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Business Combinations (Tables) | 9 Months Ended
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Oct. 01, 2021
Summary of Unaudited Pro Forma Information | The pro forma information for all periods presented below includes the effects of business combination accounting resulting from the acquisitions of ATI and SEM, including amortization of inventory fair value adjustments, amortization of intangible assets, interest expense on borrowings in connection with the acquisition, and the related tax effects, assuming that the acquisitions had been consummated as of January 1, 2020. The pro forma financial information is presented for comparative purposes only and is not necessarily indicative of the results of operations that actually would have been achieved if the acquisitions had taken place on January 1, 2020.
| Three Months Ended |  |  | Nine Months Ended |
| October 1, |  |  | October 2, |  |  | October 1, |  |  | October 2, |
| 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Revenue | $ | 197,715 |  |  | $ | 186,919 |  |  | $ | 584,051 |  |  | $ | 508,906 |
Consolidated net income | $ | 13,995 |  |  | $ | 9,908 |  |  | $ | 38,188 |  |  | $ | 25,551 |
Summary of Acquisition Costs | Acquisition costs are included in restructuring and acquisition related costs in the consolidated statements of operations. Acquisition-related costs for ATI and SEM acquisitions are as follows (in thousands):
| Three Months Ended |  |  | Nine Months Ended |
| October 1, |  |  | October 1, |
| 2021 |  |  | 2021 |
ATI | $ | 1,956 |  |  | $ | 3,321 |
SEM | $ | 864 |  |  | $ | 1,052 |
ATI Industrial Automation, Inc. |
Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation | Based upon a preliminary valuation, the total purchase price for ATI was allocated as follows (in thousands):
| Purchase Price |
| Allocation |
Cash | $ | 10,709 |
Accounts receivable |  | 12,596 |
Inventories |  | 17,431 |
Property, plant and equipment |  | 4,195 |
Intangible assets |  | 52,400 |
Goodwill |  | 143,851 |
Deferred tax assets |  | 345 |
Other assets |  | 11,425 |
Total assets acquired |  | 252,952 |
Accounts payable |  | 5,135 |
Deferred tax liabilities |  | 228 |
Other liabilities |  | 14,938 |
Total liabilities assumed |  | 20,301 |
Total assets acquired, net of liabilities assumed |  | 232,651 |
Less: cash acquired |  | 10,709 |
Less: contingent consideration |  | 51,900 |
Initial purchase price, net of cash acquired | $ | 170,042 |
Fair Value of Intangible Assets | The fair value of intangible assets for ATI is comprised of the following (dollar amounts in thousands):
|  |  |  |  | Weighted Average
| Estimated Fair |  |  | Amortization
| Value |  |  | Period
Developed technologies | $ | 19,800 |  |  | 15 years
Customer relationships |  | 23,600 |  |  | 15 years
Trademarks and trade names |  | 5,600 |  |  | 15 years
Backlog |  | 3,400 |  |  | 1 year
Total | $ | 52,400 |  |  |
Schneider Electric Motion USA, Inc. |
Summary of Fair Values of Assets Acquired and Liabilities Assumed Purchase Price Allocation | Based upon a preliminary valuation, the total purchase price for SEM was allocated as follows (in thousands):
| Purchase Price |
| Allocation |
Cash | $ | 3,881 |
Accounts receivable |  | 4,240 |
Inventories |  | 2,499 |
Property, plant and equipment |  | 452 |
Intangible assets |  | 54,570 |
Goodwill |  | 70,064 |
Other assets |  | 776 |
Total assets acquired |  | 136,482 |
Accounts payable |  | 1,325 |
Deferred tax liabilities |  | 12,387 |
Other liabilities |  | 3,750 |
Total liabilities assumed |  | 17,462 |
Total assets acquired, net of liabilities assumed |  | 119,020 |
Less: cash acquired |  | 3,881 |
Total purchase price, net of cash acquired | $ | 115,139 |
Fair Value of Intangible Assets | The fair value of intangible assets for SEM is comprised of the following (dollar amounts in thousands):
|  |  |  |  | Weighted Average
| Estimated Fair |  |  | Amortization
| Value |  |  | Period
Developed technologies | $ | 9,110 |  |  | 15 years
Customer relationships |  | 41,740 |  |  | 20 years
Trademarks and trade names |  | 370 |  |  | 4 years
Backlog |  | 3,350 |  |  | 1 year
Total | $ | 54,570 |  |  |

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