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Acquisitions (Tables) | 12 Months Ended
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Dec. 26, 2020
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 2018. 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
Net sales |  | $ | 2,595,454 |
Net income |  | 111,482 |
Basic earnings per share |  | $ | 1.96 |
Diluted earnings per share |  | 1.95 |
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. The purchase price allocations for Kessler and Shoals are provisional as of December 26, 2020 and subject to change upon the completion of the final valuation of long-lived assets during the measurement period.
(In thousands) |  | Kessler |  | Shoals |  | ATCO |  | Die-Mold
Total consideration |  | $ | 57,233 |  |  | $ | 15,415 |  |  | $ | 158,100 |  |  | $ | 13,629 |
Allocated to: |  |  |  |  |  |  |  |
Accounts receivable |  | — |  |  | 660 |  |  | 21,829 |  |  | 1,684 |
Inventories |  | 25,106 |  |  | 1,809 |  |  | 31,666 |  |  | 1,833 |
Other current assets |  | — |  |  | 26 |  |  | 1,051 |  |  | 267 |
Property, plant, and equipment |  | 3,561 |  |  | 3,700 |  |  | 83,080 |  |  | 3,278 |
Operating lease right-of-use assets |  | 10,526 |  |  | — |  |  | — |  |  | — |
Goodwill |  | 11,710 |  | (1) | 1,964 |  | (1) | 17,236 |  | (1) | 4,239 |
Intangible assets |  | 15,140 |  |  | 7,480 |  |  | 23,360 |  |  | 5,209 |
Other assets |  | — |  |  | — |  |  | 224 |  |  | — |
Total assets acquired |  | 66,043 |  |  | 15,639 |  |  | 178,446 |  |  | 16,510 |
Accounts payable |  | — |  |  | 217 |  |  | 8,093 |  |  | 710 |
Current portion of operating lease liabilities |  | 1,692 |  |  | — |  |  | — |  |  | — |
Other current liabilities |  | — |  |  | 7 |  |  | 10,187 |  |  | 173 |
Long-term debt |  | — |  |  | — |  |  | 2,066 |  |  | — |
Noncurrent operating lease liabilities |  | 7,118 |  |  | — |  |  | — |  |  | — |
Other noncurrent liabilities |  | — |  |  | — |  |  | — |  |  | 1,998 |
Total liabilities assumed |  | 8,810 |  |  | 224 |  |  | 20,346 |  |  | 2,881 |
Net assets acquired |  | 57,233 |  |  | 15,415 |  |  | $ | 158,100 |  |  | $ | 13,629 |
(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 |  | Kessler |  | Shoals |  | ATCO |  | Die-Mold
Intangible asset type: |  |  |  |  |  |  |  |  |  |
Customer relationships |  | 20 years |  | $ | 11,180 |  |  | $ | 4,290 |  |  | $ | 6,550 |  |  | $ | 3,077 |
Non-compete agreements |  | 3-5 years |  | — |  |  | 150 |  |  | — |  |  | 70 |
Patents and technology |  | 10-15 years |  | — |  |  | 2,620 |  |  | 10,570 |  |  | 1,512 |
Trade names, licenses, and other |  | 5-10 years |  | 3,960 |  |  | 420 |  |  | 4,770 |  |  | 550 |
Supply contracts |  | 5 years |  | — |  |  | — |  |  | 1,470 |  |  | — |
Total intangible assets |  |  |  | $ | 15,140 |  |  | $ | 7,480 |  |  | $ | 23,360 |  |  | $ | 5,209 |

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- 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
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- 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=121647850&loc=d3e4845-128472 + Details
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