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Acquisitions | 3 Months Ended
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Mar. 28, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions On November 4, 2024, the Company acquired Corob S.p.A. ("Corob") for €230 million in cash, subject to normal post-closing purchase price adjustments, with up to €30 million in additional contingent consideration. As of March 28, 2025, the purchase price allocation remains preliminary as the Company completes its assessment, principally related to income taxes. Amounts within the tables below are revised related to the finalization of post-close price adjustments as reported from December 27, 2024. The total purchase consideration consisted of the following (in thousands):
Cash paid | $ | 276,203 |
Contingent consideration | 14,498 |
Total purchase consideration | $ | 290,701 |
Preliminary purchase consideration was allocated to assets acquired and liabilities assumed based on estimated fair values as follows (in thousands):
Cash and cash equivalents | $ | 30,899 |
Accounts receivable | 28,120 |
Inventories | 26,119 |
Other current assets | 18,515 |
Property, plant and equipment | 16,619 |
Other non-current assets | 5,854 |
Identifiable intangible assets | 131,240 |
Goodwill | 127,267 |
Current liabilities | (52,968) |
Deferred income taxes, net | (33,474) |
Other non-current liabilities | (7,490) |
Total net assets acquired | $ | 290,701 |
Goodwill recognized from the Corob acquisition primarily reflects an intangible asset that does not qualify for separate recognition. None of the goodwill acquired with Corob is deductible for tax purposes. Identifiable intangible assets and estimated useful life are as follows (in thousands):
|  |  | Estimated Life (years)
Trade name | $ | 32,458 |  |  | Indefinite
Customer relationship | 76,169 |  |  | 15
Developed technology | 20,557 |  |  | 10
Backlog | 2,056 |  |  | 0.5
Total identifiable intangibles assets | $ | 131,240 |  |  |
The following unaudited pro forma information provides the results of operations for the periods ended March 28, 2025 and March 29, 2024, as if the acquisition had been completed at the beginning of fiscal year 2023 (in thousands, except per share amounts):
| Three Months Ended |  |
| 2025 |  | 2024 |  |
Net sales | $ | 528,284 |  |  | $ | 525,019 |  |  |
Net earnings | 125,125 |  |  | 123,057 |  |  |
Earnings per share |  |  |  |  |
Basic | $ | 0.74 |  |  | $ | 0.73 |  |  |
Diluted | $ | 0.73 |  |  | $ | 0.71 |  |  |
Unaudited pro forma information has been provided for comparative purposes only and the information does not necessarily reflect what the combined company's results of operations would have been had the acquisition occurred at the beginning of 2023. It also may not be useful in predicting the future results of operations of the combined company. The Company completed another acquisition in 2024 that was not material to the consolidated financial statements.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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