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Acquisitions | 9 Months Ended
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Sep. 30, 2025
Business Combination [Abstract] |
Acquisitions | 3. Acquisitions Signature On February 8, 2024, the Company acquired the stock of Signature Systems, a manufacturer and distributor of composite matting ground protection for industrial applications, stadium turf protection and temporary event flooring, which is included in the Material Handling Segment. The Signature acquisition aligns with the Company's long-term strategic plan to transform the Company into a high-growth, customer-centric innovator of value-added engineered plastic solutions. Cash consideration was $348.3 million, net of $4.3 million of cash acquired. Total cash consideration also includes the working capital settlement, which was finalized in June 2024. The Company funded the acquisition of Signature through an amendment and restatement of Myers’ existing loan agreement, as described in Note 11. The purchase accounting has been finalized and the final allocation of consideration for the Signature acquisition is as follows:
| Initial Allocation of Consideration |  | Measurement Period Adjustments(1) |  | Final Allocation |
Assets acquired: |  |  |  |  |  |
Accounts receivable | $ | 18,902 |  | $ | (48 | ) | $ | 18,854 |
Inventories |  | 17,612 |  |  | (239 | ) |  | 17,373 |
Prepaid expenses |  | 719 |  |  | (25 | ) |  | 694 |
Other assets - long-term |  | 4,761 |  |  | 437 |  |  | 5,198 |
Property, plant and equipment |  | 28,281 |  |  | (18 | ) |  | 28,263 |
Right of use asset - operating leases |  | 3,946 |  |  | — |  |  | 3,946 |
Intangible assets |  | 127,000 |  |  | 9,700 |  |  | 136,700 |
Goodwill |  | 215,105 |  |  | (32,007 | ) |  | 183,098 |
Assets acquired | $ | 416,326 |  | $ | (22,200 | ) | $ | 394,126 |
Liabilities assumed: |  |  |  |  |  |
Accounts payable | $ | 4,542 |  | $ | 362 |  | $ | 4,904 |
Accrued expenses |  | 5,646 |  |  | 266 |  |  | 5,912 |
Operating lease liability - short-term |  | 525 |  |  | — |  |  | 525 |
Operating lease liability - long-term |  | 2,400 |  |  | — |  |  | 2,400 |
Deferred income taxes |  | 55,054 |  |  | (22,981 | ) |  | 32,073 |
Total liabilities assumed |  | 68,167 |  |  | (22,353 | ) |  | 45,814 |
Net acquisition cost | $ | 348,159 |  | $ | 153 |  | $ | 348,312 |
(1) The Company's preliminary purchase price allocation changed due to additional information and further analysis. Included in Accounts receivable and Other assets (long-term) of the table above are long term notes receivable with face value of $11.4 million and estimated fair value of $7.0 million based on a risk-adjusted income approach, of which $1.9 million was classified as current as of the date of acquisition. The long term notes receivable acquired were considered purchased credit deteriorated assets. At the acquisition date, the Company established a $3.2 million allowance for credit loss, which has been added to the fair value of the loan to determine its amortized cost basis. The $1.2 million difference between the amortized cost basis and unpaid principal represents a noncredit discount that will be amortized into interest income over the remaining lives of the long term notes receivable through their maturities in August 2026. In May 2025, subsequent to the acquisition date and final allocation of consideration for the Signature acquisition, the customer prepaid the remaining balance of the outstanding long term notes receivable for $8.3 million. The $3.2 million allowance for credit loss was reversed and recognized as a reduction to bad debt expense included in Selling, general and administrative and the remaining noncredit discount of $0.3 million was accelerated into interest income included in Interest expense on the Condensed Consolidated Statements of Operations (Unaudited). Intangible assets consist of Signature’s technology, customer relationships and the Signature Systems indefinite-lived trade name, and are summarized in the table below:
|  | Fair Value |  |  | Weighted Average Estimated Useful Life
Customer relationships |  | $ | 83,800 |  |  | 10.0 years
Technology |  |  | 31,300 |  |  | 12.0 years
Total amortizable intangible assets |  | $ | 115,100 |  |  |
Intangible assets not subject to amortization: |  |  |  |  |
Trademarks and trade names |  | $ | 21,600 |  |  | Indefinite
The following unaudited pro forma results of operations for the three months ended March 31, 2024 assumes the Signature acquisition was completed on January 1, 2023. The following pro forma results include adjustments to reflect acquisition related costs, additional interest expense, amortization of intangibles associated with the acquisition, amortization of acquisition-related inventory step-up costs and the effects of adjustments made to the carrying value of certain assets.
|  | For the Quarter Ended March 31, |
|  | 2024 |
Net sales |  | $ | 221,821 |
Net income |  |  | 8,345 |
The unaudited pro forma results may not be indicative of the results that would have been obtained had the acquisition occurred at the beginning of the period presented, nor is it intended to be a projection of future results.

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