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ACQUISITION (Tables)

3 Months Ended

Jul. 03, 2021

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The purchase price of $442.3 million, net of $47.3 million of cash acquired, consisted of the amounts presented below, which represent the preliminary determination of the fair value of the identifiable assets acquired and liabilities assumed:

(In thousands)			March 1, 2021
Accounts receivable			$	7,304
Inventories			18,765
Prepaid expenses and other current assets			850
Property, plant and equipment			1,186
Intangible assets			253,929
Goodwill			251,407
Other long-term assets			1,868
Total assets acquired			$	535,309
Accounts payable			3,292
Accrued payroll and related costs			58,211
Other liabilities			1,853
Deferred tax liability			27,912
Other long-term liabilities			1,772
Total liabilities assumed			$	93,040
Net assets acquired			$	442,269

The following amounts represent the determination of the fair value of the identifiable assets acquired and liabilities assumed for enicor completed during fiscal 2021:

(In thousands)						April 1, 2020
Inventory						$	634
Other current assets						685
Property, plant and equipment						289
Intangible assets						14,090
Goodwill						8,153
Total assets acquired						$	23,851
Other current liabilities						289
Deferred tax liability						3,036
Total liabilities assumed						$	3,325
Net assets acquired						$	20,526

Intangible assets acquired consist of the following:

(In thousands)						Amount						Weighted-Average Amortization Period						Risk-Adjusted Discount Rates used in Purchase Price Allocation
Completed technology						$	13,441					10 Years						20		%
Customer relationships						347						10 Years						20		%
Trademark						302						10 Years						20		%
Total						$	14,090

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Intangible assets acquired consist of the following:

(In thousands)			Amount			Weighted-Average Amortization Period			Risk-Adjusted Discount Rates used in Purchase Price Allocation
Completed technology			$	230,326		13 years			13.5		%
Customer relationships			18,166			12 years			13.0		%
Trademarks			5,437			13 years			13.5		%
Total			$	253,929

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- References

No definition available.

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- Definition

Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company.

+ 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 (a)
-URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 10
-Section 50
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