FRANKLIN ELECTRIC CO INC
For the period ended Dec 31, 2024. Filed Feb 21, 2025.
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FY2024 · Filed Feb 21, 2025
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Accumulated Other Comprehensive Income/(Loss)
- ACCUMULATED OTHER COMPREHENSIVE INCOME/(LOSS)
Changes in accumulated other comprehensive income/(loss), net of tax, by component are summarized below:
| (In millions) | Foreign Currency Translation Adjustments | Pension and Post-Retirement Plan Benefit Adjustments | Total |
|---|---|---|---|
| Balance, December 31, 2021 | $(179.6) | $(49.0) | $(228.6) |
| Other comprehensive income/(loss) before reclassifications(1) | (11.7) | 4.9 | (6.8) |
| Amounts reclassified from accumulated other comprehensive income/(loss) (2)(3) | — | 4.0 | 4.0 |
| Net other comprehensive income/(loss) | (11.7) | 8.9 | (2.8) |
| Balance, December 31, 2022 | $(191.3) | $(40.1) | $(231.4) |
| Other comprehensive income/(loss) before reclassifications(1) | 12.0 | (3.3) | 8.7 |
| Amounts reclassified from accumulated other comprehensive income/(loss) (2)(3) | — | 1.6 | 1.6 |
| Net other comprehensive income/(loss) | 12.0 | (1.7) | 10.3 |
| Balance, December 31, 2023 | $(179.3) | $(41.8) | $(221.1) |
| Other comprehensive income/(loss) before reclassifications(1) | (35.7) | 1.1 | (34.6) |
| Amounts reclassified from accumulated other comprehensive income/(loss) (2)(3) | — | 1.7 | 1.7 |
| Net other comprehensive income/(loss) | (35.7) | 2.8 | (32.9) |
| Balance, December 31, 2024 | $(215.0) | $(39.0) | $(254.0) |
(1) Net of tax (benefit)/expense of $0.3 million, $(1.1) million and $1.8 million for 2024, 2023, and 2022, respectively.
(2) This accumulated other comprehensive income/(loss) component is included in the computation of net periodic pension cost (refer to Note 10 - Employee Benefit Plans for additional details) and is included in the “Other income/(expense), net” line of the Company’s consolidated statements of income.
(3) Net of tax expense of $0.6 million, $0.5 million and $1.8 million for 2024, 2023, and 2022, respectively.
Amounts related to noncontrolling interests were not material.
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