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Acquisition (Tables) | 9 Months Ended
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Sep. 29, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Business Acquisitions, by Acquisition | The purchase consideration was $527.1 million, which was determined as follows:
(U.S. Dollars presented in millions) |  |
Cash considerations paid to Supreme shareholders |  | $ | 336.4 |
Cash paid for transaction costs of Supreme |  | 13.9 |
Repayment of Supreme existing indebtedness and accrued interest |  | 178.2 |
Total Cash Consideration |  | $ | 528.5 |
Preliminary purchase price adjustments |  | (1.4) |
Total Preliminary Purchase Consideration |  | $ | 527.1 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
(U.S. Dollars presented in millions) |  |
Preliminary Net Assets Acquired |  | Fair Value
Cash and cash equivalents |  | $ | 11.8 |
Accounts receivable |  | 11.5 |
Inventories |  | 17.3 |
Other current assets |  | 2.1 |
Property, plant and equipment |  | 115.9 |
Operating lease right-of-use assets |  | 17.6 |
Other intangible assets |  | 256.9 |
Other assets |  | 1.9 |
|  | $ | 435.0 |
Accounts payable |  | $ | 7.2 |
Current operating lease liabilities |  | 2.4 |
Other current liabilities |  | 18.0 |
Deferred income taxes |  | 69.8 |
Operating lease liabilities |  | 15.1 |
Other non-current liabilities |  | 0.3 |
|  | $ | 112.8 |
Net Assets Acquired |  | $ | 322.2 |
Goodwill |  | 204.9 |
Purchase Consideration |  | $ | 527.1 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination |
(U.S. Dollars presented in millions) |  |  |  |  |  |
Asset Type |  | Fair Value |  | Useful Life |  | Valuation Methodology
Customer relationships |  | $ | 171.8 |  |  | 17.5 years |  | Multi-period excess earnings
Tradenames |  | 85.1 |  |  | Indefinite |  | Relief from royalty method
Total other intangible assets |  | $ | 256.9 |  |  |  |  |
Business Acquisition, Pro Forma Information | Net sales and earnings related to the operations of Supreme that have been included in our condensed consolidated statements of income for the period from July 10, 2024 to September 29, 2024 are as follows:
(U.S. Dollars presented in millions) |  |
Net Sales |  | $ | 60.8 |
Net Income |  | $ | 4.2 |
|  | 13 Weeks Ended |  | 39 Weeks Ended
(U.S. Dollars presented in millions) |  | September 29, 2024 |  | September 24, 2023 |  | September 29, 2024 |  | September 24, 2023
Net Sales |  | $ | 718.1 |  |  | $ | 738.5 |  |  | $ | 2,168.7 |  |  | $ | 2,242.4 |
Net Income |  | $ | 42.0 |  |  | $ | 56.7 |  |  | $ | 118.3 |  |  | $ | 124.5 |
These pro forma amounts have been calculated after applying our accounting policies and making certain adjustments, which primarily include: (i) depreciation adjustments relating to fair value step-ups to property, plant and equipment; (ii) amortization adjustments relating to fair value estimates of acquired intangible assets; (iii) incremental interest expense associated with the revolving credit facility used, in part, to fund the acquisition, and related debt issuance costs; (iv) cost of products sold adjustments relating to fair value step-ups to inventory; and (v) transaction related costs of both MasterBrand and Supreme.

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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 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
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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 -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + 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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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