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Acquisitions and Divestitures (Tables)

9 Months Ended

Sep. 29, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Preliminary Fair Value Of Assets Acquired And Measurement Period Adjustments

The Company’s initial allocation of the assets acquired and liabilities assumed in the acquisition of Inapel, as well as revised preliminary fair values reflecting adjustments made during the measurement period, are as follows:

			Initial Allocation						Measurement Period Adjustments						Preliminary Allocation
Trade accounts receivable			$	30,301					$	(133)					$	30,168
Other receivables			6,088						(465)						5,623
Inventories			9,269						—						9,269
Prepaid expenses			1,430						—						1,430
Property, plant and equipment			11,456						17,425						28,881
Right of use asset - operating leases			217						—						217
Other intangible assets			8,653						188						8,841
Goodwill			15,704						(7,454)						8,250
Other assets			793						—						793
Payable to suppliers			(15,899)						2,951						(12,948)
Accrued expenses and other			(5,733)						(1,350)						(7,083)
Noncurrent operating lease liabilities			(117)						—						(117)
Deferred income taxes			(2,934)						(6,000)						(8,934)
Total purchase price, net of cash acquired			$	59,228					$	5,162					$	64,390

			Initial Allocation						Measurement Period Adjustments						Final Allocation
Trade accounts receivable			$	17,488					$	—					$	17,488
Inventories			20,209						(947)						19,262
Prepaid expenses			2,720						(589)						2,131
Property, plant and equipment			73,483						753						74,236
Right of use asset - operating leases			34,604						290						34,894
Other intangible assets			199,560						(8,995)						190,565
Goodwill			92,657						14,909						107,566
Other assets			2,465						(412)						2,053
Payable to suppliers			(7,320)						—						(7,320)
Accrued expenses and other			(15,167)						(25)						(15,192)
Notes payable and current portion of long-term debt			(24)						—						(24)
Noncurrent operating lease liabilities			(29,905)						—						(29,905)
Pension and other postretirement benefits			(10,761)						(768)						(11,529)
Long-term debt			(1,942)						—						(1,942)
Deferred income taxes			(3,419)						(2,502)						(5,921)
Other long-term liabilities			(3,293)						1,478						(1,815)
Net assets acquired			$	371,355					$	3,192					$	374,547

Schedule of the Purchase Consideration Transferred for the Acquisitions

The following table provides a summary of the purchase consideration (as defined under Accounting Standards Codification (“ASC”) 805) transferred for the acquisitions of the remaining ownership interest in RTS Packaging and the Chattanooga Mill:

			Purchase Consideration
Cash consideration, net of cash acquired			$	313,388
Fair value of previously held ownership interest in RTS Packaging			59,472
Final working capital adjustment			452
Settlement of preexisting relationships			1,235
Purchase consideration transferred			$	374,547

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- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479328/805-10-50-3

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
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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

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