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Business Acquisitions | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Business Acquisitions | NOTE 3 – Business Acquisitions SyQwest, LLC Acquisition On July 29, 2024, we acquired 100% of the outstanding membership interests of SyQwest, LLC, a leading designer and manufacturer of a broad set of sonar and acoustic sensing solutions primarily for naval applications. The SyQwest acquisition is expected to strengthen our strategy and scale in the defense end market. The purchase price of $128,017, which includes changes in working capital, was allocated to the fair values of assets and liabilities acquired as of July 29, 2024. The following tables summarize the purchase price, the fair values of the assets acquired and the liabilities assumed as of the date of the acquisition of SyQwest:
|  | Consideration Paid |
Cash paid, net of cash acquired of $1,410 |  | $ | 121,912 |
Contingent consideration |  |  | 6,105 |
Purchase price |  | $ | 128,017 |
|  | Fair Values at July 29, 2024 |
Accounts receivable |  | $ | 770 |
Inventory |  |  | 7,939 |
Other current assets |  |  | 1,475 |
Property, plant and equipment |  |  | 985 |
Other assets |  |  | 684 |
Goodwill |  |  | 46,600 |
Intangible assets |  |  | 76,100 |
Fair value of assets acquired |  |  | 134,553 |
Less fair value of liabilities acquired |  |  | (6,536 | )
Purchase price |  | $ | 128,017 |
Goodwill represents the value the Company expects to be created by combining the operations of the acquired business with the Company’s operations, including the expansion of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets:
|  | Carrying Value |  |  | Weighted Average Amortization Period |
Customer lists/relationships |  | $ | 68,500 |  |  |  | 15.0 |
Technology and other intangibles |  |  | 7,600 |  |  |  | 10.9 |
Total |  | $ | 76,100 |  |  |  |
The Company recorded a $2,087 step-up of inventory to its fair value as of the acquisition date. The step-up was amortized as a non-cash charge to cost of goods sold as the acquired inventory was sold with the entire amount recognized in the year ended December 31, 2024. All contingent consideration is payable in cash and is based on the achievement of certain project and earnings metrics through the fiscal year ending December 31, 2026. The Company recorded $6,105 as the acquisition date fair value of the contingent consideration based on the estimate of the probability of achieving the performance targets. This amount is also reflected as an addition to the purchase price and is recorded within other long-term obligations within the Condensed Consolidated Balance Sheets. The contingent consideration has a maximum payout of $15,000.

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