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Business Segment Information
 9 Months Ended
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.