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 | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 | Net Sales | $ | 486,696 | $ | 439,316 | $ | 1,447,989 | $ | 1,179,775 | ||||||||||||||||||||||||||||
Cost of products sold | Cost of products sold | 243,340 | 184,363 | 450,135 | 359,299 | Cost of products sold | 238,462 | 210,363 | 688,597 | 569,662 | ||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 263,824 | 182,529 | 511,158 | 381,160 | Gross Profit | 248,234 | 228,953 | 759,392 | 610,113 | ||||||||||||||||||||||||||||||||||||
Product development | Product development | 21,406 | 17,948 | 40,977 | 35,029 | Product development | 19,762 | 17,715 | 60,739 | 52,744 | ||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 69,126 | 48,831 | 131,354 | 106,219 | Selling, marketing and distribution | 66,078 | 54,009 | 197,432 | 160,228 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 39,449 | 36,015 | 76,698 | 70,365 | General and administrative | 37,795 | 31,957 | 114,493 | 102,322 | ||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 0 | 34,962 | 0 | 34,962 | Impairment | — | 267 | — | 35,229 | ||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 133,843 | 44,773 | 262,129 | 134,585 | Operating Earnings | 124,599 | 125,005 | 386,728 | 259,590 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 2,528 | 3,258 | 4,956 | 5,744 | Interest expense | 2,500 | 2,964 | 7,456 | 8,708 | ||||||||||||||||||||||||||||||||||||
Other expense, net | Other expense, net | (434) | (510) | (313) | 4,713 | Other expense, net | 344 | 1,025 | 31 | 5,738 | ||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 131,749 | 42,025 | 257,486 | 124,128 | Earnings Before Income Taxes | 121,755 | 121,016 | 379,241 | 245,144 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 21,631 | 13,193 | 41,681 | 22,478 | Income taxes | 17,926 | 6,901 | 59,607 | 29,379 | ||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 110,118 | $ | 28,832 | $ | 215,805 | $ | 101,650 | Net Earnings | $ | 103,829 | $ | 114,115 | $ | 319,634 | $ | 215,765 | ||||||||||||||||||||||||||||
Net Earnings per Common Share | Net Earnings per Common Share | Net Earnings per Common Share | ||||||||||||||||||||||||||||||||||||||||||||
Basic | Basic | $ | 0.65 | $ | 0.17 | $ | 1.27 | $ | 0.61 | Basic | $ | 0.61 | $ | 0.68 | $ | 1.89 | $ | 1.29 | ||||||||||||||||||||||||||||
Diluted | Diluted | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 | Diluted | $ | 0.59 | $ | 0.66 | $ | 1.83 | $ | 1.26 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | $ | 110,118 | $ | 28,832 | $ | 215,805 | $ | 101,650 | Net Earnings | $ | 103,829 | $ | 114,115 | $ | 319,634 | $ | 215,765 | ||||||||||||||||||||||||||||
Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | Components of other comprehensive income (loss) | ||||||||||||||||||||||||||||||||||||||||||||
Cumulative translation adjustment | Cumulative translation adjustment | 5,693 | 6,756 | (4,777) | 2,079 | Cumulative translation adjustment | (3,537) | 30,966 | (8,314) | 33,045 | ||||||||||||||||||||||||||||||||||||
Pension and postretirement medical liability adjustment | Pension and postretirement medical liability adjustment | 2,373 | 2,446 | 5,681 | 5,195 | Pension and postretirement medical liability adjustment | 2,559 | 2,313 | 8,240 | 7,508 | ||||||||||||||||||||||||||||||||||||
Income taxes - pension and postretirement medical liability adjustment | Income taxes - pension and postretirement medical liability adjustment | (535) | (554) | (1,207) | (1,169) | Income taxes - pension and postretirement medical liability adjustment | (564) | (512) | (1,771) | (1,681) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 7,531 | 8,648 | (303) | 6,105 | Other comprehensive income (loss) | (1,542) | 32,767 | (1,845) | 38,872 | ||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income | $ | 117,649 | $ | 37,480 | $ | 215,502 | $ | 107,755 | Comprehensive Income | $ | 102,287 | $ | 146,882 | $ | 317,789 | $ | 254,637 |
June 25, 2021 | December 25, 2020 | September 24, 2021 | December 25, 2020 | |||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Current Assets | Current Assets | Current Assets | ||||||||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | $ | 482,787 | $ | 378,909 | Cash and cash equivalents | $ | 603,828 | $ | 378,909 | ||||||||||||
Accounts receivable, less allowances of $4,400 and $4,400 | 354,222 | 314,946 | ||||||||||||||||||||
Accounts receivable, less allowances of $4,200 and $4,400 | Accounts receivable, less allowances of $4,200 and $4,400 | 324,284 | 314,946 | |||||||||||||||||||
Inventories | Inventories | 337,525 | 285,704 | Inventories | 362,932 | 285,704 | ||||||||||||||||
Other current assets | Other current assets | 29,418 | 44,242 | Other current assets | 42,027 | 44,242 | ||||||||||||||||
Total current assets | Total current assets | 1,203,952 | 1,023,801 | Total current assets | 1,333,071 | 1,023,801 | ||||||||||||||||
Property, Plant and Equipment, net | Property, Plant and Equipment, net | 387,906 | 350,750 | Property, Plant and Equipment, net | 416,518 | 350,750 | ||||||||||||||||
Goodwill | Goodwill | 358,449 | 347,603 | Goodwill | 357,014 | 347,603 | ||||||||||||||||
Other Intangible Assets, net | Other Intangible Assets, net | 159,861 | 160,669 | Other Intangible Assets, net | 154,364 | 160,669 | ||||||||||||||||
Operating Lease Assets | Operating Lease Assets | 38,931 | 37,807 | Operating Lease Assets | 37,336 | 37,807 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 33,949 | 25,828 | Deferred Income Taxes | 32,842 | 25,828 | ||||||||||||||||
Other Assets | Other Assets | 46,157 | 41,670 | Other Assets | 46,183 | 41,670 | ||||||||||||||||
Total Assets | Total Assets | $ | 2,229,205 | $ | 1,988,128 | Total Assets | $ | 2,377,328 | $ | 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 | $ | 13,130 | $ | 22,183 | Notes payable to banks | $ | 50,323 | $ | 22,183 | ||||||||||||
Trade accounts payable | Trade accounts payable | 76,074 | 58,305 | Trade accounts payable | 86,858 | 58,305 | ||||||||||||||||
Salaries and incentives | Salaries and incentives | 61,478 | 52,005 | Salaries and incentives | 76,265 | 52,005 | ||||||||||||||||
Dividends payable | Dividends payable | 31,893 | 31,636 | Dividends payable | 31,937 | 31,636 | ||||||||||||||||
Other current liabilities | Other current liabilities | 176,149 | 157,260 | Other current liabilities | 181,831 | 157,260 | ||||||||||||||||
Total current liabilities | Total current liabilities | 358,724 | 321,389 | Total current liabilities | 427,214 | 321,389 | ||||||||||||||||
Long-term Debt | Long-term Debt | 150,000 | 150,000 | Long-term Debt | 150,000 | 150,000 | ||||||||||||||||
Retirement Benefits and Deferred Compensation | Retirement Benefits and Deferred Compensation | 184,973 | 184,747 | Retirement Benefits and Deferred Compensation | 183,254 | 184,747 | ||||||||||||||||
Operating Lease Liabilities | Operating Lease Liabilities | 31,639 | 29,224 | Operating Lease Liabilities | 30,389 | 29,224 | ||||||||||||||||
Deferred Income Taxes | Deferred Income Taxes | 11,568 | 10,264 | Deferred Income Taxes | 11,099 | 10,264 | ||||||||||||||||
Other Non-current Liabilities | Other Non-current Liabilities | 11,038 | 8,600 | Other Non-current Liabilities | 11,023 | 8,600 | ||||||||||||||||
Shareholders’ Equity | Shareholders’ Equity | Shareholders’ Equity | ||||||||||||||||||||
Common stock | Common stock | 169,667 | 168,568 | Common stock | 169,954 | 168,568 | ||||||||||||||||
Additional paid-in-capital | Additional paid-in-capital | 715,635 | 671,206 | Additional paid-in-capital | 728,015 | 671,206 | ||||||||||||||||
Retained earnings | Retained earnings | 720,429 | 568,295 | Retained earnings | 792,390 | 568,295 | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (124,468) | (124,165) | Accumulated other comprehensive income (loss) | (126,010) | (124,165) | ||||||||||||||||
Total shareholders’ equity | Total shareholders’ equity | 1,481,263 | 1,283,904 | Total shareholders’ equity | 1,564,349 | 1,283,904 | ||||||||||||||||
Total Liabilities and Shareholders’ Equity | Total Liabilities and Shareholders’ Equity | $ | 2,229,205 | $ | 1,988,128 | Total Liabilities and Shareholders’ Equity | $ | 2,377,328 | $ | 1,988,128 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||
Cash Flows From Operating Activities | Cash Flows From Operating Activities | Cash Flows From Operating Activities | ||||||||||||||||||||
Net Earnings | Net Earnings | $ | 215,805 | $ | 101,650 | Net Earnings | $ | 319,634 | $ | 215,765 | ||||||||||||
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 | 29,812 | 26,966 | Depreciation and amortization | 44,846 | 40,714 | ||||||||||||||||
Deferred income taxes | Deferred income taxes | (10,313) | 1,366 | Deferred income taxes | (10,219) | (653) | ||||||||||||||||
Share-based compensation | Share-based compensation | 13,745 | 15,445 | Share-based compensation | 19,882 | 21,434 | ||||||||||||||||
Impairment | Impairment | 0 | 34,962 | Impairment | — | 35,229 | ||||||||||||||||
Change in | Change in | Change in | ||||||||||||||||||||
Accounts receivable | Accounts receivable | (38,747) | (19,705) | Accounts receivable | (10,793) | (48,733) | ||||||||||||||||
Inventories | Inventories | (51,359) | (22,662) | Inventories | (77,531) | (13,506) | ||||||||||||||||
Trade accounts payable | Trade accounts payable | 14,496 | 342 | Trade accounts payable | 14,033 | 6,547 | ||||||||||||||||
Salaries and incentives | Salaries and incentives | 8,334 | (16,677) | Salaries and incentives | 22,770 | (10,493) | ||||||||||||||||
Retirement benefits and deferred compensation | Retirement benefits and deferred compensation | 5,980 | 6,134 | Retirement benefits and deferred compensation | 6,676 | 9,734 | ||||||||||||||||
Other accrued liabilities | Other accrued liabilities | 32,399 | 12,578 | Other accrued liabilities | 27,307 | 4,868 | ||||||||||||||||
Other | Other | (105) | 2,151 | Other | 626 | 1,813 | ||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 220,047 | 142,550 | Net cash provided by operating activities | 357,231 | 262,719 | ||||||||||||||||
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 | (54,759) | (32,613) | Property, plant and equipment additions | (82,628) | (45,756) | ||||||||||||||||
Acquisition of businesses, net of cash acquired | Acquisition of businesses, net of cash acquired | (19,322) | (27,173) | Acquisition of businesses, net of cash acquired | (19,386) | (27,557) | ||||||||||||||||
Other | Other | (112) | (245) | Other | (102) | (70) | ||||||||||||||||
Net cash used in investing activities | Net cash used in investing activities | (74,193) | (60,031) | Net cash used in investing activities | (102,116) | (73,383) | ||||||||||||||||
Cash Flows From Financing Activities | Cash Flows From Financing Activities | Cash Flows From Financing Activities | ||||||||||||||||||||
Borrowings (payments) on short-term lines of credit, net | (9,282) | (768) | ||||||||||||||||||||
Borrowings on short-term lines of credit, net | Borrowings on short-term lines of credit, net | 27,880 | 21,506 | |||||||||||||||||||
Borrowings on long-term lines of credit | Borrowings on long-term lines of credit | 0 | 250,000 | Borrowings on long-term lines of credit | — | 250,000 | ||||||||||||||||
Payments on long-term debt and lines of credit | Payments on long-term debt and lines of credit | (70) | 0 | Payments on long-term debt and lines of credit | (69) | (125,000) | ||||||||||||||||
Payments of debt issuance costs | Payments of debt issuance costs | (1,422) | 0 | Payments of debt issuance costs | (1,422) | — | ||||||||||||||||
Common stock issued | Common stock issued | 33,216 | 42,217 | Common stock issued | 40,445 | 57,949 | ||||||||||||||||
Common stock repurchased | Common stock repurchased | 0 | (102,143) | Common stock repurchased | — | (102,143) | ||||||||||||||||
Taxes paid related to net share settlement of equity awards | Taxes paid related to net share settlement of equity awards | 0 | (1,796) | Taxes paid related to net share settlement of equity awards | — | (1,797) | ||||||||||||||||
Cash dividends paid | Cash dividends paid | (63,414) | (58,490) | Cash dividends paid | (95,238) | (87,665) | ||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | (40,972) | 129,020 | Net cash provided by financing activities | (28,404) | 12,850 | ||||||||||||||||
Effect of exchange rate changes on cash | Effect of exchange rate changes on cash | (1,004) | 196 | Effect of exchange rate changes on cash | (1,792) | 1,515 | ||||||||||||||||
Net increase in cash and cash equivalents | Net increase in cash and cash equivalents | 103,878 | 211,735 | Net increase in cash and cash equivalents | 224,919 | 203,701 | ||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||
Beginning of year | Beginning of year | 378,909 | 220,973 | Beginning of year | 378,909 | 220,973 | ||||||||||||||||
End of period | End of period | $ | 482,787 | $ | 432,708 | End of period | $ | 603,828 | $ | 424,674 |
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||
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 | 0 | 0 | 9,092 | Shares issued | 287 | 6,942 | — | — | 7,229 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | 0 | 6,304 | 0 | 0 | 6,304 | Stock compensation cost | — | 5,438 | — | — | 5,438 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | 0 | (2,336) | 0 | 0 | (2,336) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 0 | 0 | 110,118 | 0 | 110,118 | Net earnings | — | — | 103,829 | — | 103,829 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.188 per share) | Dividends declared ($0.188 per share) | 0 | 0 | (31,948) | 0 | (31,948) | Dividends declared ($0.188 per share) | — | — | (31,868) | — | (31,868) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 0 | 0 | 0 | 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 | 0 | 0 | 35,552 | Shares issued | 1,386 | 41,395 | — | — | 42,781 | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | 0 | 12,312 | 0 | 0 | 12,312 | Stock compensation cost | — | 17,750 | — | — | 17,750 | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock canceled (issued) | Restricted stock canceled (issued) | 0 | (2,336) | 0 | 0 | (2,336) | Restricted stock canceled (issued) | — | (2,336) | — | — | (2,336) | ||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 0 | 0 | 215,805 | 0 | 215,805 | Net earnings | — | — | 319,634 | — | 319,634 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.375 per share) | 0 | 0 | (63,671) | 0 | (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) | 0 | 0 | 0 | (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 June 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, March 27, 2020 | $ | 166,840 | $ | 612,698 | $ | 411,450 | $ | (172,330) | $ | 1,018,658 | ||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 25, 2020 | Three Months Ended September 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 26, 2020 | Balance, June 26, 2020 | $ | 166,693 | $ | 623,803 | $ | 400,154 | $ | (163,682) | $ | 1,026,968 | |||||||||||||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 113 | 3,951 | 0 | 0 | 4,064 | Shares issued | 751 | 14,981 | — | — | 15,732 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | (260) | (904) | (10,950) | 0 | (12,114) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | 0 | 8,058 | 0 | 0 | 8,058 | Stock compensation cost | — | 5,415 | — | — | 5,415 | ||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 0 | 0 | 28,832 | 0 | 28,832 | Net earnings | — | — | 114,115 | — | 114,115 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.175 per share) | Dividends declared ($0.175 per share) | 0 | 0 | (29,178) | 0 | (29,178) | Dividends declared ($0.175 per share) | — | — | (29,060) | — | (29,060) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 0 | 0 | 0 | 8,648 | 8,648 | Other comprehensive income (loss) | — | — | — | 32,767 | 32,767 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 26, 2020 | $ | 166,693 | $ | 623,803 | $ | 400,154 | $ | (163,682) | $ | 1,026,968 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 25, 2020 | Balance, September 25, 2020 | $ | 167,444 | $ | 644,199 | $ | 485,209 | $ | (130,915) | $ | 1,165,937 |
Six Months Ended June 26, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months Ended September 25, 2020 | Nine Months Ended September 25, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance, December 27, 2019 | Balance, December 27, 2019 | $ | 167,287 | $ | 578,440 | $ | 448,991 | $ | (169,787) | $ | 1,024,931 | Balance, December 27, 2019 | $ | 167,287 | $ | 578,440 | $ | 448,991 | $ | (169,787) | $ | 1,024,931 | ||||||||||||||||||||||||||||||||||||
Shares issued | Shares issued | 1,733 | 39,418 | 0 | 0 | 41,151 | Shares issued | 2,484 | 54,399 | — | — | 56,883 | ||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | Shares repurchased | (2,327) | (8,047) | (91,769) | 0 | (102,143) | Shares repurchased | (2,327) | (8,047) | (91,769) | — | (102,143) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation cost | Stock compensation cost | 0 | 13,992 | 0 | 0 | 13,992 | Stock compensation cost | — | 19,407 | — | — | 19,407 | ||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | Net earnings | 0 | 0 | 101,650 | 0 | 101,650 | Net earnings | — | — | 215,765 | — | 215,765 | ||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.350 per share) | 0 | 0 | (58,718) | 0 | (58,718) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared ($0.525 per share) | Dividends declared ($0.525 per share) | — | — | (87,778) | — | (87,778) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 0 | 0 | 0 | 6,105 | 6,105 | Other comprehensive income (loss) | — | — | — | 38,872 | 38,872 | ||||||||||||||||||||||||||||||||||||||||||||||
Balance, June 26, 2020 | $ | 166,693 | $ | 623,803 | $ | 400,154 | $ | (163,682) | $ | 1,026,968 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance, September 25, 2020 | Balance, September 25, 2020 | $ | 167,444 | $ | 644,199 | $ | 485,209 | $ | (130,915) | $ | 1,165,937 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 204,577 | $ | 133,287 | $ | 389,309 | $ | 291,971 | Industrial | $ | 211,030 | $ | 172,805 | $ | 600,339 | $ | 464,776 | ||||||||||||||||||||||||||||
Process | Process | 97,233 | 77,759 | 188,606 | 163,837 | Process | 96,184 | 78,773 | 284,790 | 242,610 | ||||||||||||||||||||||||||||||||||||
Contractor | Contractor | 205,354 | 155,846 | 383,378 | 284,651 | Contractor | 179,482 | 187,738 | 562,860 | 472,389 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 | Total | $ | 486,696 | $ | 439,316 | $ | 1,447,989 | $ | 1,179,775 | ||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||
Industrial | Industrial | $ | 69,368 | $ | 37,001 | $ | 134,611 | $ | 87,234 | Industrial | $ | 73,294 | $ | 60,776 | $ | 207,905 | $ | 148,010 | ||||||||||||||||||||||||||||
Process | Process | 21,676 | 11,672 | 43,409 | 29,783 | Process | 21,514 | 16,187 | 64,923 | 45,970 | ||||||||||||||||||||||||||||||||||||
Contractor | Contractor | 49,997 | 41,109 | 98,163 | 69,739 | Contractor | 36,177 | 54,841 | 134,340 | 124,580 | ||||||||||||||||||||||||||||||||||||
Unallocated corporate (expense) | Unallocated corporate (expense) | (7,198) | (10,047) | (14,054) | (17,209) | Unallocated corporate (expense) | (6,386) | (6,532) | (20,440) | (23,741) | ||||||||||||||||||||||||||||||||||||
Impairment | Impairment | 0 | (34,962) | 0 | (34,962) | Impairment | — | (267) | — | (35,229) | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 133,843 | $ | 44,773 | $ | 262,129 | $ | 134,585 | Total | $ | 124,599 | $ | 125,005 | $ | 386,728 | $ | 259,590 |
June 25, 2021 | December 25, 2020 | September 24, 2021 | December 25, 2020 | |||||||||||||||||||
Industrial | Industrial | $ | 689,675 | $ | 632,165 | Industrial | $ | 694,616 | $ | 632,165 | ||||||||||||
Process | Process | 418,473 | 404,370 | Process | 427,020 | 404,370 | ||||||||||||||||
Contractor | Contractor | 491,189 | 438,067 | Contractor | 484,933 | 438,067 | ||||||||||||||||
Unallocated corporate | Unallocated corporate | 629,868 | 513,526 | Unallocated corporate | 770,759 | 513,526 | ||||||||||||||||
Total | Total | $ | 2,229,205 | $ | 1,988,128 | Total | $ | 2,377,328 | $ | 1,988,128 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net Sales (based on customer location) | Net Sales (based on customer location) | Net Sales (based on customer location) | ||||||||||||||||||||||||||||||||||||||||||||
United States | United States | $ | 263,722 | $ | 205,789 | $ | 495,223 | $ | 404,032 | United States | $ | 244,086 | $ | 247,197 | $ | 739,309 | $ | 651,229 | ||||||||||||||||||||||||||||
Other countries | Other countries | 243,442 | 161,103 | 466,070 | 336,427 | Other countries | 242,610 | 192,119 | 708,680 | 528,546 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 507,164 | $ | 366,892 | $ | 961,293 | $ | 740,459 | Total | $ | 486,696 | $ | 439,316 | $ | 1,447,989 | $ | 1,179,775 |
June 25, 2021 | December 25, 2020 | September 24, 2021 | December 25, 2020 | |||||||||||||||||||
Long-lived Assets | Long-lived Assets | Long-lived Assets | ||||||||||||||||||||
United States | United States | $ | 326,395 | $ | 301,643 | United States | $ | 354,837 | $ | 301,643 | ||||||||||||
Other countries | Other countries | 61,511 | 49,107 | Other countries | 61,681 | 49,107 | ||||||||||||||||
Total | Total | $ | 387,906 | $ | 350,750 | Total | $ | 416,518 | $ | 350,750 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net earnings available to common shareholders | Net earnings available to common shareholders | $ | 110,118 | $ | 28,832 | $ | 215,805 | $ | 101,650 | Net earnings available to common shareholders | $ | 103,829 | $ | 114,115 | $ | 319,634 | $ | 215,765 | ||||||||||||||||||||||||||||
Weighted average shares outstanding for basic earnings per share | Weighted average shares outstanding for basic earnings per share | 169,594 | 166,663 | 169,271 | 167,320 | Weighted average shares outstanding for basic earnings per share | 169,834 | 167,102 | 169,459 | 167,248 | ||||||||||||||||||||||||||||||||||||
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 | 4,978 | 3,886 | 4,939 | 4,276 | Dilutive effect of stock options computed using the treasury stock method and the average market price | 4,940 | 4,551 | 4,939 | 4,367 | ||||||||||||||||||||||||||||||||||||
Weighted average shares outstanding for diluted earnings per share | Weighted average shares outstanding for diluted earnings per share | 174,572 | 170,549 | 174,210 | 171,596 | Weighted average shares outstanding for diluted earnings per share | 174,774 | 171,653 | 174,398 | 171,615 | ||||||||||||||||||||||||||||||||||||
Basic earnings per share | Basic earnings per share | $ | 0.65 | $ | 0.17 | $ | 1.27 | $ | 0.61 | Basic earnings per share | $ | 0.61 | $ | 0.68 | $ | 1.89 | $ | 1.29 | ||||||||||||||||||||||||||||
Diluted earnings per share | Diluted earnings per share | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 | Diluted earnings per share | $ | 0.59 | $ | 0.66 | $ | 1.83 | $ | 1.26 |
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 25, 2020 | Outstanding, December 25, 2020 | 10,208 | $ | 35.02 | 6,553 | $ | 28.02 | Outstanding, December 25, 2020 | 10,208 | $ | 35.02 | 6,553 | $ | 28.02 | ||||||||||||||||||||||||||||||||
Granted | Granted | 841 | 72.21 | Granted | 841 | 72.21 | ||||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | (674) | 22.69 | Exercised | (958) | 23.28 | ||||||||||||||||||||||||||||||||||||||||
Canceled | Canceled | (14) | 43.06 | Canceled | (131) | 54.75 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, June 25, 2021 | 10,361 | $ | 38.84 | 7,196 | $ | 31.31 | ||||||||||||||||||||||||||||||||||||||||
Outstanding, September 24, 2021 | Outstanding, September 24, 2021 | 9,960 | $ | 39.03 | 7,627 | $ | 33.49 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 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 | 1.2 | % | 1.5 | % | Interest rate | 1.2 | % | 1.5 | % | ||||||||||||
Volatility | Volatility | 25.3 | % | 22.0 | % | Volatility | 25.3 | % | 22.0 | % | ||||||||||||
Dividend yield | Dividend yield | 1.0 | % | 1.3 | % | Dividend yield | 1.0 | % | 1.3 | % | ||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 18.91 | $ | 12.18 | Weighted average fair value per share | $ | 18.91 | $ | 12.18 |
Six Months Ended | Nine Months Ended | |||||||||||||||||||||
June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 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 | 0.1 | % | 1.5 | % | Interest rate | 0.1 | % | 1.5 | % | ||||||||||||
Volatility | Volatility | 40.1 | % | 21.9 | % | Volatility | 40.1 | % | 21.9 | % | ||||||||||||
Dividend yield | Dividend yield | 1.1 | % | 1.4 | % | Dividend yield | 1.1 | % | 1.4 | % | ||||||||||||
Weighted average fair value per share | Weighted average fair value per share | $ | 21.50 | $ | 11.55 | Weighted average fair value per share | $ | 21.50 | $ | 11.55 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Pension Benefits | Pension Benefits | Pension Benefits | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 2,724 | $ | 2,193 | $ | 5,445 | $ | 4,615 | Service cost | $ | 1,674 | $ | 2,392 | $ | 7,119 | $ | 7,007 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 2,976 | 3,227 | 5,957 | 6,634 | Interest cost | 2,519 | 3,351 | 8,476 | 9,985 | ||||||||||||||||||||||||||||||||||||
Expected return on assets | Expected return on assets | (5,131) | (4,651) | (10,261) | (9,401) | Expected return on assets | (5,412) | (4,706) | (15,673) | (14,107) | ||||||||||||||||||||||||||||||||||||
Amortization and other | Amortization and other | 2,555 | 2,517 | 5,106 | 5,238 | Amortization and other | 2,148 | 2,777 | 7,254 | 8,015 | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 3,124 | $ | 3,286 | $ | 6,247 | $ | 7,086 | Net periodic benefit cost | $ | 929 | $ | 3,814 | $ | 7,176 | $ | 10,900 | ||||||||||||||||||||||||||||
Postretirement Medical | Postretirement Medical | Postretirement Medical | ||||||||||||||||||||||||||||||||||||||||||||
Service cost | Service cost | $ | 175 | $ | 130 | $ | 350 | $ | 305 | Service cost | $ | 153 | $ | 152 | $ | 503 | $ | 457 | ||||||||||||||||||||||||||||
Interest cost | Interest cost | 250 | 260 | 500 | 508 | Interest cost | 124 | 254 | 624 | 762 | ||||||||||||||||||||||||||||||||||||
Amortization | Amortization | 250 | 190 | 500 | 367 | Amortization | 252 | 183 | 752 | 550 | ||||||||||||||||||||||||||||||||||||
Net periodic benefit cost | Net periodic benefit cost | $ | 675 | $ | 580 | $ | 1,350 | $ | 1,180 | Net periodic benefit cost | $ | 529 | $ | 589 | $ | 1,879 | $ | 1,769 |
Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | Pension and Postretirement Medical | Cumulative Translation Adjustment | Total | |||||||||||||||||||||||||||||
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 | 0 | 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 | 0 | 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 | 0 | (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 | 0 | 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) |
Three Months Ended June 26, 2020 | ||||||||||||||||||||||||||||||||||
Balance, March 27, 2020 | $ | (111,587) | $ | (60,743) | $ | (172,330) | ||||||||||||||||||||||||||||
Three Months Ended September 25, 2020 | Three Months Ended September 25, 2020 | |||||||||||||||||||||||||||||||||
Balance, June 26, 2020 | Balance, June 26, 2020 | $ | (109,695) | $ | (53,987) | $ | (163,682) | |||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 0 | 6,756 | 6,756 | Other comprehensive income (loss) before reclassifications | — | 30,966 | 30,966 | ||||||||||||||||||||||||||
Reclassified to pension cost and deferred tax | Reclassified to pension cost and deferred tax | 1,892 | 0 | 1,892 | Reclassified to pension cost and deferred tax | 1,801 | — | 1,801 | ||||||||||||||||||||||||||
Balance, June 26, 2020 | $ | (109,695) | $ | (53,987) | $ | (163,682) | ||||||||||||||||||||||||||||
Balance, September 25, 2020 | Balance, September 25, 2020 | $ | (107,894) | $ | (23,021) | $ | (130,915) |
Six Months Ended June 26, 2020 | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 25, 2020 | Nine Months Ended September 25, 2020 | |||||||||||||||||||||||||||||||||
Balance, December 27, 2019 | Balance, December 27, 2019 | $ | (113,721) | $ | (56,066) | $ | (169,787) | Balance, December 27, 2019 | $ | (113,721) | $ | (56,066) | $ | (169,787) | ||||||||||||||||||||
Other comprehensive income (loss) before reclassifications | Other comprehensive income (loss) before reclassifications | 0 | 2,079 | 2,079 | Other comprehensive income (loss) before reclassifications | — | 33,045 | 33,045 | ||||||||||||||||||||||||||
Reclassified to pension cost and deferred tax | Reclassified to pension cost and deferred tax | 4,026 | 0 | 4,026 | Reclassified to pension cost and deferred tax | 5,827 | — | 5,827 | ||||||||||||||||||||||||||
Balance, June 26, 2020 | $ | (109,695) | $ | (53,987) | $ | (163,682) | ||||||||||||||||||||||||||||
Balance, September 25, 2020 | Balance, September 25, 2020 | $ | (107,894) | $ | (23,021) | $ | (130,915) |
June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||
Balance, beginning | Balance, beginning | $ | 3,745 | $ | 4,828 | Balance, beginning | $ | 3,745 | $ | 4,828 | ||||||||||||
Additions (reversals) charged to costs and expenses | Additions (reversals) charged to costs and expenses | 265 | 631 | Additions (reversals) charged to costs and expenses | 164 | 338 | ||||||||||||||||
Deductions from reserves (1) | Deductions from reserves (1) | (495) | (291) | Deductions from reserves (1) | (425) | (1,247) | ||||||||||||||||
Other additions (deductions) (2) | Other additions (deductions) (2) | (4) | (9) | Other additions (deductions) (2) | 68 | 106 | ||||||||||||||||
Balance, ending | Balance, ending | $ | 3,511 | $ | 5,159 | Balance, ending | $ | 3,552 | $ | 4,025 |
June 25, 2021 | December 25, 2020 | September 24, 2021 | December 25, 2020 | |||||||||||||||||||
Finished products and components | Finished products and components | $ | 153,876 | $ | 133,122 | Finished products and components | $ | 165,771 | $ | 133,122 | ||||||||||||
Products and components in various stages of completion | Products and components in various stages of completion | 95,695 | 83,791 | Products and components in various stages of completion | 110,284 | 83,791 | ||||||||||||||||
Raw materials and purchased components | Raw materials and purchased components | 152,657 | 129,319 | Raw materials and purchased components | 166,633 | 129,319 | ||||||||||||||||
Subtotal | Subtotal | 402,228 | 346,232 | Subtotal | 442,688 | 346,232 | ||||||||||||||||
Reduction to LIFO cost | Reduction to LIFO cost | (64,703) | (60,528) | Reduction to LIFO cost | (79,756) | (60,528) | ||||||||||||||||
Total | Total | $ | 337,525 | $ | 285,704 | Total | $ | 362,932 | $ | 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 25, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of September 24, 2021 | As of September 24, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | $ | 194,505 | $ | 26,074 | $ | 900 | $ | 62,633 | $ | 284,112 | Cost | $ | 194,505 | $ | 26,074 | $ | 900 | $ | 62,633 | $ | 284,112 | ||||||||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (101,173) | (14,312) | (376) | — | (115,861) | Accumulated amortization | (104,892) | (15,023) | (414) | — | (120,329) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (6,757) | (603) | 0 | (1,030) | (8,390) | Foreign currency translation | (7,414) | (655) | — | (1,350) | (9,419) | ||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 86,575 | $ | 11,159 | $ | 524 | $ | 61,603 | $ | 159,861 | Book value | $ | 82,199 | $ | 10,396 | $ | 486 | $ | 61,283 | $ | 154,364 | ||||||||||||||||||||||||||||||||||||
Weighted average life in years | Weighted average life in years | 13 | 10 | 5 | N/A | Weighted average life in years | 13 | 10 | 5 | N/A |
As of December 25, 2020 | As of December 25, 2020 | As of December 25, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Cost | $ | 186,073 | $ | 25,187 | $ | 900 | $ | 61,920 | $ | 274,080 | Cost | $ | 186,073 | $ | 25,187 | $ | 900 | $ | 61,920 | $ | 274,080 | ||||||||||||||||||||||||||||||||||||
Accumulated amortization | Accumulated amortization | (93,832) | (12,924) | (301) | — | (107,057) | Accumulated amortization | (93,832) | (12,924) | (301) | — | (107,057) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation | Foreign currency translation | (6,004) | (538) | 0 | 188 | (6,354) | Foreign currency translation | (6,004) | (538) | — | 188 | (6,354) | ||||||||||||||||||||||||||||||||||||||||||||||
Book value | Book value | $ | 86,237 | $ | 11,725 | $ | 599 | $ | 62,108 | $ | 160,669 | Book value | $ | 86,237 | $ | 11,725 | $ | 599 | $ | 62,108 | $ | 160,669 | ||||||||||||||||||||||||||||||||||||
Weighted average life in years | Weighted average life in years | 13 | 10 | 5 | N/A | Weighted average life in years | 13 | 10 | 5 | N/A |
2021 (Remainder) | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 9,003 | $ | 17,964 | $ | 17,076 | $ | 15,518 | $ | 14,946 | $ | 23,751 |
2021 (Remainder) | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||||||||||
Estimated Amortization Expense | $ | 4,646 | $ | 17,757 | $ | 16,980 | $ | 15,425 | $ | 14,853 | $ | 23,420 |
Industrial | Process | Contractor | Total | ||||||||||||||||||||
Balance, December 25, 2020 | $ | 186,536 | $ | 141,513 | $ | 19,554 | $ | 347,603 | |||||||||||||||
Additions, adjustments from business acquisitions | 13,249 | 0 | 0 | 13,249 | |||||||||||||||||||
Foreign currency translation | (2,835) | 432 | 0 | (2,403) | |||||||||||||||||||
Balance, June 25, 2021 | $ | 196,950 | $ | 141,945 | $ | 19,554 | $ | 358,449 |
Industrial | Process | Contractor | Total | ||||||||||||||||||||
Balance, December 25, 2020 | $ | 186,536 | $ | 141,513 | $ | 19,554 | $ | 347,603 | |||||||||||||||
Additions, adjustments from business acquisitions | 13,321 | — | — | 13,321 | |||||||||||||||||||
Foreign currency translation | (4,003) | 93 | — | (3,910) | |||||||||||||||||||
Balance, September 24, 2021 | $ | 195,854 | $ | 141,606 | $ | 19,554 | $ | 357,014 |
June 25, 2021 | December 25, 2020 | September 24, 2021 | December 25, 2020 | |||||||||||||||||||
Accrued self-insurance retentions | Accrued self-insurance retentions | $ | 8,209 | $ | 8,041 | Accrued self-insurance retentions | $ | 8,111 | $ | 8,041 | ||||||||||||
Accrued warranty and service liabilities | Accrued warranty and service liabilities | 13,748 | 13,082 | Accrued warranty and service liabilities | 14,139 | 13,082 | ||||||||||||||||
Accrued trade promotions | Accrued trade promotions | 12,699 | 12,140 | Accrued trade promotions | 14,035 | 12,140 | ||||||||||||||||
Payable for employee stock purchases | Payable for employee stock purchases | 7,126 | 14,554 | Payable for employee stock purchases | 11,522 | 14,554 | ||||||||||||||||
Customer advances and deferred revenue | Customer advances and deferred revenue | 57,884 | 41,689 | Customer advances and deferred revenue | 56,000 | 41,689 | ||||||||||||||||
Income taxes payable | Income taxes payable | 11,871 | 8,564 | Income taxes payable | 9,126 | 8,564 | ||||||||||||||||
Right of return refund liability | Right of return refund liability | 18,072 | 16,303 | Right of return refund liability | 19,001 | 16,303 | ||||||||||||||||
Operating lease liabilities, current | Operating lease liabilities, current | 9,760 | 11,178 | Operating lease liabilities, current | 9,409 | 11,178 | ||||||||||||||||
Other | Other | 36,780 | 31,709 | Other | 40,488 | 31,709 | ||||||||||||||||
Total | Total | $ | 176,149 | $ | 157,260 | Total | $ | 181,831 | $ | 157,260 |
Balance, December 25, 2020 | $ | 13,082 | |||
Assumed in business acquisition | 24 | ||||
Charged to expense | |||||
Margin on parts sales reversed | |||||
Reductions for claims settled | |||||
Balance, | $ |
Level | June 25, 2021 | December 25, 2020 | Level | September 24, 2021 | December 25, 2020 | |||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||
Cash surrender value of life insurance | Cash surrender value of life insurance | 2 | $ | 22,486 | $ | 19,887 | Cash surrender value of life insurance | 2 | $ | 22,523 | $ | 19,887 | ||||||||||||||||||||||
Forward exchange contracts | Forward exchange contracts | 2 | 33 | 16 | Forward exchange contracts | 2 | 34 | 16 | ||||||||||||||||||||||||||
Total assets at fair value | Total assets at fair value | $ | 22,519 | $ | 19,903 | Total assets at fair value | $ | 22,557 | $ | 19,903 | ||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||
Contingent consideration | Contingent consideration | 3 | $ | 10,884 | $ | 9,454 | Contingent consideration | 3 | $ | 11,765 | $ | 9,454 | ||||||||||||||||||||||
Deferred compensation | Deferred compensation | 2 | 5,689 | 5,099 | Deferred compensation | 2 | 5,918 | 5,099 | ||||||||||||||||||||||||||
Total liabilities at fair value | Total liabilities at fair value | $ | 16,573 | $ | 14,553 | Total liabilities at fair value | $ | 17,683 | $ | 14,553 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun 25, 2021 | Jun 26, 2020 | % Change | June 25, 2021 | June 26, 2020 | % Change | Sep 24, 2021 | Sep 25, 2020 | % Change | Sep 24, 2021 | Sep 25, 2020 | % Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | $ | 507.2 | $ | 366.9 | 38 | % | $ | 961.3 | $ | 740.5 | 30 | % | Net Sales | $ | 486.7 | $ | 439.3 | 11 | % | $ | 1,448.0 | $ | 1,179.8 | 23 | % | ||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 133.8 | 44.8 | 199 | % | 262.1 | 134.6 | 95 | % | Operating Earnings | 124.6 | 125.0 | — | % | 386.7 | 259.6 | 49 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Earnings, adjusted (1) | Operating Earnings, adjusted (1) | 133.8 | 79.8 | 68 | % | 262.1 | 169.6 | 55 | % | Operating Earnings, adjusted (1) | 124.6 | 125.3 | (1) | % | 386.7 | 294.8 | 31 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 110.1 | 28.8 | 282 | % | 215.8 | 101.7 | 112 | % | Net Earnings | 103.8 | 114.1 | (9) | % | 319.6 | 215.8 | 48 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted (1) | Net Earnings, adjusted (1) | 108.0 | 62.3 | 73 | % | 209.6 | 127.5 | 65 | % | Net Earnings, adjusted (1) | 100.3 | 101.8 | (1) | % | 309.9 | 229.2 | 35 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share | Diluted Net Earnings per Common Share | $ | 0.63 | $ | 0.17 | 271 | % | $ | 1.24 | $ | 0.59 | 110 | % | Diluted Net Earnings per Common Share | $ | 0.59 | $ | 0.66 | (11) | % | $ | 1.83 | $ | 1.26 | 45 | % | ||||||||||||||||||||||||||||||||||||||||||||
Diluted Net Earnings per Common Share, adjusted (1) | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.62 | $ | 0.37 | 68 | % | $ | 1.20 | $ | 0.74 | 62 | % | Diluted Net Earnings per Common Share, adjusted (1) | $ | 0.57 | $ | 0.59 | (3) | % | $ | 1.78 | $ | 1.34 | 33 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Operating earnings, as reported | Operating earnings, as reported | $ | 133.8 | $ | 44.8 | $ | 262.1 | $ | 134.6 | Operating earnings, as reported | $ | 124.6 | $ | 125.0 | $ | 386.7 | $ | 259.6 | ||||||||||||||||||||||||||||
Impairment | Impairment | — | 35.0 | — | 35.0 | Impairment | — | 0.3 | — | 35.2 | ||||||||||||||||||||||||||||||||||||
Operating earnings, adjusted | Operating earnings, adjusted | $ | 133.8 | $ | 79.8 | $ | 262.1 | $ | 169.6 | Operating earnings, adjusted | $ | 124.6 | $ | 125.3 | $ | 386.7 | $ | 294.8 | ||||||||||||||||||||||||||||
Earnings before income taxes | Earnings before income taxes | $ | 131.7 | $ | 42.0 | $ | 257.5 | $ | 124.1 | Earnings before income taxes | $ | 121.8 | $ | 121.0 | $ | 379.2 | $ | 245.1 | ||||||||||||||||||||||||||||
Impairment | Impairment | — | 35.0 | — | 35.0 | Impairment | — | 0.3 | — | 35.2 | ||||||||||||||||||||||||||||||||||||
Earnings before income taxes, adjusted | Earnings before income taxes, adjusted | $ | 131.7 | $ | 77.0 | $ | 257.5 | $ | 159.1 | Earnings before income taxes, adjusted | $ | 121.8 | $ | 121.3 | $ | 379.2 | $ | 280.3 | ||||||||||||||||||||||||||||
Income taxes, as reported | Income taxes, as reported | $ | 21.6 | $ | 13.2 | $ | 41.7 | $ | 22.5 | Income taxes, as reported | $ | 17.9 | $ | 6.9 | $ | 59.6 | $ | 29.4 | ||||||||||||||||||||||||||||
Impairment tax benefit | Impairment tax benefit | — | 1.2 | — | 1.2 | Impairment tax benefit | — | — | — | 1.2 | ||||||||||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | 2.1 | 0.3 | 6.2 | 8.0 | Excess tax benefit from option exercises | 2.6 | 4.6 | 8.8 | 12.6 | ||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | Other non-recurring tax benefit | 0.9 | 8.0 | 0.9 | 8.0 | |||||||||||||||||||||||||||||||||||||||||
Income taxes, adjusted | Income taxes, adjusted | $ | 23.7 | $ | 14.7 | $ | 47.9 | $ | 31.7 | Income taxes, adjusted | $ | 21.4 | $ | 19.5 | $ | 69.3 | $ | 51.2 | ||||||||||||||||||||||||||||
Effective income tax rate | Effective income tax rate | Effective income tax rate | ||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | 16.4 | % | 31.4 | % | 16.2 | % | 18.1 | % | As reported | 14.7 | % | 5.7 | % | 15.7 | % | 12.0 | % | ||||||||||||||||||||||||||||
Adjusted | Adjusted | 18.0 | % | 19.1 | % | 18.6 | % | 19.9 | % | Adjusted | 17.6 | % | 16.1 | % | 18.3 | % | 18.3 | % | ||||||||||||||||||||||||||||
Net Earnings, as reported | Net Earnings, as reported | $ | 110.1 | $ | 28.8 | $ | 215.8 | $ | 101.7 | Net Earnings, as reported | $ | 103.8 | $ | 114.1 | $ | 319.6 | $ | 215.8 | ||||||||||||||||||||||||||||
Impairment, net | Impairment, net | — | 33.8 | — | 33.8 | Impairment, net | — | 0.3 | — | 34.0 | ||||||||||||||||||||||||||||||||||||
Excess tax benefit from option exercises | Excess tax benefit from option exercises | (2.1) | (0.3) | (6.2) | (8.0) | Excess tax benefit from option exercises | (2.6) | (4.6) | (8.8) | (12.6) | ||||||||||||||||||||||||||||||||||||
Other non-recurring tax benefit | Other non-recurring tax benefit | (0.9) | (8.0) | (0.9) | (8.0) | |||||||||||||||||||||||||||||||||||||||||
Net Earnings, adjusted | Net Earnings, adjusted | $ | 108.0 | $ | 62.3 | $ | 209.6 | $ | 127.5 | Net Earnings, adjusted | $ | 100.3 | $ | 101.8 | $ | 309.9 | $ | 229.2 | ||||||||||||||||||||||||||||
Weighted Average Diluted Shares | Weighted Average Diluted Shares | 174.6 | 170.5 | 174.2 | 171.6 | Weighted Average Diluted Shares | 174.8 | 171.7 | 174.4 | 171.6 | ||||||||||||||||||||||||||||||||||||
Diluted Earnings per Share | Diluted Earnings per Share | Diluted Earnings per Share | ||||||||||||||||||||||||||||||||||||||||||||
As reported | As reported | $ | 0.63 | $ | 0.17 | $ | 1.24 | $ | 0.59 | As reported | $ | 0.59 | $ | 0.66 | $ | 1.83 | $ | 1.26 | ||||||||||||||||||||||||||||
Adjusted | Adjusted | $ | 0.62 | $ | 0.37 | $ | 1.20 | $ | 0.74 | Adjusted | $ | 0.57 | $ | 0.59 | $ | 1.78 | $ | 1.34 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 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 | 48.0 | 50.2 | 46.8 | 48.5 | Cost of products sold | 49.0 | 47.9 | 47.6 | 48.3 | ||||||||||||||||||||||||||||||||||||
Gross Profit | Gross Profit | 52.0 | 49.8 | 53.2 | 51.5 | Gross Profit | 51.0 | 52.1 | 52.4 | 51.7 | ||||||||||||||||||||||||||||||||||||
Product development | Product development | 4.2 | 4.9 | 4.3 | 4.7 | Product development | 4.1 | 4.0 | 4.2 | 4.5 | ||||||||||||||||||||||||||||||||||||
Selling, marketing and distribution | Selling, marketing and distribution | 13.6 | 13.3 | 13.7 | 14.4 | Selling, marketing and distribution | 13.6 | 12.3 | 13.6 | 13.7 | ||||||||||||||||||||||||||||||||||||
General and administrative | General and administrative | 7.8 | 9.8 | 8.0 | 9.5 | General and administrative | 7.8 | 7.3 | 7.9 | 8.7 | ||||||||||||||||||||||||||||||||||||
Impairment | Impairment | — | 9.6 | — | 4.7 | Impairment | — | 0.1 | — | 3.0 | ||||||||||||||||||||||||||||||||||||
Operating Earnings | Operating Earnings | 26.4 | 12.2 | 27.2 | 18.2 | Operating Earnings | 25.6 | 28.5 | 26.7 | 22.0 | ||||||||||||||||||||||||||||||||||||
Interest expense | Interest expense | 0.5 | 0.9 | 0.5 | 0.8 | Interest expense | 0.5 | 0.7 | 0.5 | 0.7 | ||||||||||||||||||||||||||||||||||||
Other expense, net | Other expense, net | (0.1) | (0.2) | — | 0.6 | Other expense, net | 0.1 | 0.2 | — | 0.5 | ||||||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | Earnings Before Income Taxes | 26.0 | 11.5 | 26.8 | 16.8 | Earnings Before Income Taxes | 25.0 | 27.5 | 26.2 | 20.8 | ||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | 4.3 | 3.6 | 4.3 | 3.1 | Income taxes | 3.7 | 1.6 | 4.1 | 2.6 | ||||||||||||||||||||||||||||||||||||
Net Earnings | Net Earnings | 21.7 | % | 7.9 | % | 22.4 | % | 13.7 | % | Net Earnings | 21.3 | % | 26.0 | % | 22.1 | % | 18.3 | % |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Americas(1) | Americas(1) | $ | 302.0 | $ | 227.7 | $ | 566.9 | $ | 452.5 | Americas(1) | $ | 280.4 | $ | 277.1 | $ | 847.3 | $ | 729.6 | ||||||||||||||||||||||||||||
EMEA(2) | EMEA(2) | 113.8 | 71.1 | 224.0 | 158.9 | EMEA(2) | 115.0 | 93.0 | 339.0 | 251.9 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 91.4 | 68.1 | 170.4 | 129.1 | Asia Pacific | 91.3 | 69.2 | 261.7 | 198.3 | ||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | $ | 507.2 | $ | 366.9 | $ | 961.3 | $ | 740.5 | Consolidated | $ | 486.7 | $ | 439.3 | $ | 1,448.0 | $ | 1,179.8 |
Three Months | Six Months | Three Months | Nine Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | 32% | 0% | 1% | 33% | 25% | 0% | 0% | 25% | Americas | 1% | 0% | 0% | 1% | 16% | 0% | 0% | 16% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 49% | 0% | 11% | 60% | 32% | (1)% | 10% | 41% | EMEA | 20% | 2% | 2% | 24% | 27% | 0% | 8% | 35% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 31% | (6)% | 9% | 34% | 28% | (4)% | 8% | 32% | Asia Pacific | 27% | 0% | 5% | 32% | 28% | (3)% | 7% | 32% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated | Consolidated | 35% | (1)% | 4% | 38% | 27% | (1)% | 4% | 30% | Consolidated | 9% | 0% | 2% | 11% | 20% | 0% | 3% | 23% |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 87.1 | $ | 58.4 | $ | 167.1 | $ | 132.8 | Americas | $ | 87.2 | $ | 76.1 | $ | 254.3 | $ | 209.0 | ||||||||||||||||||||||||||||
EMEA | EMEA | 60.0 | 34.8 | 116.7 | 81.0 | EMEA | 68.3 | 52.7 | 185.0 | 133.7 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 57.5 | 40.0 | 105.5 | 78.1 | Asia Pacific | 55.5 | 44.0 | 161.0 | 122.1 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 204.6 | $ | 133.2 | $ | 389.3 | $ | 291.9 | Total | $ | 211.0 | $ | 172.8 | $ | 600.3 | $ | 464.8 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 34 | % | 28 | % | 35 | % | 30 | % | Operating earnings as a percentage of net sales | 35 | % | 35 | % | 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 | 48% | 0% | 1% | 49% | 25% | 0% | 1% | 26% | Americas | 14% | 0% | 0% | 14% | 21% | 0% | 1% | 22% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 55% | 5% | 12% | 72% | 32% | 2% | 10% | 44% | EMEA | 24% | 3% | 3% | 30% | 29% | 2% | 7% | 38% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 35% | 0% | 8% | 43% | 27% | 0% | 8% | 35% | Asia Pacific | 21% | 0% | 6% | 27% | 25% | 0% | 7% | 32% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 46% | 1% | 6% | 53% | 28% | 0% | 5% | 33% | Segment Total | 19% | 1% | 2% | 22% | 24% | 1% | 4% | 29% |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 59.7 | $ | 45.9 | $ | 116.5 | $ | 101.0 | Americas | $ | 58.5 | $ | 52.2 | $ | 175.0 | $ | 153.2 | ||||||||||||||||||||||||||||
EMEA | EMEA | 15.8 | 13.2 | 30.6 | 29.0 | EMEA | 13.8 | 11.5 | 44.4 | 40.5 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 21.7 | 18.6 | 41.5 | 33.8 | Asia Pacific | 23.9 | 15.1 | 65.4 | 48.9 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 97.2 | $ | 77.7 | $ | 188.6 | $ | 163.8 | Total | $ | 96.2 | $ | 78.8 | $ | 284.8 | $ | 242.6 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 22 | % | 15 | % | 23 | % | 18 | % | Operating earnings as a percentage of net sales | 22 | % | 21 | % | 23 | % | 19 | % |
Three Months | Six Months | Three Months | Nine Months | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | Volume and Price | Acquisitions | Currency | Total | Volume and Price | Acquisitions and Divestitures | Currency | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | 30% | (1)% | 1% | 30% | 15% | 0% | 0% | 15% | Americas | 11% | 0% | 1% | 12% | 14% | 0% | 0% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 22% | (9)% | 6% | 19% | 8% | (8)% | 5% | 5% | EMEA | 17% | 0% | 3% | 20% | 11% | (6)% | 4% | 9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 30% | (21)% | 8% | 17% | 34% | (18)% | 7% | 23% | Asia Pacific | 54% | 0% | 4% | 58% | 40% | (13)% | 7% | 34% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 29% | (7)% | 3% | 25% | 17% | (5)% | 3% | 15% | Segment Total | 21% | 0% | 1% | 22% | 18% | (3)% | 2% | 17% |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||
June 25, 2021 | June 26, 2020 | June 25, 2021 | June 26, 2020 | September 24, 2021 | September 25, 2020 | September 24, 2021 | September 25, 2020 | |||||||||||||||||||||||||||||||||||||||
Net Sales | Net Sales | Net Sales | ||||||||||||||||||||||||||||||||||||||||||||
Americas | Americas | $ | 155.2 | $ | 123.3 | $ | 283.3 | $ | 218.6 | Americas | $ | 134.5 | $ | 148.7 | $ | 417.8 | $ | 367.4 | ||||||||||||||||||||||||||||
EMEA | EMEA | 38.0 | 23.0 | 76.7 | 48.8 | EMEA | 32.9 | 28.9 | 109.6 | 77.7 | ||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 12.2 | 9.5 | 23.4 | 17.2 | Asia Pacific | 12.1 | 10.1 | 35.5 | 27.3 | ||||||||||||||||||||||||||||||||||||
Total | Total | $ | 205.4 | $ | 155.8 | $ | 383.4 | $ | 284.6 | Total | $ | 179.5 | $ | 187.7 | $ | 562.9 | $ | 472.4 | ||||||||||||||||||||||||||||
Operating earnings as a percentage of net sales | Operating earnings as a percentage of net sales | 24 | % | 26 | % | 26 | % | 24 | % | Operating earnings as a percentage of net sales | 20 | % | 29 | % | 24 | % | 26 | % |
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% | 0% | 1% | 26% | 29% | 0% | 1% | 30% | Americas | (10)% | 0% | 1% | (9)% | 13% | 0% | 1% | 14% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EMEA | EMEA | 52% | 0% | 13% | 65% | 45% | 0% | 12% | 57% | EMEA | 12% | 0% | 2% | 14% | 33% | 0% | 8% | 41% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asia Pacific | Asia Pacific | 17% | 0% | 12% | 29% | 25% | 0% | 12% | 37% | Asia Pacific | 14% | 0% | 4% | 18% | 21% | 0% | 9% | 30% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Total | Segment Total | 29% | 0% | 3% | 32% | 32% | 0% | 3% | 35% | Segment Total | (5)% | 0% | 1% | (4)% | 17% | 0% | 2% | 19% |
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) | ||||||||||||||||||||||
— | $ | — | — | 18,517,834 | ||||||||||||||||||||||
— | $ | — | — | 18,517,834 | ||||||||||||||||||||||
— | $ | — | — | 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.) | |||||||
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 | ||||||||||||||||||||
(Principal Accounting Officer) |