Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 25, 2021 |
Accounting Policies [Abstract] |
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Summary of Property and Equipment |
Property and equipment, net, consists of the following at December 25, 2021 and December 26, 2020:
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Estimated Useful Life |
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(Years) |
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2021 |
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2020 |
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Leasehold improvements |
life of lease |
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11,773 |
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11,506 |
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Machinery and equipment |
2 |
- |
10 |
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366,198 |
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334,643 |
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Computer equipment and software |
2 |
- |
5 |
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64,648 |
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61,737 |
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Furniture and fixtures |
6 |
- |
8 |
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5,390 |
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5,467 |
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Construction in process |
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10,372 |
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5,352 |
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Property and equipment, gross |
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458,381 |
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418,705 |
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Less: Accumulated depreciation |
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284,069 |
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236,031 |
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Property and equipment, net |
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$ |
174,312 |
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$ |
182,674 |
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Summary of Goodwill |
Goodwill amounts by reportable segment are summarized as follows:
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Goodwill at |
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Goodwill at |
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December 26, 2020 |
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Acquisitions |
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Disposals |
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Other(1)
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December 25, 2021 |
Hardware and Protective Solutions |
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$ |
565,578 |
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$ |
9,250 |
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$ |
— |
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$ |
(130) |
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$ |
574,698 |
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Robotics and Digital Solutions |
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220,936 |
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— |
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— |
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— |
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220,936 |
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Canada |
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29,686 |
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— |
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— |
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51 |
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29,737 |
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Total |
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$ |
816,200 |
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$ |
9,250 |
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$ |
— |
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$ |
(79) |
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$ |
825,371 |
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(1)The "Other" change to goodwill relates to adjustments resulting from fluctuations in foreign currency exchange rates for the Canada and Mexico reporting units.
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Schedule of Intangible Assets |
Other intangibles, net, as of December 25, 2021 and December 26, 2020 consist of the following:
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Estimated |
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Useful Life (Years) |
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December 25, 2021 |
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December 26, 2020 |
Customer relationships |
13 |
- |
20 |
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$ |
965,054 |
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$ |
941,648 |
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Trademarks - indefinite |
Indefinite |
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85,591 |
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85,603 |
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Trademarks - other |
7 |
- |
15 |
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29,000 |
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26,400 |
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Technology and patents |
8 |
- |
12 |
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67,750 |
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63,749 |
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Intangible assets, gross |
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1,147,395 |
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1,117,400 |
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Less: Accumulated amortization |
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352,695 |
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291,434 |
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Intangible assets, net |
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$ |
794,700 |
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$ |
825,966 |
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Schedule of Intangible Assets |
Other intangibles, net, as of December 25, 2021 and December 26, 2020 consist of the following:
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Estimated |
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Useful Life (Years) |
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December 25, 2021 |
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December 26, 2020 |
Customer relationships |
13 |
- |
20 |
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$ |
965,054 |
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$ |
941,648 |
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Trademarks - indefinite |
Indefinite |
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85,591 |
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85,603 |
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Trademarks - other |
7 |
- |
15 |
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29,000 |
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26,400 |
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Technology and patents |
8 |
- |
12 |
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67,750 |
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63,749 |
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Intangible assets, gross |
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1,147,395 |
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1,117,400 |
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Less: Accumulated amortization |
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352,695 |
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291,434 |
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Intangible assets, net |
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$ |
794,700 |
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$ |
825,966 |
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Schedule of Future Amortization Expense |
Estimated annual amortization expense for intangible assets subject to amortization at December 25, 2021 for the next five fiscal years is as follows:
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Fiscal Year Ended |
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Amortization Expense |
2022 |
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$ |
61,697 |
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2023 |
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$ |
61,697 |
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2024 |
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$ |
61,697 |
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2025 |
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$ |
61,217 |
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2026 |
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$ |
56,812 |
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Summary of Disaggregation of Revenue |
The following table disaggregates our revenue by product category:
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
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Canada |
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Total Revenue |
Year Ended December 25, 2021 |
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Fastening and Hardware |
$ |
740,088 |
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$ |
— |
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$ |
149,165 |
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$ |
889,253 |
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Personal Protective |
284,886 |
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— |
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397 |
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285,283 |
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Keys and Key Accessories |
— |
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190,697 |
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1,826 |
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192,523 |
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Engraving |
— |
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58,555 |
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77 |
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58,632 |
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Resharp |
— |
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276 |
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— |
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276 |
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Consolidated |
$ |
1,024,974 |
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$ |
249,528 |
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$ |
151,465 |
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$ |
1,425,967 |
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Year Ended December 26, 2020 |
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Fastening and Hardware |
$ |
706,865 |
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$ |
— |
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$ |
131,493 |
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$ |
838,358 |
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Personal Protective |
317,527 |
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— |
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239 |
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317,766 |
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Keys and Key Accessories |
— |
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157,828 |
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2,878 |
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160,706 |
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Engraving |
— |
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51,423 |
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6 |
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51,429 |
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Resharp |
— |
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36 |
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— |
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36 |
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Consolidated |
$ |
1,024,392 |
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$ |
209,287 |
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$ |
134,616 |
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$ |
1,368,295 |
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Year Ended December 28, 2019 |
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Fastening and Hardware |
$ |
607,247 |
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$ |
— |
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$ |
121,242 |
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$ |
728,489 |
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Personal Protective |
245,769 |
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— |
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— |
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245,769 |
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Keys and Key Accessories |
— |
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185,451 |
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4,009 |
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189,460 |
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Engraving |
— |
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50,613 |
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9 |
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50,622 |
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Resharp |
— |
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22 |
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— |
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22 |
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Consolidated |
$ |
853,016 |
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$ |
236,086 |
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$ |
125,260 |
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$ |
1,214,362 |
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The following table disaggregates our revenue by geographic location:
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
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Canada |
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Total Revenue |
Year Ended December 25, 2021 |
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United States |
$ |
1,004,803 |
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$ |
246,494 |
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$ |
— |
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$ |
1,251,297 |
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Canada |
7,326 |
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3,034 |
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151,465 |
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161,825 |
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Mexico |
12,845 |
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— |
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— |
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12,845 |
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Consolidated |
$ |
1,024,974 |
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$ |
249,528 |
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$ |
151,465 |
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$ |
1,425,967 |
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Year Ended December 26, 2020 |
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United States |
$ |
1,007,135 |
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$ |
207,283 |
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$ |
— |
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$ |
1,214,418 |
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Canada |
7,789 |
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2,004 |
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134,616 |
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144,409 |
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Mexico |
9,468 |
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— |
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— |
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9,468 |
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Consolidated |
$ |
1,024,392 |
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$ |
209,287 |
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$ |
134,616 |
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$ |
1,368,295 |
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Year Ended December 28, 2019 |
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United States |
$ |
835,957 |
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$ |
234,216 |
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$ |
— |
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$ |
1,070,173 |
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Canada |
5,905 |
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1,870 |
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125,260 |
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133,035 |
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Mexico |
11,154 |
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— |
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— |
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11,154 |
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Consolidated |
$ |
853,016 |
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$ |
236,086 |
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$ |
125,260 |
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$ |
1,214,362 |
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