XML 24 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Business Acquisitions
6 Months Ended
Jul. 02, 2016
Business Combinations [Abstract]  
Business Acquisitions
3. BUSINESS ACQUISITIONS

Business acquisitions during the 26-weeks ended July 2, 2016 included the stock of Freshway Foods, a produce processor, repacker, and distributor company, and certain assets of Cara Donna, a broadline distributor. Total consideration consisted of cash of approximately $96 million, plus $6 million for the estimated value of contingent consideration. On December 31, 2015, the Company purchased Dierks Waukesha Wholesale Foods, Inc., a broadline distributor for cash of $69 million. The acquisitions, made in order to expand the Company’s presence in certain geographic areas, are integrated into the Company’s foodservice distribution network and were funded with cash from operations.

In March 2016, approximately $1 million was received as a purchase price adjustment related to the 2015 business acquisition resulting in minimal decreases to Property and equipment- net and Goodwill.

The following table summarizes the purchase price allocations for the 2016 and 2015 business acquisitions (in thousands):

 

     2016      2015  

Accounts receivable

     17,180         6,724   

Inventories

     6,922         7,022   

Other current assets

     474         702   

Property and equipment

     21,389         7,200   

Goodwill

     22,733         40,242   

Other intangible assets

     49,100         21,200   

Accounts payable

     (12,263      (3,290

Accrued expenses and other current liabilities

     (7,365      (1,554

Long-term debt

     (2,514      —     

Deferred income taxes

     —           (8,765
  

 

 

    

 

 

 

Cash paid for acquisitions

   $ 95,656       $ 69,481   
  

 

 

    

 

 

 

The 2016 and 2015 acquisitions did not materially affect the Company’s results of operations or financial position and, therefore, pro forma financial information has not been provided.