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Nature of Operations and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 27, 2020
Accounting Policies [Abstract]  
Supplemental Cash Flow Information
 
 
Six Months Ended
(In thousands)
 
June 27,
2020
 
June 29,
2019
Cash Paid for Interest
 
$
4,186

 
$
6,108

Cash Paid for Income Taxes, Net of Refunds
 
$
7,036

 
$
12,975

 
 
 
 
 
Non-Cash Investing Activities:
 
 
 
 
Fair value of assets acquired
 
$
9,164

 
$
209,350

Cash paid for acquired businesses
 
(7,537
)
 
(179,286
)
Liabilities Assumed of Acquired Businesses
 
$
1,627

 
$
30,064

 
 
 
 
 
Non-cash additions to property, plant, and equipment
 
$
150

 
$
306

 
 
 
 
 
Non-Cash Financing Activities:
 
 

 
 

Issuance of Company common stock upon vesting of restricted stock units
 
$
4,027

 
$
3,743

Dividends declared but unpaid
 
$
2,760

 
$
2,590
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)
 
June 27,
2020
 
June 29,
2019
 
December 28,
2019
 
December 29,
2018
Cash and cash equivalents
 
$
57,499

 
$
57,049

 
$
66,786

 
$
45,830

Restricted cash
 
3,450

 
1,089

 
1,487

 
287

Total Cash, Cash Equivalents, and Restricted Cash
 
$
60,949

 
$
58,138

 
$
68,273

 
$
46,117
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)
 
June 27,
2020
 
June 29,
2019
 
December 28,
2019
 
December 29,
2018
Cash and cash equivalents
 
$
57,499

 
$
57,049

 
$
66,786

 
$
45,830

Restricted cash
 
3,450

 
1,089

 
1,487

 
287

Total Cash, Cash Equivalents, and Restricted Cash
 
$
60,949

 
$
58,138

 
$
68,273

 
$
46,117
Inventories
The components of inventories are as follows:
 
 
June 27,
2020
 
December 28,
2019
(In thousands)
 
 
Raw Materials
 
$
49,174

 
$
49,332

Work in Process
 
15,765

 
15,344

Finished Goods
 
44,724

 
38,039

 
 
$
109,663

 
$
102,715
Acquired Intangible Assets
Acquired intangible assets by major asset class are as follows:
(In thousands)
 
Gross
 
Accumulated
Amortization
 
Currency
Translation
 
Net
June 27, 2020
 
 
 
 
 
 
 
 
Definite-Lived
 
 
 
 
 
 
 
 
Customer relationships
 
$
174,423

 
$
(58,560
)
 
$
(5,161
)
 
$
110,702

Product technology
 
56,568

 
(29,712
)
 
(1,878
)
 
24,978

Tradenames
 
6,753

 
(2,677
)
 
(427
)
 
3,649

Other
 
18,248

 
(13,572
)
 
(591
)
 
4,085

 
 
255,992

 
(104,521
)
 
(8,057
)
 
143,414

Indefinite-Lived
 
 
 
 
 
 
 
 
Tradenames
 
24,100

 
—

 
(200
)
 
23,900

Acquired Intangible Assets
 
$
280,092

 
$
(104,521
)
 
$
(8,257
)
 
$
167,314

 
 
 
 
 
 
 
 
 
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
Changes in the Carrying Amount of Goodwill
The changes in the carrying amount of goodwill by segment are as follows:
(In thousands)
 
Flow Control
 
Industrial Processing
 
Material Handling
 
Total
Balance at December 28, 2019 (a)
 
 
 
 
 
 
 
 
Gross balance
 
$
97,680

 
$
207,536

 
$
116,325

 
$
421,541

Accumulated impairment losses
 
—

 
(85,509
)
 
—

 
(85,509
)
Net balance
 
97,680

 
122,027

 
116,325

 
336,032

2020 Adjustments
 
 
 
 
 
 
 
 
Acquisition (Note 2)
 
—

 
4,001

 
—

 
4,001

   Currency translation
 
(673
)
 
(1,614
)
 
247

 
(2,040
)
   Total 2020 adjustments
 
(673
)
 
2,387

 
247

 
1,961

Balance at June 27, 2020
 
 

 
 

 
 
 
 

Gross balance
 
97,007

 
209,923

 
116,572

 
423,502

Accumulated impairment losses
 
—

 
(85,509
)
 
—

 
(85,509
)
Net balance
 
$
97,007

 
$
124,414

 
$
116,572

 
$
337,993


(a) Goodwill balances as of December 28, 2019 have been recast to conform to the current period presentation. See Note 12, Business Segment Information, for further details regarding the Company's change in reportable operating segments.
Warranty Obligations The changes in the carrying amount of product warranty obligations are as follows:
 
 
Six Months Ended
(In thousands)
 
June 27,
2020
 
June 29,
2019
Balance at Beginning of Year
 
$
6,467

 
$
5,726

Provision charged to expense
 
2,675

 
2,368

Usage
 
(2,721
)
 
(1,755
)
Acquisition
 
—

 
303

Currency translation
 
(67
)
 
37

Balance at End of Period
 
$
6,354

 
$
6,679
Revenue by Product Line, Product Type, Geography, and Revenue Recognition Method
The following table presents revenue by revenue recognition method:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 27,
 
June 29,
 
June 27,
 
June 29,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Point in Time
 
$
129,797

 
$
157,716

 
$
265,889

 
$
305,992

Over Time
 
23,063

 
19,449

 
46,098

 
42,489

 
 
$
152,860

 
$
177,165

 
$
311,987

 
$
348,481


The following table presents the disaggregation of revenue by product type and geography:
 
 
Three Months Ended
 
Six Months Ended
 
 
June 27,
 
June 29,
 
June 27,
 
June 29,
(In thousands)
 
2020
 
2019
 
2020
 
2019
Revenue by Product Type:
 
 

 
 

 
 

 
 

Parts and Consumables
 
$
97,261

 
$
111,917

 
$
202,358

 
$
224,767

Capital
 
55,599

 
65,248

 
109,629

 
123,714

 
 
$
152,860

 
$
177,165

 
$
311,987

 
$
348,481

Revenue by Geography:
 
 

 
 

 
 

 
 

North America
 
$
88,718

 
$
98,667

 
182,541

 
199,543

Europe
 
37,916

 
43,813

 
73,930

 
82,798

Asia
 
16,237

 
23,696

 
32,145

 
40,774

Rest of World
 
9,989

 
10,989

 
23,371

 
25,366

 
 
$
152,860

 
$
177,165

 
$
311,987

 
$
348,481
Balances from Contracts with Customers
The following table presents contract balances from contracts with customers:
 
 
June 27,
2020
 
December 28,
2019
(In thousands)
 
 
Accounts Receivable
 
$
89,393

 
$
95,740

Contract Assets
 
$
10,444

 
$
13,162

Contract Liabilities
 
$
30,730

 
$
37,216
Accounts Receivable, Allowance for Credit Loss
The changes in the allowance for credit losses are as follows:
 
 
Six Months Ended
(In thousands)
 
June 27, 2020
 
June 29, 2019
Balance at Beginning of Period
 
$
2,698

 
$
2,897

Provision charged to expense
 
303

 
39

Accounts written off
 
(42
)
 
(122
)
Currency translation
 
(45
)
 
(4
)
Balance at End of Period
 
$
2,914

 
$
2,810