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Acquisitions (Tables)

12 Months Ended

Jan. 01, 2022

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 the Company's other acquisitions in 2021. The final purchase accounting and purchase price allocations remain subject to change as the Company continues to refine its preliminary valuation of certain acquired assets

and liabilities assumed and the valuation of acquired intangibles, which may result in adjustments to the assets and liabilities, including goodwill. Measurement period adjustments in 2021 did not have a material effect on the Company's consolidated balance sheet or statement of income.

(In thousands)						Clouth						Other						Total
Net Assets Acquired:
Cash and Cash Equivalents						$	4,923					$	3,757					$	8,680
Accounts Receivable						6,808						1,641						8,449
Inventories						14,119						4,628						18,747
Property, Plant, and Equipment						24,498						5,143						29,641
Other Assets						5,309						3,167						8,476
Definite-Lived Intangible Assets
Customer relationships						20,192						23,100						43,292
Product technology						8,915						2,700						11,615
Tradenames						—						1,400						1,400
Other						401						1,560						1,961
Indefinite-Lived Intangible Assets												—
Tradenames						4,959						—						4,959
Goodwill						25,806						27,951						53,757
Total assets acquired						115,930						75,047						190,977
Short-term Obligations and Current Maturities of Long-term Obligations						1,393						—						1,393
Accounts Payable						1,287						797						2,084
Long-Term Deferred Income Taxes						9,465						6,698						16,163
Long-Term Obligations						4,244						—						4,244
Other Liabilities						7,391						7,166						14,557
Total liabilities assumed						23,780						14,661						38,441
Net assets acquired						$	92,150					$	60,386					$	152,536
Purchase Price:
Cash Paid						$	92,150					$	60,386					$	152,536

The following table summarizes the estimated fair values of assets acquired and liabilities assumed and the purchase price for 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						$	179,286

Unaudited supplemental pro forma information

The following unaudited pro forma information provides the effect of the Company's 2021 acquisition of Clouth as if it had occurred at the beginning of 2020:

(In thousands, except per share amounts)						January 1, 2022						January 2, 2021
Revenue						$	812,016					$	682,248
Net Income Attributable to Kadant						$	90,184					$	55,760
Earnings per Share Attributable to Kadant
Basic						$	7.79					$	4.86
Diluted						$	7.74					$	4.82

The following unaudited pro forma information provides the effect of the Company's 2019 acquisition of SMH as if it had occurred at the beginning of 2018:

(In thousands, except per share amounts)						December 28, 2019
Revenue						$	704,644
Net Income Attributable to Kadant						$	56,409
Earnings per Share Attributable to Kadant
Basic						$	5.02
Diluted						$	4.92

X

- 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

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X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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