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v3.25.3

Basis of Presentation (Tables) | 9 Months Ended
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Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract] |
Schedule of Consolidated Financial Statements | Corrected Consolidated Statement of Earnings for the Year Ended December 31, 2024 (in thousands):
|  | Year Ended |  |  |  |  |  | Year Ended |
|  | December 31, 2024 |  |  |  |  |  | December 31, 2024 |
|  | Previously Reported |  |  | Corrections |  |  | As Corrected |
Net sales |  | $ | 515,771 |  |  | $ | (1,015 | ) |  | $ | 514,756 |
Cost of goods sold |  |  | 326,621 |  |  |  | 580 |  |  |  | 327,201 |
Gross margin |  |  | 189,150 |  |  |  | (1,595 | ) |  |  | 187,555 |
Operating earnings |  |  | 72,780 |  |  |  | (1,595 | ) |  |  | 71,185 |
Other income (expense): |  |  |  |  |  |  |  |  |
Other income (expense), net |  |  | (1,603 | ) |  |  | (1,047 | ) |  |  | (2,650 | )
Total other expense, net |  |  | (1,557 | ) |  |  | (1,047 | ) |  |  | (2,604 | )
Earnings before income taxes |  |  | 71,223 |  |  |  | (2,642 | ) |  |  | 68,581 |
Net earnings |  | $ | 58,114 |  |  | $ | (2,642 | ) |  | $ | 55,472 |
Earnings per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 1.91 |  |  |  |  |  | $ | 1.82 |
Diluted |  | $ | 1.89 |  |  |  |  |  | $ | 1.81 |
Basic weighted – average common shares outstanding: |  |  | 30,408 |  |  |  |  |  |  | 30,408 |
Effect of dilutive securities |  |  | 309 |  |  |  |  |  |  | 309 |
Diluted weighted – average common shares outstanding: |  |  | 30,717 |  |  |  |  |  |  | 30,717 |
Corrected Consolidated Balance Sheet as of December 31, 2024 (in thousands):
|  | December 31, 2024 |  |  |  |  |  | December 31, 2024 |
|  | Previously Reported |  |  | Corrections |  |  | As Corrected |
ASSETS |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |
Inventories, net |  | $ | 53,578 |  |  | $ | (1,266 | ) |  | $ | 52,312 |
Other current assets |  |  | 18,716 |  |  |  | (837 | ) |  |  | 17,879 |
Total current assets |  |  | 244,277 |  |  |  | (2,103 | ) |  |  | 242,174 |
Other Assets |  |  |  |  |  |  |  |  |
Goodwill |  |  | 199,886 |  |  |  | 1,418 |  |  |  | 201,304 |
Total other assets |  |  | 404,539 |  |  |  | 1,418 |  |  |  | 405,957 |
Total Assets |  | $ | 766,112 |  |  | $ | (685 | ) |  | $ | 765,427 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  |  | 34,451 |  |  |  | 910 |  |  |  | 35,361 |
Total current liabilities |  |  | 97,553 |  |  |  | 910 |  |  |  | 98,463 |
Long-term debt |  |  | 91,253 |  |  |  | 1,047 |  |  |  | 92,300 |
Total Liabilities |  |  | 235,262 |  |  |  | 1,957 |  |  |  | 237,219 |
Shareholders’ Equity |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 655,493 |  |  |  | (2,642 | ) |  |  | 652,851 |
Total shareholders’ equity before treasury stock |  |  | 1,017,868 |  |  |  | (2,642 | ) |  |  | 1,015,226 |
Total shareholders’ equity |  |  | 530,850 |  |  |  | (2,642 | ) |  |  | 528,208 |
Total Liabilities and Shareholders’ Equity |  | $ | 766,112 |  |  | $ | (685 | ) |  | $ | 765,427 |
Corrected Consolidated Statement of Cash Flows for the Year Ended December 31, 2024 (in thousands):
|  | Year Ended |  |  |  |  |  | Year Ended |
|  | December 31, 2024 |  |  |  |  |  | December 31, 2024 |
|  | Previously Reported |  |  | Corrections |  |  | As Corrected |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 58,114 |  |  | $ | (2,642 | ) |  | $ | 55,472 |
Changes in assets and liabilities, net of acquisitions: |  |  |  |  |  |  |  |  |
Inventories |  |  | 11,893 |  |  |  | 580 |  |  |  | 12,473 |
Other assets |  |  | 900 |  |  |  | 837 |  |  |  | 1,737 |
Accrued expenses and other liabilities |  |  | (5,255 | ) |  |  | 178 |  |  |  | (5,077 | )
Net cash provided by operating activities |  |  | 99,289 |  |  |  | (1,047 | ) |  |  | 98,242 |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Payments of long-term debt |  |  | (891,847 | ) |  |  | 1,047 |  |  |  | (890,800 | )
Net cash (used in) provided by financing activities |  | $ | (27,935 | ) |  | $ | 1,047 |  |  | $ | (26,888 | )
Corrected Consolidated Statement of Earnings for the Three and Nine Months Ended September 30, 2024 (in thousands):
|  | Three Months Ended |  |  |  |  |  | Three Months Ended |  |  | Nine Months Ended |  |  |  |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  |  |  |  | September 30, 2024 |  |  | September 30, 2024 |  |  |  |  |  | September 30, 2024 |
|  | Previously Reported |  |  | Corrections |  |  | As Corrected |  |  | Previously Reported |  |  | Corrections |  |  | As Corrected |
Net sales |  | $ | 132,424 |  |  | $ | (40 | ) |  | $ | 132,384 |  |  | $ | 388,336 |  |  | $ | (40 | ) |  | $ | 388,296 |
Cost of goods sold |  |  | 82,636 |  |  |  | 559 |  |  |  | 83,195 |  |  |  | 247,086 |  |  |  | 559 |  |  |  | 247,645 |
Gross margin |  |  | 49,788 |  |  |  | (599 | ) |  |  | 49,189 |  |  |  | 141,250 |  |  |  | (599 | ) |  |  | 140,651 |
Operating earnings |  |  | 21,475 |  |  |  | (599 | ) |  |  | 20,876 |  |  |  | 53,775 |  |  |  | (599 | ) |  |  | 53,176 |
Earnings before income taxes |  |  | 22,447 |  |  |  | (599 | ) |  |  | 21,848 |  |  |  | 53,872 |  |  |  | (599 | ) |  |  | 53,273 |
Net earnings |  | $ | 18,683 |  |  | $ | (599 | ) |  | $ | 18,084 |  |  | $ | 44,508 |  |  | $ | (599 | ) |  | $ | 43,909 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.62 |  |  |  |  |  | $ | 0.60 |  |  | $ | 1.46 |  |  |  |  |  | $ | 1.44 |
Diluted |  | $ | 0.61 |  |  |  |  |  | $ | 0.59 |  |  | $ | 1.45 |  |  |  |  |  | $ | 1.43 |
Basic weighted – average common shares outstanding: |  |  | 30,300 |  |  |  |  |  |  | 30,300 |  |  |  | 30,517 |  |  |  |  |  |  | 30,517 |
Effect of dilutive securities |  |  | 236 |  |  |  |  |  |  | 236 |  |  |  | 230 |  |  |  |  |  |  | 230 |
Diluted weighted – average common shares outstanding: |  |  | 30,536 |  |  |  |  |  |  | 30,536 |  |  |  | 30,747 |  |  |  |  |  |  | 30,747 |
Corrected Consolidated Balance Sheet as of September 30, 2024 (in thousands):
|  | September 30, 2024 |  |  |  |  |  | September 30, 2024 |
|  | Previously Reported |  |  | Corrections |  |  | As Corrected |
ASSETS |  |  |  |  |  |  |  |  |
Current Assets |  |  |  |  |  |  |  |  |
Inventories, net |  | $ | 57,288 |  |  | $ | (1,246 | ) |  | $ | 56,042 |
Total current assets |  |  | 255,561 |  |  |  | (1,246 | ) |  |  | 254,315 |
Other Assets |  |  |  |  |  |  |  |  |
Goodwill |  |  | 194,821 |  |  |  | 1,418 |  |  |  | 196,239 |
Total other assets |  |  | 416,677 |  |  |  | 1,418 |  |  |  | 418,095 |
Total Assets |  | $ | 789,392 |  |  | $ | 172 |  |  | $ | 789,564 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Accrued expenses and other liabilities |  |  | 37,249 |  |  |  | 771 |  |  |  | 38,020 |
Total current liabilities |  |  | 103,799 |  |  |  | 771 |  |  |  | 104,570 |
Total Liabilities |  |  | 258,586 |  |  |  | 771 |  |  |  | 259,357 |
Shareholders’ Equity |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 643,088 |  |  |  | (599 | ) |  |  | 642,489 |
Total shareholders’ equity before treasury stock |  |  | 1,009,937 |  |  |  | (599 | ) |  |  | 1,009,338 |
Total shareholders’ equity |  |  | 530,806 |  |  |  | (599 | ) |  |  | 530,207 |
Total Liabilities and Shareholders’ Equity |  | $ | 789,392 |  |  | $ | 172 |  |  | $ | 789,564 |
Corrected Consolidated Statement of Cash Flows for the Nine Months Ended September 30, 2024 (in thousands):
|  | Nine Months Ended |  |  |  |  |  | Nine Months Ended |
|  | September 30, 2024 |  |  |  |  |  | September 30, 2024 |
|  | Previously Reported |  |  | Corrections |  |  | As Corrected |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net earnings |  | $ | 44,508 |  |  | $ | (599 | ) |  | $ | 43,909 |
Changes in assets and liabilities, net of acquisitions: |  |  |  |  |  |  |  |  |
Inventories |  |  | 11,346 |  |  |  | 559 |  |  |  | 11,905 |
Accrued expenses and other liabilities |  |  | (2,645 | ) |  |  | 40 |  |  |  | (2,605 | )
Net cash provided by operating activities |  | $ | 73,335 |  |  | $ | - |  |  | $ | 73,335 |
Summary of Corrected Fair Values of Assets Acquired and Liabilities Assumed | Corrected Fair Value of SyQwest Assets Acquired and Liabilities Assumed:
|  | 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 |

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