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Business Combinations (Tables)

6 Months Ended

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)

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

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- References

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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=123413009&loc=d3e4845-128472

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