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v3.22.1

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Apr. 02, 2022
Accounting Policies [Abstract] |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Three Months Ended
(In thousands) |  | April 2, 2022 |  | April 3, 2021
Cash Paid for Interest |  | $ | 1,017 |  |  | $ | 892 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 8,013 |  |  | $ | 5,344 |
Non-Cash Investing Activities: |  |  |  |
Fair value of assets acquired |  | $ | (983) |  |  | $ | — |
Cash paid for acquired businesses |  | (62) |  |  | (125) |
Liabilities Assumed of Acquired Businesses |  | $ | (1,045) |  |  | $ | (125) |
Purchases of property, plant, and equipment in accounts payable |  | $ | 264 |  |  | $ | 169 |
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 4,578 |  |  | $ | 3,203 |
Dividends declared but unpaid |  | $ | 3,031 |  |  | $ | 2,894 |
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 2, 2022 |  | April 3, 2021 |  | January 1, 2022 |  | January 2, 2021
Cash and cash equivalents |  | $ | 86,192 |  |  | $ | 65,982 |  |  | $ | 91,186 |  |  | $ | 65,682 |
Restricted cash |  | 2,779 |  |  | 726 |  |  | 2,975 |  |  | 958 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 88,971 |  |  | $ | 66,708 |  |  | $ | 94,161 |  |  | $ | 66,640 |
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 2, 2022 |  | April 3, 2021 |  | January 1, 2022 |  | January 2, 2021
Cash and cash equivalents |  | $ | 86,192 |  |  | $ | 65,982 |  |  | $ | 91,186 |  |  | $ | 65,682 |
Restricted cash |  | 2,779 |  |  | 726 |  |  | 2,975 |  |  | 958 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 88,971 |  |  | $ | 66,708 |  |  | $ | 94,161 |  |  | $ | 66,640 |
Inventories | The components of inventories are as follows:
|  | April 2, 2022 |  | January 1, 2022
(In thousands) |  |
Raw Materials |  | $ | 61,771 |  |  | $ | 59,177 |
Work in Process |  | 32,215 |  |  | 29,448 |
Finished Goods |  | 49,597 |  |  | 45,731 |
|  | $ | 143,583 |  |  | $ | 134,356 |
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 1, 2022 |  |  |  |  |  |  |  |
Gross balance |  | $ | 123,589 |  |  | $ | 214,982 |  |  | $ | 143,825 |  |  | $ | 482,396 |
Accumulated impairment losses |  | — |  |  | (85,509) |  |  | — |  |  | (85,509) |
Net balance |  | 123,589 |  |  | 129,473 |  |  | 143,825 |  |  | 396,887 |
2022 Activity |  |  |  |  |  |  |  |
Acquisitions (a) |  | 625 |  |  | — |  |  | (482) |  |  | 143 |
Currency translation |  | (1,632) |  |  | (6) |  |  | (978) |  |  | (2,616) |
Total 2022 activity |  | (1,007) |  |  | (6) |  |  | (1,460) |  |  | (2,473) |
Balance at April 2, 2022 |  |  |  |  |  |  |  |
Gross balance |  | 122,582 |  |  | 214,976 |  |  | 142,365 |  |  | 479,923 |
Accumulated impairment losses |  | — |  |  | (85,509) |  |  | — |  |  | (85,509) |
Net balance |  | $ | 122,582 |  |  | $ | 129,467 |  |  | $ | 142,365 |  |  | $ | 394,414 |
(a)Relates to adjustments to the purchase price allocation for acquisitions completed in 2021, principally for inventory, machinery and equipment, and deferred taxes. Measurement period adjustments in 2022 were not material to the Company's results of operations. The final purchase accounting and purchase price allocations remain subject to change as the Company continues to refine its preliminary valuation of certain acquired assets and liabilities assumed and the valuation of acquired intangibles, which may result in adjustments to the assets and liabilities, including goodwill.
Changes in the Carrying Amount of Product Warranty Obligations | The changes in the carrying amount of product warranty obligations are as follows:
|  | Three Months Ended
(In thousands) |  | April 2, 2022 |  | April 3, 2021
Balance at Beginning of Year |  | $ | 7,298 |  |  | $ | 7,064 |
Provision charged to expense |  | 1,462 |  |  | 1,664 |
Usage |  | (1,538) |  |  | (1,361) |
Currency translation |  | (74) |  |  | (133) |
Balance at End of Period |  | $ | 7,148 |  |  | $ | 7,234 |
Revenue Recognition Method and Disaggregation of Revenue by Product Type and Geography | The following table presents revenue by revenue recognition method:
|  | Three Months Ended |  |
|  | April 2, |  | April 3, |  |  |  |
(In thousands) |  | 2022 |  | 2021 |  |  |  |
Point in Time |  | $ | 203,311 |  |  | $ | 154,417 |  |  |  |  |
Over Time |  | 23,169 |  |  | 18,046 |  |  |  |  |
|  | $ | 226,480 |  |  | $ | 172,463 |  |  |  |  |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  |
|  | April 2, |  | April 3, |  |  |  |
(In thousands) |  | 2022 |  | 2021 |  |  |  |
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  | $ | 146,244 |  |  | $ | 118,107 |  |  |  |  |
Capital |  | 80,236 |  |  | 54,356 |  |  |  |  |
|  | $ | 226,480 |  |  | $ | 172,463 |  |  |  |  |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |  |
North America |  | $ | 124,336 |  |  | $ | 95,092 |  |  |  |  |
Europe |  | 58,366 |  |  | 44,641 |  |  |  |  |
Asia |  | 31,987 |  |  | 21,813 |  |  |  |  |
Rest of world |  | 11,791 |  |  | 10,917 |  |  |  |  |
|  | $ | 226,480 |  |  | $ | 172,463 |  |  |  |  |
Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | April 2, 2022 |  | January 1, 2022
(In thousands) |  |
Contract Assets |  | $ | 8,978 |  |  | $ | 8,626 |
Contract Liabilities |  | $ | 77,450 |  |  | $ | 77,004 |

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