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v3.21.2

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jul. 03, 2021
Accounting Policies [Abstract] |
Supplemental Cash Flow Information |
|  | Six Months Ended
(In thousands) |  | July 3, 2021 |  | June 27, 2020
Cash Paid for Interest |  | $ | 1,968 |  |  | $ | 4,186 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 12,475 |  |  | $ | 7,036 |
Non-Cash Investing Activities: |  |  |  |
Fair value of assets acquired |  | $ | 197 |  |  | $ | 9,164 |
Cash paid for acquired businesses |  | (159) |  |  | (7,537) |
Liabilities Assumed of Acquired Businesses |  | $ | 38 |  |  | $ | 1,627 |
Purchases of property, plant, and equipment in accounts payable |  | $ | 169 |  |  | $ | 150 |
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 3,628 |  |  | $ | 4,027 |
Dividends declared but unpaid |  | $ | 2,895 |  |  | $ | 2,760 |
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) |  | July 3, 2021 |  | June 27, 2020 |  | January 2, 2021 |  | December 28, 2019
Cash and cash equivalents |  | $ | 73,436 |  |  | $ | 57,499 |  |  | $ | 65,682 |  |  | $ | 66,786 |
Restricted cash |  | 84,708 |  |  | 3,450 |  |  | 958 |  |  | 1,487 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 158,144 |  |  | $ | 60,949 |  |  | $ | 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) |  | July 3, 2021 |  | June 27, 2020 |  | January 2, 2021 |  | December 28, 2019
Cash and cash equivalents |  | $ | 73,436 |  |  | $ | 57,499 |  |  | $ | 65,682 |  |  | $ | 66,786 |
Restricted cash |  | 84,708 |  |  | 3,450 |  |  | 958 |  |  | 1,487 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 158,144 |  |  | $ | 60,949 |  |  | $ | 66,640 |  |  | $ | 68,273 |
Inventories | The components of inventories are as follows:
|  | July 3, 2021 |  | January 2, 2021
(In thousands) |  |
Raw Materials |  | $ | 48,879 |  |  | $ | 46,413 |
Work in Process |  | 24,189 |  |  | 17,692 |
Finished Goods |  | 41,248 |  |  | 42,709 |
|  | $ | 114,316 |  |  | $ | 106,814 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
July 3, 2021 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 173,728 |  |  | $ | (72,364) |  |  | $ | (1,279) |  |  | $ | 100,085 |
Product technology |  | 56,111 |  |  | (33,465) |  |  | (1,093) |  |  | 21,553 |
Tradenames |  | 6,027 |  |  | (3,162) |  |  | (310) |  |  | 2,555 |
Other |  | 18,248 |  |  | (14,727) |  |  | (536) |  |  | 2,985 |
|  | 254,114 |  |  | (123,718) |  |  | (3,218) |  |  | 127,178 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 24,100 |  |  | — |  |  | 304 |  |  | 24,404 |
Acquired Intangible Assets |  | $ | 278,214 |  |  | $ | (123,718) |  |  | $ | (2,914) |  |  | $ | 151,582 |
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 Adjustments |  |  |  |  |  |  |  |
Currency translation |  | (858) |  |  | 432 |  |  | (1,253) |  |  | (1,679) |
Acquisition |  | 197 |  |  | — |  |  | — |  |  | 197 |
Total 2021 adjustments |  | (661) |  |  | 432 |  |  | (1,253) |  |  | (1,482) |
Balance at July 3, 2021 |  |  |  |  |  |  |  |
Gross balance |  | 100,776 |  |  | 216,313 |  |  | 118,691 |  |  | 435,780 |
Accumulated impairment losses |  | — |  |  | (85,509) |  |  | — |  |  | (85,509) |
Net balance |  | $ | 100,776 |  |  | $ | 130,804 |  |  | $ | 118,691 |  |  | $ | 350,271 |
Warranty Obligations | The changes in the carrying amount of product warranty obligations are as follows:
|  | Six Months Ended
(In thousands) |  | July 3, 2021 |  | June 27, 2020
Balance at Beginning of Year |  | $ | 7,064 |  |  | $ | 6,467 |
Provision charged to expense |  | 2,709 |  |  | 2,675 |
Usage |  | (2,255) |  |  | (2,721) |
Currency translation |  | (74) |  |  | (67) |
Balance at End of Period |  | $ | 7,444 |  |  | $ | 6,354 |
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
|  | July 3, |  | June 27, |  | July 3, |  | June 27,
(In thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Point in Time |  | $ | 175,479 |  |  | $ | 129,797 |  |  | $ | 329,896 |  |  | $ | 265,889 |
Over Time |  | 20,332 |  |  | 23,063 |  |  | 38,378 |  |  | 46,098 |
|  | $ | 195,811 |  |  | $ | 152,860 |  |  | $ | 368,274 |  |  | $ | 311,987 |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  | Six Months Ended
|  | July 3, |  | June 27, |  | July 3, |  | June 27,
(In thousands) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and Consumables |  | $ | 124,975 |  |  | $ | 97,261 |  |  | $ | 243,082 |  |  | $ | 202,358 |
Capital |  | 70,836 |  |  | 55,599 |  |  | 125,192 |  |  | 109,629 |
|  | $ | 195,811 |  |  | $ | 152,860 |  |  | $ | 368,274 |  |  | $ | 311,987 |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |  |
North America |  | $ | 106,767 |  |  | $ | 88,718 |  |  | 201,859 |  |  | 182,541 |
Europe |  | 55,827 |  |  | 37,916 |  |  | 100,468 |  |  | 73,930 |
Asia |  | 24,729 |  |  | 16,237 |  |  | 46,542 |  |  | 32,145 |
Rest of World |  | 8,488 |  |  | 9,989 |  |  | 19,405 |  |  | 23,371 |
|  | $ | 195,811 |  |  | $ | 152,860 |  |  | $ | 368,274 |  |  | $ | 311,987 |
Balances from Contracts with Customers | The following table presents contract balances from contracts with customers:
|  | July 3, 2021 |  | January 2, 2021
(In thousands) |  |
Accounts Receivable |  | $ | 106,791 |  |  | $ | 91,540 |
Contract Assets |  | $ | 6,481 |  |  | $ | 7,576 |
Contract Liabilities |  | $ | 52,031 |  |  | $ | 39,269 |

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