XML 82 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
SEGMENT REPORTING
 6 Months Ended
Jul. 12, 2014
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 and rolls and snack products. Effective the first day of fiscal 2014, we reclassified our tortilla operation from a warehouse segment bakery to the DSD segment. This reclassification was made to better align their sales with the delivery method primarily used to serve their customers. All prior period information has been recasted to reflect this change. 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 (including recasting the prior year for the reclassified bakery) is as follows (amounts in thousands):

 

     For the
Twelve Weeks Ended		     For the
Twenty-Eight Weeks Ended		  
     July 12, 2014     July 13, 2013     July 12, 2014     July 13, 2013  

SALES:

         

DSD segment

    $ 759,249      $ 764,638      $ 1,755,117      $ 1,711,068   

Warehouse segment

      168,376        186,205        398,671        432,956   

Eliminations: Sales from warehouse delivery to DSD

      (31,949 )      (28,761 )      (71,449 )      (67,464 ) 

Sales from DSD segment to warehouse delivery segment

      (18,298 )      (23,929 )      (45,201 )      (47,597 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 877,378      $ 898,153      $ 2,037,138      $ 2,028,963   
  

 

 

    

 

 

    

 

 

    

 

 

  

DEPRECIATION AND AMORTIZATION:

         

DSD segment

    $ 26,487      $ 22,082      $ 61,271      $ 51,234   

Warehouse segment

      3,524        3,529        8,180        8,387   

Unallocated corporate costs

      (104 )      132        (252 )      311   
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 29,907      $ 25,743      $ 69,199      $ 59,932   
  

 

 

    

 

 

    

 

 

    

 

 

  

INCOME FROM OPERATIONS:

         

DSD segment

    $ 62,413      $ 75,933      $ 159,195      $ 227,429   

Warehouse segment

      13,460        15,667        27,569        34,070   

Unallocated corporate costs (1)

      (10,492 )      (16,750 )      (23,182 )      (36,694 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
   $ 65,381      $ 74,850      $ 163,582      $ 224,805   
  

 

 

    

 

 

    

 

 

    

 

 

  

INTEREST EXPENSE

    $ (6,494 )    $ (6,191 )    $ (15,618 )    $ (15,010 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

INTEREST INCOME

    $ 4,760      $ 3,491      $ 10,712      $ 7,755   
  

 

 

    

 

 

    

 

 

    

 

 

  

INCOME BEFORE INCOME TAXES

    $ 63,647      $ 72,150      $ 158,676      $ 217,550   
  

 

 

    

 

 

    

 

 

    

 

 

  

 

The assets by segment as of July 12, 2014 and December 28, 2013 were as follows (amounts in thousands):

 

     As of  
     July 12, 2014      December 28, 2013  

Assets:

      

DSD segment

    $ 2,152,236       $ 2,163,606   

Warehouse segment

      209,562         216,194   

Other(2)

      122,289         124,214   
  

 

 

     

 

 

  
   $ 2,484,087       $ 2,504,014   
  

 

 

     

 

 

  

 

(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.

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

 

     For the Twelve Weeks Ended
July 12, 2014		      For the Twelve Weeks Ended
July 13, 2013		  
     DSD Segment      Warehouse Segment      Total      DSD Segment      Warehouse Segment      Total  

Branded Retail

    $ 460,163       $ 30,588       $ 490,751       $ 457,349       $ 34,110       $ 491,459   

Store Branded Retail

      120,772         27,160         147,932         126,817         33,633         160,450   

Non-retail and Other

      160,016         78,679         238,695         156,543         89,701         246,244   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 740,951       $ 136,427       $ 877,378       $ 740,709       $ 157,444       $ 898,153   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     For the Twenty-Eight Weeks Ended
July 12, 2014		      For the Twenty-Eight Weeks Ended
July 13, 2013		  
     DSD Segment      Warehouse Segment      Total      DSD Segment      Warehouse Segment      Total  

Branded Retail

    $ 1,067,606       $ 70,945       $ 1,138,551       $ 1,022,439       $ 80,409       $ 1,102,848   

Store Branded Retail

      268,068         69,230         337,298         271,284         82,360         353,644   

Non-retail and Other

      374,242         187,047         561,289         369,748         202,723         572,471   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

    $ 1,709,916       $ 327,222       $ 2,037,138       $ 1,663,471       $ 365,492       $ 2,028,963