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Business Segment Information | 9 Months Ended
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Sep. 28, 2019
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information The Company has combined its operating entities into three reportable operating segments, Papermaking Systems, Wood Processing Systems, and Material Handling Systems, and a separate product line, Fiber-based Products, as described below:
• | Papermaking Systems Segment – The Company develops, manufactures, and markets a range of equipment and products for the global papermaking, paper recycling, recycling and waste management, and other process industries. The Company's Papermaking Systems segment consists of the following product lines: Stock-Preparation; Fluid-Handling; and Doctoring, Cleaning, & Filtration.
• | Wood Processing Systems Segment – The Company develops, manufactures, and markets stranders, debarkers, chippers, and logging machinery used in the harvesting and production of lumber and OSB. Through this segment, the Company also provides refurbishment and repair of pulping equipment for the pulp and paper industry.
• | Material Handling Systems Segment – The Company develops, manufactures, and markets material handling equipment and systems to various process industries, including mining, aggregates, food processing, packaging, and pulp and paper.
• | Fiber-based Products business – The Company manufactures and sells biodegradable, absorbent granules derived from papermaking by-products for use primarily as carriers for agricultural, home lawn and garden, and professional lawn, turf and ornamental applications, as well as for oil and grease absorption.
The following table presents financial information for the Company's reportable operating segments:
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 29, |  | September 28, |  | September 29,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues: |  |  |  |  |  |  |  |
Stock-Preparation |  | $ | 56,128 |  |  | $ | 62,983 |  |  | $ | 158,993 |  |  | $ | 164,842 |
Fluid-Handling |  | 32,734 |  |  | 33,083 |  |  | 100,201 |  |  | 98,500 |
Doctoring, Cleaning, & Filtration |  | 29,641 |  |  | 30,704 |  |  | 88,591 |  |  | 87,469 |
Papermaking Systems |  | 118,503 |  |  | 126,770 |  |  | 347,785 |  |  | 350,811 |
Wood Processing Systems |  | 32,731 |  |  | 37,042 |  |  | 104,649 |  |  | 109,335 |
Material Handling Systems (a) |  | 20,282 |  |  | — |  |  | 61,063 |  |  | — |
Fiber-based Products |  | 1,988 |  |  | 1,933 |  |  | 8,488 |  |  | 9,705 |
|  | $ | 173,504 |  |  | $ | 165,745 |  |  | $ | 521,985 |  |  | $ | 469,851 |
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 29, |  | September 28, |  | September 29,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Income Before Provision for Income Taxes: |  |  |  |  |  |  |  |  |  |  |  |
Papermaking Systems (b) |  | $ | 22,798 |  |  | $ | 25,919 |  |  | $ | 61,368 |  |  | $ | 61,402 |
Wood Processing Systems (c) |  | 6,787 |  |  | 8,704 |  |  | 22,858 |  |  | 21,380 |
Material Handling Systems (a, d) |  | 1,742 |  |  | — |  |  | 877 |  |  | — |
Corporate and Fiber-based Products (e) |  | (6,774 | ) |  | (7,248 | ) |  | (18,833 | ) |  | (19,008 | )
Total operating income |  | 24,553 |  |  | 27,375 |  |  | 66,270 |  |  | 63,774 |
Interest expense, net (f) |  | (3,023 | ) |  | (1,708 | ) |  | (9,985 | ) |  | (4,985 | )
Other expense, net (f) |  | (98 | ) |  | (245 | ) |  | (296 | ) |  | (736 | )
|  | $ | 21,432 |  |  | $ | 25,422 |  |  | $ | 55,989 |  |  | $ | 58,053 |
Capital Expenditures: |  |  |  |  |  |  |  |  |  |  |  |
Papermaking Systems |  | $ | 1,376 |  |  | $ | 1,348 |  |  | $ | 3,890 |  |  | $ | 9,837 |
Wood Processing Systems |  | 444 |  |  | 1,026 |  |  | 1,423 |  |  | 2,586 |
Material Handling Systems (a) |  | 225 |  |  | — |  |  | 605 |  |  | — |
Corporate and Fiber-based Products |  | 48 |  |  | 232 |  |  | 318 |  |  | 394 |
|  | $ | 2,093 |  |  | $ | 2,606 |  |  | $ | 6,236 |  |  | $ | 12,817 |
|  |  |  |  |  | September 28, |  | December 29,
(In thousands) |  |  |  |  |  | 2019 |  | 2018
Total Assets: |  |  |  |  |  |  |  |  |  |
Papermaking Systems |  |  |  |  |  | $ | 467,034 |  |  | $ | 462,297 |
Wood Processing Systems |  |  |  |  |  | 248,843 |  |  | 247,553 |
Material Handling Systems (a) |  |  |  |  |  | 198,423 |  |  | — |
Corporate and Fiber-based Products (g) |  |  |  |  |  | 21,257 |  |  | 15,899 |
|  |  |  |  |  | $ | 935,557 |  |  | $ | 725,749 |
(a) Represents SMH, which was acquired on January 2, 2019 (see Note 2). (b) Includes restructuring costs of $378,000 in the three-month period ended September 29, 2018 and $1,717,000 in the nine-month period ended September 29, 2018 (see Note 13). (c) Includes acquisition-related expenses of $252,000 in the nine-month period ended September 29, 2018 for the amortization of acquired backlog. (d) Includes $21,000 in the three-month period ended September 28, 2019 and $5,695,000 in the nine-month period ended September 28, 2019 of acquisition-related expenses. Acquisition-related expenses include amortization expense associated with acquired profit in inventory and backlog and acquisition transaction costs. (e) Corporate primarily includes general and administrative expenses. (f) The Company does not allocate interest and other expense, net to its segments. (g) Primarily includes Corporate and Fiber-based Products' cash and cash equivalents, tax assets, ROU assets, and property, plant, and equipment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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