Acquisitions (Tables)

3 Months Ended

Apr. 02, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

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

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of cash acquired	$	313,583
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net	26,129
Inventories	56,657
Other current assets	3,454
Property, plant, and equipment	58,315
Intangible assets	125,890
Goodwill	97,553
Other non-current assets	4,007
Current liabilities	(22,288)
Other non-current liabilities	(36,134)
	$	313,583

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	$	108,516
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net	12,915
Inventories	35,808
Other current assets	2,224
Property, plant, and equipment	6,296
Intangible assets	39,660
Goodwill	38,502
Other non-current assets	3,782
Current liabilities	(24,861)
Other non-current liabilities	(5,810)
	$	108,516

Summary of business acquisition, pro forma information

	For the Three Months Ended
(in thousands, except per share amounts)	April 2, 2022		March 27, 2021
Net sales	$	623,330	$	517,399
Income before income taxes	138,894		78,595
Net income	121,238		62,573
Net income per share — basic	4.91		2.57
Net income per share — diluted	4.85		2.55

Summary of business acquisition, pro forma information, nonrecurring adjustments

Pro forma results presented above primarily reflect the following adjustments:

	For the Three Months Ended
(in thousands)	April 2, 2022		March 27, 2021
Amortization(a)	$	—	$	(2,601)
Depreciation	—		(43)
Transaction costs(b)	—		707
Amortization of inventory step-up(c)	4,769		3,490
Income tax expense of above items	(1,049)		(309)

(a)The amortization adjustment for the three months ended March 27, 2021 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 three months ended March 27, 2021.

(c)The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during three months ended April 2, 2022 and the recognition of the amortization during 2020. The inventory step-up was amortized over four months as the inventory was sold.