Acquisitions (Tables)

6 Months Ended

Jul. 03, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated, preliminary fair values of the assets acquired and liabilities assumed for all three acquisitions in total as of their respective acquisition dates (in thousands):

Receivables	$	6,527
Inventory	8,278
Other current assets	369
Property, plant and equipment	1,375
Intangible assets	38,709
Goodwill	52,823
Operating lease right-of-use assets	6,167
Total assets acquired	$	114,248
Accounts payable	$	2,497
Accrued liabilities	6,716
Long-term debt	2,440
Deferred income taxes	9,610
Long-term operating lease liabilities	2,926
Other long-term liabilities	5,936
Total liabilities assumed	$	30,125
Net assets	$	84,123

Schedule of Acquired Intangible Assets

Our tax basis in the acquired goodwill is zero. The intangible assets related to the three acquisitions consisted of the following:

	Fair Value		Amortization Period
	(In thousands)		(In years)
Intangible assets subject to amortization:
Developed technologies	$	30,726	4.2
Customer relationships	4,677		15.0
Trademarks	2,806		2.0
Sales backlog	200		0.9
Non-compete agreements	300		4.0
Total intangible assets subject to amortization	$	38,709
Intangible assets not subject to amortization:
Goodwill	$	52,823	n/a
Total intangible assets not subject to amortization	$	52,823
Total intangible assets	$	91,532
Weighted average amortization period			5.3