Acquisitions |
6 Months Ended |
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Jul. 03, 2026 | |
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |
| Acquisitions | NOTE 3. ACQUISITIONS Document Crunch Acquisition On April 4, 2026, we completed the acquisition of Document Crunch, Inc. (“Document Crunch”) for consideration of $246.4 million for 100% of the equity interests in Document Crunch. We financed the acquisition by borrowing from our credit facilities (see Note 9, Debt). Document Crunch is an AI platform advanced in construction-specific AI document analysis and risk management across the project lifecycle. This acquisition aims to strengthen document intelligence and compliance automation across our construction ecosystem and enhance existing workflows in project management and the construction enterprise resource planning (“ERP”) system. As a result of the acquisition, we recognized net identifiable assets of $39.4 million, including intangible assets of $32.4 million. The fair value of intangible assets acquired is generally determined based on a discounted cash flow analysis. The excess of purchase consideration over the fair value of net identifiable assets acquired was recorded as goodwill of $207.0 million representing future product development and company-specific synergies. Document Crunch is reported as part of our Architects, Engineers, Construction, and Owners (“AECO”) segment. The Condensed Consolidated Statements of Income include the operating results of the acquired business from the date of acquisition. The acquisition contributed less than 1% to our total revenue during the second quarter and the first two quarters of 2026.
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