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Subsequent Events | 12 Months Ended
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Dec. 31, 2022
Subsequent Events [Abstract] |
Subsequent Events | Note 23. Subsequent Events The company has evaluated subsequent events since December 31, 2022, the date of these financial statements. We believe there were no material events or transactions discovered during this evaluation that requires recognition or disclosure in the financial statements other than the items discussed below. Dividend. On February 17, 2023, the Board of Directors declared a dividend of $0.22 per share on the company’s common stock to be paid on March 17, 2023 to shareholders of record on March 3, 2023. Acquisition. On December 13, 2022, the company announced it had entered into a definitive agreement to acquire Papa Pita Bakery, a manufacturer and distributor of bagels, tortillas, breads, buns, English muffins, and flat breads. Founded in 1983, Papa Pita operates one facility in West Jordan, Utah. Its primary brands include Papa Pita, Great Grains, Bubba's Bagels, and Maya's Tortillas. Additionally, Papa Pita has a significant co-manufacturing business as well as direct-store-distribution in the western U.S. The company completed the acquisition on February 17, 2023 for approximately $270 million in cash, subject to customary closing conditions to determine the final consideration, with cash on-hand and from our existing credit facilities. T he company incurred $0.9 million of acquisition-related costs associated with the acquisition in Fiscal 2022. Given the timing of completion of the acquisition, the company is currently unable to provide a preliminary purchase price allocation. Such allocation, as well as any required pro forma financial disclosures required by Accounting Standard Codification 805, if deemed to be material, are expected to be included in the quarterly report on Form 10-Q for the quarter ended April 22, 2023.

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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 https://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 https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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