Business Acquisitions (Tables)

12 Months Ended

Dec. 28, 2019

Business Combinations [Abstract]

Purchase Price Allocation

The following table summarizes the preliminary purchase price allocation recognized for the acquisition based upon preliminary estimates of the fair value of assets acquired and liabilities assumed. Adjustments to the preliminary purchase price allocation in the fourth quarter of fiscal year 2019, including working capital adjustments to acquired and divested assets and liabilities and adjustments to asset valuations, were immaterial to the Company's consolidated financial statements.

The preliminary purchase price allocation is subject to further adjustment as additional information becomes available and final valuations are completed. There can be no assurances that these final valuations and additional analyses and studies will not result in significant changes to the preliminary estimates of fair value set forth below.

	Preliminary Purchase Price Allocation
Accounts receivable	$	145
Inventories	165
Assets of discontinued operations	133
Other current assets	7
Property and equipment	209
Goodwill(1)	761
Other intangibles(2)	695
Other assets	47
Accounts payable	(200		)
Accrued expenses and other current liabilities	(69		)
Liabilities of discontinued operations	(19		)
Other long-term liabilities, including financing leases	(42		)
Cash paid for acquisition	$	1,832

(1) Goodwill recognized is primarily attributable to expected synergies from the combined company, as well as intangible assets that do not qualify for separate recognition. The acquired goodwill is deductible for U.S. federal income tax purposes.

(2) Other intangibles consist of customer relationships of $656 million with estimated useful lives of 15 years and indefinite-lived brand names and trademarks of $39 million.

Pro Forma Information

The following table presents the Company’s unaudited pro forma consolidated net sales, net income and net income per share for fiscal years 2019 and 2018. The unaudited pro forma financial information includes the historical results of operations of the Company and the Food Group, giving effect to the acquisition and related financing as if they had occurred as of December 31, 2017, which was the first day of the Company’s fiscal year 2018.

	2019 (Unaudited)		2018 (Unaudited)
Pro forma net sales	$	28,020	$	26,985
Pro forma net income	$	398	$	397
Pro forma net income per share:
Basic	$	1.82	$	1.84
Diluted	$	1.81	$	1.82

Divested Entities Pro Forma Information

The unaudited pro forma financial information for all periods presented above excludes the results of operations related to the Divested Assets, as the results of operations related to the Divested Assets were reflected as discontinued operations. Unaudited pro forma net sales, net income and net income per share related to the Divested Assets for fiscal years 2019 and 2018 are as follows:

	2019 (Unaudited)		2018 (Unaudited)
Pro forma net sales	$	392	$	516
Pro forma net income	$	5	$	13
Pro forma income per share:
Basic	$	0.03	$	0.06
Diluted	$	0.02	$	0.06