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v3.25.3

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 27, 2025
Accounting Policies [Abstract] |
Schedule of Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Nine Months Ended
(In thousands) |  | September 27, 2025 |  | September 28, 2024
Cash Paid for Interest |  | $ | 9,824 |  |  | $ | 15,034 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 33,530 |  |  | $ | 33,288 |
Non-Cash Investing Activities: |  |  |  |
Fair value of assets acquired |  | $ | 35,470 |  |  | $ | 360,021 |
Fair value of liabilities assumed |  | $ | 14,124 |  |  | $ | 35,575 |
Fair value of noncontrolling interests acquired |  | $ | — |  |  | $ | 9,319 |
Fair value of contingent consideration |  | $ | — |  |  | $ | 1,785 |
Purchases of property, plant, and equipment in accounts payable |  | $ | 398 |  |  | $ | 590 |
|  | Nine Months Ended
(In thousands) |  | September 27, 2025 |  | September 28, 2024
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 5,761 |  |  | $ | 5,364 |
Dividends declared but unpaid |  | $ | 4,005 |  |  | $ | 3,759 |
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) |  | September 27, 2025 |  | September 28, 2024 |  | December 28, 2024 |  | December 30, 2023
Cash and cash equivalents |  | $ | 124,493 |  |  | $ | 88,407 |  |  | $ | 94,660 |  |  | $ | 103,832 |
Restricted cash |  | 2,420 |  |  | 1,327 |  |  | 1,286 |  |  | 2,621 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 126,913 |  |  | $ | 89,734 |  |  | $ | 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) |  | September 27, 2025 |  | September 28, 2024 |  | December 28, 2024 |  | December 30, 2023
Cash and cash equivalents |  | $ | 124,493 |  |  | $ | 88,407 |  |  | $ | 94,660 |  |  | $ | 103,832 |
Restricted cash |  | 2,420 |  |  | 1,327 |  |  | 1,286 |  |  | 2,621 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 126,913 |  |  | $ | 89,734 |  |  | $ | 95,946 |  |  | $ | 106,453 |
Schedule of Inventories | The components of inventories are as follows:
|  | September 27, 2025 |  | December 28, 2024
(In thousands) |  |
Raw Materials |  | $ | 70,825 |  |  | $ | 60,750 |
Work in Process |  | 42,725 |  |  | 27,692 |
Finished Goods (includes $972 and $554 at customer locations) |  | 66,155 |  |  | 57,650 |
|  | $ | 179,705 |  |  | $ | 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
September 27, 2025 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 336,746 |  |  | $ | (141,731) |  |  | $ | (4,802) |  |  | $ | 190,213 |
Product technology |  | 93,327 |  |  | (53,475) |  |  | (2,219) |  |  | 37,633 |
Tradenames |  | 17,826 |  |  | (5,775) |  |  | (384) |  |  | 11,667 |
Other |  | 25,221 |  |  | (22,261) |  |  | (588) |  |  | 2,372 |
|  | 473,120 |  |  | (223,242) |  |  | (7,993) |  |  | 241,885 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (169) |  |  | 28,890 |
Acquired Intangible Assets |  | $ | 502,179 |  |  | $ | (223,242) |  |  | $ | (8,162) |  |  | $ | 270,775 |
(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 |  |  |  |  |  |  |  |
Acquisition (Note 2) |  | — |  |  | 816 |  |  | — |  |  | 816 |
Measurement period adjustments for 2024 acquisitions |  | (173) |  |  | — |  |  | 321 |  |  | 148 |
Currency translation |  | 7,195 |  |  | 4,830 |  |  | 4,930 |  |  | 16,955 |
Total 2025 activity |  | 7,022 |  |  | 5,646 |  |  | 5,251 |  |  | 17,919 |
Balance at September 27, 2025 |  |  |  |  |  |  |  |
Gross balance |  | 139,227 |  |  | 248,712 |  |  | 194,687 |  |  | 582,626 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | $ | 139,227 |  |  | $ | 163,174 |  |  | $ | 194,687 |  |  | $ | 497,088 |
Schedule of Changes in the Carrying Amount of Product Warranty Obligations | The changes in the carrying amount of product warranty obligations are as follows:
|  | Nine Months Ended
(In thousands) |  | September 27, 2025 |  | September 28, 2024
Balance at Beginning of Year |  | $ | 10,664 |  |  | $ | 8,154 |
Provision charged to expense |  | 3,320 |  |  | 4,463 |
Usage |  | (4,870) |  |  | (2,972) |
Acquisitions |  | 688 |  |  | 473 |
Currency translation |  | 587 |  |  | 37 |
Balance at End of Period |  | $ | 10,389 |  |  | $ | 10,155 |
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 |  | Nine Months Ended
|  | September 27, |  | September 28, |  | September 27, |  | September 28,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Point in Time |  | $ | 254,491 |  |  | $ | 238,971 |  |  | $ | 706,995 |  |  | $ | 701,199 |
Over Time |  | 17,076 |  |  | 32,643 |  |  | 59,049 |  |  | 94,155 |
|  | $ | 271,567 |  |  | $ | 271,614 |  |  | $ | 766,044 |  |  | $ | 795,354 |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  | Nine Months Ended
|  | September 27, |  | September 28, |  | September 27, |  | September 28,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  | $ | 188,366 |  |  | $ | 176,961 |  |  | $ | 549,457 |  |  | $ | 520,836 |
Capital |  | 83,201 |  |  | 94,653 |  |  | 216,587 |  |  | 274,518 |
|  | $ | 271,567 |  |  | $ | 271,614 |  |  | $ | 766,044 |  |  | $ | 795,354 |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |  |
North America |  | $ | 165,708 |  |  | $ | 172,186 |  |  | $ | 483,546 |  |  | $ | 501,220 |
Europe |  | 65,869 |  |  | 57,309 |  |  | 178,440 |  |  | 176,289 |
Asia |  | 23,893 |  |  | 26,724 |  |  | 63,536 |  |  | 74,248 |
Rest of world |  | 16,097 |  |  | 15,395 |  |  | 40,522 |  |  | 43,597 |
|  | $ | 271,567 |  |  | $ | 271,614 |  |  | $ | 766,044 |  |  | 795,354 |
Schedule of Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | September 27, 2025 |  | December 28, 2024
(In thousands) |  |
Contract Assets |  | $ | 9,866 |  |  | $ | 18,408 |
Contract Liabilities |  | $ | 60,258 |  |  | $ | 46,062 |

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