Business Acquisitions and Investments (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The table below details the fair values of the assets acquired and the liabilities assumed at the acquisition date:

(in thousands)
Accounts receivable	$	3,317
Inventories	90,428
Prepaids and other current assets	5,293
Property, plant and equipment	23,776
Goodwill	247,474
Identifiable intangible assets	157,500
Operating lease right-of-use assets	11,661
Other Assets	3,001
Accounts payable	(7,436)
Accrued compensation	(2,086)
Accrued customer rebates and returns	(1,609)
Other current liabilities	(8,726)
Long-term operating lease liabilities	(9,508)
Other long-term liabilities	(3,307)
Net cash consideration	509,778

The table below details the fair values of the assets acquired and the liabilities assumed at the acquisition date, including applicable measurement period adjustments:

(in thousands)
Accounts receivable	$	23,216
Inventories	79,625
Prepaids and other current assets	2,302
Property, plant and equipment	29,900
Goodwill	106,816
Identifiable intangible assets	160,400
Operating lease right-of-use assets	21,248
Other assets	848
Accounts payable	(11,970)
Accrued compensation	(2,784)
Other current liabilities	(7,604)
Long-term operating lease liabilities	(18,444)
Deferred tax liabilities	(38,665)
Net cash consideration	$	344,888

Schedule of Valuation of Intangible Assets Acquired and Related Amortization Periods

The valuation of the intangible assets acquired, and related amortization periods are as follows:

(in thousands)	Fair Value		Amortization Period (in years)
Product portfolio	82,500		15
Trade names	48,400		20
Customer relationships	26,600		15
Total	$	157,500

The estimated valuation of the intangible assets acquired, and related amortization periods are as follows:

(in thousands)	Fair Value		Amortization Period (in years)
Customer relationships	$	124,100	20
Product portfolio	25,300		20
Trade names	11,000		10
Total	$	160,400

Summary of Unaudited Proforma Information

The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time.

	For the Year Ended
(in thousands, except per share data, unaudited)	December 31, 2022		December 25, 2021
Net sales	$	1,888,379	$	1,556,360
Net income	$	130,375	$	143,419
Diluted earnings per share	$	4.13	$	4.49

The pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved had the acquisition been consummated as of that time.

	For the Year Ended
(in thousands, except per share data, unaudited)	December 25, 2021
Net sales	$	1,468,415
Net income	$	147,090
Diluted earnings per share	$	4.60