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Pay vs Performance Disclosure

12 Months Ended

Dec. 31, 2023

USD ($)

Dec. 31, 2022

USD ($)

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

In accordance with Securities and Exchange Commission rules, we provide the following disclosure regarding executive compensation for our principal executive officer (“PEO”) and non-PEO named executive officers (“non-PEO NEOs”) and certain measures of Company performance for the fiscal years listed below. The Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.

	Year			Summary Compensation Table (SCT) Total for PEO¹ ($)			Compensation Actually Paid to PEO^1,2,3 ($)			Average SCT Total for Non-PEO NEOs¹ ($)			Average Compensation Actually Paid to Non-PEO NEOs^1,2,3 ($)			Value of Initial Fixed $100 Investment Based on:⁴						Net Income ($ Millions)			ROIC for Compensation Purposes⁵
	Year			Summary Compensation Table (SCT) Total for PEO¹ ($)			Compensation Actually Paid to PEO^1,2,3 ($)			Average SCT Total for Non-PEO NEOs¹ ($)						Company TSR ($)			Peer Group TSR ($)			Net Income ($ Millions)			ROIC for Compensation Purposes⁵
	(a)			(b)			(c)			(d)			(e)			(f)			(g)			(h)			(i)
	2023			10,609,670			27,971,976			3,085,776			5,933,007			241.00			143.54			545			22.6%
	2022			10,096,478			14,415,143			2,496,792			3,176,483			157.95			123.28			472			28.1%
	2021			9,213,820			17,818,888			1,978,086			3,241,658			149.83			141.80			276			21.5%
	2020			7,077,536			11,078,312			1,936,038			1,600,715			122.93			113.66			206			13.7%

1	Christopher Mapes was our PEO for each year presented. The individuals comprising the non-PEO NEOs for each year presented are listed below.

	2023			2022			2021			2020
	Gabriel Bruno			Gabriel Bruno			Gabriel Bruno			Gabriel Bruno
	Steven Hedlund			Steven Hedlund			Steven Hedlund			Steven Hedlund
	Jennifer Ansberry			Jennifer Ansberry			Jennifer Ansberry			Jennifer Ansberry
	Michele Kuhrt			Michele Kuhrt			Michele Kuhrt			Michele Kuhrt
										George Blankenship
										Vincent Petrella

2

The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and may not necessarily reflect compensation actually earned, realized, or received by the Company’s PEO and non-PEO NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below. Please note that, while similar adjustment information was provided in our 2023 proxy statement for years 2020, 2021 and 2022, under applicable SEC guidance, repeating such adjustment information is not required in this Proxy Statement because in our view it is not material to our shareholders’ understanding of the information reported in the table above for 2023 or the related disclosures provided below.

3

Compensation Actually Paid for 2023 (the most recent year included in the table above) reflects the exclusions and inclusions of certain amounts for the PEO and the non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table.

	Year			Summary Compensation Table Total for PEO ($)			Exclusion of Change in Pension Value ($)			Exclusion of Stock Awards and Option Awards ($)			Inclusion of Pension Service Cost ($)			Inclusion of Equity Values ($)			Compensation Actually Paid to PEO ($)
	2023			10,609,670			—			(6,265,385)			—			23,627,691			27,971,976

	Year			Average Summary Compensation Table Total for Non-PEO NEOs ($)			Exclusion of Change in Pension Value ($)			Exclusion of Stock Awards and Option Awards ($)			Inclusion of Pension Service Cost ($)			Inclusion of Equity Values ($)			Compensation Actually Paid to Non-PEO NEOs ($)
	2023			3,085,776			—			(1,267,752)			—			4,114,983			5,933,007

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

	Year			Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO ($)			Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior Years for PEO ($)			Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO ($)			Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards Granted in Prior Years that Vested During Year for PEO ($)			Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO ($)			Total - Inclusion of Equity Values for PEO ($)
	2023			9,660,547			10,846,923			—			3,120,221			—			23,627,691

	Year			Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs ($)			Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior Years for Non-PEO NEOs ($)			Average Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs ($)			Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Un- vested Equity Awards Granted in Prior Years that Vested During Year for Non-PEO NEOs ($)			Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non- PEO NEOs ($)			Total - Average Inclusion of Equity Values for Non-PEO NEOs ($)
	2023			1,849,541			1,810,353			—			455,089			—			4,114,983

4

The Peer Group Total Shareholder Return (“TSR”) set forth in this table utilizes the S&P 400 Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P 400 Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.

5

We determined ROIC for Compensation Purposes to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and non-PEO NEOs in 2023. More information on ROIC for Compensation Purposes can be found in Appendix A. This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years.

Company Selected Measure Name

ROIC for Compensation Purposes

Named Executive Officers, Footnote

1	Christopher Mapes was our PEO for each year presented. The individuals comprising the non-PEO NEOs for each year presented are listed below.

	2023			2022			2021			2020
	Gabriel Bruno			Gabriel Bruno			Gabriel Bruno			Gabriel Bruno
	Steven Hedlund			Steven Hedlund			Steven Hedlund			Steven Hedlund
	Jennifer Ansberry			Jennifer Ansberry			Jennifer Ansberry			Jennifer Ansberry
	Michele Kuhrt			Michele Kuhrt			Michele Kuhrt			Michele Kuhrt
										George Blankenship
										Vincent Petrella

Peer Group Issuers, Footnote

4

The Peer Group Total Shareholder Return (“TSR”) set forth in this table utilizes the S&P 400 Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. The comparison assumes $100 was invested for the period starting December 31, 2019, through the end of the listed year in the Company and in the S&P 400 Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.

PEO Total Compensation Amount

$ 10,609,670

$ 10,096,478

$ 9,213,820

$ 7,077,536

PEO Actually Paid Compensation Amount

$ 27,971,976

14,415,143

17,818,888

11,078,312

Adjustment To PEO Compensation, Footnote

3

Compensation Actually Paid for 2023 (the most recent year included in the table above) reflects the exclusions and inclusions of certain amounts for the PEO and the non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table.

	Year			Summary Compensation Table Total for PEO ($)			Exclusion of Change in Pension Value ($)			Exclusion of Stock Awards and Option Awards ($)			Inclusion of Pension Service Cost ($)			Inclusion of Equity Values ($)			Compensation Actually Paid to PEO ($)
	2023			10,609,670			—			(6,265,385)			—			23,627,691			27,971,976

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

	Year			Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for PEO ($)			Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior Years for PEO ($)			Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for PEO ($)			Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards Granted in Prior Years that Vested During Year for PEO ($)			Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for PEO ($)			Total - Inclusion of Equity Values for PEO ($)
	2023			9,660,547			10,846,923			—			3,120,221			—			23,627,691

Non-PEO NEO Average Total Compensation Amount

$ 3,085,776

2,496,792

1,978,086

1,936,038

Non-PEO NEO Average Compensation Actually Paid Amount

$ 5,933,007

3,176,483

3,241,658

1,600,715

Adjustment to Non-PEO NEO Compensation Footnote

3

Compensation Actually Paid for 2023 (the most recent year included in the table above) reflects the exclusions and inclusions of certain amounts for the PEO and the non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table. Amounts in the Exclusion of Change in Pension Value column reflect the amounts attributable to the Change in Pension Value reported in the Summary Compensation Table.

	Year			Average Summary Compensation Table Total for Non-PEO NEOs ($)			Exclusion of Change in Pension Value ($)			Exclusion of Stock Awards and Option Awards ($)			Inclusion of Pension Service Cost ($)			Inclusion of Equity Values ($)			Compensation Actually Paid to Non-PEO NEOs ($)
	2023			3,085,776			—			(1,267,752)			—			4,114,983			5,933,007

The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:

	Year			Average Year-End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year for Non-PEO NEOs ($)			Average Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior Years for Non-PEO NEOs ($)			Average Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year for Non-PEO NEOs ($)			Average Change in Fair Value from Last Day of Prior Year to Vesting Date of Un- vested Equity Awards Granted in Prior Years that Vested During Year for Non-PEO NEOs ($)			Average Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year for Non- PEO NEOs ($)			Total - Average Inclusion of Equity Values for Non-PEO NEOs ($)
	2023			1,849,541			1,810,353			—			455,089			—			4,114,983

Compensation Actually Paid vs. Total Shareholder Return

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company and Peer Group Total Shareholder Return (“TSR”)

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our non-PEO NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the cumulative TSR of the S&P 400 Index over the same period assuming initial investment of $100 on December 31, 2019.

Compensation Actually Paid vs. Net Income

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company Net Income

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our non-PEO NEOs, and our GAAP Net income during the four most recently completed fiscal years.

Compensation Actually Paid vs. Company Selected Measure

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company ROIC for Compensation Purposes

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our non-PEO NEOs, and Company ROIC for Compensation Purposes (annual results) during the four most recently completed fiscal years.

Total Shareholder Return Vs Peer Group

Relationship Between PEO and Non-PEO NEO Compensation Actually Paid and Company and Peer Group Total Shareholder Return (“TSR”)

The following chart sets forth the relationship between Compensation Actually Paid to our PEO, the average of Compensation Actually Paid to our non-PEO NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the cumulative TSR of the S&P 400 Index over the same period assuming initial investment of $100 on December 31, 2019.

Tabular List, Table

Tabular List of Most Important Financial Performance Measures

The following table presents the financial performance measures that the Company considers to have been the most important in linking Compensation Actually Paid to our PEO and our Non-PEO NEOs for 2023 to Company performance. The measures in this table are not ranked.

	Return on Invested Capital (ROIC) for Compensation Purposes
	Adjusted earnings before interest, taxes and bonus (EBITB)
	Adjusted Revenue for Compensation Purposes (Adjusted Revenue)
	Average operating working capital to net sales ratio (AOWC/Sales) for Compensation Purposes
	Adjusted Net Income for Compensation Purposes

Total Shareholder Return Amount

$ 241

157.95

149.83

122.93

Peer Group Total Shareholder Return Amount

143.54

123.28

141.8

113.66

Net Income (Loss)

$ 545,000,000

$ 472,000,000

$ 276,000,000

$ 206,000,000

Company Selected Measure Amount

0.226

0.281

0.215

0.137

Christopher Mapes

Christopher Mapes

Christopher Mapes

Christopher Mapes

Additional 402(v) Disclosure

2

The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and may not necessarily reflect compensation actually earned, realized, or received by the Company’s PEO and non-PEO NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below. Please note that, while similar adjustment information was provided in our 2023 proxy statement for years 2020, 2021 and 2022, under applicable SEC guidance, repeating such adjustment information is not required in this Proxy Statement because in our view it is not material to our shareholders’ understanding of the information reported in the table above for 2023 or the related disclosures provided below.

Pay vs Performance Disclosure

Return on Invested Capital (ROIC) for Compensation Purposes

Non-GAAP Measure Description

5

We determined ROIC for Compensation Purposes to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEO and non-PEO NEOs in 2023. More information on ROIC for Compensation Purposes can be found in Appendix A. This performance measure may not have been the most important financial performance measure for prior years and we may determine a different financial performance measure to be the most important financial performance measure in future years.

Pay vs Performance Disclosure

Adjusted earnings before interest, taxes and bonus (EBITB)

Pay vs Performance Disclosure

Adjusted Revenue for Compensation Purposes (Adjusted Revenue)

Pay vs Performance Disclosure

Average operating working capital to net sales ratio (AOWC/Sales) for Compensation Purposes

Pay vs Performance Disclosure

Adjusted Net Income for Compensation Purposes

PEO | Change in Pension Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 0

PEO | Stock Awards and Option Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(6,265,385)

PEO | Pension Service Cost [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Equity Values [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

23,627,691

PEO | Year-End Fair Value of Equity Awards Granted During Year that Remained Unvested as of Last Day of Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

9,660,547

PEO | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior Years [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

10,846,923

PEO | Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards Granted in Prior Years that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,120,221

PEO | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Change in Pension Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Stock Awards and Option Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,267,752)

Non-PEO NEO | Pension Service Cost [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Equity Values [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

4,114,983

Non-PEO NEO | Year-End Fair Value of Equity Awards Granted During Year that Remained Unvested as of Last Day of Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,849,541

Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards Granted in Prior Years [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

1,810,353

Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards Granted in Prior Years that Vested During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

455,089

Non-PEO NEO | Fair Value at Last Day of Prior Year of Equity Awards Forfeited During Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 0