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Acquisitions and Dispositions (Tables)

12 Months Ended

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

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
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-SubTopic 10
-Topic 805
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-2

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(3)
-SubTopic 10
-Topic 805
-Publisher FASB
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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

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-Name Accounting Standards Codification
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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.

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