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Acquisition (Tables) | 6 Months Ended
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Jun. 29, 2019
Business Combinations [Abstract] |
Pro Forma Information | 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 cash purchase price |  | $ | 361,752 |  |
_____________
[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 capacity thereunder to $600.0 million and also entered into a new $180.0 million senior secured Term Loan Facility (See Note 6).
The following table summarizes the values of the assets acquired and liabilities assumed at the date of the acquisition:
(In thousands) | 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 |
Finance leases and other liabilities |  | (44,753 | )
Cash purchase price | $ | 361,752 |
The following unaudited consolidated pro forma information presents consolidated information as if the acquisition had occurred on January 1, 2017:
|  | Pro forma
|  | Three Months Ended |  | Six Months Ended
(In thousands, except per share data) |  | June 29, 2019 |  | June 30, 2018 |  | June 29, 2019 |  | June 30, 2018
Net sales |  | $ | 706,448 |  |  | $ | 948,555 |  |  | $ | 1,345,149 |  |  | $ | 1,732,822 |
Net income (loss) |  | 9,425 |  |  | 9,180 |  |  | 6,118 |  |  | (1,439 | )
Earnings (loss) per common share: |  |  |  |  |  |  |  |
Basic |  | $ | 1.01 |  |  | $ | 1.00 |  |  | $ | 0.65 |  |  | $ | (0.16 | )
Diluted |  | 1.00 |  |  | 0.98 |  |  | 0.65 |  |  | (0.16 | )

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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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