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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 29, 2018
Accounting Policies [Abstract] |
Supplemental Cash Flow Information |
|  | Nine Months Ended
(In thousands) |  | September 29, 2018 |  | September 30, 2017
Cash Paid for Interest |  | $ | 5,914 |  |  | $ | 1,421 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 20,823 |  |  | $ | 12,479 |
Non-Cash Investing Activities: |  |  |  |  |  |
Estimated post-closing adjustment (a) |  | $ | 397 |  |  | $ | — |
Fair value of assets acquired |  | $ | — |  |  | $ | 241,141 |
Cash paid for acquired businesses |  | — |  |  | (206,447 | )
Liabilities assumed of acquired businesses |  | $ | — |  |  | $ | 34,694 |
Non-cash additions to property, plant and equipment |  | $ | 783 |  |  | $ | 1,938 |
Non-Cash Financing Activities: |  |  |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 3,976 |  |  | $ | 3,018 |
Dividends declared but unpaid |  | $ | 2,444 |  |  | $ | 2,312 |
(a) Represents an estimated post-closing purchase price adjustment related to the 2017 acquisition of certain assets of Unaflex, LLC, which is expected to be settled in 2018.
Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:
(In thousands) |  | September 29, 2018 |  | September 30, 2017 |  | December 30, 2017 |  | December 31, 2016
Cash and cash equivalents |  | $ | 57,384 |  |  | $ | 90,622 |  |  | $ | 75,425 |  |  | $ | 71,487 |
Restricted cash |  | 675 |  |  | 766 |  |  | 1,421 |  |  | 2,082 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 58,059 |  |  | $ | 91,388 |  |  | $ | 76,846 |  |  | $ | 73,569 |
Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:
(In thousands) |  | September 29, 2018 |  | September 30, 2017 |  | December 30, 2017 |  | December 31, 2016
Cash and cash equivalents |  | $ | 57,384 |  |  | $ | 90,622 |  |  | $ | 75,425 |  |  | $ | 71,487 |
Restricted cash |  | 675 |  |  | 766 |  |  | 1,421 |  |  | 2,082 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 58,059 |  |  | $ | 91,388 |  |  | $ | 76,846 |  |  | $ | 73,569 |
Inventories | The components of inventories are as follows:
|  | September 29, 2018 |  | December 30, 2017
(In thousands) |  |
Raw Materials and Supplies |  | $ | 43,739 |  |  | $ | 38,952 |
Work in Process |  | 23,895 |  |  | 18,203 |
Finished Goods |  | 24,102 |  |  | 27,778 |
|  | $ | 91,736 |  |  | $ | 84,933 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Currency Translation |  | Accumulated Amortization |  | Net
September 29, 2018 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 113,283 |  |  | $ | (2,716 | ) |  | $ | (35,873 | ) |  | $ | 74,694 |
Product technology |  | 46,501 |  |  | (1,282 | ) |  | (22,653 | ) |  | 22,566 |
Tradenames |  | 5,227 |  |  | (344 | ) |  | (1,864 | ) |  | 3,019 |
Other |  | 13,744 |  |  | (88 | ) |  | (11,375 | ) |  | 2,281 |
|  | 178,755 |  |  | (4,430 | ) |  | (71,765 | ) |  | 102,560 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 16,600 |  |  | 86 |  |  | — |  |  | 16,686 |
Acquired Intangible Assets |  | $ | 195,355 |  |  | $ | (4,344 | ) |  | $ | (71,765 | ) |  | $ | 119,246 |
(In thousands) |  | Gross |  | Currency Translation |  | Accumulated Amortization |  | Net
December 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 113,301 |  |  | $ | (621 | ) |  | $ | (28,789 | ) |  | $ | 83,891 |
Product technology |  | 46,501 |  |  | (737 | ) |  | (19,841 | ) |  | 25,923 |
Tradenames |  | 5,227 |  |  | (262 | ) |  | (1,504 | ) |  | 3,461 |
Other |  | 13,754 |  |  | (35 | ) |  | (10,863 | ) |  | 2,856 |
|  | 178,783 |  |  | (1,655 | ) |  | (60,997 | ) |  | 116,131 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 16,600 |  |  | 305 |  |  | — |  |  | 16,905 |
Acquired Intangible Assets |  | $ | 195,383 |  |  | $ | (1,350 | ) |  | $ | (60,997 | ) |  | $ | 133,036 |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill by segment are as follows:
(In thousands) |  | Papermaking Systems Segment |  | Wood Processing Systems Segment |  | Total
Balance at December 30, 2017 |  |  |  |  |  |
Gross balance |  | $ | 247,014 |  |  | $ | 106,496 |  |  | $ | 353,510 |
Accumulated impairment losses |  | (85,509 | ) |  | — |  |  | (85,509 | )
Net balance |  | 161,505 |  |  | 106,496 |  |  | 268,001 |
2018 Adjustments |  |  |  |  |  |
Acquisitions (a) |  | (17 | ) |  | (75 | ) |  | (92 | )
Currency translation |  | (3,552 | ) |  | (2,276 | ) |  | (5,828 | )
Total 2018 adjustments |  | (3,569 | ) |  | (2,351 | ) |  | (5,920 | )
Balance at September 29, 2018 |  |  |  |  |  |  |  |  |
Gross balance |  | 243,445 |  |  | 104,145 |  |  | 347,590 |
Accumulated impairment losses |  | (85,509 | ) |  | — |  |  | (85,509 | )
Net balance |  | $ | 157,936 |  |  | $ | 104,145 |  |  | $ | 262,081 |
(a) Relates to a purchase price allocation adjustment primarily for inventory and a purchase price adjustment for acquisitions completed in 2017. The purchase price allocations for the Company's 2017 acquisitions were finalized in the second and third quarters of 2018.
Warranty Obligations | The changes in the carrying amount of accrued warranty costs included in other current liabilities in the accompanying condensed consolidated balance sheet are as follows:
|  | Nine Months Ended
(In thousands) |  | September 29, 2018 |  | September 30, 2017
Balance at Beginning of Year |  | $ | 5,498 |  |  | $ | 3,843 |
Provision charged to expense |  | 2,584 |  |  | 1,931 |
Usage |  | (1,828 | ) |  | (1,506 | )
Acquisitions |  | — |  |  | 790 |
Currency translation |  | (215 | ) |  | 382 |
Balance at End of Period |  | $ | 6,039 |  |  | $ | 5,440 |
Revenue by Product Line, Product Type, Geography, and Revenue Recognition Method | The Company disaggregates its revenue from contracts with customers by product line, product type, and geography as this best depicts how its revenue is affected by economic factors as shown below:
|  | Three Months Ended |  | Nine Months Ended
|  | September 29, |  | September 30, |  | September 29, |  | September 30,
(In thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Revenues by Product Line: |  |  |  |  |  |  |  |
Papermaking Systems: |  |  |  |  |  |  |  |
Stock-Preparation |  | $ | 62,983 |  |  | $ | 52,065 |  |  | $ | 164,842 |  |  | $ | 139,396 |
Fluid-Handling |  | 33,083 |  |  | 28,532 |  |  | 98,500 |  |  | 73,099 |
Doctoring, Cleaning, & Filtration |  | 30,704 |  |  | 30,538 |  |  | 87,469 |  |  | 82,921 |
Papermaking Systems |  | $ | 126,770 |  |  | $ | 111,135 |  |  | $ | 350,811 |  |  | $ | 295,416 |
Wood Processing Systems |  | 37,042 |  |  | 39,714 |  |  | 109,335 |  |  | 61,050 |
Fiber-based Products |  | 1,933 |  |  | 1,945 |  |  | 9,705 |  |  | 9,427 |
|  | $ | 165,745 |  |  | $ | 152,794 |  |  | $ | 469,851 |  |  | $ | 365,893 |
Revenues by Product Type: |  |  |  |  |  |  |  |  |  |  |  |
Parts and Consumables |  | $ | 92,749 |  |  | $ | 83,755 |  |  | $ | 283,591 |  |  | $ | 224,239 |
Capital |  | 72,996 |  |  | 69,039 |  |  | 186,260 |  |  | 141,654 |
|  | $ | 165,745 |  |  | $ | 152,794 |  |  | $ | 469,851 |  |  | $ | 365,893 |
Revenues by Geography: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 74,089 |  |  | $ | 68,369 |  |  | $ | 227,080 |  |  | $ | 170,092 |
Europe |  | 44,912 |  |  | 46,475 |  |  | 131,437 |  |  | 113,178 |
Asia |  | 32,887 |  |  | 25,215 |  |  | 78,537 |  |  | 53,658 |
Rest of World |  | 13,857 |  |  | 12,735 |  |  | 32,797 |  |  | 28,965 |
|  | $ | 165,745 |  |  | $ | 152,794 |  |  | $ | 469,851 |  |  | $ | 365,893 |
The following table presents revenue by revenue recognition method:
|  | Three Months Ended |  | Nine Months Ended
|  | September 29, |  | September 29,
(In thousands) |  | 2018 |  | 2018
Timing of Revenue Recognition: |  |  |  |  |  |
Point in Time |  | $ | 148,524 |  |  | $ | 436,527 |
Over Time |  | 17,221 |  |  | 33,324 |
|  | $ | 165,745 |  |  | $ | 469,851 |
Balances from Contracts with Customers | The following tables present the balances from contracts with customers:
|  | September 29, 2018 |  | December 30, 2017
(In thousands) |  |
Balances from Contracts with Customers: |  |  |  |
Accounts receivable |  | $ | 96,326 |  |  | $ | 89,624 |
Contract assets |  | $ | 8,315 |  |  | $ | 2,374 |
Contract liabilities |  | $ | 48,959 |  |  | $ | 38,702 |

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