Helios (HLIO) 10-Q 2 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 26, 2020	Oct. 23, 2020
Cover [Abstract]
Entity Registrant Name	HELIOS TECHNOLOGIES, INC.
Entity Central Index Key	0001024795
Current Fiscal Year End Date	--01-02
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 26, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Trading Symbol	HLIO
Amendment Flag	false
Title of 12(b) Security	Common Stock $.001 Par Value
Security Exchange Name	NASDAQ
Entity File Number	0-21835
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	59-2754337
Entity Address, Address Line One	1500 WEST UNIVERSITY PARKWAY
Entity Address, City or Town	SARASOTA
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	34243
City Area Code	941
Local Phone Number	362-1200
Entity Common Stock, Shares Outstanding		32,111,864
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Current assets:
Cash and cash equivalents	$ 32,444	$ 22,123
Restricted cash	38	39
Accounts receivable, net of allowance for doubtful accounts of $1,459 and $1,131	71,585	66,677
Inventories, net	77,641	85,195
Income taxes receivable	5,553	3,196
Other current assets	16,729	15,359
Total current assets	203,990	192,589
Property, plant and equipment, net	139,318	145,854
Deferred income taxes	6,843	5,803
Goodwill	354,744	377,569
Other intangible assets, net	289,667	294,651
Other assets	4,603	5,285
Total assets	999,165	1,021,751
Current liabilities:
Accounts payable	31,347	29,730
Accrued compensation and benefits	18,473	16,898
Other accrued expenses and current liabilities	13,222	13,549
Current portion of contingent consideration		828
Current portion of long-term non-revolving debt, net	11,808	7,623
Dividends payable	2,890	2,884
Income taxes payable	8,676	4,941
Total current liabilities	86,416	76,453
Revolving lines of credit	168,398	208,708
Long-term non-revolving debt, net	80,149	84,062
Deferred income taxes	49,434	49,290
Other noncurrent liabilities	26,952	25,602
Total liabilities	411,349	444,115
Commitments and contingencies
Shareholders' equity:
Preferred stock, par value $0.001, 2,000 shares authorized, no shares issued or outstanding
Common stock, par value $0.001, 100,000 shares authorized, 32,096 and 32,047 shares issued and outstanding	32	32
Capital in excess of par value	369,510	365,310
Retained earnings	267,660	267,658
Accumulated other comprehensive loss	(49,386)	(55,364)
Total shareholders' equity	587,816	577,636
Total liabilities and shareholders' equity	$ 999,165	$ 1,021,751

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Statement Of Financial Position [Abstract]
Allowance for doubtful accounts, accounts receivable	$ 1,459	$ 1,131
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000	2,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	32,096,000	32,047,000
Common stock, shares outstanding	32,096,000	32,047,000

Consolidated Statements of Oper

Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net sales	$ 122,645	$ 138,045	$ 371,422	$ 428,738
Cost of sales	75,702	85,926	227,910	263,884
Gross profit	46,943	52,119	143,512	164,854
Selling, engineering and administrative expenses	24,042	24,066	73,306	75,531
Restructuring charges		1,724		1,724
Amortization of intangible assets	4,558	4,478	13,323	13,544
Goodwill impairment			31,871
Loss on disposal of intangible asset		2,713		2,713
Operating income	18,343	19,138	25,012	71,342
Interest expense, net	2,730	3,790	8,572	12,223
Foreign currency transaction (gain) loss, net	(727)	30	(319)	92
Miscellaneous income, net	(9)	(72)	(85)	(122)
Change in fair value of contingent consideration	(13)	(72)	(47)	703
Income before income taxes	16,362	15,462	16,891	58,446
Income tax provision	3,380	2,671	8,224	11,986
Net (loss) income	$ 12,982	$ 12,791	$ 8,667	$ 46,460
Basic and diluted net (loss) income per common share	$ 0.40	$ 0.40	$ 0.27	$ 1.45
Basic and diluted weighted average shares outstanding	32,095	32,027	32,079	32,006
Dividends declared per share	$ 0.09	$ 0.09	$ 0.27	$ 0.27

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 12,982	$ 12,791	$ 8,667	$ 46,460
Other comprehensive income (loss)
Foreign currency translation adjustments, net of tax	8,575	(10,984)	7,237	(12,317)
Unrealized gain (loss) on interest rate swap, net of tax	716	(388)	(1,259)	(3,512)
Total other comprehensive income (loss)	9,291	(11,372)	5,978	(15,829)
Comprehensive income	$ 22,273	$ 1,419	$ 14,645	$ 30,631

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Revision of Prior Period Accounting Standards Update Adjustment [Member]	Common stock [Member]	Capital in excess of par value [Member]	Retained earnings [Member]	Retained earnings [Member]Revision of Prior Period Accounting Standards Update Adjustment [Member]	Accumulated other comprehensive loss [Member]
Beginning Balance at Dec. 29, 2018	$ 530,768		$ 32	$ 357,933	$ 219,056		$ (46,253)
Beginning Balance, Shares at Dec. 29, 2018			31,965
Shares issued, restricted stock, Shares			(2)
Shares issued, other compensation, Shares			19
Shares issued, ESPP	1,252			1,252
Shares issued, ESPP, Shares			40
Shares issued, ESOP	1,152			1,152
Shares issued, ESOP, Shares			24
Stock-based compensation	4,058			4,058
Cancellation of shares for payment of employee tax withholding	(633)			(633)
Cancellation of shares for payment of employee tax withholding, Shares			(13)
Dividends declared	(8,647)				(8,647)
Net income	46,460				$ 46,460
Other comprehensive income (loss)	$ (15,829)						(15,829)
Impact of adoption of ASU 2016-02, related to leases at Dec. 29, 2018		$ (134)				$ (134)
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member				us-gaap:AccountingStandardsUpdate201602Member
Ending Balance at Sep. 28, 2019	$ 558,447		$ 32	363,762	$ 256,735		(62,082)
Ending Balance, Shares at Sep. 28, 2019			32,033
Beginning Balance at Jun. 29, 2019	558,254		$ 32	362,104	246,828		(50,710)
Beginning Balance, Shares at Jun. 29, 2019			32,017
Shares issued, restricted stock, Shares			(1)
Shares issued, other compensation, Shares			6
Shares issued, ESPP	408			408
Shares issued, ESPP, Shares			12
Stock-based compensation	1,277			1,277
Cancellation of shares for payment of employee tax withholding	(27)			(27)
Cancellation of shares for payment of employee tax withholding, Shares			(1)
Dividends declared	(2,884)				(2,884)
Net income	12,791				12,791
Other comprehensive income (loss)	(11,372)						(11,372)
Ending Balance at Sep. 28, 2019	558,447		$ 32	363,762	256,735		(62,082)
Ending Balance, Shares at Sep. 28, 2019			32,033
Beginning Balance at Dec. 28, 2019	577,636		$ 32	365,310	267,658		(55,364)
Beginning Balance, Shares at Dec. 28, 2019			32,047
Shares issued, restricted stock, Shares			12
Shares issued, other compensation, Shares			12
Shares issued, ESPP	1,027			1,027
Shares issued, ESPP, Shares			35
Shares issued, discretionary contribution	45			45
Shares issued, discretionary contribution, Shares			1
Stock-based compensation	3,830			3,830
Cancellation of shares for payment of employee tax withholding	(702)			(702)
Cancellation of shares for payment of employee tax withholding, Shares			(11)
Dividends declared	(8,665)				(8,665)
Net income	8,667				8,667
Other comprehensive income (loss)	5,978						5,978
Ending Balance at Sep. 26, 2020	587,816		$ 32	369,510	267,660		(49,386)
Ending Balance, Shares at Sep. 26, 2020			32,096
Beginning Balance at Jun. 27, 2020	566,764		$ 32	367,841	257,568		(58,677)
Beginning Balance, Shares at Jun. 27, 2020			32,081
Shares issued, restricted stock, Shares			(3)
Shares issued, other compensation, Shares			7
Shares issued, ESPP	304			304
Shares issued, ESPP, Shares			12
Stock-based compensation	1,383			1,383
Cancellation of shares for payment of employee tax withholding	(18)			(18)
Cancellation of shares for payment of employee tax withholding, Shares			(1)
Dividends declared	(2,890)				(2,890)
Net income	12,982				12,982
Other comprehensive income (loss)	9,291						9,291
Ending Balance at Sep. 26, 2020	$ 587,816		$ 32	$ 369,510	$ 267,660		$ (49,386)
Ending Balance, Shares at Sep. 26, 2020			32,096

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash flows from operating activities:
Net income	$ 8,667	$ 46,460
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	25,805	26,006
(Gain) loss on disposal of assets	(32)	2,793
Goodwill impairment	31,871
Stock-based compensation expense	3,830	4,058
Amortization of debt issuance costs	537	545
Benefit for deferred income taxes	(2,937)	(1,381)
Change in fair value of contingent consideration	(47)	630
Forward contract losses (gains), net	2,513	(3,973)
Net investment hedge loss	164
Other, net	1,202	1,304
(Increase) decrease in:
Accounts receivable	(4,685)	(6,533)
Inventories	7,776	(6,674)
Income taxes receivable	(2,874)	(1,598)
Other current assets	(1,382)	(3,448)
Other assets	2,613	1,259
Increase (decrease) in:
Accounts payable	1,387	(5,046)
Accrued expenses and other liabilities	955	6,249
Income taxes payable	3,548	3,363
Other noncurrent liabilities	(1,884)	(2,386)
Contingent consideration payments in excess of acquisition date fair value		(10,731)
Net cash provided by operating activities	77,027	50,897
Cash flows from investing activities:
Capital expenditures	(7,155)	(19,584)
Proceeds from dispositions of equipment	103	124
Cash settlement of forward contracts	(1,742)	2,256
Software development costs	(227)
Net cash used in investing activities	(9,021)	(17,204)
Cash flows from financing activities:
Borrowings on revolving credit facilities	11,000	107,814
Repayment of borrowings on revolving credit facilities	(55,609)	(135,750)
Borrowings on long-term non-revolving debt	5,812
Repayment of borrowings on long-term non-revolving debt	(5,905)	(4,188)
Proceeds from stock issued	1,027	1,252
Dividends to shareholders	(8,660)	(8,641)
Payment of contingent consideration liability	(830)	(7,064)
Other financing activities	(1,107)	(1,370)
Net cash used in financing activities	(54,272)	(47,947)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,414)	4,482
Net increase (decrease) in cash, cash equivalents and restricted cash	10,320	(9,772)
Cash, cash equivalents and restricted cash, beginning of period	22,162	23,515
Cash, cash equivalents and restricted cash, end of period	$ 32,482	$ 13,743

Company Background

Company Background	9 Months Ended
	Sep. 26, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
COMPANY BACKGROUND	1. COMPANY BACKGROUND Helios Technologies, Inc. (“Helios,” the “Company,” “we,” “our” or “us”), together with its wholly-owned subsidiaries, is an industrial technology leader that develops and manufactures solutions for both the hydraulics and electronics markets. Sun Hydraulics, LLC (“Sun Hydraulics” or “Sun”), Enovation Controls, LLC (“Enovation Controls”), Faster S.r.l. (“Faster”) and Custom Fluidpower Pty Ltd (“Custom Fluidpower”), are the wholly-owned operating subsidiaries of Helios. The Company operates in two business segments: Hydraulics and Electronics. There are three key technologies within the Hydraulics segment: cartridge valve technology (“CVT”), quick-release hydraulic coupling solutions (“QRC”) and hydraulic system design (“Systems”). CVT products provide functions important to a hydraulic system: to control rates and direction of fluid flow and to regulate and control pressures. QRC products allow users to connect and disconnect quickly from any hydraulic circuit without leakage and ensure high-performance under high temperature and pressure using one or multiple couplers. Systems provide engineered solutions for machine users, manufacturers or designers to fulfill complete system design requirements including electro-hydraulic, remote control, electronic control and programmable logic controller systems, as well as automation of existing equipment. The Electronics segment provides complete, fully-tailored display and control solutions for engines, engine-driven equipment and specialty vehicles. This broad range of products is complemented by extensive application expertise and unparalleled depth of software, embedded programming, hardware and sustaining engineering teams. This technology is referred to as Electronic Controls (“EC”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 26, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements are not included herein. The financial statements are prepared on a consistent basis (including normal recurring adjustments) and should be read in conjunction with the consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended December 28, 2019 (“Form 10-K”), filed by Helios with the Securities and Exchange Commission on February 25, 2020. In management’s opinion, all adjustments necessary for a fair presentation of the Company’s financial statements are reflected in the interim periods presented. The Company faces various risks related to health epidemics, pandemics and similar outbreaks, including the global outbreak of COVID-19. The current COVID-19 pandemic has had an impact on markets the Company serves, its operations and, as a result, the financial results for the year and the Company’s near-term outlook. The Company cannot at this time predict the impact of the COVID-19 pandemic on its business or economic conditions as a whole, but it could have a material adverse effect on the business, financial position, results of operations and/or cash flows. Operating results for the nine months ended September 26, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ended January 2, 2021. Goodwill Goodwill, which represents the excess of the purchase price of an acquisition over the fair value of the net assets acquired, is carried at cost. Goodwill is tested for impairment annually, in the third and fourth quarters, or more frequently if events or circumstances indicate a reduction in the fair value below the carrying value. As part of the impairment test, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after this optional qualitative assessment, the Company determines that impairment is more likely than not, then the Company performs the quantitative impairment test. The carrying value of assets is calculated at the reporting unit level. An impairment loss is recorded to the extent that the carrying value of the reporting unit exceeds its fair value, with the impairment loss limited to the amount of goodwill allocated to the reporting unit. During the first quarter of 2020, the Company determined that, based on current economic conditions and potential future impacts from the COVID-19 pandemic, it was more likely than not that the fair value of the Faster reporting unit was less than its carrying value. Upon completion of the interim impairment testing, the Company determined that the carrying value of goodwill was impaired. See Note 6 for discussion of interim impairment testing. Contract Assets and Liabilities Contract assets are recognized when the Company has a conditional right to consideration for performance completed on contracts. Contract asset balances totaled $2,826 and $2,796 at September 26, 2020 and December 28, 2019, respectively, and are presented in Other current assets in the Consolidated Balance Sheets. Accounts receivable balances represent unconditional rights to consideration from customers and are presented separate from contract assets in the Consolidated Balance Sheets. Contract liabilities are recognized when payment is received from customers prior to satisfying the underlying performance obligation. Contract liabilities totaled $902 and $353 at September 26, 2020 and December 28, 2019, respectively, and are presented in Other accrued expenses and current liabilities in the Consolidated Balance Sheets. Research and Development The Company conducts research and development (“R&D”) to create new products and to make improvements to products currently in use. R&D costs are charged to expense as incurred and totaled $11,821, and $11,635 for the nine months ended September 26, 2020 and September 28, 2019, respectively. Capitalized Software Development Costs The Company sells certain products that contain embedded software that is integral to the functionality of the products. Internal and external costs incurred for developing this software are charged to expense until technological feasibility has been established, at which point the development costs are capitalized. Capitalized software development costs primarily include payroll, benefits and other headcount related expenses. Once the products are available for general release to customers, no additional costs are capitalized. Earnings Per Share The following table presents the computation of basic and diluted earnings per common share (in thousands, except per share data): Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net income $ 12,982 $ 12,791 $ 8,667 $ 46,460 Basic and diluted weighted average shares outstanding 32,095 32,027 32,079 32,006 Basic and diluted net income per common share $ 0.40 $ 0.40 $ 0.27 $ 1.45 Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 26, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	3. FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis at September 26, 2020 and December 28, 2019. September 26, 2020 Quoted Market Significant Other Observable Significant Unobservable Total Prices (Level 1) Inputs (Level 2) Inputs (Level 3) Assets Forward foreign exchange contracts $ 416 $ — $ 416 $ — Total $ 416 $ — $ 416 $ — Liabilities Interest rate swap contract $ 8,599 $ — $ 8,599 $ — Forward foreign exchange contracts 593 — 593 — Total $ 9,192 $ — $ 9,192 — December 28, 2019 Quoted Market Significant Other Observable Significant Unobservable Total Prices (Level 1) Inputs (Level 2) Inputs (Level 3) Assets Forward foreign exchange contracts $ 815 $ — $ 815 $ — Total $ 815 $ — $ 815 $ — Liabilities Interest rate swap contract $ 5,792 $ — $ 5,792 $ — Forward foreign exchange contracts 219 — 219 — Contingent consideration 828 — — 828 Total $ 6,839 $ — $ 6,011 $ 828 A summary of the changes in the estimated fair value of contingent consideration at September 26, 2020 is as follows: Balance at December 28, 2019 $ 828 Change in estimated fair value (47 ) Payment on liability (830 ) Currency remeasurement 49 Balance at September 26, 2020 $ —

Inventories

Inventories	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES At September 26, 2020 and December 28, 2019, inventory consisted of the following: September 26, 2020 December 28, 2019 Raw materials $ 32,118 $ 34,340 Work in process 27,340 28,667 Finished goods 26,702 29,711 Provision for obsolete and slow moving inventory (8,519 ) (7,523 ) Total $ 77,641 $ 85,195

Operating Leases

Operating Leases	9 Months Ended
	Sep. 26, 2020
Leases [Abstract]
OPERATING LEASES	5. OPERATING LEASES The Company leases machinery, equipment, vehicles, buildings and office space, throughout its locations, that are classified as operating leases. Remaining terms on these leases range from less than one year to ten years. For the nine months ended September 26, 2020 and September 28, 2019, operating lease costs totaled $2,765 and $2,724, respectively. Supplemental balance sheet information related to operating leases is as follows: September 26, 2020 December 28, 2019 Right-of-use assets $ 10,439 $ 12,310 Lease liabilities: Current lease liabilities $ 3,390 $ 3,155 Non-current lease liabilities 7,234 9,312 Total lease liabilities $ 10,624 $ 12,467 Weighted average remaining lease term (in years): 5.2 Weighted average discount rate: 4.8 % Supplemental cash flow information related to leases is as follows: Nine Months Ended September 26, 2020 September 28, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,786 $ 2,737 Right-of-use assets obtained in exchange for new operating lease liabilities $ 418 $ 1,465 Maturities of lease liabilities are as follows: 2020 Remaining $ 957 2021 3,776 2022 1,909 2023 1,460 2024 1,011 2025 711 Thereafter 2,316 Total lease payments 12,140 Less: Imputed interest (1,516 ) Total lease obligations 10,624 Less: Current lease liabilities (3,390 ) Non-current lease liabilities $ 7,234

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 26, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	6. GOODWILL AND INTANGIBLE ASSETS Goodwill A summary of changes in goodwill by segment for the nine months ended September 26, 2020, is as follows: Hydraulics Electronics Total Balance at December 28, 2019 $ 271,196 $ 106,373 $ 377,569 Impairment charge (31,871 ) — (31,871 ) Currency translation 9,046 — 9,046 Balance at September 26, 2020 $ 248,371 $ 106,373 $ 354,744 During the first quarter of 2020, the global economy was significantly impacted by the COVID-19 pandemic. Given the economic impact, primarily in Europe, government-mandated facility closures and an unfavorable outlook for certain end markets, the Company concluded that this change in circumstances triggered the need to conduct an interim impairment review of its Faster reporting unit. The interim review was performed as of March 28, 2020. A recoverability test for the long-lived assets within the Faster reporting unit was performed first and resulted in the conclusion that the carrying value of the long-lived assets was fully recoverable. An interim quantitative impairment test for goodwill was then performed. The fair value of the Faster reporting unit was determined based on a combination of income and market approach methodologies. The income approach utilized a discounted cash flow analysis, which estimates the present value of the projected free cash flows to be generated by the reporting unit. Principal assumptions used in the analysis included the Company's estimates of future revenue and terminal growth rates, margin assumptions and discount rates. While assumptions utilized are subject to a high degree of judgment and complexity, the Company made every effort to estimate future cash flows as accurately as possible, given the high degree of economic uncertainty that existed. The market approaches estimate fair value by comparing to guideline public companies and guideline transactions. Various valuation multiples of companies that are economically and operationally similar were used as data points for selecting multiples. The Company concluded that the estimated fair value of the Faster reporting unit was less than its carrying value, and as a result, recorded a non-cash, non-tax-deductible goodwill impairment charge of $31,871. If the economic impact from the COVID-19 pandemic is more severe than anticipated, or if the economic recovery takes longer to materialize or does not materialize as strongly as anticipated, it could result in further goodwill impairment charges. The Company considered the known and anticipated impacts of the COVID-19 pandemic on its other reporting units and concluded that it was more likely than not that their fair value exceeded their carrying value . Intangible Assets At September 26, 2020, and December 28, 2019, intangible assets consisted of the following: September 26, 2020 December 28, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangibles: Trade names and brands $ 57,004 $ (10,002 ) $ 47,002 $ 56,032 $ (7,658 ) $ 48,374 Non-compete agreements 950 (728 ) 222 950 (586 ) 364 Technology 32,214 (11,127 ) 21,087 31,704 (8,661 ) 23,043 Supply agreement 21,000 (8,050 ) 12,950 21,000 (6,475 ) 14,525 Customer relationships 235,407 (27,228 ) 208,179 227,844 (19,499 ) 208,345 Software development costs - in process 227 — 227 — — — $ 346,802 $ (57,135 ) $ 289,667 $ 337,530 $ (42,879 ) $ 294,651 Amortization expense for the nine months ended September 26, 2020, and September 28, 2019, was $13,323 and $13,544, respectively. Future estimated amortization expense, excluding software development in process, is presented below. Year: 2020 Remaining $ 4,680 2021 18,161 2022 17,898 2023 17,839 2024 17,184 2025 17,121 Thereafter 196,557 Total $ 289,440

Derivative Instruments & Hedgin

Derivative Instruments & Hedging Activities	9 Months Ended
	Sep. 26, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS & HEDGING ACTIVITIES	7. DERIVATIVE INSTRUMENTS & HEDGING ACTIVITIES The Company addresses certain financial exposures through a controlled program of risk management that includes the use of derivative financial instruments and hedging activities. The fair value of the Company’s derivative financial instruments included in the Consolidated Balance Sheets is presented as follows: Asset Derivatives Liability Derivatives Balance Sheet Fair Value (1) Fair Value (1) Balance Sheet Fair Value (1) Fair Value (1) Location September 26, 2020 December 28, 2019 Location September 26, 2020 December 28, 2019 Derivatives designated as hedging instruments: Interest rate swap contract Other assets $ — $ — Other non-current liabilities $ 8,599 $ 5,792 Derivatives not designated as hedging instruments: Forward foreign exchange contracts Other current assets 340 509 Other current liabilities 254 213 Forward foreign exchange contracts Other assets 76 306 Other non-current liabilities 339 6 Total derivatives $ 416 $ 815 $ 9,192 $ 6,011 (1) The amount of gains and losses related to the Company’s derivative financial instruments for the nine months ended September 26, 2020 and September 28, 2019, are presented as follows: Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) September 26, 2020 September 28, 2019 into Earnings (Effective Portion) September 26, 2020 September 28, 2019 Derivatives in cash flow hedging relationships: Interest rate swap contract $ (2,807 ) $ (4,539 ) Interest expense, net $ (2,630 ) $ (658 ) Interest expense presented in the Consolidated Statements of Operations, in which the effects of cash flow hedges are recorded, totaled $8,572 and $12,223 for the nine months ended September 26, 2020 and September 28, 2019, respectively. Amount of Gain or (Loss) Recognized in Earnings on Derivatives Location of Gain or (Loss) Recognized September 26, 2020 September 28, 2019 in Earnings on Derivatives Derivatives not designated as hedging instruments: Forward foreign exchange contracts $ (2,513 ) $ 3,973 Foreign currency transaction gain loss, net Interest Rate Swap Contract The Company has entered into an interest rate swap transaction to hedge the variable interest rate payments on the credit facilities. In connection with this transaction, the Company pays interest based upon a fixed rate as agreed upon with the respective counterparties and receives variable rate interest payments based on the one-month LIBOR. The interest rate swap has an aggregate notional amount of $150,000, which decreases by $25,000 annually, has been designated as a hedging instrument and is accounted for as a cash flow hedge. The interest rate swap was effective on August 2, 2018 and is scheduled to expire on April 3, 2023. The contract will be settled with the respective counterparties on a net basis at each settlement date. Forward Foreign Exchange Contracts The Company has entered into forward contracts to economically hedge transactional exposure associated with commitments arising from transactions denominated in a currency other than the functional currency of the respective operating entity. The Company’s forward contracts are not designated as hedging instruments for accounting purposes. At September 26, 2020, the Company had 14 forward foreign exchange contracts with an aggregate notional value of €51,823, maturing at various dates through April 1, 2022. Net Investment Hedge The Company utilizes foreign currency denominated debt to hedge currency exposure in foreign operations. The Company has designated €90,000 of borrowings on the revolving credit facility as a net investment hedge of a portion of the Company’s European operations. The carrying value of the euro denominated debt totaled $104,648 as of September 26, 2020 and is included in the Revolving lines of credit line item in the Consolidated Balance Sheets. The loss on the net investment hedge recorded in accumulated other comprehensive income (“AOCI”) as part of the currency translation adjustment was $3,189, net of tax, for the nine months ended September 26, 2020. A loss of $164, associated with the net investment hedge, was reclassified from AOCI into earnings for the nine months ended September 26, 2020.

Credit Facilities

Credit Facilities	9 Months Ended
	Sep. 26, 2020
Debt Disclosure [Abstract]
CREDIT FACILITIES	8. CREDIT FACILITIES Total long-term non-revolving debt consists of the following: Maturity Date September 26, 2020 December 28, 2019 Long-term non-revolving debt: Term loan credit facility with PNC Bank 4/3/2023 $ 86,250 $ 91,250 Term loan credit facility with Intesa Sanpaolo S.p.A 12/23/2021 5,814 — Term loan credit facility with Citibank 11/18/2022 219 — Term loan credit facility with Shinhan Bank 3/30/2020 — 862 Other long-term debt Various 293 376 Total long-term non-revolving debt 92,576 92,488 Less: current portion of long-term non-revolving debt 11,808 7,623 Less: unamortized debt issuance costs 619 803 Total long-term non-revolving debt, net $ 80,149 $ 84,062 Information on the Company’s revolving credit facilities is as follows: Balance Available Credit Maturity Date September 26, 2020 December 28, 2019 September 26, 2020 December 28, 2019 Revolving line of credit with PNC Bank 4/3/2023 $ 168,398 $ 208,708 $ 231,283 $ 191,292 Revolving line of credit with Citibank TBD — — 2,199 — $ 168,398 $ 208,708 $ 233,482 $ 191,292 Future maturities of total debt are as follows: Year: 2020 Remaining $ 1,926 2021 13,535 2022 8,944 2023 236,569 Total $ 260,974 Term Loan and Line of Credit with PNC Bank The Company has a credit agreement that includes a revolving line of credit and term loan credit facility with PNC Bank, National Association, as administrative agent, and the lenders party thereto. The revolving line of credit allows for borrowings up to an aggregate maximum principal amount of $ 400,000 The Company has exchanged a portion of the USD denominated borrowings on the line of credit for €90,000 in order to hedge currency exposure in foreign operations. The borrowings have been designated as a net investment hedge, see additional information in Note 7. The effective interest rate on the credit agreement at September 26, 2020 was 1.84%. Interest expense recognized on the credit agreement during the nine months ended September 26, 2020 and September 28, 2019, totaled $5,863 and $11,442, respectively. Term Loan with Intesa Sanpaolo S.p.A. On June 23, 2020, Faster entered into an agreement with Intesa Sanpaolo S.p.A. that provided an unsecured term loan of €5,000. The facility bears interest at 1.25%. Repayment of the facility begins in January 2021 and is due in 12 monthly installments. The loan bears a guarantee from SACE S.p.A. – the Italian export public credit agency operating in the insurance and financial services sectors – pursuant to the Law Decree No. 23 of April 8, 2020, converted (with amendments) into Law No. 40 of June 5, 2020 (the “Liquidity Decree”). Term Loan and Line of Credit with Citibank On May 18, 2020, Sun Hydraulics (China) Co., Ltd. (“Sun China”) entered into an uncommitted fixed asset facility agreement (the “Fixed Asset Facility”) and short-term revolving facility agreement (the “Working Capital Facility”) with Citibank (China) Co., Ltd. Shanghai Branch, as lender. Under the Fixed Asset Facility, Sun China may, from time-to-time for a period of 180 days, borrow amounts on a secured basis up to a total of RMB 50,000. The proceeds of such loans may be used for purchases of certain equipment. Outstanding borrowings under the Fixed Asset Facility accrue interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 1.50%, to be repaid on a specified schedule with the final payment due in November 2022 Under the Working Capital Facility, Sun China may from time to time borrow amounts on an unsecured revolving facility of up to a total of RMB 15,000. Proceeds may only be used for expenditures related to production at the Sun China facility, located in Kunshan City, China. Outstanding borrowings under the Working Capital Facility accrue interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 0.50%. The Working Capital Facility will terminate, and all outstanding loans will mature on the one-year anniversary of the first borrowing under the loan. Borrowings under the Fixed Asset Facility and the Working Capital Facility are guaranteed by Helios Technologies, Inc. As of the date of this filing, Sun China was in compliance with all debt covenants related to the Fixed Asset Facility and Working Capital Facility. Other Credit Facilities The Company had a credit agreement with Shinhan Bank that provided a term loan of KRW 1,000,000 March 2020 The Company’s other long-term debt consists of auto loans payable to National Australia Bank. Interest is charged at various rates ranging from 4.5% to 5.1%. monthly. The loans mature at various dates through July 2023.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 26, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES The provision for income taxes for the nine months ended September 26, 2020 At September 26, 2020, the Company had an unrecognized tax benefit of $8,973 including accrued interest. If recognized, the unrecognized tax benefit would have a favorable effect on the effective tax rate in future periods. The Company recognizes interest and penalties related to income tax matters in income tax expense. Interest accrued as of September 26, 2020 is not considered material to the Company’s consolidated financial statements. The Company files United States (“U.S.”) federal income tax returns as well as income tax returns in various states and foreign jurisdictions. The Company is no longer subject to income tax examinations by tax authorities for years prior to 2008 for the majority of tax jurisdictions where the Company files tax returns. The Company’s U.S. federal income tax returns are not currently under examination by the Internal Revenue Service (“IRS”). Florida income tax returns for tax years 2015 and 2016 are under examination. The 2016 pre-acquisition Italian income tax return for Faster is also under examination. To date, there have not been any significant proposed adjustments that have not been accounted for in the Company’s consolidated financial statements. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next twelve months, the Company will resolve some or all of the matters presently under consideration and there could be significant increases or decreases to unrecognized tax benefits.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 26, 2020
Share Based Compensation [Abstract]
STOCK-BASED COMPENSATION	10. STOCK-BASED COMPENSATION Equity Incentive Plan The Company’s 2019 Equity Incentive Plan and its predecessor equity plan provide for the grant of shares of restricted stock, restricted share units, stock options, stock appreciation rights, dividend or dividend equivalent rights, stock awards and other awards valued in whole or in part by reference to or otherwise based on the Company’s common stock, to officers, employees and directors of the Company. Restricted Stock and Restricted Stock Units The Company grants restricted shares of common stock and restricted stock units (“RSUs”) in connection with a long-term incentive plan. Awards with time-based vesting requirements primarily vest ratably over a three-year three-year Compensation expense recognized for restricted stock and RSUs totaled $3,158 and $2,783, respectively, for the nine months ended September 26, 2020 and September 28, 2019. The following table summarizes restricted stock and RSU activity for the nine months ended September 26, 2020: Number of Weighted Average Shares / Units Grant-Date (in thousands) Fair Value per Share Nonvested balance at December 28, 2019 203 $ 42.73 Granted 182 36.67 Vested (79 ) 43.61 Forfeited (68 ) 42.04 Nonvested balance at September 26, 2020 (1) 238 $ 38.82 (1 ) The Company had $6,426 of total unrecognized compensation cost related to the restricted stock and RSU awards as of September 26, 2020. That cost is expected to be recognized over a weighted average period of 1.9 years. Stock Options The following table summarizes stock options the Company has granted to its officers (in thousands, except per share data): September 26, 2020 Options Option Exercise Options Options Options Date of Grant Granted (Strike) Price Forfeited Outstanding Exercisable February 28, 2020 18 $ 39.75 10 9 — July 1, 2020 5 35.04 — 5 — Total 23 10 14 — The exercise prices per share are equal to the market price of Helios stock on the respective grant dates. The options vest ratably over a three-year period and have a 10-year expiration. The grant date fair value of the options was estimated using a Black Scholes valuation model. At September 26, 2020, the Company had $147 of unrecognized compensation cost related to the options which is expected to be recognized over a weighted average period of 2.5 years. Employee Stock Purchase Plans The Company maintains an Employee Stock Purchase Plan (“ESPP”) in which U.S. employees are eligible to participate. Employees who choose to participate are granted an opportunity to purchase common stock at 85 percent of market value on the first or last day of the quarterly purchase period, whichever is lower. Employees in the United Kingdom (“UK”), under a separate plan, are granted an opportunity to purchase the Company’s common stock at market value, on the first or last day of the quarterly purchase period, whichever is lower, with the Company issuing one additional free share of common stock for each six shares purchased by the employee under the plan. Employees purchased 33,519 shares at a weighted average price of $30.65, and 37,217 shares at a weighted average price of $33.65, under the ESPP and UK plans during the nine months ended September 26, 2020 and September 28, 2019, respectively. The Company recognized $220 and $398 of compensation expense during the nine months ended September 26, 2020 and September 28, 2019, respectively. Nonemployee Director Fees Plan The Company’s 2012 Nonemployee Director Fees Plan compensates nonemployee directors for their board service with shares of common stock. Directors were granted 11,775 and 18,875 shares for the nine months ended September 26, 2020 and September 28, 2019, respectively. The Company recognized director stock compensation expense of $480 and $856 for the nine months ended September 26, 2020 and September 28, 2019, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 26, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	11. ACCUMULATED OTHER COMPREHENSIVE LOSS The following tables present changes in accumulated other comprehensive loss by component: Unrealized Gains and (Losses) on Derivative Instruments Foreign Currency Items Total Balance at December 28, 2019 $ (5,372 ) $ (49,992 ) $ (55,364 ) Other comprehensive (loss) income before reclassifications (4,781 ) 9,389 4,608 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,974 — 1,974 Tax effect 1,548 (2,152 ) (604 ) Net current period other comprehensive (loss) income (1,259 ) 7,237 5,978 Balance at September 26, 2020 $ (6,631 ) $ (42,755 ) $ (49,386 ) Unrealized Gains and (Losses) on Derivative Instruments Foreign Currency Items Total Balance at December 29, 2018 $ (2,309 ) $ (43,944 ) $ (46,253 ) Other comprehensive loss before reclassifications (5,053 ) (17,675 ) (22,728 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 514 — 514 Tax effect 1,027 5,358 6,385 Net current period other comprehensive loss (3,512 ) (12,317 ) (15,829 ) Balance at September 28, 2019 $ (5,821 ) $ (56,261 ) $ (62,082 )

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 26, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	12. SEGMENT REPORTING The Company has two reportable segments: Hydraulics and Electronics. These segments are organized primarily based on the similar nature of products offered for sale, the types of customers served and the methods of distribution and are consistent with how the segments are managed, how resources are allocated and how information is used by the chief operating decision makers. The Company evaluates performance and allocates resources based primarily on segment operating income. Certain costs were not allocated to the segments as they are not used in evaluating the results of, or in allocating resources to the Company’s segments. These costs are presented in the Corporate and other line item. For the nine months ended September 26, 2020, the unallocated costs totaled $47,801 and included certain corporate costs not deemed to be allocable to either business segment of $2,607, amortization of acquisition-related intangible assets of $13,323, and the goodwill impairment charge of $31,871. The accounting policies of the Company’s operating segments are the same as those used to prepare the accompanying Consolidated, Unaudited Financial Statements. The following table presents financial information by reportable segment: Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net sales Hydraulics $ 98,206 $ 110,089 $ 304,113 $ 340,262 Electronics 24,439 27,956 67,309 88,476 Total $ 122,645 $ 138,045 $ 371,422 $ 428,738 Operating income Hydraulics $ 18,942 $ 17,867 $ 62,413 $ 65,752 Electronics 4,683 5,977 10,400 18,977 Corporate and other (5,282 ) (4,706 ) (47,801 ) (13,387 ) Total $ 18,343 $ 19,138 $ 25,012 $ 71,342 Capital expenditures Hydraulics $ 1,109 $ 3,774 $ 5,426 $ 17,606 Electronics 831 397 1,729 1,978 Total $ 1,940 $ 4,171 $ 7,155 $ 19,584 September 26, 2020 December 28, 2019 Total assets Hydraulics $ 747,708 $ 768,324 Electronics 246,621 251,252 Corporate 4,836 2,175 Total $ 999,165 $ 1,021,751 Geographic Region Information Net sales are measured based on the geographic destination of sales. Tangible long-lived assets are shown based on the physical location of the assets and primarily include net property, plant and equipment and exclude right-of-use assets. Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net sales Americas $ 49,167 $ 67,340 $ 155,740 $ 202,974 EMEA 33,628 34,020 102,680 116,802 APAC 39,850 36,685 113,002 108,962 Total $ 122,645 $ 138,045 $ 371,422 $ 428,738 September 26, 2020 December 28, 2019 Tangible long-lived assets Americas $ 83,877 $ 87,104 EMEA 27,517 28,436 APAC 17,485 18,004 Total $ 128,879 $ 133,544

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 26, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	13. RELATED PARTY TRANSACTIONS The Company purchases from and sells inventory to entities partially owned or managed by directors of Helios. For the nine months ended September 26, 2020 and September 28, 2019, inventory sales to the entities totaled $2,572 and $1,113, respectively, and inventory purchases from the entities totaled $2,942 and $3,857, respectively. The Company also utilizes the legal services of a law firm where a director of Helios is a partner. Expenses incurred from the entity totaled $251 for the nine months ended September 26, 2020. At September 26, 2020 and December 28, 2019, amounts due from the entities totaled $536 and $73, respectively, and amounts due to the entities totaled $177 and $361, respectively.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 26, 2020
Commitments And Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is not a party to any legal proceedings other than routine litigation incidental to its business. In the opinion of management, the amount of ultimate liability with respect to these actions will not materially affect the results of operations, financial position or cash flows of the Company.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 26, 2020
Subsequent Events [Abstract]
Subsequent Events	15. SUBSEQUENT EVENTS Entry into Material Definitive Agreement On October 9, 2020, Helios entered into a definitive agreement to acquire BWG Holdings I Corp., operating as Balboa Water Group (“Balboa”), for $218,500 from certain affiliates of AEA Investors LP (“the Acquisition”). Helios plans to fund the Acquisition through a combination of cash and existing and new credit facilities. The transaction is expected to close in the fourth quarter of 2020, subject to customary closing conditions and regulatory approvals. Balboa is an innovative market leader of electronic controls for the health and wellness industry with proprietary and patented technology that enables end-to-end electronic control systems for therapy baths and spas. Headquartered in Costa Mesa, CA, Balboa is a global operation selling into 47 countries and utilizing a new state-of-the-art manufacturing facility in Baja, Mexico. The intent to acquire Balboa is in alignment with Helios’s Vision 2025 goals, advancing the Company as a global technology leader in the industrial goods sector while maintaining superior profitability and financial strength. Balboa further diversifies the Company’s electronics product portfolio and broadens the Company’s global footprint. Amended and Restated Credit Agreement On October 28, 2020, the Company amended and restated its credit agreement with PNC Bank, National Association, as administrative agent, and the lenders party thereto. The amendment increased the term loan credit facility to an aggregate principal amount of $200,000. The revolving credit facility’s aggregate maximum principal borrowing amount remained unchanged at $400,000, and the accordion feature was increased to an aggregate principal amount of $300,000. The credit facilities are available through October 28, 2025.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 26, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnotes required by accounting principles generally accepted in the United States of America (“U.S. GAAP”) for complete financial statements are not included herein. The financial statements are prepared on a consistent basis (including normal recurring adjustments) and should be read in conjunction with the consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended December 28, 2019 (“Form 10-K”), filed by Helios with the Securities and Exchange Commission on February 25, 2020. In management’s opinion, all adjustments necessary for a fair presentation of the Company’s financial statements are reflected in the interim periods presented. The Company faces various risks related to health epidemics, pandemics and similar outbreaks, including the global outbreak of COVID-19. The current COVID-19 pandemic has had an impact on markets the Company serves, its operations and, as a result, the financial results for the year and the Company’s near-term outlook. The Company cannot at this time predict the impact of the COVID-19 pandemic on its business or economic conditions as a whole, but it could have a material adverse effect on the business, financial position, results of operations and/or cash flows. Operating results for the nine months ended September 26, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ended January 2, 2021.
Goodwill	Goodwill Goodwill, which represents the excess of the purchase price of an acquisition over the fair value of the net assets acquired, is carried at cost. Goodwill is tested for impairment annually, in the third and fourth quarters, or more frequently if events or circumstances indicate a reduction in the fair value below the carrying value. As part of the impairment test, the Company has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after this optional qualitative assessment, the Company determines that impairment is more likely than not, then the Company performs the quantitative impairment test. The carrying value of assets is calculated at the reporting unit level. An impairment loss is recorded to the extent that the carrying value of the reporting unit exceeds its fair value, with the impairment loss limited to the amount of goodwill allocated to the reporting unit. During the first quarter of 2020, the Company determined that, based on current economic conditions and potential future impacts from the COVID-19 pandemic, it was more likely than not that the fair value of the Faster reporting unit was less than its carrying value. Upon completion of the interim impairment testing, the Company determined that the carrying value of goodwill was impaired. See Note 6 for discussion of interim impairment testing.
Contract Assets and Liabilities	Contract Assets and Liabilities Contract assets are recognized when the Company has a conditional right to consideration for performance completed on contracts. Contract asset balances totaled $2,826 and $2,796 at September 26, 2020 and December 28, 2019, respectively, and are presented in Other current assets in the Consolidated Balance Sheets. Accounts receivable balances represent unconditional rights to consideration from customers and are presented separate from contract assets in the Consolidated Balance Sheets. Contract liabilities are recognized when payment is received from customers prior to satisfying the underlying performance obligation. Contract liabilities totaled $902 and $353 at September 26, 2020 and December 28, 2019, respectively, and are presented in Other accrued expenses and current liabilities in the Consolidated Balance Sheets.
Research and Development	Research and Development The Company conducts research and development (“R&D”) to create new products and to make improvements to products currently in use. R&D costs are charged to expense as incurred and totaled $11,821, and $11,635 for the nine months ended September 26, 2020 and September 28, 2019, respectively.
Capitalized Software Development Costs	Capitalized Software Development Costs The Company sells certain products that contain embedded software that is integral to the functionality of the products. Internal and external costs incurred for developing this software are charged to expense until technological feasibility has been established, at which point the development costs are capitalized. Capitalized software development costs primarily include payroll, benefits and other headcount related expenses. Once the products are available for general release to customers, no additional costs are capitalized.
Earnings Per Share	Earnings Per Share The following table presents the computation of basic and diluted earnings per common share (in thousands, except per share data): Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net income $ 12,982 $ 12,791 $ 8,667 $ 46,460 Basic and diluted weighted average shares outstanding 32,095 32,027 32,079 32,006 Basic and diluted net income per common share $ 0.40 $ 0.40 $ 0.27 $ 1.45
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses
Recently Issued Accounting Standard	Recently Issued Accounting Standards In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 26, 2020
Accounting Policies [Abstract]
Computation of basic and diluted earnings per common share	The following table presents the computation of basic and diluted earnings per common share (in thousands, except per share data): Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net income $ 12,982 $ 12,791 $ 8,667 $ 46,460 Basic and diluted weighted average shares outstanding 32,095 32,027 32,079 32,006 Basic and diluted net income per common share $ 0.40 $ 0.40 $ 0.27 $ 1.45

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 26, 2020
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The following tables provide information regarding the Company’s assets and liabilities measured at fair value on a recurring basis at September 26, 2020 and December 28, 2019. September 26, 2020 Quoted Market Significant Other Observable Significant Unobservable Total Prices (Level 1) Inputs (Level 2) Inputs (Level 3) Assets Forward foreign exchange contracts $ 416 $ — $ 416 $ — Total $ 416 $ — $ 416 $ — Liabilities Interest rate swap contract $ 8,599 $ — $ 8,599 $ — Forward foreign exchange contracts 593 — 593 — Total $ 9,192 $ — $ 9,192 — December 28, 2019 Quoted Market Significant Other Observable Significant Unobservable Total Prices (Level 1) Inputs (Level 2) Inputs (Level 3) Assets Forward foreign exchange contracts $ 815 $ — $ 815 $ — Total $ 815 $ — $ 815 $ — Liabilities Interest rate swap contract $ 5,792 $ — $ 5,792 $ — Forward foreign exchange contracts 219 — 219 — Contingent consideration 828 — — 828 Total $ 6,839 $ — $ 6,011 $ 828
Summary of changes in estimated fair value of contingent consideration	A summary of the changes in the estimated fair value of contingent consideration at September 26, 2020 is as follows: Balance at December 28, 2019 $ 828 Change in estimated fair value (47 ) Payment on liability (830 ) Currency remeasurement 49 Balance at September 26, 2020 $ —

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 26, 2020
Inventory Disclosure [Abstract]
Summary of inventories	At September 26, 2020 and December 28, 2019, inventory consisted of the following: September 26, 2020 December 28, 2019 Raw materials $ 32,118 $ 34,340 Work in process 27,340 28,667 Finished goods 26,702 29,711 Provision for obsolete and slow moving inventory (8,519 ) (7,523 ) Total $ 77,641 $ 85,195

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 26, 2020
Leases [Abstract]
Supplemental Balance Sheet Information Related to Operating Leases	Supplemental balance sheet information related to operating leases is as follows: September 26, 2020 December 28, 2019 Right-of-use assets $ 10,439 $ 12,310 Lease liabilities: Current lease liabilities $ 3,390 $ 3,155 Non-current lease liabilities 7,234 9,312 Total lease liabilities $ 10,624 $ 12,467 Weighted average remaining lease term (in years): 5.2 Weighted average discount rate: 4.8 %
Supplemental Cash Flow Information Related to Leases	Supplemental cash flow information related to leases is as follows: Nine Months Ended September 26, 2020 September 28, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 2,786 $ 2,737 Right-of-use assets obtained in exchange for new operating lease liabilities $ 418 $ 1,465
Maturities of Lease Liabilities	Maturities of lease liabilities are as follows: 2020 Remaining $ 957 2021 3,776 2022 1,909 2023 1,460 2024 1,011 2025 711 Thereafter 2,316 Total lease payments 12,140 Less: Imputed interest (1,516 ) Total lease obligations 10,624 Less: Current lease liabilities (3,390 ) Non-current lease liabilities $ 7,234

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 26, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of changes in goodwill	Goodwill A summary of changes in goodwill by segment for the nine months ended September 26, 2020, is as follows: Hydraulics Electronics Total Balance at December 28, 2019 $ 271,196 $ 106,373 $ 377,569 Impairment charge (31,871 ) — (31,871 ) Currency translation 9,046 — 9,046 Balance at September 26, 2020 $ 248,371 $ 106,373 $ 354,744
Schedule of intangible assets	Intangible Assets At September 26, 2020, and December 28, 2019, intangible assets consisted of the following: September 26, 2020 December 28, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Definite-lived intangibles: Trade names and brands $ 57,004 $ (10,002 ) $ 47,002 $ 56,032 $ (7,658 ) $ 48,374 Non-compete agreements 950 (728 ) 222 950 (586 ) 364 Technology 32,214 (11,127 ) 21,087 31,704 (8,661 ) 23,043 Supply agreement 21,000 (8,050 ) 12,950 21,000 (6,475 ) 14,525 Customer relationships 235,407 (27,228 ) 208,179 227,844 (19,499 ) 208,345 Software development costs - in process 227 — 227 — — — $ 346,802 $ (57,135 ) $ 289,667 $ 337,530 $ (42,879 ) $ 294,651
Schedule of estimated amortization expense of intangible assets, excluding software development in process	Amortization expense for the nine months ended September 26, 2020, and September 28, 2019, was $13,323 and $13,544, respectively. Future estimated amortization expense, excluding software development in process, is presented below. Year: 2020 Remaining $ 4,680 2021 18,161 2022 17,898 2023 17,839 2024 17,184 2025 17,121 Thereafter 196,557 Total $ 289,440

Derivative Instruments & Hedg_2

Derivative Instruments & Hedging Activities (Tables)	9 Months Ended
	Sep. 26, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Schedule of Fair Value of Derivative Financial Instruments Included in Consolidated Balance Sheets	The fair value of the Company’s derivative financial instruments included in the Consolidated Balance Sheets is presented as follows: Asset Derivatives Liability Derivatives Balance Sheet Fair Value (1) Fair Value (1) Balance Sheet Fair Value (1) Fair Value (1) Location September 26, 2020 December 28, 2019 Location September 26, 2020 December 28, 2019 Derivatives designated as hedging instruments: Interest rate swap contract Other assets $ — $ — Other non-current liabilities $ 8,599 $ 5,792 Derivatives not designated as hedging instruments: Forward foreign exchange contracts Other current assets 340 509 Other current liabilities 254 213 Forward foreign exchange contracts Other assets 76 306 Other non-current liabilities 339 6 Total derivatives $ 416 $ 815 $ 9,192 $ 6,011 (1)
Schedule of Gains and Losses Related to Derivative Financial Instruments	The amount of gains and losses related to the Company’s derivative financial instruments for the nine months ended September 26, 2020 and September 28, 2019, are presented as follows: Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion) September 26, 2020 September 28, 2019 into Earnings (Effective Portion) September 26, 2020 September 28, 2019 Derivatives in cash flow hedging relationships: Interest rate swap contract $ (2,807 ) $ (4,539 ) Interest expense, net $ (2,630 ) $ (658 ) Amount of Gain or (Loss) Recognized in Earnings on Derivatives Location of Gain or (Loss) Recognized September 26, 2020 September 28, 2019 in Earnings on Derivatives Derivatives not designated as hedging instruments: Forward foreign exchange contracts $ (2,513 ) $ 3,973 Foreign currency transaction gain loss, net

Credit Facilities (Tables)

Credit Facilities (Tables)	9 Months Ended
	Sep. 26, 2020
Debt Disclosure [Abstract]
Schedule of Total Long-Term Non-Revolving Debt	Total long-term non-revolving debt consists of the following: Maturity Date September 26, 2020 December 28, 2019 Long-term non-revolving debt: Term loan credit facility with PNC Bank 4/3/2023 $ 86,250 $ 91,250 Term loan credit facility with Intesa Sanpaolo S.p.A 12/23/2021 5,814 — Term loan credit facility with Citibank 11/18/2022 219 — Term loan credit facility with Shinhan Bank 3/30/2020 — 862 Other long-term debt Various 293 376 Total long-term non-revolving debt 92,576 92,488 Less: current portion of long-term non-revolving debt 11,808 7,623 Less: unamortized debt issuance costs 619 803 Total long-term non-revolving debt, net $ 80,149 $ 84,062
Summary of Information on Revolving Credit Facility	Information on the Company’s revolving credit facilities is as follows: Balance Available Credit Maturity Date September 26, 2020 December 28, 2019 September 26, 2020 December 28, 2019 Revolving line of credit with PNC Bank 4/3/2023 $ 168,398 $ 208,708 $ 231,283 $ 191,292 Revolving line of credit with Citibank TBD — — 2,199 — $ 168,398 $ 208,708 $ 233,482 $ 191,292
Summary of Future Maturities of Total Debt	Future maturities of total debt are as follows: Year: 2020 Remaining $ 1,926 2021 13,535 2022 8,944 2023 236,569 Total $ 260,974

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 26, 2020
Share Based Compensation [Abstract]
Summary of Restricted Stock and RSU Activity	The following table summarizes restricted stock and RSU activity for the nine months ended September 26, 2020: Number of Weighted Average Shares / Units Grant-Date (in thousands) Fair Value per Share Nonvested balance at December 28, 2019 203 $ 42.73 Granted 182 36.67 Vested (79 ) 43.61 Forfeited (68 ) 42.04 Nonvested balance at September 26, 2020 (1) 238 $ 38.82
Summary of Stock Options Granted	The following table summarizes stock options the Company has granted to its officers (in thousands, except per share data): September 26, 2020 Options Option Exercise Options Options Options Date of Grant Granted (Strike) Price Forfeited Outstanding Exercisable February 28, 2020 18 $ 39.75 10 9 — July 1, 2020 5 35.04 — 5 — Total 23 10 14 —

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 26, 2020
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Changes in Accumulated Other Comprehensive Loss by Component	The following tables present changes in accumulated other comprehensive loss by component: Unrealized Gains and (Losses) on Derivative Instruments Foreign Currency Items Total Balance at December 28, 2019 $ (5,372 ) $ (49,992 ) $ (55,364 ) Other comprehensive (loss) income before reclassifications (4,781 ) 9,389 4,608 Amounts reclassified from accumulated other comprehensive loss, net of tax 1,974 — 1,974 Tax effect 1,548 (2,152 ) (604 ) Net current period other comprehensive (loss) income (1,259 ) 7,237 5,978 Balance at September 26, 2020 $ (6,631 ) $ (42,755 ) $ (49,386 ) Unrealized Gains and (Losses) on Derivative Instruments Foreign Currency Items Total Balance at December 29, 2018 $ (2,309 ) $ (43,944 ) $ (46,253 ) Other comprehensive loss before reclassifications (5,053 ) (17,675 ) (22,728 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 514 — 514 Tax effect 1,027 5,358 6,385 Net current period other comprehensive loss (3,512 ) (12,317 ) (15,829 ) Balance at September 28, 2019 $ (5,821 ) $ (56,261 ) $ (62,082 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 26, 2020
Segment Reporting [Abstract]
Schedule of financial information by reportable segment	The following table presents financial information by reportable segment: Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net sales Hydraulics $ 98,206 $ 110,089 $ 304,113 $ 340,262 Electronics 24,439 27,956 67,309 88,476 Total $ 122,645 $ 138,045 $ 371,422 $ 428,738 Operating income Hydraulics $ 18,942 $ 17,867 $ 62,413 $ 65,752 Electronics 4,683 5,977 10,400 18,977 Corporate and other (5,282 ) (4,706 ) (47,801 ) (13,387 ) Total $ 18,343 $ 19,138 $ 25,012 $ 71,342 Capital expenditures Hydraulics $ 1,109 $ 3,774 $ 5,426 $ 17,606 Electronics 831 397 1,729 1,978 Total $ 1,940 $ 4,171 $ 7,155 $ 19,584 September 26, 2020 December 28, 2019 Total assets Hydraulics $ 747,708 $ 768,324 Electronics 246,621 251,252 Corporate 4,836 2,175 Total $ 999,165 $ 1,021,751
Schedule of geographic region information	Tangible long-lived assets are shown based on the physical location of the assets and primarily include net property, plant and equipment and exclude right-of-use assets. Three Months Ended Nine Months Ended September 26, 2020 September 28, 2019 September 26, 2020 September 28, 2019 Net sales Americas $ 49,167 $ 67,340 $ 155,740 $ 202,974 EMEA 33,628 34,020 102,680 116,802 APAC 39,850 36,685 113,002 108,962 Total $ 122,645 $ 138,045 $ 371,422 $ 428,738 September 26, 2020 December 28, 2019 Tangible long-lived assets Americas $ 83,877 $ 87,104 EMEA 27,517 28,436 APAC 17,485 18,004 Total $ 128,879 $ 133,544

Company Background (Details Tex

Company Background (Details Textual)	9 Months Ended
	Sep. 26, 2020Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of operating segments	2

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Accounting Policies [Abstract]
Contract asset, current	$ 2,826		$ 2,796
Contract Liabilities, current	902		$ 353
Research and development costs charged to expense	$ 11,821	$ 11,635

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 26, 2020	Sep. 28, 2019	Sep. 28, 2019
Earnings Per Share [Abstract]
Net income	$ 12,982	$ 12,791	$ 8,667	$ 8,667	$ 46,460	$ 46,460
Basic and diluted weighted average shares outstanding	32,095	32,027	32,079			32,006
Basic and diluted net (loss) income per common share	$ 0.40	$ 0.40	$ 0.27			$ 1.45

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Recurring [Member] - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Assets
Assets Measured at fair value	$ 416	$ 815
Liabilities
Liabilities measured at fair value	9,192	6,839
Contingent Consideration [Member]
Liabilities
Liabilities measured at fair value		828
Level 2 [Member]
Assets
Assets Measured at fair value	416	815
Liabilities
Liabilities measured at fair value	9,192	6,011
Level 3 [Member]
Liabilities
Liabilities measured at fair value		828
Level 3 [Member] | Contingent Consideration [Member]
Liabilities
Liabilities measured at fair value		828
Forward Foreign Exchange Contracts [Member]
Assets
Assets Measured at fair value	416	815
Liabilities
Liabilities measured at fair value	593	219
Forward Foreign Exchange Contracts [Member] | Level 2 [Member]
Assets
Assets Measured at fair value	416	815
Liabilities
Liabilities measured at fair value	593	219
Interest Rate Swap Contract [Member]
Liabilities
Liabilities measured at fair value	8,599	5,792
Interest Rate Swap Contract [Member] | Level 2 [Member]
Liabilities
Liabilities measured at fair value	$ 8,599	$ 5,792

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Details 1) $ in Thousands	9 Months Ended
	Sep. 26, 2020USD ($)
Fair Value Disclosures [Abstract]
Beginning Balance	$ 828
Change in estimated fair value	(47)
Payment on liability	(830)
Currency remeasurement	$ 49

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Summary of inventories
Raw materials	$ 32,118	$ 34,340
Work in process	27,340	28,667
Finished goods	26,702	29,711
Provision for obsolete and slow moving inventory	(8,519)	(7,523)
Total	$ 77,641	$ 85,195

Operating Leases (Details Textu

Operating Leases (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Leases [Line Items]
Operating lease cost	$ 2,765	$ 2,724
Minimum [Member]
Leases [Line Items]
Operating leases, remaining lease term	1 year
Maximum [Member]
Leases [Line Items]
Operating leases, remaining lease term	10 years

Operating Leases (Details)

Operating Leases (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Leases [Abstract]
Right-of-use assets	$ 10,439	$ 12,310
Current lease liabilities	3,390	3,155
Non-current lease liabilities	7,234	9,312
Total lease liabilities	$ 10,624	$ 12,467
Weighted average remaining lease term (in years):	5 years 2 months 12 days
Weighted average discount rate:	4.80%

Operating Leases (Details 1)

Operating Leases (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 2,786	$ 2,737
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 418	$ 1,465

Operating Leases (Details 2)

Operating Leases (Details 2) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Leases [Abstract]
2020 Remaining	$ 957
2021	3,776
2022	1,909
2023	1,460
2024	1,011
2025	711
Thereafter	2,316
Total lease payments	12,140
Less: Imputed interest	(1,516)
Total lease obligations	10,624	$ 12,467
Less: Current lease liabilities	(3,390)	(3,155)
Non-current lease liabilities	$ 7,234	$ 9,312

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Details) $ in Thousands	9 Months Ended
	Sep. 26, 2020USD ($)
Goodwill [Line Items]
Goodwill, Beginning Balance	$ 377,569
Impairment charge	(31,871)
Currency translation	9,046
Goodwill, Ending Balance	354,744
Hydraulics [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	271,196
Impairment charge	(31,871)
Currency translation	9,046
Goodwill, Ending Balance	248,371
Electronics [Member]
Goodwill [Line Items]
Goodwill, Beginning Balance	106,373
Impairment charge	0
Currency translation	0
Goodwill, Ending Balance	$ 106,373

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment charge			$ 31,871
Amortization expense	$ 4,558	$ 4,478	$ 13,323	$ 13,544

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Details 1) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 28, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 346,802	$ 337,530
Accumulated Amortization	(57,135)	(42,879)
Net Carrying Amount	289,667	294,651
Trade names and brands [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	57,004	56,032
Accumulated Amortization	(10,002)	(7,658)
Net Carrying Amount	47,002	48,374
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	950	950
Accumulated Amortization	(728)	(586)
Net Carrying Amount	222	364
Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	32,214	31,704
Accumulated Amortization	(11,127)	(8,661)
Net Carrying Amount	21,087	23,043
Supply agreement [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,000	21,000
Accumulated Amortization	(8,050)	(6,475)
Net Carrying Amount	12,950	14,525
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	235,407	227,844
Accumulated Amortization	(27,228)	(19,499)
Net Carrying Amount	208,179	$ 208,345
Software development costs - in process [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	227
Net Carrying Amount	$ 227

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Details 2) $ in Thousands	Sep. 26, 2020USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
2020 Remaining	$ 4,680
2021	18,161
2022	17,898
2023	17,839
2024	17,184
2025	17,121
Thereafter	196,557
Net Carrying Amount	$ 289,440

Derivative Instruments & Hedg_3

Derivative Instruments & Hedging Activities (Details) - USD ($) $ in Thousands		Sep. 26, 2020	Dec. 28, 2019
Derivatives Fair Value [Line Items]
Total Asset Derivatives, Fair Value	[1]	$ 416	$ 815
Total Liability Derivatives, Fair Value	[1]	9,192	6,011
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swap Contract [Member] | Other Non-current Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives Non-current, Fair Value	[1]	8,599	5,792
Derivatives Not Designated as Hedging Instruments [Member] | Forward Foreign Exchange Contracts [Member] | Other Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives Non-current, Fair Value	[1]	76	306
Derivatives Not Designated as Hedging Instruments [Member] | Forward Foreign Exchange Contracts [Member] | Other Current Assets [Member]
Derivatives Fair Value [Line Items]
Asset Derivatives Current, Fair Value	[1]	340	509
Derivatives Not Designated as Hedging Instruments [Member] | Forward Foreign Exchange Contracts [Member] | Other Non-current Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives Non-current, Fair Value	[1]	339	6
Derivatives Not Designated as Hedging Instruments [Member] | Forward Foreign Exchange Contracts [Member] | Other Current Liabilities [Member]
Derivatives Fair Value [Line Items]
Liability Derivatives Current, Fair Value	[1]	$ 254	$ 213
[1]	See Note 3 for information regarding the inputs used in determining the fair value of derivative assets and liabilities.

Derivative Instruments & Hedg_4

Derivative Instruments & Hedging Activities (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest Rate Swap Contract [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivatives (Effective Portion)	$ (2,807)	$ (4,539)
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest Rate Swap Contract [Member] | Interest Expense, Net [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Earnings (Effective Portion)	(2,630)	(658)
Derivatives Not Designated as Hedging Instruments [Member] | Forward Foreign Exchange Contracts [Member] | Foreign Currency Transaction Gain Loss, Net [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Amount of Gain or (Loss) Recognized in Earnings on Derivatives	$ (2,513)	$ 3,973

Derivative Instruments & Hedg_5

Derivative Instruments & Hedging Activities (Details Textual) € in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020USD ($)Contract	Sep. 28, 2019USD ($)	Sep. 26, 2020USD ($)Contract	Sep. 28, 2019USD ($)	Sep. 26, 2020EUR (€)Contract	Dec. 28, 2019USD ($)
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest expense	$ 2,730	$ 3,790	$ 8,572	$ 12,223
Carrying value of total long term revolving debt	92,576		92,576			$ 92,488
Gain loss on derivative hedge recorded in AOCI as a part of currency translation adjustment			3,189
Net investment hedge reclassified from AOCI into income			164
Europe [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Carrying value of total long term revolving debt	$ 104,648		$ 104,648
Revolving Credit Facility [Member] | Europe [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Net investment hedge | €					€ 90,000
Forward Foreign Exchange Contracts [Member] | Derivatives Not Designated as Hedging Instruments [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount | €					€ 51,823
Derivative contract expire date			Apr. 1, 2022
Derivative, number of instruments held | Contract	14		14		14
Cash Flow Hedging [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Interest expense			$ 8,572	$ 12,223
Cash Flow Hedging [Member] | Interest Rate Swap Contract [Member] | Derivatives Designated as Hedging Instruments [Member]
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative instrument, notional amount	$ 150,000		150,000
Annual decrease in derivative notional amount			$ 25,000
Derivative contract effective date			Aug. 2, 2018
Derivative contract expire date			Apr. 3, 2023

Credit Facilities (Details)

Credit Facilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Dec. 28, 2019
Debt Instrument [Line Items]
Total long-term non-revolving debt	$ 92,576	$ 92,488
Other long-term debt	293	376
Less: current portion of long-term non-revolving debt	11,808	7,623
Less: unamortized debt issuance costs	619	803
Total long-term non-revolving debt, net	$ 80,149	84,062
Other long-term debt, Maturity Date	Various
PNC Bank [Member]
Debt Instrument [Line Items]
Total long-term non-revolving debt	$ 86,250	91,250
Term loan credit facility, Maturity Date	Apr. 3, 2023
Shinhan Bank [Member]
Debt Instrument [Line Items]
Total long-term non-revolving debt	$ 0	$ 862
Term loan credit facility, Maturity Date	Mar. 30, 2020
Intesa Sanpaolo S.p.A [Member]
Debt Instrument [Line Items]
Total long-term non-revolving debt	$ 5,814
Term loan credit facility, Maturity Date	Dec. 23, 2021
Citibank [Member]
Debt Instrument [Line Items]
Total long-term non-revolving debt	$ 219
Term loan credit facility, Maturity Date	Nov. 18, 2022

Credit Facilities (Details 1)

Credit Facilities (Details 1) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Dec. 28, 2019
Debt Instrument [Line Items]
Revolving lines of credit	$ 168,398	$ 208,708
Available Credit	$ 233,482	191,292
PNC Bank [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Maturity Date	Apr. 3, 2023
Revolving lines of credit	$ 168,398	208,708
Available Credit	231,283	$ 191,292
Citibank [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Available Credit	$ 2,199

Credit Facilities (Details 2)

Credit Facilities (Details 2) $ in Thousands	Sep. 26, 2020USD ($)
Debt Disclosure [Abstract]
2020 Remaining	$ 1,926
2021	13,535
2022	8,944
2023	236,569
Total	$ 260,974

Credit Facilities (Details Text

Credit Facilities (Details Textual) € in Thousands, ₩ in Thousands, ¥ in Thousands	Jun. 23, 2020EUR (€)Installment	May 18, 2020CNY (¥)	Sep. 26, 2020USD ($)	Sep. 28, 2019USD ($)	Sep. 26, 2020EUR (€)	Sep. 26, 2020KRW (₩)
Debt Instrument [Line Items]
Loans maturity, description			Various
PNC Bank, National Association, as Administrative Agent, and Lender Party [Member]
Debt Instrument [Line Items]
Interest expense recognized | $			$ 5,863,000	$ 11,442,000
PNC Bank, National Association, as Administrative Agent, and Lender Party [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity | $			$ 400,000,000
Net investment hedge | €					€ 90,000
Effective interest rate			1.84%		1.84%	1.84%
Intesa Sanpaolo S.p.A [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Loan provided under agreement | €	€ 5,000
Number of monthly installments for repayment of loan facility | Installment	12
Interest rate	1.25%
Citibank [Member] | Fixed Asset Facility [Member]
Debt Instrument [Line Items]
Borrows amount | ¥		¥ 50,000
Interest rate		1-year loan prime rate plus 1.50%
Final payment due date		Nov. 30, 2022
Number of days for borrows amount		180 days
Citibank [Member] | Working Capital Facility [Member]
Debt Instrument [Line Items]
Interest rate		1-year loan prime rate plus 0.50%
Maximum borrow amounts under agreement | ¥		¥ 15,000
Shinhan Bank [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Credit facilities, maximum borrowing capacity | ₩						₩ 1,000,000
Loan maturity month and year			2020-03
National Australia Bank [Member] | Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Loans, frequency of payments			monthly
Loans maturity, description			The loans mature at various dates through July 2023.
National Australia Bank [Member] | Minimum [Member] | Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Interest rates			4.50%		4.50%	4.50%
National Australia Bank [Member] | Maximum [Member] | Other Long-Term Debt [Member]
Debt Instrument [Line Items]
Interest rates			5.10%		5.10%	5.10%

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Income Tax Disclosure [Abstract]
Provision of Income Tax	16.90%	20.50%
Unrecognized tax benefit	$ 8,973
One-Time benefit	$ 2,600
Effective rate before discrete items	22.10%
Federal returns currently under examination	The Company’s U.S. federal income tax returns are not currently under examination by the Internal Revenue Service (“IRS”). Florida income tax returns for tax years 2015 and 2016 are under examination. The 2016 pre-acquisition Italian income tax return for Faster is also under examination. To date, there have not been any significant proposed adjustments that have not been accounted for in the Company’s consolidated financial statements.

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized weighted average period (in years)	2 years 6 months
Contractual term of stock options	10 years
Unrecognized compensation cost related to the stock options	$ 147
Award of shares granted (in shares)	182,000
Stock-based compensation expense	$ 3,830	$ 4,058
2012 Nonemployee Director Fees Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Award of shares granted (in shares)	11,775	18,875
Stock-based compensation expense	$ 480	$ 856
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Rate of common stock at market value	85.00%
Employee Stock Purchase Plan and U.K. Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares purchased by employees	33,519	37,217
Weighted average price	$ 30.65	$ 33.65
Share-based compensation expenses	$ 220	$ 398
Ratio for additional common stock shares issued, under ESPP	6
Time Based [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Performance Based [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
RSUs [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target amount percentage	0.00%
RSUs [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Target amount percentage	200.00%
Restricted Stock and Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 3,158	$ 2,783
Total unrecognized compensation	$ 6,426
Recognized weighted average period (in years)	1 year 10 months 24 days

Stock-Based Compensation (Det_2

Stock-Based Compensation (Details) shares in Thousands	9 Months Ended
	Sep. 26, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Nonvested Beginning balance Number of shares | shares	203
Granted, Number of shares | shares	182
Vested, Number of shares | shares	(79)
Forfeited, Number of shares | shares	(68)
Nonvested Ending balance Number of shares | shares	238	[1]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested Beginning balance, Weighted average grant-date fair value | $ / shares	$ 42.73
Granted, Weighted average grant-date fair value | $ / shares	36.67
Vested, Weighted average grant-date fair value | $ / shares	43.61
Forfeited, Weighted average grant-date fair value | $ / shares	42.04
Nonvested Ending balance, Weighted average grant-date fair value | $ / shares	$ 38.82	[1]
[1]	Includes 61,996 unvested performance-based RSUs.

Stock-Based Compensation (Paren

Stock-Based Compensation (Parenthetical) (Details) - shares	Sep. 26, 2020		Dec. 28, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Number of shares	238,000	[1]	203,000
RSUs [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested Number of shares	61,996
[1]	Includes 61,996 unvested performance-based RSUs.

Summary of Stock Options Grante

Summary of Stock Options Granted (Details)	9 Months Ended
	Sep. 26, 2020$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Granted	23,000
Options Forfeited	10,000
Options Outstanding	14,000
February 28, 2020 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Granted	18,000
Option Exercise(Strike) Price | $ / shares	$ 39.75
Options Forfeited	10,000
Options Outstanding	9,000
Date of Grant	Feb. 28, 2020
July 1, 2020 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options Granted	5,000
Option Exercise(Strike) Price | $ / shares	$ 35.04
Options Outstanding	5,000
Date of Grant	Jul. 1, 2020

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Changes in AOCI (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	$ 577,636	$ 530,768
Ending Balance	587,816	558,447
Unrealized Gains and (Losses) on Derivative Instruments [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(5,372)	(2,309)
Other comprehensive (loss) income before reclassifications	(4,781)	(5,053)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1,974	514
Tax effect	1,548	1,027
Net current period other comprehensive (loss) income	(1,259)	(3,512)
Ending Balance	(6,631)	(5,821)
Foreign Currency Items [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(49,992)	(43,944)
Other comprehensive (loss) income before reclassifications	9,389	(17,675)
Tax effect	(2,152)	5,358
Net current period other comprehensive (loss) income	7,237	(12,317)
Ending Balance	(42,755)	(56,261)
Accumulated other comprehensive income (loss) [Member]
Accumulated Other Comprehensive Income Loss [Line Items]
Beginning Balance	(55,364)	(46,253)
Other comprehensive (loss) income before reclassifications	4,608	(22,728)
Amounts reclassified from accumulated other comprehensive loss, net of tax	1,974	514
Tax effect	(604)	6,385
Net current period other comprehensive (loss) income	5,978	(15,829)
Ending Balance	$ (49,386)	$ (62,082)

Segment Reporting (Details Text

Segment Reporting (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020USD ($)	Sep. 28, 2019USD ($)	Sep. 26, 2020USD ($)Segment	Sep. 28, 2019USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | Segment			2
Amortization of intangible assets	$ 4,558	$ 4,478	$ 13,323	$ 13,544
Goodwill Impairment Charges			31,871
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Unallocated costs			47,801
Corporate costs not deemed allocable to either business segment			$ 2,607

Segment Reporting (Details 1)

Segment Reporting (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Segment Reporting Information [Line Items]
Net sales	$ 122,645	$ 138,045	$ 371,422	$ 428,738
Operating income	18,343	19,138	25,012	71,342
Capital expenditures	1,940	4,171	7,155	19,584
Total assets	999,165		999,165		$ 1,021,751
Operating Segments [Member] | Hydraulics [Member]
Segment Reporting Information [Line Items]
Net sales	98,206	110,089	304,113	340,262
Operating income	18,942	17,867	62,413	65,752
Capital expenditures	1,109	3,774	5,426	17,606
Total assets	747,708		747,708		768,324
Operating Segments [Member] | Electronics [Member]
Segment Reporting Information [Line Items]
Net sales	24,439	27,956	67,309	88,476
Operating income	4,683	5,977	10,400	18,977
Capital expenditures	831	397	1,729	1,978
Total assets	246,621		246,621		251,252
Corporate and Other [Member]
Segment Reporting Information [Line Items]
Operating income	(5,282)	$ (4,706)	(47,801)	$ (13,387)
Total assets	$ 4,836		$ 4,836		$ 2,175

Segment Reporting (Details 2)

Segment Reporting (Details 2) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Net sales
Net sales	$ 122,645	$ 138,045	$ 371,422	$ 428,738
Tangible long-lived assets
Tangible long-lived assets	128,879		128,879		$ 133,544
Americas [Member]
Net sales
Net sales	49,167	67,340	155,740	202,974
Tangible long-lived assets
Tangible long-lived assets	83,877		83,877		87,104
EMEA [Member]
Net sales
Net sales	33,628	34,020	102,680	116,802
Tangible long-lived assets
Tangible long-lived assets	27,517		27,517		28,436
APAC [Member]
Net sales
Net sales	39,850	$ 36,685	113,002	$ 108,962
Tangible long-lived assets
Tangible long-lived assets	$ 17,485		$ 17,485		$ 18,004

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Dec. 28, 2019
Related Party Transaction [Line Items]
Related party transaction expense	$ 251
Due from entities	536		$ 73
Due to entities	177		$ 361
Inventory Transactions [Member]
Related Party Transaction [Line Items]
Total sales to entities	2,572	$ 1,113
Total purchases from entities/related party	$ 2,942	$ 3,857

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Oct. 28, 2020USD ($)	Oct. 09, 2020USD ($)Country	Sep. 26, 2020USD ($)	Dec. 28, 2019USD ($)
Subsequent Event [Line Items]
Total long-term non-revolving debt			$ 92,576,000	$ 92,488,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Total long-term non-revolving debt	$ 200,000,000
Credit facilities, maximum borrowing capacity	400,000,000
Line of Credit Facility, Increase (Decrease), Net, Total	$ 300,000,000
Term loan credit facility, Maturity Date	Oct. 28, 2025
BWG Holdings I Corp. (operating as Balboa Water Group “Balboa”) [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Payments to acquire business		$ 218,500
Number of countries in which entity global operation selling product | Country		47