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Acquisition (Tables)
 9 Months Ended
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 Supreme13.9 
Repayment of Supreme existing indebtedness and accrued interest178.2 
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 AcquiredFair Value
Cash and cash equivalents$11.8 
Accounts receivable11.5 
Inventories17.3 
Other current assets2.1 
Property, plant and equipment115.9 
Operating lease right-of-use assets17.6 
Other intangible assets256.9 
Other assets1.9 
$435.0 
Accounts payable$7.2 
Current operating lease liabilities2.4 
Other current liabilities18.0 
Deferred income taxes69.8 
Operating lease liabilities15.1 
Other non-current liabilities0.3 
$112.8 
Net Assets Acquired$322.2 
Goodwill204.9 
Purchase Consideration$527.1 
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
(U.S. Dollars presented in millions)
Asset TypeFair ValueUseful LifeValuation Methodology
Customer relationships$171.8 17.5 yearsMulti-period excess earnings
Tradenames85.1 IndefiniteRelief 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 Ended39 Weeks Ended
(U.S. Dollars presented in millions)September 29, 2024September 24, 2023September 29, 2024September 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.