ACQUISITIONS (Tables)

3 Months Ended

Apr. 03, 2021

Business Combinations [Abstract]

Schedule of Estimated Fair Value of Assets and Liabilities Assumed from Acquisition

The Company determined the fair value of the tangible and intangible assets and the liabilities acquired, and recorded goodwill based on the excess of the fair value of the acquisition consideration over such fair values, as follows (in thousands):

Assets acquired:
Cash	$	143
Accounts receivable	7,135
Inventories	670
Prepaid expenses and other current assets	277
Property, plant and equipment	1,042
Lease right of use assets	445
Intangible assets (trade names/customer relationships)	22,350
Goodwill	12,539
Total assets acquired	44,601
Liabilities assumed:
Accounts payable	1,149
Other accrued expenses	1,020
Lease liabilities	339
Other long-term liabilities	109
Total liabilities assumed	2,617
Net assets acquired	$	41,984

Business Acquisition, Pro Forma Information

The following table provides unaudited supplemental pro forma results for Cornerstone for the three months ended April 4, 2020 as if the Kleary acquisitions had occurred on January 1, 2020 (in thousands, except for per share data):

	Three Months Ended
	April 4, 2020
Net sales	$	1,122,169
Net loss applicable to common shares	(540,870)
Net loss per common share:
Basic	$	(4.29)
Diluted	$	(4.29)