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Pay vs Performance Disclosure

4 Months Ended

6 Months Ended

12 Months Ended

Jul. 13, 2022

Dec. 31, 2022

Jul. 13, 2022

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

USD ($)

$ / shares

Dec. 31, 2021

USD ($)

$ / shares

Dec. 31, 2020

USD ($)

$ / shares

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

Overview

The following tables set forth information concerning the compensation of each of the individuals who served as CEO (referred to as “PEOs”) and the average compensation of our other NEOs for each of the fiscal years ended December 31, 2020, 2021, 2022 and 2023, and certain measures of our financial performance for each such fiscal year under the SEC’s “Pay Versus Performance” disclosure requirements. We include compensation information for three PEOs due to a CEO transition in 2022.

															Value of Initial Fixed $100 Investment Based On:
Year			Summary Compensation Table Total for PEO			Compensation Actually Paid to PEO			Average Summary Compensation Table Total for Non-PEO NEOs			Average Compensation Actually Paid to Non-PEO NEOs			Total Shareholder Return			Peer Group Total Shareholder Return			Net Income in 000s			Diluted EPS (As Certified by CMDC⁴)
2023¹			N/A¹			N/A¹			$1,813,129			$1,169,528			$67.52			$133.39			$15,996			$2.14
2022¹			$8,529,992¹			$(893,908)¹			$1,189,891			$807,951			$68.93			$120.10			$13,479			$2.14
2021¹			10,496,468¹			5,800,005¹			1,680,342			1,385,659			77.29			139.96			99,873			1.98
2020¹			8,154,857¹			(1,042,574)¹			1,404,319			151,316			83.20			115.42			63,375			1.70
2023²			$7,305,338²			$(2,373,560)²			$1,813,129			$1,169,528			$67.52			$133.39			$15,996			$2.14
2022²			12,861,436²			22,756,266²			1,189,891			807,951			68.93			120.10			13,479			2.14
2021²			N/A²			N/A²			1,680,342			1,385,659			77.29			139.96			99,873			1.98
2020²			N/A²			N/A²			1,404,319			151,316			83.20			115.42			63,375			1.70
2023³			N/A³			N/A³			$1,813,129			$1,169,528			$67.52			$133.39			$15,996			$2.14
2022³			1,586,410³			1,365,508³			1,189,891			807,951			68.93			120.10			13,479			2.14
2021³			N/A³			N/A³			1,680,342			1,385,659			77.29			139.96			99,873			1.98
2020³			N/A³			N/A³			1,404,319			151,316			83.20			115.42			63,375			1.70

1.	Represents PEO information for Patrick J. Dempsey, PEO during 2020-2022.

2.	Represents PEO information for Thomas J. Hook, PEO during 2022-current.

3.	Represents PEO information for Julie K. Streich, PEO during 2022.

4.	“CMDC” represents the Compensation and Management Development Committee.

Company Selected Measure Name

Diluted EPS

Named Executive Officers, Footnote

1.	Represents PEO information for Patrick J. Dempsey, PEO during 2020-2022.

2.	Represents PEO information for Thomas J. Hook, PEO during 2022-current.

3.	Represents PEO information for Julie K. Streich, PEO during 2022.

•

Non-PEO NEOs are as follows: 2023: Julie Streich, Ian Reason, Dawn Edwards and Jay Knoll; 2022: Stephen Moule, Ian Reason, Patrick Hurley, and Dawn Edwards; 2021: Julie Streich, Stephen Moule, Michael Beck, Patrick Hurley, and Marian Acker; and 2020: Christopher Stephens, Stephen Moule, Michael Beck, and Patrick Hurley.

Peer Group Issuers, Footnote

•

Also shown is our cumulative TSR performance compared to our peer group for the covered years, assuming a $100 investment in our common stock on December 31, 2019. We selected the S&P Composite 1500 Industrial Machinery (Sub-Industry) Index as our peer group because its market-cap weighted constituents are most-representative of our lines of business. Further shown is our GAAP net income performance and our Diluted EPS performance (as certified by the CMDC) for each covered fiscal year.

Adjustment To PEO Compensation, Footnote

Reconciliation to Summary Compensation Table

The SEC disclosure rules require us to compare compensation actually paid (“CAP”) to company performance. Each year’s CAP calculations start with the total compensation values reported in our “Fiscal Year 2023 Summary Compensation Table” on page 40, with equity and pension values adjusted as set forth in the tables below in accordance with the rule. The dollar amounts do not necessarily reflect the actual amount of compensation earned by or paid to our PEOs and our other NEOs. For detailed information regarding our compensation philosophy and implementation for fiscal year 2023, see “Compensation Discussion and Analysis,” on page 27.

Detail of CAP to our 2023 PEO is as follows:

Year			Summary Compensation Table Total			Exclusion of Current Year Stock Awards and Option Awards at Grant Date Fair Value			Inclusion of Changes in Equity Fair Values			Exclusion of Change in Pension Value and Nonqualified Deferred Compensation Earnings			Inclusion of Pension Service Cost Attributable to Current Year Service			Compensation Actually Paid under SEC Disclosure Requirements
2023			$7,305,338			$(5,803,188)			$(3,875,710)			$0			$0			$(2,373,560)

The equity values included in the “Inclusion of Changes in Equity Fair Values” column above are comprised of the following:

Year			Year-End Fair Value of Equity Awards Granted During the Year Unvested at Year End			Change in Fair Value of Awards Granted in Prior Year from Prior Year End to Current Year End of Unvested Awards			Vesting-Date Fair Value of Equity Awards Granted in Current Year Vested During the Year			Change in Fair Value from End of Prior Year to Vesting Date of Unvested Equity Awards that Vested in Current Year			Fair Value at Prior Year- End of Equity Awards Forfeited in Current Year			Value of Dividends or Other Earnings on Equity Awards Not Otherwise Included			Inclusion of Changes in Equity Fair Values (Total)
2023			$3,565,540			$(7,455,458)			$0			$0			$0			$14,208			$(3,875,710)

Non-PEO NEO Average Total Compensation Amount

$ 1,813,129

$ 1,189,891

$ 1,680,342

$ 1,404,319

Non-PEO NEO Average Compensation Actually Paid Amount

$ 1,169,528

807,951

1,385,659

151,316

Adjustment to Non-PEO NEO Compensation Footnote

Reconciliation to Summary Compensation Table

The SEC disclosure rules require us to compare compensation actually paid (“CAP”) to company performance. Each year’s CAP calculations start with the total compensation values reported in our “Fiscal Year 2023 Summary Compensation Table” on page 40, with equity and pension values adjusted as set forth in the tables below in accordance with the rule. The dollar amounts do not necessarily reflect the actual amount of compensation earned by or paid to our PEOs and our other NEOs. For detailed information regarding our compensation philosophy and implementation for fiscal year 2023, see “Compensation Discussion and Analysis,” on page 27.

Detail of Average CAP to our 2023 Non-PEO NEOs:

Year			Average Summary Compensation Table Total			Exclusion of Current Year Stock Awards and Option Awards at Average of Grant Date Fair Value			Inclusion of Average of Changes in Equity Fair Values			Average Change in Pension Value and Nonqualified Deferred Compensation Earnings			Inclusion of Average Pension Service Cost Attributable to Current Year Service			Average Compensation Actually Paid under SEC Disclosure Requirements
2023			$1,813,129			$(1,042,532)			$354,225			$102,460			$(57,754)			$1,169,528

The equity values included in the “Inclusion of Changes in Equity Fair Values” column above are comprised of the following:

Year			Average Year- End Fair Value of Equity Awards Granted During the Year Unvested at Year End			Average Change in Fair Value of Awards Granted in Prior Year from Prior Year End to Current Year End of Unvested Awards			Average Vesting-Date Fair Value of Equity Awards Granted in Current Year Vested During the Year			Average Change in Fair Value from End of Prior Year to Vesting Date of Unvested Equity Awards that Vested in Current Year			Average Fair Value at Prior Year- End of Equity Awards Forfeited in Current Year			Average Value of Dividends or Other Earnings on Equity Awards Not Otherwise Included			Inclusion of Average Changes in Equity Fair Values (Total)
2023			$678,131			$(300,039)			$0			$(32,261)			$0			$8,394			$354,225

Compensation Actually Paid vs. Total Shareholder Return

CAP vs. Performance

The following narrative (i) describes the relationship between compensation actually paid to our PEOs and the average of compensation actually paid to our other NEOs and the performance measures disclosed in the PVP table (i.e., our TSR, GAAP-Net Income and Diluted EPS) and (ii) compares our TSR and our peer group TSR.

•	Relationship between our TSR and CAP. The compensation actually paid to our PEO and the average of the compensation actually paid to our other NEOs did not directly correlate with changes in our TSR over the covered fiscal years.

The CAP determination for Mr. Hook (who was appointed PEO in July 2022) was impacted by the one-time “make whole” grant he received upon his commencement of employment (for additional details on Mr. Hook’s make whole grant, see “Executive Compensation – Compensation Discussion and Analysis – Our Executive Compensation Program – Additional Compensation Awards,” on page 37).

Compensation Actually Paid vs. Net Income

CAP vs. Performance

The following narrative (i) describes the relationship between compensation actually paid to our PEOs and the average of compensation actually paid to our other NEOs and the performance measures disclosed in the PVP table (i.e., our TSR, GAAP-Net Income and Diluted EPS) and (ii) compares our TSR and our peer group TSR.

•	Relationship between our Net Income and CAP. The compensation actually paid to our PEO and the average of the compensation actually paid to our other NEOs did not directly correlate with changes in our Net Income over the covered fiscal years.

The CAP determination for Mr. Hook (who was appointed PEO in July 2022) was impacted by the one-time “make whole” grant he received upon his commencement of employment (for additional details on Mr. Hook’s make whole grant, see “Executive Compensation – Compensation Discussion and Analysis – Our Executive Compensation Program – Additional Compensation Awards,” on page 37).

Compensation Actually Paid vs. Company Selected Measure

CAP vs. Performance

The following narrative (i) describes the relationship between compensation actually paid to our PEOs and the average of compensation actually paid to our other NEOs and the performance measures disclosed in the PVP table (i.e., our TSR, GAAP-Net Income and Diluted EPS) and (ii) compares our TSR and our peer group TSR.

•	Relationship between our Diluted EPS and CAP. The compensation actually paid to our PEO and the average of the compensation actually paid to our other NEOs did not directly correlate to changes in our Diluted EPS over the covered fiscal years.

The CAP determination for Mr. Hook (who was appointed PEO in July 2022) was impacted by the one-time “make whole” grant he received upon his commencement of employment (for additional details on Mr. Hook’s make whole grant, see “Executive Compensation – Compensation Discussion and Analysis – Our Executive Compensation Program – Additional Compensation Awards,” on page 37).

Tabular List, Table

Other Financial Measures

The following table lists the most important financial performance measures used by the Company to link compensation actually paid to our NEOs to Company performance:

Most Important Performance Measures for 2023			Description
Diluted EPS, as certified			Reported Diluted EPS, excluding the impact of certain items pursuant to the terms of the annual cash incentive program.
Revenue Growth			Revenue reflects Net Sales, as reported
Operating Margin			Operating Margin reflects Operating Income as a percentage of Net Sales
Days Working Capital			DWC reflects average accounts receivable plus inventory less accounts payable measured in days relative to Net Sales and Cost of Sales
EBITDA Growth			EBITDA reflects Net Income before Interest expense, Income Taxes and Depreciation and Amortization
ROIC			Return on Invested Capital reflects the ratio of Net Income and total average invested capital

Total Shareholder Return Amount

$ 67.52

68.93

77.29

83.2

Peer Group Total Shareholder Return Amount

133.39

120.1

139.96

115.42

Net Income (Loss)

$ 15,996,000

$ 13,479,000

$ 99,873,000

$ 63,375,000

Company Selected Measure Amount | $ / shares

2.14

2.14

1.98

1.7

Julie K. Streich

Thomas J. Hook

Patrick J. Dempsey

Thomas J. Hook

Patrick J. Dempsey

Patrick J. Dempsey

Pay vs Performance Disclosure

Diluted EPS

Pay vs Performance Disclosure

Revenue Growth

Pay vs Performance Disclosure

Operating Margin

Pay vs Performance Disclosure

Days Working Capital

Pay vs Performance Disclosure

EBITDA Growth

Pay vs Performance Disclosure

ROIC

Patrick J. Dempsey [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 8,529,992

$ 10,496,468

$ 8,154,857

PEO Actually Paid Compensation Amount

(893,908)

$ 5,800,005

$ (1,042,574)

Thomas J. Hook [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

$ 7,305,338

12,861,436

PEO Actually Paid Compensation Amount

(2,373,560)

22,756,266

Julie K. Streich [Member]

Pay vs Performance Disclosure

PEO Total Compensation Amount

1,586,410

PEO Actually Paid Compensation Amount

$ 1,365,508

PEO | Thomas J. Hook [Member] | Current Year Stock Awards and Option Awards at Grant Date Fair Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(5,803,188)

PEO | Thomas J. Hook [Member] | Changes in Equity Fair Values [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(3,875,710)

PEO | Thomas J. Hook [Member] | Change in Pension Value and Nonqualified Deferred Compensation Earnings [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Thomas J. Hook [Member] | Pension Service Cost Attributable to Current Year Service [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Thomas J. Hook [Member] | Year-End Fair Value of Equity Awards Granted During the Year Unvested at Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

3,565,540

PEO | Thomas J. Hook [Member] | Change in Fair Value of Awards Granted in Prior Year from Prior Year End to Current Year End of Unvested Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(7,455,458)

PEO | Thomas J. Hook [Member] | Vesting-Date Fair Value of Equity Awards Granted in Current Year Vested During the Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Thomas J. Hook [Member] | Change in Fair Value from End of Prior Year to Vesting Date of Unvested Equity Awards that Vested in Current Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Thomas J. Hook [Member] | Fair Value at Prior Year-End of Equity Awards Forfeited in Current Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

PEO | Thomas J. Hook [Member] | Value of Dividends or Other Earnings on Equity Awards Not Otherwise Included [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

14,208

Non-PEO NEO | Current Year Stock Awards and Option Awards at Grant Date Fair Value [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,042,532)

Non-PEO NEO | Changes in Equity Fair Values [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

354,225

Non-PEO NEO | Change in Pension Value and Nonqualified Deferred Compensation Earnings [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

102,460

Non-PEO NEO | Pension Service Cost Attributable to Current Year Service [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(57,754)

Non-PEO NEO | Year-End Fair Value of Equity Awards Granted During the Year Unvested at Year End [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

678,131

Non-PEO NEO | Change in Fair Value of Awards Granted in Prior Year from Prior Year End to Current Year End of Unvested Awards [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(300,039)

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

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Change in Fair Value from End of Prior Year to Vesting Date of Unvested Equity Awards that Vested in Current Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(32,261)

Non-PEO NEO | Fair Value at Prior Year-End of Equity Awards Forfeited in Current Year [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

0

Non-PEO NEO | Value of Dividends or Other Earnings on Equity Awards Not Otherwise Included [Member]

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 8,394