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STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION
6 Months Ended
Jun. 28, 2025
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 endedSix months ended
June 28,
2025
June 29,
2024
June 28,
2025
June 29,
2024
Weighted-average number of common shares used in basic income per share46.716 46.246 46.586 46.038 
Dilutive securities — Employee stock options and restricted stock units0.680 0.912 0.669 0.863 
Weighted-average number of common shares and dilutive securities used in diluted income per share47.396 47.158 47.255 46.901 

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 0.151 and 0.265, respectively, for the three months ended June 28, 2025, and 0.133 and 0.251, respectively, for the six months ended June 28, 2025.

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 0.155 and 0.283, respectively, for the three months ended June 29, 2024, and 0.137 and 0.305, respectively, for the six months ended June 29, 2024.

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 2025 is included in our 2024 Annual Report on Form 10-K.
Awards granted on March 3, 2025 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 combined S&P 600 Small Cap Capital Goods Index and S&P 400 Mid Cap Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.
Effective May 13, 2025, we granted 0.007 RSU’s to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2026.

Compensation expense within income from continuing operations related to long-term incentive awards totaled $3.9 and $3.7 for the three months ended June 28, 2025 and June 29, 2024, respectively, and $7.6 and $7.0 for the six months ended June 28, 2025 and June 29, 2024, respectively. The related tax benefit was $0.7 and $0.6 for the three months ended June 28, 2025 and June 29, 2024, respectively, and $1.3 and $1.2 for the six months ended June 28, 2025 and June 29, 2024, respectively.

Repurchases of Common Stock

On May 13, 2025, 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 senior credit agreement. No share repurchases were effected pursuant to this and prior authorizations during the three and six months ended June 28, 2025.
Accumulated Other Comprehensive Income

The changes in the components of AOCI, net of tax, for the three months ended June 28, 2025 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$230.1 $1.8 $1.5 $233.4 
Other comprehensive income before reclassifications31.4 0.1 — 31.5 
Amounts reclassified from accumulated other comprehensive income— (0.6)(0.5)(1.1)
Current-period other comprehensive income (loss)31.4 (0.5)(0.5)30.4 
Balance at end of period$261.5 $1.3 $1.0 $263.8 
__________________________
(1)Net of tax provision of $0.5 and $0.4 as of June 28, 2025 and March 29, 2025, respectively.
(2)Net of tax provision of $0.5 and $0.8 as of June 28, 2025 and March 29, 2025, respectively. The balances as of June 28, 2025 and March 29, 2025 include unamortized prior service credits.

The changes in the components of AOCI, net of tax, for the six months ended June 28, 2025 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$218.9 $2.6 $2.1 $223.6 
Other comprehensive income before reclassifications42.6 — — 42.6 
Amounts reclassified from accumulated other comprehensive income— (1.3)(1.1)(2.4)
Current-period other comprehensive income (loss)42.6 (1.3)(1.1)40.2 
Balance at end of period$261.5 $1.3 $1.0 $263.8 

__________________________
(1)Net of tax provision of $0.5 and $0.7 as of June 28, 2025 and December 31, 2024, respectively.
(2)Net of tax provision of $0.5 and $1.0 as of June 28, 2025 and December 31, 2024, respectively. The balances as of June 28, 2025 and December 31, 2024 include unamortized prior service credits.
The changes in the components of AOCI, net of tax, for the three months ended June 29, 2024 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$242.7 $4.4 $3.8 $250.9 
Other comprehensive income (loss) before reclassifications(3.9)0.2 — (3.7)
Amounts reclassified from accumulated other comprehensive income— (1.7)(0.6)(2.3)
Current-period other comprehensive loss(3.9)(1.5)(0.6)(6.0)
Balance at end of period$238.8 $2.9 $3.2 $244.9 
__________________________
(1)Net of tax provision of $0.8 and $1.4 as of June 29, 2024 and March 30, 2024, respectively.
(2)Net of tax provision of $1.4 and $1.6 as of June 29, 2024 and March 30, 2024, respectively. The balances as of June 29, 2024 and March 30, 2024 include unamortized prior service credits.
The changes in the components of AOCI, net of tax, for the six months ended June 29, 2024 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$251.0 $5.7 $4.4 $261.1 
Other comprehensive income (loss) before reclassifications(12.2)0.7 — (11.5)
Amounts reclassified from accumulated other comprehensive income— (3.5)(1.2)(4.7)
Current-period other comprehensive loss(12.2)(2.8)(1.2)(16.2)
Balance at end of period$238.8 $2.9 $3.2 $244.9 
__________________________
(1)Net of tax provision of $0.8 and $1.8 as of June 29, 2024 and December 31, 2023, respectively.
(2)Net of tax provision of $1.4 and $1.8 as of June 29, 2024 and December 31, 2023, respectively. The balances as of June 29, 2024 and December 31, 2023 include unamortized prior service credits.
The following summarizes amounts reclassified from each component of AOCI for the three months ended June 28, 2025 and June 29, 2024:
Amount Reclassified from AOCI 
Three months ended
June 28, 2025June 29, 2024Affected Line Item in the Condensed
Consolidated Statements of Operations
Gains on qualifying cash flow hedges:   
Swaps$(0.6)$(2.4)Interest expense
Pre-tax(0.6)(2.4) 
Income taxes— 0.7  
 $(0.6)$(1.7) 
Gains on pension and postretirement items:   
Amortization of unrecognized prior service credits - Pre-tax$(0.8)$(0.8)Other income (expense), net
Income taxes0.3 0.2  
 $(0.5)$(0.6) 
The following summarizes amounts reclassified from each component of AOCI for the six months ended June 28, 2025 and June 29, 2024:
Amount Reclassified from AOCI 
Six months ended
June 28, 2025June 29, 2024Affected Line Item in the Condensed
Consolidated Statements of Operations
Gains on qualifying cash flow hedges:   
Swaps$(1.6)$(4.8)Interest expense
Pre-tax(1.6)(4.8) 
Income taxes0.3 1.3  
 $(1.3)$(3.5) 
Gains on pension and postretirement items:   
Amortization of unrecognized prior service credits - Pre-tax$(1.6)$(1.6)Other income (expense), net
Income taxes0.5 0.4  
 $(1.1)$(1.2)