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Acquisitions (Tables) | 12 Months Ended
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Dec. 28, 2019
Business Combinations [Abstract] |
Purchase Price Allocation | The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price for SMH. During the fourth quarter of 2019, the Company made an adjustment to reduce goodwill by $1,704,000, principally due to a reduction of long-term deferred income tax liabilities as a result of the tax attributes acquired.
|  | SMH
(In thousands) |  | January 2, 2019
Net Assets Acquired: |  |
Cash, Cash Equivalents, and Restricted Cash |  | $ | 2,431 |
Accounts Receivable |  | 10,275 |
Inventories |  | 13,061 |
Property, Plant, and Equipment |  | 7,383 |
Other Assets |  | 12,054 |
Definite-Lived Intangible Assets |  |
Customer relationships |  | 58,300 |
Product technology |  | 11,000 |
Other |  | 4,220 |
Indefinite-Lived Intangible Assets |  |
Tradenames |  | 9,500 |
Goodwill |  | 78,592 |
Total assets acquired |  | 206,816 |
Accounts Payable |  | 3,380 |
Other Current Liabilities |  | 7,954 |
Long-Term Lease Liabilities |  | 15,244 |
Long-Term Deferred Income Taxes |  | 952 |
Total liabilities assumed |  | 27,530 |
Net assets acquired |  | $ | 179,286 |
Purchase Price: |  |
Cash Paid to Seller Borrowed Under Revolving Credit Facility |  | $ | 179,286 |
The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price for the Company's 2017 acquisitions.
|  | 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 |  | 25,304 |  |  | 2,033 |  |  | — |  |  | 27,337 |
Property, Plant, and Equipment |  | 12,912 |  |  | 1,279 |  |  | 284 |  |  | 14,475 |
Other Assets |  | 2,375 |  |  | 72 |  |  | — |  |  | 2,447 |
Definite-Lived Intangible Assets |  |  |  |  |  |  |  |
Customer relationships |  | 44,682 |  |  | 8,000 |  |  | 1,500 |  |  | 54,182 |
Product technology |  | 17,100 |  |  | 2,300 |  |  | — |  |  | 19,400 |
Other |  | 2,530 |  |  | 900 |  |  | — |  |  | 3,430 |
Indefinite-Lived Intangible Assets |  |  |  |  |  |  |  |
Tradenames |  | 8,500 |  |  | — |  |  | — |  |  | 8,500 |
Goodwill |  | 85,432 |  |  | 15,640 |  |  | 716 |  |  | 101,788 |
Total assets acquired |  | 207,596 |  |  | 32,303 |  |  | 2,500 |  |  | 242,399 |
Accounts Payable |  | 4,970 |  |  | 358 |  |  | — |  |  | 5,328 |
Customer Deposits |  | 7,396 |  |  | 100 |  |  | — |  |  | 7,496 |
Long-Term Deferred Income Taxes |  | 16,622 |  |  | — |  |  | — |  |  | 16,622 |
Other Liabilities |  | 5,597 |  |  | 571 |  |  | — |  |  | 6,168 |
Total liabilities assumed |  | 34,585 |  |  | 1,029 |  |  | — |  |  | 35,614 |
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 |
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 would have been as follows:
(In thousands, except per share amounts) |  | December 30, 2017
Revenues |  | $ | 565,710 |
Net Income Attributable to Kadant |  | $ | 44,159 |
Earnings per Share Attributable to Kadant |  |
Basic |  | $ | 4.02 |
Diluted |  | $ | 3.90 |
Had the acquisition of SMH been completed as of the beginning of 2018, the Company’s pro forma results of operations for 2019 and 2018 would have been as follows:
(In thousands, except per share amounts) |  | December 28, 2019 |  | December 29, 2018
Revenues |  | $ | 704,644 |  |  | $ | 719,142 |
Net Income Attributable to Kadant |  | $ | 56,409 |  |  | $ | 56,511 |
Earnings per Share Attributable to Kadant |  |  |  |
Basic |  | $ | 5.02 |  |  | $ | 5.10 |
Diluted |  | $ | 4.92 |  |  | $ | 4.96 |

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