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Business Combinations
6 Months Ended
Dec. 30, 2017
Business Combinations [Abstract]  
Business Combinations
4. Business Combinations

During the first six months of fiscal 2018, the Company paid cash of $64.9 million for an acquisition and during the first six months of fiscal 2017, the Company paid cash of $82.8 million for four acquisitions. These acquisitions did not materially affect the Company’s results of operations.

The following table summarizes the preliminary purchase price allocation for each major class of assets acquired and liabilities assumed for the fiscal 2018 acquisition.

 

(In millions)

   Fiscal 2018  

Net working capital

   $ 21.4  

Goodwill

     21.1  

Other intangible assets

     20.6  

Property, plant and equipment

     1.8  
  

 

 

 

Total purchase price

   $ 64.9  
  

 

 

 

The goodwill is a result of expected synergies from combined operations of the acquisition and the Company. The following table presents the changes in the carrying amount of goodwill:

 

(In millions)

   Performance
Foodservice
     PFG
Customized
     Vistar      Corporate
and Other
     Total  

Balance as of July 1, 2017

   $ 428.2      $ 166.5      $ 64.9      $ 59.0      $ 718.6  

Acquisitions - current year

     —          —          21.1        —          21.1  

Adjustments related to prior year acquisitions

     0.1        —          —          0.3        0.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Balance as of December 30, 2017

   $ 428.3      $ 166.5      $ 86.0      $ 59.3      $ 740.1  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

The adjustments related to prior year acquisitions are the result of net working capital adjustments.

Subsequent to December 30, 2017, the Company paid $6.6 million for an acquisition. The Company is in the process of determining the fair values of the assets acquired and liabilities assumed.