Acquisitions (Tables)

9 Months Ended

Sep. 25, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

The following table summarizes the final purchase price allocation of the fair value of assets acquired and liabilities assumed in the Hartland acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of cash acquired, and restricted cash	$	109,852
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net	13,027
Inventories	35,808
Other current assets	2,224
Property, plant, and equipment	6,296
Intangible assets	39,660
Goodwill	40,442
Other non-current assets	3,787
Current liabilities	(24,846)
Other non-current liabilities	(6,546)
	$	109,852

Summary of business acquisition, pro forma information

The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company and Hartland as though the acquisition had occurred as of December 29, 2019. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the Hartland acquisition occurred as of December 29, 2019 or of future consolidated operating results.

	For the Three Months Ended				For the Nine Months Ended
(in thousands, except per share amounts)	September 25, 2021		September 26, 2020		September 25, 2021		September 26, 2020
Net sales	$	539,581	$	414,100	$	1,533,901	$	1,101,430
Income before income taxes	113,591		69,478		289,530		90,516
Net income	92,054		56,961		238,197		69,526
Net income per share — basic	3.74		2.34		9.69		2.85
Net income per share — diluted	3.69		2.32		9.56		2.83

Summary of business acquisition, pro forma information, nonrecurring adjustments

Pro forma results presented above primarily reflect the following adjustments:

	For the Three Months Ended				For the Nine Months Ended
(in thousands)	September 25, 2021		September 26, 2020		September 25, 2021		September 26, 2020
Amortization(a)	$	—	$	(838)	$	(280)	$	(2,514)
Depreciation	—		44		7		139
Transaction costs(b)	—		—		835		(835)
Amortization of inventory step-up(c)	—		—		6,808		(6,796)
Income tax (expense) benefit of above items	—		167		(1,555)		2,107

(a)The amortization adjustment for the three and nine months ended September 26, 2020 primarily reflects incremental amortization resulting from the measurement of intangibles at their fair values.

(b)The transaction cost adjustments reflect the reversal of certain legal and professional fees from the nine months ended September 25, 2021 and recognition of those fees during the nine months ended September 26, 2020.

(c)The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the nine months ended September 25, 2021 and the recognition of the amortization during the nine months ended September 26, 2020. The inventory step-up was amortized over four months as the inventory was sold.