Acquisitions (Tables)

6 Months Ended

Jun. 28, 2026

Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]

Schedule of Consideration Paid for the Acquired Assets

A summary of the consideration paid for the acquired Orbit business is as follows (in millions):


Cash paid	$	352.7
Total consideration	$	352.7

A summary of the consideration paid for the acquired Nomad business is as follows (in millions):


Common stock issued	$	88.8
Cash paid	36.8
Holdback - contingent consideration	10.0
Holdback - compliance, tax and other	8.0
Holdback - indemnification escrow	5.0
Total consideration	$	148.6

A summary of the consideration paid for the acquired assets is as follows (in millions):


Common stock issued and cash paid	$	32.3
Holdback, net of $1.1 million purchase price adjustment	4.9
Total consideration	$	37.2

Schedule of Preliminary Allocation of the Purchase Price Over the Estimated Fair Values

The following table summarizes the preliminary allocation of the purchase price over the estimated fair values of the Orbit assets acquired and liabilities assumed (in millions):


Cash	$	42.3
Accounts receivable	26.6
Inventory	18.8
Other current assets	7.0
Property and equipment	15.6
Intangible assets	114.8
Other assets	0.5
Total assets acquired	225.6
Total liabilities assumed	(60.4)
Goodwill	187.5
Total consideration transferred	$	352.7

The following table summarizes the allocation of the purchase price over the estimated fair values of the Nomad assets acquired and liabilities assumed ($ in millions):


Cash	$	0.4
Accounts receivable	9.2
Inventory	3.9
Property and equipment	20.5
Intangible assets	67.9
Other assets	24.7
Total assets acquired	126.6
Total liabilities assumed	(66.0)
Goodwill	88.0
Total consideration transferred	$	148.6

The following table summarizes the allocation of the purchase price over the estimated fair values of the Norden assets acquired and liabilities assumed (in millions):


Accounts receivable	$	1.8
Inventory	6.1
Other current assets	0.1
Property and equipment	1.5
Intangible assets	9.7
Deferred tax asset	1.2
Total assets acquired	20.4
Total liabilities assumed	(10.1)
Goodwill	26.9
Total assets acquired	$	37.2

Schedule of Finite-Lived Intangible Assets

Based on the Company’s preliminary estimate of fair value as of March 2, 2026, the identifiable intangible assets include the amounts in the following table ($ in millions):


Intangible	Estimated Life	Value
Customer relationships	10	24.7
Contracts and backlog	2	21.5
Developed technology	5	9.9
Trade names	7	58.7
Total		$	114.8

Based on the Company’s preliminary estimate of fair value as of February 11, 2026, the identifiable intangible assets include the amounts in the following table (in millions):


Intangible	Estimated Life	Value
Customer relationships	7	46.0
Developed technology	9	21.0
Trade names	8	0.9
Total		$	67.9

The following table sets forth information for finite-lived and indefinite-lived intangible assets (in millions):


	As of June 28, 2026						As of December 28, 2025
	Gross Value		Accumulated Amortization		Net Value		Gross Value		Accumulated Amortization		Net Value
Acquired finite-lived intangible assets:
Customer relationships	$	157.4	$	(73.0)	$	84.4	$	86.7	$	(68.2)	$	18.5
Contracts and backlog	76.0		(53.3)		22.7		54.5		(47.7)		6.8
Non-compete Agreements	0.5		(0.1)		0.4		0.5		(0.1)		0.4
Developed technology and technical know-how	66.0		(33.0)		33.0		35.1		(30.8)		4.3
Trade names	64.1		(6.6)		57.5		4.4		(3.5)		0.9
In-process research and development	16.8		(0.9)		15.9		16.8		(0.7)		16.1

Total finite-lived intangible assets	380.8		(166.9)		213.9		198.0		(151.0)		47.0
Indefinite-lived trade names	6.9		—		6.9		6.9		—		6.9
Total intangible assets	$	387.7	$	(166.9)	$	220.8	$	204.9	$	(151.0)	$	53.9

Schedule of Pro Forma Information

For the three and six months ended June 28, 2026 and June 29, 2025 (all amounts, except per share amounts, are in millions):


	Three Months Ended				Six Months Ended
	June 28, 2026		June 29, 2025		June 28, 2026		June 29, 2025
Pro forma revenues	$	458.8	$	387.7	$	840.3	$	725.0
Pro forma net income before tax	$	7.0	$	1.1	$	(4.3)	$	0.6
Pro forma net income (loss)	$	4.4	$	(0.2)	$	(4.8)	$	(1.1)

Basic pro forma income (loss) per share	$	0.02	$	—	$	(0.03)	$	(0.01)
Diluted pro forma income (loss) per share	$	0.02	$	—	$	(0.03)	$	(0.01)

- Definition

Tabular disclosure of business combination. Includes, but is not limited to, recognized asset and liability.

+ References + Details