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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

The following table shows the total compensation for our NEOs for the past four fiscal years as set forth in the Summary Compensation Table, the “compensation actually paid” to our Principal Executive Officer (“PEO”) and, on an average basis, our other NEOs (in each case, as determined under Item 402(v) of Regulation

S-K),

our total shareholder return (“TSR”), the TSR of the S&P 500 Industrials Index over the same period (which is the “Peer Group” in the Pay versus Performance Table below), our net income, and our adjusted earnings.

For purposes of the Pay Versus Performance Table,

Richard Tobin

is the only principal executive officer represented. For fiscal 2023 through 2021, Messrs. Cerepak and Juneja and Mses. Cabrera and Bors are the other named executive officers reflected in the Pay versus Performance Table. For fiscal 2020, Messrs. Cerepak and Juneja, and Malinas and Ms. Cabrera are the other named executive officers reflected in the Pay versus Performance Table.

Pay versus Performance Table



Year		Summary Compensation Table Total for PEO ($)				Compensation Actually Paid to PEO ($)(1)				Average Summary Compensation Table Total for Non-PEO NEOs ($)				Average Compensation Actually Paid to Non-PEO NEOs ($)(1)				Value of $100 Investment based on:								Net Income ($)				Adjusted Earnings ($)(2)
Year		Summary Compensation Table Total for PEO ($)				Compensation Actually Paid to PEO ($)(1)								Average Compensation Actually Paid to Non-PEO NEOs ($)(1)				Total Shareholder Return ($)				Peer Group Total Shareholder Return ($)				Net Income ($)				Adjusted Earnings ($)(2)

2023			16,795,101				16,472,170				2,904,216				2,784,284				142				150				1,057				1,237

2022			14,143,252				(13,748,922	)			2,364,424				(619,414)				123				127				1,065				1,213

2021			14,085,860				56,156,068				2,449,002				6,425,459				163				135				1,124				1,109

2020			11,982,338				9,059,384				2,443,822				2,590,438				112				111				683				824

(1)

The table below provides the adjustments required by Item 402(v) to be made to the Summary Compensation Table totals to determine “compensation actually paid” as reported in the Pay versus Performance Table. “Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules.


		Subtract amounts reported in the “Stock Awards” and “Option Awards” columns in the SCT for applicable FY				YE Value of Current Year Awards Outstanding as of YE				Change in Value as of YE for Prior Year Awards Outstanding as of YE				Change in Value as of Vesting Date for Prior Year Awards That Vested During the Year				Subtract Change in Actuarial Value of Pension Benefits During Year				Increase for Service Cost and, if applicable, Prior Service Cost for pension plans				Total Adjustments
CEO

2023			$(13,295,490)				$11,363,301				$1,044,413				$564,844				$0				$0				($322,931)

2022			$(10,414,752)				$7,113,700				($13,168,694)				($11,422,428)				$0				$0				($27,892,174)

2021			$(9,388,609)				$20,394,184				$20,486,457				$10,578,176				$0				$0				$42,070,208

2020			$(8,698,666)				$9,339,279				$4,438,218				($8,001,785)				$0				$0				($2,922,954)


Avg. Other NEOs

2023			$(1,583,212)				$1,353,124				$120,430				$70,125				($181,806)				$101,407				($119,932)

2022			$(1,274,395)				$870,461				($1,541,476)				($1,164,392)				$0				$125,964				($2,983,839)

2021			$(1,092,135)				$2,372,348				$2,192,026				$417,286				($45,668)				$132,600				$3,976,457

2020			$(1,019,375)				$1,094,445				$418,328				($137,024)				($324,462)				$114,705				$146,616

(2)

Definitions and reconciliations of

non-GAAP

measures are included at the end of this proxy statement.

Company Selected Measure Name

Adjusted Earnings

Named Executive Officers, Footnote

For purposes of the Pay Versus Performance Table,

Richard Tobin

is the only principal executive officer represented. For fiscal 2023 through 2021, Messrs. Cerepak and Juneja and Mses. Cabrera and Bors are the other named executive officers reflected in the Pay versus Performance Table. For fiscal 2020, Messrs. Cerepak and Juneja, and Malinas and Ms. Cabrera are the other named executive officers reflected in the Pay versus Performance Table.

PEO Total Compensation Amount

$ 16,795,101

$ 14,143,252

$ 14,085,860

$ 11,982,338

PEO Actually Paid Compensation Amount

$ 16,472,170

(13,748,922)

56,156,068

9,059,384

Adjustment To PEO Compensation, Footnote

(1)

The table below provides the adjustments required by Item 402(v) to be made to the Summary Compensation Table totals to determine “compensation actually paid” as reported in the Pay versus Performance Table. “Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules.


		Subtract amounts reported in the “Stock Awards” and “Option Awards” columns in the SCT for applicable FY				YE Value of Current Year Awards Outstanding as of YE				Change in Value as of YE for Prior Year Awards Outstanding as of YE				Change in Value as of Vesting Date for Prior Year Awards That Vested During the Year				Subtract Change in Actuarial Value of Pension Benefits During Year				Increase for Service Cost and, if applicable, Prior Service Cost for pension plans				Total Adjustments
CEO

2023			$(13,295,490)				$11,363,301				$1,044,413				$564,844				$0				$0				($322,931)

2022			$(10,414,752)				$7,113,700				($13,168,694)				($11,422,428)				$0				$0				($27,892,174)

2021			$(9,388,609)				$20,394,184				$20,486,457				$10,578,176				$0				$0				$42,070,208

2020			$(8,698,666)				$9,339,279				$4,438,218				($8,001,785)				$0				$0				($2,922,954)


Avg. Other NEOs

2023			$(1,583,212)				$1,353,124				$120,430				$70,125				($181,806)				$101,407				($119,932)

2022			$(1,274,395)				$870,461				($1,541,476)				($1,164,392)				$0				$125,964				($2,983,839)

2021			$(1,092,135)				$2,372,348				$2,192,026				$417,286				($45,668)				$132,600				$3,976,457

2020			$(1,019,375)				$1,094,445				$418,328				($137,024)				($324,462)				$114,705				$146,616

Non-PEO NEO Average Total Compensation Amount

$ 2,904,216

2,364,424

2,449,002

2,443,822

Non-PEO NEO Average Compensation Actually Paid Amount

$ 2,784,284

(619,414)

6,425,459

2,590,438

Adjustment to Non-PEO NEO Compensation Footnote

(1)

The table below provides the adjustments required by Item 402(v) to be made to the Summary Compensation Table totals to determine “compensation actually paid” as reported in the Pay versus Performance Table. “Compensation actually paid” does not necessarily represent cash and/or equity value transferred to the applicable NEO without restriction, but rather is a value calculated under applicable SEC rules.


		Subtract amounts reported in the “Stock Awards” and “Option Awards” columns in the SCT for applicable FY				YE Value of Current Year Awards Outstanding as of YE				Change in Value as of YE for Prior Year Awards Outstanding as of YE				Change in Value as of Vesting Date for Prior Year Awards That Vested During the Year				Subtract Change in Actuarial Value of Pension Benefits During Year				Increase for Service Cost and, if applicable, Prior Service Cost for pension plans				Total Adjustments
CEO

2023			$(13,295,490)				$11,363,301				$1,044,413				$564,844				$0				$0				($322,931)

2022			$(10,414,752)				$7,113,700				($13,168,694)				($11,422,428)				$0				$0				($27,892,174)

2021			$(9,388,609)				$20,394,184				$20,486,457				$10,578,176				$0				$0				$42,070,208

2020			$(8,698,666)				$9,339,279				$4,438,218				($8,001,785)				$0				$0				($2,922,954)


Avg. Other NEOs

2023			$(1,583,212)				$1,353,124				$120,430				$70,125				($181,806)				$101,407				($119,932)

2022			$(1,274,395)				$870,461				($1,541,476)				($1,164,392)				$0				$125,964				($2,983,839)

2021			$(1,092,135)				$2,372,348				$2,192,026				$417,286				($45,668)				$132,600				$3,976,457

2020			$(1,019,375)				$1,094,445				$418,328				($137,024)				($324,462)				$114,705				$146,616

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

2023 Most Important Performance Measure

In addition to TSR, which is already included in the PVP table, we believe the following measure is the most important financial performance measure used to link compensation actually paid to the NEOs to Company performance.

Adjusted Earnings

Total Shareholder Return Amount

$ 142

123

163

112

Peer Group Total Shareholder Return Amount

150

127

135

111

Net Income (Loss)

$ 1,057

$ 1,065

$ 1,124

$ 683

Company Selected Measure Amount

1,237

1,213

1,109

824

Richard Tobin

Pay vs Performance Disclosure

Adjusted Earnings

Non-GAAP Measure Description

Definitions and reconciliations of

non-GAAP

measures are included at the end of this proxy statement.

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (322,931)

$ (27,892,174)

$ 42,070,208

$ (2,922,954)

PEO | Amounts Reported In The Stock Awards And Option Awards Columns In The SCT For Applicable FY [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(13,295,490)

(10,414,752)

(9,388,609)

(8,698,666)

PEO | YE Value Of Current Year Awards Outstanding As Of YE [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

11,363,301

7,113,700

20,394,184

9,339,279

PEO | Change In Value As Of YE For Prior Year Awards Outstanding As Of YE [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,044,413

(13,168,694)

20,486,457

4,438,218

PEO | Change In Value As Of Vesting Date For Prior Year Awards That Vested During The Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

564,844

(11,422,428)

10,578,176

(8,001,785)

PEO | Subtract Change In Actuarial Value Of Pension Benefits During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

0

PEO | Increase For Service Cost And, If Applicable, Prior Service Cost For Pension Plans [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

0

0

0

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(119,932)

(2,983,839)

3,976,457

146,616

Non-PEO NEO | Amounts Reported In The Stock Awards And Option Awards Columns In The SCT For Applicable FY [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,583,212)

(1,274,395)

(1,092,135)

(1,019,375)

Non-PEO NEO | YE Value Of Current Year Awards Outstanding As Of YE [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,353,124

870,461

2,372,348

1,094,445

Non-PEO NEO | Change In Value As Of YE For Prior Year Awards Outstanding As Of YE [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

120,430

(1,541,476)

2,192,026

418,328

Non-PEO NEO | Change In Value As Of Vesting Date For Prior Year Awards That Vested During The Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

70,125

(1,164,392)

417,286

(137,024)

Non-PEO NEO | Subtract Change In Actuarial Value Of Pension Benefits During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(181,806)

0

(45,668)

(324,462)

Non-PEO NEO | Increase For Service Cost And, If Applicable, Prior Service Cost For Pension Plans [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 101,407

$ 125,964

$ 132,600

$ 114,705