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Business Segment Information | 9 Months Ended
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Sep. 28, 2024
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information The Company has three reportable operating segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment consists of the fluid-handling and doctoring, cleaning, & filtration product lines; the Industrial Processing segment consists of the wood processing and stock-preparation product lines; and the Material Handling segment consists of the conveying and vibratory, baling, and fiber-based product lines. A description of each segment follows: •Flow Control – Custom-engineered products, systems, and technologies that control the flow of fluids used in industrial and commercial applications to keep critical processes running efficiently in the packaging, tissue, food, metals, energy, and other industrial sectors. The Company's primary products include rotary sealing devices, steam systems, expansion joints, doctor systems, roll and fabric cleaning devices, and filtration and fiber recovery systems. •Industrial Processing – Equipment, machinery, and technologies used to process recycled paper and timber for the packaging, tissue, wood products and alternative fuel industries, among others. The Company's primary products include stock-preparation systems and recycling equipment, chemical pulping equipment, debarkers, stranders, chippers and custom engineered knife systems. In addition, the Company provides industrial automation and digitization solutions to process industries. •Material Handling – Products and engineered systems used to handle bulk and discrete materials for secondary processing or transport in the aggregates, mining, food, and waste management industries, among others. The Company's primary products include conveying and vibratory equipment and balers. In addition, the Company manufactures and sells biodegradable, absorbent granules used as carriers in agricultural applications and for oil and grease absorption. The following tables present financial information for the Company's reportable operating segments and include the results from the 2024 acquisitions from the date of acquisition. See Note 2, Acquisitions, for further details.
|  | Three Months Ended |  | Nine Months Ended
|  | September 28, |  | September 30, |  | September 28, |  | September 30,
(In thousands) |  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |  |
Flow Control |  | $ | 97,521 |  |  | $ | 90,798 |  |  | $ | 276,493 |  |  | $ | 276,048 |
Industrial Processing |  | 110,696 |  |  | 94,220 |  |  | 331,310 |  |  | 267,729 |
Material Handling |  | 63,397 |  |  | 59,164 |  |  | 187,551 |  |  | 175,216 |
|  | $ | 271,614 |  |  | $ | 244,182 |  |  | $ | 795,354 |  |  | $ | 718,993 |
Income Before Provision for Income Taxes |  |  |  |  |  |  |  |
Flow Control (a) |  | $ | 24,281 |  |  | $ | 24,246 |  |  | $ | 69,521 |  |  | $ | 74,256 |
Industrial Processing (b) |  | 25,969 |  |  | 19,023 |  |  | 70,060 |  |  | 51,968 |
Material Handling (c) |  | 8,793 |  |  | 10,345 |  |  | 25,522 |  |  | 30,006 |
Corporate (d) |  | (10,056) |  |  | (10,070) |  |  | (30,788) |  |  | (29,494) |
Total operating income |  | 48,987 |  |  | 43,544 |  |  | 134,315 |  |  | 126,736 |
Interest expense, net (e) |  | (5,109) |  |  | (1,669) |  |  | (14,000) |  |  | (5,669) |
Other expense, net |  | (16) |  |  | (20) |  |  | (48) |  |  | (62) |
|  | $ | 43,862 |  |  | $ | 41,855 |  |  | $ | 120,267 |  |  | $ | 121,005 |
Capital Expenditures |  |  |  |  |  |  |  |
Flow Control |  | $ | 1,894 |  |  | $ | 1,195 |  |  | $ | 5,729 |  |  | $ | 3,889 |
Industrial Processing |  | 1,209 |  |  | 7,299 |  |  | 5,943 |  |  | 16,007 |
Material Handling |  | 1,074 |  |  | 350 |  |  | 3,737 |  |  | 2,170 |
Corporate |  | 8 |  |  | 4 |  |  | 21 |  |  | 28 |
|  | $ | 4,185 |  |  | $ | 8,848 |  |  | $ | 15,430 |  |  | $ | 22,094 |
|  | September 28, |  | December 30,
(In thousands) |  | 2024 |  | 2023
Total Assets |  |  |  |
Flow Control |  | $ | 456,173 |  |  | $ | 391,719 |
Industrial Processing |  | 591,740 |  |  | 443,189 |
Material Handling |  | 429,204 |  |  | 326,226 |
Corporate |  | 12,223 |  |  | 14,531 |
|  | $ | 1,489,340 |  |  | $ | 1,175,665 |
(a)Includes acquisition-related costs of $1,428,000 in the third quarter of 2024 and $2,482,000 in the nine months ended September 28, 2024. Acquisition-related expenses include acquisition costs and amortization expense associated with acquired profit in inventory and backlog. Includes restructuring and impairment costs of $434,000 in both the third quarter and the nine months ended September 30, 2023. (b)Includes acquisition-related costs of $631,000 in the third quarter of 2024 and $2,904,000 in the nine months ended September 28, 2024. Includes relocation costs of $535,000 in the third quarter of 2023 and $609,000 in the nine months ended September 30, 2023. (c)Includes acquisition-related costs of $302,000 in the third quarter of 2024 and $3,393,000 in the nine months ended September 28, 2024. (d)Represents general and administrative expenses. (e)The Company does not allocate interest expense, net to its segments.

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