Acquisition of Mann Packing (Tables)

3 Months Ended

Mar. 30, 2018

The following table summarizes the preliminary estimated fair values of the net assets acquired and liabilities assumed at the date of the acquisition:



Assets acquired
Current assets:
Cash and cash equivalents	$	0.1
Trade accounts receivable, net of allowance	39.4
Other accounts receivable, net of allowance	1.2
Inventories, net	21.1
Prepaid expenses and other current assets	2.1
Total current assets	63.9

Property, plant and equipment, net	70.2
Goodwill	328.8
Total assets acquired	$	462.9
Liabilities assumed
Current liabilities:
Accounts payable and accrued expenses	$	50.9
Total liabilities assumed	$	50.9

Less: Redeemable noncontrolling interest	39.1

Net assets acquired	$	372.9

Schedule of pro forma information

Our consolidated results include the following unaudited financial information of Mann Packing:



	Period from February 27, 2018 to March 30, 2018
	Period from February 27, 2018 to March 30, 2018
Net sales	$	51.3
Net income attributable to Fresh Del Monte Produce, Inc.	$	1.2

The following unaudited pro forma combined financial information presents our results including Mann Packing as if the business combination had occurred at the beginning of fiscal year 2017:



	Quarter ended
	March 30, 2018			March 31, 2017
Net sales	$	1,215.0		$	1,171.1
Net income attributable to Fresh Del Monte Produce, Inc.	$	44.8	⁽¹⁾	$	50.1	⁽²⁾

⁽¹⁾Unaudited pro forma results for the quarter ended March 30, 2018 were positively adjusted by $9.4 million consisting of $11.3 million of nonrecurring transaction related compensation benefits, advisory, legal, accounting, valuation and other professional fees, partially offset by $1.9 million of interest expense as a result of increased borrowings under our Credit Facility.

⁽²⁾Unaudited pro forma results for the quarter ended March 31, 2017 was adjusted to include $2.6 million of interest expense as a result of increased borrowings under our Credit Facility.