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BUSINESS ACQUISITION (Tables) | 3 Months Ended
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Mar. 26, 2017
Business Combinations [Abstract] |
Schedule of Business Acquisitions, Consideration Paid | The following table summarizes the consideration paid for GNP (in thousands):
Negotiated sales price | $ | 350,000 |
Working capital adjustment | 7,252 |
Preliminary purchase price | $ | 357,252 |
Schedule of Business Acquisitions, Fair Values of Assets Acquired and Liabilities Assumed | The fair values recorded for the assets acquired and liabilities assumed for GNP are as follows (in thousands):
Cash and cash equivalents | $ | 10 |
Trade accounts and other receivables | 18,453 |
Inventories | 56,459 |
Prepaid expenses and other current assets | 3,414 |
Property, plant and equipment | 135,259 |
Identifiable intangible assets | 85,610 |
Other long-lived assets | 829 |
Total assets acquired | 300,034 |
Accounts payable | 23,848 |
Other current liabilities | 12,712 |
Long-term deferred tax liabilities | — |
Other long-term liabilities | 3,393 |
Total liabilities assumed | 39,953 |
Total identifiable net assets | 260,081 |
Goodwill | 97,171 |
Total net assets | $ | 357,252 |
Fair Values and Useful Lives of Intangible Assets Acquired | The following table presents the fair values (in thousands) and useful lives (in years), where applicable, of these assets:
| Fair Value |  | Useful Life
Assets subject to amortization: |  |  |
Customer relationships | $ | 16,360 |  |  | 10.0
Non-compete agreement | 510 |  |  | 3.0
Total fair value | 16,870 |  |  |
Weighted average useful life |  |  | 9.8
Assets not subject to amortization: |  |  |
Trade names | 68,740 |  |  |
Total fair value | $ | 85,610 |  |  |
Schedule of Business Acquisitions, Goodwill | The Company recognized the following change in goodwill due to this acquisition during the thirteen weeks ended March 26, 2017 (in thousands):
Balance, beginning of period | $ | 125,607 |
Preliminary purchase price attributed to goodwill | 97,171 |
Balance, end of period | $ | 222,778 |
Schedule of Business Acquisitions, Pro Forma Information | The following unaudited pro forma information presents the combined financial results for the Company and GNP as if the acquisition had been completed at the beginning of the Company’s prior year, December 28, 2015.
| Thirteen Weeks Ended March 26, 2017 |  | Thirteen Weeks Ended March 27, 2016
| (In thousands, except per share amount)
Net sales | $ | 2,026,290 |  |  | $ | 2,069,103 |
Net income attributable to Pilgrim's Pride Corporation | 92,599 |  |  | 116,096 |
Net income attributable to Pilgrim's Pride Corporation per common share - diluted | 0.37 |  |  | 0.46 |

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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=65885119&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=65885119&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=73530397&loc=d3e4845-128472 + Details
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