Financial Statement Revisions

12 Months Ended

Jan. 02, 2016

Accounting Changes And Error Corrections [Abstract]

Financial Statement Revisions

Note 3. Financial Statement Revisions

During the fourth quarter of fiscal 2014, we revised previously reported 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 were made for all periods presented in the fiscal 2014 Form 10-K. The impact of these cash sales was 0.5% to our previously reported consolidated sales in our fiscal 2013 financial statements. In addition, since these types of sales are only applicable to our DSD Segment, the impact was 0.6% to our previously reported DSD Segment sales in our fiscal 2013 financial statements. We have concluded that these revisions are immaterial to our fiscal 2013 financial statements and each of the quarterly periods in fiscal years 2014 and 2013.

Our prior year financial statements were 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 to 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 present the revisions to the applicable financial statement line items for all periods presented and for the quarterly information for fiscal year 2014 (amounts in thousands).

	Fiscal 2013
Impacted Financial Statement line item	As Previously Reported		Revisions			As Revised
Sales	$	3,751,005	$	(18,389	)	$	3,732,616
Selling, distribution and administrative expense	$	1,375,131	$	(18,389	)	$	1,356,742

	Quarter 1 of Fiscal 2014
Impacted Financial Statement line item	As Previously Reported		Revisions			As Revised
Sales	$	1,159,760	$	(5,843	)	$	1,153,917
Selling, distribution and administrative expense	$	426,390	$	(5,843	)	$	420,547

	Quarter 2 of Fiscal 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

	Quarter 3 of Fiscal 2014
Impacted Financial Statement line item	As Previously Reported		Revisions			As Revised
Sales	$	849,360	$	(4,428	)	$	844,932
Selling, distribution and administrative expense	$	306,514	$	(4,428	)	$	302,086