Discontinued Operations (Tables)

12 Months Ended

Apr. 28, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations and Assets Held for Sale

See the table below for a reconciliation of the gain recorded on the sale of our Restaurants Business:

Net proceeds received from Restaurant Transaction (1)	$	539,301
Restaurants Business assets:
Accounts receivable	3,522
Inventory	8,538
Property, plant and equipment	480,663
Other assets	5,693
Total Restaurants Business assets	498,416
Restaurants Business liabilities:
Accounts payable	13,813
Accrued non income taxes	11,587
Accrued wages and benefits	8,794
Self-insurance reserves	8,003
Accrued gift cards	13,810
Accrued miscellaneous liabilities	12,455
Deferred sale leaseback gain	51,077
Other restaurant liabilities	7,039
Total Restaurants Business Liabilities	126,578
Other transaction costs incurred as part of the sale of the Restaurants Business (2)	$	17,296
Gain on sale of the Restaurants Business before income taxes	$	150,167

(1)The proceeds received from the Restaurants Transaction are net of certain costs paid at closing, including transfer taxes and title insurance, and other working capital adjustments outlined in the BER Sale Agreement.

(2) Costs directly incurred as a result of the sale of our Restaurants Business, including investment bank fees, legal fees, professional fees and other administrative costs.

Results associated with the Restaurants Business are classified as income from discontinued operations, net of income taxes, in our Consolidated Statements of Net Income. Prior year results have been adjusted to conform with the current presentation. Income from discontinued operations is comprised of the following:

(in thousands)	2017		2016			2015
Net Sales	$	876,786	$	951,211		$	969,878
Costs and expenses:
Cost of sales	226,516		252,612			258,677
Operating wage and fringe benefit expenses	359,959		384,959			381,822
Operating expenses	172,717		169,673			168,610
Selling, general and administrative expenses	62,025		73,873			69,916
Depreciation and amortization expense	36,059		58,562			61,710
Impairments	522		8,385			6,100
Operating Income from discontinued operations	18,988		3,147			23,043
Gain on sale of Restaurants Business	150,167		—			—
Net interest expense	2,203		373			—
Income from discontinued operations before income taxes	166,952		2,774			23,043
Provision (Benefit) for income taxes	57,521		(5,240		)	1,110
Income from discontinued operations	$	109,431	$	8,014		$	21,933

Proceeds from the sale of the Restaurants Business have been presented in the Consolidated Statements of Cash Flow under investing activities for fiscal year 2017. Total operating and investing cash flows of discontinued operations for fiscal years 2017, 2016 and 2015 are comprised of the following:

(in thousands)	2017			2016		2015
Net cash (used in) provided by operating activities	$	(35,807	)	$	72,645	$	123,401
Net cash provided by (used in) investing activities	$	519,833		$	175,816	$	(49,184	)