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

6 Months Ended

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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