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BUSINESS COMBINATIONS | 3 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
BUSINESS COMBINATIONS | BUSINESS COMBINATIONS The operating results of all acquired entities are included within the consolidated operating results of the Company from the date of each respective acquisition. Hydradyne Acquisition On December 31, 2024, the Company acquired all of the membership interests of Hydradyne, LLC (Hydradyne), a Dallas, Texas based provider of fluid power solutions and value-added services including product offerings in hydraulics, pneumatics, electromechanical, instrumentation, filtration and fluid conveyance. The purchase price is $282,136, which was funded using available cash. Hydradyne is included in the Engineered Solutions segment. The following table summarizes the assets acquired and liabilities assumed in connection with this acquisition based on their preliminary estimated fair values at the acquisition date, which are subject to adjustment. The areas that remain open primarily relate to working capital adjustments. The purchase accounting will be finalized within one year from the acquisition date.
|  | Hydradyne Acquisition
Cash and cash equivalents |  | $ | 13,332 |
Accounts receivable |  | 42,852
Inventories |  | 44,085
Other current assets |  | 1,001
Property, net |  | 6,483
Operating lease assets |  | 52,257
Identifiable intangible assets |  | 126,050
Goodwill |  | 67,345
Other assets |  | 111
Total assets acquired |  | $ | 353,516 |
Accounts payable and accrued liabilities |  | 15,506
Other current liabilities |  | 4,546
Other liabilities |  | 51,328
Net assets acquired |  | $ | 282,136 |
The acquired goodwill is expected to be deductible for income tax purposes. Net sales and net income from the Hydradyne acquisition included in the Company's results for the three months ended September 30, 2025 are $66,595 and $4,353, respectively. The following unaudited pro forma consolidated results of operations are prepared as if the Hydradyne acquisition (including the related acquisition costs) occurred at the beginning of fiscal 2024:
| Three Months Ended
| September 30,
Pro forma | 2024
Sales | $ | 1,167,505 |
Net income | 94,086 |
Diluted net income per share | $ | 2.42 |
The pro forma amounts are calculated after applying the Company's accounting policies and adjusting the results to reflect additional amortization that would have been recorded assuming the fair value adjustments to identified intangible assets were applied as of July 1, 2023. Additional amortization of $2,737 is included in the pro forma results for the three months ended September 30, 2024. In addition, a pro forma adjustment of $2,761 for the three months ended September 30, 2024 was made for interest income that would not have been earned as a result of the cash used for the acquisition. The pro forma net income amounts also incorporate an adjustment to the recorded income tax expense for the income tax effect of the pro forma adjustments described above. These pro forma results of operations do not include any anticipated synergies or other effects of the planned integration of Hydradyne; accordingly, such pro forma adjustments do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred as of the date indicated or that may result in the future. Other Fiscal 2025 Acquisitions On May 1, 2025, the Company acquired substantially all of the net assets of IRIS Factory Automation (IRIS), an Aurora, Illinois provider of automation products, services, and turn-key productized solutions focused on optimizing material handling and traceability workflows across production environments. IRIS is included in the Engineered Solutions segment. The purchase price for IRIS was $14,696, net tangible assets acquired were $145, identifiable intangible assets were $7,810, and goodwill was $6,741; the values are based upon preliminary estimated fair values at the acquisition date, which are subject to adjustment. On August 1, 2024, the Company acquired substantially all of the net assets of Total Machine Solutions (TMS), a Fairfield, New Jersey based provider of electrical and mechanical power transmission products and solutions including bearings, drives, motors, conveyor components, and related repair services. TMS is included in the Service Center segment. The purchase price for TMS was $6,025, net tangible assets acquired were $1,115, identifiable intangible assets were $2,738 and goodwill was $2,172 based upon estimated fair values at the acquisition date. On August 1, 2024, the Company acquired 100% of the outstanding shares of Stanley Proctor, a Twinsburg, Ohio based provider of hydraulic, pneumatic, measurement, control, and instrumentation components, as well as fluid power engineered systems. Stanley Proctor is included in the Engineered Solutions segment. The purchase price for Stanley Proctor was $3,924, net tangible assets acquired were $362, identifiable intangible assets were $1,725 and goodwill was $1,837 based upon estimated fair values at the acquisition date. For all other fiscal 2025 acquisitions, the Company funded the acquisitions using available cash and the results of operations for the acquired entities are not material in relation to the Company's consolidated financial statements.

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