BUSINESS ACQUISITION (Tables)

3 Months Ended

Mar. 26, 2017

Schedule of Business Acquisitions, Consideration Paid

The following table summarizes the consideration paid for GNP (in thousands):



Negotiated sales price	$	350,000
Working capital adjustment	7,252
Preliminary purchase price	$	357,252

Schedule of Business Acquisitions, Fair Values of Assets Acquired and Liabilities Assumed

The fair values recorded for the assets acquired and liabilities assumed for GNP are as follows (in thousands):



Cash and cash equivalents	$	10
Trade accounts and other receivables	18,453
Inventories	56,459
Prepaid expenses and other current assets	3,414
Property, plant and equipment	135,259
Identifiable intangible assets	85,610
Other long-lived assets	829
Total assets acquired	300,034
Accounts payable	23,848
Other current liabilities	12,712
Long-term deferred tax liabilities	—
Other long-term liabilities	3,393
Total liabilities assumed	39,953
Total identifiable net assets	260,081
Goodwill	97,171
Total net assets	$	357,252

Fair Values and Useful Lives of Intangible Assets Acquired

The following table presents the fair values (in thousands) and useful lives (in years), where applicable, of these assets:



	Fair Value		Useful Life
Assets subject to amortization:
Customer relationships	$	16,360	10.0
Non-compete agreement	510		3.0
Total fair value	16,870
Weighted average useful life			9.8
Assets not subject to amortization:
Trade names	68,740
Total fair value	$	85,610

Schedule of Business Acquisitions, Goodwill

The Company recognized the following change in goodwill due to this acquisition during the thirteen weeks ended March 26, 2017 (in thousands):



Balance, beginning of period	$	125,607
Preliminary purchase price attributed to goodwill	97,171
Balance, end of period	$	222,778

Schedule of Business Acquisitions, Pro Forma Information

The following unaudited pro forma information presents the combined financial results for the Company and GNP as if the acquisition had been completed at the beginning of the Company’s prior year, December 28, 2015.



	Thirteen Weeks Ended March 26, 2017		Thirteen Weeks Ended March 27, 2016
	(In thousands, except per share amount)
Net sales	$	2,026,290	$	2,069,103
Net income attributable to Pilgrim's Pride Corporation	92,599		116,096
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	0.37		0.46