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Acquisitions | 6 Months Ended
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Jun. 30, 2026
Business Combination [Abstract] |
Acquisitions | NOTE 4. ACQUISITIONS Eventscape In February 2026, we acquired the issued and outstanding shares of Eventscape for $64.6 million, net of $1.3 million of cash acquired, plus additional contingent consideration payable upon the achievement of certain future performance objectives in 2030 not to exceed $7.5 million. The purchase price is subject to customary post-closing adjustments for working capital. We, with the assistance of an independent, third-party valuation specialist, utilized a Monte Carlo simulation and determined the estimated fair value of the contingent consideration was $0.4 million as of the acquisition date. The total fair value of cash and other tangible assets acquired, less liabilities assumed, was $3.2 million. The fair value of significant classes of non-cash tangible assets acquired and liabilities assumed included accounts receivable of $12.5 million, operating ROU assets and lease liabilities of $5.5 million, and accounts payable and accrued liabilities of $11.1 million. The total fair value of identifiable intangible assets acquired was $16.5 million, resulting in $45.3 million of goodwill. Identified intangible assets consist primarily of amortizable trademarks of $10.4 million and customer relationships of $5.6 million, which are being amortized over a weighted-average life of 15 years and 6 years, respectively. Valuations for assets acquired and liabilities assumed are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary amounts as valuations are finalized. Parallel In December 2025, we acquired the issued and outstanding stock of Parallel for $7.2 million, net of $0.6 million of cash acquired, subject to customary post-closing adjustments for working capital. The total fair value of cash and other tangible assets acquired, less liabilities assumed, was $2.6 million. The fair value of significant classes of non-cash tangible assets acquired and liabilities assumed included inventory of $1.3 million, property, plant and equipment of $1.8 million, and operating ROU assets and lease liabilities of $1.1 million. The total fair value of identifiable intangible assets acquired was $2.1 million, resulting in $2.5 million of goodwill. I dentified intangible assets consist primarily of amortizable trademarks of $0.9 million and customer relationships of $0.8 million, which are being amortized over a weighted-average life of 15 years and 6 years, respectively. Valuations for assets acquired and liabilities assumed are based on preliminary estimates that are subject to revisions and may result in adjustments to preliminary amounts as valuations are finalized. Geometrik In September 2025, we acquired the issued and outstanding shares of Geometrik for $7.7 million, plus additional contingent consideration payable upon the achievement of certain future performance objectives in 2027 and 2028 not to exceed $1.5 million. We, with the assistance of an independent, third-party valuation specialist, utilized a Monte Carlo simulation and determined the estimated fair value of the contingent consideration was $0.3 million as of the acquisition date. The total fair value of cash and other tangible assets acquired, less liabilities assumed, was $1.4 million. The fair value of significant classes of non-cash tangible assets acquired and liabilities assumed included accounts receivable of $0.5 million, inventory of $0.5 million, property, plant and equipment of $1.6 million, operating ROU assets and lease liabilities of $3.8 million and accounts payable and accrued liabilities of $1.3 million. The total fair value of identifiable intangible assets acquired was $1.4 million, resulting in $5.2 million of goodwill. Identified intangible assets consist primarily of amortizable trademarks of $0.9 million and backlog of $0.3 million, which are being amortized over a weighted-average life of 15 years and 1 year, respectively. Consolidated Financial Information Goodwill from the Eventscape, Parallel and Geometrik acquisitions relates to many factors, including the technical competencies and capabilities of the acquired workforce and our strategic intent to integrate and leverage those competencies and capabilities to advance and expand our portfolio of solutions and offerings. The acquired goodwill associated with the Parallel acquisition is deductible for tax purposes. For the three and six months ended June 30, 2026, net sales of $11.5 million and $16.9 million, respectively, from Eventscape, Parallel and Geometrik are included in our Condensed Consolidated Statements of Earnings and Comprehensive Income. For the three and six months ended June 30, 2026, operating losses of $0.1 million and $2.6 million, including $0.7 million and $1.0 million of depreciation and amortization, respectively, from Eventscape, Parallel and Geometrik are included in our Condensed Consolidated Statements of Earnings and Comprehensive Income. The Eventscape, Parallel and Geometrik acquisitions had no impact on our Condensed Consolidated Statements of Earnings and Comprehensive Income for the three and six months ended June 30, 2025. Pro forma Financial Information The following table summarizes aggregate unaudited as reported and pro forma information assuming the acquisitions of Eventscape, Parallel and Geometrik had occurred on January 1, 2025. The unaudited pro forma results include the depreciation and amortization associated with the acquired assets. The unaudited pro forma results do not include any expected benefits from the Eventscape, Parallel and Geometrik acquisitions. Accordingly, the unaudited pro forma results are not necessarily indicative of either future results of operations or results that might have been achieved had the acquisitions been consummated as of January 1, 2025.
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Net sales, pro forma |  | $ | 472.0 |  |  | $ | 439.3 |  |  | $ | 886.9 |  |  | $ | 832.7 |
Net sales, as reported |  |  | 472.0 |  |  |  | 424.6 |  |  |  | 881.9 |  |  |  | 807.3 |
Earnings before income taxes, pro forma |  |  | 126.9 |  |  |  | 112.9 |  |  |  | 212.8 |  |  |  | 204.6 |
Earnings before income taxes, as reported |  |  | 126.9 |  |  |  | 115.3 |  |  |  | 215.3 |  |  |  | 206.0 |

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