Holley (HLLY) 8-K/A 11 Aug 21 Results of Operations and Financial Condition Financial data

Cover Page

Cover Page	Jul. 16, 2021
Document Information [Line Items]
Document Type	8-K/A
Amendment Flag	true
Document Period End Date	Jul. 16, 2021
Entity Registrant Name	HOLLEY INC.
Entity Central Index Key	0001822928
Entity File Number	001-39599
Entity Tax Identification Number	87-1727560
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1801 Russellville Road
Entity Address, City or Town	Bowling Green
Entity Address, State or Province	KY
Entity Address, Postal Zip Code	42101
City Area Code	270
Local Phone Number	495-4081
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common stock, par value $0.0001
Trading Symbol	HLLY
Security Exchange Name	NYSE
Entity Emerging Growth Company	true
Amendment Description	This Amendment No. 1 on Form 8-K/A (“Amendment No. 1”) amends the Current Report on Form 8-K of Holley Inc., a Delaware corporation (formerly known as Empower Ltd.) (prior to the Closing Date, “EMPW” and after the Closing Date, “Holley”), filed on July 21, 2021 (the “Original Report”), in which the Company (as defined below) reported, among other events, the completion of the Mergers (as defined in the Original Report) on July 16, 2021 (the “Closing Date”). In connection with the Closing, the registrant changed its name from Empower Ltd., to Holley Inc. Unless the context otherwise requires, “Holley,” “we,” “us,” “our,” and the “Company” refer to the combined company following the Mergers, together with its subsidiaries, “EMPW” refers to the registrant prior to the closing of the Mergers and “Holley Intermediate” refers to Holley Intermediate Holdings, Inc., together with its subsidiaries, prior to the Mergers. This Amendment No. 1 includes (i) the unaudited condensed consolidated financial statements of Holley Intermediate as of and for the twenty-six weeks ended June 27, 2021, (ii) Holley Intermediate’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the twenty-six weeks ended June 27, 2021 and June 28, 2020 and (iii) the unaudited pro forma condensed combined balance sheet as of June 30, 2021 and the unaudited pro forma condensed combined statement of operations for the six months ended June 30, 2021 and the year ended December 31, 2020. This Amendment No. 1 does not amend any other item of the Original Report or purport to provide an update or a discussion of any developments at the Company or its subsidiaries, including Holley Intermediate, subsequent to the filing date of the Original Report. The information previously reported in or filed with the Original Report is hereby incorporated by reference to this Form 8-K/A.
Entity Ex Transition Period	false
Warrant [Member]
Document Information [Line Items]
Title of 12(b) Security	Warrants, each exercisable for one share of common stock at an exercise price of $11.50 per share
Trading Symbol	HLLY WS
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 55,665	$ 71,674
Accounts receivable, less allowance for credit losses of $1,570 and $1,240, respectively	62,873	47,341
Inventory	134,833	133,928
Prepaids and other current assets	7,836	5,037
Total current assets	261,207	257,980
Property, plant, and equipment, net	49,692	43,729
Goodwill	377,368	359,099
Other intangibles assets, net	425,423	404,522
Total assets	1,113,690	1,065,330
Liabilities and Equity [Abstract]
Accounts payable	42,744	34,601
Accrued interest	5,687	6,588
Accrued liabilities	29,096	26,092
Acquisition contingent consideration payable	24,373	9,200
Current portion of long-term debt	5,528	5,528
Total current liabilities	107,428	82,009
Long-term debt, net of current portion	649,874	649,458
Long-term debt due to related party	20,000	20,000
Deferred taxes	72,538	71,336
Other noncurrent liabilities	2,146	2,146
Total liabilities	851,986	824,949
Commitments and contingencies (Refer to Note 13 - Commitments and Contingencies)
Common stock, $1.00 par value, 100 shares authorized, issued and outstanding	0	0
Additional paid-in capital	239,152	238,890
Accumulated other comprehensive loss	(655)	(674)
Retained earnings	23,207	2,165
Total stockholder's equity	261,704	240,381
Total liabilities and stockholder's equity	$ 1,113,690	$ 1,065,330

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, less allowance for credit losses	$ 1,570	$ 1,240
Common stock par or stated value per share	$ 1	$ 1
Common stock shares authorized	100	100
Common stock shares issued	100
Common stock shares outstanding	100	100

Condensed Consolidated Statemen

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Income Statement [Abstract]
Net sales	$ 193,041	$ 125,296	$ 353,373	$ 232,453
Cost of goods sold	111,841	70,468	206,494	134,292
Gross profit	81,200	54,828	146,879	98,161
Selling, general, and administrative	26,190	16,294	50,202	31,487
Research and development costs	7,065	5,595	13,034	11,216
Amortization of intangibles	3,502	2,701	6,838	5,400
Acquisition and restructuring costs	2,676	3,118	21,509	4,532
Related party acquisition and management fee costs	1,658	880	2,539	1,771
Other expense (income)	47	(109)	(86)	(268)
Total operating expenses	41,138	28,479	94,036	54,138
Operating income	40,062	26,349	52,843	44,023
Interest expense	11,174	11,013	21,245	22,518
Income before income taxes	28,888	15,336	31,598	21,505
Income tax expense	5,790	2,827	10,556	4,144
Net income	23,098	12,509	21,042	17,361
Comprehensive income:
Foreign currency translation adjustment	35		19
Total comprehensive income	$ 23,133	$ 12,509	$ 21,061	$ 17,361

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Changes In Stockholder's Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Loss [Member]	Retained Earnings (Accumulated Deficit) [Member]
Beginning Balance at Dec. 31, 2019	$ 205,414		$ 236,503	$ (397)	$ (30,692)
Beginning Balance, Shares at Dec. 31, 2019		100
Net income	4,852				4,852
Equity compensation	121		121
Ending balance at Mar. 29, 2020	210,387		236,624	(397)	(25,840)
Ending balance, Shares at Mar. 29, 2020		100
Beginning Balance at Dec. 31, 2019	205,414		236,503	(397)	(30,692)
Beginning Balance, Shares at Dec. 31, 2019		100
Net income	17,361
Ending balance at Jun. 28, 2020	222,910		236,638	(397)	(13,331)
Ending balance, Shares at Jun. 28, 2020		100
Beginning Balance at Mar. 29, 2020	210,387		236,624	(397)	(25,840)
Beginning Balance, Shares at Mar. 29, 2020		100
Net income	12,509				12,509
Equity compensation	114		114
Capital distributions	(100)		(100)
Ending balance at Jun. 28, 2020	222,910		236,638	(397)	(13,331)
Ending balance, Shares at Jun. 28, 2020		100
Beginning Balance at Dec. 31, 2020	240,381		238,890	(674)	2,165
Beginning Balance, Shares at Dec. 31, 2020		100
Net income	(2,056)				(2,056)
Equity compensation	131		131
Foreign currency translation	(16)			(16)
Ending balance at Mar. 28, 2021	238,440		239,021	(690)	109
Ending balance, Shares at Mar. 28, 2021		100
Beginning Balance at Dec. 31, 2020	240,381		238,890	(674)	2,165
Beginning Balance, Shares at Dec. 31, 2020		100
Net income	21,042
Foreign currency translation	19
Ending balance at Jun. 27, 2021	261,704		239,152	(655)	23,207
Ending balance, Shares at Jun. 27, 2021		100
Beginning Balance at Mar. 28, 2021	238,440		239,021	(690)	109
Beginning Balance, Shares at Mar. 28, 2021		100
Net income	23,098				23,098
Equity compensation	131		131
Foreign currency translation	35			35
Ending balance at Jun. 27, 2021	$ 261,704		$ 239,152	$ (655)	$ 23,207
Ending balance, Shares at Jun. 27, 2021		100

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
OPERATING ACTIVITIES
Net income	$ 21,042	$ 17,361
Adjustments to reconcile net income to net cash from operating activities:
Depreciation	4,453	4,013
Amortization of intangible assets	6,838	5,400
Amortization of deferred loan costs	1,955	1,472
Increase in acquisition earn out liability	17,173
Equity compensation	262	235
Change in deferred taxes	1,188	451
Loss (gain) on disposal of property, plant and equipment	(282)	28
Allowance for credit losses	410	176
Change in operating assets and liabilities:
Accounts receivable	(12,457)	(16,707)
Inventories	2,465	25,044
Prepaids and other current assets	(2,295)	593
Accounts payable	6,038	818
Accrued interest	(901)	(417)
Accrued liabilities	508	4,982
Net cash from operating activities	46,397	43,449
INVESTING ACTIVITIES
Capital expenditures	(7,141)	(3,435)
Proceeds from the disposal of fixed assets	285
Cash paid for acquisitions, net	(54,011)
Trademark acquisition		(50)
Net cash used in investing activities	(60,867)	(3,485)
FINANCING ACTIVITIES
Net change under revolving credit agreement		27,500
Principal payments on long-term debt	(1,539)	(950)
Capital distributions		(100)
Net cash (used in) from financing activities	(1,539)	26,450
Net change in cash and cash equivalents	(16,009)	66,414
Cash and cash equivalents:
Beginning of period	71,674	8,335
End of period	55,665	74,749
Supplemental disclosures of cash flow information:
Cash paid for interest	20,191	$ 21,464
Cash paid for income taxes	$ 7,182

Description of the Business, Ba

Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies	1. Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies Holley Intermediate Holdings, Inc. and Subsidiaries (“Holdings” or the “Company”), a Delaware corporation, was incorporated on October 25, 2018 to effect the merger of Driven Performance Brands, Inc. (“Driven”) and the purchase of High Performance Industries, Inc. (“HPI”). The Company is a 100% owned subsidiary of Holley Parent Holdings, LLC (“Parent”). Investment funds managed by Sentinel Capital Partners hold a controlling interest in Parent. The Company designs, manufactures and distributes performance automotive products to customers primarily in the United States, Canada and Europe. The Company is a leading manufacturer of a diversified line of performance automotive products, including carburetors, fuel pumps, fuel injection systems, nitrous oxide injection systems, superchargers, exhaust headers, mufflers, distributors, ignition components, engine tuners and automotive performance plumbing products that are produced through its two major subsidiaries, Holley Performance Products Inc. (“Holley”) and Hot Rod Brands Holdings LLC. (“Hot Rod Brands”). The Company is also a leading manufacturer of exhaust products as well as shifters, converters, transmission kits, transmissions, tuners and automotive software. The Company’s products are designed to enhance street, off-road, Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America (“U.S.” or “United States”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year. The Company operates on a calendar year that ends on December 31, 2021 and 2020. The three and six month periods ended June 27, 2021 and June 28, 2020 each included 13 weeks and 26 weeks, respectively. Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation. Summary of Significant Accounting Policies There have been no changes to our significant accounting policies described in our audited consolidated financial statements as of and for the year ended December 31, 2020 that have had a material impact on our condensed consolidated financial statements and related notes. REVENUE RECOGNITION The Company recognizes revenue with customers when control of the promised goods transfers to the customer. This generally occurs when the product is delivered to the customer. Revenue is recorded at the amount of consideration the Company expects to be entitled to in exchange for the delivered goods, which includes an estimate of variable consideration, expected returns, or refunds when applicable. The Company estimates variable consideration, such as sales incentives, by using the most likely amount approach, which considers the single most likely amount from a range of possible consideration amounts. Estimates of variable consideration result in an adjustment to the transaction price such that it is probable that a significant reversal of cumulative revenue would not occur in the future. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. Revenue is recorded net of sales tax. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales. FAIR VALUE The Company has accounts receivable, accounts payable and accrued expenses for which the carrying value approximates fair value due to the short-term nature of these instruments. The carrying value of the Company’s long-term debt approximates fair value as the rates used approximate the market rates currently available to the Company at June 27, 2021 and December 31, 2020. Fair value measurements used in the impairment reviews of goodwill and intangible assets are Level 3 measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Estimates are used when accounting for items such as warranties, allowance for credit losses, estimated lives of property, plant and equipment, reserve for excess and obsolete inventories, recoverability of goodwill, intangible assets and other long-lived assets, customer co-operative RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, In August 2018, the FASB issued ASU 2018-14, 715-20). In December 2019, the FASB issued ASU 2019-12, In March 2020, the FASB issued ASU 2020-04, 2020-04 2020-04. 2020-04 . SEGMENTS The Company’s operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company has one reportable segment. RISKS AND UNCERTAINTIES COVID-19 has adversely impacted global supply chain and general economic conditions. The Company has experienced disruptions and higher costs in manufacturing, supply chain, logistical operations, and shortages of certain Company products in distribution channels. The full extent of the impact of the COVID-19 pandemic on the Company’s business and operational and financial performance and condition is currently uncertain and will depend on many factors outside the Company’s control, including but not limited to the timing, extent, duration and effects of the virus and any of its mutations, the utilization and effectiveness of treatments and vaccines, the imposition of effective public safety and other protective measures, the further impact of COVID-19 on the global economy and demand for the Company’s products and services. Should the COVID-19 pandemic, including variants such as Delta, not improve or worsen, or if the Company’s attempt to mitigate its impact on its operations and costs is not successful, the Company’s business, results of operations, financial condition and prospects may be adversely affected.

Acquisitions

Acquisitions	6 Months Ended
	Jun. 27, 2021
Business Combinations [Abstract]
Acquisitions	2. ACQUISITIONS On November 11, 2020, the Company acquired Drake Automotive Group LLC (“Drake”). The purchase price was $49,104. The Company acquired 100% of the outstanding member units of Drake. The Company purchased Drake in order to acquire strong brands in the automotive aftermarket. The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price has been allocated based upon the fair value of the assets acquired and liabilities assumed. Consideration for the assets acquired consisted of cash payments of $47,104 plus an earn out value of $2,000. The acquisition resulted in both amortizable and non-amortizable The purchase agreement included a potential contingent payment based on 2020 performance. The seller could earn up to an additional $2,000. The fair value of this contingent payment was determined to be $2,000 based on the likelihood of achieving the required financial performance at the time of the valuation. The earn out payment of $2,000 was paid in March 2021. The allocation of the purchase price to the assets acquired and liabilities assumed was based on estimates of the fair value of the net assets as follows: Cash $ 205 Accounts receivable 3,947 Inventory 14,198 Property, plant and equipment 1,296 Other assets 189 Tradenames 7,715 Customer relationships 17,175 Goodwill 7,551 Accounts payable (2,524 ) Accrued liabilities (648 ) $ 49,104 The fair value of the acquired customer relationship intangible asset was estimated using the excess earnings approach. The customer relationship intangible asset is being amortized based on the attrition rate of customers which was determined to be 20 years. The fair value of the acquired tradenames intangible asset was estimated using the relief from royalty method, a form of the income approach. The tradenames were determined to have an indefinite life. The contractual value of the accounts receivable acquired was $4,155. On November 16, 2020, the Company acquired Simpson Performance Products, Inc. (“Simpson”). The purchase price was $117,409. The Company acquired 100% of the outstanding common stock of Simpson. The Company purchased Simpson in order to acquire strong brands in the automotive safety solutions market. The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price has been allocated based upon the fair value of the assets acquired and liabilities assumed. Consideration for the assets acquired consisted of cash payments of $110,209 and an earn out initially valued at $7,200. The acquisition resulted in both amortizable and non-amortizable work-in-process The purchase agreement included a potential contingent payment based on the performance for the twelve months ended October 3, 2021. The seller could earn up to an additional $25,000. The fair value of this contingent payment was initially determined to be $7,200 using the “Bull Call” option strategy utilizing the option values from the Black-Scholes Option Pricing Model. Based on actual performance and updated projections of Simpson’s performance for the earnout period, the fair value of the contingent payment was determined to be $24,373 as of March 28, 2021. Therefore, during the thirteen weeks ended March 28, 2021, an adjustment of $17,173 was recorded as expense which is recognized in acquisition and restructuring costs in the condensed consolidated statement of comprehensive income for the twenty-six The determination of the final purchase price allocation to specific assets acquired and liabilities assumed was adjusted to reflect the final fair value estimate of finished goods inventory, as noted below. The allocation of the purchase price to the assets acquired and liabilities assumed was based on estimates of the fair value of the net assets as follows:​​​​​​​ November 16, Measurement November 16, Cash $ 7,715 $ — $ 7,715 Accounts receivable 3,894 — 3,894 Inventory 19,265 (770 ) 18,495 Property, plant and equipment 5,952 — 5,952 Other assets 1,613 — 1,613 Tradenames 23,980 — 23,980 Customer relationships 28,770 — 28,770 Patents 2,720 — 2,720 Goodwill 51,305 843 52,148 Accounts payable (2,483 ) — (2,483 ) Accrued liabilities (7,787 ) — (7,787 ) Deferred tax liability (12,993 ) — (12,993 ) Debt (4,615 ) — (4,615 ) $ 117,336 $ 73 $ 117,409 The fair value of the acquired customer relationship intangible asset was estimated using the excess earnings approach. The customer relationship intangible asset is being amortized based on the attrition rate of customers which was determined to be 20 years. The fair value of the acquired tradenames and patents intangible assets were estimated using the relief from royalty method, a form of the income approach. The tradenames were determined to have an indefinite life. The patents are being amortized over 10 years based on the weighted average remaining life of the patent portfolio. The contractual value of the accounts receivable acquired was $3,894. On December 18, 2020, the Company acquired Detroit Speed, Inc. (“Detroit Speed”). The purchase price was $11,297. The Company acquired substantially all of the assets and liabilities of Detroit Speed. The Company purchased Detroit Speed in order to acquire strong brands in the automotive aftermarket. The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price has been allocated based upon the fair value of the assets acquired and liabilities assumed. Consideration for the assets acquired includes cash payments of $9,297 and Class A Units of Parent of $2,000. The acquisition resulted in both amortizable and non-amortizable The allocation of the purchase price to the assets acquired and liabilities assumed was based on estimates of the fair value of the net assets as follows: Cash $ 1,784 Accounts receivable 418 Inventory 3,478 Property, plant and equipment 3,040 Other assets 215 Tradenames 1,127 Customer relationships 560 Goodwill 2,636 Accounts payable (668 ) Accrued liabilities (1,019 ) Deferred tax liability (274 ) $ 11,297 The fair value of the acquired customer relationship intangible asset was estimated using the excess earnings approach. The customer relationship intangible asset is being amortized based on the attrition rate of customers which was determined to be 10 years. The fair value of the acquired tradenames intangible asset was estimated using the relief from royalty method, a form of the income approach. The tradenames were determined to have an indefinite life. The contractual value of the accounts receivable acquired was $418. On April 14, 2021, the Company acquired Advance Engine Management Inc. doing business as AEM Performance Electronics (“AEM”). The purchase price was cash consideration of $51,566. The Company acquired substantially all of the assets and liabilities of AEM. The Company purchased AEM in order to acquire strong brands in the automotive aftermarket. The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price has been allocated based upon the preliminary fair value of the assets acquired and liabilities assumed. The acquisition resulted in both amortizable and non-amortizable The determination of the purchase price allocation to specific assets acquired and liabilities assumed is incomplete for AEM. The purchase price allocation may change in future periods as the fair value estimates of assets and liabilities (including, but not limited to, accounts receivable, inventory, property, plant, and equipment, other assets, intangibles, accounts payable, and accrued liabilities). The allocation of the purchase price to the assets acquired and liabilities assumed was based on preliminary estimates of the fair value of the net assets as follows:​​​​​​​ Accounts receivable $ 3,454 Inventory 3,892 Property, plant and equipment 1,342 Other assets 493 Tradenames 10,760 Customer relationships 14,640 Patents 1,970 Technology intangibles 110 Goodwill 17,426 Accounts payable (2,032 ) Accrued liabilities (489 ) $ 51,566 The fair value of the acquired customer relationship intangible asset was estimated using the excess earnings approach. The customer relationship intangible asset is being amortized based on the attrition rate of customers which was determined to be 20 years. The fair value of the acquired tradenames and patents intangible assets were estimated using the relief from royalty method, a form of the income approach. The tradenames were determined to have an indefinite life. The patents are being amortized over 13 years based on the weighted average remaining life of the patent portfolio. The contractual value of the accounts receivable acquired was $3,454. The Company’s results for the thirteen weeks and twenty-six twenty-six The following table provides the unaudited consolidated pro forma results for the periods presented as if AEM had been acquired as of January 1, 2020. For the thirteen weeks ended For the twenty-six weeks ended June 27, June 28, June 27, June 28, Pro forma net sales $ 201,831 $ 131,825 $ 362,163 $ 244,042 Pro forma net income 25,345 13,574 23,168 18,150 The pro forma results include the effects of the amortization of purchased intangible assets and acquired inventory step-up. On May 24, 2021, the Company acquired Finspeed LLC (“Finspeed”). The purchase price was cash consideration of $2,505. The Company acquired substantially all of the assets and liabilities of Finspeed. The transaction was accounted for as a business combination under the acquisition method of accounting. Accordingly, the purchase price has been allocated based upon the fair value of the assets acquired and liabilities assumed. The acquisition resulted in non-amortizable

Inventory

Inventory	6 Months Ended
	Jun. 27, 2021
Inventory Disclosure [Abstract]
Inventory	3. INVENTORY Inventories of the Company consisted of the following: June 27, December 31, Raw materials $ 41,875 $ 44,474 Work-in-process 16,921 12,946 Finished goods 76,037 76,508 $ 134,833 $ 133,928

Property, Plant and Equipment,

Property, Plant and Equipment, Net	6 Months Ended
	Jun. 27, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	4. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment of the Company consisted of the following: June 27, December 31, Land $ 1,330 $ 1,330 Buildings and improvements 10,036 8,594 Machinery and equipment 46,829 44,690 Construction in process 14,861 8,088 Total property, plant and equipment 73,056 62,702 Less: accumulated depreciation 23,364 18,973 Property, plant and equipment, net $ 49,692 $ 43,729 The Company’s long-lived assets by geographic locations are as follows: June 27, December 31, United States $ 47,552 $ 42,264 International 2,140 1,465 Total property, plant and equipment 49,692 43,729

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 27, 2021
Intangible Assets, Net (Including Goodwill) [Abstract]
Intangible Assets	5. INTANGIBLE ASSETS Intangible assets consisted of the following: June 27, 2021 Gross Carrying Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 259,907 $ (27,116 ) $ 232,791 Tradenames 13,775 (3,726 ) 10,049 Technology 26,673 (7,858 ) 18,815 Total finite-lived intangible assets $ 300,355 $ (38,700 ) $ 261,655 Indefinite-lived intangible assets: Tradenames $ 163,768 $ — $ 163,768 December 31, 2020 Gross Carrying Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 245,274 $ (21,819 ) $ 223,455 Tradenames 13,775 (3,369 ) 10,406 Technology 24,595 (6,674 ) 17,921 Total finite-lived intangible assets $ 283,644 $ (31,862 ) $ 251,782 Indefinite-lived intangible assets: Tradenames $ 152,740 $ — $ 152,740 Amortization expense over the next five years is estimated to be: 2021 (excluding the twenty-six $ 7,131 2022 14,028 2023 13,866 2024 13,052 2025 13,016

Debt

Debt	6 Months Ended
	Jun. 27, 2021
Debt Disclosure [Abstract]
Debt	6. DEBT Debt of the Company consisted of the following: June 27, December 31, First lien note $ 540,587 $ 541,969 Second lien note 145,000 145,000 Other 4,544 4,701 Less unamortized debt issuance costs (14,729 ) (16,684 ) 675,402 674,986 Less current portion of long-term debt (5,528 ) (5,528 ) $ 669,874 $ 669,458 The first lien note totals $600,000, comprising of two parts: a revolving component with maximum borrowings of $50,000, and a $550,000 term loan. Interest is based on LIBOR or the prime rate at the Company’s option, plus the applicable margin rate. Interest is due monthly for the prime rate loans and every one to three months for the LIBOR rate loans. The interest rate for the first lien note LIBOR rate loans was 5.2% at June 27, 2021 and December 31, 2020. There were no prime rate loans as of June 27, 2021 or December 31, 2020. Principal payments of $1,382 are due on a quarterly October October The second lien note totals $145,000. Interest is based on LIBOR or the prime rate at the Company’s option, plus the applicable margin rate. Interest is due monthly for the prime rate loans and every one to three months for the LIBOR rate loans. The interest rate for the second lien note LIBOR rate loan was 8.6% and 8.7% at June 27, 2021 and December 31, 2020, respectively. The note is secured by a second lien on the assets of the Company and matures in October Future maturities of long-term debt and amortization of debt issuance costs as of June 27, 2021 are as follows: Debt Debt Issuance 2021 (remaining six months) $ 4,148 $ 1,955 2022 5,528 3,618 2023 5,528 3,344 2024 5,528 3,090 2025 519,855 2,450 Thereafter 149,544 272 $ 690,131 $ 14,729

Revenue

Revenue	6 Months Ended
	Jun. 27, 2021
Revenue from Contract with Customer [Abstract]
Revenue	7. REVENUE The principal activity from which the Company generates its revenue is the manufacturing and distribution of after-market automotive parts for its customers, comprised of resellers and end users. The Company recognizes revenue at a point in time, rather than over time, as the performance obligation is satisfied when customer obtains control of the product upon title transfer and not as the product is manufactured or developed. The amount of revenue recognized is based on the purchase order price and adjusted for revenue allocated to variable consideration (i.e. estimated rebates, co-op The Company collects sales tax and other taxes concurrent with revenue-producing activities which are excluded from revenue. Shipping and handling costs incurred after control of the product is transferred to our customers are treated as fulfillment costs and not a separate performance obligation. The Company allows customers to return products when certain Company-established criteria are met. These sales returns are recorded as a charge against gross sales in the period in which the related sales are recognized, net of returns to stock. Returned products, which are recorded as inventories, are valued at the lower of cost or net realizable value. The physical condition and marketability of the returned products are the major factors considered in estimating realizable value. The Company also estimates expected sales returns and records the necessary adjustment as a charge against gross sales. The Company’s payment terms with customers are customary and vary by customer and geography but typically range from 30 to 365 days. The Company elected the practical expedient to disregard the possible existence of a significant financing component related to payment on contracts, as the Company expects that customers will pay for the products within one year. The Company has evaluated the terms of our arrangements and determined that they do not contain significant financing components. Additionally, as all contracts with customers have an expected duration of one year or less, the Company has elected the practical expedient to exclude disclosure of information regarding the aggregate amount and future timing of performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period. The Company provides limited warranties on most of its products against certain manufacturing and other defects. Provisions for estimated expenses related to product warranty are made at the time products are sold. Refer to Note 13 for more information. The following table summarizes total revenue by product category: For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Electronic systems $ 90,724 $ 69,852 $ 164,275 $ 127,122 Mechanical systems 42,565 29,819 81,269 55,835 Exhaust 22,790 18,971 42,616 34,157 Accessories 17,992 6,654 31,019 15,339 Safety 18,970 — 34,194 — Total sales $ 193,041 $ 125,296 $ 353,373 $ 232,453 The following table summarizes total revenue based on geographic location from which the product is shipped: For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 United States $ 187,993 $ 125,296 $ 345,570 $ 232,453 Italy 5,048 — 7,803 — Total sales $ 193,041 $ 125,296 $ 353,373 $ 232,453

Income Taxes

Income Taxes	6 Months Ended
	Jun. 27, 2021
Income Tax Disclosure [Abstract]
Income Taxes	8. INCOME TAXES The Company’s effective income tax rate is based on expected income, statutory rates and tax planning opportunities available in the various jurisdictions in which it operates. For interim financial reporting, the Company estimates the annual income tax rate based on projected taxable income for the full year and records a quarterly income tax provision or benefit in accordance with the anticipated annual rate. The Company refines the estimates of the year’s taxable income as new information becomes available, including actual year-to-date year-to-date For the thirteen weeks ended For the the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Provision for income taxes $ 5,790 $ 2,827 $ 10,556 $ 4,144 Effective tax rates 20.1 % 18.4 % 33.4 % 19.3 % For the thirteen weeks ended June 27, 2021 and June 28, 2020, the Company’s effective tax rates of 20.1% and 18.4%, respectively differed from the 21% federal statutory rate primarily due to permanent differences. For the twenty-six twenty-six

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 27, 2021
Retirement Benefits [Abstract]
Benefit Plans	9. BENEFIT PLANS The following summarizes the components of net periodic benefit cost for the defined benefit pension plan: For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Components of Expense Service cost $ 36 $ 40 $ 72 $ 80 Interest cost 38 48 76 96 Expected return on plan assets (61 ) (64 ) (122 ) (128 ) Amortization of net loss 5 — 10 — Net periodic benefit cost $ 18 $ 24 $ 36 $ 48 We made matching contributions totaling $526 and $411 to our 401(k) plan during the second quarter of 2021 and 2020, respectively. We made matching contributions totaling $1,000 and $802 to our 401(k) plan during the twenty-six We made contributions of $98 and $111 to our defined contribution pension plan during the second quarter of 2021 and 2020, respectively. We made contributions of $117 and $183 to our defined contribution pension plan during the twenty-six

Equity Based Compensation Plans

Equity Based Compensation Plans	6 Months Ended
	Jun. 27, 2021
Share-based Payment Arrangement [Abstract]
Equity Based Compensation Plans	10. EQUITY-BASED COMPENSATION PLANS As of June 27, 2021, the amount of unvested profit interest units (“PIUs”) was 31,481, with a weighted average grant date fair value of $.27. During the twenty-six During the twenty-six

Lease Commitments

Lease Commitments	6 Months Ended
	Jun. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Lease Commitments	11. LEASE COMMITMENTS The Company is obligated under various operating leases for manufacturing facilities, equipment and automobiles. Leases have a remaining term of one to ten years some of which have an option to renew. The aggregate future minimum fixed lease obligations under operating leases for the Company as of June 27, 2021, are as follows: 2021 (excluding the twenty-six $ 3,636 2022 5,743 2023 4,445 2024 3,200 2025 2,560 Thereafter 10,615 16 twenty-six

Acquistion Restructuring And Ma

Acquistion Restructuring And Management Fees Costs	6 Months Ended
	Jun. 27, 2021
Restructuring and Related Activities [Abstract]
Acquistion Restructuring And Management Fees Costs	12. ACQUISITION, RESTRUCTURING AND MANAGEMENT FEE COSTS During the thirteen weeks ended June 27, 2021 the Company incurred $4,334 of acquisition, restructuring and management fee costs comprised of the following: (1) $2,172 of professional fees for legal, accounting, consulting, administrative, and other professional services directly attributable to potential acquisitions; (2) $504 incurred as part of the restructuring of operations including professional and consulting services; and (3) $1,658 of acquisition costs and management fees paid to Sentinel Capital Partners, a related party. During the twenty-six During the thirteen weeks ended June 28, 2020 the Company incurred $3,998 of acquisition, restructuring and management fee costs comprised of the following: (1) $145 of professional fees for legal, accounting, consulting, administrative, and other professional services directly attributable to potential acquisitions; (2) $2,973 incurred as part of the restructuring of operations including professional and consulting services; and (3) $880 of acquisition costs and management fees paid to Sentinel Capital Partners, a related party. During the twenty-six

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. COMMITMENTS AND CONTINGENCIES The Company is a party to various lawsuits and claims in the normal course of business. While the lawsuits and claims against the Company cannot be predicted with certainty, management believes that the ultimate resolution of the matters will not have a material effect on the consolidated financial position or results of operations of the Company. The Company generally warrants its products against certain manufacturing and other defects. These product warranties are provided for specific periods of time depending on the nature of the product. The accrued product warranty costs are based primarily on historical experience of actual warranty claims and are recorded at the time of the sale. The following table provides the changes in the Company’s accrual for product warranties which is classified as a component of accrued liabilities in the condensed consolidated balance sheets. For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Beginning balance $ 2,868 $ 3,211 $ 3,989 $ 3,454 Accrued for current year warranty claims 2,479 2,060 3,436 3,927 Settlement of warranty claims (2,419 ) (2,309 ) (4,497 ) (4,419 ) Ending balance $ 2,928 $ 2,962 $ 2,928 $ 2,962

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 27, 2021
Subsequent Events [Abstract]
Subsequent Events	14. SUBSEQUENT EVENTS On July 16, 2021 we consummated a business combination (“Business Combination”) pursuant to that certain Agreement and Plan of Merger dated March 11, 2021 (the “Merger Agreement”), by and among Empower Ltd. (“Empower”), Empower Merger Sub I Inc., a direct wholly owned subsidiary of Empower (“Merger Sub I”), Empower Merger Sub II LLC, a direct wholly owned subsidiary of Empower (“Merger Sub II”), and Holdings. The Merger Agreement provided for, among other things, the following transactions: (i) Merger Sub I merged with and into Holdings, the separate corporate existence of Merger Sub I ceased and Holdings became the surviving corporation and a wholly owned subsidiary of Empower, and (ii) Holdings merged with and into Merger Sub II, the separate corporate existence of Holdings ceased and Merger Sub II became the surviving limited liability company and a wholly owned subsidiary of Empower. Upon closing, Empower changed its name to Holley Inc. and its trading symbol on the New York Stock Exchange from “EMPW” to “HLLY.” The Business Combination will be accounted for as a reverse recapitalization. Holdings was deemed the accounting acquirer with Holley Inc. as the successor registrant. As such, Empower will be treated as the acquired company for financial reporting purposes, and financial statements for periods prior to the Business Combination will be those of Holdings. In connection with the Business Combination, 24,000,000 shares of common stock in Holley Inc. were purchased in a private placement for a total aggregate purchase price of $240,000. Per the Merger Agreement, $100,000 of these proceeds were used to partially pay off Holdings’ second-lien note.

Description of the Business, _2

Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 27, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted (“GAAP”) in the United States of America (“U.S.” or “United States”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020. In management’s opinion, the unaudited interim condensed consolidated financial statements reflect all adjustments, which are of a normal and recurring nature, that are necessary for a fair presentation of financial results for the interim periods presented. Operating results for any quarter are not necessarily indicative of the results for the full fiscal year. The Company operates on a calendar year that ends on December 31, 2021 and 2020. The three and six month periods ended June 27, 2021 and June 28, 2020 each included 13 weeks and 26 weeks, respectively.
Principles of Consolidation	Principles of Consolidation These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany transactions and accounts have been eliminated in consolidation.
Revenue Recognition	REVENUE RECOGNITION The Company recognizes revenue with customers when control of the promised goods transfers to the customer. This generally occurs when the product is delivered to the customer. Revenue is recorded at the amount of consideration the Company expects to be entitled to in exchange for the delivered goods, which includes an estimate of variable consideration, expected returns, or refunds when applicable. The Company estimates variable consideration, such as sales incentives, by using the most likely amount approach, which considers the single most likely amount from a range of possible consideration amounts. Estimates of variable consideration result in an adjustment to the transaction price such that it is probable that a significant reversal of cumulative revenue would not occur in the future. Sales incentives and allowances are recognized as a reduction to revenue at the time of the related sale. Revenue is recorded net of sales tax. Shipping and handling fees billed to customers are included in net sales, while costs of shipping and handling are included in cost of sales.
Fair Value	FAIR VALUE The Company has accounts receivable, accounts payable and accrued expenses for which the carrying value approximates fair value due to the short-term nature of these instruments. The carrying value of the Company’s long-term debt approximates fair value as the rates used approximate the market rates currently available to the Company at June 27, 2021 and December 31, 2020. Fair value measurements used in the impairment reviews of goodwill and intangible assets are Level 3 measurements. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
Use Of Estimates	USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Estimates are used when accounting for items such as warranties, allowance for credit losses, estimated lives of property, plant and equipment, reserve for excess and obsolete inventories, recoverability of goodwill, intangible assets and other long-lived assets, customer co-operative
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, In August 2018, the FASB issued ASU 2018-14, 715-20). In December 2019, the FASB issued ASU 2019-12, In March 2020, the FASB issued ASU 2020-04, 2020-04 2020-04. 2020-04 .
Segments	SEGMENTS The Company’s operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company has one reportable segment.
Risks And Uncertainties	RISKS AND UNCERTAINTIES COVID-19 has adversely impacted global supply chain and general economic conditions. The Company has experienced disruptions and higher costs in manufacturing, supply chain, logistical operations, and shortages of certain Company products in distribution channels. The full extent of the impact of the COVID-19 pandemic on the Company’s business and operational and financial performance and condition is currently uncertain and will depend on many factors outside the Company’s control, including but not limited to the timing, extent, duration and effects of the virus and any of its mutations, the utilization and effectiveness of treatments and vaccines, the imposition of effective public safety and other protective measures, the further impact of COVID-19 on the global economy and demand for the Company’s products and services. Should the COVID-19 pandemic, including variants such as Delta, not improve or worsen, or if the Company’s attempt to mitigate its impact on its operations and costs is not successful, the Company’s business, results of operations, financial condition and prospects may be adversely affected.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 27, 2021
Business Acquisition [Line Items]
Summary of consolidated pro forma results of AEM	The following table provides the unaudited consolidated pro forma results for the periods presented as if AEM had been acquired as of January 1, 2020. For the thirteen weeks ended For the twenty-six weeks ended June 27, June 28, June 27, June 28, Pro forma net sales $ 201,831 $ 131,825 $ 362,163 $ 244,042 Pro forma net income 25,345 13,574 23,168 18,150
Drake Automotive Group LLC [Member]
Business Acquisition [Line Items]
Summary of Business Acquisitions	The allocation of the purchase price to the assets acquired and liabilities assumed was based on estimates of the fair value of the net assets as follows: Cash $ 205 Accounts receivable 3,947 Inventory 14,198 Property, plant and equipment 1,296 Other assets 189 Tradenames 7,715 Customer relationships 17,175 Goodwill 7,551 Accounts payable (2,524 ) Accrued liabilities (648 ) $ 49,104
Simpson Performance Products [Member]
Business Acquisition [Line Items]
Summary of Business Acquisitions	The allocation of the purchase price to the assets acquired and liabilities assumed was based on estimates of the fair value of the net assets as follows: November 16, Measurement November 16, Cash $ 7,715 $ — $ 7,715 Accounts receivable 3,894 — 3,894 Inventory 19,265 (770 ) 18,495 Property, plant and equipment 5,952 — 5,952 Other assets 1,613 — 1,613 Tradenames 23,980 — 23,980 Customer relationships 28,770 — 28,770 Patents 2,720 — 2,720 Goodwill 51,305 843 52,148 Accounts payable (2,483 ) — (2,483 ) Accrued liabilities (7,787 ) — (7,787 ) Deferred tax liability (12,993 ) — (12,993 ) Debt (4,615 ) — (4,615 ) $ 117,336 $ 73 $ 117,409
Detroit Speed [Member]
Business Acquisition [Line Items]
Summary of Business Acquisitions	The allocation of the purchase price to the assets acquired and liabilities assumed was based on estimates of the fair value of the net assets as follows: Cash $ 1,784 Accounts receivable 418 Inventory 3,478 Property, plant and equipment 3,040 Other assets 215 Tradenames 1,127 Customer relationships 560 Goodwill 2,636 Accounts payable (668 ) Accrued liabilities (1,019 ) Deferred tax liability (274 ) $ 11,297
AEM Performance Electronics [Member]
Business Acquisition [Line Items]
Summary of Business Acquisitions	The allocation of the purchase price to the assets acquired and liabilities assumed was based on preliminary estimates of the fair value of the net assets as follows: Accounts receivable $ 3,454 Inventory 3,892 Property, plant and equipment 1,342 Other assets 493 Tradenames 10,760 Customer relationships 14,640 Patents 1,970 Technology intangibles 110 Goodwill 17,426 Accounts payable (2,032 ) Accrued liabilities (489 ) $ 51,566

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 27, 2021
Inventory Disclosure [Abstract]
Summary of inventory	Inventories of the Company consisted of the following: June 27, December 31, Raw materials $ 41,875 $ 44,474 Work-in-process 16,921 12,946 Finished goods 76,037 76,508 $ 134,833 $ 133,928

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	6 Months Ended
	Jun. 27, 2021
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment of the Company consisted of the following: June 27, December 31, Land $ 1,330 $ 1,330 Buildings and improvements 10,036 8,594 Machinery and equipment 46,829 44,690 Construction in process 14,861 8,088 Total property, plant and equipment 73,056 62,702 Less: accumulated depreciation 23,364 18,973 Property, plant and equipment, net $ 49,692 $ 43,729
Summary of Long Lived Assets by Geographic Locations	The Company’s long-lived assets by geographic locations are as follows: June 27, December 31, United States $ 47,552 $ 42,264 International 2,140 1,465 Total property, plant and equipment 49,692 43,729

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 27, 2021
Intangible Assets, Net (Including Goodwill) [Abstract]
Schedule of intangible assets	Intangible assets consisted of the following: June 27, 2021 Gross Carrying Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 259,907 $ (27,116 ) $ 232,791 Tradenames 13,775 (3,726 ) 10,049 Technology 26,673 (7,858 ) 18,815 Total finite-lived intangible assets $ 300,355 $ (38,700 ) $ 261,655 Indefinite-lived intangible assets: Tradenames $ 163,768 $ — $ 163,768 December 31, 2020 Gross Carrying Accumulated Net Carrying Finite-lived intangible assets: Customer relationships $ 245,274 $ (21,819 ) $ 223,455 Tradenames 13,775 (3,369 ) 10,406 Technology 24,595 (6,674 ) 17,921 Total finite-lived intangible assets $ 283,644 $ (31,862 ) $ 251,782 Indefinite-lived intangible assets: Tradenames $ 152,740 $ — $ 152,740
Summary Of Future Amortization Expense Of The Intangible Assets	Amortization expense over the next five years is estimated to be: 2021 (excluding the twenty-six $ 7,131 2022 14,028 2023 13,866 2024 13,052 2025 13,016

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 27, 2021
Debt Disclosure [Abstract]
Summary Of Debt	Debt of the Company consisted of the following: June 27, December 31, First lien note $ 540,587 $ 541,969 Second lien note 145,000 145,000 Other 4,544 4,701 Less unamortized debt issuance costs (14,729 ) (16,684 ) 675,402 674,986 Less current portion of long-term debt (5,528 ) (5,528 ) $ 669,874 $ 669,458
Summary of Future maturities of long-term debt and amortization of debt issuance costs	Future maturities of long-term debt and amortization of debt issuance costs as of June 27, 2021 are as follows: Debt Debt Issuance 2021 (remaining six months) $ 4,148 $ 1,955 2022 5,528 3,618 2023 5,528 3,344 2024 5,528 3,090 2025 519,855 2,450 Thereafter 149,544 272 $ 690,131 $ 14,729

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 27, 2021
Revenue from Contract with Customer [Abstract]
Summary of Revenue by Product Category	The following table summarizes total revenue by product category: For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Electronic systems $ 90,724 $ 69,852 $ 164,275 $ 127,122 Mechanical systems 42,565 29,819 81,269 55,835 Exhaust 22,790 18,971 42,616 34,157 Accessories 17,992 6,654 31,019 15,339 Safety 18,970 — 34,194 — Total sales $ 193,041 $ 125,296 $ 353,373 $ 232,453
Summary of Revenue Based on Geographic Location	The following table summarizes total revenue based on geographic location from which the product is shipped: For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 United States $ 187,993 $ 125,296 $ 345,570 $ 232,453 Italy 5,048 — 7,803 — Total sales $ 193,041 $ 125,296 $ 353,373 $ 232,453

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 27, 2021
Income Tax Disclosure [Abstract]
Summary of Components of Income Tax	Significant judgment is required in determining the effective tax rate and in evaluating tax positions. For the thirteen weeks ended For the the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Provision for income taxes $ 5,790 $ 2,827 $ 10,556 $ 4,144 Effective tax rates 20.1 % 18.4 % 33.4 % 19.3 %

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 27, 2021
Retirement Benefits [Abstract]
Summary of Components of Net Periodic Benefit Cost for the Defined Benefit Pension Plan	The following summarizes the components of net periodic benefit cost for the defined benefit pension plan: For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Components of Expense Service cost $ 36 $ 40 $ 72 $ 80 Interest cost 38 48 76 96 Expected return on plan assets (61 ) (64 ) (122 ) (128 ) Amortization of net loss 5 — 10 — Net periodic benefit cost $ 18 $ 24 $ 36 $ 48

Lease Commitments (Tables)

Lease Commitments (Tables)	6 Months Ended
	Jun. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary of future minimum fixed lease obligations under operating leases	The aggregate future minimum fixed lease obligations under operating leases for the Company as of June 27, 2021, are as follows: 2021 (excluding the twenty-six $ 3,636 2022 5,743 2023 4,445 2024 3,200 2025 2,560 Thereafter 10,615 16

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 27, 2021
Commitments and Contingencies Disclosure [Abstract]
Summary Of Product Warranty Liability	The following table provides the changes in the Company’s accrual for product warranties which is classified as a component of accrued liabilities in the condensed consolidated balance sheets. For the thirteen weeks ended For the twenty-six weeks ended June 27, 2021 June 28, 2020 June 27, 2021 June 28, 2020 Beginning balance $ 2,868 $ 3,211 $ 3,989 $ 3,454 Accrued for current year warranty claims 2,479 2,060 3,436 3,927 Settlement of warranty claims (2,419 ) (2,309 ) (4,497 ) (4,419 ) Ending balance $ 2,928 $ 2,962 $ 2,928 $ 2,962

Description of the Business, _3

Description of the Business, Basis of Presentation, and Summary of Significant Accounting Policies - Additional Information (Detail)	Jun. 27, 2021
Holly Intermediate Holdings Inc And Subsdiaries [Member] | Holley Parent Holdings LLC [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Equity method investment ownership percentage	100.00%

Acquisitions - Summary of Busin

Acquisitions - Summary of Business Acquisitions (Detail) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020	Nov. 11, 2020
Business Acquisition [Line Items]
Goodwill	$ 377,368	$ 359,099
Drake Automotive Group LLC [Member]
Business Acquisition [Line Items]
Cash			$ 205
Accounts receivable			3,947
Inventory			14,198
Property, plant and equipment			1,296
Other assets			189
Tradenames			7,715
Customer relationships			17,175
Goodwill			7,551
Accounts payable			(2,524)
Accrued liabilities			(648)
Total			$ 49,104
Simpson Performance Products [Member]
Business Acquisition [Line Items]
Cash	7,715
Accounts receivable	3,894
Inventory	18,495
Property, plant and equipment	5,952
Other assets	1,613
Tradenames	23,980
Customer relationships	28,770
Patents	2,720
Goodwill	52,148
Accounts payable	(2,483)
Accrued liabilities	(7,787)
Deferred tax liability	(12,993)
Debt	(4,615)
Total	117,409
Simpson Performance Products [Member] | As Initially Reported [Member]
Business Acquisition [Line Items]
Cash	7,715
Accounts receivable	3,894
Inventory	19,265
Property, plant and equipment	5,952
Other assets	1,613
Tradenames	23,980
Customer relationships	28,770
Patents	2,720
Goodwill	51,305
Accounts payable	(2,483)
Accrued liabilities	(7,787)
Deferred tax liability	(12,993)
Debt	(4,615)
Total	117,336
Simpson Performance Products [Member] | Measurement Period Adjustments [Member]
Business Acquisition [Line Items]
Cash	0
Accounts receivable	0
Inventory	(770)
Property, plant and equipment	0
Other assets	0
Tradenames	0
Customer relationships	0
Patents	0
Goodwill	843
Accounts payable	0
Accrued liabilities	0
Deferred tax liability	0
Debt	0
Total	73
Detroit Speed [Member]
Business Acquisition [Line Items]
Cash	1,784
Accounts receivable	418
Inventory	3,478
Property, plant and equipment	3,040
Other assets	215
Tradenames	1,127
Customer relationships	560
Goodwill	2,636
Accounts payable	(668)
Accrued liabilities	(1,019)
Deferred tax liability	(274)
Total	11,297
AEM Performance Electronics [Member]
Business Acquisition [Line Items]
Accounts receivable	3,454
Inventory	3,892
Property, plant and equipment	1,342
Other assets	493
Tradenames	10,760
Customer relationships	14,640
Patents	1,970
Technology intangibles	110
Goodwill	17,426
Accounts payable	(2,032)
Accrued liabilities	(489)
Total	$ 51,566

Acquisitions - Summary of Conso

Acquisitions - Summary of Consolidated Pro Forma Results of AEM (Detail) - AEM Performance Electronics [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Business Acquisition [Line Items]
Pro forma net sales	$ 201,831	$ 131,825	$ 362,163	$ 244,042
Pro forma net income	$ 25,345	$ 13,574	$ 23,168	$ 18,150

Acquisitions - Additional Infor

Acquisitions - Additional Information (Detail) - USD ($)	May 24, 2021	Apr. 14, 2021	Dec. 18, 2020	Dec. 11, 2020	Nov. 16, 2020	Jun. 27, 2021	Mar. 28, 2021	Jun. 27, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Business combination contingent consideration liability current						$ 24,373,000		$ 24,373,000	$ 9,200,000
Business combination contingent consideration adjustment								17,173,000
Payment to acquire business net of cash								54,011,000
Business combination actual revenue of acquire since acquisition date						5,437,000
Business combination actual earnings or loss of acquire since acquisition date								687,000
Business combination transaction costs expensed						2,205,000
Drake Automotive Group LLC [Member]
Business Acquisition [Line Items]
Business combination total consideration transferred				$ 49,104,000
Payment to acquire business				47,104,000
Business combination contingent consideration liability current				2,000,000
Business acquistion intangible assets including goodwill acquired				$ 32,441,000
Payment of contingent consideration financing activities							$ 2,000,000
Business combination assets acquired contractual value of accounts receivable									4,155,000
Drake Automotive Group LLC [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Business combination finite lived intangible assets acquired amortization period				20 years
Simpson Performance Products [Member]
Business Acquisition [Line Items]
Business combination total consideration transferred					$ 117,409,000
Payment to acquire business					110,209,000
Business combination contingent consideration liability current					7,200,000
Business acquistion intangible assets including goodwill acquired					107,618,000
Business combination assets acquired contractual value of accounts receivable									3,894
Business combination contingent consideration payable maximum amount					$ 25,000,000
Simpson Performance Products [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Business combination finite lived intangible assets acquired amortization period					20 years
Simpson Performance Products [Member] | Patents [Member]
Business Acquisition [Line Items]
Business combination finite lived intangible assets acquired amortization period					10 years
Simpson Performance Products [Member] | Acquistion And Restructuring Costs [Member]
Business Acquisition [Line Items]
Business combination contingent consideration adjustment								17,173,000
Simpson Performance Products [Member] | Valuation Technique, Option Pricing Model [Member]
Business Acquisition [Line Items]
Business combination contingent consideration liability current							$ 24,373,000
Detroit Speed [Member]
Business Acquisition [Line Items]
Business combination total consideration transferred			$ 11,297,000
Payment to acquire business			9,297,000
Business acquistion intangible assets including goodwill acquired									4,323,000
Business combination assets acquired contractual value of accounts receivable									$ 418,000
Detroit Speed [Member] | Capital Unit, Class A [Member]
Business Acquisition [Line Items]
Business combination equity interests issued during the period value			$ 2,000,000
Detroit Speed [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Business combination finite lived intangible assets acquired amortization period			10 years
AEM Performance Electronics [Member]
Business Acquisition [Line Items]
Business acquistion intangible assets including goodwill acquired		$ 44,906,000
Business combination assets acquired contractual value of accounts receivable						$ 3,454		3,454
Payment to acquire business net of cash		$ 51,566,000
Business combination transaction costs expensed								$ 2,205,000
AEM Performance Electronics [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Business combination finite lived intangible assets acquired amortization period		20 years
AEM Performance Electronics [Member] | Patents [Member]
Business Acquisition [Line Items]
Business combination finite lived intangible assets acquired amortization period		13 years
Fin Speed LLC [Member]
Business Acquisition [Line Items]
Payment to acquire business net of cash	$ 2,505,000
Business acquistion indefinite lived intangible assets acquired	$ 268,000
Member Units [Member] | Drake Automotive Group LLC [Member]
Business Acquisition [Line Items]
Business combination equity percentage of voting rights acquired				100.00%
Common Stock [Member] | Simpson Performance Products [Member]
Business Acquisition [Line Items]
Business combination equity percentage of voting rights acquired					100.00%

Inventory - Summary of invento

Inventory - Summary of inventory (Detail) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 41,875	$ 44,474
Work-in-process	16,921	12,946
Finished goods	76,037	76,508
Inventory, Net	$ 134,833	$ 133,928

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 73,056	$ 62,702
Less: accumulated depreciation	23,364	18,973
Property, plant and equipment, net	49,692	43,729
Land [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,330	1,330
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,036	8,594
Machinery and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	46,829	44,690
Construction in process [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 14,861	$ 8,088

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Summary of Long Lived Assets by Geographic Locations (Details) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 49,692	$ 43,729
US
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	47,552	42,264
Non-Us
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 2,140	$ 1,465

Intangible Assets - Schedule Of

Intangible Assets - Schedule Of Intangible Assets (Detail) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	$ 300,355	$ 283,644
Accumulated Amortization	(38,700)	(31,862)
Net Carrying Value	261,655	251,782
Indefinite-lived Intangible Assets (Excluding Goodwill) [Abstract]
Indefinite-Lived Trade Names	163,768	152,740
Customer Relationships [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	259,907	245,274
Accumulated Amortization	(27,116)	(21,819)
Net Carrying Value	232,791	223,455
Trade Names [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	13,775	13,775
Accumulated Amortization	(3,726)	(3,369)
Net Carrying Value	10,049	10,406
Technology-Based Intangible Assets [Member]
Finite-Lived Intangible Assets, Net [Abstract]
Gross Carrying Amount	26,673	24,595
Accumulated Amortization	(7,858)	(6,674)
Net Carrying Value	$ 18,815	$ 17,921

Intangible Assets - Summary Of

Intangible Assets - Summary Of Future Amortization Expense Of The Intangible Assets (Detail) $ in Thousands	Jun. 27, 2021USD ($)
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021 (excluding the twenty-six weeks ended June 27, 2021)	$ 7,131
2022	14,028
2023	13,866
2024	13,052
2025	$ 13,016

Debt - Summary Of Debt (Detail)

Debt - Summary Of Debt (Detail) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Less unamortized debt issuance costs	$ (14,729)	$ (16,684)
Total	675,402	674,986
Less current portion of long-term debt	(5,528)	(5,528)
Long Term Debt Including Related Parties Noncurrent	669,874	669,458
First Lien Note [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	540,587	541,969
Second Lien Note [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	145,000	145,000
Other Debt [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 4,544	$ 4,701

Debt - Schedule of Future Matur

Debt - Schedule of Future Maturities of Long Term Debt and Amortization of Debt Issuance Costs (Detail) - USD ($) $ in Thousands	Jun. 27, 2021	Dec. 31, 2020
Debt
2021 (remaining six months)	$ 4,148
2022	5,528
2023	5,528
2024	5,528
2025	519,855
Thereafter	149,544
Total	690,131
Debt Issuance Costs
2021 (remaining six months)	1,955
2022	3,618
2023	3,344
2024	3,090
2025	2,450
Thereafter	272
Total	$ 14,729	$ 16,684

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 27, 2021	Dec. 31, 2020
First Lien Note [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount	$ 600,000
Debt Instrument, Interest Rate, Effective Percentage	5.20%	5.20%
Debt Instrument, Periodic Payment, Principal	$ 1,382
Long-term Debt, Gross	540,587,000	$ 541,969,000
Second Lien Note [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount	$ 145,000
Debt Instrument, Interest Rate, Effective Percentage	8.60%	8.70%
Debt Instrument, Maturity Date	Oct. 31, 2026
Long-term Debt, Gross	$ 145,000,000	$ 145,000,000
Second Lien Note [Member] | Sentinel Capital Partners Junior Fund I [Member]
Debt Instrument [Line Items]
Long-term Debt, Gross	20,000	20,000
Revolving Credit Facility [Member] | First Lien Note [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 50,000
Line of Credit Facility, Expiration Date	Oct. 31, 2023
Secured Debt [Member] | First Lien Note [Member]
Debt Instrument [Line Items]
Debt Instrument Face Amount	$ 550,000
Debt Instrument, Maturity Date	Oct. 31, 2025
Standby Letters of Credit [Member] | First Lien Note [Member]
Debt Instrument [Line Items]
Long-term Line of Credit	$ 1,200,000	$ 1,200,000

Revenue - Summary of Revenue by

Revenue - Summary of Revenue by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 193,041	$ 125,296	$ 353,373	$ 232,453
Electronic Systems [Member]
Disaggregation of Revenue [Line Items]
Total sales	90,724	69,852	164,275	127,122
Mechanical Systems [Member]
Disaggregation of Revenue [Line Items]
Total sales	42,565	29,819	81,269	55,835
Exhaust [Member]
Disaggregation of Revenue [Line Items]
Total sales	22,790	18,971	42,616	34,157
Accessories [Member]
Disaggregation of Revenue [Line Items]
Total sales	17,992	$ 6,654	31,019	$ 15,339
Safety [Member]
Disaggregation of Revenue [Line Items]
Total sales	$ 18,970		$ 34,194

Revenue - Summary of Revenue Ba

Revenue - Summary of Revenue Based on Geographic Location (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Disaggregation of Revenue [Line Items]
Total sales	$ 193,041	$ 125,296	$ 353,373	$ 232,453
United States
Disaggregation of Revenue [Line Items]
Total sales	187,993	$ 125,296	345,570	$ 232,453
Italy
Disaggregation of Revenue [Line Items]
Total sales	$ 5,048		$ 7,803

Income Taxes - Summary of Compo

Income Taxes - Summary of Components of Income Tax (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 5,790	$ 2,827	$ 10,556	$ 4,144
Effective tax rates	20.10%	18.40%	33.40%	19.30%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Income Tax Disclosure [Abstract]
Effective tax rate	20.10%	18.40%	33.40%	19.30%
Federal statutory rate	21.00%		21.00%	21.00%

Benefit Plans - Summary of Comp

Benefit Plans - Summary of Components of Net Periodic Benefit Cost for the Defined Benefit Pension Plan (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 36	$ 40	$ 72	$ 80
Interest cost	38	48	76	96
Expected return on plan assets	(61)	(64)	(122)	(128)
Amortization of net loss	5	0	10	0
Net periodic benefit cost	$ 18	$ 24	$ 36	$ 48

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Detail) - Pension Plan [Member] - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Four Zero One K Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer's discretionary contribution to the plan	$ 526	$ 411	$ 1,000	$ 802
Defined Contribution Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Employer's discretionary contribution to the plan	$ 98	$ 111	$ 117	$ 183

Equity Based Compensation Pla_2

Equity Based Compensation Plans - Additional Information (Detail) - Profit Interest Units [Member] - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation weighted average grant	31,481
Share based compensation weighted average per value	$ 0.27
Share based compensation weighted average vest	903	798
Share based compensation weighted average fair value	$ 262	$ 235
Share based compensation weighted average,expected to be recognized	$ 1,475
Share based compensation weighted average term	2 years 10 months 24 days
Share based compensation weighted average issued	0
Share based compensation weighted average expired or forfeited	0

Lease Commitments - Summary of

Lease Commitments - Summary of Future Minimum Fixed Lease Obligations Under Operating Leases (Detail) $ in Thousands	Jun. 27, 2021USD ($)
Commitments and Contingencies Disclosure [Abstract]
2021 (excluding the twenty-six weeks ended June 27, 2021)	$ 3,636
2022	5,743
2023	4,445
2024	3,200
2025	2,560
Thereafter	$ 10,615

Lease Commitments - Additional

Lease Commitments - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease rent expenses net	$ 1,979	$ 1,062	$ 3,672	$ 2,369

Acquistion Restructuring And _2

Acquistion Restructuring And Management Fees Costs - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Restructuring and Related Activities [Abstract]
Business combination acquistion restructuring and mangement fees costs including related parties	$ 4,334	$ 3,998	$ 24,048	$ 6,303
Restructuring costs professional fees for legal accounting and other services relating to potential acquistions	2,172	145	3,211	1,163
Restructung costs professional and consulting fees	504	2,973	1,125	3,369
Related party acquistion and management fee costs	$ 1,658	$ 880	2,539	$ 1,771
Business combination contingent consideration adjustment			$ 17,173

Commitments and Contingencies -

Commitments and Contingencies - Summary Of Product Warranty Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 27, 2021	Jun. 28, 2020	Jun. 27, 2021	Jun. 28, 2020
Commitments and Contingencies Disclosure [Abstract]
Beginning balance	$ 2,868	$ 3,211	$ 3,989	$ 3,454
Accrued for current year warranty claims	2,479	2,060	3,436	3,927
Settlement of warranty claims	(2,419)	(2,309)	(4,497)	(4,419)
Ending balance	$ 2,928	$ 2,962	$ 2,928	$ 2,962

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Jul. 16, 2021	Jun. 27, 2021	Jun. 28, 2020
Subsequent Event [Line Items]
Repayment of other long term debt		$ 1,539,000	$ 950,000
Merger Agreement [Member]
Subsequent Event [Line Items]
Stock issued during the period shares new issues	24,000,000
Proceeds from private placement	$ 240,000
Second Lien Note [Member]
Subsequent Event [Line Items]
Repayment of other long term debt	$ 100,000