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Acquisition | 12 Months Ended
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Jun. 30, 2016
Business Combinations [Abstract] |
Acquisition | Acquisition On March 13, 2015, we acquired all of the issued and outstanding capital stock of Flatout Holdings, Inc. (“Flatout”), a privately owned manufacturer and marketer of flatbread wraps and pizza crusts based in Saline, Michigan. The purchase price, net of cash acquired, was $92.2 million and was funded by cash on hand. The purchase price was subject to a net working capital adjustment, which was settled in July 2015. Flatout is reported in our Specialty Foods segment, and its results of operations have been included in our consolidated financial statements from the date of acquisition. The following purchase price allocation was based on the fair value of the net assets acquired:
Balance Sheet Captions | Allocation |
Receivables | $ | 2,479 |
Inventories | 3,749 |
Other current assets | 212 |
Property, plant and equipment | 6,937 |
Goodwill (not tax deductible) | 53,948 |
Other intangible assets | 44,000 |
Current liabilities | (2,445 | )
Deferred tax liabilities | (16,651 | )
Net assets acquired | $ | 92,229 |
The goodwill recognized above arose because the purchase price for Flatout reflected a number of factors including the future earnings and cash flow potential of Flatout and the avoidance of the time and costs which would be required (and the associated risks that would be encountered) to enhance our existing product offerings and enter the supermarket deli department. Goodwill also resulted from the workforce acquired with Flatout, as well as the impact of deferred tax liabilities established on the acquired assets. We determined the values and lives of the other intangible assets listed in the allocation above as: $34.5 million for the tradename with a 30-year life; $5.0 million for the customer relationships with a 10-year life; $3.9 million for the technology / know-how with a 10-year life and $0.6 million for the non-compete agreements with a 5-year life. Pro forma results of operations have not been presented herein as the acquisition was not considered material to our 2015 results of operations.

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References No definition available. + Details
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