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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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) | 2024 | 2023 | ||
|---|---|---|---|---|
| Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization | |
| Amortizing intangibles: | ||||
| Customer relationships | $263.4 | $(128.8) | $263.7 | $(115.5) |
| Patents | 7.2 | (7.2) | 7.3 | (7.3) |
| Technology | 7.5 | (7.5) | 7.5 | (7.5) |
| Trade names | 44.5 | (8.1) | 44.1 | (5.8) |
| Other | 2.8 | (2.4) | 3.4 | (2.8) |
| Total | $325.4 | $(154.0) | $326.0 | $(138.9) |
| Non-amortizing intangibles: | ||||
| Trade names | 41.6 | — | 42.9 | — |
| Total intangibles | $367.0 | $(154.0) | $368.9 | $(138.9) |
Amortization expense related to intangible assets for the years ended December 31, 2024, 2023, and 2022, was $18.8 million, $17.1 million, and $17.2 million, respectively.
Amortization expense for each of the five succeeding years is projected as follows:
| (In millions) · 2025 · 2026 · 2027 · 2028 · 2029 | ||||
|---|---|---|---|---|
| $18.0 | $17.1 | $15.6 | $15.1 | $14.0 |
The change in the carrying amount of goodwill by reportable segment for 2024 and 2023, is as follows:
| (In millions) | Water Systems | Energy Systems | Distribution | Consolidated |
|---|---|---|---|---|
| Balance as of December 31, 2022 | $211.9 | $70.3 | $45.8 | $328.0 |
| Acquisitions | 8.0 | — | 4.8 | 12.8 |
| Adjustments to prior year acquisitions | 0.1 | — | — | 0.1 |
| Foreign currency translation | 1.4 | 0.1 | — | 1.5 |
| Balance as of December 31, 2023 | $221.4 | $70.4 | $50.6 | $342.4 |
| Acquisitions | 0.8 | — | — | 0.8 |
| Adjustments to prior year acquisitions | (1.0) | — | — | (1.0) |
| Foreign currency translation | (3.6) | (0.1) | — | (3.7) |
| Balance as of December 31, 2024 | $217.6 | $70.3 | 50.6 | $338.5 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.