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Acquisitions and Dispositions (Tables)

6 Months Ended

Jul. 01, 2023

Business Combinations [Abstract]

Summary of Preliminary Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary allocation of the ASSA Businesses purchase price to the fair value of assets acquired and liabilities assumed as of the date of the acquisition.

(In millions)
Accounts receivable		$	32.3
Inventories			109.7
Property, plant and equipment			18.6
Goodwill			261.8
Identifiable intangible assets			439.4
Operating lease assets			6.8
Other assets			2.4
Total assets			871.0
Accounts payable			28.7
Other current liabilities and accruals			33.4
Other non-current liabilities			3.7
Net assets acquired(a)		$	805.2

(a) Net assets exclude $16.0 million of cash transferred to the Company as the result of the acquisition.

Schedule of Unaudited Pro Forma Financial Information

The unaudited pro forma financial information does not necessarily represent the results that would have occurred had the acquisition occurred on January 1, 2022. In addition, the unaudited pro forma information should not be deemed to be indicative of future results.

(In millions)		Twenty-Six Weeks Ended July 1, 2023				Six Months Ended June 30, 2022				Thirteen Weeks Ended July 1, 2023				Three Months Ended June 30, 2022
Net sales		$	2,403.7			$	2,599.1			$	1,259.6			$	1,356.4
Income from continuing operations, net of tax		$	218.1			$	275.6			$	120.7			$	154.1

X

- 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 https://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 https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463

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- References

No definition available.

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X

- 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 https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472

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