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Business Acquisitions (Tables)

6 Months Ended

Jul. 03, 2021

The following table summarizes the final purchase price allocation recognized for the Smart Foodservice acquisition as of April 24, 2020. The decrease in goodwill from January 2, 2021 to July 3, 2021 was due to the finalization of deferred income taxes associated with the acquisition in the first quarter of 2021.


	Purchase Price Allocation
Accounts receivable	$	5
Inventories	43
Other current assets	24
Property and equipment	84
Goodwill(1)	895
Other intangibles(2)	14
Other assets	145
Accounts payable	(38)
Accrued expenses and other current liabilities	(32)
Deferred income taxes	(8)
Other long-term liabilities, including financing leases	(160)
Cash paid for acquisition	$	972

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

(2) Other intangibles consist of a trade name of $14 million with an estimated useful life of approximately 1 year.

Pro Forma Information

The following table presents the Company’s unaudited pro forma consolidated net sales, net income and earnings per share (“EPS”) for the 13 weeks and 26 weeks ended July 3, 2021 and June 27, 2020. The unaudited pro forma financial information presents the combined results of operations as if the acquisition and related financing of Smart Foodservice had occurred as of December 30, 2018, which date represents the first day of the Company’s fiscal year prior to the Smart Foodservice acquisition date.


	13 Weeks Ended				26 Weeks Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Pro forma net sales	$	7,663	$	4,647	$	13,958	$	11,272
Pro forma net income (loss) available to common shareholders	$	46	$	(95)	$	7	$	(202)
Pro forma net income (loss) per share:
Basic	$	0.21	$	(0.43)	$	0.03	$	(0.92)
Diluted	$	0.20	$	(0.43)	$	0.03	$	(0.92)