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Business Combinations (Tables) | 6 Months Ended
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Jul. 01, 2023
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The table below summarizes the final allocation of fair value of assets acquired and liabilities assumed.
(in millions) |  | Sound United
Cash consideration(1) |  | $ | 1,057.5 |
Purchase price |  | $ | 1,057.5 |
Assets acquired: |  |
Cash and cash equivalents |  | $ | 82.6 |
Accounts receivables |  | 108.5 |
Inventories |  | 238.6 |
Prepaid expenses and other current assets |  | 30.0 |
Property, plant and equipment |  | 113.2 |
Intangible asset |  | 649.0 |
Goodwill |  | 325.8 |
Long-term other assets |  | 7.4 |
Total assets acquired |  | $ | 1,555.1 |
Liabilities assumed: |  |
Accounts payable |  | $ | (118.8) |
Accrued liabilities and other current liabilities |  | (148.9) |
Deferred tax liabilities |  | (152.9) |
Other long-term liabilities |  | (77.0) |
Total liabilities assumed |  | $ | (497.6) |
______________ (1) The purchase price allocation for the Sound United Acquisition is final. 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) |  | April 11, 2022 (in millions)
Trademarks/tradenames |  | 10 |  | $ | 6.0 |
Customer relationships |  | 17 |  | 196.0 |
Developed technology |  | 8 |  | 156.0 |
Contractual license agreements |  | 15 |  | 29.0 |
Subtotal |  | 14 years |  | $ | 387.0 |
Indefinite trademarks/tradenames |  | N/A |  | 262.0 |
Total |  |  |  | $ | 649.0 |

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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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