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Restructuring and Asset Impairment (Tables)

9 Months Ended

Oct. 09, 2021

Restructuring And Related Activities [Abstract]

Schedule of Activity of Reserves for Closed Properties

The following table provides the activity of reserves for closed properties for the 40-week period ended October 9, 2021. Included in the liability are lease-related ancillary costs from the date of closure to the end of the remaining lease term, as well as related severance. Reserves for closed properties recorded in the condensed consolidated balance sheets are included in “Other accrued expenses” in Current liabilities and “Other long-term liabilities” in Long-term liabilities based on the timing of when the obligations are expected to be paid. Reserves for severance are recorded in “Accrued payroll and benefits”.

				Reserves for Closed Properties
				Lease
				Ancillary
(In thousands)				Costs					Severance					Total
Balance at January 2, 2021				$		3,349			$		114			$		3,463
Provision for closing charges						1,410					—					1,410
Provision for severance						—					357					357
Lease termination adjustments						(220	)				—					(220	)
Changes in estimates						(44	)				—					(44	)
Accretion expense						74					—					74
Payments						(1,027	)				(433	)				(1,460	)
Balance at October 9, 2021				$		3,542			$		38			$		3,580

Schedule of Restructuring and Asset Impairment, Net

Restructuring and asset impairment, net in the condensed consolidated statements of earnings consisted of the following:

	12 Weeks Ended									40 Weeks Ended
	October 9,				October 3,					October 9,					October 3,
(In thousands)	2021				2020					2021					2020
Asset impairment charges (a)	$		207		$		6,767			$		3,783			$		16,411
Provision for closing charges			—				—					1,410					325
Gain on sales of assets related to closed facilities (b)			(358	)			—					(2,544	)				(31	)
Provision for severance (c)			233				—					357					2,205
Other costs associated with site closures (d)			196				2					507					1,649
Changes in estimates (e)			15				(226	)				(44	)				(104	)
Lease termination adjustments (f)			(488	)			—					(488	)				—
Total	$		(195	)	$		6,543			$		2,981			$		20,455

(a) Asset impairment charges in the current year were incurred primarily in the Retail segment and relate to current year store closures and previously closed locations, as well as site closures in connection with the Company’s supply chain transformation within the Food Distribution segment. Prior year charges were incurred primarily within the Food Distribution segment and related to the evaluation of the expected net proceeds from the sale of the Fresh Kitchen facility, the exit of the Fresh Cut business, and the sale of equipment related to both Fresh Cut and Fresh Kitchen, which totaled $9.1 million. Due to a decision in the prior year to abandon a tradename within the Food Distribution segment an impairment charge of $7.0 million was recognized.

(b) Gain on sales of assets in the current year primarily relate to sales of pharmacy customer lists, equipment, and real estate associated with store closings in the Retail segment, in addition to gains on sale of vacant land in the Military segment.

(c) Severance in the current year relates to the closure of distribution centers in the Food Distribution segment as well as Retail store closings. In the prior year, severance was related to the exit of the Fresh Cut business.

(d) Other costs in the current year primarily relates to Retail and Food Distribution site closures and restructuring activities. In the prior year, other costs primarily related to the Fresh Cut business and Retail store closings.

(e) Changes in estimates primarily relate to revised estimates for turnover and other lease ancillary costs associated with previously closed locations due to favorable dispute resolutions with landlords and fluctuations in the amount of certain ancillary costs.  

(f) Lease termination adjustments relate to the gain recognized to terminate a lease agreement in the current year, which includes a $0.3 million write-off of the lease liability and $0.2 million of lease ancillary costs included in the reserve for closed properties.  

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Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
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Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
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