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

3 Months Ended

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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