XML 179 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Nature of Operations and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 29, 2024
Accounting Policies [Abstract]  
Supplemental Cash Flow Information
Supplemental Cash Flow Information
 Six Months Ended
(In thousands)June 29,
2024		July 1,
2023
Cash Paid for Interest$9,703 $4,443 
Cash Paid for Income Taxes, Net of Refunds$23,286 $23,792 
Non-Cash Investing Activities:
Fair value of assets acquired (adjusted)$341,105 $(270)
Cash (paid) received for businesses acquired (a)
(299,892)277 
Liabilities assumed (reduced) and noncontrolling interests acquired$41,213 $(7)
(a) Includes estimated post-closing adjustments, net.
 Six Months Ended
(In thousands)June 29,
2024		July 1,
2023
Purchases of property, plant, and equipment in accounts payable$618 $1,134 
Non-Cash Financing Activities:  
Issuance of Company common stock upon vesting of restricted stock units$5,140 $4,717 
Dividends declared but unpaid$3,758 $3,395 
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)June 29,
2024		July 1,
2023		December 30,
2023		December 31,
2022
Cash and cash equivalents$73,805 $66,725 $103,832 $76,371 
Restricted cash1,373 3,470 2,621 3,354 
Total Cash, Cash Equivalents, and Restricted Cash$75,178 $70,195 $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)June 29,
2024		July 1,
2023		December 30,
2023		December 31,
2022
Cash and cash equivalents$73,805 $66,725 $103,832 $76,371 
Restricted cash1,373 3,470 2,621 3,354 
Total Cash, Cash Equivalents, and Restricted Cash$75,178 $70,195 $106,453 $79,725 
Inventories
The components of inventories are as follows:
 June 29,
2024		December 30,
2023
(In thousands)
Raw Materials$71,453 $66,738 
Work in Process38,916 32,147 
Finished Goods (includes $3,350 and $5,182 at customer locations)
63,144 53,792 
$173,513 $152,677 
Acquired Intangible Assets
Acquired intangible assets by major asset class are as follows:
(In thousands)GrossAccumulated
Amortization		Currency
Translation		Net
June 29, 2024
Definite-Lived
Customer relationships$332,804 $(117,776)$(7,127)$207,901 
Product technology87,576 (46,365)(2,721)38,490 
Tradenames16,253 (4,640)(429)11,184 
Other23,860 (19,356)(620)3,884 
 460,493 (188,137)(10,897)261,459 
Indefinite-Lived
Tradenames29,059 — (823)28,236 
Acquired Intangible Assets$489,552 $(188,137)$(11,720)$289,695 
 
 
 
 
(In thousands)GrossAccumulated
Amortization		Currency
Translation		Net
December 30, 2023    
Definite-Lived
Customer relationships$218,959 $(108,519)$(5,562)$104,878 
Product technology67,576 (43,786)(2,367)21,423 
Tradenames7,039 (4,262)(388)2,389 
Other20,320 (17,715)(604)2,001 
 313,894 (174,282)(8,921)130,691 
Indefinite-Lived
Tradenames29,059 — (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 ControlIndustrial ProcessingMaterial HandlingTotal
Balance at December 30, 2023   
Gross balance$120,782 $212,732 $144,108 $477,622 
Accumulated impairment losses— (85,538)— (85,538)
Net balance120,782 127,194 144,108 392,084 
2024 Activity
Acquisitions (Note 2)
14,498 37,037 40,560 92,095 
   Fair value adjustment— (22)— (22)
   Currency translation(2,201)(2,655)(1,266)(6,122)
   Total 2024 activity12,297 34,360 39,294 85,951 
Balance at June 29, 2024   
Gross balance133,079 247,092 183,402 563,573 
Accumulated impairment losses— (85,538)— (85,538)
Net balance$133,079 $161,554 $183,402 $478,035 
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)June 29,
2024		July 1,
2023
Balance at Beginning of Year$8,154 $7,283 
Provision charged to expense2,048 3,154 
Usage(1,326)(2,335)
Acquisitions472 — 
Currency translation(219)97 
Balance at End of Period$9,129 $8,199 
Revenue Recognition Method and Disaggregation of Revenue by Product Type and Geography
The following table presents revenue by revenue recognition method:
Three Months EndedSix Months Ended
June 29,July 1,June 29,July 1,
(In thousands)2024202320242023
Point in Time$245,735 $222,235 $462,228 $426,474 
Over Time29,030 22,818 61,512 48,337 
$274,765 $245,053 $523,740 $474,811 
The following table presents the disaggregation of revenue by product type and geography:
Three Months EndedSix Months Ended
June 29,July 1,June 29,July 1,
(In thousands)2024202320242023
Revenue by Product Type:
    
Parts and consumables$172,745 $153,082 $343,875 $304,645 
Capital102,020 91,971 179,865 170,166 
$274,765 $245,053 $523,740 $474,811 
Revenue by Geography (based on customer location):    
North America$172,543 $135,385 329,034 267,838 
Europe63,193 60,625 118,980 114,782 
Asia24,970 32,867 47,524 60,637 
Rest of world14,059 16,176 28,202 31,554 
$274,765 $245,053 $523,740 $474,811 
Contract Balances From Contracts With Customers
The following table presents contract balances from contracts with customers:
 June 29,
2024		December 30,
2023
(In thousands)
Contract Assets$15,144 $8,366 
Contract Liabilities$61,829 $79,397