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Acquisitions (Tables)
 3 Months Ended
Apr. 01, 2023
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 Western Automation acquisition:
(in thousands)Purchase Price
Allocation
Total purchase consideration: 
Cash, net of cash acquired$158,260 
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net3,389 
Inventories3,678 
Other current assets718 
Property, plant, and equipment1,328 
Intangible assets68,000 
Goodwill94,823 
Other non-current assets573 
Current liabilities(5,251)
Other non-current liabilities(8,998)
 $158,260 
The following table summarizes the preliminary purchase price allocation of the fair value of assets acquired and liabilities assumed in the C&K acquisition:
(in thousands)Purchase Price
Allocation
Total purchase consideration: 
Cash, net of cash acquired$523,014 
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables, net20,967 
Inventories42,968 
Other current assets2,932 
Property, plant, and equipment32,791 
Intangible assets254,700 
Goodwill270,245 
Other non-current assets14,797 
Current liabilities(47,734)
Long- term debt(9,626)
Other non-current liabilities(59,026)
 $523,014 
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 and Western Automation as though the acquisition had occurred as of January 2, 2022, and C&K as though the acquisition had occurred as of December 27, 2020, and Carling as though the acquisition had occurred as of December 29, 2019. The Company has not included pro forma results of operations for Embed as its operations were not material to the Company. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the Western Automation acquisition occurred as of January 2, 2022, and had the C&K acquisition occurred as of December 27, 2020 and had Carling acquisition occurred as of December 29, 2019 or of future consolidated operating results.
 
 For the Three Months Ended
(in thousands, except per share amounts)April 1, 2023April 2, 2022
Net sales$611,668 $691,751 
Income before income taxes110,613 149,479 
Net income90,241 128,696 
Net income per share — basic3.64 5.21 
Net income per share — diluted3.60 5.15 
Summary of Business Acquisition, Pro Forma Information, Non-recurring Adjustments
Pro forma results presented above primarily reflect the following adjustments:
 
 For the Three Months Ended
(in thousands)April 1, 2023April 2, 2022
Amortization (a)$(479)$(3,731)
Depreciation— 723 
Transaction costs (b)1,397 1,979 
Amortization of inventory step-up (c)— 4,769 
Interest expense (d)— 194 
Income tax expense of above items(115)(1,195)

(a) The amortization adjustment for the three months ended April 1, 2023 and April 2, 2022 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 three months ended April 1, 2023 and April 2, 2022, and recognition of those fees during the three months ended April 2, 2022.
(c) The amortization of inventory step-up adjustment reflects the reversal of the amount recognized related to the Carling acquisition during the three months ended April 2, 2022. The inventory step-up was amortized over four months as the inventory was sold.
(d) The interest expense adjustment reflects incremental interest expense related to the financing of the C&K acquisition.