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Business Segment Information (Tables) | 6 Months Ended
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Jul. 02, 2022
Segment Reporting [Abstract] |
Business Segment Reporting Information | The following table presents financial information for the Company's reportable operating segments:
|  | Three Months Ended |  | Six Months Ended
|  | July 2, |  | July 3, |  | July 2, |  | July 3,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenue |  |  |  |  |  |  |  |
Flow Control (a) |  | $ | 85,220 |  |  | $ | 70,762 |  |  | $ | 171,046 |  |  | $ | 134,516 |
Industrial Processing |  | 84,402 |  |  | 82,681 |  |  | 177,487 |  |  | 151,835 |
Material Handling (b) |  | 52,027 |  |  | 42,368 |  |  | 99,596 |  |  | 81,923 |
|  | $ | 221,649 |  |  | $ | 195,811 |  |  | $ | 448,129 |  |  | $ | 368,274 |
Income Before Provision for Income Taxes |  |  |  |  |  |  |  |
Flow Control (a,c) |  | $ | 22,707 |  |  | $ | 19,324 |  |  | $ | 44,432 |  |  | $ | 34,770 |
Industrial Processing (d,f) |  | 15,285 |  |  | 17,248 |  |  | 53,444 |  |  | 28,354 |
Material Handling (b,e,f) |  | 8,701 |  |  | 5,281 |  |  | 14,545 |  |  | 9,450 |
Corporate (g,f) |  | (9,225) |  |  | (8,843) |  |  | (18,980) |  |  | (16,137) |
Total operating income |  | 37,468 |  |  | 33,010 |  |  | 93,441 |  |  | 56,437 |
Interest expense, net (h) |  | (1,089) |  |  | (1,010) |  |  | (2,221) |  |  | (2,056) |
Other expense, net (h) |  | (19) |  |  | (24) |  |  | (41) |  |  | (48) |
|  | $ | 36,360 |  |  | $ | 31,976 |  |  | $ | 91,179 |  |  | $ | 54,333 |
Capital Expenditures |  |  |  |  |  |  |  |
Flow Control |  | $ | 1,031 |  |  | $ | 368 |  |  | $ | 1,556 |  |  | $ | 702 |
Industrial Processing (i) |  | 5,073 |  |  | 1,191 |  |  | 7,025 |  |  | 2,995 |
Material Handling |  | 843 |  |  | 495 |  |  | 1,227 |  |  | 616 |
Corporate |  | — |  |  | 5 |  |  | 7 |  |  | 5 |
|  | $ | 6,947 |  |  | $ | 2,059 |  |  | $ | 9,815 |  |  | $ | 4,318 |
(a)Includes results in 2022 from Clouth, which was acquired between July 19, 2021 and August 10, 2021. (b)Includes results in 2022 from the East Chicago Machine Tool Corporation (Balemaster), which was acquired on August 23, 2021. (c)Includes acquisition costs of $62,000 in the six months ended July 2, 2022 and $239,000 and $1,236,000 in the three and six months ended July 3, 2021, respectively. (d)Includes a gain on the sale of a facility of $20,190,000, non-cash charges for the write-off of an indemnification asset of $575,000, and the write-down of machinery and equipment of $182,000 in the six months ended July 2, 2022. Includes acquisition-related expenses of $53,000 and $140,000 in the three and six months ended July 3, 2021, respectively. Acquisition-related expenses include acquisition costs and amortization expense associated with acquired backlog. (e)Includes acquisition-related expenses of $717,000 in the six months ended July 2, 2022 and $338,000 and $612,000 in the three and six months ended July 3, 2021, respectively. (f)Includes a reclassification of acquisition costs from Corporate to the Industrial Processing and Material Handling segments in the three and six months ended July 3, 2021. The results in the three months ended July 3, 2021, include a decrease in operating loss for Corporate of $364,000 and a decrease in operating income of $53,000 and $311,000 for the Industrial Processing and Material Handling segments, respectively, and a decrease in operating loss for Corporate of $665,000 and a decrease in operating income of $80,000 and $585,000 for the Industrial Processing and Material Handling segments, respectively, in the six months ended July 3, 2021. (g)Represents general and administrative expenses. (h)The Company does not allocate interest and other expense, net to its segments. (i)Includes capital expenditures of $3,128,000 and $3,242,000 in the three and six months ended July 2, 2022, respectively, associated with the construction of a manufacturing facility and building relocation project in China. See Note 2, Gain on Sale and Other Expense, Net.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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