Cover
Cover | 12 Months Ended |
Dec. 31, 2022 | |
Cover [Abstract] | |
Document Type | DEF 14A |
Entity Registrant Name | REGAL REXNORD CORPORATION |
Entity Central Index Key | 0000082811 |
Amendment Flag | false |
Pay vs Performance Disclosure
Pay vs Performance Disclosure | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Pay vs Performance Disclosure [Table] | ||||
Pay vs Performance [Table Text Block] | Pay Versus Performance In 2022, the SEC adopted rules requiring us to disclose information that compares our NEO compensation to our prescribed financial performance measures. The table below sets forth our pay versus performance disclosure in accordance with Item 402(v) of Regulation S-K. Year (a) Summary Compensation Table Total for PEO ($) (b) Compensation Actually Paid to PEO ($) (c) Average Summary Compensation Table Total for Non-PEO NEOs ($) (d) Average Compensation Actually Paid to Non-PEO NEOs ($) (e) Value of Initial Fixed $100 Investment Based On: Net Income ($ in millions) (h) Adjusted EPS ($) (i) RRX TSR ($) (f) S&P 400 Industrials Index TSR ($) (g) 2022 8,644,999 (1,518,528) 2,177,056 299,495 151.96 132.42 488.9 10.75 2021 7,401,555 19,141,375 1,882,286 4,227,764 213.28 149.62 209.9 8.59 2020 6,402,153 12,436,776 1,639,005 1,682,669 145.52 116.49 189.3 4.92 (a) This statement includes three years (2020, 2021, and 2022) rather than five because this is a transition year for the new regulation. (b) The principal executive officer (“PEO”) is Louis V. Pinkham (c) Compensation actually paid (“CAP”) to our PEO reflects the respective amounts set forth in column (b) of the table above, adjusted as set forth in the table below. Year 2020 2021 2022 SCT Total Compensation ($) 6,402,153 7,401,555 8,644,999 Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (3,830,534) (4,226,987) (5,846,486) Plus: Fair Value for Stock and Option Awards Granted in the Covered Year that are Outstanding and Unvested at End of Year ($) 6,701,653 8,303,585 3,906,965 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) 3,163,504 6,844,214 (5,742,851) Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($) — 156,536 — Change in Fair Value of Stock and Option Awards from Prior years that Vested in the Covered Year ($) — 662,472 (2,375,482) Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($) — — (105,673) Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) — — — Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) — — — Compensation Actually Paid ($) 12,436,776 19,141,375 (1,518,528) (d) The following are included in the average figures shown: 2020: Mr. Rehard, Mr. Schlemmer, Mr. Valentyn, Mr. Kunze, Mr. Morton. 2021: Mr. Rehard, Mr. Valentyn, Mr. Kunze, Mr. Morton. 2022: Mr. Rehard, Mr. Zaba, Mr. Morton, Mr. Valentyn. (e) Compensation actually paid (CAP) to our non-PEO NEOs reflects the respective amounts set forth in column (d) of the table above, adjusted as set forth in the table below. The assumptions used to calculate the fair values did not differ materially from the assumptions used to calculate the fair values as of the grant dates. 73 Year 2020 2021 2022 Non-PEO NEOs See column (d) note above See column (d) note above See column (d) note above SCT Total Compensation ($) 1,639,005 1,882,286 2,177,056 Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (537,264) (840,292) (1,122,664) Plus: Fair Value for Stock and Option Awards Granted in the Covered Year ($) 939,965 1,568,075 760,195 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) 563,623 1,349,327 (1,088,918) Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($) — 62,160 — Change in Fair Value of Stock and Option Awards from Prior years that Vested in the (18,097) 229,193 (412,434) Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($) (831,941) (22,985) (13,740) Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) (122,408) — — Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) 49,786 — — Compensation Actually Paid ($) 1,682,669 4,227,764 299,495 (f) Represents our total shareholder return (TSR) for the measurement periods ending December 31 of each of 2020, 2021 and 2022, respectively. (g) Represents the TSR of the S&P 400 Industrials Index for the measurement periods ending on December 31 of each of 2020, 2021 and 2022, respectively. (h) Reflects “Net Income” in the company’s audited financial statement included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2020, 2021 and 2022. (i) Company-selected measure is adjusted earnings per share, defined as earnings per share adjusted for restructuring and related costs, transaction and related costs, goodwill impairment, inventory step-up adjustment, intangible amortization, share-based compensation expense, gain on sale of assets, impairments and exist related costs and discrete tax items, calculated as set forth in our earnings release for the fiscal year ended December 31, 2022. | |||
Named Executive Officers, Footnote [Text Block] | (a) This statement includes three years (2020, 2021, and 2022) rather than five because this is a transition year for the new regulation. | |||
PEO Total Compensation Amount | $ 8,644,999 | $ 7,401,555 | $ 6,402,153 | |
PEO Actually Paid Compensation Amount | $ (1,518,528) | 19,141,375 | 12,436,776 | |
Adjustment To PEO Compensation, Footnote [Text Block] | Year 2020 2021 2022 SCT Total Compensation ($) 6,402,153 7,401,555 8,644,999 Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (3,830,534) (4,226,987) (5,846,486) Plus: Fair Value for Stock and Option Awards Granted in the Covered Year that are Outstanding and Unvested at End of Year ($) 6,701,653 8,303,585 3,906,965 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) 3,163,504 6,844,214 (5,742,851) Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($) — 156,536 — Change in Fair Value of Stock and Option Awards from Prior years that Vested in the Covered Year ($) — 662,472 (2,375,482) Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($) — — (105,673) Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) — — — Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) — — — Compensation Actually Paid ($) 12,436,776 19,141,375 (1,518,528) (d) The following are included in the average figures shown: 2020: Mr. Rehard, Mr. Schlemmer, Mr. Valentyn, Mr. Kunze, Mr. Morton. 2021: Mr. Rehard, Mr. Valentyn, Mr. Kunze, Mr. Morton. 2022: Mr. Rehard, Mr. Zaba, Mr. Morton, Mr. Valentyn. (e) Compensation actually paid (CAP) to our non-PEO NEOs reflects the respective amounts set forth in column (d) of the table above, adjusted as set forth in the table below. The assumptions used to calculate the fair values did not differ materially from the assumptions used to calculate the fair values as of the grant dates. 73 Year 2020 2021 2022 Non-PEO NEOs See column (d) note above See column (d) note above See column (d) note above SCT Total Compensation ($) 1,639,005 1,882,286 2,177,056 Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (537,264) (840,292) (1,122,664) Plus: Fair Value for Stock and Option Awards Granted in the Covered Year ($) 939,965 1,568,075 760,195 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) 563,623 1,349,327 (1,088,918) Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($) — 62,160 — Change in Fair Value of Stock and Option Awards from Prior years that Vested in the (18,097) 229,193 (412,434) Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($) (831,941) (22,985) (13,740) Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) (122,408) — — Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) 49,786 — — Compensation Actually Paid ($) 1,682,669 4,227,764 299,495 (f) Represents our total shareholder return (TSR) for the measurement periods ending December 31 of each of 2020, 2021 and 2022, respectively. (g) Represents the TSR of the S&P 400 Industrials Index for the measurement periods ending on December 31 of each of 2020, 2021 and 2022, respectively. (h) Reflects “Net Income” in the company’s audited financial statement included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2020, 2021 and 2022. (i) Company-selected measure is adjusted earnings per share, defined as earnings per share adjusted for restructuring and related costs, transaction and related costs, goodwill impairment, inventory step-up adjustment, intangible amortization, share-based compensation expense, gain on sale of assets, impairments and exist related costs and discrete tax items, calculated as set forth in our earnings release for the fiscal year ended December 31, 2022. | |||
Non-PEO NEO Average Total Compensation Amount | [1] | $ 2,177,056 | 1,882,286 | 1,639,005 |
Non-PEO NEO Average Compensation Actually Paid Amount | [2] | $ 299,495 | 4,227,764 | 1,682,669 |
Adjustment to Non-PEO NEO Compensation Footnote [Text Block] | Year 2020 2021 2022 SCT Total Compensation ($) 6,402,153 7,401,555 8,644,999 Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (3,830,534) (4,226,987) (5,846,486) Plus: Fair Value for Stock and Option Awards Granted in the Covered Year that are Outstanding and Unvested at End of Year ($) 6,701,653 8,303,585 3,906,965 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) 3,163,504 6,844,214 (5,742,851) Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($) — 156,536 — Change in Fair Value of Stock and Option Awards from Prior years that Vested in the Covered Year ($) — 662,472 (2,375,482) Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($) — — (105,673) Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) — — — Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) — — — Compensation Actually Paid ($) 12,436,776 19,141,375 (1,518,528) (d) The following are included in the average figures shown: 2020: Mr. Rehard, Mr. Schlemmer, Mr. Valentyn, Mr. Kunze, Mr. Morton. 2021: Mr. Rehard, Mr. Valentyn, Mr. Kunze, Mr. Morton. 2022: Mr. Rehard, Mr. Zaba, Mr. Morton, Mr. Valentyn. (e) Compensation actually paid (CAP) to our non-PEO NEOs reflects the respective amounts set forth in column (d) of the table above, adjusted as set forth in the table below. The assumptions used to calculate the fair values did not differ materially from the assumptions used to calculate the fair values as of the grant dates. 73 Year 2020 2021 2022 Non-PEO NEOs See column (d) note above See column (d) note above See column (d) note above SCT Total Compensation ($) 1,639,005 1,882,286 2,177,056 Less: Stock and Option Award Values Reported in SCT for the Covered Year ($) (537,264) (840,292) (1,122,664) Plus: Fair Value for Stock and Option Awards Granted in the Covered Year ($) 939,965 1,568,075 760,195 Change in Fair Value of Outstanding Unvested Stock and Option Awards from Prior Years ($) 563,623 1,349,327 (1,088,918) Fair Value as of Vesting Date for Awards Granted that Vested in Same Year ($) — 62,160 — Change in Fair Value of Stock and Option Awards from Prior years that Vested in the (18,097) 229,193 (412,434) Less: Fair Value of Stock and Option Awards Forfeited during the covered Year ($) (831,941) (22,985) (13,740) Less: Aggregate Change in Actuarial Present Value of Accumulated Benefit Under Pension Plans ($) (122,408) — — Plus: Aggregate Service Cost and Prior Service Cost for Pension Plans ($) 49,786 — — Compensation Actually Paid ($) 1,682,669 4,227,764 299,495 (f) Represents our total shareholder return (TSR) for the measurement periods ending December 31 of each of 2020, 2021 and 2022, respectively. (g) Represents the TSR of the S&P 400 Industrials Index for the measurement periods ending on December 31 of each of 2020, 2021 and 2022, respectively. (h) Reflects “Net Income” in the company’s audited financial statement included in the Company’s Annual Reports on Form 10-K for each of the years ended December 31, 2020, 2021 and 2022. (i) Company-selected measure is adjusted earnings per share, defined as earnings per share adjusted for restructuring and related costs, transaction and related costs, goodwill impairment, inventory step-up adjustment, intangible amortization, share-based compensation expense, gain on sale of assets, impairments and exist related costs and discrete tax items, calculated as set forth in our earnings release for the fiscal year ended December 31, 2022. | |||
Compensation Actually Paid vs. Total Shareholder Return [Text Block] | Below are graphs showing the relationship of “compensation actually paid” to our PEO and non-PEO NEOs in 2020, 2021 and 2022 to (1) our TSR and the TSR of the S&P 400 Industrials Index, (2) our net income and (3) our adjusted earnings per share. | |||
Compensation Actually Paid vs. Net Income [Text Block] | Below are graphs showing the relationship of “compensation actually paid” to our PEO and non-PEO NEOs in 2020, 2021 and 2022 to (1) our TSR and the TSR of the S&P 400 Industrials Index, (2) our net income and (3) our adjusted earnings per share. | |||
Compensation Actually Paid vs. Company Selected Measure [Text Block] | ||||
Tabular List [Table Text Block] | The four performance measures listed below represent the most important metrics we used to link CAP to financial performance for 2022 as further described in our Compensation Discussion and Analysis. Most Important Performance Measures 1. Adjusted Earnings Per Share 2. Free Cash Flow 3. Total Shareholder Return 4. Return on Invested Capital | |||
Total Shareholder Return Amount | $ 151.96 | 213.28 | 145.52 | |
Peer Group Total Shareholder Return Amount | 132.42 | 149.62 | 116.49 | |
Net Income (Loss) | $ 488,900,000 | $ 209,900,000 | $ 189,300,000 | |
Company Selected Measure Amount | 0.01075 | 0.00859 | 0.00492 | |
PEO Name | Louis V. Pinkham | |||
Measure [Axis]: 1 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Adjusted Earnings Per Share | |||
Measure [Axis]: 2 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Free Cash Flow | |||
Measure [Axis]: 3 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Total Shareholder Return | |||
Measure [Axis]: 4 | ||||
Pay vs Performance Disclosure [Table] | ||||
Measure Name | Return on Invested Capital | |||
PEO [Member] | Adjustment Type 1 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | $ (5,846,486) | $ (4,226,987) | $ (3,830,534) | |
PEO [Member] | Adjustment Type 2 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 3,906,965 | 8,303,585 | 6,701,653 | |
PEO [Member] | Adjustment Type 3 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (5,742,851) | 6,844,214 | 3,163,504 | |
PEO [Member] | Adjustment Type 4 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 156,536 | |||
PEO [Member] | Adjustment Type 5 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (2,375,482) | 662,472 | ||
PEO [Member] | Adjustment Type 6 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (105,673) | |||
PEO [Member] | Adjustment Type 7 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | ||||
PEO [Member] | Adjustment Type 8 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | ||||
Non-PEO NEO [Member] | Adjustment Type 1 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (1,122,664) | (840,292) | (537,264) | |
Non-PEO NEO [Member] | Adjustment Type 2 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 760,195 | 1,568,075 | 939,965 | |
Non-PEO NEO [Member] | Adjustment Type 3 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (1,088,918) | 1,349,327 | 563,623 | |
Non-PEO NEO [Member] | Adjustment Type 4 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | 62,160 | |||
Non-PEO NEO [Member] | Adjustment Type 5 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (412,434) | 229,193 | (18,097) | |
Non-PEO NEO [Member] | Adjustment Type 6 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (13,740) | (22,985) | (831,941) | |
Non-PEO NEO [Member] | Adjustment Type 7 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | (122,408) | |||
Non-PEO NEO [Member] | Adjustment Type 8 [Member] | ||||
Pay vs Performance Disclosure [Table] | ||||
Adjustment to Compensation Amount | $ 49,786 | |||
[1]The following are included in the average figures shown:[2]Compensation actually paid (CAP) to our non-PEO NEOs reflects the respective amounts set forth in column (d) of the table above, adjusted as set forth in the table below. The assumptions used to calculate the fair values did not differ materially from the assumptions used to calculate the fair values as of the grant dates. |