BUSINESS ACQUISITIONS AND DIVESTITURE (Tables)

6 Months Ended

Jul. 03, 2022

Business Combinations [Abstract]

Schedule of Purchase Consideration Allocation to Assets Acquired and Liabilities Assumed

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:

	Initial Allocation (1)		Adjustments		Updated Allocation
Goodwill	$	165,301	$	890	$	166,191
Other intangible assets	32,100		(6,000)		26,100
Current assets acquired	30,717		118		30,835
Property, plant and equipment, net	96,099		4,617		100,716
Other non-current assets, primarily operating lease ROU assets	111,787		—		111,787
Deferred income taxes	541		232		773
Current liabilities assumed	(22,713)		—		(22,713)
Other long-term liabilities, primarily operating lease liabilities	(109,355)		—		(109,355)
Net assets acquired	$	304,477	$	(143)	$	304,334

(1) As reported in the Company’s 2021 Annual Report on Form 10-K.

The purchase consideration was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:

	Initial Allocation (1)		Adjustments		Updated Allocation
Goodwill	$	303,345	$	(14,960)	$	288,385
Other intangible assets	526,300		16,800		543,100
Current assets acquired	51,121		—		51,121
Property, plant and equipment, net	39,256		1,010		40,266
Other non-current assets	2,201		—		2,201
Other liabilities assumed, primarily current liabilities	(28,057)		(2,850)		(30,907)
Net assets acquired	$	894,166	$	—	$	894,166

(1) As reported in the Company’s 2021 Annual Report on Form 10-K.

The purchase consideration, inclusive of the acquisition date fair value of the contingent consideration, was allocated to assets acquired and liabilities assumed based on their respective fair values as follows:

Goodwill	$	175,826
Other intangible assets	235,800
Other assets acquired, primarily current assets	33,092
Other liabilities assumed, primarily current liabilities	(9,620)
Deferred income taxes	(7,888)
Net assets acquired	$	427,210