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Business Acquisitions (Tables)

6 Months Ended

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

X

- 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

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-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

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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)
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-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4922-128472

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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

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