XML 35 R21.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Subsequent Events | 3 Months Ended
--- | ---
Mar. 31, 2024
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Event Acquisition of Turbine Controls, Inc In April 2024, we completed our previously announced acquisition Turbine Controls, Inc. ("TCI") pursuant to the terms of the purchase agreement dated February 29, 2024. TCI is leading provider of aftermarket MRO support services for complex engine components, as well as engine and airframe accessories across commercial and military applications. Total consideration is approximately $120.0 million, comprising $110.0 million in cash and $10.0 million in shares of VSE common stock, subject to certain post-closing and working capital adjustments. The cash portion of the consideration was funded through a combination of cash on hand and additional borrowings under the revolving facility under our credit agreement. TCI will be reported within our Aviation segment. It is not practical to disclose the preliminary purchase price allocation given the short period of time between the acquisition date and the issuance of these unaudited consolidated financial statements. During the three months ended March 31, 2024, we incurred $1.6 million of acquisition-related expenses, which are included in selling, general and administrative expenses. Credit Agreement Amendment On April 23, 2024, VSE Corporation entered into a Seventh Amendment with Citizen's Bank, N.A., and certain other banks and financial institutions to amend its credit agreement to provide flexibility for the Company to enter into certain accounts receivables factoring arrangements, including arrangements assumed in connection with the acquisition of Turbine Controls, Inc.

X
- References No definition available. + Details
Name: | us-gaap_SubsequentEventsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2 + Details
Name: | us-gaap_SubsequentEventsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration