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Subsequent Events | 6 Months Ended
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Jul. 11, 2020
Subsequent Events [Abstract] |
Subsequent Events | 19. SUBSEQUENT EVENTS The company has evaluated subsequent events since July 11, 2020, the date of these financial statements. We believe there were no material events or transactions discovered during this evaluation that require recognition or disclosure in the financial statements other than the item discussed below. On July 17, 2020, the company implemented organizational structure changes designed to increase focus on brand growth, product innovation, and improving our cake business. Actions taken include consolidating of the company’s Fresh Packaged Bread business unit and Specialty/Snacking business unit into a single function responsible for all brands, establishing a stand-alone innovation function, creating a new position to focus exclusively on improving cake plant operations, and repositioning the foodservice business from the Snacking/Specialty BU to the sales function. The company has eliminated approximately 250 positions across different departments and job levels to better balance the resources required to support the company’s business. A few eliminated positions were included in a VSIP that resulted in the recognition of $1.3 million of expenses during the second quarter of fiscal 2020. The remaining eliminated positions are a reduction in force that will be recognized in the company’s third quarter of fiscal 2020 and is expected to be between approximately $6.8 million and $7.2 million. We anticipate additional costs as the new structure is implemented but, the additional costs cannot be reasonably estimated at this time. The company anticipates remaining a single operating segment for financial reporting purposes as we move to the new organization structure.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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