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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 29, 2018
Accounting Policies [Abstract] |
Revenue Recognition 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. The following table presents the disaggregation of revenues by product type and geography:
(In thousands) |  | December 29, 2018 |  | December 30, 2017 |  | December 31, 2016
Revenues by Product Type: |  |  |  |  |  |  |  |  |
Parts and Consumables |  | $ | 374,433 |  |  | $ | 316,506 |  |  | $ | 258,171 |
Capital |  | 259,353 |  |  | 198,527 |  |  | 155,955 |
|  | $ | 633,786 |  |  | $ | 515,033 |  |  | $ | 414,126 |
Revenues by Geography: |  |  |  |  |  |  |  |  |
North America |  | $ | 305,618 |  |  | $ | 238,483 |  |  | $ | 203,063 |
Europe |  | 174,681 |  |  | 157,994 |  |  | 115,233 |
Asia |  | 109,688 |  |  | 78,443 |  |  | 62,703 |
Rest of World |  | 43,799 |  |  | 40,113 |  |  | 33,127 |
|  | $ | 633,786 |  |  | $ | 515,033 |  |  | $ | 414,126 |
See Note 11, Business Segment and Geographical Information, for information on how the Company disaggregates its revenue from contracts with customers by product line. The following table presents revenue by revenue recognition method:
(In thousands) |  | December 29, 2018
Point in Time |  | $ | 577,506 |
Over Time |  | 56,280 |
|  | $ | 633,786 |
Revenue from Contract with Customers | The following tables presents contract balances from contracts with customers:
(In thousands) |  | December 29, 2018 |  | December 30, 2017
Accounts receivable |  | $ | 92,624 |  |  | $ | 89,624 |
Contract assets |  | $ | 15,741 |  |  | $ | 2,374 |
Contract liabilities |  | $ | 34,774 |  |  | $ | 38,702 |
Changes in Allowance for Doubtful Accounts | The changes in the allowance for doubtful accounts are as follows:
(In thousands) |  | December 29, 2018 |  | December 30, 2017 |  | December 31, 2016
Balance at Beginning of Year |  | $ | 2,879 |  |  | $ | 2,395 |  |  | $ | 2,163 |
Provision charged to expense |  | 355 |  |  | 436 |  |  | 453 |
Accounts written off |  | (165 | ) |  | (159 | ) |  | (128 | )
Currency translation |  | (172 | ) |  | 207 |  |  | (93 | )
Balance at End of Year |  | $ | 2,897 |  |  | $ | 2,879 |  |  | $ | 2,395 |
Changes in Estimated Product Warranty Liability | The changes in the carrying amount of accrued warranty costs included in other current liabilities in the accompanying consolidated balance sheet are as follows:
(In thousands) |  | December 29, 2018 |  | December 30, 2017
Balance at Beginning of Year |  | $ | 5,498 |  |  | $ | 3,843 |
Provision charged to expense |  | 3,708 |  |  | 2,652 |
Usage |  | (3,140 | ) |  | (2,225 | )
Acquisitions |  | — |  |  | 790 |
Currency translation |  | (340 | ) |  | 438 |
Balance at End of Year |  | $ | 5,726 |  |  | $ | 5,498 |
Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's consolidated balance sheet that are shown in aggregate in the consolidated statement of cash flows:
(In thousands) |  | December 29, 2018 |  | December 30, 2017 |  | December 31, 2016
Cash and cash equivalents |  | $ | 45,830 |  |  | $ | 75,425 |  |  | $ | 71,487 |
Restricted cash |  | 287 |  |  | 1,421 |  |  | 2,082 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 46,117 |  |  | $ | 76,846 |  |  | $ | 73,569 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
(In thousands) |  | December 29, 2018 |  | December 30, 2017 |  | December 31, 2016
Cash Paid for Interest |  | $ | 7,550 |  |  | $ | 2,624 |  |  | $ | 1,183 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 25,654 |  |  | $ | 20,559 |  |  | $ | 15,632 |
Non-Cash Investing Activities: |  |  |  |  |  |
Estimated post-closing adjustment (a) |  | $ | 397 |  |  | $ | — |  |  | $ | — |
Fair value of assets of acquired |  | $ | — |  |  | $ | 242,048 |  |  | $ | 84,969 |
Cash paid for acquired businesses |  | — |  |  | (206,950 | ) |  | (58,894 | )
Liabilities Assumed of Acquired Businesses |  | $ | — |  |  | $ | 35,098 |  |  | $ | 26,075 |
Non-cash additions to property, plant, and equipment |  | $ | 917 |  |  | $ | 4,620 |  |  | $ | 379 |
Non-Cash Financing Activities: |  |  |  |  |  |  |  |  |
Issuance of Company common stock upon vesting of RSUs |  | $ | 4,231 |  |  | $ | 3,192 |  |  | $ | 3,463 |
Dividends declared but unpaid |  | $ | 2,444 |  |  | $ | 2,316 |  |  | $ | 2,078 |
(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 early 2019.
Components of Inventory | The components of inventories are as follows:
(In thousands) |  | December 29, 2018 |  | December 30, 2017
Raw Materials |  | $ | 44,522 |  |  | $ | 38,952 |
Work in Process |  | 15,876 |  |  | 18,203 |
Finished Goods (includes $494 and $1,883 at customer locations) |  | 25,975 |  |  | 27,778 |
|  | $ | 86,373 |  |  | $ | 84,933 |
Property, Plant and Equipment | Property, plant, and equipment consist of the following:
(In thousands) |  | December 29, 2018 |  | December 30, 2017
Land |  | $ | 7,614 |  |  | $ | 7,894 |
Buildings |  | 58,866 |  |  | 48,094 |
Machinery, Equipment, and Leasehold Improvements |  | 100,453 |  |  | 94,779 |
Construction in Progress |  | 3,764 |  |  | 14,464 |
|  | 170,697 |  |  | 165,231 |
Less: Accumulated Depreciation and Amortization |  | 90,540 |  |  | 85,508 |
|  | $ | 80,157 |  |  | $ | 79,723 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Currency Translation |  | Accumulated Amortization |  | Net
December 29, 2018 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 113,283 |  |  | $ | (4,520 | ) |  | $ | (38,160 | ) |  | $ | 70,603 |
Product technology |  | 46,501 |  |  | (1,677 | ) |  | (23,563 | ) |  | 21,261 |
Tradenames |  | 5,227 |  |  | (390 | ) |  | (1,980 | ) |  | 2,857 |
Other |  | 13,744 |  |  | (127 | ) |  | (11,476 | ) |  | 2,141 |
|  | 178,755 |  |  | (6,714 | ) |  | (75,179 | ) |  | 96,862 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 16,600 |  |  | (115 | ) |  | — |  |  | 16,485 |
Acquired Intangible Assets |  | $ | 195,355 |  |  | $ | (6,829 | ) |  | $ | (75,179 | ) |  | $ | 113,347 |
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 as of December 31, 2016 |  |  |  |  |  |
Gross balance |  | $ | 219,699 |  |  | $ | 17,265 |  |  | $ | 236,964 |
Accumulated impairment losses |  | (85,509 | ) |  | — |  |  | (85,509 | )
Net balance |  | 134,190 |  |  | 17,265 |  |  | 151,455 |
2017 Adjustments |  |  |  |  |  |
Acquisitions (Note 2) |  | 16,373 |  |  | 85,508 |  |  | 101,881 |
Currency translation |  | 10,942 |  |  | 3,723 |  |  | 14,665 |
Total 2017 Adjustments |  | 27,315 |  |  | 89,231 |  |  | 116,546 |
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 (Note 2) |  | (17 | ) |  | (75 | ) |  | (92 | )
Currency translation |  | (5,085 | ) |  | (4,650 | ) |  | (9,735 | )
Total 2018 Adjustments |  | (5,102 | ) |  | (4,725 | ) |  | (9,827 | )
Balance at December 29, 2018 |  |  |  |  |  |  |  |  |
Gross balance |  | 241,912 |  |  | 101,771 |  |  | 343,683 |
Accumulated impairment losses |  | (85,509 | ) |  | — |  |  | (85,509 | )
Net balance |  | $ | 156,403 |  |  | $ | 101,771 |  |  | $ | 258,174 |
Goodwill by Reporting Unit | Goodwill by reporting unit is as follows:
(In thousands) |  | December 29, 2018 |  | December 30, 2017
Stock-Preparation |  | $ | 58,142 |  |  | $ | 60,275 |
Fluid-Handling |  | 64,052 |  |  | 65,289 |
Doctoring, Cleaning, & Filtration |  | 34,209 |  |  | 35,941 |
Wood Processing Systems |  | 101,771 |  |  | 106,496 |
|  | $ | 258,174 |  |  | $ | 268,001 |

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