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ACQUISITIONS | 6 Months Ended
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Jun. 25, 2022
Business Combination and Asset Acquisition [Abstract] |
ACQUISITIONS | ACQUISITIONS Acquisitions of Businesses On June 1, 2022, the Company acquired approximately 51% of ConcealFab for $39,297 in cash (net of cash acquired) and subject to working capital adjustments. Approximately $1,850 of the purchase price is contingent on seller representations and warranties that will be settled within 18 months of the acquisition date. ConcealFab is located in Colorado Springs, Colorado and its operations are reported in the Infrastructure segment. The acquisition was made to allow the Company to incorporate innovative 5G infrastructure and passive intermodulation mitigation solutions into our advanced infrastructure portfolio. Goodwill is not deductible for tax purposes. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The Company expects to finalize the purchase price allocation in the second quarter of 2023. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed of ConcealFab as of the date of acquisition:
|  | As of June 1, 2022
Current assets |  | $ | 21,133 |
Customer relationships |  | 26,200 |
Trade name |  | 5,000 |
Property, plant & equipment |  | 3,813 |
Other assets |  | 8,804 |
Goodwill |  | 42,640 |
Total fair value of assets acquired |  | $ | 107,590 |
Current liabilities |  | 6,426 |
Long-term debt |  | 2,038 |
Operating lease liabilities |  | 7,812 |
Deferred taxes |  | 5,464 |
Other noncurrent liabilities |  | 12 |
Total fair value of liabilities assumed |  | $ | 21,752 |
Non-controlling interest in consolidated subsidiaries |  | 41,743 |
Net assets acquired |  | $ | 44,095 |
On May 12, 2021, the Company acquired the outstanding shares of Prospera, an artificial intelligence company focused on machine learning and computer vision in agriculture, for $300,000 in cash (net of cash acquired). The acquisition of Prospera, located in Tel Aviv, Israel, was made to allow the Company to accelerate innovation with machine learning for agronomy and is reported in the Agriculture segment. Goodwill is not deductible for tax purposes, the trade name will be amortized over 7 years, and the developed technology asset will be amortized over 5 years. The amount allocated to goodwill was primarily attributable to anticipated synergies and other intangibles that do not qualify for separate recognition. The Company finalized the purchase price allocation in the fourth quarter of 2021. The following table summarizes the fair values of the assets acquired and liabilities assumed of Prospera as of the date of acquisition:
|  | As of May 12, 2021
Current assets |  | $ | 647 |
Developed technology |  | 32,900 |
Trade name |  | 2,850 |
Property, plant & equipment |  | 1,063 |
Goodwill |  | 273,453 |
Total fair value of assets acquired |  | $ | 310,913 |
Current liabilities |  | 2,690 |
Deferred taxes |  | 8,223 |
Total fair value of liabilities assumed |  | $ | 10,913 |
Net assets acquired |  | $ | 300,000 |
On April 20, 2021 the Company acquired the assets of PivoTrac for $12,500 in cash. The agreed upon purchase price was $14,000, with $1,500 being held back for seller representations and warranties. The acquisition of PivoTrac, located in Texas, was made to allow the Company to advance its technology strategy and increase its number of connected agricultural devices and will be reported in the Agriculture segment. The fair values assigned were $10,800 for goodwill, $2,627 for customer relationships, and the remainder is net working capital. Goodwill is not deductible for tax purposes and the customer relationship will be amortized over 8 years. The Company finalized the purchase price allocation in the second quarter of 2022. Proforma disclosures were omitted for these acquisitions as the they do not have a significant impact on the Company's financial results. Acquisition of Noncontrolling Interests On May 10, 2022, the Company acquired the remaining 20% of Valmont West Coast Engineering Ltd. for $4,292. As this transaction was for the acquisition of all of the remaining shares of consolidated subsidiary with no change in control, it was recorded within shareholders' equity and as a financing cash flow in the Consolidated Statements of Cash Flows.

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- References No definition available. + Details
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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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