Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Feb. 15, 2024 | Jul. 15, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 30, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FLO | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Security Exchange Name | NYSE | ||
Entity Registrant Name | FLOWERS FOODS, INC | ||
Entity Central Index Key | 0001128928 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 1-16247 | ||
Entity Tax Identification Number | 58-2582379 | ||
Entity Address, Address Line One | 1919 Flowers Circle | ||
Entity Address, City or Town | Thomasville | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 31757 | ||
City Area Code | 229 | ||
Local Phone Number | 226-9110 | ||
Entity Incorporation, State or Country Code | 2Q | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 210,566,527 | ||
Entity Public Float | $ 947,059,441 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Atlanta, Georgia | ||
Auditor Firm ID | 238 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the 2024 Annual Meeting of Shareholders to be held May 23, 2024, which is expected to be filed with the Securities and Exchange Commission on or about April 9, 2024, have been incorporated by reference into Part III, Items 10, 11, 12, 13 and 14 of this Annual Report on Form 10-K. | ||
Document Financial Statement Error Correction [Flag] | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 22,527 | $ 165,134 |
Accounts and notes receivable, net of allowances of $33,386 and $18,754, respectively | 328,246 | 349,477 |
Inventories: | ||
Raw materials | 72,941 | 71,058 |
Packaging materials | 28,743 | 28,202 |
Finished goods | 82,813 | 69,437 |
Inventories, net | 184,497 | 168,697 |
Spare parts and supplies | 86,386 | 73,614 |
Other | 66,057 | 48,018 |
Total current assets | 687,713 | 804,940 |
Property, plant and equipment: | ||
Land | 128,410 | 111,792 |
Buildings | 615,895 | 553,606 |
Machinery and equipment | 1,394,525 | 1,308,970 |
Furniture, fixtures and transportation equipment | 303,115 | 184,722 |
Construction in progress | 58,586 | 137,631 |
Property, plant and equipment, gross | 2,500,531 | 2,296,721 |
Less: accumulated depreciation | (1,537,550) | (1,447,396) |
Property, plant and equipment, net | 962,981 | 849,325 |
Financing lease right-of-use assets | 130 | 1,778 |
Operating lease right-of-use assets | 276,734 | 273,436 |
Notes receivable from independent distributor partners | 123,571 | 136,882 |
Assets held for sale | 21,799 | 12,493 |
Other assets | 18,487 | 24,515 |
Goodwill | 677,796 | 545,244 |
Other intangible assets, net | 657,742 | 664,381 |
Total assets | 3,426,953 | 3,312,994 |
Current liabilities: | ||
Current maturities of financing leases | 99 | 1,779 |
Current maturities of operating leases | 47,507 | 43,990 |
Accounts payable | 318,600 | 343,380 |
Other accrued liabilities | 292,946 | 175,276 |
Total current liabilities | 659,152 | 564,425 |
Long-term debt and right-of-use lease liabilities: | ||
Noncurrent long-term debt | 1,048,144 | 891,842 |
Noncurrent financing lease obligations | 23 | 116 |
Noncurrent operating lease obligations | 236,872 | 236,977 |
Total long-term debt and right-of-use lease liabilities | 1,285,039 | 1,128,935 |
Other liabilities: | ||
Post-retirement/post-employment obligations | 5,798 | 5,814 |
Deferred taxes | 91,245 | 134,832 |
Other long-term liabilities | 33,937 | 35,698 |
Total other long-term liabilities | 130,980 | 176,344 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock — $.01 stated par value and $.001 current par value; 500,000,000 authorized shares; 228,729,585 issued shares | 199 | 199 |
Treasury stock - 18,309,359 and 17,595,619 shares, respectively | (281,318) | (252,613) |
Capital in excess of par value | 699,808 | 689,959 |
Retained earnings | 932,472 | 1,004,271 |
Accumulated other comprehensive income | 621 | 1,474 |
Total stockholders’ equity | 1,351,782 | 1,443,290 |
Total liabilities and stockholders’ equity | 3,426,953 | 3,312,994 |
Series A Preferred Stock | ||
Stockholders’ equity: | ||
Preferred Stock, value | ||
Series B Preferred Stock | ||
Stockholders’ equity: | ||
Preferred Stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Accounts and notes receivable, allowances | $ 33,386 | $ 18,754 |
Preferred stock, shares authorized | 1,000,000 | |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, current par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, shares issued | 228,729,585 | 228,729,585 |
Treasury stock, Shares | 18,309,359 | 17,595,619 |
Series A Preferred Stock | ||
Preferred stock, par value | $ 100 | $ 100 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Series B Preferred Stock | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 800,000 | 800,000 |
Preferred stock, shares issued | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Statement [Abstract] | |||
Sales | $ 5,090,830 | $ 4,805,822 | $ 4,330,767 |
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately below) | 2,632,136 | 2,501,995 | 2,175,247 |
Selling, distribution and administrative expenses | 2,119,718 | 1,850,594 | 1,719,797 |
Depreciation and amortization | 151,709 | 141,957 | 136,559 |
Restructuring charges | 7,099 | ||
FASTER Act and loss on inferior ingredients | 0 | 236 | 944 |
Plant closure costs and impairment of assets | 7,298 | 7,825 | |
Multi-employer pension plan withdrawal costs | 3,300 | ||
Income from operations | 172,870 | 303,215 | 294,920 |
Interest expense | 36,609 | 28,921 | 31,534 |
Interest income | (20,577) | (23,644) | (23,533) |
Loss on extinguishment of debt | 16,149 | ||
Pension plan settlement and curtailment loss | 403 | ||
Other components of net periodic pension and postretirement benefits credit | (269) | (773) | (405) |
Income before income taxes | 157,107 | 298,711 | 270,772 |
Income tax expense | 33,691 | 70,317 | 64,585 |
Net income | $ 123,416 | $ 228,394 | $ 206,187 |
Basic: | |||
Net income per common share | $ 0.58 | $ 1.08 | $ 0.97 |
Weighted average shares outstanding | 211,630 | 211,895 | 211,840 |
Diluted: | |||
Net income per common share | $ 0.58 | $ 1.07 | $ 0.97 |
Weighted average shares outstanding | 213,356 | 213,227 | 213,033 |
Cash dividends paid per common share | $ 0.9100 | $ 0.8700 | $ 0.8300 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 123,416 | $ 228,394 | $ 206,187 |
Pension and postretirement plans: | |||
Settlement and curtailment loss | 302 | ||
Net actuarial gain for the period | 471 | 2,752 | 788 |
Current year prior service credit | 1,661 | ||
Amortization of prior service (credit) cost included in net income | (133) | (135) | 41 |
Amortization of actuarial (gain) loss included in net income | (55) | 214 | 400 |
Pension and postretirement plans, net of tax | 283 | 2,831 | 3,192 |
Derivative instruments: | |||
(Loss) gain on effective portion of derivatives | (2,951) | 790 | (5,348) |
Loss (gain) reclassified to net income | 1,815 | (4,734) | (1,681) |
Derivative instruments, net of tax | (1,136) | (3,944) | (7,029) |
Other comprehensive loss, net of tax | (853) | (1,113) | (3,837) |
Comprehensive income | $ 122,563 | $ 227,281 | $ 202,350 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balances at Jan. 02, 2021 | $ 1,372,994 | $ 199 | $ 659,682 | $ 932,094 | $ 6,424 | $ (225,405) |
Balances (in shares) at Jan. 02, 2021 | 228,729,585 | |||||
Balances, treasury shares at Jan. 02, 2021 | (17,126,261) | |||||
Net Income (Loss) | 206,187 | 206,187 | ||||
Derivative instruments, net of tax (Note 11) | (7,029) | (7,029) | ||||
Pension and postretirement plans, net of tax (Note 21) | 3,192 | 3,192 | ||||
Stock repurchases | (9,510) | $ (9,510) | ||||
Stock repurchases (in shares) | (406,840) | |||||
Issuance of deferred stock awards | (636) | $ 636 | ||||
Issuance of deferred stock awards (in shares) | 48,231 | |||||
Amortization of stock-based compensation awards | 21,343 | 21,343 | ||||
Time-based restricted stock awards issued (Note 19) | (1,798) | $ 1,798 | ||||
Time-based restricted stock awards issued (in shares) | 136,652 | |||||
Issuance of deferred compensation | (177) | $ 177 | ||||
Issuance of deferred compensation (in shares) | 13,414 | |||||
Dividends paid on vested stock-based payments awards | (234) | (234) | ||||
Dividends paid | (175,669) | (175,669) | ||||
Balances at Jan. 01, 2022 | 1,411,274 | $ 199 | 678,414 | 962,378 | 2,587 | $ (232,304) |
Balances (in shares) at Jan. 01, 2022 | 228,729,585 | |||||
Balances, treasury shares at Jan. 01, 2022 | (17,334,804) | |||||
Net Income (Loss) | 228,394 | 228,394 | ||||
Derivative instruments, net of tax (Note 11) | (3,944) | (3,944) | ||||
Pension and postretirement plans, net of tax (Note 21) | 2,831 | 2,831 | ||||
Stock repurchases | (34,586) | $ (34,586) | ||||
Stock repurchases (in shares) | (1,321,117) | |||||
Issuance of deferred stock awards | (902) | $ 902 | ||||
Issuance of deferred stock awards (in shares) | 65,687 | |||||
Amortization of stock-based compensation awards | 25,822 | 25,822 | ||||
Time-based restricted stock awards issued (Note 19) | (2,860) | $ 2,860 | ||||
Time-based restricted stock awards issued (in shares) | 213,436 | |||||
Performance-contingent restricted stock awards issued (Note 19) | (10,469) | $ 10,469 | ||||
Performance-contingent restricted stock awards issued (in shares) | 777,773 | |||||
Issuance of deferred compensation | (46) | $ 46 | ||||
Issuance of deferred compensation (in shares) | 3,406 | |||||
Dividends paid on vested stock-based payments awards | (2,260) | (2,260) | ||||
Dividends paid | (184,241) | (184,241) | ||||
Balances at Dec. 31, 2022 | $ 1,443,290 | $ 199 | 689,959 | 1,004,271 | 1,474 | $ (252,613) |
Balances (in shares) at Dec. 31, 2022 | 228,729,585 | |||||
Balances, treasury shares at Dec. 31, 2022 | (17,595,619) | (17,595,619) | ||||
Net Income (Loss) | $ 123,416 | 123,416 | ||||
Derivative instruments, net of tax (Note 11) | (1,136) | (1,136) | ||||
Pension and postretirement plans, net of tax (Note 21) | 283 | 283 | ||||
Stock repurchases | $ (45,801) | $ (45,801) | ||||
Stock repurchases (in shares) | (1,898,729) | (1,898,729) | ||||
Issuance of deferred stock awards | (927) | $ 927 | ||||
Issuance of deferred stock awards (in shares) | 63,266 | |||||
Amortization of stock-based compensation awards | $ 26,945 | 26,945 | ||||
Time-based restricted stock awards issued (Note 19) | (3,623) | $ 3,623 | ||||
Time-based restricted stock awards issued (in shares) | 251,222 | |||||
Performance-contingent restricted stock awards issued (Note 19) | (12,508) | $ 12,508 | ||||
Performance-contingent restricted stock awards issued (in shares) | 867,944 | |||||
Issuance of deferred compensation | (38) | $ 38 | ||||
Issuance of deferred compensation (in shares) | 2,557 | |||||
Dividends paid on vested stock-based payments awards | (2,780) | (2,780) | ||||
Dividends paid | (192,435) | (192,435) | ||||
Balances at Dec. 30, 2023 | $ 1,351,782 | $ 199 | $ 699,808 | $ 932,472 | $ 621 | $ (281,318) |
Balances (in shares) at Dec. 30, 2023 | 228,729,585 | |||||
Balances, treasury shares at Dec. 30, 2023 | (18,309,359) | (18,309,359) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends paid per common share | $ 0.9100 | $ 0.8700 | $ 0.8300 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash flows provided by (disbursed for) operating activities: | |||
Net Income (Loss) | $ 123,416 | $ 228,394 | $ 206,187 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Loss on foreign currency exchange rates | 8,371 | ||
Depreciation and amortization | 151,709 | 141,957 | 136,559 |
Stock-based compensation | 26,945 | 25,822 | 21,343 |
Impairment of assets | 9,611 | 3,897 | |
Loss (gain) reclassified from accumulated other comprehensive income to net income | 2,920 | (5,813) | (2,115) |
Deferred income taxes | (43,340) | 1,446 | 6,777 |
Provision for inventory obsolescence | 2,376 | 3,679 | 16 |
Allowances for accounts receivable | 8,412 | 8,518 | 6,071 |
Pension and postretirement plans expense | 592 | 629 | 1,306 |
Other | 1,591 | (5,016) | 2,473 |
Qualified pension plan contributions | (1,000) | (1,000) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 5,008 | (55,420) | (10,600) |
Inventories | (15,163) | (37,396) | (9,767) |
Hedging activities, net | (1,498) | (224) | (4,967) |
Accounts payable | (26,588) | 82,125 | 38,076 |
Other assets and accrued liabilities | 104,362 | (39,080) | (46,749) |
Net cash provided by operating activities | 349,353 | 360,889 | 344,610 |
Cash flows provided by (disbursed for) investing activities: | |||
Purchases of property, plant and equipment | (129,078) | (169,071) | (135,964) |
Repurchase of independent distributor territories | (10,007) | (8,163) | (4,585) |
Cash paid at issuance of notes receivable | (18,433) | (11,860) | (12,135) |
Principal payments from notes receivable | 28,066 | 38,852 | 31,996 |
Acquisition of trademark | (10,200) | ||
Proceeds from sales of property, plant and equipment | 2,312 | 7,681 | 2,995 |
Purchase of leased warehouses | (64,689) | ||
Acquisition of business | (274,755) | ||
Investment in unconsolidated affiliate | (1,981) | (9,000) | |
Other investing activities | 64 | 473 | 1,144 |
Net cash disbursed for investing activities | (403,812) | (151,088) | (191,438) |
Cash flows provided by (disbursed for) financing activities: | |||
Dividends paid, including dividends on share-based payment awards | (195,215) | (186,501) | (175,903) |
Payments for debt issuance costs | (533) | (282) | (6,022) |
Stock repurchases | (45,801) | (34,586) | (9,510) |
Change in bank overdrafts | 220 | 799 | 261 |
Proceeds from debt borrowings | 898,000 | 330,000 | 497,570 |
Debt obligation payments | (743,000) | (330,000) | (579,428) |
Payments on financing leases | (1,819) | (1,597) | (1,745) |
Net cash disbursed for financing activities | (88,148) | (222,167) | (274,777) |
Effect of exchange rates on cash | (8,371) | ||
Net (decrease) increase in cash and cash equivalents | (142,607) | (12,366) | (121,605) |
Cash and cash equivalents at beginning of period | 165,134 | 185,871 | 307,476 |
Cash and cash equivalents at end of period | 22,527 | 165,134 | 185,871 |
Schedule of non-cash investing and financing activities: | |||
Right-of-use assets obtained in exchange for new financing lease liabilities | 34 | 37 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 54,997 | 33,559 | 55,869 |
Distributor routes sold with deferred gains, net | 132 | 280 | 241 |
Purchase of property, plant and equipment included in accounts payable | 5,449 | 6,716 | 9,124 |
Cash paid during the period for: | |||
Interest | 34,595 | 27,590 | 52,620 |
Income taxes paid, net of refunds of $120, $9,797 and $305, respectively | 99,118 | 53,044 | 69,401 |
Executive Deferred Compensation Plan | |||
Schedule of non-cash investing and financing activities: | |||
Issuance of executive deferred compensation plan common stock | 38 | 46 | 177 |
Distributor Notes Receivable | |||
Schedule of non-cash investing and financing activities: | |||
Issuance of notes receivable on new distribution territories, net | $ 29,076 | $ 22,446 | $ 21,008 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Cash Flows [Abstract] | |||
Income tax refunds | $ 120 | $ 9,797 | $ 305 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 123,416 | $ 228,394 | $ 206,187 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 30, 2023 | |
Trading Arrangements, by Individual | |
Title | directors or officers |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non-Rule 10b5-1 Arrangement Modified | false |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation General. The accompanying Consolidated Financial Statements of Flowers Foods, Inc. (the “company”, “Flowers Foods”, “Flowers”, “us”, “we”, or “our”) have been prepared by the company’s management in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Reporting Segment . The company has one operating segment based on the nature of products the company sells, intertwined production and distribution model, the internal management structure and information that is regularly reviewed by the chief executive officer (“CEO”), who is the chief operating decision maker, for the purpose of assessing performance and allocating resources. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Consolidation . The Consolidated Financial Statements include the accounts of the company and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. Use of Estimates . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Fiscal Year End . Our fiscal year ends on the Saturday nearest December 31, resulting in a 53rd reporting week every five or six years. The last 53-week year was our Fiscal 2020. The next 53-week year will be Fiscal 2025. Our internal financial results and key performance indicators are reported on a weekly calendar basis to ensure the same numbers of Saturdays and Sundays in comparable months and to allow for a consistent four-week progression analysis. The company has elected the first quarter to report the extra four-week period. As such, our quarters are divided as follows: Quarter Number of Weeks First Quarter Sixteen Second Quarter Twelve Third Quarter Twelve Fourth Quarter Twelve (or Thirteen in fiscal years with an extra week) Accordingly, interim results may not be indicative of subsequent interim period results, or comparable to prior or subsequent interim period results, due to differences in the lengths of the interim periods. Revenue Recognition . Revenue is recognized when obligations under the terms of a contract with our customers are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The company records both direct and estimated reductions to gross revenue for customer programs and incentive offerings at the time the incentive is offered or at the time of revenue recognition for the underlying transaction that results in progress by the customer towards earning the incentive. These allowances include price promotion discounts, coupons, customer rebates, cooperative advertising, and product returns. Consideration payable to a customer is recognized at the time control transfers and is a reduction to revenue. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Price promotion discount expense is recorded as a reduction to gross sales when the discounted product is sold to the customer. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in our selling, distribution, and administrative expenses line item on the Consolidated Statements of Income. The company’s production facilities deliver products to independent distributor partners (“IDP” or “IDPs”), who sell and deliver those products to outlets of retail accounts that are within the IDPs’ defined geographic territory. The IDPs sell products using either scan-based trading (“SBT”) technology, authorized charge tickets, or cash sales. SBT technology allows the retailer to take ownership of our products when the consumer purchases the products rather than at the time they are delivered to the retailer. Control of the inventory does not transfer upon delivery to the retailer because the company controls the risks and rights until the product is scanned at the reseller’s register. Each of the company’s products is considered distinct because the resellers expect each item to be a performance obligation. The company’s performance obligations are satisfied at the point in time when the end consumer purchases the product because each product is considered a separate performance obligation. Consequently, revenue is recognized at a point in time for each scanned item. The company has concluded that we are the principal for SBT sales. In Fiscal 2023, 2022, and 2021, the company recorded $ 2.5 billion, $ 2.4 billion, and $ 2.2 billion, respectively, in sales through SBT. SBT is utilized primarily in certain national and regional retail accounts (“SBT Outlet”). Generally, revenue is not recognized by the company upon delivery of our products by the company to the IDP or upon delivery of our products by the IDP to an SBT Outlet, but when our products are purchased by the end consumer. Product inventory in the SBT Outlet is reflected as inventory on the Consolidated Balance Sheets. The IDP performs a physical inventory of products at each SBT Outlet weekly and reports the results to the company. The inventory data submitted by the IDP for each SBT Outlet is compared with the product delivery data. Product delivered to a SBT Outlet that is not recorded as inventory in the product delivery data has been purchased by the consumer/customer of the SBT Outlet and is recorded as sales revenue by the company. Non-SBT sales are classified as either authorized charge sales or cash sales. The company provides marketing support to the IDP for authorized charge sales but does not provide marketing support to the IDP for cash sales. Marketing support includes providing a dedicated account representative, resolving complaints, and accepting responsibility for product quality which collectively define how to manage the relationship. Revenue is recognized at a point in time for non-SBT sales. The company retains inventory risk, establishes negotiated special pricing, and fulfills the contractual obligations for authorized charge sales. The company is the principal, the IDP is the agent, and the reseller is the customer. Revenue is recognized for authorized charge sales when the product is delivered to the customer because the company has satisfied its performance obligations. Cash sales occur when the IDP is the end customer. The IDP maintains accounts receivable, inventory and fulfillment risk for cash sales. The IDP also controls pricing for the resale of cash sale products. The company is the principal and the IDP is the customer, and an agent relationship does not exist. The discount paid to the IDP for cash sales is recorded as a reduction to revenue. Revenue is recognized for cash sales when the company’s products are delivered to the IDP because the company has satisfied its performance obligations. Certain sales are under contracts and include a formal ordering system. Orders are placed primarily using purchase orders (“PO”) or electronic data interchange information. Each PO, together with the applicable master supply agreement, is determined to be a separate contract. Product is delivered via contract carriers engaged by either the company or the customer with shipping terms provided in the PO. Each unit sold, for all product categories, is a separate performance obligation. Each unit is considered distinct because the customer can benefit from each unit by selling each one separately to the end consumer. Additionally, each unit is separately identifiable in the PO. Products are delivered either freight-on-board (“FOB”) shipping or destination. The company’s right to payment is at the time our products are obtained from our warehouse for FOB shipping deliveries. The right to payment for FOB destination deliveries occurs after the products are delivered to the customer. Revenue is recognized at a point in time when control transfers. The company pays commissions to brokers who obtain contracts with customers. Commissions are paid on the total value of the contract, which is determined at contract inception and is based on expected future activity. Broker commissions will not extend beyond a one-year term because each product is considered a separate order in the PO. The company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the company otherwise would have recognized is one year or less. These costs are included in our selling, distribution, and administrative expenses line item on the Consolidated Statements of Income. The company disaggregates revenue by sales channel. Our sales channels are branded retail and other. The other channel includes store branded retail, foodservice, restaurants, institutional, vending, thrift stores, and contract manufacturing. The company does not disaggregate revenue by geographic region, customer type, or contract type. All revenues are recognized at a point in time. Sales by sales channel category are as follows for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Branded retail $ 3,263,277 $ 3,139,306 $ 2,874,714 Other 1,827,553 1,666,516 1,456,053 Total $ 5,090,830 $ 4,805,822 $ 4,330,767 Cash and Cash Equivalents . The company considers deposits in banks, certificates of deposits, and short-term investments with original maturities of three months or less, and highly liquid investments that are readily convertible to known amounts of cash to be cash and cash equivalents. Accounts and Notes Receivable . Accounts and notes receivable consist of trade receivables, current portions of distributor notes receivable, and miscellaneous receivables. The company recognizes an allowance for credit losses related to its accounts and notes receivable to present the net amount expected to be collected as of the balance sheet date. The company estimates this allowance based on historical data such as days sales outstanding trends, previous write-offs of balances, and weekly reviews of aged trial balances, among others. Accounts and notes receivable balances are written off when deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries, not to exceed the amount previously written off, are considered in determining the reserve balance at the balance sheet date. Activity in the allowance for doubtful accounts is as follows (amounts in thousands): Beginning Charged to Write-Offs Ending Fiscal 2023 $ 18,764 $ 8,412 $ 6,210 $ 33,386 Fiscal 2022 $ 15,398 $ 8,518 $ ( 5,152 ) $ 18,764 Fiscal 2021 $ 15,162 $ 6,071 $ ( 5,835 ) $ 15,398 The company recorded a reserve of $ 14.9 million during the third quarter of Fiscal 2023 for the distributor notes receivable as part of a legal settlement. The charge for this allowance was recorded as a legal expense and is recognized as 'Other' in the column of the table above. The expense column is specific to bad debt expense. The amount of reserve for the distributor notes receivable as of December 30, 2023 was $ 14.8 million. See Note 23, Commitments and Contingencies, for additional information. Activity in the allowance for trade accounts receivable credit losses for Fiscal 2023, 2022 and 2021 was as follows (amounts in thousands): Beginning Charged to Write-Offs Recoveries and other Ending Fiscal 2023 $ 2,188 $ 3,089 $ ( 2,635 ) $ ( 572 ) $ 2,070 Fiscal 2022 $ 2,552 $ 2,270 $ ( 2,721 ) $ 87 $ 2,188 Fiscal 2021 $ 4,901 $ 596 $ ( 1,018 ) $ ( 1,927 ) $ 2,552 The amounts charged to expense for bad debts in the table above, inclusive of other non-trade accounts receivable amounts, are reported as adjustments to reconcile net income to net cash provided by operating activities in the Consolidated Statements of Cash Flows. The write-offs represent the amounts that are used to reduce the gross accounts and notes receivable at the time the balance due from the customer is written-off. Walmart/Sam’s Club is our only customer with a balance greater than 10% of outstanding trade receivables. Their percentage of trade receivables was 20.3 % and 24.3 % , on a consolidated basis, as of December 30, 2023 and December 31, 2022 , respectively. No other customer accounted for greater than 10% of the company’s outstanding receivables. Concentration of Credit Risk . The company performs periodic credit evaluations and grants credit to customers, who are primarily in the grocery and foodservice markets, and generally does not require collateral. Our top 10 customers in Fiscal 2023, 2022, and 2021 accounted for 55.5 %, 54.5 % and 53.7 % of sales, respectively. Our largest customer’s, Walmart/Sam’s Club, weighted percent of sales for Fiscal 2023, 2022, and 2021 was as follows: Percent of Sales Fiscal 2023 22.3 % Fiscal 2022 21.7 % Fiscal 2021 21.2 % Walmart/Sam’s Club is the only customer to account for greater than 10% of the company’s sales. Inventories . Inventories at December 30, 2023 and December 31, 2022 are valued at net realizable value. Costs for raw materials and packaging are recorded at moving average cost. Finished goods inventories are valued at average costs. The company will write down inventory to net realizable value for estimated unmarketable inventory equal to the difference between the cost of the inventory and the estimated net realizable value for situations when the inventory is impaired by damage, deterioration, or obsolescence. Activity in the inventory reserve allowance is as follows (amounts in thousands): Beginning Charged to Write-Offs Ending Fiscal 2023 $ 1,036 $ 2,376 $ ( 2,716 ) $ 696 Fiscal 2022 $ 284 $ 3,679 $ ( 2,927 ) $ 1,036 Fiscal 2021 $ 1,920 $ 16 $ ( 1,652 ) $ 284 The amounts charged to expense for inventory loss in the table above are reported as adjustments to reconcile net income to net cash provided by operating activities in the Consolidated Statements of Cash Flows. The write-offs and other column represents the amounts that are used to reduce gross inventories. Shipping Costs . Shipping costs are included in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income. For Fiscal 2023, 2022, and 2021, shipping costs were $ 1,215.4 million, $ 1,169.0 million, and $ 1,063.6 million, respectively, including the costs paid to IDPs. Spare Parts and Supplies . The company maintains inventories of spare parts and supplies, which are used for repairs and maintenance of its machinery and equipment. These spare parts and supplies allow the company to react quickly in the event of a mechanical breakdown. These parts are valued using the moving average method and are expensed as the part is used. Periodic physical inventories of the parts are performed, and the value of the parts is adjusted for any obsolescence or difference from the physical inventory count. Assets Held for Sale . Assets to be sold are classified as held for sale in the period all the required criteria are met. The company generally has three types of assets classified as held for sale. These include distribution rights, plants and depots/warehouses, and other equipment. See Note 9, Assets Held for Sale , for these amounts by classification. The company voluntarily repurchases distribution rights from and sells distribution rights to IDPs from time to time. At the time the company purchases distribution rights from an IDP, the fair value purchase price of the distribution right is recorded as “Assets Held for Sale”. Upon the sale of the distribution rights to a new IDP, the new distributor franchisee/owner may choose how he/she desires to finance the purchase of the business. If the new distributor chooses to use optional financing via a company-related entity, a note receivable of up to ten years is recorded for the financed amount with a corresponding credit to assets held for sale to relieve the carrying amount of the territory. Any difference between the selling price of the business and the distribution rights’ carrying value, if any, is recorded as a gain or a loss in selling, distribution, and administrative expenses because the company considers the IDP activity a cost of distribution. This gain is recognized over the term of the outstanding notes receivable as payments are received from the IDP. In instances where a distribution right is sold for less than its carrying value, a loss is recorded at the date of sale and any impairment of a distribution right held for sale is recorded at such time when the impairment occurs. The deferred gains were $ 10.4 million and $ 15.1 million at December 30, 2023 and December 31, 2022, respectively, and are recorded in other short and long-term liabilities on the Consolidated Balance Sheets. The company recorded net gains of $ 2.5 million (exclusive of $ 65.5 million of repurchase obligations of distribution rights related to a legal settlement) during Fiscal 2023, $ 3.8 million during Fiscal 2022 and $ 1.6 million during Fiscal 2021 related to the sale of distribution rights as a component of selling, distribution, and administrative expenses. The gains recorded during Fiscal 2021 included a loss of $ 4.7 million of repurchase obligations of distribution rights related to a legal settlement. See Note 23, Commitments and Contingencies , for details on these settlements. Property, Plant and Equipment and Depreciation . Property, plant and equipment is recognized at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the depreciable assets. The table below presents the range of estimated useful lives by property, plant and equipment class. Useful life term (years) Asset Class Low High Buildings 10 40 Machinery and equipment 3 15 Furniture, fixtures and transportation equipment 3 12 Property recorded as leasehold improvements is amortized over the shorter of the lease term or the estimated useful life of the leased property. Depreciation expense, excluding amortization of right-of-use financing leases, for Fiscal 2023, 2022, and 2021 was as follows (amounts in thousands): Depreciation Fiscal 2023 $ 117,788 Fiscal 2022 $ 108,500 Fiscal 2021 $ 103,949 The company had no capitalized interest during Fiscal 2023, 2022 , and 2021. The cost of maintenance and repairs is charged to expense as incurred. Upon disposal or retirement, the cost and accumulated depreciation of assets are eliminated from the respective accounts. Any gain or loss is reflected in the company’s Consolidated Statements of Income and is included in adjustments to reconcile net income to net cash provided by operating activities on the other line item in the Consolidated Statements of Cash Flows. Leases. The company’s leases consist of the following types of assets: bakeries, corporate office space, warehouses, bakery equipment, transportation equipment, and IT equipment (debt is discussed separately in Note 15, Debt and Other Commitments ). Real estate and equipment contracts occasionally contain multiple lease and non-lease components. Generally, non-lease components represent maintenance and utility related charges, and are primarily minor to the overall value of applicable contracts. These contracts also contain fixed payments with stated rent escalation clauses or fixed payments based on an index such as CPI. Additionally, some contracts contain tenant improvement allowances, rent holidays, lease premiums, and contingent rent provisions (which are treated as variable lease payments). Building and/or office space leases generally require the company to pay for common area maintenance (CAM), insurance, and taxes that are not included in the base rental payments, with the majority of these leases treated as net leases, and the remainder treated as gross or modified gross leases. The lease term for real estate leases primarily ranges from one to 22 years , with a few leases that are month to month, and accounted for as short-term leases. See discussion on short-term leases below. The term of bakery equipment leases primarily ranges from less than a year up to three years . Transportation equipment generally has terms of less than one year up to seven years . IT equipment is typically leased from less than a year up to five years . Certain equipment (i.e., equipment subject to management contracts) and IT equipment leases have terms shorter than a year and are accounted for as short-term leases. See discussion on short-term leases below. These contracts may contain renewal options for periods of one month up to 10 years at fixed percentages of market pricing, with some that are reasonably certain of exercise. For those contracts that contain leases, the company recognizes renewal options as part of right-of-use assets and lease liabilities. All other renewal and termination options are not reasonably certain of exercise or occurrence as of December 30, 2023. These contracts may also contain right of first offer purchase options, along with expansion options that are not reasonably certain of exercise. Additionally, these contracts do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts. For these real estate contracts, the company’s exclusive use of specified real estate for a specific term and for consideration resulted in the company treating these contracts as leases. For those contracts that contain leases of buildings and land, the company has elected to not separate land components from leases of specified property, plant, and equipment, as it was determined to have no effect on lease classification for any lease component, and the amounts recognized for the land lease components would have been immaterial. These contracts may also contain end-term purchase options, whereby the company may purchase the assets for stated pricing at the lesser of fair market value or a percentage of original asset cost. Yet, these purchase options were determined to not be reasonably certain of exercise or occurrence as of December 30, 2023 . Additionally, these contracts do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts. The company’s ability to make those decisions that most effect the economic benefits derived from the use of the equipment, accompanied by receiving substantially all outputs and utility from the use of the equipment resulted in the company accounting for these contracts as leases. These leases are classified as operating leases because real estate leases do not transfer ownership at the end of the lease term, assets are not of such a specialized nature that real estate would not have alternative uses to lessors at the end of the lease term, lease terms do not represent a major part of the total useful life of real estate, and the present value of lease payments do not represent substantially all the fair value of leased assets at commencement. Short-term leases The company has also entered into short-term leases of certain real estate assets, along with IT equipment, and various equipment used for short-term bakery needs through equipment placement or service contracts that require purchase of consumables. These leases extend for periods of one to 12 months . Lease term and amounts of payments are generally fixed. There are no purchase options present, however, there generally are renewals that could extend lease terms for additional periods. Generally, renewal options, as they cannot be unilaterally exercised, are not reasonably certain of exercise, do not contain residual value guarantees, and there are no other restrictions or covenants in the leases. Therefore, the company recognizes lease payments from these short-term leases and variable payments on the Consolidated Statements of Income in the period in which obligation for those payments have been incurred. Modifications and reassessments During Fiscal 2023 and 2022, the company elected certain renewal options that were not previously certain of exercise. Election of these renewal options resulted in reassessment of lease terms for the applicable leases. The company included the renewal periods in measurement of lease terms for the applicable leases. Given that rental payments in the renewal periods were fixed, the company also remeasured the lease payments, and reallocated remaining contract consideration to the lease components within the applicable real estate leases. Although the triggering events did not result in changes to lease classification (i.e., all remained operating leases), they did affect the measurement of lease liabilities, right-of-use assets (“ROU assets”), and amounts recognized as lease expense for the applicable real estate leases. Other significant judgments and assumptions For all classes of assets, the company primarily used our incremental borrowing rates (“IBR”) to perform lease classification tests and measure lease liabilities because discount rates implicit in the company’s leases were not readily determinable. Embedded leases During Fiscal 2020 and Fiscal 2019, the company entered into embedded leases for IT equipment which matured and were not renewed during Fiscal 2023. As of December 31, 2022, the embedded leases were $ 1.4 million of financing ROU assets and $ 1.5 million of financing ROU liabilities. The company did not enter into any embedded leases during Fiscal 2023 or Fiscal 2022. See Note 14, Leases , for our lease quantitative disclosures. Segment . The company has one operating segment based on the nature of products the company sells, intertwined production and distribution model, the internal management structure and information that is regularly reviewed by the CEO, who is the chief operating decision maker, for the purpose of assessing performance and allocating resources. Impairment of Long-Lived Held and Used Assets . The company determines whether there has been an impairment of long-lived held and used assets when indicators of potential impairment are present. We consider historical performance and future estimated results in our evaluation of impairment. If facts and circumstances indicate that the cost of any long-lived held and used assets may be impaired, an evaluation of recoverability would be performed. If an estimate of the asset’s fair value is required in order to determine if an impairment should be recorded, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount and if lower than the carrying value, a write-down to market value is required. On July 19, 2022, the company announced the closure of the Holsum Bakery in Phoenix, Arizona. The bakery produced bread and bun products and ceased production on October 31, 2022. This closure is part of our strategy to optimize our sales portfolio and improve supply chain and manufacturing efficiency. The company recognized asset impairment charges for bakery equipment of $ 2.9 million in the third quarter of Fiscal 2022. There were no impairment charges recorded during Fiscal 2023 or Fiscal 2021. Impairment of Other Intangible Assets . The company accounts for other intangible assets at fair value. These intangible assets can be either finite or indefinite-lived depending on the facts and circumstances at acquisition. Finite-lived intangible assets are reviewed for impairment when facts and circumstances indicate that the cost of any finite-lived intangible asset may be impaired. This recoverability test is based on an undiscounted cash flows expected to result from the company’s use and eventual disposition of the asset. If these cash flows are sufficient to recover the carrying value over the useful life there is no impairment. Amortization of finite-lived intangible assets occurs over their estimated useful lives. The amortization periods, at origination, range from two years to forty years for these assets. The attribution methods we primarily use are the sum-of-the-year digits for customer relationships and straight-line for other intangible assets. These finite-lived intangible assets generally include trademarks, customer relationships, non-compete agreements, distributor relationships (for instances when not held for sale), and supply agreements. The company fully impaired the California held and used distribution rights classified as intangible assets and recorded a charge of $ 2.3 million in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income during Fiscal 2023. Identifiable intangible assets that are determined to have an indefinite useful economic life are not amortized. Indefinite-lived intangible assets are tested for impairment, at least annually, using a one-step fair value-based approach or when certain indicators of potential impairment are present. We have elected not to perform the qualitative approach. We also reassess the indefinite-lived classification to determine if it is appropriate to reclassify these assets as finite-lived assets that will require amortization. We consider historical performance and future estimated results in our evaluation of impairment. If facts and circumstances indicate that the cost of any indefinite-lived intangible assets may be impaired, an evaluation of the fair value of the asset is compared to its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recorded for the difference. We use the multi-period excess earnings and relief from royalty methods to value these indefinite-lived intangible assets. Fair value is estimated using the future gross, discounted cash flows associated with the asset using the following five material assumptions: (a) discount rate; (b) long-term sales growth rates; (c) forecasted operating margins (not applicable to the relief from royalty method), (d) assumed royalty rate; and (e) market multiples. The method used for impairment testing purposes is consistent with the valuation method employed at acquisition of the intangible asset. These indefinite-lived intangible assets are trademarks acquired in a purchase business combination. The company evaluates useful lives for finite-lived intangible assets to determine if facts or circumstances arise that may impact the estimates of useful lives assigned and the remaining amortization duration. Indefinite-lived intangible assets that are determined to have a finite useful life are tested for impairment as an indefinite-lived intangible asset prior to commencing amortization. These intangible assets were assigned a useful life ranging from 5 years to 40 years . Future adverse changes in market conditions or poor operating results of underlying intangible assets could result in losses or an inability to recover the carrying value of the intangible assets that may not be reflected in the assets’ current carrying values, thereby possibly requiring an impairment charge in the future. See Note 10, Goodwill and Other Intangible Assets , for additional disclosure. Goodwill . The company accounts for goodwill in a purchase business combination as the excess of the cost over the fair value of net assets acquired. The company tests goodwill for impairment on an annual basis (or an interim basis if a triggering event occurs that indicates the fair value of our single reporting unit may be below its carrying value) using a one-step method. We have elected not to perform the qualitative approach. The company conducts this review during the fourth quarter of each fiscal year absent any triggering events. We use the following four material assumptions in our fair value analysis: (a) weighted average cost of capital; (b) long-term sales growth rates; (c) forecasted operating margins; and (d) market multiples. No impairment resulted from the annual review performed in Fiscal 2023, 2022, or 2021. See Note 10, Goodwill and Other Intangible Assets , for additional disclosure. Derivative Financial Instruments . The disclosure requirements for derivatives and hedging provide investors with an enhanced understanding of: (a) how and why an entity uses derivative instruments and related hedged items, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the company’s objectives and strategies for using derivative instruments and related hedged items, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments and related hedged items, and disclosures about credit-risk-related contingent features in derivative instruments and related hedged items. The company’s objectives in using commodity derivatives are to add stability to materials, supplies, labor, and other production costs and to manage its exposure to certain commodity price movements. To accomplish this object |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 3. Recent Accounting Pronouncements Recently adopted accounting pronouncements The company did not adopt any accounting pronouncements during Fiscal 2023. Accounting pronouncements not yet adopted On August 23, 2023, the FASB issued ASU 2023-05, "Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement" , which requires a joint venture to initially measure all contributions received upon its formation at fair value. This accounting will largely be consistent with ASC 805, Business Combinations , although there are some specific exceptions. This new guidance is intended to reduce diversity in practice and provide users of the joint venture’s financial statements with more decision-useful information. It may also reduce the amount of basis differences that an investor in a joint venture needs to track. The standard is effective for all joint venture entities with a formation date on or after January 1, 2025, with early adoption permitted. Joint ventures formed prior to the adoption date may elect to apply the new guidance retrospectively back to their original formation date. The company is determining the impact on our business. On November 27, 2023, the FASB issued ASU 2023-07, " Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" , which requires public entities to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. All public entities will be required to report segment information in accordance with the new guidance starting in annual periods beginning after December 15, 2023. The company is determining the impact on our business. On December 14, 2023, The FASB issued ASU 2023-09, " Income Taxes (Topic 740): Improvements to Income Tax Disclosures", which enhances the transparency and decision usefulness of income tax disclosures by requiring; (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. For public business entities, the standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. The company is determining the impact on our business. We have reviewed other recently issued accounting pronouncements and concluded that either they are not applicable to our business or no material effect is expected upon future adoption. |
Food Allergen Compliance Costs
Food Allergen Compliance Costs and (Recovery) Loss on Inferior Ingredients | 12 Months Ended |
Dec. 30, 2023 | |
Product Recall And Recovery Loss On Inferior Ingredients [Abstract] | |
Food Allergen Compliance Costs and (Recovery) Loss on Inferior Ingredients | Note 4. Food Allergen Compliance Costs and (Recovery) Loss on Inferior Ingredients Food Allergen Compliance Costs In the fourth quarter of Fiscal 2022, the company recognized $ 2.0 million of compliance costs associated with the Food, Allergy Safety, Treatment, Education, and Research Act (the FASTER Act) signed into law on April 23, 2021 and effective on January 1, 2023. The FASTER Act declared sesame as the ninth major food allergen recognized by the U.S. and requires, among other things, all food products containing sesame (or products produced on the same equipment as products containing sesame) to list it in the ingredients statement or in a separate allergen statement on the packaging. The costs were mostly attributable to write-offs of obsolete packaging not in compliance with the new requirements and are recorded in our Consolidated Statements of Income. (Recovery) Loss on Inferior Ingredients During Fiscal 2021, the company issued a voluntary recall on certain Tastykake multi-pack cupcakes sold in eight states and certain Tastykake Krimpets distributed to retail customers throughout the U.S. due to the potential presence of tiny fragments of metal mesh wire. The recall was initiated following notification by a vendor of the possible contamination in a supplied ingredient. We incurred costs of $ 1.8 million related to the recall in Fiscal 2021 and received a full reimbursement for the loss in the fourth quarter of Fiscal 2022. During Fiscal 2020, the company received ingredient shipments containing gluten which were used to produce our gluten-free products. The company issued a voluntary product recall due to the potential presence of gluten in certain products. The products recalled were distributed to retail customers in 14 states. The recall was initiated after finished product testing revealed the possible presence of gluten. The cause was gluten present in ingredients from a supplier that should not have contained gluten. We incurred costs of $ 1.3 million related to the recall of gluten-free products and an adjustment to previously recorded inferior yeast costs. During Fiscal 2021, the company incurred costs of $ 0.1 million and received reimbursements of approximately $ 1.0 million for these previously incurred costs. Unless otherwise noted, the costs and reimbursements related to these inferior ingredients are included in the ‘FASTER Act and loss on inferior ingredients’ line item in our Consolidated Statements of Income. There were no costs or reimbursements related to food allergen compliance or inferior ingredients during Fiscal 2023. The table below presents the total costs associated with the FASTER Act and cost and recoveries on inferior ingredients during Fiscal 2022 and 2021 (amounts in thousands): Fiscal 2022 Fiscal 2021 FASTER Act expense recognized $ 2,008 $ — Expense recognized on inferior ingredients — 1,894 Recoveries recognized on inferior ingredients ( 1,772 ) ( 950 ) FASTER Act and loss on inferior ingredients $ 236 $ 944 |
Restructuring Activities
Restructuring Activities | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Activities | Note 5. Restructuring Activities In February 2023, to improve operational effectiveness, increase profitable sales, and better meet customer requirements, the company announced a restructuring of plant operation responsibilities from the sales function to the supply chain function. Employee termination benefits and other cash charges were primarily for the voluntary employee separation incentive plan (the "VSIP"), reduction-in-force ("RIF") and employee relocation costs. These costs are recorded in the restructuring charges line item of the Consolidated Statements of Income. The table below presents the components of costs associated with the restructuring (amounts in thousands): Fiscal 2023 Restructuring charges: VSIP $ 5,229 RIF 899 Relocation costs 971 Total restructuring $ 7,099 The table below presents the components of, and changes in, our restructuring accruals (amounts in thousands): VSIP Relocation Costs RIF Total Liability balance at December 31, 2022 $ — $ — $ — $ — Charges 5,229 971 899 7,099 Cash payments ( 3,800 ) ( 971 ) ( 899 ) ( 5,670 ) Liability balance (1) at December 30, 2023 $ 1,429 $ — $ — $ 1,429 (1) Recorded in the other accrued current liabilities line item of our Consolidated Balance Sheets. |
Acquisition
Acquisition | 12 Months Ended |
Dec. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Note 6. Acquisition On February 17, 2023 , the company completed the acquisition of the Papa Pita bakery business ("Papa Pita") for total consideration of approximately $ 274.8 million, inclusive of a net working capital adjustment. Papa Pita is a manufacturer and distributor of bagels, tortillas, breads, buns, English muffins, and flat breads with one production facility in West Jordan, Utah and, prior to the acquisition, Papa Pita co-manufactured certain products for the company. Papa Pita has direct-store-delivery distribution in the western U.S., expanding our geographic reach. We incurred acquisition costs of $ 3.7 million and $ 0.9 million during Fiscal 2023 and 2022, respectively. These costs are reflected in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income. The company also recognized an immaterial $ 1.5 million goodwill measurement period adjustment related to the final net working capital amount during the second quarter of Fiscal 2023. Papa Pita's operating income since the acquisition was immaterial to our Fiscal 2023 results of operations. The following table summarizes the consideration paid for Papa Pita based on the fair value at the acquisition date. This table is based on preliminary valuations for the assets acquired (the company did no t acquire any cash) and liabilities assumed. The property and equipment, certain financial assets and taxes are still under review. We will continue reviewing the final recognized amounts of identifiable assets acquired and liabilities assumed until the first quarter of Fiscal 2024 when the allocation will be final (amounts in thousands): Fair Value of consideration transferred: Cash consideration paid $ 270,258 Working capital adjustments 4,497 Total consideration $ 274,755 Recognized amounts of identifiable assets acquired and Property, plant, and equipment $ 104,118 Identifiable intangible assets 27,100 Financial assets 14,250 Liabilities assumed ( 3,265 ) Net recognized amounts of identifiable assets acquired 142,203 Goodwill $ 132,552 The following table presents the acquired intangible assets subject to amortization (amounts in thousands, except amortization periods): Total Weighted average amortization years Amortization Method Trademarks $ 4,600 20.0 Straight-line Customer relationships 22,200 25.0 Sum of year digits Noncompete agreements 300 4.0 Straight-line Total intangible assets $ 27,100 23.9 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 7. Accumulated Other Comprehensive Income (Loss) The company’s total comprehensive income (loss) presently consists of net income, adjustments for our derivative financial instruments accounted for as cash flow hedges, and various pension and other postretirement benefit related items. During Fiscal 2023, 2022, and 2021, reclassifications out of AOCI were as follows (amounts in thousands): Amount Reclassified from AOCI Affected Line Item in the Statement Details about AOCI Components (Note 2) Fiscal 2023 Fiscal 2022 Fiscal 2021 Where Net Income is Presented Derivative instruments: Interest rate contracts $ 499 $ 499 $ 126 Interest expense Commodity contracts ( 2,920 ) 5,813 2,115 Cost of sales, Note 3, below Total before tax $ ( 2,421 ) $ 6,312 $ 2,241 Total before tax Tax benefit (expense) 606 ( 1,578 ) ( 560 ) Tax expense Total net of tax $ ( 1,815 ) $ 4,734 $ 1,681 Net of tax Pension and postretirement plans: Prior-service credits (cost) $ 177 $ 180 $ ( 55 ) Note 1, below Settlement loss — — ( 403 ) Note 1, below Actuarial gains (losses) 74 ( 285 ) ( 532 ) Note 1, below Total before tax $ 251 $ ( 105 ) $ ( 990 ) Total before tax Tax (expense) benefit ( 63 ) 26 247 Tax benefit Total net of tax $ 188 $ ( 79 ) $ ( 743 ) Net of tax benefit Total reclassifications from AOCI $ ( 1,627 ) $ 4,655 $ 938 Net of tax benefit Note 1: These items are included in the computation of net periodic pension cost. See Note 21, Postretirement Plans , for additional information. Note 2: Amounts in parentheses indicate debits to determine net income. Note 3: Amounts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. During Fiscal 2023, 2022, and 2021, amounts recognized in AOCI, exclusive of reclassifications, were as follows (amounts in thousands): Amount of Gain (Loss) Recognized in AOCI AOCI component Fiscal 2023 Fiscal 2022 Fiscal 2021 Derivative instruments: Interest rate contracts $ — $ — $ 3,902 Commodity contracts ( 3,934 ) 1,053 ( 11,030 ) Total before tax $ ( 3,934 ) $ 1,053 $ ( 7,128 ) Tax benefit (expense) 983 ( 263 ) 1,780 Total net of tax $ ( 2,951 ) $ 790 $ ( 5,348 ) Pension and postretirement plans: Current year actuarial loss $ 628 $ 3,669 $ 1,050 Current year prior service credit — — 2,214 Total before tax $ 628 $ 3,669 $ 3,264 Tax expense ( 157 ) ( 917 ) ( 815 ) Total net of tax $ 471 $ 2,752 $ 2,449 Total recognized in AOCI $ ( 2,480 ) $ 3,542 $ ( 2,899 ) During Fiscal 2023, changes to AOCI, net of income tax, by component were as follows (amounts in thousands): Cash Flow Hedge Defined Benefit Total AOCI at December 31, 2022 $ 2,099 $ ( 625 ) $ 1,474 Other comprehensive (gain) loss before reclassifications ( 2,951 ) 471 ( 2,480 ) Reclassified to earnings from AOCI 1,815 ( 188 ) 1,627 AOCI at December 30, 2023 $ 963 $ ( 342 ) $ 621 During Fiscal 2022, changes to AOCI, net of income tax, by component were as follows (amounts in thousands): Cash Flow Hedge Defined Benefit Total AOCI at January 1, 2022 $ 6,043 $ ( 3,456 ) $ 2,587 Other comprehensive loss before reclassifications 790 2,752 3,542 Reclassified to earnings from AOCI ( 4,734 ) 79 ( 4,655 ) AOCI at December 31, 2022 $ 2,099 $ ( 625 ) $ 1,474 Amounts reclassified out of AOCI to net income that relate to commodity contracts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. The following table presents the net of tax amount of the loss reclassified from AOCI for our commodity contracts (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Gross (loss) gain reclassified from AOCI into income $ ( 2,920 ) $ 5,813 $ 2,115 Tax benefit (expense) 732 ( 1,452 ) ( 529 ) Net of tax $ ( 2,188 ) $ 4,361 $ 1,586 |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 30, 2023 | |
Receivables [Abstract] | |
Notes Receivable from IDPs | Note 8. Notes Receivable from IDPs The company provides direct financing to certain IDPs for the purchase of the IDPs’ distribution rights and records the notes receivable on the Consolidated Balance Sheets. The distribution rights are financed for up to ten years . During Fiscal 2023, 2022, and 2021 the following amounts were recorded as interest income, the majority of which relates to these notes receivable (amounts in thousands): Interest income Fiscal 2023 $ 20,577 Fiscal 2022 $ 23,644 Fiscal 2021 $ 23,533 The notes receivable are collateralized by the IDPs’ distribution rights. Additional details are included in Note 17, Fair Value of Financial Instruments . |
Assets Held for Sale
Assets Held for Sale | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract] | |
Assets Held for Sale | Note 9. Assets Held for Sale The table below presents the assets held for sale as of December 30, 2023 and December 31, 2022, respectively (amounts in thousands): December 30, 2023 December 31, 2022 Distribution rights $ 20,587 $ 7,608 Property, plant and equipment 1,212 4,885 Total assets held for sale $ 21,799 $ 12,493 The company repurchases distribution rights from IDPs in circumstances when the company decides to exit a territory or, in some cases, when the IDP elects to terminate its relationship with the company. In most distributor agreements, if the company decides to exit a territory or stop using the independent distribution model in a territory, the company is contractually required to purchase the distribution rights from the IDP. In the event an IDP terminates its relationship with the company, the company, although not legally obligated, may repurchase and operate those distribution rights as a company-owned territory. The IDPs may also sell their distribution rights to another person or entity. Distribution rights purchased from IDPs and operated as company-owned territories are recorded on the Consolidated Balance Sheets in the line item “Assets Held for Sale” while the company actively seeks another IDP to purchase the distribution rights for the territory. Distribution rights held for sale and operated by the company are sold to IDPs at fair market value pursuant to the terms of a distributor agreement. There are multiple versions of the distributor agreement in place at any given time and the terms of such distributor agreements vary. During the third and fourth quarters of Fiscal 2023, the company entered into agreements to sell a warehouse and a closed bakery, respectively, both of which were classified as held for sale and recorded an impairment charges of $ 1.8 million. The company completed the sale of the impaired warehouse for proceeds of $ 1.3 million at the end of the third quarter of Fiscal 2023 and anticipates completing the sale of the bakery in the first quarter of Fiscal 2024. During the first quarter of Fiscal 2022, the company reclassified two warehouses acquired at the end of Fiscal 2021 as held for sale and recorded an impairment charge of $ 1.0 million. The company completed the sale of the impaired warehouse at the end of the first quarter of Fiscal 2022. The company received net proceeds of $ 1.2 million. During Fiscal 2022, the company completed the sale of equipment and property previously included as held for sale and received net proceeds of $ 3.7 million. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 10. Goodwill and Other Intangible Assets The table below summarizes our goodwill and other intangible assets as of December 30, 2023 and December 31, 2022, respectively, each of which is explained in additional detail below (amounts in thousands): December 30, 2023 December 31, 2022 Goodwill $ 677,796 $ 545,244 Amortizable intangible assets, net of amortization 530,642 537,281 Indefinite-lived intangible assets 127,100 127,100 Total goodwill and other intangible assets $ 1,335,538 $ 1,209,625 The changes in the carrying amount of goodwill during Fiscal 2023, during which time we completed the acquisition of Papa Pita, are as follows (amounts in thousands): Total Balance as of December 31, 2022 $ 545,244 Acquisition 132,552 Balance as of December 30, 2023 $ 677,796 On February 17, 2023, the company completed the acquisition of Papa Pita for total consideration of approximately $ 274.8 million, inclusive of a net working capital adjustment payment. The acquisition included several amortizable intangible assets which total $ 27.1 million and are included in the table below. See Note 6, Acquisition, for details of the assets and the respective amortization period by category . Goodwill was no t impaired in Fiscal 2023, 2022, or 2021. As of December 30, 2023 and December 31, 2022, the company had the following amounts related to amortizable intangible assets (amounts in thousands): December 30, 2023 December 31, 2022 Asset Cost Accumulated Net Value Cost Accumulated Net Value Trademarks $ 481,715 $ 107,562 $ 374,153 $ 477,115 $ 92,763 $ 384,352 Customer relationships 340,221 184,222 155,999 318,021 167,688 150,333 Non-compete agreements 5,454 5,206 248 5,154 5,114 40 Distributor relationships 4,123 3,881 242 4,123 3,673 450 Distributor routes held and used — — — 3,249 1,143 2,106 Total $ 831,513 $ 300,871 $ 530,642 $ 807,662 $ 270,381 $ 537,281 In Fiscal 2020, the company reclassified certain California distribution rights from held for sale to held and used. In conjunction with the agreement to settle the California distributor-related litigation, reached in Fiscal 2023, the company fully impaired these distribution rights and recorded a charge of $ 2.3 million in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income during Fiscal 2023. See Note 23, Commitments and Contingencies, for details of this settlement. As of December 30, 2023 and December 31, 2022, there was $ 127.1 million of indefinite-lived intangible trademark assets separately identified from goodwill. These trademarks are classified as indefinite-lived because there is no foreseeable limit to the period over which the asset is expected to contribute to our cash flows. They are well established brands with a long history and well-defined markets. In addition, we are continuing to use these brands both in their original markets and throughout our expansion territories. We believe these factors support an indefinite-life assignment with an annual impairment analysis to determine if the trademarks are realizing their expected economic benefits. Amortization expense Amortization expense for Fiscal 2023, 2022, and 2021 was as follows (amounts in thousands): Amortization Fiscal 2023 $ 32,218 Fiscal 2022 $ 31,752 Fiscal 2021 $ 30,857 Estimated amortization of intangibles for Fiscal 2024 and the next four years thereafter is as follows (amounts in thousands): Fiscal year Amortization of 2024 $ 31,409 2025 $ 30,746 2026 $ 28,891 2027 $ 27,242 2028 $ 25,611 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 11. Derivative Financial Instruments The company measures the fair value of its derivative portfolio by using the price that would be received to sell an asset or paid to transfer a liability in the principal market for that asset or liability. These measurements are classified into a hierarchy by the inputs used to perform the fair value calculation as follows: Level 1: Fair value based on unadjusted quoted prices for identical assets or liabilities at the measurement date Level 2: Modeled fair value with model inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly Level 3: Modeled fair value with unobservable model inputs that are used to estimate the fair value of the asset or liability Commodity Price Risk The company enters into commodity derivatives, designated as cash-flow hedges of existing or future exposure to changes in commodity prices. The company’s primary raw materials are flour, sweeteners, yeast, and shortening, along with pulp, paper, and petroleum-based packaging products. Natural gas, which is used as oven fuel, is also an important commodity used for production. As of December 30, 2023, the company’s commodity hedge portfolio contained derivatives which are recorded in the following accounts with fair values measured as indicated (amounts in thousands): Level 1 Level 2 Level 3 Total Assets: Other current assets $ 55 $ — $ — $ 55 Other long-term assets — — — — Total $ 55 $ — $ — $ 55 Liabilities: Other current liabilities $ ( 1,918 ) $ — $ — $ ( 1,918 ) Other long-term liabilities ( 2 ) — — ( 2 ) Total $ ( 1,920 ) $ — $ — $ ( 1,920 ) Net Fair Value $ ( 1,865 ) $ — $ — $ ( 1,865 ) As of December 31, 2022, the company’s commodity hedge portfolio contained derivatives which are recorded in the following accounts with fair values measured as indicated (amounts in thousands): Level 1 Level 2 Level 3 Total Assets: Other current assets $ 782 $ — $ — $ 782 Other long-term assets 2 — — 2 Total $ 784 $ — $ — $ 784 Liabilities: Other current liabilities $ ( 1,149 ) $ — $ — $ ( 1,149 ) Other long-term liabilities ( 86 ) — — ( 86 ) Total ( 1,235 ) — — ( 1,235 ) Net Fair Value $ ( 451 ) $ — $ — $ ( 451 ) The positions held in the portfolio are used to hedge economic exposure to changes in various raw materials and production input prices and effectively fixes the price, or limits increases in prices, for a period of time extending into Fiscal 2025. These instruments are designated as cash-flow hedges. See Note 2, Summary of Significant Accounting Policies , for the accounting treatment of these hedged transactions. Interest Rate Risk During the first quarter of Fiscal 2021, the company entered into treasury locks to fix the interest rate for the 2031 notes issued on March 9, 2021. The derivative positions were closed when the debt was priced on March 2, 2021 with a cash settlement net receipt of $ 3.9 million that offset changes in the benchmark treasury rate between execution of the treasury rate locks and the debt pricing date. These rate locks were designated as a cash flow hedge and the deferred amount reported in AOCI is being reclassified to interest expense as interest payments are made on the notes through the maturity date. The company previously entered into treasury rate locks at the time we executed the 2026 notes. These rate locks were designated as a cash flow hedge and the fair value at termination was deferred in AOCI. The deferred amount reported in AOCI is being reclassified to interest expense as interest payments are made on the related notes through the maturity date. Derivative Assets and Liabilities The company had the following derivative instruments recorded on the Consolidated Balance Sheets, all of which are utilized for the risk management purposes detailed above (amounts in thousands): Derivative Assets December 30, 2023 December 31, 2022 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Other current assets $ 55 Other current assets $ 782 Commodity contracts Other long-term assets — Other long-term assets 2 Total $ 55 $ 784 Derivative Liabilities December 30, 2023 December 31, 2022 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Other current liabilities $ 1,918 Other current liabilities $ 1,149 Commodity contracts Other long-term liabilities 2 Other long-term liabilities 86 Total $ 1,920 $ 1,235 Derivative AOCI transactions The company had the following derivative instruments for deferred gains and (losses) on closed contracts and the effective portion for changes in fair value recorded in AOCI (no amounts were excluded from the effectiveness test), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax): Amount of Gain or (Loss) Recognized in OCI on Derivatives Derivatives in Cash Flow Hedging Relationships Fiscal 2023 Fiscal 2022 Fiscal 2021 Interest rate contracts $ — $ — $ 2,926 Commodity contracts ( 2,951 ) 790 ( 8,274 ) Total $ ( 2,951 ) $ 790 $ ( 5,348 ) Amount of Gain or (Loss) Reclassified Location of Gain or (Loss) Derivatives in Cash Flow Hedging Relationships Fiscal 2023 Fiscal 2022 Fiscal 2021 (Effective Portion) Interest rate contracts $ 373 $ 373 $ 95 Interest income (expense) Commodity contracts ( 2,188 ) 4,361 1,586 Production costs (1) Total $ ( 1,815 ) $ 4,734 $ 1,681 1. Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). The balance (credit or (debit) balance) in AOCI related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next two years are as follows (amounts in thousands and net of tax) at December 30, 2023: Commodity Price Interest Rate Risk Totals Closed contracts $ ( 48 ) $ ( 2,316 ) $ ( 2,364 ) Expiring in 2024 1,397 — 1,397 Expiring in 2025 2 — 2 Total $ 1,351 $ ( 2,316 ) $ ( 965 ) See Note 2, Summary of Significant Accounting Policies , for the accounting treatment of OCI for these hedged transactions. Derivative transactions notional amounts As of December 30, 2023, the company had entered into the following financial contracts to hedge commodity risks (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Notional amount Wheat contracts $ 1,183 Soybean oil contracts 16,387 Natural gas contracts 2,940 Total $ 20,510 The company’s derivative instruments contained no credit-risk-related contingent features at December 30, 2023. As of December 30, 2023 and December 31, 2022, the company had $ 6.3 million and $ 7.2 million, respectively, recorded in other current assets representing collateral to counterparties for hedged positions. As of December 30, 2023 and December 31, 2022, the company had $ 3.2 million and $ 3.1 million, respectively, recorded in other accrued liabilities representing collateral from counterparties for hedged positions. |
Other Current and Non-Current A
Other Current and Non-Current Assets | 12 Months Ended |
Dec. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current and Non-Current Assets | Note 12. Other Current and Non-Current Assets Other current assets consist of (amounts in thousands): December 30, 2023 December 31, 2022 Prepaid assets $ 4,042 $ 4,589 Prepaid insurance 6,546 5,709 Prepaid marketing 4,458 3,917 Service contracts 27,102 25,595 Fair value of derivative instruments 55 782 Collateral to counterparties for derivative positions 6,333 7,210 Income taxes receivable 17,362 — Other 159 216 Total $ 66,057 $ 48,018 Other non-current assets consist of (amounts in thousands): December 30, 2023 December 31, 2022 Unamortized financing fees $ 1,125 $ 1,356 Investments 2,443 2,506 Investment in unconsolidated affiliate 5,481 9,000 Deposits 2,789 2,444 Unamortized cloud computing arrangement costs 81 258 Noncurrent postretirement benefit plan asset 6,494 4,902 Noncurrent service contracts — 3,957 Other 74 92 Total $ 18,487 $ 24,515 |
Other Accrued Liabilities and O
Other Accrued Liabilities and Other Long-Term Liabilities | 12 Months Ended |
Dec. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Accrued Liabilities and Other Long-Term Liabilities | Note 13. Other Accrued Liabilities and Other Long-Term Liabilities Other accrued liabilities consist of (amounts in thousands): December 30, 2023 December 31, 2022 Employee compensation $ 28,000 $ 26,762 VSIP 1,429 — Employee vacation 17,699 16,058 Employee bonus 28,004 29,526 Fair value of derivative instruments 1,918 1,149 Self-insurance reserves 38,003 30,599 Bank overdraft 18,180 17,960 Accrued interest 7,516 7,127 Accrued taxes 7,984 11,970 Accrued legal costs 3,798 3,021 Accrued advertising 2,333 4,813 Accrued legal settlements 55,000 5,500 Accrued short term deferred income 3,217 3,893 Accrued utilities 6,121 6,861 Acquisition consideration adjustment — 753 Collateral from counterparties for derivative positions 3,230 3,085 Multi-employer pension plan withdrawal liability 1,297 1,297 Repurchase obligations of distribution rights 64,583 432 Other 4,634 4,470 Total $ 292,946 $ 175,276 In the third quarter of Fiscal 2023, we reached an agreement to settle certain distributor-related litigation for a settlement payment, inclusive of plaintiffs’ attorney fees, of $ 55.0 million. The settlement also requires a phased repurchase of approximately 350 distribution territories. The company estimated the cost of these repurchases, and an additional 50 other California distribution territories that are not part of the settlement, in accordance with the settlement agreement and the amount is net of the remaining notes receivable balance. See Note 23, Commitments and Contingencies, for details on this settlement. The acquisition consideration adjustment is in connection with an acquisition completed in Fiscal 2012, the company agreed to make the sellers whole for certain taxes incurred by the sellers on the sale. In Fiscal 2021, there was a tax determination that the sellers owed additional taxes of $ 3.4 million, and the company recorded this cost in the selling, distribution and administrative expenses line item of the Condensed Consolidated Statements of Income during the second quarter of Fiscal 2021. During Fiscal 2022, the company reached an agreement to settle this issue and made a partial payment in Fiscal 2022 and made the final payment in Fiscal 2023. Other long-term liabilities consist of (amounts in thousands): December 30, 2023 December 31, 2022 Deferred income $ 7,222 $ 11,235 Deferred compensation 26,207 23,675 Other deferred credits 185 382 Other 323 406 Total $ 33,937 $ 35,698 |
Leases
Leases | 12 Months Ended |
Dec. 30, 2023 | |
Leases [Abstract] | |
Leases | Note 14. Leases Qualitative disclosures about our leases, including the significant policy elections, can be found in Note 2, Summary of Significant Accounting Policies . The quantitative disclosures are presented below. Lease costs incurred by lease type, and/or type of payment for Fiscal 2023, 2022 and 2021 were as follows (in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Lease cost: Amortization of right-of-use assets $ 1,703 $ 1,705 $ 1,751 Interest on lease liabilities 32 93 154 Operating lease cost 62,685 62,115 68,927 Short-term lease cost 3,121 2,897 3,075 Variable lease cost 37,588 33,223 27,120 Total lease cost $ 105,129 $ 100,033 $ 101,027 Other supplemental quantitative disclosures as of, and for, Fiscal 2023 and Fiscal 2022 were as follows (in thousands): Fiscal 2023 Fiscal 2022 Cash paid for amounts included in the measurement Operating cash flows from financing leases $ 32 $ 93 Operating cash flows from operating leases $ 62,989 $ 57,166 Financing cash flows from financing leases $ 1,819 $ 1,597 Right-of-use assets obtained in exchange for new $ 34 $ — Right-of-use assets obtained in exchange for new $ 54,997 $ 33,559 Weighted-average remaining lease term (years): Financing leases 1.4 1.1 Operating leases 7.3 7.8 Weighted-average IBR (percentage): Financing leases 3.0 3.5 Operating leases 4.2 3.8 Estimated undiscounted future lease payments under non-cancelable operating leases and financing leases, along with a reconciliation of the undiscounted cash flows to operating and financing lease liabilities, respectively, as of December 30, 2023 (in thousands) were as follows: Operating lease Financing lease 2024 $ 64,060 $ 205 2025 62,089 18 2026 44,564 7 2027 37,218 3 2028 28,237 — Thereafter 103,373 — Total minimum lease payments 339,541 233 Less: amount of lease payments representing interest ( 55,162 ) ( 111 ) Present value of future minimum lease payments 284,379 122 Less: current obligations under leases ( 47,507 ) ( 99 ) Long-term lease obligations $ 236,872 $ 23 The following table details lease modifications and renewals and lease impairments (amounts in thousands): Fiscal 2023 Fiscal 2022 Lease modifications and renewals $ 33,041 $ 28,278 Lease terminations $ 361 $ 6,035 The lease modifications and renewals for Fiscal 2023 include $ 10.6 million related to a 10 year extension for a freezer storage lease. For Fiscal 2022, the lease modifications and renewals include $ 11.2 million related to a 10 year extension for a warehouse lease. |
Debt and Other Commitments
Debt and Other Commitments | 12 Months Ended |
Dec. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt and Other Commitments | Note 15. Debt and Other Commitments Long-term debt, including capital lease obligations, consisted of the following at December 30, 2023 and December 31, 2022: Interest Rate at December 30, 2023 Final December 30, 2023 December 31, 2022 (Amounts in thousands) Unsecured credit facility 6.38 % 2026 $ — $ — 2031 notes 2.40 % 2031 494,723 493,994 2026 notes 3.50 % 2026 398,421 397,848 Accounts receivable repurchase facility 6.16 % 2025 155,000 — Accounts receivable securitization facility (1) — — 1,048,144 891,842 Current maturities of long-term debt — — Long-term debt $ 1,048,144 $ 891,842 (1) The securitization facility (as defined below) was terminated in Fiscal 2023. Bank overdrafts occur when checks have been issued but have not been presented to the bank for payment. Certain of our banks allow us to delay funding of issued checks until the checks are presented for payment. The delay in funding results in a temporary source of financing from the bank. The activity related to bank overdrafts is shown as a financing activity in our Consolidated Statements of Cash Flows. Bank overdrafts are included in other current liabilities on our Consolidated Balance Sheets. As of December 30, 2023 and December 31, 2022, the bank overdraft balance was $ 18.2 million and $ 18.0 million, respectively. The company also had standby letters of credit (“LOCs”) outstanding of $ 8.4 million at December 30, 2023 and December 31, 2022, which reduce the availability of funds under the senior unsecured revolving credit facility (the "credit facility"). The outstanding LOCs are for the benefit of certain insurance companies and lessors. None of the LOCs are recorded as a liability on the Consolidated Balance Sheets. 2031 Notes, 2026 Notes, Accounts Receivable Repurchase Facility, Accounts Receivable Securitization Facility, 2022 Notes, and Credit Facility 2031 Notes. On March 9, 2021, the company issued $ 500.0 million of senior notes. The company will pay semiannual interest on the 2031 notes on each March 15 and September 15 and the 2031 notes will mature on March 15, 2031 . The notes bear interest at 2.400 % per annum. On any date prior to December 15, 2030, the company may redeem some or all of the notes at a price equal to the greater of (1) 100 % of the principal amount of the notes redeemed and (2) a “make-whole” amount plus, in each case, accrued and unpaid interest. The make-whole amount is equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2031 notes to be redeemed that would be due if such notes matured December 15, 2030 (exclusive of interest accrued to, but not including, the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable treasury rate (as defined in the indenture governing the notes), plus 20 basis points, plus, in each case, accrued and unpaid interest. At any time on or after December 15, 2030, the company may redeem some or all of the 2031 notes at a price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest. If the company experiences a “change of control triggering event” (which involves a change of control of the company and the related rating of the notes below investment grade), it is required to offer to purchase the notes at a purchase price equal to 101 % of the principal amount, plus accrued and unpaid interest thereon unless the company has exercised its option to redeem the notes in whole. The 2031 notes are also subject to customary restrictive covenants for investment grade debt, including certain limitations on liens and sale and leaseback transactions. The face value of the 2031 notes is $ 500.0 million. There was a debt discount representing the difference between the net proceeds, after expenses, received upon issuance of debt and the amount repayable at its maturity. The company also accrued issuance costs (including underwriting fees and other fees) on the 2031 notes. Debt issuance costs and the debt discount are being amortized to interest expense over the term of the 2031 notes. As of December 30, 2023, the company was in compliance with all restrictive covenants under the indenture governing the 2031 notes. The table below presents the debt discount, underwriting fees and other fees for issuing the 2031 notes (amounts in thousands): Total fees for 2031 notes Amount at Issuance Debt discount $ 2,430 Underwriting, legal, and other fees 4,829 Total fees $ 7,259 2026 Notes . On September 28, 2016, the company issued $ 400.0 million of senior notes (the “2026 notes”). The company will pay semiannual interest on the 2026 notes on each April 1 and October 1, beginning on April 1, 2017, and the 2026 notes will mature on October 1, 2026 . The notes bear interest at 3.500 % per annum. The 2026 notes are subject to interest rate adjustments if either Moody’s or S&P downgrades (or downgrades and subsequently upgrades) the credit rating assigned to the 2026 notes. On any date prior to July 1, 2026, the company may redeem some or all of the notes at a price equal to the greater of (1) 100 % of the principal amount of the notes redeemed and (2) a “make-whole” amount plus, in each case, accrued and unpaid interest. The make-whole amount is equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2026 notes to be redeemed that would be due if such notes matured July 1, 2026 (exclusive of interest accrued to, but not including, the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the treasury rate (as defined in the indenture governing the notes), plus 30 basis points, plus in each case accrued and unpaid interest. At any time on or after July 1, 2026, the company may redeem some or all of the 2026 notes at a price equal to 100 % of the principal amount of the notes redeemed plus accrued and unpaid interest. If the company experiences a “change of control triggering event” (which involves a change of control of the company and related rating of the notes below investment grade), it is required to offer to purchase the notes at a purchase price equal to 101 % of the principal amount, plus accrued and unpaid interest thereon unless the company exercised its option to redeem the notes in whole. The 2026 notes are also subject to customary restrictive covenants, including certain limitations on liens and sale and leaseback transactions. The face value of the 2026 notes is $ 400.0 million. There was a debt discount representing the difference between the net proceeds, after expenses, received upon issuance of debt and the amount repayable at its maturity. The company also paid issuance costs (including underwriting fees and legal fees) on the 2026 notes. Debt issuance costs and the debt discount are being amortized to interest expense over the term of the 2026 notes. As of December 30, 2023 , the company was in compliance with all restrictive covenants under the indenture governing the 2026 notes. The table below presents the debt discount, underwriting fees and the legal and other fees for issuing the 2026 notes (amounts in thousands): Total fees for 2026 notes Amount at Issuance Debt discount $ 2,108 Underwriting, legal, and other fees 3,634 Total fees $ 5,742 Accounts Receivable Repurchase Facility . On April 14, 2023, the company terminated the securitization facility and entered into a two-year $ 200.0 million accounts receivable repurchase facility (the "repurchase facility"). Under the repurchase facility, certain subsidiaries of the company sell or distribute, on an ongoing basis, substantially all of their trade receivables to the company. The company may at its option onward sell all of its qualifying receivables to the funding parties under the repurchase facility with an agreement to repurchase the receivables on a monthly basis for a repurchase price equal to the purchase price paid and an interest component based on Term SOFR (as defined below) plus a margin. There is an unused fee applicable on the daily unused portion of the repurchase facility. The repurchase facility contains certain customary representations and warranties, affirmative and negative covenants, and events of default. Financing costs paid at inception of the repurchase facility are being amortized over the life of the repurchase facility. The company incurred $ 0.8 million in financing costs during the first quarter of Fiscal 2023. The balance of unamortized financing costs was $ 0.3 million on December 30, 2023 and is recorded in other assets on the Consolidated Balance Sheets. As of December 30, 2023, the company was in compliance with all restrictive covenants under the repurchase facility. The table below presents the borrowings and repayments under the repurchase facility during Fiscal 2023: Amount (thousands) Balance as of December 31, 2022 $ — Borrowings 330,000 Payments ( 175,000 ) Balance as of December 30, 2023 $ 155,000 The table below presents the net amount available for working capital and general corporate purposes under the repurchase facility as of December 30, 2023: Amount (thousands) Gross amount available $ 200,000 Outstanding ( 155,000 ) Available for withdrawal $ 45,000 Amounts available for withdrawal under the repurchase facility are determined as the lesser of the total repurchase facility limit and a formula derived amount based on qualifying trade receivables. The table below presents the highest and lowest outstanding balance under the repurchase facility during Fiscal 2023: Amount (thousands) High balance $ 180,000 Low balance $ — Accounts Receivable Securitization Facility . On July 17, 2013, the company entered into the accounts receivable securitization facility (the "securitization facility"). The company amended the securitization facility 11 times since execution, most recently on February 13, 2023. On April 14, 2023, the company terminated the securitization facility with no outstanding borrowings. Under the securitization facility, a wholly-owned, bankruptcy-remote subsidiary purchased, on an ongoing basis, substantially all trade receivables of the company’s subsidiaries. The subsidiary pledged the receivables as collateral for the obligations under the securitization facility. In the event of liquidation of the subsidiary, its creditors were entitled to satisfy their claims from the subsidiary’s pledged receivables prior to distributions of collections to the company. We included the subsidiary in our Consolidated Financial Statements. The securitization facility contained certain customary representations and warranties, affirmative and negative covenants, and events of default. Optional principal repayments could be made at any time without premium or penalty. Interest was due 18 days after our reporting periods end in arrears on the outstanding borrowings and was computed as SOFR plus an applicable margin of 95 basis points. An unused fee of 40 basis points was applicable on the unused commitment at each reporting period. Financing costs paid at inception of the securitization facility and at the time amendments were executed were being amortized over the life of the securitization facility. The company incurred $ 0.2 million in financing costs during the third quarter of Fiscal 2022 for the tenth amendment. The balance of unamortized financing costs was $ 0.3 million on December 31, 2022, and was recorded in other assets on the Condensed Consolidated Balance Sheets. During the first quarter of Fiscal 2023, the company recognized $ 0.3 million in unamortized loan costs as a loss on extinguishment of debt upon the early termination of the securitization facility. These costs are recorded in interest expense on the Consolidated Statements of Income. The table below presents the borrowings and repayments under the securitization facility during Fiscal 2023: Amount (thousands) Balance as of December 31, 2022 $ — Borrowings 28,000 Payments ( 28,000 ) Balance as of December 30, 2023 $ — Amounts available for withdrawal under the securitization facility were determined as the lesser of the total commitments and a formula derived amount based on qualifying trade receivables. The table below presents the highest and lowest outstanding balance under the securitization facility during Fiscal 2023: Amount (thousands) High balance $ 28,000 Low balance $ — 2022 Notes. On April 3, 2012, the company issued $ 400.0 million of senior notes (the “2022 notes”). Prior to the early redemption discussed below, the company paid semiannual interest on the notes on each April 1 and October 1, beginning on October 1, 2012, and the notes would have matured on April 1, 2022 . The notes bore interest at 4.375 % per annum. On April 8, 2021, the company completed the early redemption of the 2022 notes with proceeds received from the issuance of the 2031 notes on March 9, 2021. We recognized a loss on extinguishment of debt of $ 16.1 million comprised of a make-whole cash payment of $ 15.4 million and the write-off of unamortized debt discount and debt issuance costs of $ 0.7 million. Credit Facility. The company is party to an amended and restated credit agreement, dated as of October 24, 2003, with the lenders party thereto and Deutsche Bank Trust Company Americas, as administrative agent, (as amended, restated, modified or supplemented from time to time, the “amended and restated credit agreement”). The company has amended the amended and restated credit agreement eight times since execution, most recently on April 12, 2023 (the “eighth amendment”). Under the amended and restated credit agreement, our credit facility is a five-year , $ 500.0 million senior unsecured revolving loan facility with the following terms and conditions: (i) a maturity date of July 30, 2026 ; (ii) an applicable margin for revolving loans maintained as (1) base rate loans and swingline loans with a range of 0.00 % to 0.525 % and (2) SOFR loans with a range of 0.815 % to 1.525 %, in each case, based on the more favorable (to the company) of (x) the leverage ratio of the company and its subsidiaries and (y) the company’s debt rating; (iii) an applicable facility fee with a range of 0.06 % to 0.225 %, due quarterly on all commitments under the amended and restated credit agreement, based on the more favorable (to the company) of (x) the leverage ratio of the company and its subsidiaries and (y) the company’s debt rating; and (iv) a maximum leverage ratio covenant to permit the company, at its option, in connection with certain acquisitions and investments and subject to the terms and conditions provided in the amended and restated credit agreement, to increase the maximum ratio permitted thereunder on one or more occasions to 4.00 to 1.00 for a period of four consecutive fiscal quarters, including and/or immediately following the fiscal quarter in which such acquisitions or investments were completed (the “covenant holiday”), provided that each additional covenant holiday will not be available to the company until it has achieved and maintained a leverage ratio of at least 3.75 to 1.00 and has been complied with for at least two fiscal quarters. Additionally, the eighth amendment replaced the benchmark rate at which borrowings under the amended and restated credit agreement bear interest from LIBOR to the forward-looking SOFR term rate administered by CME Group Benchmark Administration Limited ("Term SOFR"). As a result of these amendments and with respect to SOFR Loans, we can borrow at Term SOFR, plus a credit spread adjustment of 0.10 % subject to a floor of zero . In addition, the credit facility contains a provision that permits the company to request up to $ 200.0 million in additional revolving commitments, for a total of up to $ 700.0 million, subject to the satisfaction of certain conditions. Proceeds from the credit facility may be used for working capital and general corporate purposes, including capital expenditures, acquisition financing, refinancing of indebtedness, dividends and share repurchases. The credit facility includes certain customary restrictions, which, among other things, require maintenance of financial covenants and limit encumbrance of assets and creation of indebtedness. Restrictive financial covenants include such ratios as a minimum interest coverage ratio and a maximum leverage ratio. The company believes that, given its current cash position, its cash flow from operating activities and its available credit capacity, it can comply with the current terms of the amended credit facility and can meet its presently foreseeable financial requirements. As of December 30, 2023 and December 31, 2022, respectively, the company was in compliance with all restrictive covenants under the credit facility. Financing costs paid at inception of the credit facility and at the time amendments are executed are being amortized over the life of the credit facility. The company incurred additional financing costs of $ 0.1 million during the first quarter of Fiscal 2023 for the eighth amendment. There was an additional financing cost paid in the first quarter of Fiscal 2022 that was less than $ 0.1 million. The balance of unamortized financing costs was $ 0.9 million and $ 1.1 million on December 30, 2023 and December 31, 2022, respectively and is recorded in other assets on the Consolidated Balance Sheets. Amounts outstanding under the credit facility vary daily. Changes in the gross borrowings and repayments can be caused by cash flow activity from operations, capital expenditures, acquisitions, dividends, share repurchases, and tax payments, as well as derivative transactions which are part of the company’s overall risk management strategy as discussed in Note 11, Derivative Financial Instruments . The table below presents the borrowings and repayments under the credit facility during Fiscal 2023: Amount (thousands) Balance as of December 31, 2022 $ — Borrowings 540,000 Payments ( 540,000 ) Balance as of December 30, 2023 $ — The table below presents the net amount available under the credit facility as of December 30, 2023: Amount (thousands) Gross amount available $ 500,000 Outstanding — Letters of credit ( 8,400 ) Available for withdrawal $ 491,600 The table below presents the highest and lowest outstanding balance under the credit facility during Fiscal 2023: Amount (thousands) High balance $ 174,000 Low balance $ — Aggregate debt maturities . Aggregate maturities of debt outstanding as of December 30, 2023 , are as follows (excluding unamortized debt discount and issuance costs) (amounts in thousands): 2024 $ — 2025 155,000 2026 400,000 2027 — 2028 — Thereafter 500,000 Total $ 1,055,000 Debt issuance costs and debt discount. The table below reconciles the debt issuance costs and debt discounts to the net carrying value of each of our debt obligations (excluding line-of-credit arrangements) at December 30, 2023 (amounts in thousands): Face Value Debt issuance costs Net carrying value 2031 notes $ 500,000 $ 5,277 $ 494,723 2026 notes 400,000 1,579 398,421 Total $ 900,000 $ 6,856 $ 893,144 The table below reconciles the debt issuance costs and debt discounts to the net carrying value of each of our debt obligations (excluding line-of-credit arrangements) at December 31, 2022 (amounts in thousands): Face Value Debt issuance costs Net carrying value 2031 notes $ 500,000 $ 6,006 $ 493,994 2026 notes 400,000 2,152 397,848 Total $ 900,000 $ 8,158 $ 891,842 Deferred Compensation The Executive Deferred Compensation Plan (“EDCP”) consists of unsecured general obligations of the company to pay the deferred compensation of, and our contributions to, participants in the EDCP. The obligations will rank equally with our other unsecured and unsubordinated indebtedness payable from the company’s general assets. The company’s directors and certain key members of management are eligible to participate in the EDCP. Directors may elect to defer all or any portion of their annual retainer fee and meeting fees. Deferral elections by directors must be made prior to the beginning of each year and are thereafter irrevocable. Eligible employees could elect to defer up to 75 % of their base salaries, and up to 100 % of any cash bonuses and other compensation through December 31, 2015. Effective January 1, 2016, employees may elect to defer up to 75 % of their base salaries, any cash bonuses, and other compensation. Deferral elections by eligible executives must be made prior to the beginning of each year and are thereafter irrevocable during that year. The portion of the participant’s compensation that is deferred depends on the participant’s election in effect with respect to his or her elective contributions under the EDCP. The amounts outstanding at December 30, 2023 and December 31, 2022 were as follows (amounts in thousands): December 30, 2023 December 31, 2022 Deferral elections outstanding $ 27,578 $ 25,449 Current portion of deferral elections ( 1,371 ) ( 1,774 ) Long-term portion of deferral elections $ 26,207 $ 23,675 The current portion of deferral elections is included in the other accrued liabilities on the Consolidated Balance Sheets. The long-term portion of deferral elections is included in the other long-term liabilities on the Consolidated Balance Sheets. Guarantees and Indemnification Obligations The company has provided various representations, warranties, and other standard indemnifications in various agreements with customers, suppliers, and other parties as well as in agreements to sell business assets or lease facilities. In general, these provisions indemnify the counterparty for matters such as breaches of representations and warranties, certain environmental conditions and tax matters, and, in the context of sales of business assets, any liabilities arising prior to the closing of the transactions. Non-performance under a contract could trigger an obligation of the company. The ultimate effect on future financial results is not subject to reasonable estimation because considerable uncertainty exists as to the final outcome of any potential claims. No material guarantees or indemnifications have been entered into by the company through December 30, 2023 . |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Note 16. Variable Interest Entities Distribution rights agreement VIE analysis The incorporated IDPs qualify as VIEs. The IDPs who are formed as sole proprietorships are excluded from the following VIE accounting analysis and discussion. Incorporated IDPs acquire distribution rights and enter into a contract with the company to sell the company’s products in the IDPs’ defined geographic territory. The incorporated IDPs have the option to finance the acquisition of their distribution rights with the company. They can also pay cash or obtain external financing at the time they acquire the distribution rights. The combination of the company’s loans to the incorporated IDPs and the ongoing distributor arrangements with the incorporated IDPs provide a level of funding to the equity owners of the various incorporated IDPs that would not otherwise be available. As of December 30, 2023 and December 31, 2022 , there was $ 134.4 million and $ 144.6 million, respectively, in gross distribution rights notes receivable outstanding from incorporated IDPs. The company is not considered to be the primary beneficiary of the VIEs because the company does not (i) have the ability to direct the significant activities of the VIEs that would affect their ability to operate their respective businesses and (ii) provide any implicit or explicit guarantees or other financial support to the VIEs, other than the financing described above, for specific return or performance benchmarks. The activities controlled by the incorporated IDPs that are deemed to most significantly impact the ultimate success of the incorporated IDP entities relate to those decisions inherent in operating the distribution business in the territory, including acquiring trucks and trailers, managing fuel costs, employee matters and other strategic decisions. In addition, we do not provide, nor do we intend to provide, financial or other support to the IDP. The IDPs are responsible for the operations of their respective territories. The company’s maximum contractual exposure to loss for the incorporated IDP relates to the distributor rights note receivable for the portion of the territory the incorporated IDPs financed at the time they acquired the distribution rights. The incorporated IDPs remit payment on their distributor rights note receivable each week during the settlement process of their weekly activity. The company will operate a territory on behalf of an incorporated IDP in situations where the IDP has abandoned its distribution rights. Any remaining balance outstanding on the distribution rights notes receivable is relieved once the distribution rights have been sold on the IDPs behalf. The company’s collateral from the territory distribution rights mitigates the potential losses. |
Fair Value of Financial Instru
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 17. Fair Value of Financial Instruments The carrying value of cash and cash equivalents, accounts receivable, and short-term debt approximates fair value because of the short-term maturity of the instruments. Notes receivable are entered into in connection with the purchase of distribution rights by IDPs. These notes receivable are recorded in the Consolidated Balance Sheets at carrying value, which represents the closest approximation of fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As a result, the appropriate interest rate that should be used to estimate the fair value of the distribution rights notes is the prevailing market rate at which similar loans would be made to IDPs with similar credit ratings and for the same maturities. However, the company financed approximately 3,000 and 3,400 IDPs’ distribution rights as of December 30, 2023 and December 31, 2022 , respectively, all with varied financial histories and credit risks. Considering the diversity of credit risks among the IDPs, the company has no method to accurately determine a market interest rate to apply to the notes. The distribution rights are generally financed for up to ten years and the distribution rights notes are collateralized by the IDPs’ distribution rights. The company maintains a wholly-owned subsidiary to assist in financing the distribution rights purchase activities if requested by new IDPs, using the distribution rights and certain associated assets as collateral. These notes receivable earn interest at a fixed rate. At December 30, 2023 and December 31, 2022, respectively, the carrying value of the distribution rights notes receivable was as follows (amounts in thousands): December 30, 2023 December 31, 2022 Distribution rights notes receivable $ 133,335 $ 163,354 Current portion recorded in accounts and ( 9,764 ) ( 26,472 ) Long-term portion of distribution rights $ 123,571 $ 136,882 During the third quarter of Fiscal 2023, the company recorded a reserve of $ 14.9 million for the distributor notes receivable related to a legal settlement. The amount of reserve for the distributor notes receivable as of December 30, 2023 was $ 14.8 million. See Note 23, Commitments and contingencies , for additional information. During Fiscal 2021, the company recorded a reserve of $ 1.9 million for the distributor notes receivable related to a legal settlement. The company commenced repurchasing the distribution rights during the second quarter of Fiscal 2022 and the reserve balance was $ 0.1 million at December 31, 2022. See Note 23, Commitments and contingencies, for additional information. Payments on these notes are collected by the company weekly in conjunction with the IDP settlement process. The fair value of the company’s variable rate debt at December 30, 2023 approximates the recorded value. The fair value of the company’s notes, as discussed in Note 15, Debt and Other Commitments , are estimated using yields obtained from independent pricing sources for similar types of borrowing arrangements and are considered a Level 2 valuation. The fair value of the notes are presented in the table below (amounts in thousands, except level classification): Carrying Value Fair Value Level 2031 notes $ 494,723 $ 418,399 2 2026 notes $ 398,421 $ 384,469 2 For fair value disclosure information about our derivative assets and liabilities see Note 11, Derivative Financial Instruments . For fair value disclosure information about our pension plan net assets see Note 21, Postretirement Plans. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Note 18. Stockholders’ Equity Flowers Foods’ articles of incorporation provide that its authorized capital consist of 500,000,000 shares of common stock having a par value of $ 0.01 per share and 1,000,000 shares of preferred stock. The preferred stock of which (a) 200,000 shares have been designated by the Board of Directors as Series A Junior Participating Preferred Stock, having a par value per share of $ 100 and (b) 800,000 shares of preferred stock, having a par value per share of $ 0.01 , have not been designated by the Board of Directors. No shares of preferred stock have been issued by Flowers Foods. Common Stock The holders of Flowers Foods common stock are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders. Subject to preferential rights of any issued and outstanding preferred stock, including the Series A Preferred Stock, holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Board of Directors of the company out of funds legally available. In the event of a liquidation, dissolution, or winding-up of the company, holders of common stock are entitled to share ratably in all assets of the company, if any, remaining after payment of liabilities and the liquidation preferences of any issued and outstanding preferred stock, including the Series A Preferred Stock. Holders of common stock have no preemptive rights, no cumulative voting rights, and no rights to convert their shares of common stock into any other securities of the company or any other person. Preferred Stock The Board of Directors has the authority to issue up to 1,000,000 shares of preferred stock in one or more series and to fix the designations, relative powers, preferences, rights, qualifications, limitations, and restrictions of all shares of each such series, including without limitation, dividend rates, conversion rights, voting rights, redemption and sinking fund provisions, liquidation preferences, and the number of shares constituting each such series, without any further vote or action by the holders of our common stock. Although the Board of Directors does not presently intend to do so, it could issue shares of preferred stock, with rights that could adversely affect the voting power and other rights of holders of our common stock without obtaining the approval of our shareholders. In addition, the issuance of preferred shares could delay or prevent a change in control of the company without further action by our shareholders. Stock Repurchase Plan Previously, our Board of Directors had approved a Stock Repurchase Plan ("SRP") (on December 19, 2002) that authorized share repurchases of up to 74.6 million shares of the company’s common stock. On May 26, 2022, the company announced that the Board of Directors increased the company's share repurchase authorization by 20.0 million shares. As of December 30, 2023, 22.5 million shares remained available for repurchase under the existing authorization. Under the plan, the company may repurchase its common stock in open market or privately negotiated transactions or under an accelerated repurchase program at such times and at such prices as determined to be in the company’s best interest. The table below presents the shares repurchased under the SRP during our Fiscal 2023 (amounts in thousands except shares purchased): Fiscal 2023 Quarter Total Number Total Cost of Shares For the quarter ended April 22, 2023 385,882 $ 10,981 For the quarter ended July 15, 2023 612,847 $ 15,263 For the quarter ended October 7, 2023 200,000 $ 4,647 For the quarter ended December 30, 2023 700,000 $ 14,910 Total 1,898,729 $ 45,801 As of December 30, 2023, 72.0 million shares at a cost of $ 733.3 million have been purchased since the inception of the SRP. Dividends During Fiscal 2023, 2022, and 2021, the company paid the following dividends, excluding dividends on vested stock-based compensation awards discussed in Note 19, Stock-Based Compensation , below (amounts in thousands except per share data): Dividends paid Dividends paid Fiscal 2023 $ 192,435 $ 0.9100 Fiscal 2022 $ 184,241 $ 0.8700 Fiscal 2021 $ 175,669 $ 0.8300 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 19. Stock-Based Compensation On March 5, 2014, our Board of Directors approved and adopted the 2014 Omnibus Equity and Incentive Compensation Plan (“Omnibus Plan”). The Omnibus Plan was approved by our shareholders on May 21, 2014 and authorized 8,000,000 shares to be used for awards under the Omnibus Plan. The Omnibus Plan authorizes the compensation committee of the Board of Directors to provide equity-based compensation in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, dividend equivalents and other awards to provide our officers, key employees, and non-employee directors’ incentives and rewards for performance. The Omnibus Plan replaced the Flowers Foods’ 2001 Equity and Performance Incentive Plan, as amended and restated as of April 1, 2009 (“EPIP”), the Stock Appreciation Rights Plan, and the Annual Executive Bonus Plan. All outstanding equity awards that were made under the EPIP will continue to be governed by the EPIP; however, all equity awards granted after May 21, 2014 are governed by the Omnibus Plan. No additional awards will be issued under the EPIP. On May 25, 2023, the company amended and restated the Omnibus Plan to register an additional 9,340,000 shares. The following is a summary of restricted stock and deferred stock outstanding under the plans described above. Information relating to the company’s stock appreciation rights, which were issued under a separate stock appreciation right plan, is also described below. Performance-Contingent Restricted Stock Awards Performance-Contingent Total Shareholder Return Shares (“TSR Shares”) Since 2012, certain key employees have been granted performance-contingent restricted stock under the EPIP and the Omnibus Plan in the form of TSR Shares. Awards granted prior to Fiscal 2019 vested approximately two years from the date of grant (after the filing of the company’s Annual Report on Form 10-K) while the awards granted since the beginning of Fiscal 2019 vest approximately three years from the date of grant. These shares become non-forfeitable if, and to the extent that, on that date the vesting conditions are satisfied. The total shareholder return (“TSR”) is the percent change in the company’s stock price over the measurement period plus the dividends paid to shareholders. The performance payout is calculated at the end of each of the last four quarters (averaged) in the measurement period. Once the TSR is determined for the company (“Company TSR”), it is compared to the TSR of our food company peers (“Peer Group TSR”). The Company TSR compared to the Peer Group TSR will determine the payout as set forth below (the “TSR Modifier”): Percentile Payout 90 th 200 % 70 th 150 % 50 th 100 % 30 th 50 % Below 30 th 0 % For performance between the levels described above, the degree of vesting is interpolated on a linear basis. The table below presents the payout percentage for vested TSR awards: Award Fiscal year vested Payout (%) 2020 award Fiscal 2023 148 % 2019 award Fiscal 2022 137 % The TSR shares vest immediately if the grantee dies or becomes disabled. However, if the grantee retires at age 65 (or age 55 with at least 10 years of service with the company) or later, on the normal vesting date the grantee will receive a pro-rated number of shares based upon the retirement date and measured at the actual performance for the entire performance period. In addition, if the company undergoes a change in control, the TSR shares will immediately vest at the target level, provided that if 12 months of the performance period have been completed, vesting will be determined based on Company TSR as of the date of the change in control without application of four-quarter averaging. During the vesting period, the grantee has none of the rights of a shareholder. Dividends declared during the vesting period will accrue and will be paid at vesting on the shares that ultimately vest. The fair value estimate was determined using a Monte Carlo simulation model, which utilizes multiple input variables to estimate the probability of the company achieving the market condition discussed above. Inputs into the model included the following for the company and comparator companies: (i) TSR from the beginning of the performance cycle through the measurement date; (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the comparator companies’ TSR. The inputs are based on historical capital market data. The 2021 TSR award is expected to payout at 127 %. The following performance-contingent TSR Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data): Grant Date Shares Vesting Date Fair Value 1/3/2021 365 3/1/2024 $ 26.75 10/10/2021 18 3/1/2024 $ 24.47 1/2/2022 331 3/1/2025 $ 31.97 4/24/2022 16 3/1/2025 $ 27.38 7/17/2022 3 3/1/2025 $ 27.06 10/9/2022 3 3/1/2025 $ 24.55 1/1/2023 338 3/1/2026 $ 33.52 4/23/2023 9 3/1/2026 $ 26.11 9/1/2023 25 3/1/2026 $ 23.04 10/8/2023 40 3/1/2026 $ 21.43 As of December 30, 2023, there was $ 11.6 million of total unrecognized compensation cost related to nonvested TSR Shares granted under the Omnibus Plan. That cost is expected to be recognized over a weighted-average period of 1.85 years. Performance-Contingent Return on Invested Capital Shares (“ROIC Shares”) Since 2012, certain key employees have been granted performance-contingent restricted stock under the EPIP and the Omnibus Plan in the form of ROIC Shares. Awards granted prior to Fiscal 2019 vested approximately two years from the date of grant (after the filing of the company’s Annual Report on Form 10-K) while the awards granted since the beginning of Fiscal 2019 vest approximately three years from the date of grant. These shares become non-forfeitable if, and to the extent that, on that date the vesting conditions are satisfied. Return on Invested Capital is calculated by dividing our profit, as defined, by the invested capital (“ROIC”). Generally, the performance condition requires the company’s average ROIC to exceed its average weighted cost of capital (“WACC”) by between 1.75 to 4.75 percentage points (the “ROI Target”) over the three fiscal year performance period. If the lowest ROI Target is not met, the awards are forfeited. The shares can be earned based on a range from 0 % to 125 % of target as defined below (the “ROIC Modifier”): • 0 % payout if ROIC exceeds WACC by less than 1.75 percentage points; • ROIC above WACC by 1.75 percentage points pays 50 % of ROI Target; or • ROIC above WACC by 3.75 percentage points pays 100 % of ROI Target; or • ROIC above WACC by 4.75 percentage points pays 125 % of ROI Target. For performance between the levels described above, the degree of vesting is interpolated on a linear basis. The table below presents the payout percentage for vested ROIC awards: Award Fiscal year vested Payout (%) 2020 award Fiscal 2023 125 % 2019 award Fiscal 2022 125 % The ROIC Shares vest immediately if the grantee dies or becomes disabled. However, if the grantee retires at age 65 (or age 55 with at least 10 years of service with the company) or later, on the normal vesting date the grantee will receive a pro-rated number of shares based upon the retirement date and actual performance for the entire performance period. In addition, if the company undergoes a change in control, the ROIC Shares will immediately vest at the target level. During the vesting period, the grantee has none of the rights of a shareholder. Dividends declared during the vesting period will accrue and will be paid at vesting on the shares that ultimately vest. The fair value of this type of award is equal to the stock price on the grant date. Since these awards have a performance condition feature the expense associated with these awards may change depending on the expected ROI Target attained at each reporting period. The 2021 award is being expensed at our current estimated payout percentage of 125 % of the ROI target, and the 2022 and 2023 awards are being expensed at 100 % of the ROI target. The following performance-contingent ROIC Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data): Grant Date Shares Vesting Date Fair Value 1/03/2021 365 3/1/2024 $ 22.63 10/10/2021 18 3/1/2024 $ 24.47 1/2/2022 331 3/1/2025 $ 27.47 4/24/2022 16 3/1/2025 $ 27.38 7/17/2022 3 3/1/2025 $ 27.06 10/9/2022 3 3/1/2025 $ 24.55 1/1/2023 338 3/1/2026 $ 28.74 4/23/2023 9 3/1/2026 $ 26.11 9/1/2023 25 3/1/2026 $ 23.04 10/8/2023 40 3/1/2026 $ 21.43 As of December 30, 2023, there was $ 10.3 million of total unrecognized compensation cost related to nonvested ROIC Shares granted under the Omnibus Plan. This cost is expected to be recognized over a weighted-average period of 1.85 years. Performance-Contingent Restricted Stock Summary The table below presents the TSR Modifier share adjustment, ROIC Modifier share adjustment, accumulated dividends on vested shares, and the tax windfall/shortfall at vesting of the performance-contingent restricted stock awards (amounts in thousands except for share data): Award granted Fiscal year TSR Modifier ROIC Modifier Dividends at Tax Fair value 2020 2023 151,513 78,893 $ 2,154 $ 1,424 $ 24,652 2019 2022 109,729 74,154 $ 1,843 $ 2,196 $ 22,143 A summary of the status of all of the company’s nonvested shares for performance-contingent restricted stock (including the TSR Shares and the ROIC Shares) for Fiscal 2023, 2022, and 2021 is set forth below (amounts in thousands, except price data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Number of Weighted Fair Number of Weighted Number of Weighted Balance at beginning of year 2,009 $ 25.83 1,972 $ 22.89 1,264 $ 21.85 Initial grant 824 $ 29.37 706 $ 29.41 766 $ 24.66 Vested ( 868 ) $ 23.51 ( 778 ) $ 20.25 — $ — Grant increase for achieving the ROIC modifier 79 $ 29.37 74 $ 29.41 — $ — Grant increase for achieving the TSR 152 $ 29.37 110 $ 29.41 — $ — Forfeitures ( 179 ) $ 27.80 ( 75 ) $ 25.48 ( 58 ) $ 23.27 Balance at end of year 2,017 $ 27.70 2,009 $ 25.83 1,972 $ 22.89 As of December 30, 2023, there was $ 22.0 million of total unrecognized compensation cost related to nonvested restricted stock granted under the Omnibus Plan. This cost is expected to be recognized over a weighted-average period of 1.85 years. Time-Based Restricted Stock Units Certain key employees have been granted time-based restricted stock units (“TBRSU Shares”). These awards vest on the fifth of January each year in equal installments over a three-year period beginning in Fiscal 2020. Dividends earned on shares are held by the company during the vesting period and paid in cash when the awards vest and shares are distributed. On May 23, 2019, the company’s CEO was granted TBRSU Shares of approximately $ 1.0 million pursuant to the Omnibus Plan. This award vested 100 % during the second quarter of Fiscal 2023. Dividends accrued on the award and were paid to the CEO on the vesting date. There were 43,330 shares issued for this award at a fair value of $ 23.08 per share. The following TBRSU Shares have been granted under the Omnibus Plan and have service periods remaining (amounts in thousands, except price data): Grant Date Shares Granted Vesting Date Fair Value 1/3/2021 256 Equally over 3 years $ 22.63 10/10/2021 6 Equally over 3 years $ 24.79 1/2/2022 205 Equally over 3 years $ 27.47 1/1/2023 220 Equally over 3 years $ 28.74 2/27/2023 11 1/5/2024 $ 28.33 9/1/2023 54 Equally over 3 years $ 23.04 9/17/2023 10 Equally over 3 years $ 22.90 The TBRSU Shares activity for Fiscal 2023, 2022 and Fiscal 2021 is set forth below (amounts in thousands, except price data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Number of Weighted Number of Weighted Number of Weighted Nonvested shares at beginning of year 462 $ 24.62 492 $ 21.87 387 $ 20.64 Granted 295 $ 27.47 205 $ 27.47 262 $ 22.68 Vested ( 251 ) $ 23.78 ( 215 ) $ 21.03 ( 137 ) $ 19.98 Forfeitures ( 33 ) $ 26.87 ( 20 ) $ 24.39 ( 20 ) $ 21.56 Nonvested shares at end of year 473 $ 26.67 462 $ 24.62 492 $ 21.87 Deferred Stock Non-employee directors may convert their annual board retainers into deferred stock equal in value to 100 % of the cash payments directors would otherwise receive and the vesting period is a one-year period to match the period of time that cash would have been received if no conversion existed. Accumulated dividends are paid upon delivery of the shares. During Fiscal 2023, non-employee directors elected to receive, and were granted, an aggregate grant of 3,479 common shares for board retainer deferrals pursuant to the Omnibus Plan which vested during the fourth quarter of Fiscal 2023. During the first quarter of Fiscal 2022, non-employee directors elected to receive, and were granted, an aggregate grant of 3,640 shares for board retainer deferrals pursuant to the Omnibus Plan which vested during the first quarter of Fiscal 2023. Non-employee directors received 14,249 shares of previously deferred board retainer deferrals during Fiscal 2023. Non-employee directors also receive annual grants of deferred stock. This deferred stock vests one year from the grant date. The deferred stock will be distributed to the grantee at a time designated by the grantee at the date of grant. Compensation expense is recorded on this deferred stock over the one-year vesting period. During the second quarter of Fiscal 2023, non-employee directors were granted 59,400 shares for their annual grant pursuant to the Omnibus Plan. Additionally, during the third quarter of Fiscal 2023, an aggregate of 4,660 shares were granted to two newly elected non-employee directors, representing a prorated portion of the annual grant pursuant to the Omnibus Plan. During the second quarter of Fiscal 2022, non-employee directors were granted 58,300 shares, of which 15,900 were deferred, for their annual grant pursuant to the Omnibus Plan that vested during the second quarter of Fiscal 2023. Non-employee directors received 5,780 shares of previously deferred annual grant awards during Fiscal 2023. A prorated amount of 1,980 shares vested on August 31, 2023 at the time a non-employee director resigned from the Board of Directors. Compensation expense is recorded on deferred stock over the vesting period. The deferred and restricted stock activity for Fiscal 2023, 2022, and 2021 is set forth below (amounts in thousands, except price data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Number of Weighted Number of Weighted Number of Weighted Nonvested shares at beginning of year 62 $ 27.37 67 $ 24.00 52 $ 23.21 Granted 68 $ 26.26 62 $ 27.37 69 $ 23.96 Vested ( 62 ) $ 27.37 ( 67 ) $ 24.00 ( 54 ) $ 23.19 Nonvested shares at end of year 68 $ 26.26 62 $ 27.37 67 $ 24.00 Vested and deferred shares at end of year (1) 214 212 208 (1) The vested and deferred shares at the end of the year include 71,237 shares, 82,779 shares, and 89,949 shares granted and deferred under the EPIP for Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. The vested and deferred shares at the end of the year include 142,582 shares, 128,978 shares, and 118,360 shares granted and deferred under the Omnibus Plan for Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. As of December 30, 2023, there was $ 0.6 million of total unrecognized compensation cost related to deferred and restricted stock awards. This cost is expected to be recognized over a weighted-average period of 0.40 years. The intrinsic value of deferred stock awards that vested during Fiscal 2023 was $ 1.6 million. There was an immaterial tax windfall on the exercise of deferred share awards during fiscal 2023. Share-Based Payments Compensation Expense Summary The following table summarizes the company’s stock-based compensation expense, all of which was recognized in selling, distribution, and administrative expense, for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Performance-contingent restricted stock awards $ 19,654 $ 18,943 $ 15,061 TBRSU shares 6,381 5,184 4,747 Deferred stock awards 910 1,695 1,535 Total stock-based compensation expense $ 26,945 $ 25,822 $ 21,343 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 20. Earnings Per Share The following is a reconciliation of net income and weighted average shares for calculating basic and diluted earnings per common share for Fiscal 2023, 2022, and 2021 (amounts in thousands, except per share data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Net income $ 123,416 $ 228,394 $ 206,187 Basic Earnings Per Common Share: Basic weighted average shares outstanding per common share 211,630 211,895 211,840 Basic earnings per common share $ 0.58 $ 1.08 $ 0.97 Diluted Earnings Per Common Share: Basic weighted average shares outstanding per common share 211,630 211,895 211,840 Add: Shares of common stock assumed issued upon exercise of stock 1,726 1,332 1,193 Diluted weighted average shares outstanding per common share 213,356 213,227 213,033 Diluted earnings per common share $ 0.58 $ 1.07 $ 0.97 There were 287,510 anti-dilutive shares for Fiscal 2023 and no anti-dilutive shares for Fiscal 2022 or Fiscal 2021. |
Postretirement Plans
Postretirement Plans | 12 Months Ended |
Dec. 30, 2023 | |
Retirement Benefits [Abstract] | |
Postretirement Plans | Note 21. Postretirement Plans The following summarizes the company’s balance sheet related pension and other postretirement benefit plan accounts at December 30, 2023 and December 31, 2022 (amounts in thousands): December 30, 2023 December 31, 2022 Noncurrent benefit asset $ 6,494 $ 4,902 Current benefit liability $ 699 $ 710 Noncurrent benefit liability $ 5,798 $ 5,814 AOCI, net of tax $ ( 342 ) $ ( 625 ) The company made contributions of $ 1.0 million to the Flowers Foods, Inc. Retirement Plan No. 2 (“Plan No. 2”) during Fiscal 2023 and Fiscal 2022. There were no contributions made by the company to any plan during Fiscal 2021. Pension Plans The company maintains a trusteed, noncontributory defined benefit pension plan that covers a small number of certain union employees. The benefits in this plan are based on years of service and the employee’s career earnings. This qualified plan is funded at amounts deductible for income tax purposes but not less than the minimum funding required by the Employee Retirement Income Security Act of 1974 (“ERISA”) and the Pension Protection Act of 2006 (“PPA”). The company recognizes settlement accounting charges, which accelerates recognition of a plan’s unrecognized net gain or loss, when the ongoing lump sum payments from the plan exceed the sum of the plan’s service cost and interest cost. During the fourth quarter of Fiscal 2021, the company determined it was probable a settlement would occur and paid lump sums that exceeded that threshold and, as a result, the company recorded a settlement charge of $ 0.4 million in the fourth quarter of Fiscal 2021. The company uses a calendar year end for the measurement date since the plans are based on a calendar year and because it approximates the company’s fiscal year end. As of December 31, 2023 and December 31, 2022 , the assets of the qualified plans included certificates of deposit, marketable equity securities, mutual funds, corporate and government debt securities, other diversifying strategies and annuity contracts. The company expects pension cost of approximately $ 0.4 million for Fiscal 2024. The net periodic pension cost (income) for the company’s pension plans includes the following components for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Service cost $ 682 $ 1,188 $ 971 Interest cost 1,304 884 758 Expected return on plan assets ( 1,561 ) ( 1,874 ) ( 1,867 ) Settlement loss — — 403 Amortization: Prior service cost 57 57 57 Actuarial loss 173 461 742 Net periodic pension cost 655 716 1,064 Other changes in plan assets and benefit obligations recognized in OCI: Current year actuarial gain ( 815 ) ( 3,049 ) ( 1,288 ) Settlement loss — — ( 403 ) Amortization of prior service cost ( 57 ) ( 57 ) ( 57 ) Amortization of actuarial loss ( 173 ) ( 461 ) ( 742 ) Total recognized in OCI ( 1,045 ) ( 3,567 ) ( 2,490 ) Total recognized in net periodic benefit and OCI $ ( 390 ) $ ( 2,851 ) $ ( 1,426 ) Actual return on plan assets for Fiscal 2023, 2022, and 2021 was $ 3.3 million, $ ( 4.3 ) million, and $ 1.9 million, respectively. The funded status and the amounts recognized in the Consolidated Balance Sheets for the company’s pension plans are as follows (amounts in thousands): December 30, 2023 December 31, 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 25,169 $ 34,790 Service cost 682 1,188 Interest cost 1,304 884 Actuarial loss (gain) 953 ( 9,253 ) Benefits paid ( 3,282 ) ( 2,440 ) Benefit obligation at end of year $ 24,826 $ 25,169 Change in plan assets: Fair value of plan assets at beginning of year $ 28,090 $ 33,589 Actual return (loss) on plan assets 3,328 ( 4,330 ) Employer contribution 1,268 1,271 Benefits paid ( 3,282 ) ( 2,440 ) Fair value of plan assets at end of year $ 29,404 $ 28,090 Funded status, end of year: Fair value of plan assets $ 29,404 $ 28,090 Benefit obligations (24,826 ) (25,169 ) Funded status and amount recognized at end of year $ 4,578 $ 2,921 Amounts recognized in the balance sheet: Noncurrent asset $ 6,494 $ 4,902 Current liability ( 248 ) ( 250 ) Noncurrent liability ( 1,668 ) ( 1,731 ) Amount recognized at end of year $ 4,578 $ 2,921 Amounts recognized in AOCI: Net actuarial loss before taxes $ 3,415 $ 4,403 Prior service cost before taxes 84 141 Amount recognized at end of year $ 3,499 $ 4,544 Accumulated benefit obligation at end of year $ 23,764 $ 24,192 The actuarial gain/(loss) on defined benefit obligations of the employer due to experience, including any assumption changes, different from assumed, and the reasons for such (gain)/loss, can be found in the table below for Fiscal 2023, 2022 and 2021 (amounts in thousands). Amount of (Gain)/Loss on Defined Benefit Obligation Reasons for (Gain)/Loss Fiscal 2023 $ 953 Loss from decrease in general level of interest rates used to measure defined benefit plan obligations (approximately 33 basis points). Fiscal 2022 $ ( 9,253 ) Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 260 basis points). Fiscal 2021 $ ( 1,228 ) Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 30 basis points); Loss from change in mortality assumption scale from MP-2020 to MP-2021. Assumptions used in accounting for the company’s pension plans at each of the respective fiscal years ending are as follows: Fiscal 2023 Fiscal 2022 Fiscal 2021 Weighted average assumptions used to determine benefit obligations: Measurement date 12/31/2023 12/31/2022 12/31/2021 Discount rate 5.32 % 5.65 % 3.06 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Weighted average assumptions used to determine net periodic benefit Measurement date 1/1/2023 1/1/2022 1/1/2021 Discount rate 5.65 % 3.06 % 2.78 % Expected return on plan assets 5.90 % 5.90 % 5.70 % Rate of compensation increase 3.00 % 3.00 % 3.00 % In developing the expected long-term rate of return on plan assets at each measurement date, the company considers the plan assets’ historical actual returns, targeted asset allocations, and the anticipated future economic environment and long-term performance of individual asset classes, based on the company’s investment strategy. While appropriate consideration is given to recent and historical investment performance, the assumption represents management’s best estimate of the long-term prospective return. Further, pension costs do not include an explicit expense assumption, and therefore the return on assets rate reflects the long-term expected return, net of expenses. Based on these factors the expected long-term rate of return assumption for Plan No. 2 was set at 5.9 % for Fiscal 2024. This rate is net of administrative expenses paid from the trust, assumed to be 0.4 % per annum. The average annual return on the plan assets over the last 15 years (while the assets were collectively managed) was approximately 7 .9 % (net of expenses). Plan Assets The investment committee, which consists of certain members of management, establishes investment guidelines and strategies and regularly monitors the performance of the plans’ assets. The investment committee is responsible for executing these strategies and investing the pension assets in accordance with ERISA and fiduciary standards. The investment objective of the pension plans is to preserve the plans’ capital and maximize investment earnings within acceptable levels of risk and volatility. The investment committee meets on a regular basis with its investment advisors to review the performance of the plans’ assets. Based upon performance and other measures and recommendations from its investment advisors, the investment committee rebalances the plans’ assets to the targeted allocation when considered appropriate. The fair values of all of the company pension plan assets at December 31, 2023 and December 31, 2022, by asset class are as follows (amounts in thousands): Fair value of Pension Plan Assets as of December 31, 2023 Asset Class Quoted prices in Significant Significant 3) Total Short term investments and cash $ 501 $ — $ — $ 501 Common stocks: International common stocks 2,401 — — 2,401 U.S. common stocks 4,425 — — 4,425 Fixed income securities: U.S. government bonds — — — — U.S. government agency bonds — — — — U.S. corporate bonds 22,077 — — 22,077 Pending transactions(*) — — — — Accrued (expenses) income(*) — — — — Total $ 29,404 $ — $ — $ 29,404 Fair value of Pension Plan Assets as of December 31, 2022 Asset Class Quoted prices in Significant Significant Total Short term investments and cash $ 622 $ — $ — $ 622 Common stocks: International common stocks 2,788 — — 2,788 U.S. common stocks 4,956 — — 4,956 Fixed income securities: U.S. government bonds 14,975 — — 14,975 U.S. government agency bonds — — — — U.S. corporate bonds 4,749 — — 4,749 International corporate bonds — — — — Pending transactions(*) — — — — Other assets and (liabilities)(*) — — — — Accrued (expenses) income(*) — — — — Total $ 28,090 $ — $ — $ 28,090 (*) This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases. The company’s investment policy includes various guidelines and procedures designed to ensure the plan’s assets are invested in a manner necessary to meet expected future benefits earned by participants. The investment guidelines consider a broad range of economic conditions. The plan asset allocation as of the measurement dates December 31, 2023 and December 31, 2022, and target asset allocations for Fiscal 2024 are as follows for Plan No. 2: Target Percentage of Plan Assets at the Asset Category 2024 2023 2022 Equity securities 23 % 23 28 Fixed income securities 75 % 75 70 Short term investments and cash 2 % 2 2 Total 100.0 100.0 The objectives of the target allocations are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the plans’ actuarial assumptions, and achieve asset returns that are competitive with like institutions employing similar investment strategies. Cash Flows Company contributions to qualified and nonqualified plans are as follows (amounts in thousands): Year Required Discretionary Total 2023 $ 268 $ 1,000 $ 1,268 2022 $ 271 $ 1,000 $ 1,271 2021 $ 271 $ — $ 271 All contributions are made in cash. The required contributions made during Fiscal 2023 include $ 0.3 million in nonqualified pension benefits paid from corporate assets. The discretionary contribution of $ 1.0 million made to the qualified plan during Fiscal 2023 was not required to be made by the minimum funding requirements of ERISA, but the company believed, due to its strong cash flow and financial position, this was an appropriate time to make the contribution to reduce the impact of future contributions. During Fiscal 2024, the company expects to pay $ 0.3 million in nonqualified pension benefits from corporate assets. There are no expected contributions to Plan No. 2 that are required under ERISA and the PPA during Fiscal 2024; however, the company may make a discretionary contribution if appropriate based on cash, tax or other considerations. These amounts represent estimates that are based on assumptions that are subject to change. Benefit Payments The following are benefits paid under the plans (including settlements) during Fiscal 2023, 2022, and 2021 and expected to be paid from Fiscal 2024 through Fiscal 2033. Estimated future payments include qualified pension benefits that will be paid from the plans’ assets and nonqualified pension benefits that will be paid from corporate assets (amounts in thousands): Year Pension Benefits 2021 $ 3,361 * 2022 $ 2,440 ^ 2023 $ 3,282 + Estimated Future Payments: 2024 $ 4,744 2025 $ 2,233 2026 $ 1,963 2027 $ 1,971 2028 $ 1,746 2029 – 2033 $ 7,674 * Includes $ 1.7 million from Plan No. 2 paid as lump sums. ^ Includes $ 0.9 million from Plan No. 2 paid as lump sums. + Includes $ 1.7 million from Plan No. 2 paid as lump sums. Postretirement Benefit Plans The company sponsors postretirement benefit plans that provide health care and life insurance benefits to retirees who meet certain eligibility requirements. Generally, this includes employees with at least 10 years of service who have reached age 60 and participate in a Flowers retirement plan. Retiree medical coverage is provided for a period of three to five years , depending on the participant’s age and service at retirement. Participant premiums are determined using COBRA premium levels. Retiree life insurance benefits are offered to a closed group of retirees. The company also sponsors a medical, dental, and life insurance benefits plan to a limited and closed group of participants. The company delivers retiree medical and dental benefits for Medicare eligible retirees through a health-care reimbursement account. The company no longer sponsors a medical plan for Medicare eligible retirees and does not file for a Medicare Part D subsidy. The net periodic benefit (income) cost for the company’s postretirement benefit plans includes the following components for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Service cost $ 177 $ 214 $ 337 Interest cost 239 112 119 Amortization: Prior service credit ( 234 ) ( 237 ) ( 3 ) Actuarial gain ( 247 ) ( 176 ) ( 211 ) Total net periodic benefit (income) cost ( 65 ) ( 87 ) 242 Other changes in plan assets and benefit obligations recognized in OCI: Current year actuarial loss (gain) 187 ( 620 ) 238 Current year prior service credit — — ( 2,214 ) Amortization of actuarial gain 247 176 211 Amortization of prior service credit 234 237 3 Total recognized in OCI 668 ( 207 ) ( 1,762 ) Total recognized in net periodic cost (benefit) and OCI $ 603 $ ( 294 ) $ ( 1,520 ) The unfunded status and the amounts recognized in the Consolidated Balance Sheets for the company’s postretirement benefit plans are as follows (amounts in thousands): December 30, 2023 December 31, 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 4,542 $ 5,572 Service cost 177 214 Interest cost 239 112 Participant contributions 282 392 Actuarial loss (gain) 187 ( 620 ) Benefits paid ( 847 ) ( 1,128 ) Benefit obligation at end of year $ 4,580 $ 4,542 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 565 736 Participant contributions 282 392 Benefits paid ( 847 ) ( 1,128 ) Fair value of plan assets at end of year $ — $ — Funded status, end of year: Fair value of plan assets $ — $ — Benefit obligations (4,580 ) (4,542 ) Unfunded status and amount recognized at end of year $ ( 4,580 ) $ ( 4,542 ) Amounts recognized in the balance sheet: Current liability $ ( 451 ) $ ( 459 ) Noncurrent liability ( 4,130 ) ( 4,083 ) Amount recognized at end of year $ ( 4,581 ) $ ( 4,542 ) Amounts recognized in AOCI: Net actuarial gain before taxes $ ( 1,297 ) $ ( 1,730 ) Prior service credit before taxes ( 1,745 ) ( 1,979 ) Amounts recognized in AOCI $ ( 3,042 ) $ ( 3,709 ) Assumptions used in accounting for the company’s postretirement benefit plans at each of the respective fiscal years ending are as follows: Fiscal 2023 Fiscal 2022 Fiscal 2021 Weighted average assumptions used to determine benefit obligations: Measurement date 12/31/2023 12/31/2022 12/31/2021 Discount rate 5.09 % 5.43 % 2.60 % Health care cost trend rate used to determine benefit obligations: Initial rate 7.00 % 7.00 % 6.25 % Ultimate rate 5.00 % 5.00 % 5.00 % Year trend reaches the ultimate rate 2032 2031 2027 Weighted average assumptions used to determine net periodic cost: Measurement date 1/1/2023 1/1/2022 1/1/2021 Discount rate 5.43 % 2.60 % 2.11 % Health care cost trend rate used to determine net periodic cost: Initial rate 7.00 % 6.25 % 6.50 % Ultimate rate 5.00 % 5.00 % 5.00 % Year trend reaches the ultimate rate 2031 2027 2027 Cash Flows Company contributions to postretirement plans are as follows (amounts in thousands): Year Employer Net 2021 $ 931 2022 $ 736 2023 $ 565 2024 (Expected) $ 463 The table above reflects only the company’s share of the benefit cost. Since the company no longer receives reimbursement for Medicare Part D subsidies, the entire $ 0.5 million expected funding for postretirement benefit plans during 2024 will be required to pay for benefits. Contributions by participants to postretirement benefits were $ 0.3 million, $ 0.4 million, and $ 0.5 million for Fiscal 2023, 2022, and 2021, respectively. Benefit Payments The following are benefits paid by the company during Fiscal 2023, 2022, and 2021 and expected to be paid from Fiscal 2024 through Fiscal 2033. All benefits are expected to be paid from the company’s assets (amounts in thousands): Postretirement Year Employer gross 2021 $ 931 2022 $ 736 2023 $ 565 Estimated Future Payments: 2024 $ 463 2025 $ 483 2026 $ 511 2027 $ 504 2028 $ 513 2029 – 2033 $ 2,326 Multiemployer Plans The company contributes to various multiemployer pension plans. Benefits provided under the multiemployer pension plans are generally based on years of service and employee age. Expense under these plans was $ 0.3 million for Fiscal 2023 , $0 .7 million for Fiscal 2022 , and $ 1.0 million for Fiscal 2021. The company contributes to several multiemployer defined benefit pension plans under the terms of collective-bargaining agreements that cover various union-represented employees. The risks of participating in these multiemployer plans are different from single-employer plans. Assets contributed to the multiemployer plan by one employer may be used to provide benefits to employees of other participating employers. If a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers. If we choose to stop participating in some of these multiemployer plans, we may be required to pay those plans an amount based on the underfunded status of the plan, referred to as a withdrawal liability. None of the contributions to the pension funds was in excess of 5 % or more of the total contributions for plan years 2023, 2022 , and 2021. There are no contractually required minimum contributions to the plans as of December 30, 2023. On July 19, 2022, the company announced the closure of the Holsum Bakery in Phoenix, Arizona. The bakery produced bread and bun products and ceased production on October 31, 2022. As a result, the union participants of the IAM National Pension Fund (the “IAM Fund”) at the Phoenix bakery will withdraw from the IAM Fund. During the third quarter of Fiscal 2022, the company recorded a liability of $ 1.3 million for the withdrawal from the IAM Fund. While this is our best estimate of the ultimate cost of the withdrawal from this plan, additional withdrawal liability may be incurred based on the final IAM Fund assessment or in the event of a mass withdrawal, as defined by statute, occurring anytime up to July 19, 2025. On September 22, 2021, the union participants of the Retail, Wholesale and Department Store Union Fund (the “Fund”) at our Birmingham, Alabama plant voted to withdraw from the Fund in the most recent collective bargaining agreement. The withdrawal was effective, and the union participants were eligible to participate in the 401(k) plan, on December 1, 2021. During the third quarter of Fiscal 2021, the company recorded a liability of $ 2.1 million related to the withdrawal from the Fund. The withdrawal liability was computed as the net present value of 20 years of monthly payments derived from the company’s share of unfunded vested benefits. While this is our best estimate of the ultimate cost of the withdrawal from this Fund, additional withdrawal liability may be incurred based on the final Fund assessment or in the event of a mass withdrawal, as defined by statute, occurring anytime within the next three years following our complete withdrawal. Additionally, the company recorded a liability of $ 1.2 million related to transition payments, including related tax payments, for the benefit of union participants as part of the collective bargaining agreement. The withdrawal liability charge and the transition payments are recorded in the multi-employer pension plan withdrawal costs line item on our Consolidated Statements of Income. The transition payments were paid during the fourth quarter of Fiscal 2021 and the withdrawal liability payment was paid during the first quarter of Fiscal 2022. The company’s participation in these multiemployer plans for Fiscal 2023 is outlined in the table below. The EIN/Pension Plan Number column provides the Employer Identification Number (“EIN”) and the three-digit plan number, if applicable. Unless otherwise noted, the most recent PPA zone status available in 2023 and 2022 is for the plan’s year-end at December 31, 2023 and December 31, 2022 , respectively. The zone status is based on information that the company received from the plan and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65 percent funded, plans in the yellow zone are less than 80 percent funded , and plans in the green zone are at least 80 percent funded. The FIP/RP Status Pending/Implemented column indicates plans for which a financial improvement plan (“FIP”) or a rehabilitation plan (“RP”) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreements to which the plans are subject. Finally, there have been no significant changes that affect the comparability of contributions. In December 2014, the Consolidated and Further Continuing Appropriations Act of 2015 (the “2015 Appropriations Act”) was signed into law and materially amended the PPA funding rules. In general, the PPA funding rules were made more flexible in order to make more manageable the steps necessary for multi-employer plans to become or remain economically viable in the future. While in previous years we have been informed that several of the multi-employer pension plans to which our subsidiaries contribute have been labeled with a “critical” or “endangered” status as defined by the PPA, the changes made by the 2015 Appropriations Act will materially impact, on a going forward basis, these prior funding status assessments. In any event, it is unclear at this time what impact, if any, the 2015 Appropriations Act will have on our future obligations to the multi-employer pension plans in which we participate. Pension Contributions Zone Status thousands) Expiration Date of Pension FIP/RP Status 2023 2022 2021 Surcharge Collective Bargaining Pension Fund EIN Plan No. 2023 2022 Pending/Implemented ($) ($) ($) Imposed Agreement IAM National Pension Fund 51-6031295 002 — Red Yes — 125 136 No ^ Retail, Wholesale and 63-0708442 001 — — Yes — — 211 No * Western Conference of 91-6145047 001 Green Green No 288 258 266 No 2/7/2027 ^ The union employees withdrew from the fund effective November 1, 2022. * The union employees withdrew from the fund effective December 1, 2021. 401(k) Retirement Savings Plans The Flowers Foods 401(k) Retirement Savings Plan covers substantially all of the company’s employees who have completed certain service requirements. During Fiscal 2023, 2022 , and 2021, the total cost and employer contributions were as follows (amounts in thousands): Contributions by fiscal year Defined Fiscal 2023 $ 31,378 Fiscal 2022 $ 29,425 Fiscal 2021 $ 28,081 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 22. Income Taxes The company’s provision for income tax expense (benefit) consists of the following for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Current Taxes: Federal $ 63,351 $ 54,462 $ 46,018 State 13,680 14,409 11,790 77,031 68,871 57,808 Deferred Taxes: Federal ( 36,474 ) 3,508 6,946 State ( 6,866 ) ( 2,062 ) ( 169 ) ( 43,340 ) 1,446 6,777 Income tax expense $ 33,691 $ 70,317 $ 64,585 Income tax expense differs from the amount computed by applying the applicable U.S. federal income tax rate of 21 % because of the effect of the following items for Fiscal 2023, 2022 and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Tax at U.S. federal income tax rate $ 32,992 $ 62,729 $ 56,862 State income taxes, net of federal income tax benefit 5,383 9,754 9,181 Net share-based windfalls ( 1,960 ) ( 2,219 ) ( 104 ) Excess executive compensation 1,950 2,218 1,480 Tax credits ( 2,655 ) ( 2,263 ) ( 2,506 ) Other ( 2,019 ) 98 ( 328 ) Income tax expense $ 33,691 $ 70,317 $ 64,585 In Fiscal 2023, 2022 and 2021, the most significant difference in the effective rate and the statutory rate was state income taxes. Deferred tax assets (liabilities) are comprised of the following (amounts in thousands): December 30, 2023 December 31, 2022 Self-insurance $ 8,478 $ 6,507 Compensation and employee benefits 10,292 9,991 Deferred income 2,643 3,834 Loss and credit carryforwards 13,111 13,138 Equity-based compensation 8,636 7,692 Legal accrual 33,407 1,369 Pension and postretirement benefits — 384 Financing and operating lease right-of-use liabilities 72,011 72,470 Capitalized software and research and development costs 32,519 14,898 Other 9,975 7,101 Valuation allowance ( 1,586 ) ( 1,030 ) Deferred tax assets 189,486 136,354 Depreciation ( 77,931 ) ( 74,402 ) Intangibles ( 125,555 ) ( 119,380 ) Financing and operating lease right-of-use assets ( 69,987 ) ( 70,385 ) Hedging ( 322 ) ( 700 ) Pension and postretirement benefits ( 143 ) — Other ( 6,793 ) ( 6,319 ) Deferred tax liabilities ( 280,731 ) ( 271,186 ) Net deferred tax liability $ ( 91,245 ) $ ( 134,832 ) During Fiscal 2022, the company recorded a $ 14.9 million deferred tax asset for the then newly effective legislation requiring capitalization of certain expenses. This enactment required expenses related to research and development activities and certain information technology costs, which were previously deductible, to be capitalized and amortized for tax purposes. The resulting cumulative deferred tax asset of $ 32.5 million is reflected in the 2023 balances. In Fiscal 2023, the company recorded a deferred tax asset, in the amount of $ 33.4 million, related to a legal settlement accrued during the year for the repurchase of distribution rights. See Note 23, Commitments and Contingencies, for details of this settlement. The company has a deferred tax asset of $ 2.2 million related to a federal net operating loss carryforward which we expect to fully utilize before expiration. Additionally, the company and various subsidiaries have a net deferred tax asset of $ 3.3 million related to state net operating loss carryforwards with expiration dates from Fiscal 2024 through Fiscal 2040 , and $ 7.6 million for credit carryforwards with expiration dates from Fiscal 2027 through Fiscal 2034 . The utilization of a portion of these state carryforwards could be limited in the future; therefore, a valuation allowance of $ 1.6 million has been recorded. Should the company determine at a later date that certain of these losses which have been reserved for may be utilized, a benefit may be recognized in the Consolidated Statements of Income. Likewise, should the company determine at a later date that certain of these net operating losses for which a deferred tax asset has been recorded may not be utilized, a charge to the Consolidated Statements of Income may be necessary. See Note 2, Summary of Significant Accounting Policies , for the deferred tax asset valuation allowance analysis. The company did no t have any unrecognized tax benefits for fiscal years 2023, 2022 and 2021. At this time, we do not anticipate significant changes to the amount of gross unrecognized tax benefits over the next twelve months. The company accrues interest expense and penalties related to income tax liabilities as a component of income before taxes. No accrual of penalties is reflected on the company’s balance sheet as the company believes the accrual of penalties is not necessary based upon the merits of its income tax positions. The company had no accrued interest balance at December 30, 2023 and December 31, 2022. The company defines the federal jurisdiction as well as various state jurisdictions as “major” jurisdictions. The company is no longer subject to federal examinations for years prior to 2020, and with limited exceptions, for years prior to 2019 in state jurisdictions. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 23. Commitments and Contingencies Self-insurance reserves and other commitments and contingencies The company has recorded current liabilities of $ 38.0 million and $ 30.6 million related to self-insurance reserves at December 30, 2023 and December 31, 2022, respectively. The reserves include an estimate of expected settlements on pending claims, defense costs and a provision for claims incurred but not reported. These estimates are based on the company’s assessment of potential liability using an analysis of available information with respect to pending claims, historical experience and current cost trends. In the event the company ceases to utilize the independent distributor model or exits a geographic market, the company is contractually required in some situations to purchase the distribution rights from the independent distributor. The company expects to continue operating under this model and has concluded that the possibility of a loss is remote. The company’s facilities are subject to various federal, state and local laws and regulations regarding the discharge of material into the environment and the protection of the environment in other ways. The company is not a party to any material proceedings arising under these regulations. The company believes that compliance with existing environmental laws and regulations will not materially affect the consolidated financial condition, results of operations, cash flows or the competitive position of the company. The company believes it is currently in substantial compliance with all material environmental regulations affecting the company and its properties. Litigation The company and its subsidiaries from time to time are parties to, or targets of, lawsuits, claims, investigations and proceedings, including personal injury, commercial, contract, environmental, antitrust, product liability, health and safety and employment matters, which are being handled and defended in the ordinary course of business. While the company is unable to predict the outcome of these matters, it believes, based upon currently available facts, that it is remote that the ultimate resolution of any such pending matters will have a material adverse effect on its overall financial condition, results of operations or cash flows in the future. However, adverse developments could negatively impact earnings in a particular future fiscal period. At this time, the company is defending 24 complaints filed by IDPs alleging that they were misclassified as independent contractors. Eight of these lawsuits seek class and/or collective action treatment. The remaining sixteen cases either allege individual claims or do not seek class or collective action treatment or, in cases in which class treatment was sought, the court denied class certification. The respective courts have ruled on plaintiffs’ motions for class certification in three of the pending cases, each of which is discussed below. Unless otherwise noted, a class was conditionally certified under the FLSA in each of the cases described below, although the company has the ability to petition the court to decertify that class at a later date: Case Name Case No. Venue Date Filed Status Richard et al. v. Flowers Foods, Inc., 6:15-cv-02557 U.S. District Court Western 10/21/2015 On April 9, 2021, the court decertified the FLSA collective action and denied plaintiffs' motion to certify under Federal Rule of Civil Procedure 23 a state law class of distributors who operated in the state of Louisiana. Martins v. Flowers Foods, Inc., 8:16-cv-03145 U.S. District Court Middle 11/8/2016 Ludlow et al. v. Flowers Foods, Inc., Flowers Bakeries, LLC and Flowers Finance, LLC 3:18-cv-01190 U.S. District Court Southern District of California 6/6/2018 On August 29, 2023, the company reached an agreement to settle this and two companion cases – Maciel et al. v. Flowers Foods, Inc. et al., No. 3:20-cv-02059-JO-JLB (U.S. District Court for the Southern District of California) and Maciel v. Flowers Foods, Inc. et al., No. 20-CIV-02959 (Superior Court of San Mateo County, California). The settlement provides for a $ 55 million common fund to cover settlement payments to a class of approximately 475 plaintiffs, service awards, attorneys’ fees and settlement administration expenses. The settlement also requires a phased repurchase of distribution rights associated with approximately 350 territories in California. Once completed, the company plans to service its California market with an employment model. The repurchase of distribution rights is anticipated to be completed by the first quarter of Fiscal 2025. The company estimates the repurchase cost of the 350 territories, along with 50 additional California territories that are not part of the settlement, to be approximately $ 80.2 million (of which $ 65.3 million was originally included in other accrued liabilities and the remaining $ 14.9 million in a contra account to notes receivable. These amounts are recorded in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income during Fiscal 2023. The terms of the settlement require court approval. The company and/or its respective subsidiaries contests the allegations and are vigorously defending all of these lawsuits. Given the stage of the complaints and the claims and issues presented, except for lawsuits disclosed herein that have reached a settlement or agreement in principle, the company cannot reasonably estimate at this time the possible loss or range of loss that may arise from the unresolved lawsuits. The company has settled, and the appropriate court has approved, the following collective and/or class action lawsuits filed by distributors alleging that such distributors were misclassified as independent contractors. In each of these settlements, in addition to the monetary terms noted below, the settlements also included certain non-economic terms intended to strengthen and enhance the independent contractor model. The list below details settled lawsuits that impacted the company's presented financial statements since Fiscal 2021: Case Name Case No. Venue Date Filed Comments Noll v. Flowers Foods, Inc., Lepage 1:15-cv-00493 U.S. District Court District of 12/3/2015 On April 26, 2022, the Court approved an agreement to settle this and two companion cases pending in the U.S. District Court for the District of Maine – Bowen et al. v. Flowers Foods, Inc. et al. (No. 1:20-cv-00411); and Aucoin et al. v. Flowers Foods, Inc. et al (No. 1:20-cv-00410) – for a payment of $ 16.5 million, comprised of $ 9.0 million in settlement funds and $ 7.5 million in attorneys’ fees. The settlement was paid during the second quarter of Fiscal 2022. The settlement also required a phased repurchase of approximately 75 distribution rights in Maine which the company began servicing using company sales employees. The company estimated this cost to be $ 6.6 million (of which $ 4.7 million was originally included in other accrued liabilities and the remainder as a contra account to notes receivable). These amounts were recorded in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income during the third quarter of Fiscal 2021. Coronado v. Flowers Foods, Inc. 1:16-cv-00350 U.S. District Court District of 4/27/2016 On June 7, 2022, the Court approved an agreement to settle this matter for $ 137,500 , inclusive of attorneys’ fees, costs, damages and incentives for class members who are active distributors to enter into an amendment to their distributor agreements. The settlement was paid and the expense was recorded in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income during the second quarter of Fiscal 2022. See Note 15, Debt and Other Commitments , for additional information on the company’s commitments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 24. Subsequent Events The company has evaluated subsequent events since December 30, 2023, the date of these financial statements. We believe there were no material events or transactions discovered during this evaluation that requires recognition or disclosure in the financial statements other than the items discussed below. Dividend. On February 16, 2024 , the Board of Directors declared a dividend of $ 0.23 per share on the company’s common stock to be paid on March 15, 2024 to shareholders of record on March 1, 2024 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of Consolidation . The Consolidated Financial Statements include the accounts of the company and its wholly-owned subsidiaries. Intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | Use of Estimates . The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Fiscal Year End | Fiscal Year End . Our fiscal year ends on the Saturday nearest December 31, resulting in a 53rd reporting week every five or six years. The last 53-week year was our Fiscal 2020. The next 53-week year will be Fiscal 2025. Our internal financial results and key performance indicators are reported on a weekly calendar basis to ensure the same numbers of Saturdays and Sundays in comparable months and to allow for a consistent four-week progression analysis. The company has elected the first quarter to report the extra four-week period. As such, our quarters are divided as follows: Quarter Number of Weeks First Quarter Sixteen Second Quarter Twelve Third Quarter Twelve Fourth Quarter Twelve (or Thirteen in fiscal years with an extra week) Accordingly, interim results may not be indicative of subsequent interim period results, or comparable to prior or subsequent interim period results, due to differences in the lengths of the interim periods. |
Revenue Recognition | Revenue Recognition . Revenue is recognized when obligations under the terms of a contract with our customers are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. The company records both direct and estimated reductions to gross revenue for customer programs and incentive offerings at the time the incentive is offered or at the time of revenue recognition for the underlying transaction that results in progress by the customer towards earning the incentive. These allowances include price promotion discounts, coupons, customer rebates, cooperative advertising, and product returns. Consideration payable to a customer is recognized at the time control transfers and is a reduction to revenue. The recognition of costs for promotion programs involves the use of judgment related to performance and redemption estimates. Estimates are made based on historical experience and other factors. Price promotion discount expense is recorded as a reduction to gross sales when the discounted product is sold to the customer. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in our selling, distribution, and administrative expenses line item on the Consolidated Statements of Income. The company’s production facilities deliver products to independent distributor partners (“IDP” or “IDPs”), who sell and deliver those products to outlets of retail accounts that are within the IDPs’ defined geographic territory. The IDPs sell products using either scan-based trading (“SBT”) technology, authorized charge tickets, or cash sales. SBT technology allows the retailer to take ownership of our products when the consumer purchases the products rather than at the time they are delivered to the retailer. Control of the inventory does not transfer upon delivery to the retailer because the company controls the risks and rights until the product is scanned at the reseller’s register. Each of the company’s products is considered distinct because the resellers expect each item to be a performance obligation. The company’s performance obligations are satisfied at the point in time when the end consumer purchases the product because each product is considered a separate performance obligation. Consequently, revenue is recognized at a point in time for each scanned item. The company has concluded that we are the principal for SBT sales. In Fiscal 2023, 2022, and 2021, the company recorded $ 2.5 billion, $ 2.4 billion, and $ 2.2 billion, respectively, in sales through SBT. SBT is utilized primarily in certain national and regional retail accounts (“SBT Outlet”). Generally, revenue is not recognized by the company upon delivery of our products by the company to the IDP or upon delivery of our products by the IDP to an SBT Outlet, but when our products are purchased by the end consumer. Product inventory in the SBT Outlet is reflected as inventory on the Consolidated Balance Sheets. The IDP performs a physical inventory of products at each SBT Outlet weekly and reports the results to the company. The inventory data submitted by the IDP for each SBT Outlet is compared with the product delivery data. Product delivered to a SBT Outlet that is not recorded as inventory in the product delivery data has been purchased by the consumer/customer of the SBT Outlet and is recorded as sales revenue by the company. Non-SBT sales are classified as either authorized charge sales or cash sales. The company provides marketing support to the IDP for authorized charge sales but does not provide marketing support to the IDP for cash sales. Marketing support includes providing a dedicated account representative, resolving complaints, and accepting responsibility for product quality which collectively define how to manage the relationship. Revenue is recognized at a point in time for non-SBT sales. The company retains inventory risk, establishes negotiated special pricing, and fulfills the contractual obligations for authorized charge sales. The company is the principal, the IDP is the agent, and the reseller is the customer. Revenue is recognized for authorized charge sales when the product is delivered to the customer because the company has satisfied its performance obligations. Cash sales occur when the IDP is the end customer. The IDP maintains accounts receivable, inventory and fulfillment risk for cash sales. The IDP also controls pricing for the resale of cash sale products. The company is the principal and the IDP is the customer, and an agent relationship does not exist. The discount paid to the IDP for cash sales is recorded as a reduction to revenue. Revenue is recognized for cash sales when the company’s products are delivered to the IDP because the company has satisfied its performance obligations. Certain sales are under contracts and include a formal ordering system. Orders are placed primarily using purchase orders (“PO”) or electronic data interchange information. Each PO, together with the applicable master supply agreement, is determined to be a separate contract. Product is delivered via contract carriers engaged by either the company or the customer with shipping terms provided in the PO. Each unit sold, for all product categories, is a separate performance obligation. Each unit is considered distinct because the customer can benefit from each unit by selling each one separately to the end consumer. Additionally, each unit is separately identifiable in the PO. Products are delivered either freight-on-board (“FOB”) shipping or destination. The company’s right to payment is at the time our products are obtained from our warehouse for FOB shipping deliveries. The right to payment for FOB destination deliveries occurs after the products are delivered to the customer. Revenue is recognized at a point in time when control transfers. The company pays commissions to brokers who obtain contracts with customers. Commissions are paid on the total value of the contract, which is determined at contract inception and is based on expected future activity. Broker commissions will not extend beyond a one-year term because each product is considered a separate order in the PO. The company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the company otherwise would have recognized is one year or less. These costs are included in our selling, distribution, and administrative expenses line item on the Consolidated Statements of Income. The company disaggregates revenue by sales channel. Our sales channels are branded retail and other. The other channel includes store branded retail, foodservice, restaurants, institutional, vending, thrift stores, and contract manufacturing. The company does not disaggregate revenue by geographic region, customer type, or contract type. All revenues are recognized at a point in time. Sales by sales channel category are as follows for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Branded retail $ 3,263,277 $ 3,139,306 $ 2,874,714 Other 1,827,553 1,666,516 1,456,053 Total $ 5,090,830 $ 4,805,822 $ 4,330,767 |
Cash and Cash Equivalents | Cash and Cash Equivalents . The company considers deposits in banks, certificates of deposits, and short-term investments with original maturities of three months or less, and highly liquid investments that are readily convertible to known amounts of cash to be cash and cash equivalents. |
Accounts and Notes Receivable | Accounts and Notes Receivable . Accounts and notes receivable consist of trade receivables, current portions of distributor notes receivable, and miscellaneous receivables. The company recognizes an allowance for credit losses related to its accounts and notes receivable to present the net amount expected to be collected as of the balance sheet date. The company estimates this allowance based on historical data such as days sales outstanding trends, previous write-offs of balances, and weekly reviews of aged trial balances, among others. Accounts and notes receivable balances are written off when deemed uncollectible and are recognized as a deduction from the allowance for credit losses. Expected recoveries, not to exceed the amount previously written off, are considered in determining the reserve balance at the balance sheet date. Activity in the allowance for doubtful accounts is as follows (amounts in thousands): Beginning Charged to Write-Offs Ending Fiscal 2023 $ 18,764 $ 8,412 $ 6,210 $ 33,386 Fiscal 2022 $ 15,398 $ 8,518 $ ( 5,152 ) $ 18,764 Fiscal 2021 $ 15,162 $ 6,071 $ ( 5,835 ) $ 15,398 The company recorded a reserve of $ 14.9 million during the third quarter of Fiscal 2023 for the distributor notes receivable as part of a legal settlement. The charge for this allowance was recorded as a legal expense and is recognized as 'Other' in the column of the table above. The expense column is specific to bad debt expense. The amount of reserve for the distributor notes receivable as of December 30, 2023 was $ 14.8 million. See Note 23, Commitments and Contingencies, for additional information. Activity in the allowance for trade accounts receivable credit losses for Fiscal 2023, 2022 and 2021 was as follows (amounts in thousands): Beginning Charged to Write-Offs Recoveries and other Ending Fiscal 2023 $ 2,188 $ 3,089 $ ( 2,635 ) $ ( 572 ) $ 2,070 Fiscal 2022 $ 2,552 $ 2,270 $ ( 2,721 ) $ 87 $ 2,188 Fiscal 2021 $ 4,901 $ 596 $ ( 1,018 ) $ ( 1,927 ) $ 2,552 The amounts charged to expense for bad debts in the table above, inclusive of other non-trade accounts receivable amounts, are reported as adjustments to reconcile net income to net cash provided by operating activities in the Consolidated Statements of Cash Flows. The write-offs represent the amounts that are used to reduce the gross accounts and notes receivable at the time the balance due from the customer is written-off. Walmart/Sam’s Club is our only customer with a balance greater than 10% of outstanding trade receivables. Their percentage of trade receivables was 20.3 % and 24.3 % , on a consolidated basis, as of December 30, 2023 and December 31, 2022 , respectively. No other customer accounted for greater than 10% of the company’s outstanding receivables. |
Concentration of Credit Risk | Concentration of Credit Risk . The company performs periodic credit evaluations and grants credit to customers, who are primarily in the grocery and foodservice markets, and generally does not require collateral. Our top 10 customers in Fiscal 2023, 2022, and 2021 accounted for 55.5 %, 54.5 % and 53.7 % of sales, respectively. Our largest customer’s, Walmart/Sam’s Club, weighted percent of sales for Fiscal 2023, 2022, and 2021 was as follows: Percent of Sales Fiscal 2023 22.3 % Fiscal 2022 21.7 % Fiscal 2021 21.2 % Walmart/Sam’s Club is the only customer to account for greater than 10% of the company’s sales. |
Inventories | Inventories . Inventories at December 30, 2023 and December 31, 2022 are valued at net realizable value. Costs for raw materials and packaging are recorded at moving average cost. Finished goods inventories are valued at average costs. The company will write down inventory to net realizable value for estimated unmarketable inventory equal to the difference between the cost of the inventory and the estimated net realizable value for situations when the inventory is impaired by damage, deterioration, or obsolescence. Activity in the inventory reserve allowance is as follows (amounts in thousands): Beginning Charged to Write-Offs Ending Fiscal 2023 $ 1,036 $ 2,376 $ ( 2,716 ) $ 696 Fiscal 2022 $ 284 $ 3,679 $ ( 2,927 ) $ 1,036 Fiscal 2021 $ 1,920 $ 16 $ ( 1,652 ) $ 284 The amounts charged to expense for inventory loss in the table above are reported as adjustments to reconcile net income to net cash provided by operating activities in the Consolidated Statements of Cash Flows. The write-offs and other column represents the amounts that are used to reduce gross inventories. |
Shipping Costs | Shipping Costs . Shipping costs are included in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income. For Fiscal 2023, 2022, and 2021, shipping costs were $ 1,215.4 million, $ 1,169.0 million, and $ 1,063.6 million, respectively, including the costs paid to IDPs. |
Spare Parts and Supplies | Spare Parts and Supplies . The company maintains inventories of spare parts and supplies, which are used for repairs and maintenance of its machinery and equipment. These spare parts and supplies allow the company to react quickly in the event of a mechanical breakdown. These parts are valued using the moving average method and are expensed as the part is used. Periodic physical inventories of the parts are performed, and the value of the parts is adjusted for any obsolescence or difference from the physical inventory count. |
Assets Held for Sale | Assets Held for Sale . Assets to be sold are classified as held for sale in the period all the required criteria are met. The company generally has three types of assets classified as held for sale. These include distribution rights, plants and depots/warehouses, and other equipment. See Note 9, Assets Held for Sale , for these amounts by classification. The company voluntarily repurchases distribution rights from and sells distribution rights to IDPs from time to time. At the time the company purchases distribution rights from an IDP, the fair value purchase price of the distribution right is recorded as “Assets Held for Sale”. Upon the sale of the distribution rights to a new IDP, the new distributor franchisee/owner may choose how he/she desires to finance the purchase of the business. If the new distributor chooses to use optional financing via a company-related entity, a note receivable of up to ten years is recorded for the financed amount with a corresponding credit to assets held for sale to relieve the carrying amount of the territory. Any difference between the selling price of the business and the distribution rights’ carrying value, if any, is recorded as a gain or a loss in selling, distribution, and administrative expenses because the company considers the IDP activity a cost of distribution. This gain is recognized over the term of the outstanding notes receivable as payments are received from the IDP. In instances where a distribution right is sold for less than its carrying value, a loss is recorded at the date of sale and any impairment of a distribution right held for sale is recorded at such time when the impairment occurs. The deferred gains were $ 10.4 million and $ 15.1 million at December 30, 2023 and December 31, 2022, respectively, and are recorded in other short and long-term liabilities on the Consolidated Balance Sheets. The company recorded net gains of $ 2.5 million (exclusive of $ 65.5 million of repurchase obligations of distribution rights related to a legal settlement) during Fiscal 2023, $ 3.8 million during Fiscal 2022 and $ 1.6 million during Fiscal 2021 related to the sale of distribution rights as a component of selling, distribution, and administrative expenses. The gains recorded during Fiscal 2021 included a loss of $ 4.7 million of repurchase obligations of distribution rights related to a legal settlement. See Note 23, Commitments and Contingencies , for details on these settlements. |
Property, Plant and Equipment and Depreciation | Property, Plant and Equipment and Depreciation . Property, plant and equipment is recognized at cost. Depreciation expense is computed using the straight-line method over the estimated useful lives of the depreciable assets. The table below presents the range of estimated useful lives by property, plant and equipment class. Useful life term (years) Asset Class Low High Buildings 10 40 Machinery and equipment 3 15 Furniture, fixtures and transportation equipment 3 12 Property recorded as leasehold improvements is amortized over the shorter of the lease term or the estimated useful life of the leased property. Depreciation expense, excluding amortization of right-of-use financing leases, for Fiscal 2023, 2022, and 2021 was as follows (amounts in thousands): Depreciation Fiscal 2023 $ 117,788 Fiscal 2022 $ 108,500 Fiscal 2021 $ 103,949 The company had no capitalized interest during Fiscal 2023, 2022 , and 2021. The cost of maintenance and repairs is charged to expense as incurred. Upon disposal or retirement, the cost and accumulated depreciation of assets are eliminated from the respective accounts. Any gain or loss is reflected in the company’s Consolidated Statements of Income and is included in adjustments to reconcile net income to net cash provided by operating activities on the other line item in the Consolidated Statements of Cash Flows. |
Leases | Leases. The company’s leases consist of the following types of assets: bakeries, corporate office space, warehouses, bakery equipment, transportation equipment, and IT equipment (debt is discussed separately in Note 15, Debt and Other Commitments ). Real estate and equipment contracts occasionally contain multiple lease and non-lease components. Generally, non-lease components represent maintenance and utility related charges, and are primarily minor to the overall value of applicable contracts. These contracts also contain fixed payments with stated rent escalation clauses or fixed payments based on an index such as CPI. Additionally, some contracts contain tenant improvement allowances, rent holidays, lease premiums, and contingent rent provisions (which are treated as variable lease payments). Building and/or office space leases generally require the company to pay for common area maintenance (CAM), insurance, and taxes that are not included in the base rental payments, with the majority of these leases treated as net leases, and the remainder treated as gross or modified gross leases. The lease term for real estate leases primarily ranges from one to 22 years , with a few leases that are month to month, and accounted for as short-term leases. See discussion on short-term leases below. The term of bakery equipment leases primarily ranges from less than a year up to three years . Transportation equipment generally has terms of less than one year up to seven years . IT equipment is typically leased from less than a year up to five years . Certain equipment (i.e., equipment subject to management contracts) and IT equipment leases have terms shorter than a year and are accounted for as short-term leases. See discussion on short-term leases below. These contracts may contain renewal options for periods of one month up to 10 years at fixed percentages of market pricing, with some that are reasonably certain of exercise. For those contracts that contain leases, the company recognizes renewal options as part of right-of-use assets and lease liabilities. All other renewal and termination options are not reasonably certain of exercise or occurrence as of December 30, 2023. These contracts may also contain right of first offer purchase options, along with expansion options that are not reasonably certain of exercise. Additionally, these contracts do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts. For these real estate contracts, the company’s exclusive use of specified real estate for a specific term and for consideration resulted in the company treating these contracts as leases. For those contracts that contain leases of buildings and land, the company has elected to not separate land components from leases of specified property, plant, and equipment, as it was determined to have no effect on lease classification for any lease component, and the amounts recognized for the land lease components would have been immaterial. These contracts may also contain end-term purchase options, whereby the company may purchase the assets for stated pricing at the lesser of fair market value or a percentage of original asset cost. Yet, these purchase options were determined to not be reasonably certain of exercise or occurrence as of December 30, 2023 . Additionally, these contracts do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts. The company’s ability to make those decisions that most effect the economic benefits derived from the use of the equipment, accompanied by receiving substantially all outputs and utility from the use of the equipment resulted in the company accounting for these contracts as leases. These leases are classified as operating leases because real estate leases do not transfer ownership at the end of the lease term, assets are not of such a specialized nature that real estate would not have alternative uses to lessors at the end of the lease term, lease terms do not represent a major part of the total useful life of real estate, and the present value of lease payments do not represent substantially all the fair value of leased assets at commencement. Short-term leases The company has also entered into short-term leases of certain real estate assets, along with IT equipment, and various equipment used for short-term bakery needs through equipment placement or service contracts that require purchase of consumables. These leases extend for periods of one to 12 months . Lease term and amounts of payments are generally fixed. There are no purchase options present, however, there generally are renewals that could extend lease terms for additional periods. Generally, renewal options, as they cannot be unilaterally exercised, are not reasonably certain of exercise, do not contain residual value guarantees, and there are no other restrictions or covenants in the leases. Therefore, the company recognizes lease payments from these short-term leases and variable payments on the Consolidated Statements of Income in the period in which obligation for those payments have been incurred. Modifications and reassessments During Fiscal 2023 and 2022, the company elected certain renewal options that were not previously certain of exercise. Election of these renewal options resulted in reassessment of lease terms for the applicable leases. The company included the renewal periods in measurement of lease terms for the applicable leases. Given that rental payments in the renewal periods were fixed, the company also remeasured the lease payments, and reallocated remaining contract consideration to the lease components within the applicable real estate leases. Although the triggering events did not result in changes to lease classification (i.e., all remained operating leases), they did affect the measurement of lease liabilities, right-of-use assets (“ROU assets”), and amounts recognized as lease expense for the applicable real estate leases. Other significant judgments and assumptions For all classes of assets, the company primarily used our incremental borrowing rates (“IBR”) to perform lease classification tests and measure lease liabilities because discount rates implicit in the company’s leases were not readily determinable. Embedded leases During Fiscal 2020 and Fiscal 2019, the company entered into embedded leases for IT equipment which matured and were not renewed during Fiscal 2023. As of December 31, 2022, the embedded leases were $ 1.4 million of financing ROU assets and $ 1.5 million of financing ROU liabilities. The company did not enter into any embedded leases during Fiscal 2023 or Fiscal 2022. See Note 14, Leases , for our lease quantitative disclosures. |
Segments | Segment . The company has one operating segment based on the nature of products the company sells, intertwined production and distribution model, the internal management structure and information that is regularly reviewed by the CEO, who is the chief operating decision maker, for the purpose of assessing performance and allocating resources. |
Impairment of Long-Lived Held and Used Assets | Impairment of Long-Lived Held and Used Assets . The company determines whether there has been an impairment of long-lived held and used assets when indicators of potential impairment are present. We consider historical performance and future estimated results in our evaluation of impairment. If facts and circumstances indicate that the cost of any long-lived held and used assets may be impaired, an evaluation of recoverability would be performed. If an estimate of the asset’s fair value is required in order to determine if an impairment should be recorded, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount and if lower than the carrying value, a write-down to market value is required. On July 19, 2022, the company announced the closure of the Holsum Bakery in Phoenix, Arizona. The bakery produced bread and bun products and ceased production on October 31, 2022. This closure is part of our strategy to optimize our sales portfolio and improve supply chain and manufacturing efficiency. The company recognized asset impairment charges for bakery equipment of $ 2.9 million in the third quarter of Fiscal 2022. There were no impairment charges recorded during Fiscal 2023 or Fiscal 2021. |
Impairment of Other Intangible Assets | Impairment of Other Intangible Assets . The company accounts for other intangible assets at fair value. These intangible assets can be either finite or indefinite-lived depending on the facts and circumstances at acquisition. Finite-lived intangible assets are reviewed for impairment when facts and circumstances indicate that the cost of any finite-lived intangible asset may be impaired. This recoverability test is based on an undiscounted cash flows expected to result from the company’s use and eventual disposition of the asset. If these cash flows are sufficient to recover the carrying value over the useful life there is no impairment. Amortization of finite-lived intangible assets occurs over their estimated useful lives. The amortization periods, at origination, range from two years to forty years for these assets. The attribution methods we primarily use are the sum-of-the-year digits for customer relationships and straight-line for other intangible assets. These finite-lived intangible assets generally include trademarks, customer relationships, non-compete agreements, distributor relationships (for instances when not held for sale), and supply agreements. The company fully impaired the California held and used distribution rights classified as intangible assets and recorded a charge of $ 2.3 million in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income during Fiscal 2023. Identifiable intangible assets that are determined to have an indefinite useful economic life are not amortized. Indefinite-lived intangible assets are tested for impairment, at least annually, using a one-step fair value-based approach or when certain indicators of potential impairment are present. We have elected not to perform the qualitative approach. We also reassess the indefinite-lived classification to determine if it is appropriate to reclassify these assets as finite-lived assets that will require amortization. We consider historical performance and future estimated results in our evaluation of impairment. If facts and circumstances indicate that the cost of any indefinite-lived intangible assets may be impaired, an evaluation of the fair value of the asset is compared to its carrying amount. If the carrying amount exceeds the fair value, an impairment charge is recorded for the difference. We use the multi-period excess earnings and relief from royalty methods to value these indefinite-lived intangible assets. Fair value is estimated using the future gross, discounted cash flows associated with the asset using the following five material assumptions: (a) discount rate; (b) long-term sales growth rates; (c) forecasted operating margins (not applicable to the relief from royalty method), (d) assumed royalty rate; and (e) market multiples. The method used for impairment testing purposes is consistent with the valuation method employed at acquisition of the intangible asset. These indefinite-lived intangible assets are trademarks acquired in a purchase business combination. The company evaluates useful lives for finite-lived intangible assets to determine if facts or circumstances arise that may impact the estimates of useful lives assigned and the remaining amortization duration. Indefinite-lived intangible assets that are determined to have a finite useful life are tested for impairment as an indefinite-lived intangible asset prior to commencing amortization. These intangible assets were assigned a useful life ranging from 5 years to 40 years . Future adverse changes in market conditions or poor operating results of underlying intangible assets could result in losses or an inability to recover the carrying value of the intangible assets that may not be reflected in the assets’ current carrying values, thereby possibly requiring an impairment charge in the future. See Note 10, Goodwill and Other Intangible Assets , for additional disclosure. |
Goodwill | Goodwill . The company accounts for goodwill in a purchase business combination as the excess of the cost over the fair value of net assets acquired. The company tests goodwill for impairment on an annual basis (or an interim basis if a triggering event occurs that indicates the fair value of our single reporting unit may be below its carrying value) using a one-step method. We have elected not to perform the qualitative approach. The company conducts this review during the fourth quarter of each fiscal year absent any triggering events. We use the following four material assumptions in our fair value analysis: (a) weighted average cost of capital; (b) long-term sales growth rates; (c) forecasted operating margins; and (d) market multiples. No impairment resulted from the annual review performed in Fiscal 2023, 2022, or 2021. See Note 10, Goodwill and Other Intangible Assets , for additional disclosure. |
Derivative Financial Instruments | Derivative Financial Instruments . The disclosure requirements for derivatives and hedging provide investors with an enhanced understanding of: (a) how and why an entity uses derivative instruments and related hedged items, (b) how the entity accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect an entity’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the company’s objectives and strategies for using derivative instruments and related hedged items, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments and related hedged items, and disclosures about credit-risk-related contingent features in derivative instruments and related hedged items. The company’s objectives in using commodity derivatives are to add stability to materials, supplies, labor, and other production costs and to manage its exposure to certain commodity price movements. To accomplish this objective, the company uses commodity futures as part of its commodity risk management strategy. The company’s commodity risk management programs include hedging price risk for wheat, soybean oil, corn, and natural gas primarily using futures contracts. Commodity futures designated as cash flow hedges involve fixing the price on a fixed volume of a commodity on a specified date. The commodity futures are given up to third parties near maturity to price the physical goods (e.g. flour, sweetener, corn, etc.) required as part of the company’s production. As required, the company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedged item with the earnings effect of the hedged forecasted transactions in a cash flow hedge. The company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply, or the company elects not to apply hedge accounting. For derivatives designated and that qualify as cash flow hedges of commodity price risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) (“AOCI”) and subsequently reclassified in the period during which the hedged transaction affects earnings within the same income statement line item as the earnings effect of the hedged transaction. All our commodity derivatives at December 30, 2023 qualified for hedge accounting. See Note 11, Derivative Financial Instruments , for additional disclosure. The company routinely transfers amounts from AOCI to earnings as transactions for which cash flow hedges were held occur and impact earnings. Amounts reclassified out of AOCI to net income that relate to commodity contracts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. Significant situations which do not routinely occur that could cause transfers from AOCI to earnings are the cancellation of a forecasted transaction for which a derivative was held as a hedge or a significant and material reduction in volume used of a hedged ingredient such that the company is over hedged and must discontinue hedge accounting. During Fiscal 2023, 2022, and 2021 there were no discontinued hedge positions. The impact to earnings is included in our materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately) line item. Changes in the fair value of the asset or liability are recorded as either a current or long-term asset or liability depending on the underlying fair value. Amounts reclassified to earnings for the commodity cash flow hedges are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. See Note 11, Derivative Financial Instruments , for additional disclosure. |
Treasury Stock | Treasury Stock . The company records acquisitions of its common stock for treasury at cost. Differences between the proceeds for reissuances of treasury stock and average cost are credited or charged to capital in excess of par value to the extent of prior credits and thereafter to retained earnings. See Note 18, Stockholders’ Equity , for additional disclosure. During Fiscal 2022, the Inflation Reduction Act of 2022 ("IRA of 2022") was signed into law. Among other things, it imposes a 1% excise tax on net share repurchases in a tax year that are made by certain publicly traded corporations. Under the requirements of the IRA of 2022, the company accounts for the excise tax as a direct cost of the share repurchase transaction. |
Advertising and Marketing Costs | Advertising and Marketing Costs . Advertising and marketing costs are expensed the first time the advertising takes place. Advertising and marketing costs were $ 99.3 million, $ 74.6 million, and $ 77.7 million for Fiscal years 2023, 2022 , and 2021, respectively. Advertising and marketing costs are recorded in the selling, distribution, and administrative expense line item in our Consolidated Statements of Income. |
Stock-Based Compensation | Stock-Based Compensation . Stock-based compensation expense for all share-based payment awards granted is determined based on the grant date fair value. The company recognizes compensation costs only for those shares expected to vest on a straight-line basis over the requisite service period of the award, which is generally the vesting term of the share-based payment award. The shares issued for exercises and at vesting of the awards are issued from treasury stock. Forfeitures are recognized as they occur. Shares issued at vesting are recorded as reissuances of treasury stock. See Note 19, Stock-Based Compensation , for additional disclosure. Stock-based compensation expense is primarily included in selling, distribution, and administrative expense in the Consolidated Statements of Income. |
Cloud Computing Arrangements | Cloud computing arrangements (“CCA”) . If a CCA includes a software license, the arrangement is within the scope of the internal-use software guidance. If the CCA does not include a software license (i.e. is hosted), the arrangement is a service contract and the fees for the CCA are recorded as an operating expense. Capitalized implementation costs are amortized over the term of the associated hosted CCA service on a straight-line basis. Amortization over the contract term begins at the time any component of the hosted CCA service is ready for use. Capitalized implementation costs are presented on the Consolidated Balance Sheets as an other asset. Amortization charges are presented in the selling, distribution, and administrative expenses line on the Consolidated Statements of Income. |
Software Development Costs | Software Development Costs . The company expenses internal and external software development costs incurred in the preliminary project stage, and, thereafter, capitalizes costs incurred in developing or obtaining internally used software. Certain costs, such as maintenance and training, are expensed as incurred. Capitalized costs are amortized over a period of three to eight years and are subject to impairment evaluation. An impairment could be triggered if the company determines that the underlying software under review will no longer be used. The net balance of capitalized software development costs included in plant, property and equipment was $ 106.5 million and $ 14.5 million at December 30, 2023 and December 31, 2022 , respectively. Amortization expense of capitalized software development costs, which is included in depreciation and amortization expense in the Consolidated Statements of Income, was $ 14.2 million, $ 10.2 million, and $ 9.9 million in Fiscal 2023, 2022 , and 2021, respectively. |
Income Taxes | Income Taxes . The company accounts for income taxes using the asset and liability method and recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income as a discrete item in the period that includes the enactment date. The company records a valuation allowance to reduce its deferred tax assets to the amount that is more likely than not to be realized. The company has considered carryback, future taxable income, and prudent and feasible tax planning strategies in assessing the need for the valuation allowance. In the event the company was to determine that it would be more likely than not able to realize its deferred tax assets in the future in excess of its net recorded amount, an adjustment to the valuation allowance would increase income in the period such a determination was made. Likewise, should the company determine that it would not more likely than not be able to realize all or part of its net deferred tax assets in the future, an adjustment to the valuation allowance would decrease income in the period such determination was made. The company recognizes a tax benefit from an uncertain tax position when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation process. Interest related to unrecognized tax benefits is recorded within the interest expense line in the accompanying Consolidated Statements of Income. See Note 22, Income Taxes , for additional disclosure. The deductions column in the table below presents the amounts reduced in the deferred tax asset valuation allowance that were recorded to, and included as part of, deferred tax expense. The additions column represents amounts that increased the allowance. Activity in the deferred tax asset valuation allowance is as follows (amounts in thousands): Beginning Deductions Additions Ending Fiscal 2023 $ 1,030 $ — $ 556 $ 1,586 Fiscal 2022 $ 1,030 $ — $ — $ 1,030 Fiscal 2021 $ 1,030 $ — $ — $ 1,030 |
Self-Insurance Reserves | Self-Insurance Reserves . The company is self-insured for various levels of general liability, auto liability, workers’ compensation, and employee medical and dental coverage. Insurance reserves are calculated based on a combination of an undiscounted basis based on actual claim data and estimates of incurred but not reported claims developed utilizing historical claim trends. Projected settlements of incurred but not reported claims are estimated based on pending claims, historical trends and industry trends related to expected losses and actual reported losses, and key assumptions, including loss development factors and expected loss rates. |
Loss Contingencies | Loss Contingencies . Loss contingencies are recorded at the time it is probable an asset is impaired, or a liability has been incurred and the amount can be reasonably estimated. For litigation claims the company considers the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the loss. Losses are recorded in selling, distribution, and administrative expense in our Consolidated Statements of Income. |
Net Income Per Common Share | Net Income Per Common Share . Basic net income per share is computed by dividing net income by the weighted average common shares outstanding for the period. Diluted net income per share is computed by dividing net income by the weighted average common and common equivalent shares outstanding for the period. Common stock equivalents consist of the incremental shares associated with the company’s stock compensation plans, as determined under the treasury stock method. The performance contingent restricted stock awards do not contain a non-forfeitable right to dividend equivalents and are included in the computation for diluted net income per share. Fully vested shares which have a deferral period extending beyond the vesting date are included in the computation for basic net income per share. See Note 20, Earnings Per Share , for additional disclosure. |
Variable Interest Entities | Variable Interest Entities . The incorporated IDPs are not voting interest entities since the company has no direct interest in each entity; however, they qualify as variable interest entities (“VIEs”). The IDPs who are formed as sole proprietorships are excluded from the VIE accounting analysis because sole proprietorships are not within scope for determination of VIE status. The company typically finances the incorporated IDP and enters into a contract with the incorporated IDP to supply product at a discount for distribution in the IDP’s territory. The combination of the company’s loans to the incorporated IDP and the ongoing supply arrangements with the incorporated IDP provides a level of protection to the equity owners of the various distributorships that would not otherwise be available. However, the company is not considered to be the primary beneficiary of the VIEs. See Note 16, Variable Interest Entities , for additional disclosure of these VIEs. |
Postretirement Plans | Postretirement Plans . The company records pension costs and benefit obligations related to its defined benefit plans based on actuarial valuations. These valuations reflect key assumptions determined by management, including the discount rate, expected long-term rate of return on plan assets and mortality. Material changes in pension costs and in benefit obligations may occur in the future due to experience that is different than assumed and changes in these assumptions. See Note 21, Postretirement Plans , for additional disclosure. |
Pension Plan Assets | Pension Plan Assets . The finance committee of the Board of Directors delegated its fiduciary and other responsibilities with respect to the Company’s retirement plans’ investment strategies to the investment committee. The investment committee, which consists of certain members of management, establishes investment guidelines and strategies and regularly monitors the performance of the plans’ assets. The investment committee is responsible for executing these strategies and investing the pension assets in accordance with ERISA and fiduciary standards. The investment objective of the pension plans is to preserve the plans’ capital and maximize investment earnings within acceptable levels of risk and volatility. The investment committee meets on a regular basis with its investment advisors to review the performance of the plans’ assets. Based upon performance and other measures and recommendations from its investment advisors, the investment committee rebalances the plans’ assets to the targeted allocation when considered appropriate. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments . On March 9, 2021 and September 28, 2016, the company issued $ 500.0 million of senior notes (the “2031 notes”) and $ 400.0 million of senior notes (the “2026 notes”), respectively. These notes are recorded in our financial statements at carrying value, net of debt discount and issuance costs. The debt discount and issuance costs are being amortized over the ten-year term of the note to interest expense. In addition, and for disclosure purposes, the fair value of the notes is estimated using yields obtained from independent pricing sources for similar types of borrowing arrangements and is considered a Level 2 valuation. Additional details are included in Note 17, Fair Value of Financial Instruments . |
Research and Development Costs | Research and Development Costs . The company recorded research and development costs of $ 5.9 million, $ 6.1 million, and $ 5.6 million for Fiscal 2023, 2022, and 2021, respectively. These costs are recorded as selling, distribution, and administrative expenses in our Consolidated Statements of Income. |
Other Comprehensive Income | Other Comprehensive Income (Loss)(“OCI”) . The company reports comprehensive income in two separate but consecutive financial statements. See Note 7, Accumulated Other Comprehensive Income (Loss) , for additional required disclosures. |
Business Process Improvement Costs Related to The Transformation Strategy Initiatives | Business Process Improvement Costs Related to the Transformation Strategy Initiatives. In the second half of Fiscal 2020, we launched initiatives to transform how we operate our business, including upgrading our information system to a more robust platform, as well as investments in e-commerce, autonomous planning, and our “bakery of the future” initiatives. In the first quarter of Fiscal 2022, we launched the digital logistics and digital sales initiatives. The expensed portion of costs incurred related to these initiatives, which was primarily consulting costs, in Fiscal 2023 and Fiscal 2022 was $ 21.5 million and $ 33.2 million, respectively, and is reflected in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income. |
Plant Closure Costs and Impairment of Assets | Plant Closure Costs and Impairment of Assets. During the third and fourth quarters of Fiscal 2023, the company entered into agreements to sell a warehouse and a closed bakery, respectively, both of which were classified as held for sale and recorded impairment charges of $ 1.8 million. The company completed the sale of the impaired warehouse for proceeds of $ 1.3 million at the end of the third quarter of Fiscal 2023 and anticipates completing the sale of the bakery in the first quarter of Fiscal 2024. On July 19, 2022, the company announced the closure of the Holsum Bakery in Phoenix, Arizona. The bakery produced bread and bun products and ceased production on October 31, 2022. This closure is part of our strategy to optimize our sales portfolio and improve supply chain and manufacturing efficiency. The company recognized severance costs of $ 1.7 million, multi-employer pension plan withdrawal costs of $ 1.3 million, and asset impairment and equipment relocation charges for bakery equipment of $ 3.8 million in the third quarter of Fiscal 2022. See Note 21, Postretirement Plans , for details on the multi-employer pension plan withdrawal costs. During the first quarter of Fiscal 2022, the company decided to sell two warehouses acquired at the end of Fiscal 2021 and recorded an impairment charge of $ 1.0 million. The company completed the sale of the impaired warehouse at the end of the first quarter of Fiscal 2022. |
Acquisition-related Costs | Acquisition-related Costs. On December 13, 2022, the company announced it had entered into a definitive agreement to acquire the Papa Pita bakery business ("Papa Pita") and, on February 17, 2023, completed the acquisition for total consideration of approximately $ 274.8 million, inclusive of a net working capital purchase price adjustment. The property and equipment, certain financial assets and taxes are still under review. We funded the purchase price with cash on-hand and from our existing credit facilities. Papa Pita is a manufacturer and distributor of bagels, tortillas, breads, buns, English muffins, and flat breads with one production facility in West Jordan, Utah and, prior to the acquisition, Papa Pita co-manufactured certain products for us. Papa Pita has direct-store-delivery distribution in the western United States ("U.S."), expanding our geographic reach. We incurred acquisition-related costs of $ 3.7 million and $ 0.9 million in Fiscal 2023 and 2022, respectively. In the third quarter of Fiscal 2022, we incurred $ 11.6 million in costs from the pursuit of an acquisition that failed to materialize. In addition to customary acquisition costs, we incurred $ 8.4 million related to realized foreign currency exchange losses. Although the majority of the target company's sales were made in the U.S., the target company's foreign domicile required us to convert funds from U.S. dollars to complete the transaction. Following that conversion, a significant strengthening of the U.S. dollar relative to the target company's currency resulted in the foreign currency exchange loss upon conversion back into U.S. dollars following the failure of the deal. The acquisition-related costs for these transactions are reflected in the selling, distribution and administrative expenses line item of the Consolidated Statements of Income. |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate. In the second quarter of Fiscal 2022, we invested $ 9.0 million in Base Culture, a Clearwater, Florida-based company with one manufacturing facility. We made an additional investment of $ 2.0 million in Base Culture during the second quarter of Fiscal 2023. Base Culture's product offerings include better-for-you, gluten-free, and grain-free sliced breads and baked goods and are all-natural, 100% Paleo-certified, kosher-certified, dairy-free, soy-free, and non-GMO verified. The investment is being accounted for at cost, less any impairment, adjusted for changes resulting from observable price changes in orderly transactions involving the affiliate, as we do not control nor do we have the ability to significantly influence the affiliate, nor is there a readily determinable fair value. Should circumstances indicate a change in the fair value, a fair value adjustment may be necessary. During the fourth quarter of Fiscal 2023, management identified a triggering event indicating that our investment in Base Culture may be impaired. Additional quantitative analysis of Base Culture indicated a fair value of $ 5.5 million of the company’s interest. The company recognized an impairment loss of $ 5.5 million which is reported in the Plant closure costs and impairment of assets line item of the Consolidated Statements of Income. The loss recognized represents the difference between the estimated fair value and the company’s original carrying value. The remaining carrying value is $ 5.5 million. |
Gain on sale, severance costs, and lease termination (gain) loss | Gain on sale, severance costs, and lease termination (gain) loss. In the second quarter of Fiscal 2022, the company committed to a plan to outsource its aviation services and recorded severance and lease termination charges totaling $ 1.7 million. In the fourth quarter of Fiscal 2022, the company completed the lease buyouts and subsequent sale of two aircraft and recorded gains on these sales totaling $ 6.1 million. These amounts are reflected in the selling, distribution, and administrative expenses line item of the Consolidated Statements of Income. Lease termination costs were paid in the second quarter of Fiscal 2022 and the severance payments were completed in January 2023. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Sales by Sales Channel Category | Sales by sales channel category are as follows for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Branded retail $ 3,263,277 $ 3,139,306 $ 2,874,714 Other 1,827,553 1,666,516 1,456,053 Total $ 5,090,830 $ 4,805,822 $ 4,330,767 |
Allowance for Doubtful Accounts Activity | Activity in the allowance for doubtful accounts is as follows (amounts in thousands): Beginning Charged to Write-Offs Ending Fiscal 2023 $ 18,764 $ 8,412 $ 6,210 $ 33,386 Fiscal 2022 $ 15,398 $ 8,518 $ ( 5,152 ) $ 18,764 Fiscal 2021 $ 15,162 $ 6,071 $ ( 5,835 ) $ 15,398 |
Allowance for Trade Accounts Receivable Credit Losses Activity | Activity in the allowance for trade accounts receivable credit losses for Fiscal 2023, 2022 and 2021 was as follows (amounts in thousands): Beginning Charged to Write-Offs Recoveries and other Ending Fiscal 2023 $ 2,188 $ 3,089 $ ( 2,635 ) $ ( 572 ) $ 2,070 Fiscal 2022 $ 2,552 $ 2,270 $ ( 2,721 ) $ 87 $ 2,188 Fiscal 2021 $ 4,901 $ 596 $ ( 1,018 ) $ ( 1,927 ) $ 2,552 |
Weighted Percentage of Sales from Largest Customers | Our largest customer’s, Walmart/Sam’s Club, weighted percent of sales for Fiscal 2023, 2022, and 2021 was as follows: Percent of Sales Fiscal 2023 22.3 % Fiscal 2022 21.7 % Fiscal 2021 21.2 % |
Estimated Useful Lives by Property Plant and Equipment Class | The table below presents the range of estimated useful lives by property, plant and equipment class. Useful life term (years) Asset Class Low High Buildings 10 40 Machinery and equipment 3 15 Furniture, fixtures and transportation equipment 3 12 |
Schedule of Depreciation Expense | Depreciation expense, excluding amortization of right-of-use financing leases, for Fiscal 2023, 2022, and 2021 was as follows (amounts in thousands): Depreciation Fiscal 2023 $ 117,788 Fiscal 2022 $ 108,500 Fiscal 2021 $ 103,949 |
Inventory Valuation Reserve | |
Summary of Valuation Allowance | Activity in the inventory reserve allowance is as follows (amounts in thousands): Beginning Charged to Write-Offs Ending Fiscal 2023 $ 1,036 $ 2,376 $ ( 2,716 ) $ 696 Fiscal 2022 $ 284 $ 3,679 $ ( 2,927 ) $ 1,036 Fiscal 2021 $ 1,920 $ 16 $ ( 1,652 ) $ 284 |
Valuation Allowance of Deferred Tax Assets | |
Summary of Valuation Allowance | The deductions column in the table below presents the amounts reduced in the deferred tax asset valuation allowance that were recorded to, and included as part of, deferred tax expense. The additions column represents amounts that increased the allowance. Activity in the deferred tax asset valuation allowance is as follows (amounts in thousands): Beginning Deductions Additions Ending Fiscal 2023 $ 1,030 $ — $ 556 $ 1,586 Fiscal 2022 $ 1,030 $ — $ — $ 1,030 Fiscal 2021 $ 1,030 $ — $ — $ 1,030 |
Product Recall and Loss (Recove
Product Recall and Loss (Recovery) on Inferior Ingredients (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Total Costs and Recoveries | The table below presents the total costs associated with the FASTER Act and cost and recoveries on inferior ingredients during Fiscal 2022 and 2021 (amounts in thousands): Fiscal 2022 Fiscal 2021 FASTER Act expense recognized $ 2,008 $ — Expense recognized on inferior ingredients — 1,894 Recoveries recognized on inferior ingredients ( 1,772 ) ( 950 ) FASTER Act and loss on inferior ingredients $ 236 $ 944 |
Restructuring Activities (Table
Restructuring Activities (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Components of Costs Associated with Restructuring | The table below presents the components of costs associated with the restructuring (amounts in thousands): Fiscal 2023 Restructuring charges: VSIP $ 5,229 RIF 899 Relocation costs 971 Total restructuring $ 7,099 |
Components of, and Changes in Restructuring Accruals | The table below presents the components of, and changes in, our restructuring accruals (amounts in thousands): VSIP Relocation Costs RIF Total Liability balance at December 31, 2022 $ — $ — $ — $ — Charges 5,229 971 899 7,099 Cash payments ( 3,800 ) ( 971 ) ( 899 ) ( 5,670 ) Liability balance (1) at December 30, 2023 $ 1,429 $ — $ — $ 1,429 (1) Recorded in the other accrued current liabilities line item of our Consolidated Balance Sheets. |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Business Combinations [Abstract] | |
Summary of Consideration Paid and Identifiable Assets Acquired and Liabilities Assumed | The following table summarizes the consideration paid for Papa Pita based on the fair value at the acquisition date. This table is based on preliminary valuations for the assets acquired (the company did no t acquire any cash) and liabilities assumed. The property and equipment, certain financial assets and taxes are still under review. We will continue reviewing the final recognized amounts of identifiable assets acquired and liabilities assumed until the first quarter of Fiscal 2024 when the allocation will be final (amounts in thousands): Fair Value of consideration transferred: Cash consideration paid $ 270,258 Working capital adjustments 4,497 Total consideration $ 274,755 Recognized amounts of identifiable assets acquired and Property, plant, and equipment $ 104,118 Identifiable intangible assets 27,100 Financial assets 14,250 Liabilities assumed ( 3,265 ) Net recognized amounts of identifiable assets acquired 142,203 Goodwill $ 132,552 |
Schedule of Acquired Intangible Assets Subject to Amortization | The following table presents the acquired intangible assets subject to amortization (amounts in thousands, except amortization periods): Total Weighted average amortization years Amortization Method Trademarks $ 4,600 20.0 Straight-line Customer relationships 22,200 25.0 Sum of year digits Noncompete agreements 300 4.0 Straight-line Total intangible assets $ 27,100 23.9 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of Reclassifications Out of AOCI | During Fiscal 2023, 2022, and 2021, reclassifications out of AOCI were as follows (amounts in thousands): Amount Reclassified from AOCI Affected Line Item in the Statement Details about AOCI Components (Note 2) Fiscal 2023 Fiscal 2022 Fiscal 2021 Where Net Income is Presented Derivative instruments: Interest rate contracts $ 499 $ 499 $ 126 Interest expense Commodity contracts ( 2,920 ) 5,813 2,115 Cost of sales, Note 3, below Total before tax $ ( 2,421 ) $ 6,312 $ 2,241 Total before tax Tax benefit (expense) 606 ( 1,578 ) ( 560 ) Tax expense Total net of tax $ ( 1,815 ) $ 4,734 $ 1,681 Net of tax Pension and postretirement plans: Prior-service credits (cost) $ 177 $ 180 $ ( 55 ) Note 1, below Settlement loss — — ( 403 ) Note 1, below Actuarial gains (losses) 74 ( 285 ) ( 532 ) Note 1, below Total before tax $ 251 $ ( 105 ) $ ( 990 ) Total before tax Tax (expense) benefit ( 63 ) 26 247 Tax benefit Total net of tax $ 188 $ ( 79 ) $ ( 743 ) Net of tax benefit Total reclassifications from AOCI $ ( 1,627 ) $ 4,655 $ 938 Net of tax benefit Note 1: These items are included in the computation of net periodic pension cost. See Note 21, Postretirement Plans , for additional information. Note 2: Amounts in parentheses indicate debits to determine net income. Note 3: Amounts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. |
Summary of AOCI Exclusive of Reclassification | During Fiscal 2023, 2022, and 2021, amounts recognized in AOCI, exclusive of reclassifications, were as follows (amounts in thousands): Amount of Gain (Loss) Recognized in AOCI AOCI component Fiscal 2023 Fiscal 2022 Fiscal 2021 Derivative instruments: Interest rate contracts $ — $ — $ 3,902 Commodity contracts ( 3,934 ) 1,053 ( 11,030 ) Total before tax $ ( 3,934 ) $ 1,053 $ ( 7,128 ) Tax benefit (expense) 983 ( 263 ) 1,780 Total net of tax $ ( 2,951 ) $ 790 $ ( 5,348 ) Pension and postretirement plans: Current year actuarial loss $ 628 $ 3,669 $ 1,050 Current year prior service credit — — 2,214 Total before tax $ 628 $ 3,669 $ 3,264 Tax expense ( 157 ) ( 917 ) ( 815 ) Total net of tax $ 471 $ 2,752 $ 2,449 Total recognized in AOCI $ ( 2,480 ) $ 3,542 $ ( 2,899 ) During Fiscal 2023, changes to AOCI, net of income tax, by component were as follows (amounts in thousands): Cash Flow Hedge Defined Benefit Total AOCI at December 31, 2022 $ 2,099 $ ( 625 ) $ 1,474 Other comprehensive (gain) loss before reclassifications ( 2,951 ) 471 ( 2,480 ) Reclassified to earnings from AOCI 1,815 ( 188 ) 1,627 AOCI at December 30, 2023 $ 963 $ ( 342 ) $ 621 During Fiscal 2022, changes to AOCI, net of income tax, by component were as follows (amounts in thousands): Cash Flow Hedge Defined Benefit Total AOCI at January 1, 2022 $ 6,043 $ ( 3,456 ) $ 2,587 Other comprehensive loss before reclassifications 790 2,752 3,542 Reclassified to earnings from AOCI ( 4,734 ) 79 ( 4,655 ) AOCI at December 31, 2022 $ 2,099 $ ( 625 ) $ 1,474 |
Gain (loss) Reclassified From AOCI for Commodity Contracts | The following table presents the net of tax amount of the loss reclassified from AOCI for our commodity contracts (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Gross (loss) gain reclassified from AOCI into income $ ( 2,920 ) $ 5,813 $ 2,115 Tax benefit (expense) 732 ( 1,452 ) ( 529 ) Net of tax $ ( 2,188 ) $ 4,361 $ 1,586 |
Notes Receivable from IDPs (Tab
Notes Receivable from IDPs (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Receivables [Abstract] | |
Interest Income Related to Notes Receivable | During Fiscal 2023, 2022, and 2021 the following amounts were recorded as interest income, the majority of which relates to these notes receivable (amounts in thousands): Interest income Fiscal 2023 $ 20,577 Fiscal 2022 $ 23,644 Fiscal 2021 $ 23,533 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract] | |
Assets Held for Sale | The table below presents the assets held for sale as of December 30, 2023 and December 31, 2022, respectively (amounts in thousands): December 30, 2023 December 31, 2022 Distribution rights $ 20,587 $ 7,608 Property, plant and equipment 1,212 4,885 Total assets held for sale $ 21,799 $ 12,493 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Other Intangible Assets | The table below summarizes our goodwill and other intangible assets as of December 30, 2023 and December 31, 2022, respectively, each of which is explained in additional detail below (amounts in thousands): December 30, 2023 December 31, 2022 Goodwill $ 677,796 $ 545,244 Amortizable intangible assets, net of amortization 530,642 537,281 Indefinite-lived intangible assets 127,100 127,100 Total goodwill and other intangible assets $ 1,335,538 $ 1,209,625 |
Summary of Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill during Fiscal 2023, during which time we completed the acquisition of Papa Pita, are as follows (amounts in thousands): Total Balance as of December 31, 2022 $ 545,244 Acquisition 132,552 Balance as of December 30, 2023 $ 677,796 |
Amortizable Intangible Assets | As of December 30, 2023 and December 31, 2022, the company had the following amounts related to amortizable intangible assets (amounts in thousands): December 30, 2023 December 31, 2022 Asset Cost Accumulated Net Value Cost Accumulated Net Value Trademarks $ 481,715 $ 107,562 $ 374,153 $ 477,115 $ 92,763 $ 384,352 Customer relationships 340,221 184,222 155,999 318,021 167,688 150,333 Non-compete agreements 5,454 5,206 248 5,154 5,114 40 Distributor relationships 4,123 3,881 242 4,123 3,673 450 Distributor routes held and used — — — 3,249 1,143 2,106 Total $ 831,513 $ 300,871 $ 530,642 $ 807,662 $ 270,381 $ 537,281 |
Amortization Expense | Amortization expense for Fiscal 2023, 2022, and 2021 was as follows (amounts in thousands): Amortization Fiscal 2023 $ 32,218 Fiscal 2022 $ 31,752 Fiscal 2021 $ 30,857 |
Estimated Amortization of Intangibles | Estimated amortization of intangibles for Fiscal 2024 and the next four years thereafter is as follows (amounts in thousands): Fiscal year Amortization of 2024 $ 31,409 2025 $ 30,746 2026 $ 28,891 2027 $ 27,242 2028 $ 25,611 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net Fair Value of Commodity Price Risk | As of December 30, 2023, the company’s commodity hedge portfolio contained derivatives which are recorded in the following accounts with fair values measured as indicated (amounts in thousands): Level 1 Level 2 Level 3 Total Assets: Other current assets $ 55 $ — $ — $ 55 Other long-term assets — — — — Total $ 55 $ — $ — $ 55 Liabilities: Other current liabilities $ ( 1,918 ) $ — $ — $ ( 1,918 ) Other long-term liabilities ( 2 ) — — ( 2 ) Total $ ( 1,920 ) $ — $ — $ ( 1,920 ) Net Fair Value $ ( 1,865 ) $ — $ — $ ( 1,865 ) As of December 31, 2022, the company’s commodity hedge portfolio contained derivatives which are recorded in the following accounts with fair values measured as indicated (amounts in thousands): Level 1 Level 2 Level 3 Total Assets: Other current assets $ 782 $ — $ — $ 782 Other long-term assets 2 — — 2 Total $ 784 $ — $ — $ 784 Liabilities: Other current liabilities $ ( 1,149 ) $ — $ — $ ( 1,149 ) Other long-term liabilities ( 86 ) — — ( 86 ) Total ( 1,235 ) — — ( 1,235 ) Net Fair Value $ ( 451 ) $ — $ — $ ( 451 ) |
Derivative Instruments Recorded on Consolidated Balance Sheet | The company had the following derivative instruments recorded on the Consolidated Balance Sheets, all of which are utilized for the risk management purposes detailed above (amounts in thousands): Derivative Assets December 30, 2023 December 31, 2022 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Other current assets $ 55 Other current assets $ 782 Commodity contracts Other long-term assets — Other long-term assets 2 Total $ 55 $ 784 Derivative Liabilities December 30, 2023 December 31, 2022 Derivatives Designated as Hedging Instruments Balance Sheet Location Fair Value Balance Sheet Location Fair Value Commodity contracts Other current liabilities $ 1,918 Other current liabilities $ 1,149 Commodity contracts Other long-term liabilities 2 Other long-term liabilities 86 Total $ 1,920 $ 1,235 |
Effect of Derivative Instruments for Deferred Gains And (Losses) on Closed Contracts and Effective Portion in Fair Value on AOCI, Utilized for Risk Management Purposes (Detail) | The company had the following derivative instruments for deferred gains and (losses) on closed contracts and the effective portion for changes in fair value recorded in AOCI (no amounts were excluded from the effectiveness test), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax): Amount of Gain or (Loss) Recognized in OCI on Derivatives Derivatives in Cash Flow Hedging Relationships Fiscal 2023 Fiscal 2022 Fiscal 2021 Interest rate contracts $ — $ — $ 2,926 Commodity contracts ( 2,951 ) 790 ( 8,274 ) Total $ ( 2,951 ) $ 790 $ ( 5,348 ) Amount of Gain or (Loss) Reclassified Location of Gain or (Loss) Derivatives in Cash Flow Hedging Relationships Fiscal 2023 Fiscal 2022 Fiscal 2021 (Effective Portion) Interest rate contracts $ 373 $ 373 $ 95 Interest income (expense) Commodity contracts ( 2,188 ) 4,361 1,586 Production costs (1) Total $ ( 1,815 ) $ 4,734 $ 1,681 1. Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). |
Accumulated Other Comprehensive Loss (Income) Related to Derivative Transactions | The balance (credit or (debit) balance) in AOCI related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next two years are as follows (amounts in thousands and net of tax) at December 30, 2023: Commodity Price Interest Rate Risk Totals Closed contracts $ ( 48 ) $ ( 2,316 ) $ ( 2,364 ) Expiring in 2024 1,397 — 1,397 Expiring in 2025 2 — 2 Total $ 1,351 $ ( 2,316 ) $ ( 965 ) |
Financial Contracts Hedging Commodity Risks | As of December 30, 2023, the company had entered into the following financial contracts to hedge commodity risks (amounts in thousands): Derivatives in Cash Flow Hedging Relationships Notional amount Wheat contracts $ 1,183 Soybean oil contracts 16,387 Natural gas contracts 2,940 Total $ 20,510 |
Other Current and Non-Current_2
Other Current and Non-Current Assets (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Components of Other Current Assets | Other current assets consist of (amounts in thousands): December 30, 2023 December 31, 2022 Prepaid assets $ 4,042 $ 4,589 Prepaid insurance 6,546 5,709 Prepaid marketing 4,458 3,917 Service contracts 27,102 25,595 Fair value of derivative instruments 55 782 Collateral to counterparties for derivative positions 6,333 7,210 Income taxes receivable 17,362 — Other 159 216 Total $ 66,057 $ 48,018 |
Components of Other Non-Current Assets | Other non-current assets consist of (amounts in thousands): December 30, 2023 December 31, 2022 Unamortized financing fees $ 1,125 $ 1,356 Investments 2,443 2,506 Investment in unconsolidated affiliate 5,481 9,000 Deposits 2,789 2,444 Unamortized cloud computing arrangement costs 81 258 Noncurrent postretirement benefit plan asset 6,494 4,902 Noncurrent service contracts — 3,957 Other 74 92 Total $ 18,487 $ 24,515 |
Other Accrued Liabilities and_2
Other Accrued Liabilities and Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Accrued Liabilities | Other accrued liabilities consist of (amounts in thousands): December 30, 2023 December 31, 2022 Employee compensation $ 28,000 $ 26,762 VSIP 1,429 — Employee vacation 17,699 16,058 Employee bonus 28,004 29,526 Fair value of derivative instruments 1,918 1,149 Self-insurance reserves 38,003 30,599 Bank overdraft 18,180 17,960 Accrued interest 7,516 7,127 Accrued taxes 7,984 11,970 Accrued legal costs 3,798 3,021 Accrued advertising 2,333 4,813 Accrued legal settlements 55,000 5,500 Accrued short term deferred income 3,217 3,893 Accrued utilities 6,121 6,861 Acquisition consideration adjustment — 753 Collateral from counterparties for derivative positions 3,230 3,085 Multi-employer pension plan withdrawal liability 1,297 1,297 Repurchase obligations of distribution rights 64,583 432 Other 4,634 4,470 Total $ 292,946 $ 175,276 |
Components of Other Long Term Liabilities | Other long-term liabilities consist of (amounts in thousands): December 30, 2023 December 31, 2022 Deferred income $ 7,222 $ 11,235 Deferred compensation 26,207 23,675 Other deferred credits 185 382 Other 323 406 Total $ 33,937 $ 35,698 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Leases [Abstract] | |
Lease Costs Incurred By Lease Type, and/or Type Of Payment | Lease costs incurred by lease type, and/or type of payment for Fiscal 2023, 2022 and 2021 were as follows (in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Lease cost: Amortization of right-of-use assets $ 1,703 $ 1,705 $ 1,751 Interest on lease liabilities 32 93 154 Operating lease cost 62,685 62,115 68,927 Short-term lease cost 3,121 2,897 3,075 Variable lease cost 37,588 33,223 27,120 Total lease cost $ 105,129 $ 100,033 $ 101,027 |
Other Supplemental Quantitative Disclosures | Other supplemental quantitative disclosures as of, and for, Fiscal 2023 and Fiscal 2022 were as follows (in thousands): Fiscal 2023 Fiscal 2022 Cash paid for amounts included in the measurement Operating cash flows from financing leases $ 32 $ 93 Operating cash flows from operating leases $ 62,989 $ 57,166 Financing cash flows from financing leases $ 1,819 $ 1,597 Right-of-use assets obtained in exchange for new $ 34 $ — Right-of-use assets obtained in exchange for new $ 54,997 $ 33,559 Weighted-average remaining lease term (years): Financing leases 1.4 1.1 Operating leases 7.3 7.8 Weighted-average IBR (percentage): Financing leases 3.0 3.5 Operating leases 4.2 3.8 |
Estimated Undiscounted Future Lease Payments Under Non-Cancelable Operating Leases and Financing Leases with Reconciliation of Undiscounted Cash Flows | Estimated undiscounted future lease payments under non-cancelable operating leases and financing leases, along with a reconciliation of the undiscounted cash flows to operating and financing lease liabilities, respectively, as of December 30, 2023 (in thousands) were as follows: Operating lease Financing lease 2024 $ 64,060 $ 205 2025 62,089 18 2026 44,564 7 2027 37,218 3 2028 28,237 — Thereafter 103,373 — Total minimum lease payments 339,541 233 Less: amount of lease payments representing interest ( 55,162 ) ( 111 ) Present value of future minimum lease payments 284,379 122 Less: current obligations under leases ( 47,507 ) ( 99 ) Long-term lease obligations $ 236,872 $ 23 |
Lease Modifications and Renewals and Lease Impairments | The following table details lease modifications and renewals and lease impairments (amounts in thousands): Fiscal 2023 Fiscal 2022 Lease modifications and renewals $ 33,041 $ 28,278 Lease terminations $ 361 $ 6,035 |
Debt and Other Commitments (Tab
Debt and Other Commitments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Long-Term Debt and Capital Leases | Long-term debt, including capital lease obligations, consisted of the following at December 30, 2023 and December 31, 2022: Interest Rate at December 30, 2023 Final December 30, 2023 December 31, 2022 (Amounts in thousands) Unsecured credit facility 6.38 % 2026 $ — $ — 2031 notes 2.40 % 2031 494,723 493,994 2026 notes 3.50 % 2026 398,421 397,848 Accounts receivable repurchase facility 6.16 % 2025 155,000 — Accounts receivable securitization facility (1) — — 1,048,144 891,842 Current maturities of long-term debt — — Long-term debt $ 1,048,144 $ 891,842 (1) The securitization facility (as defined below) was terminated in Fiscal 2023. |
Aggregate Maturities of Debt Outstanding | Aggregate maturities of debt outstanding as of December 30, 2023 , are as follows (excluding unamortized debt discount and issuance costs) (amounts in thousands): 2024 $ — 2025 155,000 2026 400,000 2027 — 2028 — Thereafter 500,000 Total $ 1,055,000 |
Reconciliation of Debt Issuance Costs and Debt Discounts to the Net Carrying Value for Each Debt Obligation (Excluding Line of Credit Arrangements) | The table below reconciles the debt issuance costs and debt discounts to the net carrying value of each of our debt obligations (excluding line-of-credit arrangements) at December 30, 2023 (amounts in thousands): Face Value Debt issuance costs Net carrying value 2031 notes $ 500,000 $ 5,277 $ 494,723 2026 notes 400,000 1,579 398,421 Total $ 900,000 $ 6,856 $ 893,144 The table below reconciles the debt issuance costs and debt discounts to the net carrying value of each of our debt obligations (excluding line-of-credit arrangements) at December 31, 2022 (amounts in thousands): Face Value Debt issuance costs Net carrying value 2031 notes $ 500,000 $ 6,006 $ 493,994 2026 notes 400,000 2,152 397,848 Total $ 900,000 $ 8,158 $ 891,842 |
Schedule of Deferred Compensation Amount Outstanding | The amounts outstanding at December 30, 2023 and December 31, 2022 were as follows (amounts in thousands): December 30, 2023 December 31, 2022 Deferral elections outstanding $ 27,578 $ 25,449 Current portion of deferral elections ( 1,371 ) ( 1,774 ) Long-term portion of deferral elections $ 26,207 $ 23,675 |
Accounts Receivable Repurchase Facility | |
Schedule of Borrowings and Repayments Under Credit Facility | The table below presents the borrowings and repayments under the repurchase facility during Fiscal 2023: Amount (thousands) Balance as of December 31, 2022 $ — Borrowings 330,000 Payments ( 175,000 ) Balance as of December 30, 2023 $ 155,000 |
Schedule of Net Amount Available Under Credit Facility | The table below presents the net amount available for working capital and general corporate purposes under the repurchase facility as of December 30, 2023: Amount (thousands) Gross amount available $ 200,000 Outstanding ( 155,000 ) Available for withdrawal $ 45,000 |
Schedule of Highest and Lowest Outstanding Balance Under Credit Facility | The table below presents the highest and lowest outstanding balance under the repurchase facility during Fiscal 2023: Amount (thousands) High balance $ 180,000 Low balance $ — |
Accounts Receivable Securitization Facility | |
Schedule of Borrowings and Repayments Under Credit Facility | The table below presents the borrowings and repayments under the securitization facility during Fiscal 2023: Amount (thousands) Balance as of December 31, 2022 $ — Borrowings 28,000 Payments ( 28,000 ) Balance as of December 30, 2023 $ — |
Schedule of Highest and Lowest Outstanding Balance Under Credit Facility | The table below presents the highest and lowest outstanding balance under the securitization facility during Fiscal 2023: Amount (thousands) High balance $ 28,000 Low balance $ — |
Unsecured Credit Facility | |
Schedule of Borrowings and Repayments Under Credit Facility | The table below presents the borrowings and repayments under the credit facility during Fiscal 2023: Amount (thousands) Balance as of December 31, 2022 $ — Borrowings 540,000 Payments ( 540,000 ) Balance as of December 30, 2023 $ — |
Schedule of Net Amount Available Under Credit Facility | The table below presents the net amount available under the credit facility as of December 30, 2023: Amount (thousands) Gross amount available $ 500,000 Outstanding — Letters of credit ( 8,400 ) Available for withdrawal $ 491,600 |
Schedule of Highest and Lowest Outstanding Balance Under Credit Facility | The table below presents the highest and lowest outstanding balance under the credit facility during Fiscal 2023: Amount (thousands) High balance $ 174,000 Low balance $ — |
2031 Notes | |
Schedule of debt discount, underwriting fees and the legal and other fees | The table below presents the debt discount, underwriting fees and other fees for issuing the 2031 notes (amounts in thousands): Total fees for 2031 notes Amount at Issuance Debt discount $ 2,430 Underwriting, legal, and other fees 4,829 Total fees $ 7,259 |
2026 Notes | |
Schedule of debt discount, underwriting fees and the legal and other fees | The table below presents the debt discount, underwriting fees and the legal and other fees for issuing the 2026 notes (amounts in thousands): Total fees for 2026 notes Amount at Issuance Debt discount $ 2,108 Underwriting, legal, and other fees 3,634 Total fees $ 5,742 |
Fair Value of Financial Inst_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Carrying Value of Distribution Rights Notes Receivable | At December 30, 2023 and December 31, 2022, respectively, the carrying value of the distribution rights notes receivable was as follows (amounts in thousands): December 30, 2023 December 31, 2022 Distribution rights notes receivable $ 133,335 $ 163,354 Current portion recorded in accounts and ( 9,764 ) ( 26,472 ) Long-term portion of distribution rights $ 123,571 $ 136,882 |
Schedule of Fair Value of Notes | The fair value of the notes are presented in the table below (amounts in thousands, except level classification): Carrying Value Fair Value Level 2031 notes $ 494,723 $ 418,399 2 2026 notes $ 398,421 $ 384,469 2 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
Shares Repurchased Under SRP | The table below presents the shares repurchased under the SRP during our Fiscal 2023 (amounts in thousands except shares purchased): Fiscal 2023 Quarter Total Number Total Cost of Shares For the quarter ended April 22, 2023 385,882 $ 10,981 For the quarter ended July 15, 2023 612,847 $ 15,263 For the quarter ended October 7, 2023 200,000 $ 4,647 For the quarter ended December 30, 2023 700,000 $ 14,910 Total 1,898,729 $ 45,801 |
Summary of Dividends Excluding Dividends on Vested Stock-Based Compensation Awards | During Fiscal 2023, 2022, and 2021, the company paid the following dividends, excluding dividends on vested stock-based compensation awards discussed in Note 19, Stock-Based Compensation , below (amounts in thousands except per share data): Dividends paid Dividends paid Fiscal 2023 $ 192,435 $ 0.9100 Fiscal 2022 $ 184,241 $ 0.8700 Fiscal 2021 $ 175,669 $ 0.8300 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Payout Determined from Total Shareholder Return Shares | The Company TSR compared to the Peer Group TSR will determine the payout as set forth below (the “TSR Modifier”): Percentile Payout 90 th 200 % 70 th 150 % 50 th 100 % 30 th 50 % Below 30 th 0 % |
Performance-Contingent Restricted Stock Awards | The table below presents the TSR Modifier share adjustment, ROIC Modifier share adjustment, accumulated dividends on vested shares, and the tax windfall/shortfall at vesting of the performance-contingent restricted stock awards (amounts in thousands except for share data): Award granted Fiscal year TSR Modifier ROIC Modifier Dividends at Tax Fair value 2020 2023 151,513 78,893 $ 2,154 $ 1,424 $ 24,652 2019 2022 109,729 74,154 $ 1,843 $ 2,196 $ 22,143 |
Performance-Contingent Restricted Stock Activity | A summary of the status of all of the company’s nonvested shares for performance-contingent restricted stock (including the TSR Shares and the ROIC Shares) for Fiscal 2023, 2022, and 2021 is set forth below (amounts in thousands, except price data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Number of Weighted Fair Number of Weighted Number of Weighted Balance at beginning of year 2,009 $ 25.83 1,972 $ 22.89 1,264 $ 21.85 Initial grant 824 $ 29.37 706 $ 29.41 766 $ 24.66 Vested ( 868 ) $ 23.51 ( 778 ) $ 20.25 — $ — Grant increase for achieving the ROIC modifier 79 $ 29.37 74 $ 29.41 — $ — Grant increase for achieving the TSR 152 $ 29.37 110 $ 29.41 — $ — Forfeitures ( 179 ) $ 27.80 ( 75 ) $ 25.48 ( 58 ) $ 23.27 Balance at end of year 2,017 $ 27.70 2,009 $ 25.83 1,972 $ 22.89 |
Time-Based Restricted Stock Units Awards | The following TBRSU Shares have been granted under the Omnibus Plan and have service periods remaining (amounts in thousands, except price data): Grant Date Shares Granted Vesting Date Fair Value 1/3/2021 256 Equally over 3 years $ 22.63 10/10/2021 6 Equally over 3 years $ 24.79 1/2/2022 205 Equally over 3 years $ 27.47 1/1/2023 220 Equally over 3 years $ 28.74 2/27/2023 11 1/5/2024 $ 28.33 9/1/2023 54 Equally over 3 years $ 23.04 9/17/2023 10 Equally over 3 years $ 22.90 |
Time-Based Restricted Stock Units Activity | The TBRSU Shares activity for Fiscal 2023, 2022 and Fiscal 2021 is set forth below (amounts in thousands, except price data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Number of Weighted Number of Weighted Number of Weighted Nonvested shares at beginning of year 462 $ 24.62 492 $ 21.87 387 $ 20.64 Granted 295 $ 27.47 205 $ 27.47 262 $ 22.68 Vested ( 251 ) $ 23.78 ( 215 ) $ 21.03 ( 137 ) $ 19.98 Forfeitures ( 33 ) $ 26.87 ( 20 ) $ 24.39 ( 20 ) $ 21.56 Nonvested shares at end of year 473 $ 26.67 462 $ 24.62 492 $ 21.87 |
Deferred and Restricted Stock Activity | The deferred and restricted stock activity for Fiscal 2023, 2022, and 2021 is set forth below (amounts in thousands, except price data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Number of Weighted Number of Weighted Number of Weighted Nonvested shares at beginning of year 62 $ 27.37 67 $ 24.00 52 $ 23.21 Granted 68 $ 26.26 62 $ 27.37 69 $ 23.96 Vested ( 62 ) $ 27.37 ( 67 ) $ 24.00 ( 54 ) $ 23.19 Nonvested shares at end of year 68 $ 26.26 62 $ 27.37 67 $ 24.00 Vested and deferred shares at end of year (1) 214 212 208 (1) The vested and deferred shares at the end of the year include 71,237 shares, 82,779 shares, and 89,949 shares granted and deferred under the EPIP for Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. The vested and deferred shares at the end of the year include 142,582 shares, 128,978 shares, and 118,360 shares granted and deferred under the Omnibus Plan for Fiscal 2023, Fiscal 2022, and Fiscal 2021, respectively. |
Summary of Company's Stock Based Compensation Expense | The following table summarizes the company’s stock-based compensation expense, all of which was recognized in selling, distribution, and administrative expense, for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Performance-contingent restricted stock awards $ 19,654 $ 18,943 $ 15,061 TBRSU shares 6,381 5,184 4,747 Deferred stock awards 910 1,695 1,535 Total stock-based compensation expense $ 26,945 $ 25,822 $ 21,343 |
Performance-Contingent Total Shareholder Return Shares | |
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards | The following performance-contingent TSR Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data): Grant Date Shares Vesting Date Fair Value 1/3/2021 365 3/1/2024 $ 26.75 10/10/2021 18 3/1/2024 $ 24.47 1/2/2022 331 3/1/2025 $ 31.97 4/24/2022 16 3/1/2025 $ 27.38 7/17/2022 3 3/1/2025 $ 27.06 10/9/2022 3 3/1/2025 $ 24.55 1/1/2023 338 3/1/2026 $ 33.52 4/23/2023 9 3/1/2026 $ 26.11 9/1/2023 25 3/1/2026 $ 23.04 10/8/2023 40 3/1/2026 $ 21.43 |
Return On Invested Capital | |
Performance Contingent TSR Shares, ROIC Shares and Restricted Stock Awards | The following performance-contingent ROIC Shares have been granted under the Omnibus Plan and have service period remaining (amounts in thousands, except price data): Grant Date Shares Vesting Date Fair Value 1/03/2021 365 3/1/2024 $ 22.63 10/10/2021 18 3/1/2024 $ 24.47 1/2/2022 331 3/1/2025 $ 27.47 4/24/2022 16 3/1/2025 $ 27.38 7/17/2022 3 3/1/2025 $ 27.06 10/9/2022 3 3/1/2025 $ 24.55 1/1/2023 338 3/1/2026 $ 28.74 4/23/2023 9 3/1/2026 $ 26.11 9/1/2023 25 3/1/2026 $ 23.04 10/8/2023 40 3/1/2026 $ 21.43 |
Total Shareholders Return | |
Payout Percentage of Vested Total Shareholder Return Shares | The table below presents the payout percentage for vested TSR awards: Award Fiscal year vested Payout (%) 2020 award Fiscal 2023 148 % 2019 award Fiscal 2022 137 % |
Performance Contingent Return On Invested Capital Shares | |
Payout Percentage of Vested Total Shareholder Return Shares | The table below presents the payout percentage for vested ROIC awards: Award Fiscal year vested Payout (%) 2020 award Fiscal 2023 125 % 2019 award Fiscal 2022 125 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common Share | The following is a reconciliation of net income and weighted average shares for calculating basic and diluted earnings per common share for Fiscal 2023, 2022, and 2021 (amounts in thousands, except per share data): Fiscal 2023 Fiscal 2022 Fiscal 2021 Net income $ 123,416 $ 228,394 $ 206,187 Basic Earnings Per Common Share: Basic weighted average shares outstanding per common share 211,630 211,895 211,840 Basic earnings per common share $ 0.58 $ 1.08 $ 0.97 Diluted Earnings Per Common Share: Basic weighted average shares outstanding per common share 211,630 211,895 211,840 Add: Shares of common stock assumed issued upon exercise of stock 1,726 1,332 1,193 Diluted weighted average shares outstanding per common share 213,356 213,227 213,033 Diluted earnings per common share $ 0.58 $ 1.07 $ 0.97 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Summary of Company's Balance Sheet Related Pension and Other Postretirement Benefit Plan | The following summarizes the company’s balance sheet related pension and other postretirement benefit plan accounts at December 30, 2023 and December 31, 2022 (amounts in thousands): December 30, 2023 December 31, 2022 Noncurrent benefit asset $ 6,494 $ 4,902 Current benefit liability $ 699 $ 710 Noncurrent benefit liability $ 5,798 $ 5,814 AOCI, net of tax $ ( 342 ) $ ( 625 ) |
Fair Value of Plan Assets by Asset Class | The fair values of all of the company pension plan assets at December 31, 2023 and December 31, 2022, by asset class are as follows (amounts in thousands): Fair value of Pension Plan Assets as of December 31, 2023 Asset Class Quoted prices in Significant Significant 3) Total Short term investments and cash $ 501 $ — $ — $ 501 Common stocks: International common stocks 2,401 — — 2,401 U.S. common stocks 4,425 — — 4,425 Fixed income securities: U.S. government bonds — — — — U.S. government agency bonds — — — — U.S. corporate bonds 22,077 — — 22,077 Pending transactions(*) — — — — Accrued (expenses) income(*) — — — — Total $ 29,404 $ — $ — $ 29,404 Fair value of Pension Plan Assets as of December 31, 2022 Asset Class Quoted prices in Significant Significant Total Short term investments and cash $ 622 $ — $ — $ 622 Common stocks: International common stocks 2,788 — — 2,788 U.S. common stocks 4,956 — — 4,956 Fixed income securities: U.S. government bonds 14,975 — — 14,975 U.S. government agency bonds — — — — U.S. corporate bonds 4,749 — — 4,749 International corporate bonds — — — — Pending transactions(*) — — — — Other assets and (liabilities)(*) — — — — Accrued (expenses) income(*) — — — — Total $ 28,090 $ — $ — $ 28,090 (*) This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases. |
Plan Asset and Target Allocation | The plan asset allocation as of the measurement dates December 31, 2023 and December 31, 2022, and target asset allocations for Fiscal 2024 are as follows for Plan No. 2: Target Percentage of Plan Assets at the Asset Category 2024 2023 2022 Equity securities 23 % 23 28 Fixed income securities 75 % 75 70 Short term investments and cash 2 % 2 2 Total 100.0 100.0 |
Multi Employer Plans | Pension Contributions Zone Status thousands) Expiration Date of Pension FIP/RP Status 2023 2022 2021 Surcharge Collective Bargaining Pension Fund EIN Plan No. 2023 2022 Pending/Implemented ($) ($) ($) Imposed Agreement IAM National Pension Fund 51-6031295 002 — Red Yes — 125 136 No ^ Retail, Wholesale and 63-0708442 001 — — Yes — — 211 No * Western Conference of 91-6145047 001 Green Green No 288 258 266 No 2/7/2027 ^ The union employees withdrew from the fund effective November 1, 2022. * The union employees withdrew from the fund effective December 1, 2021. |
Summary of Total Cost and Employer Contributions | During Fiscal 2023, 2022 , and 2021, the total cost and employer contributions were as follows (amounts in thousands): Contributions by fiscal year Defined Fiscal 2023 $ 31,378 Fiscal 2022 $ 29,425 Fiscal 2021 $ 28,081 |
Pension plans | |
Components of Net Periodic Benefit / (Income) Cost | The net periodic pension cost (income) for the company’s pension plans includes the following components for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Service cost $ 682 $ 1,188 $ 971 Interest cost 1,304 884 758 Expected return on plan assets ( 1,561 ) ( 1,874 ) ( 1,867 ) Settlement loss — — 403 Amortization: Prior service cost 57 57 57 Actuarial loss 173 461 742 Net periodic pension cost 655 716 1,064 Other changes in plan assets and benefit obligations recognized in OCI: Current year actuarial gain ( 815 ) ( 3,049 ) ( 1,288 ) Settlement loss — — ( 403 ) Amortization of prior service cost ( 57 ) ( 57 ) ( 57 ) Amortization of actuarial loss ( 173 ) ( 461 ) ( 742 ) Total recognized in OCI ( 1,045 ) ( 3,567 ) ( 2,490 ) Total recognized in net periodic benefit and OCI $ ( 390 ) $ ( 2,851 ) $ ( 1,426 ) |
Funded Status and Amounts Recognized in Consolidated Balance Sheets | The funded status and the amounts recognized in the Consolidated Balance Sheets for the company’s pension plans are as follows (amounts in thousands): December 30, 2023 December 31, 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 25,169 $ 34,790 Service cost 682 1,188 Interest cost 1,304 884 Actuarial loss (gain) 953 ( 9,253 ) Benefits paid ( 3,282 ) ( 2,440 ) Benefit obligation at end of year $ 24,826 $ 25,169 Change in plan assets: Fair value of plan assets at beginning of year $ 28,090 $ 33,589 Actual return (loss) on plan assets 3,328 ( 4,330 ) Employer contribution 1,268 1,271 Benefits paid ( 3,282 ) ( 2,440 ) Fair value of plan assets at end of year $ 29,404 $ 28,090 Funded status, end of year: Fair value of plan assets $ 29,404 $ 28,090 Benefit obligations (24,826 ) (25,169 ) Funded status and amount recognized at end of year $ 4,578 $ 2,921 Amounts recognized in the balance sheet: Noncurrent asset $ 6,494 $ 4,902 Current liability ( 248 ) ( 250 ) Noncurrent liability ( 1,668 ) ( 1,731 ) Amount recognized at end of year $ 4,578 $ 2,921 Amounts recognized in AOCI: Net actuarial loss before taxes $ 3,415 $ 4,403 Prior service cost before taxes 84 141 Amount recognized at end of year $ 3,499 $ 4,544 Accumulated benefit obligation at end of year $ 23,764 $ 24,192 |
Schedule of Actuarial Gain/(Loss) on Defined Benefit Obligations | The actuarial gain/(loss) on defined benefit obligations of the employer due to experience, including any assumption changes, different from assumed, and the reasons for such (gain)/loss, can be found in the table below for Fiscal 2023, 2022 and 2021 (amounts in thousands). Amount of (Gain)/Loss on Defined Benefit Obligation Reasons for (Gain)/Loss Fiscal 2023 $ 953 Loss from decrease in general level of interest rates used to measure defined benefit plan obligations (approximately 33 basis points). Fiscal 2022 $ ( 9,253 ) Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 260 basis points). Fiscal 2021 $ ( 1,228 ) Gain from increase in general level of interest rates used to measure defined benefit plan obligations (approximately 30 basis points); Loss from change in mortality assumption scale from MP-2020 to MP-2021. |
Weighted Average Assumptions Used | Assumptions used in accounting for the company’s pension plans at each of the respective fiscal years ending are as follows: Fiscal 2023 Fiscal 2022 Fiscal 2021 Weighted average assumptions used to determine benefit obligations: Measurement date 12/31/2023 12/31/2022 12/31/2021 Discount rate 5.32 % 5.65 % 3.06 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Weighted average assumptions used to determine net periodic benefit Measurement date 1/1/2023 1/1/2022 1/1/2021 Discount rate 5.65 % 3.06 % 2.78 % Expected return on plan assets 5.90 % 5.90 % 5.70 % Rate of compensation increase 3.00 % 3.00 % 3.00 % |
Company Contributions | Company contributions to qualified and nonqualified plans are as follows (amounts in thousands): Year Required Discretionary Total 2023 $ 268 $ 1,000 $ 1,268 2022 $ 271 $ 1,000 $ 1,271 2021 $ 271 $ — $ 271 |
Benefits Expected to be Paid from Plans Assets | The following are benefits paid under the plans (including settlements) during Fiscal 2023, 2022, and 2021 and expected to be paid from Fiscal 2024 through Fiscal 2033. Estimated future payments include qualified pension benefits that will be paid from the plans’ assets and nonqualified pension benefits that will be paid from corporate assets (amounts in thousands): Year Pension Benefits 2021 $ 3,361 * 2022 $ 2,440 ^ 2023 $ 3,282 + Estimated Future Payments: 2024 $ 4,744 2025 $ 2,233 2026 $ 1,963 2027 $ 1,971 2028 $ 1,746 2029 – 2033 $ 7,674 * Includes $ 1.7 million from Plan No. 2 paid as lump sums. ^ Includes $ 0.9 million from Plan No. 2 paid as lump sums. + Includes $ 1.7 million from Plan No. 2 paid as lump sums. |
Postretirement Benefit Plans | |
Components of Net Periodic Benefit / (Income) Cost | The net periodic benefit (income) cost for the company’s postretirement benefit plans includes the following components for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Service cost $ 177 $ 214 $ 337 Interest cost 239 112 119 Amortization: Prior service credit ( 234 ) ( 237 ) ( 3 ) Actuarial gain ( 247 ) ( 176 ) ( 211 ) Total net periodic benefit (income) cost ( 65 ) ( 87 ) 242 Other changes in plan assets and benefit obligations recognized in OCI: Current year actuarial loss (gain) 187 ( 620 ) 238 Current year prior service credit — — ( 2,214 ) Amortization of actuarial gain 247 176 211 Amortization of prior service credit 234 237 3 Total recognized in OCI 668 ( 207 ) ( 1,762 ) Total recognized in net periodic cost (benefit) and OCI $ 603 $ ( 294 ) $ ( 1,520 ) |
Weighted Average Assumptions Used | Assumptions used in accounting for the company’s postretirement benefit plans at each of the respective fiscal years ending are as follows: Fiscal 2023 Fiscal 2022 Fiscal 2021 Weighted average assumptions used to determine benefit obligations: Measurement date 12/31/2023 12/31/2022 12/31/2021 Discount rate 5.09 % 5.43 % 2.60 % Health care cost trend rate used to determine benefit obligations: Initial rate 7.00 % 7.00 % 6.25 % Ultimate rate 5.00 % 5.00 % 5.00 % Year trend reaches the ultimate rate 2032 2031 2027 Weighted average assumptions used to determine net periodic cost: Measurement date 1/1/2023 1/1/2022 1/1/2021 Discount rate 5.43 % 2.60 % 2.11 % Health care cost trend rate used to determine net periodic cost: Initial rate 7.00 % 6.25 % 6.50 % Ultimate rate 5.00 % 5.00 % 5.00 % Year trend reaches the ultimate rate 2031 2027 2027 |
Company Contributions | Company contributions to postretirement plans are as follows (amounts in thousands): Year Employer Net 2021 $ 931 2022 $ 736 2023 $ 565 2024 (Expected) $ 463 |
Benefits Expected to be Paid from Plans Assets | The following are benefits paid by the company during Fiscal 2023, 2022, and 2021 and expected to be paid from Fiscal 2024 through Fiscal 2033. All benefits are expected to be paid from the company’s assets (amounts in thousands): Postretirement Year Employer gross 2021 $ 931 2022 $ 736 2023 $ 565 Estimated Future Payments: 2024 $ 463 2025 $ 483 2026 $ 511 2027 $ 504 2028 $ 513 2029 – 2033 $ 2,326 |
Changes in Projected Benefit Obligations | The unfunded status and the amounts recognized in the Consolidated Balance Sheets for the company’s postretirement benefit plans are as follows (amounts in thousands): December 30, 2023 December 31, 2022 Change in benefit obligation: Benefit obligation at beginning of year $ 4,542 $ 5,572 Service cost 177 214 Interest cost 239 112 Participant contributions 282 392 Actuarial loss (gain) 187 ( 620 ) Benefits paid ( 847 ) ( 1,128 ) Benefit obligation at end of year $ 4,580 $ 4,542 Change in plan assets: Fair value of plan assets at beginning of year $ — $ — Employer contributions 565 736 Participant contributions 282 392 Benefits paid ( 847 ) ( 1,128 ) Fair value of plan assets at end of year $ — $ — Funded status, end of year: Fair value of plan assets $ — $ — Benefit obligations (4,580 ) (4,542 ) Unfunded status and amount recognized at end of year $ ( 4,580 ) $ ( 4,542 ) Amounts recognized in the balance sheet: Current liability $ ( 451 ) $ ( 459 ) Noncurrent liability ( 4,130 ) ( 4,083 ) Amount recognized at end of year $ ( 4,581 ) $ ( 4,542 ) Amounts recognized in AOCI: Net actuarial gain before taxes $ ( 1,297 ) $ ( 1,730 ) Prior service credit before taxes ( 1,745 ) ( 1,979 ) Amounts recognized in AOCI $ ( 3,042 ) $ ( 3,709 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | The company’s provision for income tax expense (benefit) consists of the following for Fiscal 2023, 2022, and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Current Taxes: Federal $ 63,351 $ 54,462 $ 46,018 State 13,680 14,409 11,790 77,031 68,871 57,808 Deferred Taxes: Federal ( 36,474 ) 3,508 6,946 State ( 6,866 ) ( 2,062 ) ( 169 ) ( 43,340 ) 1,446 6,777 Income tax expense $ 33,691 $ 70,317 $ 64,585 |
Reconciliation of Effective Tax Amount | Income tax expense differs from the amount computed by applying the applicable U.S. federal income tax rate of 21 % because of the effect of the following items for Fiscal 2023, 2022 and 2021 (amounts in thousands): Fiscal 2023 Fiscal 2022 Fiscal 2021 Tax at U.S. federal income tax rate $ 32,992 $ 62,729 $ 56,862 State income taxes, net of federal income tax benefit 5,383 9,754 9,181 Net share-based windfalls ( 1,960 ) ( 2,219 ) ( 104 ) Excess executive compensation 1,950 2,218 1,480 Tax credits ( 2,655 ) ( 2,263 ) ( 2,506 ) Other ( 2,019 ) 98 ( 328 ) Income tax expense $ 33,691 $ 70,317 $ 64,585 |
Components of Deferred Tax Assets and (Liabilities) | Deferred tax assets (liabilities) are comprised of the following (amounts in thousands): December 30, 2023 December 31, 2022 Self-insurance $ 8,478 $ 6,507 Compensation and employee benefits 10,292 9,991 Deferred income 2,643 3,834 Loss and credit carryforwards 13,111 13,138 Equity-based compensation 8,636 7,692 Legal accrual 33,407 1,369 Pension and postretirement benefits — 384 Financing and operating lease right-of-use liabilities 72,011 72,470 Capitalized software and research and development costs 32,519 14,898 Other 9,975 7,101 Valuation allowance ( 1,586 ) ( 1,030 ) Deferred tax assets 189,486 136,354 Depreciation ( 77,931 ) ( 74,402 ) Intangibles ( 125,555 ) ( 119,380 ) Financing and operating lease right-of-use assets ( 69,987 ) ( 70,385 ) Hedging ( 322 ) ( 700 ) Pension and postretirement benefits ( 143 ) — Other ( 6,793 ) ( 6,319 ) Deferred tax liabilities ( 280,731 ) ( 271,186 ) Net deferred tax liability $ ( 91,245 ) $ ( 134,832 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Segment reporting, description | The company has one operating segment based on the nature of products the company sells, intertwined production and distribution model, the internal management structure and information that is regularly reviewed by the chief executive officer (“CEO”), who is the chief operating decision maker, for the purpose of assessing performance and allocating resources. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Oct. 07, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Significant Accounting Policies [Line Items] | |||||
Sales | $ 5,090,830,000 | $ 4,805,822,000 | $ 4,330,767,000 | ||
Reserve for distributor notes receivable | $ 14,900,000 | 14,800,000 | 100,000 | 1,900,000 | |
Deferred gain on sale of assets held for sale | 10,400,000 | 15,100,000 | |||
Net gain on sale of distribution rights | 2,500,000 | 3,800,000 | 1,600,000 | ||
Loss of repurchase obligations of distribution rights related to a legal settlement | (65,500,000) | 4,700,000 | |||
Capitalized interest | $ 0 | 0 | 0 | ||
Direct Financing To Distributor | Maximum | |||||
Significant Accounting Policies [Line Items] | |||||
Notes receivable maturity period | 10 years | ||||
Shipping costs | |||||
Significant Accounting Policies [Line Items] | |||||
Shipping costs | $ 1,215,400,000 | $ 1,169,000,000 | $ 1,063,600,000 | ||
Customer Concentration Risk | Outstanding Trade Receivables | Wal-Mart/Sam's Club | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 20.30% | 24.30% | |||
Customer Concentration Risk | Total year to date sales | Top 10 Customers | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 55.50% | 54.50% | 53.70% | ||
Customer Concentration Risk | Total year to date sales | Wal-Mart/Sam's Club | |||||
Significant Accounting Policies [Line Items] | |||||
Concentration risk percentage | 22.30% | 21.70% | 21.20% | ||
Scan-Based Trading | |||||
Significant Accounting Policies [Line Items] | |||||
Sales | $ 2,500,000,000 | $ 2,400,000,000 | $ 2,200,000,000 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies - Additional Information1 (Detail) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||||||
Feb. 17, 2023 USD ($) | Mar. 09, 2021 USD ($) | Sep. 28, 2016 USD ($) | Apr. 03, 2012 USD ($) | Dec. 30, 2023 USD ($) | Oct. 07, 2023 USD ($) | Dec. 31, 2022 USD ($) Aircraft | Oct. 08, 2022 USD ($) | Jul. 16, 2022 USD ($) | Apr. 03, 2022 USD ($) | Apr. 23, 2022 USD ($) | Dec. 30, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Jul. 15, 2023 USD ($) | |
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease, residual value guarantees, description | Additionally, these contracts do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts. | ||||||||||||||
Lessee, operating lease, existence of residual value guarantees | false | ||||||||||||||
Financing ROU assets | $ 130,000 | $ 1,778,000 | $ 130,000 | $ 1,778,000 | |||||||||||
Financing right-of-use lease liabilities | 122,000 | $ 122,000 | |||||||||||||
Number of operating segments | Segment | 1 | ||||||||||||||
Restructuring and related impairment charges | $ 0 | $ 0 | |||||||||||||
Impairment charge | $ 1,000,000 | ||||||||||||||
Goodwill impairment loss | 0 | 0 | 0 | ||||||||||||
Advertising and marketing costs | 99,300,000 | 74,600,000 | 77,700,000 | ||||||||||||
Capitalized software development costs | 106,500,000 | 14,500,000 | 106,500,000 | 14,500,000 | |||||||||||
Amortization expense of capitalized software development costs | 14,200,000 | 10,200,000 | 9,900,000 | ||||||||||||
Debt instrument face amount | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | |||||||||||
Research and development costs | 5,900,000 | 6,100,000 | 5,600,000 | ||||||||||||
Consulting costs related to transformation strategy | 21,500,000 | 33,200,000 | |||||||||||||
Proceeds from sale of assets held for sale | $ 1,300,000 | $ 1,200,000 | |||||||||||||
Multi-employer pension plan withdrawal costs | $ 3,300,000 | ||||||||||||||
Acquisition related costs | $ 11,600,000 | ||||||||||||||
Realized foreign currency exchange losses | 8,400,000 | ||||||||||||||
Investment in unconsolidated affiliate | 5,481,000 | $ 9,000,000 | 5,481,000 | 9,000,000 | |||||||||||
Fair value of investment in unconsolidated affiliate | 5,500,000 | 5,500,000 | |||||||||||||
Investment impairment loss | 5,500,000 | ||||||||||||||
Severance and lease termination charges | $ 1,700,000 | ||||||||||||||
Number of aircrafts sold | Aircraft | 2 | ||||||||||||||
Gain on sale of aircraft | $ 6,100,000 | ||||||||||||||
Initial Investment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Fair value of investment in unconsolidated affiliate | $ 9,000,000 | ||||||||||||||
Second Investment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Fair value of investment in unconsolidated affiliate | $ 2,000,000 | ||||||||||||||
Papa Pita | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Business acquisition consideration amount | $ 274,755,000 | ||||||||||||||
Acquisition related costs | 3,700,000 | 900,000 | |||||||||||||
2031 Notes | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Debt instrument face amount | $ 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||||||
Debt instrument discount and issuance cost amortization period | 10 years | ||||||||||||||
2026 Notes | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Debt instrument face amount | $ 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | ||||||||||
Debt instrument discount and issuance cost amortization period | 10 years | ||||||||||||||
4.375% Senior Notes Due 2022 | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Debt instrument face amount | $ 400,000,000 | ||||||||||||||
Debt instrument discount and issuance cost amortization period | 10 years | ||||||||||||||
Selling, Distribution and Administrative Expenses | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Impairment charge | $ 2,300,000 | ||||||||||||||
Holsum Bakery | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Impairment charges assets held for sale | 3,800,000 | ||||||||||||||
Severance costs | 1,700,000 | ||||||||||||||
Multi-employer pension plan withdrawal costs | 1,300,000 | ||||||||||||||
Warehouse Classified as Held for Sale | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Impairment charge | $ 1,800,000 | $ 1,800,000 | $ 1,000,000 | ||||||||||||
Bakery Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | less than a year up to three years | ||||||||||||||
Impairment charges assets held for sale | $ 2,900,000 | ||||||||||||||
Transportation Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | less than one year up to seven years | ||||||||||||||
IT Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | less than a year up to five years | ||||||||||||||
Certain Equipment and IT Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | shorter than a year | ||||||||||||||
Buildings and Land | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease, residual value guarantees, description | Additionally, these contracts do not contain residual value guarantees, and there are no other restrictions or covenants in the contracts. | ||||||||||||||
Lessee, operating lease, existence of residual value guarantees | false | ||||||||||||||
Short Term Leases | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease, residual value guarantees, description | do not contain residual value guarantees, and there are no other restrictions or covenants in the leases. | ||||||||||||||
Lessee, operating lease, existence of residual value guarantees | false | ||||||||||||||
Lessee, operating lease, option to extend, description | There are no purchase options present, however, there generally are renewals that could extend lease terms for additional periods. | ||||||||||||||
Lessee, operating lease, purchase options | false | ||||||||||||||
Embedded Financing I T Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Financing ROU assets | 1,400,000 | 1,400,000 | |||||||||||||
Financing right-of-use lease liabilities | $ 1,500,000 | $ 1,500,000 | |||||||||||||
Maximum | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | 22 years | 22 years | |||||||||||||
Lessee, operating lease renewal term | 10 years | 10 years | |||||||||||||
Finite-lived intangible asset amortization periods | 40 years | 40 years | |||||||||||||
Maximum | Trademarks | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Finite-lived intangible asset amortization periods | 40 years | 40 years | |||||||||||||
Maximum | Bakery Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | 3 years | 3 years | |||||||||||||
Maximum | Transportation Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | 7 years | 7 years | |||||||||||||
Maximum | IT Equipment | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | 5 years | 5 years | |||||||||||||
Maximum | Short Term Leases | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | 12 months | 12 months | |||||||||||||
Maximum | Capitalized Software Development Costs | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Estimated useful life, years | 8 years | 8 years | |||||||||||||
Minimum | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | 1 year | 1 year | |||||||||||||
Lessee, operating lease renewal term | 1 month | 1 month | |||||||||||||
Finite-lived intangible asset amortization periods | 2 years | 2 years | |||||||||||||
Minimum | Trademarks | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Finite-lived intangible asset amortization periods | 5 years | 5 years | |||||||||||||
Minimum | Short Term Leases | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Lessee, operating lease term | 1 month | 1 month | |||||||||||||
Minimum | Capitalized Software Development Costs | |||||||||||||||
Significant Accounting Policies [Line Items] | |||||||||||||||
Estimated useful life, years | 3 years | 3 years |
Sales by Sales Channel Category
Sales by Sales Channel Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | |||
Sales | $ 5,090,830 | $ 4,805,822 | $ 4,330,767 |
Branded Retail | |||
Segment Reporting Information [Line Items] | |||
Sales | 3,263,277 | 3,139,306 | 2,874,714 |
Other | |||
Segment Reporting Information [Line Items] | |||
Sales | $ 1,827,553 | $ 1,666,516 | $ 1,456,053 |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Charged to Expense | $ 8,412 | $ 8,518 | $ 6,071 |
Allowance for Doubtful Accounts, Current | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 18,764 | 15,398 | 15,162 |
Charged to Expense | 8,412 | 8,518 | 6,071 |
Write-Offs and Other | 6,210 | (5,152) | (5,835) |
Ending Balance | $ 33,386 | $ 18,764 | $ 15,398 |
Allowance for Trade Accounts Re
Allowance for Trade Accounts Receivable Credit Losses Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 2,188 | $ 2,552 | $ 4,901 |
Amounts charged to expense | 3,089 | 2,270 | 596 |
Write-offs | (2,635) | (2,721) | (1,018) |
Recoveries and other | (572) | 87 | (1,927) |
Ending Balance | $ 2,070 | $ 2,188 | $ 2,552 |
Weighted Percentage of Sales fr
Weighted Percentage of Sales from Largest Customers (Detail) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Customer Concentration Risk | Total year to date sales | Wal-Mart/Sam's Club | |||
Entity Wide Revenue Major Customer [Line Items] | |||
Concentration risk percentage | 22.30% | 21.70% | 21.20% |
Activity in Inventory Reserve A
Activity in Inventory Reserve Allowance (Detail) - Inventory Valuation Reserve - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Inventory [Line Items] | |||
Beginning Balance | $ 1,036 | $ 284 | $ 1,920 |
Charged to Expense | 2,376 | 3,679 | 16 |
Write-Offs and Other | (2,716) | (2,927) | (1,652) |
Ending Balance | $ 696 | $ 1,036 | $ 284 |
Estimated Useful Lives by Prope
Estimated Useful Lives by Property Plant and Equipment Class (Detail) | Dec. 30, 2023 |
Buildings | Minimum | |
Property Plant And Equipment [Line Items] | |
Useful life term (years) | 10 years |
Buildings | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life term (years) | 40 years |
Machinery and Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Useful life term (years) | 3 years |
Machinery and Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life term (years) | 15 years |
Furniture, Fixtures and Transportation Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Useful life term (years) | 3 years |
Furniture, Fixtures and Transportation Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Useful life term (years) | 12 years |
Schedule of Depreciation Expens
Schedule of Depreciation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Depreciation [Abstract] | |||
Depreciation expense | $ 117,788 | $ 108,500 | $ 103,949 |
Schedule of Total Impairments (
Schedule of Total Impairments (Inclusive of Property, Plant and Equipment, Notes Receivable, Spare Parts, and ROU Assets) and Line Item Recorded in Our Consolidated Statements of Income (Detail) - USD ($) | 12 Months Ended | |
Dec. 30, 2023 | Jan. 01, 2022 | |
Restructuring and related impairment charges line item | ||
Restructuring and related impairment charges | $ 0 | $ 0 |
Activity in Deferred Tax Valuat
Activity in Deferred Tax Valuation Allowance (Detail) - Valuation Allowance of Deferred Tax Assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Valuation Allowance [Line Items] | |||
Beginning Balance | $ 1,030 | $ 1,030 | $ 1,030 |
Deductions | 0 | 0 | 0 |
Charged to Expense | 556 | 0 | 0 |
Ending Balance | $ 1,586 | $ 1,030 | $ 1,030 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) | Dec. 30, 2023 |
Accounting Standards Update 2019-12 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update adopted | true |
Change in accounting principle accounting standards update immaterial effect | true |
Accounting Standards Update 2020-04 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle accounting standards update immaterial effect | true |
Food Allergen Compliance Cost_2
Food Allergen Compliance Costs and (Recovery) Loss on Inferior Ingredients - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) State | Jan. 02, 2021 USD ($) State | |
Product Recall And Recovery Loss On Inferior Ingredients [Line Items] | |||||
FASTER Act expense recognized | $ 2,000,000 | $ 0 | $ 2,008,000 | ||
Products recalled distributed to retail customers, number of states | State | 8 | 14 | |||
Incurred costs related to recall of gluten-free products and adjustment to previously recorded inferior yeast costs | $ 1,800,000 | 0 | $ 100,000 | $ 1,300,000 | |
Cash recovered from suppliers on disruption | $ 0 | $ 1,772,000 | $ 950,000 |
Summary of Total Costs and Reco
Summary of Total Costs and Recoveries (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Product Recall And Recovery Loss On Inferior Ingredients [Abstract] | ||||
FASTER Act expense recognized | $ 2,000,000 | $ 0 | $ 2,008,000 | |
Expense recognized on inferior ingredients | $ 1,894,000 | |||
Recoveries recognized on inferior ingredients | $ 0 | (1,772,000) | (950,000) | |
FASTER Act and loss on inferior ingredients | $ 236,000 | $ 944,000 |
Restructuring activities - Comp
Restructuring activities - Components of Costs Associated with Restructuring (Detail) $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Restructuring and related impairment charges: | |
Total restructuring | $ 7,099 |
Employee Severance | VSIP | |
Restructuring and related impairment charges: | |
Total restructuring | 5,229 |
Employee Severance | RIF | |
Restructuring and related impairment charges: | |
Total restructuring | 899 |
Relocation costs | |
Restructuring and related impairment charges: | |
Total restructuring | $ 971 |
Restructuring activities - Co_2
Restructuring activities - Components of, and Changes in Restructuring Accruals (Detail) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 USD ($) | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability balance, beginning balance | ||
Restructuring charges | 7,099 | |
Cash payments | (5,670) | |
Liability balance, ending balance | 1,429 | [1] |
Employee Severance | VSIP | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability balance, beginning balance | ||
Restructuring charges | 5,229 | |
Cash payments | (3,800) | |
Liability balance, ending balance | 1,429 | [1] |
Employee Severance | RIF | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability balance, beginning balance | ||
Restructuring charges | 899 | |
Cash payments | (899) | |
Liability balance, ending balance | ||
Relocation costs | ||
Restructuring Cost And Reserve [Line Items] | ||
Liability balance, beginning balance | ||
Restructuring charges | 971 | |
Cash payments | (971) | |
Liability balance, ending balance | ||
[1] Recorded in the other accrued current liabilities line item of our Consolidated Balance Sheets. |
Acquisition (Additional Informa
Acquisition (Additional Information) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Feb. 17, 2023 | Jul. 15, 2023 | Oct. 08, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||||
Acquisition related costs | $ 11,600,000 | ||||
Papa Pita | |||||
Business Acquisition [Line Items] | |||||
Business acquisition completed date | Feb. 17, 2023 | ||||
Business acquisition consideration amount | $ 274,755,000 | ||||
Acquisition related costs | $ 3,700,000 | $ 900,000 | |||
Goodwill adjustment | $ 1,500,000 | ||||
Business acquisition, cash acquired | $ 0 |
Acquisition - Summary of Consid
Acquisition - Summary of Consideration Paid and Identifiable Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Feb. 17, 2023 | Dec. 30, 2023 | Dec. 31, 2022 |
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Goodwill | $ 677,796 | $ 545,244 | |
Papa Pita | |||
Fair Value of consideration transferred: | |||
Cash consideration paid | $ 270,258 | ||
Working capital adjustments | 4,497 | ||
Total consideration | 274,755 | ||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||
Property, plant, and equipment | 104,118 | ||
Identifiable intangible assets | 27,100 | ||
Financial assets | 14,250 | ||
Liabilities assumed | (3,265) | ||
Net recognized amounts of identifiable assets acquired | 142,203 | ||
Goodwill | $ 132,552 |
Acquisition - Schedule of Acqui
Acquisition - Schedule of Acquired Intangible Assets Subject to Amortization (Details) - Papa Pita - USD ($) $ in Thousands | 12 Months Ended | |
Feb. 17, 2023 | Dec. 30, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 27,100 | |
Weighted average amortization years | 23 years 10 months 24 days | |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 4,600 | |
Weighted average amortization years | 20 years | |
Amortization Method | Straight-line | |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 22,200 | |
Weighted average amortization years | 25 years | |
Amortization Method | Sum of year digits | |
Noncompete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 300 | |
Weighted average amortization years | 4 years | |
Amortization Method | Straight-line |
Summary of Reclassifications Ou
Summary of Reclassifications Out of AOCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Gains and losses on derivative instruments net of tax | $ (1,815) | $ 4,734 | $ 1,681 | |
Reclassification From AOCI, Current Period Net Of Tax | [1] | (1,627) | 4,655 | 938 |
Derivative Instruments | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Gains and losses on cash flow hedges before tax | [1] | (2,421) | 6,312 | 2,241 |
Reclassification from AOCI, Derivative instruments tax benefit (expense) | [1] | 606 | (1,578) | (560) |
Reclassification from AOCI, Gains and losses on derivative instruments net of tax | [1] | (1,815) | 4,734 | 1,681 |
Reclassification From AOCI, Current Period Net Of Tax | (1,815) | 4,734 | ||
Pension and postretirement plans, prior service credits (cost) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Current Period, before Tax | [1],[2] | 177 | 180 | (55) |
Pension and postretirement plans, Settlement losses | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Current Period, before Tax | [1],[2] | (403) | ||
Pension and postretirement plans, actuarial gains (losses) | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Current Period, before Tax | [1],[2] | 74 | (285) | (532) |
Accumulated Defined Benefit Plans Adjustment | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Current Period, before Tax | [1] | 251 | (105) | (990) |
Reclassification from AOCI, Current Period, Tax (expense) benefit | [1] | (63) | 26 | 247 |
Reclassification From AOCI, Current Period Net Of Tax | [1] | 188 | (79) | (743) |
Interest Rate Contracts | Derivative Instruments | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Gains and losses on cash flow hedges before tax | [1] | 499 | 499 | 126 |
Commodity Contract | Derivative Instruments | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification from AOCI, Gains and losses on cash flow hedges before tax | [1],[3] | (2,920) | 5,813 | 2,115 |
Reclassification from AOCI, Derivative instruments tax benefit (expense) | 732 | (1,452) | (529) | |
Reclassification from AOCI, Gains and losses on derivative instruments net of tax | $ (2,188) | $ 4,361 | $ 1,586 | |
[1] Amounts in parentheses indicate debits to determine net income. These items are included in the computation of net periodic pension cost. See Note 21, Postretirement Plans , for additional information. Amounts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. |
Summary of AOCI Exclusive of Re
Summary of AOCI Exclusive of Reclassification (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Derivative instruments net of tax | $ (2,951) | $ 790 | $ (5,348) |
Amount of Gain (Loss) Recognized in AOCI, Current year, net of tax | (2,480) | 3,542 | (2,899) |
Derivative Instruments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Derivative instruments before tax | (3,934) | 1,053 | (7,128) |
Amount of Gain (Loss) Recognized in AOCI, Current year, tax benefit (expense) | 983 | (263) | 1,780 |
Amount of Gain (Loss) Recognized in AOCI, Derivative instruments net of tax | (2,951) | 790 | (5,348) |
Amount of Gain (Loss) Recognized in AOCI, Current year, net of tax | (2,951) | 790 | (5,348) |
Current Year Actuarial Loss | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Current year, before tax | 628 | 3,669 | 1,050 |
Pension and postretirement plans, prior service credits | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Current year, before tax | 2,214 | ||
Accumulated Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Current year, before tax | 628 | 3,669 | 3,264 |
Amount of Gain (Loss) Recognized in AOCI, Current year, tax expense | (157) | (917) | (815) |
Amount of Gain (Loss) Recognized in AOCI, Current year, net of tax | 471 | 2,752 | 2,449 |
Interest Rate Contracts | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Current year, net of tax | 2,926 | ||
Interest Rate Contracts | Derivative Instruments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Derivative instruments before tax | 3,902 | ||
Commodity Contract | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Current year, net of tax | (2,951) | 790 | (8,274) |
Commodity Contract | Derivative Instruments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Amount of Gain (Loss) Recognized in AOCI, Derivative instruments before tax | $ (3,934) | $ 1,053 | $ (11,030) |
Changes to AOCI, Net of Income
Changes to AOCI, Net of Income Tax, By Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balances | $ 1,443,290 | $ 1,411,274 | $ 1,372,994 | |
Other comprehensive (gain) loss before reclassifications | (2,480) | 3,542 | (2,899) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | 1,627 | (4,655) | (938) |
Balances | 1,351,782 | 1,443,290 | 1,411,274 | |
Cash Flow Hedge Items | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balances | 2,099 | 6,043 | ||
Other comprehensive (gain) loss before reclassifications | (2,951) | 790 | (5,348) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,815 | (4,734) | ||
Balances | 963 | 2,099 | 6,043 | |
Defined Benefit Pension Plan Items | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balances | (625) | (3,456) | ||
Other comprehensive (gain) loss before reclassifications | 471 | 2,752 | 2,449 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | [1] | (188) | 79 | 743 |
Balances | (342) | (625) | (3,456) | |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Balances | 1,474 | 2,587 | 6,424 | |
Other comprehensive (gain) loss before reclassifications | (2,480) | 3,542 | ||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,627 | (4,655) | ||
Balances | $ 621 | $ 1,474 | $ 2,587 | |
[1] Amounts in parentheses indicate debits to determine net income. |
Gain (loss) Reclassified From A
Gain (loss) Reclassified From AOCI for Commodity Contracts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from AOCI, Gains and losses on derivative instruments net of tax | $ (1,815) | $ 4,734 | $ 1,681 | |
Derivative Instruments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from AOCI, Gains and losses on cash flow hedges before tax | [1] | (2,421) | 6,312 | 2,241 |
Tax benefit (expense) | [1] | 606 | (1,578) | (560) |
Reclassification from AOCI, Gains and losses on derivative instruments net of tax | [1] | (1,815) | 4,734 | 1,681 |
Commodity Contract | Derivative Instruments | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reclassification from AOCI, Gains and losses on cash flow hedges before tax | [1],[2] | (2,920) | 5,813 | 2,115 |
Tax benefit (expense) | 732 | (1,452) | (529) | |
Reclassification from AOCI, Gains and losses on derivative instruments net of tax | $ (2,188) | $ 4,361 | $ 1,586 | |
[1] Amounts in parentheses indicate debits to determine net income. Amounts are presented as an adjustment to reconcile net income to net cash provided by operating activities on the Consolidated Statements of Cash Flows. |
Notes Receivable from IDPs - Ad
Notes Receivable from IDPs - Additional Information (Detail) | 12 Months Ended |
Dec. 30, 2023 | |
Maximum | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing period of distribution rights, years | 10 years |
Interest Income Related to Note
Interest Income Related to Notes Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Receivables [Abstract] | |||
Interest income | $ 20,577 | $ 23,644 | $ 23,533 |
Assets Held for Sale - Addition
Assets Held for Sale - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||
Dec. 30, 2023 | Oct. 07, 2023 | Apr. 03, 2022 | Apr. 23, 2022 | Dec. 31, 2022 | |
Long Lived Assets Held For Sale [Line Items] | |||||
Proceeds from sale of impaired warehouse | $ 1.3 | $ 1.2 | |||
Impairment charge | $ 1 | ||||
Property and Equipment | |||||
Long Lived Assets Held For Sale [Line Items] | |||||
Proceeds from sale of impaired warehouse | $ 3.7 | ||||
Warehouse Classified as Held for Sale | |||||
Long Lived Assets Held For Sale [Line Items] | |||||
Impairment charge | $ 1.8 | $ 1.8 | $ 1 |
Assets Held for Sale (Detail)
Assets Held for Sale (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale | $ 21,799 | $ 12,493 |
Property, Plant and Equipment | ||
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale | 1,212 | 4,885 |
Distribution Rights | ||
Long Lived Assets Held For Sale [Line Items] | ||
Total assets held for sale | $ 20,587 | $ 7,608 |
Summary of Goodwill and Other I
Summary of Goodwill and Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 677,796 | $ 545,244 |
Amortizable intangible assets, net of amortization | 530,642 | 537,281 |
Indefinite-lived intangible assets | 127,100 | 127,100 |
Total goodwill and other intangible assets | $ 1,335,538 | $ 1,209,625 |
Summary of Changes in Carrying
Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance as of December 31, 2022 | $ 545,244 |
Acquisition | 132,552 |
Balance as of December 30, 2023 | $ 677,796 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Feb. 17, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Goodwill impaired | $ 0 | $ 0 | $ 0 | |
Additional indefinite lived intangible assets separately identified from goodwill | 127,100,000 | $ 127,100,000 | ||
California Distribution Rights | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Impairment charges classified as held and used | $ 2,300,000 | |||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, distribution, and administrative expenses | |||
Papa Pita | ||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||
Business acquisition consideration amount | $ 274,755,000 | |||
Finite lived intangible assets acquired | $ 27,100,000 |
Amortizable Intangible Assets (
Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 831,513 | $ 807,662 |
Accumulated Amortization | 300,871 | 270,381 |
Net Value | 530,642 | 537,281 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 481,715 | 477,115 |
Accumulated Amortization | 107,562 | 92,763 |
Net Value | 374,153 | 384,352 |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 340,221 | 318,021 |
Accumulated Amortization | 184,222 | 167,688 |
Net Value | 155,999 | 150,333 |
Non-Compete Agreements | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 5,454 | 5,154 |
Accumulated Amortization | 5,206 | 5,114 |
Net Value | 248 | 40 |
Distribution Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,123 | 4,123 |
Accumulated Amortization | 3,881 | 3,673 |
Net Value | 242 | 450 |
Distributor Routes Held and Used | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 0 | 3,249 |
Accumulated Amortization | 0 | 1,143 |
Net Value | $ 0 | $ 2,106 |
Amortization Expense (Detail)
Amortization Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 32,218 | $ 31,752 | $ 30,857 |
Estimated Net Amortization of I
Estimated Net Amortization of Intangibles (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 31,409 |
2025 | 30,746 |
2026 | 28,891 |
2027 | 27,242 |
2028 | $ 25,611 |
Net Fair Value of Commodity Pri
Net Fair Value of Commodity Price Risk (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Assets | $ 55 | $ 784 |
Liabilities | (1,920) | (1,235) |
Net Fair Value | (1,865) | (451) |
Level 1 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Assets | 55 | 784 |
Liabilities | (1,920) | (1,235) |
Net Fair Value | (1,865) | (451) |
Other Current Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Assets | 55 | 782 |
Other Current Assets | Level 1 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Assets | 55 | 782 |
Other LongTerm Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Assets | 2 | |
Other LongTerm Assets | Level 1 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Assets | 2 | |
Other Current Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liabilities | (1,918) | (1,149) |
Other Current Liabilities | Level 1 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liabilities | (1,918) | (1,149) |
Other LongTerm Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liabilities | (2) | (86) |
Other LongTerm Liabilities | Level 1 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Liabilities | $ (2) | $ (86) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 02, 2021 | Dec. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative cash settlement net receipt of offset changes in benchmark treasury rate | $ 3,900 | ||
Derivative instrument, asset | $ 6,333 | $ 7,210 | |
Derivative instrument, liability | $ 3,200 | $ 3,100 |
Derivative Instruments Recorded
Derivative Instruments Recorded on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | $ 55 | $ 784 |
Derivative Liabilities | 1,920 | 1,235 |
Commodity Contract | Other Current Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 55 | 782 |
Commodity Contract | Other LongTerm Assets | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Assets | 2 | |
Commodity Contract | Other Current Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | 1,918 | 1,149 |
Commodity Contract | Other LongTerm Liabilities | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative Liabilities | $ 2 | $ 86 |
Effect of Derivative Instrument
Effect of Derivative Instruments for Deferred Gains And (Losses) on Closed Contracts and Effective Portion in Fair Value on AOCI, Utilized for Risk Management Purposes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (Net of tax) | $ (2,480) | $ 3,542 | $ (2,899) | |
Production costs | 2,632,136 | 2,501,995 | 2,175,247 | |
Income before income taxes | 157,107 | 298,711 | 270,772 | |
Derivative Instruments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (Net of tax) | (2,951) | 790 | (5,348) | |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Income before income taxes | (1,815) | 4,734 | 1,681 | |
Interest Rate Contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (Net of tax) | 2,926 | |||
Interest Rate Contracts | Reclassification out of Accumulated Other Comprehensive Income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest income (expense) | 373 | 373 | 95 | |
Commodity Contract | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) (Net of tax) | (2,951) | 790 | (8,274) | |
Commodity Contract | Reclassification out of Accumulated Other Comprehensive Income | Product | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Production costs | [1] | $ (2,188) | $ 4,361 | $ 1,586 |
[1] Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Income) Related to Derivative Transactions (Detail) $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Closed Contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | $ (2,364) |
Closed Contracts | Commodity price risk derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | (48) |
Closed Contracts | Interest rate risk derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | (2,316) |
Expiring in 2024 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | 1,397 |
Expiring in 2024 | Commodity price risk derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | 1,397 |
Expiring in 2025 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | 2 |
Expiring in 2025 | Commodity price risk derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | 2 |
Closed or Expiring Over Next Four Years | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | (965) |
Closed or Expiring Over Next Four Years | Commodity price risk derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | 1,351 |
Closed or Expiring Over Next Four Years | Interest rate risk derivatives | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimated amount of derivatives to be reclassified in income from AOCI | $ (2,316) |
Financial Contracts Hedging Com
Financial Contracts Hedging Commodity Risk (Detail) - Cash Flow Hedging $ in Thousands | Dec. 30, 2023 USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | |
Aggregate Notional Amount | $ 20,510 |
Wheat Contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Aggregate Notional Amount | 1,183 |
Soybean Oil Contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Aggregate Notional Amount | 16,387 |
Natural Gas Contracts | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Aggregate Notional Amount | $ 2,940 |
Components of Other Current Ass
Components of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid assets | $ 4,042 | $ 4,589 |
Prepaid Insurance | 6,546 | 5,709 |
Prepaid marketing | 4,458 | 3,917 |
Service contracts | 27,102 | 25,595 |
Fair value of derivative instruments | 55 | 782 |
Collateral to counterparties for derivative positions | 6,333 | 7,210 |
Income taxes receivable | 17,362 | |
Other | 159 | 216 |
Total | $ 66,057 | $ 48,018 |
Components of Other Non-Current
Components of Other Non-Current Assets (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Unamortized financing fees | $ 1,125 | $ 1,356 |
Investments | 2,443 | 2,506 |
Investment in unconsolidated affiliate | 5,481 | 9,000 |
Deposits | 2,789 | 2,444 |
Unamortized cloud computing arrangement costs | 81 | 258 |
Noncurrent postretirement benefit plan asset | 6,494 | 4,902 |
Noncurrent service contracts | 3,957 | |
Other | 74 | 92 |
Total | $ 18,487 | $ 24,515 |
Components of Other Accrued Lia
Components of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jul. 19, 2022 | Oct. 09, 2021 |
Other Liabilities Disclosure [Abstract] | ||||
Employee compensation | $ 28,000 | $ 26,762 | ||
VSIP | 1,429 | |||
Employee vacation | 17,699 | 16,058 | ||
Employee bonus | 28,004 | 29,526 | ||
Fair value of derivative instruments | 1,918 | 1,149 | ||
Self-insurance reserves | 38,003 | 30,599 | ||
Bank overdraft | 18,180 | 17,960 | ||
Accrued interest | 7,516 | 7,127 | ||
Accrued taxes | 7,984 | 11,970 | ||
Accrued legal costs | 3,798 | 3,021 | ||
Accrued advertising | 2,333 | 4,813 | ||
Accrued legal settlements | 55,000 | 5,500 | ||
Accrued short term deferred income | 3,217 | 3,893 | ||
Accrued utilities | 6,121 | 6,861 | ||
Acquisition consideration adjustment | 753 | |||
Collateral from counterparties for derivative positions | 3,230 | 3,085 | ||
Multi-employer pension plan withdrawal liability | 1,297 | 1,297 | $ 1,300 | $ 2,100 |
Repurchase obligations of distribution rights | 64,583 | 432 | ||
Other | 4,634 | 4,470 | ||
Total | $ 292,946 | $ 175,276 |
Other Accrued Liabilities and_3
Other Accrued Liabilities and Other Long-term Liabilities - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended |
Oct. 07, 2023 USD ($) Californiaterritory DistributionTerritory | Dec. 30, 2023 USD ($) | |
Other Liabilities Disclosure [Abstract] | ||
Attorney fees | $ 55 | |
Number of distribution territories repurchased | DistributionTerritory | 350 | |
Number of additional distribution territories not part of settlement | Californiaterritory | 50 | |
Sellers owed additional taxes | $ 3.4 |
Components of Other Long-term L
Components of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Deferred income | $ 7,222 | $ 11,235 |
Deferred compensation | 26,207 | 23,675 |
Other deferred credits | 185 | 382 |
Other | 323 | 406 |
Total | $ 33,937 | $ 35,698 |
Leases - Lease Costs Incurred B
Leases - Lease Costs Incurred By Lease Type, and/or Type Of Payment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Lease cost: | |||
Amortization of right-of-use assets | $ 1,703 | $ 1,705 | $ 1,751 |
Interest on lease liabilities | 32 | 93 | 154 |
Operating lease cost | 62,685 | 62,115 | 68,927 |
Short-term lease cost | 3,121 | 2,897 | 3,075 |
Variable lease cost | 37,588 | 33,223 | 27,120 |
Total lease cost | $ 105,129 | $ 100,033 | $ 101,027 |
Leases - Other Supplemental Qua
Leases - Other Supplemental Quantitative Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from financing leases | $ 32 | $ 93 | |
Operating cash flows from operating leases | 62,989 | 57,166 | |
Financing cash flows from financing leases | 1,819 | 1,597 | $ 1,745 |
Right-of-use assets obtained in exchange for new financing lease liabilities | 34 | 37 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 54,997 | $ 33,559 | $ 55,869 |
Financing leases, weighted-average remaining lease term | 1 year 4 months 24 days | 1 year 1 month 6 days | |
Operating leases, weighted-average remaining lease term | 7 years 3 months 18 days | 7 years 9 months 18 days | |
Financing leases, weighted-average incremental borrowing rate | 3% | 3.50% | |
Operating leases, weighted-average incremental borrowing rate | 4.20% | 3.80% |
Leases - Estimated Undiscounted
Leases - Estimated Undiscounted Future Lease Payments Under Non-Cancelable Operating Leases and Financing Leases with Reconciliation of Undiscounted Cash Flows (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Operating lease liabilities | ||
2024 | $ 64,060 | |
2025 | 62,089 | |
2026 | 44,564 | |
2027 | 37,218 | |
2028 | 28,237 | |
Thereafter | 103,373 | |
Total minimum lease payments | 339,541 | |
Less: amount of lease payments representing interest | (55,162) | |
Present value of future minimum lease payments | 284,379 | |
Less: current obligations under leases | (47,507) | $ (43,990) |
Long-term lease obligations | 236,872 | 236,977 |
Financing lease liabilities | ||
2024 | 205 | |
2025 | 18 | |
2026 | 7 | |
2027 | 3 | |
Total minimum lease payments | 233 | |
Less: amount of lease payments representing interest | (111) | |
Present value of future minimum lease payments | 122 | |
Less: current obligations under leases | (99) | (1,779) |
Long-term lease obligations | $ 23 | $ 116 |
Lease Modifications and Renewal
Lease Modifications and Renewals and Lease Impairments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Lease modifications and renewals | $ 33,041 | $ 28,278 |
Lease terminations | $ 361 | $ 6,035 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Lease modifications and renewals | $ 33,041 | $ 28,278 |
Freezer Storage Leases | ||
Lessee, Lease, Description [Line Items] | ||
Lease modifications and renewals | $ 10,600 | |
Operating lease extension period | 10 years | |
Warehouse Leases | ||
Lessee, Lease, Description [Line Items] | ||
Lease modifications and renewals | $ 11,200 | |
Operating lease extension period | 10 years |
Long Term Debt and Capital Leas
Long Term Debt and Capital Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Total debt | $ 1,048,144 | $ 891,842 |
Long-term debt | $ 1,048,144 | 891,842 |
Unsecured Credit Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.38% | |
Final Maturity | 2026 | |
Unsecured credit facility | $ 174,000 | |
2031 Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.40% | |
Final Maturity | 2031 | |
Senior notes | $ 494,723 | 493,994 |
2026 Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.50% | |
Final Maturity | 2026 | |
Senior notes | $ 398,421 | $ 397,848 |
Accounts Receivable Repurchase Facility | ||
Debt Instrument [Line Items] | ||
Interest Rate | 6.16% | |
Final Maturity | 2025 | |
Accounts receivable securitization facility | $ 155,000 |
Long Term Debt and Capital Le_2
Long Term Debt and Capital Leases (Parenthetical) (Detail) | 12 Months Ended |
Dec. 30, 2023 | |
2031 Notes | |
Debt Instrument [Line Items] | |
Senior notes due year | 2031 |
2026 Notes | |
Debt Instrument [Line Items] | |
Senior notes due year | 2026 |
Debt and Other Commitments - Ad
Debt and Other Commitments - Additional Information (Detail) - USD ($) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||
Apr. 12, 2023 | Apr. 08, 2021 | Mar. 09, 2021 | Sep. 28, 2016 | Jan. 01, 2016 | Oct. 08, 2022 | Apr. 22, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2015 | Dec. 31, 2023 | Apr. 14, 2023 | Apr. 03, 2012 | |
Debt Instrument [Line Items] | ||||||||||||||
Bank overdraft | $ 18,180,000 | $ 17,960,000 | ||||||||||||
Debt instrument face amount | 900,000,000 | 900,000,000 | ||||||||||||
Payments for debt issuance costs | $ 100,000 | 533,000 | 282,000 | $ 6,022,000 | ||||||||||
Loss on extinguishment of debt | 16,149,000 | |||||||||||||
Cash payment of debt | 743,000,000 | 330,000,000 | $ 579,428,000 | |||||||||||
Additional financing costs incurred | 100,000 | |||||||||||||
Deferred Salaries | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of amount deferred, maximum | 75% | 75% | ||||||||||||
Deferred Bonus | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Percentage of amount deferred, maximum | 100% | |||||||||||||
2031 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 500,000,000 | $ 500,000,000 | 500,000,000 | |||||||||||
Notes due year | Mar. 15, 2031 | |||||||||||||
Debt instrument interest rate | 2.40% | |||||||||||||
Price to redeem notes as a percentage of principal | 100% | |||||||||||||
Variable interest rate | 0.20% | |||||||||||||
Change of control triggering event price to redeem notes as a percentage of principal | 101% | |||||||||||||
Balance of unamortized financing costs | $ 7,259,000 | |||||||||||||
Debt discount | 2,430,000 | |||||||||||||
2026 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 400,000,000 | $ 400,000,000 | 400,000,000 | |||||||||||
Notes due year | Oct. 01, 2026 | |||||||||||||
Debt instrument interest rate | 3.50% | |||||||||||||
Price to redeem notes as a percentage of principal | 100% | |||||||||||||
Variable interest rate | 0.30% | |||||||||||||
Change of control triggering event price to redeem notes as a percentage of principal | 101% | |||||||||||||
Balance of unamortized financing costs | $ 5,742,000 | |||||||||||||
Debt discount | $ 2,108,000 | |||||||||||||
2022 Notes | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Debt instrument face amount | $ 400,000,000 | |||||||||||||
Notes due year | Apr. 01, 2022 | |||||||||||||
Debt instrument interest rate | 4.375% | |||||||||||||
Loss on extinguishment of debt | $ 16,100,000 | |||||||||||||
Cash payment of debt | 15,400,000 | |||||||||||||
Write-off of unamortized debt discount and debt issuance costs | $ 700,000 | |||||||||||||
Standby Letters Of Credit | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility outstanding daily balance during period | $ 8,400,000 | 8,400,000 | ||||||||||||
Accounts Receivable Securitization Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility outstanding daily balance during period | $ 28,000,000 | |||||||||||||
Basis spread on variable rate | 95% | |||||||||||||
Unused borrowing fee | 40% | |||||||||||||
Balance of unamortized financing costs | 300,000 | |||||||||||||
Payments for debt issuance costs | $ 200,000 | |||||||||||||
Loss on extinguishment of debt | 300,000 | |||||||||||||
Accounts Receivable Repurchase Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility outstanding daily balance during period | $ 180,000,000 | |||||||||||||
Line of credit facility, maximum borrowing capacity | 200,000,000 | $ 200,000,000 | ||||||||||||
Balance of unamortized financing costs | 300,000 | |||||||||||||
Payments for debt issuance costs | $ 800,000 | |||||||||||||
Unsecured Credit Facility | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility outstanding daily balance during period | 174,000,000 | |||||||||||||
Line of credit facility, maximum borrowing capacity | $ 500,000,000 | |||||||||||||
Line of credit facility, expiration date | Jul. 30, 2026 | |||||||||||||
Balance of unamortized financing costs | $ 1,100,000 | $ 900,000 | ||||||||||||
Line of credit facility, expiration period | 5 years | |||||||||||||
Line of credit facility, amount available | $ 500,000,000 | |||||||||||||
Line of credit facility, additional borrowing capacity | $ 200,000,000 | |||||||||||||
Covenant, maximum leverage ratio | 4 | |||||||||||||
Minimum leverage ratio on covenant holiday | 3.75 | |||||||||||||
Unsecured Credit Facility | Unsecured Credit Facility Total Potential Commitment | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 700,000,000 | |||||||||||||
Unsecured Credit Facility | Base Rate Loans | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0% | |||||||||||||
Unsecured Credit Facility | Base Rate Loans | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.525% | |||||||||||||
Unsecured Credit Facility | Federal Funds Rate | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.06% | |||||||||||||
Unsecured Credit Facility | Federal Funds Rate | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.225% | |||||||||||||
Unsecured Credit Facility | SOFR | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.10% | |||||||||||||
Unsecured Credit Facility | SOFR | Minimum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0.815% | |||||||||||||
Unsecured Credit Facility | SOFR | Maximum | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 1.525% | |||||||||||||
Unsecured Credit Facility | Floor | ||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||
Basis spread on variable rate | 0% |
Debt Discount, Underwriting Fee
Debt Discount, Underwriting Fees and Legal and Other fees (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
2031 Notes | |
Debt Instrument [Line Items] | |
Debt discount | $ 2,430 |
Underwriting, legal, and other fees | 4,829 |
Total fees | 7,259 |
2026 Notes | |
Debt Instrument [Line Items] | |
Debt discount | 2,108 |
Underwriting, legal, and other fees | 3,634 |
Total fees | $ 5,742 |
Schedule of Borrowings and Repa
Schedule of Borrowings and Repayments Under Facility (Detail) $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Accounts Receivable Repurchase Facility | |
Debt Instrument [Line Items] | |
Balance as of December 31, 2022 | $ 0 |
Borrowings | 330,000 |
Payments | (175,000) |
Balance as of December 30, 2023 | 155,000 |
Accounts Receivable Securitization Facility | |
Debt Instrument [Line Items] | |
Borrowings | 28,000 |
Payments | (28,000) |
Unsecured Credit Facility | |
Debt Instrument [Line Items] | |
Borrowings | 540,000 |
Payments | $ (540,000) |
Schedule of Net Amount Availabl
Schedule of Net Amount Available Under Facility (Detail) - USD ($) | Dec. 30, 2023 | Apr. 14, 2023 | Dec. 31, 2022 |
Accounts Receivable Repurchase Facility | |||
Debt Instrument [Line Items] | |||
Gross amount available | $ 200,000,000 | $ 200,000,000 | |
Outstanding | (155,000,000) | $ 0 | |
Available for withdrawal | 45,000,000 | ||
Unsecured Credit Facility | |||
Debt Instrument [Line Items] | |||
Gross amount available | 500,000,000 | ||
Letters of credit | (8,400,000) | ||
Available for withdrawal | $ 491,600,000 |
Schedule of Highest and Lowest
Schedule of Highest and Lowest Outstanding Balance Under Facility (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Accounts Receivable Repurchase Facility | |
Debt Instrument [Line Items] | |
Unsecured credit facility | $ 180,000 |
Accounts Receivable Securitization Facility | |
Debt Instrument [Line Items] | |
Unsecured credit facility | 28,000 |
Unsecured Credit Facility | |
Debt Instrument [Line Items] | |
Unsecured credit facility | $ 174,000 |
Aggregate Maturities of Debt Ou
Aggregate Maturities of Debt Outstanding (Including Capital Leases) (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2025 | $ 155,000 |
2026 | 400,000 |
Thereafter | 500,000 |
Total | $ 1,055,000 |
Reconciliation of Debt Issuance
Reconciliation of Debt Issuance Costs and Debt Discounts to the Net Carrying Value for Each Debt Obligation (Excluding Line of Credit Arrangements) (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Mar. 09, 2021 | Sep. 28, 2016 |
Debt Instrument [Line Items] | ||||
Face Value | $ 900,000 | $ 900,000 | ||
Debt issuance costs and debt discount | 6,856 | 8,158 | ||
Net carrying value | 893,144 | 891,842 | ||
2031 Notes | ||||
Debt Instrument [Line Items] | ||||
Face Value | 500,000 | 500,000 | $ 500,000 | |
Debt issuance costs and debt discount | 5,277 | 6,006 | ||
Net carrying value | 494,723 | 493,994 | ||
2026 Notes | ||||
Debt Instrument [Line Items] | ||||
Face Value | 400,000 | 400,000 | $ 400,000 | |
Debt issuance costs and debt discount | 1,579 | 2,152 | ||
Net carrying value | $ 398,421 | $ 397,848 |
Schedule of Deferred Compensati
Schedule of Deferred Compensation Amount Outstanding (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Deferral elections outstanding | $ 27,578 | $ 25,449 |
Current portion of deferral elections | (1,371) | (1,774) |
Long-term portion of deferral elections | $ 26,207 | $ 23,675 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Millions | Dec. 30, 2023 | Dec. 31, 2022 |
VIE | ||
Variable Interest Entity [Line Items] | ||
Gross distribution rights notes receivable | $ 134.4 | $ 144.6 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Oct. 07, 2023 USD ($) | Dec. 30, 2023 USD ($) Distributor | Dec. 31, 2022 USD ($) Distributor | Jan. 01, 2022 USD ($) | |
Fair Value Disclosures [Line Items] | ||||
Number of independent distributors | Distributor | 3,000 | 3,400 | ||
Reserve for distributor notes receivable | $ | $ 14.9 | $ 14.8 | $ 0.1 | $ 1.9 |
Maximum | ||||
Fair Value Disclosures [Line Items] | ||||
Financing period of distribution rights, years | 10 years |
Carrying Value of Distribution
Carrying Value of Distribution Rights Notes Receivable (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Distribution rights notes receivable | $ 133,335 | $ 163,354 |
Current portion recorded in accounts and notes receivable, net | (9,764) | (26,472) |
Long-term portion of distribution rights notes receivable | $ 123,571 | $ 136,882 |
Schedule of Fair Value of Notes
Schedule of Fair Value of Notes (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
2031 Notes | ||
Fair Value Disclosures [Line Items] | ||
Carrying Value | $ 494,723 | $ 493,994 |
2031 Notes | Level 2 Inputs | ||
Fair Value Disclosures [Line Items] | ||
Fair Value | 418,399 | |
2026 Notes | ||
Fair Value Disclosures [Line Items] | ||
Carrying Value | 398,421 | $ 397,848 |
2026 Notes | Level 2 Inputs | ||
Fair Value Disclosures [Line Items] | ||
Fair Value | $ 384,469 |
Schedule of Fair Value of Not_2
Schedule of Fair Value of Notes (Parenthetical) (Detail) | 12 Months Ended |
Dec. 30, 2023 | |
2026 Notes | |
Fair Value Disclosures [Line Items] | |
Senior notes due year | 2026 |
2031 Notes | |
Fair Value Disclosures [Line Items] | |
Senior notes due year | 2031 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | 252 Months Ended | ||||||
Dec. 30, 2023 | Oct. 07, 2023 | Jul. 15, 2023 | Apr. 22, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 30, 2023 | May 26, 2022 | Dec. 19, 2002 | |
Class Of Stock [Line Items] | ||||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | ||||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | |||||||
Common stock, voting rights | one vote for each share | |||||||||
Stock repurchase plan, shares authorized | 74,600,000 | |||||||||
Current shares available for repurchase | 22,500,000 | 22,500,000 | 22,500,000 | |||||||
Purchase of shares under accelerated share repurchase | 700,000 | 200,000 | 612,847 | 385,882 | 1,898,729 | 72,000,000 | ||||
Agreement to repurchase an aggregate of common stock | $ 14,910 | $ 4,647 | $ 15,263 | $ 10,981 | $ 45,801 | $ 34,586 | $ 9,510 | $ 733,300 | ||
Stock repurchase plan, increase in shares authorized | 20,000,000 | |||||||||
Series A Preferred Stock | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized | 200,000 | 200,000 | 200,000 | 200,000 | ||||||
Preferred stock, par value | $ 100 | $ 100 | $ 100 | $ 100 | ||||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | ||||||
Series B Preferred Stock | ||||||||||
Class Of Stock [Line Items] | ||||||||||
Preferred stock, shares authorized | 800,000 | 800,000 | 800,000 | 800,000 | ||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 |
Shares Repurchased Under SRP (D
Shares Repurchased Under SRP (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | 252 Months Ended | ||||
Dec. 30, 2023 | Oct. 07, 2023 | Jul. 15, 2023 | Apr. 22, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 30, 2023 | |
Equity [Abstract] | ||||||||
Total Number of Shares Purchased | 700,000 | 200,000 | 612,847 | 385,882 | 1,898,729 | 72,000,000 | ||
Total Cost of Shares Purchased | $ 14,910 | $ 4,647 | $ 15,263 | $ 10,981 | $ 45,801 | $ 34,586 | $ 9,510 | $ 733,300 |
Summary of Dividends Excluding
Summary of Dividends Excluding Dividends on Vested Stock-Based Compensation Awards (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Equity [Abstract] | |||
Dividends paid | $ 192,435 | $ 184,241 | $ 175,669 |
Dividends paid per share | $ 0.9100 | $ 0.8700 | $ 0.8300 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | May 21, 2014 | May 25, 2023 |
Omnibus Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional awards that will be issued under the EPIP | 0 | |
Awards granted, authorized amount | 8,000,000 | |
Amended and Restated Omnibus Plan | Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted, authorized amount | 9,340,000 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance-Contingent Total Shareholder Return Shares) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
2021 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares expected payout | 127% | ||||
Performance Contingent Total Shareholders Return Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | 3 years | 3 years | 2 years | |
Total Shareholders Return | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based payment award, fair value assumptions, method used | Inputs into the model included the following for the company and comparator companies: (i) TSR from the beginning of the performance cycle through the measurement date; (ii) volatility; (iii) risk-free interest rates; and (iv) the correlation of the comparator companies’ TSR. The inputs are based on historical capital market data. | ||||
Total Shareholders Return | Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to nonvested restricted stock granted by the EPIP | $ 11.6 | ||||
Expected weighted-average period to recognize compensation cost (years) | 1 year 10 months 6 days |
Performance Contingent Total Sh
Performance Contingent Total Shareholder Return Shares (Detail) - Total Shareholders Return | 12 Months Ended |
Dec. 30, 2023 | |
90th Percentile | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Payout as % of Target | 200% |
Percentile | 90% |
70th Percentile | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Payout as % of Target | 150% |
Percentile | 70% |
50th Percentile | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Payout as % of Target | 100% |
Percentile | 50% |
30th Percentile | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Payout as % of Target | 50% |
Percentile | 30% |
Below 30th Percentile | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Payout as % of Target | 0% |
Percentile | 30% |
Payout Percentage of Vested Tot
Payout Percentage of Vested Total Shareholder Return Shares (Detail) - Total Shareholders Return | 12 Months Ended |
Dec. 30, 2023 | |
2020 Award | Fiscal 2023 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Payout percentage | 148% |
2019 Award | Fiscal 2022 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Equity Instruments Other Than Options Restricted Stock Units [Line Items] | |
Payout percentage | 137% |
Performance Contingent TSR Shar
Performance Contingent TSR Shares (Detail) - Total Shareholders Return - Omnibus Plan shares in Thousands | 12 Months Ended |
Dec. 30, 2023 $ / shares shares | |
Granted on 1/3/2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 365 |
Vesting Date | Mar. 01, 2024 |
Fair Value per Share | $ / shares | $ 26.75 |
Granted on 10/10/2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 18 |
Vesting Date | Mar. 01, 2024 |
Fair Value per Share | $ / shares | $ 24.47 |
Granted on 1/2/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 331 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 31.97 |
Granted on 4/24/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 16 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 27.38 |
Granted on 7/17/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 3 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 27.06 |
Granted on 10/9/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 3 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 24.55 |
Granted on 1/1/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 338 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 33.52 |
Granted on 4/23/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 9 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 26.11 |
Granted on 9/1/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 25 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 23.04 |
Granted on 10/8/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 40 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 21.43 |
Stock-Based Compensation (Per_2
Stock-Based Compensation (Performance-Contingent Return on Invested Capital Shares) - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 02, 2021 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | ||||
Return On Invested Capital | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 1.75% | ||||
Return On Invested Capital | Range One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 1.75% | ||||
Return On Invested Capital | Range Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 3.75% | ||||
Return On Invested Capital | Range Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 4.75% | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Return on investment target over the three fiscal years immediately preceding the vesting date | 1.75% | ||||
Percentage of shares that can be earned | 0% | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Return on investment target over the three fiscal years immediately preceding the vesting date | 4.75% | ||||
Percentage of shares that can be earned | 125% | ||||
Maximum | 2019 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares being expensed current estimated payout | 125% | ||||
Maximum | 2020 & 2021 Award | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of shares being expensed | 100% | ||||
Weighted Average Cost of Capital | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 0% | ||||
Weighted Average Cost of Capital | Range One | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 50% | ||||
Weighted Average Cost of Capital | Range Two | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 100% | ||||
Weighted Average Cost of Capital | Range Three | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of payout, ROIC above WACC | 125% | ||||
Performance Contingent Return On Invested Capital Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 3 years | 3 years | 3 years | 3 years | 2 years |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 10.3 | ||||
Expected weighted-average period to recognize compensation cost (years) | 1 year 10 months 6 days |
Payout Percentage of ROIC Award
Payout Percentage of ROIC Awards (Detail) - Performance Contingent Return On Invested Capital Shares | 12 Months Ended |
Dec. 30, 2023 | |
2020 Award | Fiscal 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Payout percentage | 125% |
2019 Award | Fiscal 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Payout percentage | 125% |
Performance Contingent ROIC Sha
Performance Contingent ROIC Shares (Detail) - Return On Invested Capital - Omnibus Plan shares in Thousands | 12 Months Ended |
Dec. 30, 2023 $ / shares shares | |
Granted on 1/3/2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 365 |
Vesting Date | Mar. 01, 2024 |
Fair Value per Share | $ / shares | $ 22.63 |
Granted on 10/10/2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 18 |
Vesting Date | Mar. 01, 2024 |
Fair Value per Share | $ / shares | $ 24.47 |
Granted on 1/2/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 331 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 27.47 |
Granted on 4/24/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 16 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 27.38 |
Granted on 7/17/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 3 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 27.06 |
Granted on 10/9/2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 3 |
Vesting Date | Mar. 01, 2025 |
Fair Value per Share | $ / shares | $ 24.55 |
Granted on 1/1/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 338 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 28.74 |
Granted on 4/23/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 9 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 26.11 |
Granted on 9/1/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 25 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 23.04 |
Granted on 10/8/2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Granted | shares | 40 |
Vesting Date | Mar. 01, 2026 |
Fair Value per Share | $ / shares | $ 21.43 |
Performance-Contingent Restrict
Performance-Contingent Restricted Stock Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends at vesting | $ 2,780 | $ 2,260 | $ 234 |
Fiscal Year Vested 2023 | 2020 Award Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends at vesting | 2,154 | ||
Tax benefit | 1,424 | ||
Fair value at vesting | 24,652 | ||
Fiscal Year Vested 2022 | 2019 Award Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividends at vesting | 1,843 | ||
Tax benefit | 2,196 | ||
Fair value at vesting | $ 22,143 | ||
Total Shareholders Return | Fiscal Year Vested 2023 | 2020 Award Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares increase/(decrease) | 151,513 | ||
Total Shareholders Return | Fiscal Year Vested 2022 | 2019 Award Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares increase/(decrease) | 109,729 | ||
Return On Invested Capital | Fiscal Year Vested 2023 | 2020 Award Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares increase/(decrease) | 78,893 | ||
Return On Invested Capital | Fiscal Year Vested 2022 | 2019 Award Granted | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares increase/(decrease) | 74,154 |
Performance-Contingent Restri_2
Performance-Contingent Restricted Stock Activity (Detail) - Performance Contingent Restricted Stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Number of Shares | |||
Number of Shares, Balance at beginning of period | 2,009 | 1,972 | 1,264 |
Number of Shares, Initial grant | 824 | 706 | 766 |
Number of Shares, Vested | (868) | (778) | |
Number of Shares, Forfeitures | (179) | (75) | (58) |
Number of shares, Balance at end of period | 2,017 | 2,009 | 1,972 |
Weighted Average Fair Value | |||
Weighted Average Fair Value, Balance at beginning of period | $ 25.83 | $ 22.89 | $ 21.85 |
Weighted Average Fair Value, Initial grant | 29.37 | 29.41 | 24.66 |
Weighted Average Fair Value, Vested | 23.51 | 20.25 | |
Weighted Average Fair Value, Forfeitures | 27.80 | 25.48 | 23.27 |
Weighted Average Fair Value, Balance at end of period | $ 27.70 | $ 25.83 | $ 22.89 |
Performance Contingent Return On Invested Capital Shares | |||
Number of Shares | |||
Number of Shares, Grant increase for achieving the TSR modifier | 79 | 74 | |
Weighted Average Fair Value | |||
Weighted Average Fair Value, Grant increase for achieving the TSR modifier | $ 29.37 | $ 29.41 | |
Performance Contingent Total Shareholders Return Shares | |||
Number of Shares | |||
Number of Shares, Grant increase for achieving the TSR modifier | 152 | 110 | |
Weighted Average Fair Value | |||
Weighted Average Fair Value, Grant increase for achieving the TSR modifier | $ 29.37 | $ 29.41 |
Stock-Based Compensation (Per_3
Stock-Based Compensation (Performance-Contingent Restricted Stock) - Additional Information (Detail) - Performance Contingent Restricted Stock $ in Millions | 12 Months Ended |
Dec. 30, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 22 |
Expected weighted-average period to recognize compensation cost (years) | 1 year 10 months 6 days |
Stock-Based Compensation (Time-
Stock-Based Compensation (Time-Based Restricted Stock Units) - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||
May 23, 2019 | Jul. 15, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting date | --01-05 | ||||
Vesting period | 3 years | ||||
Time-Based Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted shares issued | 295 | 205 | 262 | ||
Time-Based Restricted Stock Units | Omnibus Plan | Chief Executive Officer | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted stock granted | $ 1 | ||||
Vesting term | This award vested 100% during the second quarter of Fiscal 2023. | ||||
Vested percentage | 100% | ||||
Restricted shares issued | 43,330 | ||||
Fair Value per Share | $ 23.08 |
Time-Based Restricted Stock Uni
Time-Based Restricted Stock Units (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Time-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 295 | 205 | 262 |
Granted on 1/3/2021 | Time-Based Restricted Stock Units | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 256 | ||
Vesting period | 3 years | ||
Fair Value per Share | $ 22.63 | ||
Granted on 10/10/2021 | Time-Based Restricted Stock Units | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 6 | ||
Vesting period | 3 years | ||
Fair Value per Share | $ 24.79 | ||
Granted on 1/2/2022 | Time-Based Restricted Stock Units | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 205 | ||
Vesting period | 3 years | ||
Fair Value per Share | $ 27.47 | ||
Granted on 1/1/2023 | Time-Based Restricted Stock Units | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 220 | ||
Vesting period | 3 years | ||
Fair Value per Share | $ 28.74 | ||
Granted on 2/27/2023 | Time-Based Restricted Stock Units | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 11 | ||
Vesting Date | Jan. 05, 2024 | ||
Fair Value per Share | $ 28.33 | ||
Granted on 9/1/2023 | Time-Based Restricted Stock Units | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 54 | ||
Vesting period | 3 years | ||
Fair Value per Share | $ 23.04 | ||
Granted on 9/17/2023 | Time-Based Restricted Stock Units | Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares Granted | 10 | ||
Vesting period | 3 years | ||
Fair Value per Share | $ 22.90 |
Time-Based Restricted Stock U_2
Time-Based Restricted Stock Units Activity (Detail) - Time-Based Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Balance at beginning of period | 462 | 492 | 387 |
Shares Granted | 295 | 205 | 262 |
Number of Shares, Vested | (251) | (215) | (137) |
Shares Forfeitures | (33) | (20) | (20) |
Number of shares, Balance at end of period | 473 | 462 | 492 |
Weighted Average Fair Value, Balance at beginning of period | $ 24.62 | $ 21.87 | $ 20.64 |
Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Grants In Period Weighted Average Grant Date Fair Value | 27.47 | 27.47 | 22.68 |
Weighted Average Fair Value, Vested | 23.78 | 21.03 | 19.98 |
Weighted Average Fair Value, Forfeitures | 26.87 | 24.39 | 21.56 |
Weighted Average Fair Value, Balance at end of period | $ 26.67 | $ 24.62 | $ 21.87 |
Stock-Based Compensation (Defer
Stock-Based Compensation (Deferred Stock) - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||
Dec. 30, 2023 | Oct. 07, 2023 | Jul. 15, 2023 | Jul. 16, 2022 | Apr. 23, 2022 | Dec. 30, 2023 | Aug. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Non Employee Directors | Annual Grants | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate shares elected to receive | 59,400 | ||||||
Deferred Stock | Non Employee Directors | Annual Grants | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
Aggregate shares elected to receive | 15,900 | 58,300 | 5,780 | ||||
Deferred Stock | Non Employee Directors | Prorated Portion of Annual Grant | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares vested | 1,980 | ||||||
Deferred Stock | Two Newly Elected Non-employee Directors | Prorated Portion of Annual Grant | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate shares elected to receive | 4,660 | ||||||
Deferred Stock Activity | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to nonvested restricted stock granted by the EPIP | $ 0.6 | $ 0.6 | |||||
Expected weighted-average period to recognize compensation cost (years) | 4 months 24 days | ||||||
Total fair value of shares vested | $ 1.6 | ||||||
Retainer Conversion | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Retainers conversion into deferred shares | 100% | ||||||
Vesting period | 1 year | ||||||
Director Retainer Deferrals | Deferred Stock | Non Employee Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate shares elected to receive | 14,249 | ||||||
Director Retainer Deferrals | Deferred Stock | Non Employee Directors | Omnibus Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate shares elected to receive | 3,479 | 3,640 |
Deferred and Restricted Stock A
Deferred and Restricted Stock Activity (Detail) - Deferred and restricted stock - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Number of Shares | |||
Number of Shares, Balance at beginning of period | 62 | 67 | 52 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 68 | 62 | 69 |
Number of Shares, Vested | (62) | (67) | (54) |
Number of shares, Balance at end of period | 68 | 62 | 67 |
Number of shares, Vested and deferred at end of period | 214 | 212 | 208 |
Weighted Average Fair Value | |||
Weighted Average Fair Value, Balance at beginning of period | $ 27.37 | $ 24 | $ 23.21 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 26.26 | 27.37 | 23.96 |
Weighted Average Fair Value, Vested | 27.37 | 24 | 23.19 |
Weighted Average Fair Value, Balance at end of period | $ 26.26 | $ 27.37 | $ 24 |
Deferred and Restricted Stock_2
Deferred and Restricted Stock Activity (Parenthetical) (Detail) - Deferred Stock - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
EPIP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 71,237 | 82,779 | 89,949 |
Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period | 142,582 | 128,978 | 118,360 |
Summary of Company's Stock-Base
Summary of Company's Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 26,945 | $ 25,822 | $ 21,343 |
Performance Contingent Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 19,654 | 18,943 | 15,061 |
Time-Based Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 6,381 | 5,184 | 4,747 |
Deferred Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 910 | $ 1,695 | $ 1,535 |
Basic and Diluted Earnings per
Basic and Diluted Earnings per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Earnings Per Share [Abstract] | |||
Net Income (Loss) | $ 123,416 | $ 228,394 | $ 206,187 |
Basic Earnings Per Common Share: | |||
Basic weighted average shares outstanding per common share | 211,630 | 211,895 | 211,840 |
Basic earnings per common share | $ 0.58 | $ 1.08 | $ 0.97 |
Diluted Earnings Per Common Share: | |||
Basic weighted average shares outstanding per common share | 211,630 | 211,895 | 211,840 |
Add: Shares of common stock assumed issued upon exercise of stock options, vesting of performance-contingent restricted stock and deferred stock | 1,726 | 1,332 | 1,193 |
Diluted weighted average shares outstanding per common share | 213,356 | 213,227 | 213,033 |
Diluted earnings per common share | $ 0.58 | $ 1.07 | $ 0.97 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Earnings Per Share [Abstract] | |||
Antidilutive Shares excluded from Computation of Earnings Per Share | 287,510 | 0 | 0 |
Summary of Company's Balance Sh
Summary of Company's Balance Sheet Related Pension and Other Postretirement Benefit Plan (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Pension and Other Postretirement Benefits Cost (Reversal of Cost) [Abstract] | ||
Noncurrent benefit asset | $ 6,494 | $ 4,902 |
Current benefit liability | 699 | 710 |
Noncurrent benefit liability | 5,798 | 5,814 |
AOCI, net of tax | $ (342) | $ (625) |
Postretirement Plans - Addition
Postretirement Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jan. 01, 2022 | Oct. 09, 2021 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2023 | Jul. 19, 2022 | |
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Settlement loss | $ 400,000 | ||||||
Expected pension cost for fiscal 2022 | $ 400,000 | ||||||
Postretirement Benefits, minimum years of service for eligibility | 10 years | ||||||
Postretirement Benefits, minimum age for eligibility | 60 years | ||||||
Expected company contribution | $ 463,000 | ||||||
Expense under plans | $ 592,000 | $ 629,000 | $ 1,306,000 | ||||
Contribution of pension fund in excess of total contribution | 5% | 5% | 5% | ||||
Multiemployer plans, minimum contribution | $ 0 | ||||||
Multi-employer pension plan withdrawal liability | $ 2,100,000 | $ 1,297,000 | $ 1,297,000 | $ 1,300,000 | |||
Multiemployer plan withdrawal liability of net present value monthly payments period | 20 years | ||||||
Multiemployer plans transition payments payable | $ 1,200,000 | ||||||
Multiemployer plan withdrawal liability estimate payment period | 3 years | ||||||
Minimum | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Retiree medical coverage provided | 3 years | ||||||
Maximum | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Retiree medical coverage provided | 5 years | ||||||
Pension plans | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Settlement loss | $ (403,000) | ||||||
Actual return (loss) on plan assets | $ 3,328,000 | $ (4,330,000) | $ 1,900,000 | ||||
Expected long-term rate of return and average annual return on plan assets | 5.90% | 5.90% | 5.70% | ||||
Contribution of company to company pension plans | $ 1,268,000 | $ 1,271,000 | $ 271,000 | ||||
Last Fifteen Years | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Expected long-term rate of return and average annual return on plan assets | 0.90% | ||||||
Administrative Expenses | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Expected long-term rate of return and average annual return on plan assets | 0.40% | ||||||
Non Qualified Pension Plans | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Expected company contribution | $ 300,000 | ||||||
Plan No. 2 | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Voluntarily contributions made by an employer | $ 1,000,000 | 1,000,000 | |||||
Expected long-term rate of return and average annual return on plan assets | 5.90% | ||||||
Postretirement Benefit Plans | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Contribution of company to company pension plans | $ 565,000 | 736,000 | |||||
Expected company contribution | 500,000 | ||||||
Contributions by participants | 282,000 | 392,000 | 500,000 | ||||
Multiemployer Plans | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Expense under plans | $ 300,000 | 700,000 | 1,000,000 | ||||
Red Zone | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Percentage of funded under multi employer plans | Less than 65 percent | ||||||
Yellow Zone | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Percentage of funded under multi employer plans | Between 65 and less than 80 percent | ||||||
Green Zone | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Percentage of funded under multi employer plans | At least 80 percent | ||||||
Plan No. 1 | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Voluntarily contributions made by an employer | 0 | ||||||
Required | Pension plans | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Contribution of company to company pension plans | $ 268,000 | 271,000 | $ 271,000 | ||||
Required | Non Qualified Pension Plans | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Contribution of company to company pension plans | 300,000 | ||||||
Required | Plan No. 2 | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Expected company contribution | $ 0 | ||||||
Discretionary | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Contribution of company to company pension plans | 1,000,000 | ||||||
Discretionary | Pension plans | |||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | |||||||
Contribution of company to company pension plans | $ 1,000,000 | $ 1,000,000 |
Components of Net Periodic Bene
Components of Net Periodic Benefit (Income) Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Settlement loss | $ (400) | |||
Total recognized in net periodic cost (benefit) and OCI | $ (390) | $ (2,851) | $ (1,426) | |
Pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 682 | 1,188 | 971 | |
Interest cost | 1,304 | 884 | 758 | |
Expected return on plan assets | (1,561) | (1,874) | (1,867) | |
Settlement loss | 403 | |||
Amortization of prior service cost (credit) | 57 | 57 | 57 | |
Amortization of net (gain) loss | 173 | 461 | 742 | |
Net periodic benefit (income) cost | 655 | 716 | 1,064 | |
Current year actuarial loss (gain) | (815) | (3,049) | (1,288) | |
Settlement loss | (403) | |||
Amortization of prior service (cost) credit | (57) | (57) | (57) | |
Amortization of actuarial gain (loss) | (173) | (461) | (742) | |
Total recognized in OCI | $ (1,045) | $ (3,567) | $ (2,490) | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component Excluding Settlement Loss Excluding Curtailment | Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component Excluding Settlement Loss Excluding Curtailment | Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component Excluding Settlement Loss Excluding Curtailment | |
Postretirement Benefit Plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 177 | $ 214 | $ 337 | |
Interest cost | 239 | 112 | 119 | |
Amortization of prior service cost (credit) | (234) | (237) | (3) | |
Amortization of net (gain) loss | (247) | (176) | (211) | |
Net periodic benefit (income) cost | (65) | (87) | 242 | |
Current year actuarial loss (gain) | 187 | (620) | 238 | |
Current year actuarial gain | (2,214) | |||
Amortization of prior service (cost) credit | 234 | 237 | 3 | |
Amortization of actuarial gain (loss) | 247 | 176 | 211 | |
Total recognized in OCI | 668 | (207) | (1,762) | |
Total recognized in net periodic cost (benefit) and OCI | $ 603 | $ (294) | $ (1,520) |
Funded Status and Amounts Recog
Funded Status and Amounts Recognized in Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Change in benefit obligation: | |||
Actuarial loss (gain) | $ (953) | $ 9,253 | $ 1,228 |
Change in plan assets: | |||
Noncurrent postretirement benefit plan asset | 6,494 | 4,902 | |
Current liability | (699) | (710) | |
Noncurrent liability | (5,798) | (5,814) | |
Pension plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 25,169 | 34,790 | |
Service cost | 682 | 1,188 | 971 |
Interest cost | 1,304 | 884 | 758 |
Actuarial loss (gain) | 953 | (9,253) | |
Benefits paid | (3,282) | (2,440) | |
Benefit obligation at end of year | 24,826 | 25,169 | 34,790 |
Change in plan assets: | |||
Fair value of plan assets at beginning of year | 28,090 | 33,589 | |
Actual return (loss) on plan assets | 3,328 | (4,330) | 1,900 |
Employer contribution | 1,268 | 1,271 | 271 |
Benefits paid | (3,282) | (2,440) | |
Fair value of plan assets at end of year | 29,404 | 28,090 | 33,589 |
Fair value of plan assets at end of year | 29,404 | 28,090 | 33,589 |
Benefit obligation at end of year | 24,826 | 25,169 | 34,790 |
Funded status and amount recognized at end of year | 4,578 | 2,921 | |
Noncurrent postretirement benefit plan asset | 6,494 | 4,902 | |
Current liability | (248) | (250) | |
Noncurrent liability | (1,668) | (1,731) | |
Amount recognized at end of year | 4,578 | 2,921 | |
Net actuarial (gain) loss before taxes | 3,415 | 4,403 | |
Prior service cost before taxes | 84 | 141 | |
Amounts recognized in accumulated other comprehensive income (loss) | 3,499 | 4,544 | |
Accumulated benefit obligation at end of year | 23,764 | 24,192 | |
Postretirement Benefit Plans | |||
Change in benefit obligation: | |||
Benefit obligation at beginning of year | 4,542 | 5,572 | |
Service cost | 177 | 214 | 337 |
Interest cost | 239 | 112 | 119 |
Participant contributions | 282 | 392 | 500 |
Actuarial loss (gain) | 187 | (620) | |
Benefits paid | (847) | (1,128) | |
Benefit obligation at end of year | 4,580 | 4,542 | 5,572 |
Change in plan assets: | |||
Employer contribution | 565 | 736 | |
Participant contributions | 282 | 392 | 500 |
Benefits paid | (847) | (1,128) | |
Benefit obligation at end of year | 4,580 | 4,542 | $ 5,572 |
Funded status and amount recognized at end of year | (4,580) | (4,542) | |
Current liability | (451) | (459) | |
Noncurrent liability | (4,130) | (4,083) | |
Amount recognized at end of year | (4,581) | (4,542) | |
Net actuarial (gain) loss before taxes | (1,297) | (1,730) | |
Prior service cost before taxes | (1,745) | (1,979) | |
Amounts recognized in accumulated other comprehensive income (loss) | $ (3,042) | $ (3,709) |
Schedule of Actuarial Gain_(los
Schedule of Actuarial Gain/(loss) on Defined Benefit Obligations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Retirement Benefits [Abstract] | |||
Amount of (Gain)/Loss on Defined Benefit Obligation | $ 953 | $ (9,253) | $ (1,228) |
Schedule of Actuarial Gain_(l_2
Schedule of Actuarial Gain/(loss) on Defined Benefit Obligations (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Retirement Benefits [Abstract] | |||
defined benefit plan obligations, interest rate basis points | 33% | 260% | 30% |
Weighted Average Assumptions Us
Weighted Average Assumptions Used for Pension Plans (Detail) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pension plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine Measurement date | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted average assumptions used to determine benefit obligations, Discount rate | 5.32% | 5.65% | 3.06% |
Weighted average assumptions used to determine benefit obligations, Rate of compensation increase | 3% | 3% | 3% |
Weighted average assumptions used to determine Measurement date | Jan. 01, 2023 | Jan. 01, 2022 | Jan. 01, 2021 |
Weighted average assumptions used to determine net periodic benefit cost/(income), Discount rate | 5.65% | 3.06% | 2.78% |
Weighted average assumptions used to determine net periodic benefit cost/(income), Expected return on plan assets | 5.90% | 5.90% | 5.70% |
Weighted average assumptions used to determine net periodic benefit cost/(income), Rate of compensation increase | 3% | 3% | 3% |
Postretirement Benefit Plans | Benefit Obligations | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine Measurement date | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Weighted average assumptions used to determine benefit obligations, Discount rate | 5.43% | 2.60% | 2.11% |
Health care cost trend rate, Initial rate | 7% | 6.25% | 6.50% |
Health care cost trend rate, Ultimate rate | 5% | 5% | 5% |
Health care cost trend rate, Year trend reaches the ultimate rate | 2031 | 2027 | 2027 |
Postretirement Benefit Plans | Net Periodic Benefit Cost | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Weighted average assumptions used to determine Measurement date | Jan. 01, 2023 | Jan. 01, 2022 | Jan. 01, 2021 |
Weighted average assumptions used to determine net periodic benefit cost/(income), Discount rate | 5.09% | 5.43% | 2.60% |
Health care cost trend rate, Initial rate | 7% | 7% | 6.25% |
Health care cost trend rate, Ultimate rate | 5% | 5% | 5% |
Health care cost trend rate, Year trend reaches the ultimate rate | 2032 | 2031 | 2027 |
Plans Fair Value of Plan Assets
Plans Fair Value of Plan Assets by Asset Class (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Pension plans | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | $ 29,404 | $ 28,090 | $ 33,589 |
Short Term Investments And Cash | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 501 | 622 | |
Common Stocks | International Common Stocks | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 2,401 | 2,788 | |
Common Stocks | U.S. Common Stocks | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 4,425 | 4,956 | |
Fixed Income Securities | US Treasury Securities | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 14,975 | ||
Fixed Income Securities | Domestic Corporate Debt Securities | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 22,077 | 4,749 | |
Level 1 | Pension plans | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 29,404 | 28,090 | |
Level 1 | Short Term Investments And Cash | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 501 | 622 | |
Level 1 | Common Stocks | International Common Stocks | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 2,401 | 2,788 | |
Level 1 | Common Stocks | U.S. Common Stocks | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 4,425 | 4,956 | |
Level 1 | Fixed Income Securities | US Treasury Securities | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | 14,975 | ||
Level 1 | Fixed Income Securities | Domestic Corporate Debt Securities | |||
Schedule of Pension Plan Assets by Fair Value [Line Items] | |||
Fair value of plan assets | $ 22,077 | $ 4,749 |
Plan Asset and Target Asset All
Plan Asset and Target Asset Allocations (Detail) - Plan No. 2 | Dec. 30, 2023 | Dec. 31, 2022 |
Schedule Of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Percentage of Plan Assets at the Measurement Date | 100% | 100% |
Equity Securities | ||
Schedule Of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Target Allocation 2024 | 23% | |
Percentage of Plan Assets at the Measurement Date | 23% | 28% |
Fixed Income Securities | ||
Schedule Of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Target Allocation 2024 | 75% | |
Percentage of Plan Assets at the Measurement Date | 75% | 70% |
Short Term Investments And Cash | ||
Schedule Of Defined Benefit Plan Asset Allocation Targets [Line Items] | ||
Target Allocation 2024 | 2% | |
Percentage of Plan Assets at the Measurement Date | 2% | 2% |
Company Contributions (Detail)
Company Contributions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Defined Contribution and Defined Benefit Plans [Line Items] | |||
Expected company contribution | $ 463 | ||
Pension plans | |||
Defined Contribution and Defined Benefit Plans [Line Items] | |||
Contribution of company to company pension plans | 1,268 | $ 1,271 | $ 271 |
401K (DC Plan) | |||
Defined Contribution and Defined Benefit Plans [Line Items] | |||
Contribution of company to company pension plans | 565 | 736 | 931 |
Required | Pension plans | |||
Defined Contribution and Defined Benefit Plans [Line Items] | |||
Contribution of company to company pension plans | 268 | 271 | $ 271 |
Discretionary | |||
Defined Contribution and Defined Benefit Plans [Line Items] | |||
Contribution of company to company pension plans | 1,000 | ||
Discretionary | Pension plans | |||
Defined Contribution and Defined Benefit Plans [Line Items] | |||
Contribution of company to company pension plans | $ 1,000 | $ 1,000 |
Benefits Expected to be Paid fr
Benefits Expected to be Paid from Plans Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Pension plans | ||||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ||||
Benefits paid | $ 3,282 | $ 2,440 | ||
2024 | 4,744 | |||
2025 | 2,233 | |||
2026 | 1,963 | |||
2027 | 1,971 | |||
2028 | 1,746 | |||
2029 - 2033 | 7,674 | |||
Pension plans | Includes Plan No 1 and No 2 Single Lump Sum | ||||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ||||
Benefits paid | [1] | $ 3,361 | ||
Pension plans | Includes Plan No 1 and No 2 Single Lump Sum | ||||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ||||
Benefits paid | [2] | 2,440 | ||
Pension plans | Includes Plan No 1 and No 2 Single Lump Sum | ||||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ||||
Benefits paid | [3] | 3,282 | ||
Postretirement Benefit Plans | ||||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ||||
Benefits paid | 847 | 1,128 | ||
Postretirement Benefit Plans | Employer Gross Contribution | ||||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ||||
Benefits paid | 565 | $ 736 | $ 931 | |
2024 | 463 | |||
2025 | 483 | |||
2026 | 511 | |||
2027 | 504 | |||
2028 | 513 | |||
2029 - 2033 | $ 2,326 | |||
[1] Includes $ 1.7 million from Plan No. 2 paid as lump sums. Includes $ 0.9 million from Plan No. 2 paid as lump sums. Includes $ 1.7 million from Plan No. 2 paid as lump sums. |
Benefits Expected to be Paid _2
Benefits Expected to be Paid from Plans Assets (Parenthetical) (Detail) - Includes Plan No 1 and No 2 Single Lump Sum - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Lump Sums Plan No. 1 | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Distributions from existing plan assets | $ 1.7 | ||
Lump Sums Plan No. 2 | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Distributions from existing plan assets | $ 0.9 | ||
Lump Sums Plan No. 2 | |||
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | |||
Distributions from existing plan assets | $ 1.7 |
Employer Contributions (Detail)
Employer Contributions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
EIN | 58-2582379 | ||
IAM National Pension Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
EIN | 51-6031295 | ||
Pension Plan No. | 002 | ||
Pension Protection Act | Red | ||
FIP/RP Status Pending/ Implemented | Implemented | ||
Contributions | $ 0 | $ 125 | $ 136 |
Surcharge Imposed | No | ||
Retail Wholesale And Department Store International Union And Industry Pension Fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
EIN | 63-0708442 | ||
Pension Plan No. | 001 | ||
FIP/RP Status Pending/ Implemented | Implemented | ||
Contributions | 211 | ||
Surcharge Imposed | No | ||
Western Conference Of Teamsters Pension Trust | |||
Defined Benefit Plan Disclosure [Line Items] | |||
EIN | 91-6145047 | ||
Pension Plan No. | 001 | ||
Pension Protection Act | Green | ||
FIP/RP Status Pending/ Implemented | No | ||
Contributions | $ 288 | $ 258 | $ 266 |
Surcharge Imposed | No | ||
Expiration Date of Collective Bargaining Agreement | Feb. 07, 2027 |
Summary of Total Cost and Emplo
Summary of Total Cost and Employer Contributions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
401(k) Retirement Savings Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total cost and employer contributions | $ 31,378 | $ 29,425 | $ 28,081 |
Components of Income Tax Expens
Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||
Current Taxes: Federal | $ 63,351 | $ 54,462 | $ 46,018 |
Current Taxes: State | 13,680 | 14,409 | 11,790 |
Current Taxes: Total | 77,031 | 68,871 | 57,808 |
Deferred Taxes: Federal | (36,474) | 3,508 | 6,946 |
Deferred Taxes: State | (6,866) | (2,062) | (169) |
Deferred Income Taxes, Total | (43,340) | 1,446 | 6,777 |
Income tax expense | $ 33,691 | $ 70,317 | $ 64,585 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Taxes [Line Items] | |||
Corporate income tax rate | 21% | 21% | 21% |
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Unrecognized tax benefit, accrued interest | 0 | 0 | |
Deferred tax asset for newly effective legislation requiring capitalization of certain expenses | 32,500,000 | $ 14,900,000 | |
Deferred tax asset, legal settlement accrued for repurchase of distribution rights | 33,400,000 | ||
Domestic Tax Authority | |||
Income Taxes [Line Items] | |||
Federal net operating loss carryforwards | 2,200,000 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
State net operating loss carryforwards | 3,300,000 | ||
Credit carryforwards | 7,600,000 | ||
Operating loss carryforwards, valuation allowance | $ 1,600,000 | ||
State and Local Jurisdiction | Earliest Tax Year | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards expiration date | Dec. 31, 2024 | ||
Credit carryforwards expiration date | Dec. 31, 2027 | ||
State and Local Jurisdiction | Latest Tax Year | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards expiration date | Dec. 31, 2040 | ||
Credit carryforwards expiration date | Dec. 31, 2034 |
Reconciliation of Effective Tax
Reconciliation of Effective Tax Amount (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||
Tax at U.S. federal income tax rate | $ 32,992 | $ 62,729 | $ 56,862 |
State income taxes, net of federal income tax benefit | 5,383 | 9,754 | 9,181 |
Net share-based windfalls | (1,960) | (2,219) | (104) |
Excess executive compensation | 1,950 | 2,218 | 1,480 |
Tax credits | (2,655) | (2,263) | (2,506) |
Other | (2,019) | 98 | (328) |
Income tax expense | $ 33,691 | $ 70,317 | $ 64,585 |
Components of Deferred Tax Asse
Components of Deferred Tax Assets and (Liabilities) (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Self-insurance | $ 8,478 | $ 6,507 |
Compensation and employee benefits | 10,292 | 9,991 |
Deferred income | 2,643 | 3,834 |
Loss and credit carryforwards | 13,111 | 13,138 |
Equity-based compensation | 8,636 | 7,692 |
Legal accrual | 33,407 | 1,369 |
Pension and postretirement benefits | 384 | |
Financing and operating lease right-of-use liabilities | 72,011 | 72,470 |
Capitalized software and research and development costs | 32,519 | 14,898 |
Other | 9,975 | 7,101 |
Valuation allowance | (1,586) | (1,030) |
Deferred tax assets | 189,486 | 136,354 |
Depreciation | (77,931) | (74,402) |
Intangibles | (125,555) | (119,380) |
Financing and operating lease right-of-use assets | (69,987) | (70,385) |
Hedging | (322) | (700) |
Pension and postretirement benefits | (143) | |
Other | (6,793) | (6,319) |
Deferred tax liabilities | (280,731) | (271,186) |
Net deferred tax liability | $ (91,245) | $ (134,832) |
Reconciliation of Total Amounts
Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) | Dec. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefit at beginning of fiscal year | $ 0 | $ 0 |
Unrecognized tax benefit at end of fiscal year | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |||||
Aug. 29, 2023 USD ($) Californiaterritory DistributionTerritory Plaintiff | Jun. 07, 2022 USD ($) | Apr. 26, 2022 USD ($) DistributionRights | Dec. 30, 2023 USD ($) Lawsuits | Oct. 07, 2023 DistributionTerritory | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||||
Self-insurance reserves, current liabilities | $ 38,003,000 | $ 30,599,000 | ||||
Alleged complaints | Lawsuits | 24 | |||||
Number of distribution territories repurchased | DistributionTerritory | 350 | |||||
Class and / or Collective action treatment | ||||||
Loss Contingencies [Line Items] | ||||||
Alleged complaints | Lawsuits | 8 | |||||
Individual claims or do not seek class or collective action treatment or, in cases class treatment was sought | ||||||
Loss Contingencies [Line Items] | ||||||
Alleged complaints | Lawsuits | 16 | |||||
Plaintiffs' motions for class certification | ||||||
Loss Contingencies [Line Items] | ||||||
Alleged complaints | Lawsuits | 3 | |||||
Noll Maine | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuit filing date | Dec. 03, 2015 | |||||
Legal settlement | $ 16,500,000 | |||||
Number of distribution rights repurchased | DistributionRights | 75 | |||||
Loss contingency, estimated cost | $ 6,600,000 | |||||
Noll Maine | Other Accrued Liabilities | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimated cost | 4,700,000 | |||||
Noll Maine | Settlement Funds | ||||||
Loss Contingencies [Line Items] | ||||||
Legal settlement | 9,000,000 | |||||
Noll Maine | Attorneys Fees | ||||||
Loss Contingencies [Line Items] | ||||||
Legal settlement | $ 7,500,000 | |||||
Richard Louisiana | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuit filing date | Oct. 21, 2015 | |||||
Coronado Mexico | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuit filing date | Apr. 27, 2016 | |||||
Legal settlement | $ 137,500 | |||||
Martins Florida | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuit filing date | Nov. 08, 2016 | |||||
Ludlow California | ||||||
Loss Contingencies [Line Items] | ||||||
Lawsuit filing date | Jun. 06, 2018 | |||||
Number of plaintiffs | Plaintiff | 475 | |||||
Number Of Territories Distribution Rights Associated With Repurchased | DistributionTerritory | 350 | |||||
Number Of Additional Territories Not Part Of Settlement | Californiaterritory | 50 | |||||
Loss contingency, estimated cost | $ 80,200,000 | |||||
Ludlow California | Other Accrued Liabilities | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimated cost | 65,300,000 | |||||
Ludlow California | Contra Account to Notes Receivable | ||||||
Loss Contingencies [Line Items] | ||||||
Loss contingency, estimated cost | 14,900,000 | |||||
Ludlow California | Common Funds | ||||||
Loss Contingencies [Line Items] | ||||||
Legal settlement | $ 55,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event | Feb. 16, 2024 $ / shares |
Subsequent Event [Line Items] | |
Dividend declaration date | Feb. 16, 2024 |
Dividend per share on common stock | $ 0.23 |
Dividend to be paid date | Mar. 15, 2024 |
Dividend record date | Mar. 01, 2024 |