ACQUISITIONS (Tables)

12 Months Ended

Jul. 02, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of recognized identified assets acquired and liabilities assumed

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

	Preliminary Purchase Price Allocation
	(In millions)
Accounts receivable, net	$	72
Inventories	79
Plant and equipment	76
Goodwill and other intangibles (1)	717
Operating lease right-of-use assets	95
Other assets	2
Total assets	1,041
Accounts payable	(73)
Accrued expenses	(18)
Deferred tax liabilities	(35)
Operating lease liabilities	(49)
Other liabilities	(105)
Total consideration	$	761

(1) The excess purchase price of $717.5 million was assigned to goodwill and intangibles, a portion of which is deductible for income tax purposes. Goodwill of $492.0 million has been assigned to the U.S. Foodservice Operations reportable segment. Intangible assets include customer relationships of $116.0 million with a weighted average life of 8 years and trade names of $109.5 million with a weighted average life of 15 years. Amortization expense is being recognized on a straight-line basis and was $20.1 million for fiscal 2022.