Acquisitions (Tables)

3 Months Ended

Mar. 30, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the final fair value of the assets acquired and the liabilities assumed in the Gelnex Acquisition as of March 31, 2023 (in thousands):

Accounts receivable	$	81,025
Inventories	140,865
Other current assets	3,143
Property, plant and equipment	169,205
Identifiable intangible assets	339,500
Goodwill	542,572
Operating lease right-of-use assets	134
Other assets	2,703
Deferred tax asset	9,067
Accounts payable	(15,059)
Current operating lease liabilities	(26)
Current portion of long-term debt	(44,692)
Accrued expenses	(18,826)
Long-term debt, net of current portion	(1,407)
Long-term operating lease liabilities	(123)
Deferred tax liability	(12,870)
Other noncurrent liabilities	(19)
Purchase price, net of cash acquired	$	1,195,192
Less hold-back	104,145
Cash paid for acquisition, net of cash acquired	$	1,091,047

The following table summarizes the final fair value of the assets acquired and the liabilities assumed in the FASA Acquisition as of August 1, 2022 (in thousands):

Accounts receivable	$	76,640
Inventories	43,058
Other current assets	33,327
Property, plant and equipment	224,384
Identifiable intangible assets	119,477
Goodwill	301,937
Operating lease right-of-use assets	583
Other assets	62,388
Deferred tax asset	2,315
Accounts payable	(15,920)
Current portion of long-term debt	(18,680)
Accrued expenses	(38,708)
Long-term debt, net of current portion	(41,926)
Long-term operating lease liabilities	(583)
Deferred tax liability	(95,653)
Other noncurrent liabilities	(503)
Non-controlling interests	(21,704)
Purchase price, net of cash acquired	$	630,432
Less hold-back	21,705
Less contingent consideration	82,984
Cash paid for acquisition, net of cash acquired	$	525,743

Business Acquisition, Pro Forma Information

The following table presents selected pro forma information, for comparative purposes, assuming the Gelnex Acquisition had occurred on January 1, 2023, for the periods presented (in thousands):

	Three Months Ended
	April 1, 2023
Net sales	$	1,889,439
Net income	192,634