XML 23 R11.htm IDEA: XBRL DOCUMENT v3.26.1
Acquisitions
 3 Months Ended
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.