XML 55 R2.htm IDEA: XBRL DOCUMENT v3.24.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance
In accordance with rules adopted by the Securities and Exchange Commission pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, and Item 402(v) of Regulation
S-K,
we provide the following disclosure regarding executive compensation and Company performance for the years listed below. For further information concerning the Company’s variable
pay-for-performance
philosophy and how the Company aligns executive compensation with the Company’s performance, refer to Executive Compensation – Compensation Discussion and Analysis. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
 
Year
  
Summary
Compensation
Table Total for
PEO
1
    
Compensation
Actually Paid
to PEO
2,3,4
    
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs
1
    
Average
Compensation
Actually Paid
to Non-PEO
NEOs
2,3,4
    
Value of Initial Fixed $100

Investment Based On:
5
    
Net
Income
($MM)
    
Company
Selected
Measure -

Sales
Revenue
($MM)
6
 
  
Total
Shareholder
Return
    
Peer Group
Total
Shareholder
Return
 
2023
     $10,008,650        $19,833,362        $2,356,648        $3,683,003        $140.39        $
174.04
       $ 58.6        $1,787.6  
2022
     $ 6,168,869        $ 9,224,256        $1,360,803        $1,079,894        $118.47        $132.42        $179.6        $1,528.0  
2021
     $ 6,794,020        $ 7,535,588        $1,560,785        $1,795,350        $122.35        $149.63        $ 21.3        $1,400.2  
2020
7
     $ 7,575,727        $ 2,648,855        $1,542,131        $1,087,704        $119.78        $116.49        $124.1        $1,348.2  
 
1  
The amounts reflect the Summary Compensation Table total compensation figures for Nishan J. Vartanian, our principal executive officer (“PEO”), for each of the years listed. The
Non-PEO
NEOs for whom the Summary Compensation Table total average compensation is presented are: for 2023, Lee B. McChesney, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo; for 2022, Lee B. McChesney, Jonathan D. Buck, Kenneth D. Krause, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo; for 2021, Kenneth D. Krause, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo; and for 2020, Kenneth D. Krause, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo.
2  
The amounts shown for Compensation Actually Paid to our PEO and Average Compensation Actually Paid to
Non-PEO
NEOs have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually realized or received by such persons. These amounts reflect total compensation as set forth in the Summary Compensation Table above for each year, adjusted as described in footnote 3 below.
3  
Compensation Actually Paid reflects the exclusions and inclusions from the Summary Compensation Table total for our PEO and
Non-PEO
NEOs as set forth below. Amounts excluded, which are set forth in the “Exclusion of Stock Awards, Forfeited Awards and Change in Pension Value” columns in each of the PEO Compensation Actually Paid and the
Non-PEO
NEOs Compensation Actually Paid tables below in this footnote (3), are the aggregate of the amounts shown in the “Stock Awards” and “Change in Pension Value” columns from the Summary Compensation Table. Amounts included, which are set forth in the “Inclusion of Equity Award Adjustments and Pension Service Cost” columns in each of such tables below in this footnote (3), are the aggregate of the following components:
 
  i.  
Add the fair value as of the end of the year of unvested equity awards granted in that year;
  ii.  
Add the change in fair value (if positive, or subtract if negative) as of the end of the year (from the end of the prior year) of equity awards granted in prior years that remained outstanding and unvested at the end of the year;
  iii.  
Add the change in fair value (if positive, or subtract if negative) as of the vesting date during the year (from the end of the prior year) of equity awards granted in prior years that vested during that year;
  iv.  
Subtract the fair value at the end of the prior year for awards granted in prior years that forfeited or failed to meet applicable vesting conditions during the covered year; and
  v.  
Add the pension service cost (which is calculated as the actuarial present value of each NEO’s benefit under all plans reported in the “Changes to Pension Value” in the Summary Compensation Table, attributable to services rendered during the covered year).
4  
The column amounts were adjusted from previously reported amounts to reflect relative TSR consistent with SEC rules adopted in 2023.
Equity values are calculated in accordance with FASB ASC Topic 718. The following types of equity award adjustments were not applicable to Company equity awards, as such events did not occur: (i) adjustments for awards that are granted and vest in the same covered year, and (ii) adjustments for the dollar value of any dividends or other earnings paid on stock awards in the covered year prior to the vesting date that are not otherwise included in the total compensation for the covered year. There were no adjustments required for prior pension service cost (which is calculated as the entire cost of benefits granted (or credit for benefits reduced) in a plan amendment (or initiation) during the covered year that are attributed by the benefit formula to services rendered in periods prior to the amendment).
PEO Compensation Actually Paid
 
Year
  
Summary Compensation
Table Total for PEO
    
Exclusion of Stock Awards
and Change in Pension Value
    
Inclusion of Equity
Award Adjustments
and Pension
Service Costs (a)
    
Compensation
Actually Paid
to PEO
 
2023
     $10,008,650        $6,690,112        $16,514,824        $19,833,362  
2022
     $ 6,168,869        $3,919,131        $ 6,974,518        $ 9,224,256  
2021
     $ 6,794,020        $4,870,016        $ 5,611,584        $ 7,535,588  
2020
7
     $ 7,575,727        $5,917,289        $   990,417        $ 2,648,855  
 
(a)  
The components of the amounts shown in this column for our PEO are set forth in the table below:
 
 
PEO Components of Compensation Actually Paid
 
  
 
Year
 
Fair Value of

Awards Granted in

Applicable Year, at

Year End
   
Change in Value* of Prior

Years’ Awards Unvested in

Applicable Year, at Year

End
   
Change in Value* of

Prior Years’ Awards that

Vested in Applicable

Year, at Vesting Date
   
Total Value as of the End

of the Prior Year

of Forfeited Awards in

Applicable Year
   
Total Equity
Award
Adjustments
(total of
prior four
columns)
   
Pension
Service
Costs
   
Total Equity
Award
Adjustments
and Pension
Service
Costs
 
 
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
 
 
 
 
2023
  $     $ 11,399,062       $     —       $5,154,764       $       —       $(164,194     $—       $—       $16,389,632     $ 125,192     $ 16,514,824  
 
 
 
2022
  $     $ 6,224,623       $     —       $1,023,544       $(127,202     $(326,530     $—       $—       $ 6,794,435     $ 180,083     $ 6,974,518  
 
 
 
2021
  $     $ 4,224,222       $  8,947       $  991,025       $       —       $  176,781       $—       $—       $ 5,400,976     $ 210,608     $ 5,611,584  
 
 
 
2020
7
  $     $ 1,503,317       $131,248       $ (815,459     $ (99,509     $   53,410       $—       $—       $   773,008     $ 217,409     $ 990,417  
 
  *  
The change in value for each award is measured from the value at the end of the prior year.
Non-PEO
NEOs Compensation Actually Paid
 
Year
  
Average Summary
Compensation Table
Total for Non-PEO
NEOs
    
Exclusion of Stock Awards
and Change in Pension Value
    
Inclusion of Equity
Award Adjustments
and Pension Service
Costs (a)
    
Average
Compensation
Actually Paid to Non-
PEO NEOs
 
2023
     $2,356,648        $955,099        $2,281,454        $3,683,003  
2022
     $1,360,803        $720,857        $  439,948        $1,079,894  
2021
     $1,560,785        $723,667        $  958,232        $1,795,350  
2020
     $1,542,131        $792,693        $  338,266        $1,087,704  
 
  (a)  
The components of the amounts shown in this column for our
Non-PEO
NEOs are set forth in the table below:
Average of
Non-PEO
NEOs Components of Compensation Actually Paid
 
 
 
 
Year
 
Fair Value of Awards

Granted in Applicable

Year, at Year End
   
Change in Value* of

Prior Years’ Awards

Unvested in

Applicable Year, at

Year End
   
Change in Value* of

Prior Years’ Awards

that Vested in

Applicable Year,

at Vesting Date
   
Total Value as of the

End of the Prior Year of

Forfeited Awards in

Applicable Year
   
Total Equity
Award
Adjustments
(total of
prior four
columns)
   
Pension
Service
Costs
   
Total Equity
Award
Adjustments
and Pension
Service
Costs
 
 
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
 
    
2023
  $ 333,524     $ 1,410,147     $ 85,476     $ 420,864     $ (4,384   $ (11,282   $     $       $2,234,346     $ 47,108     $ 2,281,454  
 
 
 
2022
  $ 326,590     $ 358,040     $ (6,523   $ 50,007     $ (14,545   $ (30,849   $ (61,567   $ (246,302     $374,852     $ 65,096     $ 439,948  
 
 
 
2021
  $ 130,392     $ 556,774     $ 3,027     $ 110,715     $ 13,552     $ 48,418     $     $       $862,876     $ 95,356     $ 958,232  
 
 
 
2020
  $ 152,228     $ 176,379     $ 42,617     $ (121,306   $ 2,210     $ 10,639     $     $       $262,767     $ 75,499     $ 338,266  
 
 
  *  
The change in value for each award is measured from the value at the end of the prior year.
 
5  
This column shows TSR and peer group TSR on a cumulative basis for each year of the four-year period from 2020 through 2023. For purposes of this disclosure, the peer group is the S&P Midcap 400 Industrials Market Index. Dollar values assume $100 was invested for the cumulative period from December 31, 2019 through December 31, 2023, in either the Company or the S&P Midcap 400 Industrials Market Index, and reinvestment of the
pre-tax
value of dividends paid. Historical stock performance is not necessarily indicative of future stock performance.
6  
We determined sales revenue to be the “most important” financial performance measure used to link performance to Compensation Actually Paid to our PEO and Average Compensation Actually Paid to
Non-PEO
NEOs in 2023, in accordance with Item 402(v) of Regulation
S-K.
7  
The amounts shown in 2020 for our PEO reflect the vesting of equity grants made prior to promotion to Chief Executive Officer.
     
Company Selected Measure Name sales revenue      
Named Executive Officers, Footnote The amounts reflect the Summary Compensation Table total compensation figures for Nishan J. Vartanian, our principal executive officer (“PEO”), for each of the years listed. The
Non-PEO
NEOs for whom the Summary Compensation Table total average compensation is presented are: for 2023, Lee B. McChesney, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo; for 2022, Lee B. McChesney, Jonathan D. Buck, Kenneth D. Krause, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo; for 2021, Kenneth D. Krause, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo; and for 2020, Kenneth D. Krause, Steven C. Blanco, Bob W. Leenen and Stephanie L. Sciullo.
     
Peer Group Issuers, Footnote This column shows TSR and peer group TSR on a cumulative basis for each year of the four-year period from 2020 through 2023. For purposes of this disclosure, the peer group is the S&P Midcap 400 Industrials Market Index. Dollar values assume $100 was invested for the cumulative period from December 31, 2019 through December 31, 2023, in either the Company or the S&P Midcap 400 Industrials Market Index, and reinvestment of the
pre-tax
value of dividends paid. Historical stock performance is not necessarily indicative of future stock performance.
     
PEO Total Compensation Amount $ 10,008,650 $ 6,168,869 $ 6,794,020 $ 7,575,727
PEO Actually Paid Compensation Amount $ 19,833,362 9,224,256 7,535,588 2,648,855
Adjustment To PEO Compensation, Footnote
PEO Compensation Actually Paid
 
Year
  
Summary Compensation
Table Total for PEO
    
Exclusion of Stock Awards
and Change in Pension Value
    
Inclusion of Equity
Award Adjustments
and Pension
Service Costs (a)
    
Compensation
Actually Paid
to PEO
 
2023
     $10,008,650        $6,690,112        $16,514,824        $19,833,362  
2022
     $ 6,168,869        $3,919,131        $ 6,974,518        $ 9,224,256  
2021
     $ 6,794,020        $4,870,016        $ 5,611,584        $ 7,535,588  
2020
7
     $ 7,575,727        $5,917,289        $   990,417        $ 2,648,855  
 
(a)  
The components of the amounts shown in this column for our PEO are set forth in the table below:
 
 
PEO Components of Compensation Actually Paid
 
  
 
Year
 
Fair Value of

Awards Granted in

Applicable Year, at

Year End
   
Change in Value* of Prior

Years’ Awards Unvested in

Applicable Year, at Year

End
   
Change in Value* of

Prior Years’ Awards that

Vested in Applicable

Year, at Vesting Date
   
Total Value as of the End

of the Prior Year

of Forfeited Awards in

Applicable Year
   
Total Equity
Award
Adjustments
(total of
prior four
columns)
   
Pension
Service
Costs
   
Total Equity
Award
Adjustments
and Pension
Service
Costs
 
 
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
 
 
 
 
2023
  $     $ 11,399,062       $     —       $5,154,764       $       —       $(164,194     $—       $—       $16,389,632     $ 125,192     $ 16,514,824  
 
 
 
2022
  $     $ 6,224,623       $     —       $1,023,544       $(127,202     $(326,530     $—       $—       $ 6,794,435     $ 180,083     $ 6,974,518  
 
 
 
2021
  $     $ 4,224,222       $  8,947       $  991,025       $       —       $  176,781       $—       $—       $ 5,400,976     $ 210,608     $ 5,611,584  
 
 
 
2020
7
  $     $ 1,503,317       $131,248       $ (815,459     $ (99,509     $   53,410       $—       $—       $   773,008     $ 217,409     $ 990,417  
 
  *  
The change in value for each award is measured from the value at the end of the prior year.
     
Non-PEO NEO Average Total Compensation Amount $ 2,356,648 1,360,803 1,560,785 1,542,131
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,683,003 1,079,894 1,795,350 1,087,704
Adjustment to Non-PEO NEO Compensation Footnote
Non-PEO
NEOs Compensation Actually Paid
 
Year
  
Average Summary
Compensation Table
Total for Non-PEO
NEOs
    
Exclusion of Stock Awards
and Change in Pension Value
    
Inclusion of Equity
Award Adjustments
and Pension Service
Costs (a)
    
Average
Compensation
Actually Paid to Non-
PEO NEOs
 
2023
     $2,356,648        $955,099        $2,281,454        $3,683,003  
2022
     $1,360,803        $720,857        $  439,948        $1,079,894  
2021
     $1,560,785        $723,667        $  958,232        $1,795,350  
2020
     $1,542,131        $792,693        $  338,266        $1,087,704  
 
  (a)  
The components of the amounts shown in this column for our
Non-PEO
NEOs are set forth in the table below:
Average of
Non-PEO
NEOs Components of Compensation Actually Paid
 
 
 
 
Year
 
Fair Value of Awards

Granted in Applicable

Year, at Year End
   
Change in Value* of

Prior Years’ Awards

Unvested in

Applicable Year, at

Year End
   
Change in Value* of

Prior Years’ Awards

that Vested in

Applicable Year,

at Vesting Date
   
Total Value as of the

End of the Prior Year of

Forfeited Awards in

Applicable Year
   
Total Equity
Award
Adjustments
(total of
prior four
columns)
   
Pension
Service
Costs
   
Total Equity
Award
Adjustments
and Pension
Service
Costs
 
 
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
   
RSUs
   
PSUs
 
    
2023
  $ 333,524     $ 1,410,147     $ 85,476     $ 420,864     $ (4,384   $ (11,282   $     $       $2,234,346     $ 47,108     $ 2,281,454  
 
 
 
2022
  $ 326,590     $ 358,040     $ (6,523   $ 50,007     $ (14,545   $ (30,849   $ (61,567   $ (246,302     $374,852     $ 65,096     $ 439,948  
 
 
 
2021
  $ 130,392     $ 556,774     $ 3,027     $ 110,715     $ 13,552     $ 48,418     $     $       $862,876     $ 95,356     $ 958,232  
 
 
 
2020
  $ 152,228     $ 176,379     $ 42,617     $ (121,306   $ 2,210     $ 10,639     $     $       $262,767     $ 75,499     $ 338,266  
 
 
  *  
The change in value for each award is measured from the value at the end of the prior year.
     
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between Compensation Actually Paid and Company Cumulative TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to
Non-PEO
NEOs and the Company’s cumulative TSR for each year of the four-year period from 2020 through 2023.
Note: In the next three charts, the term “CAP” means Compensation Actually Paid
 
 
LOGO
 
Note: 2020 PEO Compensation reflects long-term incentive awards granted prior to promotion to Chief Executive Officer.
     
Compensation Actually Paid vs. Net Income
Relationship Between Compensation Actually Paid and Net Income
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to
Non-PEO
NEOs and our net income for each year of the four-year period from 2020 through 2023.
 
 
LOGO
Note: 2020 PEO Compensation reflects long-term incentive awards granted prior to promotion to Chief Executive Officer.
     
Compensation Actually Paid vs. Company Selected Measure
Relationship Between Compensation Actually Paid and Sales Revenue
The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to
Non-PEO
NEOs and our sales revenue for each year of the four-year period from 2020 through 2023.
 
 
LOGO
Note: 2020 PEO Compensation reflects long-term incentive awards granted prior to promotion to Chief Executive Officer.
     
Total Shareholder Return Vs Peer Group
Relationship Between Company TSR and Peer Group TSR
The following chart sets forth the relationship between our cumulative TSR and the TSR for the S&P Midcap 400 Industrials Market Index for each year of the four-year period from 2020 through 2023.
LOGO
     
Tabular List, Table
2023 Tabular List of Most Important Financial Performance Measures
The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and
Non-PEO
NEOs in 2023 to Company performance. The measures in this table are not ranked.
 
 
Revenue Growth
(3-Year
Revenue Compound Annual Growth Rate (CAGR))
Adjusted EBITDA Margin
Working Capital as a Percentage of Sales
Total Shareholder Return against Proxy Peer Group (as disclosed in the Compensation Discussion and Analysis)
     
Total Shareholder Return Amount $ 140.39 118.47 122.35 119.78
Peer Group Total Shareholder Return Amount 174.04 132.42 149.63 116.49
Net Income (Loss) $ 58,600,000 $ 179,600,000 $ 21,300,000 $ 124,100,000
Company Selected Measure Amount 1,787,600,000 1,528,000,000 1,400,200,000 1,348,200,000
PEO Name Nishan J. Vartanian      
Measure:: 1        
Pay vs Performance Disclosure        
Name Revenue Growth (3-Year Revenue Compound Annual Growth Rate (CAGR))      
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted EBITDA Margin      
Measure:: 3        
Pay vs Performance Disclosure        
Name Working Capital as a Percentage of Sales      
Measure:: 4        
Pay vs Performance Disclosure        
Name Total Shareholder Return against Proxy Peer Group (as disclosed in the Compensation Discussion and Analysis)      
PEO        
Pay vs Performance Disclosure        
Total Equity Award Adjustments $ 16,389,632 $ 6,794,435 $ 5,400,976 $ 773,008
Pension Service Costs 125,192 180,083 210,608 217,409
PEO | Exclusion of Stock Awards and Change in Pension Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 6,690,112 3,919,131 4,870,016 5,917,289
PEO | Award Adjustments and Pension Service Costs [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 16,514,824 6,974,518 5,611,584 990,417
PEO | RSUs [Member]        
Pay vs Performance Disclosure        
Change in Value* of Prior Years Awards Unvested in Applicable Year, at Year End     8,947 131,248
Change in Value* of Prior Years' Awards that Vested in Applicable Year, at Vesting Date   (127,202)   (99,509)
PEO | PSUs [Member]        
Pay vs Performance Disclosure        
Fair Value of Awards Granted in Applicable Year, at Year End 11,399,062 6,224,623 4,224,222 1,503,317
Change in Value* of Prior Years Awards Unvested in Applicable Year, at Year End 5,154,764 1,023,544 991,025 (815,459)
Change in Value* of Prior Years' Awards that Vested in Applicable Year, at Vesting Date (164,194) (326,530) 176,781 53,410
Non-PEO NEO        
Pay vs Performance Disclosure        
Total Equity Award Adjustments 2,234,346 374,852 862,876 262,767
Pension Service Costs 47,108 65,096 95,356 75,499
Non-PEO NEO | Exclusion of Stock Awards and Change in Pension Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 955,099 720,857 723,667 792,693
Non-PEO NEO | Award Adjustments and Pension Service Costs [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,281,454 439,948 958,232 338,266
Non-PEO NEO | RSUs [Member]        
Pay vs Performance Disclosure        
Fair Value of Awards Granted in Applicable Year, at Year End 333,524 326,590 130,392 152,228
Change in Value* of Prior Years Awards Unvested in Applicable Year, at Year End 85,476 (6,523) 3,027 42,617
Change in Value* of Prior Years' Awards that Vested in Applicable Year, at Vesting Date (4,384) (14,545) 13,552 2,210
Total Value as of the End of the Prior Year of Forfeited Awards in Applicable Year   (61,567)    
Non-PEO NEO | PSUs [Member]        
Pay vs Performance Disclosure        
Fair Value of Awards Granted in Applicable Year, at Year End 1,410,147 358,040 556,774 176,379
Change in Value* of Prior Years Awards Unvested in Applicable Year, at Year End 420,864 50,007 110,715 (121,306)
Change in Value* of Prior Years' Awards that Vested in Applicable Year, at Vesting Date $ (11,282) (30,849) $ 48,418 $ 10,639
Total Value as of the End of the Prior Year of Forfeited Awards in Applicable Year   $ (246,302)