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v3.23.2

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jul. 01, 2023
Accounting Policies [Abstract] |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Six Months Ended
(In thousands) |  | July 1, 2023 |  | July 2, 2022
Cash Paid for Interest |  | $ | 4,443 |  |  | $ | 2,408 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 23,792 |  |  | $ | 19,167 |
Non-Cash Investing Activities: |  |  |  |
Reduction in fair value of assets acquired |  | $ | (270) |  |  | $ | (1,568) |
Cash received (paid) for acquired businesses |  | 277 |  |  | (62) |
Increase (decrease) in liabilities assumed |  | $ | 7 |  |  | $ | (1,630) |
Purchases of property, plant, and equipment in accounts payable |  | $ | 1,134 |  |  | $ | 26 |
|  | Six Months Ended
(In thousands) |  | July 1, 2023 |  | July 2, 2022
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 4,717 |  |  | $ | 5,040 |
Dividends declared but unpaid |  | $ | 3,395 |  |  | $ | 3,033 |
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 1, 2023 |  | July 2, 2022 |  | December 31, 2022 |  | January 1, 2022
Cash and cash equivalents |  | $ | 66,725 |  |  | $ | 76,540 |  |  | $ | 76,371 |  |  | $ | 91,186 |
Restricted cash |  | 3,470 |  |  | 1,486 |  |  | 3,354 |  |  | 2,975 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 70,195 |  |  | $ | 78,026 |  |  | $ | 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) |  | July 1, 2023 |  | July 2, 2022 |  | December 31, 2022 |  | January 1, 2022
Cash and cash equivalents |  | $ | 66,725 |  |  | $ | 76,540 |  |  | $ | 76,371 |  |  | $ | 91,186 |
Restricted cash |  | 3,470 |  |  | 1,486 |  |  | 3,354 |  |  | 2,975 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 70,195 |  |  | $ | 78,026 |  |  | $ | 79,725 |  |  | $ | 94,161 |
Inventories | The components of inventories are as follows:
|  | July 1, 2023 |  | December 31, 2022
(In thousands) |  |
Raw Materials |  | $ | 73,075 |  |  | $ | 71,040 |
Work in Process |  | 45,428 |  |  | 38,612 |
Finished Goods |  | 57,877 |  |  | 54,020 |
|  | $ | 176,380 |  |  | $ | 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 |  | — |  |  | — |  |  | 4 |  |  | 4 |
Currency translation |  | 1,169 |  |  | 1,428 |  |  | 746 |  |  | 3,343 |
Total 2023 activity |  | 1,169 |  |  | 1,428 |  |  | 750 |  |  | 3,347 |
Balance at July 1, 2023 |  |  |  |  |  |  |  |
Gross balance |  | 119,478 |  |  | 211,347 |  |  | 143,515 |  |  | 474,340 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | $ | 119,478 |  |  | $ | 125,809 |  |  | $ | 143,515 |  |  | $ | 388,802 |
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 1, 2023 |  | July 2, 2022
Balance at Beginning of Year |  | $ | 7,283 |  |  | $ | 7,298 |
Provision charged to expense |  | 3,154 |  |  | 2,657 |
Usage |  | (2,335) |  |  | (2,548) |
Currency translation |  | 97 |  |  | (429) |
Balance at End of Period |  | $ | 8,199 |  |  | $ | 6,978 |
Revenue Recognition Method and Disaggregation of Revenue by Product Type and Geography | The following table presents revenue by revenue recognition method:
|  | Three Months Ended |  | Six Months Ended
|  | July 1, |  | July 2, |  | July 1, |  | July 2,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Point in Time |  | $ | 222,235 |  |  | $ | 198,249 |  |  | $ | 426,474 |  |  | $ | 401,560 |
Over Time |  | 22,818 |  |  | 23,400 |  |  | 48,337 |  |  | 46,569 |
|  | $ | 245,053 |  |  | $ | 221,649 |  |  | $ | 474,811 |  |  | $ | 448,129 |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  | Six Months Ended
|  | July 1, |  | July 2, |  | July 1, |  | July 2,
(In thousands) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  | $ | 153,082 |  |  | $ | 145,680 |  |  | $ | 304,645 |  |  | $ | 291,924 |
Capital |  | 91,971 |  |  | 75,969 |  |  | 170,166 |  |  | 156,205 |
|  | $ | 245,053 |  |  | $ | 221,649 |  |  | $ | 474,811 |  |  | $ | 448,129 |
Revenue by Geography (based on customer location) (a): |  |  |  |  |  |  |
North America |  | $ | 135,385 |  |  | $ | 124,080 |  |  | 267,838 |  |  | 248,416 |
Europe |  | 60,625 |  |  | 58,489 |  |  | 114,782 |  |  | 116,855 |
Asia |  | 32,867 |  |  | 28,976 |  |  | 60,637 |  |  | 60,963 |
Rest of world |  | 16,176 |  |  | 10,104 |  |  | 31,554 |  |  | 21,895 |
|  | $ | 245,053 |  |  | $ | 221,649 |  |  | $ | 474,811 |  |  | $ | 448,129 |
(a) The components of revenue by geography in the three and six months ended July 2, 2022 have been recast to conform to the current period presentation.
Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | July 1, 2023 |  | December 31, 2022
(In thousands) |  |
Contract Assets |  | $ | 11,986 |  |  | $ | 14,898 |
Contract Liabilities |  | $ | 87,780 |  |  | $ | 82,413 |

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