Acquisitions (Tables)

12 Months Ended

Dec. 26, 2020

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 2018. 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

Net sales	$	2,595,454
Net income	111,482

Basic earnings per share	$	1.96
Diluted earnings per share	1.95

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. The purchase price allocations for Kessler and Shoals are provisional as of December 26, 2020 and subject to change upon the completion of the final valuation of long-lived assets during the measurement period.


(In thousands)	Kessler			Shoals			ATCO			Die-Mold

Total consideration	$	57,233		$	15,415		$	158,100		$	13,629

Allocated to:
Accounts receivable	—			660			21,829			1,684
Inventories	25,106			1,809			31,666			1,833
Other current assets	—			26			1,051			267
Property, plant, and equipment	3,561			3,700			83,080			3,278
Operating lease right-of-use assets	10,526			—			—			—
Goodwill	11,710		(1)	1,964		(1)	17,236		(1)	4,239
Intangible assets	15,140			7,480			23,360			5,209
Other assets	—			—			224			—
Total assets acquired	66,043			15,639			178,446			16,510

Accounts payable	—			217			8,093			710
Current portion of operating lease liabilities	1,692			—			—			—
Other current liabilities	—			7			10,187			173
Long-term debt	—			—			2,066			—
Noncurrent operating lease liabilities	7,118			—			—			—
Other noncurrent liabilities	—			—			—			1,998
Total liabilities assumed	8,810			224			20,346			2,881



Net assets acquired	57,233			15,415			$	158,100		$	13,629

(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	Kessler		Shoals		ATCO		Die-Mold

Intangible asset type:
Customer relationships	20 years	$	11,180	$	4,290	$	6,550	$	3,077
Non-compete agreements	3-5 years	—		150		—		70
Patents and technology	10-15 years	—		2,620		10,570		1,512
Trade names, licenses, and other	5-10 years	3,960		420		4,770		550
Supply contracts	5 years	—		—		1,470		—


Total intangible assets		$	15,140	$	7,480	$	23,360	$	5,209