Divestiture

12 Months Ended

Dec. 29, 2018

Business Combinations [Abstract]

Divestiture

Note 7. Divestiture

On January 14, 2017, the company completed the sale of a non-core mix manufacturing business located in Cedar Rapids, Iowa for $44.0 million, an amount reduced by a working capital adjustment of $2.8 million, resulting in net proceeds of $41.2 million.  This resulted in a gain on sale of $28.9 million, which was recognized in the first quarter of fiscal 2017.  The gain on the sale is presented on the Consolidated Statements of Income on the ‘Gain on divestiture’ line item.  The mix manufacturing business was a small component of our Warehouse Segment and the disposal of this business does not represent a strategic shift in the segment’s operations or financial results.  The table below presents a computation of the gain on divestiture (amounts in thousands):

Cash consideration received	$	41,230
Recognized amounts of identifiable assets acquired and    liabilities assumed by buyer:
Property, plant, and equipment recorded as assets held for sale		3,824
Goodwill		801
Financial assets		7,730
Net derecognized amounts of identifiable assets sold		12,355
Gain on divestiture	$	28,875