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Business Acquisitions Business Acquisitions (Tables)
3 Months Ended
Mar. 28, 2020
Business Combinations [Abstract]  
Purchase Price Allocation
 
 
Preliminary Purchase Price Allocation
Accounts receivable
 
$
145

Inventories
 
165

Assets of discontinued operations
 
133

Other current assets
 
7

Property and equipment
 
209

Goodwill(1)
 
761

Other intangibles(2)
 
695

Other assets
 
47

Accounts payable
 
(200
)
Accrued expenses and other current liabilities
 
(69
)
Liabilities of discontinued operations
 
(19
)
Other long-term liabilities, including financing leases
 
(42
)
Cash paid for acquisition
 
$
1,832

    
(1)
Goodwill recognized is primarily attributable to expected synergies from the combined company, as well as intangible assets that do not qualify for separate recognition. The acquired goodwill is deductible for U.S. federal income tax purposes.
(2)
Other intangibles consist of customer relationships of $656 million with estimated useful lives of 15 years and indefinite-lived brand names and trademarks of $39 million.
Pro Forma Information
The following table presents the Company’s unaudited pro forma consolidated net sales, net income and earnings per share (“EPS”) for the 13 weeks ended March 30, 2019. The unaudited pro forma financial information includes the historical results of operations of the Company and the Food Group, giving effect to the acquisition and related financing as if they had occurred as of December 31, 2017, which was the first day of the Company’s fiscal year 2018.
 
 
13 Weeks Ended
 
 
March 30, 2019
Pro forma net sales
 
$
6,702

Pro forma net income
 
$
63

Pro forma net income per share:
 
 
Basic
 
$
0.29

Diluted
 
$
0.28


Divested Entities Pro Forma Information
The unaudited pro forma financial information presented above excludes the results of operations related to the Divested Assets, as the results of operations related to the Divested Assets were reflected as discontinued operations. Unaudited pro forma net sales, net income and net income per share related to the Divested Assets for the 13 weeks ended March 30, 2019 were as follows:
 
 
13 Weeks Ended
 
 
March 30, 2019
Pro forma net sales
 
$
123

Pro forma net income
 
$
1

Pro forma net income per share:
 
 
Basic
 
$

Diluted
 
$