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Business Segment Information (Tables) | 9 Months Ended
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Oct. 01, 2022
Segment Reporting [Abstract] |
Business Segment Reporting Information | The following table presents financial information for the Company's reportable operating segments:
|  | Three Months Ended |  | Nine Months Ended
|  | October 1, |  | October 2, |  | October 1, |  | October 2,
(In thousands) |  | 2022 |  | 2021 |  | 2022 |  | 2021
Revenue |  |  |  |  |  |  |  |
Flow Control (a) |  | $ | 86,880 |  |  | $ | 76,253 |  |  | $ | 257,926 |  |  | $ | 210,769 |
Industrial Processing |  | 86,085 |  |  | 81,620 |  |  | 263,572 |  |  | 233,455 |
Material Handling (b) |  | 51,545 |  |  | 41,916 |  |  | 151,141 |  |  | 123,839 |
|  | $ | 224,510 |  |  | $ | 199,789 |  |  | $ | 672,639 |  |  | $ | 568,063 |
Income Before Provision for Income Taxes |  |  |  |  |  |  |  |
Flow Control (a,c) |  | $ | 22,874 |  |  | $ | 17,129 |  |  | $ | 67,306 |  |  | $ | 51,899 |
Industrial Processing (d) |  | 17,550 |  |  | 16,095 |  |  | 70,994 |  |  | 44,449 |
Material Handling (b,e) |  | 6,945 |  |  | 3,491 |  |  | 21,490 |  |  | 12,941 |
Corporate (f) |  | (8,483) |  |  | (7,987) |  |  | (27,463) |  |  | (24,124) |
Total operating income |  | 38,886 |  |  | 28,728 |  |  | 132,327 |  |  | 85,165 |
Interest expense, net (g) |  | (1,450) |  |  | (1,265) |  |  | (3,671) |  |  | (3,321) |
Other expense, net (g) |  | (19) |  |  | (23) |  |  | (60) |  |  | (71) |
|  | $ | 37,417 |  |  | $ | 27,440 |  |  | $ | 128,596 |  |  | $ | 81,773 |
Capital Expenditures |  |  |  |  |  |  |  |
Flow Control |  | $ | 868 |  |  | $ | 1,128 |  |  | $ | 2,424 |  |  | $ | 1,830 |
Industrial Processing (h) |  | 4,654 |  |  | 1,725 |  |  | 11,679 |  |  | 4,720 |
Material Handling |  | 854 |  |  | 505 |  |  | 2,081 |  |  | 1,121 |
Corporate |  | — |  |  | 12 |  |  | 7 |  |  | 17 |
|  | $ | 6,376 |  |  | $ | 3,370 |  |  | $ | 16,191 |  |  | $ | 7,688 |
(a)Includes results from Clouth, which was acquired between July 19, 2021 and August 10, 2021. (b)Includes results from East Chicago Machine Tool Corporation (Balemaster), which was acquired on August 23, 2021. (c)Includes acquisition-related expenses of $410,000 and $254,000 in the three and nine months ended October 1, 2022, respectively, and $2,706,000 and $3,942,000 in the three and nine months ended October 2, 2021, respectively. Acquisition-related expenses include acquisition costs and amortization expense associated with acquired profit in inventory and backlog. Includes restructuring costs of $72,000 in the three and nine months ended October 1, 2022, respectively. (d)Includes a gain on the sale of a facility of $20,190,000 (see Note 2, Gain on Sale and Other Costs, Net) and 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 nine months ended October 1, 2022. (e)Includes acquisition-related expenses of $717,000 in the nine months ended October 1, 2022 and $799,000 and $1,411,000 in the three and nine months ended October 2, 2021, respectively. (f)Represents general and administrative expenses. (g)The Company does not allocate interest and other expense, net to its segments. (h)Includes capital expenditures of $2,155,000 and $5,397,000 in the three and nine months ended October 1, 2022, respectively, associated with the construction of a manufacturing facility in China. See Note 2, Gain on Sale and Other Costs, 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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