GRACO INC. | ||
(Exact name of registrant as specified in its charter) |
Minnesota | 41-0285640 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
88 - 11th Avenue N.E. | ||||||||||||||
Minneapolis, | Minnesota | 55413 | ||||||||||||
(Address of principal executive offices) | (Zip Code) |
(612) | 623-6000 | |||||||
(Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $1.00 per share | GGG | The New York Stock Exchange |
Yes | ☒ | No | ☐ |
Yes | ☒ | No | ☐ |
Large accelerated filer | ☒ | 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 | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 366,892 | $ | 428,328 | $ | 740,459 | $ | 833,198 | Net Sales | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 | ||||||||||||||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 184,363 | 201,374 | 359,299 | 390,202 | Cost of products sold | 243,340 | 184,363 | 450,135 | 359,299 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 182,529 | 226,954 | 381,160 | 442,996 | Gross Profit | 263,824 | 182,529 | 511,158 | 381,160 | ||||||||||||||||||||||||||||||||||||||||||||||||
Product development | Product development | 17,948 | 17,324 | 35,029 | 33,893 | Product development | 21,406 | 17,948 | 40,977 | 35,029 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 48,831 | 60,441 | 106,219 | 121,258 | Selling, marketing and distribution | 69,126 | 48,831 | 131,354 | 106,219 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 36,015 | 36,828 | 70,365 | 70,957 | General and administrative | 39,449 | 36,015 | 76,698 | 70,365 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 34,962 | — | 34,962 | — | Impairment | 0 | 34,962 | 0 | 34,962 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 44,773 | 112,361 | 134,585 | 216,888 | Operating Earnings | 133,843 | 44,773 | 262,129 | 134,585 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 3,258 | 3,431 | 5,744 | 6,966 | Interest expense | 2,528 | 3,258 | 4,956 | 5,744 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (income), net | (510) | 1,119 | 4,713 | 1,388 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | Other expense, net | (434) | (510) | (313) | 4,713 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 42,025 | 107,811 | 124,128 | 208,534 | Earnings Before Income Taxes | 131,749 | 42,025 | 257,486 | 124,128 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 13,193 | 19,674 | 22,478 | 33,648 | Income taxes | 21,631 | 13,193 | 41,681 | 22,478 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 28,832 | $ | 88,137 | $ | 101,650 | $ | 174,886 | Net Earnings | $ | 110,118 | $ | 28,832 | $ | 215,805 | $ | 101,650 | ||||||||||||||||||||||||||||||||||||||||
Net Earnings per Common Share | Net Earnings per Common Share | Net Earnings per Common Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.17 | $ | 0.53 | $ | 0.61 | $ | 1.05 | Basic | $ | 0.65 | $ | 0.17 | $ | 1.27 | $ | 0.61 | ||||||||||||||||||||||||||||||||||||||||
Diluted | Diluted | $ | 0.17 | $ | 0.51 | $ | 0.59 | $ | 1.02 | Diluted | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 28,832 | $ | 88,137 | $ | 101,650 | $ | 174,886 | Net Earnings | $ | 110,118 | $ | 28,832 | $ | 215,805 | $ | 101,650 | ||||||||||||||||||||||||||||||||||||||||
Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | Cumulative translation adjustment | 6,756 | 1,232 | 2,079 | 2,401 | Cumulative translation adjustment | 5,693 | 6,756 | (4,777) | 2,079 | ||||||||||||||||||||||||||||||||||||||||||||||||
Pension and postretirement medical liability adjustment | Pension and postretirement medical liability adjustment | 2,446 | 1,910 | 5,195 | 4,037 | Pension and postretirement medical liability adjustment | 2,373 | 2,446 | 5,681 | 5,195 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes - pension and postretirement medical liability adjustment | Income taxes - pension and postretirement medical liability adjustment | (554) | (423) | (1,169) | (893) | Income taxes - pension and postretirement medical liability adjustment | (535) | (554) | (1,207) | (1,169) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 8,648 | 2,719 | 6,105 | 5,545 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 7,531 | 8,648 | (303) | 6,105 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income | $ | 37,480 | $ | 90,856 | $ | 107,755 | $ | 180,431 | Comprehensive Income | $ | 117,649 | $ | 37,480 | $ | 215,502 | $ | 107,755 |
June 26, 2020 | December 27, 2019 | June 25, 2021 | December 25, 2020 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Current Assets | Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 432,708 | $ | 220,973 | Cash and cash equivalents | $ | 482,787 | $ | 378,909 | ||||||||||||
Accounts receivable, less allowances of $6,000 and $5,300 | 282,856 | 267,345 | ||||||||||||||||||||
Accounts receivable, less allowances of $4,400 and $4,400 | Accounts receivable, less allowances of $4,400 and $4,400 | 354,222 | 314,946 | |||||||||||||||||||
Inventories | Inventories | 291,442 | 273,233 | Inventories | 337,525 | 285,704 | ||||||||||||||||
Other current assets | Other current assets | 31,286 | 29,917 | Other current assets | 29,418 | 44,242 | ||||||||||||||||
Total current assets | Total current assets | 1,038,292 | 791,468 | Total current assets | 1,203,952 | 1,023,801 | ||||||||||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net | 327,476 | 325,546 | Property, Plant and Equipment, net | 387,906 | 350,750 | ||||||||||||||||
Goodwill | Goodwill | 338,735 | 307,663 | Goodwill | 358,449 | 347,603 | ||||||||||||||||
Other Intangible Assets, net | Other Intangible Assets, net | 162,271 | 162,623 | Other Intangible Assets, net | 159,861 | 160,669 | ||||||||||||||||
Operating Lease Assets | Operating Lease Assets | 28,807 | 29,891 | Operating Lease Assets | 38,931 | 37,807 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 33,968 | 39,327 | Deferred Income Taxes | 33,949 | 25,828 | ||||||||||||||||
Other Assets | Other Assets | 32,910 | 35,692 | Other Assets | 46,157 | 41,670 | ||||||||||||||||
Total Assets | Total Assets | $ | 1,962,459 | $ | 1,692,210 | Total Assets | $ | 2,229,205 | $ | 1,988,128 | ||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||
Current Liabilities | Current Liabilities | Current Liabilities | ||||||||||||||||||||
Notes payable to banks | Notes payable to banks | $ | 20,597 | $ | 7,732 | Notes payable to banks | $ | 13,130 | $ | 22,183 | ||||||||||||
Trade accounts payable | Trade accounts payable | 48,259 | 54,117 | Trade accounts payable | 76,074 | 58,305 | ||||||||||||||||
Salaries and incentives | Salaries and incentives | 35,223 | 51,301 | Salaries and incentives | 61,478 | 52,005 | ||||||||||||||||
Dividends payable | Dividends payable | 29,464 | 29,235 | Dividends payable | 31,893 | 31,636 | ||||||||||||||||
Other current liabilities | Other current liabilities | 176,837 | 142,937 | Other current liabilities | 176,149 | 157,260 | ||||||||||||||||
Total current liabilities | Total current liabilities | 310,380 | 285,322 | Total current liabilities | 358,724 | 321,389 | ||||||||||||||||
Long-term Debt | Long-term Debt | 400,000 | 164,298 | Long-term Debt | 150,000 | 150,000 | ||||||||||||||||
Retirement Benefits and Deferred Compensation | Retirement Benefits and Deferred Compensation | 184,486 | 182,707 | Retirement Benefits and Deferred Compensation | 184,973 | 184,747 | ||||||||||||||||
Operating Lease Liabilities | Operating Lease Liabilities | 21,860 | 24,176 | Operating Lease Liabilities | 31,639 | 29,224 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 10,165 | 10,776 | Deferred Income Taxes | 11,568 | 10,264 | ||||||||||||||||
Other Non-current Liabilities | Other Non-current Liabilities | 8,600 | — | Other Non-current Liabilities | 11,038 | 8,600 | ||||||||||||||||
Shareholders’ Equity | Shareholders’ Equity | Shareholders’ Equity | ||||||||||||||||||||
Common stock | Common stock | 166,693 | 167,287 | Common stock | 169,667 | 168,568 | ||||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 623,803 | 578,440 | Additional paid-in-capital | 715,635 | 671,206 | ||||||||||||||||
Retained earnings | Retained earnings | 400,154 | 448,991 | Retained earnings | 720,429 | 568,295 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (163,682) | (169,787) | Accumulated other comprehensive income (loss) | (124,468) | (124,165) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,026,968 | 1,024,931 | Total shareholders’ equity | 1,481,263 | 1,283,904 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | Total Liabilities and Shareholders’ Equity | $ | 1,962,459 | $ | 1,692,210 | Total Liabilities and Shareholders’ Equity | $ | 2,229,205 | $ | 1,988,128 |
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||
Cash Flows From Operating Activities | Cash Flows From Operating Activities | Cash Flows From Operating Activities | ||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 101,650 | $ | 174,886 | Net Earnings | $ | 215,805 | $ | 101,650 | ||||||||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | Adjustments to reconcile net earnings to net cash provided by operating activities | Adjustments to reconcile net earnings to net cash provided by operating activities | ||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 26,966 | 24,087 | Depreciation and amortization | 29,812 | 26,966 | ||||||||||||||||||||||
Deferred income taxes | Deferred income taxes | 1,366 | (3,881) | Deferred income taxes | (10,313) | 1,366 | ||||||||||||||||||||||
Share-based compensation | Share-based compensation | 15,445 | 17,548 | Share-based compensation | 13,745 | 15,445 | ||||||||||||||||||||||
Impairment | Impairment | 34,962 | — | Impairment | 0 | 34,962 | ||||||||||||||||||||||
Change in | Change in | Change in | ||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | (19,705) | (16,051) | Accounts receivable | (38,747) | (19,705) | ||||||||||||||||||||||
Inventories | Inventories | (22,662) | (13,157) | Inventories | (51,359) | (22,662) | ||||||||||||||||||||||
Trade accounts payable | Trade accounts payable | 342 | 4,603 | Trade accounts payable | 14,496 | 342 | ||||||||||||||||||||||
Salaries and incentives | Salaries and incentives | (16,677) | (18,514) | Salaries and incentives | 8,334 | (16,677) | ||||||||||||||||||||||
Retirement benefits and deferred compensation | Retirement benefits and deferred compensation | 6,134 | 5,780 | Retirement benefits and deferred compensation | 5,980 | 6,134 | ||||||||||||||||||||||
Other accrued liabilities | Other accrued liabilities | 12,578 | (10,789) | Other accrued liabilities | 32,399 | 12,578 | ||||||||||||||||||||||
Other | Other | 2,151 | (690) | Other | (105) | 2,151 | ||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 142,550 | 163,822 | Net cash provided by operating activities | 220,047 | 142,550 | ||||||||||||||||||||||
Cash Flows From Investing Activities | Cash Flows From Investing Activities | Cash Flows From Investing Activities | ||||||||||||||||||||||||||
Property, plant and equipment additions | Property, plant and equipment additions | (32,613) | (70,186) | Property, plant and equipment additions | (54,759) | (32,613) | ||||||||||||||||||||||
Acquisition of businesses, net of cash acquired | Acquisition of businesses, net of cash acquired | (27,173) | (6,176) | Acquisition of businesses, net of cash acquired | (19,322) | (27,173) | ||||||||||||||||||||||
Other | Other | (245) | (828) | Other | (112) | (245) | ||||||||||||||||||||||
Net cash provided by (used in) investing activities | (60,031) | (77,190) | ||||||||||||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (74,193) | (60,031) | |||||||||||||||||||||||||
Cash Flows From Financing Activities | Cash Flows From Financing Activities | Cash Flows From Financing Activities | ||||||||||||||||||||||||||
Borrowings (payments) on short-term lines of credit, net | Borrowings (payments) on short-term lines of credit, net | (768) | (3,767) | Borrowings (payments) on short-term lines of credit, net | (9,282) | (768) | ||||||||||||||||||||||
Borrowings on long-term lines of credit | Borrowings on long-term lines of credit | 250,000 | 23,944 | Borrowings on long-term lines of credit | 0 | 250,000 | ||||||||||||||||||||||
Payments on long-term debt and lines of credit | Payments on long-term debt and lines of credit | — | (36,453) | Payments on long-term debt and lines of credit | (70) | 0 | ||||||||||||||||||||||
Payments of debt issuance costs | Payments of debt issuance costs | (1,422) | 0 | |||||||||||||||||||||||||
Common stock issued | Common stock issued | 42,217 | 33,954 | Common stock issued | 33,216 | 42,217 | ||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (102,143) | (2,438) | Common stock repurchased | 0 | (102,143) | ||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | (1,796) | (1,268) | Taxes paid related to net share settlement of equity awards | 0 | (1,796) | ||||||||||||||||||||||
Cash dividends paid | Cash dividends paid | (58,490) | (53,075) | Cash dividends paid | (63,414) | (58,490) | ||||||||||||||||||||||
Net cash provided by (used in) financing activities | 129,020 | (39,103) | ||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | (40,972) | 129,020 | |||||||||||||||||||||||||
Effect of exchange rate changes on cash | Effect of exchange rate changes on cash | 196 | 1,236 | Effect of exchange rate changes on cash | (1,004) | 196 | ||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 211,735 | 48,765 | ||||||||||||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 103,878 | 211,735 | |||||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||||||||
Beginning of year | Beginning of year | 220,973 | 132,118 | Beginning of year | 378,909 | 220,973 | ||||||||||||||||||||||
End of period | End of period | $ | 432,708 | $ | 180,883 | End of period | $ | 482,787 | $ | 432,708 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
Three Months Ended June 26, 2020 | |||||||||||||||||||||||||||||
Balance, March 27, 2020 | $ | 166,840 | $ | 612,698 | $ | 411,450 | $ | (172,330) | $ | 1,018,658 | |||||||||||||||||||
Shares issued | 113 | 3,951 | — | — | 4,064 | ||||||||||||||||||||||||
Shares repurchased | (260) | (904) | (10,950) | — | (12,114) | ||||||||||||||||||||||||
Stock compensation cost | — | 8,058 | — | — | 8,058 | ||||||||||||||||||||||||
Net earnings | — | — | 28,832 | — | 28,832 | ||||||||||||||||||||||||
Dividends declared ($0.175 per share) | — | — | (29,178) | — | (29,178) | ||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 8,648 | 8,648 | ||||||||||||||||||||||||
Balance, June 26, 2020 | $ | 166,693 | $ | 623,803 | $ | 400,154 | $ | (163,682) | $ | 1,026,968 |
Three Months Ended June 25, 2021 | |||||||||||||||||||||||||||||
Balance, March 26, 2021 | $ | 169,413 | $ | 702,829 | $ | 642,259 | $ | (131,999) | $ | 1,382,502 | |||||||||||||||||||
Shares issued | 254 | 8,838 | 0 | 0 | 9,092 | ||||||||||||||||||||||||
Stock compensation cost | 0 | 6,304 | 0 | 0 | 6,304 | ||||||||||||||||||||||||
Restricted stock canceled (issued) | 0 | (2,336) | 0 | 0 | (2,336) | ||||||||||||||||||||||||
Net earnings | 0 | 0 | 110,118 | 0 | 110,118 | ||||||||||||||||||||||||
Dividends declared ($0.188 per share) | 0 | 0 | (31,948) | 0 | (31,948) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 7,531 | 7,531 | ||||||||||||||||||||||||
Balance, June 25, 2021 | $ | 169,667 | $ | 715,635 | $ | 720,429 | $ | (124,468) | $ | 1,481,263 |
Six Months Ended June 26, 2020 | |||||||||||||||||||||||||||||
Balance, December 27, 2019 | $ | 167,287 | $ | 578,440 | $ | 448,991 | $ | (169,787) | $ | 1,024,931 | |||||||||||||||||||
Shares issued | 1,733 | 39,418 | — | — | 41,151 | ||||||||||||||||||||||||
Shares repurchased | (2,327) | (8,047) | (91,769) | — | (102,143) | ||||||||||||||||||||||||
Stock compensation cost | — | 13,992 | — | — | 13,992 | ||||||||||||||||||||||||
Net earnings | — | — | 101,650 | — | 101,650 | ||||||||||||||||||||||||
Dividends declared ($0.350 per share) | — | — | (58,718) | — | (58,718) | ||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 6,105 | 6,105 | ||||||||||||||||||||||||
Balance, June 26, 2020 | $ | 166,693 | $ | 623,803 | $ | 400,154 | $ | (163,682) | $ | 1,026,968 |
Three Months Ended June 28, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 29, 2019 | $ | 166,364 | 539,067 | 281,038 | $ | (142,031) | $ | 844,438 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 25, 2021 | Six Months Ended June 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 25, 2020 | Balance, December 25, 2020 | $ | 168,568 | $ | 671,206 | $ | 568,295 | $ | (124,165) | $ | 1,283,904 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 428 | 8,678 | — | — | 9,106 | Shares issued | 1,099 | 34,453 | 0 | 0 | 35,552 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | — | 8,425 | — | — | 8,425 | Stock compensation cost | 0 | 12,312 | 0 | 0 | 12,312 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | Restricted stock canceled (issued) | 0 | (2,336) | 0 | 0 | (2,336) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 88,137 | — | 88,137 | Net earnings | 0 | 0 | 215,805 | 0 | 215,805 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.160 per share) | — | — | (26,867) | — | (26,867) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.375 per share) | Dividends declared ($0.375 per share) | 0 | 0 | (63,671) | 0 | (63,671) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | 2,719 | 2,719 | Other comprehensive income (loss) | 0 | 0 | 0 | (303) | (303) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 28, 2019 | $ | 166,792 | 556,170 | 342,308 | $ | (139,312) | $ | 925,958 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 25, 2021 | Balance, June 25, 2021 | $ | 169,667 | $ | 715,635 | $ | 720,429 | $ | (124,468) | $ | 1,481,263 |
Six Months Ended June 28, 2019 | |||||||||||||||||||||||||||||
Balance, December 28, 2018 | $ | 165,171 | $ | 510,825 | $ | 220,734 | $ | (144,857) | $ | 751,873 | |||||||||||||||||||
Shares issued | 1,621 | 31,064 | — | — | 32,685 | ||||||||||||||||||||||||
Stock compensation cost | — | 14,281 | — | — | 14,281 | ||||||||||||||||||||||||
Net earnings | — | — | 174,886 | — | 174,886 | ||||||||||||||||||||||||
Dividends declared ($0.320 per share) | — | — | (53,312) | — | (53,312) | ||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | 5,545 | 5,545 | ||||||||||||||||||||||||
Balance, June 28, 2019 | $ | 166,792 | $ | 556,170 | $ | 342,308 | $ | (139,312) | $ | 925,958 |
Three Months Ended June 26, 2020 | |||||||||||||||||||||||||||||
Balance, March 27, 2020 | $ | 166,840 | $ | 612,698 | $ | 411,450 | $ | (172,330) | $ | 1,018,658 | |||||||||||||||||||
Shares issued | 113 | 3,951 | 0 | 0 | 4,064 | ||||||||||||||||||||||||
Shares repurchased | (260) | (904) | (10,950) | 0 | (12,114) | ||||||||||||||||||||||||
Stock compensation cost | 0 | 8,058 | 0 | 0 | 8,058 | ||||||||||||||||||||||||
Net earnings | 0 | 0 | 28,832 | 0 | 28,832 | ||||||||||||||||||||||||
Dividends declared ($0.175 per share) | 0 | 0 | (29,178) | 0 | (29,178) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 8,648 | 8,648 | ||||||||||||||||||||||||
Balance, June 26, 2020 | $ | 166,693 | $ | 623,803 | $ | 400,154 | $ | (163,682) | $ | 1,026,968 |
Six Months Ended June 26, 2020 | |||||||||||||||||||||||||||||
Balance, December 27, 2019 | $ | 167,287 | $ | 578,440 | $ | 448,991 | $ | (169,787) | $ | 1,024,931 | |||||||||||||||||||
Shares issued | 1,733 | 39,418 | 0 | 0 | 41,151 | ||||||||||||||||||||||||
Shares repurchased | (2,327) | (8,047) | (91,769) | 0 | (102,143) | ||||||||||||||||||||||||
Stock compensation cost | 0 | 13,992 | 0 | 0 | 13,992 | ||||||||||||||||||||||||
Net earnings | 0 | 0 | 101,650 | 0 | 101,650 | ||||||||||||||||||||||||
Dividends declared ($0.350 per share) | 0 | 0 | (58,718) | 0 | (58,718) | ||||||||||||||||||||||||
Other comprehensive income (loss) | 0 | 0 | 0 | 6,105 | 6,105 | ||||||||||||||||||||||||
Balance, June 26, 2020 | $ | 166,693 | $ | 623,803 | $ | 400,154 | $ | (163,682) | $ | 1,026,968 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 133,287 | $ | 188,507 | $ | 291,971 | $ | 377,607 | Industrial | $ | 204,577 | $ | 133,287 | $ | 389,309 | $ | 291,971 | ||||||||||||||||||||||||||||||||||||||||
Process | Process | 77,759 | 85,064 | 163,837 | 171,958 | Process | 97,233 | 77,759 | 188,606 | 163,837 | ||||||||||||||||||||||||||||||||||||||||||||||||
Contractor | Contractor | 155,846 | 154,757 | 284,651 | 283,633 | Contractor | 205,354 | 155,846 | 383,378 | 284,651 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 366,892 | $ | 428,328 | $ | 740,459 | $ | 833,198 | Total | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 | ||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 37,001 | $ | 64,428 | $ | 87,234 | $ | 129,631 | Industrial | $ | 69,368 | $ | 37,001 | $ | 134,611 | $ | 87,234 | ||||||||||||||||||||||||||||||||||||||||
Process | Process | 11,672 | 18,378 | 29,783 | 38,392 | Process | 21,676 | 11,672 | 43,409 | 29,783 | ||||||||||||||||||||||||||||||||||||||||||||||||
Contractor | Contractor | 41,109 | 40,054 | 69,739 | 66,593 | Contractor | 49,997 | 41,109 | 98,163 | 69,739 | ||||||||||||||||||||||||||||||||||||||||||||||||
Unallocated corporate (expense) | Unallocated corporate (expense) | (10,047) | (10,499) | (17,209) | (17,728) | Unallocated corporate (expense) | (7,198) | (10,047) | (14,054) | (17,209) | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment | (34,962) | — | (34,962) | — | Impairment | 0 | (34,962) | 0 | (34,962) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 44,773 | $ | 112,361 | $ | 134,585 | $ | 216,888 | Total | $ | 133,843 | $ | 44,773 | $ | 262,129 | $ | 134,585 |
June 26, 2020 | December 27, 2019 | June 25, 2021 | December 25, 2020 | |||||||||||||||||||
Industrial | Industrial | $ | 621,314 | $ | 615,486 | Industrial | $ | 689,675 | $ | 632,165 | ||||||||||||
Process | Process | 403,083 | 387,216 | Process | 418,473 | 404,370 | ||||||||||||||||
Contractor | Contractor | 420,983 | 368,832 | Contractor | 491,189 | 438,067 | ||||||||||||||||
Unallocated corporate | Unallocated corporate | 517,079 | 320,676 | Unallocated corporate | 629,868 | 513,526 | ||||||||||||||||
Total | Total | $ | 1,962,459 | $ | 1,692,210 | Total | $ | 2,229,205 | $ | 1,988,128 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales (based on customer location) | Net Sales (based on customer location) | Net Sales (based on customer location) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 205,789 | $ | 221,565 | $ | 404,032 | $ | 424,450 | United States | $ | 263,722 | $ | 205,789 | $ | 495,223 | $ | 404,032 | ||||||||||||||||||||||||||||||||||||||||
Other countries | Other countries | 161,103 | 206,763 | 336,427 | 408,748 | Other countries | 243,442 | 161,103 | 466,070 | 336,427 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 366,892 | $ | 428,328 | $ | 740,459 | $ | 833,198 | Total | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 |
June 26, 2020 | December 27, 2019 | June 25, 2021 | December 25, 2020 | |||||||||||||||||||
Long-lived Assets | Long-lived Assets | Long-lived Assets | ||||||||||||||||||||
United States | United States | $ | 278,576 | $ | 268,864 | United States | $ | 326,395 | $ | 301,643 | ||||||||||||
Other countries | Other countries | 48,900 | 56,682 | Other countries | 61,511 | 49,107 | ||||||||||||||||
Total | Total | $ | 327,476 | $ | 325,546 | Total | $ | 387,906 | $ | 350,750 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings available to common shareholders | Net earnings available to common shareholders | $ | 28,832 | $ | 88,137 | $ | 101,650 | $ | 174,886 | Net earnings available to common shareholders | $ | 110,118 | $ | 28,832 | $ | 215,805 | $ | 101,650 | ||||||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding for basic earnings per share | Weighted average shares outstanding for basic earnings per share | 166,663 | 166,684 | 167,320 | 166,150 | 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 | Dilutive effect of stock options computed using the treasury stock method and the average market price | 3,886 | 5,363 | 4,276 | 5,303 | 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 | Weighted average shares outstanding for diluted earnings per share | 170,549 | 172,047 | 171,596 | 171,453 | Weighted average shares outstanding for diluted earnings per share | 174,572 | 170,549 | 174,210 | 171,596 | ||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.17 | $ | 0.53 | $ | 0.61 | $ | 1.05 | Basic earnings per share | $ | 0.65 | $ | 0.17 | $ | 1.27 | $ | 0.61 | ||||||||||||||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.17 | $ | 0.51 | $ | 0.59 | $ | 1.02 | Diluted earnings per share | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 |
Option Shares | Weighted Average Exercise Price | Options Exercisable | Weighted Average Exercise Price | Option Shares | Weighted Average Exercise Price | Options Exercisable | Weighted Average Exercise Price | |||||||||||||||||||||||||||||||||||||||
Outstanding, December 27, 2019 | 12,112 | $ | 28.91 | 8,231 | $ | 23.75 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, December 25, 2020 | Outstanding, December 25, 2020 | 10,208 | $ | 35.02 | 6,553 | $ | 28.02 | |||||||||||||||||||||||||||||||||||||||
Granted | Granted | 1,399 | 55.26 | Granted | 841 | 72.21 | ||||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | (1,371) | 19.36 | Exercised | (674) | 22.69 | ||||||||||||||||||||||||||||||||||||||||
Canceled | Canceled | (22) | 45.43 | Canceled | (14) | 43.06 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, June 26, 2020 | 12,118 | $ | 32.84 | 8,424 | $ | 26.62 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, June 25, 2021 | Outstanding, June 25, 2021 | 10,361 | $ | 38.84 | 7,196 | $ | 31.31 |
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||
Expected life in years | Expected life in years | 7.5 | 7.5 | Expected life in years | 7.5 | 7.5 | ||||||||||||||||||||||
Interest rate | Interest rate | 1.5 | % | 2.6 | % | Interest rate | 1.2 | % | 1.5 | % | ||||||||||||||||||
Volatility | Volatility | 22.0 | % | 24.6 | % | Volatility | 25.3 | % | 22.0 | % | ||||||||||||||||||
Dividend yield | Dividend yield | 1.3 | % | 1.4 | % | Dividend yield | 1.0 | % | 1.3 | % | ||||||||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 12.18 | $ | 12.26 | Weighted average fair value per share | $ | 18.91 | $ | 12.18 |
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||
Expected life in years | Expected life in years | 1.0 | 1.0 | Expected life in years | 1.0 | 1.0 | ||||||||||||||||||||||
Interest rate | Interest rate | 1.5 | % | 2.6 | % | Interest rate | 0.1 | % | 1.5 | % | ||||||||||||||||||
Volatility | Volatility | 21.9 | % | 22.7 | % | Volatility | 40.1 | % | 21.9 | % | ||||||||||||||||||
Dividend yield | Dividend yield | 1.4 | % | 1.4 | % | Dividend yield | 1.1 | % | 1.4 | % | ||||||||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 11.55 | $ | 11.36 | Weighted average fair value per share | $ | 21.50 | $ | 11.55 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 2,193 | $ | 1,635 | $ | 4,615 | $ | 3,644 | Service cost | $ | 2,724 | $ | 2,193 | $ | 5,445 | $ | 4,615 | ||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 3,227 | 3,572 | 6,634 | 7,310 | Interest cost | 2,976 | 3,227 | 5,957 | 6,634 | ||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on assets | Expected return on assets | (4,651) | (4,216) | (9,401) | (8,575) | Expected return on assets | (5,131) | (4,651) | (10,261) | (9,401) | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization and other | Amortization and other | 2,517 | 1,838 | 5,238 | 3,817 | Amortization and other | 2,555 | 2,517 | 5,106 | 5,238 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 3,286 | $ | 2,829 | $ | 7,086 | $ | 6,196 | Net periodic benefit cost | $ | 3,124 | $ | 3,286 | $ | 6,247 | $ | 7,086 | ||||||||||||||||||||||||||||||||||||||||
Postretirement Medical | Postretirement Medical | Postretirement Medical | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 130 | $ | 123 | $ | 305 | $ | 273 | Service cost | $ | 175 | $ | 130 | $ | 350 | $ | 305 | ||||||||||||||||||||||||||||||||||||||||
Interest cost | Interest cost | 260 | 264 | 508 | 581 | Interest cost | 250 | 260 | 500 | 508 | ||||||||||||||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 190 | 29 | 367 | 137 | Amortization | 250 | 190 | 500 | 367 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 580 | $ | 416 | $ | 1,180 | $ | 991 | Net periodic benefit cost | $ | 675 | $ | 580 | $ | 1,350 | $ | 1,180 |
Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | |||||||||||||||
Three Months Ended June 26, 2020 | |||||||||||||||||
Balance, March 27, 2020 | $ | (111,587) | $ | (60,743) | $ | (172,330) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | 6,756 | 6,756 | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,892 | — | 1,892 | ||||||||||||||
Balance, June 26, 2020 | $ | (109,695) | $ | (53,987) | $ | (163,682) |
Six Months Ended June 26, 2020 | |||||||||||||||||
Balance, December 27, 2019 | $ | (113,721) | $ | (56,066) | $ | (169,787) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | 2,079 | 2,079 | ||||||||||||||
Reclassified to pension cost and deferred tax | 4,026 | — | 4,026 | ||||||||||||||
Balance, June 26, 2020 | $ | (109,695) | $ | (53,987) | $ | (163,682) |
Three Months Ended June 28, 2019 | |||||||||||||||||
Balance, March 29, 2019 | $ | (85,232) | $ | (56,799) | $ | (142,031) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | 1,232 | 1,232 | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,487 | — | 1,487 | ||||||||||||||
Balance, June 28, 2019 | $ | (83,745) | $ | (55,567) | $ | (139,312) |
Six Months Ended June 28, 2019 | |||||||||||||||||
Balance, December 28, 2018 | $ | (86,889) | $ | (57,968) | $ | (144,857) | |||||||||||
Other comprehensive income (loss) before reclassifications | — | 2,401 | 2,401 | ||||||||||||||
Reclassified to pension cost and deferred tax | 3,144 | — | 3,144 | ||||||||||||||
Balance, June 28, 2019 | $ | (83,745) | $ | (55,567) | $ | (139,312) |
Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | |||||||||||||||
Three Months Ended June 25, 2021 | |||||||||||||||||
Balance, March 26, 2021 | $ | (111,493) | $ | (20,506) | $ | (131,999) | |||||||||||
Other comprehensive income (loss) before reclassifications | 0 | 5,693 | 5,693 | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,838 | 0 | 1,838 | ||||||||||||||
Balance, June 25, 2021 | $ | (109,655) | $ | (14,813) | $ | (124,468) |
Six Months Ended June 25, 2021 | |||||||||||||||||
Balance, December 25, 2020 | $ | (114,129) | $ | (10,036) | $ | (124,165) | |||||||||||
Other comprehensive income (loss) before reclassifications | 0 | (4,777) | (4,777) | ||||||||||||||
Reclassified to pension cost and deferred tax | 4,474 | 0 | 4,474 | ||||||||||||||
Balance, June 25, 2021 | $ | (109,655) | $ | (14,813) | $ | (124,468) |
Three Months Ended June 26, 2020 | |||||||||||||||||
Balance, March 27, 2020 | $ | (111,587) | $ | (60,743) | $ | (172,330) | |||||||||||
Other comprehensive income (loss) before reclassifications | 0 | 6,756 | 6,756 | ||||||||||||||
Reclassified to pension cost and deferred tax | 1,892 | 0 | 1,892 | ||||||||||||||
Balance, June 26, 2020 | $ | (109,695) | $ | (53,987) | $ | (163,682) |
Six Months Ended June 26, 2020 | |||||||||||||||||
Balance, December 27, 2019 | $ | (113,721) | $ | (56,066) | $ | (169,787) | |||||||||||
Other comprehensive income (loss) before reclassifications | 0 | 2,079 | 2,079 | ||||||||||||||
Reclassified to pension cost and deferred tax | 4,026 | 0 | 4,026 | ||||||||||||||
Balance, June 26, 2020 | $ | (109,695) | $ | (53,987) | $ | (163,682) |
June 25, 2021 | June 26, 2020 | ||||||||||
Balance, beginning | $ | 3,745 | $ | 4,828 | |||||||
Additions (reversals) charged to costs and expenses | 265 | 631 | |||||||||
Deductions from reserves (1) | (495) | (291) | |||||||||
Other additions (deductions) (2) | (4) | (9) | |||||||||
Balance, ending | $ | 3,511 | $ | 5,159 |
June 26, 2020 | December 27, 2019 | June 25, 2021 | December 25, 2020 | |||||||||||||||||||
Finished products and components | Finished products and components | $ | 145,299 | $ | 132,128 | Finished products and components | $ | 153,876 | $ | 133,122 | ||||||||||||
Products and components in various stages of completion | Products and components in various stages of completion | 86,075 | 86,957 | Products and components in various stages of completion | 95,695 | 83,791 | ||||||||||||||||
Raw materials and purchased components | Raw materials and purchased components | 123,941 | 117,026 | Raw materials and purchased components | 152,657 | 129,319 | ||||||||||||||||
Subtotal | Subtotal | 355,315 | 336,111 | Subtotal | 402,228 | 346,232 | ||||||||||||||||
Reduction to LIFO cost | Reduction to LIFO cost | (63,873) | (62,878) | Reduction to LIFO cost | (64,703) | (60,528) | ||||||||||||||||
Total | Total | $ | 291,442 | $ | 273,233 | Total | $ | 337,525 | $ | 285,704 |
Finite Life | Indefinite Life | Finite Life | Indefinite Life | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Relationships | Patents and Proprietary Technology | Trademarks, Trade Names and Other | Trade Names | Total | Customer Relationships | Patents and Proprietary Technology | Trademarks, Trade Names and Other | Trade Names | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 25, 2021 | As of June 25, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | $ | 187,012 | $ | 25,313 | $ | 1,200 | $ | 61,920 | $ | 275,445 | Cost | $ | 194,505 | $ | 26,074 | $ | 900 | $ | 62,633 | $ | 284,112 | ||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (87,704) | (11,706) | (499) | — | (99,909) | Accumulated amortization | (101,173) | (14,312) | (376) | — | (115,861) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (9,795) | (828) | — | (2,642) | (13,265) | Foreign currency translation | (6,757) | (603) | 0 | (1,030) | (8,390) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 89,513 | $ | 12,779 | $ | 701 | $ | 59,278 | $ | 162,271 | Book value | $ | 86,575 | $ | 11,159 | $ | 524 | $ | 61,603 | $ | 159,861 | ||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average life in years | Weighted average life in years | 13 | 10 | 4 | N/A | Weighted average life in years | 13 | 10 | 5 | N/A |
As of December 27, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 25, 2020 | As of December 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | $ | 186,310 | $ | 20,413 | $ | 1,020 | $ | 61,920 | $ | 269,663 | Cost | $ | 186,073 | $ | 25,187 | $ | 900 | $ | 61,920 | $ | 274,080 | ||||||||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (80,764) | (10,526) | (650) | — | (91,940) | Accumulated amortization | (93,832) | (12,924) | (301) | — | (107,057) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (10,412) | (885) | (73) | (3,730) | (15,100) | Foreign currency translation | (6,004) | (538) | 0 | 188 | (6,354) | ||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 95,134 | $ | 9,002 | $ | 297 | $ | 58,190 | $ | 162,623 | Book value | $ | 86,237 | $ | 11,725 | $ | 599 | $ | 62,108 | $ | 160,669 | ||||||||||||||||||||||||||||||||||||
Weighted average life in years | Weighted average life in years | 13 | 10 | 4 | N/A | Weighted average life in years | 13 | 10 | 5 | N/A |
2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 16,595 | $ | 16,570 | $ | 16,483 | $ | 15,552 | $ | 14,009 | $ | 32,007 |
2021 (Remainder) | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 9,003 | $ | 17,964 | $ | 17,076 | $ | 15,518 | $ | 14,946 | $ | 23,751 |
Industrial | Process | Contractor | Total | Industrial | Process | Contractor | Total | |||||||||||||||||||||||||||||||||||||||
Balance, December 27, 2019 | $ | 177,112 | $ | 110,997 | $ | 19,554 | $ | 307,663 | ||||||||||||||||||||||||||||||||||||||
Balance, December 25, 2020 | Balance, December 25, 2020 | $ | 186,536 | $ | 141,513 | $ | 19,554 | $ | 347,603 | |||||||||||||||||||||||||||||||||||||
Additions, adjustments from business acquisitions | Additions, adjustments from business acquisitions | — | 29,273 | — | 29,273 | Additions, adjustments from business acquisitions | 13,249 | 0 | 0 | 13,249 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | 2,482 | (683) | — | 1,799 | Foreign currency translation | (2,835) | 432 | 0 | (2,403) | ||||||||||||||||||||||||||||||||||||
Balance, June 26, 2020 | $ | 179,594 | $ | 139,587 | $ | 19,554 | $ | 338,735 | ||||||||||||||||||||||||||||||||||||||
Balance, June 25, 2021 | Balance, June 25, 2021 | $ | 196,950 | $ | 141,945 | $ | 19,554 | $ | 358,449 |
June 26, 2020 | December 27, 2019 | ||||||||||
Accrued self-insurance retentions | $ | 7,622 | $ | 7,570 | |||||||
Accrued warranty and service liabilities | 12,578 | 12,785 | |||||||||
Accrued trade promotions | 6,144 | 8,390 | |||||||||
Payable for employee stock purchases | 6,257 | 13,722 | |||||||||
Customer advances and deferred revenue | 50,281 | 33,138 | |||||||||
Income taxes payable | 16,839 | 8,706 | |||||||||
Right of return refund liability | 13,730 | 13,791 | |||||||||
Operating lease liability, current | 8,822 | 7,690 | |||||||||
Loss reserve | 24,608 | — | |||||||||
Other | 29,956 | 37,145 | |||||||||
Total | $ | 176,837 | $ | 142,937 |
June 25, 2021 | December 25, 2020 | ||||||||||
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 liabilities, current | 9,760 | 11,178 | |||||||||
Other | 36,780 | 31,709 | |||||||||
Total | $ | 176,149 | $ | 157,260 |
Balance, December | $ | ||||
Assumed in business acquisition | |||||
Charged to expense | |||||
Margin on parts sales reversed | |||||
Reductions for claims settled | |||||
Balance, June | $ |
Level | June 26, 2020 | December 27, 2019 | Level | June 25, 2021 | December 25, 2020 | |||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||
Cash surrender value of life insurance | Cash surrender value of life insurance | 2 | $ | 16,108 | $ | 17,702 | Cash surrender value of life insurance | 2 | $ | 22,486 | $ | 19,887 | ||||||||||||||||||||||
Forward exchange contracts | Forward exchange contracts | 2 | 156 | — | Forward exchange contracts | 2 | 33 | 16 | ||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 16,264 | $ | 17,702 | Total assets at fair value | $ | 22,519 | $ | 19,903 | ||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | 3 | $ | 11,565 | $ | 9,072 | Contingent consideration | 3 | $ | 10,884 | $ | 9,454 | ||||||||||||||||||||||
Deferred compensation | Deferred compensation | 2 | 4,415 | 4,719 | Deferred compensation | 2 | 5,689 | 5,099 | ||||||||||||||||||||||||||
Forward exchange contracts | 2 | — | 87 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | 15,980 | $ | 13,878 | Total liabilities at fair value | $ | 16,573 | $ | 14,553 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | |||||||||||||||||||||||||||||
Balance, beginning | $ | 4,798 | $ | 4,412 | $ | 4,828 | $ | 4,771 | ||||||||||||||||||||||||
Additions charged to costs and expenses | 314 | 192 | 631 | 222 | ||||||||||||||||||||||||||||
Deductions from reserves (1) | (38) | 146 | (291) | (690) | ||||||||||||||||||||||||||||
Other additions (deductions) (2) | 85 | (435) | (9) | 12 | ||||||||||||||||||||||||||||
Balance, ending | $ | 5,159 | $ | 4,315 | $ | 5,159 | $ | 4,315 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | % Change | June 26, 2020 | June 28, 2019 | % Change | Jun 25, 2021 | Jun 26, 2020 | % Change | June 25, 2021 | June 26, 2020 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 366.9 | $ | 428.3 | (14) | % | $ | 740.5 | $ | 833.2 | (11) | % | Net Sales | $ | 507.2 | $ | 366.9 | 38 | % | $ | 961.3 | $ | 740.5 | 30 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 44.8 | 112.4 | (60) | % | 134.6 | 216.9 | (38) | % | Operating Earnings | 133.8 | 44.8 | 199 | % | 262.1 | 134.6 | 95 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings, adjusted (1) | Operating Earnings, adjusted (1) | 133.8 | 79.8 | 68 | % | 262.1 | 169.6 | 55 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 28.8 | 88.1 | (67) | % | 101.7 | 174.9 | (42) | % | Net Earnings | 110.1 | 28.8 | 282 | % | 215.8 | 101.7 | 112 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted (1) | Net Earnings, adjusted (1) | 62.3 | 85.9 | (27) | % | 127.5 | 166.0 | (23) | % | Net Earnings, adjusted (1) | 108.0 | 62.3 | 73 | % | 209.6 | 127.5 | 65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share | Diluted Net Earnings per Common Share | $ | 0.17 | $ | 0.51 | (67) | % | $ | 0.59 | $ | 1.02 | (42) | % | Diluted Net Earnings per Common Share | $ | 0.63 | $ | 0.17 | 271 | % | $ | 1.24 | $ | 0.59 | 110 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share, adjusted (1) | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.37 | $ | 0.50 | (26) | % | $ | 0.74 | $ | 0.97 | (24) | % | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.62 | $ | 0.37 | 68 | % | $ | 1.20 | $ | 0.74 | 62 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Operating earnings, as reported | Operating earnings, as reported | $ | 44.8 | $ | 112.4 | $ | 134.6 | $ | 216.9 | Operating earnings, as reported | $ | 133.8 | $ | 44.8 | $ | 262.1 | $ | 134.6 | ||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 35.0 | — | 35.0 | — | Impairment | — | 35.0 | — | 35.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating earnings, adjusted | Operating earnings, adjusted | $ | 79.8 | $ | 112.4 | $ | 169.6 | $ | 216.9 | Operating earnings, adjusted | $ | 133.8 | $ | 79.8 | $ | 262.1 | $ | 169.6 | ||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes, as reported | $ | 42.0 | $ | 107.8 | $ | 124.1 | $ | 208.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | $ | 131.7 | $ | 42.0 | $ | 257.5 | $ | 124.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 35.0 | — | 35.0 | — | Impairment | — | 35.0 | — | 35.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Earnings before income taxes, adjusted | Earnings before income taxes, adjusted | $ | 77.0 | $ | 107.8 | $ | 159.1 | $ | 208.5 | Earnings before income taxes, adjusted | $ | 131.7 | $ | 77.0 | $ | 257.5 | $ | 159.1 | ||||||||||||||||||||||||||||||||||||||||
Income taxes, as reported | Income taxes, as reported | $ | 13.2 | $ | 19.7 | $ | 22.5 | $ | 33.6 | Income taxes, as reported | $ | 21.6 | $ | 13.2 | $ | 41.7 | $ | 22.5 | ||||||||||||||||||||||||||||||||||||||||
Impairment tax benefit | Impairment tax benefit | — | 1.2 | — | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | 0.3 | 2.2 | 8.0 | 7.4 | Excess tax benefit from option exercises | 2.1 | 0.3 | 6.2 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment tax benefit | 1.2 | — | 1.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | — | — | — | 1.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes, adjusted | Income taxes, adjusted | $ | 14.7 | $ | 21.9 | $ | 31.7 | $ | 42.5 | Income taxes, adjusted | $ | 23.7 | $ | 14.7 | $ | 47.9 | $ | 31.7 | ||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | Effective income tax rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | 31.4 | % | 18.2 | % | 18.1 | % | 16.1 | % | As reported | 16.4 | % | 31.4 | % | 16.2 | % | 18.1 | % | ||||||||||||||||||||||||||||||||||||||||
Adjusted | Adjusted | 19.1 | % | 20.3 | % | 19.9 | % | 20.4 | % | Adjusted | 18.0 | % | 19.1 | % | 18.6 | % | 19.9 | % | ||||||||||||||||||||||||||||||||||||||||
Net Earnings, as reported | Net Earnings, as reported | $ | 28.8 | $ | 88.1 | $ | 101.7 | $ | 174.9 | Net Earnings, as reported | $ | 110.1 | $ | 28.8 | $ | 215.8 | $ | 101.7 | ||||||||||||||||||||||||||||||||||||||||
Impairment, net | Impairment, net | 33.8 | — | 33.8 | — | Impairment, net | — | 33.8 | — | 33.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | (0.3) | (2.2) | (8.0) | (7.4) | Excess tax benefit from option exercises | (2.1) | (0.3) | (6.2) | (8.0) | ||||||||||||||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | — | — | — | (1.5) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted | Net Earnings, adjusted | $ | 62.3 | $ | 85.9 | $ | 127.5 | $ | 166.0 | Net Earnings, adjusted | $ | 108.0 | $ | 62.3 | $ | 209.6 | $ | 127.5 | ||||||||||||||||||||||||||||||||||||||||
Weighted Average Diluted Shares | Weighted Average Diluted Shares | 170.5 | 172.0 | 171.6 | 171.5 | Weighted Average Diluted Shares | 174.6 | 170.5 | 174.2 | 171.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Earnings per Share | Diluted Earnings per Share | Diluted Earnings per Share | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | $ | 0.17 | $ | 0.51 | $ | 0.59 | $ | 1.02 | As reported | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 | ||||||||||||||||||||||||||||||||||||||||
Adjusted | Adjusted | $ | 0.37 | $ | 0.50 | $ | 0.74 | $ | 0.97 | Adjusted | $ | 0.62 | $ | 0.37 | $ | 1.20 | $ | 0.74 |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | Net Sales | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 50.2 | 47.0 | 48.5 | 46.8 | Cost of products sold | 48.0 | 50.2 | 46.8 | 48.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 49.8 | 53.0 | 51.5 | 53.2 | Gross Profit | 52.0 | 49.8 | 53.2 | 51.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Product development | Product development | 4.9 | 4.1 | 4.7 | 4.1 | Product development | 4.2 | 4.9 | 4.3 | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 13.3 | 14.1 | 14.4 | 14.6 | Selling, marketing and distribution | 13.6 | 13.3 | 13.7 | 14.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 9.8 | 8.6 | 9.5 | 8.5 | General and administrative | 7.8 | 9.8 | 8.0 | 9.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 9.6 | — | 4.7 | — | Impairment | — | 9.6 | — | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 12.2 | 26.2 | 18.2 | 26.0 | Operating Earnings | 26.4 | 12.2 | 27.2 | 18.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0.9 | 0.8 | 0.8 | 0.8 | Interest expense | 0.5 | 0.9 | 0.5 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other expense (income), net | (0.2) | 0.2 | 0.6 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other expense, net | Other expense, net | (0.1) | (0.2) | — | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 11.5 | 25.2 | 16.8 | 25.0 | Earnings Before Income Taxes | 26.0 | 11.5 | 26.8 | 16.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 3.6 | 4.6 | 3.1 | 4.0 | Income taxes | 4.3 | 3.6 | 4.3 | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 7.9 | % | 20.6 | % | 13.7 | % | 21.0 | % | Net Earnings | 21.7 | % | 7.9 | % | 22.4 | % | 13.7 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Americas(1) | Americas(1) | $ | 227.7 | $ | 253.7 | $ | 452.5 | $ | 485.7 | Americas(1) | $ | 302.0 | $ | 227.7 | $ | 566.9 | $ | 452.5 | ||||||||||||||||||||||||||||||||||||||||
EMEA(2) | EMEA(2) | 71.1 | 101.1 | 158.9 | 200.6 | EMEA(2) | 113.8 | 71.1 | 224.0 | 158.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 68.1 | 73.5 | 129.1 | 146.9 | Asia Pacific | 91.4 | 68.1 | 170.4 | 129.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 366.9 | $ | 428.3 | $ | 740.5 | $ | 833.2 | Consolidated | $ | 507.2 | $ | 366.9 | $ | 961.3 | $ | 740.5 |
Three Months | Six Months | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | (11)% | 1% | 0% | (10)% | (7)% | 0% | 0% | (7)% | Americas | 32% | 0% | 1% | 33% | 25% | 0% | 0% | 25% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | (30)% | 2% | (2)% | (30)% | (21)% | 2% | (2)% | (21)% | EMEA | 49% | 0% | 11% | 60% | 32% | (1)% | 10% | 41% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | (9)% | 4% | (2)% | (7)% | (13)% | 3% | (2)% | (12)% | Asia Pacific | 31% | (6)% | 9% | 34% | 28% | (4)% | 8% | 32% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | (15)% | 2% | (1)% | (14)% | (12)% | 2% | (1)% | (11)% | Consolidated | 35% | (1)% | 4% | 38% | 27% | (1)% | 4% | 30% |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 58.4 | $ | 80.7 | $ | 132.8 | $ | 161.6 | Americas | $ | 87.1 | $ | 58.4 | $ | 167.1 | $ | 132.8 | ||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 34.8 | 59.1 | 81.0 | 117.2 | EMEA | 60.0 | 34.8 | 116.7 | 81.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 40.0 | 48.7 | 78.1 | 98.8 | Asia Pacific | 57.5 | 40.0 | 105.5 | 78.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 133.2 | $ | 188.5 | $ | 291.9 | $ | 377.6 | Total | $ | 204.6 | $ | 133.2 | $ | 389.3 | $ | 291.9 | ||||||||||||||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 28 | % | 34 | % | 30 | % | 34 | % | Operating earnings as a percentage of net sales | 34 | % | 28 | % | 35 | % | 30 | % |
Three Months | Six Months | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | (27)% | 0% | (1)% | (28)% | (17)% | 0% | (1)% | (18)% | Americas | 48% | 0% | 1% | 49% | 25% | 0% | 1% | 26% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | (40)% | 0% | (1)% | (41)% | (29)% | 0% | (2)% | (31)% | EMEA | 55% | 5% | 12% | 72% | 32% | 2% | 10% | 44% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | (16)% | 0% | (2)% | (18)% | (19)% | 0% | (2)% | (21)% | Asia Pacific | 35% | 0% | 8% | 43% | 27% | 0% | 8% | 35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | (28)% | 0% | (1)% | (29)% | (22)% | 0% | (1)% | (23)% | Segment Total | 46% | 1% | 6% | 53% | 28% | 0% | 5% | 33% |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 45.9 | $ | 55.1 | $ | 101.0 | $ | 112.2 | Americas | $ | 59.7 | $ | 45.9 | $ | 116.5 | $ | 101.0 | ||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 13.2 | 14.3 | 29.0 | 30.1 | EMEA | 15.8 | 13.2 | 30.6 | 29.0 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 18.6 | 15.7 | 33.8 | 29.7 | Asia Pacific | 21.7 | 18.6 | 41.5 | 33.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 77.7 | $ | 85.1 | $ | 163.8 | $ | 172.0 | Total | $ | 97.2 | $ | 77.7 | $ | 188.6 | $ | 163.8 | ||||||||||||||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 15 | % | 22 | % | 18 | % | 22 | % | Operating earnings as a percentage of net sales | 22 | % | 15 | % | 23 | % | 18 | % |
Three Months | Six Months | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | (20)% | 4% | 0% | (16)% | (13)% | 3% | 0% | (10)% | Americas | 30% | (1)% | 1% | 30% | 15% | 0% | 0% | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | (17)% | 11% | (2)% | (8)% | (11)% | 9% | (2)% | (4)% | EMEA | 22% | (9)% | 6% | 19% | 8% | (8)% | 5% | 5% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 1% | 20% | (3)% | 18% | (1)% | 18% | (3)% | 14% | Asia Pacific | 30% | (21)% | 8% | 17% | 34% | (18)% | 7% | 23% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | (16)% | 8% | (1)% | (9)% | (11)% | 7% | (1)% | (5)% | Segment Total | 29% | (7)% | 3% | 25% | 17% | (5)% | 3% | 15% |
Three Months Ended | Six Months Ended | Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 26, 2020 | June 28, 2019 | June 26, 2020 | June 28, 2019 | June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 123.3 | $ | 118.0 | $ | 218.6 | $ | 211.9 | Americas | $ | 155.2 | $ | 123.3 | $ | 283.3 | $ | 218.6 | ||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 23.0 | 27.7 | 48.8 | 53.3 | EMEA | 38.0 | 23.0 | 76.7 | 48.8 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 9.5 | 9.1 | 17.2 | 18.4 | Asia Pacific | 12.2 | 9.5 | 23.4 | 17.2 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 155.8 | $ | 154.8 | $ | 284.6 | $ | 283.6 | Total | $ | 205.4 | $ | 155.8 | $ | 383.4 | $ | 284.6 | ||||||||||||||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 26 | % | 26 | % | 24 | % | 23 | % | Operating earnings as a percentage of net sales | 24 | % | 26 | % | 26 | % | 24 | % |
Three Months | Six Months | Three Months | Six Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | 5% | 0% | (1)% | 4% | 3% | 0% | 0% | 3% | Americas | 25% | 0% | 1% | 26% | 29% | 0% | 1% | 30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | (15)% | 0% | (2)% | (17)% | (6)% | 0% | (2)% | (8)% | EMEA | 52% | 0% | 13% | 65% | 45% | 0% | 12% | 57% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 9% | 0% | (4)% | 5% | (3)% | 0% | (4)% | (7)% | Asia Pacific | 17% | 0% | 12% | 29% | 25% | 0% | 12% | 37% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 1% | 0% | 0% | 1% | 1% | 0% | (1)% | 0% | 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) | ||||||||||||||||||||||
Mar 28,2020 - Apr 24, 2020 | 261,467 | $ | 46.33 | — | 18,517,834 | |||||||||||||||||||||
Apr 25, 2020 - May 22, 2020 | — | $ | — | — | 18,517,834 | |||||||||||||||||||||
May 23, 2020 - Jun 26, 2020 | — | $ | — | — | 18,517,834 |
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 | |||||||||
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 | |||||||||
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 | By: | /s/ | |||||||||||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||||||||||||||
Date: | July | By: | /s/ | |||||||||||||||||||||||||||||
Chief Financial Officer and Treasurer | ||||||||||||||||||||||||||||||||
(Principal Financial Officer) | ||||||||||||||||||||||||||||||||
Date: | July | By: | /s/ | |||||||||||||||||||||||||||||
Executive Vice President, Corporate Controller and Information Systems | ||||||||||||||||||||||||||||||||
(Principal Accounting Officer) |