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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 28, 2019
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 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Revenues by Product Type: |  |  |  |  |  |  |  |  |
Parts and Consumables |  | $ | 440,699 |  |  | $ | 374,433 |  |  | $ | 316,506 |
Capital |  | 263,945 |  |  | 259,353 |  |  | 198,527 |
|  | $ | 704,644 |  |  | $ | 633,786 |  |  | $ | 515,033 |
Revenues by Geography: |  |  |  |  |  |  |  |  |
North America |  | $ | 386,952 |  |  | $ | 305,618 |  |  | $ | 238,483 |
Europe |  | 180,888 |  |  | 174,681 |  |  | 157,994 |
Asia |  | 84,705 |  |  | 109,688 |  |  | 78,443 |
Rest of World |  | 52,099 |  |  | 43,799 |  |  | 40,113 |
|  | $ | 704,644 |  |  | $ | 633,786 |  |  | $ | 515,033 |
The following table presents revenue by revenue recognition method:
(In thousands) |  | December 28, 2019 |  | December 29, 2018
Point in Time |  | $ | 611,528 |  |  | $ | 577,506 |
Over Time |  | 93,116 |  |  | 56,280 |
|  | $ | 704,644 |  |  | $ | 633,786 |
Revenue from Contract with Customers | The following tables presents contract balances from contracts with customers:
(In thousands) |  | December 28, 2019 |  | December 29, 2018
Accounts receivable |  | $ | 95,740 |  |  | $ | 92,624 |
Contract assets |  | $ | 13,162 |  |  | $ | 15,741 |
Contract liabilities |  | $ | 37,216 |  |  | $ | 34,774 |
Changes in Allowance for Doubtful Accounts | The changes in the allowance for doubtful accounts are as follows:
(In thousands) |  | December 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Balance at Beginning of Year |  | $ | 2,897 |  |  | $ | 2,879 |  |  | $ | 2,395 |
Provision charged to expense |  | 114 |  |  | 355 |  |  | 436 |
Accounts written off |  | (263 | ) |  | (165 | ) |  | (159 | )
Currency translation |  | (50 | ) |  | (172 | ) |  | 207 |
Balance at End of Year |  | $ | 2,698 |  |  | $ | 2,897 |  |  | $ | 2,879 |
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 28, 2019 |  | December 29, 2018
Balance at Beginning of Year |  | $ | 5,726 |  |  | $ | 5,498 |
Provision charged to expense |  | 4,727 |  |  | 3,708 |
Usage |  | (4,255 | ) |  | (3,140 | )
Acquisition |  | 303 |  |  | — |
Currency translation |  | (34 | ) |  | (340 | )
Balance at End of Year |  | $ | 6,467 |  |  | $ | 5,726 |
Cash and Cash Equivalents | 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 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Cash and cash equivalents |  | $ | 66,786 |  |  | $ | 45,830 |  |  | $ | 75,425 |
Restricted cash |  | 1,487 |  |  | 287 |  |  | 1,421 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 68,273 |  |  | $ | 46,117 |  |  | $ | 76,846 |
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 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Cash and cash equivalents |  | $ | 66,786 |  |  | $ | 45,830 |  |  | $ | 75,425 |
Restricted cash |  | 1,487 |  |  | 287 |  |  | 1,421 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 68,273 |  |  | $ | 46,117 |  |  | $ | 76,846 |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
(In thousands) |  | December 28, 2019 |  | December 29, 2018 |  | December 30, 2017
Cash Paid for Interest |  | $ | 12,344 |  |  | $ | 7,550 |  |  | $ | 2,624 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 24,533 |  |  | $ | 25,654 |  |  | $ | 20,559 |
Non-Cash Investing Activities: |  |  |  |  |  |
Fair value of assets of acquired |  | $ | 207,223 |  |  | $ | — |  |  | $ | 242,399 |
Cash paid for acquired businesses |  | (179,693 | ) |  | — |  |  | (206,785 | )
Liabilities Assumed of Acquired Businesses |  | $ | 27,530 |  |  | $ | — |  |  | $ | 35,614 |
Non-cash additions to property, plant, and equipment |  | $ | 626 |  |  | $ | 917 |  |  | $ | 4,620 |
Non-Cash Financing Activities: |  |  |  |  |  |  |  |  |
Issuance of Company common stock upon vesting of RSUs |  | $ | 4,100 |  |  | $ | 4,231 |  |  | $ | 3,192 |
Dividends declared but unpaid |  | $ | 2,628 |  |  | $ | 2,444 |  |  | $ | 2,316 |
Components of Inventory | The components of inventories are as follows:
(In thousands) |  | December 28, 2019 |  | December 29, 2018
Raw Materials |  | $ | 49,332 |  |  | $ | 44,522 |
Work in Process |  | 15,344 |  |  | 15,876 |
Finished Goods (includes $559 and $494 at customer locations) |  | 38,039 |  |  | 25,975 |
|  | $ | 102,715 |  |  | $ | 86,373 |
Property, Plant and Equipment | Property, plant, and equipment consist of the following:
(In thousands) |  | December 28, 2019 |  | December 29, 2018
Land |  | $ | 7,347 |  |  | $ | 7,614 |
Buildings |  | 58,509 |  |  | 58,866 |
Machinery, Equipment, and Leasehold Improvements |  | 112,655 |  |  | 100,453 |
Construction in Progress |  | 2,830 |  |  | 3,764 |
|  | 181,341 |  |  | 170,697 |
Less: Accumulated Depreciation and Amortization |  | 95,309 |  |  | 90,540 |
|  | $ | 86,032 |  |  | $ | 80,157 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
December 28, 2019 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 171,583 |  |  | $ | (51,798 | ) |  | $ | (4,141 | ) |  | $ | 115,644 |
Product technology |  | 56,011 |  |  | (27,819 | ) |  | (1,709 | ) |  | 26,483 |
Tradenames |  | 6,527 |  |  | (2,421 | ) |  | (427 | ) |  | 3,679 |
Other |  | 17,964 |  |  | (13,295 | ) |  | (593 | ) |  | 4,076 |
|  | 252,085 |  |  | (95,333 | ) |  | (6,870 | ) |  | 149,882 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 24,100 |  |  | — |  |  | (86 | ) |  | 24,014 |
Acquired Intangible Assets |  | $ | 276,185 |  |  | $ | (95,333 | ) |  | $ | (6,956 | ) |  | $ | 173,896 |
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 as of 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 |
2019 Adjustments |  |  |  |  |  |  |  |
Acquisition (Note 2) |  | — |  |  | — |  |  | 78,592 |  |  | 78,592 |
Currency translation |  | (1,592 | ) |  | 858 |  |  | — |  |  | (734 | )
Total 2019 Adjustments |  | (1,592 | ) |  | 858 |  |  | 78,592 |  |  | 77,858 |
Balance at December 28, 2019 |  |  |  |  |  |  |  |  |  |  |  |
Gross balance |  | 240,320 |  |  | 102,629 |  |  | 78,592 |  |  | 421,541 |
Accumulated impairment losses |  | (85,509 | ) |  | — |  |  | — |  |  | (85,509 | )
Net balance |  | $ | 154,811 |  |  | $ | 102,629 |  |  | $ | 78,592 |  |  | $ | 336,032 |
Goodwill by Reporting Unit | Goodwill by reporting unit is as follows:
(In thousands) |  | December 28, 2019 |  | December 29, 2018
Stock-Preparation |  | $ | 57,132 |  |  | $ | 58,142 |
Fluid-Handling |  | 63,382 |  |  | 64,052 |
Doctoring, Cleaning, & Filtration |  | 34,297 |  |  | 34,209 |
Wood Processing Systems |  | 102,629 |  |  | 101,771 |
Material Handling Systems |  | 78,592 |  |  | — |
|  | $ | 336,032 |  |  | $ | 258,174 |

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