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Nature of Operations and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jul. 02, 2022
Accounting Policies [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
 Six Months Ended
(In thousands)July 2,
2022		July 3,
2021
Cash Paid for Interest$2,408 $1,968 
Cash Paid for Income Taxes, Net of Refunds$19,167 $12,475 
 Six Months Ended
(In thousands)July 2,
2022		July 3,
2021
Non-Cash Investing Activities:
Fair value of assets acquired$(1,568)$197 
Cash paid for acquired businesses(62)(159)
Liabilities Assumed of Acquired Businesses$(1,630)$38 
Purchases of property, plant, and equipment in accounts payable$26 $169 
Non-Cash Financing Activities:  
Issuance of Company common stock upon vesting of restricted stock units$5,040 $3,628 
Dividends declared but unpaid$3,033 $2,895 
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 2,
2022		July 3,
2021		January 1,
2022		January 2,
2021
Cash and cash equivalents$76,540 $73,436 $91,186 $65,682 
Restricted cash1,486 84,708 2,975 958 
Total Cash, Cash Equivalents, and Restricted Cash$78,026 $158,144 $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)July 2,
2022		July 3,
2021		January 1,
2022		January 2,
2021
Cash and cash equivalents$76,540 $73,436 $91,186 $65,682 
Restricted cash1,486 84,708 2,975 958 
Total Cash, Cash Equivalents, and Restricted Cash$78,026 $158,144 $94,161 $66,640 
Inventories
The components of inventories are as follows:
 July 2,
2022		January 1,
2022
(In thousands)
Raw Materials$64,717 $59,177 
Work in Process37,978 29,448 
Finished Goods53,731 45,731 
$156,426 $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 ControlIndustrial ProcessingMaterial HandlingTotal
Balance at January 1, 2022   
Gross balance$123,589 $214,982 $143,825 $482,396 
Accumulated impairment losses— (85,509)— (85,509)
Net balance123,589 129,473 143,825 396,887 
2022 Activity
   Acquisitions (a)(33)— (502)(535)
   Currency translation(5,905)(3,271)(3,067)(12,243)
   Total 2022 activity(5,938)(3,271)(3,569)(12,778)
Balance at July 2, 2022   
Gross balance117,651 211,711 140,256 469,618 
Accumulated impairment losses— (85,509)— (85,509)
Net balance$117,651 $126,202 $140,256 $384,109 
(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.
Changes in the Carrying Amount of Product Warranty Obligations
The changes in the carrying amount of product warranty obligations are as follows:
 Six Months Ended
(In thousands)July 2,
2022		July 3,
2021
Balance at Beginning of Year$7,298 $7,064 
Provision charged to expense2,657 2,709 
Usage(2,548)(2,255)
Currency translation(429)(74)
Balance at End of Period$6,978 $7,444 
Revenue Recognition Method and Disaggregation of Revenue by Product Type and Geography
The following table presents revenue by revenue recognition method:
Three Months EndedSix Months Ended
July 2,July 3,July 2,July 3,
(In thousands)2022202120222021
Point in Time$198,249 $175,479 $401,560 $329,896 
Over Time23,400 20,332 46,569 38,378 
$221,649 $195,811 $448,129 $368,274 
The following table presents the disaggregation of revenue by product type and geography:
Three Months EndedSix Months Ended
July 2,July 3,July 2,July 3,
(In thousands)2022202120222021
Revenue by Product Type:
    
Parts and consumables$145,680 $124,975 $291,924 $243,082 
Capital75,969 70,836 156,205 125,192 
$221,649 $195,811 $448,129 $368,274 
Revenue by Geography (based on customer location):    
North America$123,964 $106,767 248,300 201,859 
Europe52,249 55,827 110,615 100,468 
Asia30,851 24,729 62,838 46,542 
Rest of world14,585 8,488 26,376 19,405 
$221,649 $195,811 $448,129 $368,274 
Contract Balances From Contracts With Customers
The following table presents contract balances from contracts with customers:
 July 2,
2022		January 1,
2022
(In thousands)
Contract Assets$11,861 $8,626 
Contract Liabilities$82,408 $77,004