0000886346-24-000092 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Stockholders' Equity:
Allowance for credit losses	$ 4,419	$ 4,090
Accumulated depreciation	$ 135,032	$ 132,846
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	150,000,000	150,000,000
Common stock, issued (in shares)	14,624,159	14,624,159
Treasury stock (in shares)	2,881,213	2,915,978

Provision for Income Taxes	3 Months Ended
Provision for Income Taxes	Mar. 30, 2024
Income Tax Disclosure [Abstract]
Provision for Income Taxes	Provision for Income Taxes The provision for income taxes was $7,854,000 in the first quarter of 2024 and $9,763,000 in the first quarter of 2023. The effective tax rate of 24% in the first quarter of 2024 was higher than the Company’s statutory rate of 21% primarily due to nondeductible expenses, the distribution of the Company’s worldwide earnings, state taxes, the cost of repatriating the earnings of certain foreign subsidiaries, and tax expense associated with the Global Intangible Low-Taxed Income provisions. These items were offset in part by net excess income tax benefits from stock-based compensation arrangements, foreign tax credits, and a tax benefit associated with a foreign exchange loss recognized upon the Company’s repatriation of certain previously taxed foreign earnings. The effective tax rate of 26% in the first quarter of 2023 was higher than the Company's statutory rate of 21% primarily due to the distribution of the Company's worldwide earnings, nondeductible expenses, and state taxes, offset in part by net excess income tax benefits from stock-based compensation arrangements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Fair Value Measurements and Fair Value of Financial Instruments - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Assets:
Money market funds and time deposits	$ 9,032	$ 14,795
Banker's acceptance drafts	6,723	10,826
Forward currency-exchange contracts		8
Liabilities:
Forward currency-exchange contracts	13	51
Level 1
Assets:
Money market funds and time deposits	9,032	14,795
Banker's acceptance drafts	0	0
Forward currency-exchange contracts		0
Liabilities:
Forward currency-exchange contracts	0	0
Level 2
Assets:
Money market funds and time deposits	0	0
Banker's acceptance drafts	6,723	10,826
Forward currency-exchange contracts		8
Liabilities:
Forward currency-exchange contracts	13	51
Level 3
Assets:
Money market funds and time deposits	0	0
Banker's acceptance drafts	0	0
Forward currency-exchange contracts		0
Liabilities:
Forward currency-exchange contracts	$ 0	$ 0

Fair Value Measurements and Fair Value of Financial Instruments

3 Months Ended

Mar. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements and Fair Value of Financial Instruments

Fair value measurement is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established, which prioritizes the inputs used in measuring fair value into three broad levels as follows:

•Level 1—Quoted prices in active markets for identical assets or liabilities.

•Level 2—Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

•Level 3—Unobservable inputs based on the Company's own assumptions.

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis:


	Fair Value as of March 30, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and time deposits	$	9,032	$	—	$	—	$	9,032
Banker's acceptance drafts (a)	$	—	$	6,723	$	—	$	6,723

Liabilities:

Forward currency-exchange contracts	$	—	$	13	$	—	$	13


	Fair Value as of December 30, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and time deposits	$	14,795	$	—	$	—	$	14,795
Banker's acceptance drafts (a)	$	—	$	10,826	$	—	$	10,826
Forward currency-exchange contracts	$	—	$	8	$	—	$	8
Liabilities:
Forward currency-exchange contract	$	—	$	51	$	—	$	51

(a)Included in accounts receivable in the accompanying condensed consolidated balance sheet.

The Company uses the market approach technique to value its financial assets and liabilities, and there were no changes in valuation techniques during the first quarter of 2024. Banker's acceptance drafts are carried at face value, which approximates their fair value due to the short-term nature of the negotiable instrument. The fair values of the forward currency-exchange contracts are based on quoted forward foreign exchange rates at the reporting date. The forward currency-exchange contracts are hedges of either recorded assets or liabilities or anticipated transactions and represent the estimated amount the Company would receive or pay upon liquidation of the contracts. Changes in values of the underlying hedged assets and liabilities or anticipated transactions are not reflected in the table above.

The carrying value and fair value of debt obligations, excluding lease obligations, are as follows:


	March 30, 2024				December 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
(In thousands)
Debt Obligations:
Revolving credit facility	$	297,884	$	297,884	$	98,761	$	98,761
Senior promissory notes	8,330		8,252		8,330		8,182
Other	1,810		1,810		1,995		1,995
	$	308,024	$	307,946	$	109,086	$	108,938

The carrying value of the Company's revolving credit facility approximates the fair value as the obligation bears variable rates of interest, which adjust frequently, based on prevailing market rates. The fair value of the senior promissory notes is primarily calculated based on quoted market rates plus an applicable margin available to the Company at the respective period end, which represent Level 2 measurements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivatives - Narrative (Details)	3 Months Ended
Derivatives - Narrative (Details)	Mar. 30, 2024
Cash Flow Hedging \| Forward Currency-Exchange Contract \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Period over which entity manages its level of exposure of risk	12 months

Fair Value Measurements and Fair Value of Financial Instruments - Carrying Value and Fair Value of Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Carrying Value
Debt Obligations:
Debt obligations	$ 308,024	$ 109,086
Carrying Value \| Revolving credit facility
Debt Obligations:
Debt obligations	297,884	98,761
Carrying Value \| Senior promissory notes
Debt Obligations:
Debt obligations	8,330	8,330
Carrying Value \| Other
Debt Obligations:
Debt obligations	1,810	1,995
Fair Value
Debt Obligations:
Debt obligations	307,946	108,938
Fair Value \| Revolving credit facility
Debt Obligations:
Debt obligations	297,884	98,761
Fair Value \| Senior promissory notes
Debt Obligations:
Debt obligations	8,252	8,182
Fair Value \| Other
Debt Obligations:
Debt obligations	$ 1,810	$ 1,995

Earnings per Share (Tables)

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share (EPS) were calculated as follows:


	Three Months Ended
	March 30, 2024		April 1, 2023
(In thousands, except per share amounts)
Net Income Attributable to Kadant	$	24,689	$	28,075

Basic Weighted Average Shares	11,724		11,681
Effect of Restricted Stock Units and Employee Stock Purchase Plan Shares	20		13
Diluted Weighted Average Shares	11,744		11,694

Basic Earnings per Share	$	2.11	$	2.40

Diluted Earnings per Share	$	2.10	$	2.40

Business Segment Information (Details) $ in Thousands	3 Months Ended
Business Segment Information (Details) $ in Thousands	Mar. 30, 2024 USD ($) segment	Apr. 01, 2023 USD ($)	Dec. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable operating segments \| segment	3
Revenue
Revenue	$ 248,975	$ 229,758
Income Before Provision for Income Taxes
Total operating income	36,927	40,114
Interest expense, net	(4,058)	(2,071)
Other expense, net	(30)	(21)
Income Before Provision for Income Taxes	32,839	38,022
Capital Expenditures
Capital expenditures	6,271	4,469
Total Assets
Total assets	1,409,426		$ 1,175,665
Industrial Processing
Total Assets
Acquisition-related costs	1,890
Acquisition costs	599
Amortization expense	1,291
Material Handling
Total Assets
Acquisition-related costs	2,364
Acquisition costs	525
Amortization expense	1,839
Operating Segment \| Flow Control
Revenue
Revenue	86,682	89,521
Income Before Provision for Income Taxes
Total operating income	21,710	24,189
Capital Expenditures
Capital expenditures	1,874	1,404
Total Assets
Total assets	383,516		391,719
Operating Segment \| Industrial Processing
Revenue
Revenue	105,861	83,542
Income Before Provision for Income Taxes
Total operating income	19,999	15,967
Capital Expenditures
Capital expenditures	2,883	2,579
Total Assets
Total assets	606,803		443,189
Operating Segment \| Material Handling
Revenue
Revenue	56,432	56,695
Income Before Provision for Income Taxes
Total operating income	5,541	9,287
Capital Expenditures
Capital expenditures	1,506	462
Total Assets
Total assets	409,005		326,226
Corporate
Income Before Provision for Income Taxes
Total operating income	(10,323)	(9,329)
Capital Expenditures
Capital expenditures	8	$ 24
Total Assets
Total assets	$ 10,102		$ 14,531

Nature of Operations and Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($) segment	Apr. 01, 2023 USD ($)	Dec. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Number of reportable operating segments \| segment	3
Bank guarantees, expiration period (in months)	12 months
Revenue recognized	$ 33,666	$ 27,016
Revenue, remaining performance obligation, amount	$ 37,026
Banker's acceptance drafts, maturity period (in months)	6 months
Banker's acceptance drafts	$ 6,723		$ 10,826
2024 Acquisitions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Intangible assets from acquisition	$ 123,150
Certain Capital Contracts
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Lead time for for certain capital contracts (up to) (in months)	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percent	88.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, percent	12.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period

Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Assets and Liabilities Measured on a Recurring Basis

The following table presents the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis:


	Fair Value as of March 30, 2024
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and time deposits	$	9,032	$	—	$	—	$	9,032
Banker's acceptance drafts (a)	$	—	$	6,723	$	—	$	6,723

Liabilities:

Forward currency-exchange contracts	$	—	$	13	$	—	$	13


	Fair Value as of December 30, 2023
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Money market funds and time deposits	$	14,795	$	—	$	—	$	14,795
Banker's acceptance drafts (a)	$	—	$	10,826	$	—	$	10,826
Forward currency-exchange contracts	$	—	$	8	$	—	$	8
Liabilities:
Forward currency-exchange contract	$	—	$	51	$	—	$	51

(a)Included in accounts receivable in the accompanying condensed consolidated balance sheet.

Carrying Value and Fair Value of Debt Obligations

The carrying value and fair value of debt obligations, excluding lease obligations, are as follows:


	March 30, 2024				December 30, 2023
	Carrying Value		Fair Value		Carrying Value		Fair Value
(In thousands)
Debt Obligations:
Revolving credit facility	$	297,884	$	297,884	$	98,761	$	98,761
Senior promissory notes	8,330		8,252		8,330		8,182
Other	1,810		1,810		1,995		1,995
	$	308,024	$	307,946	$	109,086	$	108,938

Nature of Operations and Summary of Significant Accounting Policies - Warranty Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Changes in the carrying amount of accrued warranty costs [Roll Forward]
Balance at Beginning of Year	$ 8,154	$ 7,283
Provision charged to expense	1,069	1,425
Usage	(724)	(1,068)
Acquisitions	475	0
Currency translation	(150)	87
Balance at End of Period	$ 8,824	$ 7,727

Derivatives

3 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

The Company uses forward currency-exchange contracts that generally have maturities of twelve months or less to hedge exposures resulting from fluctuations in currency exchange rates. Such exposures result from assets and liabilities that are denominated in currencies other than the functional currencies of the Company's subsidiaries.

Forward currency-exchange contracts that hedge forecasted accounts receivable or accounts payable are designated as cash flow hedges and unrecognized gains and losses are recorded to AOCI, net of tax. Deferred gains and losses are recognized in the statement of income in the period in which the underlying transaction occurs. The fair values of forward currency-exchange contracts that are designated as fair value hedges and forward currency-exchange contracts that are not designated as hedges are recognized currently in earnings. Gains and losses reported within SG&A expenses in the accompanying condensed consolidated statement of income associated with the Company's forward currency-exchange contracts that were not designated as hedges were not material for the three-month periods ended March 30, 2024 and April 1, 2023.

The following table summarizes the fair value of derivative instruments in the accompanying condensed consolidated balance sheet:


		March 30, 2024				December 30, 2023
	Balance Sheet Location	Asset (Liability) (a)		Notional Amount (b)		Asset (Liability) (a)		Notional Amount
(In thousands)
Derivatives Designated as Hedging Instruments:
Derivatives in a Liability Position:
Forward currency-exchange contract	Other Current Liabilities	$	—	$	—	$	(51)	$	430

Derivatives Not Designated as Hedging Instruments:
Derivatives in an Asset Position:
Forward currency-exchange contracts	Other Current Assets	$	—	$	—	$	8	$	701
Derivatives in a Liability Position:
Forward currency-exchange contracts	Other Current Liabilities	$	(13)	$	880	$	—	$	—

(a) See Note 10, Fair Value Measurements and Fair Value of Financial Instruments, for the fair value measurements relating to these financial instruments.

(b) The 2024 notional amounts are indicative of the level of the Company's recurring derivative activity.

The following table summarizes the activity in AOCI associated with the Company's foreign currency exchange contract designated as a cash flow hedge as of and for the three months ended March 30, 2024:


(In thousands)	Total
Unrealized Loss, Net of Tax, at December 30, 2023	$	(38)

Loss recognized in AOCI	38
Unrealized Loss, Net of Tax, at March 30, 2024	$	—

Condensed Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Statement [Abstract]
Revenue (Notes 1 and 11)	$ 248,975	$ 229,758
Costs and Operating Expenses:
Cost of revenue	138,013	127,712
Selling, general, and administrative expenses	70,305	58,562
Research and development expenses	3,730	3,370
Total Costs and Operating Expenses	212,048	189,644
Operating Income	36,927	40,114
Interest Income	611	299
Interest Expense	(4,669)	(2,370)
Other Expense, Net	(30)	(21)
Income Before Provision for Income Taxes	32,839	38,022
Provision for Income Taxes (Note 5)	7,854	9,763
Net Income	24,985	28,259
Net Income Attributable to Noncontrolling Interests	(296)	(184)
Net Income Attributable to Kadant	$ 24,689	$ 28,075
Earnings per Share Attributable to Kadant (Note 4)
Basic (in dollars per share)	$ 2.11	$ 2.40
Diluted (in dollars per share)	$ 2.10	$ 2.40
Weighted Average Shares (Note 4)
Basic (in shares)	11,724	11,681
Diluted (in shares)	11,744	11,694

Nature of Operations and Summary of Significant Accounting Policies - Revenue Recognition Method and Disaggregation of Revenue by Product Type and Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 248,975	$ 229,758
North America
Disaggregation of Revenue [Line Items]
Revenue	156,491	132,453
Europe
Disaggregation of Revenue [Line Items]
Revenue	55,787	54,157
Asia
Disaggregation of Revenue [Line Items]
Revenue	22,554	27,770
Rest of world
Disaggregation of Revenue [Line Items]
Revenue	14,143	15,378
Parts and consumables
Disaggregation of Revenue [Line Items]
Revenue	171,130	151,563
Capital
Disaggregation of Revenue [Line Items]
Revenue	77,845	78,195
Point in Time
Disaggregation of Revenue [Line Items]
Revenue	216,493	204,239
Over Time
Disaggregation of Revenue [Line Items]
Revenue	$ 32,482	$ 25,519

Stock-Based Compensation (Details) - USD ($) $ in Thousands		3 Months Ended
Stock-Based Compensation (Details) - USD ($) $ in Thousands	Mar. 06, 2024	Mar. 30, 2024	Apr. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 2,415	$ 2,238
Unrecognized compensation expense related to stock awards		$ 15,745
Weighted average period (in years)		2 years 1 month 6 days
Performance Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	18,643
Grant date fair value of shares granted	$ 5,917
Vesting period (in years)	3 years
Performance Based Restricted Stock Units \| Minimum \| Share-Based Compensation Arrangement By Share-Based Payment Award Component One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of actual adjusted EBITDA	50.00%
Adjustment to RSU	50.00%
Performance Based Restricted Stock Units \| Minimum \| Share-Based Compensation Arrangement By Share-Based Payment Award, Component Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of actual adjusted EBITDA	100.00%
Adjustment to RSU	100.00%
Performance Based Restricted Stock Units \| Minimum \| Share-Based Compensation Arrangement By Share-Based Payment Award, Component Four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of actual adjusted EBITDA	50.00%
Performance Based Restricted Stock Units \| Maximum \| Share-Based Compensation Arrangement By Share-Based Payment Award Component One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of actual adjusted EBITDA	100.00%
Adjustment to RSU	100.00%
Performance Based Restricted Stock Units \| Maximum \| Share-Based Compensation Arrangement By Share-Based Payment Award, Component Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of actual adjusted EBITDA	115.00%
Adjustment to RSU	150.00%
Performance Based Restricted Stock Units \| Maximum \| Share-Based Compensation Arrangement By Share-Based Payment Award, Component Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of actual adjusted EBITDA	115.00%
Adjustment to RSU	150.00%
Time Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted in period (in shares)	14,109
Grant date fair value of shares granted	$ 4,461
Vesting period (in years)	3 years

Long-Term Obligations

3 Months Ended

Mar. 30, 2024

Debt Disclosure [Abstract]

Long-Term Obligations

Long-term obligations are as follows:


	March 30, 2024		December 30, 2023
(In thousands)
Revolving Credit Facility, due 2027	$	297,884	$	98,761
Senior Promissory Notes, due 2024 to 2028	8,330		8,330
Finance Leases, due 2024 to 2029	1,992		1,789
Other Borrowings, due 2024 to 2028	1,810		1,995
Total	310,016		110,875
Less: Current Maturities of Long-Term Obligations	(3,243)		(3,209)
Long-Term Obligations	$	306,773	$	107,666

See Note 10, Fair Value Measurements and Fair Value of Financial Instruments, for the fair value information related to the Company's long-term obligations.

Revolving Credit Facility

The Company's unsecured multi-currency revolving credit facility, originally entered into on March 1, 2017 (as amended and restated to date, the Credit Agreement) matures on November 30, 2027 and has a borrowing capacity of

$400,000,000, in addition to an uncommitted, unsecured incremental borrowing facility of $200,000,000. Interest on borrowings outstanding accrues and is payable in arrears calculated at one of the following rates selected by the Company: (i) the Base Rate, as defined, plus an applicable margin of 0% to 1.25%, or (ii) Eurocurrency Rate, Term SOFR (plus a 10 basis point credit spread adjustment), CDOR Rate, and RFR, as applicable and defined, plus an applicable margin of 1.0% to 2.25%. The margin is determined based upon the ratio of the Company's total debt, net of unrestricted cash up to $50,000,000, to earnings before interest, taxes, depreciation, and amortization as defined in the Credit Agreement. Additionally, the Credit Agreement requires the payment of a commitment fee payable in arrears on the available borrowing capacity under the Credit Agreement, which ranges from 0.125% to 0.350%.

Obligations under the Credit Agreement, which includes customary events of default under such financing arrangements, may be accelerated upon the occurrence of an event of default. In addition, the Credit Agreement contains negative covenants applicable to the Company and its subsidiaries, including financial covenants requiring the Company to maintain a maximum consolidated leverage ratio of 3.75 to 1.00, or, if the Company elects, for the quarter during which a material acquisition occurs and for the three fiscal quarters thereafter, 4.25 to 1.00, and limitations on making certain restricted payments (including dividends and stock repurchases).

Loans under the Credit Agreement are guaranteed by certain domestic subsidiaries of the Company.

During the first quarter of 2024, the Company borrowed an aggregate of $234,000,000 under the Credit Agreement, which was primarily used to fund the Company's acquisitions of Key Knife and KWS. See Note 2, Acquisitions, for further details. As of March 30, 2024, the outstanding balance under the Credit Agreement was $297,884,000, which included $73,884,000 of euro-denominated borrowings. The Company had $101,664,000 of borrowing capacity available as of March 30, 2024, which was calculated by translating its foreign-denominated borrowings using the administrative agent's borrowing date foreign exchange rates, in addition to the $200,000,000 uncommitted, unsecured incremental borrowing facility.

The weighted average interest rate for the outstanding balance under the Credit Agreement was 6.04% as of March 30, 2024 and 5.24% as of year-end 2023.

Senior Promissory Notes

In 2018, the Company entered into an uncommitted, unsecured Multi-Currency Note Purchase and Private Shelf Agreement (Note Purchase Agreement). Simultaneous with the execution of the Note Purchase Agreement, the Company issued senior promissory notes (Initial Notes) in an aggregate principal amount of $10,000,000, with a per annum interest rate of 4.90% payable semiannually, and a maturity date of December 14, 2028. The Company is required to prepay a portion of the principal of the Initial Notes beginning on December 14, 2023 and each year thereafter, and may optionally prepay the principal on the Initial Notes, together with any prepayment premium, at any time in accordance with the Note Purchase Agreement. The obligations of the Initial Notes may be accelerated upon an event of default as defined in the Note Purchase Agreement, which includes customary events of default under such financing arrangements.

The Initial Notes are pari passu with the Company’s indebtedness under the Credit Agreement, and any other senior debt of the Company, subject to certain specified exceptions, and participate in a sharing agreement with respect to the obligations of the Company and its subsidiaries under the Credit Agreement. The Initial Notes are guaranteed by certain of the Company’s domestic subsidiaries.

Debt Compliance

As of March 30, 2024, the Company was in compliance with the covenants related to its debt obligations.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Nature of Operations and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Accounting Policies [Abstract]
Raw Materials	$ 70,695	$ 66,738
Work in Process	41,180	32,147
Finished Goods (includes $3,581 and $5,182 at customer locations)	60,083	53,792
Total Inventories	171,958	152,677
Finished goods, at customer locations	$ 3,581	$ 5,182

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Operating Activities
Net Income Attributable to Kadant	$ 24,689	$ 28,075
Net income attributable to noncontrolling interests	296	184
Net Income	24,985	28,259
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	11,739	8,446
Stock-based compensation expense	2,415	2,238
Provision for losses on accounts receivable	413	13
Other items, net	803	829
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable	(7,956)	517
Contract assets	(2,425)	2,637
Inventories	(6,721)	(13,997)
Other assets	609	1,293
Accounts payable	15,036	77
Customer deposits	(778)	11,114
Other liabilities	(15,289)	(4,560)
Net cash provided by operating activities	22,831	36,866
Investing Activities
Acquisitions, net of cash acquired (Note 2)	(232,261)	0
Purchases of property, plant, and equipment	(6,271)	(4,469)
Proceeds from sale of property, plant, and equipment	1,269	32
Other investing activities	0	(30)
Net cash used in investing activities	(237,263)	(4,467)
Financing Activities
Proceeds from issuance of long-term obligations (Note 6)	234,000	0
Repayment of short- and long-term obligations	(33,450)	(20,761)
Tax withholding payments related to stock-based compensation	(5,855)	(3,897)
Dividends paid	(3,395)	(3,036)
Proceeds from issuance of Company common stock	1,605	0
Other financing activities	0	(63)
Net cash provided by (used in) financing activities	192,905	(27,757)
Exchange Rate Effect on Cash, Cash Equivalents, and Restricted Cash	(2,308)	1,140
(Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash	(23,835)	5,782
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	106,453	79,725
Cash, Cash Equivalents, and Restricted Cash at End of Period	$ 82,618	$ 85,507

Earnings per Share - Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Amounts Attributable to Parent, Disclosures [Abstract]
Net Income Attributable to Kadant	$ 24,689	$ 28,075
Basic Weighted Average Shares	11,724	11,681
Effect of Restricted Stock Units and Employee Stock Purchase Plan Shares	20	13
Diluted Weighted Average Shares	11,744	11,694
Basic Earnings per Share (in dollars per share)	$ 2.11	$ 2.40
Diluted Earnings per Share (in dollars per share)	$ 2.10	$ 2.40

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 30, 2024	Apr. 01, 2023
Pay vs Performance Disclosure
Net Income Attributable to Kadant	$ 24,689	$ 28,075

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Accumulated Other Comprehensive Items (Tables)

3 Months Ended

Mar. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Items

Changes in each component of accumulated other comprehensive items (AOCI), net of tax, are as follows:


(In thousands)	Foreign Currency Translation Adjustment		Pension and Other Post-Retirement Benefit Liability Adjustments		Deferred Loss on Cash Flow Hedges		Total
Balance at December 30, 2023	$	(43,013)	$	(11)	$	(38)	$	(43,062)
Other comprehensive items before reclassifications	(10,150)		3		—		(10,147)
Reclassifications from AOCI	—		(2)		38		36
Net current period other comprehensive items	(10,150)		1		38		(10,111)
Balance at March 30, 2024	$	(53,163)	$	(10)	$	—	$	(53,173)

Business Segment Information

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Business Segment Information

The Company has three reportable operating segments: Flow Control, Industrial Processing, and Material Handling. The Flow Control segment consists of the fluid-handling and doctoring, cleaning, & filtration product lines; the Industrial Processing segment consists of the wood processing and stock-preparation product lines; and the Material Handling segment consists of the conveying and vibratory, baling, and fiber-based product lines.

A description of each segment follows:

•Flow Control – Custom-engineered products, systems, and technologies that control the flow of fluids used in industrial and commercial applications to keep critical processes running efficiently in the packaging, tissue, food, metals, and other industrial sectors. The Company's primary products include rotary sealing devices, steam systems, expansion joints, doctor systems, roll and fabric cleaning devices, and filtration and fiber recovery systems.

•Industrial Processing – Equipment, machinery, and technologies used to process recycled paper and timber for the packaging, tissue, wood products and alternative fuel industries, among others. The Company's primary products include stock-preparation systems and recycling equipment, chemical pulping equipment, debarkers, stranders, chippers and custom engineered knife systems. In addition, the Company provides industrial automation and digitization solutions to process industries.

•Material Handling – Products and engineered systems used to handle bulk and discrete materials for secondary processing or transport in the aggregates, mining, food, and waste management industries, among others. The Company's primary products include conveying and vibratory equipment and balers. In addition, the Company

manufactures and sells biodegradable, absorbent granules used as carriers in agricultural applications and for oil and grease absorption.

The following table presents financial information for the Company's reportable operating segments and includes the results of Key Knife, acquired on January 1, 2024, within the Industrial Processing segment, and the results of KWS, acquired on January 24, 2024, within the Material Handling segment. See Note 2, Acquisitions, for further details.


	Three Months Ended
	March 30,		April 1,
(In thousands)	2024		2023
Revenue
Flow Control	$	86,682	$	89,521
Industrial Processing	105,861		83,542
Material Handling	56,432		56,695
	$	248,975	$	229,758

Income Before Provision for Income Taxes
Flow Control	$	21,710	$	24,189
Industrial Processing (a)	19,999		15,967
Material Handling (b)	5,541		9,287
Corporate (c)	(10,323)		(9,329)
Total operating income	36,927		40,114
Interest expense, net (d)	(4,058)		(2,071)
Other expense, net (d)	(30)		(21)
	$	32,839	$	38,022

Capital Expenditures
Flow Control	$	1,874	$	1,404
Industrial Processing	2,883		2,579
Material Handling	1,506		462
Corporate	8		24
	$	6,271	$	4,469


	March 30,		December 30,
(In thousands)	2024		2023
Total Assets
Flow Control	$	383,516	$	391,719
Industrial Processing	606,803		443,189
Material Handling	409,005		326,226
Corporate	10,102		14,531
	$	1,409,426	$	1,175,665

(a)Includes acquisition-related costs of $1,890,000 in 2024, including acquisition costs of $599,000 and amortization expense associated with acquired profit in inventory of $1,291,000.

(b)Includes acquisition-related costs of $2,364,000 in 2024, including acquisition costs of $525,000 and amortization expense associated with acquired profit in inventory and backlog of $1,839,000.

(c)Represents general and administrative expenses.

(d)The Company does not allocate interest expense, net and other expense, net to its segments.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Stockholders' Equity [Abstract]
Dividend declared – Common Stock (in dollars per share)	$ 0.32	$ 0.29

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company recognized stock-based compensation expense of $2,415,000 in the first quarter of 2024 and $2,238,000 in the first quarter of 2023 within SG&A expenses in the accompanying condensed consolidated statement of income. The Company recognizes compensation expense for all stock-based awards granted to employees and directors based on the grant date estimate of fair value for those awards. The fair value of RSUs is based on the grant date price of the Company's common stock, reduced by the present value of estimated dividends foregone during the requisite service period. For time-based RSUs, compensation expense is recognized ratably over the requisite service period for the entire award based on the grant date fair value, and net of actual forfeitures recorded when they occur. For performance-based RSUs, compensation expense is recognized ratably over the requisite service period for each separately vesting portion of the award based on the grant date fair value, net of actual forfeitures recorded when they occur, and remeasured each reporting period until the total number of RSUs to be issued is known. Unrecognized compensation expense related to stock-based compensation totaled approximately $15,745,000 at March 30, 2024, which will be recognized over a weighted average period of 2.1 years. Performance-based RSUs On March 6, 2024, the Company granted performance-based RSUs to certain of its officers, which represented, in aggregate, the right to receive 18,643 shares (target RSU amount), with an aggregate grant date fair value of $5,917,000. The RSUs are subject to adjustment based on the achievement of the performance measure selected for the fiscal year, which is a specified target for adjusted earnings before interest, taxes, depreciation, and amortization (target adjusted EBITDA) generated from operations for the fiscal year. The RSUs are adjusted by comparing the actual adjusted EBITDA for the performance period to the target adjusted EBITDA. Actual adjusted EBITDA between 50% and 100% of the target adjusted EBITDA results in an adjustment of 50% to 100% of the target RSU amount. Actual adjusted EBITDA between 100% and 115% of the target adjusted EBITDA results in an adjustment using a straight-line linear scale between 100% and 150% of the target RSU amount. Actual adjusted EBITDA in excess of 115% results in an adjustment capped at 150% of the target RSU amount. If actual adjusted EBITDA is below 50% of the target adjusted EBITDA for the 2024 fiscal year, these performance-based RSUs will be forfeited. The Company recognizes compensation expense based on the probable number of performance-based RSUs expected to vest. Following the adjustment, the performance-based RSUs will be subject to additional time-based vesting, and will vest in three equal annual installments on March 10 of 2025, 2026, and 2027, provided that the officer is employed by the Company on the applicable vesting dates. Time-based RSUs On March 6, 2024, the Company granted time-based RSUs representing 14,109 shares to certain of its officers and employees with an aggregate grant date fair value of $4,461,000. These time-based RSUs vest in three equal annual installments on March 10 of 2025, 2026, and 2027, provided that a recipient is employed by the Company on the applicable vesting dates.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Derivatives - Fair Value of Derivative Instruments (Details) - Forward currency-exchange contract - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Designated as Hedging Instrument
Derivatives in a Liability Position:
Derivative liability, fair value, gross liability	$ 0	$ (51)
Derivative liability, notional amount	0	430
Not Designated as Hedging Instrument
Derivatives in a Liability Position:
Derivative liability, fair value, gross liability	(13)	0
Derivative liability, notional amount	880	0
Derivatives in an Asset Position:
Derivative asset, fair value, gross asset	0	8
Derivative asset, notional amount	$ 0	$ 701

- Definition

Nominal or face amount used to calculate payments on the derivative asset.

+ References + Details

- Definition

Nominal or face amount used to calculate payments on the derivative liability.

+ References + Details

Restructuring Costs

3 Months Ended

Mar. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs

The Company initiated a restructuring plan within its Flow Control segment in the third quarter of 2023 to consolidate a small manufacturing operation into a larger facility in Germany. As part of this restructuring plan, the Company incurred restructuring and impairment costs totaling $400,000, including severance costs of $335,000 for the termination of 10 employees, facility and other closure costs of $29,000, and asset write-downs of $36,000.

The Company also incurred restructuring costs within its Flow Control segment of $366,000 in the fourth quarter of 2023 related to the termination of a contract at one of its operations in Germany.

A summary of the changes in accrued restructuring costs included in other current liabilities in the accompanying condensed consolidated balance sheet is as follows:


(In thousands)	Severance Costs		Contract Termination Costs		Total

2023 Restructuring Plans
Balance at December 30, 2023	$	201	$	313	$	514

Usage	(196)		(183)		(379)
Currency translation	(5)		(8)		(13)
Balance at March 30, 2024	$	—	$	122	$	122

The remaining accrued restructuring costs are expected to be paid by the end of the second quarter of 2024.

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 24, 2024	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023
Business Acquisition [Line Items]
Goodwill		$ 459,917		$ 392,084
Purchase Price:
Cash Paid at Closing		238,306	$ 0
2024 Acquisitions
Business Acquisition [Line Items]
Cash and Cash Equivalents		5,673
Accounts Receivable		10,021
Inventories		15,156
Other Current Assets		1,132
Property, Plant, and Equipment		33,648
Other Assets		4,755
Definite-Lived Intangible Assets		123,150
Goodwill		72,526
Total assets acquired		266,061
Accounts Payable		2,263
Customer Deposits		2,877
Other Current Liabilities		4,470
Long-Term Deferred Income Taxes		4,292
Other Long-Term Liabilities		4,534
Total liabilities assumed		18,436
Noncontrolling interests acquired		9,319
Net assets and noncontrolling interests acquired		238,306
Purchase Price:
Cash Paid at Closing	$ 237,934
Post-closing Adjustments	372
Consideration transferred	$ 238,306
2024 Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Definite-Lived Intangible Assets		99,300
2024 Acquisitions \| Product technology
Business Acquisition [Line Items]
Definite-Lived Intangible Assets		14,700
2024 Acquisitions \| Tradenames
Business Acquisition [Line Items]
Definite-Lived Intangible Assets		7,450
2024 Acquisitions \| Acquired backlog
Business Acquisition [Line Items]
Definite-Lived Intangible Assets		$ 1,700

Derivatives - Activity in Accumulated Other Comprehensive Items (OCI) (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 776,240
Ending balance	794,768
Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(38)
Loss recognized in AOCI	0
Ending balance	$ 0

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
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-Section 45
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483421/250-10-45-24

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+ Details

Nature of Operations and Summary of Significant Accounting Policies - Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Definite-Lived
Gross	$ 437,056	$ 313,894
Accumulated Amortization	(181,153)	(174,282)
Currency Translation	(10,400)	(8,921)
Net	245,503	130,691
Acquired Intangible Assets
Gross	466,115	342,953
Accumulated Amortization	(181,153)	(174,282)
Currency Translation	(11,131)	(9,385)
Net	273,831	159,286
Tradenames
Indefinite-Lived
Gross	29,059	29,059
Currency Translation	(731)	(464)
Net	28,328	28,595
Customer relationships
Definite-Lived
Gross	318,271	218,959
Accumulated Amortization	(113,072)	(108,519)
Currency Translation	(6,733)	(5,562)
Net	198,466	104,878
Acquired Intangible Assets
Accumulated Amortization	(113,072)	(108,519)
Product technology
Definite-Lived
Gross	82,276	67,576
Accumulated Amortization	(45,051)	(43,786)
Currency Translation	(2,632)	(2,367)
Net	34,593	21,423
Acquired Intangible Assets
Accumulated Amortization	(45,051)	(43,786)
Tradenames
Definite-Lived
Gross	14,489	7,039
Accumulated Amortization	(4,441)	(4,262)
Currency Translation	(419)	(388)
Net	9,629	2,389
Acquired Intangible Assets
Accumulated Amortization	(4,441)	(4,262)
Other
Definite-Lived
Gross	22,020	20,320
Accumulated Amortization	(18,589)	(17,715)
Currency Translation	(616)	(604)
Net	2,815	2,001
Acquired Intangible Assets
Accumulated Amortization	$ (18,589)	$ (17,715)

Restructuring Costs (Details) $ in Thousands	3 Months Ended
Restructuring Costs (Details) $ in Thousands	Mar. 30, 2024 USD ($)	Dec. 30, 2023 USD ($)	Sep. 30, 2023 USD ($) employee
2023 Restructuring Plans
Restructuring Reserve [Roll Forward]
Beginning balance	$ 514
Usage	(379)
Currency translation	(13)
Ending balance	122	$ 514
Flow Control
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment costs			$ 400
Restructuring costs		366
Number of positions eliminated related to restructuring (employee) \| employee			10
Asset write-downs			$ 36
Severance Costs \| 2023 Restructuring Plans
Restructuring Reserve [Roll Forward]
Beginning balance	201
Usage	(196)
Currency translation	(5)
Ending balance	0	201
Severance Costs \| Flow Control
Restructuring Cost and Reserve [Line Items]
Restructuring costs			335
Facility And Other Closure Costs \| Flow Control
Restructuring Cost and Reserve [Line Items]
Restructuring costs			$ 29
Contract Termination Costs \| 2023 Restructuring Plans
Restructuring Reserve [Roll Forward]
Beginning balance	313
Usage	(183)
Currency translation	(8)
Ending balance	$ 122	$ 313

Long-Term Obligations (Tables)

3 Months Ended

Mar. 30, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Obligations

Long-term obligations are as follows:


	March 30, 2024		December 30, 2023
(In thousands)
Revolving Credit Facility, due 2027	$	297,884	$	98,761
Senior Promissory Notes, due 2024 to 2028	8,330		8,330
Finance Leases, due 2024 to 2029	1,992		1,789
Other Borrowings, due 2024 to 2028	1,810		1,995
Total	310,016		110,875
Less: Current Maturities of Long-Term Obligations	(3,243)		(3,209)
Long-Term Obligations	$	306,773	$	107,666

Nature of Operations and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 30, 2024
Accounting Policies [Abstract]
Use of Estimates and Critical Accounting Policies	Use of Estimates and Critical Accounting Policies The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Although the Company makes every effort to ensure the accuracy of the estimates and assumptions used in the preparation of its condensed consolidated financial statements or in the application of accounting policies, if business conditions were different, or if the Company were to use different estimates and assumptions, it is possible that materially different amounts could be reported in the Company's condensed consolidated financial statements.
Restricted Cash	Restricted Cash The Company's restricted cash generally serves as collateral for bank guarantees associated with providing assurance to customers that the Company will fulfill certain customer obligations entered into in the normal course of business and for certain banker's acceptance drafts issued to vendors. The majority of these restrictions will expire over the next twelve months.
Intangible Assets, Net	Intangible assets are recorded at fair value at the date of acquisition. Subsequent impairment charges are reflected as a reduction in the gross balance, as applicable. Definite-lived intangible assets are stated net of accumulated amortization and currency translation in the accompanying condensed consolidated balance sheet. The Company amortizes definite-lived intangible assets over lives that have been determined based on the anticipated cash flow benefits of the intangible asset.
Warranty Obligations	Warranty Obligations The Company's contracts covering the sale of its products include warranty provisions that provide assurance to its customers that the products will comply with agreed-upon specifications during a defined period of time. The Company provides for the estimated cost of product warranties at the time of sale based on historical occurrence rates and repair costs, as well as knowledge of any specific warranty problems that indicate projected warranty costs may vary from historical patterns. The Company negotiates the terms regarding warranty coverage and length of warranty depending on the products and applications. The Company's liability for warranties is included in other current liabilities in the accompanying condensed consolidated balance sheet.
Revenue Recognition	Revenue Recognition Most of the Company’s revenue relates to products and services that require minimal customization and is recognized at a point in time for each performance obligation under the contract when the customer obtains control of the goods or service. The remaining portion of the Company’s revenue is recognized over time based on an input method that compares the costs incurred to date to the total expected costs required to satisfy the performance obligation. Contracts are accounted for on an over time basis when they include products which have no alternative use and an enforceable right to payment over time. Most of the contracts recognized on an over time basis are for large capital equipment projects. These projects are highly customized for the customer and, as a result, would include a significant cost to rework in the event of cancellation. The Company disaggregates its revenue from contracts with customers by reportable operating segment, product type and geography as this best depicts how its revenue is affected by economic factors. Contract assets represent unbilled revenue associated with revenue recognized on contracts accounted for on an over time basis, which will be billed in future periods based on the contract terms. Contract liabilities consist of short- and long-term customer deposits, advanced billings, and deferred revenue. Deferred revenue is included in other current liabilities, and long-term customer deposits are included in other long-term liabilities in the accompanying condensed consolidated balance sheet. Contract liabilities will be recognized as revenue in future periods once the revenue recognition criteria are met. The majority of the contract liabilities relate to advance payments on contracts accounted for at a point in time. These advance payments will be recognized as revenue when the Company's performance obligations have been satisfied, which typically occurs when the product has shipped and control of the asset has transferred to the customer.
Banker's Acceptance Drafts Included in Accounts Receivable	Banker's Acceptance Drafts Included in Accounts Receivable The Company's Chinese subsidiaries may receive banker's acceptance drafts from customers as payment for their trade accounts receivable. The drafts are non-interest bearing obligations of the issuing bank and generally mature within six months of the origination date. The Company's Chinese subsidiaries may sell the drafts at a discount to a third-party financial institution or transfer the drafts to vendors in settlement of current accounts payable prior to the scheduled maturity date.
Income Taxes	Income Taxes In accordance with Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740), the Company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which these differences are expected to reverse. A tax valuation allowance is established, as needed, to reduce deferred tax assets to the amount expected to be realized. In the period in which it becomes more likely than not that some or all of the deferred tax assets will be realized, the valuation allowance will be adjusted. It is the Company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. At March 30, 2024, the Company believes that it has appropriately accounted for any liability for unrecognized tax benefits. To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established, the statute of limitations expires for a tax jurisdiction year, or the Company is required to pay amounts in excess of the liability, its effective tax rate in a given financial statement period may be affected.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted Business Combinations - Joint Venture Formations (Topic 805), Recognition and Initiation Measurement. In August 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-05, to address the diversity in practice on the accounting treatment of joint venture formations. Under this ASU, a joint venture is required to apply a new basis of accounting at its formation date by valuing the net assets contributed at fair value for both business and asset transactions. The value of the net assets in total is then allocated to individual assets and liabilities by applying Topic 805 with certain exceptions. This new guidance is effective for joint ventures with a formation date on or after January 1, 2025 and is required to be applied prospectively. Additionally, joint ventures with a formation date prior to January 1, 2025, have an option to elect to apply the guidance retrospectively, provided adequate information is available. The impact of the adoption of this ASU on the Company's consolidated financial statements will be dependent upon joint ventures formed in future periods. Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). In November 2023, the FASB issued ASU No. 2023-07, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. Under this ASU, a company is required to enhance its segment disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. This ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. This ASU is effective for the Company's fiscal year ending December 28, 2024, and interim periods beginning in fiscal 2025, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the effects that the adoption of this ASU will have on its consolidated financial statements. Income Taxes - Improvements to Income Tax Disclosures (Topic 740). In December 2023, the FASB issued ASU No. 2023-09, to improve income tax disclosure requirements, primarily through enhanced disclosures related to the income tax rate reconciliation and income taxes paid. This ASU is effective for fiscal 2025, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the effects that the adoption of this ASU will have on its consolidated financial statements.
Acquisitions	AcquisitionsThe Company’s acquisitions have been accounted for using the acquisition method of accounting and the results of the acquired businesses are included in its condensed consolidated financial statements from the date of acquisition. Historically, acquisitions have been made at prices above the fair value of identifiable net assets, resulting in goodwill.
Stock-Based Compensation	The Company recognizes compensation expense for all stock-based awards granted to employees and directors based on the grant date estimate of fair value for those awards. The fair value of RSUs is based on the grant date price of the Company's common stock, reduced by the present value of estimated dividends foregone during the requisite service period. For time-based RSUs, compensation expense is recognized ratably over the requisite service period for the entire award based on the grant date fair value, and net of actual forfeitures recorded when they occur. For performance-based RSUs, compensation expense is recognized ratably over the requisite service period for each separately vesting portion of the award based on the grant date fair value, net of actual forfeitures recorded when they occur, and remeasured each reporting period until the total number of RSUs to be issued is known.The RSUs are subject to adjustment based on the achievement of the performance measure selected for the fiscal year, which is a specified target for adjusted earnings before interest, taxes, depreciation, and amortization (target adjusted EBITDA) generated from operations for the fiscal year. The RSUs are adjusted by comparing the actual adjusted EBITDA for the performance period to the target adjusted EBITDA. Actual adjusted EBITDA between 50% and 100% of the target adjusted EBITDA results in an adjustment of 50% to 100% of the target RSU amount. Actual adjusted EBITDA between 100% and 115% of the target adjusted EBITDA results in an adjustment using a straight-line linear scale between 100% and 150% of the target RSU amount. Actual adjusted EBITDA in excess of 115% results in an adjustment capped at 150% of the target RSU amount. If actual adjusted EBITDA is below 50% of the target adjusted EBITDA for the 2024 fiscal year, these performance-based RSUs will be forfeited. The Company recognizes compensation expense based on the probable number of performance-based RSUs expected to vest. Following the adjustment, the performance-based RSUs will be subject to additional time-based vesting, and will vest in three equal annual installments on March 10 of 2025, 2026, and 2027, provided that the officer is employed by the Company on the applicable vesting dates.
Forward Currency-Exchange Contracts	The Company uses forward currency-exchange contracts that generally have maturities of twelve months or less to hedge exposures resulting from fluctuations in currency exchange rates. Such exposures result from assets and liabilities that are denominated in currencies other than the functional currencies of the Company's subsidiaries. Forward currency-exchange contracts that hedge forecasted accounts receivable or accounts payable are designated as cash flow hedges and unrecognized gains and losses are recorded to AOCI, net of tax. Deferred gains and losses are recognized in the statement of income in the period in which the underlying transaction occurs. The fair values of forward currency-exchange contracts that are designated as fair value hedges and forward currency-exchange contracts that are not designated as hedges are recognized currently in earnings.
Fair Value Measurement	Fair value measurement is defined as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy is established, which prioritizes the inputs used in measuring fair value into three broad levels as follows: •Level 1—Quoted prices in active markets for identical assets or liabilities. •Level 2—Inputs, other than quoted prices in active markets, that are observable either directly or indirectly. •Level 3—Unobservable inputs based on the Company's own assumptions. The Company uses the market approach technique to value its financial assets and liabilities, and there were no changes in valuation techniques during the first quarter of 2024. Banker's acceptance drafts are carried at face value, which approximates their fair value due to the short-term nature of the negotiable instrument. The fair values of the forward currency-exchange contracts are based on quoted forward foreign exchange rates at the reporting date. The forward currency-exchange contracts are hedges of either recorded assets or liabilities or anticipated transactions and represent the estimated amount the Company would receive or pay upon liquidation of the contracts. Changes in values of the underlying hedged assets and liabilities or anticipated transactions are not reflected in the table above. The carrying value of the Company's revolving credit facility approximates the fair value as the obligation bears variable rates of interest, which adjust frequently, based on prevailing market rates. The fair value of the senior promissory notes is primarily calculated based on quoted market rates plus an applicable margin available to the Company at the respective period end, which represent Level 2 measurements.
Litigation	Litigation From time to time, the Company is subject to various claims and legal proceedings covering a range of matters that arise in the ordinary course of business. Such litigation may include, but is not limited to, claims and counterclaims by and against the Company for breach of contract or warranty, canceled contracts, product liability, or bankruptcy-related claims. For legal proceedings in which a loss is probable and estimable, the Company accrues a loss based on the low end of the range of estimated loss when there is no better estimate within the range. If the Company were found to be liable for any of the claims or counterclaims against it, the Company would incur a charge against earnings for amounts in excess of legal accruals.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Right of Recourse In the ordinary course of business, the Company's Chinese subsidiaries may receive banker's acceptance drafts from customers as payment for their trade accounts receivable. The drafts are non-interest bearing obligations of the issuing bank and generally mature within six months of the origination date. The Company's Chinese subsidiaries may use these banker's acceptance drafts prior to the scheduled maturity date to settle outstanding accounts payable with vendors. Banker's acceptance drafts transferred to vendors are subject to customary right of recourse provisions prior to their scheduled maturity dates. The Company had $4,524,000 at March 30, 2024 and $9,090,000 at December 30, 2023 of banker's acceptance drafts subject to recourse, which were transferred to vendors and had not reached their scheduled maturity dates. Historically, the banker's acceptance drafts have settled upon maturity without any claim of recourse against the Company. Litigation From time to time, the Company is subject to various claims and legal proceedings covering a range of matters that arise in the ordinary course of business. Such litigation may include, but is not limited to, claims and counterclaims by and against the Company for breach of contract or warranty, canceled contracts, product liability, or bankruptcy-related claims. For legal proceedings in which a loss is probable and estimable, the Company accrues a loss based on the low end of the range of estimated loss when there is no better estimate within the range. If the Company were found to be liable for any of the claims or counterclaims against it, the Company would incur a charge against earnings for amounts in excess of legal accruals.

Earnings per Share

3 Months Ended

Mar. 30, 2024

Earnings Per Share [Abstract]

Earnings per Share

Basic and diluted earnings per share (EPS) were calculated as follows:


	Three Months Ended
	March 30, 2024		April 1, 2023
(In thousands, except per share amounts)
Net Income Attributable to Kadant	$	24,689	$	28,075

Basic Weighted Average Shares	11,724		11,681
Effect of Restricted Stock Units and Employee Stock Purchase Plan Shares	20		13
Diluted Weighted Average Shares	11,744		11,694

Basic Earnings per Share	$	2.11	$	2.40

Diluted Earnings per Share	$	2.10	$	2.40

The effect of outstanding and unvested restricted stock units (RSUs) of the Company’s common stock totaling 33,000 shares in the first quarter of 2024 and 38,000 shares in the first quarter of 2023 were not included in the computation of diluted EPS for the respective periods as the effect would have been antidilutive or, for unvested performance-based RSUs, the performance conditions had not been met as of the end of the reporting periods.

Nature of Operations and Summary of Significant Accounting Policies - Revenue from Contract with Customers (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Accounting Policies [Abstract]
Contract Assets	$ 10,673	$ 8,366
Contract Liabilities	$ 78,856	$ 79,397

Business Segment Information (Tables)

3 Months Ended

Mar. 30, 2024

Segment Reporting [Abstract]

Business Segment Reporting Information


	Three Months Ended
	March 30,		April 1,
(In thousands)	2024		2023
Revenue
Flow Control	$	86,682	$	89,521
Industrial Processing	105,861		83,542
Material Handling	56,432		56,695
	$	248,975	$	229,758

Income Before Provision for Income Taxes
Flow Control	$	21,710	$	24,189
Industrial Processing (a)	19,999		15,967
Material Handling (b)	5,541		9,287
Corporate (c)	(10,323)		(9,329)
Total operating income	36,927		40,114
Interest expense, net (d)	(4,058)		(2,071)
Other expense, net (d)	(30)		(21)
	$	32,839	$	38,022

Capital Expenditures
Flow Control	$	1,874	$	1,404
Industrial Processing	2,883		2,579
Material Handling	1,506		462
Corporate	8		24
	$	6,271	$	4,469


	March 30,		December 30,
(In thousands)	2024		2023
Total Assets
Flow Control	$	383,516	$	391,719
Industrial Processing	606,803		443,189
Material Handling	409,005		326,226
Corporate	10,102		14,531
	$	1,409,426	$	1,175,665

(a)Includes acquisition-related costs of $1,890,000 in 2024, including acquisition costs of $599,000 and amortization expense associated with acquired profit in inventory of $1,291,000.

(b)Includes acquisition-related costs of $2,364,000 in 2024, including acquisition costs of $525,000 and amortization expense associated with acquired profit in inventory and backlog of $1,839,000.

(c)Represents general and administrative expenses.

(d)The Company does not allocate interest expense, net and other expense, net to its segments.

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Treasury Stock	Accumulated Other Comprehensive Items	Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock (in shares)					2,949,997
Common stock, beginning balance (in shares) at Dec. 31, 2022		14,624,159
Beginning balance at Dec. 31, 2022	$ 655,571	$ 146	$ 119,924	$ 660,644	$ (72,287)	$ (54,578)	$ 1,722
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	28,259			28,075			184
Dividend declared – Common Stock	(3,394)			(3,394)
Activity under stock plans (in shares)					(29,319)
Activity under stock plans	(1,659)		(2,377)		$ 718
Other comprehensive items	5,528					5,493	35
Common stock, ending balance (in shares) at Apr. 01, 2023		14,624,159
Treasury stock, ending balance (in shares) at Apr. 01, 2023					2,920,678
Ending balance at Apr. 01, 2023	$ 684,305	$ 146	117,547	685,325	$ (71,569)	(49,085)	1,941
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock (in shares)					2,920,678
Treasury stock (in shares)	2,915,978				2,915,978
Common stock, beginning balance (in shares) at Dec. 30, 2023		14,624,159
Beginning balance at Dec. 30, 2023	$ 776,240	$ 146	124,940	763,131	$ (71,453)	(43,062)	2,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,985			24,689			296
Dividend declared – Common Stock	(3,758)			(3,758)
Activity under stock plans (in shares)					(34,765)
Activity under stock plans	(1,835)		(2,687)		$ 852
Noncontrolling interests acquired (Note 2)	9,319						9,319
Other comprehensive items	$ (10,183)					(10,111)	(72)
Common stock, ending balance (in shares) at Mar. 30, 2024		14,624,159
Treasury stock, ending balance (in shares) at Mar. 30, 2024	2,881,213				2,881,213
Ending balance at Mar. 30, 2024	$ 794,768	$ 146	$ 122,253	$ 784,062	$ (70,601)	$ (53,173)	$ 12,081
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Treasury stock (in shares)	2,881,213				2,881,213

Acquisitions

3 Months Ended

Mar. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

The Company’s acquisitions have been accounted for using the acquisition method of accounting and the results of the acquired businesses are included in its condensed consolidated financial statements from the date of acquisition. Historically, acquisitions have been made at prices above the fair value of identifiable net assets, resulting in goodwill. Acquisition costs were $1,124,000 in the first quarter of 2024 and are included in selling, general, and administrative (SG&A) expenses in the accompanying condensed consolidated statement of income. The Company expects several synergies in connection with the acquisitions described below, including expansion of product sales into new markets by leveraging its global sales network and relationships, broadening its product portfolio, and strengthening its position in the wood processing and material handling markets. The Company funded the acquisitions primarily through borrowings under its revolving credit facility.

Key Knife, Inc.

On January 1, 2024, the Company acquired Key Knife Inc. and certain of its affiliates (collectively, Key Knife) pursuant to a securities purchase agreement dated December 22, 2023, for $153,386,000, net of cash acquired. The Company paid $156,925,000 at closing and $2,372,000 as a post-closing adjustment in the second quarter of 2024. Key Knife is a global supplier of engineered knife systems for custom chipping, planing, and flaking solutions for wood products industries, with revenue of approximately $65,000,000 for the twelve months ended September 30, 2023, and is part of the Company's Industrial Processing segment. Goodwill from the Key Knife acquisition was $34,058,000, of which $27,682,000 is expected to be deductible for tax purposes over 15 years. In addition, intangible assets acquired were $94,550,000, of which $79,600,000 is expected to be deductible for tax purposes over 15 years.

As part of the acquisition, the Company acquired a 45% interest in two of Key Knife's subsidiaries, increasing its noncontrolling interest liability by $9,319,000 based on the income valuation approach. Under a put and purchase option as outlined in the securities purchase agreement, the seller can demand the Company purchase, or the Company can demand that the seller sell to the Company, the remaining interest in these subsidiaries at any time after December 31, 2027. The purchase price would be based on a total enterprise value as defined in the original purchase agreement.

KWS Manufacturing Company, Ltd.

On January 24, 2024, the Company acquired all of the outstanding equity securities of KWS Manufacturing Company, Ltd. (KWS) for $81,247,000, subject to a post-closing adjustment. The Company paid $81,009,000 at closing and assumed a $238,000 overdraft. KWS is a leading manufacturer of conveying equipment for the bulk material handling industry, with revenue of approximately $45,000,000 for the twelve months ended September 30, 2023, and is part of the Company's Material Handling segment. Goodwill from the KWS acquisition was $38,468,000 and intangibles assets were $28,600,000, both of which are expected to be fully deductible for tax purposes over 15 years.

Purchase Price Allocation

The following table summarizes the aggregate estimated fair values of the net assets and noncontrolling interests acquired and purchase price for the Key Knife and KWS acquisitions:


(In thousands)	Total
Cash and Cash Equivalents	$	5,673
Accounts Receivable	10,021
Inventories	15,156
Other Current Assets	1,132
Property, Plant, and Equipment	33,648
Other Assets	4,755
Definite-Lived Intangible Assets
Customer relationships	99,300
Product technology	14,700
Tradenames	7,450
Acquired backlog	1,700
Goodwill	72,526
Total assets acquired	266,061

Accounts Payable	2,263
Customer Deposits	2,877
Other Current Liabilities	4,470
Long-Term Deferred Income Taxes	4,292
Other Long-Term Liabilities	4,534
Total liabilities assumed	18,436
Noncontrolling interests acquired	9,319
Net assets and noncontrolling interests acquired	$	238,306

Purchase Price:
Cash Paid at Closing	$	237,934
Post-closing Adjustments	372
	$	238,306

The final purchase accounting and purchase price allocations remain subject to change as the Company continues to refine its preliminary valuation of certain acquired assets and liabilities assumed and the valuation of acquired intangibles, which may result in adjustments to the assets and liabilities, including goodwill.

For the quarter ended March 30, 2024, the acquisitions had aggregate revenue of $24,296,000 and a net operating loss of $315,000 from the dates of acquisition, including amortization expense of $3,130,000 associated with acquired profit in inventory and backlog.

The weighted-average amortization period for the definite-lived intangible assets related to the 2024 acquisitions is 18 years, including weighted-average amortization periods of 19 years for customer relationships, 12 years for product technology, and 17 years for tradenames.

Unaudited Supplemental Pro Forma Information

Had the acquisitions of Key Knife and KWS been completed as of the beginning of 2023, the Company’s pro forma results of operations for the quarters ended March 30, 2024 and April 1, 2023 would have been as follows:


	Three Months Ended
	March 30, 2024		April 1, 2023
(In thousands, except per share amounts)
Revenue	$	251,640	$	257,391
Net Income Attributable to Kadant	$	27,310	$	24,824
Earnings per Share Attributable to Kadant
Basic	$	2.33	$	2.13
Diluted	$	2.33	$	2.12

The historical consolidated pro forma financial information of the Company, Key Knife and KWS above has been adjusted to give effect to pro forma events that are (i) directly attributable to the acquisition and related financing arrangements, (ii) expected to have a continuing impact on the Company, and (iii) factually supportable.

Pro forma results include the following non-recurring pro forma adjustments:

•Pre-tax charge to cost of revenue of $2,331,000 in 2023 and reversal in 2024, for the sale of inventory revalued at the date of acquisition.

•Pre-tax charge to SG&A expenses of $1,923,000 in 2023 and reversal in 2024, for acquisition costs and intangible asset amortization related to acquired backlog.

•Estimated tax effects related to the pro forma adjustments.

These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that would have resulted had the acquisitions occurred as of the beginning of 2023, or that may result in the future.

Condensed Consolidated Statement of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Other Comprehensive Items:
Post-retirement liability adjustments, net, tax	$ 0	$ (2)
Deferred gain (loss) on cash flow hedges, tax	$ 13	$ (14)

Acquisition (Tables)

3 Months Ended

Mar. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Summary of Net Assets and Noncontrolling Interests Acquired

The following table summarizes the aggregate estimated fair values of the net assets and noncontrolling interests acquired and purchase price for the Key Knife and KWS acquisitions:


(In thousands)	Total
Cash and Cash Equivalents	$	5,673
Accounts Receivable	10,021
Inventories	15,156
Other Current Assets	1,132
Property, Plant, and Equipment	33,648
Other Assets	4,755
Definite-Lived Intangible Assets
Customer relationships	99,300
Product technology	14,700
Tradenames	7,450
Acquired backlog	1,700
Goodwill	72,526
Total assets acquired	266,061

Accounts Payable	2,263
Customer Deposits	2,877
Other Current Liabilities	4,470
Long-Term Deferred Income Taxes	4,292
Other Long-Term Liabilities	4,534
Total liabilities assumed	18,436
Noncontrolling interests acquired	9,319
Net assets and noncontrolling interests acquired	$	238,306

Purchase Price:
Cash Paid at Closing	$	237,934
Post-closing Adjustments	372
	$	238,306

Unaudited Supplemental Pro Forma Information


	Three Months Ended
	March 30, 2024		April 1, 2023
(In thousands, except per share amounts)
Revenue	$	251,640	$	257,391
Net Income Attributable to Kadant	$	27,310	$	24,824
Earnings per Share Attributable to Kadant
Basic	$	2.33	$	2.13
Diluted	$	2.33	$	2.12

Restructuring Costs (Tables)

3 Months Ended

Mar. 30, 2024

Restructuring and Related Activities [Abstract]

Summary of Changes in Accrued Restructuring Costs Included in Other Current Liabilities

A summary of the changes in accrued restructuring costs included in other current liabilities in the accompanying condensed consolidated balance sheet is as follows:


(In thousands)	Severance Costs		Contract Termination Costs		Total

2023 Restructuring Plans
Balance at December 30, 2023	$	201	$	313	$	514

Usage	(196)		(183)		(379)
Currency translation	(5)		(8)		(13)
Balance at March 30, 2024	$	—	$	122	$	122

Nature of Operations and Summary of Significant Accounting Policies - Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023	Apr. 01, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 81,440	$ 103,832	$ 81,183	$ 76,371
Restricted cash	1,178	2,621	4,324	3,354
Total Cash, Cash Equivalents, and Restricted Cash	$ 82,618	$ 106,453	$ 85,507	$ 79,725

Nature of Operations and Summary of Significant Accounting Policies - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2024 USD ($)
Goodwill [Roll Forward]
Gross balance, beginning balance	$ 477,622
Accumulated impairment losses	(85,538)
Net balance, beginning balance	392,084
Acquisitions (Note 2)	72,526
Fair value adjustment	(22)
Currency translation	(4,671)
Total 2024 activity	67,833
Gross balance, ending balance	545,455
Accumulated impairment losses	(85,538)
Net balance, ending balance	459,917
Operating Segment \| Flow Control
Goodwill [Roll Forward]
Gross balance, beginning balance	120,782
Accumulated impairment losses	0
Net balance, beginning balance	120,782
Acquisitions (Note 2)	0
Fair value adjustment	0
Currency translation	(1,792)
Total 2024 activity	(1,792)
Gross balance, ending balance	118,990
Accumulated impairment losses	0
Net balance, ending balance	118,990
Operating Segment \| Industrial Processing
Goodwill [Roll Forward]
Gross balance, beginning balance	212,732
Accumulated impairment losses	(85,538)
Net balance, beginning balance	127,194
Acquisitions (Note 2)	34,058
Fair value adjustment	(22)
Currency translation	(1,911)
Total 2024 activity	32,125
Gross balance, ending balance	244,857
Accumulated impairment losses	(85,538)
Net balance, ending balance	159,319
Operating Segment \| Material Handling
Goodwill [Roll Forward]
Gross balance, beginning balance	144,108
Accumulated impairment losses	0
Net balance, beginning balance	144,108
Acquisitions (Note 2)	38,468
Fair value adjustment	0
Currency translation	(968)
Total 2024 activity	37,500
Gross balance, ending balance	181,608
Accumulated impairment losses	0
Net balance, ending balance	$ 181,608

Condensed Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 24,985	$ 28,259
Other Comprehensive Items:
Foreign currency translation adjustment	(10,222)	5,573
Post-retirement liability adjustments, net (net of tax of $— and $(2))	1	(6)
Deferred gain (loss) on cash flow hedges (net of tax of $13 and $(14))	38	(39)
Other comprehensive items	(10,183)	5,528
Comprehensive Income	14,802	33,787
Comprehensive Income Attributable to Noncontrolling Interests	(224)	(219)
Comprehensive Income Attributable to Kadant	$ 14,578	$ 33,568

Derivatives (Tables)

3 Months Ended

Mar. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table summarizes the fair value of derivative instruments in the accompanying condensed consolidated balance sheet:


		March 30, 2024				December 30, 2023
	Balance Sheet Location	Asset (Liability) (a)		Notional Amount (b)		Asset (Liability) (a)		Notional Amount
(In thousands)
Derivatives Designated as Hedging Instruments:
Derivatives in a Liability Position:
Forward currency-exchange contract	Other Current Liabilities	$	—	$	—	$	(51)	$	430

Derivatives Not Designated as Hedging Instruments:
Derivatives in an Asset Position:
Forward currency-exchange contracts	Other Current Assets	$	—	$	—	$	8	$	701
Derivatives in a Liability Position:
Forward currency-exchange contracts	Other Current Liabilities	$	(13)	$	880	$	—	$	—

(a) See Note 10, Fair Value Measurements and Fair Value of Financial Instruments, for the fair value measurements relating to these financial instruments.

(b) The 2024 notional amounts are indicative of the level of the Company's recurring derivative activity.

Activity in Accumulated Other Comprehensive Items (AOCI)


(In thousands)	Total
Unrealized Loss, Net of Tax, at December 30, 2023	$	(38)

Loss recognized in AOCI	38
Unrealized Loss, Net of Tax, at March 30, 2024	$	—

Accumulated Other Comprehensive Items

3 Months Ended

Mar. 30, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Items

Comprehensive income combines net income and other comprehensive items, which represent certain amounts that are reported as components of stockholders' equity in the accompanying condensed consolidated balance sheet.

Changes in each component of accumulated other comprehensive items (AOCI), net of tax, are as follows:


(In thousands)	Foreign Currency Translation Adjustment		Pension and Other Post-Retirement Benefit Liability Adjustments		Deferred Loss on Cash Flow Hedges		Total
Balance at December 30, 2023	$	(43,013)	$	(11)	$	(38)	$	(43,062)
Other comprehensive items before reclassifications	(10,150)		3		—		(10,147)
Reclassifications from AOCI	—		(2)		38		36
Net current period other comprehensive items	(10,150)		1		38		(10,111)
Balance at March 30, 2024	$	(53,163)	$	(10)	$	—	$	(53,173)

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Dec. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Banker's acceptance drafts, maturity period (in months)	6 months
Banker's acceptance drafts with recourse	$ 4,524	$ 9,090

Acquisitions - Narrative (Details) - USD ($) $ in Thousands			1 Months Ended	3 Months Ended				12 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Jan. 24, 2024	Jan. 01, 2024	Jan. 24, 2024	Jun. 28, 2024	Mar. 30, 2024	Mar. 30, 2024	Apr. 01, 2023	Sep. 30, 2023	Dec. 30, 2023
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired					$ 232,261		$ 0
Cash paid for acquisition					238,306		0
Revenue					248,975		$ 229,758
Goodwill					459,917	$ 459,917			$ 392,084
Noncontrolling interest acquired					9,319
Key Knife, Inc.
Business Acquisition [Line Items]
Revenue								$ 65,000
KWS Manufacturing Company Limited ("KWS")
Business Acquisition [Line Items]
Revenue								$ 45,000
2024 Acquisitions
Business Acquisition [Line Items]
Acquisition transaction costs					1,124
Cash paid for acquisition			$ 237,934
Post closing adjustments			372
Goodwill					72,526	72,526
Consideration transferred			238,306
Recorded revenues					$ 24,296
Operating loss from acquisition						315
Amortization expense						3,130
Weighted average amortization period of acquired intangible assets (in years)					18 years
2024 Acquisitions \| Customer relationships
Business Acquisition [Line Items]
Weighted average amortization period of acquired intangible assets (in years)					19 years
2024 Acquisitions \| Product technology
Business Acquisition [Line Items]
Weighted average amortization period of acquired intangible assets (in years)					12 years
2024 Acquisitions \| Tradenames
Business Acquisition [Line Items]
Weighted average amortization period of acquired intangible assets (in years)					17 years
Key Knife, Inc.
Business Acquisition [Line Items]
Payments to acquire business, net of cash acquired		$ 153,386
Cash paid for acquisition		156,925
Goodwill					$ 34,058	34,058
Goodwill, expected to be tax deductible		$ 27,682
Goodwill, expected deductible term (in years)		15 years
Intangible assets other than goodwill acquired		$ 94,550
Intangible assets other than goodwill, expected tax deductible amount		$ 79,600
Intangible assets other than goodwill, expected deductible term (in years)		15 years
Percentage acquired		45.00%
Noncontrolling interest acquired		$ 9,319
Key Knife, Inc. \| Subsequent Event \| Forecast
Business Acquisition [Line Items]
Post closing adjustments				$ 2,372
KWS Manufacturing Company Limited ("KWS")
Business Acquisition [Line Items]
Cash paid for acquisition	$ 81,009
Goodwill					$ 38,468	$ 38,468
Goodwill, expected deductible term (in years)	15 years
Intangible assets other than goodwill acquired	$ 28,600		$ 28,600
Consideration transferred	81,247
Overdraft	$ 238

Nature of Operations and Summary of Significant Accounting Policies

3 Months Ended

Mar. 30, 2024

Accounting Policies [Abstract]

Nature of Operations and Summary of Significant Accounting Policies

Nature of Operations

Kadant Inc. was incorporated in Delaware in November 1991 and trades on the New York Stock Exchange under the ticker symbol "KAI."

Kadant Inc. (together with its subsidiaries, the Company) is a global supplier of technologies and engineered systems that drive Sustainable Industrial Processing. Its products and services play an integral role in enhancing efficiency, optimizing energy utilization, and maximizing productivity in process industries while helping customers advance their sustainability initiatives with products that reduce waste or generate more yield with fewer inputs, particularly fiber, energy, and water. Producing more while consuming less is a core aspect of Sustainable Industrial Processing and a major element of the strategic focus of the Company's three reportable operating segments: Flow Control, Industrial Processing, and Material Handling.

Interim Financial Statements

The interim condensed consolidated financial statements and related notes presented have been prepared by the Company, are unaudited, and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position at March 30, 2024, its results of operations, comprehensive income, cash flows, and stockholders' equity for the three-month periods ended March 30, 2024 and April 1, 2023. Interim results are not necessarily indicative of results for a full year or for any other interim period.

The condensed consolidated balance sheet presented as of December 30, 2023 has been derived from the consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 30, 2023 (Annual Report). The condensed consolidated financial statements and related notes are presented as permitted by the rules and regulations of the Securities and Exchange Commission (SEC) for Form 10-Q and do not contain certain information included in the annual consolidated financial statements and related notes of the Company. The condensed consolidated financial statements and notes included herein should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report.

Use of Estimates and Critical Accounting Policies

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Although the Company makes every effort to ensure the accuracy of the estimates and assumptions used in the preparation of its condensed consolidated financial statements or in the application of accounting policies, if business conditions were different, or if the Company were to use different estimates and assumptions, it is possible that materially different amounts could be reported in the Company's condensed consolidated financial statements.

Note 1 to the consolidated financial statements in the Annual Report describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the Company’s significant accounting policies during the quarter ended March 30, 2024.

Supplemental Cash Flow Information


	Three Months Ended
(In thousands)	March 30, 2024		April 1, 2023
Cash Paid for Interest	$	4,484	$	2,161
Cash Paid for Income Taxes, Net of Refunds	$	7,313	$	9,558

Non-Cash Investing Activities:
Fair value of assets acquired	$	266,061	$	—
Cash paid for businesses acquired	(238,306)		—
Liabilities assumed and noncontrolling interests acquired	$	27,755	$	—

Purchases of property, plant, and equipment in accounts payable	$	1,342	$	299


	Three Months Ended
(In thousands)	March 30, 2024		April 1, 2023
Non-Cash Financing Activities:
Issuance of Company common stock upon vesting of restricted stock units	$	4,703	$	4,246
Dividends declared but unpaid	$	3,758	$	3,394

Restricted Cash

The Company's restricted cash generally serves as collateral for bank guarantees associated with providing assurance to customers that the Company will fulfill certain customer obligations entered into in the normal course of business and for certain banker's acceptance drafts issued to vendors. The majority of these restrictions will expire over the next twelve months.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying condensed consolidated balance sheet that are shown in aggregate in the accompanying condensed consolidated statement of cash flows:


(In thousands)	March 30, 2024		April 1, 2023		December 30, 2023		December 31, 2022
Cash and cash equivalents	$	81,440	$	81,183	$	103,832	$	76,371
Restricted cash	1,178		4,324		2,621		3,354
Total Cash, Cash Equivalents, and Restricted Cash	$	82,618	$	85,507	$	106,453	$	79,725

Inventories

The components of inventories are as follows:


	March 30, 2024		December 30, 2023
(In thousands)
Raw Materials	$	70,695	$	66,738
Work in Process	41,180		32,147
Finished Goods (includes $3,581 and $5,182 at customer locations)	60,083		53,792
	$	171,958	$	152,677

Intangible Assets, Net

Acquired intangible assets by major asset class are as follows:


(In thousands)	Gross		Accumulated Amortization		Currency Translation		Net
March 30, 2024
Definite-Lived
Customer relationships	$	318,271	$	(113,072)	$	(6,733)	$	198,466
Product technology	82,276		(45,051)		(2,632)		34,593
Tradenames	14,489		(4,441)		(419)		9,629
Other	22,020		(18,589)		(616)		2,815
	437,056		(181,153)		(10,400)		245,503
Indefinite-Lived
Tradenames	29,059		—		(731)		28,328
Acquired Intangible Assets	$	466,115	$	(181,153)	$	(11,131)	$	273,831


(In thousands)	Gross		Accumulated Amortization		Currency Translation		Net
December 30, 2023
Definite-Lived
Customer relationships	$	218,959	$	(108,519)	$	(5,562)	$	104,878
Product technology	67,576		(43,786)		(2,367)		21,423
Tradenames	7,039		(4,262)		(388)		2,389
Other	20,320		(17,715)		(604)		2,001
	313,894		(174,282)		(8,921)		130,691
Indefinite-Lived
Tradenames	29,059		—		(464)		28,595
Acquired Intangible Assets	$	342,953	$	(174,282)	$	(9,385)	$	159,286

Intangible assets are recorded at fair value at the date of acquisition. Subsequent impairment charges are reflected as a reduction in the gross balance, as applicable. Definite-lived intangible assets are stated net of accumulated amortization and currency translation in the accompanying condensed consolidated balance sheet. The Company amortizes definite-lived intangible assets over lives that have been determined based on the anticipated cash flow benefits of the intangible asset. Intangible assets associated with the Company's 2024 acquisitions totaled $123,150,000, which primarily related to customer relationships and product technology. See Note 2, Acquisitions, for further details.

Goodwill

The changes in the carrying amount of goodwill by segment are as follows:


(In thousands)	Flow Control		Industrial Processing		Material Handling		Total
Balance at December 30, 2023
Gross balance	$	120,782	$	212,732	$	144,108	$	477,622
Accumulated impairment losses	—		(85,538)		—		(85,538)
Net balance	120,782		127,194		144,108		392,084
2024 Activity
Acquisitions (Note 2)	—		34,058		38,468		72,526
Fair value adjustment	—		(22)		—		(22)
Currency translation	(1,792)		(1,911)		(968)		(4,671)
Total 2024 activity	(1,792)		32,125		37,500		67,833
Balance at March 30, 2024
Gross balance	118,990		244,857		181,608		545,455
Accumulated impairment losses	—		(85,538)		—		(85,538)
Net balance	$	118,990	$	159,319	$	181,608	$	459,917

Warranty Obligations

The Company's contracts covering the sale of its products include warranty provisions that provide assurance to its customers that the products will comply with agreed-upon specifications during a defined period of time. The Company provides for the estimated cost of product warranties at the time of sale based on historical occurrence rates and repair costs, as well as knowledge of any specific warranty problems that indicate projected warranty costs may vary from historical patterns. The Company negotiates the terms regarding warranty coverage and length of warranty depending on the products and applications.

The Company's liability for warranties is included in other current liabilities in the accompanying condensed consolidated balance sheet. The changes in the carrying amount of product warranty obligations are as follows:


	Three Months Ended
(In thousands)	March 30, 2024		April 1, 2023
Balance at Beginning of Year	$	8,154	$	7,283
Provision charged to expense	1,069		1,425
Usage	(724)		(1,068)
Acquisitions	475		—
Currency translation	(150)		87
Balance at End of Period	$	8,824	$	7,727

Revenue Recognition

Most of the Company’s revenue relates to products and services that require minimal customization and is recognized at a point in time for each performance obligation under the contract when the customer obtains control of the goods or service. The remaining portion of the Company’s revenue is recognized over time based on an input method that compares the costs incurred to date to the total expected costs required to satisfy the performance obligation. Contracts are accounted for on an over time basis when they include products which have no alternative use and an enforceable right to payment over time. Most of the contracts recognized on an over time basis are for large capital equipment projects. These projects are highly customized for the customer and, as a result, would include a significant cost to rework in the event of cancellation.

The following table presents revenue by revenue recognition method:


	Three Months Ended
	March 30,		April 1,
(In thousands)	2024		2023
Point in Time	$	216,493	$	204,239
Over Time	32,482		25,519
	$	248,975	$	229,758

The Company disaggregates its revenue from contracts with customers by reportable operating segment, product type and geography as this best depicts how its revenue is affected by economic factors.

The following table presents the disaggregation of revenue by product type and geography:


	Three Months Ended
	March 30,		April 1,
(In thousands)	2024		2023
Revenue by Product Type:
Parts and consumables	$	171,130	$	151,563
Capital	77,845		78,195
	$	248,975	$	229,758
Revenue by Geography (based on customer location):
North America	$	156,491	$	132,453
Europe	55,787		54,157
Asia	22,554		27,770
Rest of world	14,143		15,378
	$	248,975	$	229,758

See Note 1 1, Business Segment Information, for information on the disaggregation of revenue by reportable operating segment.

The following table presents contract balances from contracts with customers:


	March 30, 2024		December 30, 2023
(In thousands)
Contract Assets	$	10,673	$	8,366
Contract Liabilities	$	78,856	$	79,397

Contract assets represent unbilled revenue associated with revenue recognized on contracts accounted for on an over time basis, which will be billed in future periods based on the contract terms. Contract liabilities consist of short- and long-term customer deposits, advanced billings, and deferred revenue. Deferred revenue is included in other current liabilities, and long-term customer deposits are included in other long-term liabilities in the accompanying condensed consolidated balance sheet. Contract liabilities will be recognized as revenue in future periods once the revenue recognition criteria are met. The majority of the contract liabilities relate to advance payments on contracts accounted for at a point in time. These advance payments will be recognized as revenue when the Company's performance obligations have been satisfied, which typically occurs when the product has shipped and control of the asset has transferred to the customer.

The Company recognized revenue of $33,666,000 in the first quarter of 2024 and $27,016,000 in the first quarter of 2023 that was included in the contract liabilities balance at the beginning of 2024 and 2023, respectively. The majority of the Company's contracts for capital equipment have an original expected duration of one year or less. Certain capital equipment contracts require longer lead times and could take up to 24 months to complete. For contracts with an original expected duration of over one year, the aggregate amount of the transaction price allocated to the remaining unsatisfied or partially unsatisfied performance obligations was $37,026,000 as of March 30, 2024. The Company will recognize revenue for these performance obligations as they are satisfied, approximately 88% of which is expected to occur within the next twelve months and the remaining 12% thereafter.

Banker's Acceptance Drafts Included in Accounts Receivable

The Company's Chinese subsidiaries may receive banker's acceptance drafts from customers as payment for their trade accounts receivable. The drafts are non-interest bearing obligations of the issuing bank and generally mature within six months of the origination date. The Company's Chinese subsidiaries may sell the drafts at a discount to a third-party financial institution or transfer the drafts to vendors in settlement of current accounts payable prior to the scheduled maturity date. These drafts, which totaled $6,723,000 at March 30, 2024 and $10,826,000 at December 30, 2023, are included in accounts receivable in the accompanying condensed consolidated balance sheet until the subsidiary sells the drafts to a bank and receives a discounted amount, transfers the banker's acceptance drafts in settlement of current accounts payable prior to maturity, or obtains cash payment on the scheduled maturity date.

Income Taxes

In accordance with Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740), the Company recognizes deferred income taxes based on the expected future tax consequences of differences between the financial statement basis and the tax basis of assets and liabilities, calculated using enacted tax rates in effect for the year in which these differences are expected to reverse. A tax valuation allowance is established, as needed, to reduce deferred tax assets to the amount expected to be realized. In the period in which it becomes more likely than not that some or all of the deferred tax assets will be realized, the valuation allowance will be adjusted.

It is the Company's policy to provide for uncertain tax positions and the related interest and penalties based upon management's assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. At March 30, 2024, the Company believes that it has appropriately accounted for any liability for unrecognized tax benefits. To the extent the Company prevails in matters for which a liability for an unrecognized tax benefit is established, the statute of limitations expires for a tax jurisdiction year, or the Company is required to pay amounts in excess of the liability, its effective tax rate in a given financial statement period may be affected.

In December 2021, the Organisation for Economic Co-operation and Development (OECD) released model rules introducing a new 15% global minimum tax for large multinational enterprises with an annual global revenue exceeding 750,000,000 euros (Pillar Two Rules). Since the release of the Pillar Two Rules, the OECD has issued three tranches of administrative guidance, as well as guidance on transitional safe harbor relief. Various countries, including the member states of the European Union, have adopted the Pillar Two Rules into their domestic laws, with certain rules coming into effect for fiscal years beginning in 2024. Some countries are in the process of drafting legislation for adoption in future years. While the Pillar

Two Rules serve as a framework for implementing the minimum tax, countries may enact domestic laws that vary slightly from the Pillar Two Rules and may also adjust domestic tax incentives to align with the Pillar Two Rules on different timelines. The Company is monitoring developments of the Pillar Two Rules and is evaluating the potential impact they may have on the jurisdictions in which it operates.

Recent Accounting Pronouncements Not Yet Adopted

Business Combinations - Joint Venture Formations (Topic 805), Recognition and Initiation Measurement. In August 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-05, to address the diversity in practice on the accounting treatment of joint venture formations. Under this ASU, a joint venture is required to apply a new basis of accounting at its formation date by valuing the net assets contributed at fair value for both business and asset transactions. The value of the net assets in total is then allocated to individual assets and liabilities by applying Topic 805 with certain exceptions. This new guidance is effective for joint ventures with a formation date on or after January 1, 2025 and is required to be applied prospectively. Additionally, joint ventures with a formation date prior to January 1, 2025, have an option to elect to apply the guidance retrospectively, provided adequate information is available. The impact of the adoption of this ASU on the Company's consolidated financial statements will be dependent upon joint ventures formed in future periods.

Segment Reporting - Improving Reportable Segment Disclosures (Topic 280). In November 2023, the FASB issued ASU No. 2023-07, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant expenses. Under this ASU, a company is required to enhance its segment disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. This ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. This ASU is effective for the Company's fiscal year ending December 28, 2024, and interim periods beginning in fiscal 2025, with early adoption permitted, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the effects that the adoption of this ASU will have on its consolidated financial statements.

Income Taxes - Improvements to Income Tax Disclosures (Topic 740). In December 2023, the FASB issued ASU No. 2023-09, to improve income tax disclosure requirements, primarily through enhanced disclosures related to the income tax rate reconciliation and income taxes paid. This ASU is effective for fiscal 2025, with early adoption permitted, and may be applied retrospectively. The Company is currently evaluating the effects that the adoption of this ASU will have on its consolidated financial statements.

Nature of Operations and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 30, 2024

Accounting Policies [Abstract]

Supplemental Cash Flow Information


	Three Months Ended
(In thousands)	March 30, 2024		April 1, 2023
Cash Paid for Interest	$	4,484	$	2,161
Cash Paid for Income Taxes, Net of Refunds	$	7,313	$	9,558

Non-Cash Investing Activities:
Fair value of assets acquired	$	266,061	$	—
Cash paid for businesses acquired	(238,306)		—
Liabilities assumed and noncontrolling interests acquired	$	27,755	$	—

Purchases of property, plant, and equipment in accounts payable	$	1,342	$	299


	Three Months Ended
(In thousands)	March 30, 2024		April 1, 2023
Non-Cash Financing Activities:
Issuance of Company common stock upon vesting of restricted stock units	$	4,703	$	4,246
Dividends declared but unpaid	$	3,758	$	3,394

Cash and Cash Equivalents


(In thousands)	March 30, 2024		April 1, 2023		December 30, 2023		December 31, 2022
Cash and cash equivalents	$	81,440	$	81,183	$	103,832	$	76,371
Restricted cash	1,178		4,324		2,621		3,354
Total Cash, Cash Equivalents, and Restricted Cash	$	82,618	$	85,507	$	106,453	$	79,725

Restricted Cash


(In thousands)	March 30, 2024		April 1, 2023		December 30, 2023		December 31, 2022
Cash and cash equivalents	$	81,440	$	81,183	$	103,832	$	76,371
Restricted cash	1,178		4,324		2,621		3,354
Total Cash, Cash Equivalents, and Restricted Cash	$	82,618	$	85,507	$	106,453	$	79,725

Inventories

The components of inventories are as follows:


	March 30, 2024		December 30, 2023
(In thousands)
Raw Materials	$	70,695	$	66,738
Work in Process	41,180		32,147
Finished Goods (includes $3,581 and $5,182 at customer locations)	60,083		53,792
	$	171,958	$	152,677

Acquired Intangible Assets

Acquired intangible assets by major asset class are as follows:


(In thousands)	Gross		Accumulated Amortization		Currency Translation		Net
March 30, 2024
Definite-Lived
Customer relationships	$	318,271	$	(113,072)	$	(6,733)	$	198,466
Product technology	82,276		(45,051)		(2,632)		34,593
Tradenames	14,489		(4,441)		(419)		9,629
Other	22,020		(18,589)		(616)		2,815
	437,056		(181,153)		(10,400)		245,503
Indefinite-Lived
Tradenames	29,059		—		(731)		28,328
Acquired Intangible Assets	$	466,115	$	(181,153)	$	(11,131)	$	273,831


(In thousands)	Gross		Accumulated Amortization		Currency Translation		Net
December 30, 2023
Definite-Lived
Customer relationships	$	218,959	$	(108,519)	$	(5,562)	$	104,878
Product technology	67,576		(43,786)		(2,367)		21,423
Tradenames	7,039		(4,262)		(388)		2,389
Other	20,320		(17,715)		(604)		2,001
	313,894		(174,282)		(8,921)		130,691
Indefinite-Lived
Tradenames	29,059		—		(464)		28,595
Acquired Intangible Assets	$	342,953	$	(174,282)	$	(9,385)	$	159,286

Changes in the Carrying Amount of Goodwill

The changes in the carrying amount of goodwill by segment are as follows:


(In thousands)	Flow Control		Industrial Processing		Material Handling		Total
Balance at December 30, 2023
Gross balance	$	120,782	$	212,732	$	144,108	$	477,622
Accumulated impairment losses	—		(85,538)		—		(85,538)
Net balance	120,782		127,194		144,108		392,084
2024 Activity
Acquisitions (Note 2)	—		34,058		38,468		72,526
Fair value adjustment	—		(22)		—		(22)
Currency translation	(1,792)		(1,911)		(968)		(4,671)
Total 2024 activity	(1,792)		32,125		37,500		67,833
Balance at March 30, 2024
Gross balance	118,990		244,857		181,608		545,455
Accumulated impairment losses	—		(85,538)		—		(85,538)
Net balance	$	118,990	$	159,319	$	181,608	$	459,917

Changes in the Carrying Amount of Product Warranty Obligations

The changes in the carrying amount of product warranty obligations are as follows:


	Three Months Ended
(In thousands)	March 30, 2024		April 1, 2023
Balance at Beginning of Year	$	8,154	$	7,283
Provision charged to expense	1,069		1,425
Usage	(724)		(1,068)
Acquisitions	475		—
Currency translation	(150)		87
Balance at End of Period	$	8,824	$	7,727

Revenue Recognition Method and Disaggregation of Revenue by Product Type and Geography

The following table presents revenue by revenue recognition method:


	Three Months Ended
	March 30,		April 1,
(In thousands)	2024		2023
Point in Time	$	216,493	$	204,239
Over Time	32,482		25,519
	$	248,975	$	229,758

The following table presents the disaggregation of revenue by product type and geography:


	Three Months Ended
	March 30,		April 1,
(In thousands)	2024		2023
Revenue by Product Type:
Parts and consumables	$	171,130	$	151,563
Capital	77,845		78,195
	$	248,975	$	229,758
Revenue by Geography (based on customer location):
North America	$	156,491	$	132,453
Europe	55,787		54,157
Asia	22,554		27,770
Rest of world	14,143		15,378
	$	248,975	$	229,758

Contract Balances From Contracts With Customers

The following table presents contract balances from contracts with customers:


	March 30, 2024		December 30, 2023
(In thousands)
Contract Assets	$	10,673	$	8,366
Contract Liabilities	$	78,856	$	79,397

Cover - shares	3 Months Ended
Cover - shares	Mar. 30, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 30, 2024
Document Transition Report	false
Entity File Number	001-11406
Entity Registrant Name	KADANT INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-1762325
Entity Address, Address Line One	One Technology Park Drive
Entity Address, City or Town	Westford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01886
City Area Code	978
Local Phone Number	776-2000
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	KAI
Security Exchange Name	NYSE
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		11,742,946
Entity Central Index Key	0000886346
Current Fiscal Year End Date	--12-28
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Provision for Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 7,854	$ 9,763
Effective tax rate	24.00%	26.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Long-Term Obligations - Schedule of Long-Term Obligations (Details) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Debt Instrument [Line Items]
Finance Leases, due 2024 to 2029	$ 1,992	$ 1,789
Total	310,016	110,875
Less: Current Maturities of Long-Term Obligations	(3,243)	(3,209)
Long-Term Obligations	306,773	107,666
Revolving Credit Facility, due 2027
Debt Instrument [Line Items]
Long-term debt	297,884	98,761
Senior Promissory Notes, due 2024 to 2028
Debt Instrument [Line Items]
Long-term debt	8,330	8,330
Other Borrowings, due 2024 to 2028
Debt Instrument [Line Items]
Other Borrowings, due 2024 to 2028	$ 1,810	$ 1,995

Accumulated Other Comprehensive Items - Components of AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 776,240	$ 655,571
Other comprehensive items	(10,183)	5,528
Ending balance	794,768	684,305
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(43,062)	(54,578)
Other comprehensive items before reclassifications	(10,147)
Reclassifications from AOCI	36
Other comprehensive items	(10,111)	5,493
Ending balance	(53,173)	$ (49,085)
Foreign Currency Translation Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(43,013)
Other comprehensive items before reclassifications	(10,150)
Reclassifications from AOCI	0
Other comprehensive items	(10,150)
Ending balance	(53,163)
Pension and Other Post-Retirement Benefit Liability Adjustments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(11)
Other comprehensive items before reclassifications	3
Reclassifications from AOCI	(2)
Other comprehensive items	1
Ending balance	(10)
Deferred Loss on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(38)
Other comprehensive items before reclassifications	0
Reclassifications from AOCI	38
Other comprehensive items	38
Ending balance	$ 0

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-17

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(23))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482739/220-10-55-15

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A

+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

+ Details

Earnings per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Amount of antidilutive securities excluded from computation of EPS (in shares)	33	38

Acquisitions - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Pro Forma Information
Increase (decrease) in cost of revenue	$ 138,013	$ 127,712
Increase (decrease) in selling, general, and administrative expenses	70,305	58,562
2024 Acquisitions
Business Acquisition [Line Items]
Revenue	251,640	257,391
Net Income Attributable to Kadant	$ 27,310	$ 24,824
Earnings per Share Attributable to Kadant
Basic (in dollars per share)	$ 2.33	$ 2.13
Diluted (in dollars per share)	$ 2.33	$ 2.12
2024 Acquisitions \| Fair Value Adjustment to Inventory
Pro Forma Information
Increase (decrease) in cost of revenue		$ 2,331
2024 Acquisitions \| Adjustment, Fair Value Adjustment To Inventory
Pro Forma Information
Increase (decrease) in cost of revenue	$ (2,331)
2024 Acquisitions \| Acquisition-Related Costs And Intangible Asset Amortization
Pro Forma Information
Increase (decrease) in selling, general, and administrative expenses		$ 1,923
2024 Acquisitions \| Adjustment, Acquisition-Related Costs And Intangible Asset Amortization
Pro Forma Information
Increase (decrease) in selling, general, and administrative expenses	$ (1,923)

Nature of Operations and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2024	Apr. 01, 2023
Accounting Policies [Abstract]
Cash Paid for Interest	$ 4,484	$ 2,161
Cash Paid for Income Taxes, Net of Refunds	7,313	9,558
Non-Cash Investing Activities:
Fair value of assets acquired	266,061	0
Cash paid for businesses acquired	(238,306)	0
Liabilities assumed and noncontrolling interests acquired	27,755	0
Purchases of property, plant, and equipment in accounts payable	1,342	299
Non-Cash Financing Activities:
Issuance of Company common stock upon vesting of restricted stock units	4,703	4,246
Dividends declared but unpaid	$ 3,758	$ 3,394

Long-Term Obligations - Narrative (Details) - USD ($)	3 Months Ended
Long-Term Obligations - Narrative (Details) - USD ($)	Mar. 30, 2024	Apr. 01, 2023	Dec. 30, 2023	Dec. 29, 2018
Debt Instrument [Line Items]
Borrowings under Credit Agreement	$ 234,000,000	$ 0
Revolving Credit Facility, due 2027
Debt Instrument [Line Items]
Long-term debt	$ 297,884,000		$ 98,761,000
Weighted average interest rate for revolving credit facility (as a percentage)	6.04%		5.24%
Revolving Credit Facility, due 2027 \| Credit Agreement
Debt Instrument [Line Items]
Borrowing capacity available under committed portion	$ 400,000,000
Additional borrowing capacity under uncommitted portion	200,000,000
Maximum amount of unrestricted cash	$ 50,000,000
Maximum consolidated leverage ratio	3.75
Maximum consolidated leverage ratio upon material acquisition	4.25
Borrowings under Credit Agreement	$ 234,000,000
Long-term debt	297,884,000
Remaining borrowing capacity	101,664,000
Revolving Credit Facility, due 2027 \| Euro-Denominated Borrowing
Debt Instrument [Line Items]
Long-term debt	$ 73,884,000
Revolving Credit Facility, due 2027 \| Minimum \| Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage	0.125%
Revolving Credit Facility, due 2027 \| Maximum \| Credit Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Commitment fee percentage	0.35%
Revolving Credit Facility, due 2027 \| Base Rate \| Minimum \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	0.00%
Revolving Credit Facility, due 2027 \| Base Rate \| Maximum \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	1.25%
Revolving Credit Facility, due 2027 \| Eurocurrency Rate, Term SOFR, CDOR Rate, And RFR \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	0.10%
Revolving Credit Facility, due 2027 \| Eurocurrency Rate, Term SOFR, CDOR Rate, And RFR \| Minimum \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	1.00%
Revolving Credit Facility, due 2027 \| Eurocurrency Rate, Term SOFR, CDOR Rate, And RFR \| Maximum \| Credit Agreement
Debt Instrument [Line Items]
Basis spread on variable rate (as a percentage)	2.25%
Senior Promissory Notes, due 2024 to 2028
Debt Instrument [Line Items]
Long-term debt	$ 8,330,000		$ 8,330,000
Senior Promissory Notes, due 2024 to 2028 \| Note Purchase Agreement
Debt Instrument [Line Items]
Principal amount				$ 10,000,000
Fixed interest rate				4.90%

Condensed Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands	Mar. 30, 2024	Dec. 30, 2023
Current Assets:
Cash and cash equivalents	$ 81,440	$ 103,832
Restricted cash	1,178	2,621
Accounts receivable, net of allowances of $4,419 and $4,090	149,586	133,929
Inventories	171,958	152,677
Contract assets	10,673	8,366
Other current assets	39,914	38,757
Total Current Assets	454,749	440,182
Property, Plant, and Equipment, net of accumulated depreciation of 135,032 and $132,846	170,834	140,504
Other Assets	50,095	43,609
Intangible Assets, Net (Notes 1 and 2)	273,831	159,286
Goodwill (Notes 1 and 2)	459,917	392,084
Total Assets	1,409,426	1,175,665
Current Liabilities:
Current maturities of long-term obligations (Note 6)	3,243	3,209
Accounts payable	55,587	42,104
Accrued payroll and employee benefits	35,628	41,855
Customer deposits	65,536	62,641
Advanced billings	10,720	12,194
Other current liabilities	51,337	52,406
Total Current Liabilities	222,051	214,409
Long-Term Obligations (Note 6)	306,773	107,666
Long-Term Deferred Income Taxes	40,972	36,398
Other Long-Term Liabilities	44,862	40,952
Commitments and Contingencies (Note 12)
Stockholders' Equity:
Preferred stock, $.01 par value, 5,000,000 shares authorized; none issued	0	0
Common stock, $.01 par value, 150,000,000 shares authorized; 14,624,159 shares issued	146	146
Capital in excess of par value	122,253	124,940
Retained earnings	784,062	763,131
Treasury stock at cost, 2,881,213 and 2,915,978 shares	(70,601)	(71,453)
Accumulated other comprehensive items (Note 8)	(53,173)	(43,062)
Total Kadant Stockholders' Equity	782,687	773,702
Noncontrolling interests (Note 2)	12,081	2,538
Total Stockholders' Equity	794,768	776,240
Total Liabilities and Stockholders' Equity	$ 1,409,426	$ 1,175,665