XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.25.2

Fair Value Measurements | 3 Months Ended
--- | ---
Jun. 29, 2025
Fair Value Disclosures [Abstract] |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Fair Value Measurements Our financial assets and liabilities are measured at fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these instruments. Because of the variable-rate nature of our debt under our credit facility, our debt also approximates fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis. The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Our financial assets that are measured at fair value on a recurring basis are an interest rate swap and assets held in a deferred compensation retirement plan. Both of these assets are classified as long-term assets on our balance sheet, with the portion of the deferred compensation retirement plan assets expected to be paid within twelve months classified as current assets. The fair value of the interest rate swap is determined by the respective counterparties based on interest rate changes. Interest rate swaps are valued based on observable interest rate yield curves for similar instruments. The deferred compensation plan assets relate to contributions made to a non-qualified compensation plan on behalf of certain employees who are classified as “highly compensated employees” as determined by IRS guidelines. The assets are part of a rabbi trust and the funds are held in mutual funds. The fair value of the deferred compensation is based on the quoted market prices for the mutual funds at the end of the period. The earnout liabilities recorded in conjunction with the acquisitions of Water Solutions (acquired during fiscal 2024) and WaterSurplus are based upon achieving certain targets. The Water Solutions earnout is based on a target of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in year three of the acquisition. The earnout liability was valued based upon a risk-neutral pricing analysis within a Monte Carlo simulation framework, which is a Level 3 input. The WaterSurplus earnout liability is based on a target of accumulated gross profit for the first five years of the acquisition. The earnout liability was discounted and recorded at the present value of the anticipated, maximum payout amount, which is a Level 3 input. The earnout liabilities are adjusted to fair value at each reporting date until settled. Changes in fair value are included in selling, general and administrative expenses in our Condensed Consolidated Statements of Income. The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of June 29, 2025 and March 30, 2025. 0
(In thousands) |  |  |  | June 29, 2025 |  | March 30, 2025
Assets |  |  |  |  |  |
Deferred compensation plan assets |  | Level 1 |  | $ | 14,009 |  |  | $ | 11,723 |
Interest rate swap |  | Level 2 |  | $ | 1,929 |  |  | $ | 2,373 |
Liabilities |  |  |  |  |  |
WaterSurplus earnout liability |  | Level 3 |  | $ | 43,357 |  |  | $ | — |
Water Solutions earnout liability |  | Level 3 |  | $ | 10,664 |  |  | $ | 12,604 |
Changes in the earnout liability measured at fair value using Level 3 inputs were as follows:
(In thousands) |  |  |  |  |  |
Earnout liability at March 30, 2025 |  |  |  |  |  | $ | 12,604 |
Addition for acquisition of WaterSurplus |  | Level 3 |  |  |  | $ | 43,000 |
Fair value adjustments to WaterSurplus earnout liability |  | Level 3 |  |  |  | $ | 357 |
Fair value adjustments to Water Solutions earnout liability |  | Level 3 |  |  |  | $ | (1,940) |
Earnout liability at June 29, 2025 |  |  |  |  |  | $ | 54,021 |

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
Name: | us-gaap_FairValueMeasurementInputsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration