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Acquisitions | 6 Months Ended
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Jul. 02, 2023
Acquisitions [Abstract] |
Acquisitions | Note 3. Acquisitions Concept Pet Heimtierprodukte GmbH On April 29, 2022, the Company completed the acquisition of Concept Pet Heimtierprodukte GmbH (“Concept Pet”), a European supplier of pet litter products. The purchase of Concept Pet supports the expansion of our European pet care business, as well as providing additional mineral reserves. The purchase price was $28.0 million and acquisition was financed through cash on hand. The fair value of the total consideration transferred, net of cash acquired, was $22.4 million. In the second quarter of 2023, an additional $1.8 million of hold back consideration was paid. The results of Concept Pet are included within our Household & Personal Care product line in our Consumer & Specialties segment. The acquisition has been accounted for using the acquisition method of accounting, which requires, among other things, that we recognize the assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The Company has recorded goodwill of $9.3 million and intangible assets of $4.3 million relating to this acquisition. The Company incurred $0.2 million and $0.3 million of acquisition related transaction and integration costs during the three and six-month periods ended July 2, 2023 and $2.6 million and $4.2 million in the three and six-month periods ended July 3, 2022, which are reflected within the acquisition-related expenses line of the Condensed Consolidated Statements of Income.

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