Acquisitions (Tables)

12 Months Ended

Jan. 01, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

The following table summarizes the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed in the Carling acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of cash acquired	$	313,583
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net	25,503
Inventories	57,450
Other current assets	3,454
Property, plant, and equipment	64,301
Intangible assets	125,890
Goodwill	92,366
Other non-current assets	4,104
Current liabilities	(21,723)
Other non-current liabilities	(37,762)
	$	313,583

The following table summarizes the final purchase price allocation of the fair value of assets acquired and liabilities assumed in the Hartland acquisition:

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of cash acquired, and restricted cash	$	108,516
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net	12,915
Inventories	35,808
Other current assets	2,224
Property, plant, and equipment	6,296
Intangible assets	39,660
Goodwill	38,502
Other non-current assets	3,782
Current liabilities	(24,861)
Other non-current liabilities	(5,810)
	$	108,516

Summary of business acquisition, pro forma information

The following table summarizes, on an unaudited pro forma basis, the combined results of operations of the Company, Hartland and Carling as though the acquisition had occurred as of December 29, 2019. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the Hartland and Carling acquisitions occurred as of December 29, 2019 or of future consolidated operating results.

	For the Fiscal Year Ended
(in thousands, except per share amounts)	January 1, 2022		December 26, 2020
Net sales	$	2,257,390	$	1,662,896
Income before income taxes	357,090		141,491
Net income	296,030		115,078
Net income per share — basic	12.03		4.72
Net income per share — diluted	11.87		4.68

Summary of business acquisition, pro forma information, nonrecurring adjustments

Pro forma results presented above primarily reflect the following adjustments:

	For the Fiscal Year Ended
(in thousands)	January 1, 2022		December 26, 2020
Amortization(a)	$	(8,770)	$	(12,669)
Depreciation	(64)		253
Transaction costs(b)	5,381		(5,381)
Amortization of inventory step-up(c)	8,398		(13,156)
Income tax (expense) benefit of above items	(1,021)		6,706

(a)The amortization adjustment for the twelve months ended January 1, 2022 and December 26, 2020 primarily reflects incremental amortization resulting from the measurement of intangibles at their fair values.

(b)The transaction cost adjustments reflect the reversal of certain legal and professional fees from the twelve months ended January 1, 2022 and recognition of those fees during the twelve months ended December 26, 2020.

(c)The amortization of inventory step-up adjustment reflects the reversal of the amount recognized during the twelve months ended January 1, 2022 and the recognition of the amortization during the twelve months ended December 26, 2020. The inventory step-up is amortized over four months for both acquisitions.