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Acquisitions | 3 Months Ended
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Apr. 04, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions The Company's acquisitions are accounted for using the acquisition method of accounting and the results of the acquired businesses are included in its condensed consolidated financial statements from the date of acquisition. Historically, acquisitions have been made at prices above the fair value of identifiable net assets, resulting in goodwill. Acquisition costs were $674,000 in the first quarter of 2026 and are included in selling, general and administrative (SG&A) expenses in the accompanying condensed consolidated statement of income. 2026 See Note 11, Subsequent Events, for information regarding the Company's April 2026 acquisition. 2025 During the three months ended April 4, 2026, the Company recorded measurement period adjustments related to its acquisitions of Babbini S.p.A. and G.P.S. Engineering S.r.l (collectively, Babbini), acquired on July 9, 2025, and Clyde Industries Holdings, Inc. and its subsidiaries (collectively, Clyde Industries), acquired on October 7, 2025. These adjustments reflect new information obtained about facts and circumstances that existed as of the respective acquisition dates and resulted in revisions to the preliminary purchase price allocations. The measurement period adjustments were not material to the Company's financial position or results of operations for the three months ended April 4, 2026. The following table summarizes the aggregate estimated fair values of assets acquired and liabilities assumed in connection with the acquisitions of Babbini and Clyde Industries.
(In thousands) |  |  | Total
Cash and Cash Equivalents |  |  | $ | 10,304 |
Accounts Receivable |  |  | 22,991 |
Inventories |  |  | 39,511 |
Other Current Assets |  |  | 4,588 |
Property, Plant and Equipment |  |  | 23,036 |
Other Assets |  |  | 4,929 |
Definite-Lived Intangible Assets |  |  |
Customer relationships |  |  | 80,580 |
Tradenames |  |  | 7,390 |
Product technology |  |  | 4,825 |
Goodwill |  |  | 55,731 |
Total assets acquired |  |  | $ | 253,885 |
Accounts Payable |  |  | $ | 6,790 |
Customer Deposits |  |  | 9,831 |
Other Current Liabilities |  |  | 14,103 |
Long-Term Obligations |  |  | 91 |
Deferred Income Taxes |  |  | 17,054 |
Other Long-Term Liabilities |  |  | 5,499 |
Total liabilities assumed |  |  | 53,368 |
Net assets acquired |  |  | $ | 200,517 |
Purchase Price: |  |  |
Cash Paid |  |  | $ | 200,517 |
The Company is continuing to evaluate certain components of the purchase price allocations related to its acquisitions of Babbini and Clyde Industries, and may record additional measurement period adjustments in future periods as new information becomes available. The Company expects the remaining purchase price adjustments will primarily relate to the valuation of deferred income taxes and inventory. The measurement period will not exceed one year from the respective acquisition dates. 2024 On August 21, 2024, the Company acquired a technology company, which is included in its Material Handling segment. The total purchase price was approximately $11,785,000, which included cash paid of $8,843,000, net of cash acquired, a post-closing holdback payment of $1,157,000, which was paid during the first quarter of 2026, and contingent consideration with a fair value of $1,785,000 as of the acquisition date. The contingent consideration is payable upon the achievement of certain revenue performance targets earned between June 30, 2025 and June 30, 2027. The maximum future value of the contingent consideration subject to payment is approximately $12,079,000, calculated using the foreign currency spot rate at April 4, 2026. The valuation of the contingent consideration is dependent on the following assumptions: the probability of successful achievement of certain revenue targets, forecasted revenue, revenue volatility, and discount rate. See Note 8, Fair Value Measurements and Fair Value of Financial Instruments, for additional information related to the fair value of the contingent consideration assumed in the acquisition.

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