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Business Combinations | 3 Months Ended
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Jun. 28, 2025
Business Combination [Abstract] |
Business Combinations | 2. Business Combinations Iseman Homes, Inc. Acquisition On May 30, 2025, the Company acquired all of the outstanding equity interests in Iseman Homes, Inc. ("Iseman Homes") for total purchase consideration of $26.9 million, net of working capital adjustments. The purchase consideration consisted of net cash paid of $24.6 million, contingent consideration with an estimated fair value of $0.2 million, and remaining consideration payable of $2.2 million, payable twelve months after the closing date. The contingent consideration is related to an earnout provision in the event future performance metrics are achieved, with a maximum earnout amount of $1.5 million. The liabilities for the earnout and remaining consideration payable are recorded in other liabilities in the accompanying Condensed Consolidated Balance Sheets. The Company accounted for the acquisition as a business combination under the acquisition method of accounting provided by FASB ASC 805, Business Combinations ("ASC 805"). As such, the purchase price was allocated to the net assets acquired, inclusive of intangible assets, with the excess fair value recorded to goodwill. The purchase price allocation is based upon preliminary valuation information available to determine the fair value of certain assets and liabilities, including goodwill, and is subject to change as additional information is obtained about the facts and circumstances that existed at the valuation date. The Company expects to finalize the fair values of the assets acquired and liabilities assumed during the one-year measurement period. The following table presents the consideration transferred and the preliminary purchase price allocation:
Description |  | Amount |
Fair value of consideration transferred |  |  |
Cash consideration, net of cash acquired |  | $ | 24,555 |
Consideration payable |  |  | 2,179 |
Estimated earn out consideration |  |  | 210 |
Total consideration |  | $ | 26,944 |
Preliminary purchase price allocations: |  |  |
Trade accounts receivable |  |  | 470 |
Inventories |  |  | 16,926 |
Other current assets |  |  | 315 |
Property, plant, and equipment, net |  |  | 9,560 |
Amortizable intangible assets, net |  |  | 2,900 |
Accounts payable |  |  | (622 | )
Other current liabilities |  |  | (8,094 | )
Identifiable net assets acquired |  |  | 21,455 |
Goodwill |  |  | 5,489 |
Total purchase price |  | $ | 26,944 |
Trade accounts receivable, other assets, accounts payable and other liabilities are generally stated at historical carrying values as they approximate fair value. Retail inventories are reflected at manufacturer wholesale prices. Intangible assets in clude $2.9 million for a trade name based on an independent appraisal. The fair value of the trade name was determined using the relief-from-royalty method and was estimated to have a weighted average useful life of ten years from the acquisition date. Fair value estimates of property, plant, and equipment were based on independent appraisals, giving consideration to the highest and best use of the assets. Key assumptions used in the appraisals were drawn from a combination of market, cost, and sales comparison approaches, as appropriate. Level 3 fair value estimates of $9.6 million related to property, plant, and equipment and $2.9 million related to intangible assets were recorded in the accompanying Condensed Consolidated Balance Sheet as of the acquisition date. The goodwill is not expected to be deductible for income tax purposes. For further information on acquired assets measured at fair value, see Note 5, Goodwill, Intan gible Assets and Cloud Computing Arrangements. Management has determined that the pro forma impact of the acquisition of Iseman Homes on revenue and net income is not material to the consolidated financial statements and, accordingly, such information is not presented.

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