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Acquisitions (Tables) | 12 Months Ended
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Dec. 28, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of recognized identified assets acquired and liabilities assumed | The following table summarizes the final purchase price allocation of the fair value of assets acquired and liabilities assumed in the Western Automation acquisition:
(in thousands) | Purchase Price Allocation
Total purchase consideration: |
Cash, net of cash acquired | $ | 158,260 |
Allocation of consideration to assets acquired and liabilities assumed: |
Trade receivables, net | 3,359 |
Inventories | 3,678 |
Other current assets | 718 |
Property, plant, and equipment | 1,328 |
Intangible assets | 68,000 |
Goodwill | 93,937 |
Other long-term assets | 573 |
Current liabilities | (4,335) |
Other long-term liabilities | (8,998) |
| $ | 158,260 |
The following table summarizes the purchase price allocation of the fair value of assets acquired and liabilities assumed in the C&K acquisition:
(in thousands) | Purchase Price Allocation
Total purchase consideration: |
Cash, net of cash acquired | $ | 523,014 |
Allocation of consideration to assets acquired and liabilities assumed: |
Trade receivables, net | 20,967 |
Inventories | 42,968 |
Other current assets | 2,932 |
Property, plant, and equipment | 32,791 |
Intangible assets | 254,700 |
Goodwill | 274,124 |
Other long-term assets | 14,797 |
Current liabilities | (47,687) |
Long-term debt | (9,626) |
Other long-term liabilities | (62,952) |
| $ | 523,014 |
Summary of business acquisition, pro forma information | The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company and Western Automation as though the acquisition had occurred as of January 2, 2022, and C&K as though the acquisition had occurred as of December 27, 2020. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the Western Automation acquisition occurred as of January 2, 2022, and had C&K acquisition occurred as of December 27, 2020 or of future consolidated operating results.
|  | For the Fiscal Year Ended
(in thousands, except per share amounts) |  | December 30, 2023 |  | December 31, 2022
Net sales |  | $ | 2,364,543 |  |  | $ | 2,665,028 |
Income before income taxes |  | 330,114 |  |  | 486,285 |
Net income |  | 260,812 |  |  | 402,470 |
Net income per share — basic |  | 10.49 |  |  | 16.27 |
Net income per share — diluted |  | 10.39 |  |  | 16.11 |
Summary of business acquisition, pro forma information, nonrecurring adjustments | Pro forma results presented above primarily reflect the following adjustments:
|  |  |  | For the Fiscal Year Ended
(in thousands) |  |  |  | December 30, 2023 |  | December 31, 2022
Amortization (a) |  |  |  | $ | (479) |  |  | $ | (10,388) |
Depreciation |  |  |  | — |  |  | 1,979 |
Transaction costs (b) |  |  |  | 1,203 |  |  | 7,905 |
Amortization of inventory step-up (c) |  |  |  | — |  |  | 15,593 |
Interest expense (d) |  |  |  | — |  |  | 815 |
Income tax (expense) benefit of above items |  |  |  | (91) |  |  | (4,701) |
(a)The amortization adjustment for the twelve months ended December 30, 2023 and December 31, 2022, 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 twelve months ended December 30, 2023 and December 31, 2022, respectively, and recognition of those fees during the twelve months ended December 31, 2022. (c)The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the twelve months ended December 31, 2022. The inventory step-up is amortized over four months for all acquisitions, as the inventory was sold. (d)The interest expense adjustment reflects lower interest expense associated with the financing of the C&K acquisition that replaced higher pre-acquisition debt.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(4) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + 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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + 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 -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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