XML 19 R2.htm IDEA: XBRL DOCUMENT v3.24.0.1
Pay vs Performance Disclosure - USD ($)
 5 Months Ended 7 Months Ended 12 Months Ended
Jun. 09, 2021
Dec. 31, 2021
Dec. 29, 2023
Dec. 30, 2022
Dec. 31, 2021
Dec. 25, 2020
Pay vs Performance Disclosure            
Pay vs Performance Disclosure, Table    
Pay Versus Performance
Pay Versus Performance Table
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation
S-K,
the table below discloses, for the last four fiscal years: (i) the total compensation paid (as reported in the Summary Compensation Table (“SCT”)) and the compensation actually paid (“CAP”) to the individuals who served as the CEO; (ii) the average of the total compensation paid (as reported in the SCT) and the average CAP to the individuals who served as
non-CEO
Named Executive Officers (“NEOs”); (iii) the cumulative total shareholder return of the Company and peer group cumulative total shareholder return; (iv) net income; and (v) net sales.
 
Year
  
Summary
Compensation
Table Total
for Current
CEO
(1)
($)
  
Compensation
Actually Paid
to Current
CEO
(1)(4)
($)
  
Summary
Compensation
Table Total
for Former
CEO
(2)
($)
  
Compensation
Actually Paid
to Former
CEO
(2)(4)
($)
  
Average
Summary
Compensation
Table Total
for
Non-CEO

NEOs
(3)
($)
  
Average
Compensation
Actually Paid to
Non-CEO

NEOs
(3)(4)
($)
   
Value of Initial Fixed $100
Investment
(5)
Based On:
  
Net
Income (in
thousands)
($)
  
Net
Sales
(7)
(in
thousands)
($)
  
Cumulative
Total
Shareholder
Return
($)
   
Peer Group
Cumulative
Total
Shareholder
Return
(6)
($)
2023   9,236,066   10,871,942   —   —   1,948,817   2,226,741    175    160   506,511   2,195,606
2022   6,417,072   6,011,113   —   —   1,324,147   1,237,294    134    126   460,645   2,143,521
2021   5,422,139   5,758,222   1,686,160   2,042,742   1,901,127   1,896,267    158    144   439,866   1,987,608
2020   —   —   8,992,789   8,345,564   1,576,933   1,674,459    141    116   330,456   1,650,115
 
(1)
Mark W. Sheahan became President and Chief Executive Officer effective June 10, 2021.
 
(2)
Patrick J. McHale served as President and Chief Executive Officer from June 2007 through June 9, 2021.
 
(3)
The
non-CEO
NEOs were as follows: David M. Lowe, Dale D. Johnson, Christian E. Rothe and Caroline M. Chambers (2023); David M. Lowe, Dale D. Johnson, Christian E. Rothe and Jeffrey P. Johnson (2022 and 2021); and Mark W. Sheahan, Dale D. Johnson, Christian E. Rothe and Jeffrey P. Johnson (2020).
 
(4)
The table below sets forth the amounts deducted from and added to SCT total compensation to calculate CAP to Mr. Sheahan and average CAP to the
non-CEO
NEOs for 2023.
 
Adjustments
   
Current
CEO
($)
   
Average of
Non-CEO

NEOs
($)
Total Compensation from SCT    9,236,066    1,948,817
Adjustments for defined benefit and actuarial pension plans:
   
 
   
 
Subtract aggregate change in the actuarial present value of accumulated benefits under all defined benefit and pension plans reported in the SCT    1,425,000    127,750
Add service cost    398,000    82,250
Add prior service cost    0    0
Adjustments for stock and option awards:
   
 
   
 
Subtract SCT amounts of stock and option awards    5,499,872    587,440
Add fair value at
year-end
of awards granted during fiscal year 2023 that are outstanding and unvested at
year-end
    6,459,894    689,980
+/- The difference between fair value of awards from the end of fiscal year 2022 to the end of fiscal year 2023 for awards granted in any prior fiscal year that are outstanding and unvested at
year-end
    1,390,782    175,534
Add the fair value as of the vesting date for awards granted and vesting during fiscal year 2023    312,072    45,350
+/- The change in fair value from the end of fiscal year 2022 to the vesting date for awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied during fiscal year 2023    0    0
Subtract fair value at end of prior year for awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during fiscal year 2023    0    0
Add dividends or other earnings paid on stock or option awards in 2023 prior to vesting if not otherwise included in total compensation for fiscal year 2023    0    0
Compensation Actually Paid (as calculated)
    10,871,942    2,226,741
 
(5)
Total shareholder return is calculated based on a fixed investment of one hundred dollars measured from the market close on the last trading day of fiscal 2019 through and including the end of each fiscal year reported in the table.
 
(6)
The peer group used in this Pay Versus Performance table is the Dow Jones U.S. Industrial Machinery Index, which is the same peer group the Company uses for purposes of the stock performance graph in our Annual Report on Form
10-K.
 
(7)
Our Company-selected measure, which is the measure we believe represents the most important financial performance not otherwise presented in the table above that we use to link CAP to our NEOs for fiscal 2023 to our Company’s performance, is Net Sales.
     
Company Selected Measure Name     Net Sales      
Named Executive Officers, Footnote     The
non-CEO
NEOs were as follows: David M. Lowe, Dale D. Johnson, Christian E. Rothe and Caroline M. Chambers (2023); David M. Lowe, Dale D. Johnson, Christian E. Rothe and Jeffrey P. Johnson (2022 and 2021); and Mark W. Sheahan, Dale D. Johnson, Christian E. Rothe and Jeffrey P. Johnson (2020). 		     
Peer Group Issuers, Footnote     The peer group used in this Pay Versus Performance table is the Dow Jones U.S. Industrial Machinery Index, which is the same peer group the Company uses for purposes of the stock performance graph in our Annual Report on Form
10-K.
      
PEO Total Compensation Amount     $ 9,236,066      
PEO Actually Paid Compensation Amount     $ 10,871,942      
Adjustment To PEO Compensation, Footnote    
(4)
The table below sets forth the amounts deducted from and added to SCT total compensation to calculate CAP to Mr. Sheahan and average CAP to the
non-CEO
NEOs for 2023.
 
Adjustments
   
Current
CEO
($)
   
Average of
Non-CEO

NEOs
($)
Total Compensation from SCT    9,236,066    1,948,817
Adjustments for defined benefit and actuarial pension plans:
   
 
   
 
Subtract aggregate change in the actuarial present value of accumulated benefits under all defined benefit and pension plans reported in the SCT    1,425,000    127,750
Add service cost    398,000    82,250
Add prior service cost    0    0
Adjustments for stock and option awards:
   
 
   
 
Subtract SCT amounts of stock and option awards    5,499,872    587,440
Add fair value at
year-end
of awards granted during fiscal year 2023 that are outstanding and unvested at
year-end
    6,459,894    689,980
+/- The difference between fair value of awards from the end of fiscal year 2022 to the end of fiscal year 2023 for awards granted in any prior fiscal year that are outstanding and unvested at
year-end
    1,390,782    175,534
Add the fair value as of the vesting date for awards granted and vesting during fiscal year 2023    312,072    45,350
+/- The change in fair value from the end of fiscal year 2022 to the vesting date for awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied during fiscal year 2023    0    0
Subtract fair value at end of prior year for awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during fiscal year 2023    0    0
Add dividends or other earnings paid on stock or option awards in 2023 prior to vesting if not otherwise included in total compensation for fiscal year 2023    0    0
Compensation Actually Paid (as calculated)
    10,871,942    2,226,741
      
Non-PEO NEO Average Total Compensation Amount     $ 1,948,817 $ 1,324,147 $ 1,901,127 $ 1,576,933
Non-PEO NEO Average Compensation Actually Paid Amount     $ 2,226,741 1,237,294 1,896,267 1,674,459
Adjustment to Non-PEO NEO Compensation Footnote    
(4)
The table below sets forth the amounts deducted from and added to SCT total compensation to calculate CAP to Mr. Sheahan and average CAP to the
non-CEO
NEOs for 2023.
 
Adjustments
   
Current
CEO
($)
   
Average of
Non-CEO

NEOs
($)
Total Compensation from SCT    9,236,066    1,948,817
Adjustments for defined benefit and actuarial pension plans:
   
 
   
 
Subtract aggregate change in the actuarial present value of accumulated benefits under all defined benefit and pension plans reported in the SCT    1,425,000    127,750
Add service cost    398,000    82,250
Add prior service cost    0    0
Adjustments for stock and option awards:
   
 
   
 
Subtract SCT amounts of stock and option awards    5,499,872    587,440
Add fair value at
year-end
of awards granted during fiscal year 2023 that are outstanding and unvested at
year-end
    6,459,894    689,980
+/- The difference between fair value of awards from the end of fiscal year 2022 to the end of fiscal year 2023 for awards granted in any prior fiscal year that are outstanding and unvested at
year-end
    1,390,782    175,534
Add the fair value as of the vesting date for awards granted and vesting during fiscal year 2023    312,072    45,350
+/- The change in fair value from the end of fiscal year 2022 to the vesting date for awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied during fiscal year 2023    0    0
Subtract fair value at end of prior year for awards granted in any prior fiscal year that fail to meet the applicable vesting conditions during fiscal year 2023    0    0
Add dividends or other earnings paid on stock or option awards in 2023 prior to vesting if not otherwise included in total compensation for fiscal year 2023    0    0
Compensation Actually Paid (as calculated)
    10,871,942    2,226,741
      
Compensation Actually Paid vs. Total Shareholder Return    
LOGO
     
Compensation Actually Paid vs. Net Income    
LOGO
     
Compensation Actually Paid vs. Company Selected Measure    
LOGO
     
Total Shareholder Return Vs Peer Group    
LOGO
LOGO
     
Tabular List, Table    
Most Important Financial Measures
The table below lists the most important financial performance measures used by the Company to link CAP to the Company’s NEOs to Company performance.
 
Most Important Financial Performance Measures
Net Sales
Incentive Earnings Per Share (“EPS”)
Divisional Net Sales
Divisional Incentive EPS
Regional Net Sales
Regional Incentive EPS
      
Total Shareholder Return Amount     $ 175 134 158 141
Peer Group Total Shareholder Return Amount     160 126 144 116
Net Income (Loss)     $ 506,511,000 $ 460,645,000 $ 439,866,000 $ 330,456,000
Company Selected Measure Amount     2,195,606,000 2,143,521,000 1,987,608,000 1,650,115,000
Measure:: 1            
Pay vs Performance Disclosure            
Name     Net Sales      
Measure:: 2            
Pay vs Performance Disclosure            
Name     Incentive Earnings Per Share (“EPS”)      
Measure:: 3            
Pay vs Performance Disclosure            
Name     Divisional Net Sales      
Measure:: 4            
Pay vs Performance Disclosure            
Name     Divisional Incentive EPS      
Measure:: 5            
Pay vs Performance Disclosure            
Name     Regional Net Sales      
Measure:: 6            
Pay vs Performance Disclosure            
Name     Regional Incentive EPS      
Mark W. Sheahan [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     $ 9,236,066 $ 6,417,072 $ 5,422,139 $ 0
PEO Actually Paid Compensation Amount     $ 10,871,942 $ 6,011,113 5,758,222 0
PEO Name   Mark W. Sheahan Mark W. Sheahan Mark W. Sheahan    
Patrick J. McHale [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     $ 0 $ 0 1,686,160 8,992,789
PEO Actually Paid Compensation Amount     0 $ 0 $ 2,042,742 $ 8,345,564
PEO Name Patrick J. McHale         Patrick J. McHale
PEO | Aggregate change in the actuarial present value of accumulated benefits under all defined benefit and pension plans reported in the SCT [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     1,425,000      
PEO | Service cost [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     398,000      
PEO | Prior service cost [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | SCT amounts of stock and option awards [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     5,499,872      
PEO | Fair value at yearend of awards granted during fiscal year 2023 that are outstanding and unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     6,459,894      
PEO | The difference between fair value of awards from the end of fiscal year 2022 to the end of fiscal year 2023 for awards granted in any prior fiscal year that are outstanding and unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     1,390,782      
PEO | Fair value as of the vesting date for awards granted and vesting during fiscal year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     312,072      
PEO | The change in fair value from the end of fiscal year 2022 to the vesting date for awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Fair value at end of prior year for awards granted in any prior fiscal year that fail to meet the applicable vesting conditions [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
PEO | Dividends or other earnings paid on stock or option awards in 2023 prior to vesting if not otherwise included in total compensation [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
Non-PEO NEO | Aggregate change in the actuarial present value of accumulated benefits under all defined benefit and pension plans reported in the SCT [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     127,750      
Non-PEO NEO | Service cost [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     82,250      
Non-PEO NEO | Prior service cost [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
Non-PEO NEO | SCT amounts of stock and option awards [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     587,440      
Non-PEO NEO | Fair value at yearend of awards granted during fiscal year 2023 that are outstanding and unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     689,980      
Non-PEO NEO | The difference between fair value of awards from the end of fiscal year 2022 to the end of fiscal year 2023 for awards granted in any prior fiscal year that are outstanding and unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     175,534      
Non-PEO NEO | Fair value as of the vesting date for awards granted and vesting during fiscal year [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     45,350      
Non-PEO NEO | The change in fair value from the end of fiscal year 2022 to the vesting date for awards granted in any prior fiscal year for which all applicable vesting conditions were satisfied [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
Non-PEO NEO | Fair value at end of prior year for awards granted in any prior fiscal year that fail to meet the applicable vesting conditions [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     0      
Non-PEO NEO | Dividends or other earnings paid on stock or option awards in 2023 prior to vesting if not otherwise included in total compensation [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     $ 0