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FINANCIAL STATEMENT REVISIONS
 6 Months Ended
Jul. 18, 2015
Accounting Changes And Error Corrections [Abstract]  
FINANCIAL STATEMENT REVISIONS

 


4. FINANCIAL STATEMENT REVISIONS

During the fourth quarter of fiscal 2014, we revised net sales. Historically, certain immaterial discounts had been recorded as an expense to selling, distribution and administrative costs. These discounts are now recorded as contra revenue. These revisions have been made for all periods presented in our Annual Report on Form 10-K for the fiscal year ended January 3, 2015.  We concluded that these revisions were immaterial to our fiscal 2013 and 2012 financial statements and each of the quarterly periods in fiscal years 2014, 2013, and 2012.  This revision impacted the DSD Segment.

Our financial statements have been revised to correctly report the discounts by decreasing sales and decreasing selling, distribution and administrative expenses by the amount of the discounts in the respective periods presented. There are no impacts on our Consolidated Balance Sheets, Consolidated Statements of Changes in Stockholders’ Equity, or Consolidated Statements of Cash Flows for any prior periods. Additionally, the correction did not impact our previously reported income from operations, net income or earnings per share.

The tables below presents the revisions to the applicable financial statement line items for the twelve weeks ended July 12, 2014 (amounts in thousands):

 

 

Consolidated

 

 

 

Twelve Weeks Ended July 12, 2014

 

Impacted Financial Statement line item

 

As Previously

Reported

 

 

Revisions

 

 

As Revised

 

Sales

 

$

877,378

 

 

$

(4,587

)

 

$

872,791

 

Selling, distribution and administrative expense

 

$

319,582

 

 

$

(4,587

)

 

$

314,995

 

 

 

 

DSD Segment

 

 

 

Twelve Weeks Ended July 12, 2014

 

Impacted Financial Statement line item

 

As Previously

Reported

 

 

Revisions

 

 

As Revised

 

Sales

 

$

740,951

 

 

$

(4,587

)

 

$

736,364

 

Selling, distribution and administrative expense

 

$

288,120

 

 

$

(4,587

)

 

$

283,533

 

 

The tables below presents the revisions to the applicable financial statement line items for the twenty-eight weeks ended July 12, 2014 (amounts in thousands):

 

 

Consolidated

 

 

 

Twenty-Eight Weeks Ended July 12, 2014

 

Impacted Financial Statement line item

 

As Previously

Reported

 

 

Revisions

 

 

As Revised

 

Sales

 

$

2,037,138

 

 

$

(10,430

)

 

$

2,026,708

 

Selling, distribution and administrative expense

 

$

745,972

 

 

$

(10,430

)

 

$

735,542

 

 

 

 

DSD Segment

 

 

 

Twenty-Eight Weeks Ended July 12, 2014

 

Impacted Financial Statement line item

 

As Previously

Reported

 

 

Revisions

 

 

As Revised

 

Sales

 

$

1,709,916

 

 

$

(10,430

)

 

$

1,699,486

 

Selling, distribution and administrative expense

 

$

672,608

 

 

$

(10,430

)

 

$

662,178