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Segment Reporting | 9 Months Ended
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Oct. 07, 2017
Segment Reporting [Abstract] |
Segment Reporting | 17. SEGMENT REPORTING The company currently operates two business segments: the DSD Segment and the Warehouse Segment. The DSD Segment produces a wide variety of fresh bakery foods, including fresh breads, buns, rolls, tortillas, and snack cakes, which are sold through a DSD route delivery system to retail and foodservice customers in the East, South, Southwest, California, and select markets in the Midwest, Pacific Northwest, Nevada and Colorado. The Warehouse Segment produces snack cakes, breads and rolls for national retail, foodservice, vending, and co-pack customers and delivers through customers’ warehouse channels. 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 segment’s 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 7, 2017 |  |  | October 8, 2016 |  |  | October 7, 2017 |  |  | October 8, 2016 |
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DSD Segment |  | $ | 803,153 |  |  | $ | 784,768 |  |  | $ | 2,628,365 |  |  | $ | 2,603,006 |
Warehouse Segment |  |  | 185,219 |  |  |  | 182,706 |  |  |  | 596,740 |  |  |  | 615,798 |
Eliminations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales from Warehouse Segment to DSD Segment |  |  | (39,652 | ) |  |  | (32,835 | ) |  |  | (129,637 | ) |  |  | (111,320 | )
Sales from DSD Segment to Warehouse Segment |  |  | (15,898 | ) |  |  | (15,848 | ) |  |  | (48,358 | ) |  |  | (49,316 | )
|  | $ | 932,822 |  |  | $ | 918,791 |  |  | $ | 3,047,110 |  |  | $ | 3,058,168 |
Gain on divestiture: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warehouse Segment |  | $ | — |  |  | $ | — |  |  | $ | 28,875 |  |  | $ | — |
|  | $ | — |  |  | $ | — |  |  | $ | 28,875 |  |  | $ | — |
Multi-employer pension plan withdrawal costs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DSD Segment |  | $ | 18,268 |  |  | $ | — |  |  | $ | 18,268 |  |  | $ | — |
|  | $ | 18,268 |  |  | $ | — |  |  | $ | 18,268 |  |  | $ | — |
Restructuring and related impairment charges: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DSD Segment |  | $ | 76,625 |  |  | $ | — |  |  | $ | 76,625 |  |  | $ | — |
Warehouse Segment |  |  | 20,091 |  |  |  | — |  |  |  | 20,091 |  |  |  | — |
Unallocated corporate costs |  |  | 3,833 |  |  |  | — |  |  |  | 3,833 |  |  |  | — |
|  | $ | 100,549 |  |  | $ | — |  |  | $ | 100,549 |  |  | $ | — |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DSD Segment |  | $ | 28,286 |  |  | $ | 27,852 |  |  | $ | 98,703 |  |  | $ | 92,906 |
Warehouse Segment |  |  | 4,769 |  |  |  | 4,585 |  |  |  | 15,841 |  |  |  | 15,462 |
Unallocated corporate costs(1) |  |  | (83 | ) |  |  | 93 |  |  |  | (256 | ) |  |  | 227 |
|  | $ | 32,972 |  |  | $ | 32,530 |  |  | $ | 114,288 |  |  | $ | 108,595 |
Income (loss) from operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
DSD Segment |  | $ | (20,239 | ) |  | $ | 66,331 |  |  | $ | 146,719 |  |  | $ | 238,415 |
Warehouse Segment |  |  | (9,082 | ) |  |  | 12,311 |  |  |  | 47,202 |  |  |  | 46,762 |
Unallocated corporate costs(2) |  |  | (24,445 | ) |  |  | (12,511 | ) |  |  | (77,396 | ) |  |  | (42,455 | )
|  | $ | (53,766 | ) |  | $ | 66,131 |  |  | $ | 116,525 |  |  | $ | 242,722 |
Interest expense |  | $ | (8,194 | ) |  | $ | (9,440 | ) |  | $ | (28,255 | ) |  | $ | (26,157 | )
Interest income |  | $ | 5,464 |  |  | $ | 4,757 |  |  | $ | 17,199 |  |  | $ | 15,686 |
Income (loss) before income taxes |  | $ | (56,496 | ) |  | $ | 61,448 |  |  | $ | 105,469 |  |  | $ | 232,251 |
The table below presents the assets by segment (amounts in thousands):
Assets: | October 7, 2017 |  |  | December 31, 2016 |
DSD Segment | $ | 2,281,198 |  |  | $ | 2,344,616 |
Warehouse Segment |  | 303,756 |  |  |  | 330,006 |
Other (3) |  | 97,725 |  |  |  | 86,446 |
Total assets | $ | 2,682,679 |  |  | $ | 2,761,068 |
(1) | Represents costs allocated to the company’s corporate head office.
(2) | Represents costs allocated to the company’s corporate head office and pension settlement losses.
(3) | Represents the company’s corporate head office assets including primarily cash and cash equivalents and deferred taxes.
Sales by product category in each reportable segment are as follows for the twelve and forty weeks ended October 7, 2017 and October 8, 2016, respectively (amounts in thousands):
|  | For the Twelve Weeks Ended |  |  | For the Twelve Weeks Ended |
|  | October 7, 2017 |  |  | October 8, 2016 |
|  | DSD Segment |  |  | Warehouse Segment |  |  | Total |  |  | DSD Segment |  |  | Warehouse Segment |  |  | Total |
Branded retail |  | $ | 514,556 |  |  | $ | 36,242 |  |  | $ | 550,798 |  |  | $ | 496,361 |  |  | $ | 38,366 |  |  | $ | 534,727 |
Store branded retail |  |  | 110,822 |  |  |  | 27,790 |  |  |  | 138,612 |  |  |  | 110,625 |  |  |  | 26,476 |  |  |  | 137,101 |
Non-retail and other |  |  | 161,877 |  |  |  | 81,535 |  |  |  | 243,412 |  |  |  | 161,934 |  |  |  | 85,029 |  |  |  | 246,963 |
Total |  | $ | 787,255 |  |  | $ | 145,567 |  |  | $ | 932,822 |  |  | $ | 768,920 |  |  | $ | 149,871 |  |  | $ | 918,791 |
|  | For the Forty Weeks Ended |  |  | For the Forty Weeks Ended |
|  | October 7, 2017 |  |  | October 8, 2016 |
|  | DSD Segment |  |  | Warehouse Segment |  |  | Total |  |  | DSD Segment |  |  | Warehouse Segment |  |  | Total |
Branded retail |  | $ | 1,675,246 |  |  | $ | 117,623 |  |  | $ | 1,792,869 |  |  | $ | 1,646,840 |  |  | $ | 137,908 |  |  | $ | 1,784,748 |
Store branded retail |  |  | 368,265 |  |  |  | 86,788 |  |  |  | 455,053 |  |  |  | 360,102 |  |  |  | 94,023 |  |  |  | 454,125 |
Non-retail and other |  |  | 536,496 |  |  |  | 262,692 |  |  |  | 799,188 |  |  |  | 546,748 |  |  |  | 272,547 |  |  |  | 819,295 |
Total |  | $ | 2,580,007 |  |  | $ | 467,103 |  |  | $ | 3,047,110 |  |  | $ | 2,553,690 |  |  | $ | 504,478 |  |  | $ | 3,058,168 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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