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Acquisition (Tables) | 6 Months Ended
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Jan. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair value of the assets acquired and liabilities assumed at the date of the acquisition:
Cash and cash equivalents | $ | 7,469 |
Accounts receivable, net | 23,697 |
Inventories | 21,190 |
Prepaid expenses and other current assets | 549 |
Property, plant and equipment — net | 2,472 |
Goodwill | 69,936 |
Other intangible assets | 64,099 |
Operating lease assets | 6,800 |
Other assets | 1,034 |
Accounts payable | (17,353) |
Accrued compensation and benefits | (9,106) |
Taxes, other than income taxes | (6,680) |
Accrued income taxes | (1,807) |
Other current liabilities | (17,688) |
Operating lease liabilities | (6,800) |
Other liabilities | (6,729) |
Net assets acquired | $ | 131,083 |
Less: cash acquired | (7,469) |
Fair value of total consideration | $ | 123,614 |
The final purchase price allocation is subject to post-closing adjustments pursuant to the terms of the securities sale and purchase agreement, as well as the finalization of certain accounts, primarily intangible assets and deferred tax adjustments. The goodwill for this acquisition is not deductible for tax purposes.
Business Acquisition, Pro Forma Information | The following table presents the unaudited pro forma operating results for the three and six months ended January 31, 2025 and 2024, reflecting the acquisition of Gravotech as if it had occurred at the beginning of fiscal year 2024. The unaudited pro forma operating results for the three and six months ended January 31, 2025 do not contain any adjustments to the accompanying condensed consolidated financial statements. The unaudited pro forma operating results for the three and six months ended January 31, 2024 include Gravotech’s normal operating results and pro forma adjustments to include cumulative expenses, net of tax, for the non-recurring fair value adjustment to inventory, amortization expense for acquired intangible assets and interest expense on acquisition-related debt. The unaudited pro forma operating results are presented for comparative purposes only and do not necessarily reflect future operating results or those that would have occurred had the acquisition been completed at the beginning of fiscal year 2024.
| Three months ended January 31, |  | Six months ended January 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Net sales, pro forma | $ | 356,675 |  |  | $ | 352,412 |  |  | $ | 733,740 |  |  | $ | 713,521 |
Net income, pro forma | 40,334 |  |  | 43,384 |  |  | 87,117 |  |  | 86,918 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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