XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.1

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

3 Months Ended

Apr. 03, 2021

Accounting Policies [Abstract]

Supplemental Cash Flow Information

						Three Months Ended
(In thousands)						April 3, 2021						March 28, 2020
Cash Paid for Interest						$	892					$	2,212
Cash Paid for Income Taxes, Net of Refunds						$	5,344					$	4,698
Non-Cash Investing Activities:
Non-cash additions to property, plant, and equipment						$	169					$	128
Non-Cash Financing Activities:
Issuance of Company common stock upon vesting of restricted stock units						$	3,203					$	3,670
Dividends declared but unpaid						$	2,894					$	2,753

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)						April 3, 2021						March 28, 2020						January 2, 2021						December 28, 2019
Cash and cash equivalents						$	65,982					$	60,012					$	65,682					$	66,786
Restricted cash						726						2,063						958						1,487
Total Cash, Cash Equivalents, and Restricted Cash						$	66,708					$	62,075					$	66,640					$	68,273

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)						April 3, 2021						March 28, 2020						January 2, 2021						December 28, 2019
Cash and cash equivalents						$	65,982					$	60,012					$	65,682					$	66,786
Restricted cash						726						2,063						958						1,487
Total Cash, Cash Equivalents, and Restricted Cash						$	66,708					$	62,075					$	66,640					$	68,273

Inventories

The components of inventories are as follows:

						April 3, 2021						January 2, 2021
(In thousands)
Raw Materials						$	45,697					$	46,413
Work in Process						23,789						17,692
Finished Goods						43,104						42,709
						$	112,590					$	106,814

Acquired Intangible Assets

Acquired intangible assets by major asset class are as follows:

(In thousands)						Gross						Accumulated Amortization						Currency Translation						Net
April 3, 2021
Definite-Lived
Customer relationships						$	173,728					$	(68,910)					$	(1,760)					$	103,058
Product technology						56,111						(32,557)						(1,200)						22,354
Tradenames						6,027						(3,054)						(325)						2,648
Other						18,248						(14,569)						(541)						3,138
						254,114						(119,090)						(3,826)						131,198
Indefinite-Lived
Tradenames						24,100						—						236						24,336
Acquired Intangible Assets						$	278,214					$	(119,090)					$	(3,590)					$	155,534
January 2, 2021
Definite-Lived
Customer relationships						$	173,728					$	(65,488)					$	(1,316)					$	106,924
Product technology						56,111						(31,655)						(1,005)						23,451
Tradenames						6,027						(2,946)						(282)						2,799
Other						18,248						(14,369)						(515)						3,364
						254,114						(114,458)						(3,118)						136,538
Indefinite-Lived
Tradenames						24,100						—						327						24,427
Acquired Intangible Assets						$	278,214					$	(114,458)					$	(2,791)					$	160,965

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 January 2, 2021
Gross balance						$	101,437					$	215,881					$	119,944					$	437,262
Accumulated impairment losses						—						(85,509)						—						(85,509)
Net balance						101,437						130,372						119,944						351,753
2021 Adjustment
Currency translation						(1,273)						(466)						(1,510)						(3,249)
Total 2021 adjustment						(1,273)						(466)						(1,510)						(3,249)
Balance at April 3, 2021
Gross balance						100,164						215,415						118,434						434,013
Accumulated impairment losses						—						(85,509)						—						(85,509)
Net balance						$	100,164					$	129,906					$	118,434					$	348,504

Warranty Obligations

The changes in the carrying amount of product warranty obligations are as follows:

						Three Months Ended
(In thousands)						April 3, 2021						March 28, 2020
Balance at Beginning of Year						$	7,064					$	6,467
Provision charged to expense						1,664						1,270
Usage						(1,361)						(1,365)
Currency translation						(133)						(162)
Balance at End of Period						$	7,234					$	6,210

Revenue by Product Line, Product Type, Geography, and Revenue Recognition Method

The following table presents revenue by revenue recognition method:

						Three Months Ended
						April 3,						March 28,
(In thousands)						2021						2020
Point in Time						$	154,417					$	136,092
Over Time						18,046						23,035
						$	172,463					$	159,127

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

						Three Months Ended
						April 3,						March 28,
(In thousands)						2021						2020
Revenue by Product Type:
Parts and Consumables						$	118,107					$	105,098
Capital						54,356						54,029
						$	172,463					$	159,127
Revenue by Geography (based on customer location):
North America						$	95,092					$	93,823
Europe						44,641						36,014
Asia						21,813						15,908
Rest of World						10,917						13,382
						$	172,463					$	159,127

Balances from Contracts with Customers

The following table presents contract balances from contracts with customers:

						April 3, 2021						January 2, 2021
(In thousands)
Accounts Receivable						$	104,378					$	91,540
Contract Assets						$	6,204					$	7,576
Contract Liabilities						$	48,286					$	39,269

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

+ Details

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination.

+ References

No definition available.

+ Details

Name:	us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of cash and cash equivalents.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of supplemental cash flow information for the periods presented.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

+ Details

Name:	us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(c))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766

+ Details

Name:	us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249

+ Details

Name:	us-gaap_ScheduleOfProductWarrantyLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of cash and cash equivalents restricted as to withdrawal or usage.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121583591&loc=SL98516268-108586

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

+ Details

Name:	us-gaap_ScheduleOfRestrictedCashAndCashEquivalentsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration