FRANKLIN ELECTRIC CO INC
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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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, 2025 · Filed Oct 30, 2025
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Employee Benefit Plans
- EMPLOYEE BENEFIT PLANS
On February 13, 2025, our Board of Directors approved the termination of the domestic Franklin Electric Co, Inc. Pension Plan (the “Plan”). On July 9, 2025, lump sum distributions of $59.9 million were made to eligible participants who elected that payment option to settle the obligation. On July 29, 2025, the Company settled its benefit obligation under the Plan for the remaining participants with the purchase of a nonparticipating, single premium annuity contract from a third-party insurance company, for $28.9 million. In connection with the termination and settlement of the Plan, the Company recognized a non-cash pension settlement gross loss of $55.3 million during Q3 related to the actuarial losses previously accumulated in Accumulated Other Comprehensive Loss, which was included in the “Pension settlement loss” line of the Company’s condensed consolidated statements of income.
The following table sets forth the aggregated net periodic benefit cost for all pension plans for the third quarters and nine months ended September 30, 2025 and September 30, 2024:
| (In millions) | Pension Benefits | |||
|---|---|---|---|---|
| Third Quarter Ended | Nine Months Ended | |||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Service cost | $0.1 | $0.2 | $0.2 | $0.5 |
| Interest cost | 0.9 | 1.6 | 3.8 | 4.7 |
| Expected return on assets | (0.6) | (1.9) | (3.8) | (5.7) |
| Amortization of: | ||||
| Prior service cost | — | — | — | — |
| Actuarial loss | 0.1 | 0.5 | 0.9 | 1.7 |
| Settlement cost | — | — | — | — |
| Remeasurement of defined benefit pension | 2.0 | — | 2.0 | — |
| Pension settlement loss | 55.3 | — | 55.3 | — |
| Net periodic benefit cost | $57.8 | $0.4 | $58.4 | $1.2 |
The following table sets forth the aggregated net periodic benefit cost for the other post-retirement benefit plan for the third quarters and nine months ended September 30, 2025 and September 30, 2024:
| (In millions) | Other Benefits | |||
|---|---|---|---|---|
| Third Quarter Ended | Nine Months Ended | |||
| September 30, 2025 | September 30, 2024 | September 30, 2025 | September 30, 2024 | |
| Service cost | $— | $— | $— | $— |
| Interest cost | 0.1 | 0.1 | 0.2 | 0.2 |
| Expected return on assets | — | — | — | — |
| Amortization of: | ||||
| Prior service cost | — | — | — | — |
| Actuarial loss | — | — | — | — |
| Settlement cost | — | — | — | — |
| Net periodic benefit cost | $0.1 | $0.1 | $0.2 | $0.2 |
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