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Segment Reporting
 9 Months Ended
Oct. 05, 2013
Segment Reporting

15. SEGMENT REPORTING

The company’s DSD segment produces fresh and frozen packaged bread, rolls, and snack products and the warehouse segment produces frozen bread, rolls, tortillas and snack products. The company evaluates each segment’s performance based on income or loss before interest and income taxes, excluding unallocated expenses and charges which the company’s management deems to be an overall corporate cost or a cost not reflective of the segments’ core operating businesses. Information regarding the operations in these reportable segments is as follows (amounts in thousands):

 

     For the
Twelve Weeks Ended		     For the
Forty Weeks Ended		  
     October 5, 2013     October 6, 2012     October 5, 2013     October 6, 2012  

SALES:

         

DSD segment

    $ 745,964      $ 601,360      $ 2,448,131      $ 1,918,617   

Warehouse segment

      178,051        149,723        618,516        487,551   

Eliminations: Sales from warehouse delivery to DSD

      (29,390 )      (24,691 )      (103,766 )      (84,459 ) 

Sales from DSD to warehouse delivery

      (16,133 )      (9,110 )      (55,426 )      (24,660 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 878,492      $ 717,282      $ 2,907,455      $ 2,297,049   
  

 

 

    

 

 

    

 

 

    

 

 

  

DEPRECIATION AND AMORTIZATION:

         

DSD segment

    $ 25,754      $ 20,716      $ 76,178      $ 62,684   

Warehouse segment

      3,923        4,067        13,120        14,140   

Unallocated corporate costs

      160        (26 )      471        (73 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 29,837      $ 24,757      $ 89,769      $ 76,751   
  

 

 

    

 

 

    

 

 

    

 

 

  

INCOME FROM OPERATIONS:

         

DSD segment

    $ 63,550      $ 58,571      $ 291,231      $ 173,962   

Warehouse segment

      7,074        7,566        40,892        23,480   

Unallocated corporate costs (1)

      (17,296 )      (13,446 )      (53,990 )      (38,117 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 53,328      $ 52,691      $ 278,133      $ 159,325   
  

 

 

    

 

 

    

 

 

    

 

 

  

NET INTEREST EXPENSE

    $ (3,171 )    $ (3,568 )    $ (10,426 )    $ (6,527 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

INCOME BEFORE INCOME TAXES

    $ 50,157      $ 49,123      $ 267,707      $ 152,798   
  

 

 

    

 

 

    

 

 

    

 

 

  

The assets by segment as of October 5, 2013 and December 29, 2012 were as follows (amounts in thousands):

 

     As of  
     October 5, 2013      December 29, 2012  

Assets:

      

DSD segment(3)

    $ 2,154,660       $ 1,638,826   

Warehouse segment(3)

      242,912         245,195   

Other(2)

      103,844         111,828   
  

 

 

     

 

 

  
   $ 2,501,416       $ 1,995,849   
  

 

 

     

 

 

  

 

(1) Represents the company’s corporate head office amounts and acquisition costs.
(2) Represents the company’s corporate head office assets including primarily cash and cash equivalents, debt, deferred taxes, and deferred financing costs.
(3) The trade accounts receivable associated with the securitization facility are presented in the segment where the sales originated.

 

Sales by product category in each reportable segment are as follows (amounts in thousands):

 

     For the Twelve Weeks Ended
October 5, 2013		      For the Twelve Weeks Ended
October 6, 2012		  
     DSD      Warehouse delivery      Total      DSD      Warehouse delivery      Total  

Branded Retail

    $ 450,680       $ 32,609       $ 483,289       $ 351,937       $ 21,749       $ 373,686   

Store Branded Retail

      118,967         30,026         148,993         104,366         26,828         131,194   

Non-retail and Other

      160,184         86,026         246,210         135,947         76,455         212,402   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 729,831       $ 148,661       $ 878,492       $ 592,250       $ 125,032       $ 717,282   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     For the Forty Weeks Ended
October 5, 2013		      For the Forty Weeks Ended
October 6, 2012		  
     DSD      Warehouse delivery      Total      DSD      Warehouse delivery      Total  

Branded Retail

    $ 1,472,357       $ 113,653       $ 1,586,010       $ 1,122,460       $ 74,994       $ 1,197,454   

Store Branded Retail

      389,672         112,065         501,737         320,228         91,015         411,243   

Non-retail and Other

      530,676         289,032         819,708         451,269         237,083         688,352   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 2,392,705       $ 514,750       $ 2,907,455       $ 1,893,957       $ 403,092       $ 2,297,049