Acquisition |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Acquisition | Acquisition On July 21, 2026, the Company acquired (via merger) 100% of the stock of Intellihot, Inc. ("Intellihot") for total consideration transferred of $107.3 million, excluding transaction costs and net of $2.1 million of cash acquired. Intellihot, based in Vernon Hills, Illinois, is a leader in tankless water heater solutions serving the healthcare, education, hospitality and commercial end markets. The Company's results of operations include the acquired operations subsequent to July 20, 2026. Pro-forma results of operations and certain other U.S. GAAP disclosures related to the Intellihot acquisition have not been presented because they are not material to the Company's condensed consolidated statements of operations and condensed consolidated balance sheets. The acquisition of Intellihot was accounted for as a business combination and recorded by allocating the purchase price to the fair value of assets acquired and liabilities assumed at the acquisition date. The excess of the acquisition purchase price over the fair value assigned to the assets acquired and liabilities assumed was recorded as goodwill. The preliminary purchase price allocation resulted in non-tax deductible goodwill of $55.0 million, other intangible assets of $44.5 million (includes tradenames of $9.8 million, customer relationships of $23.3 million, and patents of $11.4 million), deferred tax asset of $8.5 million, and other net assets of $12.7 million, offset by acquired warranties of $13.4 million. The purchase price allocation is preliminary and subject to fair value adjustments that will be completed within the one year period following the acquisition date.
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