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Acquisition (Tables) | 6 Months Ended
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Jun. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 2024 acquisitions:
(In thousands) |  | Total
Cash and Cash Equivalents |  | $ | 10,016 |
Accounts Receivable |  | 11,995 |
Inventories |  | 25,033 |
Other Current Assets |  | 3,203 |
Property, Plant, and Equipment |  | 38,758 |
Other Assets |  | 13,417 |
Definite-Lived Intangible Assets |  |
Customer relationships |  | 113,833 |
Product technology |  | 20,000 |
Tradenames |  | 9,215 |
Other |  | 3,540 |
Goodwill |  | 92,095 |
Total assets acquired |  | 341,105 |
Accounts Payable |  | 3,060 |
Customer Deposits |  | 2,890 |
Other Current Liabilities |  | 7,807 |
Long-Term Deferred Income Taxes |  | 5,331 |
Other Long-Term Liabilities |  | 12,806 |
Total liabilities assumed |  | 31,894 |
Noncontrolling interests acquired |  | 9,319 |
Net assets and noncontrolling interests acquired |  | $ | 299,892 |
Purchase Price: |  |
Cash Paid |  | $ | 301,591 |
Estimated Remaining Post-closing Adjustments, Net |  | (1,699) |
|  | $ | 299,892 |
Revenue and Operating Income | Revenue and operating income for the three- and six-month periods ended June 29, 2024 associated with the 2024 acquisitions from their respective acquisition dates, are as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 29, 2024 |  | June 29, 2024
(In thousands) |  |
Revenue |  | $ | 27,302 |  |  | $ | 51,598 |
Operating Income, including acquisition-related costs (a) |  | $ | 1,439 |  |  | $ | 1,124 |
(a) Acquisition-related costs include acquired profit in inventory and backlog amortization expense and acquisition costs.
Unaudited Supplemental Pro Forma Information | Had the Key Knife, KWS, and DSTI acquisitions been completed as of the beginning of 2023, the Company’s pro forma results of operations for the three- and six-month periods ended June 29, 2024 and July 1, 2023 would have been as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
(In thousands, except per share amounts) |  |  |  |
Revenue |  | $ | 277,971 |  |  | $ | 279,073 |  |  | $ | 535,332 |  |  | $ | 542,850 |
Net Income Attributable to Kadant |  | $ | 31,760 |  |  | $ | 27,895 |  |  | $ | 58,733 |  |  | $ | 51,499 |
Earnings per Share Attributable to Kadant |  |  |  |  |  |  |  |
Basic |  | $ | 2.70 |  |  | $ | 2.38 |  |  | $ | 5.01 |  |  | $ | 4.40 |
Diluted |  | $ | 2.70 |  |  | $ | 2.38 |  |  | $ | 5.00 |  |  | $ | 4.40 |

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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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