Acquisitions |
12 Months Ended |
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Dec. 26, 2024 | |
| Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
| Acquisitions | Acquisitions The Company made acquisitions during fiscal 2023 and fiscal 2022 to expand its commercial surfaces business that are accounted for in accordance with ASC 805. The results of operations, financial position, and cash flows related to these acquisitions have been included in the Company’s consolidated financial statements since their respective acquisition dates. During fiscal 2023, the Company recognized business acquisition and integration costs totaling $0.9 million in general and administrative expenses within the Consolidated Statements of Operations and Comprehensive Income. The Company incurred no business acquisition and integration costs during fiscal 2024, and costs incurred during fiscal 2022 were immaterial.
Salesmaster
On June 7, 2023, the Company acquired 100% of Salesmaster, a seller of commercial surfaces, for total purchase consideration of $20.1 million. Total purchase consideration was comprised of $17.4 million cash, net of cash acquired, and $2.8 million of contingent consideration. The Company recorded the following assets and liabilities at their respective estimated acquisition date fair values: $12.1 million of net working capital consisting primarily of inventory and receivables, $6.0 million of lease right-of-use assets and fixed assets, $5.0 million of customer relationships, $2.5 million of goodwill, and $5.5 million of operating lease liabilities. The estimated fair value of the customer relationships was determined with assistance from a third-party valuation specialist using the multi-period excess earnings method and included significant assumptions such as the amount and timing of projected cash flows, growth rates, customer attrition rates, and discount rates, resulting in a Level 3 classification within the fair value hierarchy. Refer to Note 7, “Fair Value Measurements” for additional information regarding the contingent consideration.
Other Sellers of Commercial Surfaces
During fiscal 2022, the Company acquired three small sellers of commercial surfaces for total consideration of $4.6 million, including $3.8 million of cash and $0.8 million of contingent earn-out consideration.
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