Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Apr. 04, 2021 | May 06, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Apr. 4, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-14962 | |
Entity Registrant Name | CIRCOR INTERNATIONAL, INC | |
Entity Central Index Key | 0001091883 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 44561 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3477276 | |
Entity Address, Address Line One | 30 Corporate Drive, Suite 200 | |
Entity Address, City or Town | Burlington, | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01803-4238 | |
City Area Code | 781 | |
Local Phone Number | 270-1200 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | CIR | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,246,875 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 75,680 | $ 76,452 |
Trade accounts receivable, less allowance for doubtful accounts of $8,585 and $9,035 at April 4, 2021 and December 31, 2020, respectively | 105,607 | 102,730 |
Inventories | 135,291 | 129,084 |
Prepaid expenses and other current assets | 103,632 | 93,226 |
Assets held for sale | 0 | 5,073 |
Total Current Assets | 420,210 | 406,565 |
PROPERTY, PLANT AND EQUIPMENT, NET | 163,431 | 168,763 |
OTHER ASSETS: | ||
Goodwill | 156,917 | 158,944 |
Intangibles, net | 337,864 | 353,595 |
Deferred income taxes | 781 | 779 |
Other assets | 43,999 | 41,882 |
TOTAL ASSETS | 1,123,202 | 1,130,528 |
CURRENT LIABILITIES: | ||
Accounts payable | 67,126 | 61,236 |
Accrued expenses and other current liabilities | 67,059 | 75,624 |
Accrued compensation and benefits | 31,338 | 28,332 |
Total Current Liabilities | 165,523 | 165,192 |
LONG-TERM DEBT | 525,573 | 507,888 |
DEFERRED INCOME TAXES | 27,071 | 28,980 |
PENSION LIABILITY, NET | 156,746 | 163,642 |
OTHER NON-CURRENT LIABILITIES | 52,183 | 58,785 |
SHAREHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 1,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 29,000,000 shares authorized; 21,543,496 and 21,373,813 issued at April 4, 2021 and December 31, 2020 respectively | 216 | 214 |
Additional paid-in capital | 451,858 | 452,728 |
(Accumulated deficit) retained earnings | (93,580) | (86,461) |
Common treasury stock, at cost (1,372,488 shares at April 4, 2021 and December 31, 2020) | (74,472) | (74,472) |
Accumulated other comprehensive loss, net of tax | (87,916) | (85,968) |
Total Shareholders’ Equity | 196,106 | 206,041 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,123,202 | $ 1,130,528 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowance for doubtful accounts | $ 8,638 | $ 9,035 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 29,000,000 | 29,000,000 |
Common Stock, Shares, Issued | 21,532,420 | 21,373,813 |
Common Stock, Shares, Outstanding | 20,159,932 | 20,001,325 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Income Statement [Abstract] | ||
Net revenues | $ 180,655 | $ 192,213 |
Cost of revenues | 124,574 | 132,170 |
Gross profit | 56,081 | 60,043 |
Selling, general and administrative expenses | 56,504 | 59,558 |
Goodwill impairment charge | 0 | 116,182 |
Special and restructuring charges (recoveries), net | (809) | (42,292) |
Operating income (loss) | 386 | (73,405) |
Other expense (income): | ||
Interest expense, net | 8,369 | 9,011 |
Other expense (income), net | (1,503) | (2,680) |
Total other expense, net | 6,866 | 6,331 |
(Loss) income from continuing operations before income taxes | (6,480) | (79,736) |
Provision for (benefit from) income taxes | 400 | 8,374 |
(Loss) income from continuing operations, net of tax | (6,880) | (88,110) |
Income (loss) from discontinued operations, net of tax | (239) | 9,162 |
Net loss | $ (7,119) | $ (78,948) |
Earnings Per Share [Abstract] | ||
Basic from continuing operations | $ (0.34) | $ (4.42) |
Basic from discontinued operations | (0.01) | 0.46 |
Basic income (loss) per common share | (0.35) | (3.96) |
Diluted from continuing operations | (0.34) | (4.42) |
Diluted from discontinued operations | (0.01) | 0.46 |
Diluted income (loss) per common share | $ (0.35) | $ (3.96) |
Weighted average number of common shares outstanding: | ||
Basic | 20,054 | 19,935 |
Diluted | 20,054 | 19,935 |
Statements Of Consolidated Comp
Statements Of Consolidated Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (7,119) | $ (78,948) |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (3,594) | (20,325) |
Interest rate swap adjustments (1) | 1,586 | (2,320) |
Pension adjustment | 60 | 39 |
Other comprehensive income (loss), net of tax | (1,948) | (22,606) |
COMPREHENSIVE INCOME (LOSS) | $ (9,067) | $ (101,554) |
Statements Of Consolidated Co_2
Statements Of Consolidated Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Interest rate swap adjustments, tax effect | $ 0 | $ 0.7 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
OPERATING ACTIVITIES | ||
Net loss | $ (7,119) | $ (78,948) |
Income (loss) from discontinued operations, net of tax | (239) | 9,162 |
Loss from continuing operations | (6,880) | (88,110) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 6,509 | 5,121 |
Amortization | 10,696 | 10,611 |
Provision for bad debt expense | (254) | 5,802 |
Write down of inventory | 129 | 343 |
Compensation expense for share-based plans | 1,402 | 608 |
Amortization of debt issuance costs | 995 | 4,513 |
Deferred tax provision | 823 | 0 |
Goodwill impairment charge | 0 | 116,182 |
(Gain) Loss on sale of businesses | (1,947) | (54,356) |
Changes in operating assets and liabilities, net of effects of disposition: | ||
Trade accounts receivable | (3,793) | (1,550) |
Inventories | (8,055) | (13,365) |
Prepaid expenses and other assets | (15,332) | (5,507) |
Accounts payable, accrued expenses and other liabilities | (1,360) | 1,081 |
Net cash used in continuing operating activities | (17,067) | (18,627) |
Net cash used in discontinued operating activities | (636) | (5,320) |
Net cash provided by operating activities | (17,703) | (23,947) |
INVESTING ACTIVITIES | ||
Additions to property, plant and equipment | (3,394) | (3,412) |
Proceeds from the sale of property, plant and equipment | 2 | 0 |
Proceeds from the sale of business | 7,193 | 169,773 |
Proceeds from beneficial interest of factored receivables | 812 | 599 |
Net cash provided by continuing investing activities | 4,613 | 166,960 |
Net cash provided by discontinued investing activities | 0 | 68 |
Net cash provided by investing activities | 4,613 | 167,028 |
FINANCING ACTIVITIES | ||
Proceeds from long-term debt | 63,500 | 129,325 |
Payments of long-term debt | (46,500) | (180,891) |
Proceeds from the exercise of stock options | 151 | 118 |
Withholding tax payments on net share settlements of equity awards | (3,274) | 0 |
Net cash provided by (used in) financing activities | 13,877 | (51,448) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,545) | (5,389) |
(DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (758) | 86,244 |
Cash, cash equivalents, and restricted cash at beginning of period | 77,696 | 85,727 |
Cash, cash equivalents, and restricted cash at end of period | 76,938 | 171,971 |
Non-cash investing activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 929 | $ 870 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, AdjustmentRetained Earnings |
BEGINNING BALANCE, Shares at Dec. 31, 2019 | 19,912,000 | |||||||
BEGINNING BALANCE at Dec. 31, 2019 | $ 391,411 | $ 213 | $ 446,657 | $ 99,280 | $ (80,267) | $ (74,472) | $ (222) | $ (222) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (78,948) | (78,948) | ||||||
Other comprehensive (loss) income | $ (22,606) | (22,606) | ||||||
Stock options exercised (in shares) | 117,000 | 3,000 | 117,000 | |||||
Conversion of restricted stock units (shares) | 41,000 | |||||||
Conversion of restricted stock units | $ (420) | $ 420 | ||||||
Share-based plan compensation | 673 | 673 | ||||||
ENDING BALANCE, Shares at Mar. 29, 2020 | 19,956,000 | |||||||
ENDING BALANCE at Mar. 29, 2020 | $ 290,845 | $ 213 | 447,867 | 20,110 | (102,873) | (74,472) | ||
BEGINNING BALANCE, Shares at Dec. 31, 2020 | 20,001,325 | 20,001,000 | ||||||
BEGINNING BALANCE at Dec. 31, 2020 | $ 206,041 | $ 214 | 452,728 | (86,461) | (85,968) | (74,472) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (7,119) | (7,119) | ||||||
Other comprehensive (loss) income | (1,948) | (1,948) | ||||||
Stock options exercised (in shares) | 5,000 | |||||||
Stock options exercised | 151 | 151 | ||||||
Conversion of restricted stock units (shares) | 165,000 | |||||||
Conversion of restricted stock units | 2,421 | $ (2) | (2,423) | |||||
Share-based plan compensation | $ 1,402 | 1,402 | ||||||
ENDING BALANCE, Shares at Apr. 04, 2021 | 20,159,932 | 20,171,000 | ||||||
ENDING BALANCE at Apr. 04, 2021 | $ 196,106 | $ 216 | $ 451,858 | $ (93,580) | $ (87,916) | $ (74,472) |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Apr. 04, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of CIRCOR International, Inc. ("CIRCOR", the "Company", "us", "we" or "our") have been prepared according to the rules and regulations of the United States ("U.S.") Securities and Exchange Commission (“SEC”) for interim reporting, along with accounting principles generally accepted in the U.S ("GAAP"). In the opinion of management, the unaudited, condensed consolidated financial statements reflect all adjustments (consisting only of normal and recurring items) necessary for a fair presentation of the Company’s results of operations, financial position and cash flows for the periods presented. The Company prepares its interim financial information using the same accounting principles it uses for its annual audited consolidated financial statements. Certain information and note disclosures normally included in the annual audited consolidated financial statements have been condensed or omitted in accordance with SEC rules. The Company believes that the disclosures made in its condensed consolidated financial statements and the accompanying notes are adequate to make the information presented not misleading. The condensed consolidated balance sheet as of December 31, 2020 was derived from CIRCOR's audited consolidated financial statements as of that date but does not include all of the information and notes required for annual financial statements. The Company recommends that the financial statements included in its Quarterly Report on Form 10-Q be read in conjunction with the consolidated financial statements and notes included in its Annual Report on Form 10-K for the year ended December 31, 2020. CIRCOR operates and reports financial information using a fiscal year ending December 31. The data periods contained within its Quarterly Reports on Form 10-Q reflect the results of operations for the 13-week, 26-week and 39-week periods which generally end on the Sunday nearest to the calendar quarter-end date. Operating results for the three months ended April 4, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021 or any future quarter. Unless otherwise indicated, all financial information and statistical data included in these notes to the Company's condensed consolidated financial statements relate to its continuing operations, with dollar amounts expressed in thousands (except share and per-share data). COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19, which continues to spread throughout the U.S. and the world, as a pandemic. The pandemic is having an impact on the global economy, resulting in rapidly changing market and economic conditions. As of March 29, 2020, the Company experienced a significant decline in its market capitalization below its consolidated book value. As a result, management concluded that there was a goodwill and an intangible asset impairment triggering event for the Company in the first quarter of 2020. Through its impairment analysis, the Company determined that goodwill in its Industrial segment was impaired and recognized a $116.2 million impairment charge. See Note 7, Goodwill and Intangibles, net, for additional information on the goodwill impairment. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Apr. 04, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies used in preparation of these condensed consolidated financial statements for the three months ended April 4, 2021 are consistent with those discussed in Note 2 to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, except as updated below with respect to newly adopted accounting standards. The preparation of these financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying disclosures. Some of the more significant estimates, which are impacted by management's estimates and assumptions regarding the effects of COVID-19, relate to recoverability of goodwill and indefinite-lived trade names, estimated total costs for ongoing long-term revenue contracts where transfer of control occurs over time, inventory valuation, share-based compensation, amortization and impairment of long-lived assets, income taxes (including valuation allowance), fair value of disposal group, pension benefits obligations, acquisition accounting, penalty accruals for late shipments, asset valuations, and product warranties. While management believes that the estimates and assumptions used in the preparation of the financial statements are appropriate, actual results could differ materially from those estimates. New Accounting Standards - Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In January 2021, the FASB issued ASU 2021-01 which clarified the scope of Topic 848. Topic 848 contains optional expedients and exceptions for applying GAAP to contract modifications, hedging relationships, and other areas or transactions that are impacted by reference rate reform (i.e., by the transition of LIBOR and other interbank offered rates to alternative reference interest rates). The new standard was effective upon issuance and generally can be applied to contract modifications through December 31, 2022. The Company adopted this standard as of January 1, 2021, and intends to apply the provisions of this standard to contract modifications if and when applicable. During the three months ended April 4, 2021, the adoption of the standard did not have a material impact on the Company's condensed consolidated financial statements. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Apr. 04, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Discontinued Operations During 2020, the Company’s wholly-owned subsidiary, CIRCOR Energy Products LLC ("CEP"), completed the disposition of its DV business. The transaction is subject to an earn out of 50% of net profit (only if positive) from closing through December 31, 2022. As part of the transaction, CEP retained certain supplier liabilities and responsibility for closing CEP's Mexico manufacturing facility. The following table presents the summarized components of income (loss) from discontinued operations of the DV business for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Net revenues $ — $ 6,237 Cost of revenues — 11,358 Gross (loss) profit — (5,121) Selling, general and administrative expenses — 3,139 Special and restructuring charges (recoveries), net (152) (1,328) Operating income (loss) 152 (6,932) Other (income) expense: Interest (income), net — (7) Other (income) expense, net 118 5,410 Total other (income) expense, net 118 5,403 Income (loss) from discontinued operations, before income taxes 34 (12,335) Provision for (benefit from) income tax 273 (21,497) Income (loss) from discontinued operations, net of tax $ (239) $ 9,162 Assets Held for Sale The Company completed the sale of its Cryogenic Valves business ("Cryo") during the quarter ended April 4, 2021. See Note 5, Special and Restructuring Charges (Recoveries), net for additional information on the Cryo business divestiture. As of December 31, 2020, the Cryo business satisfied the held for sale classification criteria and was reported as "held for sale" within the current assets section of our condensed consolidated balance sheet. The following table presents the balance sheet information for assets held for sale as of December 31, 2020 ( in thousands ): December 31, 2020 Cryo Inventories $ 2,963 Prepaid expenses and other current assets 48 Property, plant, and equipment, net 162 Goodwill 1,900 Total assets held for sale $ 5,073 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 04, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company's revenue is derived from a variety of contracts. A significant portion of revenues are from contracts associated with the design, development, manufacture or modification of highly engineered, complex and severe environment products with customers who are either in or service the aerospace, defense and industrial markets. Contracts within the defense markets are primarily with U.S. military customers. These contracts typically are subject to the Federal Acquisition Regulations ("FAR"). The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Contracts may be modified to account for changes in contract specifications and requirements. For revenue that is recognized from products and services transferred to customers over-time, the Company uses an input measure (e.g., costs incurred to date relative to total estimated costs at completion, known as the “cost-to-cost” method) to measure progress. The Company uses the cost-to-cost measure of progress because it best depicts the transfer of control to the customer which occurs as it incurs costs on its contracts. Under the cost-to-cost measure of progress, revenue is recognized proportionally as costs are incurred. Contract costs include labor, materials and subcontractors’ costs, other direct costs and an allocation of overhead, as appropriate. As of April 4, 2021, the Company had $208.7 million of transaction price related to remaining performance obligations. The Company expects to recognize approximately 62% of its remaining performance obligations as revenue during the remainder of 2021, 25% in 2022, and the remaining 13% in 2023 and thereafter. In order to determine revenue recognized during the period from contract liabilities at the beginning of the period, the Company first allocates revenue to the individual contract liabilities balances outstanding at the beginning of the period until the revenue exceeds that balance. If additional advances are received on those contracts in subsequent periods, it assumes all revenue recognized in the reporting period first applies to the beginning contract liabilities as opposed to a portion applying to the new advances for the period. Revenue recognized during the three months ended April 4, 2021 that was included in contract liabilities as of the beginning of the period amounted to $14.3 million. Disaggregation of Revenue. The Company determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606 which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The following tables present our revenue disaggregated by major product line and geographical market ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Aerospace & Defense Segment Commercial Aerospace & Other $ 19,800 $ 26,320 Defense 40,201 39,173 Total 60,001 65,493 Industrial Segment Valves 45,763 54,190 Pumps 74,891 72,530 Total 120,654 126,720 Net Revenue $ 180,655 $ 192,213 Three Months Ended April 4, 2021 March 29, 2020 Aerospace & Defense Segment EMEA $ 15,214 $ 14,806 North America 41,645 45,988 Other 3,142 4,699 Total 60,001 65,493 Industrial Segment EMEA 58,003 57,006 North America 31,788 43,922 Other 30,863 25,792 Total 120,654 126,720 Net Revenue $ 180,655 $ 192,213 Contract Balances. The Company’s contract assets and contract liabilities balances as of April 4, 2021 and December 31, 2020 are as follows ( in thousands ): April 4, 2021 December 31, 2020 Increase/(Decrease) Contract assets: Recorded within prepaid expenses and other current assets $ 68,155 $ 67,352 $ 803 Recorded within other non-current assets 13,684 10,824 2,860 $ 81,839 $ 78,176 $ 3,663 Contract liabilities: Recorded within accrued expenses and other current liabilities $ 19,356 $ 23,585 $ (4,229) Recorded within other non-current liabilities 7,998 9,412 (1,414) $ 27,354 $ 32,997 $ (5,643) Contract assets increased by $3.7 million during the three months period ended April 4, 2021, primarily due to unbilled revenue recognized during the period for over-time revenue contracts within our Defense business partially offset by net transfers from contract assets to receivables within our Refinery Valves business. |
Special Charges_Recoveries
Special Charges/Recoveries | 3 Months Ended |
Apr. 04, 2021 | |
Restructuring and Related Activities [Abstract] | |
Special Charges/Recoveries | (5) Special and Restructuring Charges (Recoveries), net Special and restructuring charges (recoveries), net Special and restructuring charges (recoveries), net consist of restructuring costs (including costs to exit a product line or program) as well as certain special charges (recoveries) such as significant litigation settlements and other transactions (charges or recoveries) that are described below. All items described below are recorded in Special and restructuring charges (recoveries), net on our condensed consolidated statements of operations. Certain other special and restructuring charges (recoveries) such as inventory related items may be recorded in cost of revenues given the nature of the item. The table below summarizes the amounts recorded within the special and restructuring charges (recoveries), net line item on the condensed consolidated statements of operations for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Special & restructuring charges (recoveries), net Three Months Ended April 4, 2021 March 29, 2020 Special charges (recoveries), net $ (2,869) $ (45,175) Restructuring charges, net 2,060 2,883 Total special and restructuring charges (recoveries), net $ (809) $ (42,292) Special charges (recoveries), net The table below details the special charges (recoveries), net recognized for the three months ended April 4, 2021 (i n thousands ): Special charges (recoveries), net Three Months Ended April 4, 2021 Aerospace & Defense Industrial Corporate Total Cryo divestiture $ — $ (1,947) $ — $ (1,947) Other special charges (recoveries), net 15 (629) (308) (922) Total special charges (recoveries), net $ 15 $ (2,576) $ (308) $ (2,869) Cryo divestiture: During the three months ended April 4, 2021, the Company recognized a net special recovery of $1.9 million from the sale of the Cryo business. The Company received cash proceeds of $7.2 million and recognized a pre-tax gain on sale of $1.9 million. Other special charges (recoveries), net: The Company recognized special recoveries of $0.6 million for the three months ended April 4, 2021, with recoveries partially offset by charges from initiatives to streamline operations and reduce costs in the Industrial segment. The Company also recognized recoveries of $0.3 million in Corporate. The table below details the special charges (recoveries), net recognized for the three months ended March 29, 2020 ( in thousands ): Special charges (recoveries), net Three Months Ended March 29, 2020 Aerospace & Defense Industrial Corporate Total I&S divestiture $ — $ (53,202) $ — $ (53,202) Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 2,355 2,355 Amortization of debt issuance fee — — 3,541 3,541 Other special charges — 101 2,030 2,131 Total special charges (recoveries), net $ — $ (53,101) $ 7,926 $ (45,175) I&S Divestiture: In 2020, the Company recorded net special recoveries of $53.2 million for the three months ended March 29, 2020, attributed to the sale of the I&S business in January 2020. During the quarter ended March 29, 2020 , the Company received net cash proceeds of $169.8 million and recognized a pre-tax gain on sale of $54.6 million. The Industrial segment incurred $1.4 million of operating expenses associated with the I&S business for the three months ended March 29, 2020, which are presented net within the I&S divestiture line. Professional fees: The Company incurred special charges of $2.4 million for the three months ended March 29, 2020, associated with the review and response to an unsolicited tender offer to acquire the Company. Amortization of debt issuance fee: The Company incurred special charges of $3.5 million for the three months ended March 29, 2020 for accelerated amortization of capitalized debt issuance costs in connection with the accounting for the paydown and refinancing of its term loan during the first quarter of 2020. See Note 9, Financing Arrangements, for additional information on our debt repricing. Other cost savings initiatives: The Company incurred special charges of $2.1 million for the three months ended March 29, 2020, associated with professional fees for projects to streamline operations and reduce costs of $1.2 million, costs of a cyber incident of $0.7 million and charges related to previous business sales of $0.2 million. Restructuring charges, net The tables below detail the charges associated with restructuring actions recorded for the three months ended April 4, 2021 and March 29, 2020. Accruals associated with the restructuring actions are recorded within Accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands ): Restructuring charges, net As of and for the Three Months Ended April 4, 2021 Aerospace & Defense Industrial Corporate Total Facility related charges $ 8 $ (75) $ — $ (67) Employee related charges 833 976 318 2,127 Total restructuring charges, net $ 841 $ 901 $ 318 $ 2,060 Accrued restructuring charges as of December 31, 2020 $ 1,512 Total charges, net (shown above) 2,060 Charges paid / settled, net (1,777) Accrued restructuring charges as of April 4, 2021 $ 1,795 The Company expects to make payment or settle the majority of the restructuring charges accrued as of April 4, 2021 during the next nine months. Restructuring charges, net As of and for the Three Months Ended March 29, 2020 Aerospace & Defense Industrial Corporate Total Facility related charges $ 10 $ 1,632 $ — $ 1,642 Employee related charges — 1,058 183 1,241 Total restructuring charges, net $ 10 $ 2,690 $ 183 $ 2,883 Accrued restructuring charges as of December 31, 2019 $ 5,199 Total charges, net (shown above) 2,883 Charges paid / settled, net (4,154) Accrued restructuring charges as of March 29, 2020 $ 3,928 Descriptions of the restructuring actions is provided in the section titled "Restructuring Programs Summary" that follows. Restructuring Programs Summary The Company recorded $2.1 million of restructuring charges during the three months ended April 4, 2021 to reduce expenses, primarily through reductions in force across both administrative functions and manufacturing operations. The Company initiated plans in Q1 2021 to restructure employees at certain sites, and recognized $1.2 million of charges in connection with these plans in the current quarter. The Company incurred additional charges of $0.9 million, to restructure operations in the current quarter, from plans initiated in 2020. During the three months ended March 29, 2020, the Company recorded $2.9 million of restructuring charges, principally in the Industrial segment, to reduce expenses primarily through reductions in force and the consolidation of sales operations. |
Inventories
Inventories | 3 Months Ended |
Apr. 04, 2021 | |
Inventory, Net [Abstract] | |
Inventories | (6) Inventories Inventories consisted of the following ( in thousands ): April 4, 2021 December 31, 2020 Raw materials $ 63,935 $ 63,255 Work in process 50,494 45,867 Finished goods 20,862 19,962 Total inventories $ 135,291 $ 129,084 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 3 Months Ended |
Apr. 04, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill And Intangible Assets | (7) Goodwill and Intangibles, net The following table shows goodwill by segment as of December 31, 2020 and April 4, 2021 ( in thousands ): Aerospace & Defense Industrial Total Goodwill as of December 31, 2020 $ 57,574 $ 101,370 $ 158,944 Currency translation adjustments (61) (1,966) (2,027) Goodwill as of April 4, 2021 $ 57,513 $ 99,404 $ 156,917 The Company performs an impairment assessment for goodwill at the reporting unit level on an annual basis as of the end of our October month end, or more frequently if circumstances warrant. At April 4, 2021, the Company performed a review and determined there were no triggering events requiring an impairment assessment. The table below presents gross intangible assets and the related accumulated amortization as of April 4, 2021 ( in thousands ): Gross Accumulated Net Carrying Value Patents $ 5,368 $ (5,368) $ — Customer relationships 305,774 (118,096) 187,678 Acquired technology 136,974 (63,317) 73,657 Total Amortized Intangibles $ 448,116 $ (186,781) $ 261,335 Non-amortized intangibles (primarily trademarks and trade names) $ 76,529 $ — $ 76,529 Total Non-Amortized Intangibles $ 76,529 $ — $ 76,529 Net carrying value of intangible assets $ 337,864 The table below presents estimated remaining amortization expense for intangible assets recorded as of April 4, 2021 (in thousands): 2021 2022 2023 2024 2025 After 2025 Estimated amortization expense $ 31,476 $ 36,980 $ 32,422 $ 28,488 $ 24,931 $ 107,038 |
Segment Information
Segment Information | 3 Months Ended |
Apr. 04, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | (8) Segment Information Our Chief Operating Decision Maker (the "CODM") evaluates segment operating performance using segment operating income. Segment operating income is defined as GAAP operating income excluding intangible amortization and amortization of fair value step-ups of inventory and fixed assets from acquisitions completed subsequent to December 31, 2011, the impact of restructuring related inventory write-offs, impairment charges and special charges or gains. The Company also refers to this measure as adjusted operating income. The Company uses this measure because it helps management understand and evaluate the segments’ core operating results and serves as the basis for determining incentive compensation achievement. The following table presents certain reportable segment information ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Net revenues Aerospace & Defense $ 60,001 $ 65,493 Industrial 120,654 126,720 Consolidated net revenues $ 180,655 $ 192,213 Results from continuing operations before income taxes Aerospace & Defense - Segment Operating Income $ 10,706 $ 12,494 Industrial - Segment Operating Income 9,735 5,169 Corporate expenses (8,002) (6,588) Subtotal 12,439 11,075 Restructuring charges, net 2,060 2,883 Special charges (recoveries), net (2,869) (45,175) Special and restructuring charges (recoveries), net (809) (42,292) Restructuring related inventory charges — (602) Acquisition amortization 10,487 10,218 Acquisition depreciation 2,375 974 Impairment charges — 116,182 Restructuring, impairment and other costs, net 12,862 126,772 Consolidated Operating Income (loss) 386 (73,405) Interest expense, net 8,369 9,011 Other expense (income), net (1,503) (2,680) (Loss) income from continuing operations before income taxes $ (6,480) $ (79,736) Three Months Ended April 4, 2021 March 29, 2020 Capital expenditures Aerospace & Defense $ 1,286 $ 640 Industrial 2,023 2,225 Corporate 153 198 Consolidated capital expenditures $ 3,462 $ 3,063 Depreciation and amortization Aerospace & Defense $ 2,824 $ 3,093 Industrial 14,203 12,419 Corporate 178 125 Consolidated depreciation and amortization $ 17,205 $ 15,637 Identifiable assets April 4, 2021 December 31, 2020 Aerospace & Defense $ 450,280 $ 450,597 Industrial 1,359,942 1,378,710 Corporate (687,020) (698,779) Consolidated identifiable assets $ 1,123,202 $ 1,130,528 The total assets for each reportable segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR subsidiaries. Identifiable assets reported in Corporate include both corporate assets, such as cash, deferred taxes, prepaid and other assets, fixed assets, as well as the |
Financing Arrangements
Financing Arrangements | 3 Months Ended |
Apr. 04, 2021 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | (9) Financing Arrangements Fair Value The Company utilizes fair value measurement guidance prescribed by accounting standards to value its financial instruments. The guidance establishes a fair value hierarchy based on the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: • Level One : Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets. • Level Two : Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level Three : Inputs to the valuation methodology are unobservable and significant to the fair value measurement. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The aggregate net fair value of the Company's interest rate swap, cross-currency swap, and foreign currency forward contract as of April 4, 2021 and December 31, 2020 are summarized in the table below ( in thousands ): Level 2 - Significant Other Observable Inputs April 4, 2021 December 31, 2020 Derivative assets $ 2,370 $ 2,359 Derivative liabilities $ (12,467) $ (17,139) The carrying amounts of cash and cash equivalents, restricted cash, trade receivables and trade payables approximate fair value because of the short term maturity of these financial instruments. Cash equivalents are carried at cost which approximates fair value at the balance sheet date and is a Level 1 financial instrument. As of April 4, 2021, the estimated fair value of our gross debt (before netting debt issuance costs) was $533.3 million, compared to carrying cost of $536.9 million. At December 31, 2020 the estimated fair value of our gross debt (before netting debt issuance costs) was $517.3 million, compared to carrying cost of $519.9 million. The Company's outstanding debt balances are characterized as Level 2 financial instruments. Financial Instruments As of April 4, 2021 and December 31, 2020, the Company had restricted cash balances of $1.3 million and $1.2 million, respectively. These balances are recorded within prepaid expenses and other current assets on the condensed consolidated balance sheets, and are included within cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows. The Company has a receivable purchasing agreement with a bank whereby the Company can sell selected accounts receivable and obtain between 90% and 100% of the purchase price upfront, net of applicable discount fee, and the residual amount as the receivables are collected. During the three months ended April 4, 2021, the Company sold a total of $8.4 million of receivables under the program, receiving $8.2 million in upfront cash. During the three months ended March 29, 2020, the Company sold a total of $14.5 million of receivables and received $13.6 million in cash upfront. At April 4, 2021, a beneficial interest balance of $0.2 million was recorded in prepaid expenses and other current assets on the condensed consolidated balance sheet. The Company has a cross-currency swap agreement to hedge its net investment in non-U.S. subsidiaries against future volatility in exchange rates between the U.S. dollar and the Euro. The cross-currency swap agreement is pursuant to an International Swaps and Derivatives Association ("ISDA") Master Agreement with Deutsche Bank AG. Should the counterparty cease to be part of the Company's secured lender group, the cross-currency agreement could be terminated early if acceptable substitute collateral arrangements (such as cash) are not put in place. The three-year cross-currency swap has a fixed notional value of $100.0 million at an annual rate of 2.4065% and a maturity date of July 12, 2022. At inception, the cross-currency swap was designated as a net investment hedge. This hedging agreement mitigates foreign currency exchange rate exposure on the Company's net investment in Euro denominated subsidiaries and is not for speculative trading purposes. The net investment hedge was deemed effective as of quarter-end. As of April 4, 2021 and December 31, 2020, the cross-currency swap had a fair value liability of $2.9 million and $6.2 million, respectively. The Company has an interest rate swap pursuant to an ISDA Master Agreement with Citizens Bank, National Association. The four-year interest rate swap has a fixed notional value of $400.0 million with a 1% LIBOR floor (in line with the Company's credit agreement) and a maturity date of April 12, 2022. The fixed rate of interest paid by the Company is comprised of our current credit spread of 325 basis points plus 2.6475% for a total interest rate of 5.8975%. The ISDA Master Agreement, together with its related schedules, contains customary representations, warranties, and covenants. The Company has designated the interest rate swap as a qualifying hedging instrument and is treating it as a cash flow hedge for accounting purposes pursuant to ASC 815, Derivatives and Hedging . As of April 4, 2021 and December 31, 2020, the interest rate swap had a fair value liability of $7.1 million and $8.6 million, respectively. As of April 4, 2021, the Company had one EUR/SEK foreign currency forward contract with a notional value of EUR 10 million. There were no open forward contracts as of December 31, 2020. The fair value liability of the derivative forward contract was approximately $0.1 million and is included in accrued expenses and other current liabilities on our condensed consolidated balance sheet as of April 4, 2021. Our forward hedge contract falls within Level 2 of the fair value hierarchy, in accordance with ASC Topic 820. For the three months ended April 4, 2021, the realized and unrealized loss associated with this contract was $0.3 million, respectively. The intent of the foreign currency forward contract is to mitigate the risk of foreign exchange gains and losses on Euro-denominated balances at one of our non-Euro denominated functional currency entities. The forward contracts does not qualify for hedge accounting treatment. Any gains and losses are recognized as a component of other expense in our condensed consolidated statements of operations. The aggregate net fair value of the interest rate swap, cross-currency swap, and foreign currency forward contract was a net liability position of $10.1 million and $14.8 million at April 4, 2021 and December 31, 2020, respectively. These balances are recorded in other non-current liabilities of $5.8 million, accrued expenses and other current liabilities of $6.7 million, and prepaid expenses and other current assets of $2.4 million on our condensed consolidated balance sheet as of April 4, 2021. As of December 31, 2020, these balances are recorded in other non-current liabilities of $10.6 million, accrued expenses and other current liabilities of $6.5 million, and prepaid expenses and other current assets of $2.4 million on our consolidated balance sheet. The amount of gains (loss) recognized in other comprehensive (loss) income ("OCI") and reclassified from accumulated other comprehensive (loss) income ("AOCI") to earnings are summarized below ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Amount of (loss) recognized in OCI $ (134) $ (4,105) Amount of (loss) reclassified from AOCI to earnings (interest expense, net) $ (1,720) $ (1,093) Amounts expected to be reclassified from AOCI into interest expense in the next 12 months is a loss of $6.5 million. Interest expense (including the effects of the cash flow hedges) related to the portion of the Company's term loan subject to the aforementioned interest-rate swap agreement was $6.2 million for the three months ended April 4, 2021. Debt As of April 4, 2021, total debt was $525.6 million compared to $507.9 million as of December 31, 2020. Total debt is net of unamortized term loan debt issuance costs of $11.3 million and $12.0 million at April 4, 2021 and December 31, 2020, respectively. The Company made interest payments of $7.6 million and $8.8 million during the three months ended April 4, 2021, and March 29, 2020, respectively. During the three months ended March 29, 2020, the Company paid down $161.8 million on its term loan from proceeds received through the sale of the I&S business. On March 20, 2020, the Company drew down $80 million on its line of credit due to concerns about possible disruptions to global capital markets stemming from COVID-19. The Company has since paid down its revolving credit facility balance by $35.1 million for a current balance of $44.9 million as of April 4, 2021. |
Guarantees And Indemnification
Guarantees And Indemnification Obligations | 3 Months Ended |
Apr. 04, 2021 | |
Guarantees And Indemnification Obligations [Abstract] | |
Guarantees And Indemnification Obligations | (10) Guarantees and Indemnification Obligations As permitted under Delaware law, the Company has agreements whereby it indemnifies certain of its officers and directors for certain events or occurrences while the officer or director is, or was, serving at its request in such capacity. The term of the indemnification period is for the officer’s or director’s lifetime. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited. However, it has directors’ and officers’ liability insurance policies that insure it with respect to certain events covered under the policies and should enable it to recover a portion of any future amounts paid under the indemnification agreements. The Company has no liabilities recorded from those agreements as of April 4, 2021. The Company records provisions for the estimated cost of product warranties, primarily from historical information, at the time product revenue is recognized. The Company also records provisions with respect to any significant individual warranty issues as they arise. While the Company engages in extensive product quality programs and processes, its warranty obligation is affected by product failure rates, utilization levels, material usage, service delivery costs incurred in correcting a product failure, and supplier warranties on parts delivered to us. Should actual product failure rates, utilization levels, material usage, service delivery costs or supplier warranties on parts differ from our estimates, revisions to the estimated warranty liability would be required. The following table sets forth information related to product warranty reserves for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Three Months Ended Balance beginning December 31, 2020 $ 2,206 Provisions 548 Claims settled (629) Currency translation adjustment (21) Balance ending April 4, 2021 $ 2,104 Balance beginning December 31, 2019 $ 1,642 Provisions 368 Claims settled (682) Currency translation adjustment (29) Balance ending March 29, 2020 $ 1,299 |
Contingencies And Commitments
Contingencies And Commitments | 3 Months Ended |
Apr. 04, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies And Commitments | (11) Commitments and Contingencies The Company is subject to various legal proceedings and claims pertaining to matters such as product liability or contract disputes. The Company is also subject to other proceedings and governmental inquiries, inspections, audits or investigations pertaining to issues such as tax matters, patents and trademarks, pricing, business practices, governmental regulations, employment and other matters. Although the results of litigation and claims cannot be predicted with certainty, we expect that the ultimate disposition of these matters, to the extent not previously provided for, will not have a material adverse effect, individually or in the aggregate, on our financial condition, results of operations or liquidity. During the three months ended April 4, 2021, the Company recognized recoveries for a business interruption insurance claim in the amount of $0.7 million, which is classified in the selling, general and administrative expenses on the condensed consolidated statement of operations. Asbestos-related product liability claims continue to be filed against two of our subsidiaries: Spence Engineering Company, Inc. (“Spence”), the stock of which the Company acquired in 1984; and CIRCOR Instrumentation Technologies, Inc. (f/k/a Hoke, Inc.) (“Hoke”), the stock of which it acquired in 1998. The Hoke subsidiary was divested in January 2020 through our sale of the I&S business. However, the Company has indemnified the buyer for asbestos-related claims that are made against Hoke. Due to the nature of the products supplied by these entities, the markets they serve and our historical experience in resolving these claims, the Company does not expect that these asbestos-related claims will have a material adverse effect on the financial condition, results of operations or liquidity of the Company. Standby Letters of Credit The Company executes standby letters of credit, which include bid bonds and performance bonds, in the normal course of business to ensure performance or payments to third parties. The aggregate notional value of these instruments at April 4, 2021 was $27.3 million of which $19.6 million was syndicated under our credit agreement. This compares with aggregate notional value of $39.3 million of which $30.4 million was syndicated under our credit agreement as of December 31, 2020. The Company believes that the likelihood of demand for a significant payment relating to the outstanding instruments is remote. These instruments generally have expiration dates ranging from less than 1 month to 5 years from April 4, 2021. |
Retirement Plans
Retirement Plans | 3 Months Ended |
Apr. 04, 2021 | |
Retirement Benefits, Description [Abstract] | |
Retirement Plans | (12) Retirement Plans The following table sets forth the components of total net periodic benefit cost (income) of the Company’s defined benefit pension plans and other post-retirement employee benefit plans ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Pension Benefits - U.S. Plans Interest cost $ 773 $ 1,398 Expected return on plan assets (2,629) (2,747) Amortization 51 43 Net periodic benefit income $ (1,805) $ (1,306) Pension Benefits - Non-U.S. Plans Service cost $ 823 $ 692 Interest cost 247 339 Expected return on plan assets (156) (194) Amortization 179 31 Net periodic benefit cost $ 1,093 $ 868 Other Post-Retirement Benefits Service cost $ 1 $ — Interest cost 42 66 Net periodic benefit cost $ 43 $ 66 The periodic benefit service costs are included in both costs of revenues, as well as selling, general, and administrative costs, while the remaining net periodic benefit costs are included in other expense (income), net in our condensed consolidated statements of operations for the quarters ended April 4, 2021 and March 29, 2020. The Company did not make any employer contributions to the Company's U.S. or non-U.S. based defined benefit pension plans during the three months ended April 4, 2021. This is consistent with the three months ended March 29, 2020, in which the Company also did not make any contributions to the defined benefit pension plans. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 04, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (13) Income Taxes The provision for (benefit from) income taxes to loss from continuing operations is as follows (in thousands) : Three Months Ended April 4, 2021 March 29, 2020 Loss from Continuing Operations Before Income Taxes $ (6,480) $ (79,736) Effective tax rate (6.2) % (10.5) % Provision for (benefit from) income taxes $ 400 $ 8,374 The Company is required to compute income tax expense in each jurisdiction in which it operates. This process requires the Company to project its current tax liability and estimate its deferred tax assets and liabilities, including net operating loss (“NOL”) and tax credit carryforwards. In assessing the ability to realize the net deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The effective tax rate for the three months ended April 4, 2021, differed from the U.S. federal statutory rate of 21% primarily due to adjustments to the domestic and foreign valuation allowances and adjustments related to uncertain tax positions. The effective tax rate for the three months ended March 29, 2020, differed from the U.S. federal statutory rate primarily due to non-deductible expenses, goodwill impairment and dispositions. In 2020 the Company recorded a full valuation allowance in the US and Germany. The Company intends to continue maintaining valuation allowances on these deferred tax assets until there is sufficient evidence to support the release of all or some portion of these allowances. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Apr. 04, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-Based Compensation | (14) Share-Based Compensation As of April 4, 2021, the Company had 640,010 stock options and 742,390 Restricted Stock Unit Awards ("RSU Awards") and Restricted Stock Unit Management Stock Plan Awards ("RSU MSPs") outstanding. On May 9, 2019, our shareholders approved the 2019 Stock Option and Incentive Plan (the "2019 Plan") at the Company's annual meeting which was adopted, subject to shareholder approval, by the Company's board of directors on February 20, 2019. The 2019 Plan authorizes issuance of up to 1,000,000 shares of common stock (subject to adjustment for stock splits and similar events). Under the 2019 Plan, there were 205,045 shares available for grant as of April 4, 2021. During the three months ended April 4, 2021 and March 29, 2020, there were no stock options granted. For additional information regarding the historical issuance of stock options, refer to Note 13 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020. During the three months ended April 4, 2021 and March 29, 2020, the Company granted 233,618 and 552,010 RSU Awards with approximate fair values of $40.85 and $12.70 per RSU Award, respectively. During the three months ended April 4, 2021 and March 29, 2020, the Company granted performance-based RSU Awards as part of the overall mix of RSU Awards. Of the 233,618 RSU Awards granted during the three months ended April 4, 2021, 70,933 are performance-based RSU Awards. This compares to 109,278 performance-based RSU Awards granted during the three months ended March 29, 2020. In 2021, these performance-based RSU Awards granted with a market condition are based on the Company's total shareholder return relative to a subset of the S&P 600 SmallCap Industrial Companies over a three year performance period. The target payout range for the 2021 award is 0% to 200% with a cap not to exceed 600% of the target value on the grant date. The 2021 performance-based RSUs are valued using a Monte Carlo Simulation model to account for the market condition on grant date. In 2020, the performance-based RSUs include metrics for achieving Adjusted Operating Margin and Adjusted Measurement Cash Flow with target payouts ranging from 0% to 200%. Of the different performance-based RSU tranches without a market condition, the Company anticipates approximately 6% overall achievement and probability to vest. There were 31,248 RSU MSPs granted during the three months ended April 4, 2021. RSU MSPs granted during the three months ended April 4, 2021 had a per unit discount of $13.14 per share representing fair value. No RSU MSPs were granted during the three months ended March 29, 2020. Compensation expense related to the Company's share-based plans for the three months ended April 4, 2021 and March 29, 2020 was $1.4 million and $0.7 million, respectively. The increase in 2021 expense is primarily due to higher performance-based RSU expense. Compensation expense for three months ended April 4, 2021 was recorded in selling, general and administrative expenses. Compensation expense for the three months ended March 29, 2020 was recorded as follows: $0.6 million in selling, general and administrative expenses and $0.1 million in special charges related to the sale of the Company's I&S business. The special charges relate to the accelerated vesting of awards as a result of the sale transactions. As of April 4, 2021, there were $13.6 million of total unrecognized compensation costs related to the Company's outstanding share-based compensation arrangements. That cost is expected to be recognized over a weighted average period of 2.5 years. The weighted average contractual term for stock options outstanding and options exercisable as of April 4, 2021 was 2.9 years and 2.8 years, respectively. The aggregate intrinsic value of stock options exercised during the three months ended April 4, 2021 was insignificant. The aggregate intrinsic value of stock options outstanding and exercisable as of April 4, 2021 was $0.2 million and $0.2 million, respectively. The aggregate intrinsic value of RSU Awards settled during the three months ended April 4, 2021 was $8.3 million and the aggregate intrinsic value of RSU Awards outstanding as of April 4, 2021 was $23.4 million. The aggregate intrinsic values of RSU MSPs settled during the three months ended April 4, 2021 was $0.2 million and the aggregate intrinsic value of RSU MSPs outstanding as of April 4, 2021 was $0.9 million. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 04, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of shareholders' equity, for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Foreign Currency Translation Adjustments Pension, net Derivative Total Balance as of December 31, 2020 $ (46,899) $ (33,359) $ (5,710) $ (85,968) Other comprehensive (loss) income (3,594) 60 1,586 (1,948) Balance as of April 4, 2021 $ (50,493) $ (33,299) $ (4,124) $ (87,916) Balance as of December 31, 2019 $ (53,848) $ (19,513) $ (6,906) $ (80,267) Other comprehensive (loss) income (20,325) 39 (2,320) (22,606) Balance as of March 29, 2020 $ (74,173) $ (19,474) $ (9,226) $ (102,873) |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Apr. 04, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | (16) Income (Loss) Per Common Share ("EPS") For the three months ended April 4, 2021, and March 29, 2020, outstanding stock options, RSU Awards and RSU MSPs were not included in the calculation of dilutive EPS because to do so would be anti-dilutive. Certain stock options to purchase |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The following table presents the summarized components of income (loss) from discontinued operations of the DV business for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Net revenues $ — $ 6,237 Cost of revenues — 11,358 Gross (loss) profit — (5,121) Selling, general and administrative expenses — 3,139 Special and restructuring charges (recoveries), net (152) (1,328) Operating income (loss) 152 (6,932) Other (income) expense: Interest (income), net — (7) Other (income) expense, net 118 5,410 Total other (income) expense, net 118 5,403 Income (loss) from discontinued operations, before income taxes 34 (12,335) Provision for (benefit from) income tax 273 (21,497) Income (loss) from discontinued operations, net of tax $ (239) $ 9,162 Assets Held for Sale The Company completed the sale of its Cryogenic Valves business ("Cryo") during the quarter ended April 4, 2021. See Note 5, Special and Restructuring Charges (Recoveries), net for additional information on the Cryo business divestiture. As of December 31, 2020, the Cryo business satisfied the held for sale classification criteria and was reported as "held for sale" within the current assets section of our condensed consolidated balance sheet. The following table presents the balance sheet information for assets held for sale as of December 31, 2020 ( in thousands ): December 31, 2020 Cryo Inventories $ 2,963 Prepaid expenses and other current assets 48 Property, plant, and equipment, net 162 Goodwill 1,900 Total assets held for sale $ 5,073 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | Three Months Ended April 4, 2021 March 29, 2020 Aerospace & Defense Segment Commercial Aerospace & Other $ 19,800 $ 26,320 Defense 40,201 39,173 Total 60,001 65,493 Industrial Segment Valves 45,763 54,190 Pumps 74,891 72,530 Total 120,654 126,720 Net Revenue $ 180,655 $ 192,213 Three Months Ended April 4, 2021 March 29, 2020 Aerospace & Defense Segment EMEA $ 15,214 $ 14,806 North America 41,645 45,988 Other 3,142 4,699 Total 60,001 65,493 Industrial Segment EMEA 58,003 57,006 North America 31,788 43,922 Other 30,863 25,792 Total 120,654 126,720 Net Revenue $ 180,655 $ 192,213 Contract Balances. The Company’s contract assets and contract liabilities balances as of April 4, 2021 and December 31, 2020 are as follows ( in thousands ): April 4, 2021 December 31, 2020 Increase/(Decrease) Contract assets: Recorded within prepaid expenses and other current assets $ 68,155 $ 67,352 $ 803 Recorded within other non-current assets 13,684 10,824 2,860 $ 81,839 $ 78,176 $ 3,663 Contract liabilities: Recorded within accrued expenses and other current liabilities $ 19,356 $ 23,585 $ (4,229) Recorded within other non-current liabilities 7,998 9,412 (1,414) $ 27,354 $ 32,997 $ (5,643) |
Special Charges_Recoveries (Tab
Special Charges/Recoveries (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Restructuring and Related Activities [Abstract] | |
Special and Restructuring Charges, Net | The table below summarizes the amounts recorded within the special and restructuring charges (recoveries), net line item on the condensed consolidated statements of operations for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Special & restructuring charges (recoveries), net Three Months Ended April 4, 2021 March 29, 2020 Special charges (recoveries), net $ (2,869) $ (45,175) Restructuring charges, net 2,060 2,883 Total special and restructuring charges (recoveries), net $ (809) $ (42,292) |
Special Charges and Recoveries, Net | The table below details the special charges (recoveries), net recognized for the three months ended April 4, 2021 (i n thousands ): Special charges (recoveries), net Three Months Ended April 4, 2021 Aerospace & Defense Industrial Corporate Total Cryo divestiture $ — $ (1,947) $ — $ (1,947) Other special charges (recoveries), net 15 (629) (308) (922) Total special charges (recoveries), net $ 15 $ (2,576) $ (308) $ (2,869) |
Special Charges, Net | The table below details the special charges (recoveries), net recognized for the three months ended March 29, 2020 ( in thousands ): Special charges (recoveries), net Three Months Ended March 29, 2020 Aerospace & Defense Industrial Corporate Total I&S divestiture $ — $ (53,202) $ — $ (53,202) Professional fees to review and respond to an unsolicited tender offer to acquire the Company — — 2,355 2,355 Amortization of debt issuance fee — — 3,541 3,541 Other special charges — 101 2,030 2,131 Total special charges (recoveries), net $ — $ (53,101) $ 7,926 $ (45,175) |
Restructuring and Related Costs | The tables below detail the charges associated with restructuring actions recorded for the three months ended April 4, 2021 and March 29, 2020. Accruals associated with the restructuring actions are recorded within Accrued expenses and other current liabilities on the condensed consolidated balance sheets (in thousands ): Restructuring charges, net As of and for the Three Months Ended April 4, 2021 Aerospace & Defense Industrial Corporate Total Facility related charges $ 8 $ (75) $ — $ (67) Employee related charges 833 976 318 2,127 Total restructuring charges, net $ 841 $ 901 $ 318 $ 2,060 Accrued restructuring charges as of December 31, 2020 $ 1,512 Total charges, net (shown above) 2,060 Charges paid / settled, net (1,777) Accrued restructuring charges as of April 4, 2021 $ 1,795 Restructuring charges, net As of and for the Three Months Ended March 29, 2020 Aerospace & Defense Industrial Corporate Total Facility related charges $ 10 $ 1,632 $ — $ 1,642 Employee related charges — 1,058 183 1,241 Total restructuring charges, net $ 10 $ 2,690 $ 183 $ 2,883 Accrued restructuring charges as of December 31, 2019 $ 5,199 Total charges, net (shown above) 2,883 Charges paid / settled, net (4,154) Accrued restructuring charges as of March 29, 2020 $ 3,928 Descriptions of the restructuring actions is provided in the section titled "Restructuring Programs Summary" that follows. Restructuring Programs Summary The Company recorded $2.1 million of restructuring charges during the three months ended April 4, 2021 to reduce expenses, primarily through reductions in force across both administrative functions and manufacturing operations. The Company initiated plans in Q1 2021 to restructure employees at certain sites, and recognized $1.2 million of charges in connection with these plans in the current quarter. The Company incurred additional charges of $0.9 million, to restructure operations in the current quarter, from plans initiated in 2020. During the three months ended March 29, 2020, the Company recorded $2.9 million of restructuring charges, principally in the Industrial segment, to reduce expenses primarily through reductions in force and the consolidation of sales operations. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Inventory, Net [Abstract] | |
Components Of Inventory | Inventories consisted of the following ( in thousands ): April 4, 2021 December 31, 2020 Raw materials $ 63,935 $ 63,255 Work in process 50,494 45,867 Finished goods 20,862 19,962 Total inventories $ 135,291 $ 129,084 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, By Segment | The following table shows goodwill by segment as of December 31, 2020 and April 4, 2021 ( in thousands ): Aerospace & Defense Industrial Total Goodwill as of December 31, 2020 $ 57,574 $ 101,370 $ 158,944 Currency translation adjustments (61) (1,966) (2,027) Goodwill as of April 4, 2021 $ 57,513 $ 99,404 $ 156,917 |
Gross Intangible Assets And Related Accumulated Amortization | The table below presents gross intangible assets and the related accumulated amortization as of April 4, 2021 ( in thousands ): Gross Accumulated Net Carrying Value Patents $ 5,368 $ (5,368) $ — Customer relationships 305,774 (118,096) 187,678 Acquired technology 136,974 (63,317) 73,657 Total Amortized Intangibles $ 448,116 $ (186,781) $ 261,335 Non-amortized intangibles (primarily trademarks and trade names) $ 76,529 $ — $ 76,529 Total Non-Amortized Intangibles $ 76,529 $ — $ 76,529 Net carrying value of intangible assets $ 337,864 |
Estimated Remaining Amortization Expense For Intangible Assets | The table below presents estimated remaining amortization expense for intangible assets recorded as of April 4, 2021 (in thousands): 2021 2022 2023 2024 2025 After 2025 Estimated amortization expense $ 31,476 $ 36,980 $ 32,422 $ 28,488 $ 24,931 $ 107,038 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Segment Reporting Information [Line Items] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | During the quarter ended March 29, 2020, the Company divested its I&S business, which was previously part of the Energy segment. See Note 5, Special and Restructuring Charges (Recoveries), net for additional information on this divestiture. In light of this divestiture, effective March 29, 2020, the Company realigned its segments by eliminating the Energy segment and moving the remaining businesses into the Industrial segment. Following the realignment the new reporting segments are Industrial and Aerospace & Defense, which is the level at which the CODM regularly reviews operating results. The following table presents certain reportable segment information ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Net revenues Aerospace & Defense $ 60,001 $ 65,493 Industrial 120,654 126,720 Consolidated net revenues $ 180,655 $ 192,213 Results from continuing operations before income taxes Aerospace & Defense - Segment Operating Income $ 10,706 $ 12,494 Industrial - Segment Operating Income 9,735 5,169 Corporate expenses (8,002) (6,588) Subtotal 12,439 11,075 Restructuring charges, net 2,060 2,883 Special charges (recoveries), net (2,869) (45,175) Special and restructuring charges (recoveries), net (809) (42,292) Restructuring related inventory charges — (602) Acquisition amortization 10,487 10,218 Acquisition depreciation 2,375 974 Impairment charges — 116,182 Restructuring, impairment and other costs, net 12,862 126,772 Consolidated Operating Income (loss) 386 (73,405) Interest expense, net 8,369 9,011 Other expense (income), net (1,503) (2,680) (Loss) income from continuing operations before income taxes $ (6,480) $ (79,736) Three Months Ended April 4, 2021 March 29, 2020 Capital expenditures Aerospace & Defense $ 1,286 $ 640 Industrial 2,023 2,225 Corporate 153 198 Consolidated capital expenditures $ 3,462 $ 3,063 Depreciation and amortization Aerospace & Defense $ 2,824 $ 3,093 Industrial 14,203 12,419 Corporate 178 125 Consolidated depreciation and amortization $ 17,205 $ 15,637 Identifiable assets April 4, 2021 December 31, 2020 Aerospace & Defense $ 450,280 $ 450,597 Industrial 1,359,942 1,378,710 Corporate (687,020) (698,779) Consolidated identifiable assets $ 1,123,202 $ 1,130,528 |
Financing Arrangements (Tables)
Financing Arrangements (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Fair Value Disclosures [Abstract] | |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amount of gains (loss) recognized in other comprehensive (loss) income ("OCI") and reclassified from accumulated other comprehensive (loss) income ("AOCI") to earnings are summarized below ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Amount of (loss) recognized in OCI $ (134) $ (4,105) Amount of (loss) reclassified from AOCI to earnings (interest expense, net) $ (1,720) $ (1,093) |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Level 2 - Significant Other Observable Inputs April 4, 2021 December 31, 2020 Derivative assets $ 2,370 $ 2,359 Derivative liabilities $ (12,467) $ (17,139) |
Guarantees And Indemnificatio_2
Guarantees And Indemnification Obligations (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Guarantees And Indemnification Obligations [Abstract] | |
Product Warranty Reserves | The following table sets forth information related to product warranty reserves for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Three Months Ended Balance beginning December 31, 2020 $ 2,206 Provisions 548 Claims settled (629) Currency translation adjustment (21) Balance ending April 4, 2021 $ 2,104 Balance beginning December 31, 2019 $ 1,642 Provisions 368 Claims settled (682) Currency translation adjustment (29) Balance ending March 29, 2020 $ 1,299 |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Retirement Benefits, Description [Abstract] | |
Components Of Net Pension Benefit Expense | The following table sets forth the components of total net periodic benefit cost (income) of the Company’s defined benefit pension plans and other post-retirement employee benefit plans ( in thousands ): Three Months Ended April 4, 2021 March 29, 2020 Pension Benefits - U.S. Plans Interest cost $ 773 $ 1,398 Expected return on plan assets (2,629) (2,747) Amortization 51 43 Net periodic benefit income $ (1,805) $ (1,306) Pension Benefits - Non-U.S. Plans Service cost $ 823 $ 692 Interest cost 247 339 Expected return on plan assets (156) (194) Amortization 179 31 Net periodic benefit cost $ 1,093 $ 868 Other Post-Retirement Benefits Service cost $ 1 $ — Interest cost 42 66 Net periodic benefit cost $ 43 $ 66 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The provision for (benefit from) income taxes to loss from continuing operations is as follows (in thousands) : Three Months Ended April 4, 2021 March 29, 2020 Loss from Continuing Operations Before Income Taxes $ (6,480) $ (79,736) Effective tax rate (6.2) % (10.5) % Provision for (benefit from) income taxes $ 400 $ 8,374 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 04, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | (15) Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss, net of tax, which is reported as a component of shareholders' equity, for the three months ended April 4, 2021 and March 29, 2020 ( in thousands ): Foreign Currency Translation Adjustments Pension, net Derivative Total Balance as of December 31, 2020 $ (46,899) $ (33,359) $ (5,710) $ (85,968) Other comprehensive (loss) income (3,594) 60 1,586 (1,948) Balance as of April 4, 2021 $ (50,493) $ (33,299) $ (4,124) $ (87,916) Balance as of December 31, 2019 $ (53,848) $ (19,513) $ (6,906) $ (80,267) Other comprehensive (loss) income (20,325) 39 (2,320) (22,606) Balance as of March 29, 2020 $ (74,173) $ (19,474) $ (9,226) $ (102,873) |
Basis of Presentation - Narrati
Basis of Presentation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Basis of Presentation [Abstract] | ||
Goodwill impairment charge | $ 0 | $ 116,182 |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies - Schedule of Cumulative Effect of Changes for Adoption of Revenue Standard (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||
Contract assets | $ 81,839 | $ 78,176 |
Inventories | 135,291 | 129,084 |
Contract liabilities | (27,354) | (32,997) |
Retained earnings | $ 93,580 | $ 86,461 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies - Illustration of Differences in Consolidated Statement of Income and Balance Sheet for Adoption of Revenue Standard (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Dec. 31, 2020 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Net revenues | $ 180,655 | $ 192,213 | |
Cost of revenues | 124,574 | 132,170 | |
Deferred tax provision | 400 | 8,374 | |
Net (Loss) Income | (7,119) | $ (78,948) | |
Contract assets | 81,839 | $ 78,176 | |
Inventories | 135,291 | 129,084 | |
Contract liabilities | (27,354) | (32,997) | |
(Accumulated deficit) retained earnings | $ (93,580) | $ (86,461) |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Dec. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of intangible assets | $ 0 | $ 116,182 | |
Net income | (7,119) | (78,948) | |
Discontinued Operations, Held-for-Sale | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating income (loss) | $ 152 | $ (6,932) | |
Disposal Group, Including Discontinued Operation, Assets | $ 5,073 | ||
DV Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Earn-out as percent of net income (percent) | 50.00% |
Discontinued Operations - Summa
Discontinued Operations - Summarized Components of (Loss) Income from Discontinued Operations (Details) - Discontinued Operations, Held-for-Sale - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net revenues | $ 0 | $ 6,237 |
Cost of revenues | 0 | 11,358 |
Gross (loss) profit | 0 | (5,121) |
Selling, general and administrative expenses | 0 | 3,139 |
Special and restructuring charges (recoveries), net | (152) | (1,328) |
Operating income (loss) | 152 | (6,932) |
Other (income) expense: | ||
Interest (income), net | 0 | (7) |
Other (income) expense, net | 118 | 5,410 |
Other (income) expense, net | 118 | 5,403 |
Income (loss) from discontinued operations, before income taxes | 34 | (12,335) |
Provision for (benefit from) income tax | 273 | (21,497) |
Income (loss) from discontinued operations, net of tax | $ (239) | $ 9,162 |
Discontinued Operations - Balan
Discontinued Operations - Balance Sheet Information for Assets and Liabilties Related to Discontinued Operations (Details) - Discontinued Operations, Held-for-Sale $ in Thousands | Dec. 31, 2020USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Inventories | $ 2,963 |
Prepaid expenses and other current assets | 48 |
Property, plant, and equipment, net | 162 |
Goodwill | 1,900 |
Total assets held for sale | $ 5,073 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Dec. 31, 2020 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Increase (Decrease) in Accounts Receivable | $ 3,793 | $ 1,550 | |
Contract with Customer, Liability, Revenue Recognized | $ 14,300 | ||
Trade accounts receivable, less allowance for doubtful accounts of $8,585 and $9,035 at April 4, 2021 and December 31, 2020, respectively | 105,607 | $ 102,730 | |
Total backlog | 208,700 | ||
Increase/(Decrease) in Contract liability | (5,643) | ||
Contract Liability | 27,354 | 32,997 | |
Increase/(Decrease) Contract asset | 3,663 | ||
Contract assets | $ 81,839 | $ 78,176 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-04-02 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation, percentage | 62.00% | ||
Remaining performance obligation, expected period of recognition | 9 months | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation, percentage | 25.00% | ||
Remaining performance obligation, expected period of recognition | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Remaining performance obligation, percentage | 13.00% | ||
Remaining performance obligation, expected period of recognition |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | $ 180,655 | $ 192,213 |
Aerospace & Defense Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 60,001 | 65,493 |
Aerospace & Defense Segment | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 15,214 | 14,806 |
Aerospace & Defense Segment | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 41,645 | 45,988 |
Aerospace & Defense Segment | Total | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 3,142 | 4,699 |
Aerospace & Defense Segment | Commercial Aerospace & Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 19,800 | 26,320 |
Aerospace & Defense Segment | Defense | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 40,201 | 39,173 |
Industrial Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 120,654 | 126,720 |
Industrial Segment | EMEA | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 58,003 | 57,006 |
Industrial Segment | North America | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 31,788 | 43,922 |
Industrial Segment | Total | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 30,863 | 25,792 |
Industrial Segment | Valves | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | 45,763 | 54,190 |
Industrial Segment | Pumps | ||
Disaggregation of Revenue [Line Items] | ||
Revenue by major product line | $ 74,891 | $ 72,530 |
Revenue Recognition - Contract
Revenue Recognition - Contract Asset and Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Contract assets | $ 81,839 | $ 78,176 |
Increase/(Decrease) | 3,663 | |
Contract Liability | 27,354 | 32,997 |
Increase/(Decrease) in Contract liability | (5,643) | |
Prepaid Expenses and Other Current Assets | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 68,155 | 67,352 |
Increase/(Decrease) | 803 | |
Other Noncurrent Assets | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets | 13,684 | 10,824 |
Increase/(Decrease) | 2,860 | |
Accrued Liabilities and Other Current Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Contract Liability | 19,356 | 23,585 |
Increase/(Decrease) in Contract liability | (4,229) | |
Other Noncurrent Liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Contract Liability | 7,998 | $ 9,412 |
Increase/(Decrease) in Contract liability | $ (1,414) |
Special Charges_Recoveries (Det
Special Charges/Recoveries (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Restructuring Reserve Beginning of Period | $ 1,512 | $ 5,199 |
Restructuring Charges | 2,060 | 2,883 |
Other Nonrecurring (Income) Expense | (2,869) | (45,175) |
Special charges paid | (1,777) | (4,154) |
Restructuring Reserve End of Period | 1,795 | 3,928 |
Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 2,127 | 1,241 |
Divestiture [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | (1,947) | |
Corporate [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 318 | 183 |
Other Nonrecurring (Income) Expense | (308) | 7,926 |
Corporate [Member] | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 318 | 183 |
Corporate [Member] | Divestiture [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 0 | |
Total Industrial | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | 901 | 2,690 |
Other Nonrecurring (Income) Expense | (2,576) | (53,101) |
Total Industrial | Employee Severance [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | $ 976 | 1,058 |
Acquisition-related Costs [Member] | Divestiture [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | (53,202) | |
Acquisition-related Costs [Member] | Corporate [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Other Nonrecurring (Income) Expense | 0 | |
Acquisition-related Costs [Member] | Total Industrial | Divestiture [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | (53,202) | |
Operating Expense | Total Industrial | Divestiture [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Restructuring Charges | $ 1,400 |
Special Charges_Recoveries Char
Special Charges/Recoveries Charges Incurred to Date (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 04, 2021 | Mar. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||
Special Charges, Net | $ (2,869) | $ (45,175) | ||
Restructuring Charges | 2,060 | 2,883 | ||
Special Other Charges | 2,355 | |||
Amortization of Debt Issuance Costs | 3,541 | |||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,131 | |||
Other Restructuring Costs | 700 | |||
Other Nonrecurring (Income) Expense | (2,869) | (45,175) | ||
Special and restructuring charges (recoveries), net | (809) | (42,292) | ||
Restructuring Reserve | 1,795 | 3,928 | $ 1,512 | $ 5,199 |
Payments for Restructuring | (1,777) | (4,154) | ||
Divestiture [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (1,947) | |||
Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 2,127 | 1,241 | ||
Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Recoveries of Restructuring Charges | (67) | 1,642 | ||
Energy [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,100 | |||
Advanced Flow Solutions [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 841 | 10 | ||
Other Nonrecurring (Income) Expense | 15 | |||
Advanced Flow Solutions [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 833 | 0 | ||
Advanced Flow Solutions [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Recoveries of Restructuring Charges | 8 | (10) | ||
Total Industrial | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 901 | 2,690 | ||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 101 | |||
Other Nonrecurring (Income) Expense | (2,576) | (53,101) | ||
Total Industrial | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 976 | 1,058 | ||
Total Industrial | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Recoveries of Restructuring Charges | (75) | 1,632 | ||
Corporate Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 318 | 183 | ||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,030 | |||
Other Nonrecurring (Income) Expense | (308) | 7,926 | ||
Corporate Segment [Member] | Divestiture [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0 | |||
Corporate Segment [Member] | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 318 | 183 | ||
Corporate Segment [Member] | Facility Closing [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Recoveries of Restructuring Charges | 0 | 0 | ||
Industrial Segment | Divestiture [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (1,947) | |||
Industrial Segment | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (2,900) | |||
Aerospace and Defense Segment | Employee Severance [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Charges incurred to date | (1,200) | $ (900) | ||
Acquisition-related Costs [Member] | Divestiture [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (53,202) | |||
Acquisition-related Costs [Member] | Total Industrial | Divestiture [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (53,202) | |||
Acquisition-related Costs [Member] | Corporate Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | 0 | |||
Other Expense [Member] | Industrial Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | (629) | |||
Sales [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | (922) | |||
Sales [Member] | Corporate Segment [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Other Nonrecurring (Income) Expense | (308) | |||
Segment Reconciling Items [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Special Other Charges | (2,869) | (45,175) | ||
Other Nonrecurring (Income) Expense | $ (809) | $ (42,292) |
Special Charges Narrative (Deta
Special Charges Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | Dec. 31, 2020 | |
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | $ 2,131 | ||
Inventories | $ 135,291 | $ 129,084 | |
Restructuring Charges | 2,060 | 2,883 | |
Special and restructuring (recoveries) charges, net | 2,869 | 45,175 | |
Proceeds from the sale of business | 7,193 | 169,773 | |
Business Combination, Separately Recognized Transactions, Net Gains and Losses | 54,600 | ||
Other Restructuring Costs | 700 | ||
Other Restructuring Charges | 1,200 | ||
Business Exit Costs | 200 | ||
Special Other Charges | 2,355 | ||
Industrial Segment | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 101 | ||
Restructuring Charges | 901 | 2,690 | |
Special and restructuring (recoveries) charges, net | 2,576 | 53,101 | |
Energy [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,100 | ||
Advanced Flow Solutions [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | 841 | 10 | |
Special and restructuring (recoveries) charges, net | (15) | ||
Corporate Segment [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Professional fees to review and respond to an unsolicited tender offer to acquire the Company | 2,030 | ||
Restructuring Charges | 318 | 183 | |
Special and restructuring (recoveries) charges, net | 308 | (7,926) | |
Divestiture [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | (1,947) | ||
Divestiture [Member] | Corporate Segment [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | 0 | ||
Employee Severance [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | 2,127 | 1,241 | |
Employee Severance [Member] | Industrial Segment | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | 976 | 1,058 | |
Employee Severance [Member] | Advanced Flow Solutions [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | 833 | 0 | |
Employee Severance [Member] | Corporate Segment [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | 318 | 183 | |
Employee Severance [Member] | Aerospace and Defense Segment | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring and Related Cost, Cost Incurred to Date | 1,200 | $ 900 | |
Sales [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Special and restructuring (recoveries) charges, net | 922 | ||
Sales [Member] | Corporate Segment [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Special and restructuring (recoveries) charges, net | $ 308 | ||
Acquisition-related Costs [Member] | Corporate Segment [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Special and restructuring (recoveries) charges, net | 0 | ||
Acquisition-related Costs [Member] | Divestiture [Member] | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | (53,202) | ||
Acquisition-related Costs [Member] | Divestiture [Member] | Industrial Segment | |||
Effects on Future Earnings and Cash Flows Resulting from Exit Plan [Line Items] | |||
Restructuring Charges | $ (53,202) |
Inventories (Components Of Inve
Inventories (Components Of Inventory) (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Inventory, Net [Abstract] | ||
Raw materials | $ 63,935 | $ 63,255 |
Work in process | 50,494 | 45,867 |
Finished goods | 20,862 | 19,962 |
Inventories | $ 135,291 | $ 129,084 |
Goodwill And Intangible Asset_2
Goodwill And Intangible Assets (Goodwill, By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Goodwill [Line Items] | ||
Goodwill impairment charge | $ 0 | $ 116,182 |
Goodwill [Roll Forward] | ||
Goodwill as of December 31, 2020 | 158,944 | |
Currency translation adjustments | (2,027) | |
Goodwill as of April 4, 2021 | 156,917 | |
Aerospace [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill as of December 31, 2020 | 57,574 | |
Currency translation adjustments | (61) | |
Goodwill as of April 4, 2021 | 57,513 | |
Total Industrial | ||
Goodwill [Roll Forward] | ||
Goodwill as of December 31, 2020 | 101,370 | |
Currency translation adjustments | (1,966) | |
Goodwill as of April 4, 2021 | $ 99,404 |
Goodwill And Intangible Asset_3
Goodwill And Intangible Assets (Gross Intangible Assets And Related Accumulated Amortization) (Details) - USD ($) $ in Thousands | Apr. 04, 2021 | Dec. 31, 2020 |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 448,116 | |
Accumulated Amortization | (186,781) | |
Finite-Lived Intangible Assets, Gross | 261,335 | |
Net carrying value of intangible assets | 337,864 | $ 353,595 |
Patents [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,368 | |
Accumulated Amortization | (5,368) | |
Finite-Lived Intangible Assets, Net | 0 | |
Non-amortized intangibles (primarily trademarks and trade names) [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 76,529 | |
Accumulated Amortization | 0 | |
Indefinite-Lived Intangible Assets Net of Impairment | 76,529 | |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 305,774 | |
Accumulated Amortization | (118,096) | |
Finite-Lived Intangible Assets, Net | 187,678 | |
Acquired Technology [Member] | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | 136,974 | |
Accumulated Amortization | (63,317) | |
Finite-Lived Intangible Assets, Net | $ 73,657 |
Goodwill And Intangible Asset_4
Goodwill And Intangible Assets (Estimated Remaining Amortization Expense For Intangible Assets) (Details) $ in Thousands | Apr. 04, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 31,476 |
2021 | 36,980 |
2022 | 32,422 |
2023 | 28,488 |
2024 | 24,931 |
After 2024 | $ 107,038 |
Segment Information (Reportable
Segment Information (Reportable Segment Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Apr. 04, 2021 | Mar. 29, 2020 | Dec. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||||
Restructuring Costs and Asset Impairment Charges | $ 12,862 | $ 126,772 | ||
Net revenues | 180,655 | 192,213 | ||
Operating Income (Loss) | 386 | (73,405) | ||
Other Operating Income | 12,439 | 11,075 | ||
Special Other Charges | 2,355 | |||
Total special charges, net | (2,869) | (45,175) | ||
Restructuring Charges | 2,060 | 2,883 | ||
Restructuring related inventory charges | 0 | (602) | ||
Goodwill impairment charge | 0 | 116,182 | ||
Interest expense | 8,369 | 9,011 | ||
Other income, net | (1,503) | (2,680) | ||
Loss from Continuing Operations Before Income Taxes | (6,480) | (79,736) | ||
Identifiable assets | 1,123,202 | $ 1,130,528 | $ 1,130,528 | |
Capital expenditures | 3,394 | 3,412 | ||
Depreciation, Depletion and Amortization | 17,205 | 15,637 | ||
Aerospace & Defense [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 60,001 | 65,493 | ||
Aerospace [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | 10,706 | 12,494 | ||
Identifiable assets | 450,280 | 450,597 | ||
Capital expenditures | 1,286 | 640 | ||
Depreciation, Depletion and Amortization | 2,824 | 3,093 | ||
Industrial Segment | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 120,654 | 126,720 | ||
Operating Income (Loss) | 9,735 | 5,169 | ||
Total special charges, net | (2,576) | (53,101) | ||
Restructuring Charges | 901 | 2,690 | ||
Identifiable assets | 1,359,942 | 1,378,710 | ||
Capital expenditures | 2,023 | 2,225 | ||
Depreciation, Depletion and Amortization | 14,203 | 12,419 | ||
Corporate Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Operating Income (Loss) | (8,002) | (6,588) | ||
Total special charges, net | (308) | 7,926 | ||
Restructuring Charges | 318 | 183 | ||
Identifiable assets | (687,020) | $ (698,779) | ||
Capital expenditures | 153 | 198 | ||
Depreciation, Depletion and Amortization | 178 | 125 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Special Restructuring Charges | 2,060 | 2,883 | ||
Special Other Charges | (2,869) | (45,175) | ||
Total special charges, net | (809) | (42,292) | ||
Goodwill impairment charge | 0 | 116,182 | ||
Special Acquisition Amortization | 10,487 | 10,218 | ||
Restatement Impact | 2,375 | 974 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Capital expenditures | $ 3,462 | $ 3,063 |
Financing Arrangements (Narrati
Financing Arrangements (Narrative) (Details) € in Millions | Apr. 12, 2018 | Apr. 04, 2021USD ($) | Sep. 27, 2020USD ($) | Mar. 29, 2020USD ($) | Apr. 04, 2021EUR (€) | Dec. 31, 2020USD ($) | Mar. 20, 2020USD ($) | Jul. 12, 2019USD ($) |
Derivative [Line Items] | ||||||||
Restricted Cash | $ 1.3 | $ 1.2 | ||||||
Accounts Receivable, Purchase | 8,400,000 | $ 14,500,000 | ||||||
Proceeds from Sale and Collection of Receivables | 8,200,000 | 13,600,000 | ||||||
Accounts Receivable, Sale, Outstanding Purchase Price | 200,000 | |||||||
Derivative, Fair Value, Net | (12,467,000) | (17,139,000,000) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 2,370,000 | 2,359,000,000 | ||||||
Interest expense, net | 8,369,000 | 9,011,000 | ||||||
Long-term Debt | 536,900,000 | 519,900,000 | ||||||
Repayments of Long-term Debt | 46,500,000 | 180,891,000 | ||||||
Derivative, Net Liability Position, Aggregate Fair Value | 10,100,000 | 14,800,000 | ||||||
Amortization of Debt Issuance Costs | 3,541,000 | |||||||
Line of Credit, Current | $ 80,000,000 | |||||||
Gain (Loss) on Extinguishment of Debt | 3,500,000 | |||||||
Debt, Third-Party Costs | $ 200,000 | |||||||
Debt, Lender Fees | $ 300,000 | |||||||
Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | (1,720,000) | (1,093,000) | ||||||
Derivative, Term of Contract | 4 years | |||||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | (6,500,000) | |||||||
Interest expense, net | 6,200,000 | |||||||
Interest Rate Swap [Member] | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 7,100,000 | 8,600,000 | ||||||
Cross Currency Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Term of Contract | 3 years | |||||||
Derivative, notional amount | $ 100,000,000 | |||||||
Derivative, fixed interest rate | 2.4065% | |||||||
Cross Currency Interest Rate Contract [Member] | Designated as Hedging Instrument | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability, Fair Value, Gross Liability | 2,900,000 | 6,200,000 | ||||||
Forward Contracts [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | € | € 10 | |||||||
Unrealized Gain (Loss) on Derivatives | 300,000 | |||||||
Derivative, Gain (Loss) on Derivative, Net | 300,000 | |||||||
Accrued Expenses and Other Current Liabilities [Member] | Forward Contracts [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative Liability | 100,000 | |||||||
Other Noncurrent Liabilities | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Net Liability Position, Aggregate Fair Value | 5,800,000 | 10,600,000 | ||||||
Accrued Liabilities And Other Current Liabilities | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Net Liability Position, Aggregate Fair Value | 6,700,000 | 6,500,000 | ||||||
Prepaid Expenses and Other Current Assets | ||||||||
Derivative [Line Items] | ||||||||
Derivative, Net Liability Position, Aggregate Fair Value | 2,400,000 | 2,400,000 | ||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Derivative [Line Items] | ||||||||
Long-term Debt, Fair Value | $ 533,300,000 | 517,300,000 | ||||||
Minimum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Accounts Receivable, Sale, Percent | 90.00% | |||||||
Maximum [Member] | ||||||||
Derivative [Line Items] | ||||||||
Accounts Receivable, Sale, Percent | 100.00% | |||||||
Citizen Bank, National Association [Member] | Interest Rate Swap [Member] | ||||||||
Derivative [Line Items] | ||||||||
Derivative, notional amount | $ 400,000,000 | |||||||
Derivative, Basis Spread on Variable Rate | 3.25% | 3.25% | ||||||
Derivative, Variable Interest Rate | 2.6475% | 2.6475% | ||||||
Derivative, fixed interest rate | 5.8975% | 5.8975% | ||||||
Derivative, Current Credit Spread | 325.00% | 325.00% | ||||||
Cash Flow Hedging [Member] | ||||||||
Derivative [Line Items] | ||||||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | $ (134,000) | (4,105,000) | ||||||
Term Loan [Member] | ||||||||
Derivative [Line Items] | ||||||||
Long-term Debt, Gross | 525,600,000 | 507,900,000 | ||||||
Unamortized Debt Issuance Expense | 11,300,000 | $ 12,000,000 | ||||||
Debt Instrument, Periodic Payment, Interest | 7,600,000 | $ 8,800,000 | ||||||
Repayments of Debt | 161,800,000 | |||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||
Revolving Credit Facility [Member] | ||||||||
Derivative [Line Items] | ||||||||
Repayments of Debt | 35,100,000 | |||||||
Debt, Current | $ 44,900,000 | |||||||
New Credit Agreement [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.25% | |||||||
New Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Derivative [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% |
Guarantees And Indemnificatio_3
Guarantees And Indemnification Obligations (Product Warranty Reserves) (Details) - USD ($) | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] | ||
Balance beginning December 31, 2014 | $ 2,206,000 | $ 1,642,000 |
Provisions | 548,000 | |
Claims settled | (629,000) | (682,000) |
Standard Product Warranty Accrual, Foreign Currency Translation Gain (Loss) | (29,000) | |
Currency translation adjustments | (21,000) | |
Standard Product Warranty Accrual, Period Increase (Decrease) | 368,000 | |
Balance ending October 1, 2017 | 2,104,000 | $ 1,299,000 |
Liability for indemnification agreements | $ 0 |
Contingencies And Commitments (
Contingencies And Commitments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Apr. 04, 2021 | Dec. 31, 2020 | |
Contingencies, Commitments And Guarantees [Line Items] | ||
Aggregate notional value standby letters of credit | $ 27.3 | $ 39.3 |
Insurance Recoveries | 0.7 | |
Standby Letters of Credit | ||
Contingencies, Commitments And Guarantees [Line Items] | ||
Aggregate notional value standby letters of credit | $ 19.6 | $ 30.4 |
Minimum [Member] | ||
Contingencies, Commitments And Guarantees [Line Items] | ||
Expiration period, minimum in months and maximum in years | 1 month | |
Maximum [Member] | ||
Contingencies, Commitments And Guarantees [Line Items] | ||
Expiration period, minimum in months and maximum in years | 5 years | |
Settled Litigation | Wage and Hour Action California | ||
Contingencies, Commitments And Guarantees [Line Items] | ||
Settlement liability | $ 2.4 |
Contingencies And Commitments_2
Contingencies And Commitments (Standby Letters Of Credit Instruments) (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Dec. 31, 2020 |
Contingencies, Commitments And Guarantees [Line Items] | ||
Letters of Credit Outstanding, Amount | $ 27.3 | $ 39.3 |
Retirement Plans (Components Of
Retirement Plans (Components Of Net Pension Benefit Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Pension Benefits | U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Interest cost | $ 773 | $ 1,398 |
Expected return on plan assets | 2,629 | 2,747 |
Amortization | (51) | (43) |
Net periodic benefit income | (1,805) | (1,306) |
Pension Benefits | Non-U.S. Plans | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 823 | 692 |
Interest cost | 247 | 339 |
Expected return on plan assets | 156 | 194 |
Amortization | (179) | (31) |
Net periodic benefit income | 1,093 | 868 |
Other Post-Retirement Benefits | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | 1 | 0 |
Interest cost | 42 | 66 |
Net periodic benefit income | $ 43 | $ 66 |
Income Taxes - Provision For In
Income Taxes - Provision For Income Taxes To Loss From Continuing Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Income Tax Disclosure [Abstract] | ||
Loss from Continuing Operations Before Income Taxes | $ (6,480) | $ (79,736) |
Effective tax rate | (6.20%) | (10.50%) |
Provision for (benefit from) income taxes | $ 400 | $ 8,374 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | Apr. 04, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits that would impact effective tax rate | $ 1.5 | $ 1.1 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Apr. 04, 2021 | Mar. 29, 2020 | May 09, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
RSU outstanding | 742,390 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | ||
Shares available for grant | 205,045 | ||
Compensation expense (benefit) | $ (1.4) | $ (0.7) | |
Unrecognized compensation costs | $ 13.6 | ||
Weighted average period of recognition of compensation expense (in years) | 2 years 6 months | ||
Weighted average contractual term for stock options outstanding, years | 2 years 10 months 24 days | ||
Weighted average contractual term for stock options exercisable, years | 2 years 9 months 18 days | ||
Aggregate intrinsic value of stock options outstanding | $ 0.2 | ||
Aggregate intrinsic value of options exercisable | 0.2 | ||
Aggregate intrinsic value of RSU MSPs outstannding | $ 0.9 | ||
Document Period End Date | Apr. 4, 2021 | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options outstanding | 640,010 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 233,618 | 552,010 | |
Granted RSU awards fair value | $ 40.85 | $ 12.70 | |
Performance target threshold capacity (as a percent) | 600.00% | ||
Share-based Compensation Arrangement By Share-based Payment Award, Performance Target, Expected Overall Achievement And Probability To Vest | 6.00% | ||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ 8.3 | ||
Aggregate intrinsic value of RSU Awards outstanding | $ 23.4 | ||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance target threshold (as a percent) | 0.00% | ||
Restricted Stock Units (RSUs) [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance target threshold (as a percent) | 200.00% | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units granted | 70,933 | 109,278 | |
Restricted Stock Units Management Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units discount amount | 13.14 | ||
Aggregate intrinsic value of RSU Awards / RSU MSPs | $ 0.2 | ||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercisable Number | 31,248 | ||
Cash Settled Stock Unit Awards [Member] | Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (benefit) | $ (0.6) | ||
Cash Settled Stock Unit Awards [Member] | Restructuring and Related Cost, Incurred Cost [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense (benefit) | $ (0.1) |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance as of December 31, 2020 | $ (85,968) | $ (80,267) |
Other comprehensive (loss) income | (1,948) | (22,606) |
Balance as of April 4, 2021 | (87,916) | (102,873) |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance as of December 31, 2020 | (46,899) | (53,848) |
Other comprehensive (loss) income | (3,594) | (20,325) |
Balance as of April 4, 2021 | (50,493) | (74,173) |
Pension, net | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance as of December 31, 2020 | (33,359) | (19,513) |
Reclassified to earnings | 51 | |
Other comprehensive (loss) income | 60 | 39 |
Balance as of April 4, 2021 | (33,299) | (19,474) |
Derivative | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance as of December 31, 2020 | (5,710) | (6,906) |
Other comprehensive (loss) income | 1,586 | (2,320) |
Balance as of April 4, 2021 | $ (4,124) | $ (9,226) |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 04, 2021 | Mar. 29, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Net loss | $ (7,119) | $ (78,948) |
Basic Earnings Per Common Share (EPS), Shares | 20,054,000 | 19,935,000 |
Basic EPS, Per Share Amount | $ (0.35) | $ (3.96) |
Diluted EPS, Shares | 20,054,000 | 19,935,000 |
Diluted EPS, Per Share Amount | $ (0.35) | $ (3.96) |
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | 60.99 | 71.56 |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 33.63 | $ 33.63 |
Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive options and RSUs, shares | 870,829 | 417,932 |