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Nature of Operations and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

Supplemental Cash Flow Information

						Nine Months Ended
(In thousands)						September 26, 2020						September 28, 2019
Cash Paid for Interest						$	5,518					$	9,711
Cash Paid for Income Taxes, Net of Refunds						$	9,953					$	18,037
Non-Cash Investing Activities:
Fair value of assets acquired						$	9,295					$	208,558
Cash paid for acquired businesses						(7,565)						(179,489)
Liabilities Assumed of Acquired Businesses						$	1,730					$	29,069
Non-cash additions to property, plant, and equipment						$	101					$	304
Non-Cash Financing Activities:
Issuance of Company common stock upon vesting of restricted stock units						$	4,557					$	3,908
Dividends declared but unpaid						$	2,762					$	2,593

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 26, 2020						September 28, 2019						December 28, 2019						December 29, 2018
Cash and cash equivalents						$	53,554					$	48,650					$	66,786					$	45,830
Restricted cash						2,650						1,321						1,487						287
Total Cash, Cash Equivalents, and Restricted Cash						$	56,204					$	49,971					$	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)						September 26, 2020						September 28, 2019						December 28, 2019						December 29, 2018
Cash and cash equivalents						$	53,554					$	48,650					$	66,786					$	45,830
Restricted cash						2,650						1,321						1,487						287
Total Cash, Cash Equivalents, and Restricted Cash						$	56,204					$	49,971					$	68,273					$	46,117

Inventories

The components of inventories are as follows:

						September 26, 2020						December 28, 2019
(In thousands)
Raw Materials						$	47,918					$	49,332
Work in Process						17,089						15,344
Finished Goods						43,708						38,039
						$	108,715					$	102,715

Acquired Intangible Assets

Acquired intangible assets by major asset class are as follows:

(In thousands)						Gross						Accumulated Amortization						Currency Translation						Net
September 26, 2020
Definite-Lived
Customer relationships						$	174,423					$	(62,018)					$	(3,741)					$	108,664
Product technology						56,568						(30,674)						(1,520)						24,374
Tradenames						6,753						(2,811)						(362)						3,580
Other						18,248						(14,036)						(565)						3,647
						255,992						(109,539)						(6,188)						140,265
Indefinite-Lived
Tradenames						24,100						—						(6)						24,094
Acquired Intangible Assets						$	280,092					$	(109,539)					$	(6,194)					$	164,359
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)						—						3,985						—						3,985
Currency translation						804						493						1,685						2,982
Total 2020 adjustments						804						4,478						1,685						6,967
Balance at September 26, 2020
Gross balance						98,484						212,014						118,010						428,508
Accumulated impairment losses						—						(85,509)						—						(85,509)
Net balance						$	98,484					$	126,505					$	118,010					$	342,999

(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:

						Nine Months Ended
(In thousands)						September 26, 2020						September 28, 2019
Balance at Beginning of Year						$	6,467					$	5,726
Provision charged to expense						3,960						3,332
Usage						(3,809)						(2,778)
Acquisition						—						303
Currency translation						114						(175)
Balance at End of Period						$	6,732					$	6,408

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 26,						September 28,						September 26,						September 28,
(In thousands)						2020						2019						2020						2019
Point in Time						$	137,679					$	151,101					$	403,568					$	457,093
Over Time						16,931						22,403						63,029						64,892
						$	154,610					$	173,504					$	466,597					$	521,985

The following table presents the disaggregation of revenue by product type and geography:

						Three Months Ended												Nine Months Ended
						September 26,						September 28,						September 26,						September 28,
(In thousands)						2020						2019						2020						2019
Revenue by Product Type:
Parts and Consumables						$	102,729					$	105,513					$	305,087					$	330,280
Capital						51,881						67,991						161,510						191,705
						$	154,610					$	173,504					$	466,597					$	521,985
Revenue by Geography (based on customer location):
North America						$	87,366					$	92,041					269,907						291,584
Europe						38,951						49,146						112,881						131,944
Asia						18,847						20,971						50,992						61,745
Rest of World						9,446						11,346						32,817						36,712
						$	154,610					$	173,504					$	466,597					$	521,985

Balances from Contracts with Customers

The following table presents contract balances from contracts with customers:

						September 26, 2020						December 28, 2019
(In thousands)
Accounts Receivable						$	94,145					$	95,740
Contract Assets						$	9,095					$	13,162
Contract Liabilities						$	31,847					$	37,216

Accounts Receivable, Allowance for Credit Loss

The changes in the allowance for credit losses are as follows:

						Nine Months Ended
(In thousands)						September 26, 2020						September 28, 2019
Balance at Beginning of Period						$	2,698					$	2,897
Provision charged to expense						505						170
Accounts written off						(133)						(138)
Currency translation						43						(103)
Balance at End of Period						$	3,113					$	2,826

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