XML 58 R31.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Acquisitions and Dispositions (Tables) | 12 Months Ended
--- | ---
Dec. 28, 2019
Business Combinations [Abstract] |
Business Acquisition, Pro Forma Information | The following table presents condensed pro forma consolidated results of operations as if the ATCO acquisition has occurred at the beginning of 2017. The pro forma information does not purport to be indicative of the results that would have been obtained if the operations had actually been combined during the periods presented and is not necessarily indicative of operating results to be expected in future periods. The most significant pro forma adjustments to the historical results of operations relate to the application of purchase accounting and the financing structure.
|  | For the Year Ended
(In thousands, except per share data) |  | 2018 |  | 2017
Net sales |  | $ | 2,595,454 |  |  | $ | 2,431,972 |
Net income |  | 111,482 |  |  | 90,270 |
Basic earnings per share |  | $ | 1.96 |  |  | $ | 1.59 |
Diluted earnings per share |  | 1.95 |  |  | 1.57 |
Schedule of final valuation of the long-lived assets | The following table summarizes the allocation of the purchase price to acquire these businesses, which were financed by available cash balances, as well as the assets acquired and liabilities assumed at the respective acquisition dates. During 2019, the valuation of the ATCO acquisition was finalized. Changes to the purchase price allocation from the amounts presented in the Company’s 2018 Annual Report on Form 10-K included the valuation of the contingent consideration, intangible assets, and working capital. These changes resulted in a decrease to goodwill of $0.5 million. During 2019, the valuation of the Die-Mold acquisition was finalized. Changes to the purchase price allocation from the amounts presented in the Company’s 2018 Annual Report on Form 10-K included the recognition of a deferred tax liability of $2.0 million that resulted from a basis difference in the long-lived assets acquired. This change resulted in an increase to goodwill.
(in thousands) |  | ATCO |  | Die-Mold |  | Heatlink Group
Total consideration |  | $ | 158,100 |  |  | $ | 13,629 |  |  | $ | 17,164 |
Allocated to: |  |  |  |  |  |  |  |
Accounts receivable |  | 21,829 |  |  | 1,684 |  |  | 2,809 |
Inventories |  | 31,666 |  |  | 1,833 |  |  | 4,648 |
Other current assets |  | 1,051 |  |  | 267 |  |  | 508 |
Property, plant, and equipment |  | 83,080 |  |  | 3,278 |  |  | 2,024 |
Goodwill |  | 17,236 |  | (1) | 4,239 |  |  | 6,879 |
Intangible assets |  | 23,360 |  |  | 5,209 |  |  | 6,413 |
Other assets |  | 224 |  |  | — |  |  | — |
Total assets acquired |  | 178,446 |  |  | 16,510 |  |  | 23,281 |
Accounts payable |  | 8,093 |  |  | 710 |  |  | 3,633 |
Other current liabilities |  | 10,187 |  |  | 173 |  |  | 593 |
Long-term debt |  | 2,066 |  |  | — |  |  | — |
Other noncurrent liabilities |  | — |  |  | 1,998 |  |  | 1,891 |
Total liabilities assumed |  | 20,346 |  |  | 2,881 |  |  | 6,117 |
Net assets acquired |  | $ | 158,100 |  |  | $ | 13,629 |  |  | $ | 17,164 |
(1) Tax-deductible goodwill
Intangible assets identified in the allocation of the purchase price | The following details the total intangible assets identified in the allocation of the purchase price at the respective acquisition dates:
(in thousands) |  | Estimated Useful Life |  | ATCO |  | Die-Mold |  | Heatlink Group
Intangible asset type: |  |  |  |  |  |  |  |
Customer relationships |  | 20 years |  | $ | 6,550 |  |  | $ | 3,077 |  |  | $ | 4,265 |
Non-compete agreements |  | 3-5 years |  | — |  |  | 70 |  |  | 74 |
Patents and technology |  | 10-15 years |  | 10,570 |  |  | 1,512 |  |  | 1,466 |
Trade names, licenses, and other |  | 5-10 years |  | 4,770 |  |  | 550 |  |  | 608 |
Supply contracts |  | 5 years |  | 1,470 |  |  | — |  |  | — |
Total intangible assets |  |  |  | $ | 23,360 |  |  | $ | 5,209 |  |  | $ | 6,413 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=116869197&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration