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Acquisitions (Tables) | 12 Months Ended
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Dec. 30, 2017
Business Combinations [Abstract] |
Purchase Price Allocation | The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price of the Company's 2017 acquisitions. The purchase price allocation is based upon preliminary information and is subject to change if additional information about the facts and circumstances that existed at the acquisition date becomes available. The final determination of fair value of the assets acquired and liabilities assumed may result in adjustments to the assets and liabilities, including goodwill. During the year ended December 30, 2017, the Company made certain adjustments to its purchase price allocation primarily to adjust working capital, which resulted in a $1,282,000 increase to goodwill initially recorded. Any subsequent measurement period adjustments are not expected to have a material impact on the Company's results of operations.
|  | NII FPG |  | Unaflex |  | Other |  |
(In thousands) |  | July 5, 2017 |  | August 14, 2017 |  | October 30, 2017 |  | Total
Net Assets Acquired: |  |  |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 2,219 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,219 |
Accounts Receivable |  | 6,542 |  |  | 2,079 |  |  | — |  |  | 8,621 |
Inventories |  | 25,246 |  |  | 1,704 |  |  | — |  |  | 26,950 |
Property, Plant, and Equipment |  | 12,912 |  |  | 1,194 |  |  | 284 |  |  | 14,390 |
Other Assets |  | 2,375 |  |  | 72 |  |  | — |  |  | 2,447 |
Definite-Lived Intangible Assets |  |  |  |  |  |  |  |
Customer relationships |  | 44,700 |  |  | 8,000 |  |  | 1,500 |  |  | 54,200 |
Product technology |  | 17,100 |  |  | 2,300 |  |  | — |  |  | 19,400 |
Other |  | 2,540 |  |  | 900 |  |  | — |  |  | 3,440 |
Indefinite-Lived Intangible Assets |  |  |  |  |  |  |  |
Tradenames |  | 8,500 |  |  | — |  |  | — |  |  | 8,500 |
Goodwill |  | 85,508 |  |  | 15,657 |  |  | 716 |  |  | 101,881 |
Total assets acquired |  | 207,642 |  |  | 31,906 |  |  | 2,500 |  |  | 242,048 |
Accounts Payable |  | 4,970 |  |  | 358 |  |  | — |  |  | 5,328 |
Customer Deposits |  | 7,396 |  |  | 100 |  |  | — |  |  | 7,496 |
Long-Term Deferred Income Taxes |  | 16,668 |  |  | — |  |  | — |  |  | 16,668 |
Other Liabilities |  | 5,597 |  |  | 174 |  |  | — |  |  | 5,771 |
Total liabilities assumed |  | 34,631 |  |  | 632 |  |  | — |  |  | 35,263 |
Net assets acquired |  | $ | 173,011 |  |  | $ | 31,274 |  |  | $ | 2,500 |  |  | $ | 206,785 |
Purchase Price: |  |  |  |  |  |  |  |  |
Cash Paid |  | $ | 2,993 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,993 |
Cash Paid to Seller Borrowed Under the Revolving Credit Facility |  | 170,018 |  |  | 31,274 |  |  | 2,500 |  |  | 203,792 |
Total purchase price |  | $ | 173,011 |  |  | $ | 31,274 |  |  | $ | 2,500 |  |  | $ | 206,785 |
The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price of PAAL.
|  | PAAL
(In thousands) |  | April 4, 2016
Net Assets Acquired: |  |
Cash and Cash Equivalents |  | $ | 2,277 |
Accounts Receivable |  | 5,441 |
Inventories |  | 3,947 |
Property, Plant, and Equipment |  | 7,179 |
Other Assets |  | 2,882 |
Definite-Lived Intangible Assets |  |
Customer relationships |  | 15,831 |
Product technology |  | 4,203 |
Tradenames |  | 2,278 |
Other |  | 2,379 |
Goodwill |  | 38,552 |
Total assets acquired |  | 84,969 |
Accounts Payable |  | 5,536 |
Customer Deposits |  | 2,471 |
Obligations Under Capital Lease |  | 4,842 |
Long-Term Deferred Income Taxes |  | 6,148 |
Other Liabilities |  | 6,913 |
Total liabilities assumed |  | 25,910 |
Net assets acquired |  | $ | 59,059 |
Purchase Price: |  |  |
Cash |  | $ | 29,193 |
Cash Paid to Seller Borrowed Under the Revolving Credit Facility |  | 29,866 |
Total purchase price |  | $ | 59,059 |
Unaudited Supplemental Pro Forma Information | Had the acquisitions of NII FPG and Unaflex been completed as of the beginning of 2016, the Company’s pro forma results of operations for 2017 and 2016 would have been as follows:
(In thousands, except per share amounts) |  | December 30, 2017 |  | December 31, 2016
Revenues |  | $ | 565,710 |  |  | $ | 508,832 |
Net Income Attributable to Kadant |  | $ | 44,159 |  |  | $ | 30,638 |
Earnings per Share Attributable to Kadant: |  |  |  |
Basic |  | $ | 4.02 |  |  | $ | 2.82 |
Diluted |  | $ | 3.90 |  |  | $ | 2.75 |
Had the acquisition of PAAL been completed as of the beginning of 2015, the Company’s pro forma results of operations for 2016 and 2015 would have been as follows:
(In thousands, except per share amounts) |  | December 31, 2016 |  | January 2, 2016
Revenues |  | $ | 427,273 |  |  | $ | 444,350 |
Net Income Attributable to Kadant |  | $ | 35,321 |  |  | $ | 33,881 |
Earnings per Share Attributable to Kadant: |  |  |  |
Basic |  | $ | 3.25 |  |  | $ | 3.12 |
Diluted |  | $ | 3.17 |  |  | $ | 3.05 |

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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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