XML 151 R2.htm IDEA: XBRL DOCUMENT v3.24.1
Pay vs Performance Disclosure
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Pay vs Performance Disclosure [Table]        
Pay vs Performance [Table Text Block]

PAY VERSUS PERFORMANCE

 

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, we are providing the following information about the relationship between executive “compensation actually paid” (as calculated under SEC regulations) and certain financial performance of the Company. For further information concerning the Company’s pay for performance philosophy and how the Company aligns executive compensation with Company performance, refer to “Executive Compensation – Compensation Discussion and Analysis.”

 

                                                                 
PEO = Principal Executive Officer
NEO = Named Executive Officer		           Value of Initial Fixed $100
Investment Based on:		        
Year  Summary
Compensation
Table (SCT)
Total for PEO1 		  Compensation
Actually Paid
(CAP) to PEO2		  Average SCT
Total for Non-
PEO NEOs3		  Average CAP
to Non-PEO
NEOs4		  Total
Shareholder
Return (TSR)5		  Peer Group
TSR6		  Net Income
($M)7		  Adjusted
Operating
Income8
2023       $10,583,487           $15,439,806          $2,392,478          $2,962,426              $91.48              $150.04              $187               $463      
2022  $8,702,893   $6,339,788   $2,028,865   $1,628,059   $66.62   $127.07   $189   $200 
2021  $12,478,106   $8,468,743   $2,420,811   $1,933,079   $64.63   $134.48   $126   $284 
2020  $8,332,455   $691,731   $1,782,163   $1,322,337   $76.13   $111.05   $130   $367 
      
Company Selected Measure Name Adjusted Operating Income      
Named Executive Officers, Footnote [Text Block]
(3) The dollar amounts reported represent the average of the amounts reported for the Company’s named executive officers (NEOs) as a group (excluding our CEO) in the “Total” column of the Summary Compensation Table in each applicable year. The NEOs included for purposes of calculating the average amounts in each applicable year are as follows: (i) for 2023, Amy Schwetz, Lamar Duhon, Kirk Wilson and Susan Hudson (ii) for 2022 and 2021, Amy Schwetz, Elizabeth Burger, Keith Gillespie, and Tamara Morytko; and (iii) for 2020, Amy Schwetz, Elizabeth Burger, Keith Gillespie, Lanesha Minnix and John Roueche.
      
Peer Group Issuers, Footnote [Text Block] The peer group used for this purpose is the S&P 500 Industrials Index.      
PEO Total Compensation Amount $ 10,583,487 $ 8,702,893 $ 12,478,106 $ 8,332,455
PEO Actually Paid Compensation Amount $ 15,439,806 6,339,788 8,468,743 691,731
Adjustment To PEO Compensation, Footnote [Text Block]
(2) The dollar amounts reported represent the amount of “compensation actually paid”, as computed in accordance with SEC rules. The dollar amounts do not reflect the actual amount of compensation earned by or paid during the applicable year. In accordance with SEC rules, the following adjustments were made to the Summary Compensation total compensation to determine the compensation actually paid:

 

                                                 
Year  Reported Total
for PEO		  Reported Value
of Equity
Awards(a)		  Equity Award
Adjustments(b)		  Reported Value
of Change in
Pension(c)		  Change in
Pension
Adjustments(d)		  CAP to PEO 
2023       $10,583,487            $(6,270,244)            $11,273,271            $(422,246)                 $275,538         $15,439,806   
2022  $8,702,893   $(5,942,446)  $3,636,080   $(377,658)  $320,919   $6,339,788 
  (a) The reported value of equity awards represents the total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year.
  (b) The valuation assumptions used to determine fair values as of each applicable year-end or vesting date did not materially differ from those used to determine fair value at the time of grant. The amounts deducted or added in calculating the equity award adjustments are as follows:

 

                                 
Year  Year End Fair Value
of Equity Awards
Granted in the Year		  Year over Year Change
in Fair Value of
Outstanding and
Unvested Equity Awards
Granted in Prior Years		  Change from Prior Year
End to Vesting Date in
Fair Value of Equity
Awards Granted in Prior
Years that Vested in the
Year		  Total Equity Award
Adjustments
2023          $8,588,061                       $1,966,755                             $718,455                          $11,273,271          
2022*  $5,671,960   $(2,190,990)  $155,110   $3,636,080 

 

* The Company identified a mathematical error in the “compensation actually paid” valuations conducted for 2022, resulting in the overstatement of certain equity values reported for the PEO. The value for performance-based awards was not appropriately adjusted to reflect the change in the probable outcome of performance conditions at year end. The Company has corrected these inadvertent errors in the reconciliations shown here. 

  (c) The value shown represents the aggregate change in the actuarial present value of accumulated benefits under defined benefit pension plans as reported in the “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” column in the Summary Compensation Table for the applicable year.
  (d) The change in pension adjustments for each applicable year reflects the service cost attributable to services rendered during the applicable year.
      
Non-PEO NEO Average Total Compensation Amount $ 2,392,478 2,028,865 2,420,811 1,782,163
Non-PEO NEO Average Compensation Actually Paid Amount $ 2,962,426 1,628,059 1,933,079 1,322,337
Adjustment to Non-PEO NEO Compensation Footnote [Text Block]
(4) The dollar amounts reported represent the average amount of “compensation actually paid” to the applicable non-PEO NEOs as a group (as described in footnote (3), as computed in accordance with SEC rules. The dollar amounts do not reflect the actual average amount of compensation earned by or paid to the NEOs as a group during the applicable year. In accordance with the SEC rules, the following adjustments were made to average total compensation for the NEOs as a group for each year to determine the compensation actually paid:

 

                                                 
Year  Average
Reported SCT
Total for
non-PEO NEOs		  Average
Reported Value
of Equity
Awards(a)		  Average Equity
Award
Adjustments(b)		  Average
Reported Value
of Change in
Pension(c)		  Average Change
in Pension
Adjustments(d)		  Average CAP to
Non-PEO NEOs
2023         $2,392,478            $(1,044,417)             $1,666,331                 $(118,556)                    $66,590                    $2,962,426         
2022  $2,028,865   $(943,024)  $575,528   $(130,776)  $97,466   $1,628,059 
  (a) The average reported value of equity awards represents the average total of the amounts reported in the “Stock Awards” column in the Summary Compensation Table for the applicable year for non-PEO NEOs.
  (b) The amounts deducted or added in calculating the total average equity award adjustments for non-PEO NEOs are as follows:

 

                                 
Year  Average Year End
Fair Value of Equity
Awards Granted in
the Year		  Year over Year Average
Change in Fair Value of
Outstanding and Unvested
Equity Awards Granted in
Prior Years		  Change from Prior Year
End to Vesting Date in
Fair Value of Equity
Awards Granted in Prior
Years that Vested in the
Year		  Total Average Equity Award
Adjustments
2023            $1,424,103                         $160,929                              $81,299                              $1,666,331             
2022*  $900,110   $(345,536)  $20,954   $575,528 

 

* The Company identified a mathematical error in the “compensation actually paid” valuations conducted for 2022, resulting in the overstatement of certain equity values reported for each of the NEOs. The Company has corrected these inadvertent errors in the reconciliations shown here. 

  (c) The value shown represents the average aggregate change in the actuarial present value of accumulated benefits under defined benefit pension plans as reported in the “Change in Pension Value and Non-Qualified Deferred Compensation Earnings” column in the Summary Compensation Table for the applicable year for non-PEO NEOs.
  (d) The average change in pension adjustments for each applicable year reflects the service cost attributable to services rendered during the applicable year for non-PEO NEOs.
      
Compensation Actually Paid vs. Total Shareholder Return [Text Block]

Compensation Actually Paid, Cumulative TSR and Cumulative TSR of the Peer Group

 

Pay Versus TSR 2020-2023

 

      
Compensation Actually Paid vs. Net Income [Text Block]

Compensation Actually Paid and Net Income

 

Pay Versus Net Income 2020-2023

 

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

Compensation Actually Paid and Adjusted Operating Income

 

Pay Versus Adjusted OI 2020-2023

 

      
Tabular List [Table Text Block]

Financial Performance Measures

As described in greater detail in the “Compensation Discussion and Analysis,” the Company’s executive compensation program reflects a variable pay-for-performance philosophy. The metrics that the Company uses for both our long-term and short-term incentive awards are selected with an objective to incentivize our NEOs to increase the value of our enterprise for our shareholders. The most important financial performance measures used by the Company to link executive “compensation actually paid” to the Company’s NEOs, for the most recently completed fiscal year, to the Company’s performance are as follows:

 

• Relative Total Shareholder Return
• Adjusted Operating Income
• Return on Invested Capital
• Free Cash Flow as a % of Adjusted Net Income
      
Total Shareholder Return Amount $ 91.48 66.62 64.63 76.13
Peer Group Total Shareholder Return Amount 150.04 127.07 134.48 111.05
Net Income (Loss) Attributable to Parent $ 187,000,000 $ 189,000,000 $ 126,000,000 $ 130,000,000
Company Selected Measure Amount 463,000,000 200,000,000 284,000,000 367,000,000
Measure [Axis]: 1        
Pay vs Performance Disclosure [Table]        
Measure Name Relative Total Shareholder Return      
Measure [Axis]: 2        
Pay vs Performance Disclosure [Table]        
Measure Name Adjusted Operating Income      
Non-GAAP Measure Description [Text Block] Represents the Company’s Adjusted Operating Income as used in determining incentive compensation payouts under the Company’s Annual Incentive Plan.  For information on how this is calculated from our audited financial statements, see Annex I: Reconciliation of Reported Results to Non-GAAP Financial Results.      
Measure [Axis]: 3        
Pay vs Performance Disclosure [Table]        
Measure Name Return on Invested Capital      
Measure [Axis]: 4        
Pay vs Performance Disclosure [Table]        
Measure Name Free Cash Flow as a % of Adjusted Net Income      
P E O Reported Value Of Equity Awards [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ (6,270,244) $ (5,942,446)    
P E O Equity Award Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 11,273,271 3,636,080    
P E O Reported Value Of Change In Pension [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (422,246) (377,658)    
P E O Change In Pension Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 275,538 320,919    
P E O Year End Fair Value Of Equity Awards Granted In The Year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 8,588,061 5,671,960    
P E O Year Over Year Change In Fair Value Of Outstanding And Unvested Equity Awards Granted In Prior Years [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,966,755 (2,190,990)    
P E O Change From Prior Year End To Vesting Date In Fair Value Of Equity Awards Granted In Prior Years That Vested In The Year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 718,455 155,110    
P E O Total Equity Award Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 11,273,271 3,636,080    
Non P E O N E O Average Reported Value Of Equity Awards [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (1,044,417) (943,024)    
Non P E O N E O Average Equity Award Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,666,331 575,528    
Non P E O N E O Average Reported Value Of Change In Pension [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount (118,556) (130,776)    
Non P E O N E O Average Change In Pension Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 66,590 97,466    
Non P E O N E O Average Year End Fair Value Of Equity Awards Granted In The Year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 1,424,103 900,110    
Non P E O N E O Year Over Year Average Change In Fair Value Of Outstanding And Unvested Equity Awards Granted In Prior Years [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 160,929 (345,536)    
Non P E O N E O Change From Prior Year End To Vesting Date In Fair Value Of Equity Awards Granted In Prior Years That Vested In The Year [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount 81,299 20,954    
Non P E O N E O Total Average Equity Award Adjustments [Member]        
Pay vs Performance Disclosure [Table]        
Adjustment to Compensation Amount $ 1,666,331 $ 575,528