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v3.25.1

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Mar. 29, 2025
Accounting Policies [Abstract] |
Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Three Months Ended
(In thousands) |  | March 29, 2025 |  | March 30, 2024
Cash Paid for Interest |  | $ | 3,657 |  |  | $ | 4,484 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 11,109 |  |  | $ | 7,313 |
Non-Cash Investing Activities: |  |  |  |
Fair value of assets acquired |  | $ | — |  |  | $ | 266,061 |
Fair value of liabilities assumed |  | $ | — |  |  | $ | 18,436 |
Fair value of noncontrolling interest acquired |  | $ | — |  |  | $ | 9,319 |
Purchases of property, plant, and equipment in accounts payable |  | $ | 463 |  |  | $ | 1,342 |
|  | Three Months Ended
(In thousands) |  | March 29, 2025 |  | March 30, 2024
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 5,033 |  |  | $ | 4,703 |
Dividends declared but unpaid |  | $ | 4,004 |  |  | $ | 3,758 |
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 29, 2025 |  | March 30, 2024 |  | December 28, 2024 |  | December 30, 2023
Cash and cash equivalents |  | $ | 91,678 |  |  | $ | 81,440 |  |  | $ | 94,660 |  |  | $ | 103,832 |
Restricted cash |  | 2,127 |  |  | 1,178 |  |  | 1,286 |  |  | 2,621 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 93,805 |  |  | $ | 82,618 |  |  | $ | 95,946 |  |  | $ | 106,453 |
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 29, 2025 |  | March 30, 2024 |  | December 28, 2024 |  | December 30, 2023
Cash and cash equivalents |  | $ | 91,678 |  |  | $ | 81,440 |  |  | $ | 94,660 |  |  | $ | 103,832 |
Restricted cash |  | 2,127 |  |  | 1,178 |  |  | 1,286 |  |  | 2,621 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 93,805 |  |  | $ | 82,618 |  |  | $ | 95,946 |  |  | $ | 106,453 |
Inventories | The components of inventories are as follows:
|  | March 29, 2025 |  | December 28, 2024
(In thousands) |  |
Raw Materials |  | $ | 61,938 |  |  | $ | 60,750 |
Work in Process |  | 32,486 |  |  | 27,692 |
Finished Goods (includes $661 and $554 at customer locations) |  | 59,120 |  |  | 57,650 |
|  | $ | 153,544 |  |  | $ | 146,092 |
Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
March 29, 2025 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 334,168 |  |  | $ | (132,255) |  |  | $ | (7,469) |  |  | $ | 194,444 |
Product technology |  | 92,206 |  |  | (50,719) |  |  | (2,943) |  |  | 38,544 |
Tradenames |  | 16,534 |  |  | (5,307) |  |  | (451) |  |  | 10,776 |
Other |  | 25,221 |  |  | (21,740) |  |  | (645) |  |  | 2,836 |
|  | 468,129 |  |  | (210,021) |  |  | (11,508) |  |  | 246,600 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (877) |  |  | 28,182 |
Acquired Intangible Assets |  | $ | 497,188 |  |  | $ | (210,021) |  |  | $ | (12,385) |  |  | $ | 274,782 |
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
December 28, 2024 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 334,066 |  |  | $ | (127,664) |  |  | $ | (8,607) |  |  | $ | 197,795 |
Product technology |  | 92,106 |  |  | (49,294) |  |  | (3,245) |  |  | 39,567 |
Tradenames |  | 16,536 |  |  | (5,084) |  |  | (481) |  |  | 10,971 |
Other |  | 25,221 |  |  | (21,280) |  |  | (668) |  |  | 3,273 |
|  | 467,929 |  |  | (203,322) |  |  | (13,001) |  |  | 251,606 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (1,171) |  |  | 27,888 |
Acquired Intangible Assets |  | $ | 496,988 |  |  | $ | (203,322) |  |  | $ | (14,172) |  |  | $ | 279,494 |
Changes in the Carrying Amount of Goodwill | The changes in the carrying amount of goodwill by reportable segment are as follows:
(In thousands) |  | Flow Control |  | Industrial Processing |  | Material Handling |  | Total
Balance at December 28, 2024 |  |  |  |  |  |  |  |
Gross balance |  | $ | 132,205 |  |  | $ | 243,066 |  |  | $ | 189,436 |  |  | $ | 564,707 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | 132,205 |  |  | 157,528 |  |  | 189,436 |  |  | 479,169 |
2025 Activity |  |  |  |  |  |  |  |
Measurement period adjustments for 2024 acquisitions |  | (173) |  |  | — |  |  | 109 |  |  | (64) |
Currency translation |  | 2,567 |  |  | 1,371 |  |  | 1,458 |  |  | 5,396 |
Total 2025 activity |  | 2,394 |  |  | 1,371 |  |  | 1,567 |  |  | 5,332 |
Balance at March 29, 2025 |  |  |  |  |  |  |  |
Gross balance |  | 134,599 |  |  | 244,437 |  |  | 191,003 |  |  | 570,039 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | $ | 134,599 |  |  | $ | 158,899 |  |  | $ | 191,003 |  |  | $ | 484,501 |
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 29, 2025 |  | March 30, 2024
Balance at Beginning of Year |  | $ | 10,664 |  |  | $ | 8,154 |
Provision charged to expense |  | 1,009 |  |  | 1,069 |
Usage |  | (1,728) |  |  | (724) |
Acquisitions |  | — |  |  | 475 |
Currency translation |  | 171 |  |  | (150) |
Balance at End of Period |  | $ | 10,116 |  |  | $ | 8,824 |
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 29, |  | March 30, |  |  |  |
(In thousands) |  | 2025 |  | 2024 |  |  |  |
Point in Time |  | $ | 217,668 |  |  | $ | 216,493 |  |  |  |  |
Over Time |  | 21,542 |  |  | 32,482 |  |  |  |  |
|  | $ | 239,210 |  |  | $ | 248,975 |  |  |  |  |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  |
|  | March 29, |  | March 30, |  |  |  |
(In thousands) |  | 2025 |  | 2024 |  |  |  |
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  | $ | 179,308 |  |  | $ | 171,130 |  |  |  |  |
Capital |  | 59,902 |  |  | 77,845 |  |  |  |  |
|  | $ | 239,210 |  |  | $ | 248,975 |  |  |  |  |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |  |
North America |  | $ | 159,870 |  |  | $ | 156,491 |  |  |  |  |
Europe |  | 49,341 |  |  | 55,787 |  |  |  |  |
Asia |  | 18,702 |  |  | 22,554 |  |  |  |  |
Rest of world |  | 11,297 |  |  | 14,143 |  |  |  |  |
|  | $ | 239,210 |  |  | $ | 248,975 |  |  |  |  |
Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | March 29, 2025 |  | December 28, 2024
(In thousands) |  |
Contract Assets |  | $ | 12,222 |  |  | $ | 18,408 |
Contract Liabilities |  | $ | 48,498 |  |  | $ | 46,062 |

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