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Restructuring and Asset Impairment (Tables)

6 Months Ended

Jul. 15, 2023

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 28-week period ended July 15, 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
Provision for severance				—					20					20
Changes in estimates				54					—					54
Accretion expense				60					—					60
Payments				(699	)				(20	)				(719	)
Balance at July 15, 2023		$		3,392			$		—			$		3,392

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										28 Weeks Ended
	July 15,					July 16,					July 15,					July 16,
(In thousands)	2023					2022					2023					2022
Asset impairment charges (a)	$		—			$		3,480			$		3,745			$		3,480
Gain on sales of assets related to closed facilities (b)			(2,529	)				(615	)				(2,590	)				(615	)
Provision for severance			20					—					20					9
Other costs (income) associated with site closures (c)			286					(106	)				600					(75	)
Lease termination adjustments (d)			—					(102	)				—					(102	)
Changes in estimates (e)			(31	)				(46	)				54					(73	)
Total	$		(2,254	)		$		2,611			$		1,829			$		2,624

(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. In the prior year, asset impairment charges related to restructuring of the Retail segment's e-commerce delivery model.

(b) Gains on sale of assets in the current year primarily relate to the sale of a store within the Retail segment. Gains on sales of assets in the prior year relates to the sales of real property of previously closed locations within the Retail segment.

(c) Other costs in the current year primarily relate to Retail store closings. In the prior year, activity primarily relates to restructuring activity within the Wholesale segment and Retail store closings.

(d) Lease termination adjustments in the prior year relate to the gain recognized upon termination of a lease agreement.

(e) Changes in estimates primarily relate to revised estimates for turnover and other lease ancillary costs associated with previously closed locations.

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- References

No definition available.

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- Definition

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.

+ References

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-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
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- Definition

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

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-Name Accounting Standards Codification
-Topic 420
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-Section 50
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