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ACQUISITION | 6 Months Ended
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Sep. 26, 2020
Business Combinations [Abstract] |
ACQUISITION | 4. ACQUISITION On April 1, 2020, the Company acquired all of the outstanding equity of enicor GmbH ("enicor"), the manufacturer of ClotPro®, a new generation whole blood coagulation testing system that is currently available in select European and Asia Pacific markets, for total consideration of $20.5 million, which consisted of upfront payments of $16.6 million and the fair value of contingent consideration of $3.9 million. The contingent consideration, which could total a maximum of $4.5 million, consists of payments related to the achievement of certain revenue and regulatory milestones. The acquisition of this viscoelastic diagnostic device augments the Company's portfolio of hemostasis analyzers within the Hospital business unit. Purchase Price Allocation The Company accounted for the acquisition of enicor as a business combination, and in accordance with FASB ASC Topic 805, Business Combinations (Topic 805), recorded the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The final determination of the fair value of certain assets and liabilities will be completed within the measurement period as required by Topic 805. As of September 26, 2020, the valuation studies necessary to determine the fair market value of the assets acquired and liabilities assumed are preliminary, including the projection of the underlying cash flows used to determine the fair value of the identified tangible, intangible and financial assets and liabilities. The following amounts represent the preliminary determination of the fair value of the identifiable assets acquired and liabilities assumed for enicor completed during the first six months of fiscal 2021:
(In thousands) |  | September 26, 2020
Inventory |  | $ | 634 |
Other current assets |  | 685 |
Property, plant and equipment |  | 289 |
Intangible assets |  | 14,090 |
Goodwill |  | 8,153 |
Total assets acquired |  | $ | 23,851 |
Other current liabilities |  | 289 |
Contingent consideration (current) |  | 504 |
Contingent consideration (non-current) |  | 3,416 |
Deferred tax liability |  | 3,036 |
Total liabilities assumed |  | $ | 7,245 |
Net assets acquired |  | $ | 16,606 |
The Company determined the identifiable intangible assets were completed technology, customer relationships and a trademark. The fair value of the intangible assets was estimated using the income approach, and the cash flow projections were discounted using a rate of 20%. The cash flows were based on estimates used to price the transaction, and the discount rates applied were benchmarked with reference to the implied rate of return from the transaction model and the weighted average cost of capital. The benefits of adding a viscoelastic diagnostic device to the Company’s portfolio of hemostasis analyzers within the Hospital business unit contributed to an acquisition price in excess of the fair value of net assets acquired for enicor, which resulted in the establishment of goodwill. In addition, the benefits of lower cost manufacturing and complementary sales channels also contributed to the establishment of goodwill for this acquisition. None of the goodwill is expected to be deductible for income tax purposes. Intangible assets acquired consist of the following:
(In thousands) |  | Amount |  | Weighted-Average Amortization Period
Completed technology |  | $ | 13,441 |  |  | 10
Customer relationships |  | 347 |  |  | 10
Trademark |  | 302 |  |  | 10
Total |  | $ | 14,090 |  |  | 10
Acquisition-Related Costs The amount of acquisition-related costs incurred associated with the acquisition was $0.2 million for the three and six months ended September 26, 2020. Unaudited Pro Forma Financial Information Enicor had an immaterial impact to the Company's net revenues and net income for the period post acquisition through September 26, 2020. The unaudited estimated pro forma impact of the results of the acquisition of enicor as if it was consummated on March 29, 2020 are immaterial.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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Period Type: | duration