 | 89,271 |
Tax increment financing debt | ||
Debt Instrument | ||
Long-term Debt, Gross | 14,700 | 15,300 |
Foreign subsidiary debt | ||
Debt Instrument | ||
Long-term Debt, Gross | 2,000 | 3,100 |
All Other | ||
Debt Instrument | ||
Long-term Debt, Gross | 0 | 0 |
Credit Agreement | ||
Debt Instrument | ||
Long-term Debt, Gross | 182,500 | 122,800 |
New York Life Investors LLC | ||
Debt Instrument | ||
Long-term Debt, Gross | $ 75,000 | $ 75,000 |
DEBT (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Bank Overdrafts | ||
Line of Credit Facility | ||
Total borrowing capacity of facility | $ 21.9 | $ 22.0 |
Outstanding borrowings | 1.5 | 2.7 |
Remaining borrowing capacity | 20.4 | 19.3 |
Credit Agreement | ||
Line of Credit Facility | ||
Outstanding borrowings | $ 182.5 | $ 122.8 |
Line of Credit Facility, Interest Rate During Period | 5.60% | 5.00% |
Letters of credit outstanding | $ 3.6 | $ 4.0 |
Remaining borrowing capacity | $ 163.9 | $ 223.2 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Numerator: | ||
Net income attributable to Franklin Electric Co., Inc. | $ 37,325 | $ 29,765 |
Less: Earnings allocated to participating securities | 100 | 100 |
Net income available to common shareholders | $ 37,200 | $ 29,700 |
Basic | ||
Basic weighted average common shares outstanding | 46.2 | 46.4 |
Effect of dilutive securities: | ||
Non-participating employee stock options, performance awards, and deferred shares to non-employee directors | 0.7 | 0.7 |
Diluted weighted average common shares outstanding | 46.9 | 47.1 |
Basic | $ 0.81 | $ 0.64 |
Diluted | $ 0.79 | $ 0.63 |
Anti-dilutive stock options (in shares) | 0.1 | 0.1 |
COMMITMENTS AND CONTINGENCIES (Details) - 3 months ended Mar. 31, 2023 € in Millions, $ in Millions |
EUR (€) |
USD ($) |
---|---|---|
Commitments | ||
Purchase obligations | $ 13.2 | |
Changes in the Carrying Amount of the Warranty Accrual | ||
Beginning balance | 11.2 | |
Accruals related to product warranties | 3.4 | |
Additions related to acquisitions | 0.0 | |
Reductions for payments made | (3.3) | |
Ending balance | $ 11.3 | |
Esso S.A.F. | Pending Litigation | Damages from Product Defects | ||
Loss Contingencies | ||
Loss Contingency, Damages Sought, Value | € | € 9.5 |
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