XML 55 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Segment Reporting
 12 Months Ended
Dec. 29, 2018
Segment Reporting [Abstract]  
Segment Reporting

Note 25.

Segment Reporting

The company’s DSD Segment primarily produces fresh packaged breads, buns, rolls, tortillas, and snack cakes and the Warehouse Segment produces fresh and frozen bread and rolls and snack cakes.

The company purchased Canyon on December 14, 2018.  See Note 11, Acquisition, for more detailed disclosures for the acquisition.  Canyon assets  have been assigned to both segments.  Their impact on our total assets are included in the tables below.  Their results of operations for the period from December 14, 2018 through December 29, 2018 has been excluded due to immateriality and will be reported in the first quarter of fiscal 2019.

The company evaluates each segment’s performance based on income or loss before interest and income taxes, excluding unallocated expenses and charges which the company’s management deems to be an overall corporate cost or a cost not reflective of the segments’ core operating businesses. Information regarding the operations of these segments is as follows for fiscal years 2018, 2017, and 2016 (amounts in thousands):

 

 

 

Fiscal 2018

 

 

Fiscal 2017

 

 

Fiscal 2016

 

Sales:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

3,423,935

 

 

$

3,383,564

 

 

$

3,347,616

 

Warehouse Segment

 

 

787,431

 

 

 

767,844

 

 

 

787,233

 

Eliminations:

 

 

 

 

 

 

 

 

 

 

 

 

Sales from Warehouse Segment to DSD Segment

 

 

(175,626

)

 

 

(165,674

)

 

 

(144,525

)

Sales from DSD Segment to Warehouse Segment

 

 

(83,888

)

 

 

(65,001

)

 

 

(63,439

)

 

 

$

3,951,852

 

 

$

3,920,733

 

 

$

3,926,885

 

Gain on divestiture:

 

 

 

 

 

 

 

 

 

 

 

 

Warehouse Segment

 

$

—

 

 

$

28,875

 

 

$

—

 

 

 

$

—

 

 

$

28,875

 

 

$

—

 

Multi-employer pension plan withdrawal costs:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

2,322

 

 

$

18,268

 

 

$

—

 

 

 

$

2,322

 

 

$

18,268

 

 

$

—

 

Loss on inferior ingredients:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

1,655

 

 

$

—

 

 

$

—

 

Warehouse Segment

 

 

1,557

 

 

 

—

 

 

 

—

 

 

 

$

3,212

 

 

$

—

 

 

$

—

 

Restructuring and related impairment charges:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

8,121

 

 

$

80,026

 

 

$

—

 

Warehouse Segment

 

 

1,394

 

 

 

20,122

 

 

 

—

 

Unallocated corporate costs

 

 

252

 

 

 

3,982

 

 

 

—

 

 

 

$

9,767

 

 

$

104,130

 

 

$

—

 

Impairment of assets:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

2,483

 

 

$

—

 

 

$

24,877

 

Unallocated corporate costs

 

 

3,516

 

 

 

—

 

 

 

—

 

 

 

$

5,999

 

 

$

—

 

 

$

24,877

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

122,300

 

 

$

126,485

 

 

$

120,009

 

Warehouse Segment

 

 

21,524

 

 

 

20,642

 

 

 

20,138

 

Unallocated corporate costs(1)

 

 

300

 

 

 

(408

)

 

 

722

 

 

 

$

144,124

 

 

$

146,719

 

 

$

140,869

 

Income from operations:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

239,510

 

 

$

202,239

 

 

$

259,982

 

Warehouse Segment

 

 

37,646

 

 

 

54,738

 

 

 

58,465

 

Unallocated corporate costs(2)

 

 

(64,812

)

 

 

(95,974

)

 

 

(53,549

)

 

 

$

212,344

 

 

$

161,003

 

 

$

264,898

 

Interest expense

 

$

35,686

 

 

$

36,557

 

 

$

34,905

 

Interest income

 

$

(27,755

)

 

$

(22,938

)

 

$

(20,552

)

Pension plan settlement loss

 

$

7,781

 

 

$

4,649

 

 

$

6,646

 

Other components of net periodic pension and postretirement benefits credit

 

$

(529

)

 

$

(6,558

)

 

$

(5,638

)

Income before income taxes

 

$

197,161

 

 

$

149,293

 

 

$

249,537

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

DSD Segment

 

$

82,789

 

 

$

64,317

 

 

$

61,669

 

Warehouse Segment

 

 

14,929

 

 

 

6,933

 

 

 

16,792

 

Other(3)

 

 

1,704

 

 

 

3,982

 

 

 

23,266

 

 

 

$

99,422

 

 

$

75,232

 

 

$

101,727

 

 

 

 

December 29, 2018

 

 

December 30, 2017

 

Assets:

 

 

 

 

 

 

 

 

DSD Segment

 

$

2,419,019

 

 

$

2,270,179

 

Warehouse Segment

 

 

353,220

 

 

 

296,157

 

Other (3)

 

 

73,298

 

 

 

93,388

 

 

 

$

2,845,537

 

 

$

2,659,724

 

 

(1)

Represents costs allocated to the company’s corporate head office.

(2)

Represents costs allocated to the company’s corporate head office and pension settlement loss.

(3)

Represents the company’s corporate head office assets including primarily cash and cash equivalents.