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BUSINESS ACQUISITION (Tables)
 3 Months Ended
Mar. 29, 2020
Business Combinations [Abstract]  
Fair Values for Assets Acquired and Liabilities Assumed The assets acquired and liabilities assumed in the Tulip acquisition were measured at their fair values as of October 15, 2019 as set forth below. The excess of the fair values of the net tangible assets and identifiable intangible assets over the purchase price was recorded as gain on bargain purchase in the Company’s U.K. and Europe reportable segment. The fair values recorded were determined based upon various external and internal valuations. The fair values recorded for the assets acquired and liabilities assumed for Tulip are as follows (in thousands):
Cash and cash equivalents$6,854  
Trade accounts and other receivables146,423  
Inventories104,211  
Prepaid expenses and other current assets6,579  
Operating lease assets5,613  
Property, plant and equipment329,711  
Identified intangible assets40,418  
Other assets14,647  
Total assets acquired654,456  
Accounts payable110,296  
Other current liabilities55,830  
Operating lease liabilities5,613  
Deferred tax liabilities14,798  
Pension obligations18,435  
Other long-term liabilities1,056  
Total liabilities assumed206,028  
Total identifiable net assets448,428  
Gain on bargain purchase(55,140) 
Total consideration transferred$393,288  
Business Acquisition, Pro Forma Information
The following unaudited pro forma information presents the combined financial results for the Company and Tulip as if the acquisition had been completed at the beginning of 2019.
Three Months Ended
March 29, 2020March 31, 2019
(In thousands, except per share amounts)
Net sales$3,074,928  $3,066,174  
Net income attributable to Pilgrim's68,513  103,736  
Net income attributable to Pilgrim's per common share - diluted0.27  0.42