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ACQUISITIONS | 3 Months Ended
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Apr. 01, 2023
Business Combinations [Abstract] |
ACQUISITIONS | (2) ACQUISITIONS Acquisitions of Businesses On June 1, 2022, the Company acquired approximately 51% of ConcealFab for $39,287 in cash (net of cash acquired) and subject to working capital adjustments. Approximately $1,850 of the purchase price was 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 finalized the purchase price allocation in the first quarter of 2023. The following table summarizes the fair values of the assets acquired and liabilities assumed of ConcealFab at the date of acquisition:
​ | ​ | ​ | ​
​ |  | As of June 1,
​ | ​ | 2022
Current assets | ​ | $ | 21,133
Customer relationships | ​ |  | 26,200
Trade name | ​ |  | 5,000
Property, plant, and equipment | ​ |  | 3,813
Other assets | ​ |  | 9,108
Goodwill | ​ |  | 42,465
Total fair value of assets acquired | ​ | $ | 107,719
Current liabilities | ​ |  | 6,658
Long-term debt | ​ |  | 2,038
Operating lease liabilities | ​ |  | 7,812
Deferred income taxes | ​ |  | 5,464
Other noncurrent liabilities | ​ |  | 12
Total fair value of liabilities assumed | ​ | $ | 21,984
Noncontrolling interest in consolidated subsidiaries | ​ |  | 41,693
Net assets acquired | ​ | $ | 44,042
​ Proforma disclosures were omitted for this acquisition as it does not have a significant impact on the Company’s financial results. Acquisition-related costs incurred for the above acquisition were insignificant for all years presented. Acquisitions of Noncontrolling Interests On August 10, 2022, the Company acquired the remaining 9% of Convert Italy S.p.A. for $3,046. 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 Condensed Consolidated Statements of Cash Flows. 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 Condensed Consolidated Statements of Cash Flows.

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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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- References No definition available. + Details
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