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BUSINESS ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 30, 2018
Business Combinations [Abstract] |
Pro Forma Information | The following unaudited pro forma information presents the combined financial results for the Company, Moy Park and GNP as if the acquisitions had been completed at the beginning of 2016.
| 2018 |  | 2017 |  | 2016
| (In thousands, except per share amounts)
Net sales | $ | 10,937,784 |  |  | $ | 10,773,662 |  |  | $ | 10,311,325 |
Net income attributable to Pilgrim's Pride Corporation | 236,026 |  |  | 664,776 |  |  | 388,188 |
Net income attributable to Pilgrim's Pride Corporation per common share - diluted | 0.95 |  |  | 2.67 |  |  | 1.53 |
The following table summarizes the results of operations of Moy Park since the September 30, 2015 common-control date:
| Net Sales |  | Net Income
| (In thousands)
2018 | $ | 2,148,666 |  |  | $ | 52,072 |
September 8, 2017 through December 31, 2017 | 722,387 |  |  | 34,039 |
December 26, 2016 through September 7, 2017 | 1,273,932 |  |  | 23,486 |
2016 | 1,947,441 |  |  | 40,388 |
2015 | 572,568 |  |  | 17,010 |
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 |
Fair Values for 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 | 144,138 |
Identifiable intangible assets | 131,120 |
Other long-lived assets | 829 |
Total assets acquired | 354,423 |
Accounts payable | 23,848 |
Other current liabilities | 11,866 |
Other long-term liabilities | 3,393 |
Total liabilities assumed | 39,107 |
Total identifiable net assets | 315,316 |
Goodwill | 41,936 |
Total net assets | $ | 357,252 |
Acquired Finite-Lived Intangible Assets | The Company recognized certain identifiable intangible assets as of January 6, 2017 due to this acquisition. The following table presents the fair values and useful lives, where applicable, of these assets:
| Fair Value |  | Useful Life
| (In thousands) |  | (In years)
Customer relationships | $ | 92,900 |  |  | 13.0
Trade names | 38,200 |  |  | 20.0
Non-compete agreement | 20 |  |  | 3.0
Total fair value | $ | 131,120 |  |  |
Weighted average useful life |  |  | 15.2

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + 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://fasb.org/us-gaap/role/ref/legacyRef -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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