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Acquisitions (Narratives) (Details) - USD ($) |  | 3 Months Ended
--- | --- | ---
Apr. 07, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020
Business Acquisition [Line Items] |  |  |  |
Restructuring, Impairment, and Other Activities Disclosure |  | 2. Acquisitions & Disposals Acquisitions On April 7, 2021, the Company completed its acquisition of Dorner Mfg. Corp. ("Dorner") for $483,369,000 subject to a cash, debt, and working capital adjustment. Dorner, headquartered in Hartland, WI, is a leading automation solutions company providing unique, patented technologies in the design, application, manufacturing and integration of high-precision conveying systems. The acquisition of Dorner accelerates the Company’s shift to intelligent motion and serves as a platform to expand capabilities in advanced, higher technology automation solutions. Dorner is a leading supplier to the life sciences, food processing, and consumer packaged goods markets as well as the faster growing industrial automation and e-commerce sectors. The results of Dorner included in the Company’s consolidated financial statements from the date of acquisition are net sales and income from operations of $34,179,000 and $1,164,000, respectively in the three months ended June 30, 2021. Dorner's income from operations in the three months ended June 30, 2021 includes acquisition related inventory amortization of $2,981,000. These costs have been included in Cost of products sold. Acquisition expenses incurred by the Company in the amount of $8,272,000 in the three months ended June 30, 2021 have been recorded as part of General and administrative expenses. Additionally, the Company incurred $970,000 in costs related to a transaction bonus that was paid 45 days after the acquisition date to key personnel of which $521,000 have been recorded as part of Cost of products sold, $350,000 have been recorded as part of Selling expenses, $74,000 have been recorded as part of General and administrative expenses, and $25,000 have been recorded as part of Research and development expenses in the three months ended June 30, 2021. To finance the Dorner acquisition, on April 7, 2021 the Company entered into a $750,000,000 credit facility ("First Lien Facilities") with JPMorgan Chase Bank, N.A. ("JPMorgan Chase Bank"), PNC Capital Markets LLC, and Wells Fargo Securities LLC. The First Lien Facilities consist of a Revolving Facility (the “New Revolving Credit Facility”) in an aggregate amount of $100,000,000 and a $650,000,000 First Lien Term Facility ("Bridge Facility"). Proceeds from the Bridge Facility were used, among other things, to finance the purchase price for the Dorner acquisition, pay related fees, expenses and transaction costs, and refinance the Company's borrowings under its prior Term Loan and Revolver. See Note 9, Debt, for further details on the Company's new debt agreement and subsequent equity offering. The purchase price has been preliminarily allocated to the assets acquired and liabilities assumed as of the date of acquisition. The excess consideration of $288,680,000 has been preliminarily recorded as goodwill. The identifiable intangible assets acquired include customer relationships of $140,000,000, technology of $45,000,000, and trade names of $8,000,000. The weighted average life of the acquired identifiable intangible assets subject to amortization was estimated at 15 years at the time of acquisition. Goodwill recorded in connection with the acquisition is not deductible for income tax purposes. The allocation of the purchase price to the assets acquired and liabilities assumed of Dorner is not complete as of June 30, 2021 as the Company is continuing to gather information regarding Dorner's contingent liabilities and intangible assets as well as calculate the final working capital adjustment. The assignment of purchase consideration to the assets acquired and liabilities assumed is as follows (in thousands):
Cash | $ | 8,058 |
Working Capital | 24,817 |
Property, plant, and equipment, net | 26,104 |
Intangible assets | 193,000 |
Other assets | 658 |
Other liabilities | (3,734) |
Finance lease liabilities | (14,582) |
Deferred taxes, net | (39,632) |
Goodwill | 288,680 |
Total | $ | 483,369 |
See Note 4 for assumptions used in determining the fair values of the intangible assets acquired. The following unaudited pro forma financial information presents the combined results of operations as if the acquisition of Dorner had occurred as of April 1, 2020. The pro forma information includes certain adjustments, including depreciation and amortization expense, interest expense, and certain other adjustments, together with related income tax effects. The pro forma amounts may not be indicative of the results that actually would have been achieved had the acquisition of Dorner occurred as of April 1, 2020 and are not necessarily indicative of future results of the combined companies (in thousands):
| Three months ended
| June 30, 2021 | June 30, 2020
Net sales | $ | 213,464 |  | $ | 162,079 |
Net income | 12,994 |  | (33,066) |
Disposals During fiscal 2021, the Company sold one of its owned manufacturing facilities in China as a result of its plan to consolidate two of its Hangzhou, China manufacturing facilities into one and reorganize its Asia Pacific operations. During the three months ended June 30, 2020, the Company received cash in the amount of 45 million RMB (approximately $6,363,000) from the buyer to purchase the facility, however, the sale was not finalized as transfer of the title deed was not completed until the second quarter of fiscal 2021. During the second quarter of fiscal 2021, the new owner took possession of the facility and the sale of the building resulted in a gain of $2,638,000, net of direct sale expenses. |  |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination |  | The assignment of purchase consideration to the assets acquired and liabilities assumed is as follows (in thousands):
Cash | $ | 8,058 |
Working Capital | 24,817 |
Property, plant, and equipment, net | 26,104 |
Intangible assets | 193,000 |
Other assets | 658 |
Other liabilities | (3,734) |
Finance lease liabilities | (14,582) |
Deferred taxes, net | (39,632) |
Goodwill | 288,680 |
Total | $ | 483,369 |
Business Acquisition, Pro Forma Information |  |
| Three months ended
| June 30, 2021 | June 30, 2020
Net sales | $ | 213,464 |  | $ | 162,079 |
Net income | 12,994 |  | (33,066) |
Unrealized Gain on Securities |  | $ 148,000 |  | $ 341,000
Gain (Loss) on Disposition of Property Plant Equipment |  |  | $ 2,638,000 |
Bridge Loan |  | 650,000,000 |  |
Line of Credit Facility, Maximum Borrowing Capacity |  | 100,000,000 |  |
Payments to Acquire Businesses, Net of Cash Acquired | $ 483,369,000 |  |  |
Business Acquisition, Pro Forma Revenue |  | 213,464,000 |  | 162,079,000
Business Acquisition, Pro Forma Net Income (Loss) |  | 12,994,000 |  | (33,066,000)
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 15 years |  |  |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | $ 8,058,000 |  |  |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 24,817,000 |  |  |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 193,000,000 |  |  |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 26,104,000 |  |  |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 658,000 |  |  |
Business Combination, Recognized Identifiable Asset Acquired and Liability Assumed, Lease Obligation | (14,582,000) |  |  |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | (39,632,000) |  |  |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Other | $ (3,734,000) |  |  |
Business Acquisition, Transaction Costs |  | 8,272,000 |  |
Deferred Compensation Arrangement with Individual, Compensation Expense |  | $ 970,000 |  |
Deferred Compensation Arrangement with Individual, Requisite Service Period |  | 45 years |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  | $ 213,464,000 |  | 139,070,000
Operating Income (Loss) |  | 10,746,000 |  | 1,789,000
Cost of Goods and Services Sold |  | 139,401,000 |  | $ 94,273,000
Dorner |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Revenue from Contract with Customer, Excluding Assessed Tax |  | 34,179,000 |  |
Operating Income (Loss) |  | 1,164,000 |  |
Cost of Goods and Services Sold |  | 2,981,000 |  |
Cost of Goods and Service, Product and Service Benchmark |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Deferred Compensation Arrangement with Individual, Compensation Expense |  | 521,000 |  |
Selling and Marketing Expense [Member] |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Deferred Compensation Arrangement with Individual, Compensation Expense |  | 350,000 |  |
General and Administrative Expense [Member] |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Deferred Compensation Arrangement with Individual, Compensation Expense |  | 74,000 |  |
Research and Development Expense |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Deferred Compensation Arrangement with Individual, Compensation Expense |  | 25,000 |  |
Trade Names |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Indefinite-lived Intangible Assets Acquired |  | 8,000,000 |  |
Technology-Based Intangible Assets [Member] |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Indefinite-lived Intangible Assets Acquired |  | 45,000,000 |  |
Customer relationships |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Indefinite-lived Intangible Assets Acquired |  | 140,000,000 |  |
Office Building [Member] |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Proceeds from Sale of Buildings |  | 6,363,000 |  |
Office Building [Member] | China, Yuan Renminbi |  |  |  |
Business Acquisition [Line Items] |  |  |  |
Proceeds from Sale of Buildings |  | $ 45 |  |

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