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STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION | 9 Months Ended
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Sep. 27, 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 ended |  | Nine months ended
| September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Weighted-average number of common shares used in basic income per share | 48.170 |  |  | 46.305 |  |  | 47.120 |  |  | 46.127 |
Dilutive securities — Employee stock options, performance stock units and restricted stock units | 0.749 |  |  | 0.960 |  |  | 0.674 |  |  | 0.876 |
Weighted-average number of common shares and dilutive securities used in diluted income per share | 48.919 |  |  | 47.265 |  |  | 47.794 |  |  | 47.003 |
The weighted-average number of restricted stock units, performance 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 0.106 and 0.208, r espectively, for the three mon ths ended September 27, 2025, and 0.121 and 0.243, respectively, for the nine months ended September 27, 2025. The weighted-average number of restricted stock units, performance 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 0.126 and 0.248, respectively, for the three months ended September 28, 2024, and 0.134 and 0.290, respectively, for the nine months ende d September 28, 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. C ompensation expense within income from continuing operations related to long-term incentive awards totaled $4.2 and $4.0 for the three months ended September 27, 2025 and September 28, 2024, respectively, an d $11.8 an d $11.0 for the nine months ended September 27, 2025 and September 28, 2024, respectively. The related tax benefit w as $0.7 for the three months ended September 27, 2025 and September 28, 2024 and $2.0 and $1.9 for the nine months e nded September 27, 2025 and September 28, 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 nine months ended September 27, 2025. Registered Direct Offering On August 12, 2025, the Company entered into an underwritten public offering with certain investors, pursuant to which the Company agreed to issue and sell in a registered direct offering to such investors 3.059 shares (the “Shares”) of the Company's common stock (the “Common Stock”), at a purchase price of $188.0 per share of common stock (the “Offering”). The Offering was made pursuant to the shelf registration statement on Form S-3 (Registration No. 333-289489) and a related prospectus supplement and accompanying prospectus filed with the Securities and Exchange Commission. The gross proceeds to the Company from the Offering, before deducting underwriting discounts, commissions and offering expenses payable by the Company, were approximately $575.0. After deducting underwriting discounts, commissions, and offering expenses payable by the Company of $23.9, net proceeds recorded during the three and nine months ended September 27, 2025 were $551.1. The underwriting agreement contains customary representations, warranties, covenants and agreements by the Company, customary conditions to closing, indemnification obligations of the Company and the Underwriters, including for liabilities under the Securities Act of 1933, as amended, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the underwriting agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, and may be subject to limitations agreed upon by the contracting parties. Accumulated Other Comprehensive Income The changes in the components of AOCI, net of tax, for the three months ended September 27, 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 | $ | 261.5 |  |  | $ | 1.3 |  |  | $ | 1.0 |  |  | $ | 263.8 |
Other comprehensive loss before reclassifications | (4.7) |  |  | (0.3) |  |  | — |  |  | (5.0) |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (1.0) |  |  | (0.6) |  |  | (1.6) |
Current-period other comprehensive loss | (4.7) |  |  | (1.3) |  |  | (0.6) |  |  | (6.6) |
Balance at end of period | $ | 256.8 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 257.2 |
__________________________ (1)Net of tax provision o f $0.0 and $0.5 as of September 27, 2025 and June 28, 2025, respectively. (2)Net of tax provision of $0.3 and $0.5 as of September 27, 2025 and June 28, 2025, respectively. The balances as of September 27, 2025 and June 28, 2025 include unamortized prior service credits. The changes in the components of AOCI, net of tax, for the nine months ended September 27, 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 (loss) before reclassifications | 37.9 |  |  | (0.3) |  |  | — |  |  | 37.6 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (2.3) |  |  | (1.7) |  |  | (4.0) |
Current-period other comprehensive income (loss) | 37.9 |  |  | (2.6) |  |  | (1.7) |  |  | 33.6 |
Balance at end of period | $ | 256.8 |  |  | $ | — |  |  | $ | 0.4 |  |  | $ | 257.2 |
__________________________ (1)Net of tax provision of $0.0 a nd $0.7 as of September 27, 2025 and December 31, 2024, respectively. (2)Net of tax provision of $0.3 and $1.0 as of September 27, 2025 and December 31, 2024, respectively. The balances as of September 27, 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 September 28, 2024 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains (Losses) on Qualifying Cash Flow Hedges(1) |  | Pension and Postretirement Liability Adjustment(2) |  | Total
Balance at beginning of period | $ | 238.8 |  |  | $ | 2.9 |  |  | $ | 3.2 |  |  | $ | 244.9 |
Other comprehensive income (loss) before reclassifications | 19.3 |  |  | (1.5) |  |  | — |  |  | 17.8 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (1.7) |  |  | (0.6) |  |  | (2.3) |
Current-period other comprehensive income (loss) | 19.3 |  |  | (3.2) |  |  | (0.6) |  |  | 15.5 |
Balance at end of period | $ | 258.1 |  |  | $ | (0.3) |  |  | $ | 2.6 |  |  | $ | 260.4 |
__________________________ (1)Net of tax provision (benefit) of $(0.3) and $0.8 as of September 28, 2024 and June 29, 2024, respectively. (2)Net of tax provision of $1.2 and $1.4 as of September 28, 2024 and June 29, 2024, respectively. The balances as of September 28, 2024 and June 29, 2024 include unamortized prior service credits. The changes in the components of AOCI, net of tax, for the nine months ended September 28, 2024 were as follows:
| Foreign Currency Translation Adjustment |  | Net Unrealized Gains (Losses) 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 | 7.1 |  |  | (0.8) |  |  | — |  |  | 6.3 |
Amounts reclassified from accumulated other comprehensive income | — |  |  | (5.2) |  |  | (1.8) |  |  | (7.0) |
Current-period other comprehensive income (loss) | 7.1 |  |  | (6.0) |  |  | (1.8) |  |  | (0.7) |
Balance at end of period | $ | 258.1 |  |  | $ | (0.3) |  |  | $ | 2.6 |  |  | $ | 260.4 |
__________________________ (1)Net of tax provision (benefit) of $(0.3) and $1.8 as of September 28, 2024 and December 31, 2023, respectively. (2)Net of tax provision of $1.2 and $1.8 as of September 28, 2024 and December 31, 2023, respectively. The balances as of September 28, 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 September 27, 2025 and September 28, 2024:
| Amount Reclassified from AOCI |  |
| Three months ended |  |
| September 27, 2025 |  | September 28, 2024 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges: |  |  |  |  |
Swaps | $ | (1.4) |  |  | $ | (2.3) |  |  | Interest expense
Pre-tax | (1.4) |  |  | (2.3) |  |  |
Income taxes | 0.4 |  |  | 0.6 |  |  |
| $ | (1.0) |  |  | $ | (1.7) |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (0.8) |  |  | $ | (0.8) |  |  | Other expense, net
Income taxes | 0.2 |  |  | 0.2 |  |  |
| $ | (0.6) |  |  | $ | (0.6) |  |  |
The following summarizes amounts reclassified from each component of AOCI for the nine months ended September 27, 2025 and September 28, 2024:
| Amount Reclassified from AOCI |  |
| Nine months ended |  |
| September 27, 2025 |  | September 28, 2024 |  | Affected Line Item in the Condensed Consolidated Statements of Operations
Gains on qualifying cash flow hedges: |  |  |  |  |
Swaps | $ | (3.0) |  |  | $ | (7.1) |  |  | Interest expense
Pre-tax | (3.0) |  |  | (7.1) |  |  |
Income taxes | 0.7 |  |  | 1.9 |  |  |
| $ | (2.3) |  |  | $ | (5.2) |  |  |
Gains on pension and postretirement items: |  |  |  |  |
Amortization of unrecognized prior service credits - Pre-tax | $ | (2.4) |  |  | $ | (2.4) |  |  | Other expense, net
Income taxes | 0.7 |  |  | 0.6 |  |  |
| $ | (1.7) |  |  | $ | (1.8) |  |  |

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