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Acquisitions (Tables)
9 Months Ended
Oct. 27, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of allocation of transaction price to the fair value of identifiable assets acquired and liabilities assumed
The following table represents the preliminary allocation of the transaction price to the fair value of identifiable assets acquired and liabilities assumed in the Fiscal 2024 Acquisitions and final allocation of the transaction price to the fair value of identifiable assets acquired and liabilities assumed in the Fiscal 2023 Acquisitions. The allocations are preliminary for items including review of working capital balances and the completion of intangible asset valuations.
Fiscal 2024 Acquisitions(1)
Fiscal 2023 Acquisitions
Cash$31 $
Receivables93 28 
Inventories113 38 
Intangible assets277 76 
Goodwill322 17 
Property, plant and equipment16 24 
Operating lease right-of-use assets22 
Other assets, current and non-current
Total assets acquired876 199 
Accounts payable42 
Deferred income taxes39 
Operating lease liabilities, current and non-current22 
Deferred consideration13 10 
Other liabilities, current and non-current
Net assets acquired$753 $159 
(1) Amounts include the preliminary purchase price allocation of Dana Kepner net assets of $259 million to goodwill, $184 million to intangible assets, $91 million to net working capital, $29 million to cash and $8 million to fixed assets. Additionally, includes a deferred income tax liability of $34 million for the Dana Kepner acquisition.
Schedule of reconciliation of total consideration to net assets acquired
The net outflow of cash in respect of the purchase of businesses is as follows:
Fiscal 2024 Acquisitions
Fiscal 2023 Acquisitions
Net assets acquired$753 $159 
Less: Working capital adjustment— (3)
Less: Cash acquired in acquisition
(31)(5)
Total consideration, net of cash; investing cash outflow$722 $151 
Schedule of intangible assets acquired and assumptions utilized in the valuation
A summary of the intangible asset acquired and assumptions utilized in the valuation for the Fiscal 2024 Acquisitions and Fiscal 2023 Acquisitions is as follows:
Intangible Asset AmountWeighted Average Amortization PeriodWeighted Average Discount RateWeighted Average Attrition Rate
Customer Relationships
Fiscal 2024 Acquisitions (1)
$272 10 years13.5 %12.4 %
Fiscal 2023 Acquisitions
76 10 years16.2 %12.6 %
Other Intangible Assets
Fiscal 2024 Acquisitions
$5 years13.6 %N/A
(1) Customer relationships acquired and assumptions utilized in the valuation for the Dana Kepner acquisition were as follows: $181 million customer relationship intangible asset, 10 years amortization period, 13.0% discount rate and 12.5% attrition rate.
Schedule of pro forma information
The following pro forma information has been prepared for comparative purposes only and is not necessarily indicative of the results of operations as they would have been had the Dana Kepner acquisition occurred on the assumed date, nor is it necessarily an indication of future operating results. In addition, the pro forma information does not reflect the cost of any integration activities, benefits from any synergies that may be derived from the Dana Kepner acquisition or revenue growth that may be anticipated.
Three Months EndedNine Months Ended
October 29, 2023October 27, 2024October 29, 2023
Net sales$1,915 $5,772 $5,519 
Net income156 368 448