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Business Segment Information
 9 Months Ended
Sep. 26, 2020
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company previously reported its financial results by combining 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. During the first quarter of 2020, the Company changed its reportable operating segments to better align with its strategic initiatives to grow both organically and through acquisitions. Such growth and diversification resulted in a change in the internal organization of the Company and how its chief operating decision maker makes operating decisions, assesses the performance of the business, and allocates resources. Accordingly, the Company's financial results are reported in three new reportable operating segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment consists of the Company’s fluid-handling and doctoring, cleaning, & filtration product lines; the Industrial Processing segment consists of the Company’s wood processing and stock-preparation product lines (excluding baling products); and the Material Handling segment consists of the Company’s conveying and screening, baling, and fiber-based product lines. Financial information for 2019 has been recast to conform to the new segment presentation. A description of each segment follows.
    
•Flow Control – Custom-engineered products, systems, and technologies that control the flow of fluids used in industrial and commercial applications to keep critical processes running efficiently in the packaging, tissue, food, metals, and other industrial sectors. The Company's products include rotary sealing devices, steam systems, expansion joints, doctor systems, roll and fabric cleaning devices, and filtration and fiber recovery systems.
•Industrial Processing – Equipment, machinery, and technologies used to recycle paper and paperboard and process timber for use in the packaging, tissue, wood products and alternative fuel industries, among others. The Company's primary products include stock-preparation systems and recycling equipment, chemical pulping equipment, debarkers, stranders, chippers, and logging machinery. In addition, the Company provides industrial automation and digitization solutions to process industries.
•Material Handling – Products and engineered systems used to handle bulk and discrete materials for secondary processing or transport in the aggregates, mining, food, and waste management industries, among others. The Company's primary products include conveying and vibratory equipment and balers. In addition, the Company manufactures and sells biodegradable, absorbent granules used as carriers in agricultural applications and for oil and grease absorption.
The following table presents financial information for the Company's reportable operating segments:
Three Months EndedNine Months Ended
September 26,September 28,September 26,September 28,
(In thousands)2020201920202019
Revenue
Flow Control$56,815 $62,375 $165,329 $188,792 
Industrial Processing62,086 74,229 192,468 222,899 
Material Handling35,709 36,900 108,800 110,294 
$154,610 $173,504 $466,597 $521,985 
Income Before Provision for Income Taxes
    
Flow Control (a)$13,770 $15,103 $37,360 $43,220 
Industrial Processing (b)12,072 13,107 32,147 38,830 
Material Handling (c)2,614 3,525 10,341 5,515 
Corporate (d)(7,121)(7,182)(20,737)(21,295)
Total operating income21,335 24,553 59,111 66,270 
Interest expense, net (e)(1,618)(3,023)(5,920)(9,985)
Other expense, net (e)(32)(98)(95)(296)
$19,685 $21,432 $53,096 $55,989 
Capital Expenditures    
Flow Control$509 $636 $1,667 $1,814 
Industrial Processing785 1,053 2,460 3,223 
Material Handling486 397 1,167 1,145 
Corporate42 7 125 54 
$1,822 $2,093 $5,419 $6,236 

(a) Includes restructuring costs of $265,000 in the three-month period ended September 26, 2020 and $721,000 in the nine-month period ended September 26, 2020.
(b) Includes restructuring costs of $205,000 in the three- and nine-month periods ended September 26, 2020. Includes acquisition-related expenses of $161,000 in the three-month period ended September 26, 2020 and $596,000 in the nine-month period ended September 26, 2020. Acquisition-related expenses include amortization expense associated with backlog and acquisition costs.
(c) Includes acquisition-related expenses of $248,000 in the three-month period ended September 26, 2020 and $256,000 in the nine-month period ended September 26, 2020. Includes acquisition-related expenses of $21,000 in the three-month period ended September 28, 2019 and $5,695,000 in the nine-month period ended September 28, 2019. Acquisition-related expenses include amortization expense associated with acquired profit in inventory and backlog, and acquisition costs.
(d) Corporate primarily includes general and administrative expenses.
(e) The Company does not allocate interest and other expense, net to its segments.