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Acquisition | 6 Months Ended
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Sep. 29, 2024
Business Combination and Asset Acquisition [Abstract] |
Acquisition | Acquisition Bren-Tronics On July 26, 2024, the Company completed the acquisition of all of the equity of Bren-Tronics Defense LLC for aggregate purchase price consideration of $205,276 net of cash and restricted cash acquired subject to a final purchase price adjustments as set forth in the stock purchase agreement. Bren-Tronics Defense LLC, headquartered in Commack, New York, is a leading manufacturer of highly reliable portable power solutions, including small and large format lithium batteries and charging solutions, for military and defense applications. The transaction was accounted for as a business combination by applying the acquisition method of accounting. The following table summarizes the provisional fair values of the assets acquired and liabilities assumed at the date of the acquisition:
Trade Receivables |  | 10,478 |
Inventory |  | 47,937 |
Prepaid and other current assets |  | 1,178 |
Property, plant and equipment |  | 14,701 |
Other intangible assets |  | 90,600 |
Other assets |  | 2,003 |
Total assets acquired |  | $ | 166,897 |
Accounts payable |  | 2,374 |
Accrued liabilities |  | 7,319 |
Other liabilities |  | 2,236 |
Total liabilities assumed |  | $ | 11,929 |
Net assets acquired |  | $ | 154,968 |
Consideration transferred: |  |
Cash consideration, net of cash and restricted cash acquired |  | 205,276 |
Total consideration transferred |  | 205,276 |
Less: Fair value of acquired identifiable assets and liabilities |  | 154,968 |
Goodwill |  | $ | 50,308 |
The amounts above represent the Company's provisional fair value estimates related to the acquisition as of July 26, 2024 and are subject to subsequent adjustments as additional information is obtained during the applicable measurement period. The primary areas of estimates that are not yet finalized include certain tangible assets acquired and liabilities assumed, as well as the identifiable intangible assets. The purchase price was allocated to the tangible assets and identifiable intangible assets acquired and liabilities assumed based on their acquisition date estimated fair values. The fair value of accounts receivables acquired is $10,478, with gross contractual amounts being $10,478. The Company currently expects all to be collectible. The identifiable intangible assets consist of trademarks, customer relationships, and developed technology which were assigned fair values of $4,200, $63,200 and $23,200, respectively. The trade names and trademarks, customer relationships and developed technology are being amortized on a straight-line basis over weighted average useful lives of 6, 13 and 12 years, respectively. Goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired. The Company believes the goodwill related to the acquisition was attributable to the value of the assembled workforce as well as the collective experience of the management team with regards to its operations, customers, and industry. All acquired goodwill is deductible for tax purposes. The results of the Bren-Tronics acquisition have been included in the Company’s results of operations in the Specialty operating segment from the date of acquisition. Pro forma earnings and earnings per share computations have not been presented as this acquisition is not considered material.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//805/tableOfContent + Details
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