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Acquisition (Tables) | 9 Months Ended
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Oct. 02, 2021
Business Combination and Asset Acquisition [Abstract] |
Summary of Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price for Clouth and Balemaster.
(In thousands) |  | Clouth |  | Balemaster |  | Total
Net Assets Acquired: |  |  |  |  |  |
Cash and Cash Equivalents |  | $ | 4,666 |  |  | $ | 3,757 |  |  | $ | 8,423 |
Accounts Receivable |  | 6,863 |  |  | 1,593 |  |  | 8,456 |
Inventories |  | 15,770 |  |  | 3,993 |  |  | 19,763 |
Other Current Assets |  | 1,467 |  |  | 36 |  |  | 1,503 |
Property, Plant, and Equipment |  | 24,508 |  |  | 4,232 |  |  | 28,740 |
Other Assets |  | 3,923 |  |  | 195 |  |  | 4,118 |
Definite-Lived Intangible Assets |  |  |  |  |  |
Customer relationships |  | 19,838 |  |  | 21,800 |  |  | 41,638 |
Product technology |  | 8,914 |  |  | 2,600 |  |  | 11,514 |
Tradenames |  | — |  |  | 1,400 |  |  | 1,400 |
Other |  | 402 |  |  | 1,460 |  |  | 1,862 |
Indefinite-Lived Intangible Assets |  |  |  |  |  |
Tradenames |  | 4,959 |  |  | — |  |  | 4,959 |
Goodwill |  | 25,349 |  |  | 27,699 |  |  | 53,048 |
Total assets acquired |  | 116,659 |  |  | 68,765 |  |  | 185,424 |
Short-term Obligations and Current Maturities of Long-term Obligations |  | 1,320 |  |  | — |  |  | 1,320 |
Accounts Payable |  | 1,452 |  |  | 743 |  |  | 2,195 |
Other Current Liabilities |  | 4,557 |  |  | 3,900 |  |  | 8,457 |
Long-Term Deferred Income Taxes |  | 10,060 |  |  | 6,423 |  |  | 16,483 |
Long-Term Obligations |  | 4,141 |  |  | — |  |  | 4,141 |
Other Long-term Liabilities |  | 2,797 |  |  | 195 |  |  | 2,992 |
Total liabilities assumed |  | 24,327 |  |  | 11,261 |  |  | 35,588 |
Net assets acquired |  | $ | 92,332 |  |  | $ | 57,504 |  |  | $ | 149,836 |
Purchase Price: |  |  |  |  |  |
Cash Paid |  | $ | 92,332 |  |  | $ | 57,504 |  |  | $ | 149,836 |
Unaudited Supplemental Pro Forma Information | Had the acquisition of Clouth been completed as of the beginning of 2020, the Company’s pro forma results of operations for the three- and nine-month periods ended October 2, 2021 and September 26, 2020 would have been as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | October 2, 2021 |  | September 26, 2020 |  | October 2, 2021 |  | September 26, 2020
(In thousands, except per share amounts) |  |  |  |
Revenue |  | $ | 201,372 |  |  | $ | 166,687 |  |  | $ | 593,500 |  |  | $ | 501,484 |
Net Income Attributable to Kadant |  | $ | 22,125 |  |  | $ | 17,013 |  |  | $ | 64,102 |  |  | $ | 37,106 |
Earnings per Share Attributable to Kadant |  |  |  |  |  |  |  |
Basic |  | $ | 1.91 |  |  | $ | 1.48 |  |  | $ | 5.54 |  |  | $ | 3.23 |
Diluted |  | $ | 1.90 |  |  | $ | 1.47 |  |  | $ | 5.51 |  |  | $ | 3.21 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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