FRANKLIN ELECTRIC CO INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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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.
Sep 30, 2024 · Filed Oct 31, 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) | September 30, 2024 | December 31, 2023 | ||
|---|---|---|---|---|
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |
| Amortizing intangibles: | ||||
| Customer relationships | $264.3 | $(126.6) | $263.7 | $(115.5) |
| Patents | 7.3 | (7.3) | 7.3 | (7.3) |
| Technology | 7.5 | (7.5) | 7.5 | (7.5) |
| Trade names | 44.2 | (7.7) | 44.1 | (5.8) |
| Other | 3.2 | (2.6) | 3.4 | (2.8) |
| Total | $326.5 | $(151.7) | $326.0 | $(138.9) |
| Non-amortizing intangibles: | ||||
| Trade names | 42.5 | — | 42.9 | — |
| Total intangibles | $369.0 | $(151.7) | $368.9 | $(138.9) |
Amortization expense related to intangible assets for the third quarters ended September 30, 2024 and September 30, 2023 was $4.7 million and $4.2 million, respectively, and for the nine months ended September 30, 2024 and September 30, 2023 was $14.2 million and $12.7 million, respectively.
The change in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2024 is as follows:
| (In millions) | ||||
|---|---|---|---|---|
| Water Systems | Fueling Systems | Distribution | Consolidated | |
| Balance as of December 31, 2023 | $221.4 | $70.4 | $50.6 | $342.4 |
| Adjustments to prior year acquisitions | (0.9) | — | (0.1) | (1.0) |
| Foreign currency translation | (0.4) | 0.1 | — | (0.3) |
| Balance as of September 30, 2024 | $220.1 | $70.5 | $50.5 | $341.1 |
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