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BUSINESS ACQUISITION (Tables) | 6 Months Ended
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Jun. 28, 2020
Business Combinations [Abstract] |
Fair Values for Assets Acquired and Liabilities Assumed | The assets acquired and liabilities assumed in the Tulip acquisition were measured at their fair values as of October 15, 2019 as set forth below. The excess of the fair values of the net tangible assets and identifiable intangible assets over the purchase price was recorded as gain on bargain purchase in the Company’s U.K. and Europe reportable segment. The fair values recorded were determined based upon various external and internal valuations. The fair values recorded for the assets acquired and liabilities assumed for Tulip are as follows (in thousands):
Cash and cash equivalents | $ | 6,854 |
Trade accounts and other receivables | 146,423 |
Inventories | 104,211 |
Prepaid expenses and other current assets | 6,579 |
Operating lease assets | 5,613 |
Property, plant and equipment | 329,711 |
Identified intangible assets | 40,418 |
Other assets | 14,647 |
Total assets acquired | 654,456 |
Accounts payable | 110,296 |
Other current liabilities | 55,830 |
Operating lease liabilities | 5,613 |
Deferred tax liabilities | 14,798 |
Pension obligations | 18,435 |
Other long-term liabilities | 1,056 |
Total liabilities assumed | 206,028 |
Total identifiable net assets | 448,428 |
Gain on bargain purchase | (55,140) |
Total consideration transferred | $ | 393,288 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma information presents the combined financial results for the Company and Tulip as if the acquisition had been completed at the beginning of 2019.
| Six Months Ended |  |
| June 28, 2020 |  | June 30, 2019
| (In thousands, except per share amounts) |  |
Net sales | $ | 5,898,951 |  |  | $ | 6,246,429 |
Net income attributable to Pilgrim's | 62,425 |  |  | 253,230 |
Net income attributable to Pilgrim's per common share - diluted | 0.25 |  |  | 1.01 |

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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 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=121647850&loc=d3e4845-128472 + Details
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