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

3 Months Ended

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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