Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 25, 2021

Business Combination and Asset Acquisition [Abstract]

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 the year, immaterial adjustments were made to the Kessler provisional purchase price allocation resulting in an increase in intangible assets of $1.5 million, a decrease in property, plant, and equipment of $1.4 million, and a decrease in goodwill of $0.1 million. The purchase price allocations for Mueller Middle East and H&C Flex are provisional as of December 25, 2021 and subject to change upon the completion of the final valuation of long-lived assets, the noncontrolling interest, and contingent consideration during the measurement period.

(In thousands)	Mueller Middle East		H&C Flex		Kessler			Shoals
Total consideration	$	20,017	$	15,279	$	57,233		$	15,321
Allocated to:
Accounts receivable	10,669		—		—			660
Inventories	4,733		4,511		25,106			1,809
Other current assets	1,747		—		—			26
Property, plant, and equipment	22,476		10,813		2,211			3,700
Operating lease right-of-use assets	936		—		10,526			—
Goodwill	12,098		—		11,600		(1)	1,870		(1)
Intangible assets	—		—		16,600			7,480
Total assets acquired	52,659		15,324		66,043			15,545
Accounts payable	4,600		—		—			217
Current portion of operating lease liabilities	—		—		1,692			—
Other current liabilities	11,489		45		—			7
Noncurrent operating lease liabilities	1,030		—		7,118			—
Other noncurrent liabilities	109		—		—			—
Total liabilities assumed	17,228		45		8,810			224
Noncontrolling interest	15,414		—		—			—
Net assets acquired	$	20,017	$	15,279	$	57,233		$	15,321

(1) Tax-deductible goodwill

Schedule of 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
Intangible asset type:
Customer relationships	20 years	$	12,640	$	4,290
Non-compete agreements	3-5 years	—		150
Patents and technology	10-15 years	—		2,620
Trade names, licenses, and other	5-10 years	3,960		420
Total intangible assets		$	16,600	$	7,480