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Acquisitions (Tables) | 9 Months Ended
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Sep. 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 fair value of the assets acquired and the liabilities assumed in the Gelnex Acquisition as of March 31, 2023 (in thousands):
Accounts receivable | $ | 81,025 |
Inventories | 140,865 |
Other current assets | 3,143 |
Property, plant and equipment | 169,205 |
Identifiable intangible assets | 339,500 |
Goodwill | 542,572 |
Operating lease right-of-use assets | 134 |
Other assets | 2,703 |
Deferred tax asset | 9,067 |
Accounts payable | (15,059) |
Current operating lease liabilities | (26) |
Current portion of long-term debt | (44,692) |
Accrued expenses | (18,826) |
Long-term debt, net of current portion | (1,407) |
Long-term operating lease liabilities | (123) |
Deferred tax liability | (12,870) |
Other noncurrent liabilities | (19) |
Purchase price, net of cash acquired | $ | 1,195,192 |
Less hold-back | 104,145 |
Cash paid for acquisition, net of cash acquired | $ | 1,091,047 |
The following table summarizes the final fair value of the assets acquired and the liabilities assumed in the FASA Acquisition as of August 1, 2022 (in thousands):
Accounts receivable | $ | 76,640 |
Inventories | 43,058 |
Other current assets | 33,327 |
Property, plant and equipment | 224,384 |
Identifiable intangible assets | 119,477 |
Goodwill | 301,937 |
Operating lease right-of-use assets | 583 |
Other assets | 62,388 |
Deferred tax asset | 2,315 |
Accounts payable | (15,920) |
Current portion of long-term debt | (18,680) |
Accrued expenses | (38,708) |
Long-term debt, net of current portion | (41,926) |
Long-term operating lease liabilities | (583) |
Deferred tax liability | (95,653) |
Other noncurrent liabilities | (503) |
Non-controlling interests | (21,704) |
Purchase price, net of cash acquired | $ | 630,432 |
Less hold-back | 21,705 |
Less contingent consideration | 82,984 |
Cash paid for acquisition, net of cash acquired | $ | 525,743 |
Business Acquisition, Pro Forma Information | The following table presents selected pro forma information, for comparative purposes, assuming the Gelnex Acquisition had occurred on January 1, 2023, for the periods presented (in thousands):
| Nine Months Ended |  |
| September 30, 2023 |  |
Net sales | $ | 5,272,264 |  |  |
Net income | 575,912 |  |  |

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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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