Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2023 | Jan. 26, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-7647 | |
Entity Registrant Name | HAWKINS, INC. | |
Entity Incorporation, State or Country Code | MN | |
Entity Tax Identification Number | 41-0771293 | |
Entity Address, Address Line One | 2381 Rosegate | |
Entity Address, City or Town | Roseville | |
Entity Address, State or Province | MN | |
Entity Address, Postal Zip Code | 55113 | |
City Area Code | 612 | |
Local Phone Number | 331-6910 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | HWKN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,946,385 | |
Entity Central Index Key | 0000046250 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --03-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 02, 2023 |
Assets, Current [Abstract] | ||
Cash and cash equivalents | $ 5,741 | $ 7,566 |
Trade accounts receivables, net | 113,016 | 129,252 |
Inventories | 68,805 | 88,777 |
Prepaid expenses and other current assets | 7,442 | 6,449 |
Total current assets | 195,004 | 232,044 |
Property, Plant and Equipment [Abstract] | ||
PROPERTY, PLANT, AND EQUIPMENT: | 376,952 | 344,753 |
Less accumulated depreciation | 173,457 | 158,950 |
Net property, plant, and equipment | 203,495 | 185,803 |
Other Assets [Abstract] | ||
Right-of-use assets | 13,400 | 10,199 |
Goodwill | 101,495 | 77,401 |
Intangible assets, net of accumulated amortization | 116,728 | 73,060 |
Deferred compensation plan asset | 9,617 | 7,367 |
Other | 4,308 | 4,661 |
Total other assets | 245,548 | 172,688 |
Total assets | 644,047 | 590,535 |
Liabilities, Current [Abstract] | ||
Accounts payable — trade | 42,857 | 53,705 |
Accrued payroll and employee benefits | 17,753 | 17,279 |
Income tax payable | 1,504 | 3,329 |
Current portion of long-term debt | 9,913 | 9,913 |
Other current liabilities | 7,651 | 6,645 |
Total current liabilities | 79,678 | 90,871 |
LONG-TERM DEBT, LESS CURRENT PORTION | 109,797 | 101,731 |
LONG-TERM LEASE LIABILITY | 11,107 | 8,687 |
PENSION WITHDRAWAL LIABILITY | 3,633 | 3,912 |
DEFERRED INCOME TAXES | 23,698 | 23,800 |
DEFERRED COMPENSATION LIABILITY | 11,437 | 9,343 |
OTHER LONG-TERM LIABILITIES | 10,943 | 2,175 |
Total liabilities | 250,293 | 240,519 |
COMMITMENTS AND CONTINGENCIES | ||
SHAREHOLDERS’ EQUITY: | ||
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,790,292 and 20,850,454 shares issued and outstanding as of December 31, 2023 and April 2, 2023, respectively | 208 | 209 |
Additional paid-in capital | 36,781 | 44,443 |
Retained earnings | 354,069 | 302,424 |
Accumulated other comprehensive income | 2,696 | 2,940 |
Total shareholders’ equity | 393,754 | 350,016 |
Total liabilities and shareholders’ equity | $ 644,047 | $ 590,535 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Dec. 31, 2023 | Apr. 02, 2023 |
Statement of Financial Position [Abstract] | ||
Common Stock, Shares Authorized | 60,000,000 | 60,000,000 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 20,790,292 | 20,850,454 |
Common Stock, Shares, Outstanding | 20,790,292 | 20,850,454 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Income Statement [Abstract] | ||||
Sales | $ 208,496 | $ 219,218 | $ 696,142 | $ 706,953 |
Cost of sales | (166,248) | (182,947) | (548,017) | (577,559) |
Gross profit | 42,248 | 36,271 | 148,125 | 129,394 |
Selling, general and administrative expenses | (23,774) | (21,004) | (64,173) | (59,727) |
Operating income | 18,474 | 15,267 | 83,952 | 69,667 |
Interest expense, net | (1,168) | (1,546) | (3,033) | (3,858) |
Other income (expense) | 853 | 465 | 901 | (744) |
Income before income taxes | 18,159 | 14,186 | 81,820 | 65,065 |
Income tax expense | (3,274) | (3,453) | (20,289) | (16,637) |
Net income | $ 14,885 | $ 10,733 | $ 61,531 | $ 48,428 |
Weighted average number of shares outstanding - basic | 20,781,632 | 20,818,347 | 20,864,349 | 20,847,285 |
Weighted average number of shares outstanding - diluted | 20,907,321 | 20,974,264 | 21,004,077 | 21,004,849 |
Basic earnings per share | ||||
Basic earnings per share | $ 0.72 | $ 0.52 | $ 2.95 | $ 2.32 |
Diluted earnings per share | ||||
Diluted earnings per share | 0.71 | 0.51 | 2.93 | 2.31 |
Cash dividends declared per common share | $ 0.16 | $ 0.14 | $ 0.47 | $ 0.42 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Other comprehensive income (loss), net of tax: | ||||
Net income | $ 14,885 | $ 10,733 | $ 61,531 | $ 48,428 |
Unrealized (loss) gain on interest rate swap | (1,299) | (139) | (244) | 2,303 |
Total comprehensive income | $ 13,586 | $ 10,594 | $ 61,287 | $ 50,731 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholder's Equity Statement - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] |
Shares outstanding, beginning balance at Apr. 03, 2022 | 20,889,777 | ||||
Stockholders' equity, beginning balance at Apr. 03, 2022 | $ 302,601 | $ 209 | $ 46,717 | $ 254,384 | $ 1,291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (2,958) | 0 | 0 | (2,958) | 0 |
Share-based compensation expense | 595 | $ 0 | 595 | 0 | 0 |
Vesting of restricted stock (shares) | 102,860 | ||||
Vesting of restricted stock | 0 | $ 1 | (1) | 0 | 0 |
Shares surrendered for payroll taxes (shares) | 36,410 | ||||
Shares surrendered for payroll taxes | (1,550) | $ 0 | (1,550) | 0 | 0 |
ESPP shares issued (shares) | 32,768 | ||||
ESPP shares issued | 986 | $ 0 | 986 | 0 | 0 |
Shares repurchased (shares) | (181,657) | ||||
Shares repurchased | (6,557) | $ (2) | (6,555) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 465 | 0 | 0 | 0 | 465 |
Net income | 19,695 | $ 0 | 0 | 19,695 | 0 |
Shares outstanding, ending balance at Jul. 03, 2022 | 20,807,338 | ||||
Stockholders' equity, ending balance at Jul. 03, 2022 | $ 313,277 | $ 208 | 40,192 | 271,121 | 1,756 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | ||||
Shares outstanding, beginning balance at Apr. 03, 2022 | 20,889,777 | ||||
Stockholders' equity, beginning balance at Apr. 03, 2022 | $ 302,601 | $ 209 | 46,717 | 254,384 | 1,291 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares surrendered for payroll taxes | $ (1,550) | ||||
Shares repurchased (shares) | (181,657) | ||||
Shares repurchased | $ (6,557) | ||||
Net income | 48,428 | ||||
Shares outstanding, ending balance at Jan. 01, 2023 | 20,850,454 | ||||
Stockholders' equity, ending balance at Jan. 01, 2023 | $ 341,160 | $ 209 | 43,388 | 293,969 | 3,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.42 | ||||
Shares outstanding, beginning balance at Jul. 03, 2022 | 20,807,338 | ||||
Stockholders' equity, beginning balance at Jul. 03, 2022 | $ 313,277 | $ 208 | 40,192 | 271,121 | 1,756 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (2,942) | 0 | 0 | (2,942) | 0 |
Share-based compensation expense | 1,085 | $ 0 | 1,085 | 0 | 0 |
Vesting of restricted stock (shares) | 10,287 | ||||
Vesting of restricted stock | 0 | $ 0 | 0 | 0 | 0 |
ESPP shares issued (shares) | 0 | ||||
ESPP shares issued | 17 | $ 0 | 17 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 1,977 | 0 | 0 | 0 | 1,977 |
Net income | 18,000 | $ 0 | 0 | 18,000 | 0 |
Shares outstanding, ending balance at Oct. 02, 2022 | 20,817,625 | ||||
Stockholders' equity, ending balance at Oct. 02, 2022 | $ 331,414 | $ 208 | 41,294 | 286,179 | 3,733 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | ||||
Cash dividends declared and paid | $ (2,943) | 0 | 0 | (2,943) | 0 |
Share-based compensation expense | 1,084 | $ 0 | 1,084 | 0 | 0 |
ESPP shares issued (shares) | 32,829 | ||||
ESPP shares issued | $ 1,011 | $ 1 | 1,010 | 0 | 0 |
Shares repurchased (shares) | 0 | ||||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | 0 | (139) | |
Net income | $ 10,733 | $ 0 | 0 | 10,733 | 0 |
Shares outstanding, ending balance at Jan. 01, 2023 | 20,850,454 | ||||
Stockholders' equity, ending balance at Jan. 01, 2023 | $ 341,160 | $ 209 | 43,388 | 293,969 | 3,594 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.14 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.14 | ||||
Shares outstanding, beginning balance at Apr. 02, 2023 | 20,850,454 | ||||
Stockholders' equity, beginning balance at Apr. 02, 2023 | $ 350,016 | $ 209 | 44,443 | 302,424 | 2,940 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (3,160) | 0 | 0 | (3,160) | 0 |
Share-based compensation expense | 959 | $ 0 | 959 | 0 | 0 |
Vesting of restricted stock (shares) | 105,600 | ||||
Vesting of restricted stock | 0 | $ 1 | (1) | 0 | 0 |
Shares surrendered for payroll taxes (shares) | (48,478) | ||||
Shares surrendered for payroll taxes | (2,140) | $ (1) | (2,139) | 0 | 0 |
ESPP shares issued (shares) | 35,281 | ||||
ESPP shares issued | 1,147 | $ 0 | 1,147 | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 749 | 0 | 0 | 0 | 749 |
Net income | 23,430 | $ 0 | 0 | 23,430 | 0 |
Shares outstanding, ending balance at Jul. 02, 2023 | 20,942,857 | ||||
Stockholders' equity, ending balance at Jul. 02, 2023 | $ 371,001 | $ 209 | 44,409 | 322,694 | 3,689 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.15 | ||||
Shares outstanding, beginning balance at Apr. 02, 2023 | 20,850,454 | ||||
Stockholders' equity, beginning balance at Apr. 02, 2023 | $ 350,016 | $ 209 | 44,443 | 302,424 | 2,940 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Shares surrendered for payroll taxes | $ (2,140) | ||||
Shares repurchased (shares) | (191,861) | ||||
Shares repurchased | $ (11,272) | ||||
Net income | 61,531 | ||||
Shares outstanding, ending balance at Dec. 31, 2023 | 20,790,292 | ||||
Stockholders' equity, ending balance at Dec. 31, 2023 | $ 393,754 | $ 208 | 36,781 | 354,069 | 2,696 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.47 | ||||
Shares outstanding, beginning balance at Jul. 02, 2023 | 20,942,857 | ||||
Stockholders' equity, beginning balance at Jul. 02, 2023 | $ 371,001 | $ 209 | 44,409 | 322,694 | 3,689 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cash dividends declared and paid | (3,375) | 0 | 0 | (3,375) | 0 |
Share-based compensation expense | 1,260 | $ 0 | 1,260 | 0 | 0 |
Vesting of restricted stock (shares) | 12,565 | ||||
Vesting of restricted stock | 0 | $ 0 | 0 | 0 | 0 |
Shares repurchased (shares) | (167,796) | ||||
Shares repurchased | (9,752) | $ (1) | (9,751) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | 306 | 0 | 0 | 0 | 306 |
Net income | 23,216 | $ 0 | 0 | 23,216 | 0 |
Shares outstanding, ending balance at Oct. 01, 2023 | 20,787,626 | ||||
Stockholders' equity, ending balance at Oct. 01, 2023 | $ 382,656 | $ 208 | 35,918 | 342,535 | 3,995 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.16 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.16 | ||||
Cash dividends declared and paid | $ (3,351) | 0 | 0 | (3,351) | 0 |
Share-based compensation expense | 1,287 | $ 0 | 1,287 | 0 | 0 |
ESPP shares issued (shares) | 26,731 | ||||
ESPP shares issued | $ 1,096 | $ 0 | 1,096 | 0 | 0 |
Shares repurchased (shares) | (24,065) | (24,065) | |||
Shares repurchased | $ (1,520) | $ 0 | (1,520) | 0 | 0 |
Other Comprehensive Income (Loss), Net of Tax | (1,299) | 0 | 0 | 0 | (1,299) |
Net income | 14,885 | $ 0 | 0 | 14,885 | 0 |
Shares outstanding, ending balance at Dec. 31, 2023 | 20,790,292 | ||||
Stockholders' equity, ending balance at Dec. 31, 2023 | $ 393,754 | $ 208 | $ 36,781 | $ 354,069 | $ 2,696 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.16 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.16 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 31, 2023 | Jan. 01, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 61,531 | $ 48,428 |
Reconciliation to cash flows: | ||
Depreciation and amortization | 22,849 | 20,373 |
Operating leases | 1,884 | 1,442 |
(Gain) loss on deferred compensation assets | (901) | 744 |
Stock compensation expense | 3,506 | 2,764 |
Other | 70 | 225 |
Changes in operating accounts providing (using) cash: | ||
Trade receivables | 22,500 | (2,336) |
Inventories | 25,665 | (6,596) |
Accounts payable | (14,334) | (16,231) |
Accrued liabilities | (610) | (3,652) |
Lease liabilities | (1,804) | (1,453) |
Income taxes | (1,824) | 1,762 |
Other | (922) | (929) |
Net cash provided by operating activities | 117,610 | 44,541 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property, plant, and equipment | (28,248) | (32,307) |
Acquisitions | (78,855) | 0 |
Other | 723 | 352 |
Net cash used in investing activities | (106,380) | (31,955) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends declared and paid | (9,886) | (8,843) |
New shares issued | 2,243 | 2,014 |
Payroll taxes paid in exchange for shares withheld | (2,140) | (1,550) |
Shares repurchased | (11,272) | (6,557) |
Payments on revolving loan | (67,000) | (40,000) |
Proceeds from revolving loan borrowings | 75,000 | 45,000 |
Net cash used in financing activities | (13,055) | (9,936) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,825) | 2,650 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | 5,741 | 6,146 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash paid for income taxes | 22,125 | 14,847 |
Cash paid for interest | 3,252 | 3,345 |
Noncash investing activities - capital expenditures in accounts payable | $ 2,887 | $ 3,844 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, accordingly, do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 2, 2023 , previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly our financial position and the results of our operations and cash flows for the periods presented. All adjustments made to the interim condensed consolidated financial statements were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the full year. References to fiscal 2023 refer to the fiscal year ended April 2, 2023 and references to fiscal 2024 refer to the fiscal year ending March 31, 2024. Use of Estimates. The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liability, income taxes and related accounts and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Policies. The accounting policies we follow are set forth in Note 1 – Nature of Business and Significant Accounting Policies to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended April 2, 2023 , previously filed with the SEC. There has been no significant change in our accounting policies since the end of fiscal 2023. |
Business Combinations
Business Combinations | 9 Months Ended |
Dec. 31, 2023 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | Acquisitions and Asset Sales Acquisition of The Miami Products & Chemical Company: On October 31, 2023, we acquired substantially all the assets of The Miami Products & Chemical Company ("Miami Products") for $15.5 million under the terms of a purchase agreement with Miami Products and its shareholders. Miami Products is a bleach manufacturer and distributor serving customers primarily throughout Ohio and the surrounding region. The results of operations since the acquisition date and the assets are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. The acquisition has been accounted for under the acquisition method of accounting, under which the total purchase price is allocated to the net tangible and intangible assets and liabilities of Miami Products acquired in connection with the acquisition based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed using a discounted cash flow analysis (income approach). Of the $15.5 million purchase price, $8.2 million was allocated to customer lists, to be amortized over 11 years, and $0.8 million was allocated to trade names, to be amortized over 10 years. The remaining amount was allocated to net working capital and property, plant and equipment, with the residual amount of $3.1 million allocated to goodwill. The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce. Such goodwill is expected to be deductible for tax purposes. The purchase price allocation is preliminary and subject to adjustment within the first 12 months following the acquisition. Acquisition of Water Solutions Unlimited, Inc.: On October 27, 2023, we acquired substantially all the assets of Water Solutions Unlimited, Inc. ("Water Solutions") under the terms of a purchase agreement with Water Solutions and its shareholders. We paid $60 million at closing and may be obligated to pay an additional amount based on achieving a certain earnings target three years after the acquisition. Water Solutions is a manufacturer and distributor of water treatment chemicals serving customers primarily throughout Indiana, Illinois and Michigan. The results of operations since the acquisition date and the assets are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. The acquisition has been accounted for under the acquisition method of accounting, under which the total purchase price is allocated to the net tangible and intangible assets and liabilities of Water Solutions acquired in connection with the acquisition based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed using a discounted cash flow analysis (income approach). The total purchase price was estimated to be $70.7 million, including the estimated potential earnout to be paid of $10.7 million. Of the $70.7 million purchase price, $32.0 million was allocated to customer lists, to be amortized over 13 years, $6.4 million was allocated to trade names, to be amortized over 10 years, and $0.2 million was allocated to non-compete agreements, to be amortized over five years. The remaining amount was allocated to net working capital and property, plant and equipment, with the residual amount of $21.0 million allocated to goodwill. The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce. Such goodwill is expected to be deductible for tax purposes. The purchase price allocation is preliminary and subject to adjustment within the first 12 months following the acquisition. Acquisition of EcoTech Enterprises, Inc.: On July 14, 2023, we acquired substantially all the assets of EcoTech Enterprises, Inc. ("EcoTech") for $3.4 million, under the terms of a purchase agreement with EcoTech and its shareholders. EcoTech was a water treatment chemical distribution company operating primarily in Arkansas. The $3.4 million purchase price was allocated primarily to customer lists, to be amortized over 10 years, property, plant and equipment, and net working capital. The results of operations since the acquisition date and the assets are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. Sale of bleach packaging assets: In the fourth quarter of fiscal 2023, we sold certain assets in our Industrial segment related to our consumer bleach packaging business for $7 million. These assets were not core to our Industrial segment operations, where we tend to focus our manufacturing operations on bulk products. The assets sold included plant equipment, inventory and intangible assets, all related to the packaging of bleach. We realized a gain of $3 million on this sale, which has been recorded within selling, general and administrative expenses. |
Revenue
Revenue | 9 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Revenue from Contract with Customer | Revenue Our revenue arrangements generally consist of a single performance obligation to transfer promised goods or services. We disaggregate revenues from contracts with customers by operating segments as well as types of products sold. Reporting by operating segment is pertinent to understanding our revenues, as it aligns to how we review the financial performance of our operations. Types of products sold within each operating segment help us to further evaluate the financial performance of our segments. The following tables disaggregate external customer net sales by major revenue stream for the nine months ended December 31, 2023 and January 1, 2023: Three months ended December 31, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 78,313 $ 73,406 $ 7,857 $ 159,576 Distributed specialty products (2) — — 25,678 25,678 Bulk products (3) 12,921 7,629 — 20,550 Other 1,756 984 (48) 2,692 Total external customer sales $ 92,990 $ 82,019 $ 33,487 $ 208,496 Three months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 91,658 $ 60,583 $ 11,935 $ 164,176 Distributed specialty products (2) — — 23,833 23,833 Bulk products (3) 20,364 6,649 — 27,013 Other 2,414 1,317 465 4,196 Total external customer sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Nine months ended December 31, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 264,878 $ 249,155 $ 28,956 $ 542,989 Distributed specialty products (2) — — 77,945 77,945 Bulk products (3) 41,280 23,710 — 64,990 Other 6,240 3,730 248 10,218 Total external customer sales $ 312,398 $ 276,595 $ 107,149 $ 696,142 Nine months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 286,818 $ 208,112 $ 35,632 $ 530,562 Distributed specialty products (2) — — 83,599 83,599 Bulk products (3) 58,951 21,159 — 80,110 Other 7,316 4,256 1,110 12,682 Total external customer sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 (1) For our Industrial and Water Treatment segments, this line includes our non-bulk specialty products that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and services we provide for our customers. For our Health and Nutrition segment, this line includes products manufactured, processed or repackaged in our facility and/or with our equipment. (2) This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers. (3) This line includes bulk products in our Industrial and Water Treatment segments that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Earnings per Share Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the dilutive impact of incremental shares assumed to be issued as performance units and restricted stock. Basic and diluted EPS were calculated using the following: Three Months Ended Nine Months Ended December 31, 2023 January 01, 2023 December 31, 2023 January 01, 2023 Weighted-average common shares outstanding—basic 20,781,632 20,818,347 20,864,349 20,847,285 Dilutive impact of performance units and restricted stock 125,689 155,917 139,728 157,564 Weighted-average common shares outstanding—diluted 20,907,321 20,974,264 21,004,077 21,004,849 For each of the periods presented, there were no shares excluded from the calculation of weighted-average common shares for diluted EPS. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Fair Value Measurements Our financial assets and liabilities are measured at fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these instruments. Because of the variable-rate nature of our debt under our credit facility, our debt also approximates fair value. Assets and Liabilities Measured at Fair Value on a Recurring Basis. The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Our financial assets that are measured at fair value on a recurring basis are an interest rate swap and assets held in a deferred compensation retirement plan. Both of these assets are classified as long-term assets on our balance sheet, with the portion of the deferred compensation retirement plan assets expected to be paid within twelve months classified as current assets. The fair value of the interest rate swap is determined by the respective counterparties based on interest rate changes. Interest rate swaps are valued based on observable interest rate yield curves for similar instruments. The deferred compensation plan assets relate to contributions made to a non-qualified compensation plan on behalf of certain employees who are classified as “highly compensated employees” as determined by IRS guidelines. The assets are part of a rabbi trust and the funds are held in mutual funds. The fair value of the deferred compensation is based on the quoted market prices for the mutual funds at the end of the period. The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and April 2, 2023. 0 (In thousands) December 31, 2023 April 2, 2023 Assets Deferred compensation plan assets Level 1 $ 9,803 $ 7,659 Interest rate swap Level 2 $ 3,694 $ 4,028 |
Inventories
Inventories | 9 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at December 31, 2023 and April 2, 2023 consisted of the following: December 31, April 2, (In thousands) Inventory (FIFO basis) $ 102,657 $ 128,589 LIFO reserve (33,852) (39,812) Net inventory $ 68,805 $ 88,777 The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $78.7 million at December 31, 2023 and $101.4 million at April 2, 2023. The remainder of the inventory was valued and accounted for under the FIFO method. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets The carrying amount of goodwill was $101.5 million as of December 31, 2023 and $77.4 million as of April 2, 2023, of which $44.9 million was related to our Health and Nutrition segment, $50.1 million was related to our Water Treatment segment, and $6.5 million was related to our Industrial segment. The increase in goodwill during the nine months ended December 31, 2023 represents goodwill recorded in connection with the acquisitions of the assets of Water Solutions and Miami Products as discussed in Note 2. A summary of our intangible assets as of December 31, 2023 and April 2, 2023 is as follows: December 31, 2023 April 2, 2023 (In thousands) Gross Accumulated Net Gross Accumulated Net Finite-life intangible assets Customer relationships $ 151,094 $ (43,709) $ 107,385 $ 109,107 $ (38,377) $ 70,730 Trademarks and trade names $ 13,570 $ (5,688) $ 7,882 $ 6,370 $ (5,267) $ 1,103 Other finite-life intangible assets 4,171 (3,937) 234 3,904 (3,904) — Total finite-life intangible assets 168,835 (53,334) 115,501 119,381 (47,548) 71,833 Indefinite-life intangible assets 1,227 — 1,227 1,227 — 1,227 Total intangible assets $ 170,062 $ (53,334) $ 116,728 $ 120,608 $ (47,548) $ 73,060 |
Debt
Debt | 9 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt at December 31, 2023 and April 2, 2023 consisted of the following: December 31, April 2, (In thousands) Senior secured revolving loan $ 120,000 $ 112,000 Less: unamortized debt issuance costs (290) (356) Total debt, net of debt issuance costs 119,710 111,644 Less: current portion of long-term debt (9,913) (9,913) Total long-term debt $ 109,797 $ 101,731 We were in compliance with all covenants of our credit agreement as of December 31, 2023. |
Income Taxes
Income Taxes | 9 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended March 28, 2021 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions. Our effective income tax rate was 25% for the nine months ended December 31, 2023, compared to 26% for the nine months ended January 1, 2023. The effective tax rate is impacted by projected levels of annual taxable income, permanent items, and state taxes. |
Share Based Compensation
Share Based Compensation | 9 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation Performance-Based Restricted Stock Units . Our Board of Directors (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2024 and fiscal 2023. These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 70,859 shares in the aggregate for fiscal 2024. The restricted shares issued, if any, will fully vest approximately two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and the converted restricted stock over the life of the awards. The following table represents the restricted stock activity for the nine months ended December 31, 2023: Shares Weighted- Unvested at beginning of period 189,258 $ 34.64 Granted 61,819 43.06 Vested (105,600) 31.74 Unvested at end of period 145,477 $ 40.33 We recorded compensation expense related to performance share units and restricted stock of $1.0 million and $2.7 million for the three and nine months ended December 31, 2023, respectively. We recorded compensation expense related to performance share units and restricted stock of $0.8 million and $2.0 million for the three and nine months ended January 1, 2023, respectively. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income. Restricted Stock Awards . |
Share Repurchase Program
Share Repurchase Program | 9 Months Ended |
Dec. 31, 2023 | |
Investment Company, Capital Share Transactions, Stock Repurchased [Abstract] | |
Share Repurchase Program | Share Repurchase Program Our Board has authorized the repurchase of up to 2.6 million shares of our outstanding common shares. The shares may be repurchased on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon purchase of the shares, we reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital. During the three months ended December 31, 2023, we repurchased 24,065 shares at an aggregate purchase price of $1.5 million. During the nine months ended December 31, 2023, we repurchased 191,861 shares at an aggregate purchase price of $11.3 million. During the three months ended January 1, 2023, no shares were repurchased, and during the nine months ended January 1, 2023, we repurchased 181,657 shares at an aggregate purchase price of $6.6 million. As of December 31, 2023, 937,487 shares remained available to be repurchased under the share repurchase program. |
Segment Information
Segment Information | 9 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We have three reportable segments: Industrial, Water Treatment, and Health and Nutrition. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the fiscal year ended April 2, 2023 . We evaluate performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. Reportable segments are defined primarily by product and type of customer. Segments are responsible for the sales, marketing and development of their products and services. We allocate certain corporate expenses to our operating segments. There are no intersegment sales and no operating segments have been aggregated. No single customer’s revenues amounted to 10% or more of our total revenue. Sales are primarily within the United States and all assets are located within the United States. (In thousands) Industrial Water Health and Nutrition Total Three months ended December 31, 2023: Sales $ 92,990 $ 82,019 $ 33,487 $ 208,496 Gross profit 16,495 20,241 5,512 42,248 Selling, general, and administrative expenses 7,292 12,470 4,012 23,774 Operating income 9,203 7,771 1,500 18,474 Three months ended January 1, 2023: Sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Gross profit 15,994 13,268 7,009 36,271 Selling, general, and administrative expenses 7,978 9,003 4,023 21,004 Operating income 8,016 4,265 2,986 15,267 Nine months ended December 31, 2023: Sales $ 312,398 $ 276,595 $ 107,149 $ 696,142 Gross profit 53,645 75,957 18,523 148,125 Selling, general and administrative expenses 20,673 31,741 11,759 64,173 Operating income 32,972 44,216 6,764 83,952 Nine months ended January 1, 2023: Sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 Gross profit 53,716 52,725 22,953 129,394 Selling, general and administrative expenses 21,254 26,786 11,687 59,727 Operating income 32,462 25,939 11,266 69,667 No significant changes to identifiable assets by segment occurred during the nine months ended December 31, 2023. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The following tables disaggregate external customer net sales by major revenue stream for the nine months ended December 31, 2023 and January 1, 2023: Three months ended December 31, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 78,313 $ 73,406 $ 7,857 $ 159,576 Distributed specialty products (2) — — 25,678 25,678 Bulk products (3) 12,921 7,629 — 20,550 Other 1,756 984 (48) 2,692 Total external customer sales $ 92,990 $ 82,019 $ 33,487 $ 208,496 Three months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 91,658 $ 60,583 $ 11,935 $ 164,176 Distributed specialty products (2) — — 23,833 23,833 Bulk products (3) 20,364 6,649 — 27,013 Other 2,414 1,317 465 4,196 Total external customer sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Nine months ended December 31, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 264,878 $ 249,155 $ 28,956 $ 542,989 Distributed specialty products (2) — — 77,945 77,945 Bulk products (3) 41,280 23,710 — 64,990 Other 6,240 3,730 248 10,218 Total external customer sales $ 312,398 $ 276,595 $ 107,149 $ 696,142 Nine months ended January 1, 2023 (In thousands) Industrial Water Health and Total Manufactured, blended or repackaged products (1) $ 286,818 $ 208,112 $ 35,632 $ 530,562 Distributed specialty products (2) — — 83,599 83,599 Bulk products (3) 58,951 21,159 — 80,110 Other 7,316 4,256 1,110 12,682 Total external customer sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 (1) For our Industrial and Water Treatment segments, this line includes our non-bulk specialty products that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and services we provide for our customers. For our Health and Nutrition segment, this line includes products manufactured, processed or repackaged in our facility and/or with our equipment. (2) This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers. (3) This line includes bulk products in our Industrial and Water Treatment segments that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted EPS | Basic and diluted EPS were calculated using the following: Three Months Ended Nine Months Ended December 31, 2023 January 01, 2023 December 31, 2023 January 01, 2023 Weighted-average common shares outstanding—basic 20,781,632 20,818,347 20,864,349 20,847,285 Dilutive impact of performance units and restricted stock 125,689 155,917 139,728 157,564 Weighted-average common shares outstanding—diluted 20,907,321 20,974,264 21,004,077 21,004,849 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and April 2, 2023. 0 (In thousands) December 31, 2023 April 2, 2023 Assets Deferred compensation plan assets Level 1 $ 9,803 $ 7,659 Interest rate swap Level 2 $ 3,694 $ 4,028 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories at December 31, 2023 and April 2, 2023 consisted of the following: December 31, April 2, (In thousands) Inventory (FIFO basis) $ 102,657 $ 128,589 LIFO reserve (33,852) (39,812) Net inventory $ 68,805 $ 88,777 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets and goodwill | A summary of our intangible assets as of December 31, 2023 and April 2, 2023 is as follows: December 31, 2023 April 2, 2023 (In thousands) Gross Accumulated Net Gross Accumulated Net Finite-life intangible assets Customer relationships $ 151,094 $ (43,709) $ 107,385 $ 109,107 $ (38,377) $ 70,730 Trademarks and trade names $ 13,570 $ (5,688) $ 7,882 $ 6,370 $ (5,267) $ 1,103 Other finite-life intangible assets 4,171 (3,937) 234 3,904 (3,904) — Total finite-life intangible assets 168,835 (53,334) 115,501 119,381 (47,548) 71,833 Indefinite-life intangible assets 1,227 — 1,227 1,227 — 1,227 Total intangible assets $ 170,062 $ (53,334) $ 116,728 $ 120,608 $ (47,548) $ 73,060 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt at December 31, 2023 and April 2, 2023 consisted of the following: December 31, April 2, (In thousands) Senior secured revolving loan $ 120,000 $ 112,000 Less: unamortized debt issuance costs (290) (356) Total debt, net of debt issuance costs 119,710 111,644 Less: current portion of long-term debt (9,913) (9,913) Total long-term debt $ 109,797 $ 101,731 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Performance-Based Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of performance-based restricted stock units | The following table represents the restricted stock activity for the nine months ended December 31, 2023: Shares Weighted- Unvested at beginning of period 189,258 $ 34.64 Granted 61,819 43.06 Vested (105,600) 31.74 Unvested at end of period 145,477 $ 40.33 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Summary of Segment Information | (In thousands) Industrial Water Health and Nutrition Total Three months ended December 31, 2023: Sales $ 92,990 $ 82,019 $ 33,487 $ 208,496 Gross profit 16,495 20,241 5,512 42,248 Selling, general, and administrative expenses 7,292 12,470 4,012 23,774 Operating income 9,203 7,771 1,500 18,474 Three months ended January 1, 2023: Sales $ 114,436 $ 68,549 $ 36,233 $ 219,218 Gross profit 15,994 13,268 7,009 36,271 Selling, general, and administrative expenses 7,978 9,003 4,023 21,004 Operating income 8,016 4,265 2,986 15,267 Nine months ended December 31, 2023: Sales $ 312,398 $ 276,595 $ 107,149 $ 696,142 Gross profit 53,645 75,957 18,523 148,125 Selling, general and administrative expenses 20,673 31,741 11,759 64,173 Operating income 32,972 44,216 6,764 83,952 Nine months ended January 1, 2023: Sales $ 353,085 $ 233,527 $ 120,341 $ 706,953 Gross profit 53,716 52,725 22,953 129,394 Selling, general and administrative expenses 21,254 26,786 11,687 59,727 Operating income 32,462 25,939 11,266 69,667 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Oct. 31, 2023 | Oct. 27, 2023 | Jul. 14, 2023 | Apr. 02, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Asset Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 78,855 | $ 0 | ||||
Proceeds from Sale of Other Productive Assets | $ 7,000 | |||||
Gain (Loss) on Disposition of Other Assets | $ 3,000 | |||||
Miami Products | ||||||
Asset Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 15,500 | |||||
Miami Products | Customer Relationships [Member] | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 8,200 | |||||
Goodwill, Acquired During Period | 3,100 | |||||
Miami Products | Trademarks [Member] | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 800 | |||||
Water Solutions | ||||||
Asset Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 60,000 | |||||
Business Combination, Consideration Transferred | 70,700 | |||||
Business Combination, Consideration Transferred, Liabilities Incurred | 10,700 | |||||
Goodwill, Acquired During Period | 21,000 | |||||
Water Solutions | Customer Relationships [Member] | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 32,000 | |||||
Water Solutions | Trademarks [Member] | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 6,400 | |||||
Water Solutions | Other Intangible Assets | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200 | |||||
EcoTech | ||||||
Asset Acquisition [Line Items] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | $ 3,400 | |||||
EcoTech | Customer Relationships [Member] | ||||||
Asset Acquisition [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 3,400 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 208,496 | $ 219,218 | $ 696,142 | $ 706,953 |
Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 159,576 | 164,176 | 542,989 | 530,562 |
Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 25,678 | 23,833 | 77,945 | 83,599 |
Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 20,550 | 27,013 | 64,990 | 80,110 |
Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,692 | 4,196 | 10,218 | 12,682 |
Industrial [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 92,990 | 114,436 | 312,398 | 353,085 |
Industrial [Member] | Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 78,313 | 91,658 | 264,878 | 286,818 |
Industrial [Member] | Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Industrial [Member] | Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 12,921 | 20,364 | 41,280 | 58,951 |
Industrial [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,756 | 2,414 | 6,240 | 7,316 |
Water Treatment [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 82,019 | 68,549 | 276,595 | 233,527 |
Water Treatment [Member] | Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 73,406 | 60,583 | 249,155 | 208,112 |
Water Treatment [Member] | Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Water Treatment [Member] | Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,629 | 6,649 | 23,710 | 21,159 |
Water Treatment [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 984 | 1,317 | 3,730 | 4,256 |
Health and Nutrition [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 33,487 | 36,233 | 107,149 | 120,341 |
Health and Nutrition [Member] | Manufactured, blended or repackaged products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,857 | 11,935 | 28,956 | 35,632 |
Health and Nutrition [Member] | Distributed specialty products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 25,678 | 23,833 | 77,945 | 83,599 |
Health and Nutrition [Member] | Bulk products | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | 0 | 0 |
Health and Nutrition [Member] | Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ (48) | $ 465 | $ 248 | $ 1,110 |
Earnings per Share (Details)
Earnings per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Summary of basic and diluted EPS | ||||
Weighted-average common shares outstanding—basic | 20,781,632 | 20,818,347 | 20,864,349 | 20,847,285 |
Dilutive impact of performance units and restricted stock | 125,689 | 155,917 | 139,728 | 157,564 |
Weighted-average common shares outstanding—diluted | 20,907,321 | 20,974,264 | 21,004,077 | 21,004,849 |
Earnings per Share (Details Tex
Earnings per Share (Details Textual) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Earnings Per Share [Abstract] | ||||
Shares or stock options excluded from the calculation of diluted EPS | 0 | 0 | 0 | 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 02, 2023 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation plan asset | $ 9,803 | $ 7,659 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap | $ 3,694 | $ 4,028 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 02, 2023 |
Summary of Inventories | ||
Inventory, Finished Goods, Gross | $ 102,657 | $ 128,589 |
Inventory, LIFO Reserve | (33,852) | (39,812) |
Inventory, Net, Total | 68,805 | 88,777 |
LIFO Inventory Amount | $ 78,700 | $ 101,400 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 02, 2023 |
Goodwill [Line Items] | ||
Goodwill | $ 101,495 | $ 77,401 |
Health and Nutrition [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 6,500 | |
Water Treatment [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 50,100 | |
Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 44,900 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 02, 2023 |
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 168,835 | $ 119,381 |
Finite-Lived Intangible Assets, Accumulated Amortization | (53,334) | (47,548) |
Total finite-life intangible assets, Net | 115,501 | 71,833 |
Indefinite-life intangible assets | 1,227 | 1,227 |
Total Intangible Assets, Gross | 170,062 | 120,608 |
Total intangible assets, net | 116,728 | 73,060 |
Customer Relationships [Member] | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 151,094 | 109,107 |
Finite-Lived Intangible Assets, Accumulated Amortization | (43,709) | (38,377) |
Total finite-life intangible assets, Net | 107,385 | 70,730 |
Trademarks [Member] | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 13,570 | 6,370 |
Finite-Lived Intangible Assets, Accumulated Amortization | (5,688) | (5,267) |
Total finite-life intangible assets, Net | 7,882 | 1,103 |
Other Intangible Assets | ||
Summary of Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 4,171 | 3,904 |
Finite-Lived Intangible Assets, Accumulated Amortization | (3,937) | (3,904) |
Total finite-life intangible assets, Net | $ 234 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Apr. 02, 2023 |
Debt Disclosure [Abstract] | ||
Senior secured revolving loan | $ 120,000 | $ 112,000 |
Less: unamortized debt issuance costs | (290) | (356) |
Total debt, net of debt issuance costs | 119,710 | 111,644 |
Less: current portion of long-term debt | (9,913) | (9,913) |
Total long-term debt | $ 109,797 | $ 101,731 |
Income Taxes (Details)
Income Taxes (Details) | 9 Months Ended | |
Dec. 31, 2023 | Jan. 01, 2023 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 25% | 26% |
Share Based Compensation (Detai
Share Based Compensation (Details) | 9 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Performance-Based Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at beginning of period (Shares) | shares | 189,258 |
Granted (Shares) | shares | 61,819 |
Vested (Shares) | shares | (105,600) |
Unvested at end of period (Shares) | shares | 145,477 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Beginning Balance, Weighted average grant date fair value (usd per share) | $ / shares | $ 34.64 |
Granted, Weighted average grant date fair value (usd per share) | $ / shares | 43.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | 31.74 |
Ending Balance, Weighted average grant date fair value (usd per share) | $ / shares | $ 40.33 |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Unvested at end of period (Shares) | shares | 10,647 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |
Ending Balance, Weighted average grant date fair value (usd per share) | $ / shares | $ 46 |
Share Based Compensation (Det_2
Share Based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 0 | 0 | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 70,859 | 70,859 | ||
Performance-Based Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 1,000 | $ 800 | $ 2,700 | $ 2,000 |
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 100 | $ 100 | $ 400 | $ 300 |
Share Repurchase Program (Detai
Share Repurchase Program (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Investment Company, Capital Share Transactions, Stock Repurchased [Abstract] | ||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 2,600,000 | 2,600,000 | ||
Stock Repurchased During Period, Shares | 24,065 | 0 | 191,861 | 181,657 |
Stock Repurchased During Period, Value | $ 1.5 | $ 11.3 | $ 6.6 | |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 937,487 | 937,487 |
Segment Information (Details Te
Segment Information (Details Textual) | 9 Months Ended |
Dec. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments (segments) | 3 |
Intersegment sales | no |
Number of operating segments aggregated (segments) | 0 |
Number of customer representing 10 percent or more of revenue (customers) | No |
Quarterly Financial Information, Segment Reporting, Segment Assets, Material Change | No |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2023 | Jan. 01, 2023 | |
Segment Reporting Information [Line Items] | ||||
Sales | $ 208,496 | $ 219,218 | $ 696,142 | $ 706,953 |
Gross profit | 42,248 | 36,271 | 148,125 | 129,394 |
Selling, general, and administrative expenses | 23,774 | 21,004 | 64,173 | 59,727 |
Operating income | 18,474 | 15,267 | 83,952 | 69,667 |
Industrial [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 92,990 | 114,436 | 312,398 | 353,085 |
Gross profit | 16,495 | 15,994 | 53,645 | 53,716 |
Selling, general, and administrative expenses | 7,292 | 7,978 | 20,673 | 21,254 |
Operating income | 9,203 | 8,016 | 32,972 | 32,462 |
Water Treatment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 82,019 | 68,549 | 276,595 | 233,527 |
Gross profit | 20,241 | 13,268 | 75,957 | 52,725 |
Selling, general, and administrative expenses | 12,470 | 9,003 | 31,741 | 26,786 |
Operating income | 7,771 | 4,265 | 44,216 | 25,939 |
Health and Nutrition [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Sales | 33,487 | 36,233 | 107,149 | 120,341 |
Gross profit | 5,512 | 7,009 | 18,523 | 22,953 |
Selling, general, and administrative expenses | 4,012 | 4,023 | 11,759 | 11,687 |
Operating income | $ 1,500 | $ 2,986 | $ 6,764 | $ 11,266 |