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v3.23.1

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Apr. 01, 2023
Accounting Policies [Abstract] |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Three Months Ended
(In thousands) |  | April 1, 2023 |  | April 2, 2022
Cash Paid for Interest |  | $ | 2,161 |  |  | $ | 1,017 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 9,558 |  |  | $ | 8,013 |
Non-Cash Investing Activities: |  |  |  |
Reduction in fair value of assets acquired |  | $ | — |  |  | $ | (983) |
Cash paid for acquired businesses |  | — |  |  | (62) |
Reduction in liabilities assumed |  | $ | — |  |  | $ | (1,045) |
Purchases of property, plant, and equipment in accounts payable |  | $ | 299 |  |  | $ | 264 |
|  | Three Months Ended
(In thousands) |  | April 1, 2023 |  | April 2, 2022
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 4,246 |  |  | $ | 4,578 |
Dividends declared but unpaid |  | $ | 3,394 |  |  | $ | 3,031 |
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 1, 2023 |  | April 2, 2022 |  | December 31, 2022 |  | January 1, 2022
Cash and cash equivalents |  | $ | 81,183 |  |  | $ | 86,192 |  |  | $ | 76,371 |  |  | $ | 91,186 |
Restricted cash |  | 4,324 |  |  | 2,779 |  |  | 3,354 |  |  | 2,975 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 85,507 |  |  | $ | 88,971 |  |  | $ | 79,725 |  |  | $ | 94,161 |
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 1, 2023 |  | April 2, 2022 |  | December 31, 2022 |  | January 1, 2022
Cash and cash equivalents |  | $ | 81,183 |  |  | $ | 86,192 |  |  | $ | 76,371 |  |  | $ | 91,186 |
Restricted cash |  | 4,324 |  |  | 2,779 |  |  | 3,354 |  |  | 2,975 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 85,507 |  |  | $ | 88,971 |  |  | $ | 79,725 |  |  | $ | 94,161 |
Inventories | The components of inventories are as follows:
|  | April 1, 2023 |  | December 31, 2022
(In thousands) |  |
Raw Materials |  | $ | 74,726 |  |  | $ | 71,040 |
Work in Process |  | 49,868 |  |  | 38,612 |
Finished Goods |  | 54,605 |  |  | 54,020 |
|  | $ | 179,199 |  |  | $ | 163,672 |
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 December 31, 2022 |  |  |  |  |  |  |  |
Gross balance |  | $ | 118,309 |  |  | $ | 209,919 |  |  | $ | 142,765 |  |  | $ | 470,993 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | 118,309 |  |  | 124,381 |  |  | 142,765 |  |  | 385,455 |
2023 Activity |  |  |  |  |  |  |  |
Acquisition adjustments |  | — |  |  | — |  |  | (13) |  |  | (13) |
Currency translation |  | 1,181 |  |  | 581 |  |  | 686 |  |  | 2,448 |
Total 2023 activity |  | 1,181 |  |  | 581 |  |  | 673 |  |  | 2,435 |
Balance at April 1, 2023 |  |  |  |  |  |  |  |
Gross balance |  | 119,490 |  |  | 210,500 |  |  | 143,438 |  |  | 473,428 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | $ | 119,490 |  |  | $ | 124,962 |  |  | $ | 143,438 |  |  | $ | 387,890 |
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 1, 2023 |  | April 2, 2022
Balance at Beginning of Year |  | $ | 7,283 |  |  | $ | 7,298 |
Provision charged to expense |  | 1,425 |  |  | 1,462 |
Usage |  | (1,068) |  |  | (1,538) |
Currency translation |  | 87 |  |  | (74) |
Balance at End of Period |  | $ | 7,727 |  |  | $ | 7,148 |
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 1, |  | April 2,
(In thousands) |  |  |  |  |  | 2023 |  | 2022
Point in Time |  |  |  |  |  | $ | 204,239 |  |  | $ | 203,311 |
Over Time |  |  |  |  |  | 25,519 |  |  | 23,169 |
|  |  |  |  |  | $ | 229,758 |  |  | $ | 226,480 |
The following table presents the disaggregation of revenue by product type and geography:
|  |  |  | Three Months Ended
|  |  |  |  |  | April 1, |  | April 2,
(In thousands) |  |  |  |  |  | 2023 |  | 2022
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  |  |  |  |  | $ | 151,563 |  |  | $ | 146,244 |
Capital |  |  |  |  |  | 78,195 |  |  | 80,236 |
|  |  |  |  |  | $ | 229,758 |  |  | $ | 226,480 |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |  |
North America |  |  |  |  |  | 132,453 |  |  | 124,336 |
Europe |  |  |  |  |  | 54,157 |  |  | 58,366 |
Asia |  |  |  |  |  | 27,770 |  |  | 31,987 |
Rest of world |  |  |  |  |  | 15,378 |  |  | 11,791 |
|  |  |  |  |  | $ | 229,758 |  |  | $ | 226,480 |
Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | April 1, 2023 |  | December 31, 2022
(In thousands) |  |
Contract Assets |  | $ | 12,389 |  |  | $ | 14,898 |
Contract Liabilities |  | $ | 96,348 |  |  | $ | 82,413 |

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