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Business Combinations | 12 Months Ended
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Apr. 01, 2018
Business Combinations [Abstract] |
Business Combination Disclosure [Text Block] | Business Combinations Acquisition of Stauber Performance Ingredients: On December 23, 2015, we acquired Stauber for $157.0 million on a cash-free, debt-free basis subject to a customary working capital adjustment. The total consideration for the acquisition was $158.2 million ($156.7 million net of cash acquired). We paid $156.0 million in cash at closing and paid an additional $2.2 million in early fiscal 2017 based upon closing cash, debt and working capital balances. The purchase was funded with $131.0 million of proceeds from the credit facility described more fully in Note 7 as well as cash on hand. The results of operations since the acquisition date, and the assets, including the goodwill associated with the acquisition, are included in our Health and Nutrition operating segment, which we established as a result of this acquisition. Direct acquisition costs of $3.3 million, consisting mainly of professional and consulting fees, were expensed as incurred during fiscal 2016, and are classified as selling, general, and administrative expenses in our consolidated statement of income, and are reported in our Health and Nutrition segment. The acquisition was accounted for under the acquisition method of accounting. Accordingly, the cost to acquire Stauber was allocated to the underlying net assets in proportion to estimates of their respective fair values. The final valuation of assets acquired and liabilities assumed was completed in the third quarter of fiscal 2017. The following table summarizes the fair value measurement of the assets acquired and liabilities assumed as of the acquisition date:
(In thousands) |  | Amount
Cash and cash equivalents (a) |  | $ | 1,502 |
Trade receivables |  | 16,023 |
Inventories |  | 10,207 |
Other assets |  | 900 |
Property, plant, and equipment |  | 10,989 |
Intangible assets |  | 71,459 |
Accounts payable |  | (5,398 | )
Accrued expenses and other current liabilities (a) |  | (2,925 | )
Deferred income taxes |  | (28,565 | )
Other non-current liabilities |  | (77 | )
Net assets acquired |  | 74,115 |
Goodwill |  | 84,061 |
Total preliminary purchase price |  | 158,176 |
Less acquired cash |  | (1,502 | )
Preliminary purchase price, net of cash acquired |  | $ | 156,674 |
(a) In addition to these balances, $7.3 million of cash and current accrued liabilities were recorded that relate to stock and other acquisition-related compensation payments, which were recorded by Stauber as of the acquisition date but were paid subsequent to the acquisition date. The following pro forma information has been prepared as if the Stauber acquisition and the borrowing to finance the acquisition had occurred as of the beginning of the fiscal year presented. The unaudited pro forma information is not necessarily indicative of what our consolidated results of operations actually would have been had the acquisition occurred at the beginning of the earliest fiscal year presented, nor is it indicative of our future operational results.
| Fiscal year ended April 3, 2016
(In thousands, except per share data) | As reported |  | Pro Forma Stauber Adjustments |  | Combined Pro Forma Results
Pro forma net sales | $ | 413,976 |  |  | $ | 87,691 |  |  | $ | 501,667 |
Pro forma net income | 18,143 |  |  | 4,809 |  |  | 22,952 |
Pro forma basic earnings per share | $ | 1.72 |  |  | $ | 0.46 |  |  | $ | 2.18 |
Pro forma diluted earnings per share | $ | 1.72 |  |  | $ | 0.45 |  |  | $ | 2.17 |
The unaudited pro forma financial information above is adjusted to reflect the following: (a) interest expense, including amortization of debt issuance costs, related to the $131.0 million of debt used to fund the acquisition; (b) amortization expense related to the $71.5 million of identifiable intangible assets recognized in conjunction with the acquisition; (c) elimination of amortization of intangibles and interest expense previously reflected on Stauber’s financial statements; (d) elimination of stock and other acquisition-related compensation recorded by Stauber, and transaction-related expenses recorded by us; and (e) recording income taxes at an estimated combined federal and state statutory rate of approximately 38% on these pre-tax adjustments. Acquisition of Davis Supply, Inc.: On September 18, 2015, we acquired substantially all of the assets of Davis Supply, Inc. (“Davis”) under the terms of an asset purchase agreement with Davis and its shareholders. We paid $4.5 million in cash at closing, using available cash on hand to fund the acquisition. Davis was a water treatment chemical distribution company operating in Florida with revenues of approximately $5.0 million in calendar year 2014. We have integrated this business into our existing Florida locations. The results of operations after the date of acquisition and the acquired assets are included in our Water Treatment Segment.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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