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Acquisitions | 6 Months Ended
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Jun. 29, 2019
Business Combinations [Abstract] |
Acquisitions | Acquisitions Bras N Things On February 12, 2018, the Company acquired 100% of the outstanding equity of BNT Holdco Pty Limited (“Bras N Things”) for a total purchase price of A$498,236 (U.S.$391,572). During 2018, due to the final working capital adjustment, the purchase consideration was reduced by A$3,012 (U.S.$2,367), ultimately resulting in a revised purchase price of A$495,224 (U.S.$389,205), which included a cash payment of A$428,956 (U.S.$337,123), an indemnification escrow of A$31,988 (U.S.$25,140) and debt assumed of A$34,280 (U.S.$26,942). U.S. dollar equivalents are based on acquisition date exchange rates. The Company funded the acquisition with a combination of short-term borrowings under its existing revolving loan facility (the “Revolving Loan Facility”) and cash on hand. The indemnification escrow is held in a retention account for a period of 18 months after the date of the acquisition to secure indemnification claims or other obligations of the sellers under the purchase agreement. The remaining balance of the indemnification escrow, including interest earned, if any, will be paid to the sellers at the end of the 18 month period. The indemnification escrow, held in one of the Company’s bank accounts, is recognized and classified as restricted cash, with the balance as of June 29, 2019 included in the “Other current assets” line of the Condensed Consolidated Balance Sheet. The acquired assets and liabilities as of the date of acquisition include the following:
Cash and cash equivalents | $ | 2,765 |
Accounts receivable, net | 197 |
Inventories | 9,610 |
Other current assets | 1,637 |
Property, net | 11,764 |
Trademarks and other identifiable intangibles | 278,214 |
Deferred tax assets and other noncurrent assets | 2,318 |
Total assets acquired | 306,505 |
Accounts payable | 4,929 |
Accrued liabilities and other | 16,339 |
Deferred tax liabilities and other noncurrent liabilities | 7,864 |
Total liabilities assumed | 29,132 |
Net assets acquired | 277,373 |
Goodwill | 111,832 |
Total purchase price | $ | 389,205 |
Total purchase price of the Bras N Things acquisition consisted of the following components:
Cash consideration paid | $ | 337,123 |
Indemnification escrow asset | 25,140 |
Debt assumed | 26,942 |
Total purchase price | $ | 389,205 |
Since February 12, 2018, goodwill related to the Bras N Things acquisition decreased by $792 as a result of measurement period adjustments, primarily related to working capital adjustments. The purchase price allocation was finalized in the first quarter of 2019. Unaudited pro forma results of operations for the Company are presented below for the quarter and six months ended June 30, 2018, assuming that the acquisition of Bras N Things had occurred on January 1, 2017.
| Quarter Ended |  | Six Months Ended
| June 30, 2018 |  | June 30, 2018
Net sales | $ | 1,715,443 |  |  | $ | 3,205,007 |
Net income | 141,395 |  |  | 223,586 |
Earnings per share: |  |  |
Basic | $ | 0.39 |  |  | $ | 0.62 |
Diluted | 0.39 |  |  | 0.62 |

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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