MasterBrand (MBC) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	9 Months Ended
Cover - shares	Sep. 29, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 2024
Document Transition Report	false
Entity File Number	001-41545
Entity Registrant Name	MasterBrand, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-3479920
Entity Address, Address Line One	3300 Enterprise Parkway, Suite 300
Entity Address, City or Town	Beachwood
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44122
City Area Code	877
Local Phone Number	622-4782
Title of 12(g) Security	Common Stock, par value $0.01 per share
Trading Symbol	MBC
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,103,438
Amendment Flag	false
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001941365

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Income Statement [Abstract]
NET SALES	$ 718.1	$ 677.3	$ 2,032.7	$ 2,049.1
Cost of products sold	480.1	439.8	1,359	1,370.8
GROSS PROFIT	238	237.5	673.7	678.3
Selling, general and administrative expenses	166.3	140.3	450.8	417.3
Amortization of intangibles	6.3	3.6	13.7	11.6
Restructuring charges	7.8	1.4	11	4.1
OPERATING INCOME	57.6	92.2	198.2	245.3
Interest expense	20	15.3	54.7	49.9
Other income, net	(1.8)	(1)	(5)	(0.1)
INCOME BEFORE TAXES	39.4	77.9	148.5	195.5
Income tax expense	10.3	18.2	36.6	49.6
NET INCOME	$ 29.1	$ 59.7	$ 111.9	$ 145.9
Average Number of Shares of Common Stock Outstanding
Basic (in shares)	127.1	127.6	127	128.1
Diluted (in shares)	130.8	130.3	130.8	129.9
Earnings Per Common Share
Basic (in dollars per share)	$ 0.23	$ 0.47	$ 0.88	$ 1.14
Diluted (in dollars per share)	$ 0.22	$ 0.46	$ 0.86	$ 1.12

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 29.1	$ 59.7	$ 111.9	$ 145.9
Other comprehensive (loss) income, before tax:
Foreign currency translation adjustments	(4)	(2)	(15.8)	7.6
Unrealized (losses) gains on derivatives:
Unrealized holding (losses) gains arising during period	(4.1)	1.6	(8)	8.1
Less: reclassification adjustment for losses (gains) included in net income	2	(3.1)	0.7	(8.6)
Unrealized losses on derivatives	(2.1)	(1.5)	(7.3)	(0.5)
Other comprehensive (loss) income, before tax	(6.1)	(3.5)	(23.1)	7.1
Income tax expense related to items of other comprehensive income	0	0	0	0
Other comprehensive (loss) income, net of tax	(6.1)	(3.5)	(23.1)	7.1
COMPREHENSIVE INCOME	$ 23	$ 56.2	$ 88.8	$ 153

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 108.4	$ 148.7
Accounts receivable, net	216.1	203
Inventories	299.4	249.8
Other current assets	63	75.7
TOTAL CURRENT ASSETS	686.9	677.2
Property, plant and equipment, net of accumulated depreciation	456.7	356.6
Operating lease right-of-use assets, net of accumulated amortization	71.3	60.1
Goodwill	1,129.4	925.1
Other intangible assets, net of accumulated amortization	577.9	335.5
Other assets	38	27.2
TOTAL ASSETS	2,960.2	2,381.7
Current liabilities
Accounts payable	175.3	151.4
Current portion of long-term debt	0	17.6
Current operating lease liabilities	16.8	16.1
Other current liabilities	186.3	164.3
TOTAL CURRENT LIABILITIES	378.4	349.4
Long-term debt	1,062.3	690.2
Deferred income taxes	154	83.6
Pension and other postretirement plan liabilities	7.5	7.9
Operating lease liabilities	56.7	46.3
Other non-current liabilities	13.7	10.5
TOTAL LIABILITIES	1,672.6	1,187.9
Contingencies and Accrued Losses (Note 14)
Equity
Common stock (par value $0.01 per share; authorized 750.0 million shares; 130.1 million issued and 127.1 million outstanding as of September 29, 2024; 129.1 million issued and 126.8 million outstanding as of December 31, 2023)	1.3	1.3
Paid-in capital	34.6	17.8
Treasury stock, at cost	(37.9)	(26.1)
Accumulated other comprehensive loss	(26.8)	(3.7)
Retained earnings	1,316.4	1,204.5
TOTAL EQUITY	1,287.6	1,193.8
TOTAL LIABILITIES AND EQUITY	$ 2,960.2	$ 2,381.7

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Millions	Sep. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	750	750
Common stock issued (in shares)	130.1	129.1
Common stock outstanding (in shares)	127.1	126.8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions		9 Months Ended
		Sep. 29, 2024	Sep. 24, 2023
OPERATING ACTIVITIES
Net income		$ 111.9	$ 145.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		39.5	34.9
Amortization of intangibles		13.7	11.6
Restructuring charges, net of cash payments		4.3	(13.9)
Write-off and amortization of finance fees		8.2	1.7
Stock-based compensation		16.8	13.2
Changes in operating assets and liabilities:
Accounts receivable		(2.3)	60.1
Inventories		(32.5)	103.9
Other current assets		(1.8)	6.9
Accounts payable		18	(42.8)
Accrued expenses and other current liabilities		(3.5)	9.2
Other items		4.6	5.8
NET CASH PROVIDED BY OPERATING ACTIVITIES		176.9	336.5
INVESTING ACTIVITIES
Capital expenditures	[1]	(34.6)	(21.4)
Proceeds from the disposition of assets		8.4	0.3
Acquisition of business, net of cash acquired		(515.7)	0
NET CASH USED IN INVESTING ACTIVITIES		(541.9)	(21.1)
FINANCING ACTIVITIES
Proceeds from revolving credit facility borrowings		430	55
Issuance of Senior Notes		700	0
Repayment of revolving credit facility borrowings		(55)	(290)
Repayment of term loan		(712.5)	(37.5)
Payment of financing fees		(17.8)	0
Repurchase of common stock		(6.5)	(15.6)
Payments of employee taxes withheld from share-based awards		(5.3)	(3)
Other items		(1.6)	(1)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES		331.3	(292.1)
Effect of foreign exchange rate changes on cash and cash equivalents		(5.6)	(1.9)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH		(39.3)	21.4
Cash, cash equivalents, and restricted cash at beginning of period		148.7	101.1
Cash, cash equivalents, and restricted cash at end of period		109.4	122.5
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents		108.4	122.5
Restricted cash included in other assets		1	0
Total cash, cash equivalents and restricted cash		$ 109.4	$ 122.5

[1] Capital expenditures of $2.4 million and $3.7 million that have not been paid as of September 29, 2024 and September 24, 2023, respectively, were excluded from the condensed consolidated statements of cash flows.

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023
Statement of Cash Flows [Abstract]
Capital expenditures incurred but not yet paid	$ 2.4	$ 3.7

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Paid-in Capital	Treasury stock, at cost	Accumulated Other Comprehensive (Loss) Income	Retained Earnings
Beginning balance, shares (in shares) at Dec. 25, 2022		128,000,000
Beginning balance at Dec. 25, 2022	$ 1,009.2	$ 1.3	$ 0	$ (0.1)	$ (14.5)	$ 1,022.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	145.9					145.9
Net current period other comprehensive (loss) income	7.1				7.1
Shares issued under compensation plans (in shares)		500,000
Stock-based compensation	$ 10.2		13.2	(3)
Stock repurchased under repurchase program (in shares)	(1,347,776)	(1,300,000)
Stock repurchase program	$ (15.9)			(15.9)
Ending balance, shares (in shares) at Sep. 24, 2023		127,200,000
Ending balance at Sep. 24, 2023	1,156.5	$ 1.3	13.2	(19)	(7.4)	1,168.4
Beginning balance at Jun. 25, 2023					(3.9)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	59.7
Net current period other comprehensive (loss) income	$ (3.5)
Stock repurchased under repurchase program (in shares)	(942,918)
Stock repurchase program	$ (11.5)
Ending balance, shares (in shares) at Sep. 24, 2023		127,200,000
Ending balance at Sep. 24, 2023	$ 1,156.5	$ 1.3	13.2	(19)	(7.4)	1,168.4
Beginning balance, shares (in shares) at Dec. 31, 2023	126,800,000	126,800,000
Beginning balance at Dec. 31, 2023	$ 1,193.8	$ 1.3	17.8	(26.1)	(3.7)	1,204.5
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	111.9					111.9
Net current period other comprehensive (loss) income	(23.1)				(23.1)
Shares issued under compensation plans (in shares)		700,000
Stock-based compensation	$ 11.5		16.8	(5.3)
Stock repurchased under repurchase program (in shares)	(371,499)	(400,000)
Stock repurchase program	$ (6.5)			(6.5)
Ending balance, shares (in shares) at Sep. 29, 2024	127,100,000	127,100,000
Ending balance at Sep. 29, 2024	$ 1,287.6	$ 1.3	34.6	(37.9)	(26.8)	1,316.4
Beginning balance at Jun. 30, 2024					(20.7)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	29.1
Net current period other comprehensive (loss) income	$ (6.1)
Ending balance, shares (in shares) at Sep. 29, 2024	127,100,000	127,100,000
Ending balance at Sep. 29, 2024	$ 1,287.6	$ 1.3	$ 34.6	$ (37.9)	$ (26.8)	$ 1,316.4

Basis of Presentation and Princ

Basis of Presentation and Principles of Consolidation	9 Months Ended
Basis of Presentation and Principles of Consolidation	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation Background MasterBrand, Inc. is a leading manufacturer of residential cabinets in North America with a portfolio of leading residential cabinetry products for the kitchen, bathroom and other parts of the home. References to “MasterBrand,” “the Company,” “we,” “our” and “us” refer to MasterBrand, Inc. and its consolidated subsidiaries, unless the context otherwise requires. Basis of Presentation Our consolidated financial statements are based on a 52- or 53-week fiscal year ending on the last Sunday in December in each calendar year. Our fiscal 2024 will consist of 52 weeks ending on December 29, 2024, while our fiscal 2023 consisted of 53 weeks ended on December 31, 2023. The condensed consolidated balance sheets as of September 29, 2024 and December 31, 2023 , as well as the related condensed consolidated statements of income, comprehensive income, cash flows, and equity for the thirteen and thirty-nine weeks ended September 29, 2024 and the thirteen and thirty-nine weeks ended September 24, 2023, are unaudited. The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. In the opinion of management, all adjustments, consisting of normal, recurring accruals, considered necessary for a fair statement of the financial statements have been included. Interim results may not be indicative of results for a full year. The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission and do not contain certain information included in our audited consolidated financial statements and notes. The 2023 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by United States Generally Accepted Accounting Principles (“GAAP”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 . Tornado at Jackson, Georgia Production Facility

Recently Issued Accounting Stan

Recently Issued Accounting Standards	9 Months Ended
Recently Issued Accounting Standards	Sep. 29, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Issued and Adopted There are no recently issued accounting pronouncements that we have adopted and which have had a material effect on our results of operations, cash flows or financial condition. Accounting Standards Issued, But Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the condensed consolidated financial statements and will adopt this guidance when it becomes effective in our Annual Report on Form 10-K for the fiscal year ending December 29, 2024. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting this guidance on the condensed consolidated financial statements and will adopt this guidance when it becomes effective in our Annual Report on Form 10-K for the fiscal year ending December 28, 2025.

Acquisition

Acquisition	9 Months Ended
Acquisition	Sep. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisition	Acquisition On July 10, 2024, we acquired all of the issued and outstanding limited liability interests of Dura Investment Holdings LLC, the parent company of Supreme Cabinetry Brands, Inc. (“Supreme”), a cabinetry company, from GHK Capital Partners LP for $520.0 million in cash, subject to customary purchase price adjustments set forth in the Merger Agreement. Supreme is a domestic manufacturer of residential cabinetry with a portfolio of product lines significantly focused on premium products. Supreme, with manufacturing facilities located in Minnesota, Iowa and North Carolina, and its two brands, Dura Supreme and Bertch cabinetry, crafts framed and frameless cabinetry for a nationwide network of dealers. The combined company is reaching more customers, through its highly complementary dealer networks, with greater efficiency and effectiveness. Through this transaction, MasterBrand broadened its portfolio of premium cabinetry in the resilient and attractive kitchen and bath categories, further diversifying its channel distribution and adding to its strategically located facility footprint. The acquisition was funded with a combination of cash on hand and proceeds from our revolving credit facility. The purchase consideration was $527.1 million , which was determined as follows: (U.S. Dollars presented in millions) Cash considerations paid to Supreme shareholders $ 336.4 Cash paid for transaction costs of Supreme 13.9 Repayment of Supreme existing indebtedness and accrued interest 178.2 Total Cash Consideration $ 528.5 Preliminary purchase price adjustments (1.4) Total Preliminary Purchase Consideration $ 527.1 The purchase price of Supreme was allocated on a preliminary basis as of the closing date of July 10, 2024. Assets acquired and liabilities assumed were recorded at estimated fair values based on management’s estimates, available information, and supportable assumptions that management considered reasonable. Under the acquisition method of accounting, the identifiable assets acquired and liabilities assumed of Supreme are recognized and measured at fair value. Due to the timing of acquisition close, the preliminary fair value estimates and assumptions are subject to change as we obtain additional information over the measurement period. The primary areas of the purchase accounting that remain preliminary for completion of the related valuations relate to, but are not limited to, property, plant and equipment, other intangible assets and the related deferred income tax impacts. The following table sets forth the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed of Supreme, with the excess recorded to goodwill: (U.S. Dollars presented in millions) Preliminary Net Assets Acquired Fair Value Cash and cash equivalents $ 11.8 Accounts receivable 11.5 Inventories 17.3 Other current assets 2.1 Property, plant and equipment 115.9 Operating lease right-of-use assets 17.6 Other intangible assets 256.9 Other assets 1.9 $ 435.0 Accounts payable $ 7.2 Current operating lease liabilities 2.4 Other current liabilities 18.0 Deferred income taxes 69.8 Operating lease liabilities 15.1 Other non-current liabilities 0.3 $ 112.8 Net Assets Acquired $ 322.2 Goodwill 204.9 Purchase Consideration $ 527.1 The estimated value of Property, Plant and Equipment includes adjustments totaling $73.7 million to increase the net book value of $42.2 million to the preliminary fair value estimate of $115.9 million . This estimate is based on other comparable acquisitions and historical experience, and preliminary expectations as to the duration of time we expect to realize benefits from those assets. The estimated fair values of identifiable intangible assets acquired were prepared using an income valuation approach, which requires a forecast of expected future cash flows either through the use of the relief-from-royalty method or the multi-period excess earnings method. The estimated useful lives are based on our historical experience and expectations as to the duration of time we expect to realize benefits from those assets. We applied significant judgment in determining the fair value of the intangible assets, which involved the use of Level 3 inputs, including estimates and assumptions of future revenues, royalty rates and discount rates. The estimated fair values of the identifiable intangible assets acquired, their estimated useful lives and the related valuation methodology are as follows: (U.S. Dollars presented in millions) Asset Type Fair Value Useful Life Valuation Methodology Customer relationships $ 171.8 17.5 years Multi-period excess earnings Tradenames 85.1 Indefinite Relief from royalty method Total other intangible assets $ 256.9 The Company recognized $204.9 million of goodwill , of which $180.8 million is tax deductible. The $204.9 million of goodwill recognized is attributable to synergies that are expected to enhance and expand the Company’s overall product portfolio and opportunities in new and existing markets, future products that have yet to be determined and Supreme’s assembled workforce. The Company incurred $15.0 million and $19.4 million of acquisition-related costs associated with the acquisition in the thirteen and thirty-nine weeks ended September 29, 2024 , respectively, which are recorded within selling, general and administrative expenses in the condensed consolidated statements of income. Pro forma financial information Net sales and earnings related to the operations of Supreme that have been included in our condensed consolidated statements of income for the period from July 10, 2024 to September 29, 2024 are as follows: (U.S. Dollars presented in millions) Net Sales $ 60.8 Net Income $ 4.2 The following table summarizes, on a pro forma basis, the combined results of operations of Supreme and MasterBrand as though the acquisition and the related financing had occurred as of December 26, 2022. The pro forma results are not necessarily indicative of either the actual consolidated results had the acquisition of Supreme occurred on December 26, 2022, nor are they indicative of future consolidated operating results. 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net Sales $ 718.1 $ 738.5 $ 2,168.7 $ 2,242.4 Net Income $ 42.0 $ 56.7 $ 118.3 $ 124.5 These pro forma amounts have been calculated after applying our accounting policies and making certain adjustments, which primarily include: (i) depreciation adjustments relating to fair value step-ups to property, plant and equipment; (ii) amortization adjustments relating to fair value estimates of acquired intangible assets; (iii) incremental interest expense associated with the revolving credit facility used, in part, to fund the acquisition, and related debt issuance costs; (iv) cost of products sold adjustments relating to fair value step-ups to inventory; and (v) transaction related costs of both MasterBrand and Supreme.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
Revenue from Contracts with Customers	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Revenue from Contracts with Customers Our principal performance obligations are the sale of high quality stock, semi-custom and premium cabinetry, as well as vanities, for the kitchen, bath and other parts of the home (collectively, “goods” or “products”). We recognize revenue for the sale of goods based on our assessment of when control transfers to our customers, which generally occurs upon shipment or delivery of the products. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods to our customers. Payment terms on our product sales normally range from 30 to 90 days. Taxes assessed by a governmental authority that we collect are excluded from revenue. The expected costs associated with our contractual warranties are recognized as expense when the products are sold. See Note 14, "Contingencies and Accrued Losses," for further discussion. We record estimates to reduce revenue for customer programs and incentives, which are considered variable consideration, and include price discounts, volume-based incentives, promotions and cooperative advertising when revenue is recognized in order to determine the amount of consideration the Company will ultimately be entitled to receive. These estimates are based on historical and projected experience for each type of customer. In addition, for certain customer program incentives, we receive an identifiable benefit (goods or services) in exchange for the consideration given and record the associated expenditure in selling, general and administrative expenses. We account for shipping and handling costs that occur after the customer has obtained control of a product as a fulfillment activity (i.e., as an expense) rather than as a promised service (i.e., as a revenue element). These costs are classified within selling, general and administrative expenses. Settlement of our outstanding accounts receivable balances normally occurs within 30 to 90 days of the original sale transaction date. Obligations arise for us from customer rights to return our goods, including among others, product obsolescence, stock rotations, trade-in agreements for newer products and upon termination of a customer contract. We estimate future product returns at the time of sale based on historical experience and record a corresponding refund obligation, which amounted to $2.2 million and $2.1 million as of September 29, 2024 and December 31, 2023, respectively. Refund obligations are classified within other current liabilities in our condensed consolidated balance sheets. Return assets related to the refund obligation are measured at the carrying amount of the goods at the time of sale, less any expected costs to recover the goods and any expected reduction in value. The Company disaggregates revenue from contracts with customers into (i) major sales distribution channels and (ii) total sales to customers by shipping location, as these categories depict the nature, amount, timing and uncertainty of revenues and cash flows that are affected by economic factors. The following table disaggregates our consolidated revenue by major sales distribution channels and by shipping location for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 . 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net Sales by Channel (a) Dealers (b) $ 393.2 $ 368.1 $ 1,060.9 $ 1,093.6 Retailers (c) 231.1 230.3 705.7 726.8 Builders (d) 93.8 78.9 266.1 228.7 Net sales $ 718.1 $ 677.3 $ 2,032.7 $ 2,049.1 Net Sales by Shipping Location United States $ 687.3 $ 642.9 $ 1,939.4 $ 1,942.7 Canada 26.3 30.1 80.2 94.7 Mexico 4.5 4.3 13.1 11.7 Net sales $ 718.1 $ 677.3 $ 2,032.7 $ 2,049.1 (a) Net sales by channel presented for the thirteen and thirty-nine weeks ended September 24, 2023 have been reclassified to conform with the new format of this table, which is intended to provide a consolidated view of our net sales by channel and shipping location. Prior to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, net sales by channel were presented for our domestic sales only. (b) Represents sales to dealers whose end customers include builders, professional trades and home remodelers, inclusive of sales through our dealers’ respective internet website portals. (c) Represents sales to “Do-It-Yourself” retailers, including our two largest customers: 1) Lowe’s and 2) The Home Depot, inclusive of sales through their respective internet website portals. (d) Represents sales directly to builders. Practical Expedients Incremental costs of obtaining a contract include only those costs the Company incurs that would not have been incurred if the contract had not been obtained. These costs are required to be recognized as assets and amortized over the period that the related goods or services transfer to the customer. As a practical expedient, we expense as incurred costs to obtain a contract when the expected amortization period is one year or less. These costs are recorded within selling, general and administrative expenses in the accompanying condensed consolidated statements of income. Allowance for Credit Losses Our primary allowance for credit losses is the allowance for doubtful accounts. The allowance for doubtful accounts reduces the trade accounts receivable balance to the estimated net realizable value that is expected to be collected. The allowance is based on assessments of current creditworthiness of customers, historical collection experience, the aging of receivables and other currently available evidence. Trade accounts receivable balances are written-off against the allowance if a final determination of uncollectibility is made. All provisions for allowances for doubtful collection of accounts are included in selling, general and administrative expenses. The following table summarizes the activity for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023: 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Beginning balance $ 2.8 $ 6.1 $ 4.6 $ 11.6 Bad debt provision — 0.8 0.1 1.5 Uncollectible accounts written off, net of recoveries (0.2) (1.6) (2.1) (7.8) Ending balance $ 2.6 $ 5.3 $ 2.6 $ 5.3

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023: 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions, except per share amounts) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Numerator: Numerator for basic and diluted earnings per share - Net income $ 29.1 $ 59.7 $ 111.9 $ 145.9 Denominator: Denominator for basic earnings per share - weighted average shares outstanding 127.1 127.6 127.0 128.1 Effect of dilutive securities - stock-based awards 3.7 2.7 3.8 1.8 Denominator for diluted earnings per share - weighted average shares outstanding 130.8 130.3 130.8 129.9 Earnings per share: Basic $ 0.23 $ 0.47 $ 0.88 $ 1.14 Diluted $ 0.22 $ 0.46 $ 0.86 $ 1.12 Approximately 0.3 million and 0.8 million shares were excluded from the calculation of diluted earnings per share for the thirteen and thirty-nine weeks ended September 24, 2023, respectively, because their inclusion would have been anti-dilutive.

Balance Sheet Information

Balance Sheet Information	9 Months Ended
Balance Sheet Information	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Information	Balance Sheet Information Supplemental information on our condensed consolidated balance sheets is as follows: (U.S. Dollars presented in millions) September 29, 2024 December 31, 2023 Inventories: Raw materials and supplies $ 199.7 $ 175.1 Work in process 27.2 25.1 Finished products 72.5 49.6 Total inventories $ 299.4 $ 249.8 Property, plant and equipment: Land and improvements $ 37.1 $ 31.8 Buildings and improvements to leaseholds 363.0 304.0 Machinery and equipment 618.8 551.9 Construction in progress 31.1 36.6 Property, plant and equipment, gross 1,050.0 924.3 Less: accumulated depreciation 593.3 567.7 Property, plant and equipment, net of accumulated depreciation $ 456.7 $ 356.6 Other current liabilities: Accrued salaries, wages and other compensation $ 57.3 $ 67.6 Accrued restructuring 4.5 1.4 Accrued income and other taxes 12.9 18.5 Accrued product warranties 9.2 12.9 Interest payable 13.2 1.3 Derivative payable 5.8 0.1 Other accrued expenses 83.4 62.5 Total other current liabilities $ 186.3 $ 164.3

Goodwill and Identifiable Intan

Goodwill and Identifiable Intangible Assets	9 Months Ended
Goodwill and Identifiable Intangible Assets	Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	Goodwill and Identifiable Intangible Assets We had goodwill of $1,129.4 million and $925.1 million as of September 29, 2024 and December 31, 2023, respectively. The change in the net carrying amount of goodwill was as follows: (U.S. Dollars presented in millions) Total Balance at December 31, 2023 $ 925.1 Supreme acquisition 204.9 2024 translation adjustments (0.6) Balance at September 29, 2024 $ 1,129.4 The gross carrying value and accumulated amortization by class of intangible assets as of September 29, 2024 and December 31, 2023 were as follows: September 29, 2024 December 31, 2023 (U.S. Dollars presented in millions) Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames (a) $ 268.5 $ — $ 268.5 $ 184.2 $ — $ 184.2 Amortizable intangible assets Tradenames 10.3 (10.3) — 10.4 (10.4) — Customer and contractual relationships (a) 534.9 (225.5) 309.4 363.6 (212.3) 151.3 Patents/proprietary technology 11.0 (11.0) — 11.0 (11.0) — Total 556.2 (246.8) 309.4 385.0 (233.7) 151.3 Total identifiable intangibles $ 824.7 $ (246.8) $ 577.9 $ 569.2 $ (233.7) $ 335.5 (a) During the third quarter of 2024, we completed our acquisition of Supreme, acquiring Indefinite-lived tradenames of $85.1 million and customer relationships of $171.8 million. There were no impairments of goodwill or indefinite-lived assets for the thirteen and thirty-nine weeks ended September 29, 2024 . The Company tests goodwill and indefinite-lived intangibles for impairment annually in the fourth quarter or more frequently if events or changes in circumstances indicate the asset might be impaired. There were no triggering events requiring an impairment assessment be conducted in the thirteen and thirty-nine weeks ended September 29, 2024. However, it is possible that future changes in circumstances would require the Company to record additional non-cash impairment charges.

Financial Instruments

Financial Instruments	9 Months Ended
Financial Instruments	Sep. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Financial Instruments	Financial Instruments We do not enter into financial instruments for trading or speculative purposes. We principally use financial instruments to reduce the impact of changes in foreign currency exchange rates. The principal derivative financial instruments we enter into on a routine basis are foreign exchange contracts. Derivative financial instruments are recorded at fair value. The counterparties to derivative contracts are major financial institutions. We are subject to credit risk on these contracts equal to the fair value of these instruments. Management currently believes that the risk of incurring material losses is unlikely and that the losses, if any, would be immaterial to the Company. We account for derivative instruments as follows: • Derivative instruments that are designated as cash flow hedges - The changes in the fair value of the derivative instrument are reported in other comprehensive income and are recognized in the condensed consolidated statements of income when the hedged item affects earnings. In all periods presented, the recognized gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item, are recognized in cost of products sold on the condensed consolidated statements of income. • Derivative instruments that are designated as fair value hedges - The gain or loss on the derivative instrument, as well as the offsetting gain or loss on the hedged item, are recognized in other income, net on the condensed consolidated statements of income. • Derivative instruments that are designated as net investment hedges - The changes in fair value of the derivative instrument are recognized in the condensed consolidated statements of income when realized upon sale or upon complete or substantially complete liquidation of the investment in the foreign entity. As of and for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023, we have only entered into foreign currency forward contracts, some of which have been designated as fair value hedges and some of which have been designated as cash flow hedges. We may enter into foreign currency forward contracts to protect against foreign exchange risks associated with certain existing assets and liabilities, forecasted future cash flows, and net investments in foreign subsidiaries. Foreign exchange contracts related to forecasted future cash flows correspond to the periods of the forecasted transactions, which generally do not exceed 12 to 15 months subsequent to the latest balance sheet date. Our primary foreign currency hedge contracts pertain to the Mexican peso and the Canadian dollar. The gross U.S. dollar equivalent notional amount of all foreign currency derivative hedges outstanding at September 29, 2024, was $91.3 million, representing a net settlement liability of $5.8 million. Based on foreign exchange rates as of September 29, 2024 , we estimate that the $5.1 million of net derivative losses associated with cash flow hedges and included in accumulated other comprehensive inco me as of September 29, 2024, will be reclassified to earnings within the next twelve months. The fair values of foreign exchange derivative instruments on the condensed consolidated balance sheets as of September 29, 2024 and December 31, 2023 were: (U.S. Dollars presented in millions) Location September 29, 2024 December 31, 2023 Assets: Foreign exchange contracts Other current assets $ — $ 3.0 Total assets $ — $ 3.0 Liabilities: Foreign exchange contracts Other current liabilities $ 5.8 $ 0.1 Total liabilities $ 5.8 $ 0.1 The effects of cash flow hedging financial instruments included within the condensed consolidated statements of comprehensive income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 are presented in the table below. When the hedged item affects earnings, amounts are reclassed out of accumulated other comprehensive loss and recognized as a component of cost of products sold. Amount Recognized in Statement of Comprehensive 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Foreign exchange contracts: Unrealized holding (losses) gains arising during period $ (4.1) $ 1.6 $ (8.0) $ 8.1 Less: reclassification adjustment for gains included in net income 2.0 (3.1) 0.7 (8.6) Unrealized losses on derivatives $ (2.1) $ (1.5) $ (7.3) $ (0.5) The effects of fair value hedging financial instruments included in other income, net on the condensed consolidated statements of income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were: Amount of (Gain) Loss Recognized in Earnings 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Foreign exchange contracts: Hedged items $ 0.1 $ 1.3 $ — $ (0.7) Derivatives designated as hedging instruments (0.1) — — 3.4 Net losses recognized in earnings $ — $ 1.3 $ — $ 2.7

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements ASC requirements for Fair Value Measurements and Disclosures establish a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three levels. Level 1 inputs, the highest priority, are quoted prices in active markets for identical assets or liabilities. Level 2 inputs reflect other than quoted prices included in Level 1 that are either observable directly or through corroboration with observable market data. Level 3 inputs are unobservable inputs due to little or no market activity for the asset or liability, such as internally-developed valuation models. We do not have any assets or liabilities measured at fair value on a recurring basis that are Level 3, except for certain assumptions in estimating the fair value of indefinite-lived tradenames, as discussed in Note 8, "Goodwill and Identifiable Intangible Assets," in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Assets and liabilities measured at fair value on a recurring basis as of September 29, 2024 and December 31, 2023 were as follows: Fair Value (U.S. Dollars presented in millions) September 29, 2024 December 31, 2023 Assets: Derivative asset financial instruments (Level 2) $ — $ 3.0 Deferred compensation program assets (Level 2) 9.1 5.5 Total assets $ 9.1 $ 8.5 Liabilities: Derivative liability financial instruments (Level 2) $ 5.8 $ 0.1 The estimated fair value of the Company's debt, including current maturities, was based on Level 2 inputs, being market quotes or values for similar instruments, and interest rates currently available to the Company for the issuance of debt with similar terms and remaining maturities, as a discount rate for the remaining principal payments. As of September 29, 2024, the fair value of total debt was $1,109.1 million compared to the carrying value of $1,075.0 million , excluding deferred financing costs. As of December 31, 2023, the fair value of total debt was equal to the carrying value of $712.5 million , excluding deferred financing costs.

Debt

Debt	9 Months Ended
Debt	Sep. 29, 2024
Debt Disclosure [Abstract]
Debt	Debt The following table provides a summary of the Company’s debt as of September 29, 2024 and December 31, 2023, including the carrying value of the debt less debt issuance costs: September 29, 2024 December 31, 2023 (U.S. Dollars presented in millions) Current Long-term Current Long-term Revolving credit facility due November 2027 $ — $ — $ — $ — Term loan due November 2027 — — 18.8 693.7 Revolving credit facility due June 2029 — 375.0 — — 7.00% Senior Notes due 2032 — 700.0 — — — 1,075.0 18.8 693.7 Less: Unamortized debt issuance costs — (12.7) (1.2) (3.5) Total $ — $ 1,062.3 $ 17.6 $ 690.2 2022 Credit Agreement On November 18, 2022, the Company entered into a 5-year, $1.25 billion credit agreement, consisting of a $750.0 million term loan and a $500.0 million revolving credit facility (the “2022 Credit Agreement”). The 2022 Credit Agreement was secured by certain assets as well as the guarantee of certain of our subsidiaries. The $750.0 million term loan had quarterly required amortization payments that began in March 2023. T he revolving credit facility was paid in full during the third quarter of fiscal 2023. During the thirteen weeks ended September 24, 2023, the Company made total payments of $28.1 million on the term loan, consisting of a $4.7 million required payment due September 2023, and $23.4 million of required amortization payments due during each of the next three quarters. As such, we were not required to make, nor did we make, any required amortization payments associated with the term loan during the fourth quarter of fiscal 2023 or in the first two quarters of fiscal 2024. In June 2024, the Company refinanced the 2022 Credit Agreement, including extinguishing and repaying all amounts outstanding under the existing term loan facility, inclusive of accrued and unpaid interest. Interest rates under the 2022 Credit Agreement were variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing and the Company’s net leverage ratio, as measured by net leverage to our consolidated earnings before interest, taxes, depreciation and amortization (“Consolidated EBITDA”). Interest rates could range from SOFR plus 1.85 percent to SOFR plus 2.60 percent. Net leverage was defined as consolidated total indebtedness minus certain cash and cash equivalents. Consolidated EBITDA was defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. The net leverage ratio was not permitted to exceed 3.875 to 1.00 at the initial borrowing through the second fiscal quarter of 2023, adjusting downward in various future quarters before settling at 3.25 to 1.00 in January 2025. The Company was also required to maintain a minimum interest coverage ratio, defined as Consolidated EBITDA compared to consolidated interest expense, of 3.0 to 1.0. The Company was in compliance with all debt covenants under the 2022 Credit Agreement through the date of the June 2024 refinancing transaction. 2024 Refinancing Transaction On June 27, 2024, the Company completed a private offering (the “Offering”) of $700.0 million aggregate principal amount of 7.00 percent Senior Notes due 2032 (the “Senior Notes”) and entered into an amended and restated credit agreement (the “2024 Credit Agreement”), which amended and restated the 2022 Credit Agreement. The Company used the funds from the refinancing transaction, and cash on-hand, to: 1) refinance the 2022 Credit Agreement (including repaying all amounts outstanding under the existing term loan, inclusive of accrued and unpaid interest), 2) fund the previously announced acquisition of Supreme on July 10, 2024, and 3) to pay all fees and expenses related to the foregoing transactions. The Senior Notes were issued under the Indenture dated as of June 27, 2024 (the “Indenture”) at par. The Senior Notes are the Company’s unsecured and unsubordinated debt obligations and are guaranteed, on a senior unsecured basis, by each of the Company’s existing and future subsidiaries that are borrowers under or guarantors of the 2024 Credit Agreement. The Senior Notes will mature on July 15, 2032. Interest on the Senior Notes will accrue at a rate of 7.00 percent per annum and will be payable semi-annually in arrears on January 15 and July 15, beginning on January 15, 2025. The Senior Notes had an outstanding balance of $700.0 million as of September 29, 2024. As of September 29, 2024, prepaid debt issuance costs related to the Notes were $12.7 million and are being amortized over the term of the debt. These costs are included in long-term debt in our condensed consolidated balance sheets. The Company may redeem the Senior Notes, in whole or in part, at any time and from time to time prior to July 15, 2027 at a redemption price equal to 100 percent of the principal amount of the Senior Notes redeemed plus a premium and accrued and unpaid interest. At any time and from time to time on or after July 15, 2027, the Company may, at its option, redeem the Senior Notes, in whole or in part, at the applicable redemption price set forth in the Indenture plus, in each case, accrued and unpaid interest. In addition, at any time and from time to time prior to July 15, 2027, the Company may, at its option, redeem up to 40 percent of the aggregate principal amount of the Senior Notes with the proceeds from certain equity offerings at the applicable redemption price set forth in the Indenture. The Indenture contains certain covenants, including, but not limited to, limitations and restrictions on the ability of the Company and its restricted subsidiaries (as defined in the Indenture) to (i) incur additional indebtedness and guarantee indebtedness, (ii) make restricted payments, (iii) create, incur or assume liens or use assets as security in other transactions, (iv) merge, consolidate, or sell, transfer, lease or dispose of substantially all of their assets, (v) sell or transfer certain assets, (vi) enter into or conduct transactions with affiliates of the Company and (vii) agree to certain restrictions or encumbrances on the ability of restricted subsidiaries to pay dividends, make loans or advances, or to otherwise transfer property or assets to the Company or other restricted subsidiaries. These covenants are subject to a number of important conditions, qualifications, exceptions and limitations. The Indenture also includes customary events of default. Certain of the foregoing covenants will be suspended in the event that (i) the Senior Notes receive investment grade ratings from any two of Fitch Ratings Inc., Moody’s Investors Service, Inc. or S&P Global Ratings and (ii) no default or event of default has occurred and is continuing under the Indenture. The Company was in compliance with all of its debt covenants under the Indenture as of September 29, 2024. The 2024 Credit Agreement provides for a 5 -year, $750.0 million revolving credit facility. The revolving credit facility is not subject to amortization and will mature in June 2029. The 2024 Credit Agreement is secured by certain assets as well as the guarantee of certain of our subsidiaries. Interest rates under the revolving credit facility are variable based on the SOFR, or, at the Company’s option, at a base reference rate equal to the highest of (i) the federal funds rate plus 0.50 percent, (ii) the rate of interest last quoted by JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”) as its “prime rate” and (iii) the one-month SOFR rate plus 1.00 percent (the “Base Rate”), plus, as applicable, a margin ranging from 1.625 percent to 2.25 percent per annum for SOFR-based loans and ranging from 0.625 percent to 1.25 percent per annum for Base Rate-based loans, in each case, depending on the Company’s net leverage ratio. The Company will also pay customary agency fees and a commitment fee based on the daily unused portion of the revolving credit facility ranging from 0.20 percent to 0.30 percent per annum, depending on its net leverage ratio. The 2024 Credit Agreement contains customary representations and warranties, affirmative covenants, and restrictive covenants. The restrictive covenants limit the Company and its subsidiaries’ ability to, among other things, (i) incur indebtedness, (ii) create liens on the Company’s or such subsidiaries’ assets, (iii) engage in fundamental changes, (iv) make investments, (v) sell or otherwise dispose of assets, (vi) engage in sale-leaseback transactions, (vii) make restricted payments, (viii) engage in certain transactions with affiliates and (ix) enter into agreements restricting the ability of the Company’s subsidiaries to make distributions to the Company or incur liens on their assets. The 2024 Credit Agreement also contains a financial covenant that does not permit the Company to allow its net leverage ratio to exceed (i) in the case of any fiscal quarter ending on or prior to December 31, 2024, 3.50 to 1:00 and (ii) in the case of any fiscal quarter ending on or following March 31, 2025, 3.25 to 1:00 or, if the Company consummates any material acquisition, then the Company’s net leverage ratio shall not exceed 3.75 to 1.00 for the applicable fiscal quarter in which such acquisition is consummated and the three consecutive fiscal quarters thereafter. The Company is also required to maintain a minimum interest coverage ratio of 3.00 to 1.00. The 2024 Credit Agreement also contains customary events of default. The occurrence of an event of default could result in the termination of commitments under the revolving credit facility, the acceleration of all outstanding amounts thereunder and the requirement to cash collateralize outstanding letters of credit. The Company was in compliance with all of its debt covenants under the 2024 Credit Agreement as of September 29, 2024. The revolving credit facility had an outstanding balance of $375.0 million as of September 29, 2024 and had $350.4 million of availability. Availability under the $750.0 million revolving credit facility is reduced by the outstanding balance under the revolving credit facility and outstanding letters of credit. As of September 29, 2024, prepaid debt issuance costs related to the 2024 Credit Agreement were $4.9 million and will be amortized over the term of the debt. At September 29, 2024, these costs are included in other assets in our condensed consolidated balance sheets.

Restructuring Charges (Adjustme

Restructuring Charges (Adjustments)	9 Months Ended
Restructuring Charges (Adjustments)	Sep. 29, 2024
Restructuring and Related Activities [Abstract]
Restructuring Charges (Adjustments)	Restructuring Charges For the thirteen and thirty-nine weeks ended September 29, 2024 , we recognized restructuring charges of $7.8 million and $11.0 million, respectively. For the thirteen and thirty-nine weeks ended September 24, 2023, we recognized restructuring charges of $1.4 million and $4.1 million. Restructuring charges for all periods presented are largely related to severance costs and other employee-related costs in order to better align our workforce with our forecasted demand within our manufacturing footprint. Reconciliation of Restructuring Liability (U.S. Dollars presented in millions) Balance at Provision Cash Expenditures (a) Non-cash Balance at September 29, 2024 Workforce reduction costs $ 1.4 $ 5.7 $ (2.7) $ — $ 4.4 Other (b) 0.1 2.1 (0.9) (1.2) 0.1 $ 1.5 $ 7.8 $ (3.6) $ (1.2) $ 4.5 (U.S. Dollars presented in millions) Balance at Cash Expenditures (a) Non-cash Balance at September 24, 2023 Workforce reduction costs $ 3.2 $ 1.2 $ (3.0) $ — $ 1.4 Other (b) 0.1 0.2 (0.2) — 0.1 $ 3.3 $ 1.4 $ (3.2) $ — $ 1.5 (U.S. Dollars presented in millions) Balance at December 31, 2023 Provision Cash Expenditures (a) Non-cash Balance at September 29, 2024 Workforce reduction costs $ 1.3 $ 7.7 $ (4.6) $ — $ 4.4 Other (b) 0.1 3.3 (2.1) (1.2) 0.1 $ 1.4 $ 11.0 $ (6.7) $ (1.2) $ 4.5 (U.S. Dollars presented in millions) Balance at December 25, 2022 Provision Cash Expenditures (a) Non-cash Balance at September 24, 2023 Workforce reduction costs $ 15.3 $ 2.5 $ (16.4) $ — $ 1.4 Other (b) 0.1 1.6 (1.6) — 0.1 $ 15.4 $ 4.1 $ (18.0) $ — $ 1.5 (a) Cash expenditures primarily related to severance charges. (b) Other includes provisions and non-cash writeoffs related to facility closure costs.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates for the thirteen weeks ended September 29, 2024 and September 24, 2023, were 26.1 percent and 23.4 percent, respectively. The net increase in the effective tax rate between the periods is primarily due to nondeductible acquisition-related transaction costs, an increase in nondeductible stock compensation and changes in foreign income inclusions with offsetting foreign tax credits, partially offset by favorable return-to-provision adjustments and a decrease in the deferred tax liability for foreign earnings. The difference between our effective income tax rate for the thirteen weeks ended September 29, 2024, and the U.S. statutory rate of 21.0 percent is due to the unfavorable impact of state and local income taxes, nondeductible compensation, nondeductible acquisition-related transaction costs and foreign income inclusions with offsetting tax credits, partially offset by favorable return-to-provision adjustments and the mix of earnings in jurisdictions with differing tax rates. The difference between our effective income tax rate for the thirteen weeks ended September 24, 2023, and the U.S. statutory rate of 21.0 percent is due to the unfavorable changes in state and local income taxes, nondeductible compensation, foreign income inclusions with offsetting foreign tax credits and recognition of a deferred tax liability for foreign earnings, partially offset by the mix of earnings in jurisdictions with differing tax rates. The effective income tax rates for the thirty-nine weeks ended September 29, 2024 and September 24, 2023, were 24.6 percent and 25.4 percent, respectively. The net decrease in the effective tax rate between the periods is primarily related to favorable return-to-provision adjustments, the stock compensation windfall benefit for shares which vested and a decrease in the deferred tax liability for foreign earnings, partially offset by nondeductible acquisition-related transaction costs and nondeductible compensation. The difference between our effective income tax rate for the thirty-nine weeks ended September 29, 2024, and the U.S. statutory rate of 21.0 percent is due to the unfavorable impact of state and local income taxes, foreign income inclusions with offsetting tax credits, nondeductible compensation and nondeductible acquisition-related transaction costs, partially offset by favorable return-to-provision adjustments , the stock compensation windfall benefit for shares which vested and the mix of earnings in jurisdictions with differing tax rates. The difference between the Company’s effective income tax rate for the thirty-nine weeks ended September 24, 2023, and the U.S. statutory rate of 21.0 percent is due to unfavorable changes in state and local income taxes, nondeductible compensation, foreign income inclusions with offsetting foreign tax credits, recognition of a deferred tax liability for foreign earnings and changes due to foreign tax return filings, partially offset by the mix of earnings in jurisdictions with differing tax rates.

Pension and Other Postretiremen

Pension and Other Postretirement Plans	9 Months Ended
Pension and Other Postretirement Plans	Sep. 29, 2024
Retirement Benefits [Abstract]
Pension and Other Postretirement Plans	Pension and Other Postretirement Plans We have a defined benefit pension plan in the United States covering many of the Company’s associates. In addition, the Company provides postretirement health care and life insurance benefits to certain retirees. The defined benefit pension plan has been frozen to new participants and benefit accruals were frozen for active participants on or before December 31, 2016. During 2023, our Board of Directors approved a plan to terminate the defined benefit pension plan. The termination and settlement process, which preserves retirement benefits due to participants but changes the ultimate payor of such benefits, is expected to take up to 24 months to complete, subject to receipt of customary regulatory approvals. During 2024, the Company is offering a lump-sum benefit payout option to certain plan participants. During 2025, we expect to complete the purchase of group annuity contracts that will transfer any remaining pension benefit obligation to an insurance company. The components of net periodic cost (benefit) for pension and other postretirement plans for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively, are as set forth in the tables below. Service cost is classified as either a component of cost of products sold or within selling, general and administrative expenses in the condensed consolidated statements of income, based on the nature of the job responsibilities of the associates participating in the plans. All other components of net periodic cost (benefit) are classified as other income, net in the condensed consolidated statements of income. Pension Benefits Postretirement Benefits 13 Weeks Ended 13 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Service cost $ — $ — $ 0.1 $ 0.1 Interest cost 1.3 1.7 0.1 0.1 Expected return on plan assets (1.0) (1.8) — — Net periodic cost (benefit) $ 0.3 $ (0.1) $ 0.2 $ 0.2 Pension Benefits Postretirement Benefits 39 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Service cost $ — $ — $ 0.4 $ 0.3 Interest cost 3.9 4.9 0.3 0.2 Expected return on plan assets (3.1) (5.3) — — Net periodic cost (benefit) $ 0.8 $ (0.4) $ 0.7 $ 0.5

Contingencies and Accrued Losse

Contingencies and Accrued Losses	9 Months Ended
Contingencies and Accrued Losses	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies and Accrued Losses	Contingencies and Accrued Losses Product Warranties We generally record warranty expense related to contractual warranty terms at the time of sale. We may also provide customer concessions for claims made outside of the contractual warranty terms and those expenses are recorded in the period in which the concession is made. We offer our customers various warranty terms based on the type of product that is sold. Warranty expense is determined based on historic claim experience and the nature of the product category. The following table summarizes activity related to our product warranty liability for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023. 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Reserve balance at the beginning of the period $ 10.6 $ 13.2 $ 12.9 $ 11.2 Provision for warranties issued 4.3 8.2 15.2 26.3 Settlements made (in cash or in kind) (5.7) (7.8) (18.9) (23.9) Reserve balance at the end of the period $ 9.2 $ 13.6 $ 9.2 $ 13.6 Litigation The Company is a defendant in lawsuits that are ordinary routine litigation matters incidental to our business and operations. In addition, other matters, including tax assessments, audits, claims and governmental investigations and proceedings covering a wide range of matters are pending against us. It is not possible to predict the outcome of the pending actions, and, as with any such matters, it is possible that these actions could be decided unfavorably to the Company. The Company believes that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon the Company’s results of operations, cash flows or financial condition, and where appropriate, these actions are being vigorously contested. Accordingly, the Company believes the likelihood of material loss is remote. However, such matters are subject to inherent uncertainties and unfavorable rulings or other events could occur. The Company regularly undergoes tax audits in various jurisdictions in which our products are sold or manufactured. In the future, costs related to such audits or an unfavorable outcome could have a material impact on our condensed consolidated results of operations, cash flows and financial condition. Following an audit for the 2018 tax year, the Mexican tax administration service, the Servicio de Administración Tributaria, (the “SAT”), issued a tax assessment in the amount of approximately $54.9 million to our subsidiary, Woodcrafters Home Products, S. de R.L. de C.V., for allegedly failing to make certain tax payments and to export timely certain merchandise. The Company disputed these findings and the SAT annulled their decision on January 11, 2024. In order to prevent the 2018 tax year from further audit by the SAT, the Company has filed an action to declare this annulment final in the specialized court of trade and customs in Monterrey, Nuevo Leon, Sala Especializada en Materia de Comercio Exterior y Auxiliar – Noreste, Tribunal Federal de Justicia Administrativa. We reserved an immaterial amount related to the 2018 tax year audit as our best estimate of our probable liability as of September 29, 2024 and December 31, 2023. While we cannot predict with certainty the outcome of any future review relating to the 2018 tax year or other open tax years, based on currently known information, we believe our risk of additional loss is remote and not estimable. Environmental We reserve for remediation activities to clean up potential environmental liabilities as required by federal and state laws based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. There were no material environmental accruals as of September 29, 2024 and December 31, 2023.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
Accumulated Other Comprehensive Loss	Sep. 29, 2024
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated other comprehensive loss Total accumulated other comprehensive loss consists of net income and other changes in business equity from transactions and other events from sources other than stockholders. It includes currency translation gains and losses, realized gains and losses from derivative instruments designated as cash flow hedges, and defined benefit plan adjustments. The after-tax components of and changes in accumulated other comprehensive loss for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were as follows: (U.S. Dollars presented in millions) Foreign Derivative Pension and Other Accumulated Balance at June 30, 2024 $ (7.7) $ (3.0) $ (10.0) $ (20.7) Amounts classified into accumulated other comprehensive (loss) income (4.0) (4.1) — (8.1) Amounts reclassified into earnings — 2.0 — 2.0 Net current period other comprehensive (loss) income (4.0) (2.1) — (6.1) Balance at September 29, 2024 $ (11.7) $ (5.1) $ (10.0) $ (26.8) Balance at June 25, 2023 $ 1.6 $ 3.8 $ (9.3) $ (3.9) Amounts classified into accumulated other comprehensive (loss) income (2.0) 1.6 — (0.4) Amounts reclassified into earnings — (3.1) — (3.1) Net current period other comprehensive loss (2.0) (1.5) — (3.5) Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4) (U.S. Dollars presented in millions) Foreign Derivative Pension and Other Accumulated Balance at December 31, 2023 $ 4.1 $ 2.2 $ (10.0) $ (3.7) Amounts classified into accumulated other comprehensive (loss) income (15.8) (8.0) — (23.8) Amounts reclassified into earnings — 0.7 — 0.7 Net current period other comprehensive (loss) income (15.8) (7.3) — (23.1) Balance at September 29, 2024 $ (11.7) $ (5.1) $ (10.0) $ (26.8) Balance at December 25, 2022 $ (8.0) $ 2.8 $ (9.3) $ (14.5) Amounts classified into accumulated other comprehensive income 7.6 8.1 — 15.7 Amounts reclassified into earnings — (8.6) — (8.6) Net current period other comprehensive income (loss) 7.6 (0.5) — 7.1 Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4)

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
Stock Repurchase Program	Sep. 29, 2024
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase Program On May 9, 2023, we announced our Board of Directors’ authorization of a stock repurchase program under which we may repurchase up to $50.0 million of our common stock over a twenty-four month period at management’s discretion for general corporate purposes. As a result of this authorization, we may repurchase shares from time to time through open market purchases, privately-negotiated transactions, block trades or otherwise in accordance with applicable federal securities laws, including through Rule 10b5-1 trading plans and under Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The timing and amount of our purchases will depend upon prevailing market conditions, our available capital resources, our financial and operational performance, alternative uses of capital and other factors. We may limit or terminate the repurchase program at any time. During the thirteen weeks ended September 29, 2024, we did not repurchase any shares of our common stock. During the thirty-nine weeks ended September 29, 2024, we repurchased 371,499 shares of our common stock under this program. The shares were repurchased at a cost of approximately $6.5 million, or an average of $17.58 per share, during the thirty-nine weeks ended September 29, 2024. During the thirteen and thirty-nine weeks ended September 24, 2023, we repurchased 942,918 and 1,347,776 shares of our common stock under this program, respectively. The shares were repurchased at a cost of approximately $11.5 million and $15.9 million, respectively, or an average of $12.23 and $11.83 per share, respectively, during the thirteen and thirty-nine weeks ended September 24, 2023.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Pay vs Performance Disclosure
Net income	$ 29.1	$ 59.7	$ 111.9	$ 145.9

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Pri_2

Basis of Presentation and Principles of Consolidation (Policies)	9 Months Ended
	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our consolidated financial statements are based on a 52- or 53-week fiscal year ending on the last Sunday in December in each calendar year. Our fiscal 2024 will consist of 52 weeks ending on December 29, 2024, while our fiscal 2023 consisted of 53 weeks ended on December 31, 2023. The condensed consolidated balance sheets as of September 29, 2024 and December 31, 2023 , as well as the related condensed consolidated statements of income, comprehensive income, cash flows, and equity for the thirteen and thirty-nine weeks ended September 29, 2024 and the thirteen and thirty-nine weeks ended September 24, 2023, are unaudited. The presentation of these financial statements requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results could differ from those estimates. In the opinion of management, all adjustments, consisting of normal, recurring accruals, considered necessary for a fair statement of the financial statements have been included. Interim results may not be indicative of results for a full year. The condensed consolidated financial statements and notes are presented pursuant to the rules and regulations of the Securities and Exchange Commission and do not contain certain information included in our audited consolidated financial statements and notes. The 2023 condensed consolidated balance sheet was derived from our audited consolidated financial statements, but does not include all disclosures required by United States Generally Accepted Accounting Principles (“GAAP”). These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 .
Accounting Standards Issued and Adopted	Accounting Standards Issued and Adopted There are no recently issued accounting pronouncements that we have adopted and which have had a material effect on our results of operations, cash flows or financial condition. Accounting Standards Issued, But Not Yet Adopted Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss to assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures, providing new disclosure requirements for entities with a single reportable segment, and requiring other new disclosures. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance on the condensed consolidated financial statements and will adopt this guidance when it becomes effective in our Annual Report on Form 10-K for the fiscal year ending December 29, 2024. Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which is intended to enhance the transparency, decision usefulness and effectiveness of income tax disclosures. The amendments in this ASU require a public entity to disclose a tabular tax rate reconciliation, using both percentages and currency, with specific categories. A public entity is also required to provide a qualitative description of the states and local jurisdictions that make up the majority of the effect of the state and local income tax category and the net amount of income taxes paid, disaggregated by federal, state and foreign taxes and also disaggregated by individual jurisdictions. The amendments also remove certain disclosures that are no longer considered cost beneficial. The amendments are effective prospectively for annual periods beginning after December 15, 2024, and early adoption and retrospective application are permitted. The Company is currently evaluating the impact of adopting this guidance on the condensed consolidated financial statements and will adopt this guidance when it becomes effective in our Annual Report on Form 10-K for the fiscal year ending December 28, 2025.

Acquisition (Tables)

Acquisition (Tables)	9 Months Ended
Acquisition (Tables)	Sep. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Business Acquisitions, by Acquisition	The purchase consideration was $527.1 million , which was determined as follows: (U.S. Dollars presented in millions) Cash considerations paid to Supreme shareholders $ 336.4 Cash paid for transaction costs of Supreme 13.9 Repayment of Supreme existing indebtedness and accrued interest 178.2 Total Cash Consideration $ 528.5 Preliminary purchase price adjustments (1.4) Total Preliminary Purchase Consideration $ 527.1
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	(U.S. Dollars presented in millions) Preliminary Net Assets Acquired Fair Value Cash and cash equivalents $ 11.8 Accounts receivable 11.5 Inventories 17.3 Other current assets 2.1 Property, plant and equipment 115.9 Operating lease right-of-use assets 17.6 Other intangible assets 256.9 Other assets 1.9 $ 435.0 Accounts payable $ 7.2 Current operating lease liabilities 2.4 Other current liabilities 18.0 Deferred income taxes 69.8 Operating lease liabilities 15.1 Other non-current liabilities 0.3 $ 112.8 Net Assets Acquired $ 322.2 Goodwill 204.9 Purchase Consideration $ 527.1
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination	(U.S. Dollars presented in millions) Asset Type Fair Value Useful Life Valuation Methodology Customer relationships $ 171.8 17.5 years Multi-period excess earnings Tradenames 85.1 Indefinite Relief from royalty method Total other intangible assets $ 256.9
Business Acquisition, Pro Forma Information	Net sales and earnings related to the operations of Supreme that have been included in our condensed consolidated statements of income for the period from July 10, 2024 to September 29, 2024 are as follows: (U.S. Dollars presented in millions) Net Sales $ 60.8 Net Income $ 4.2 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net Sales $ 718.1 $ 738.5 $ 2,168.7 $ 2,242.4 Net Income $ 42.0 $ 56.7 $ 118.3 $ 124.5 These pro forma amounts have been calculated after applying our accounting policies and making certain adjustments, which primarily include: (i) depreciation adjustments relating to fair value step-ups to property, plant and equipment; (ii) amortization adjustments relating to fair value estimates of acquired intangible assets; (iii) incremental interest expense associated with the revolving credit facility used, in part, to fund the acquisition, and related debt issuance costs; (iv) cost of products sold adjustments relating to fair value step-ups to inventory; and (v) transaction related costs of both MasterBrand and Supreme.

Revenue from Contract with Cust

Revenue from Contract with Customers (Tables)	9 Months Ended
Revenue from Contract with Customers (Tables)	Sep. 29, 2024
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates our consolidated revenue by major sales distribution channels and by shipping location for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 . 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Net Sales by Channel (a) Dealers (b) $ 393.2 $ 368.1 $ 1,060.9 $ 1,093.6 Retailers (c) 231.1 230.3 705.7 726.8 Builders (d) 93.8 78.9 266.1 228.7 Net sales $ 718.1 $ 677.3 $ 2,032.7 $ 2,049.1 Net Sales by Shipping Location United States $ 687.3 $ 642.9 $ 1,939.4 $ 1,942.7 Canada 26.3 30.1 80.2 94.7 Mexico 4.5 4.3 13.1 11.7 Net sales $ 718.1 $ 677.3 $ 2,032.7 $ 2,049.1 (a) Net sales by channel presented for the thirteen and thirty-nine weeks ended September 24, 2023 have been reclassified to conform with the new format of this table, which is intended to provide a consolidated view of our net sales by channel and shipping location. Prior to our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, net sales by channel were presented for our domestic sales only. (b) Represents sales to dealers whose end customers include builders, professional trades and home remodelers, inclusive of sales through our dealers’ respective internet website portals. (c) Represents sales to “Do-It-Yourself” retailers, including our two largest customers: 1) Lowe’s and 2) The Home Depot, inclusive of sales through their respective internet website portals. (d)
Accounts Receivable, Allowance for Credit Loss	The following table summarizes the activity for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023: 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Beginning balance $ 2.8 $ 6.1 $ 4.6 $ 11.6 Bad debt provision — 0.8 0.1 1.5 Uncollectible accounts written off, net of recoveries (0.2) (1.6) (2.1) (7.8) Ending balance $ 2.6 $ 5.3 $ 2.6 $ 5.3

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 29, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023: 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions, except per share amounts) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Numerator: Numerator for basic and diluted earnings per share - Net income $ 29.1 $ 59.7 $ 111.9 $ 145.9 Denominator: Denominator for basic earnings per share - weighted average shares outstanding 127.1 127.6 127.0 128.1 Effect of dilutive securities - stock-based awards 3.7 2.7 3.8 1.8 Denominator for diluted earnings per share - weighted average shares outstanding 130.8 130.3 130.8 129.9 Earnings per share: Basic $ 0.23 $ 0.47 $ 0.88 $ 1.14 Diluted $ 0.22 $ 0.46 $ 0.86 $ 1.12

Balance Sheet Information - (Ta

Balance Sheet Information - (Tables)	9 Months Ended
Balance Sheet Information - (Tables)	Sep. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Balance Sheet	Supplemental information on our condensed consolidated balance sheets is as follows: (U.S. Dollars presented in millions) September 29, 2024 December 31, 2023 Inventories: Raw materials and supplies $ 199.7 $ 175.1 Work in process 27.2 25.1 Finished products 72.5 49.6 Total inventories $ 299.4 $ 249.8 Property, plant and equipment: Land and improvements $ 37.1 $ 31.8 Buildings and improvements to leaseholds 363.0 304.0 Machinery and equipment 618.8 551.9 Construction in progress 31.1 36.6 Property, plant and equipment, gross 1,050.0 924.3 Less: accumulated depreciation 593.3 567.7 Property, plant and equipment, net of accumulated depreciation $ 456.7 $ 356.6 Other current liabilities: Accrued salaries, wages and other compensation $ 57.3 $ 67.6 Accrued restructuring 4.5 1.4 Accrued income and other taxes 12.9 18.5 Accrued product warranties 9.2 12.9 Interest payable 13.2 1.3 Derivative payable 5.8 0.1 Other accrued expenses 83.4 62.5 Total other current liabilities $ 186.3 $ 164.3

Goodwill and Identifiable Int_2

Goodwill and Identifiable Intangible Assets (Tables)	9 Months Ended
Goodwill and Identifiable Intangible Assets (Tables)	Sep. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in the net carrying amount of goodwill was as follows: (U.S. Dollars presented in millions) Total Balance at December 31, 2023 $ 925.1 Supreme acquisition 204.9 2024 translation adjustments (0.6) Balance at September 29, 2024 $ 1,129.4
Schedule of Finite-Lived Intangible Assets	The gross carrying value and accumulated amortization by class of intangible assets as of September 29, 2024 and December 31, 2023 were as follows: September 29, 2024 December 31, 2023 (U.S. Dollars presented in millions) Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames (a) $ 268.5 $ — $ 268.5 $ 184.2 $ — $ 184.2 Amortizable intangible assets Tradenames 10.3 (10.3) — 10.4 (10.4) — Customer and contractual relationships (a) 534.9 (225.5) 309.4 363.6 (212.3) 151.3 Patents/proprietary technology 11.0 (11.0) — 11.0 (11.0) — Total 556.2 (246.8) 309.4 385.0 (233.7) 151.3 Total identifiable intangibles $ 824.7 $ (246.8) $ 577.9 $ 569.2 $ (233.7) $ 335.5 (a) During the third quarter of 2024, we completed our acquisition of Supreme, acquiring Indefinite-lived tradenames of $85.1 million and customer relationships of $171.8 million.
Schedule of Indefinite-Lived Intangible Assets	The gross carrying value and accumulated amortization by class of intangible assets as of September 29, 2024 and December 31, 2023 were as follows: September 29, 2024 December 31, 2023 (U.S. Dollars presented in millions) Gross Accumulated Net Gross Accumulated Net Indefinite-lived tradenames (a) $ 268.5 $ — $ 268.5 $ 184.2 $ — $ 184.2 Amortizable intangible assets Tradenames 10.3 (10.3) — 10.4 (10.4) — Customer and contractual relationships (a) 534.9 (225.5) 309.4 363.6 (212.3) 151.3 Patents/proprietary technology 11.0 (11.0) — 11.0 (11.0) — Total 556.2 (246.8) 309.4 385.0 (233.7) 151.3 Total identifiable intangibles $ 824.7 $ (246.8) $ 577.9 $ 569.2 $ (233.7) $ 335.5 (a) During the third quarter of 2024, we completed our acquisition of Supreme, acquiring Indefinite-lived tradenames of $85.1 million and customer relationships of $171.8 million.

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
Financial Instruments (Tables)	Sep. 29, 2024
Investments, Debt and Equity Securities [Abstract]
Fair Values of Foreign Exchange Derivative Instruments on the Consolidated Balance Sheets	The fair values of foreign exchange derivative instruments on the condensed consolidated balance sheets as of September 29, 2024 and December 31, 2023 were: (U.S. Dollars presented in millions) Location September 29, 2024 December 31, 2023 Assets: Foreign exchange contracts Other current assets $ — $ 3.0 Total assets $ — $ 3.0 Liabilities: Foreign exchange contracts Other current liabilities $ 5.8 $ 0.1 Total liabilities $ 5.8 $ 0.1
Effects of Derivative Financial Instruments on the Consolidated Statements of Income	The effects of cash flow hedging financial instruments included within the condensed consolidated statements of comprehensive income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 are presented in the table below. When the hedged item affects earnings, amounts are reclassed out of accumulated other comprehensive loss and recognized as a component of cost of products sold. Amount Recognized in Statement of Comprehensive 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Foreign exchange contracts: Unrealized holding (losses) gains arising during period $ (4.1) $ 1.6 $ (8.0) $ 8.1 Less: reclassification adjustment for gains included in net income 2.0 (3.1) 0.7 (8.6) Unrealized losses on derivatives $ (2.1) $ (1.5) $ (7.3) $ (0.5) The effects of fair value hedging financial instruments included in other income, net on the condensed consolidated statements of income for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were: Amount of (Gain) Loss Recognized in Earnings 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Foreign exchange contracts: Hedged items $ 0.1 $ 1.3 $ — $ (0.7) Derivatives designated as hedging instruments (0.1) — — 3.4 Net losses recognized in earnings $ — $ 1.3 $ — $ 2.7

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 29, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis as of September 29, 2024 and December 31, 2023 were as follows: Fair Value (U.S. Dollars presented in millions) September 29, 2024 December 31, 2023 Assets: Derivative asset financial instruments (Level 2) $ — $ 3.0 Deferred compensation program assets (Level 2) 9.1 5.5 Total assets $ 9.1 $ 8.5 Liabilities: Derivative liability financial instruments (Level 2) $ 5.8 $ 0.1 The estimated fair value of the Company's debt, including current maturities, was based on Level 2 inputs, being market quotes or values for similar instruments, and interest rates currently available to the Company for the issuance of debt with similar terms and remaining maturities, as a discount rate for the remaining principal payments. As of September 29, 2024, the fair value of total debt was $1,109.1 million compared to the carrying value of $1,075.0 million , excluding deferred financing costs. As of December 31, 2023, the fair value of total debt was equal to the carrying value of $712.5 million , excluding deferred financing costs.

Debt (Tables)

Debt (Tables)	9 Months Ended
Debt (Tables)	Sep. 29, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table provides a summary of the Company’s debt as of September 29, 2024 and December 31, 2023, including the carrying value of the debt less debt issuance costs: September 29, 2024 December 31, 2023 (U.S. Dollars presented in millions) Current Long-term Current Long-term Revolving credit facility due November 2027 $ — $ — $ — $ — Term loan due November 2027 — — 18.8 693.7 Revolving credit facility due June 2029 — 375.0 — — 7.00% Senior Notes due 2032 — 700.0 — — — 1,075.0 18.8 693.7 Less: Unamortized debt issuance costs — (12.7) (1.2) (3.5) Total $ — $ 1,062.3 $ 17.6 $ 690.2

Restructuring Charges (Adjust_2

Restructuring Charges (Adjustments) (Tables)	9 Months Ended
Restructuring Charges (Adjustments) (Tables)	Sep. 29, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Liabilities	(U.S. Dollars presented in millions) Balance at Provision Cash Expenditures (a) Non-cash Balance at September 29, 2024 Workforce reduction costs $ 1.4 $ 5.7 $ (2.7) $ — $ 4.4 Other (b) 0.1 2.1 (0.9) (1.2) 0.1 $ 1.5 $ 7.8 $ (3.6) $ (1.2) $ 4.5 (U.S. Dollars presented in millions) Balance at Cash Expenditures (a) Non-cash Balance at September 24, 2023 Workforce reduction costs $ 3.2 $ 1.2 $ (3.0) $ — $ 1.4 Other (b) 0.1 0.2 (0.2) — 0.1 $ 3.3 $ 1.4 $ (3.2) $ — $ 1.5 (U.S. Dollars presented in millions) Balance at December 31, 2023 Provision Cash Expenditures (a) Non-cash Balance at September 29, 2024 Workforce reduction costs $ 1.3 $ 7.7 $ (4.6) $ — $ 4.4 Other (b) 0.1 3.3 (2.1) (1.2) 0.1 $ 1.4 $ 11.0 $ (6.7) $ (1.2) $ 4.5 (U.S. Dollars presented in millions) Balance at December 25, 2022 Provision Cash Expenditures (a) Non-cash Balance at September 24, 2023 Workforce reduction costs $ 15.3 $ 2.5 $ (16.4) $ — $ 1.4 Other (b) 0.1 1.6 (1.6) — 0.1 $ 15.4 $ 4.1 $ (18.0) $ — $ 1.5 (a) Cash expenditures primarily related to severance charges. (b) Other includes provisions and non-cash writeoffs related to facility closure costs.

Pension and Other Postretirem_2

Pension and Other Postretirement Plans (Tables)	9 Months Ended
Pension and Other Postretirement Plans (Tables)	Sep. 29, 2024
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic cost (benefit) for pension and other postretirement plans for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023, respectively, are as set forth in the tables below. Service cost is classified as either a component of cost of products sold or within selling, general and administrative expenses in the condensed consolidated statements of income, based on the nature of the job responsibilities of the associates participating in the plans. All other components of net periodic cost (benefit) are classified as other income, net in the condensed consolidated statements of income. Pension Benefits Postretirement Benefits 13 Weeks Ended 13 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Service cost $ — $ — $ 0.1 $ 0.1 Interest cost 1.3 1.7 0.1 0.1 Expected return on plan assets (1.0) (1.8) — — Net periodic cost (benefit) $ 0.3 $ (0.1) $ 0.2 $ 0.2 Pension Benefits Postretirement Benefits 39 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Service cost $ — $ — $ 0.4 $ 0.3 Interest cost 3.9 4.9 0.3 0.2 Expected return on plan assets (3.1) (5.3) — — Net periodic cost (benefit) $ 0.8 $ (0.4) $ 0.7 $ 0.5

Contingencies and Accrued Los_2

Contingencies and Accrued Losses (Tables)	9 Months Ended
Contingencies and Accrued Losses (Tables)	Sep. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Product Warranty Liability	The following table summarizes activity related to our product warranty liability for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023. 13 Weeks Ended 39 Weeks Ended (U.S. Dollars presented in millions) September 29, 2024 September 24, 2023 September 29, 2024 September 24, 2023 Reserve balance at the beginning of the period $ 10.6 $ 13.2 $ 12.9 $ 11.2 Provision for warranties issued 4.3 8.2 15.2 26.3 Settlements made (in cash or in kind) (5.7) (7.8) (18.9) (23.9) Reserve balance at the end of the period $ 9.2 $ 13.6 $ 9.2 $ 13.6

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Sep. 29, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The after-tax components of and changes in accumulated other comprehensive loss for the thirteen and thirty-nine weeks ended September 29, 2024 and September 24, 2023 were as follows: (U.S. Dollars presented in millions) Foreign Derivative Pension and Other Accumulated Balance at June 30, 2024 $ (7.7) $ (3.0) $ (10.0) $ (20.7) Amounts classified into accumulated other comprehensive (loss) income (4.0) (4.1) — (8.1) Amounts reclassified into earnings — 2.0 — 2.0 Net current period other comprehensive (loss) income (4.0) (2.1) — (6.1) Balance at September 29, 2024 $ (11.7) $ (5.1) $ (10.0) $ (26.8) Balance at June 25, 2023 $ 1.6 $ 3.8 $ (9.3) $ (3.9) Amounts classified into accumulated other comprehensive (loss) income (2.0) 1.6 — (0.4) Amounts reclassified into earnings — (3.1) — (3.1) Net current period other comprehensive loss (2.0) (1.5) — (3.5) Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4) (U.S. Dollars presented in millions) Foreign Derivative Pension and Other Accumulated Balance at December 31, 2023 $ 4.1 $ 2.2 $ (10.0) $ (3.7) Amounts classified into accumulated other comprehensive (loss) income (15.8) (8.0) — (23.8) Amounts reclassified into earnings — 0.7 — 0.7 Net current period other comprehensive (loss) income (15.8) (7.3) — (23.1) Balance at September 29, 2024 $ (11.7) $ (5.1) $ (10.0) $ (26.8) Balance at December 25, 2022 $ (8.0) $ 2.8 $ (9.3) $ (14.5) Amounts classified into accumulated other comprehensive income 7.6 8.1 — 15.7 Amounts reclassified into earnings — (8.6) — (8.6) Net current period other comprehensive income (loss) 7.6 (0.5) — 7.1 Balance at September 24, 2023 $ (0.4) $ 2.3 $ (9.3) $ (7.4)

Basis of Presentation and Pri_3

Basis of Presentation and Principles of Consolidation (Details) - Tornado - USD ($) $ in Millions	3 Months Ended				6 Months Ended	9 Months Ended
	Dec. 31, 2023	Sep. 24, 2023	Jun. 25, 2023	Mar. 26, 2023	Jun. 25, 2023	Dec. 31, 2023
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Other nonrecurring expense				$ 9.4		$ 0
Insurance proceeds	$ 3.2	$ 2	$ 2.2		$ 7.4

Acquisition - Additional Inform

Acquisition - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
	Jul. 10, 2024	Sep. 29, 2024	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023	Jul. 09, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 1,129.4	$ 1,129.4		$ 1,129.4			$ 925.1
Net Sales			60.8
Net Income			$ (4.2)
Pro forma revenue		718.1		$ 738.5	2,168.7	$ 2,242.4
Pro forma net income		42		$ 56.7	118.3	$ 124.5
Supreme
Business Acquisition [Line Items]
Property, plant, and equipment							$ 42.2
Supreme
Business Acquisition [Line Items]
Expected price of acquisition	$ 520
Total Purchase Consideration	527.1
Provisional information, property, plant, and equipment	73.7
Property, plant, and equipment	115.9
Goodwill	204.9
Goodwill expected tax deductible amount	$ 180.8
Cash paid for transaction costs of Supreme		$ 15			$ 19.4

Acquisition -Schedule of Purcha

Acquisition -Schedule of Purchase Consideration (Details) - Supreme $ in Millions	Jul. 10, 2024 USD ($)
Business Acquisition [Line Items]
Cash considerations paid to Supreme shareholders	$ 336.4
Cash paid for transaction costs of Supreme	13.9
Repayment of Supreme existing indebtedness and accrued interest	178.2
Total Cash Consideration	528.5
Preliminary purchase price adjustments	(1.4)
Total Purchase Consideration	$ 527.1

Acquisition -Schedule of Purc_2

Acquisition -Schedule of Purchase Price Allocation and Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Sep. 29, 2024	Jul. 10, 2024	Dec. 31, 2023
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Goodwill	$ 1,129.4		$ 925.1
Supreme
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		$ 11.8
Accounts receivable		11.5
Inventories		17.3
Other current assets		2.1
Property, plant, and equipment		115.9
Operating lease right-of-use assets		17.6
Other intangible assets		256.9
Other assets		1.9
Assets		435
Accounts payable		7.2
Current operating lease liabilities		2.4
Other current liabilities		18
Deferred income taxes		69.8
Operating lease liabilities		15.1
Other non-current liabilities		0.3
Liabilities		112.8
Net Assets Acquired	$ 322.2
Goodwill		204.9
Purchase Consideration		$ 527.1

Acquisition -Schedule of Finite

Acquisition -Schedule of Finite-Lived Intangible Assets Acquired (Details) - Supreme $ in Millions	Jul. 10, 2024 USD ($)
Business Acquisition [Line Items]
Fair Value	$ 256.9
Useful Life	17 years 6 months
Tradenames
Business Acquisition [Line Items]
Fair Value	$ 85.1
Customer relationships
Business Acquisition [Line Items]
Fair Value	$ 171.8

Revenue from Contracts with C_2

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 29, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer, estimate refund	$ 2.2	$ 2.1
Minimum
Disaggregation of Revenue [Line Items]
Contract with customer, terms of payment	30 days
Maximum
Disaggregation of Revenue [Line Items]
Contract with customer, terms of payment	90 days

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 718.1	$ 677.3	$ 2,032.7	$ 2,049.1
UNITED STATES
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	687.3	642.9	1,939.4	1,942.7
Canada
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	26.3	30.1	80.2	94.7
Mexico
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	4.5	4.3	13.1	11.7
Dealer
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	393.2	368.1	1,060.9	1,093.6
Retail
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	231.1	230.3	705.7	726.8
Builders
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 93.8	$ 78.9	$ 266.1	$ 228.7

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Accounts Receivable Allowance for Credit Loss (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2.8	$ 6.1	$ 4.6	$ 11.6
Bad debt provision	0	0.8	0.1	1.5
Uncollectible accounts written off, net of recoveries	(0.2)	(1.6)	(2.1)	(7.8)
Ending balance	$ 2.6	$ 5.3	$ 2.6	$ 5.3

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended	9 Months Ended
	Sep. 24, 2023	Sep. 24, 2023
Earnings Per Share [Abstract]
Anti-dilutive weighted-average stock awards (in shares)	0.3	0.8

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Numerator:
Numerator for basic and diluted earnings per share - Net income	$ 29.1	$ 59.7	$ 111.9	$ 145.9
Denominator:
Denominator for basic earnings per share - weighted average shares outstanding (in shares)	127.1	127.6	127	128.1
Effect of dilutive securities - stock-based awards (in shares)	3.7	2.7	3.8	1.8
Denominator for diluted earnings per share - weighted average shares outstanding (in shares)	130.8	130.3	130.8	129.9
Earnings per share:
Basic (in dollars per share)	$ 0.23	$ 0.47	$ 0.88	$ 1.14
Diluted (in dollars per share)	$ 0.22	$ 0.46	$ 0.86	$ 1.12

Balance Sheet Information- Sche

Balance Sheet Information- Schedule of Balance Sheet (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Inventories:
Raw materials and supplies	$ 199.7	$ 175.1
Work in process	27.2	25.1
Finished products	72.5	49.6
Total inventories	299.4	249.8
Property, plant and equipment:
Property, plant and equipment, gross	1,050	924.3
Less: accumulated depreciation	593.3	567.7
Property, plant and equipment, net of accumulated depreciation	456.7	356.6
Other current liabilities:
Accrued salaries, wages and other compensation	57.3	67.6
Accrued restructuring	4.5	1.4
Accrued income and other taxes	12.9	18.5
Accrued product warranties	9.2	12.9
Interest payable	13.2	1.3
Derivative payable	5.8	0.1
Other accrued expenses	83.4	62.5
Total other current liabilities	186.3	164.3
Land and improvements
Property, plant and equipment:
Property, plant and equipment, gross	37.1	31.8
Buildings and improvements to leaseholds
Property, plant and equipment:
Property, plant and equipment, gross	363	304
Machinery and equipment
Property, plant and equipment:
Property, plant and equipment, gross	618.8	551.9
Construction in progress
Property, plant and equipment:
Property, plant and equipment, gross	$ 31.1	$ 36.6

Goodwill and Identifiable Int_3

Goodwill and Identifiable Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 29, 2024	Sep. 29, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 1,129.4	$ 1,129.4	$ 925.1
Impairment of goodwill	$ 0
Impairment of intangible assets, indefinite-lived		$ 0

Goodwill and Identifiable Int_4

Goodwill and Identifiable Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 29, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 925.1
Supreme acquisition	204.9
2024 translation adjustments	(0.6)
Goodwill, ending balance	$ 1,129.4

Goodwill and Identifiable Int_5

Goodwill and Identifiable Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	$ 556.2	$ 385
Accumulated Amortization	(246.8)	(233.7)
Net Book Value	309.4	151.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Net Book Value	824.7	569.2
Accumulated Amortization	(246.8)	(233.7)
Total identifiable intangibles	577.9	335.5
Tradenames
Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived tradenames (a)	268.5	184.2
Tradenames
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	10.3	10.4
Accumulated Amortization	(10.3)	(10.4)
Net Book Value	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(10.3)	(10.4)
Customer and contractual relationships (a)
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	534.9	363.6
Accumulated Amortization	(225.5)	(212.3)
Net Book Value	309.4	151.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(225.5)	(212.3)
Patents/proprietary technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amounts	11	11
Accumulated Amortization	(11)	(11)
Net Book Value	0	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (11)	$ (11)

Financial Instruments - Narrati

Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Derivative [Line Items]
Unrealized holding (losses) gains arising during period	$ (4.1)	$ 1.6	$ (8)	$ 8.1
Foreign Exchange Contract
Derivative [Line Items]
Unrealized holding (losses) gains arising during period	(4.1)	$ 1.6	$ (8)	$ 8.1
Foreign Exchange Contract \| Minimum
Derivative [Line Items]
Derivative, term of contract			12 months
Foreign Exchange Contract \| Maximum
Derivative [Line Items]
Derivative, term of contract			15 months
Designated as Hedging Instrument \| USD to Mexican Peso and Canadian Dollar
Derivative [Line Items]
Notional amount	91.3		$ 91.3
Net derivative asset	$ (5.8)		(5.8)
Net gain on derivative			$ (5.1)

Financial Instruments - Fair Va

Financial Instruments - Fair Value of Foreign Exchange Derivatives Recorded in the Balance Sheet (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Derivative asset	$ 0	$ 3
Derivative liability	5.8	0.1
Foreign Exchange Contract
Derivatives, Fair Value [Line Items]
Derivative asset	0	3
Derivative liability	$ 5.8	$ 0.1

Financial Instruments - Effect

Financial Instruments - Effect of Derivative Instruments on Statements of Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized holding (losses) gains arising during period	$ (4.1)	$ 1.6	$ (8)	$ 8.1
Less: reclassification adjustment for losses (gains) included in net income	2	(3.1)	0.7	(8.6)
Unrealized losses on derivatives	(2.1)	(1.5)	(7.3)	(0.5)
Foreign Exchange Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Unrealized holding (losses) gains arising during period	(4.1)	1.6	(8)	8.1
Less: reclassification adjustment for losses (gains) included in net income	2	(3.1)	0.7	(8.6)
Unrealized losses on derivatives	(2.1)	(1.5)	(7.3)	(0.5)
Hedged items	0.1	1.3	0	(0.7)
Derivatives designated as hedging instruments	(0.1)	0	0	3.4
Net losses recognized in earnings	$ 0	$ 1.3	$ 0	$ 2.7

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Sep. 29, 2024	Dec. 31, 2023
Assets:
Derivative asset	$ 0	$ 3
Liabilities:
Derivative liability	5.8	0.1
Debt instrument, fair value disclosure	1,109.1
Long-term debt	1,075
Debt		712.5
Fair Value, Recurring
Assets:
Total assets	9.1	8.5
Fair Value, Inputs, Level 2 \| Fair Value, Recurring
Assets:
Derivative asset	0	3
Deferred compensation plan assets	9.1	5.5
Liabilities:
Derivative liability	$ 5.8	$ 0.1

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 29, 2024	Jun. 27, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	$ 0		$ 18.8
Long-term debt, excluding current maturities, gross			693.7
Current debt issuance costs, net	0		(1.2)
Noncurrent debt issuance costs, net	(12.7)		(3.5)
Long-Term Debt, Current Maturities, Total	0		17.6
Long-Term Debt, Excluding Current Maturities, Total	1,062.3		690.2
Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	0		18.8
Long-term debt, excluding current maturities, gross	0		693.7
Secured Debt \| 2024 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	0		0
Long-term debt, excluding current maturities, gross	700		0
Secured Debt \| Senior Notes
Debt Instrument [Line Items]
Stated interest rate (as a percent)		7%
Revolving Credit Facility \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	0		0
Long-term debt, excluding current maturities, gross	0		0
Revolving Credit Facility \| Line of Credit \| 2024 Credit Agreement
Debt Instrument [Line Items]
Long-term debt, current maturities, gross	0		0
Long-term debt, excluding current maturities, gross	$ 375		$ 0

Debt - Narrative (Details)

Debt - Narrative (Details) $ in Millions			3 Months Ended		9 Months Ended
Debt - Narrative (Details) $ in Millions	Jun. 27, 2024 USD ($)	Nov. 18, 2022 USD ($)	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)	Sep. 29, 2024 USD ($)	Sep. 24, 2023 USD ($)
2022 Credit Agreement
Debt Instrument [Line Items]
Debt term		5 years
Face amount		$ 1,250
Maximum EBITDA to consolidated interest expense			3		3
Interest expense			$ 6.7	$ 14.4	$ 34.7	$ 49.1
2022 Credit Agreement \| Through Second Fiscal Quarter Of 2023
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio			3.875		3.875
2022 Credit Agreement \| January 2025
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio			3.25		3.25
Minimum \| 2022 Credit Agreement
Debt Instrument [Line Items]
Interest rate spread		1.85%
Maximum \| 2022 Credit Agreement
Debt Instrument [Line Items]
Interest rate spread		2.60%
Secured Debt \| 2022 Credit Agreement
Debt Instrument [Line Items]
Face amount		$ 750
Repayments of secured debt			$ 28.1
Total amortization payments			4.7
Debt instrument, periodic payment, prepayment			23.4
Secured Debt \| Senior Notes
Debt Instrument [Line Items]
Face amount	$ 700
Stated interest rate (as a percent)	7%
Debt issuance costs	$ 12.7
Revolving Credit Facility \| Line of Credit \| 2022 Credit Agreement
Debt Instrument [Line Items]
Face amount		$ 500
Revolving Credit Facility \| Line of Credit \| 2024 Credit Agreement
Debt Instrument [Line Items]
Debt term	5 years
Face amount	$ 750
Maximum net debt to EBITDA ratio	3.75
Maximum EBITDA to consolidated interest expense	3
Line of credit			375		$ 375
Debt issuance costs	$ 4.9
Remaining borrowing capacity			$ 350.4		$ 350.4
Revolving Credit Facility \| Line of Credit \| 2024 Credit Agreement \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate spread	0.50%
Revolving Credit Facility \| Line of Credit \| 2024 Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread	1%
Revolving Credit Facility \| Line of Credit \| 2024 Credit Agreement \| Through Fourth Fiscal Quarter Of 2024
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio	3.50
Revolving Credit Facility \| Line of Credit \| 2024 Credit Agreement \| After Fourth Fiscal Quarter Of 2024
Debt Instrument [Line Items]
Maximum net debt to EBITDA ratio	3.25
Revolving Credit Facility \| Line of Credit \| Minimum \| 2024 Credit Agreement
Debt Instrument [Line Items]
Unused borrowing capacity fee	0.20%
Revolving Credit Facility \| Line of Credit \| Minimum \| 2024 Credit Agreement \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate spread	0.625%
Revolving Credit Facility \| Line of Credit \| Minimum \| 2024 Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread	1.625%
Revolving Credit Facility \| Line of Credit \| Maximum \| 2024 Credit Agreement
Debt Instrument [Line Items]
Unused borrowing capacity fee	0.30%
Revolving Credit Facility \| Line of Credit \| Maximum \| 2024 Credit Agreement \| Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Interest rate spread	1.25%
Revolving Credit Facility \| Line of Credit \| Maximum \| 2024 Credit Agreement \| Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate spread	2.25%

Restructuring Charges (Adjust_3

Restructuring Charges (Adjustments) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 7.8	$ 1.4	$ 11	$ 4.1

Restructuring Charges (Adjust_4

Restructuring Charges (Adjustments) - Restructuring Charges Reconciliation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 1.5	$ 3.3	$ 1.4	$ 15.4
Restructuring Charges	7.8	1.4	11	4.1
Payments for restructuring	(3.6)	(3.2)	(6.7)	(18)
Non-cash Writeoffs	(1.2)	0	(1.2)	0
Ending balance	4.5	1.5	4.5	1.5
Workforce reduction costs
Restructuring Reserve [Roll Forward]
Beginning balance	1.4	3.2	1.3	15.3
Restructuring Charges	5.7	1.2	7.7	2.5
Payments for restructuring	(2.7)	(3)	(4.6)	(16.4)
Non-cash Writeoffs	0	0	0	0
Ending balance	4.4	1.4	4.4	1.4
Other(b)
Restructuring Reserve [Roll Forward]
Beginning balance	0.1	0.1	0.1	0.1
Restructuring Charges	2.1	0.2	3.3	1.6
Payments for restructuring	(0.9)	(0.2)	(2.1)	(1.6)
Non-cash Writeoffs	(1.2)	0	(1.2)	0
Ending balance	$ 0.1	$ 0.1	$ 0.1	$ 0.1

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details)	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	26.10%	23.40%	24.60%	25.40%

Pension and Other Postretirem_3

Pension and Other Postretirement Plans - Schedule of Net Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Pension Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0	$ 0	$ 0
Interest cost	1.3	1.7	3.9	4.9
Expected return on plan assets	(1)	(1.8)	(3.1)	(5.3)
Net periodic (benefit) cost	0.3	(0.1)	0.8	(0.4)
Postretirement Benefits
Defined Benefit Plan Disclosure [Line Items]
Service cost	0.1	0.1	0.4	0.3
Interest cost	0.1	0.1	0.3	0.2
Expected return on plan assets	0	0	0	0
Net periodic (benefit) cost	$ 0.2	$ 0.2	$ 0.7	$ 0.5

Contingencies and Accrued Los_3

Contingencies and Accrued Losses - Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Reserve balance at the beginning of the period	$ 10.6	$ 13.2	$ 12.9	$ 11.2
Provision for warranties issued	4.3	8.2	15.2	26.3
Settlements made (in cash or in kind)	(5.7)	(7.8)	(18.9)	(23.9)
Reserve balance at the end of the period	$ 9.2	$ 13.6	$ 9.2	$ 13.6

Contingencies and Accrued Los_4

Contingencies and Accrued Losses - Additional Information (Details) $ in Millions	Sep. 29, 2024 USD ($)
Mexican Tax Authority
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 54.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 29, 2024	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ 1,193.8	$ 1,009.2
Amounts classified into accumulated other comprehensive (loss) income	$ (8.1)	$ (0.4)	(23.8)	15.7
Amounts reclassified into earnings	2	(3.1)	0.7	(8.6)
Net current period other comprehensive (loss) income	(6.1)	(3.5)	(23.1)	7.1
Ending balance	1,287.6	1,156.5	1,287.6	1,156.5
Foreign Currency Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7.7)	1.6	4.1	(8)
Amounts classified into accumulated other comprehensive (loss) income	(4)	(2)	(15.8)	7.6
Amounts reclassified into earnings	0	0	0	0
Net current period other comprehensive (loss) income	(4)	(2)	(15.8)	7.6
Ending balance	(11.7)	(0.4)	(11.7)	(0.4)
Derivative Hedging Gain (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(3)	3.8	2.2	2.8
Amounts classified into accumulated other comprehensive (loss) income	(4.1)	1.6	(8)	8.1
Amounts reclassified into earnings	2	(3.1)	0.7	(8.6)
Net current period other comprehensive (loss) income	(2.1)	(1.5)	(7.3)	(0.5)
Ending balance	(5.1)	2.3	(5.1)	2.3
Pension and Other Postretirement Plans Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(10)	(9.3)	(10)	(9.3)
Amounts classified into accumulated other comprehensive (loss) income	0	0	0	0
Amounts reclassified into earnings	0	0	0	0
Net current period other comprehensive (loss) income	0	0	0	0
Ending balance	(10)	(9.3)	(10)	(9.3)
Accumulated Other Comprehensive (Loss) Income
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(20.7)	(3.9)	(3.7)	(14.5)
Net current period other comprehensive (loss) income			(23.1)	7.1
Ending balance	$ (26.8)	$ (7.4)	$ (26.8)	$ (7.4)

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	May 09, 2023	Sep. 24, 2023	Sep. 29, 2024	Sep. 24, 2023
Equity [Abstract]
Stock repurchase program, authorized amount	$ 50
Stock repurchase program, period	24 months
Stock repurchased under repurchase program (in shares)		942,918	371,499	1,347,776
Stock repurchased during period, amount		$ 11.5	$ 6.5	$ 15.9
Average cost per share (in USD per share)		$ 12.23	$ 17.58	$ 11.83
Remaining authorized repurchase amount			$ 21.5