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ACQUISITIONS (Tables) | 12 Months Ended
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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.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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