Business Combinations |
6 Months Ended |
|---|---|
Jul. 03, 2026 | |
| Business Combinations [Abstract] | |
| Business Combinations | 3. Business Combinations On April 8, 2025, the Company acquired 100% of the outstanding stock of Keonn Technologies, S.L. (“Keonn”) pursuant to the terms of a Share Purchase Agreement. At the closing date, Keonn became a wholly-owned subsidiary of the Company. Keonn is a manufacturer of Radio-Frequency Identification (“RFID”) solutions, based in Barcelona, Spain. The acquisition of Keonn has been accounted for as a business combination under ASC 805, Business Combinations (“ASC 805”). Under ASC 805, assets acquired and liabilities assumed in a business combination are recorded at their fair value as of the acquisition date. The Company’s consolidated financial statements include results of operations for Keonn from the April 8, 2025 acquisition date. The purchase price allocation for the Keonn acquisition became finalized at the conclusion of the 12 month measurement period, beginning on the acquisition date. There have been no changes to the purchase price allocation for the Keonn acquisition as of July 3, 2026 from those disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The operating results of Keonn were included in the Company's results of operations beginning on April 8, 2025. Keonn contributed revenues of $18.0 million and a loss before income taxes of $0.5 million to the Company's operating results for the six months ended July 3, 2026. The loss before income taxes from Keonn for the six months ended July 3, 2026 included amortization of purchased intangible assets of $2.1 million. Acquisition Costs The Company recognized no acquisition-related costs for the six months ended July 3, 2026 and recognized $2.1 million in acquisition-related costs for the six months ended June 27, 2025 related to the acquisitions completed during those periods. Acquisition-related costs consist primarily of finders’ fees, legal, valuation and other professional or consulting fees and are included in restructuring and acquisition related costs in the consolidated statements of operations. |