Annual report pursuant to Section 13 and 15(d)

Business Combinations (Tables)

v3.24.0.1
Business Combinations (Tables)
 12 Months Ended
Dec. 30, 2023
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the fair values of consideration transferred and the fair values of identified assets acquired, and liabilities assumed at the date of acquisition for the acquisitions that occurred during the year-end January 1, 2022:
2021 Acquisitions
(in millions) Access Control Technologies DBCI, LLC
Date of acquisition August 31, 2021 August 17, 2021
Fair Value of Consideration Transferred
Cash $ 9.4  $ 169.2 
Hold Back Liability 1.0  — 
Total Fair Value of Consideration Transferred $ 10.4  $ 169.2 
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed
Cash $ 0.2  $ 0.2 
Accounts receivable 1.1  8.5 
Inventories —  9.1 
Property and equipment 0.2  7.8 
Other current assets 0.1  — 
Identifiable intangible assets
Customer relationships 2.5  26.3 
Backlog 0.3  3.1 
Trademark 1.5  20.9 
Recognized amounts of identifiable liabilities assumed
Accounts payable (0.5) (8.0)
Accrued expenses (0.2) (0.6)
Other liabilities (1.4) (0.9)
Total identifiable net assets $ 3.8  $ 66.4 
Goodwill $ 6.6  $ 102.8 
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
(in millions)
Fair Value
 Useful Lives
Customer Relationships
 $ 2.5  15 Years
Backlog
 0.3  3 Months
Trade Name
 1.5  Indefinite
Identifiable Intangible Assets $ 4.3 
The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:
(in millions)
Fair Value
 Useful Lives
Customer Relationships
 $ 26.3  10 Years
Backlog
 3.1  4 Months
Trade Name
 20.9  Indefinite
Identifiable Intangible Assets
 $ 50.3 
Schedule of Pro Forma Information
The following unaudited pro forma information has been prepared as if the DBCI and ACT acquisitions had taken prior to December 27th, 2020. The Company prepared the table based on certain estimates and assumptions. These estimates and assumptions were made solely for the purposes of developing such unaudited pro forma information and have not been adjusted to provide period over period comparability
Year Ended
(in millions)
 January 1, 2022
Revenue $ 809.6 
Net Income
 $ 44.6