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ACQUISITIONS (Tables) | 12 Months Ended
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Jul. 01, 2017
Business Combinations [Abstract] |
Summary of purchase price | 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, no ne 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 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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