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Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 30, 2024
Accounting Policies [Abstract] |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Three Months Ended
(In thousands) |  | March 30, 2024 |  | April 1, 2023
Cash Paid for Interest |  | $ | 4,484 |  |  | $ | 2,161 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 7,313 |  |  | $ | 9,558 |
Non-Cash Investing Activities: |  |  |  |
Fair value of assets acquired |  | $ | 266,061 |  |  | $ | — |
Cash paid for businesses acquired |  | (238,306) |  |  | — |
Liabilities assumed and noncontrolling interests acquired |  | $ | 27,755 |  |  | $ | — |
Purchases of property, plant, and equipment in accounts payable |  | $ | 1,342 |  |  | $ | 299 |
|  | Three Months Ended
(In thousands) |  | March 30, 2024 |  | April 1, 2023
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 4,703 |  |  | $ | 4,246 |
Dividends declared but unpaid |  | $ | 3,758 |  |  | $ | 3,394 |
Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:
(In thousands) |  | March 30, 2024 |  | April 1, 2023 |  | December 30, 2023 |  | December 31, 2022
Cash and cash equivalents |  | $ | 81,440 |  |  | $ | 81,183 |  |  | $ | 103,832 |  |  | $ | 76,371 |
Restricted cash |  | 1,178 |  |  | 4,324 |  |  | 2,621 |  |  | 3,354 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 82,618 |  |  | $ | 85,507 |  |  | $ | 106,453 |  |  | $ | 79,725 |
Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:
(In thousands) |  | March 30, 2024 |  | April 1, 2023 |  | December 30, 2023 |  | December 31, 2022
Cash and cash equivalents |  | $ | 81,440 |  |  | $ | 81,183 |  |  | $ | 103,832 |  |  | $ | 76,371 |
Restricted cash |  | 1,178 |  |  | 4,324 |  |  | 2,621 |  |  | 3,354 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 82,618 |  |  | $ | 85,507 |  |  | $ | 106,453 |  |  | $ | 79,725 |
Inventories | The components of inventories are as follows:
|  | March 30, 2024 |  | December 30, 2023
(In thousands) |  |
Raw Materials |  | $ | 70,695 |  |  | $ | 66,738 |
Work in Process |  | 41,180 |  |  | 32,147 |
Finished Goods (includes $3,581 and $5,182 at customer locations) |  | 60,083 |  |  | 53,792 |
|  | $ | 171,958 |  |  | $ | 152,677 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
March 30, 2024 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 318,271 |  |  | $ | (113,072) |  |  | $ | (6,733) |  |  | $ | 198,466 |
Product technology |  | 82,276 |  |  | (45,051) |  |  | (2,632) |  |  | 34,593 |
Tradenames |  | 14,489 |  |  | (4,441) |  |  | (419) |  |  | 9,629 |
Other |  | 22,020 |  |  | (18,589) |  |  | (616) |  |  | 2,815 |
|  | 437,056 |  |  | (181,153) |  |  | (10,400) |  |  | 245,503 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (731) |  |  | 28,328 |
Acquired Intangible Assets |  | $ | 466,115 |  |  | $ | (181,153) |  |  | $ | (11,131) |  |  | $ | 273,831 |
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
December 30, 2023 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 218,959 |  |  | $ | (108,519) |  |  | $ | (5,562) |  |  | $ | 104,878 |
Product technology |  | 67,576 |  |  | (43,786) |  |  | (2,367) |  |  | 21,423 |
Tradenames |  | 7,039 |  |  | (4,262) |  |  | (388) |  |  | 2,389 |
Other |  | 20,320 |  |  | (17,715) |  |  | (604) |  |  | 2,001 |
|  | 313,894 |  |  | (174,282) |  |  | (8,921) |  |  | 130,691 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (464) |  |  | 28,595 |
Acquired Intangible Assets |  | $ | 342,953 |  |  | $ | (174,282) |  |  | $ | (9,385) |  |  | $ | 159,286 |
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 30, 2023 |  |  |  |  |  |  |  |
Gross balance |  | $ | 120,782 |  |  | $ | 212,732 |  |  | $ | 144,108 |  |  | $ | 477,622 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | 120,782 |  |  | 127,194 |  |  | 144,108 |  |  | 392,084 |
2024 Activity |  |  |  |  |  |  |  |
Acquisitions (Note 2) |  | — |  |  | 34,058 |  |  | 38,468 |  |  | 72,526 |
Fair value adjustment |  | — |  |  | (22) |  |  | — |  |  | (22) |
Currency translation |  | (1,792) |  |  | (1,911) |  |  | (968) |  |  | (4,671) |
Total 2024 activity |  | (1,792) |  |  | 32,125 |  |  | 37,500 |  |  | 67,833 |
Balance at March 30, 2024 |  |  |  |  |  |  |  |
Gross balance |  | 118,990 |  |  | 244,857 |  |  | 181,608 |  |  | 545,455 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | $ | 118,990 |  |  | $ | 159,319 |  |  | $ | 181,608 |  |  | $ | 459,917 |
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) |  | March 30, 2024 |  | April 1, 2023
Balance at Beginning of Year |  | $ | 8,154 |  |  | $ | 7,283 |
Provision charged to expense |  | 1,069 |  |  | 1,425 |
Usage |  | (724) |  |  | (1,068) |
Acquisitions |  | 475 |  |  | — |
Currency translation |  | (150) |  |  | 87 |
Balance at End of Period |  | $ | 8,824 |  |  | $ | 7,727 |
Revenue Recognition Method and Disaggregation of Revenue by Product Type and Geography | The following table presents revenue by revenue recognition method:
|  | Three Months Ended |  |
|  | March 30, |  | April 1, |  |  |  |
(In thousands) |  | 2024 |  | 2023 |  |  |  |
Point in Time |  | $ | 216,493 |  |  | $ | 204,239 |  |  |  |  |
Over Time |  | 32,482 |  |  | 25,519 |  |  |  |  |
|  | $ | 248,975 |  |  | $ | 229,758 |  |  |  |  |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  |
|  | March 30, |  | April 1, |  |  |  |
(In thousands) |  | 2024 |  | 2023 |  |  |  |
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  | $ | 171,130 |  |  | $ | 151,563 |  |  |  |  |
Capital |  | 77,845 |  |  | 78,195 |  |  |  |  |
|  | $ | 248,975 |  |  | $ | 229,758 |  |  |  |  |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |
North America |  | $ | 156,491 |  |  | $ | 132,453 |  |  |  |  |
Europe |  | 55,787 |  |  | 54,157 |  |  |  |  |
Asia |  | 22,554 |  |  | 27,770 |  |  |  |  |
Rest of world |  | 14,143 |  |  | 15,378 |  |  |  |  |
|  | $ | 248,975 |  |  | $ | 229,758 |  |  |  |  |
Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | March 30, 2024 |  | December 30, 2023
(In thousands) |  |
Contract Assets |  | $ | 10,673 |  |  | $ | 8,366 |
Contract Liabilities |  | $ | 78,856 |  |  | $ | 79,397 |

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