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BUSINESS ACQUISITION (Tables)
 9 Months Ended
Sep. 27, 2020
Business Combinations [Abstract]  
Fair Values for Assets Acquired and Liabilities Assumed The assets acquired and liabilities assumed in the 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 PPL 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 liabilities16,804 
Pension obligations18,435 
Other long-term liabilities1,056 
Total liabilities assumed208,034 
Total identifiable net assets446,422 
Gain on bargain purchase(53,134)
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 PPL as if the acquisition had been completed at the beginning of 2019.
Nine Months Ended
September 27, 2020September 29, 2019
(In thousands, except per share amounts)
Net sales$8,972,602 $9,348,098 
Net income attributable to Pilgrim's97,150 341,501 
Net income attributable to Pilgrim's per common share - diluted0.39 1.37