Acquisitions (Tables)

3 Months Ended

Mar. 29, 2025

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

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

(in thousands)	Purchase Price Allocation
Total purchase consideration:
Cash, net of cash acquired	$	95,942
Allocation of consideration to assets acquired and liabilities assumed:
Trade receivables	5,985
Inventories	6,600
Other current assets	8,479
Property, plant, and equipment	30,132
Intangible assets	1,800
Goodwill	57,439
Other long-term assets	8,579
Current liabilities	(8,248)
Other long-term liabilities	(14,824)
	$	95,942

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 Dortmund Fab as though the acquisition had occurred as of December 31, 2023. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the Dortmund Fab acquisition occurred as of December 31, 2023, or of future consolidated operating results.

(in thousands, except per share amounts)	Three Months Ended March 29, 2025		Three Months Ended March 30, 2024
Net sales	$	554,307	$	546,901
Income before income taxes	59,406		57,125
Net income	43,192		49,446
Net income per share — basic	1.74		1.98
Net income per share — diluted	1.73		1.97

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 March 29, 2025		Three Months Ended March 30, 2024
Amortization of unfavorable production contract (a)	$	—	$	756
Amortization of inventory step-down (b)	(504)		510
Depreciation			(276)
Amortization (c)			(94)
Transaction costs (d)	(37)		(469)
Income tax benefit (expense) of above items	162		(128)

(a) The amortization of the unfavorable production contract during the three months ended March 30, 2024 results from the fair value assigned to the unfavorable production contract liability that is amortized over three years.

(b) The amortization of the inventory step-down adjustment reflects the reversal of the amount recognized during the three months ended March 29, 2025, and the recognition of the amortization during the three months ended March 30, 2024. The inventory step-down was fully amortized over two months as the inventory was sold.

(c) The amortization adjustment for the three months ended March 30, 2024 primarily reflects amortization resulting from the measurement of intangibles at their fair values.

(d) The transaction costs adjustment reflects certain legal and professional fees for the three months ended March 29, 2025 and three months ended March 30, 2024, respectively.