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v3.26.1

Nature of Operations and Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Apr. 04, 2026
Accounting Policies [Abstract] |
Schedule of Supplemental Cash Flow Information | Supplemental Cash Flow Information
|  | Three Months Ended
(In thousands) |  | April 4, 2026 |  | March 29, 2025
Cash Paid for Interest |  | $ | 4,253 |  |  | $ | 3,657 |
Cash Paid for Income Taxes, Net of Refunds |  | $ | 9,457 |  |  | $ | 11,109 |
Non-Cash Investing Activities: |  |  |  |
Reduction in fair value of assets acquired |  | $ | 1,490 |  |  | $ | — |
Reduction in fair value of liabilities assumed |  | $ | 1,490 |  |  | $ | — |
Purchases of property, plant, and equipment in accounts payable |  | $ | 1,296 |  |  | $ | 463 |
Non-Cash Financing Activities: |  |  |  |
Issuance of Company common stock upon vesting of restricted stock units |  | $ | 5,626 |  |  | $ | 5,033 |
Dividends declared but unpaid |  | $ | 4,251 |  |  | $ | 4,004 |
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) |  | April 4, 2026 |  | January 3, 2026 |  | March 29, 2025 |  | December 28, 2024
Cash and cash equivalents |  | $ | 117,025 |  |  | $ | 119,551 |  |  | $ | 91,678 |  |  | $ | 94,660 |
Restricted cash |  | 2,792 |  |  | 3,130 |  |  | 2,127 |  |  | 1,286 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 119,817 |  |  | $ | 122,681 |  |  | $ | 93,805 |  |  | $ | 95,946 |
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) |  | April 4, 2026 |  | January 3, 2026 |  | March 29, 2025 |  | December 28, 2024
Cash and cash equivalents |  | $ | 117,025 |  |  | $ | 119,551 |  |  | $ | 91,678 |  |  | $ | 94,660 |
Restricted cash |  | 2,792 |  |  | 3,130 |  |  | 2,127 |  |  | 1,286 |
Total Cash, Cash Equivalents, and Restricted Cash |  | $ | 119,817 |  |  | $ | 122,681 |  |  | $ | 93,805 |  |  | $ | 95,946 |
Schedule of Inventories | The components of inventories are as follows:
|  | April 4, 2026 |  | January 3, 2026
(In thousands) |  |
Raw Materials |  | $ | 92,102 |  |  | $ | 92,674 |
Work in Process |  | 51,760 |  |  | 44,455 |
Finished Goods (includes $5,095 and $3,556 at customer locations) |  | 70,969 |  |  | 69,725 |
|  | $ | 214,831 |  |  | $ | 206,854 |
Schedule of Acquired Intangible Assets | Acquired intangible assets by major asset class are as follows:
(In thousands) |  | Gross |  | Accumulated Amortization |  | Currency Translation |  | Net
April 4, 2026 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 414,746 |  |  | $ | (154,612) |  |  | $ | (5,197) |  |  | $ | 254,937 |
Product technology |  | 96,744 |  |  | (56,416) |  |  | (2,086) |  |  | 38,242 |
Tradenames |  | 23,926 |  |  | (6,439) |  |  | (401) |  |  | 17,086 |
Other |  | 25,221 |  |  | (22,535) |  |  | (563) |  |  | 2,123 |
|  | 560,637 |  |  | (240,002) |  |  | (8,247) |  |  | 312,388 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (277) |  |  | 28,782 |
Acquired Intangible Assets |  | $ | 589,696 |  |  | $ | (240,002) |  |  | $ | (8,524) |  |  | $ | 341,170 |
January 3, 2026 |  |  |  |  |  |  |  |
Definite-Lived |  |  |  |  |  |  |  |
Customer relationships |  | $ | 414,629 |  |  | $ | (148,139) |  |  | $ | (4,483) |  |  | $ | 262,007 |
Product technology |  | 96,744 |  |  | (54,929) |  |  | (2,076) |  |  | 39,739 |
Tradenames |  | 23,926 |  |  | (6,106) |  |  | (366) |  |  | 17,454 |
Other |  | 25,221 |  |  | (22,443) |  |  | (574) |  |  | 2,204 |
|  | 560,520 |  |  | (231,617) |  |  | (7,499) |  |  | 321,404 |
Indefinite-Lived |  |  |  |  |  |  |  |
Tradenames |  | 29,059 |  |  | — |  |  | (87) |  |  | 28,972 |
Acquired Intangible Assets |  | $ | 589,579 |  |  | $ | (231,617) |  |  | $ | (7,586) |  |  | $ | 350,376 |
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 January 3, 2026 |  |  |  |  |  |  |  |
Gross balance |  | $ | 139,759 |  |  | $ | 306,319 |  |  | $ | 195,081 |  |  | $ | 641,159 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | 139,759 |  |  | 220,781 |  |  | 195,081 |  |  | 555,621 |
2026 Activity |  |  |  |  |  |  |  |
Measurement period adjustments for 2025 acquisitions |  | — |  |  | (1,566) |  |  | — |  |  | (1,566) |
Currency translation |  | (1,223) |  |  | (1,258) |  |  | (486) |  |  | (2,967) |
Total 2026 activity |  | (1,223) |  |  | (2,824) |  |  | (486) |  |  | (4,533) |
Balance at April 4, 2026 |  |  |  |  |  |  |  |
Gross balance |  | 138,536 |  |  | 303,495 |  |  | 194,595 |  |  | 636,626 |
Accumulated impairment losses |  | — |  |  | (85,538) |  |  | — |  |  | (85,538) |
Net balance |  | $ | 138,536 |  |  | $ | 217,957 |  |  | $ | 194,595 |  |  | $ | 551,088 |
Schedule of Changes in the Carrying Amount of Product Warranty Obligations | The changes in the carrying amount of product warranty obligations are as follows:
|  | Three Months Ended
(In thousands) |  | April 4, 2026 |  | March 29, 2025
Balance at Beginning of Year |  | $ | 11,848 |  |  | $ | 10,664 |
Provision charged to expense |  | 522 |  |  | 1,009 |
Usage |  | (1,854) |  |  | (1,728) |
Currency translation |  | (25) |  |  | 171 |
Balance at End of Period |  | $ | 10,491 |  |  | $ | 10,116 |
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 |  |
|  | April 4, |  | March 29, |  |  |  |
(In thousands) |  | 2026 |  | 2025 |  |  |  |
Point in Time |  | $ | 266,160 |  |  | $ | 217,668 |  |  |  |  |
Over Time |  | 15,345 |  |  | 21,542 |  |  |  |  |
|  | $ | 281,505 |  |  | $ | 239,210 |  |  |  |  |
The following table presents the disaggregation of revenue by product type and geography:
|  | Three Months Ended |  |
|  | April 4, |  | March 29, |  |  |  |
(In thousands) |  | 2026 |  | 2025 |  |  |  |
Revenue by Product Type: |  |  |  |  |  |  |  |
Parts and consumables |  | $ | 209,499 |  |  | $ | 179,308 |  |  |  |  |
Capital |  | 72,006 |  |  | 59,902 |  |  |  |  |
|  | $ | 281,505 |  |  | $ | 239,210 |  |  |  |  |
Revenue by Geography (based on customer location): |  |  |  |  |  |  |  |
North America |  | $ | 166,563 |  |  | $ | 159,870 |  |  |  |  |
Europe |  | 62,202 |  |  | 49,341 |  |  |  |  |
Asia |  | 30,756 |  |  | 18,702 |  |  |  |  |
Rest of world |  | 21,984 |  |  | 11,297 |  |  |  |  |
|  | $ | 281,505 |  |  | $ | 239,210 |  |  |  |  |
Schedule of Contract Balances From Contracts With Customers | The following table presents contract balances from contracts with customers:
|  | April 4, 2026 |  | January 3, 2026
(In thousands) |  |
Contract Assets |  | $ | 5,921 |  |  | $ | 6,599 |
Contract Liabilities |  | $ | 76,852 |  |  | $ | 69,093 |

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