Nature of Operations and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 28, 2020

Accounting Policies [Abstract]

Supplemental Cash Flow Information

	Three Months Ended
(In thousands)	March 28, 2020		March 30, 2019
Cash Paid for Interest	$	2,212	$	2,782
Cash Paid for Income Taxes, Net of Refunds	$	4,698	$	4,679
Non-Cash Investing Activities:
Post-closing acquisition adjustment	$	—	$	1,567
Liabilities assumed of acquired business	$	—	$	29,664
Non-cash additions to property, plant, and equipment	$	128	$	193
Non-Cash Financing Activities:
Issuance of Company common stock upon vesting of restricted stock units	$	3,670	$	3,278
Dividends declared but unpaid	$	2,753	$	2,570

Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:

(In thousands)	March 28, 2020		March 30, 2019		December 28, 2019		December 29, 2018
Cash and cash equivalents	$	60,012	$	56,478	$	66,786	$	45,830
Restricted cash	2,063		697		1,487		287
Total Cash, Cash Equivalents, and Restricted Cash	$	62,075	$	57,175	$	68,273	$	46,117

Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the Company's condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:

(In thousands)	March 28, 2020		March 30, 2019		December 28, 2019		December 29, 2018
Cash and cash equivalents	$	60,012	$	56,478	$	66,786	$	45,830
Restricted cash	2,063		697		1,487		287
Total Cash, Cash Equivalents, and Restricted Cash	$	62,075	$	57,175	$	68,273	$	46,117

Inventories

The components of inventories are as follows:

	March 28, 2020		December 28, 2019
(In thousands)
Raw Materials	$	49,617	$	49,332
Work in Process	14,495		15,344
Finished Goods	38,606		38,039
	$	102,718	$	102,715

Acquired Intangible Assets

Acquired intangible assets by major asset class are as follows:

(In thousands)	Gross		Accumulated Amortization			Currency Translation			Net
March 28, 2020
Definite-Lived
Customer relationships	$	171,583	$	(55,194	)	$	(6,077	)	$	110,312
Product technology	56,011		(28,776		)	(2,096		)	25,139
Tradenames	6,527		(2,551		)	(458		)	3,518
Other	17,964		(13,416		)	(605		)	3,943
	252,085		(99,937		)	(9,236		)	142,912
Indefinite-Lived
Tradenames	24,100		—			(322		)	23,778
Acquired Intangible Assets	$	276,185	$	(99,937	)	$	(9,558	)	$	166,690
December 28, 2019
Definite-Lived
Customer relationships	$	171,583	$	(51,798	)	$	(4,141	)	$	115,644
Product technology	56,011		(27,819		)	(1,709		)	26,483
Tradenames	6,527		(2,421		)	(427		)	3,679
Other	17,964		(13,295		)	(593		)	4,076
	252,085		(95,333		)	(6,870		)	149,882
Indefinite-Lived
Tradenames	24,100		—			(86		)	24,014
Acquired Intangible Assets	$	276,185	$	(95,333	)	$	(6,956	)	$	173,896

Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by segment are as follows:

(In thousands)	Flow Control			Industrial Processing			Material Handling			Total
Balance at December 28, 2019 (a)
Gross balance	$	97,680		$	207,536		$	116,325		$	421,541
Accumulated impairment losses	—			(85,509		)	—			(85,509		)
Net balance	97,680			122,027			116,325			336,032
2020 Adjustment
Currency translation	(1,552		)	(3,182		)	(301		)	(5,035		)
Total 2020 adjustment	(1,552		)	(3,182		)	(301		)	(5,035		)
Balance at March 28, 2020
Gross balance	96,128			204,354			116,024			416,506
Accumulated impairment losses	—			(85,509		)	—			(85,509		)
Net balance	$	96,128		$	118,845		$	116,024		$	330,997

(a) Goodwill balances as of December 28, 2019 have been recast to conform to the current period presentation. See Note 10, Business Segment Information, for further details regarding the Company's change in reportable operating segments.

Warranty Obligations

The changes in the carrying amount of accrued warranty costs included in other current liabilities in the accompanying condensed consolidated balance sheet are as follows:

	Three Months Ended
(In thousands)	March 28, 2020			March 30, 2019
Balance at Beginning of Year	$	6,467		$	5,726
Provision charged to expense	1,270			1,076
Usage	(1,365		)	(925		)
Acquisition	—			295
Currency translation	(162		)	(3		)
Balance at End of Period	$	6,210		$	6,169

Revenue by Product Line, Product Type, Geography, and Revenue Recognition Method

The following table presents the disaggregation of revenue by product type and geography:

	Three Months Ended
	March 28,		March 30,
(In thousands)	2020		2019
Revenue by Product Type:
Parts and Consumables	$	105,098	$	112,850
Capital	54,029		58,466
	$	159,127	$	171,316
Revenue by Geography:
North America	$	93,823	$	100,876
Europe	36,014		38,985
Asia	15,908		17,078
Rest of World	13,382		14,377
	$	159,127	$	171,316

The following table presents revenue by revenue recognition method:

	Three Months Ended
	March 28,		March 30,
(In thousands)	2020		2019
Point in Time	$	136,092	$	148,276
Over Time	23,035		23,040
	$	159,127	$	171,316

Balances from Contracts with Customers

The following table presents contract balances from contracts with customers:

	March 28, 2020		December 28, 2019
(In thousands)
Accounts Receivable	$	91,138	$	95,740
Contract Assets	$	12,194	$	13,162
Contract Liabilities	$	35,663	$	37,216

Accounts Receivable, Allowance for Credit Loss

The changes in the allowance for credit losses are as follows:

	Three Months Ended
(In thousands)	March 28, 2020			March 30, 2019
Balance at Beginning of Period	$	2,698		$	2,897
Provision charged to expense	103			64
Accounts written off	(26		)	(17		)
Currency translation	(63		)	7
Balance at End of Period	$	2,712		$	2,951