Acquisitions (Tables)

6 Months Ended

Jul. 02, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary estimated fair value of the assets acquired and the liabilities assumed in the Valley Acquisition as of May 2, 2022 (unaudited) (in thousands):

Accounts receivable	$	68,558
Inventories	58,246
Other current assets	13,825
Property, plant and equipment	409,405
Identifiable intangible assets	389,200
Goodwill	349,262
Operating lease right-of-use assets	16,380
Other assets	14,164
Accounts payable	(47,497)
Current portion of long-term debt	(2,043)
Current operating lease liabilities	(4,779)
Accrued expenses	(62,046)
Long-term debt, net of current portion	(5,995)
Long-term operating lease liabilities	(11,601)
Other noncurrent liabilities	(19,436)
Purchase price, net of cash acquired	$	1,165,643

Business Acquisition, Pro Forma Information

As a result of the Valley Acquisition, effective May 2, 2022, the Company began including the operations of the Valley Acquisition into the Company's consolidated financial statements. The following table presents selected pro forma information, for comparative purposes, assuming the Valley Acquisition had occurred on January 3, 2021 for the periods presented (unaudited) (in thousands):

	Three Months Ended				Six Months Ended
	July 2, 2022		July 3, 2021		July 2, 2022		July 3, 2021
Net sales	$	1,722,803	$	1,394,771	$	3,306,982	$	2,637,589
Net income	195,533		185,723		358,377		326,795