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Assets Held for Sale | 6 Months Ended
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Jul. 17, 2021
Property Plant And Equipment Assets Held For Sale Disclosure [Abstract] |
Assets Held for Sale | 11. ASSETS HELD FOR SALE The company repurchases distribution rights from IDPs in circumstances when the company decides to exit a territory or, in some cases, when the IDP elects to terminate its relationship with the company. In most of the distributor agreements, if the company decides to exit a territory or stop using the independent distribution model in a territory, the company is contractually required to purchase the distribution rights from the IDP. In the event an IDP terminates its relationship with the company, the company, although not legally obligated, may repurchase and operate those distribution rights as a company-owned territory. The IDPs may also sell their distribution rights to another person or entity. Distribution rights purchased from IDPs and operated as company-owned territories are recorded on the Condensed Consolidated Balance Sheets in the line item assets held for sale while the company actively seeks another IDP to purchase the distribution rights for the territory. Distribution rights held for sale and operated by the company are sold to IDPs at fair market value pursuant to the terms of a distributor agreement. There are multiple versions of the distributor agreement in place at any given time and the terms of such distributor agreements vary. Additional assets recorded in assets held for sale are for property, plant and equipment. During the first half of Fiscal 2021, the company sold an office building and certain distribution depots included in assets held for sale at January 2, 2021. The company received net proceeds of $2.1 million and recognized a gain of $0.9 million at the time of sale. During the second quarter of Fiscal 2021, the company acquired $1.6 million of equipment and has classified the equipment as held for sale. The carrying values of assets held for sale are not amortized and are evaluated for impairment as required at the end of the reporting period. The table below presents the assets held for sale as of July 17, 2021 and January 2, 2021, respectively (amounts in thousands):
|  | July 17, 2021 |  |  | January 2, 2021 |
Distributor territories |  | $ | 5,010 |  |  | $ | 3,707 |
Property, plant and equipment |  |  | 2,379 |  |  |  | 1,934 |
Total assets held for sale |  | $ | 7,389 |  |  | $ | 5,641 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI http://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 + Details
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