FRANKLIN ELECTRIC CO INC
For the period ended Mar 31, 2024. Filed Apr 30, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 30, 2024
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Goodwill and Other Intangible Assets
- GOODWILL AND OTHER INTANGIBLE ASSETS
The carrying amounts of the Company’s intangible assets, excluding goodwill, are as follows:
| (In millions) | March 31, 2024 | December 31, 2023 | ||
|---|---|---|---|---|
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |
| Definite-lived intangibles: | ||||
| Customer relationships | $264.7 | $(118.9) | $263.7 | $(115.5) |
| Patents | 7.3 | (7.3) | 7.3 | (7.3) |
| Technology | 7.5 | (7.5) | 7.5 | (7.5) |
| Trade names | 44.1 | (6.4) | 44.1 | (5.8) |
| Other | 3.3 | (2.8) | 3.4 | (2.8) |
| Total | $326.9 | $(142.9) | $326.0 | $(138.9) |
| Indefinite-lived intangibles: | ||||
| Trade names | 42.7 | — | 42.9 | — |
| Total intangibles | $369.6 | $(142.9) | $368.9 | $(138.9) |
Amortization expense related to intangible assets for the first quarters ended March 31, 2024 and March 31, 2023 was $4.8 million and $4.2 million, respectively.
The change in the carrying amount of goodwill by reportable segment for the three months ended March 31, 2024 is as follows:
| (In millions) | ||||
|---|---|---|---|---|
| Water Systems | Fueling Systems | Distribution | Consolidated | |
| Balance as of December 31, 2023 | $221.4 | $70.4 | $50.6 | $342.4 |
| Adjustments to prior year acquisitions | (0.7) | — | (0.1) | (0.8) |
| Foreign currency translation | (1.1) | — | — | (1.1) |
| Balance as of March 31, 2024 | $219.6 | $70.4 | $50.5 | $340.5 |
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