(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
(Address of principal executive offices) | (Zip Code) |
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | No | ☐ |
☒ | No | ☐ |
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Yes | No | ☒ |
Page | ||||||||||||||
PART I - FINANCIAL INFORMATION | ||||||||||||||
Item 1. | ||||||||||||||
Item 2. | ||||||||||||||
Item 3. | ||||||||||||||
Item 4. | ||||||||||||||
PART II - OTHER INFORMATION | ||||||||||||||
Item 1A. | ||||||||||||||
Item 2. | ||||||||||||||
Item 6. | ||||||||||||||
EXHIBITS |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
2021 | June 26, 2020 | 2021 | June 26, 2020 | ||||||||||||||||||||
Net Sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of products sold | |||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||
Product development | |||||||||||||||||||||||
Selling, marketing and distribution | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Impairment | |||||||||||||||||||||||
Operating Earnings | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other expense, net | ( | ( | ( | ||||||||||||||||||||
Earnings Before Income Taxes | |||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||
Net Earnings | $ | $ | $ | $ | |||||||||||||||||||
Net Earnings per Common Share | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
2021 | June 26, 2020 | 2021 | June 26, 2020 | ||||||||||||||||||||
Net Earnings | $ | $ | $ | $ | |||||||||||||||||||
Components of other comprehensive income (loss) | |||||||||||||||||||||||
Cumulative translation adjustment | ( | ||||||||||||||||||||||
Pension and postretirement medical liability adjustment | |||||||||||||||||||||||
Income taxes - pension and postretirement medical liability adjustment | ( | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) | ( | ||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
2021 | December 25, 2020 | ||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowances of $ | |||||||||||
Inventories | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, Plant and Equipment, net | |||||||||||
Goodwill | |||||||||||
Other Intangible Assets, net | |||||||||||
Operating Lease Assets | |||||||||||
Deferred Income Taxes | |||||||||||
Other Assets | |||||||||||
Total Assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Current Liabilities | |||||||||||
Notes payable to banks | $ | $ | |||||||||
Trade accounts payable | |||||||||||
Salaries and incentives | |||||||||||
Dividends payable | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term Debt | |||||||||||
Retirement Benefits and Deferred Compensation | |||||||||||
Operating Lease Liabilities | |||||||||||
Deferred Income Taxes | |||||||||||
Other Non-current Liabilities | |||||||||||
Shareholders’ Equity | |||||||||||
Common stock | |||||||||||
Additional paid-in-capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | $ |
Six Months Ended | |||||||||||
2021 | June 26, 2020 | ||||||||||
Cash Flows From Operating Activities | |||||||||||
Net Earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Deferred income taxes | ( | ||||||||||
Share-based compensation | |||||||||||
Impairment | |||||||||||
Change in | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Trade accounts payable | |||||||||||
Salaries and incentives | ( | ||||||||||
Retirement benefits and deferred compensation | |||||||||||
Other accrued liabilities | |||||||||||
Other | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash Flows From Investing Activities | |||||||||||
Property, plant and equipment additions | ( | ( | |||||||||
Acquisition of businesses, net of cash acquired | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash Flows From Financing Activities | |||||||||||
Borrowings (payments) on short-term lines of credit, net | ( | ( | |||||||||
Borrowings on long-term lines of credit | |||||||||||
Payments on long-term debt and lines of credit | ( | ||||||||||
Payments of debt issuance costs | ( | ||||||||||
Common stock issued | |||||||||||
Common stock repurchased | ( | ||||||||||
Taxes paid related to net share settlement of equity awards | ( | ||||||||||
Cash dividends paid | ( | ( | |||||||||
Net cash provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and Cash Equivalents | |||||||||||
Beginning of year | |||||||||||
End of period | $ | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
Three Months Ended June 25, 2021 | |||||||||||||||||||||||||||||
Balance, March 26, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Shares issued | |||||||||||||||||||||||||||||
Stock compensation cost | |||||||||||||||||||||||||||||
Restricted stock canceled (issued) | ( | ( | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||||
Balance, | $ | $ | $ | $ | ( | $ |
Six Months Ended June 25, 2021 | |||||||||||||||||||||||||||||
Balance, December 25, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Shares issued | |||||||||||||||||||||||||||||
Stock compensation cost | |||||||||||||||||||||||||||||
Restricted stock canceled (issued) | ( | ( | |||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||
Balance, June 25, 2021 | $ | $ | $ | $ | ( | $ |
Three Months Ended June 26, 2020 | |||||||||||||||||||||||||||||
Balance, March 27, 2020 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Shares issued | |||||||||||||||||||||||||||||
Shares repurchased | ( | ( | ( | ( | |||||||||||||||||||||||||
Stock compensation cost | |||||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||||
Balance, June 26, 2020 | $ | $ | $ | $ | ( | $ |
Six Months Ended June 26, 2020 | |||||||||||||||||||||||||||||
Balance, December 27, 2019 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Shares issued | |||||||||||||||||||||||||||||
Shares repurchased | ( | ( | ( | ( | |||||||||||||||||||||||||
Stock compensation cost | |||||||||||||||||||||||||||||
Net earnings | |||||||||||||||||||||||||||||
Dividends declared ($ | ( | ( | |||||||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||||||||
Balance, June 26, 2020 | $ | $ | $ | $ | ( | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
2021 | June 26, 2020 | 2021 | June 26, 2020 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Industrial | $ | $ | $ | $ | |||||||||||||||||||
Process | |||||||||||||||||||||||
Contractor | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Operating Earnings | |||||||||||||||||||||||
Industrial | $ | $ | $ | $ | |||||||||||||||||||
Process | |||||||||||||||||||||||
Contractor | |||||||||||||||||||||||
Unallocated corporate (expense) | ( | ( | ( | ( | |||||||||||||||||||
Impairment | ( | ( | |||||||||||||||||||||
Total | $ | $ | $ | $ |
2021 | December 25, 2020 | ||||||||||
Industrial | $ | $ | |||||||||
Process | |||||||||||
Contractor | |||||||||||
Unallocated corporate | |||||||||||
Total | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
2021 | June 26, 2020 | 2021 | June 26, 2020 | ||||||||||||||||||||
Net Sales (based on customer location) | |||||||||||||||||||||||
United States | $ | $ | $ | $ | |||||||||||||||||||
Other countries | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
2021 | December 25, 2020 | ||||||||||
Long-lived Assets | |||||||||||
United States | $ | $ | |||||||||
Other countries | |||||||||||
Total | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
2021 | June 26, 2020 | 2021 | June 26, 2020 | ||||||||||||||||||||
Net earnings available to common shareholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding for basic earnings per share | |||||||||||||||||||||||
Dilutive effect of stock options computed using the treasury stock method and the average market price | |||||||||||||||||||||||
Weighted average shares outstanding for diluted earnings per share | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Option Shares | Weighted Average Exercise Price | Options Exercisable | Weighted Average Exercise Price | ||||||||||||||||||||
Outstanding, December 25, 2020 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Canceled | ( | ||||||||||||||||||||||
Outstanding, | $ | $ |
Six Months Ended | |||||||||||
2021 | June 26, 2020 | ||||||||||
Expected life in years | |||||||||||
Interest rate | % | % | |||||||||
Volatility | % | % | |||||||||
Dividend yield | % | % | |||||||||
Weighted average fair value per share | $ | $ |
Six Months Ended | |||||||||||
2021 | June 26, 2020 | ||||||||||
Expected life in years | |||||||||||
Interest rate | % | % | |||||||||
Volatility | % | % | |||||||||
Dividend yield | % | % | |||||||||
Weighted average fair value per share | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
2021 | June 26, 2020 | 2021 | June 26, 2020 | ||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization and other | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
Postretirement Medical | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Amortization | |||||||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ |
Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | |||||||||||||||
Three Months Ended June 25, 2021 | |||||||||||||||||
Balance, March 26, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||
Reclassified to pension cost and deferred tax | |||||||||||||||||
Balance, | $ | ( | $ | ( | $ | ( |
Six Months Ended June 25, 2021 | |||||||||||||||||
Balance, December 25, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | |||||||||||||||
Reclassified to pension cost and deferred tax | |||||||||||||||||
Balance, June 25, 2021 | $ | ( | $ | ( | $ | ( |
Three Months Ended June 26, 2020 | |||||||||||||||||
Balance, March 27, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||
Reclassified to pension cost and deferred tax | |||||||||||||||||
Balance, June 26, 2020 | $ | ( | $ | ( | $ | ( |
Six Months Ended June 26, 2020 | |||||||||||||||||
Balance, December 27, 2019 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications | |||||||||||||||||
Reclassified to pension cost and deferred tax | |||||||||||||||||
Balance, June 26, 2020 | $ | ( | $ | ( | $ | ( |
2021 | June 26, 2020 | ||||||||||
Balance, beginning | $ | $ | |||||||||
Additions (reversals) charged to costs and expenses | |||||||||||
Deductions from reserves (1) | ( | ( | |||||||||
Other additions (deductions) (2) | ( | ( | |||||||||
Balance, ending | $ | $ |
2021 | December 25, 2020 | ||||||||||
Finished products and components | $ | $ | |||||||||
Products and components in various stages of completion | |||||||||||
Raw materials and purchased components | |||||||||||
Subtotal | |||||||||||
Reduction to LIFO cost | ( | ( | |||||||||
Total | $ | $ |
Finite Life | Indefinite Life | ||||||||||||||||||||||||||||
Customer Relationships | Patents and Proprietary Technology | Trademarks, Trade Names and Other | Trade Names | Total | |||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||
Cost | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | — | ( | ||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ( | |||||||||||||||||||||||||
Book value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Weighted average life in years | N/A |
As of December 25, 2020 | |||||||||||||||||||||||||||||
Cost | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Accumulated amortization | ( | ( | ( | — | ( | ||||||||||||||||||||||||
Foreign currency translation | ( | ( | ( | ||||||||||||||||||||||||||
Book value | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Weighted average life in years | N/A |
2021 (Remainder) | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | $ | $ | $ | $ | $ |
Industrial | Process | Contractor | Total | ||||||||||||||||||||
Balance, December 25, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Additions, adjustments from business acquisitions | |||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||
Balance, | $ | $ | $ | $ |
2021 | December 25, 2020 | ||||||||||
Accrued self-insurance retentions | $ | $ | |||||||||
Accrued warranty and service liabilities | |||||||||||
Accrued trade promotions | |||||||||||
Payable for employee stock purchases | |||||||||||
Customer advances and deferred revenue | |||||||||||
Income taxes payable | |||||||||||
Right of return refund liability | |||||||||||
Operating lease liabilities, current | |||||||||||
Other | |||||||||||
Total | $ | $ |
Balance, December 25, 2020 | $ | ||||
Assumed in business acquisition | |||||
Charged to expense | |||||
Margin on parts sales reversed | |||||
Reductions for claims settled | ( | ||||
Balance, | $ |
Level | 2021 | December 25, 2020 | |||||||||||||||
Assets | |||||||||||||||||
Cash surrender value of life insurance | 2 | $ | $ | ||||||||||||||
Forward exchange contracts | 2 | ||||||||||||||||
Total assets at fair value | $ | $ | |||||||||||||||
Liabilities | |||||||||||||||||
Contingent consideration | 3 | $ | $ | ||||||||||||||
Deferred compensation | 2 | ||||||||||||||||
Total liabilities at fair value | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
Jun 25, 2021 | Jun 26, 2020 | % Change | June 25, 2021 | June 26, 2020 | % Change | ||||||||||||||||||||||||||||||
Net Sales | $ | 507.2 | $ | 366.9 | 38 | % | $ | 961.3 | $ | 740.5 | 30 | % | |||||||||||||||||||||||
Operating Earnings | 133.8 | 44.8 | 199 | % | 262.1 | 134.6 | 95 | % | |||||||||||||||||||||||||||
Operating Earnings, adjusted (1) | 133.8 | 79.8 | 68 | % | 262.1 | 169.6 | 55 | % | |||||||||||||||||||||||||||
Net Earnings | 110.1 | 28.8 | 282 | % | 215.8 | 101.7 | 112 | % | |||||||||||||||||||||||||||
Net Earnings, adjusted (1) | 108.0 | 62.3 | 73 | % | 209.6 | 127.5 | 65 | % | |||||||||||||||||||||||||||
Diluted Net Earnings per Common Share | $ | 0.63 | $ | 0.17 | 271 | % | $ | 1.24 | $ | 0.59 | 110 | % | |||||||||||||||||||||||
Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.62 | $ | 0.37 | 68 | % | $ | 1.20 | $ | 0.74 | 62 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | ||||||||||||||||||||
Operating earnings, as reported | $ | 133.8 | $ | 44.8 | $ | 262.1 | $ | 134.6 | |||||||||||||||
Impairment | — | 35.0 | — | 35.0 | |||||||||||||||||||
Operating earnings, adjusted | $ | 133.8 | $ | 79.8 | $ | 262.1 | $ | 169.6 | |||||||||||||||
Earnings before income taxes | $ | 131.7 | $ | 42.0 | $ | 257.5 | $ | 124.1 | |||||||||||||||
Impairment | — | 35.0 | — | 35.0 | |||||||||||||||||||
Earnings before income taxes, adjusted | $ | 131.7 | $ | 77.0 | $ | 257.5 | $ | 159.1 | |||||||||||||||
Income taxes, as reported | $ | 21.6 | $ | 13.2 | $ | 41.7 | $ | 22.5 | |||||||||||||||
Impairment tax benefit | — | 1.2 | — | 1.2 | |||||||||||||||||||
Excess tax benefit from option exercises | 2.1 | 0.3 | 6.2 | 8.0 | |||||||||||||||||||
Income taxes, adjusted | $ | 23.7 | $ | 14.7 | $ | 47.9 | $ | 31.7 | |||||||||||||||
Effective income tax rate | |||||||||||||||||||||||
As reported | 16.4 | % | 31.4 | % | 16.2 | % | 18.1 | % | |||||||||||||||
Adjusted | 18.0 | % | 19.1 | % | 18.6 | % | 19.9 | % | |||||||||||||||
Net Earnings, as reported | $ | 110.1 | $ | 28.8 | $ | 215.8 | $ | 101.7 | |||||||||||||||
Impairment, net | — | 33.8 | — | 33.8 | |||||||||||||||||||
Excess tax benefit from option exercises | (2.1) | (0.3) | (6.2) | (8.0) | |||||||||||||||||||
Net Earnings, adjusted | $ | 108.0 | $ | 62.3 | $ | 209.6 | $ | 127.5 | |||||||||||||||
Weighted Average Diluted Shares | 174.6 | 170.5 | 174.2 | 171.6 | |||||||||||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||
As reported | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 | |||||||||||||||
Adjusted | $ | 0.62 | $ | 0.37 | $ | 1.20 | $ | 0.74 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | ||||||||||||||||||||
Net Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||||||||
Cost of products sold | 48.0 | 50.2 | 46.8 | 48.5 | |||||||||||||||||||
Gross Profit | 52.0 | 49.8 | 53.2 | 51.5 | |||||||||||||||||||
Product development | 4.2 | 4.9 | 4.3 | 4.7 | |||||||||||||||||||
Selling, marketing and distribution | 13.6 | 13.3 | 13.7 | 14.4 | |||||||||||||||||||
General and administrative | 7.8 | 9.8 | 8.0 | 9.5 | |||||||||||||||||||
Impairment | — | 9.6 | — | 4.7 | |||||||||||||||||||
Operating Earnings | 26.4 | 12.2 | 27.2 | 18.2 | |||||||||||||||||||
Interest expense | 0.5 | 0.9 | 0.5 | 0.8 | |||||||||||||||||||
Other expense, net | (0.1) | (0.2) | — | 0.6 | |||||||||||||||||||
Earnings Before Income Taxes | 26.0 | 11.5 | 26.8 | 16.8 | |||||||||||||||||||
Income taxes | 4.3 | 3.6 | 4.3 | 3.1 | |||||||||||||||||||
Net Earnings | 21.7 | % | 7.9 | % | 22.4 | % | 13.7 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | ||||||||||||||||||||
Americas(1) | $ | 302.0 | $ | 227.7 | $ | 566.9 | $ | 452.5 | |||||||||||||||
EMEA(2) | 113.8 | 71.1 | 224.0 | 158.9 | |||||||||||||||||||
Asia Pacific | 91.4 | 68.1 | 170.4 | 129.1 | |||||||||||||||||||
Consolidated | $ | 507.2 | $ | 366.9 | $ | 961.3 | $ | 740.5 |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 32% | 0% | 1% | 33% | 25% | 0% | 0% | 25% | |||||||||||||||||||||||||||||||||||||||
EMEA | 49% | 0% | 11% | 60% | 32% | (1)% | 10% | 41% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 31% | (6)% | 9% | 34% | 28% | (4)% | 8% | 32% | |||||||||||||||||||||||||||||||||||||||
Consolidated | 35% | (1)% | 4% | 38% | 27% | (1)% | 4% | 30% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Americas | $ | 87.1 | $ | 58.4 | $ | 167.1 | $ | 132.8 | |||||||||||||||
EMEA | 60.0 | 34.8 | 116.7 | 81.0 | |||||||||||||||||||
Asia Pacific | 57.5 | 40.0 | 105.5 | 78.1 | |||||||||||||||||||
Total | $ | 204.6 | $ | 133.2 | $ | 389.3 | $ | 291.9 | |||||||||||||||
Operating earnings as a percentage of net sales | 34 | % | 28 | % | 35 | % | 30 | % |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 48% | 0% | 1% | 49% | 25% | 0% | 1% | 26% | |||||||||||||||||||||||||||||||||||||||
EMEA | 55% | 5% | 12% | 72% | 32% | 2% | 10% | 44% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 35% | 0% | 8% | 43% | 27% | 0% | 8% | 35% | |||||||||||||||||||||||||||||||||||||||
Segment Total | 46% | 1% | 6% | 53% | 28% | 0% | 5% | 33% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Americas | $ | 59.7 | $ | 45.9 | $ | 116.5 | $ | 101.0 | |||||||||||||||
EMEA | 15.8 | 13.2 | 30.6 | 29.0 | |||||||||||||||||||
Asia Pacific | 21.7 | 18.6 | 41.5 | 33.8 | |||||||||||||||||||
Total | $ | 97.2 | $ | 77.7 | $ | 188.6 | $ | 163.8 | |||||||||||||||
Operating earnings as a percentage of net sales | 22 | % | 15 | % | 23 | % | 18 | % |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 30% | (1)% | 1% | 30% | 15% | 0% | 0% | 15% | |||||||||||||||||||||||||||||||||||||||
EMEA | 22% | (9)% | 6% | 19% | 8% | (8)% | 5% | 5% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 30% | (21)% | 8% | 17% | 34% | (18)% | 7% | 23% | |||||||||||||||||||||||||||||||||||||||
Segment Total | 29% | (7)% | 3% | 25% | 17% | (5)% | 3% | 15% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Americas | $ | 155.2 | $ | 123.3 | $ | 283.3 | $ | 218.6 | |||||||||||||||
EMEA | 38.0 | 23.0 | 76.7 | 48.8 | |||||||||||||||||||
Asia Pacific | 12.2 | 9.5 | 23.4 | 17.2 | |||||||||||||||||||
Total | $ | 205.4 | $ | 155.8 | $ | 383.4 | $ | 284.6 | |||||||||||||||
Operating earnings as a percentage of net sales | 24 | % | 26 | % | 26 | % | 24 | % |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 25% | 0% | 1% | 26% | 29% | 0% | 1% | 30% | |||||||||||||||||||||||||||||||||||||||
EMEA | 52% | 0% | 13% | 65% | 45% | 0% | 12% | 57% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 17% | 0% | 12% | 29% | 25% | 0% | 12% | 37% | |||||||||||||||||||||||||||||||||||||||
Segment Total | 29% | 0% | 3% | 32% | 32% | 0% | 3% | 35% |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (at end of period) | ||||||||||||||||||||||
March 27, 2021 - April 23, 2021 | — | $ | — | — | 18,517,834 | |||||||||||||||||||||
April 24, 2021 - May 21, 2021 | — | $ | — | — | 18,517,834 | |||||||||||||||||||||
May 22, 2021 - June 25, 2021 | — | $ | — | — | 18,517,834 |
3.1 | Restated Articles of Incorporation as amended December 8, 2017. (Incorporated by reference to Exhibit 3.1 to the Company's Report on Form 8-K filed December 8, 2017.) | |||||||
3.2 | Restated Bylaws as amended February 14, 2014. (Incorporated by reference to Exhibit 3.2 to the Company’s 2013 Annual Report on Form 10-K.) | |||||||
10.1 | Key Employee Agreement. Form of agreement offered to the Company’s CEO, CFO and each other executive officer in June of 2021, and to be offered to all other persons hired or promoted to be executive officers of the Company after April 22, 2021. (Incorporated by reference to Exhibit 10.1 to the Company’s Report on Form 8-K filed April 27, 2021.) | |||||||
Certification of President and Chief Executive Officer pursuant to Rule 13a-14(a). | ||||||||
Certification of Chief Financial Officer and Treasurer pursuant to Rule 13a-14(a). | ||||||||
Certification of President and Chief Executive Officer and Chief Financial Officer and Treasurer pursuant to Section 1350 of Title 18, U.S.C. | ||||||||
Press Release Reporting Second Quarter Earnings dated July 21, 2021. | ||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T formatted in iXBRL (Inline eXtensible Business Reporting Language). | |||||||
104 | Cover Page Interactive Data File (formatted as iXBRL and contained in Exhibit 101). | |||||||
Date: | July 21, 2021 | By: | /s/ Mark W. Sheahan | |||||||||||||||||
Mark W. Sheahan | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
Date: | July 21, 2021 | By: | /s/ David M. Lowe | |||||||||||||||||
David M. Lowe | ||||||||||||||||||||
Chief Financial Officer and Treasurer | ||||||||||||||||||||
(Principal Financial Officer) | ||||||||||||||||||||
Date: | July 21, 2021 | By: | /s/ Kathryn L. Schoenrock | |||||||||||||||||
Kathryn L. Schoenrock | ||||||||||||||||||||
Executive Vice President, Corporate Controller | ||||||||||||||||||||
(Principal Accounting Officer) |
Exhibit 31.1 |
Date: | July 21, 2021 | /s/ Mark W. Sheahan | ||||||||||||
Mark W. Sheahan | ||||||||||||||
President and Chief Executive Officer |
Exhibit 31.2 |
Date: | July 21, 2021 | /s/ David M. Lowe | ||||||||||||
David M. Lowe | ||||||||||||||
Chief Financial Officer and Treasurer |
Exhibit 32 |
Date: | July 21, 2021 | /s/ Mark W. Sheahan | ||||||||||||
Mark W. Sheahan | ||||||||||||||
President and Chief Executive Officer | ||||||||||||||
Date: | July 21, 2021 | /s/ David M. Lowe | ||||||||||||
David M. Lowe | ||||||||||||||
Chief Financial Officer and Treasurer |
Exhibit 99.1 | GRACO INC. | |||||||||||||
P.O. Box 1441 | ||||||||||||||
Minneapolis, MN | ||||||||||||||
55440-1441 | ||||||||||||||
NYSE: GGG |
FOR IMMEDIATE RELEASE: | FOR FURTHER INFORMATION: | ||||
Wednesday, July 21, 2021 | Financial Contact: David Lowe, 612-623-6456 Media Contact: David Ahlers, 612-623-6699 David_M_Ahlers@graco.com |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
Jun 25, 2021 | Jun 26, 2020 | % Change | Jun 25, 2021 | Jun 26, 2020 | % Change | ||||||||||||||||||||||||||||||
Net Sales | $ | 507.2 | $ | 366.9 | 38 | % | $ | 961.3 | $ | 740.5 | 30 | % | |||||||||||||||||||||||
Operating Earnings | 133.8 | 44.8 | 199 | % | 262.1 | 134.6 | 95 | % | |||||||||||||||||||||||||||
Net Earnings | 110.1 | 28.8 | 282 | % | 215.8 | 101.7 | 112 | % | |||||||||||||||||||||||||||
Diluted Net Earnings per Common Share | $ | 0.63 | $ | 0.17 | 271 | % | $ | 1.24 | $ | 0.59 | 110 | % | |||||||||||||||||||||||
Adjusted (non-GAAP): (1) | |||||||||||||||||||||||||||||||||||
Operating Earnings, adjusted | $ | 133.8 | $ | 79.8 | 68 | % | $ | 262.1 | $ | 169.6 | 55 | % | |||||||||||||||||||||||
Net Earnings, adjusted | $ | 108.0 | $ | 62.3 | 73 | % | $ | 209.6 | $ | 127.5 | 65 | % | |||||||||||||||||||||||
Diluted Net Earnings per Common Share, adjusted | $ | 0.62 | $ | 0.37 | 68 | % | $ | 1.20 | $ | 0.74 | 62 | % |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||
Industrial | Process | Contractor | Industrial | Process | Contractor | ||||||||||||||||||||||||||||||
Net Sales (in millions) | $ | 204.6 | $ | 97.2 | $ | 205.4 | $ | 389.3 | $ | 188.6 | $ | 383.4 | |||||||||||||||||||||||
Percentage change from last year | |||||||||||||||||||||||||||||||||||
Sales | 53 | % | 25 | % | 32 | % | 33 | % | 15 | % | 35 | % | |||||||||||||||||||||||
Operating earnings | 87 | % | 86 | % | 22 | % | 54 | % | 46 | % | 41 | % | |||||||||||||||||||||||
Operating earnings as a percentage of sales | |||||||||||||||||||||||||||||||||||
2021 | 34 | % | 22 | % | 24 | % | 35 | % | 23 | % | 26 | % | |||||||||||||||||||||||
2020 | 28 | % | 15 | % | 26 | % | 30 | % | 18 | % | 24 | % |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 48% | 0% | 1% | 49% | 25% | 0% | 1% | 26% | |||||||||||||||||||||||||||||||||||||||
EMEA | 55% | 5% | 12% | 72% | 32% | 2% | 10% | 44% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 35% | 0% | 8% | 43% | 27% | 0% | 8% | 35% | |||||||||||||||||||||||||||||||||||||||
Consolidated | 46% | 1% | 6% | 53% | 28% | 0% | 5% | 33% |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 30% | (1)% | 1% | 30% | 15% | 0% | 0% | 15% | |||||||||||||||||||||||||||||||||||||||
EMEA | 22% | (9)% | 6% | 19% | 8% | (8)% | 5% | 5% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 30% | (21)% | 8% | 17% | 34% | (18)% | 7% | 23% | |||||||||||||||||||||||||||||||||||||||
Consolidated | 29% | (7)% | 3% | 25% | 17% | (5)% | 3% | 15% |
Three Months | Six Months | ||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | ||||||||||||||||||||||||||||||||||||||||
Americas | 25% | 0% | 1% | 26% | 29% | 0% | 1% | 30% | |||||||||||||||||||||||||||||||||||||||
EMEA | 52% | 0% | 13% | 65% | 45% | 0% | 12% | 57% | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 17% | 0% | 12% | 29% | 25% | 0% | 12% | 37% | |||||||||||||||||||||||||||||||||||||||
Consolidated | 29% | 0% | 3% | 32% | 32% | 0% | 3% | 35% |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Jun 25, 2021 | Jun 26, 2020 | Jun 25, 2021 | Jun 26, 2020 | ||||||||||||||||||||
Operating earnings, as reported | $ | 133.8 | $ | 44.8 | $ | 262.1 | $ | 134.6 | |||||||||||||||
Impairment | — | 35.0 | — | 35.0 | |||||||||||||||||||
Operating earnings, adjusted | $ | 133.8 | $ | 79.8 | $ | 262.1 | $ | 169.6 | |||||||||||||||
Earnings before income taxes | $ | 131.7 | $ | 42.0 | $ | 257.5 | $ | 124.1 | |||||||||||||||
Impairment | — | 35.0 | — | 35.0 | |||||||||||||||||||
Earnings before income taxes, adjusted | $ | 131.7 | $ | 77.0 | $ | 257.5 | $ | 159.1 | |||||||||||||||
Income taxes, as reported | $ | 21.6 | $ | 13.2 | $ | 41.7 | $ | 22.5 | |||||||||||||||
Impairment tax benefit | — | 1.2 | — | 1.2 | |||||||||||||||||||
Excess tax benefit from option exercises | 2.1 | 0.3 | 6.2 | 8.0 | |||||||||||||||||||
Income taxes, adjusted | $ | 23.7 | $ | 14.7 | $ | 47.9 | $ | 31.7 | |||||||||||||||
Effective income tax rate | |||||||||||||||||||||||
As reported | 16.4 | % | 31.4 | % | 16.2 | % | 18.1 | % | |||||||||||||||
Adjusted | 18.0 | % | 19.1 | % | 18.6 | % | 19.9 | % | |||||||||||||||
Net Earnings, as reported | $ | 110.1 | $ | 28.8 | $ | 215.8 | $ | 101.7 | |||||||||||||||
Impairment, net | — | 33.8 | — | 33.8 | |||||||||||||||||||
Excess tax benefit from option exercises | (2.1) | (0.3) | (6.2) | (8.0) | |||||||||||||||||||
Net Earnings, adjusted | $ | 108.0 | $ | 62.3 | $ | 209.6 | $ | 127.5 | |||||||||||||||
Weighted Average Diluted Shares | 174.6 | 170.5 | 174.2 | 171.6 | |||||||||||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||
As reported | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 | |||||||||||||||
Adjusted | $ | 0.62 | $ | 0.37 | $ | 1.20 | $ | 0.74 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Jun 25, 2021 | Jun 26, 2020 | Jun 25, 2021 | Jun 26, 2020 | ||||||||||||||||||||
Net Sales | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 | |||||||||||||||
Cost of products sold | 243,340 | 184,363 | 450,135 | 359,299 | |||||||||||||||||||
Gross Profit | 263,824 | 182,529 | 511,158 | 381,160 | |||||||||||||||||||
Product development | 21,406 | 17,948 | 40,977 | 35,029 | |||||||||||||||||||
Selling, marketing and distribution | 69,126 | 48,831 | 131,354 | 106,219 | |||||||||||||||||||
General and administrative | 39,449 | 36,015 | 76,698 | 70,365 | |||||||||||||||||||
Impairment | — | 34,962 | — | 34,962 | |||||||||||||||||||
Operating Earnings | 133,843 | 44,773 | 262,129 | 134,585 | |||||||||||||||||||
Interest expense | 2,528 | 3,258 | 4,956 | 5,744 | |||||||||||||||||||
Other expense, net | (434) | (510) | (313) | 4,713 | |||||||||||||||||||
Earnings Before Income Taxes | 131,749 | 42,025 | 257,486 | 124,128 | |||||||||||||||||||
Income taxes | 21,631 | 13,193 | 41,681 | 22,478 | |||||||||||||||||||
Net Earnings | $ | 110,118 | $ | 28,832 | $ | 215,805 | $ | 101,650 | |||||||||||||||
Net Earnings per Common Share | |||||||||||||||||||||||
Basic | $ | 0.65 | $ | 0.17 | $ | 1.27 | $ | 0.61 | |||||||||||||||
Diluted | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 | |||||||||||||||
Weighted Average Number of Shares | |||||||||||||||||||||||
Basic | 169,594 | 166,663 | 169,271 | 167,320 | |||||||||||||||||||
Diluted | 174,572 | 170,549 | 174,210 | 171,596 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
Jun 25, 2021 | Jun 26, 2020 | Jun 25, 2021 | Jun 26, 2020 | ||||||||||||||||||||
Net Sales | |||||||||||||||||||||||
Industrial | $ | 204,577 | $ | 133,287 | $ | 389,309 | $ | 291,971 | |||||||||||||||
Process | 97,233 | 77,759 | 188,606 | 163,837 | |||||||||||||||||||
Contractor | 205,354 | 155,846 | 383,378 | 284,651 | |||||||||||||||||||
Total | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 | |||||||||||||||
Operating Earnings | |||||||||||||||||||||||
Industrial | $ | 69,368 | $ | 37,001 | $ | 134,611 | $ | 87,234 | |||||||||||||||
Process | 21,676 | 11,672 | 43,409 | 29,783 | |||||||||||||||||||
Contractor | 49,997 | 41,109 | 98,163 | 69,739 | |||||||||||||||||||
Unallocated corporate (expense) | (7,198) | (10,047) | (14,054) | (17,209) | |||||||||||||||||||
Impairment | — | (34,962) | — | (34,962) | |||||||||||||||||||
Total | $ | 133,843 | $ | 44,773 | $ | 262,129 | $ | 134,585 |
Consolidated Statements of Earnings (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Income Statement [Abstract] | ||||
Revenues | $ 507,164 | $ 366,892 | $ 961,293 | $ 740,459 |
Cost of Goods and Services Sold | 243,340 | 184,363 | 450,135 | 359,299 |
Gross Profit | 263,824 | 182,529 | 511,158 | 381,160 |
Product development | 21,406 | 17,948 | 40,977 | 35,029 |
Selling, marketing and distribution | 69,126 | 48,831 | 131,354 | 106,219 |
General and administrative | 39,449 | 36,015 | 76,698 | 70,365 |
Impairment | 0 | 34,962 | 0 | 34,962 |
Operating Earnings | 133,843 | 44,773 | 262,129 | 134,585 |
Interest expense | 2,528 | 3,258 | 4,956 | 5,744 |
Other expense, net | (434) | (510) | (313) | 4,713 |
Earnings Before Income Taxes | 131,749 | 42,025 | 257,486 | 124,128 |
Income taxes | 21,631 | 13,193 | 41,681 | 22,478 |
Net Earnings | $ 110,118 | $ 28,832 | $ 215,805 | $ 101,650 |
Basic earnings per share | $ 0.65 | $ 0.17 | $ 1.27 | $ 0.61 |
Diluted earnings per share | $ 0.63 | $ 0.17 | $ 1.24 | $ 0.59 |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net Earnings | $ 110,118 | $ 28,832 | $ 215,805 | $ 101,650 |
Components of other comprehensive income (loss) | ||||
Cumulative translation adjustment | 5,693 | 6,756 | (4,777) | 2,079 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, before Reclassification Adjustment and Tax | 2,373 | 2,446 | 5,681 | 5,195 |
Pension and postretirement medical liability adjustment | (535) | (554) | (1,207) | (1,169) |
Other comprehensive income (loss) | 7,531 | 8,648 | (303) | 6,105 |
Comprehensive Income | $ 117,649 | $ 37,480 | $ 215,502 | $ 107,755 |
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Jun. 25, 2021 |
Dec. 25, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for Credits | $ 4.4 | $ 4.4 |
Consolidated Statements of Shareholders' Equity (Unaudited) Consolidated Statements of Shareholders' Equity (Unaudited) Parenthetical - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.188 | $ 0.175 | $ 0.375 | $ 0.350 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 25, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated balance sheet of Graco Inc. and subsidiaries (the “Company”) as of June 25, 2021 and the related statements of earnings, comprehensive income and shareholders' equity for the three and six months ended June 25, 2021 and June 26, 2020, and cash flows for the six months ended June 25, 2021 and June 26, 2020 have been prepared by the Company and have not been audited. In the opinion of management, these consolidated financial statements reflect all adjustments (consisting of only normal recurring adjustments) necessary to present fairly the financial position of the Company as of June 25, 2021, and the results of operations and cash flows for all periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. Therefore, these statements should be read in conjunction with the financial statements and notes thereto included in the Company’s 2020 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of results that will be realized for the full fiscal year.
|
Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company has three reportable segments: Industrial, Process and Contractor. Sales and operating earnings by segment were as follows (in thousands):
Assets by segment were as follows (in thousands):
Geographic information follows (in thousands):
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Earnings per Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):
Stock options to purchase 737,000 and 2,530,000 shares were not included in the June 25, 2021 and June 26, 2020 computations of diluted earnings per share, respectively, because they would have been anti-dilutive.
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Share-Based Awards |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Awards | Share-Based Awards Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices):
The Company recognized year-to-date share-based compensation of $13.7 million in 2021 and $15.4 million in 2020. As of June 25, 2021, there was $17.9 million of unrecognized compensation cost related to unvested options, expected to be recognized over a weighted average period of 3.0 years. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results:
Under the Company’s Employee Stock Purchase Plan, the Company issued 416,000 shares in 2021 and 400,000 shares in 2020. The fair value of the employees’ purchase rights under this Plan was estimated on the date of grant. The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results:
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Retirement Benefits |
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits | Retirement Benefits The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands):
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Shareholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity Changes in components of accumulated other comprehensive income (loss), net of tax were as follows (in thousands):
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Receivables and Credit Losses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss, Financial Instrument | Receivables and Credit Losses Accounts receivable includes trade receivables of $333 million and other receivables of $21 million as of June 25, 2021 and $302 million and $13 million, respectively, as of December 25, 2020. Allowance for Credit Losses Following is a summary of activity in the year to date allowance for credit losses (in thousands):
(1) Represents amounts determined to be uncollectible and charged against reserves, net of collections on accounts previously charged against reserves. (2) Includes amounts assumed or established in connection with acquisitions and effects of foreign currency translation.
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Inventories |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Major components of inventories were as follows (in thousands):
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Intangible Assets |
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets | Intangible Assets Components of other intangible assets were as follows (dollars in thousands):
Amortization of intangibles for the quarter was $4.6 million in 2021 and $4.1 million in 2020 and for the year to date was $8.9 million in 2021 and $8.2 million in 2020. Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands):
In the second quarter the Company completed the acquisition of a business that is not material to the consolidated financial statements.
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Other Current Liabilities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other Current Liabilities Components of other current liabilities were as follows (in thousands):
A liability is established for estimated future warranty and service claims that relate to current and prior period sales. The Company estimates warranty costs based on historical claim experience and other factors including evaluating specific product warranty issues. Following is a summary of activity in accrued warranty and service liabilities (in thousands):
Deferred Revenue Revenue is deferred when cash payments are received or due in advance of performance, including amounts which are refundable. This is also the case for services associated with certain product sales. The balance in the deferred revenue and customer advances was $57.9 million as of June 25, 2021 and $41.7 million as of December 25, 2020. Net sales for the year to date included $24.0 million in 2021 and $14.2 million in 2020 that related to deferred revenue as of the beginning of each period.
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Debt (Notes) |
6 Months Ended |
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Jun. 25, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt On March 25, 2021, the Company entered into an Amended and Restated Credit Agreement that amends, supersedes and restates in its entirety the Company's prior Credit Agreement with U.S. Bank National Association, as administrative agent (the “Agent”) and a lender, and the other lenders that are parties thereto. The Amended and Restated Credit Agreement extends the maturity of the Company’s $500 million unsecured revolving credit facility from December 15, 2021 to March 25, 2026; includes a $250 million accordion feature; and provides mechanisms for two further one-year extensions of the maturity, subject to the consent of the extending banks. Borrowings under the Amended and Restated Credit Agreement may be denominated in U.S. Dollars or certain other currencies. Outstanding loans in currencies other than U.S. Dollars cannot exceed $200 million in the aggregate. Loans denominated in U.S. Dollars may bear interest, at the Company’s option, at either a base rate or a LIBOR-based rate. Loans denominated in currencies other than U.S. Dollars will bear interest at a LIBOR-based rate. The base rate is an annual rate equal to a margin ranging from 0.00% to 0.75%, depending on the Company’s cash flow leverage ratio, plus the highest of (i) the rate of interest from time to time announced by the Agent as its prime rate, (ii) the federal funds effective rate plus 0.50%, or (iii) one-month LIBOR plus 1.50%. In general, LIBOR-based loans bear interest at a rate per annum equal to LIBOR, plus a margin ranging from 1.00% to 1.75%, depending on the Company’s cash flow leverage ratio. In addition to paying interest on the outstanding loans, the Company is required to pay a facility fee on the unused amount of the loan commitments at a rate per annum ranging from 0.125% to 0.25%, depending on the Company’s cash flow leverage ratio. The Amended and Restated Credit Agreement contains customary provisions for the replacement of the LIBOR-based rate as that rate is phased out in the lending market. The Amended and Restated Credit Agreement contains customary representations, warranties, covenants and events of default, including but not limited to covenants restricting the Company’s and its subsidiaries’ ability to (i) merge or consolidate with another entity, (ii) sell, transfer, lease or convey their assets, (iii) make any material change in the nature of the core business of the Company, (iv) make certain investments, or (v) incur secured indebtedness. The Credit Agreement also requires the Company to maintain a cash flow leverage ratio of not more than 3.50 to 1.00 (unless a significant acquisition has been consummated, in which case, not more than 4.00 to 1.00 during the four fiscal quarter period beginning with the quarter in which such acquisition occurs) and an interest coverage ratio of not less than 3.00 to 1.00 (unless a significant acquisition has been consummated, in which case, not less than 2.50 to 1.00 during the four fiscal quarter period beginning with the quarter in which such acquisition occurs). A change in control of the Company will constitute an event of default under the Credit Agreement.
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Fair Value |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands):
Contracts insuring the lives of certain employees who are eligible to participate in certain non-qualified pension and deferred compensation plans are held in trust. Cash surrender value of the contracts is based on performance measurement funds that shadow the deferral investment allocations made by participants in certain deferred compensation plans. The deferred compensation liability balances are valued based on amounts allocated by participants to the underlying performance measurement funds. Contingent consideration liability represents the estimated value (using a probability-weighted expected return approach) of future payments to be made to previous owners of certain acquired businesses based on future revenues. Long-term notes payable with fixed interest rates had a carrying amount of $150 million and estimated fair value of $165 million as of June 25, 2021 and estimated fair value of $170 million as of December 25, 2020. The fair value of variable rate borrowings approximates carrying value. The Company uses significant other observable inputs to estimate fair value (level 2 of the fair value hierarchy) based on the present value of future cash flows and rates that would be available for issuance of debt with similar terms and remaining maturities.
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting - Operations and Assets | Sales and operating earnings by segment were as follows (in thousands):
Assets by segment were as follows (in thousands):
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Segment Reporting - Geographic | Geographic information follows (in thousands):
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Earnings per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted EPS | The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):
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Share-Based Awards (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement, Additional Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Options Activity and Outstanding | Options on common shares granted and outstanding, as well as the weighted average exercise price, are shown below (in thousands, except exercise prices):
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Options Fair Value Inputs | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions and results:
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ESPP Fair Value Inputs | The benefit of the 15 percent discount from the lesser of the fair market value per common share on the first day and the last day of the plan year was added to the fair value of the employees’ purchase rights determined using the Black-Scholes option-pricing model with the following assumptions and results:
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Retirement Benefits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | The components of net periodic benefit cost for retirement benefit plans were as follows (in thousands):
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Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in AOCI | Changes in components of accumulated other comprehensive income (loss), net of tax were as follows (in thousands):
|
Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Loss, Current and Noncurrent [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Following is a summary of activity in the year to date allowance for credit losses (in thousands):
|
Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Inventories | Major components of inventories were as follows (in thousands):
|
Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Intangible Assets | Components of other intangible assets were as follows (dollars in thousands):
|
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Future Amortization Expense | Estimated annual amortization expense based on the current carrying amount of other intangible assets is as follows (in thousands):
|
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Goodwill Rollforward | Changes in the carrying amount of goodwill for each reportable segment were as follows (in thousands):
|
Other Current Liabilities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities, Current [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Other Current Liabilities | Components of other current liabilities were as follows (in thousands):
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Accrued Warranty Activity | Following is a summary of activity in accrued warranty and service liabilities (in thousands):
|
Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Schedule | Assets and liabilities measured at fair value on a recurring basis and fair value measurement level were as follows (in thousands):
|
Segment Reporting Information - Operations and Assets (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 25, 2021
USD ($)
|
Jun. 26, 2020
USD ($)
|
Jun. 25, 2021
USD ($)
segment
|
Jun. 26, 2020
USD ($)
|
Dec. 25, 2020
USD ($)
|
|
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 3 | ||||
Revenues | $ 507,164 | $ 366,892 | $ 961,293 | $ 740,459 | |
Operating Earnings | 133,843 | 44,773 | 262,129 | 134,585 | |
Total Assets | 2,229,205 | 2,229,205 | $ 1,988,128 | ||
Operating Segments | Industrial | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 204,577 | 133,287 | 389,309 | 291,971 | |
Operating Earnings | 69,368 | 37,001 | 134,611 | 87,234 | |
Total Assets | 689,675 | 689,675 | 632,165 | ||
Operating Segments | Process | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 97,233 | 77,759 | 188,606 | 163,837 | |
Operating Earnings | 21,676 | 11,672 | 43,409 | 29,783 | |
Total Assets | 418,473 | 418,473 | 404,370 | ||
Operating Segments | Contractor | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 205,354 | 155,846 | 383,378 | 284,651 | |
Operating Earnings | 49,997 | 41,109 | 98,163 | 69,739 | |
Total Assets | 491,189 | 491,189 | 438,067 | ||
Unallocated corporate | |||||
Segment Reporting Information [Line Items] | |||||
Operating Earnings | (7,198) | (10,047) | (14,054) | (17,209) | |
Impairment - Segment Information | 0 | $ (34,962) | 0 | $ (34,962) | |
Total Assets | $ 629,868 | $ 629,868 | $ 513,526 |
Segment Reporting Information - Geographic (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Jun. 25, 2021 |
Jun. 26, 2020 |
Dec. 25, 2020 |
|
Geographic Information [Line Items] | |||||
Revenues | $ 507,164 | $ 366,892 | $ 961,293 | $ 740,459 | |
Long-lived Assets | 387,906 | 387,906 | $ 350,750 | ||
United States | |||||
Geographic Information [Line Items] | |||||
Revenues | 263,722 | 205,789 | 495,223 | 404,032 | |
Long-lived Assets | 326,395 | 326,395 | 301,643 | ||
Other countries | |||||
Geographic Information [Line Items] | |||||
Revenues | 243,442 | $ 161,103 | 466,070 | $ 336,427 | |
Long-lived Assets | $ 61,511 | $ 61,511 | $ 49,107 |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net earnings available to common shareholders | $ 110,118 | $ 28,832 | $ 215,805 | $ 101,650 |
Weighted average shares outstanding for basic earnings per share | 169,594 | 166,663 | 169,271 | 167,320 |
Dilutive effect of stock options computed using the treasury stock method and the average market price | 4,978 | 3,886 | 4,939 | 4,276 |
Weighted average shares outstanding for diluted earnings per share | 174,572 | 170,549 | 174,210 | 171,596 |
Basic earnings per share | $ 0.65 | $ 0.17 | $ 1.27 | $ 0.61 |
Diluted earnings per share | $ 0.63 | $ 0.17 | $ 1.24 | $ 0.59 |
Antidilutive securities excluded from the computation of diluted earnings per share | 737 | 2,530 |
Share-Based Awards - Options Activity and Outstanding (Details) - $ / shares shares in Thousands |
6 Months Ended | |
---|---|---|
Jun. 25, 2021 |
Dec. 25, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Beginning (in shares) | 10,208 | |
Options granted (in shares) | 841 | |
Options exercised (in shares) | (674) | |
Options canceled (in shares) | (14) | |
Ending (in shares) | 10,361 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Beginning (dollars per share) | $ 35.02 | |
Granted (dollars per share) | 72.21 | |
Exercised (dollars per share) | 22.69 | |
Canceled (dollars per share) | 43.06 | |
Ending (dollars per share) | $ 38.84 | |
Options exercisable (in shares) | 7,196 | 6,553 |
Weighted average exercise price of exercisable options (dollars per share) | $ 31.31 | $ 28.02 |
Share-Based Awards - Options Fair Value Inputs (Details) - Stock Option - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Fair Value Assumptions and Methodology [Abstract] | ||
Expected life in years | 7 years 6 months | 7 years 6 months |
Interest rate | 1.20% | 1.50% |
Volatility | 25.30% | 22.00% |
Dividend yield | 1.00% | 1.30% |
Weighted average fair value per share (in dollars per share) | $ 18.91 | $ 12.18 |
Share-Based Awards - ESPP Fair Value Inputs (Details) - Employee Stock Purchase Plan - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life in years | 1 year | 1 year |
Interest rate | 0.10% | 1.50% |
Volatility | 40.10% | 21.90% |
Dividend yield | 1.10% | 1.40% |
Weighted average fair value per share (in dollars per share) | $ 21.50 | $ 11.55 |
Share-Based Awards - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||
Share-based compensation expense | $ 13.7 | $ 15.4 |
Unrecognized compensation cost | $ 17.9 | |
Weighted average recognition period | 3 years | |
Employee Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee stock purchase plan shares issued | 416,000 | 400,000 |
Stock purchase plan discount from market value | 15.00% |
Retirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Pension | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 2,724 | $ 2,193 | $ 5,445 | $ 4,615 |
Interest cost | 2,976 | 3,227 | 5,957 | 6,634 |
Expected return on assets | (5,131) | (4,651) | (10,261) | (9,401) |
Amortization and other | 2,555 | 2,517 | 5,106 | 5,238 |
Net periodic benefit cost | 3,124 | 3,286 | 6,247 | 7,086 |
Postretirement Medical | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 175 | 130 | 350 | 305 |
Interest cost | 250 | 260 | 500 | 508 |
Amortization | 250 | 190 | 500 | 367 |
Net periodic benefit cost | $ 675 | $ 580 | $ 1,350 | $ 1,180 |
Credit Losses (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Dec. 25, 2020 |
|
Credit Loss [Abstract] | |||
Accounts Receivable, before Allowance for Credit Loss | $ 333,000 | $ 302,000 | |
Other Receivables | 21,000 | $ 13,000 | |
Balance, beginning | 3,745 | $ 4,828 | |
Additions (reversals) charged to costs and expenses | 265 | 631 | |
Deductions from reserves | (495) | (291) | |
Other additions (deductions) | (4) | (9) | |
Balance, ending | $ 3,511 | $ 5,159 |
Inventories (Details) - USD ($) $ in Thousands |
Jun. 25, 2021 |
Dec. 25, 2020 |
---|---|---|
Inventory, Net [Abstract] | ||
Finished products and components | $ 153,876 | $ 133,122 |
Products and components in various stages of completion | 95,695 | 83,791 |
Raw materials and purchased components | 152,657 | 129,319 |
Inventory gross | 402,228 | 346,232 |
Reduction to LIFO cost | (64,703) | (60,528) |
Total | $ 337,525 | $ 285,704 |
Intangible Assets - Future Amortization Expense (Details) $ in Thousands |
Jun. 25, 2021
USD ($)
|
---|---|
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remaining estimated amortization expense 2021 | $ 9,003 |
Estimated amortization expense 2022 | 17,964 |
Estimated amortization expense 2023 | 17,076 |
Estimated amortization expense 2024 | 15,518 |
Estimated amortization expense 2025 | 14,946 |
Estimated amortization expense thereafter | $ 23,751 |
Intangible Assets - Goodwill Rollforward (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 25, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 347,603 |
Additions, adjustments from business acquisitions | 13,249 |
Foreign currency translation | (2,403) |
Ending balance | 358,449 |
Industrial | |
Goodwill [Roll Forward] | |
Beginning balance | 186,536 |
Additions, adjustments from business acquisitions | 13,249 |
Foreign currency translation | (2,835) |
Ending balance | 196,950 |
Process | |
Goodwill [Roll Forward] | |
Beginning balance | 141,513 |
Additions, adjustments from business acquisitions | 0 |
Foreign currency translation | 432 |
Ending balance | 141,945 |
Contractor | |
Goodwill [Roll Forward] | |
Beginning balance | 19,554 |
Additions, adjustments from business acquisitions | 0 |
Foreign currency translation | 0 |
Ending balance | $ 19,554 |
Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Jun. 25, 2021 |
Jun. 26, 2020 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of intangible assets | $ 4.6 | $ 4.1 | $ 8.9 | $ 8.2 |
Other Current Liabilities - Components of Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 25, 2021 |
Dec. 25, 2020 |
---|---|---|
Other Current Liabilities Details [Abstract] | ||
Accrued self-insurance retentions | $ 8,209 | $ 8,041 |
Accrued warranty and service liabilities | 13,748 | 13,082 |
Accrued trade promotions | 12,699 | 12,140 |
Payable for employee stock purchases | 7,126 | 14,554 |
Customer advances and deferred revenue | 57,884 | 41,689 |
Income taxes payable | 11,871 | 8,564 |
Right of return refund liability | 18,072 | 16,303 |
Operating lease liability, current | 9,760 | 11,178 |
Other | 36,780 | 31,709 |
Total | $ 176,149 | $ 157,260 |
Other Current Liabilities - Accrued Warranty Activity (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 25, 2021
USD ($)
| |
Activity In Accrued Warranty And Service Liabilities Abstract | |
Balance, beginning of year | $ 13,082 |
Standard Product Warranty Accrual, Additions from Business Acquisition | 24 |
Charged to expense | 5,271 |
Margin on parts sales reversed | 1,741 |
Reductions for claims settled | (6,370) |
Balance, end of period | $ 13,748 |
Other Current Liabilities - Narrative (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 25, 2021 |
Jun. 26, 2020 |
Dec. 25, 2020 |
|
Accrued Liabilities, Current [Abstract] | |||
Customer advances and deferred revenue | $ 57.9 | $ 41.7 | |
Contract with Customer, Liability, Revenue Recognized | $ 24.0 | $ 14.2 |
Fair Value (Details) - USD ($) $ in Thousands |
Jun. 25, 2021 |
Dec. 25, 2020 |
---|---|---|
Assets | ||
Total assets at fair value | $ 22,519 | $ 19,903 |
Liabilities | ||
Total liabilities at fair value | 16,573 | 14,553 |
Long term debt, carrying amount | 150,000 | 150,000 |
Long term debt, fair value | 165,000 | 170,000 |
Level 2 | ||
Assets | ||
Cash surrender value of life insurance | 22,486 | 19,887 |
Forward exchange contracts | 33 | 16 |
Liabilities | ||
Deferred compensation | 5,689 | 5,099 |
Level 3 | ||
Liabilities | ||
Contingent consideration | $ 10,884 | $ 9,454 |
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