XML 30 R21.htm IDEA: XBRL DOCUMENT
v3.23.3

STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION | 9 Months Ended
--- | ---
Sep. 30, 2023
Equity [Abstract] |
STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION | STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION Income Per Share The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
| Three months ended |  | Nine months ended
| September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Weighted-average number of common shares used in basic income per share | 45.608 |  |  | 45.144 |  |  | 45.507 |  |  | 45.382 |
Dilutive securities — Employee stock options and restricted stock units | 1.143 |  |  | 0.988 |  |  | 1.053 |  |  | 0.871 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 46.751 |  |  | 46.132 |  |  | 46.560 |  |  | 46.253 |
The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period wer e 0.184 and 0.488, respectively, for the three months ended September 30, 2023, and 0.191 and 0.521, respectively, for the nine months ende d September 30, 2023. The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.243 and 0.655, r espectively, for the three mon ths ended October 1, 2022, and 0.270 and 0.720, respectively, for the nine months ended October 1, 2022. Long-Term Incentive Compensation Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2023 is included in our 2022 Annual Report on Form 10-K. Awards granted on March 1, 2023 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant. Effective May 9, 2023, we granted 0.014 RSU’s to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2024. C ompensation expense within income from continuing operations related to long-term incentive awards totaled $3.4 and $2.1 for the three months ended September 30, 2023 and October 1, 2022, respectively, and $10.0 an d $7.7 for the nine months ended September 30, 2023 and October 1, 2022, respectively. The related tax b enefit was $0.6 and $0.3 for the three months ended September 30, 2023 and October 1, 2022, respectively, and $1.7 a nd $1.2 for the nine months ended September 30, 2023 and October 1, 2022, respectively. Repurchases of Common Stock On May 10, 2022, and May 9, 2023, our Board of Directors authorized management, in its sole discretion, to repurchase, in any fiscal year, up to $100.0 of our common stock, subject to maintaining compliance with all covenants of our Credit Agreement. Pursuant to this authorization, during the three months ended July 2, 2022, we repurchased approximately 0.7 shares of our common stock for aggregate cash payments of $33.7. Accumulated Other Comprehensive Income The changes in the components of AOCI, net of tax, for the three months ended September 30, 2023 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 247.4 |  |  | $ | 9.2 |  |  | $ | 5.9 |  |  | $ | 262.5 |
Other comprehensive income (loss) before reclassifications | (10.0) |  |  | 0.7 |  |  | — |  |  | (9.3) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (1.8) |  |  | (0.7) |  |  | (2.5) |
Current-period other comprehensive loss | (10.0) |  |  | (1.1) |  |  | (0.7) |  |  | (11.8) |
Balance at end of period | $ | 237.4 |  |  | $ | 8.1 |  |  | $ | 5.2 |  |  | $ | 250.7 |
___________________________ (1)Net of tax provision o f $2.7 and $3.1 as of September 30, 2023 and July 1, 2023, respectively. (2)Net of tax provision of $1.9 and $2.2 as of September 30, 2023 and July 1, 2023, respectively. The balances as of September 30, 2023 and July 1, 2023 include unamortized prior service credits. The changes in the components of AOCI, net of tax, for the nine months ended September 30, 2023 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 239.1 |  |  | $ | 11.0 |  |  | $ | 7.4 |  |  | $ | 257.5 |
Other comprehensive income (loss) before reclassifications | (1.7) |  |  | 2.2 |  |  | — |  |  | 0.5 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (5.1) |  |  | (2.2) |  |  | (7.3) |
Current-period other comprehensive loss | (1.7) |  |  | (2.9) |  |  | (2.2) |  |  | (6.8) |
Balance at end of period | $ | 237.4 |  |  | $ | 8.1 |  |  | $ | 5.2 |  |  | $ | 250.7 |
___________________________ (1)Net of tax provision of $2.7 a nd $3.7 as of September 30, 2023 and December 31, 2022, respectively. (2)Net of tax provision of $1.9 and $2.7 as of September 30, 2023 and December 31, 2022, respectively. The balances as of September 30, 2023 and December 31, 2022 include unamortized prior service credits. The changes in the components of AOCI, net of tax, for the three months ended October 1, 2022 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 236.3 |  |  | $ | 8.6 |  |  | $ | 9.1 |  |  | $ | 254.0 |
Other comprehensive income (loss) before reclassifications | (19.2) |  |  | 3.9 |  |  | — |  |  | (15.3) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.7) |  |  | (0.8) |  |  | (1.5) |
Current-period other comprehensive income (loss) | (19.2) |  |  | 3.2 |  |  | (0.8) |  |  | (16.8) |
Balance at end of period | $ | 217.1 |  |  | $ | 11.8 |  |  | $ | 8.3 |  |  | $ | 237.2 |
__________________________ (1)Net of tax provision of $4.0 and $2.9 as of October 1, 2022 and July 2, 2022, respectively. (2)Net of tax provision of $3.0 and $3.2 as of October 1, 2022 and July 2, 2022, respectively. The balances as of October 1, 2022 and July 2, 2022 include unamortized prior service credits. The changes in the components of AOCI, net of tax, for the nine months ended October 1, 2022 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 252.7 |  |  | $ | 0.5 |  |  | $ | 10.7 |  |  | $ | 263.9 |
Other comprehensive income (loss) before reclassifications | (35.6) |  |  | 11.5 |  |  | 0.1 |  |  | (24.0) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (0.2) |  |  | (2.5) |  |  | (2.7) |
Current-period other comprehensive income (loss) | (35.6) |  |  | 11.3 |  |  | (2.4) |  |  | (26.7) |
Balance at end of period | $ | 217.1 |  |  | $ | 11.8 |  |  | $ | 8.3 |  |  | $ | 237.2 |
___________________________ (1)Net of tax provision of $4.0 and $0.1 as of October 1, 2022 and December 31, 2021, respectively. (2)Net of tax provision of $3.0 and $3.7 as of October 1, 2022 and December 31, 2021, respectively. The balances as of October 1, 2022 and December 31, 2021 include unamortized prior service credits. The following summarizes amounts reclassified from each component of AOCI for the three months ended September 30, 2023 and October 1, 2022:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| September 30, 2023 |  | October 1, 2022 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges: |  |  |  |  |
FX forward contracts | $ | — |  |  | $ | (0.2) |  |  | Revenues
Swaps | (2.4) |  |  | (0.7) |  |  | Interest expense
Pre-tax | (2.4) |  |  | (0.9) |  |  |
Income taxes | 0.6 |  |  | 0.2 |  |  |
| $ | (1.8) |  |  | $ | (0.7) |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (1.0) |  |  | $ | (1.1) |  |  | Other income (expense), net
Income taxes | 0.3 |  |  | 0.3 |  |  |
| $ | (0.7) |  |  | $ | (0.8) |  |  |
The following summarizes amounts reclassified from each component of AOCI for the nine months ended September 30, 2023 and October 1, 2022:
| Amount Reclassified from AOCI |  |
| Nine months ended |  |
| September 30, 2023 |  | October 1, 2022 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges: |  |  |  |  |
FX forward contracts | $ | — |  |  | $ | (0.2) |  |  | Revenues
Swaps | (6.8) |  |  | — |  |  | Interest expense
Pre-tax | (6.8) |  |  | (0.2) |  |  |
Income taxes | 1.7 |  |  | — |  |  |
| $ | (5.1) |  |  | $ | (0.2) |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (3.0) |  |  | $ | (3.3) |  |  | Other income (expense), net
Income taxes | 0.8 |  |  | 0.8 |  |  |
| $ | (2.2) |  |  | $ | (2.5) |  |  |

X
- References No definition available. + Details
Name: | us-gaap_EquityAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//718/tableOfContent + Details
Name: | us-gaap_ShareholdersEquityAndShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration