ACQUISITIONS (Tables)

12 Months Ended

Jul. 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

Summary of purchase price allocation

The final allocation of the purchase price of the Brakes Group was as follows (in thousands):



	Purchase Price Allocation
Accounts receivable	$	686,776
Inventory	248,031
Plant and equipment	595,388
Other assets	47,217
Goodwill and other intangibles ⁽¹⁾	2,789,065
Total assets	4,366,477
Accounts payable	(707,622		)
Accrued expenses	(474,501		)
Deferred tax liabilities	(197,629		)
Other liabilities	(76,183		)
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 $832.6 million with a weighted average life of 12 years and trademarks and trade names of $141.0 million that are indefinite lived assets. Amortization expense is recognized on a straight line basis and was $76.2 million for 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 fiscal year ended July 2, 2016. The unaudited pro forma results include the historical statements of operations information of the company and of Brakes Group, giving effect to the Brakes Acquisition and related financing as if they had occurred at the beginning of the period presented (in thousands, except per share data).



	Year Ended
	Jul. 2, 2016
Sales	$	55,922,506
Income before taxes	1,441,667
Net earnings	954,888

Net earnings:
Basic earnings per common share	$	1.67
Diluted earnings per common share	1.65