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STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION
9 Months Ended
Oct. 01, 2022
Equity [Abstract]  
STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION STOCKHOLDERS' EQUITY AND LONG-TERM INCENTIVE COMPENSATION
Income Per Share
The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:
 Three months endedNine months ended
October 1,
2022
October 2,
2021
October 1,
2022
October 2,
2021
Weighted-average number of common shares used in basic income per share45.144 45.331 45.382 45.244 
Dilutive securities — Employee stock options and restricted stock units0.988 1.319 0.871 1.211 
Weighted-average number of common shares and dilutive securities used in diluted income per share46.132 46.650 46.253 46.455 



The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.243 and 0.655, respectively, for the three months ended October 1, 2022, and 0.270 and 0.720, respectively, for the nine months ended October 1, 2022.

The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.222 and 0.631, respectively, for the three months ended October 2, 2021, and 0.261 and 0.631, respectively, for the nine months ended October 2, 2021.

Long-Term Incentive Compensation

Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2022 is included in our 2021 Annual Report on Form 10-K.
Awards granted on March 1, 2022 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.
Effective May 10, 2022, we granted 0.023 RSU's to our non-employee directors, which vest in their entirety immediately prior to the annual meeting of stockholders in May 2023. A detailed description of the awards granted prior to 2022 is included in our 2021 Annual Report on Form 10-K.

Compensation expense within income from continuing operations related to long-term incentive awards totaled $2.1 and $3.4 for the three months ended October 1, 2022 and October 2, 2021, respectively, and $7.7 and $9.4 for the nine months ended October 1, 2022 and October 2, 2021, respectively. The related tax benefit was $0.3 and $0.6 for the three months ended October 1, 2022 and October 2, 2021, respectively, and $1.2 and $1.6 for the nine months ended October 1, 2022 and October 2, 2021, respectively.

Repurchases of Common Stock

On May 10, 2022, our Board of Directors re-authorized management, in its sole discretion, to repurchase, in any fiscal year, up to $100.0 of our common stock, subject to maintaining compliance with all covenants of our Credit Agreement. Pursuant to this re-authorization, during the quarter ended July 2, 2022, we repurchased 0.707 shares of our common stock for aggregate cash payments of $33.7. As of October 1, 2022, the remaining maximum approximate amount of our common stock that may be purchased under this authorization is $66.3.

Accumulated Other Comprehensive Income
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended October 1, 2022 were as follows:
 Foreign
Currency
Translation
Adjustment
Net Unrealized Gains
on Qualifying Cash
Flow Hedges(1)
Pension and
Postretirement
Liability
Adjustment(2)
Total
Balance at beginning of period$236.3 $8.6 $9.1 $254.0 
Other comprehensive income (loss) before reclassifications(19.2)3.9 — (15.3)
Amounts reclassified from accumulated other comprehensive income— (0.7)(0.8)(1.5)
Current-period other comprehensive income (loss)(19.2)3.2 (0.8)(16.8)
Balance at end of period$217.1 $11.8 $8.3 $237.2 
__________________________
(1)Net of tax provision of $4.0 and $2.9 as of October 1, 2022 and July 2, 2022, respectively.
(2)Net of tax provision of $3.0 and $3.2 as of October 1, 2022 and July 2, 2022, respectively. The balances as of October 1, 2022 and July 2, 2022 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended October 1, 2022 were as follows:
 Foreign
Currency
Translation
Adjustment
Net Unrealized Gains
on Qualifying Cash
Flow Hedges(1)
Pension and
Postretirement
Liability
Adjustment(2)
Total
Balance at beginning of period$252.7 $0.5 $10.7 $263.9 
Other comprehensive income (loss) before reclassifications(35.6)11.5 0.1 (24.0)
Amounts reclassified from accumulated other comprehensive income— (0.2)(2.5)(2.7)
Current-period other comprehensive income (loss)(35.6)11.3 (2.4)(26.7)
Balance at end of period$217.1 $11.8 $8.3 $237.2 
__________________________
(1)Net of tax provision of $4.0 and $0.1 as of October 1, 2022 and December 31, 2021, respectively.
(2)Net of tax provision of $3.0 and $3.7 as of October 1, 2022 and December 31, 2021, respectively. The balances as of October 1, 2022 and December 31, 2021 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended October 2, 2021 were as follows:
 Foreign
Currency
Translation
Adjustment
Net Unrealized
 Losses
on Qualifying Cash
Flow Hedges(1)
Pension and
Postretirement
Liability
Adjustment(2)
Total
Balance at beginning of period$240.1 $(2.0)$12.5 $250.6 
Other comprehensive loss before reclassifications(5.0)(0.4)— (5.4)
Amounts reclassified from accumulated other comprehensive income (loss)— 0.2 (0.9)(0.7)
Current-period other comprehensive loss(5.0)(0.2)(0.9)(6.1)
Balance at end of period$235.1 $(2.2)$11.6 $244.5 
__________________________
(1)Net of tax benefit of $0.7 as of October 2, 2021 and July 3, 2021, respectively.
(2)Net of tax provision of $4.0 and $4.3 as of October 2, 2021 and July 3, 2021, respectively. The balances as of October 2, 2021 and July 3, 2021 include unamortized prior service credits.
The changes in the components of accumulated other comprehensive income, net of tax, for the nine months ended October 2, 2021 were as follows:
 Foreign
Currency
Translation
Adjustment
Net Unrealized
 Losses
on Qualifying Cash
Flow Hedges(1)
Pension and
Postretirement
Liability
Adjustment(2)
Total
Balance at beginning of period$238.6 $(4.4)$14.3 $248.5 
Other comprehensive income (loss) before reclassifications(3.5)3.1 — (0.4)
Amounts reclassified from accumulated other comprehensive income (loss)— (0.9)(2.7)(3.6)
Current-period other comprehensive income (loss)(3.5)2.2 (2.7)(4.0)
Balance at end of period$235.1 $(2.2)$11.6 $244.5 
__________________________
(1)Net of tax benefit of $0.7 and $1.4 as of October 2, 2021 and December 31, 2020, respectively.
(2)Net of tax provision of $4.0 and $4.9 as of October 2, 2021 and December 31, 2020, respectively. The balances as of October 2, 2021 and December 31, 2020 include unamortized prior service credits.
The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended October 1, 2022 and October 2, 2021:
Amount Reclassified from AOCI 
Three months ended
October 1, 2022October 2, 2021Affected Line Item in the Condensed
Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:   
FX forward contracts$(0.2)$— Revenues
Commodity contracts— (0.3)Income from discontinued operations, net of tax
Swaps(0.7)0.6 Interest expense
Pre-tax(0.9)0.3  
Income taxes0.2 (0.1) 
 $(0.7)$0.2  
Gains on pension and postretirement items:   
Amortization of unrecognized prior service credits - Pre-tax$(1.1)$(1.2)Other income (expense), net
Income taxes0.3 0.3  
 $(0.8)$(0.9) 
The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the nine months ended October 1, 2022 and October 2, 2021:
Amount Reclassified from AOCI 
Nine months ended
October 1, 2022October 2, 2021Affected Line Item in the Condensed
Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:   
FX forward contracts$(0.2)$— Revenues
Commodity contracts— (3.8)Income from discontinued operations, net of tax
Swaps— 2.6 Interest expense
Pre-tax(0.2)(1.2) 
Income taxes— 0.3  
 $(0.2)$(0.9) 
Gains on pension and postretirement items:   
Amortization of unrecognized prior service credits - Pre-tax$(3.3)$(3.6)Other income (expense), net
Income taxes0.8 0.9  
 $(2.5)$(2.7)