XML 37 R30.htm IDEA: XBRL DOCUMENT
v3.24.3

Acquisition (Tables) | 9 Months Ended
--- | ---
Nov. 02, 2024
Business Combinations [Abstract] |
Schedule of Fair Value of the Consideration Transferred as of the Acquisition Closing Date | A summary of the fair value of the consideration transferred as of the acquisition closing date is presented in the table below:
(In thousands) |  | Preliminary Estimate |  |  | Measurement Period Adjustment |  |  | Revised Estimate |
Cash Paid at Closing |  | $ | 18,732 |  |  | $ | (1 | ) |  | $ | 18,731 |
Holdback Amount (a) |  |  | 742 |  |  |  | — |  |  |  | 742 |
Fair Value of the Earnout |  |  | 1,619 |  |  |  | (1,619 | ) |  |  | — |
Total Purchase Price |  | $ | 21,093 |  |  | $ | (1,620 | ) |  | $ | 19,473 |
a) The holdback amount is expected to be paid out in full over the next two years.
Summary of Purchase Price of Acquisition Allocated on Basis of Fair Value | The following table sets forth the preliminary purchase price allocation of the MTEX acquisition for the estimated fair value of the net assets acquired and liabilities assumed as of May 6, 2024:
(In thousands) |  | Preliminary Estimate |  |  | Measurement Period Adjustment |  |  | Revised Estimate |
Cash |  | $ | 364 |  |  | $ | — |  |  | $ | 364 |
Accounts Receivable |  |  | 3,989 |  |  |  | (240 | ) |  |  | 3,749 |
Inventory |  |  | 3,807 |  |  |  | (173 | ) |  |  | 3,634 |
Prepaid Expenses and Other Current Assets |  |  | 301 |  |  |  | — |  |  |  | 301 |
Property, Plant and Equipment |  |  | 4,802 |  |  |  | — |  |  |  | 4,802 |
Other Long-Term Assets |  |  | 5,154 |  |  |  | 332 |  |  |  | 5,486 |
Identifiable Intangible Assets |  |  | 9,556 |  |  |  | (2,017 | ) |  |  | 7,539 |
Goodwill |  |  | 10,629 |  |  |  | 95 |  |  |  | 10,724 |
Accounts Payable and Other Current Liabilities |  |  | (4,225 | ) |  |  | — |  |  |  | (4,225 | )
Debt Assumed |  |  | (7,918 | ) |  |  | — |  |  |  | (7,918 | )
Other Long-Term Liabilities |  |  | (5,366 | ) |  |  | 383 |  |  |  | (4,983 | )
Total Purchase Price |  | $ | 21,093 |  |  | $ | (1,620 | ) |  | $ | 19,473 |
Summary of Fair Value of the Acquired Identifiable Intangible Assets and Related Estimated Useful Lives | The following table reflects the preliminary fair value of the acquired identifiable intangible assets and related estimated useful lives:
(In thousands) |  | Fair Value |  |  | Measurement Period Adjustment |  |  | Revised Estimate |  |  | Useful Life (years) |
Customer Relations |  | $ | 8,786 |  |  | $ | (6,183 | ) |  | $ | 2,603 |  |  |  | 10 |
Internally Developed Technology |  |  | 488 |  |  |  | 4,231 |  |  |  | 4,719 |  |  |  | 6 |
Trademarks/Tradenames |  |  | 282 |  |  |  | (65 | ) |  |  | 217 |  |  |  | 3 |
Total |  | $ | 9,556 |  |  | $ | (2,017 | ) |  | $ | 7,539 |  |  |  |
Summary of Revenue and Earnings Before Taxes | The amounts of revenue and earnings before taxes attributable to MTEX and included in our consolidated statements of income for the three and nine months ended November 2, 2024 were as follows:
|  | Three Months Ended |  |  | Nine Months Ended |
(In thousands) |  | November 2, 2024 |  |  | November 2, 2024 |
Revenue |  | $ | 1,738 |  |  | $ | 2,506 |
Gross Profit |  |  | 234 |  |  |  | 166 |
Operating Expenses: |  |  |  |  |  |
Selling Expenses |  |  | 839 |  |  |  | 1,755 |
Research and Development Expenses |  |  | 209 |  |  |  | 111 |
General and Administrative Expenses |  |  | 273 |  |  |  | 783 |
Total Operating Expenses |  | $ | 1,321 |  |  | $ | 2,649 |
Operating Loss |  |  | (1,087 | ) |  |  | (2,483 | )
Other Expenses |  |  | (336 | ) |  |  | (693 | )
Earnings (Loss) before Taxes |  | $ | (1,423 | ) |  | $ | (3,176 | )

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration