0000046250-24-000004 | 10-Q | XBRL Viewer

Share Based Compensation

9 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Performance-Based Restricted Stock Units. Our Board of Directors (the “Board”) approved a performance-based equity compensation arrangement for our executive officers during the first quarters of each of fiscal 2024 and fiscal 2023. These performance-based arrangements provide for the grant of performance-based restricted stock units that represent a possible future issuance of restricted shares of our common stock based on a pre-tax income target for the applicable fiscal year. The actual number of restricted shares to be issued to each executive officer is determined when our final financial information becomes available after the applicable fiscal year and will be between zero shares and 70,859 shares in the aggregate for fiscal 2024. The restricted shares issued, if any, will fully vest approximately two years after the last day of the fiscal year on which the performance is based. We are recording the compensation expense for the outstanding performance share units and the converted restricted stock over the life of the awards.

The following table represents the restricted stock activity for the nine months ended December 31, 2023:


	Shares	Weighted- Average Grant Date Fair Value
Unvested at beginning of period	189,258	$	34.64
Granted	61,819	43.06
Vested	(105,600)	31.74

Unvested at end of period	145,477	$	40.33

We recorded compensation expense related to performance share units and restricted stock of $1.0 million and $2.7 million for the three and nine months ended December 31, 2023, respectively. We recorded compensation expense related to performance share units and restricted stock of $0.8 million and $2.0 million for the three and nine months ended January 1, 2023, respectively. Substantially all of the compensation expense was recorded in selling, general and administrative expenses in the condensed consolidated statements of income.

Restricted Stock Awards. As part of their retainer, our directors, other than the Chief Executive Officer, receive restricted stock for their Board services. The restricted stock awards are generally expensed over a one-year vesting period, based on the market value on the date of grant. As of December 31, 2023, there were 10,647 shares of restricted stock with an average grant date fair value of $46.00 outstanding under this program. Compensation expense for both the three months ended December 31, 2023 and January 1, 2023 related to restricted stock awards to the Board was $0.1 million. Compensation expense related to restricted stock awards to the Board for the nine months ended December 31, 2023 was $0.4 million and for the nine months ended January 1, 2023 was $0.3 million.

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Segment Reporting Information [Line Items]
Sales	$ 208,496	$ 219,218	$ 696,142	$ 706,953
Gross profit	42,248	36,271	148,125	129,394
Selling, general, and administrative expenses	23,774	21,004	64,173	59,727
Operating income	18,474	15,267	83,952	69,667
Industrial [Member]
Segment Reporting Information [Line Items]
Sales	92,990	114,436	312,398	353,085
Gross profit	16,495	15,994	53,645	53,716
Selling, general, and administrative expenses	7,292	7,978	20,673	21,254
Operating income	9,203	8,016	32,972	32,462
Water Treatment [Member]
Segment Reporting Information [Line Items]
Sales	82,019	68,549	276,595	233,527
Gross profit	20,241	13,268	75,957	52,725
Selling, general, and administrative expenses	12,470	9,003	31,741	26,786
Operating income	7,771	4,265	44,216	25,939
Health and Nutrition [Member]
Segment Reporting Information [Line Items]
Sales	33,487	36,233	107,149	120,341
Gross profit	5,512	7,009	18,523	22,953
Selling, general, and administrative expenses	4,012	4,023	11,759	11,687
Operating income	$ 1,500	$ 2,986	$ 6,764	$ 11,266

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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Earnings per Share (Tables)

9 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Summary of basic and diluted EPS

Basic and diluted EPS were calculated using the following:


	Three Months Ended		Nine Months Ended
	December 31, 2023	January 01, 2023	December 31, 2023	January 01, 2023
Weighted-average common shares outstanding—basic	20,781,632	20,818,347	20,864,349	20,847,285
Dilutive impact of performance units and restricted stock	125,689	155,917	139,728	157,564
Weighted-average common shares outstanding—diluted	20,907,321	20,974,264	21,004,077	21,004,849

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Dec. 31, 2023	Apr. 02, 2023
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized	60,000,000	60,000,000
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common Stock, Shares, Issued	20,790,292	20,850,454
Common Stock, Shares, Outstanding	20,790,292	20,850,454

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Income Statement [Abstract]
Sales	$ 208,496	$ 219,218	$ 696,142	$ 706,953
Cost of sales	(166,248)	(182,947)	(548,017)	(577,559)
Gross profit	42,248	36,271	148,125	129,394
Selling, general and administrative expenses	(23,774)	(21,004)	(64,173)	(59,727)
Operating income	18,474	15,267	83,952	69,667
Interest expense, net	(1,168)	(1,546)	(3,033)	(3,858)
Other income (expense)	853	465	901	(744)
Income before income taxes	18,159	14,186	81,820	65,065
Income tax expense	(3,274)	(3,453)	(20,289)	(16,637)
Net income	$ 14,885	$ 10,733	$ 61,531	$ 48,428
Weighted average number of shares outstanding - basic	20,781,632	20,818,347	20,864,349	20,847,285
Weighted average number of shares outstanding - diluted	20,907,321	20,974,264	21,004,077	21,004,849
Basic earnings per share
Basic earnings per share	$ 0.72	$ 0.52	$ 2.95	$ 2.32
Diluted earnings per share
Diluted earnings per share	0.71	0.51	2.93	2.31
Cash dividends declared per common share	$ 0.16	$ 0.14	$ 0.47	$ 0.42

Goodwill and Intangible Assets

9 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The carrying amount of goodwill was $101.5 million as of December 31, 2023 and $77.4 million as of April 2, 2023, of which $44.9 million was related to our Health and Nutrition segment, $50.1 million was related to our Water Treatment segment, and $6.5 million was related to our Industrial segment. The increase in goodwill during the nine months ended December 31, 2023 represents goodwill recorded in connection with the acquisitions of the assets of Water Solutions and Miami Products as discussed in Note 2.

A summary of our intangible assets as of December 31, 2023 and April 2, 2023 is as follows:


	December 31, 2023						April 2, 2023
(In thousands)	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Finite-life intangible assets
Customer relationships	$	151,094	$	(43,709)	$	107,385	$	109,107	$	(38,377)	$	70,730
Trademarks and trade names	$	13,570	$	(5,688)	$	7,882	$	6,370	$	(5,267)	$	1,103
Other finite-life intangible assets	4,171		(3,937)		234		3,904		(3,904)		—
Total finite-life intangible assets	168,835		(53,334)		115,501		119,381		(47,548)		71,833
Indefinite-life intangible assets	1,227		—		1,227		1,227		—		1,227
Total intangible assets	$	170,062	$	(53,334)	$	116,728	$	120,608	$	(47,548)	$	73,060

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 02, 2023
Assets, Current [Abstract]
Cash and cash equivalents	$ 5,741	$ 7,566
Trade accounts receivables, net	113,016	129,252
Inventories	68,805	88,777
Prepaid expenses and other current assets	7,442	6,449
Total current assets	195,004	232,044
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT, AND EQUIPMENT:	376,952	344,753
Less accumulated depreciation	173,457	158,950
Net property, plant, and equipment	203,495	185,803
Other Assets [Abstract]
Right-of-use assets	13,400	10,199
Goodwill	101,495	77,401
Intangible assets, net of accumulated amortization	116,728	73,060
Deferred compensation plan asset	9,617	7,367
Other	4,308	4,661
Total other assets	245,548	172,688
Total assets	644,047	590,535
Liabilities, Current [Abstract]
Accounts payable — trade	42,857	53,705
Accrued payroll and employee benefits	17,753	17,279
Income tax payable	1,504	3,329
Current portion of long-term debt	9,913	9,913
Other current liabilities	7,651	6,645
Total current liabilities	79,678	90,871
LONG-TERM DEBT, LESS CURRENT PORTION	109,797	101,731
LONG-TERM LEASE LIABILITY	11,107	8,687
PENSION WITHDRAWAL LIABILITY	3,633	3,912
DEFERRED INCOME TAXES	23,698	23,800
DEFERRED COMPENSATION LIABILITY	11,437	9,343
OTHER LONG-TERM LIABILITIES	10,943	2,175
Total liabilities	250,293	240,519
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Common stock; authorized: 60,000,000 shares of $0.01 par value; 20,790,292 and 20,850,454 shares issued and outstanding as of December 31, 2023 and April 2, 2023, respectively	208	209
Additional paid-in capital	36,781	44,443
Retained earnings	354,069	302,424
Accumulated other comprehensive income	2,696	2,940
Total shareholders’ equity	393,754	350,016
Total liabilities and shareholders’ equity	$ 644,047	$ 590,535

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 208,496	$ 219,218	$ 696,142	$ 706,953
Manufactured, blended or repackaged products
Disaggregation of Revenue [Line Items]
Revenue	159,576	164,176	542,989	530,562
Distributed specialty products
Disaggregation of Revenue [Line Items]
Revenue	25,678	23,833	77,945	83,599
Bulk products
Disaggregation of Revenue [Line Items]
Revenue	20,550	27,013	64,990	80,110
Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	2,692	4,196	10,218	12,682
Industrial [Member]
Disaggregation of Revenue [Line Items]
Revenue	92,990	114,436	312,398	353,085
Industrial [Member] \| Manufactured, blended or repackaged products
Disaggregation of Revenue [Line Items]
Revenue	78,313	91,658	264,878	286,818
Industrial [Member] \| Distributed specialty products
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Industrial [Member] \| Bulk products
Disaggregation of Revenue [Line Items]
Revenue	12,921	20,364	41,280	58,951
Industrial [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	1,756	2,414	6,240	7,316
Water Treatment [Member]
Disaggregation of Revenue [Line Items]
Revenue	82,019	68,549	276,595	233,527
Water Treatment [Member] \| Manufactured, blended or repackaged products
Disaggregation of Revenue [Line Items]
Revenue	73,406	60,583	249,155	208,112
Water Treatment [Member] \| Distributed specialty products
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Water Treatment [Member] \| Bulk products
Disaggregation of Revenue [Line Items]
Revenue	7,629	6,649	23,710	21,159
Water Treatment [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	984	1,317	3,730	4,256
Health and Nutrition [Member]
Disaggregation of Revenue [Line Items]
Revenue	33,487	36,233	107,149	120,341
Health and Nutrition [Member] \| Manufactured, blended or repackaged products
Disaggregation of Revenue [Line Items]
Revenue	7,857	11,935	28,956	35,632
Health and Nutrition [Member] \| Distributed specialty products
Disaggregation of Revenue [Line Items]
Revenue	25,678	23,833	77,945	83,599
Health and Nutrition [Member] \| Bulk products
Disaggregation of Revenue [Line Items]
Revenue	0	0	0	0
Health and Nutrition [Member] \| Other [Member]
Disaggregation of Revenue [Line Items]
Revenue	$ (48)	$ 465	$ 248	$ 1,110

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

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Accounting Policies	9 Months Ended
Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Basis of Presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions for Form 10-Q and, accordingly, do not include all information and footnotes required by generally accepted accounting principles for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the fiscal year ended April 2, 2023, previously filed with the Securities and Exchange Commission (“SEC”). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary to present fairly our financial position and the results of our operations and cash flows for the periods presented. All adjustments made to the interim condensed consolidated financial statements were of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the nine months ended December 31, 2023 are not necessarily indicative of the results that may be expected for the full year. References to fiscal 2023 refer to the fiscal year ended April 2, 2023 and references to fiscal 2024 refer to the fiscal year ending March 31, 2024. Use of Estimates. The preparation of condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, particularly receivables, inventories, property, plant and equipment, right-of-use assets, goodwill, intangibles, accrued expenses, short-term and long-term lease liability, income taxes and related accounts and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Policies. The accounting policies we follow are set forth in Note 1 – Nature of Business and Significant Accounting Policies to our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended April 2, 2023, previously filed with the SEC. There has been no significant change in our accounting policies since the end of fiscal 2023.

Earnings per Share (Details) - shares	3 Months Ended		9 Months Ended
Earnings per Share (Details) - shares	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Summary of basic and diluted EPS
Weighted-average common shares outstanding—basic	20,781,632	20,818,347	20,864,349	20,847,285
Dilutive impact of performance units and restricted stock	125,689	155,917	139,728	157,564
Weighted-average common shares outstanding—diluted	20,907,321	20,974,264	21,004,077	21,004,849

Earnings per Share (Details Textual) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Earnings Per Share [Abstract]
Shares or stock options excluded from the calculation of diluted EPS	0	0	0	0

Revenue

9 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Abstract]

Revenue from Contract with Customer

Revenue

Our revenue arrangements generally consist of a single performance obligation to transfer promised goods or services. We disaggregate revenues from contracts with customers by operating segments as well as types of products sold. Reporting by operating segment is pertinent to understanding our revenues, as it aligns to how we review the financial performance of our operations. Types of products sold within each operating segment help us to further evaluate the financial performance of our segments. The following tables disaggregate external customer net sales by major revenue stream for the nine months ended December 31, 2023 and January 1, 2023:


	Three months ended December 31, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	78,313	$	73,406	$	7,857	$	159,576
Distributed specialty products (2)	—		—		25,678		25,678
Bulk products (3)	12,921		7,629		—		20,550
Other	1,756		984		(48)		2,692
Total external customer sales	$	92,990	$	82,019	$	33,487	$	208,496

	Three months ended January 1, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	91,658	$	60,583	$	11,935	$	164,176
Distributed specialty products (2)	—		—		23,833		23,833
Bulk products (3)	20,364		6,649		—		27,013
Other	2,414		1,317		465		4,196
Total external customer sales	$	114,436	$	68,549	$	36,233	$	219,218

	Nine months ended December 31, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	264,878	$	249,155	$	28,956	$	542,989
Distributed specialty products (2)	—		—		77,945		77,945
Bulk products (3)	41,280		23,710		—		64,990
Other	6,240		3,730		248		10,218
Total external customer sales	$	312,398	$	276,595	$	107,149	$	696,142

	Nine months ended January 1, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	286,818	$	208,112	$	35,632	$	530,562
Distributed specialty products (2)	—		—		83,599		83,599
Bulk products (3)	58,951		21,159		—		80,110
Other	7,316		4,256		1,110		12,682
Total external customer sales	$	353,085	$	233,527	$	120,341	$	706,953

(1)For our Industrial and Water Treatment segments, this line includes our non-bulk specialty products that we either manufacture, blend, repackage, resell in their original form, or direct ship to our customers in smaller quantities, and services we provide for our customers. For our Health and Nutrition segment, this line includes products manufactured, processed or repackaged in our facility and/or with our equipment.

(2)This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers.

(3)This line includes bulk products in our Industrial and Water Treatment segments that we do not modify in any way, but receive, store, and ship from our facilities, or direct ship to our customers in large quantities.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 02, 2023
Goodwill [Line Items]
Goodwill	$ 101,495	$ 77,401
Health and Nutrition [Member]
Goodwill [Line Items]
Goodwill	6,500
Water Treatment [Member]
Goodwill [Line Items]
Goodwill	50,100
Industrial [Member]
Goodwill [Line Items]
Goodwill	$ 44,900

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

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- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Goodwill and Intangible Assets (Tables)

9 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets and goodwill

A summary of our intangible assets as of December 31, 2023 and April 2, 2023 is as follows:


	December 31, 2023						April 2, 2023
(In thousands)	Gross Amount		Accumulated Amortization		Net		Gross Amount		Accumulated Amortization		Net
Finite-life intangible assets
Customer relationships	$	151,094	$	(43,709)	$	107,385	$	109,107	$	(38,377)	$	70,730
Trademarks and trade names	$	13,570	$	(5,688)	$	7,882	$	6,370	$	(5,267)	$	1,103
Other finite-life intangible assets	4,171		(3,937)		234		3,904		(3,904)		—
Total finite-life intangible assets	168,835		(53,334)		115,501		119,381		(47,548)		71,833
Indefinite-life intangible assets	1,227		—		1,227		1,227		—		1,227
Total intangible assets	$	170,062	$	(53,334)	$	116,728	$	120,608	$	(47,548)	$	73,060

Share Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Share Repurchase Program (Details) - USD ($) $ in Millions	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Investment Company, Capital Share Transactions, Stock Repurchased [Abstract]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased	2,600,000		2,600,000
Stock Repurchased During Period, Shares	24,065	0	191,861	181,657
Stock Repurchased During Period, Value	$ 1.5		$ 11.3	$ 6.6
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	937,487		937,487

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Inventories

9 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories at December 31, 2023 and April 2, 2023 consisted of the following:


	December 31, 2023		April 2, 2023
(In thousands)
Inventory (FIFO basis)	$	102,657	$	128,589
LIFO reserve	(33,852)		(39,812)
Net inventory	$	68,805	$	88,777

The first in, first out (“FIFO”) value of inventories accounted for under the last in, first out (“LIFO”) method was $78.7 million at December 31, 2023 and $101.4 million at April 2, 2023. The remainder of the inventory was valued and accounted for under the FIFO method.

Business Combinations	9 Months Ended
Business Combinations	Dec. 31, 2023
Business Combinations [Abstract]
Business Combination Disclosure	Acquisitions and Asset Sales Acquisition of The Miami Products & Chemical Company: On October 31, 2023, we acquired substantially all the assets of The Miami Products & Chemical Company ("Miami Products") for $15.5 million under the terms of a purchase agreement with Miami Products and its shareholders. Miami Products is a bleach manufacturer and distributor serving customers primarily throughout Ohio and the surrounding region. The results of operations since the acquisition date and the assets are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. The acquisition has been accounted for under the acquisition method of accounting, under which the total purchase price is allocated to the net tangible and intangible assets and liabilities of Miami Products acquired in connection with the acquisition based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed using a discounted cash flow analysis (income approach). Of the $15.5 million purchase price, $8.2 million was allocated to customer lists, to be amortized over 11 years, and $0.8 million was allocated to trade names, to be amortized over 10 years. The remaining amount was allocated to net working capital and property, plant and equipment, with the residual amount of $3.1 million allocated to goodwill. The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce. Such goodwill is expected to be deductible for tax purposes. The purchase price allocation is preliminary and subject to adjustment within the first 12 months following the acquisition. Acquisition of Water Solutions Unlimited, Inc.: On October 27, 2023, we acquired substantially all the assets of Water Solutions Unlimited, Inc. ("Water Solutions") under the terms of a purchase agreement with Water Solutions and its shareholders. We paid $60 million at closing and may be obligated to pay an additional amount based on achieving a certain earnings target three years after the acquisition. Water Solutions is a manufacturer and distributor of water treatment chemicals serving customers primarily throughout Indiana, Illinois and Michigan. The results of operations since the acquisition date and the assets are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. The acquisition has been accounted for under the acquisition method of accounting, under which the total purchase price is allocated to the net tangible and intangible assets and liabilities of Water Solutions acquired in connection with the acquisition based on their estimated fair values. We estimated the fair values of the assets acquired and liabilities assumed using a discounted cash flow analysis (income approach). The total purchase price was estimated to be $70.7 million, including the estimated potential earnout to be paid of $10.7 million. Of the $70.7 million purchase price, $32.0 million was allocated to customer lists, to be amortized over 13 years, $6.4 million was allocated to trade names, to be amortized over 10 years, and $0.2 million was allocated to non-compete agreements, to be amortized over five years. The remaining amount was allocated to net working capital and property, plant and equipment, with the residual amount of $21.0 million allocated to goodwill. The goodwill recognized as a result of this acquisition is primarily attributable to strategic and synergistic benefits, as well as the assembled workforce. Such goodwill is expected to be deductible for tax purposes. The purchase price allocation is preliminary and subject to adjustment within the first 12 months following the acquisition. Acquisition of EcoTech Enterprises, Inc.: On July 14, 2023, we acquired substantially all the assets of EcoTech Enterprises, Inc. ("EcoTech") for $3.4 million, under the terms of a purchase agreement with EcoTech and its shareholders. EcoTech was a water treatment chemical distribution company operating primarily in Arkansas. The $3.4 million purchase price was allocated primarily to customer lists, to be amortized over 10 years, property, plant and equipment, and net working capital. The results of operations since the acquisition date and the assets are included in our Water Treatment segment. Costs associated with this transaction were not material and were expensed as incurred. Sale of bleach packaging assets: In the fourth quarter of fiscal 2023, we sold certain assets in our Industrial segment related to our consumer bleach packaging business for $7 million. These assets were not core to our Industrial segment operations, where we tend to focus our manufacturing operations on bulk products. The assets sold included plant equipment, inventory and intangible assets, all related to the packaging of bleach. We realized a gain of $3 million on this sale, which has been recorded within selling, general and administrative expenses.

Segment Information (Details Textual)	9 Months Ended
Segment Information (Details Textual)	Dec. 31, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments (segments)	3
Intersegment sales	no
Number of operating segments aggregated (segments)	0
Number of customer representing 10 percent or more of revenue (customers)	No
Quarterly Financial Information, Segment Reporting, Segment Assets, Material Change	No

Segment Information

9 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

We have three reportable segments: Industrial, Water Treatment, and Health and Nutrition. The accounting policies of the segments are the same as those described in the summary of significant accounting policies in our Annual Report on Form 10-K for the fiscal year ended April 2, 2023.

We evaluate performance based on profit or loss from operations before income taxes not including nonrecurring gains and losses. Reportable segments are defined primarily by product and type of customer. Segments are responsible for the sales, marketing and development of their products and services. We allocate certain corporate expenses to our operating segments. There are no intersegment sales and no operating segments have been aggregated. No single customer’s revenues amounted to 10% or more of our total revenue. Sales are primarily within the United States and all assets are located within the United States.


(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Three months ended December 31, 2023:
Sales	$	92,990	$	82,019	$	33,487	$	208,496
Gross profit	16,495		20,241		5,512		42,248
Selling, general, and administrative expenses	7,292		12,470		4,012		23,774
Operating income	9,203		7,771		1,500		18,474
Three months ended January 1, 2023:
Sales	$	114,436	$	68,549	$	36,233	$	219,218
Gross profit	15,994		13,268		7,009		36,271
Selling, general, and administrative expenses	7,978		9,003		4,023		21,004
Operating income	8,016		4,265		2,986		15,267
Nine months ended December 31, 2023:
Sales	$	312,398	$	276,595	$	107,149	$	696,142
Gross profit	53,645		75,957		18,523		148,125
Selling, general and administrative expenses	20,673		31,741		11,759		64,173
Operating income	32,972		44,216		6,764		83,952
Nine months ended January 1, 2023:
Sales	$	353,085	$	233,527	$	120,341	$	706,953
Gross profit	53,716		52,725		22,953		129,394
Selling, general and administrative expenses	21,254		26,786		11,687		59,727
Operating income	32,462		25,939		11,266		69,667

No significant changes to identifiable assets by segment occurred during the nine months ended December 31, 2023.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Share Repurchase Program	9 Months Ended
Share Repurchase Program	Dec. 31, 2023
Investment Company, Capital Share Transactions, Stock Repurchased [Abstract]
Share Repurchase Program	Share Repurchase Program Our Board has authorized the repurchase of up to 2.6 million shares of our outstanding common shares. The shares may be repurchased on the open market or in privately negotiated transactions subject to applicable securities laws and regulations. Upon purchase of the shares, we reduce our common stock for the par value of the shares with the excess applied against additional paid-in capital. During the three months ended December 31, 2023, we repurchased 24,065 shares at an aggregate purchase price of $1.5 million. During the nine months ended December 31, 2023, we repurchased 191,861 shares at an aggregate purchase price of $11.3 million. During the three months ended January 1, 2023, no shares were repurchased, and during the nine months ended January 1, 2023, we repurchased 181,657 shares at an aggregate purchase price of $6.6 million. As of December 31, 2023, 937,487 shares remained available to be repurchased under the share repurchase program.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Business Combinations (Details) - USD ($) $ in Thousands				3 Months Ended	9 Months Ended
Business Combinations (Details) - USD ($) $ in Thousands	Oct. 31, 2023	Oct. 27, 2023	Jul. 14, 2023	Apr. 02, 2023	Dec. 31, 2023	Jan. 01, 2023
Asset Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired					$ 78,855	$ 0
Proceeds from Sale of Other Productive Assets				$ 7,000
Gain (Loss) on Disposition of Other Assets				$ 3,000
Miami Products
Asset Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired	$ 15,500
Miami Products \| Customer Relationships [Member]
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	8,200
Goodwill, Acquired During Period	3,100
Miami Products \| Trademarks [Member]
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 800
Water Solutions
Asset Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired		$ 60,000
Business Combination, Consideration Transferred		70,700
Business Combination, Consideration Transferred, Liabilities Incurred		10,700
Goodwill, Acquired During Period		21,000
Water Solutions \| Customer Relationships [Member]
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		32,000
Water Solutions \| Trademarks [Member]
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		6,400
Water Solutions \| Other Intangible Assets
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles		$ 200
EcoTech
Asset Acquisition [Line Items]
Payments to Acquire Businesses, Net of Cash Acquired			$ 3,400
EcoTech \| Customer Relationships [Member]
Asset Acquisition [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			$ 3,400

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 02, 2023
Summary of Inventories
Inventory, Finished Goods, Gross	$ 102,657	$ 128,589
Inventory, LIFO Reserve	(33,852)	(39,812)
Inventory, Net, Total	68,805	88,777
LIFO Inventory Amount	$ 78,700	$ 101,400

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 02, 2023
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	$ 168,835	$ 119,381
Finite-Lived Intangible Assets, Accumulated Amortization	(53,334)	(47,548)
Total finite-life intangible assets, Net	115,501	71,833
Indefinite-life intangible assets	1,227	1,227
Total Intangible Assets, Gross	170,062	120,608
Total intangible assets, net	116,728	73,060
Customer Relationships [Member]
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	151,094	109,107
Finite-Lived Intangible Assets, Accumulated Amortization	(43,709)	(38,377)
Total finite-life intangible assets, Net	107,385	70,730
Trademarks [Member]
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	13,570	6,370
Finite-Lived Intangible Assets, Accumulated Amortization	(5,688)	(5,267)
Total finite-life intangible assets, Net	7,882	1,103
Other Intangible Assets
Summary of Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Gross	4,171	3,904
Finite-Lived Intangible Assets, Accumulated Amortization	(3,937)	(3,904)
Total finite-life intangible assets, Net	$ 234	$ 0

Income Taxes (Details)	9 Months Ended
Income Taxes (Details)	Dec. 31, 2023	Jan. 01, 2023
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	25.00%	26.00%

Fair Value Measurements (Tables)

9 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]

The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and April 2, 2023.


(In thousands)		December 31, 2023		April 2, 2023
Assets
Deferred compensation plan assets	Level 1	$	9,803	$	7,659
Interest rate swap	Level 2	$	3,694	$	4,028

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Other comprehensive income (loss), net of tax:
Net income	$ 14,885	$ 10,733	$ 61,531	$ 48,428
Unrealized (loss) gain on interest rate swap	(1,299)	(139)	(244)	2,303
Total comprehensive income	$ 13,586	$ 10,594	$ 61,287	$ 50,731

- Definition

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

+ References

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+ Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 02, 2023
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan asset	$ 9,803	$ 7,659
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swap	$ 3,694	$ 4,028

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2023	Jan. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	0-7647
Entity Registrant Name	HAWKINS, INC.
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0771293
Entity Address, Address Line One	2381 Rosegate
Entity Address, City or Town	Roseville
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55113
City Area Code	612
Local Phone Number	331-6910
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	HWKN
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,946,385
Entity Central Index Key	0000046250
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--03-31

Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Apr. 02, 2023
Debt Disclosure [Abstract]
Senior secured revolving loan	$ 120,000	$ 112,000
Less: unamortized debt issuance costs	(290)	(356)
Total debt, net of debt issuance costs	119,710	111,644
Less: current portion of long-term debt	(9,913)	(9,913)
Total long-term debt	$ 109,797	$ 101,731

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2023	Jan. 01, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 61,531	$ 48,428
Reconciliation to cash flows:
Depreciation and amortization	22,849	20,373
Operating leases	1,884	1,442
(Gain) loss on deferred compensation assets	(901)	744
Stock compensation expense	3,506	2,764
Other	70	225
Changes in operating accounts providing (using) cash:
Trade receivables	22,500	(2,336)
Inventories	25,665	(6,596)
Accounts payable	(14,334)	(16,231)
Accrued liabilities	(610)	(3,652)
Lease liabilities	(1,804)	(1,453)
Income taxes	(1,824)	1,762
Other	(922)	(929)
Net cash provided by operating activities	117,610	44,541
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant, and equipment	(28,248)	(32,307)
Acquisitions	(78,855)	0
Other	723	352
Net cash used in investing activities	(106,380)	(31,955)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash dividends declared and paid	(9,886)	(8,843)
New shares issued	2,243	2,014
Payroll taxes paid in exchange for shares withheld	(2,140)	(1,550)
Shares repurchased	(11,272)	(6,557)
Payments on revolving loan	(67,000)	(40,000)
Proceeds from revolving loan borrowings	75,000	45,000
Net cash used in financing activities	(13,055)	(9,936)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,825)	2,650
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	5,741	6,146
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for income taxes	22,125	14,847
Cash paid for interest	3,252	3,345
Noncash investing activities - capital expenditures in accounts payable	$ 2,887	$ 3,844

Inventories (Tables)

9 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories at December 31, 2023 and April 2, 2023 consisted of the following:


	December 31, 2023		April 2, 2023
(In thousands)
Inventory (FIFO basis)	$	102,657	$	128,589
LIFO reserve	(33,852)		(39,812)
Net inventory	$	68,805	$	88,777

Condensed Consolidated Statement of Shareholder's Equity Statement - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Shares outstanding, beginning balance at Apr. 03, 2022		20,889,777
Stockholders' equity, beginning balance at Apr. 03, 2022	$ 302,601	$ 209	$ 46,717	$ 254,384	$ 1,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared and paid	(2,958)	0	0	(2,958)	0
Share-based compensation expense	595	$ 0	595	0	0
Vesting of restricted stock (shares)		102,860
Vesting of restricted stock	0	$ 1	(1)	0	0
Shares surrendered for payroll taxes (shares)		36,410
Shares surrendered for payroll taxes	(1,550)	$ 0	(1,550)	0	0
ESPP shares issued (shares)		32,768
ESPP shares issued	986	$ 0	986	0	0
Shares repurchased (shares)		(181,657)
Shares repurchased	(6,557)	$ (2)	(6,555)	0	0
Other Comprehensive Income (Loss), Net of Tax	465	0	0	0	465
Net income	19,695	$ 0	0	19,695	0
Shares outstanding, ending balance at Jul. 03, 2022		20,807,338
Stockholders' equity, ending balance at Jul. 03, 2022	$ 313,277	$ 208	40,192	271,121	1,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.14
Common Stock, Dividends, Per Share, Cash Paid	$ 0.14
Shares outstanding, beginning balance at Apr. 03, 2022		20,889,777
Stockholders' equity, beginning balance at Apr. 03, 2022	$ 302,601	$ 209	46,717	254,384	1,291
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares surrendered for payroll taxes	$ (1,550)
Shares repurchased (shares)	(181,657)
Shares repurchased	$ (6,557)
Net income	48,428
Shares outstanding, ending balance at Jan. 01, 2023		20,850,454
Stockholders' equity, ending balance at Jan. 01, 2023	$ 341,160	$ 209	43,388	293,969	3,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.42
Shares outstanding, beginning balance at Jul. 03, 2022		20,807,338
Stockholders' equity, beginning balance at Jul. 03, 2022	$ 313,277	$ 208	40,192	271,121	1,756
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared and paid	(2,942)	0	0	(2,942)	0
Share-based compensation expense	1,085	$ 0	1,085	0	0
Vesting of restricted stock (shares)		10,287
Vesting of restricted stock	0	$ 0	0	0	0
ESPP shares issued (shares)		0
ESPP shares issued	17	$ 0	17	0	0
Other Comprehensive Income (Loss), Net of Tax	1,977	0	0	0	1,977
Net income	18,000	$ 0	0	18,000	0
Shares outstanding, ending balance at Oct. 02, 2022		20,817,625
Stockholders' equity, ending balance at Oct. 02, 2022	$ 331,414	$ 208	41,294	286,179	3,733
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.14
Common Stock, Dividends, Per Share, Cash Paid	$ 0.14
Cash dividends declared and paid	$ (2,943)	0	0	(2,943)	0
Share-based compensation expense	1,084	$ 0	1,084	0	0
ESPP shares issued (shares)		32,829
ESPP shares issued	$ 1,011	$ 1	1,010	0	0
Shares repurchased (shares)	0
Other Comprehensive Income (Loss), Net of Tax		0	0	0	(139)
Net income	$ 10,733	$ 0	0	10,733	0
Shares outstanding, ending balance at Jan. 01, 2023		20,850,454
Stockholders' equity, ending balance at Jan. 01, 2023	$ 341,160	$ 209	43,388	293,969	3,594
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.14
Common Stock, Dividends, Per Share, Cash Paid	$ 0.14
Shares outstanding, beginning balance at Apr. 02, 2023		20,850,454
Stockholders' equity, beginning balance at Apr. 02, 2023	$ 350,016	$ 209	44,443	302,424	2,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared and paid	(3,160)	0	0	(3,160)	0
Share-based compensation expense	959	$ 0	959	0	0
Vesting of restricted stock (shares)		105,600
Vesting of restricted stock	0	$ 1	(1)	0	0
Shares surrendered for payroll taxes (shares)		(48,478)
Shares surrendered for payroll taxes	(2,140)	$ (1)	(2,139)	0	0
ESPP shares issued (shares)		35,281
ESPP shares issued	1,147	$ 0	1,147	0	0
Other Comprehensive Income (Loss), Net of Tax	749	0	0	0	749
Net income	23,430	$ 0	0	23,430	0
Shares outstanding, ending balance at Jul. 02, 2023		20,942,857
Stockholders' equity, ending balance at Jul. 02, 2023	$ 371,001	$ 209	44,409	322,694	3,689
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.15
Common Stock, Dividends, Per Share, Cash Paid	$ 0.15
Shares outstanding, beginning balance at Apr. 02, 2023		20,850,454
Stockholders' equity, beginning balance at Apr. 02, 2023	$ 350,016	$ 209	44,443	302,424	2,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares surrendered for payroll taxes	$ (2,140)
Shares repurchased (shares)	(191,861)
Shares repurchased	$ (11,272)
Net income	61,531
Shares outstanding, ending balance at Dec. 31, 2023		20,790,292
Stockholders' equity, ending balance at Dec. 31, 2023	$ 393,754	$ 208	36,781	354,069	2,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.47
Shares outstanding, beginning balance at Jul. 02, 2023		20,942,857
Stockholders' equity, beginning balance at Jul. 02, 2023	$ 371,001	$ 209	44,409	322,694	3,689
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cash dividends declared and paid	(3,375)	0	0	(3,375)	0
Share-based compensation expense	1,260	$ 0	1,260	0	0
Vesting of restricted stock (shares)		12,565
Vesting of restricted stock	0	$ 0	0	0	0
Shares repurchased (shares)		(167,796)
Shares repurchased	(9,752)	$ (1)	(9,751)	0	0
Other Comprehensive Income (Loss), Net of Tax	306	0	0	0	306
Net income	23,216	$ 0	0	23,216	0
Shares outstanding, ending balance at Oct. 01, 2023		20,787,626
Stockholders' equity, ending balance at Oct. 01, 2023	$ 382,656	$ 208	35,918	342,535	3,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.16
Common Stock, Dividends, Per Share, Cash Paid	$ 0.16
Cash dividends declared and paid	$ (3,351)	0	0	(3,351)	0
Share-based compensation expense	1,287	$ 0	1,287	0	0
ESPP shares issued (shares)		26,731
ESPP shares issued	$ 1,096	$ 0	1,096	0	0
Shares repurchased (shares)	(24,065)	(24,065)
Shares repurchased	$ (1,520)	$ 0	(1,520)	0	0
Other Comprehensive Income (Loss), Net of Tax	(1,299)	0	0	0	(1,299)
Net income	14,885	$ 0	0	14,885	0
Shares outstanding, ending balance at Dec. 31, 2023		20,790,292
Stockholders' equity, ending balance at Dec. 31, 2023	$ 393,754	$ 208	$ 36,781	$ 354,069	$ 2,696
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common Stock, Dividends, Per Share, Declared	$ 0.16
Common Stock, Dividends, Per Share, Cash Paid	$ 0.16

Share Based Compensation (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2023	Jan. 01, 2023	Dec. 31, 2023	Jan. 01, 2023
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	0		0
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	70,859		70,859
Performance-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 1,000	$ 800	$ 2,700	$ 2,000
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense	$ 100	$ 100	$ 400	$ 300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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+ Details

Income Taxes	9 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Income Taxes We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. The tax years prior to our fiscal year ended March 28, 2021 are closed to examination by the Internal Revenue Service, and with few exceptions, state and local income tax jurisdictions. Our effective income tax rate was 25% for the nine months ended December 31, 2023, compared to 26% for the nine months ended January 1, 2023. The effective tax rate is impacted by projected levels of annual taxable income, permanent items, and state taxes.

- 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

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+ Details

Segment Information (Tables)

9 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Summary of Segment Information


(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Three months ended December 31, 2023:
Sales	$	92,990	$	82,019	$	33,487	$	208,496
Gross profit	16,495		20,241		5,512		42,248
Selling, general, and administrative expenses	7,292		12,470		4,012		23,774
Operating income	9,203		7,771		1,500		18,474
Three months ended January 1, 2023:
Sales	$	114,436	$	68,549	$	36,233	$	219,218
Gross profit	15,994		13,268		7,009		36,271
Selling, general, and administrative expenses	7,978		9,003		4,023		21,004
Operating income	8,016		4,265		2,986		15,267
Nine months ended December 31, 2023:
Sales	$	312,398	$	276,595	$	107,149	$	696,142
Gross profit	53,645		75,957		18,523		148,125
Selling, general and administrative expenses	20,673		31,741		11,759		64,173
Operating income	32,972		44,216		6,764		83,952
Nine months ended January 1, 2023:
Sales	$	353,085	$	233,527	$	120,341	$	706,953
Gross profit	53,716		52,725		22,953		129,394
Selling, general and administrative expenses	21,254		26,786		11,687		59,727
Operating income	32,462		25,939		11,266		69,667

Share Based Compensation (Details)	9 Months Ended
Share Based Compensation (Details)	Dec. 31, 2023 $ / shares shares
Performance-Based Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (Shares) \| shares	189,258
Granted (Shares) \| shares	61,819
Vested (Shares) \| shares	(105,600)
Unvested at end of period (Shares) \| shares	145,477
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Beginning Balance, Weighted average grant date fair value (usd per share) \| $ / shares	$ 34.64
Granted, Weighted average grant date fair value (usd per share) \| $ / shares	43.06
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value \| $ / shares	31.74
Ending Balance, Weighted average grant date fair value (usd per share) \| $ / shares	$ 40.33
Restricted Stock Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at end of period (Shares) \| shares	10,647
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Ending Balance, Weighted average grant date fair value (usd per share) \| $ / shares	$ 46.00

Debt (Tables)

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Debt at December 31, 2023 and April 2, 2023 consisted of the following:


	December 31, 2023		April 2, 2023

(In thousands)

Senior secured revolving loan	$	120,000	$	112,000

Less: unamortized debt issuance costs	(290)		(356)
Total debt, net of debt issuance costs	119,710		111,644
Less: current portion of long-term debt	(9,913)		(9,913)
Total long-term debt	$	109,797	$	101,731

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Revenue (Tables)

9 Months Ended

Dec. 31, 2023

Disaggregation of Revenue [Abstract]

Disaggregation of Revenue [Table Text Block]

The following tables disaggregate external customer net sales by major revenue stream for the nine months ended December 31, 2023 and January 1, 2023:


	Three months ended December 31, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	78,313	$	73,406	$	7,857	$	159,576
Distributed specialty products (2)	—		—		25,678		25,678
Bulk products (3)	12,921		7,629		—		20,550
Other	1,756		984		(48)		2,692
Total external customer sales	$	92,990	$	82,019	$	33,487	$	208,496

	Three months ended January 1, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	91,658	$	60,583	$	11,935	$	164,176
Distributed specialty products (2)	—		—		23,833		23,833
Bulk products (3)	20,364		6,649		—		27,013
Other	2,414		1,317		465		4,196
Total external customer sales	$	114,436	$	68,549	$	36,233	$	219,218

	Nine months ended December 31, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	264,878	$	249,155	$	28,956	$	542,989
Distributed specialty products (2)	—		—		77,945		77,945
Bulk products (3)	41,280		23,710		—		64,990
Other	6,240		3,730		248		10,218
Total external customer sales	$	312,398	$	276,595	$	107,149	$	696,142

	Nine months ended January 1, 2023
(In thousands)	Industrial		Water Treatment		Health and Nutrition		Total
Manufactured, blended or repackaged products (1)	$	286,818	$	208,112	$	35,632	$	530,562
Distributed specialty products (2)	—		—		83,599		83,599
Bulk products (3)	58,951		21,159		—		80,110
Other	7,316		4,256		1,110		12,682
Total external customer sales	$	353,085	$	233,527	$	120,341	$	706,953

(2)This line includes non-manufactured distributed specialty products in our Health and Nutrition segment, which may be sold out of one of our facilities or direct shipped to our customers.

Share Based Compensation (Tables)

9 Months Ended

Dec. 31, 2023

Performance-Based Restricted Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of performance-based restricted stock units

The following table represents the restricted stock activity for the nine months ended December 31, 2023:


	Shares	Weighted- Average Grant Date Fair Value
Unvested at beginning of period	189,258	$	34.64
Granted	61,819	43.06
Vested	(105,600)	31.74

Unvested at end of period	145,477	$	40.33

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings per Share

9 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings per Share

Basic earnings per share (“EPS”) is computed by dividing net earnings by the weighted-average number of common shares outstanding. Diluted EPS includes the dilutive impact of incremental shares assumed to be issued as performance units and restricted stock.

Basic and diluted EPS were calculated using the following:


	Three Months Ended		Nine Months Ended
	December 31, 2023	January 01, 2023	December 31, 2023	January 01, 2023
Weighted-average common shares outstanding—basic	20,781,632	20,818,347	20,864,349	20,847,285
Dilutive impact of performance units and restricted stock	125,689	155,917	139,728	157,564
Weighted-average common shares outstanding—diluted	20,907,321	20,974,264	21,004,077	21,004,849

For each of the periods presented, there were no shares excluded from the calculation of weighted-average common shares for diluted EPS.

Debt

9 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

Debt at December 31, 2023 and April 2, 2023 consisted of the following:


	December 31, 2023		April 2, 2023

(In thousands)

Senior secured revolving loan	$	120,000	$	112,000

Less: unamortized debt issuance costs	(290)		(356)
Total debt, net of debt issuance costs	119,710		111,644
Less: current portion of long-term debt	(9,913)		(9,913)
Total long-term debt	$	109,797	$	101,731

We were in compliance with all covenants of our credit agreement as of December 31, 2023.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements

9 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block]

Fair Value Measurements

Our financial assets and liabilities are measured at fair value at the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The carrying value of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value because of the short-term nature of these instruments. Because of the variable-rate nature of our debt under our credit facility, our debt also approximates fair value.

Assets and Liabilities Measured at Fair Value on a Recurring Basis. The fair value hierarchy requires the use of observable market data when available. In instances where inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.

Our financial assets that are measured at fair value on a recurring basis are an interest rate swap and assets held in a deferred compensation retirement plan. Both of these assets are classified as long-term assets on our balance sheet, with the portion of the deferred compensation retirement plan assets expected to be paid within twelve months classified as current assets. The fair value of the interest rate swap is determined by the respective counterparties based on interest rate changes. Interest rate swaps are valued based on observable interest rate yield curves for similar instruments. The deferred compensation plan assets relate to contributions made to a non-qualified compensation plan on behalf of certain employees who are classified as “highly compensated employees” as determined by IRS guidelines. The assets are part of a rabbi trust and the funds are held in mutual funds. The fair value of the deferred compensation is based on the quoted market prices for the mutual funds at the end of the period.

The following tables summarize the balances of assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and April 2, 2023.


(In thousands)		December 31, 2023		April 2, 2023
Assets
Deferred compensation plan assets	Level 1	$	9,803	$	7,659
Interest rate swap	Level 2	$	3,694	$	4,028