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Acquisition (Tables) | 3 Months Ended
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Mar. 30, 2024
Business Combination and Asset Acquisition [Abstract] |
Summary of Net Assets and Noncontrolling Interests Acquired | The following table summarizes the aggregate estimated fair values of the net assets and noncontrolling interests acquired and purchase price for the Key Knife and KWS acquisitions:
(In thousands) |  | Total
Cash and Cash Equivalents |  | $ | 5,673 |
Accounts Receivable |  | 10,021 |
Inventories |  | 15,156 |
Other Current Assets |  | 1,132 |
Property, Plant, and Equipment |  | 33,648 |
Other Assets |  | 4,755 |
Definite-Lived Intangible Assets |  |
Customer relationships |  | 99,300 |
Product technology |  | 14,700 |
Tradenames |  | 7,450 |
Acquired backlog |  | 1,700 |
Goodwill |  | 72,526 |
Total assets acquired |  | 266,061 |
Accounts Payable |  | 2,263 |
Customer Deposits |  | 2,877 |
Other Current Liabilities |  | 4,470 |
Long-Term Deferred Income Taxes |  | 4,292 |
Other Long-Term Liabilities |  | 4,534 |
Total liabilities assumed |  | 18,436 |
Noncontrolling interests acquired |  | 9,319 |
Net assets and noncontrolling interests acquired |  | $ | 238,306 |
Purchase Price: |  |
Cash Paid at Closing |  | $ | 237,934 |
Post-closing Adjustments |  | 372 |
|  | $ | 238,306 |
Unaudited Supplemental Pro Forma Information | Had the acquisitions of Key Knife and KWS been completed as of the beginning of 2023, the Company’s pro forma results of operations for the quarters ended March 30, 2024 and April 1, 2023 would have been as follows:
|  | Three Months Ended |  |
|  | March 30, 2024 |  | April 1, 2023 |  |  |  |
(In thousands, except per share amounts) |  |  |  |
Revenue |  | $ | 251,640 |  |  | $ | 257,391 |  |  |  |  |
Net Income Attributable to Kadant |  | $ | 27,310 |  |  | $ | 24,824 |  |  |  |  |
Earnings per Share Attributable to Kadant |  |  |  |  |  |  |  |
Basic |  | $ | 2.33 |  |  | $ | 2.13 |  |  |  |  |
Diluted |  | $ | 2.33 |  |  | $ | 2.12 |  |  |  |  |

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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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