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Business Acquisitions (Tables) | 6 Months Ended
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Jul. 01, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Final Allocation of Purchase Consideration | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
Fair value of net assets acquired |  |  |
Current assets |  |  | $ | 9,319 |
Property, plant and equipment |  |  | 4,151 |
Goodwill |  |  | 68,460 |
Definite-lived intangible assets |  |  | 71,485 |
Operating lease assets |  |  | 3,505 |
Other noncurrent assets |  |  | 1,354 |
Current liabilities |  |  | (4,370) |
Operating lease liabilities |  |  | (3,258) |
Other noncurrent liabilities |  |  | (9,377) |
Fair value of net assets acquired |  |  | $ | 141,269 |
The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed (in thousands):
Fair value of net assets acquired |  |  |
Current assets (excluding inventory) |  |  | $ | 9,621 |
Inventory |  |  | 11,360 |
Property, plant and equipment |  |  | 17,977 |
Goodwill |  |  | 78,302 |
Intangible assets |  |  | 105,300 |
Operating lease assets |  |  | 15,142 |
Other noncurrent assets |  |  | 695 |
Current liabilities |  |  | (11,143) |
Operating lease liabilities |  |  | (12,044) |
Fair value of net assets acquired |  |  | $ | 215,210 |
Schedule of Definite-lived Intangible Assets Acquired | The breakout of definite-lived intangible assets acquired was as follows (dollars in thousands):
Definite-lived Intangible Assets |  | Fair Value Assigned |  | Weighted Average Amortization Period (Years) |  |  |  | Weighted Average Discount Rate
Customer lists |  | $ | 53,395 |  |  | 26.0 |  |  |  | 9.5%
Technology |  | 17,435 |  |  | 12.0 |  |  |  | 9.5%
Tradenames |  | 655 |  |  | 1.5 |  |  |  | 9.5%
|  | $ | 71,485 |  |  |  |  |  |  |
Schedule of Business Acquisition, Pro Forma Information | These pro forma results do not purport to be indicative of the results that would have been obtained, or to be a projection of results that may be obtained in the future.
| Six Months Ended July 1, 2022 |  | Three Months Ended July 2, 2021 |  | Six Months Ended July 2, 2021 |  |
Sales | $ | 666,356 |  |  | $ | 332,360 |  |  | $ | 639,966 |  |  |
Net income | 45,357 |  |  | 27,693 |  |  | 44,452 |  |  |

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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 -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 + Details
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- Definition Tabular disclosure of characteristics and cost, by total and major class, of indefinite-lived intangible assets acquired as part of a business combination. Indefinite-lived intangible assets are assets that have no physical form, but have expected future economic benefit. The future benefit is not expected to diminish over a stated period of time. Acquired indefinite-lived intangible assets are disclosed by major class (assets that can be grouped together because they are similar, either by their nature or by their use in operations of the entity) and in total. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4922-128472 + 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 -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 + Details
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