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Business Combinations (Tables) | 6 Months Ended
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Jul. 02, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the preliminary allocation of fair value of assets acquired and liabilities assumed as of April 11, 2022:
(in millions) |  | Sound United
Cash consideration(1) |  | $ | 1,086.2 |
Purchase price |  | $ | 1,086.2 |
Assets acquired: |  |
Cash and cash equivalents |  | $ | 81.4 |
Accounts receivables |  | 108.4 |
Inventories |  | 230.7 |
Prepaid expenses and other current assets |  | 61.4 |
Property, plant and equipment |  | 101.5 |
Intangible asset |  | 657.0 |
Goodwill |  | 337.5 |
Long-term other assets |  | 9.5 |
Total assets acquired |  | $ | 1,587.4 |
Liabilities assumed: |  |
Accounts payable |  | $ | (127.9) |
Accrued liabilities and other current liabilities |  | (153.1) |
Deferred tax liabilities |  | (159.5) |
Other long-term liabilities |  | (60.7) |
Total liabilities assumed |  | $ | (501.2) |
______________ (1) The purchase price for the Sound United acquisition is preliminary, pending final customary purchase price adjustments. The following table sets forth the components of identifiable intangible assets acquired and the weighted average amortization period as of the acquisition date:
|  | Weighted average amortization period (in years) |  | July 2, 2022 (in millions)
Trademarks/tradenames |  | 10 |  | $ | 268.0 |
Customer relationships |  | 18 |  | 204.0 |
Developed technology |  | 8 |  | 156.0 |
Contractual license agreements |  | 15 |  | 29.0 |
Total |  | 14 years |  | $ | 657.0 |
Business Acquisition, Pro Forma Information | There are no other material non-recurring pro forma adjustments directly attributable to the acquisition included in the reported pro forma revenue and pro forma net income.
|  | Three Months Ended |  | Six Months Ended
(in millions) |  | July 2, 2022 |  | July 1, 2021 |  | July 2, 2022 |  | July 1, 2021
Pro forma net revenue |  | $ | 572.2 |  |  | $ | 511.5 |  |  | $ | 1,127.1 |  |  | $ | 1,021.6 |
Pro forma net income (loss) |  | $ | 29.0 |  |  | $ | 36.0 |  |  | $ | 88.8 |  |  | $ | (31.5) |

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- 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
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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=123413009&loc=d3e4845-128472 + Details
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