Discontinued Operations (Tables)

6 Months Ended

Jun. 28, 2015

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The following table summarizes the gain on the disposal of our Bakery, which has been included in discontinued operations:

	Three and Six Months Ended
	June 28, 2015
Proceeds from sale of the Bakery (a)	$	78,408
Net working capital (b)	(5,655		)
Net properties sold (c)	(30,664		)
Goodwill allocated to the sale of the Bakery	(12,067		)
Other (d)	(2,684		)
	27,338
Provision for income taxes (e)	(12,199		)
Gain on disposal of discontinued operations, net of income taxes	$	15,139

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(a) Represents net proceeds received, which includes the purchase price of $78,500 less transaction closing costs paid directly by the Buyer on the Company’s behalf.

(b) Primarily represents accounts receivable, inventory, prepaid expenses and accounts payable.

(c) Net properties sold consisted primarily of buildings, equipment and capital leases for transportation equipment.

(d) Primarily includes the recognition of the Company’s obligation, pursuant to the sale agreement, to provide health insurance benefits to the Bakery’s employees through December 31, 2015 of $1,993 and transaction closing costs paid directly by the Company.

(e) Includes the impact of non-deductible goodwill disposed of as a result of the sale.

The following table presents the Bakery’s results of operations and the gain on disposal which have been included in discontinued operations:

	Three Months Ended						Six Months Ended
	June 28, 2015			June 29, 2014			June 28, 2015			June 29, 2014
Revenues (a)	$	11,408		$	17,348		$	25,885		$	32,094
Cost of sales (b)	(9,175		)	(12,639		)	(7,336		)	(23,464		)
	2,233			4,709			18,549			8,630
General and administrative	(483		)	(549		)	(1,097		)	(1,304		)
Depreciation and amortization (c)	(962		)	(1,497		)	(2,297		)	(2,938		)
Other expense, net (d)	(12		)	(24		)	(34		)	(59		)
Income from discontinued operations before income taxes	776			2,639			15,121			4,329
Provision for income taxes	(545		)	(959		)	(5,533		)	(1,355		)
Income from discontinued operations, net of income taxes	231			1,680			9,588			2,974
Gain on disposal of discontinued operations before income taxes	27,338			—			27,338			—
Provision for income taxes on gain on disposal	(12,199		)	—			(12,199		)	—
Gain on disposal of discontinued operations, net of income taxes	15,139			—			15,139			—
Net income from discontinued operations	$	15,370		$	1,680		$	24,727		$	2,974

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(a) Includes sales of sandwich buns and related products previously reported in “Sales” as well as rental income.

(b) The three and six months ended June 28, 2015 include employee separation related costs of $791 as a result of the sale of the Bakery. In addition, the six months ended June 28, 2015, includes a reduction to cost of sales of $12,486 resulting from the reversal of a liability associated with the Bakery’s withdrawal from a multiemployer pension plan. See Note 15 for further discussion.

(c) Included in “Depreciation and amortization” in our condensed consolidated statements of cash flows for the periods presented.

(d) Includes net gains on sales of other assets.  During the three and six months ended June 28, 2015, the Bakery received cash proceeds of $41 and $50, respectively, resulting in net gains on sales of other assets of $40 and $32, respectively. During the three and six months ended June 29, 2014, the Bakery received cash proceeds of $22 and $37, resulting in net gains on sales of other assets of $22 and $37, respectively.