GOODWILL AND OTHER INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The carrying amounts of the Company’s intangible assets, excluding goodwill, are as follows:


(In millions)	September 30, 2025				December 31, 2024
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
Amortizing intangibles:
Customer relationships	$	305.6	$	(144.7)	$	263.4	$	(128.8)
Patents	7.4		(7.4)		7.2		(7.2)
Technology	10.4		(7.7)		7.5		(7.5)
Trade names	58.1		(10.7)		44.5		(8.1)
Other	2.9		(2.5)		2.8		(2.4)
Total	$	384.4	$	(173.0)	$	325.4	$	(154.0)
Non-amortizing intangibles:
Trade names	41.8		—		41.6		—
Total intangibles	$	426.2	$	(173.0)	$	367.0	$	(154.0)

Amortization expense related to intangible assets for the third quarters ended September 30, 2025 and September 30, 2024 was $6.1 million and $4.7 million, respectively, and for nine months ended September 30, 2025 and September 30, 2024 was $17.2 million and $14.2 million, respectively.

The change in the carrying amount of goodwill by reportable segment for the nine months ended September 30, 2025 is as follows:


(In millions)
	Water Systems		Energy Systems		Distribution		Consolidated
Balance as of December 31, 2024	$	217.6	$	70.3	$	50.6	$	338.5
Acquisitions	55.4		—		—		55.4
Adjustments to prior year acquisitions	0.1		—		—		0.1
Foreign currency translation	4.2		0.2		—		4.4
Balance as of September 30, 2025	$	277.3	$	70.5	$	50.6	$	398.4

FRANKLIN ELECTRIC CO INC 10-Q