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Acquisitions (Tables) | 3 Months Ended
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Apr. 02, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed in the Carling acquisition:
(in thousands) | Purchase Price Allocation
Total purchase consideration: |
Cash, net of cash acquired | $ | 313,583 |
Allocation of consideration to assets acquired and liabilities assumed: |
Trade receivables, net | 26,129 |
Inventories | 56,657 |
Other current assets | 3,454 |
Property, plant, and equipment | 58,315 |
Intangible assets | 125,890 |
Goodwill | 97,553 |
Other non-current assets | 4,007 |
Current liabilities | (22,288) |
Other non-current liabilities | (36,134) |
| $ | 313,583 |
The following table summarizes the final purchase price allocation of the fair value of assets acquired and liabilities assumed in the Hartland acquisition:
(in thousands) | Purchase Price Allocation
Total purchase consideration: |
Cash, net of cash acquired, and restricted cash | $ | 108,516 |
Allocation of consideration to assets acquired and liabilities assumed: |
Trade receivables, net | 12,915 |
Inventories | 35,808 |
Other current assets | 2,224 |
Property, plant, and equipment | 6,296 |
Intangible assets | 39,660 |
Goodwill | 38,502 |
Other non-current assets | 3,782 |
Current liabilities | (24,861) |
Other non-current liabilities | (5,810) |
| $ | 108,516 |
Summary of business acquisition, pro forma information |
|  | For the Three Months Ended |  |
(in thousands, except per share amounts) |  | April 2, 2022 |  | March 27, 2021 |  |  |  |
Net sales |  | $ | 623,330 |  |  | $ | 517,399 |  |  |  |  |
Income before income taxes |  | 138,894 |  |  | 78,595 |  |  |  |  |
Net income |  | 121,238 |  |  | 62,573 |  |  |  |  |
Net income per share — basic |  | 4.91 |  |  | 2.57 |  |  |  |  |
Net income per share — diluted |  | 4.85 |  |  | 2.55 |  |  |  |  |
Summary of business acquisition, pro forma information, nonrecurring adjustments | Pro forma results presented above primarily reflect the following adjustments:
|  | For the Three Months Ended |  |
(in thousands) |  | April 2, 2022 |  | March 27, 2021 |  |  |  |
Amortization(a) |  | $ | — |  |  | $ | (2,601) |  |  |  |  |
Depreciation |  | — |  |  | (43) |  |  |  |  |
Transaction costs(b) |  | — |  |  | 707 |  |  |  |  |
Amortization of inventory step-up(c) |  | 4,769 |  |  | 3,490 |  |  |  |  |
Income tax expense of above items |  | (1,049) |  |  | (309) |  |  |  |  |
(a)The amortization adjustment for the three months ended March 27, 2021 primarily reflects incremental amortization resulting from the measurement of intangibles at their fair values. (b)The transaction cost adjustments reflect the reversal of certain legal and professional fees from the three months ended March 27, 2021. (c)The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during three months ended April 2, 2022 and the recognition of the amortization during 2020. The inventory step-up was amortized over four months as the inventory was sold.

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- Definition Tabular disclosure of the nature and amount of any material, nonrecurring adjustments directly attributable to the business combination(s) included in the reported pro forma revenue and earnings (supplemental pro forma information). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(4) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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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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