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Pay vs Performance Disclosure

6 Months Ended

12 Months Ended

Dec. 31, 2024

Jun. 30, 2024

Dec. 31, 2024

USD ($)

$ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Dec. 31, 2020

USD ($)

$ / shares

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

As required by Item 402(v) of Regulation S-K, the Company is providing the following information about the relationship between executive compensation actually paid and the Company’s financial performance for each of the last five completed fiscal years. In determining the “compensation actually paid” to named executive officers (“NEOs”), the Company is required to make various adjustments to amounts that have been previously reported in the Summary Compensation Table in each such previous year, as the valuation methods for this disclosure under Item 402(v) differ from those required in reporting the compensation information in the Summary Compensation Table. For NEOs other than the principal executive officer (the “PEO”), compensation is reported as an average.


Year	Summary Compensation Table Total for Current PEO ($)(1)	Compensation Actually Paid to Current PEO ($)(1)(3)(6)	Summary Compensation Table Total for Former PEO ($)(1)	Compensation Actually Paid to Former PEO ($)(1)(4)(6)	Average Summary Compensation Table Total for Non-PEO NEOs ($)(2)	Average Compensation Actually Paid to Non-PEO NEOs ($)(2)(5)(6)	Value of Initial Fixed $100 Investment Based On:		Net Income ($)(8)	Adjusted EPS ($/sh)(9)
							Total Stockholder Return ($)	Peer Group Total Stockholder Return ($)(7)
2024	6,399,979	5,111,462	7,926,384	5,172,521	1,544,264	1,265,987	179	171	180,309,000	3.92
2023			7,401,610	9,293,165	1,421,534	1,631,420	175	156	193,272,000	4.13
2022			6,700,247	4,504,643	1,711,922	1,428,875	143	132	187,332,000	4.00
2021			6,896,933	14,635,531	1,656,125	2,850,173	168	139	153,860,000	3.14
2020			5,953,917	8,684,141	1,476,632	2,139,130	122	115	100,460,000	2.20

(1)Effective July 1, 2024, Joseph A. Ruzynski ("Current PEO") succeeded Gregg C. Sengstack ("Former PEO") as Chief Executive Officer. Gregg C. Sengstack is the only PEO for 2023, 2022, 2021 and 2020.

(2)The Non-PEO NEOs for each year presented are:

2024 - Jeffery L. Taylor, Jonathan M. Grandon, Gregory M. Levine, and DeLancey W. Davis

2023 - Jeffery L. Taylor, Jonathan M. Grandon, DeLancey W. Davis, Jay J. Walsh, and Donald P. Kenney

2022 - Jeffery L. Taylor, Donald P. Kenney, DeLancey W. Davis, and Jay J. Walsh

2021 - John J. Haines, Jeffery L. Taylor, Donald P. Kenney, DeLancey W. Davis, and Jonathan M. Grandon

2020 - John J. Haines, Donald P. Kenney, DeLancey W. Davis, and Jonathan M. Grandon

(3)The table below presents adjustments to the summary compensation table total to reflect the compensation actually paid to the Current PEO for 2024.


	2024
Summary Compensation Table Total Current PEO	$	6,399,979
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value Reported in the Summary Compensation Table	(5,250,067)
Add: Actuarially Determined Service Cost for Services Rendered During the Fiscal Year and Change in Pension Value Attributable to Plan Amendments Made in the Current Year	—
Add: Year-End Fair Value of Awards Granted in the Current Year	3,948,295
Add: Change in Fair Value from Prior Year-End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Current Year	—
Add: Change in Fair Value from Prior Year-End to Current Year-End of Outstanding and Unvested Equity Awards Granted in Prior Years	—
Less: Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Current Year	—
Add: Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	13,255
Compensation Actually Paid for Current PEO	$	5,111,462

(4)The table below presents adjustments to the summary compensation table total to reflect the compensation actually paid to the Former PEO for 2024, 2023, 2022, 2021, and 2020.


	2024		2023		2022		2021		2020
Summary Compensation Table Total for Former PEO	$	7,926,384	$	7,401,610	$	6,700,247	$	6,896,933	$	5,953,917
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value Reported in the Summary Compensation Table	(5,837,366)		(5,566,476)		(4,557,850)		(4,431,383)		(4,175,317)
Add: Actuarially Determined Service Cost for Services Rendered During the Fiscal Year and Change in Pension Value Attributable to Plan Amendments Made in the Current Year	418,219		397,761		371,687		287,737		247,704
Add: Year-End Fair Value of Awards Granted in the Current Year	3,150,907		3,730,241		3,600,652		5,479,618		4,239,112
Add: Change in Fair Value from Prior Year-End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Current Year	256,247		1,443,501		(1,253,153)		878,040		(184,789)
Add: Change in Fair Value from Prior Year-End to Current Year-End of Outstanding and Unvested Equity Awards Granted in Prior Years	(824,544)		1,794,718		(474,620)		5,424,642		2,523,911
Less: Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Current Year	—		—		—		—		—
Add: Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	82,674		91,810		117,680		99,944		79,603
Compensation Actually Paid for Former PEO	$	5,172,521	$	9,293,165	$	4,504,643	$	14,635,531	$	8,684,141

(5)The table below presents adjustments to the average summary compensation table total to reflect the average compensation actually paid to the Non-PEO NEOs for 2023, 2022, 2021, and 2020.


	2024		2023		2022		2021		2020
Average of Summary Compensation Table Total for Non-PEO NEOs	$	1,544,264	$	1,421,534	$	1,711,922	$	1,656,125	$	1,476,632
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value Reported in the Summary Compensation Table	(703,746)		(686,499)		(666,842)		(686,414)		(687,834)
Add: Actuarially Determined Service Cost for Services Rendered During the Fiscal Year and Change in Pension Value Attributable to Plan Amendments Made in the Current Year	—		—		—		—		—
Add: Year-End Fair Value of Awards Granted in the Current Year	492,754		512,427		600,271		923,429		863,867
Add: Change in Fair Value from Prior Year-End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Current Year	21,908		248,948		(160,773)		318,544		(28,487)
Add: Change in Fair Value from Prior Year-End to Current Year-End of Outstanding and Unvested Equity Awards Granted in Prior Years	(99,106)		204,660		(71,623)		678,613		498,417
Less: Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Current Year	—		(82,029)		—		(56,683)		—
Add: Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	9,913		12,379		15,920		16,559		16,535
Average Compensation Actually Paid for Non-PEO NEOs	$	1,265,987	$	1,631,420	$	1,428,875	$	2,850,173	$	2,139,130

(6)The fair values of unvested and outstanding equity awards were remeasured as of the end of each fiscal year and as of each vesting date during the years presented in the compensation actually paid calculation. For performance share units, fair values reflect the probable outcome of the performance vesting conditions as of each measurement date. For stock options, fair values use the Black-Scholes valuation method with an expected life assumption that uses the midpoint of the remaining contractual term and time until vesting as of each valuation date. The other Black-Scholes valuation criteria remained consistent with the criteria used at the grant of the options.

(7)The peer group consists of the proxy disclosed peer group listed in the "Compensation Discussion and Analysis" section of this Proxy Statement.

(8)Net Income refers to "Net Income attributable to Franklin Electric Co., Inc." as reported in the Company's Annual Report on Form 10-K in Item 8. Financial Statements and Supplementary Data.

(9)In 2024, 2023 and 2022, restructuring expense was excluded in calculating Adjusted EPS, which decreased GAAP EPS by $0.06, $0.02 and $0.03, respectively. In 2021, restructuring expense and the non-operational impact of the bargain purchase gains recognized in the fourth quarter of 2020 and second quarter 2021 acquisitions were excluded in calculating adjusted EPS, which increased GAAP EPS by $0.11. In 2020, restructuring expense and the non-operational income statement impact of the December 31, 2020 acquisition were excluded in calculating adjusted EPS, which decreased GAAP EPS by $0.06.

Company Selected Measure Name

Adjusted EPS

Named Executive Officers, Footnote

Effective July 1, 2024, Joseph A. Ruzynski ("Current PEO") succeeded Gregg C. Sengstack ("Former PEO") as Chief Executive Officer. Gregg C. Sengstack is the only PEO for 2023, 2022, 2021 and 2020.

(2)The Non-PEO NEOs for each year presented are:

2024 - Jeffery L. Taylor, Jonathan M. Grandon, Gregory M. Levine, and DeLancey W. Davis

2023 - Jeffery L. Taylor, Jonathan M. Grandon, DeLancey W. Davis, Jay J. Walsh, and Donald P. Kenney

2022 - Jeffery L. Taylor, Donald P. Kenney, DeLancey W. Davis, and Jay J. Walsh

2021 - John J. Haines, Jeffery L. Taylor, Donald P. Kenney, DeLancey W. Davis, and Jonathan M. Grandon

2020 - John J. Haines, Donald P. Kenney, DeLancey W. Davis, and Jonathan M. Grandon

Peer Group Issuers, Footnote

The peer group consists of the proxy disclosed peer group listed in the "Compensation Discussion and Analysis" section of this Proxy Statement.

Adjustment To PEO Compensation, Footnote

The table below presents adjustments to the summary compensation table total to reflect the compensation actually paid to the Current PEO for 2024.


	2024
Summary Compensation Table Total Current PEO	$	6,399,979
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value Reported in the Summary Compensation Table	(5,250,067)
Add: Actuarially Determined Service Cost for Services Rendered During the Fiscal Year and Change in Pension Value Attributable to Plan Amendments Made in the Current Year	—
Add: Year-End Fair Value of Awards Granted in the Current Year	3,948,295
Add: Change in Fair Value from Prior Year-End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Current Year	—
Add: Change in Fair Value from Prior Year-End to Current Year-End of Outstanding and Unvested Equity Awards Granted in Prior Years	—
Less: Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Current Year	—
Add: Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	13,255
Compensation Actually Paid for Current PEO	$	5,111,462

(4)The table below presents adjustments to the summary compensation table total to reflect the compensation actually paid to the Former PEO for 2024, 2023, 2022, 2021, and 2020.


	2024		2023		2022		2021		2020
Summary Compensation Table Total for Former PEO	$	7,926,384	$	7,401,610	$	6,700,247	$	6,896,933	$	5,953,917
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value Reported in the Summary Compensation Table	(5,837,366)		(5,566,476)		(4,557,850)		(4,431,383)		(4,175,317)
Add: Actuarially Determined Service Cost for Services Rendered During the Fiscal Year and Change in Pension Value Attributable to Plan Amendments Made in the Current Year	418,219		397,761		371,687		287,737		247,704
Add: Year-End Fair Value of Awards Granted in the Current Year	3,150,907		3,730,241		3,600,652		5,479,618		4,239,112
Add: Change in Fair Value from Prior Year-End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Current Year	256,247		1,443,501		(1,253,153)		878,040		(184,789)
Add: Change in Fair Value from Prior Year-End to Current Year-End of Outstanding and Unvested Equity Awards Granted in Prior Years	(824,544)		1,794,718		(474,620)		5,424,642		2,523,911
Less: Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Current Year	—		—		—		—		—
Add: Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	82,674		91,810		117,680		99,944		79,603
Compensation Actually Paid for Former PEO	$	5,172,521	$	9,293,165	$	4,504,643	$	14,635,531	$	8,684,141

Non-PEO NEO Average Total Compensation Amount

$ 1,544,264

$ 1,421,534

$ 1,711,922

$ 1,656,125

$ 1,476,632

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,265,987

1,631,420

1,428,875

2,850,173

2,139,130

Adjustment to Non-PEO NEO Compensation Footnote

The table below presents adjustments to the average summary compensation table total to reflect the average compensation actually paid to the Non-PEO NEOs for 2023, 2022, 2021, and 2020.


	2024		2023		2022		2021		2020
Average of Summary Compensation Table Total for Non-PEO NEOs	$	1,544,264	$	1,421,534	$	1,711,922	$	1,656,125	$	1,476,632
Less: Grant Date Fair Value of Equity Awards and Change in Pension Value Reported in the Summary Compensation Table	(703,746)		(686,499)		(666,842)		(686,414)		(687,834)
Add: Actuarially Determined Service Cost for Services Rendered During the Fiscal Year and Change in Pension Value Attributable to Plan Amendments Made in the Current Year	—		—		—		—		—
Add: Year-End Fair Value of Awards Granted in the Current Year	492,754		512,427		600,271		923,429		863,867
Add: Change in Fair Value from Prior Year-End to Vesting Date of Equity Awards Granted in Prior Years that Vested in the Current Year	21,908		248,948		(160,773)		318,544		(28,487)
Add: Change in Fair Value from Prior Year-End to Current Year-End of Outstanding and Unvested Equity Awards Granted in Prior Years	(99,106)		204,660		(71,623)		678,613		498,417
Less: Fair Value at the End of the Prior Year of Equity Awards that were Forfeited in the Current Year	—		(82,029)		—		(56,683)		—
Add: Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation	9,913		12,379		15,920		16,559		16,535
Average Compensation Actually Paid for Non-PEO NEOs	$	1,265,987	$	1,631,420	$	1,428,875	$	2,850,173	$	2,139,130

Equity Valuation Assumption Difference, Footnote

The fair values of unvested and outstanding equity awards were remeasured as of the end of each fiscal year and as of each vesting date during the years presented in the compensation actually paid calculation. For performance share units, fair values reflect the probable outcome of the performance vesting conditions as of each measurement date. For stock options, fair values use the Black-Scholes valuation method with an expected life assumption that uses the midpoint of the remaining contractual term and time until vesting as of each valuation date. The other Black-Scholes valuation criteria remained consistent with the criteria used at the grant of the options.

Compensation Actually Paid vs. Total Shareholder Return

The chart below shows the relationship between compensation actually paid to the Current PEO and Former PEO and the average of compensation actually paid to the other NEOs and the cumulative TSR of the Company and the Company's Peer Group over five fiscal years ending December 31, 2024. The SEC requires companies to compare compensation actually paid to the PEO and other NEOs and the Company’s cumulative TSR. However, the Company does not link NEO compensation to the Company’s cumulative TSR.

Compensation Actually Paid vs. Net Income

The chart below shows the relationship between compensation actually paid to the Current PEO and Former PEO and the average of the compensation actually paid to the other NEOs and the Company’s net income over the five fiscal years ending December 31, 2024. The SEC requires companies to compare compensation actually paid to the PEO and other NEOs and net income. However, the Company does not link NEO compensation to net income performance.

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

The financial performance measures listed below represent the most important metrics the Company used to link compensation actually paid to the Current PEO and Former PEO and other NEOs to Company performance for the most recently completed fiscal year.


Financial Performance Measure			Relationship to Pay
Adjusted EPS			Annual Incentive Plan
Adjusted Operating Income			Annual Incentive Plan
Working Capital			Annual Incentive Plan
Normalized EBITDA			Long-term Incentive Plan

Total Shareholder Return Amount

$ 179

175

143

168

122

Peer Group Total Shareholder Return Amount

171

156

132

139

115

Net Income (Loss)

$ 180,309,000

$ 193,272,000

$ 187,332,000

$ 153,860,000

$ 100,460,000

Company Selected Measure Amount | $ / shares

3.92

4.13

4.00

3.14

2.20

PEO Name

Joseph A. Ruzynski

Gregg C. Sengstack

Measure:: 1

Pay vs Performance Disclosure

Name

Adjusted EPS

Non-GAAP Measure Description

In 2024, 2023 and 2022, restructuring expense was excluded in calculating Adjusted EPS, which decreased GAAP EPS by $0.06, $0.02 and $0.03, respectively. In 2021, restructuring expense and the non-operational impact of the bargain purchase gains recognized in the fourth quarter of 2020 and second quarter 2021 acquisitions were excluded in calculating adjusted EPS, which increased GAAP EPS by $0.11. In 2020, restructuring expense and the non-operational income statement impact of the December 31, 2020 acquisition were excluded in calculating adjusted EPS, which decreased GAAP EPS by $0.06.

Measure:: 2