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BUSINESS ACQUISITION (Tables)

6 Months Ended

Jun. 25, 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	144,138
Identifiable intangible assets	123,220
Other long-lived assets	829
Total assets acquired	346,523
Accounts payable	23,848
Other current liabilities	11,866
Other long-term liabilities	3,393
Total liabilities assumed	39,107
Total identifiable net assets	307,416
Goodwill	49,836
Total net assets	$	357,252

Fair Values and Useful Lives of Intangible Assets Acquired

The following table presents the fair values and useful lives, where applicable, of these assets:



	Fair Value		Useful Life
	(In thousands)		(In years)
Customer relationships	$	85,000	13.0
Trade names	38,200		20.0
Non-compete agreement	20		3.0
Total fair value	$	123,220
Weighted average useful life			15.2

Schedule of Business Acquisitions, Goodwill

The Company recognized the following change in goodwill due to this acquisition during the twenty-six weeks ended June 25, 2017 (in thousands):



Balance, beginning of period	$	125,607
Preliminary purchase price attributed to goodwill	49,836
Balance, end of period	$	175,443

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.



	Twenty-Six Weeks Ended June 25, 2017		Twenty-Six Weeks Ended June 26, 2016
	(In thousands, except per share amount)
Net sales	$	4,277,896	$	4,209,015
Net income attributable to Pilgrim's Pride Corporation	325,179		266,341
Net income attributable to Pilgrim's Pride Corporation per common share - diluted	1.31		1.04