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Acquisition (Tables) | 12 Months Ended
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Dec. 29, 2018
Business Combinations [Abstract] |
Schedule of Business Acquisitions | The following unaudited consolidated pro forma information presents consolidated information as if the acquisition had occurred on January 1, 2017:
|  | Pro forma
(In thousands, except per share data) |  | Fiscal 2018 |  | Fiscal 2017
Net sales |  | $ | 3,262,433 |  |  | $ | 3,235,923 |
Net income (loss) |  | (18,129 | ) |  | 32,690 |
Earnings (loss) per common share: |  |  |  |
Basic |  | $ | (1.83 | ) |  | $ | 3.61 |
Diluted |  | (1.83 | ) |  | 3.54 |
The purchase price of Cedar Creek consisted of the following items:
|  | (In thousands)
Consideration paid to shareholders and amounts paid to creditors: |  |
Payments to Cedar Creek shareholders[1] |  | $ | 166,447 |  |
Subordinated unsecured note (due to shareholder)[2] |  |  | 13,743 |  |
Seller’s transaction costs paid by Company |  |  | 7,349 |  |
Add: pay off of Cedar Creek debt[3] |  |  | 174,213 |  |
Total preliminary cash purchase price |  | $ | 361,752 |  |
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[1] | Payments to Cedar Creek’s shareholders include the purchase of common stock and certain escrow adjustments.
[2] | The Cedar Creek note payable to a shareholder of $13.7 million was paid in full upon the acquisition of Cedar Creek and included $10 million in subordinated debt and $3.7 million in accrued interest.
[3] | To finance the acquisition of Cedar Creek, the Company amended and restated its Revolving Credit Facility to increase the availability thereunder to $600.0 million and also entered into a new $180.0 million senior secured Term Loan Facility (See Note 9).
The following table summarizes the values of the assets acquired and liabilities assumed at the date of the acquisition:
(In thousands) | Preliminary Allocation as of December 29, 2018
Cash and net working capital assets (excluding inventory) | $ | 88,318 |
Inventory | 159,227 |
Property and equipment | 71,203 |
Other, net | (1,395 | )
Intangible assets and goodwill: |
Customer relationships | 25,500 |
Non-compete agreements | 8,254 |
Trade names | 6,826 |
Favorable leasehold interests | 800 |
Goodwill | 47,772 |
Capital leases and other liabilities | (44,753 | )
Cash purchase price | $ | 361,752 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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