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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure [Table]

In accordance with its rulemaking responsibilities related to the Dodd-Frank Act, the Securities and Exchange Commission has adopted a rule that requires annual disclosure of the pay versus performance information and table provided below.

									Average
									summary		Average		Value of Initial fixed $100
									compensation		compensation		investment based on:
	Summary		Summary						table total		actually paid				Peer
	Compensation		Compensation						to non-PEO		to non-PEO				group
	table total		table total		Compensation		Compensation		named		named		Total		total					Adjusted
	for		for		actually paid		actually paid		executive		executive		shareholder		shareholder		Net			Earnings
	PEO (Vestjens)		PEO (Stroup)		to NEO (Vestjens)		to NEO (Stroup)		officers		officers		return		return		Income			Per Share
Year	($)		($)		($)		($)		($)		($)		($)		($)		($)			($)
(a)	(b)		(b)		(c)		(c)		(d)		(e)		(f)		(g)		(h)			(i)

2022		6,936,527		—		15,432,523				2,101,935		3,822,182		132		128		254,822,000			6.41
2021		6,831,323				11,850,022				2,870,217		3,781,899		121		136		64,317,000			4.75
2020		2,648,191		8,385,634		1,531,547		3,901,946		1,985,910		1,188,948		77		112		(55,058,000	)		2.75

(1)

Mr. Vestjens was our principal executive officer (PEO) for the full year in each of 2022 and 2021. For 2020, Mr. Vestjens and Mr. John Stroup each served as PEO for a portion of the year. In 2022, our non-PEO named executive officers were Messrs. Parks, Anderson, Chand, and Mehrotra. In 2021, our non-PEO named executive officers were Messrs. Parks, Anderson, Chand, Mehrotra, and Mr. Henk Derksen. In 2020, our non-PEO named executive officers were Messrs. Derksen, Anderson, Chand, and Mr. Dean McKenna.

(2)

For each of 2022, 2021, and 2020 (each, a “Covered Year”), in determining both the compensation “actually paid” to our PEO(s) and the average compensation actually paid to our non-PEO named executive officers for purposes of this Pay Versus Performance table (“PVP Table”), we deducted from or added back to the total amounts of compensation reported in column (b) or (d), as applicable, for such Covered Year, the following amounts:

Item and Value Added (Deducted)	2022	2021	2020
For Mr. Vestjens
- change in actuarial present value of pension benefits	$0	$0	$0
+ service cost of pension benefits	$0	$0	$0
+ prior service cost of pension benefits	$0	$0	$0
- SCT “Stock Awards” column value	$3,026,712	$3,077,646	$1,133,356
- SCT “Option Awards” column value	$874,650	$895,635	$197,989
+ Covered year-end fair value of outstanding equity awards granted in Covered Year	$11,481,543	$7,506,516	$968,550
+/- change in fair value (from prior year-end to Covered Year-end) of equity awards outstanding at Covered Year-end that were granted in prior years	$943,557	$930,622	$(663,721)
+ vesting date fair value of equity awards granted and vested in Covered Year	$0	$0	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	$(35,512)	$546,513	($95,009)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	$0	$0	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	$7,770	$8,329	$4,881
For Mr. Stroup
- change in actuarial present value of pension benefits	- -	- -	$448,473
+ service cost of pension benefits	-	-	$178,758
+ prior service cost of pension benefits	-	-	$0
- SCT “Stock Awards” column value	- -	- -	$6,835,918
- SCT “Option Awards” column value	-	-	$0
+ Covered year-end fair value of outstanding equity awards granted in Covered Year	-	-	$4,312,695
+/- change in fair value (from prior year-end to Covered Year-end) of equity awards outstanding at Covered Year-end that were granted in prior years	- -	- -	$(1,384,045)
+ vesting date fair value of equity awards granted and vested in Covered Year	-	-	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	-	-	$(322,304)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	-	-	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	-	-	$15,599
For Non-PEO Named Executive Officers (Average):
- change in actuarial present value of pension benefits	$0	$6,839	$78,767
+ service cost of pension benefits	$10,348	$18,682	$22,350
+ prior service cost of pension benefits	$0	$0	$0
- SCT “Stock Awards” column value	$624,214	$1,314,184	$826,883
- SCT “Option Awards” column value	$167,466	$138,351	$153,156
+ year-end fair value (from prior year-end to Covered year-end) of equity awards granted in Covered Year	$2,243,314	$2,135,122	$693,974
+/- change in fair value of outstanding equity awards granted in prior years	$311,697	$396,261	$(441,802)
+ vesting date fair value of equity awards granted and vested in Covered Year	$0	$0	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	$(57,911)	$38,593	$(17,327)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	$0	$221,889	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	$4,479	$4,286	$4,649

(3)

For each Covered Year, our total shareholder return¹^{was calculated as the yearly percentage change in our cumulative total shareholder return on our common stock, measured as the quotient of (a) the sum of (i) the cumulative amount of dividends for a period beginning with our closing price on NYSE} on December 31, 2019 through and including the last day of the fiscal year covered (the “Measurement Period”), assuming dividend reinvestment, plus (ii) the difference between our closing stock price at the end versus the beginning of the Measurement Period ($71.90 per share and $

¹	Note to Draft: Must use essentially the same methodology used to calculate company and peer group TSR for purposes of the Regulation S-K Item 201(e) performance graph required to be included in annual reports (the “Performance Graph”).

55.79 per share, respectively), divided by (b) our closing share price at the beginning of the Measurement Period ($55.79 per share). Each of these yearly percentage changes was then applied to a deemed fixed investment of $100 at the beginning of the Measurement Period to produce the Covered Year-end values of such investment as of the end of 2022, 2021 and 2020, as applicable. Because Covered Years are presented in the table in reverse chronical order (from top to bottom), the table should be read from bottom to top for purposes of understanding cumulative returns over time.

(4)

For the purposes of this Pay Versus Performance disclosure, our peer group is the S&P Composite 1500 Industrials Index (the “Peer Group”). For each covered year, our Peer Group cumulative shareholder return was calculated based on a deemed fixed investment of $100 through the measurement period.

(5)

The Company selected measure is Adjusted Earnings Per Share, as presented in the Company’s 2023 Annual Report on Form 10-K, filed on February 24, 2023.

Company Selected Measure Name

Adjusted Earnings Per Share

Named Executive Officers, Footnote [Text Block]

(1)

Peer Group Issuers, Footnote [Text Block]

(4)

Adjustment To PEO Compensation, Footnote [Text Block]

(2)

Item and Value Added (Deducted)	2022	2021	2020
For Mr. Vestjens
- change in actuarial present value of pension benefits	$0	$0	$0
+ service cost of pension benefits	$0	$0	$0
+ prior service cost of pension benefits	$0	$0	$0
- SCT “Stock Awards” column value	$3,026,712	$3,077,646	$1,133,356
- SCT “Option Awards” column value	$874,650	$895,635	$197,989
+ Covered year-end fair value of outstanding equity awards granted in Covered Year	$11,481,543	$7,506,516	$968,550
+/- change in fair value (from prior year-end to Covered Year-end) of equity awards outstanding at Covered Year-end that were granted in prior years	$943,557	$930,622	$(663,721)
+ vesting date fair value of equity awards granted and vested in Covered Year	$0	$0	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	$(35,512)	$546,513	($95,009)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	$0	$0	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	$7,770	$8,329	$4,881
For Mr. Stroup
- change in actuarial present value of pension benefits	- -	- -	$448,473
+ service cost of pension benefits	-	-	$178,758
+ prior service cost of pension benefits	-	-	$0
- SCT “Stock Awards” column value	- -	- -	$6,835,918
- SCT “Option Awards” column value	-	-	$0
+ Covered year-end fair value of outstanding equity awards granted in Covered Year	-	-	$4,312,695
+/- change in fair value (from prior year-end to Covered Year-end) of equity awards outstanding at Covered Year-end that were granted in prior years	- -	- -	$(1,384,045)
+ vesting date fair value of equity awards granted and vested in Covered Year	-	-	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	-	-	$(322,304)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	-	-	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	-	-	$15,599
For Non-PEO Named Executive Officers (Average):
- change in actuarial present value of pension benefits	$0	$6,839	$78,767
+ service cost of pension benefits	$10,348	$18,682	$22,350
+ prior service cost of pension benefits	$0	$0	$0
- SCT “Stock Awards” column value	$624,214	$1,314,184	$826,883
- SCT “Option Awards” column value	$167,466	$138,351	$153,156
+ year-end fair value (from prior year-end to Covered year-end) of equity awards granted in Covered Year	$2,243,314	$2,135,122	$693,974
+/- change in fair value of outstanding equity awards granted in prior years	$311,697	$396,261	$(441,802)
+ vesting date fair value of equity awards granted and vested in Covered Year	$0	$0	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	$(57,911)	$38,593	$(17,327)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	$0	$221,889	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	$4,479	$4,286	$4,649

Non-PEO NEO Average Total Compensation Amount

$ 2,101,935

$ 2,870,217

$ 1,985,910

Non-PEO NEO Average Compensation Actually Paid Amount

$ 3,822,182

3,781,899

1,188,948

Adjustment to Non-PEO NEO Compensation Footnote [Text Block]

(2)

Item and Value Added (Deducted)	2022	2021	2020
For Mr. Vestjens
- change in actuarial present value of pension benefits	$0	$0	$0
+ service cost of pension benefits	$0	$0	$0
+ prior service cost of pension benefits	$0	$0	$0
- SCT “Stock Awards” column value	$3,026,712	$3,077,646	$1,133,356
- SCT “Option Awards” column value	$874,650	$895,635	$197,989
+ Covered year-end fair value of outstanding equity awards granted in Covered Year	$11,481,543	$7,506,516	$968,550
+/- change in fair value (from prior year-end to Covered Year-end) of equity awards outstanding at Covered Year-end that were granted in prior years	$943,557	$930,622	$(663,721)
+ vesting date fair value of equity awards granted and vested in Covered Year	$0	$0	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	$(35,512)	$546,513	($95,009)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	$0	$0	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	$7,770	$8,329	$4,881
For Mr. Stroup
- change in actuarial present value of pension benefits	- -	- -	$448,473
+ service cost of pension benefits	-	-	$178,758
+ prior service cost of pension benefits	-	-	$0
- SCT “Stock Awards” column value	- -	- -	$6,835,918
- SCT “Option Awards” column value	-	-	$0
+ Covered year-end fair value of outstanding equity awards granted in Covered Year	-	-	$4,312,695
+/- change in fair value (from prior year-end to Covered Year-end) of equity awards outstanding at Covered Year-end that were granted in prior years	- -	- -	$(1,384,045)
+ vesting date fair value of equity awards granted and vested in Covered Year	-	-	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	-	-	$(322,304)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	-	-	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	-	-	$15,599
For Non-PEO Named Executive Officers (Average):
- change in actuarial present value of pension benefits	$0	$6,839	$78,767
+ service cost of pension benefits	$10,348	$18,682	$22,350
+ prior service cost of pension benefits	$0	$0	$0
- SCT “Stock Awards” column value	$624,214	$1,314,184	$826,883
- SCT “Option Awards” column value	$167,466	$138,351	$153,156
+ year-end fair value (from prior year-end to Covered year-end) of equity awards granted in Covered Year	$2,243,314	$2,135,122	$693,974
+/- change in fair value of outstanding equity awards granted in prior years	$311,697	$396,261	$(441,802)
+ vesting date fair value of equity awards granted and vested in Covered Year	$0	$0	$0
+/- change in fair value (from prior year-end to vest date in Covered Year) of prior-year equity awards vested in Covered Year	$(57,911)	$38,593	$(17,327)
- prior year-end fair value of prior-year equity awards forfeited in Covered Year	$0	$221,889	$0
+ includable dividends/earnings paid or accrued on equity awards during Covered Year	$4,479	$4,286	$4,649

Equity Valuation Assumption Difference, Footnote [Text Block]

(3)

¹	Note to Draft: Must use essentially the same methodology used to calculate company and peer group TSR for purposes of the Regulation S-K Item 201(e) performance graph required to be included in annual reports (the “Performance Graph”).

Compensation Actually Paid vs. Total Shareholder Return [Text Block]

The following charts provide, across the covered years, a comparison between our cumulative total shareholder return and cumulative shareholder return of the Peer Group, and (2) illustrations of the relationships between (A) the executive compensation actually paid to the PEO and the average of the executive compensation paid to our non-PEO named executive officers (in each case as set forth in the PVP table above, and (B) each of the performance measures set forth in columns (f), (h), and (i) of the PVP Table above.

Compensation Actually Paid vs. Net Income [Text Block]

Compensation Actually Paid vs. Company Selected Measure [Text Block]

Total Shareholder Return Vs Peer Group [Text Block]

Tabular List [Table Text Block]

The following table lists the six performance measures that we believe represent the most important financial performance measures that we use to link compensation actually paid to our named executive officers in 2022 to our performance:

Performance Measure

2022 Consolidated Net Income	$	285,400,000
2022 Consolidated EBITDA	$	443,600,000
2022 Consolidated Revenue	$	2,606,000,000
Relative Total Shareholder Return (S&P Industrial 1500 Index) (2020-2022)	79%
Consolidated Free Cash Flow (2020-2022)	$	536,000,000
2022 Adjusted Earnings Per Share	$	6.41