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Acquisitions and Dispositions (Tables) | 12 Months Ended
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Dec. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Condensed Pro Forma Consolidated Results of Operations | The following table presents pro forma consolidated results of operations as if the Nehring acquisition had occurred at the beginning of 2023. 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 amortization for intangible assets acquired, the financing structure, and estimated income taxes.
(In thousands, except per share data) |  | 2024 |  | 2023 |  |
Net sales |  | $ | 3,903,228 |  |  | $ | 3,811,909 |  |  |
Net income |  | 608,961 |  |  | 624,683 |  |  |
Basic earnings per share |  | $ | 5.47 |  |  | $ | 5.61 |  |  |
Diluted earnings per share |  | $ | 5.34 |  |  | $ | 5.50 |  |  |
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 both acquisitions are provisional as of December 28, 2024 and subject to change during the measurement periods.
(In thousands) |  | Elkhart |  |  | Nehring
Total consideration |  | $ | 38,158 |  |  |  | $ | 569,171
Allocated to: |  |  |  |  |
Accounts receivable |  | 10,827 |  |  |  | 41,666
Inventories |  | 18,720 |  |  |  | 38,803
Other current assets |  | 356 |  |  |  | 960
Property, plant, and equipment |  | 5,916 |  |  |  | 98,819
Tax-deductible goodwill |  | 15,107 |  |  |  | 146,137
Intangible assets |  | — |  |  |  | 271,700
Total assets acquired |  | 50,926 |  |  |  | 598,085
Accounts payable |  | 5,962 |  |  |  | 19,569
Other current liabilities |  | 6,806 |  |  |  | 9,345
Total liabilities assumed |  | 12,768 |  |  |  | 28,914
Net assets acquired |  | $ | 38,158 |  |  |  | $ | 569,171
Schedule of 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 |  |  |  | Nehring
Intangible asset type: |  |  |  |  |  |
Customer relationships |  | 20 years |  |  |  | $ | 208,080 |
Non-compete agreements |  | 5 years |  |  |  | 700 |
Trade names |  | 15 years |  |  |  | 54,530 |
Certifications |  | 5 years |  |  |  | 8,390 |
Total intangible assets |  |  |  |  |  | $ | 271,700 |

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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 -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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