XML 61 R51.htm IDEA: XBRL DOCUMENT v3.22.2
Note 12 - Discontinued Operations & Assets Held for Sale - Discontinued Operations (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
May 28, 2022
Feb. 28, 2022
May 28, 2022
May 29, 2021
May 28, 2022
May 29, 2021
Nov. 27, 2021
Major line items constituting pretax income of discontinued operations:              
Proceeds from the disposal of discontinued operations, net         $ 85,521 $ 0  
Net proceeds from the sale (2)         85,521 0  
Current assets of discontinued operations held for sale $ 0   $ 0   0   $ 11,064
Long-term assets of discontinued operations held for sale 0   0   0   52,757
Gain on disposal     53,254 $ 0 53,254 0  
Current liabilities of discontinued operations held for sale 0   0   0   16,095
Long-term liabilities of discontinued operations held for sale 0   $ 0   0   16,210
Zenith Freight Lines [Member] | Discontinued Operations, Disposed of by Sale [Member]              
Sales price prior to post-closing working capital adjustment   $ 86,939          
Major line items constituting pretax income of discontinued operations:              
Cash provided by operating activities         1,681 3,646  
Accounts receivable, net             7,601
Logistical services revenue 0     14,062 16,776 26,080  
Amount held in escrow for contingencies related to representations and warranties (1) [1]   1,000          
Other current assets             3,463
Proceeds from the disposal of discontinued operations, net   85,521 [2]     (81) (1,138)  
Seller expenses paid at closing   418          
Property and equipment, net             24,898
Net proceeds from the sale (2)   $ 85,521 [2]     (81) (1,138)  
Goodwill and other intangible assets             9,094
Right of use assets under operating leases             18,193
Cost of logistical services 0     12,768 15,001 24,327  
Other             572
Cash used in financing activities         (371) (467)  
Disposal Group, Including Discontinued Operation, Assets, Total             63,821
Current assets of discontinued operations held for sale             11,064
Other loss, net 0     (72) (63) (109)  
Long-term assets of discontinued operations held for sale             52,757
Net cash provided by discontinued operations         1,229 2,041  
Accounts payable             4,336
Accrued compensation and benefits             3,295
Current portion operating lease obligations             7,458
Other current liabilites and accrued expenses             1,006
Income from operations of logistical services 0     1,222 1,712 1,644  
Long-term portion of operating lease obligations             10,996
Other long-term liabilities             5,214
Disposal Group, Including Discontinued Operation, Liabilities, Total             32,305
Gain on disposal 53,254     0 53,254 0  
Current liabilities of discontinued operations held for sale             16,095
Long-term liabilities of discontinued operations held for sale             $ 16,210
Pretax income of discontinued operations 53,254     1,222 54,966 1,644  
Income tax expense 13,879     325 14,309 433  
Income from discontinued operations, net of tax $ 39,375     $ 897 $ 40,657 $ 1,211  
[1] To be held in escrow until the first anniversary of the sale, at which time any amount not distributed or reserved for specified claims will be released to the Company. This amount is included in other current assets in the accompanying condensed consolidated balance sheet at May 28, 2022.
[2] Included in cash flows from investing activities in the accompanying condensed consolidated statement of cash flows for the six months ended May 28, 2022.