Business Acquisitions

3 Months Ended

Mar. 31, 2018

4.	BUSINESS ACQUISITIONS

Acquisitions during fiscal year 2017 included three broadline and two specialty distributors for cash consideration of approximately $182 million. There were no business acquisitions during the 13-weeks ended March 31, 2018.

Business acquisitions periodically provide for contingent consideration, including earnout agreements in the event certain operating results are achieved during a defined post-closing period. During the 13-weeks ended March 31, 2018, the Company paid approximately $0.5 million of contingent consideration for the first year of a two-year post-closing earnout period related to a 2016 business acquisition. As of March 31, 2018, aggregate contingent consideration outstanding for business acquisitions was approximately $6 million, including approximately $0.5 million for the estimated fair value of earnout liabilities.

The 2017 acquisitions, reflected in the Company’s consolidated financial statements commencing from the date of acquisition, did not materially affect the Company’s results of operations or financial position and, therefore, pro forma financial information has not been provided. The 2017 acquisitions were integrated into the Company’s foodservice distribution network and funded primarily with cash from operations.

The following table summarizes the purchase price allocations recognized for the 2017 acquisitions as follows (in thousands):

	December 30, 2017
Accounts receivable	$	17,108
Inventories		25,232
Other current assets		677
Property and equipment		29,492
Goodwill		58,528
Other intangible assets		72,050
Accounts payable		(7,986	)
Accrued expenses and other current liabilities		(5,837	)
Deferred income taxes		(7,277	)
Cash paid for acquisitions	$	181,987