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Acquisition | 6 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisition | Acquisition F.A.T.I. On October 2, 2024, we acquired Fabbrica Apparecchiature Termoelettriche Industriali – F.A.T.I. – S.r.l. ("F.A.T.I.") (the "F.A.T.I. Acquisition"). F.A.T.I., based in Italy, is a leading designer and manufacturer of electrical heaters and heating systems for a broad range of industrial end markets, including oil & gas, pharmaceutical, renewables, nuclear and HVAC. Since its founding nearly 80 years ago, F.A.T.I. has built a high-quality portfolio of technologically advanced and reliable solutions for the industrial electric heating market that are available in over 30 countries around the globe. The initial purchase price was €12,500, or approximately $13,807, with cash acquired of $2,278, for a net closing purchase price of $11,529. In fiscal 2025, we adjusted the purchase price for excess cash acquired to €13,339, or approximately $14,733. The purchase price is still subject to customary adjustments. Measurement period adjustments may be made up to one year from the acquisition date. The initial purchase price was funded with cash on hand, and includes F.A.T.I.'s manufacturing facility in Milan, which enhances our global production capabilities. The F.A.T.I. Acquisition is expected to strengthen our market position worldwide. We have integrated F.A.T.I. into our Europe, Middle East, and Africa ("EMEA") reportable segment. Preliminary Purchase Price Allocation We have accounted for the F.A.T.I. Acquisition according to the business combinations guidance found in ASC 805, Business Combinations, henceforth referred to as acquisition accounting. We used Level 2 and 3 inputs to allocate the purchase price to the major categories of assets and liabilities shown below. For valuing the customer relationships intangible asset, we used a common income-based approach called the multi-period excess earnings method; for the trademarks and developed technology intangible assets, we used a relief-from-royalty method; and for the contract-based intangible asset, we used the with and without method. The carrying values of the assets and liabilities shown below approximated their respective fair values at the time of closing. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, is based upon preliminary information and is subject to change within the measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained. During the measurement period, if new information is obtained about facts and circumstances that existed as of the F.A.T.I. Acquisition date that, if known, would have resulted in revised estimated values of those assets or liabilities as of that date, we will revise the preliminary purchase price allocation. The effect of any measurement period adjustments to the estimated fair values will be reflected in future updates to our purchase price allocation. The goodwill associated with the F.A.T.I. Acquisition will not be deductible for tax purposes and generally represents expected synergies from the combination of efforts of the acquired business and the Company.
Preliminary Purchase Price Allocation - F.A.T.I.
| Amortization Period (years) | Fair Value
Cash |  | $ | 2,278 |
Accounts receivable |  | 2,088 |
Inventories |  | 3,434 |
Other current assets |  | 1,113 |
Property, plant and equipment |  | 7,580 |
Intangibles: |  |
Customer relationships | 10 | 1,776 |
Trademarks | 5 | 502 |
Developed technology | 15 | 1,909 |
Goodwill |  | 2,447 |
Total fair value of assets acquired |  | $ | 23,127 |
Current and non-current liabilities |  | (8,394) |
Total fair value of liabilities acquired |  | $ | (8,394) |
Total purchase price |  | $ | 14,733 |
Unaudited Pro Forma Financial Information The following unaudited pro forma results of operations assume that the F.A.T.I. Acquisition occurred at the beginning of the periods presented. These unaudited pro forma results are presented for informational purposes only and are not necessarily indicative of what the actual results of operations would have been if the acquisition had occurred at the beginning of the periods presented, nor are they indicative of future results of operations.
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024 |  | Six Months Ended September 30, 2025 |  | Six Months Ended September 30, 2024
Sales |  | $ | 131,723 |  |  | $ | 117,799 |  |  | $ | 240,621 |  |  | $ | 236,075 |
Net income |  | 14,954 |  |  | 9,593 |  |  | 23,535 |  |  | 18,365 |

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