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Business Acquisitions
9 Months Ended
Oct. 03, 2015
Business Combinations [Abstract]  
Business Acquisitions
NOTE 4. BUSINESS ACQUISITIONS
On October 30, 2014, we made an additional investment in Late July Snacks LLC ("Late July") of approximately $59.5 million which increased our total ownership interest from approximately 18.7% to 80.0%. Late July is the industry leader for organic and non-GMO tortilla chips and sells a variety of other baked and salty snacks with particular focus on organic and non-GMO snacks. The investment supports our goal of having a stronger presence in healthier snacks. Concurrently with the transaction, we also established a $6.0 million line of credit with Late July, of which $3.9 million was drawn by Late July in order to repay certain obligations.
There have been no changes to the purchase price allocation for Late July presented in our 2014 Form 10-K and the purchase price allocation is now considered final.
On June 13, 2014, we completed the acquisition of Baptista's Bakery, Inc. ("Baptista's") and related assets for approximately $204 million. The purchase price included the effective settlement of $2.6 million in accounts payable owed by us to Baptista's at the time of the acquisition. Baptista’s is an industry leader in snack food development and innovation, the manufacturer of our fast growing Snack Factory® Pretzel Crisps® brand and has unique capabilities consistent with our innovation plans.
There have been no changes to the purchase price allocation for Baptista's presented in our 2014 Form 10-K and the purchase price allocation is now considered final.
During the third quarter and first nine months of 2014, prior to obtaining an additional ownership interest, we recognized $3.6 million and $10.4 million in net revenue from Late July® contract manufacturing and Partner brand sales of Late July® products, respectively. The prior year revenue from Late July® products was reclassified to Branded revenue as reflected in Note 17 in order to be consistent with current year presentation. The majority of Baptista's net revenue is intercompany and, therefore, eliminated in consolidation.