Acquisitions (Tables)

9 Months Ended

Apr. 01, 2017

Total consideration has been determined to be as follows (in thousands):



Cash consideration paid, net of cash acquired	$	626,442
Payment for Brakes outstanding financial debt	2,284,100
Total consideration paid, net of cash acquired	$	2,910,542

Schedule of purchase price allocation

The purchase price was allocated based on the company’s preliminary estimated fair value of the assets acquired and liabilities assumed, as follows (in thousands):



	Preliminary Purchase Price Allocation
Accounts receivable	$	720,053
Inventory	248,031
Plant and equipment	595,321
Other assets	10,002
Goodwill and other intangibles ⁽¹⁾	2,796,470
Total assets	4,369,877
Accounts payable	(736,881		)
Accrued expenses	(242,743		)
Deferred tax liabilities	(201,777		)
Other liabilities	(277,934		)
Total consideration, net of cash acquired	$	2,910,542

⁽¹⁾

The excess purchase price of $1.8 billion was assigned to goodwill, none of which is deductible for income tax purposes. This goodwill has been assigned to the International Foodservice Operations reportable segment. Intangible assets added include customer relationships of $897.8 million with a weighted average life of 12 years and trademarks and trade names of $140.6 million that are indefinite lived assets. Amortization expense is recognized on a straight line basis and was $56.6 million for the first 39 weeks of fiscal 2017.

Schedule of pro forma information

The following table presents the company’s pro forma consolidated sales, earnings before income taxes, and net earnings for the third quarter and 39 week period ended March 26, 2016. The unaudited pro forma results include the historical statements of operations information of the company and of Brakes Group, giving effect to the Acquisition and related financing as if they had occurred at the beginning of each period presented (in thousands, except per share data).



	13-Week Period Ended		39-Week Period Ended
	Mar. 26, 2016		Mar. 26, 2016
Sales	$	13,291,621	$	41,029,626
Income before taxes	284,869		958,893
Net earnings	185,165		626,717

Net earnings:
Basic earnings per common share	$	0.33	$	1.09
Diluted earnings per common share	0.32		1.08