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v3.19.1

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 30, 2019
Accounting Policies [Abstract] |
Supplemental Cash Flow Information |
|  | Three Months Ended
(In thousands) |  | March 30, 2019 |  | March 31, 2018
Cash Paid for Interest |  | $ | 2,782 |  |  | $ | 2,459 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 4,679 |  |  | $ | 8,455 |
Non-Cash Investing Activities: |  |  |  |
Post-closing adjustments |  | $ | 1,567 |  |  | $ | 397 |
Liabilities assumed of acquired business |  | $ | 29,664 |  |  | $ | — |
Non-cash additions to property, plant, and equipment |  | $ | 193 |  |  | $ | 1,816 |
Non-Cash Financing Activities: |  |  |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 3,278 |  |  | $ | 2,755 |
Dividends declared but unpaid |  | $ | 2,570 |  |  | $ | 2,440 |
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) |  | March 30, 2019 |  | March 31, 2018 |  | December 29, 2018 |  | December 30, 2017
Cash and cash equivalents |  | $ | 56,478 |  |  | $ | 72,210 |  |  | $ | 45,830 |  |  | $ | 75,425 |
Restricted cash |  | 697 |  |  | 1,532 |  |  | 287 |  |  | 1,421 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 57,175 |  |  | $ | 73,742 |  |  | $ | 46,117 |  |  | $ | 76,846 |
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) |  | March 30, 2019 |  | March 31, 2018 |  | December 29, 2018 |  | December 30, 2017
Cash and cash equivalents |  | $ | 56,478 |  |  | $ | 72,210 |  |  | $ | 45,830 |  |  | $ | 75,425 |
Restricted cash |  | 697 |  |  | 1,532 |  |  | 287 |  |  | 1,421 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 57,175 |  |  | $ | 73,742 |  |  | $ | 46,117 |  |  | $ | 76,846 |
Inventories | The components of inventories are as follows:
|  | March 30, 2019 |  | December 29, 2018
(In thousands) |  |
Raw Materials |  | $ | 46,684 |  |  | $ | 44,522 |
Work in Process |  | 20,239 |  |  | 15,876 |
Finished Goods |  | 36,106 |  |  | 25,975 |
|  | $ | 103,029 |  |  | $ | 86,373 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
March 30, 2019 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 166,183 |  |  | $ | (41,222 | ) |  | $ | (4,498 | ) |  | $ | 120,463 |
Product technology |  | 57,001 |  |  | (24,619 | ) |  | (1,761 | ) |  | 30,621 |
Tradenames |  | 5,227 |  |  | (2,090 | ) |  | (419 | ) |  | 2,718 |
Other |  | 17,784 |  |  | (12,581 | ) |  | (576 | ) |  | 4,627 |
|  | 246,195 |  |  | (80,512 | ) |  | (7,254 | ) |  | 158,429 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 26,300 |  |  | — |  |  | (133 | ) |  | 26,167 |
Acquired Intangible Assets |  | $ | 272,495 |  |  | $ | (80,512 | ) |  | $ | (7,387 | ) |  | $ | 184,596 |
December 29, 2018 |  |  |  |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 113,283 |  |  | $ | (38,160 | ) |  | $ | (4,520 | ) |  | $ | 70,603 |
Product technology |  | 46,501 |  |  | (23,563 | ) |  | (1,677 | ) |  | 21,261 |
Tradenames |  | 5,227 |  |  | (1,980 | ) |  | (390 | ) |  | 2,857 |
Other |  | 13,744 |  |  | (11,476 | ) |  | (127 | ) |  | 2,141 |
|  | 178,755 |  |  | (75,179 | ) |  | (6,714 | ) |  | 96,862 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 16,600 |  |  | — |  |  | (115 | ) |  | 16,485 |
Acquired Intangible Assets |  | $ | 195,355 |  |  | $ | (75,179 | ) |  | $ | (6,829 | ) |  | $ | 113,347 |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill by segment are as follows:
(In thousands) |  | Papermaking Systems |  | Wood Processing Systems |  | Material Handling Systems |  | Total
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 |
2019 Adjustments |  |  |  |  |  |  |  |
Acquisition (Note 2) |  | — |  |  | — |  |  | 86,502 |  |  | 86,502 |
Currency translation |  | (1,031 | ) |  | 123 |  |  | — |  |  | (908 | )
Total 2019 adjustments |  | (1,031 | ) |  | 123 |  |  | 86,502 |  |  | 85,594 |
Balance at March 30, 2019 |  |  |  |  |  |  |  |  |  |  |
Gross balance |  | 240,881 |  |  | 101,894 |  |  | 86,502 |  |  | 429,277 |
Accumulated impairment losses |  | (85,509 | ) |  | — |  |  | — |  |  | (85,509 | )
Net balance |  | $ | 155,372 |  |  | $ | 101,894 |  |  | $ | 86,502 |  |  | $ | 343,768 |
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:
|  | Three Months Ended
(In thousands) |  | March 30, 2019 |  | March 31, 2018
Balance at Beginning of Year |  | $ | 5,726 |  |  | $ | 5,498 |
Provision charged to expense |  | 1,076 |  |  | 715 |
Usage |  | (925 | ) |  | (364 | )
Acquisition |  | 295 |  |  | — |
Currency translation |  | (3 | ) |  | 61 |
Balance at End of Period |  | $ | 6,169 |  |  | $ | 5,910 |
Revenue by Product Line, Product Type, Geography, and Revenue Recognition Method | The following table presents the disaggregation of revenues by product type and geography:
|  | Three Months Ended
|  | March 30, |  | March 31,
(In thousands) |  | 2019 |  | 2018
Revenues by Product Type: |  |  |  |  |  |
Parts and Consumables |  | $ | 112,850 |  |  | $ | 95,985 |
Capital |  | 58,466 |  |  | 53,208 |
|  | $ | 171,316 |  |  | $ | 149,193 |
Revenues by Geography: |  |  |  |  |  |
North America |  | $ | 100,876 |  |  | $ | 77,616 |
Europe |  | 38,985 |  |  | 41,493 |
Asia |  | 17,078 |  |  | 20,148 |
Rest of World |  | 14,377 |  |  | 9,936 |
|  | $ | 171,316 |  |  | $ | 149,193 |
The following table presents revenue by revenue recognition method:
|  | Three Months Ended
|  | March 30, |  | March 31,
(In thousands) |  | 2019 |  | 2018
Point in time |  | $ | 148,276 |  |  | $ | 142,005 |
Over time |  | 23,040 |  |  | 7,188 |
|  | $ | 171,316 |  |  | $ | 149,193 |
Balances from Contracts with Customers | The following table presents balances from contracts with customers:
|  | March 30, 2019 |  | December 29, 2018
(In thousands) |  |
Accounts receivable |  | $ | 104,120 |  |  | $ | 92,624 |
Contract assets |  | $ | 16,996 |  |  | $ | 15,741 |
Contract liabilities |  | $ | 38,950 |  |  | $ | 34,774 |

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