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Acquisition (Tables) | 9 Months Ended
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Sep. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Summary of Net Assets and Noncontrolling Interests Acquired | The following table summarizes the aggregate purchase price and estimated fair values of the net assets and noncontrolling interests acquired related to the 2024 acquisitions:
(In thousands) |  | Total
Cash and Cash Equivalents |  | $ | 11,509 |
Accounts Receivable |  | 12,143 |
Inventories |  | 27,461 |
Other Current Assets |  | 3,472 |
Property, Plant, and Equipment |  | 37,061 |
Other Assets |  | 14,249 |
Definite-Lived Intangible Assets |  |
Customer relationships |  | 114,995 |
Product technology |  | 24,959 |
Tradenames |  | 9,540 |
Other |  | 4,401 |
Goodwill |  | 100,231 |
Total assets acquired |  | 360,021 |
Accounts Payable |  | 3,316 |
Customer Deposits |  | 3,275 |
Other Current Liabilities |  | 9,895 |
Long-Term Deferred Income Taxes |  | 5,455 |
Other Long-Term Liabilities |  | 13,634 |
Total liabilities assumed |  | 35,575 |
Noncontrolling interests acquired |  | 9,319 |
Net assets and noncontrolling interests acquired |  | $ | 315,127 |
Purchase Price: |  |
Cash Paid |  | $ | 313,533 |
Fair Value of Contingent Consideration (Note 10) |  | 1,785 |
Estimated Remaining Post-closing Adjustments, Net |  | (191) |
|  | $ | 315,127 |
Revenue and Operating Income | Revenue and operating income for the three- and nine-month periods ended September 28, 2024 associated with the 2024 acquisitions from their respective acquisition dates, are as follows:
(In thousands) |  | Three Months Ended September 28, 2024 |  | Nine Months Ended September 28, 2024
Revenue |  | $ | 30,477 |  |  | $ | 82,075 |
Operating Income (a) |  | $ | 1,651 |  |  | $ | 4,258 |
(a) Includes amortization expense associated with acquired profit in inventory and backlog of $1,892,000 in the three months ended September 28, 2024 and $6,246,000 in the nine months ended September 28, 2024.
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 nine-month periods ended September 28, 2024 and September 30, 2023 would have been as follows:
|  | Three Months Ended |  | Nine Months Ended
(In thousands, except per share amounts) |  | September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
Revenue |  | $ | 271,614 |  |  | $ | 278,202 |  |  | $ | 806,946 |  |  | $ | 821,052 |
Net Income Attributable to Kadant |  | $ | 33,497 |  |  | $ | 28,973 |  |  | $ | 92,264 |  |  | $ | 80,131 |
Earnings per Share Attributable to Kadant |  |  |  |  |  |  |  |
Basic |  | $ | 2.85 |  |  | $ | 2.48 |  |  | $ | 7.86 |  |  | $ | 6.85 |
Diluted |  | $ | 2.84 |  |  | $ | 2.47 |  |  | $ | 7.84 |  |  | $ | 6.84 |

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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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