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v3.19.3

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 28, 2019
Accounting Policies [Abstract] |
Supplemental Cash Flow Information |
|  | Nine Months Ended
(In thousands) |  | September 28, 2019 |  | September 29, 2018
Cash Paid for Interest |  | $ | 9,711 |  |  | $ | 5,914 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 18,037 |  |  | $ | 20,823 |
Non-Cash Investing Activities: |  |  |  |
Post-closing adjustment |  | $ | — |  |  | $ | 397 |
Liabilities assumed of acquired business |  | $ | 28,865 |  |  | $ | — |
Non-cash additions to property, plant, and equipment |  | $ | 304 |  |  | $ | 783 |
Non-Cash Financing Activities: |  |  |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 3,908 |  |  | $ | 3,976 |
Dividends declared but unpaid |  | $ | 2,593 |  |  | $ | 2,444 |
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 28, 2019 |  | September 29, 2018 |  | December 29, 2018 |  | December 30, 2017
Cash and cash equivalents |  | $ | 48,650 |  |  | $ | 57,384 |  |  | $ | 45,830 |  |  | $ | 75,425 |
Restricted cash |  | 1,321 |  |  | 675 |  |  | 287 |  |  | 1,421 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 49,971 |  |  | $ | 58,059 |  |  | $ | 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) |  | September 28, 2019 |  | September 29, 2018 |  | December 29, 2018 |  | December 30, 2017
Cash and cash equivalents |  | $ | 48,650 |  |  | $ | 57,384 |  |  | $ | 45,830 |  |  | $ | 75,425 |
Restricted cash |  | 1,321 |  |  | 675 |  |  | 287 |  |  | 1,421 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 49,971 |  |  | $ | 58,059 |  |  | $ | 46,117 |  |  | $ | 76,846 |
Inventories | The components of inventories are as follows:
|  | September 28, 2019 |  | December 29, 2018
(In thousands) |  |
Raw Materials |  | $ | 48,468 |  |  | $ | 44,522 |
Work in Process |  | 21,382 |  |  | 15,876 |
Finished Goods |  | 38,527 |  |  | 25,975 |
|  | $ | 108,377 |  |  | $ | 86,373 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
September 28, 2019 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 171,583 |  |  | $ | (48,403 | ) |  | $ | (5,037 | ) |  | $ | 118,143 |
Product technology |  | 57,647 |  |  | (26,754 | ) |  | (1,932 | ) |  | 28,961 |
Tradenames |  | 5,227 |  |  | (2,311 | ) |  | (458 | ) |  | 2,458 |
Other |  | 17,964 |  |  | (13,146 | ) |  | (610 | ) |  | 4,208 |
|  | 252,421 |  |  | (90,614 | ) |  | (8,037 | ) |  | 153,770 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 26,100 |  |  | — |  |  | (189 | ) |  | 25,911 |
Acquired Intangible Assets |  | $ | 278,521 |  |  | $ | (90,614 | ) |  | $ | (8,226 | ) |  | $ | 179,681 |
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) |  | — |  |  | — |  |  | 80,296 |  |  | 80,296 |
Currency translation |  | (3,791 | ) |  | (188 | ) |  | — |  |  | (3,979 | )
Total 2019 adjustments |  | (3,791 | ) |  | (188 | ) |  | 80,296 |  |  | 76,317 |
Balance at September 28, 2019 |  |  |  |  |  |  |  |  |  |  |
Gross balance |  | 238,121 |  |  | 101,583 |  |  | 80,296 |  |  | 420,000 |
Accumulated impairment losses |  | (85,509 | ) |  | — |  |  | — |  |  | (85,509 | )
Net balance |  | $ | 152,612 |  |  | $ | 101,583 |  |  | $ | 80,296 |  |  | $ | 334,491 |
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 28, 2019 |  | September 29, 2018
Balance at Beginning of Year |  | $ | 5,726 |  |  | $ | 5,498 |
Provision charged to expense |  | 3,332 |  |  | 2,584 |
Usage |  | (2,778 | ) |  | (1,828 | )
Acquisition |  | 303 |  |  | — |
Currency translation |  | (175 | ) |  | (215 | )
Balance at End of Period |  | $ | 6,408 |  |  | $ | 6,039 |
Revenue by Product Line, Product Type, Geography, and Revenue Recognition Method | The following table presents revenue by revenue recognition method:
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 29, |  | September 28, |  | September 29,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Point in time |  | $ | 151,101 |  |  | $ | 148,524 |  |  | $ | 457,093 |  |  | $ | 436,527 |
Over time |  | 22,403 |  |  | 17,221 |  |  | 64,892 |  |  | 33,324 |
|  | $ | 173,504 |  |  | $ | 165,745 |  |  | $ | 521,985 |  |  | $ | 469,851 |
The following table presents the disaggregation of revenues by product type and geography:
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 29, |  | September 28, |  | September 29,
(In thousands) |  | 2019 |  | 2018 |  | 2019 |  | 2018
Revenues by Product Type: |  |  |  |  |  |  |  |  |  |  |  |
Parts and Consumables |  | $ | 105,513 |  |  | $ | 92,749 |  |  | $ | 330,280 |  |  | $ | 283,591 |
Capital |  | 67,991 |  |  | 72,996 |  |  | 191,705 |  |  | 186,260 |
|  | $ | 173,504 |  |  | $ | 165,745 |  |  | $ | 521,985 |  |  | $ | 469,851 |
Revenues by Geography: |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 92,041 |  |  | $ | 74,089 |  |  | 291,584 |  |  | 227,080 |
Europe |  | 49,146 |  |  | 44,912 |  |  | 131,944 |  |  | 131,437 |
Asia |  | 20,971 |  |  | 32,887 |  |  | 61,745 |  |  | 78,537 |
Rest of World |  | 11,346 |  |  | 13,857 |  |  | 36,712 |  |  | 32,797 |
|  | $ | 173,504 |  |  | $ | 165,745 |  |  | $ | 521,985 |  |  | $ | 469,851 |
Balances from Contracts with Customers | The following table presents balances from contracts with customers:
|  | September 28, 2019 |  | December 29, 2018
(In thousands) |  |
Accounts receivable |  | $ | 102,131 |  |  | $ | 92,624 |
Contract assets |  | $ | 13,571 |  |  | $ | 15,741 |
Contract liabilities |  | $ | 39,336 |  |  | $ | 34,774 |

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