Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 28, 2019

Business Acquisition, Pro Forma Information

The following table presents condensed pro forma consolidated results of operations as if the ATCO acquisition has occurred at the beginning of 2017. The pro forma information does not purport to be indicative of the results that would have been obtained if the operations had actually been combined during the periods presented and is not necessarily indicative of operating results to be expected in future periods. The most significant pro forma adjustments to the historical results of operations relate to the application of purchase accounting and the financing structure.



	For the Year Ended
(In thousands, except per share data)	2018		2017

Net sales	$	2,595,454	$	2,431,972
Net income	111,482		90,270

Basic earnings per share	$	1.96	$	1.59
Diluted earnings per share	1.95		1.57

Schedule of final valuation of the long-lived assets

The following table summarizes the allocation of the purchase price to acquire these businesses, which were financed by available cash balances, as well as the assets acquired and liabilities assumed at the respective acquisition dates. During 2019, the valuation of the ATCO acquisition was finalized. Changes to the purchase price allocation from the amounts presented in the Company’s 2018 Annual Report on Form 10-K included the valuation of the contingent consideration, intangible assets, and working capital. These changes resulted in a decrease to goodwill of $0.5 million. During 2019, the valuation of the Die-Mold acquisition was finalized. Changes to the purchase price allocation from the amounts presented in the Company’s 2018 Annual Report on Form 10-K included the recognition of a deferred tax liability of $2.0 million that resulted from a basis difference in the long-lived assets acquired. This change resulted in an increase to goodwill.



(in thousands)	ATCO			Die-Mold		Heatlink Group

Total consideration	$	158,100		$	13,629	$	17,164

Allocated to:
Accounts receivable	21,829			1,684		2,809
Inventories	31,666			1,833		4,648
Other current assets	1,051			267		508
Property, plant, and equipment	83,080			3,278		2,024
Goodwill	17,236		⁽¹⁾	4,239		6,879
Intangible assets	23,360			5,209		6,413
Other assets	224			—		—
Total assets acquired	178,446			16,510		23,281

Accounts payable	8,093			710		3,633
Other current liabilities	10,187			173		593
Long-term debt	2,066			—		—
Other noncurrent liabilities	—			1,998		1,891
Total liabilities assumed	20,346			2,881		6,117

Net assets acquired	$	158,100		$	13,629	$	17,164

⁽¹⁾ Tax-deductible goodwill

Intangible assets identified in the allocation of the purchase price

The following details the total intangible assets identified in the allocation of the purchase price at the respective acquisition dates:



(in thousands)	Estimated Useful Life	ATCO		Die-Mold		Heatlink Group

Intangible asset type:
Customer relationships	20 years	$	6,550	$	3,077	$	4,265
Non-compete agreements	3-5 years	—		70		74
Patents and technology	10-15 years	10,570		1,512		1,466
Trade names, licenses, and other	5-10 years	4,770		550		608
Supply contracts	5 years	1,470		—		—

Total intangible assets		$	23,360	$	5,209	$	6,413