XML 14 R2.htm IDEA: XBRL DOCUMENT

Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure [Table]

Pay vs Performance [Table Text Block]

Pay versus Performance

In accordance with Item 402(v) of Regulation S-K (the “Pay Versus Performance Rule”), adopted by the Securities and Exchange Commission pursuant to Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the following table (the “Pay Versus Performance Table”), and the disclosures below, illustrate the relationships between executive compensation actually paid to our principal executive officer (“PEO”) and the average of the executive compensation actually paid to the named executive officers other than the PEO as a group, on one hand, and select financial metrics on the other hand, across our last three (3) completed fiscal years. Refer to the Compensation Discussion and Analysis commencing on page 22 for additional information regarding our pay-for-performance philosophy and how target and actual compensation aligns with our performance. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the fiscal years shown.

Compensation actually paid, as required under the Pay Versus Performance Rule, reflects the adjustments to unvested and vested equity awards during the years shown in the table below, and does not reflect the actual amounts of compensation earned or paid to our PEO and other named executive officers as a group for the applicable year. Compensation actually paid generally fluctuates due to increases or decreases in our stock price.

Pay Versus Performance
					Value of Initial Fixed $100 Investment Based On:
Year	Summary Compensation Table Total for PEO⁽¹⁾	Compensation Actually Paid to PEO^{(1), (3)}	Average Summary Compensation Table Total for Non-PEO Named Executive Officers⁽²⁾	Average Compensation Actually Paid to Non-PEO Named Executive Officers^{(2), (3)}	Total Share-holder Return⁽⁴⁾	Peer Group Total Share-holder Return⁽⁵⁾	Net Income⁽⁶⁾	Adjusted Earnings per Share⁽⁷⁾
2022	$11,420,501	$12,993,704	$3,933,473	$3,977,758	$174.03	$137.67	$406,122,000	$8.12
2021	$11,024,040	$14,315,189	$3,819,102	$5,245,458	$148.99	$153.00	$383,532,000	$7.04
2020	$10,808,156	$11,315,009	$3,631,169	$3,846,234	$106.47	$119.84	$132,943,000	$6.40

(1)	For all years reported, the PEO was Anthony J. Guzzi, Chairman, President, and Chief Executive Officer.

(2)	For all years reported, the non-PEO named executive officers were: Mark A. Pompa, Executive Vice President and Chief Financial Officer; R. Kevin Matz, Executive Vice President — Shared Services; and Maxine L. Mauricio, Executive Vice President, General Counsel, and Corporate Secretary.

(3)	To calculate “compensation actually paid,” adjustments were made to the amounts of total compensation reported in the Summary Compensation Table on page 34. A reconciliation, showing the adjustments for the PEO as well as the non-PEO named executive officers as a group, is shown below on page 37.

(4)	Total Shareholder Return assumes the investment of $100 in our common stock on December 31, 2019 as well as the reinvestment of all dividends.

(5)	For purposes of the “Peer group total shareholder return” column of this table, the S&P 400 Capital Goods Index was used as our selected peer group.

(6)	Reflects “Net Income” as reported in our audited financial statements included on Form 10-K for each of the years ended December 31, 2022, 2021, and 2020.

(7)

Adjusted earnings per share represents the Company-Selected Measure, which we believe represents the most important financial performance measure used to link compensation actually paid to our named executive officers to company performance. Adjusted earnings per share is more broadly defined commencing on page 25 under “Annual Incentive Program.”

The following tabular list sets forth the other financial measures which, in our assessment, represent the most important financial performance measures that we use to link compensation actually paid to our named executive officers, for the most recently completed fiscal year, to company performance:

Metric⁽¹⁾			Type of compensation to which metric applies
Adjusted earnings per share			Annual Incentive Program LTIP Cash Target Bonuses
Adjusted operating income			Annual Incentive Program
Adjusted positive operating cash flow			Annual Incentive Program

(1)	The metrics described in this table apply to the compensation of all named executive officers, including the PEO.

To calculate “compensation actually paid” in the Pay Versus Performance table on page 36, adjustments were made to the amounts of total compensation reported in the Summary Compensation Table on page 34. A reconciliation, showing the adjustments for the PEO as well as the non-PEO named executive officers as a group, is shown below.

Reconciliation of Compensation Actually Paid to PEO	2022	2021	2020
Total compensation per Summary Compensation Table	$11,420,501	$11,024,040	$10,808,156
Deduct amounts reported under “Stock Awards” in Summary Compensation Table	$(2,643,739)	$(2,320,597)	$(2,271,245)
Add fair value of awards granted during the year that remain outstanding and unvested as of year-end	$3,088,094	$3,327,682	$2,410,520
Change in fair value of awards granted in prior years that remain outstanding and unvested as of year-end	$1,124,764	$2,340,255	$357,595
Change in fair value of awards granted in prior years that vested in the current year	$4,084	$(56,191)	$9,983
Compensation Actually Paid	$12,993,704	$14,315,189	$11,315,009

Reconciliation of Average Compensation Actually Paid to Non-PEO Named Executive Officers as a Group	2022	2021	2020
Average total compensation per Summary Compensation Table	$3,933,473	$3,819,102	$3,631,169
Deduct amounts reported under “Stock Awards” in Summary Compensation Table	$(675,687)	$(631,224)	$(595,580)
Add fair value of awards granted during the year that remain outstanding and unvested as of year-end	$788,982	$904,851	$632,050
Change in fair value of awards granted in prior years that remain outstanding and unvested as of year-end	$300,019	$1,166,990	$176,081
Change in fair value of awards granted in prior years that vested in the current year	$(369,029)	$(14,261)	$2,514
Average Compensation Actually Paid	$3,977,758	$5,245,458	$3,846,234

Company Selected Measure Name

Adjusted earnings per share

Named Executive Officers, Footnote [Text Block]

(2)	For all years reported, the non-PEO named executive officers were: Mark A. Pompa, Executive Vice President and Chief Financial Officer; R. Kevin Matz, Executive Vice President — Shared Services; and Maxine L. Mauricio, Executive Vice President, General Counsel, and Corporate Secretary.

Peer Group Issuers, Footnote [Text Block]

(5)	For purposes of the “Peer group total shareholder return” column of this table, the S&P 400 Capital Goods Index was used as our selected peer group.

PEO Total Compensation Amount

$ 11,420,501

$ 11,024,040

$ 10,808,156

PEO Actually Paid Compensation Amount

$ 12,993,704

14,315,189

11,315,009

Adjustment To PEO Compensation, Footnote [Text Block]

Reconciliation of Compensation Actually Paid to PEO	2022	2021	2020
Total compensation per Summary Compensation Table	$11,420,501	$11,024,040	$10,808,156
Deduct amounts reported under “Stock Awards” in Summary Compensation Table	$(2,643,739)	$(2,320,597)	$(2,271,245)
Add fair value of awards granted during the year that remain outstanding and unvested as of year-end	$3,088,094	$3,327,682	$2,410,520
Change in fair value of awards granted in prior years that remain outstanding and unvested as of year-end	$1,124,764	$2,340,255	$357,595
Change in fair value of awards granted in prior years that vested in the current year	$4,084	$(56,191)	$9,983
Compensation Actually Paid	$12,993,704	$14,315,189	$11,315,009

Non-PEO NEO Average Total Compensation Amount

$ 3,933,473

3,819,102

3,631,169

Non-PEO NEO Average Compensation Actually Paid Amount

$ 3,977,758

5,245,458

3,846,234

Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

Reconciliation of Average Compensation Actually Paid to Non-PEO Named Executive Officers as a Group	2022	2021	2020
Average total compensation per Summary Compensation Table	$3,933,473	$3,819,102	$3,631,169
Deduct amounts reported under “Stock Awards” in Summary Compensation Table	$(675,687)	$(631,224)	$(595,580)
Add fair value of awards granted during the year that remain outstanding and unvested as of year-end	$788,982	$904,851	$632,050
Change in fair value of awards granted in prior years that remain outstanding and unvested as of year-end	$300,019	$1,166,990	$176,081
Change in fair value of awards granted in prior years that vested in the current year	$(369,029)	$(14,261)	$2,514
Average Compensation Actually Paid	$3,977,758	$5,245,458	$3,846,234

Compensation Actually Paid vs. Total Shareholder Return [Text Block]

The following graphs summarize the relationships between (i) executive compensation actually paid and total shareholder return (“TSR”) (with a comparison of TSR between the Company and our peer group); (ii) executive compensation actually paid and the Company’s net income; and (iii) executive compensation actually paid and our adjusted earnings per share, which is our Company-Selected Measure as discussed above; in each case, across our last three (3) completed fiscal years.

Compensation Actually Paid vs. Net Income [Text Block]

(1)	Net income for the year ended December 31, 2020, included a $221.6 million non-cash impairment loss, net of tax, on goodwill, identifiable intangible assets, and other long-lived assets.

Compensation Actually Paid vs. Company Selected Measure [Text Block]

Total Shareholder Return Vs Peer Group [Text Block]

Tabular List [Table Text Block]

Metric⁽¹⁾			Type of compensation to which metric applies
Adjusted earnings per share			Annual Incentive Program LTIP Cash Target Bonuses
Adjusted operating income			Annual Incentive Program
Adjusted positive operating cash flow			Annual Incentive Program