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 | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 548,547 | $ | 507,164 | $ | 1,042,832 | $ | 961,293 | Net Sales | $ | 545,644 | $ | 486,696 | $ | 1,588,476 | $ | 1,447,989 | ||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 279,487 | 243,340 | 519,297 | 450,135 | Cost of products sold | 284,556 | 238,462 | 803,853 | 688,597 | ||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 269,060 | 263,824 | 523,535 | 511,158 | Gross Profit | 261,088 | 248,234 | 784,623 | 759,392 | ||||||||||||||||||||||||||||||||||||
Product development | Product development | 19,967 | 21,406 | 39,045 | 40,977 | Product development | 19,704 | 19,762 | 58,749 | 60,739 | ||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 62,076 | 69,126 | 125,071 | 131,354 | Selling, marketing and distribution | 61,386 | 66,078 | 186,457 | 197,432 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 38,337 | 39,449 | 82,376 | 76,698 | General and administrative | 36,849 | 37,795 | 119,225 | 114,493 | ||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 148,680 | 133,843 | 277,043 | 262,129 | Operating Earnings | 143,149 | 124,599 | 420,192 | 386,728 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 1,726 | 2,528 | 7,013 | 4,956 | Interest expense | 1,542 | 2,500 | 8,555 | 7,456 | ||||||||||||||||||||||||||||||||||||
Other expense, net | 607 | (434) | 760 | (313) | ||||||||||||||||||||||||||||||||||||||||||
Other expense (income), net | Other expense (income), net | (866) | 344 | (106) | 31 | |||||||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 146,347 | 131,749 | 269,270 | 257,486 | Earnings Before Income Taxes | 142,473 | 121,755 | 411,743 | 379,241 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 28,969 | 21,631 | 51,049 | 41,681 | Income taxes | 26,241 | 17,926 | 77,290 | 59,607 | ||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 117,378 | $ | 110,118 | $ | 218,221 | $ | 215,805 | Net Earnings | $ | 116,232 | $ | 103,829 | $ | 334,453 | $ | 319,634 | ||||||||||||||||||||||||||||
Net Earnings per Common Share | Net Earnings per Common Share | Net Earnings per Common Share | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.69 | $ | 0.65 | $ | 1.29 | $ | 1.27 | Basic | $ | 0.69 | $ | 0.61 | $ | 1.97 | $ | 1.89 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | 0.68 | $ | 0.63 | $ | 1.26 | $ | 1.24 | Diluted | $ | 0.67 | $ | 0.59 | $ | 1.93 | $ | 1.83 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 117,378 | $ | 110,118 | $ | 218,221 | $ | 215,805 | Net Earnings | $ | 116,232 | $ | 103,829 | $ | 334,453 | $ | 319,634 | ||||||||||||||||||||||||||||
Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | Cumulative translation adjustment | (13,532) | 5,693 | (16,492) | (4,777) | Cumulative translation adjustment | (13,335) | (3,537) | (29,827) | (8,314) | ||||||||||||||||||||||||||||||||||||
Pension and postretirement medical liability adjustment | Pension and postretirement medical liability adjustment | 1,368 | 2,373 | 2,262 | 5,681 | Pension and postretirement medical liability adjustment | 1,340 | 2,559 | 3,602 | 8,240 | ||||||||||||||||||||||||||||||||||||
Income taxes - pension and postretirement medical liability adjustment | Income taxes - pension and postretirement medical liability adjustment | (320) | (535) | (514) | (1,207) | Income taxes - pension and postretirement medical liability adjustment | (312) | (564) | (826) | (1,771) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (12,484) | 7,531 | (14,744) | (303) | Other comprehensive income (loss) | (12,307) | (1,542) | (27,051) | (1,845) | ||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income | $ | 104,894 | $ | 117,649 | $ | 203,477 | $ | 215,502 | Comprehensive Income | $ | 103,925 | $ | 102,287 | $ | 307,402 | $ | 317,789 |
July 1, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Current Assets | Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 413,359 | $ | 624,302 | Cash and cash equivalents | $ | 414,827 | $ | 624,302 | ||||||||||||
Accounts receivable, less allowances of $6,600 and $3,900 | Accounts receivable, less allowances of $6,600 and $3,900 | 373,141 | 325,132 | Accounts receivable, less allowances of $6,600 and $3,900 | 364,073 | 325,132 | ||||||||||||||||
Inventories | Inventories | 450,974 | 382,301 | Inventories | 462,220 | 382,301 | ||||||||||||||||
Other current assets | Other current assets | 39,002 | 31,886 | Other current assets | 44,783 | 31,886 | ||||||||||||||||
Total current assets | Total current assets | 1,276,476 | 1,363,621 | Total current assets | 1,285,903 | 1,363,621 | ||||||||||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net | 516,156 | 451,061 | Property, Plant and Equipment, net | 562,807 | 451,061 | ||||||||||||||||
Goodwill | Goodwill | 365,491 | 356,255 | Goodwill | 359,645 | 356,255 | ||||||||||||||||
Other Intangible Assets, net | Other Intangible Assets, net | 145,201 | 149,740 | Other Intangible Assets, net | 136,948 | 149,740 | ||||||||||||||||
Operating Lease Assets | Operating Lease Assets | 31,055 | 30,046 | Operating Lease Assets | 30,996 | 30,046 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 37,137 | 55,786 | Deferred Income Taxes | 30,450 | 55,786 | ||||||||||||||||
Other Assets | Other Assets | 32,762 | 36,689 | Other Assets | 31,451 | 36,689 | ||||||||||||||||
Total Assets | Total Assets | $ | 2,404,278 | $ | 2,443,198 | Total Assets | $ | 2,438,200 | $ | 2,443,198 | ||||||||||||
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 | $ | 55,522 | $ | 43,489 | Notes payable to banks | $ | 42,692 | $ | 43,489 | ||||||||||||
Current portion of long term debt | Current portion of long term debt | — | 75,000 | Current portion of long term debt | — | 75,000 | ||||||||||||||||
Trade accounts payable | Trade accounts payable | 85,452 | 78,432 | Trade accounts payable | 99,025 | 78,432 | ||||||||||||||||
Salaries and incentives | Salaries and incentives | 53,198 | 82,941 | Salaries and incentives | 60,458 | 82,941 | ||||||||||||||||
Dividends payable | Dividends payable | 35,794 | 35,771 | Dividends payable | 35,836 | 35,771 | ||||||||||||||||
Other current liabilities | Other current liabilities | 194,092 | 191,159 | Other current liabilities | 192,757 | 191,159 | ||||||||||||||||
Total current liabilities | Total current liabilities | 424,058 | 506,792 | Total current liabilities | 430,768 | 506,792 | ||||||||||||||||
Long-term Debt | Long-term Debt | 75,000 | 75,000 | Long-term Debt | 75,000 | 75,000 | ||||||||||||||||
Retirement Benefits and Deferred Compensation | Retirement Benefits and Deferred Compensation | 103,341 | 106,897 | Retirement Benefits and Deferred Compensation | 101,626 | 106,897 | ||||||||||||||||
Operating Lease Liabilities | Operating Lease Liabilities | 23,112 | 23,527 | Operating Lease Liabilities | 22,107 | 23,527 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 9,273 | 10,661 | Deferred Income Taxes | 8,310 | 10,661 | ||||||||||||||||
Other Non-current Liabilities | Other Non-current Liabilities | 12,220 | 10,978 | Other Non-current Liabilities | 12,078 | 10,978 | ||||||||||||||||
Shareholders’ Equity | Shareholders’ Equity | Shareholders’ Equity | ||||||||||||||||||||
Common stock | Common stock | 169,114 | 170,308 | Common stock | 168,523 | 170,308 | ||||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 770,209 | 742,288 | Additional paid-in-capital | 776,594 | 742,288 | ||||||||||||||||
Retained earnings | Retained earnings | 912,864 | 876,916 | Retained earnings | 950,414 | 876,916 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (94,913) | (80,169) | Accumulated other comprehensive income (loss) | (107,220) | (80,169) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,757,274 | 1,709,343 | Total shareholders’ equity | 1,788,311 | 1,709,343 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | Total Liabilities and Shareholders’ Equity | $ | 2,404,278 | $ | 2,443,198 | Total Liabilities and Shareholders’ Equity | $ | 2,438,200 | $ | 2,443,198 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||
Cash Flows From Operating Activities | Cash Flows From Operating Activities | Cash Flows From Operating Activities | ||||||||||||||||||||
Net Earnings | Net Earnings | $ | 218,221 | $ | 215,805 | Net Earnings | $ | 334,453 | $ | 319,634 | ||||||||||||
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 | 31,453 | 29,812 | Depreciation and amortization | 48,223 | 44,846 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | 14,743 | (10,313) | Deferred income taxes | 20,062 | (10,219) | ||||||||||||||||
Share-based compensation | Share-based compensation | 14,386 | 13,745 | Share-based compensation | 19,480 | 19,882 | ||||||||||||||||
Change in | Change in | Change in | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (56,263) | (38,747) | Accounts receivable | (56,524) | (10,793) | ||||||||||||||||
Inventories | Inventories | (70,879) | (51,359) | Inventories | (86,455) | (77,531) | ||||||||||||||||
Trade accounts payable | Trade accounts payable | 8,369 | 14,496 | Trade accounts payable | 8,456 | 14,033 | ||||||||||||||||
Salaries and incentives | Salaries and incentives | (29,201) | 8,334 | Salaries and incentives | (20,841) | 22,770 | ||||||||||||||||
Retirement benefits and deferred compensation | Retirement benefits and deferred compensation | 349 | 5,980 | Retirement benefits and deferred compensation | 473 | 6,676 | ||||||||||||||||
Other accrued liabilities | Other accrued liabilities | (386) | 32,399 | Other accrued liabilities | 411 | 27,307 | ||||||||||||||||
Other | Other | 4,193 | (105) | Other | 3,814 | 626 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 134,985 | 220,047 | Net cash provided by operating activities | 271,552 | 357,231 | ||||||||||||||||
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 | (88,861) | (54,759) | Property, plant and equipment additions | (147,193) | (82,628) | ||||||||||||||||
Acquisition of businesses, net of cash acquired | Acquisition of businesses, net of cash acquired | (25,296) | (19,322) | Acquisition of businesses, net of cash acquired | (25,296) | (19,386) | ||||||||||||||||
Other | Other | (397) | (112) | Other | (477) | (102) | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (114,554) | (74,193) | Net cash used in investing activities | (172,966) | (102,116) | ||||||||||||||||
Cash Flows From Financing Activities | Cash Flows From Financing Activities | Cash Flows From Financing Activities | ||||||||||||||||||||
Borrowings on short-term lines of credit, net | Borrowings on short-term lines of credit, net | 13,830 | (9,282) | Borrowings on short-term lines of credit, net | 4,110 | 27,880 | ||||||||||||||||
Payments on long-term debt | Payments on long-term debt | (75,000) | (70) | Payments on long-term debt | (75,000) | (69) | ||||||||||||||||
Payments of debt issuance costs | Payments of debt issuance costs | — | (1,422) | Payments of debt issuance costs | — | (1,422) | ||||||||||||||||
Common stock issued | Common stock issued | 23,410 | 33,216 | Common stock issued | 28,299 | 40,445 | ||||||||||||||||
Common stock repurchased | Common stock repurchased | (120,021) | — | Common stock repurchased | (155,181) | — | ||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | (1,219) | — | Taxes paid related to net share settlement of equity awards | (1,219) | — | ||||||||||||||||
Cash dividends paid | Cash dividends paid | (71,341) | (63,414) | Cash dividends paid | (106,855) | (95,238) | ||||||||||||||||
Net cash used in financing activities | Net cash used in financing activities | (230,341) | (40,972) | Net cash used in financing activities | (305,846) | (28,404) | ||||||||||||||||
Effect of exchange rate changes on cash | Effect of exchange rate changes on cash | (1,033) | (1,004) | Effect of exchange rate changes on cash | (2,215) | (1,792) | ||||||||||||||||
Net increase in cash and cash equivalents | (210,943) | 103,878 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | Net increase (decrease) in cash and cash equivalents | (209,475) | 224,919 | |||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||
Beginning of year | Beginning of year | 624,302 | 378,909 | Beginning of year | 624,302 | 378,909 | ||||||||||||||||
End of period | End of period | $ | 413,359 | $ | 482,787 | End of period | $ | 414,827 | $ | 603,828 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
Three Months Ended July 1, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2022 | $ | 169,223 | $ | 761,959 | $ | 841,503 | $ | (82,429) | $ | 1,690,256 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | Balance, July 1, 2022 | $ | 169,114 | $ | 770,209 | $ | 912,864 | $ | (94,913) | $ | 1,757,274 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 70 | 2,047 | 0 | 0 | 2,117 | Shares issued | 182 | 4,707 | — | — | 4,889 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (179) | (777) | (10,360) | 0 | (11,316) | Shares repurchased | (773) | (3,369) | (43,126) | — | (47,268) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | 0 | 6,980 | 0 | 0 | 6,980 | Stock compensation cost | — | 5,047 | — | — | 5,047 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | 0 | — | 0 | 0 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 0 | 0 | 117,378 | 0 | 117,378 | Net earnings | — | — | 116,232 | — | 116,232 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.210 per share) | Dividends declared ($0.210 per share) | 0 | 0 | (35,657) | 0 | (35,657) | Dividends declared ($0.210 per share) | — | — | (35,556) | — | (35,556) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 0 | 0 | 0 | (12,484) | (12,484) | Other comprehensive income (loss) | — | — | — | (12,307) | (12,307) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | $ | 169,114 | $ | 770,209 | $ | 912,864 | $ | (94,913) | $ | 1,757,274 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 168,523 | $ | 776,594 | $ | 950,414 | $ | (107,220) | $ | 1,788,311 |
Six Months Ended July 1, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | 170,308 | $ | 742,288 | $ | 876,916 | $ | (80,169) | $ | 1,709,343 | Balance, December 31, 2021 | $ | 170,308 | $ | 742,288 | $ | 876,916 | $ | (80,169) | $ | 1,709,343 | ||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 507 | 21,685 | 0 | 0 | 22,192 | Shares issued | 689 | 26,392 | — | — | 27,081 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (1,701) | (7,412) | (110,908) | 0 | (120,021) | Shares repurchased | (2,474) | (10,781) | (154,034) | — | (167,289) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | 0 | 13,649 | 0 | 0 | 13,649 | Stock compensation cost | — | 18,696 | — | — | 18,696 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | Restricted stock canceled (issued) | 0 | (1) | 0 | 0 | (1) | Restricted stock canceled (issued) | — | (1) | — | — | (1) | ||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 0 | 0 | 218,221 | 0 | 218,221 | Net earnings | — | — | 334,453 | — | 334,453 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.420 per share) | 0 | 0 | (71,365) | 0 | (71,365) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.630 per share) | Dividends declared ($0.630 per share) | — | — | (106,921) | — | (106,921) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 0 | 0 | 0 | (14,744) | (14,744) | Other comprehensive income (loss) | — | — | — | (27,051) | (27,051) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | $ | 169,114 | $ | 770,209 | $ | 912,864 | $ | (94,913) | $ | 1,757,274 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 168,523 | $ | 776,594 | $ | 950,414 | $ | (107,220) | $ | 1,788,311 |
Three Months Ended June 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 26, 2021 | $ | 169,413 | $ | 702,829 | $ | 642,259 | $ | (131,999) | $ | 1,382,502 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 24, 2021 | Three Months Ended September 24, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 25, 2021 | Balance, June 25, 2021 | $ | 169,667 | $ | 715,635 | $ | 720,429 | $ | (124,468) | $ | 1,481,263 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 254 | 8,838 | — | — | 9,092 | Shares issued | 287 | 6,942 | — | — | 7,229 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | — | 6,304 | — | — | 6,304 | Stock compensation cost | — | 5,438 | — | — | 5,438 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | — | (2,336) | — | — | (2,336) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 110,118 | — | 110,118 | Net earnings | — | — | 103,829 | — | 103,829 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.188 per share) | Dividends declared ($0.188 per share) | — | — | (31,948) | — | (31,948) | Dividends declared ($0.188 per share) | — | — | (31,868) | — | (31,868) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | 7,531 | 7,531 | Other comprehensive income (loss) | — | — | — | (1,542) | (1,542) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 25, 2021 | $ | 169,667 | $ | 715,635 | $ | 720,429 | $ | (124,468) | $ | 1,481,263 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 24, 2021 | Balance, September 24, 2021 | $ | 169,954 | $ | 728,015 | $ | 792,390 | $ | (126,010) | $ | 1,564,349 |
Six Months Ended June 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 24, 2021 | Nine Months Ended September 24, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 25, 2020 | Balance, December 25, 2020 | $ | 168,568 | $ | 671,206 | $ | 568,295 | $ | (124,165) | $ | 1,283,904 | Balance, December 25, 2020 | $ | 168,568 | $ | 671,206 | $ | 568,295 | $ | (124,165) | $ | 1,283,904 | ||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 1,099 | 34,453 | — | — | 35,552 | Shares issued | 1,386 | 41,395 | — | — | 42,781 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | — | 12,312 | — | — | 12,312 | Stock compensation cost | — | 17,750 | — | — | 17,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | Restricted stock canceled (issued) | — | (2,336) | — | — | (2,336) | Restricted stock canceled (issued) | — | (2,336) | — | — | (2,336) | ||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | — | — | 215,805 | — | 215,805 | Net earnings | — | — | 319,634 | — | 319,634 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.375 per share) | — | — | (63,671) | — | (63,671) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.563 per share) | Dividends declared ($0.563 per share) | — | — | (95,539) | — | (95,539) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | — | — | — | (303) | (303) | Other comprehensive income (loss) | — | — | — | (1,845) | (1,845) | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 25, 2021 | $ | 169,667 | $ | 715,635 | $ | 720,429 | $ | (124,468) | $ | 1,481,263 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 24, 2021 | Balance, September 24, 2021 | $ | 169,954 | $ | 728,015 | $ | 792,390 | $ | (126,010) | $ | 1,564,349 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 158,325 | $ | 144,448 | $ | 302,994 | $ | 274,312 | Industrial | $ | 156,182 | $ | 154,560 | $ | 459,176 | $ | 428,872 | ||||||||||||||||||||||||||||
Process | Process | 124,483 | 97,232 | 239,507 | 188,605 | Process | 125,376 | 96,185 | 364,883 | 284,790 | ||||||||||||||||||||||||||||||||||||
Contractor | Contractor | 265,739 | 265,484 | 500,331 | 498,376 | Contractor | 264,086 | 235,951 | 764,417 | 734,327 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 548,547 | $ | 507,164 | $ | 1,042,832 | $ | 961,293 | Total | $ | 545,644 | $ | 486,696 | $ | 1,588,476 | $ | 1,447,989 | ||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 55,201 | $ | 45,709 | $ | 107,831 | $ | 88,067 | Industrial | $ | 53,964 | $ | 50,812 | $ | 161,795 | $ | 138,879 | ||||||||||||||||||||||||||||
Process | Process | 31,057 | 21,676 | 58,545 | 43,409 | Process | 30,638 | 21,514 | 89,183 | 64,923 | ||||||||||||||||||||||||||||||||||||
Contractor | Contractor | 68,244 | 73,656 | 127,191 | 144,707 | Contractor | 65,123 | 58,659 | 192,314 | 203,366 | ||||||||||||||||||||||||||||||||||||
Unallocated corporate (expense) | Unallocated corporate (expense) | (5,822) | (7,198) | (16,524) | (14,054) | Unallocated corporate (expense) | (6,576) | (6,386) | (23,100) | (20,440) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 148,680 | $ | 133,843 | $ | 277,043 | $ | 262,129 | Total | $ | 143,149 | $ | 124,599 | $ | 420,192 | $ | 386,728 |
July 1, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Industrial | Industrial | $ | 604,654 | $ | 601,843 | Industrial | $ | 606,224 | $ | 601,843 | ||||||||||||
Process | Process | 517,098 | 436,203 | Process | 543,701 | 436,203 | ||||||||||||||||
Contractor | Contractor | 658,361 | 599,726 | Contractor | 698,698 | 599,726 | ||||||||||||||||
Unallocated corporate | Unallocated corporate | 624,165 | 805,426 | Unallocated corporate | 589,577 | 805,426 | ||||||||||||||||
Total | Total | $ | 2,404,278 | $ | 2,443,198 | Total | $ | 2,438,200 | $ | 2,443,198 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net Sales (based on customer location) | Net Sales (based on customer location) | Net Sales (based on customer location) | ||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 296,009 | $ | 263,722 | $ | 551,091 | $ | 495,223 | United States | $ | 289,831 | $ | 244,086 | $ | 840,922 | $ | 739,309 | ||||||||||||||||||||||||||||
Other countries | Other countries | 252,538 | 243,442 | 491,741 | 466,070 | Other countries | 255,813 | 242,610 | 747,554 | 708,680 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 548,547 | $ | 507,164 | $ | 1,042,832 | $ | 961,293 | Total | $ | 545,644 | $ | 486,696 | $ | 1,588,476 | $ | 1,447,989 |
July 1, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Long-lived Assets | Long-lived Assets | Long-lived Assets | ||||||||||||||||||||
United States | United States | $ | 456,238 | $ | 388,835 | United States | $ | 498,780 | $ | 388,835 | ||||||||||||
Other countries | Other countries | 59,918 | 62,226 | Other countries | 64,027 | 62,226 | ||||||||||||||||
Total | Total | $ | 516,156 | $ | 451,061 | Total | $ | 562,807 | $ | 451,061 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net earnings available to common shareholders | Net earnings available to common shareholders | $ | 117,378 | $ | 110,118 | $ | 218,221 | $ | 215,805 | Net earnings available to common shareholders | $ | 116,232 | $ | 103,829 | $ | 334,453 | $ | 319,634 | ||||||||||||||||||||||||||||
Weighted average shares outstanding for basic earnings per share | Weighted average shares outstanding for basic earnings per share | 169,128 | 169,594 | 169,469 | 169,271 | Weighted average shares outstanding for basic earnings per share | 169,166 | 169,834 | 169,368 | 169,459 | ||||||||||||||||||||||||||||||||||||
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 | 3,570 | 4,978 | 4,219 | 4,939 | Dilutive effect of stock options computed using the treasury stock method and the average market price | 3,623 | 4,940 | 4,020 | 4,939 | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding for diluted earnings per share | Weighted average shares outstanding for diluted earnings per share | 172,698 | 174,572 | 173,688 | 174,210 | Weighted average shares outstanding for diluted earnings per share | 172,789 | 174,774 | 173,388 | 174,398 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.69 | $ | 0.65 | $ | 1.29 | $ | 1.27 | Basic earnings per share | $ | 0.69 | $ | 0.61 | $ | 1.97 | $ | 1.89 | ||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.68 | $ | 0.63 | $ | 1.26 | $ | 1.24 | Diluted earnings per share | $ | 0.67 | $ | 0.59 | $ | 1.93 | $ | 1.83 |
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 31, 2021 | Outstanding, December 31, 2021 | 9,575 | $ | 39.31 | 7,296 | $ | 33.75 | Outstanding, December 31, 2021 | 9,575 | $ | 39.31 | 7,296 | $ | 33.75 | ||||||||||||||||||||||||||||||||
Granted | Granted | 831 | 71.73 | Granted | 831 | 71.73 | ||||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | (228) | 24.62 | Exercised | (391) | 24.00 | ||||||||||||||||||||||||||||||||||||||||
Canceled | Canceled | (24) | 43.75 | Canceled | (40) | 49.17 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, July 1, 2022 | 10,154 | $ | 42.29 | 7,809 | $ | 36.06 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, September 30, 2022 | Outstanding, September 30, 2022 | 9,975 | $ | 42.58 | 7,648 | $ | 36.35 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||
Expected life in years | Expected life in years | 7.3 | 7.5 | Expected life in years | 7.3 | 7.5 | ||||||||||||||||
Interest rate | Interest rate | 1.9 | % | 1.2 | % | Interest rate | 1.9 | % | 1.2 | % | ||||||||||||
Volatility | Volatility | 25.5 | % | 25.3 | % | Volatility | 25.5 | % | 25.3 | % | ||||||||||||
Dividend yield | Dividend yield | 1.2 | % | 1.0 | % | Dividend yield | 1.2 | % | 1.0 | % | ||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 19.06 | $ | 18.91 | Weighted average fair value per share | $ | 19.06 | $ | 18.91 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||
Expected life in years | Expected life in years | 1.0 | 1.0 | Expected life in years | 1.0 | 1.0 | ||||||||||||||||
Interest rate | Interest rate | 0.9 | % | 0.1 | % | Interest rate | 0.9 | % | 0.1 | % | ||||||||||||
Volatility | Volatility | 20.5 | % | 40.1 | % | Volatility | 20.5 | % | 40.1 | % | ||||||||||||
Dividend yield | Dividend yield | 1.2 | % | 1.1 | % | Dividend yield | 1.2 | % | 1.1 | % | ||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 16.01 | $ | 21.50 | Weighted average fair value per share | $ | 16.01 | $ | 21.50 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 1,964 | $ | 2,724 | $ | 4,134 | $ | 5,445 | Service cost | $ | 2,053 | $ | 1,674 | $ | 6,187 | $ | 7,119 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 2,766 | 2,976 | 5,504 | 5,957 | Interest cost | 2,745 | 2,519 | 8,249 | 8,476 | ||||||||||||||||||||||||||||||||||||
Expected return on assets | Expected return on assets | (4,777) | (5,131) | (9,579) | (10,261) | Expected return on assets | (5,237) | (5,412) | (14,816) | (15,673) | ||||||||||||||||||||||||||||||||||||
Amortization and other | Amortization and other | 1,419 | 2,555 | 2,495 | 5,106 | Amortization and other | 1,200 | 2,148 | 3,695 | 7,254 | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 1,372 | $ | 3,124 | $ | 2,554 | $ | 6,247 | Net periodic benefit cost | $ | 761 | $ | 929 | $ | 3,315 | $ | 7,176 | ||||||||||||||||||||||||||||
Postretirement Medical | Postretirement Medical | Postretirement Medical | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 83 | $ | 175 | $ | 258 | $ | 350 | Service cost | $ | 129 | $ | 153 | $ | 387 | $ | 503 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 195 | 250 | 420 | 500 | Interest cost | 209 | 124 | 629 | 624 | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | (2) | 250 | 173 | 500 | Amortization | 86 | 252 | 259 | 752 | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 276 | $ | 675 | $ | 851 | $ | 1,350 | Net periodic benefit cost | $ | 424 | $ | 529 | $ | 1,275 | $ | 1,879 |
Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | |||||||||||||||||||||||||||||
Three Months Ended July 1, 2022 | ||||||||||||||||||||||||||||||||||
Balance, April 1, 2022 | $ | (59,407) | $ | (23,022) | $ | (82,429) | ||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | Balance, July 1, 2022 | $ | (58,359) | $ | (36,554) | $ | (94,913) | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | — | (13,532) | (13,532) | Other comprehensive income (loss) before reclassifications | — | (13,335) | (13,335) | ||||||||||||||||||||||||||
Reclassified to pension cost and deferred tax | Reclassified to pension cost and deferred tax | 1,048 | — | 1,048 | Reclassified to pension cost and deferred tax | 1,028 | — | 1,028 | ||||||||||||||||||||||||||
Balance, July 1, 2022 | $ | (58,359) | $ | (36,554) | $ | (94,913) | ||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | (57,331) | $ | (49,889) | $ | (107,220) |
Six Months Ended July 1, 2022 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | (60,107) | $ | (20,062) | $ | (80,169) | Balance, December 31, 2021 | $ | (60,107) | $ | (20,062) | $ | (80,169) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | — | (16,492) | (16,492) | Other comprehensive income (loss) before reclassifications | — | (29,827) | (29,827) | ||||||||||||||||||||||||||
Reclassified to pension cost and deferred tax | Reclassified to pension cost and deferred tax | 1,748 | — | 1,748 | Reclassified to pension cost and deferred tax | 2,776 | — | 2,776 | ||||||||||||||||||||||||||
Balance, July 1, 2022 | $ | (58,359) | $ | (36,554) | $ | (94,913) | ||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | (57,331) | $ | (49,889) | $ | (107,220) |
Three Months Ended June 25, 2021 | ||||||||||||||||||||||||||||||||||
Balance, March 26, 2021 | $ | (111,493) | $ | (20,506) | $ | (131,999) | ||||||||||||||||||||||||||||
Three Months Ended September 24, 2021 | Three Months Ended September 24, 2021 | |||||||||||||||||||||||||||||||||
Balance, June 25, 2021 | Balance, June 25, 2021 | $ | (109,655) | $ | (14,813) | $ | (124,468) | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | — | 5,693 | 5,693 | Other comprehensive income (loss) before reclassifications | — | (3,537) | (3,537) | ||||||||||||||||||||||||||
Reclassified to pension cost and deferred tax | Reclassified to pension cost and deferred tax | 1,838 | — | 1,838 | Reclassified to pension cost and deferred tax | 1,995 | — | 1,995 | ||||||||||||||||||||||||||
Balance, June 25, 2021 | $ | (109,655) | $ | (14,813) | $ | (124,468) | ||||||||||||||||||||||||||||
Balance, September 24, 2021 | Balance, September 24, 2021 | $ | (107,660) | $ | (18,350) | $ | (126,010) |
Six Months Ended June 25, 2021 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 24, 2021 | Nine Months Ended September 24, 2021 | |||||||||||||||||||||||||||||||||
Balance, December 25, 2020 | Balance, December 25, 2020 | $ | (114,129) | $ | (10,036) | $ | (124,165) | Balance, December 25, 2020 | $ | (114,129) | $ | (10,036) | $ | (124,165) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | — | (4,777) | (4,777) | Other comprehensive income (loss) before reclassifications | — | (8,314) | (8,314) | ||||||||||||||||||||||||||
Reclassified to pension cost and deferred tax | Reclassified to pension cost and deferred tax | 4,474 | — | 4,474 | Reclassified to pension cost and deferred tax | 6,469 | — | 6,469 | ||||||||||||||||||||||||||
Balance, June 25, 2021 | $ | (109,655) | $ | (14,813) | $ | (124,468) | ||||||||||||||||||||||||||||
Balance, September 24, 2021 | Balance, September 24, 2021 | $ | (107,660) | $ | (18,350) | $ | (126,010) |
July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||
Balance, beginning | Balance, beginning | $ | 3,254 | $ | 3,745 | Balance, beginning | $ | 3,254 | $ | 3,745 | ||||||||||||
Additions (reversals) charged to costs and expenses | Additions (reversals) charged to costs and expenses | 3,246 | 265 | Additions (reversals) charged to costs and expenses | 3,262 | 164 | ||||||||||||||||
Deductions from reserves (1) | Deductions from reserves (1) | (575) | (495) | Deductions from reserves (1) | (564) | (425) | ||||||||||||||||
Other additions (deductions) (2) | Other additions (deductions) (2) | (236) | (4) | Other additions (deductions) (2) | (452) | 68 | ||||||||||||||||
Balance, ending | Balance, ending | $ | 5,688 | $ | 3,511 | Balance, ending | $ | 5,500 | $ | 3,552 |
July 1, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Finished products and components | Finished products and components | $ | 197,042 | $ | 166,922 | Finished products and components | $ | 211,195 | $ | 166,922 | ||||||||||||
Products and components in various stages of completion | Products and components in various stages of completion | 137,268 | 117,063 | Products and components in various stages of completion | 140,892 | 117,063 | ||||||||||||||||
Raw materials and purchased components | Raw materials and purchased components | 221,746 | 185,291 | Raw materials and purchased components | 229,127 | 185,291 | ||||||||||||||||
Subtotal | Subtotal | 556,056 | 469,276 | Subtotal | 581,214 | 469,276 | ||||||||||||||||
Reduction to LIFO cost | Reduction to LIFO cost | (105,082) | (86,975) | Reduction to LIFO cost | (118,994) | (86,975) | ||||||||||||||||
Total | Total | $ | 450,974 | $ | 382,301 | Total | $ | 462,220 | $ | 382,301 |
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 July 1, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 30, 2022 | As of September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | $ | 202,903 | $ | 26,974 | $ | 1,700 | $ | 62,633 | $ | 294,210 | Cost | $ | 202,103 | $ | 26,574 | $ | 1,700 | $ | 62,633 | $ | 293,010 | ||||||||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (116,312) | (17,176) | (581) | — | (134,069) | Accumulated amortization | (119,529) | (17,519) | (659) | — | (137,707) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (10,815) | (930) | — | (3,195) | (14,940) | Foreign currency translation | (12,791) | (1,042) | — | (4,522) | (18,355) | ||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 75,776 | $ | 8,868 | $ | 1,119 | $ | 59,438 | $ | 145,201 | Book value | $ | 69,783 | $ | 8,013 | $ | 1,041 | $ | 58,111 | $ | 136,948 | ||||||||||||||||||||||||||||||||||||
Weighted average life in years | Weighted average life in years | 13 | 9 | 5 | N/A | Weighted average life in years | 13 | 10 | 5 | N/A |
As of December 31, 2021 | |||||||||||||||||||||||||||||
Cost | $ | 194,505 | $ | 26,074 | $ | 900 | $ | 62,633 | $ | 284,112 | |||||||||||||||||||
Accumulated amortization | (108,657) | (15,734) | (452) | — | (124,843) | ||||||||||||||||||||||||
Foreign currency translation | (7,710) | (707) | — | (1,112) | (9,529) | ||||||||||||||||||||||||
Book value | $ | 78,138 | $ | 9,633 | $ | 448 | $ | 61,521 | $ | 149,740 | |||||||||||||||||||
Weighted average life in years | 13 | 10 | 5 | N/A |
2022 (Remainder) | 2023 | 2024 | 2025 | 2026 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 9,253 | $ | 17,309 | $ | 16,076 | $ | 15,511 | $ | 8,915 | $ | 18,699 |
2022 (Remainder) | 2023 | 2024 | 2025 | 2026 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 4,556 | $ | 16,860 | $ | 15,639 | $ | 15,071 | $ | 8,660 | $ | 18,051 |
Industrial | Process | Contractor | Total | Industrial | Process | Contractor | Total | |||||||||||||||||||||||||||||||||||||||
Balance, December 31, 2021 | Balance, December 31, 2021 | $ | 185,733 | $ | 141,304 | $ | 29,218 | $ | 356,255 | Balance, December 31, 2021 | $ | 185,733 | $ | 141,304 | $ | 29,218 | $ | 356,255 | ||||||||||||||||||||||||||||
Additions, adjustments from business acquisitions | Additions, adjustments from business acquisitions | — | 16,994 | — | 16,994 | Additions, adjustments from business acquisitions | — | 16,994 | — | 16,994 | ||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (5,977) | (1,781) | — | (7,758) | Foreign currency translation | (10,162) | (3,442) | — | (13,604) | ||||||||||||||||||||||||||||||||||||
Balance, July 1, 2022 | $ | 179,756 | $ | 156,517 | $ | 29,218 | $ | 365,491 | ||||||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | Balance, September 30, 2022 | $ | 175,571 | $ | 154,856 | $ | 29,218 | $ | 359,645 |
July 1, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Accrued self-insurance retentions | Accrued self-insurance retentions | $ | 9,553 | $ | 9,303 | Accrued self-insurance retentions | $ | 9,306 | $ | 9,303 | ||||||||||||
Accrued warranty and service liabilities | Accrued warranty and service liabilities | 14,188 | 14,463 | Accrued warranty and service liabilities | 14,263 | 14,463 | ||||||||||||||||
Accrued trade promotions | Accrued trade promotions | 12,762 | 15,872 | Accrued trade promotions | 13,670 | 15,872 | ||||||||||||||||
Payable for employee stock purchases | Payable for employee stock purchases | 8,767 | 15,746 | Payable for employee stock purchases | 12,244 | 15,746 | ||||||||||||||||
Customer advances and deferred revenue | Customer advances and deferred revenue | 69,222 | 60,554 | Customer advances and deferred revenue | 60,657 | 60,554 | ||||||||||||||||
Income taxes payable | Income taxes payable | 12,975 | 5,200 | Income taxes payable | 13,652 | 5,200 | ||||||||||||||||
Right of return refund liability | Right of return refund liability | 18,556 | 18,614 | Right of return refund liability | 18,219 | 18,614 | ||||||||||||||||
Operating lease liabilities, current | Operating lease liabilities, current | 9,384 | 9,096 | Operating lease liabilities, current | 9,193 | 9,096 | ||||||||||||||||
Other | Other | 38,685 | 42,311 | Other | 41,553 | 42,311 | ||||||||||||||||
Total | Total | $ | 194,092 | $ | 191,159 | Total | $ | 192,757 | $ | 191,159 |
Balance, December 31, 2021 | $ | 14,463 | |||
Assumed in business acquisition | 38 | ||||
Charged to expense | |||||
Margin on parts sales reversed | |||||
Reductions for claims settled | |||||
Balance, | $ |
Level | July 1, 2022 | December 31, 2021 | Level | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||
Cash surrender value of life insurance | Cash surrender value of life insurance | 2 | $ | 18,872 | $ | 23,147 | Cash surrender value of life insurance | 2 | $ | 17,575 | $ | 23,147 | ||||||||||||||||||||||
Forward exchange contracts | Forward exchange contracts | 2 | 145 | — | Forward exchange contracts | 2 | 171 | — | ||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 19,017 | $ | 23,147 | Total assets at fair value | $ | 17,746 | $ | 23,147 | ||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | 3 | $ | 13,697 | $ | 12,274 | Contingent consideration | 3 | $ | 14,411 | $ | 12,274 | ||||||||||||||||||||||
Deferred compensation | Deferred compensation | 2 | 5,537 | 5,962 | Deferred compensation | 2 | 5,554 | 5,962 | ||||||||||||||||||||||||||
Forward exchange contracts | Forward exchange contracts | 2 | — | 111 | Forward exchange contracts | 2 | — | 111 | ||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | 19,234 | $ | 18,347 | Total liabilities at fair value | $ | 19,965 | $ | 18,347 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jul 1, 2022 | Jun 25, 2021 | % Change | Jul 1, 2022 | Jun 25, 2021 | % Change | Sep 30, 2022 | Sep 24, 2021 | % Change | Sep 30, 2022 | Sep 24, 2021 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 548.5 | $ | 507.2 | 8 | % | $ | 1,042.8 | $ | 961.3 | 8 | % | Net Sales | $ | 545.6 | $ | 486.7 | 12 | % | $ | 1,588.5 | $ | 1,448.0 | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 148.7 | 133.8 | 11 | % | 277.0 | 262.1 | 6 | % | Operating Earnings | 143.1 | 124.6 | 15 | % | 420.2 | 386.7 | 9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 117.4 | 110.1 | 7 | % | 218.2 | 215.8 | 1 | % | Net Earnings | 116.2 | 103.8 | 12 | % | 334.5 | 319.6 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted (1) | Net Earnings, adjusted (1) | 117.0 | 108.0 | 8 | % | 216.3 | 209.6 | 3 | % | Net Earnings, adjusted (1) | 114.8 | 100.3 | 14 | % | 331.3 | 309.9 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share | Diluted Net Earnings per Common Share | $ | 0.68 | $ | 0.63 | 8 | % | $ | 1.26 | $ | 1.24 | 2 | % | Diluted Net Earnings per Common Share | $ | 0.67 | $ | 0.59 | 14 | % | $ | 1.93 | $ | 1.83 | 5 | % | ||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share, adjusted (1) | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.68 | $ | 0.62 | 10 | % | $ | 1.25 | $ | 1.20 | 4 | % | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.66 | $ | 0.57 | 16 | % | $ | 1.91 | $ | 1.78 | 7 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | $ | 146.3 | $ | 131.7 | $ | 269.3 | $ | 257.5 | Earnings before income taxes | $ | 142.4 | $ | 121.8 | $ | 411.8 | $ | 379.2 | ||||||||||||||||||||||||||||
Income taxes, as reported | Income taxes, as reported | $ | 29.0 | $ | 21.6 | $ | 51.1 | $ | 41.7 | Income taxes, as reported | $ | 26.2 | $ | 17.9 | $ | 77.3 | $ | 59.6 | ||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | 0.4 | 2.1 | 1.9 | 6.2 | Excess tax benefit from option exercises | 1.4 | 2.6 | 3.2 | 8.8 | ||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | Other non-recurring tax benefit | — | 0.9 | — | 0.9 | |||||||||||||||||||||||||||||||||||||||||
Income taxes, adjusted | Income taxes, adjusted | $ | 29.4 | $ | 23.7 | $ | 53.0 | $ | 47.9 | Income taxes, adjusted | $ | 27.6 | $ | 21.4 | $ | 80.5 | $ | 69.3 | ||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | Effective income tax rate | ||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | 19.8 | % | 16.4 | % | 19.0 | % | 16.2 | % | As reported | 18.4 | % | 14.7 | % | 18.8 | % | 15.7 | % | ||||||||||||||||||||||||||||
Adjusted | Adjusted | 20.0 | % | 18.0 | % | 19.7 | % | 18.6 | % | Adjusted | 19.4 | % | 17.6 | % | 19.6 | % | 18.3 | % | ||||||||||||||||||||||||||||
Net Earnings, as reported | Net Earnings, as reported | $ | 117.4 | $ | 110.1 | $ | 218.2 | $ | 215.8 | Net Earnings, as reported | $ | 116.2 | $ | 103.8 | $ | 334.5 | $ | 319.6 | ||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | (0.4) | (2.1) | (1.9) | (6.2) | Excess tax benefit from option exercises | (1.4) | (2.6) | (3.2) | (8.8) | ||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | Other non-recurring tax benefit | — | (0.9) | — | (0.9) | |||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted | Net Earnings, adjusted | $ | 117.0 | $ | 108.0 | $ | 216.3 | $ | 209.6 | Net Earnings, adjusted | $ | 114.8 | $ | 100.3 | $ | 331.3 | $ | 309.9 | ||||||||||||||||||||||||||||
Weighted Average Diluted Shares | Weighted Average Diluted Shares | 172.7 | 174.6 | 173.7 | 174.2 | Weighted Average Diluted Shares | 172.8 | 174.8 | 173.4 | 174.4 | ||||||||||||||||||||||||||||||||||||
Diluted Earnings per Share | Diluted Earnings per Share | Diluted Earnings per Share | ||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | $ | 0.68 | $ | 0.63 | $ | 1.26 | $ | 1.24 | As reported | $ | 0.67 | $ | 0.59 | $ | 1.93 | $ | 1.83 | ||||||||||||||||||||||||||||
Adjusted | Adjusted | $ | 0.68 | $ | 0.62 | $ | 1.25 | $ | 1.20 | Adjusted | $ | 0.66 | $ | 0.57 | $ | 1.91 | $ | 1.78 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
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 | 51.0 | 48.0 | 49.8 | 46.8 | Cost of products sold | 52.2 | 49.0 | 50.6 | 47.6 | ||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 49.0 | 52.0 | 50.2 | 53.2 | Gross Profit | 47.8 | 51.0 | 49.4 | 52.4 | ||||||||||||||||||||||||||||||||||||
Product development | Product development | 3.6 | 4.2 | 3.7 | 4.3 | Product development | 3.6 | 4.1 | 3.7 | 4.2 | ||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 11.3 | 13.6 | 12.0 | 13.7 | Selling, marketing and distribution | 11.3 | 13.6 | 11.7 | 13.6 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 7.0 | 7.8 | 7.9 | 8.0 | General and administrative | 6.8 | 7.8 | 7.5 | 7.9 | ||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 27.1 | 26.4 | 26.6 | 27.2 | Operating Earnings | 26.2 | 25.6 | 26.5 | 26.7 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0.3 | 0.5 | 0.7 | 0.5 | Interest expense | 0.3 | 0.5 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||||||||
Other expense, net | 0.1 | (0.1) | 0.1 | — | ||||||||||||||||||||||||||||||||||||||||||
Other expense (income), net | Other expense (income), net | (0.2) | 0.1 | — | — | |||||||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 26.7 | 26.0 | 25.8 | 26.8 | Earnings Before Income Taxes | 26.1 | 25.0 | 25.9 | 26.2 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 5.3 | 4.3 | 4.9 | 4.3 | Income taxes | 4.8 | 3.7 | 4.9 | 4.1 | ||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 21.4 | % | 21.7 | % | 20.9 | % | 22.4 | % | Net Earnings | 21.3 | % | 21.3 | % | 21.1 | % | 22.1 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Americas(1) | Americas(1) | $ | 338.1 | $ | 302.0 | $ | 631.3 | $ | 566.9 | Americas(1) | $ | 333.4 | $ | 280.4 | $ | 964.8 | $ | 847.3 | ||||||||||||||||||||||||||||
EMEA(2) | EMEA(2) | 108.3 | 113.8 | 214.5 | 224.0 | EMEA(2) | 111.3 | 115.0 | 325.8 | 339.0 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 102.1 | 91.4 | 197.0 | 170.4 | Asia Pacific | 100.9 | 91.3 | 297.9 | 261.7 | ||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 548.5 | $ | 507.2 | $ | 1,042.8 | $ | 961.3 | Consolidated | $ | 545.6 | $ | 486.7 | $ | 1,588.5 | $ | 1,448.0 |
Three Months | Six Months | Three Months | Nine 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 | 11% | 1% | 0% | 12% | 11% | 1% | (1)% | 11% | Americas | 18% | 1% | 0% | 19% | 13% | 1% | 0% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 5% | 0% | (10)% | (5)% | 3% | 1% | (8)% | (4)% | EMEA | 10% | 0% | (13)% | (3)% | 5% | 1% | (10)% | (4)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 16% | 0% | (4)% | 12% | 19% | 0% | (3)% | 16% | Asia Pacific | 17% | 1% | (8)% | 10% | 18% | 1% | (5)% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | 11% | 1% | (4)% | 8% | 11% | 0% | (3)% | 8% | Consolidated | 16% | 1% | (5)% | 12% | 12% | 1% | (3)% | 10% |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 61.5 | $ | 51.9 | $ | 115.8 | $ | 98.2 | Americas | $ | 60.1 | $ | 54.1 | $ | 175.9 | $ | 152.3 | ||||||||||||||||||||||||||||
EMEA | EMEA | 45.6 | 45.5 | 93.5 | 90.6 | EMEA | 48.1 | 53.9 | 141.6 | 144.5 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 51.2 | 47.1 | 93.7 | 85.6 | Asia Pacific | 47.9 | 46.4 | 141.7 | 132.0 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 158.3 | $ | 144.5 | $ | 303.0 | $ | 274.4 | Total | $ | 156.1 | $ | 154.4 | $ | 459.2 | $ | 428.8 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 35 | % | 32 | % | 36 | % | 32 | % | Operating earnings as a percentage of net sales | 35 | % | 33 | % | 35 | % | 32 | % |
Three Months | Six Months | Three Months | Nine 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 | 19% | 0% | 0% | 19% | 18% | 0% | 0% | 18% | Americas | 11% | 0% | 0% | 11% | 16% | 0% | (1)% | 15% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 12% | 0% | (12)% | 0% | 13% | 0% | (10)% | 3% | EMEA | 3% | 0% | (14)% | (11)% | 9% | 0% | (11)% | (2)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 13% | 0% | (4)% | 9% | 12% | 0% | (3)% | 9% | Asia Pacific | 11% | 0% | (8)% | 3% | 12% | 0% | (5)% | 7% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 15% | 0% | (5)% | 10% | 15% | 0% | (5)% | 10% | Segment Total | 8% | 0% | (7)% | 1% | 12% | 0% | (5)% | 7% |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 77.0 | $ | 59.7 | $ | 145.4 | $ | 116.5 | Americas | $ | 76.6 | $ | 58.6 | $ | 222.0 | $ | 175.1 | ||||||||||||||||||||||||||||
EMEA | EMEA | 17.6 | 15.8 | 34.7 | 30.6 | EMEA | 16.6 | 13.8 | 51.4 | 44.4 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 29.9 | 21.7 | 59.4 | 41.5 | Asia Pacific | 32.2 | 23.8 | 91.5 | 65.3 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 124.5 | $ | 97.2 | $ | 239.5 | $ | 188.6 | Total | $ | 125.4 | $ | 96.2 | $ | 364.9 | $ | 284.8 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 25 | % | 22 | % | 24 | % | 23 | % | Operating earnings as a percentage of net sales | 24 | % | 22 | % | 24 | % | 23 | % |
Three Months | Six Months | Three Months | Nine 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 | 25% | 4% | 0% | 29% | 22% | 3% | 0% | 25% | Americas | 27% | 4% | 0% | 31% | 24% | 3% | 0% | 27% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 18% | 1% | (7)% | 12% | 18% | 0% | (4)% | 14% | EMEA | 30% | 1% | (11)% | 20% | 22% | 1% | (7)% | 16% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 42% | 1% | (5)% | 38% | 46% | 0% | (3)% | 43% | Asia Pacific | 40% | 1% | (7)% | 34% | 44% | 1% | (5)% | 40% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 27% | 3% | (2)% | 28% | 27% | 2% | (2)% | 27% | Segment Total | 30% | 4% | (4)% | 30% | 28% | 2% | (2)% | 28% |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
July 1, 2022 | June 25, 2021 | July 1, 2022 | June 25, 2021 | September 30, 2022 | September 24, 2021 | September 30, 2022 | September 24, 2021 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 199.7 | $ | 190.4 | $ | 370.2 | $ | 352.3 | Americas | $ | 196.7 | $ | 167.6 | $ | 566.9 | $ | 519.9 | ||||||||||||||||||||||||||||
EMEA | EMEA | 45.0 | 52.6 | 86.2 | 102.8 | EMEA | 46.6 | 47.3 | 132.8 | 150.1 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 21.0 | 22.5 | 43.9 | 43.2 | Asia Pacific | 20.8 | 21.2 | 64.7 | 64.4 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 265.7 | $ | 265.5 | $ | 500.3 | $ | 498.3 | Total | $ | 264.1 | $ | 236.1 | $ | 764.4 | $ | 734.4 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 26 | % | 28 | % | 25 | % | 29 | % | Operating earnings as a percentage of net sales | 25 | % | 25 | % | 25 | % | 28 | % |
Three Months | Six Months | Three Months | Nine 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% | 0% | 5% | 5% | 0% | 0% | 5% | Americas | 18% | 0% | (1)% | 17% | 9% | 0% | 0% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | (5)% | 0% | (9)% | (14)% | (11)% | 2% | (7)% | (16)% | EMEA | 12% | 0% | (13)% | (1)% | (4)% | 1% | (9)% | (12)% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | (2)% | 0% | (5)% | (7)% | 6% | 0% | (5)% | 1% | Asia Pacific | 7% | 0% | (8)% | (1)% | 6% | 0% | (5)% | 1% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 3% | 0% | (3)% | 0% | 2% | 0% | (2)% | 0% | Segment Total | 16% | 0% | (4)% | 12% | 6% | 1% | (3)% | 4% |
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) | ||||||||||||||||||||||
April 2, 2022 - April 29, 2022 | 121,461 | $ | 63.90 | — | 16,879,173 | |||||||||||||||||||||
April 30, 2022 - May 27, 2022 | 56,881 | $ | 62.50 | — | 16,822,292 | |||||||||||||||||||||
May 28, 2022 - July 1, 2022 | — | $ | — | — | 16,822,292 |
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) | ||||||||||||||||||||||
July 2, 2022 - July 29, 2022 | — | $ | — | — | 16,822,292 | |||||||||||||||||||||
July 30, 2022 - August 26, 2022 | — | $ | — | — | 16,822,292 | |||||||||||||||||||||
August 27, 2022 - September 30, 2022 | 772,716 | $ | 61.17 | — | 16,049,576 |
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.) | |||||||
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 | ||||||||
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: | By: | /s/ Mark W. Sheahan | ||||||||||||||||||
Mark W. Sheahan | ||||||||||||||||||||
President and Chief Executive Officer | ||||||||||||||||||||
(Principal Executive Officer) | ||||||||||||||||||||
Date: | By: | /s/ David M. Lowe | ||||||||||||||||||
David M. Lowe | ||||||||||||||||||||
Chief Financial Officer and Treasurer | ||||||||||||||||||||
(Principal Financial Officer) | ||||||||||||||||||||
Date: | By: | /s/ Kathryn L. Schoenrock | ||||||||||||||||||
Kathryn L. Schoenrock | ||||||||||||||||||||
Executive Vice President, Corporate Controller and Information Systems | ||||||||||||||||||||
(Principal Accounting Officer) |