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Acquisitions | 12 Months Ended
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Jan. 01, 2022
Business Combinations [Abstract] |
ACQUISITIONS | ACQUISITIONS AND DISPOSITIONS In December 2021, the Company announced that we entered into a definitive agreement to acquire all of the shares of Valley Proteins, Inc. for approximately $1.1 billion in cash, plus or minus various closing adjustments in accordance with the Stock Purchase Agreement. The closing of the transaction is subject to customary closing conditions, including the receipt of regulatory approval. In December 2020, the Company acquired substantially all the assets of Marengo Fabricated Steel Ltd (the “Marengo Acquisition”) a grease collection equipment manufacturer. The Company purchased the Marengo Acquisition for $10.8 million consisting of cash paid of approximately $10.5 million and a hold back amount of approximately $0.3 million, which was paid in fiscal 2021. The Company recorded assets and liabilities consisting of property, plant and equipment of approximately $3.6 million, goodwill of approximately $5.7 million and other net assets of approximately $1.5 million. In October 2020, a wholly-owned international subsidiary acquired all the shares of a Belgium privately owned group of companies (the “Belgium Group Acquisition”). The Company purchased the Belgium Group Acquisition for approximately $24.6 million after purchase price adjustments consisting of cash paid of approximately $19.3 million and a hold back amount of approximately $5.3 million, which approximately $1.7 million was paid in fiscal 2021. The Company recorded assets and liabilities consisting of property, plant and equipment of approximately $14.8 million, intangible assets of approximately $6.4 million, goodwill of approximately $9.1 million and net working capital liabilities of approximately $5.7 million. The identifiable intangibles have a weighted average life of 12 years. In December 2019, the Company began to consolidate EnviroFlight, LLC due to a loan issued by the Company, which resulted in more control by the Company based on variable interest entity literature. In January 2020, the Company acquired the other 50% minority interest in EnviroFlight, LLC from the other joint venture partner for approximately $8.8 million, along with the purchase of intellectual property of approximately $3.4 million for a total of approximately $12.2 million, thereby increasing the Company's ownership interest in EnviroFlight, LLC to 100%. Additionally, the Company made other immaterial acquisitions and dispositions in fiscal 2020 and fiscal 2019. On February 25, 2022, a wholly-owned international subsidiary entered into a definitive agreement and acquired all of the shares of Group Op de Beeck, a Belgium digester, organic and industrial waste processing company that will grow our Fuel Ingredients segment for a purchase price of approximately $92.0 million including assumed debt.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: 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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