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Restructuring and Asset Impairment | 4 Months Ended
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Apr. 22, 2023
Restructuring And Related Activities [Abstract] |
Restructuring and Asset Impairment | Note 5 – Restructuring and Asset Impairment The following table provides the activity of reserves for closed properties for the 16-week period ended April 22, 2023. 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 December 31, 2022 |  | $ |  | 3,977 |  |  | $ |  | — |  |  | $ |  | 3,977 |
Changes in estimates |  |  |  | 85 |  |  |  |  | — |  |  |  |  | 85 |
Accretion expense |  |  |  | 36 |  |  |  |  | — |  |  |  |  | 36 |
Payments |  |  |  | (340 | ) |  |  |  | — |  |  |  |  | (340 | )
Balance at April 22, 2023 |  | $ |  | 3,758 |  |  | $ |  | — |  |  | $ |  | 3,758 |
Restructuring and asset impairment, net in the condensed consolidated statements of earnings consisted of the following:
| 16 Weeks Ended |
| April 22, |  |  | April 23, |
(In thousands) | 2023 |  |  | 2022 |
Asset impairment charges (a) | $ |  | 3,745 |  |  | $ |  | — |
Gain on sales of assets related to closed facilities (b) |  |  | (61 | ) |  |  |  | — |
Provision for severance |  |  | — |  |  |  |  | 9 |
Other costs associated with site closures (c) |  |  | 314 |  |  |  |  | 31 |
Changes in estimates (d) |  |  | 85 |  |  |  |  | (27 | )
Total | $ |  | 4,083 |  |  | $ |  | 13 |
(a) Asset impairment charges in the current year relate to two store closures within the Retail segment and impairment losses related to a distribution location that sustained significant storm damage within the Wholesale segment. (b) Gain on sales of assets in the current year primarily relates to the sales of personal property of previously closed locations within both the Wholesale and Retail segments. (c) Other costs in the current year and prior year primarily relate to Retail store closings. (d) Changes in estimates primarily relate to revised estimates for turnover and other lease ancillary costs associated with previously closed locations. Long-lived assets which are not recoverable are measured at fair value on a nonrecurring basis using Level 3 inputs under the fair value hierarchy, as further described in Note 6. In the current year, assets with a book value of $7.4 million were measured at a fair value of $3.7 million, resulting in impairment charges of $3.7 million. There were no asset impairment charges in the prior year. The fair value of long-lived assets is determined by estimating the amount and timing of net future cash flows, including the expected proceeds from the sale of assets and expected insurance recoveries, discounted using a risk-adjusted rate of interest. The Company estimates future cash flows based on historical results of operations, external factors expected to impact future performance, experience and knowledge of the geographic area in which the assets are located, and when necessary, uses the support of real estate brokers.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI https://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI https://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
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