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SUBSEQUENT EVENT | 12 Months Ended
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Mar. 26, 2022
Subsequent Events [Abstract] |
SUBSEQUENT EVENT | NOTE 10 SUBSEQUENT EVENT On May 31, 2022, Transcat acquired substantially all of the assets of Charlton Jeffmont Inc., Raitz Inc. and Toolroom Calibration Inc. d/b/a Alliance Calibration (“Alliance”), an Ohio based provider of calibration services. This transaction aligned with a key component of the Company’s acquisition strategy of targeting businesses that expand the depth and breadth of the Company’s service capabilities. The total purchase price paid for the assets of Alliance was approximately $4.5 million in cash and an amount of the Company’s common stock, par value $0.50 per share (“Common Stock”), with a value equal to $157,500, or 2,284 shares of Common Stock. Pursuant to the asset purchase agreement, the Company will hold back $500,000 of the purchase price for certain potential post-closing adjustments, and the purchase price will be subject to reduction by $500,000 if a key customer relationship is not retained. The purchase price allocation has not been finalized, due to the timing of the acquisition and the filing date of this Annual Report on Form 10-K. Therefore, the allocation of the purchase price to the assets acquired and liabilities assumed, including values to be recognized for goodwill and other intangible assets, will be disclosed in the Quarterly Report on Form 10-Q for the fiscal quarter ending June 25, 2022. The pro forma results of operations from the Alliance acquisition will be disclosed in the Quarterly Report on Form 10-Q for the fiscal quarter ending June 25, 2022. The goodwill related to Alliance is expected to be deductible for income tax purposes. All of the goodwill and intangible assets relating to the Alliance acquisition will be allocated to the Service segment.

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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