Acquisitions (Tables)

9 Months Ended

Sep. 28, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final 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	3,359
Inventories	3,678
Other current assets	718
Property, plant, and equipment	1,328
Intangible assets	68,000
Goodwill	93,937
Other long-term assets	573
Current liabilities	(4,335)
Other long-term liabilities	(8,998)
	$	158,260

Schedule 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. 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, or of future consolidated operating results.

(in thousands, except per share amounts)	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Net sales	$	607,071	$	1,830,736
Income before income taxes	75,071		271,165
Net income	57,591		217,930
Net income per share — basic	2.31		8.77
Net income per share — diluted	2.29		8.68

Schedule of Business Acquisition, Pro Forma Information, Non-recurring Adjustments

Pro forma results presented above primarily reflect the following adjustments:

(in thousands)	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Amortization (a)	$	—	$	(479)
Transaction costs (b)	(224)		1,203
Income tax benefit (expense) of above items	28		(91)

(a) The amortization adjustment for the nine months ended September 30, 2023 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 and nine months ended September 30, 2023.