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v3.25.2

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jun. 28, 2025
Accounting Policies [Abstract] |
Schedule of Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Six Months Ended
(In thousands) |  | June 28, 2025 |  | June 29, 2024
Cash Paid for Interest |  | $ | 6,993 |  |  | $ | 9,703 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 23,825 |  |  | $ | 23,286 |
Non-Cash Investing Activities: |  |  |  |
Fair value of assets acquired |  | $ | — |  |  | $ | 341,105 |
Fair value of liabilities assumed |  | $ | — |  |  | $ | 31,894 |
Fair value of noncontrolling interest acquired |  | $ | — |  |  | $ | 9,319 |
Purchases of property, plant, and equipment in accounts payable |  | $ | 1,090 |  |  | $ | 618 |
|  | Six Months Ended
(In thousands) |  | June 28, 2025 |  | June 29, 2024
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 5,450 |  |  | $ | 5,140 |
Dividends declared but unpaid |  | $ | 4,004 |  |  | $ | 3,758 |
Schedule of 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 28, 2025 |  | June 29, 2024 |  | December 28, 2024 |  | December 30, 2023
Cash and cash equivalents |  | $ | 95,321 |  |  | $ | 73,805 |  |  | $ | 94,660 |  |  | $ | 103,832 |
Restricted cash |  | 1,867 |  |  | 1,373 |  |  | 1,286 |  |  | 2,621 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 97,188 |  |  | $ | 75,178 |  |  | $ | 95,946 |  |  | $ | 106,453 |
Schedule of 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 28, 2025 |  | June 29, 2024 |  | December 28, 2024 |  | December 30, 2023
Cash and cash equivalents |  | $ | 95,321 |  |  | $ | 73,805 |  |  | $ | 94,660 |  |  | $ | 103,832 |
Restricted cash |  | 1,867 |  |  | 1,373 |  |  | 1,286 |  |  | 2,621 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 97,188 |  |  | $ | 75,178 |  |  | $ | 95,946 |  |  | $ | 106,453 |
Schedule of Inventories | The components of inventories are as follows:
|  | June 28, 2025 |  | December 28, 2024
(In thousands) |  |
Raw Materials |  | $ | 65,433 |  |  | $ | 60,750 |
Work in Process |  | 35,957 |  |  | 27,692 |
Finished Goods (includes $516 and $554 at customer locations) |  | 67,198 |  |  | 57,650 |
|  | $ | 168,588 |  |  | $ | 146,092 |
Schedule of Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
June 28, 2025 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 334,168 |  |  | $ | (136,922) |  |  | $ | (4,440) |  |  | $ | 192,806 |
Product technology |  | 92,206 |  |  | (52,084) |  |  | (2,171) |  |  | 37,951 |
Tradenames |  | 16,534 |  |  | (5,530) |  |  | (369) |  |  | 10,635 |
Other |  | 25,221 |  |  | (22,020) |  |  | (588) |  |  | 2,613 |
|  | 468,129 |  |  | (216,556) |  |  | (7,568) |  |  | 244,005 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (91) |  |  | 28,968 |
Acquired Intangible Assets |  | $ | 497,188 |  |  | $ | (216,556) |  |  | $ | (7,659) |  |  | $ | 272,973 |
(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 |
Schedule of 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) |  |  | — |  |  | 321 |  |  | 148 |
Currency translation |  | 7,598 |  |  | 5,856 |  |  | 5,053 |  |  | 18,507 |
Total 2025 activity |  | 7,425 |  |  | 5,856 |  |  | 5,374 |  |  | 18,655 |
Balance at June 28, 2025 |  |  |  |  |  |  |  |
Gross balance |  | 139,630 |  |  | 248,922 |  |  | 194,810 |  |  | 583,362 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | $ | 139,630 |  |  | $ | 163,384 |  |  | $ | 194,810 |  |  | $ | 497,824 |
Schedule of 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 28, 2025 |  | June 29, 2024
Balance at Beginning of Year |  | $ | 10,664 |  |  | $ | 8,154 |
Provision charged to expense |  | 2,296 |  |  | 2,048 |
Usage |  | (3,623) |  |  | (1,326) |
Acquisitions |  | — |  |  | 472 |
Currency translation |  | 644 |  |  | (219) |
Balance at End of Period |  | $ | 9,981 |  |  | $ | 9,129 |
Schedule of 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
|  | June 28, |  | June 29, |  | June 28, |  | June 29,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Point in Time |  | $ | 234,836 |  |  | $ | 245,735 |  |  | $ | 452,504 |  |  | $ | 462,228 |
Over Time |  | 20,431 |  |  | 29,030 |  |  | 41,973 |  |  | 61,512 |
|  | $ | 255,267 |  |  | $ | 274,765 |  |  | $ | 494,477 |  |  | $ | 523,740 |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  | Six Months Ended
|  | June 28, |  | June 29, |  | June 28, |  | June 29,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  | $ | 181,783 |  |  | $ | 172,745 |  |  | $ | 361,091 |  |  | $ | 343,875 |
Capital |  | 73,484 |  |  | 102,020 |  |  | 133,386 |  |  | 179,865 |
|  | $ | 255,267 |  |  | $ | 274,765 |  |  | $ | 494,477 |  |  | $ | 523,740 |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |  |
North America |  | $ | 157,968 |  |  | $ | 172,543 |  |  | $ | 317,838 |  |  | $ | 329,034 |
Europe |  | 63,230 |  |  | 63,193 |  |  | 112,571 |  |  | 118,980 |
Asia |  | 20,941 |  |  | 24,970 |  |  | 39,643 |  |  | 47,524 |
Rest of world |  | 13,128 |  |  | 14,059 |  |  | 24,425 |  |  | 28,202 |
|  | $ | 255,267 |  |  | $ | 274,765 |  |  | $ | 494,477 |  |  | 523,740 |
Schedule of Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | June 28, 2025 |  | December 28, 2024
(In thousands) |  |
Contract Assets |  | $ | 11,105 |  |  | $ | 18,408 |
Contract Liabilities |  | $ | 57,717 |  |  | $ | 46,062 |

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