Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Feb. 13, 2014 | Jul. 13, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 28-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'FLO | ' | ' |
Entity Registrant Name | 'FLOWERS FOODS INC | ' | ' |
Entity Central Index Key | '0001128928 | ' | ' |
Current Fiscal Year End Date | '--12-28 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 208,605,692 | ' |
Entity Public Float | ' | ' | $4,640,977,140 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $8,530 | $13,275 |
Accounts and notes receivable, net of allowances of $1,598 and $386, respectively | 253,967 | 256,235 |
Inventories: | ' | ' |
Raw materials | 37,071 | 32,731 |
Packaging materials | 21,188 | 18,885 |
Finished goods | 42,592 | 39,394 |
Inventories, net | 100,851 | 91,010 |
Spare parts and supplies | 47,956 | 45,239 |
Deferred taxes | 31,790 | 29,198 |
Other | 44,311 | 29,494 |
Total current assets | 487,405 | 464,451 |
Property, Plant and Equipment: | ' | ' |
Land | 99,201 | 75,610 |
Buildings | 444,357 | 378,255 |
Machinery and equipment | 1,075,467 | 964,377 |
Furniture, fixtures and transportation equipment | 107,866 | 97,110 |
Construction in progress | 41,117 | 21,645 |
Property, Plant and Equipment, Gross, Total | 1,768,008 | 1,536,997 |
Less: accumulated depreciation | -901,004 | -811,161 |
Property, plant and equipment, net | 867,004 | 725,836 |
Notes Receivable | 142,845 | 102,723 |
Assets Held for Sale - Distributor Routes | 26,564 | 30,116 |
Other Assets | 41,082 | 14,442 |
Goodwill | 282,404 | 269,897 |
Other Intangible Assets, net | 656,710 | 388,384 |
Total assets | 2,504,014 | 1,995,849 |
Current Liabilities: | ' | ' |
Current maturities of long-term debt and capital lease obligations | 31,272 | 71,996 |
Accounts payable | 151,935 | 153,956 |
Other accrued liabilities | 144,575 | 129,006 |
Total current liabilities | 327,782 | 354,958 |
Long-term debt: | ' | ' |
Total long-term debt and capital lease obligations | 892,478 | 535,016 |
Other Liabilities: | ' | ' |
Post-retirement/post-employment obligations | 44,226 | 159,158 |
Deferred taxes | 112,140 | 39,206 |
Other long-term liabilities | 51,199 | 48,891 |
Total other long-term liabilities | 207,565 | 247,255 |
Stockholders' Equity: | ' | ' |
Common stock - $.01 stated par value and $.001 current par value, 500,000,000 authorized shares, 228,729,585 shares and 152,488,008 shares issued, respectively | 199 | 199 |
Treasury stock - 20,166,635 shares and 14,214,819 shares, respectively | -190,481 | -196,465 |
Capital in excess of par value | 593,355 | 571,924 |
Retained earnings | 735,631 | 597,629 |
Accumulated other comprehensive loss | -62,515 | -114,667 |
Total stockholders' equity | 1,076,189 | 858,620 |
Total liabilities and stockholders' equity | 2,504,014 | 1,995,849 |
Series A Preferred Stock | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, value | ' | ' |
Additional Series Of Preferred Stock | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred Stock, value | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts and notes receivable, allowances | $1,598 | $386 |
Preferred stock, shares authorized | 1,000,000 | ' |
Common stock, par value | $0.00 | $0.01 |
Common stock, authorized shares | 500,000,000 | 500,000,000 |
Common stock, shares issued | 228,729,585 | 152,488,008 |
Treasury stock, shares | 20,166,635 | 14,214,819 |
Series A Preferred Stock | ' | ' |
Preferred stock, par value | $100 | $100 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Additional Series Of 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_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Sales | $3,751,005 | $3,046,491 | $2,773,356 |
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately below) | 1,972,221 | 1,617,810 | 1,473,201 |
Selling, distribution and administrative expenses | 1,375,131 | 1,107,480 | 1,016,491 |
Depreciation and amortization | 118,491 | 102,690 | 94,638 |
Gain on acquisition | -50,071 | ' | ' |
Income from operations | 335,233 | 218,511 | 189,026 |
Interest expense | 28,875 | 23,411 | 10,172 |
Interest income | -16,015 | -13,672 | -13,112 |
Income before income taxes | 322,373 | 208,772 | 191,966 |
Income tax expense | 91,479 | 72,651 | 68,538 |
Net income | $230,894 | $136,121 | $123,428 |
Basic: | ' | ' | ' |
Net income per common share | $1.11 | $0.66 | $0.61 |
Weighted average shares outstanding | 207,935 | 205,005 | 203,081 |
Diluted: | ' | ' | ' |
Net income per common share | $1.09 | $0.66 | $0.60 |
Weighted average shares outstanding | 211,927 | 207,674 | 205,322 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net income. | $230,894 | $136,121 | $123,428 |
Pension and postretirement plans: | ' | ' | ' |
Prior service credit for the period | 682 | ' | ' |
Net gain (loss) for the period | 55,637 | -16,214 | -41,117 |
Amortization of prior service credit included in net income | -158 | -158 | -158 |
Amortization of actuarial loss included in net income | 3,307 | 2,944 | 1,750 |
Pension and postretirement plans, net of tax | 59,468 | -13,428 | -39,525 |
Derivative instruments: | ' | ' | ' |
Net change in fair value of derivatives | -24,457 | -1,546 | -17,851 |
Loss (gain) reclassified to net income | 17,141 | 12,354 | -20,962 |
Derivative instruments, net of tax | -7,316 | 10,808 | -38,813 |
Other comprehensive income (loss), net of tax | 52,152 | -2,620 | -78,338 |
Comprehensive income | $283,046 | $133,501 | $45,090 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock |
In Thousands, except Share data | ||||||
Balances at Jan. 01, 2011 | $795,790 | $199 | $540,294 | $503,689 | ($33,709) | ($214,683) |
Balances (in shares) at Jan. 01, 2011 | ' | 101,659,924 | ' | ' | ' | -11,011,494 |
Net income | 123,428 | ' | ' | 123,428 | ' | ' |
Derivative instruments, net of tax | -38,813 | ' | ' | ' | -38,813 | ' |
Pension and postretirement plans, net of tax | -39,525 | ' | ' | ' | -39,525 | ' |
Adjustment for 3 for 2 stock split (in shares) | ' | 50,828,084 | ' | ' | ' | -5,375,912 |
Adjustment for 3 for 2 stock split (Note 14) | -39 | ' | ' | -39 | ' | ' |
Stock repurchases (in shares) | ' | ' | ' | ' | ' | -1,155,103 |
Stock repurchases | -26,598 | ' | ' | ' | ' | -26,598 |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | 803,090 |
Exercise of stock options | 12,933 | ' | -2,512 | ' | ' | 15,445 |
Issuance of performance-contingent restricted stock awards | ' | ' | -4,213 | ' | ' | 4,213 |
Issuance of performance-contingent restricted stock awards (in shares) | ' | ' | ' | ' | ' | 216,050 |
Issuance of deferred stock awards | -41 | ' | -1,160 | ' | ' | 1,119 |
Issuance of deferred stock awards (in shares) | ' | ' | ' | ' | ' | 56,505 |
Amortization of share-based compensation awards | 12,982 | ' | 12,982 | ' | ' | ' |
Income tax benefits related to share-based payments | 2,932 | ' | 2,932 | ' | ' | ' |
Performance-contingent restricted stock awards forfeitures and cancellations (in shares) | ' | ' | ' | ' | ' | -51,630 |
Performance-contingent restricted stock awards forfeitures and cancellations | ' | ' | 961 | ' | ' | -961 |
Issuance of deferred compensation (in shares) | ' | ' | ' | ' | ' | 11,672 |
Issuance of deferred compensation | ' | ' | -219 | ' | ' | 219 |
Contingent acquisition consideration | -5,000 | ' | -5,000 | ' | ' | ' |
Dividends paid per common share | -79,081 | ' | ' | -79,081 | ' | ' |
Balances at Dec. 31, 2011 | 758,968 | 199 | 544,065 | 547,997 | -112,047 | -221,246 |
Balances (in shares) at Dec. 31, 2011 | ' | 152,488,008 | ' | ' | ' | -16,506,822 |
Net income | 136,121 | ' | ' | 136,121 | ' | ' |
Derivative instruments, net of tax | 10,808 | ' | ' | ' | 10,808 | ' |
Pension and postretirement plans, net of tax | -13,428 | ' | ' | ' | -13,428 | ' |
Shares issued for acquisition | 45,887 | ' | 16,628 | ' | ' | 29,259 |
Shares issued for acquisition (in shares) | ' | ' | ' | ' | ' | 2,178,648 |
Stock repurchases (in shares) | ' | ' | ' | ' | ' | -935,742 |
Stock repurchases | -18,726 | ' | ' | ' | ' | -18,726 |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | 1,047,297 |
Exercise of stock options | 13,881 | ' | -329 | ' | ' | 14,210 |
Issuance of deferred stock awards | ' | ' | -610 | ' | ' | 610 |
Issuance of deferred stock awards (in shares) | ' | ' | ' | ' | ' | 45,405 |
Amortization of share-based compensation awards | 9,373 | ' | 9,373 | ' | ' | ' |
Income tax benefits related to share-based payments | 2,225 | ' | 2,225 | ' | ' | ' |
Performance-contingent restricted stock awards forfeitures and cancellations (in shares) | ' | ' | ' | ' | ' | -45,252 |
Performance-contingent restricted stock awards forfeitures and cancellations | ' | ' | 606 | ' | ' | -606 |
Issuance of deferred compensation (in shares) | ' | ' | ' | ' | ' | 1,647 |
Issuance of deferred compensation | ' | ' | -34 | ' | ' | 34 |
Dividends paid on vested performance-contingent restricted stock and deferred share awards | -255 | ' | ' | -255 | ' | ' |
Dividends paid per common share | -86,234 | ' | ' | -86,234 | ' | ' |
Balances at Dec. 29, 2012 | 858,620 | 199 | 571,924 | 597,629 | -114,667 | -196,465 |
Balances (in shares) at Dec. 29, 2012 | ' | 152,488,008 | ' | ' | ' | -14,214,819 |
Net income | 230,894 | ' | ' | 230,894 | ' | ' |
Derivative instruments, net of tax | -7,316 | ' | ' | ' | -7,316 | ' |
Pension and postretirement plans, net of tax | 59,468 | ' | ' | ' | 59,468 | ' |
Adjustment for 3 for 2 stock split (in shares) | ' | 76,241,577 | ' | ' | ' | -6,860,135 |
Adjustment for 3 for 2 stock split (Note 14) | -52 | ' | ' | -52 | ' | ' |
Stock repurchases (in shares) | -435,935 | ' | ' | ' | ' | -367,623 |
Stock repurchases | -8,819 | ' | ' | ' | ' | -8,819 |
Exercise of stock options (in shares) | ' | ' | ' | ' | ' | 1,158,590 |
Exercise of stock options | 13,685 | ' | 508 | ' | ' | 13,177 |
Issuance of deferred stock awards | ' | ' | -752 | ' | ' | 752 |
Issuance of deferred stock awards (in shares) | ' | ' | ' | ' | ' | 54,120 |
Amortization of share-based compensation awards | 14,725 | ' | 14,725 | ' | ' | ' |
Income tax benefits related to share-based payments | 7,824 | ' | 7,824 | ' | ' | ' |
Performance-contingent restricted stock awards supplemental grant for exceeding TSR (in shares) | ' | ' | ' | ' | ' | 63,232 |
Performance-contingent restricted stock awards supplemental grant for exceeding TSR (Note 15) | ' | ' | -874 | ' | ' | 874 |
Dividends paid on vested performance-contingent restricted stock and deferred share awards | -386 | ' | ' | -386 | ' | ' |
Dividends paid per common share | -92,454 | ' | ' | -92,454 | ' | ' |
Balances at Dec. 28, 2013 | $1,076,189 | $199 | $593,355 | $735,631 | ($62,515) | ($190,481) |
Balances (in shares) at Dec. 28, 2013 | ' | 228,729,585 | ' | ' | ' | -20,166,635 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 1 Months Ended | 12 Months Ended | |||
22-May-13 | 25-May-11 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Stock split ratio | 1.5 | 1.5 | 1.5 | ' | 1.5 |
Dividends paid, per common share | ' | ' | $0.44 | $0.42 | $0.39 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Lepage Bakeries Inc | Distributor Notes Receivable | Distributor Notes Receivable | Distributor Notes Receivable | ||||
Cash flows provided by (disbursed for) operating activities: | ' | ' | ' | ' | ' | ' | ' |
Net income | $230,894 | $136,121 | $123,428 | ' | ' | ' | ' |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' |
Gain on acquisition | -50,071 | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 118,491 | 102,690 | 94,638 | ' | ' | ' | ' |
Stock-based compensation | 15,943 | 10,116 | 13,638 | ' | ' | ' | ' |
Loss (gain) reclassified from accumulated other comprehensive income to net income | 27,055 | 17,272 | -38,038 | ' | ' | ' | ' |
Deferred income taxes | 6,485 | 11,450 | -1,700 | ' | ' | ' | ' |
Provision for inventory obsolescence | 1,210 | 947 | 765 | ' | ' | ' | ' |
Allowances for accounts receivable | 4,110 | 1,991 | 414 | ' | ' | ' | ' |
Pension and postretirement plans (benefit) expense | -2,041 | 1,570 | 222 | ' | ' | ' | ' |
Other | -5,701 | -1,182 | -162 | ' | ' | ' | ' |
Qualified pension plan contributions | -14,818 | -18,143 | -12,230 | ' | ' | ' | ' |
Changes in operating assets and liabilities, net of acquisitions and disposals: | ' | ' | ' | ' | ' | ' | ' |
Accounts and notes receivable, net | 1,114 | -64,182 | -283 | ' | ' | ' | ' |
Inventories, net | -10,708 | -13,366 | -6,457 | ' | ' | ' | ' |
Hedging activities, net | -39,325 | -1,850 | -25,874 | ' | ' | ' | ' |
Other assets | -22,151 | 1,431 | -749 | ' | ' | ' | ' |
Accounts payable | -702 | 28,529 | -5,187 | ' | ' | ' | ' |
Other accrued liabilities | 10,699 | 3,486 | -8,135 | ' | ' | ' | ' |
Net cash provided by operating activities | 270,484 | 216,880 | 134,290 | ' | ' | ' | ' |
Cash flows provided by (disbursed for) investing activities: | ' | ' | ' | ' | ' | ' | ' |
Purchase of property, plant and equipment | -99,181 | -67,259 | -79,162 | ' | ' | ' | ' |
Repurchase of independent distributor territories | -26,418 | -17,849 | -14,581 | ' | ' | ' | ' |
Principal payments from notes receivable | 21,596 | 16,498 | 12,629 | ' | ' | ' | ' |
Acquisition of businesses, net of cash acquired | -415,813 | -318,476 | -164,485 | ' | ' | ' | ' |
Contingent acquisition consideration payments | ' | ' | -5,000 | ' | ' | ' | ' |
Proceeds from sale of new distribution territories | 13,965 | ' | ' | ' | ' | ' | ' |
Proceeds from sale of property, plant and equipment | 2,966 | 1,301 | 12,104 | ' | ' | ' | ' |
Other | ' | 348 | 556 | ' | ' | ' | ' |
Net cash disbursed for investing activities | -502,885 | -385,437 | -237,939 | ' | ' | ' | ' |
Cash flows provided by (disbursed for) financing activities: | ' | ' | ' | ' | ' | ' | ' |
Dividends paid, including dividends on share-based payment awards | -92,840 | -86,489 | -79,081 | ' | ' | ' | ' |
Exercise of stock options | 13,685 | 13,881 | 12,933 | ' | ' | ' | ' |
Excess windfall tax benefit related to share-based payment awards | 7,781 | 2,318 | 3,073 | ' | ' | ' | ' |
Payments for debt issuance costs | ' | -3,882 | ' | ' | ' | ' | ' |
Payment of financing fees | -2,456 | -558 | -2,108 | ' | ' | ' | ' |
Stock repurchases | -8,819 | -18,726 | -26,598 | ' | ' | ' | ' |
Change in bank overdrafts | -499 | 6,684 | 521 | ' | ' | ' | ' |
Proceeds from debt borrowings | 2,169,950 | 1,482,481 | 1,071,100 | ' | ' | ' | ' |
Debt and capital lease obligation payments | -1,859,094 | -1,221,660 | -875,083 | ' | ' | ' | ' |
Other | -52 | ' | -80 | ' | ' | ' | ' |
Net cash provided by financing activities | 227,656 | 174,049 | 104,677 | ' | ' | ' | ' |
Net (decrease) increase in cash and cash equivalents | -4,745 | 5,492 | 1,028 | ' | ' | ' | ' |
Cash and cash equivalents at beginning of period | 13,275 | 7,783 | 6,755 | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 8,530 | 13,275 | 7,783 | ' | ' | ' | ' |
Schedule of non cash investing and financing activities: | ' | ' | ' | ' | ' | ' | ' |
Issuance of deferred compensation to common stock equivalent units | ' | 34 | 219 | ' | ' | ' | ' |
Capital and right-to-use lease obligations | 8,971 | 4,867 | 1,404 | ' | ' | ' | ' |
Issuance of notes receivable on new distribution territories | ' | ' | ' | 17,663 | 22,611 | 1,891 | 833 |
Shares issued for acquisition | ' | 45,887 | ' | ' | ' | ' | ' |
Purchase of property, plant and equipment included in accounts payable | 435 | 3,310 | ' | ' | ' | ' | ' |
Cash paid during the period for: | ' | ' | ' | ' | ' | ' | ' |
Interest, net of capitalized interest | 25,996 | 16,106 | 9,588 | ' | ' | ' | ' |
Income taxes paid, net of refunds of $323, $7,194 and $430, respectively | $83,525 | $56,377 | $70,122 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income tax refunds | $323 | $7,194 | $430 |
Basis_of_Presentation
Basis of Presentation | 12 Months Ended | |
Dec. 28, 2013 | ||
Basis of Presentation | ' | |
Note 1. | Basis of Presentation | |
General. Flowers Foods, Inc. (the “company”) is one of the largest producers and marketers of bakery products in the United States. The company consists of two business segments: direct-store-delivery (“DSD Segment”) and warehouse delivery segment (“Warehouse Segment”). The DSD segment focuses on the production and marketing of bakery products to U.S. customers from New England to Florida and west through the South, Southwest, and into California. The Warehouse Segment produces snack cakes and breads and rolls that are shipped both fresh and frozen to national retail, foodservice, vending, and co-pack customers through their warehouse channels. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
Note 2. | Summary of Significant Accounting Policies | ||||||||||||||||
Principles 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. | |||||||||||||||||
Variable Interest Entities. The incorporated independent distributors (“IDs”) who deliver our products qualify as variable interest entities (“VIEs”). The company typically finances the ID and also enters into a contract with the ID to sell product at a fixed discount for distribution in the ID’s territory. The combination of the company’s loans to the IDs and the ongoing supply arrangements with the IDs provides a level of protection to the equity owners of the various IDs that would not otherwise be available. However, 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 distributor territories or (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 company’s maximum exposure related to the distributor route notes receivable of these VIEs is less than 10% of the total distributor route notes receivable for the consolidated company. See Note 12, Variable Interest Entity, for additional disclosure. | |||||||||||||||||
Fiscal Year End. The company operates on a 52-53 week fiscal year ending the Saturday nearest December 31. Fiscal 2013, fiscal 2012, and fiscal 2011 consisted of 52 weeks. Fiscal 2014 will consist of 53 weeks. | |||||||||||||||||
Revenue Recognition. The company recognizes revenue from the sale of product at the time of delivery when title and risk of loss pass to the customer. 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. Price promotion discount expense is recorded as a reduction to gross sales when the discounted product is sold to the customer. Coupon expense estimates are calculated and recorded as a reduction to gross sales using the number of coupons dropped to consumers and the estimated redemption percentage and value, at the time the coupons are issued. Estimates for customer rebates assume that customers will meet the estimates of required quantities to qualify for payment and are recorded as a reduction to gross sales. Cooperative advertising expense is recorded as a reduction to gross sales based on our proportion of the estimated advertising costs of the underlying program and are recognized at the time the advertising takes place. Product returns are recorded as a reduction to gross sales based on the actual returns in the week following the quarter end. | |||||||||||||||||
The consumer packaged goods industry has used scan-based trading technology over several years to share information between the supplier and retailer. An extension of this technology allows the retailer to take ownership of our goods when the consumer purchases the goods rather than at the time they are delivered to the retailer. Consequently, revenue on these sales is not recognized until the product is purchased by the consumer. This technology is referred to as pay-by-scan (“PBS”). In fiscal years 2013, 2012, and 2011, the company recorded $1,116.4 million, $863.4 million, and $821.0 million, respectively, in sales through PBS. | |||||||||||||||||
Revenue on PBS sales is recognized when the product is purchased by the end consumer because that is when title and risk of loss is transferred. Non-PBS sales are recognized when the product is delivered to the customer since that is when title and risk of loss is transferred. | |||||||||||||||||
The company’s production facilities deliver our products to independent distributors, who deliver our products to outlets of retail accounts that are within the distributors’ geographic territory. PBS is utilized primarily in certain national and regional retail accounts (“PBS Outlet”). Generally, no revenue is recognized by the company upon delivery of our products by the company to the distributor or upon delivery of our products by the distributor to a PBS Outlet. It is recognized when our products are purchased by the end consumer. Product inventory in the PBS Outlet is reflected as inventory on the company’s balance sheet. The balance of PBS inventory at December 28, 2013 and December 29, 2012 was $6.4 million and $5.6 million, respectively. | |||||||||||||||||
A distributor performs a physical inventory of our products at each PBS Outlet weekly and reports the results to the company. The inventory data submitted by the distributor for each PBS Outlet is compared with the product delivery data. Product delivered to a PBS Outlet that is not recorded in the inventory data has been purchased by the consumer/customer of the PBS Outlet and is recorded as sales revenue by the company. | |||||||||||||||||
The company repurchases territories from and sells territories to independent distributors from time to time. At the time the company purchases a territory from an independent distributor, the fair value purchase price of the territory is recorded as “Assets Held for Sale — Distributor Routes”. Upon the sale of that territory to a new independent distributor, generally a note receivable of up to ten years is recorded for the sales price of the territory (for those situations when the company provides direct financing to the distributor) with a corresponding credit to assets held for sale to relieve the carrying amount of the territory. Any difference between the amount of the note receivable (i.e., the sales price) and the territory’s carrying value is recorded as a gain or a loss in selling, distribution and administrative expenses because the company considers its distributor activity a cost of distribution. Since the distributor has the right to require the company to repurchase the territory at the original purchase price within the first six-month period following the date of sale, no gain is recorded on the sale of the territory until after the six-month period is completed (except that gains of $5,000 or less are recognized immediately upon the sale). Upon expiration of the six-month period, the amount deferred during this period is recorded and the remaining gain on the sale is recorded over the remaining term of the note. In instances where a territory is sold for less than its carrying value, a loss is recorded at the date of sale and any impairment of a territory held for sale is recorded at such time when the impairment occurs. The deferred gains were $22.4 million and $17.3 million at December 28, 2013 and December 29, 2012, respectively, and are recorded in other long-term liabilities on the Consolidated Balance Sheet. The company recorded net gains of $5.5 million during fiscal 2013, $2.6 million during fiscal 2012, and $2.4 million during fiscal 2011 related to the sale of territories as a component of selling, distribution and administrative expenses. | |||||||||||||||||
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 as cash and cash equivalents. | |||||||||||||||||
Accounts Receivable. Accounts receivable consists of trade receivables, current portions of distributor notes receivable, and miscellaneous receivables. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments for trade receivables, distributor notes receivable, and miscellaneous receivables. Bad debts are charged to this reserve after all attempts to collect the balance are exhausted. If the financial condition of the company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. In determining past due or delinquent status of a customer, the aged trial balance is reviewed on a weekly basis by sales management and generally any accounts older than seven weeks are considered delinquent. Activity in the allowance for doubtful accounts is as follows (amounts in thousands): | |||||||||||||||||
Beginning | Charged to | Write-Offs | Ending | ||||||||||||||
Balance | Expense | and Other | Balance | ||||||||||||||
Fiscal 2013 | $ | 386 | $ | 4,110 | $ | 2,898 | $ | 1,598 | |||||||||
Fiscal 2012 | $ | 171 | $ | 1,991 | $ | 1,776 | $ | 386 | |||||||||
Fiscal 2011 | $ | 522 | $ | 414 | $ | 765 | $ | 171 | |||||||||
The increase from fiscal 2012 to fiscal 2013 for the amount charged to the allowance for accounts receivable was from a significant increase in the number of new customers added during the year. These new customers contributed to the volume increases recognized in our overall sales increases. | |||||||||||||||||
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 years 2013, 2012 and 2011 accounted for 43.5%, 45.1% and 45.6% of sales, respectively. Our largest customer, Walmart/Sam’s Club, percent of sales for fiscal years 2013, 2012 and 2011 was as follows: | |||||||||||||||||
Percent of Sales | |||||||||||||||||
DSD | Warehouse | Total | |||||||||||||||
Fiscal 2013 | 17 | % | 3.1 | % | 20.1 | % | |||||||||||
Fiscal 2012 | 17.5 | % | 3.2 | % | 20.7 | % | |||||||||||
Fiscal 2011 | 17.8 | % | 3.8 | % | 21.6 | % | |||||||||||
Inventories. Inventories at December 28, 2013 and December 29, 2012 are valued at lower of cost or market. Costs for raw materials and packaging are recorded at moving average cost. Finished goods inventories are at average costs. | |||||||||||||||||
The company will write down inventory to market for estimated unmarketable inventory equal to the difference between the cost of inventory and the estimated market 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 | ||||||||||||||
Balance | Expense | and Other | Balance | ||||||||||||||
Fiscal 2013 | $ | 38 | $ | 1,210 | $ | 1,155 | $ | 93 | |||||||||
Fiscal 2012 | $ | 58 | $ | 947 | $ | 967 | $ | 38 | |||||||||
Fiscal 2011 | $ | 231 | $ | 765 | $ | 938 | $ | 58 | |||||||||
Shipping Costs. Shipping costs are included in the selling, distribution and administrative line item of the Consolidated Statements of Income. For fiscal years 2013, 2012, and 2011, shipping costs were $815.8 million, $675.6 million, and $630.1 million, respectively, including delivery fees paid to independent distributors. | |||||||||||||||||
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. | |||||||||||||||||
Property, Plant and Equipment and Depreciation. Property, plant and equipment is stated at cost. Depreciation expense is computed using the straight-line method based on the estimated useful lives of the depreciable assets. Certain equipment held under capital leases of $22.5 million and $15.6 million at December 28, 2013 and December 29, 2012, respectively, is classified as property, plant and equipment and the related obligations are recorded as liabilities. Depreciation of assets held under capital leases is included in depreciation and amortization expense. Total accumulated depreciation for assets held under capital leases was $7.0 million and $5.6 million at December 28, 2013 and December 29, 2012, respectively. | |||||||||||||||||
Buildings are depreciated over ten to forty years, machinery and equipment over three to twenty-five years, and furniture, fixtures, and transportation equipment over three to fifteen years. Property under capital leases and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the property. Depreciation expense for fiscal years 2013, 2012, and 2011 was $106.7 million, $93.4 million and $87.5 million, respectively. The company recorded an immaterial amount of capitalized interest during fiscal 2013, 2012, and 2011. 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 income from operations. | |||||||||||||||||
Goodwill and Other Intangible Assets. The company accounts for goodwill in a purchase business combination as the excess of the cost over the fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. The company tests goodwill for impairment on an annual basis (or an interim basis if an event occurs that indicates the fair value of a reporting unit may be below its carrying value) using a two-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. No impairment resulted from the annual review performed in fiscal years 2013, 2012, or 2011. Identifiable intangible assets that are determined to have an indefinite useful economic life are not amortized, but are separately tested for impairment, at least annually, using a one-step fair value based approach or when certain indicators of potential impairment are present. We also reassess the indefinite-lived classification to determine if it is appropriate to reclassify these as finite lived assets that will require amortization. See Note 6, Goodwill and Other Intangible Assets, for additional disclosure. | |||||||||||||||||
Impairment of Long-Lived Assets. The company determines whether there has been an impairment of long-lived assets, excluding goodwill, and identifiable intangible assets that are determined to have indefinite useful economic lives, when indicators of potential impairment are present. In the event that facts and circumstances indicate that the cost of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to market value is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying values, thereby possibly requiring an impairment charge in the future. There were no impairment charges during fiscal years 2013, 2012, or 2011. | |||||||||||||||||
Derivative Financial Instruments. 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, and shortening, along with pulp, paper, and petroleum-based packaging products. The company uses natural gas as fuel for firing ovens. The company also periodically enters into interest rate derivatives to hedge exposure to changes in interest rates. The company measures the fair value of its derivative portfolio using the fair value as 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. When quoted market prices for identical assets or liabilities are not available, the company bases fair value upon internally developed models that use current market observable inputs, such as exchange-quoted futures prices and yield curves. See Note 8, Derivative Financial Instruments, for additional disclosure. | |||||||||||||||||
Treasury Stock. The company records acquisitions of its common stock for treasury at cost. Differences between 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 14, Stockholders’ Equity, for additional disclosure. | |||||||||||||||||
Advertising and Marketing Costs. Advertising and marketing costs are expensed the first time the advertising takes place. Advertising and marketing costs were $28.1 million, $19.1 million, and $16.8 million for fiscal years 2013, 2012, and 2011, 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 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. See Note 15, Stock-Based Compensation, for additional disclosure. | |||||||||||||||||
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. The net balance of capitalized software development costs included in plant, property and equipment was $14.8 million and $7.5 million at December 28, 2013 and December 29, 2012, respectively. Amortization expense of capitalized software development costs, which is included in depreciation and amortization expense in the Consolidated Statements of Income, was $3.2 million, $1.6 million, and $1.4 million in fiscal years 2013, 2012, and 2011, respectively. | |||||||||||||||||
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 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 were 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 asset 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 19, Income Taxes, for additional disclosure. | |||||||||||||||||
Activity in the deferred tax asset valuation allowance is as follows (amounts in thousands): | |||||||||||||||||
Beginning | Charged to | Other | Ending | ||||||||||||||
Balance | (Income) | Balance | |||||||||||||||
Fiscal 2013 | $ | 4,545 | $ | (1,650 | ) | $ | 0 | $ | 2,895 | ||||||||
Fiscal 2012 | $ | 4,874 | $ | (782 | ) | $ | 453 | $ | 4,545 | ||||||||
Fiscal 2011 | $ | 2,691 | $ | (415 | ) | $ | 2,598 | $ | 4,874 | ||||||||
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 on 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 and historical trends and data. Though the company does not expect them to do so, actual settlements and claims could differ materially from those estimated. Material differences in actual settlements and claims could have an adverse effect on our results of operations and financial condition. | |||||||||||||||||
Net Income Per Common Share. Basic net income per share is computed by dividing net income by 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. Our nonvested performance contingent restricted stock awards granted prior to the February 9, 2010 grant are considered participating securities since the share-based awards contain a non-forfeitable right to dividend equivalents irrespective of whether the awards ultimately vest. As a result, we computed basic earnings per common share under the two-class method for those awards. The performance contingent restricted stock awards granted on and after February 9, 2010 do not contain a non-forfeitable right to dividend equivalents and are included in the computation for diluted net income per share. See Note 17, Earnings Per Share, for additional disclosure. | |||||||||||||||||
Pension/OPEB Obligations. The company records net periodic benefit costs and obligations related to its three defined benefit pension and two other post employment benefit (“OPEB”) plans based on actuarial valuations. These valuations reflect key assumptions determined by management, including the discount rate and expected long-term rate of return on plan assets. The expected long-term rate of return assumption considers the asset mix of the plans’ portfolios, past performance of these assets, the anticipated future economic environment, and long-term performance of individual asset classes, and other factors. Material changes in benefit costs and obligations may occur in the future due to experience different than assumed and changes in these assumptions. Future benefit obligations and annual benefit costs could be impacted by changes in the discount rate, changes in the expected long-term rate of return, changes in the level of contributions to the plans’, and other factors. Effective January 1, 2006, the company curtailed its largest defined benefit pension plan that covered the majority of its workforce. Benefits under this plan were frozen, and no future benefits will accrue under this plan. The company still maintains a smaller unfrozen pension plan for certain eligible unionized employees. | |||||||||||||||||
The company determines the fair value of substantially all its plans’ assets utilizing market quotes rather than developing “smoothed” values, “market related” values, or other modeling techniques. Plan asset gains or losses in a given year are included with other actuarial gains and losses due to remeasurement of the plans’ projected benefit obligations (“PBO”). If the total unrecognized gain or loss exceeds 10% of the larger of (i) the PBO or (ii) the market value of plan assets, the excess of the total unrecognized gain, or loss is amortized over the expected average future lifetime of participants in the frozen pension plans. 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. See Note 18, Postretirement Plans, for additional disclosure. | |||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. | |||||||||||||||||
Other Comprehensive Income. The company reports comprehensive income in two separate but consecutive financial statements. In December 2011, the FASB issued guidance to present reclassifications out of accumulated other comprehensive income. See Note 16, Accumulated Other Comprehensive Income (Loss), for these additional required disclosure. |
New_Accounting_Pronouncements_
New Accounting Pronouncements Not Yet Adopted | 12 Months Ended | |
Dec. 28, 2013 | ||
New Accounting Pronouncements Not Yet Adopted | ' | |
Note 3. | New Accounting Pronouncements Not Yet Adopted | |
In December 2011, the FASB issued guidance for offsetting (netting) assets and liabilities. This guidance requires entities to disclose both gross information and net information about both instruments and transactions subject to an agreement similar to a master netting agreement. This includes derivatives, sale and repurchase agreements, and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements. These disclosures allow users of the financial statements to understand the effect of those arrangements on its financial position. In January 2013 an amendment was issued for this guidance. This amendment clarifies that the scope applies to derivative accounting including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. This guidance is effective for annual reporting periods beginning on or after January 1, 2013 and interim periods within those annual periods. These requirements are retrospective for all comparative periods. The company is still analyzing the potential impact of this guidance on the company’s Consolidated Financial Statements. This guidance will be effective for our fiscal 2014 which began on December 29, 2013. Our fiscal 2013 began on December 30, 2012 which was before the effective date of this new guidance. | ||
We have reviewed other recently issued accounting pronouncements and concluded that they are either not applicable to our business or that no material effect is expected as a result of future adoption. |
Notes_Receivable
Notes Receivable | 12 Months Ended | |
Dec. 28, 2013 | ||
Notes Receivable | ' | |
Note 4. | Notes Receivable | |
The company provides direct financing to certain independent distributors for the purchase of the distributors’ territories and records the notes receivable on the Consolidated Balance Sheets. The territories are financed for up to ten years. During fiscal years 2013, 2012, and 2011, $16.0 million, $13.7 million, and $13.1 million, respectively, was recorded as interest income relating to the distributor notes. The distributor notes are collateralized by the independent distributors’ territories. Additional details are included in Note 13, Fair Value of Financial Instruments. |
Assets_Held_for_Sale_Distribut
Assets Held for Sale - Distributor Routes | 12 Months Ended | |
Dec. 28, 2013 | ||
Assets Held for Sale - Distributor Routes | ' | |
Note 5. | Assets Held for Sale — Distributor Routes | |
The company purchases territories from and sells territories to independent distributors from time to time. The company repurchases territories from independent distributors in circumstances when the company decides to exit a territory or when the distributor elects to terminate their relationship with the company. In the event the company decides to exit a territory or ceases to utilize the independent distribution form of doing business, the company is contractually required to purchase the territory from the independent distributor. In the event an independent distributor terminates their relationship with the company, the company, although not legally obligated, normally repurchases and operates that territory as a company-owned territory. The independent distributors may also sell their territories to another person or entity. Territories purchased from independent distributors and operated as company-owned territories are recorded on the company’s Consolidated Balance Sheet as “Assets Held for Sale — Distributor Routes” while the company actively seeks another distributor to purchase the territory. At December 28, 2013 and December 29, 2012, territories recorded as assets held for sale were $26.6 million and $30.1 million, respectively. The company held for sale and operated approximately 625 and 310 independent distributor territories at December 28, 2013 and December 29, 2012, respectively. The carrying value of each territory is recorded as an asset held for sale, is not amortized, and is evaluated for impairment as required. | ||
Territories held for sale and operated by the company are sold to independent distributors at the fair market value of the territory. Subsequent to the purchase of a territory by the distributor, in accordance with the terms of the distributor arrangement, the independent distributor has the right to require the company to repurchase the territory and truck, if applicable, at the original purchase price paid by the distributor within the six-month period following the date of sale. The company is not required to repay interest paid by the distributor during such six-month period. If the truck is leased, the company will assume the lease payment if the territory is repurchased during the six-month period. Should the independent distributor wish to sell the territory after the six-month period has expired, the company has the right of first refusal. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Note 6. | Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
The table below summarizes our goodwill and other intangible assets at December 28, 2013 and December 29, 2012, respectively, each of which is explained in additional detail below (amounts in thousands): | |||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Goodwill | $ | 282,404 | $ | 269,897 | |||||||||||||||||||||
Amortizable intangible assets, net of amortization | 201,710 | 201,884 | |||||||||||||||||||||||
Indefinite-lived intangible assets | 455,000 | 186,500 | |||||||||||||||||||||||
Total goodwill and other intangible assets | $ | 939,114 | $ | 658,281 | |||||||||||||||||||||
The changes in the carrying amount of goodwill, by segment, during fiscal 2012 and fiscal 2013, are as follows (amounts in thousands): | |||||||||||||||||||||||||
DSD | Warehouse | Total | |||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 212,629 | $ | 7,101 | $ | 219,730 | |||||||||||||||||||
Change in goodwill related to acquisitions | 50,167 | — | 50,167 | ||||||||||||||||||||||
Balance as of December 29, 2012 | $ | 262,796 | $ | 7,101 | $ | 269,897 | |||||||||||||||||||
Change in goodwill related to acquisitions | 12,507 | — | 12,507 | ||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 275,303 | $ | 7,101 | $ | 282,404 | |||||||||||||||||||
The table below presents the changes to goodwill by acquisition from December 31, 2011 to December 29, 2012 (amounts in thousands): | |||||||||||||||||||||||||
Lepage | Tasty | Total | |||||||||||||||||||||||
Adjustment for spare parts and supplies | $ | — | $ | 76 | $ | 76 | |||||||||||||||||||
Adjustment for inventory | — | 42 | 42 | ||||||||||||||||||||||
Adjustment to assets held for sale | — | (69 | ) | (69 | ) | ||||||||||||||||||||
Adjustment for accrued liabilities | — | 169 | 169 | ||||||||||||||||||||||
Acquisitions during fiscal 2012 | 49,949 | — | 49,949 | ||||||||||||||||||||||
Change in goodwill during fiscal 2012 | $ | 49,949 | $ | 218 | $ | 50,167 | |||||||||||||||||||
The table below presents the changes to goodwill by acquisition from December 29, 2012 to December 28, 2013 (amounts in thousands): | |||||||||||||||||||||||||
Modesto | Acquired Hostess | Lepage | Other | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Working capital adjustments | $ | — | $ | — | $ | 315 | $ | — | $ | 315 | |||||||||||||||
Acquisition-related tax adjustments | — | — | (1,016 | ) | — | (1,016 | ) | ||||||||||||||||||
Adjustment to assets held for sale | — | — | 63 | — | 63 | ||||||||||||||||||||
Adjustment for accrued liabilities | — | — | 2,394 | — | 2,394 | ||||||||||||||||||||
Adjustment to property, plant and equipment | — | — | — | 1,123 | 1,123 | ||||||||||||||||||||
Acquisitions during fiscal 2013 | 4,209 | 5,419 | — | — | 9,628 | ||||||||||||||||||||
Change in goodwill during fiscal 2013 | $ | 4,209 | $ | 5,419 | $ | 1,756 | $ | 1,123 | $ | 12,507 | |||||||||||||||
The Modesto, Acquired Hostess Bread Assets, and Lepage acquisitions are discussed in Note 7, Acquisitions, below. Changes were made to goodwill during fiscal 2013 and 2012 to correct errors for certain prior period acquisitions that are past their measurement periods. Lepage goodwill increased by $0.9 million for an adjustment to accrued liabilities and was corrected during the fourth quarter of fiscal year 2013. Other goodwill increased by $1.1 million for an adjustment to property, plant and equipment and was corrected during the second quarter of fiscal year 2013. | |||||||||||||||||||||||||
As of December 28, 2013 and December 29, 2012, the company had the following amounts related to amortizable intangible assets (amounts in thousands): | |||||||||||||||||||||||||
28-Dec-13 | 29-Dec-12 | ||||||||||||||||||||||||
Asset | Cost | Accumulated | Net Value | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | Value | |||||||||||||||||||||||
Trademarks | $ | 71,727 | $ | 11,697 | $ | 60,030 | $ | 71,727 | $ | 9,243 | $ | 62,484 | |||||||||||||
Customer relationships | 169,921 | 32,688 | 137,233 | 157,921 | 24,275 | 133,646 | |||||||||||||||||||
Non-compete agreements | 4,274 | 2,751 | 1,523 | 4,274 | 1,719 | 2,555 | |||||||||||||||||||
Distributor relationships | 4,123 | 1,199 | 2,924 | 4,123 | 924 | 3,199 | |||||||||||||||||||
Supplier agreements | 1,050 | 1,050 | — | 1,050 | 1,050 | — | |||||||||||||||||||
Total | $ | 251,095 | $ | 49,385 | $ | 201,710 | $ | 239,095 | $ | 37,211 | $ | 201,884 | |||||||||||||
As of December 28, 2013 and December 29, 2012, there was $455.0 million and $186.5 million of indefinite-lived intangible trademark assets separately identified from goodwill, respectively. These trademarks are classified as indefinite-lived because they are well established brands, many older than forty years old 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 the expected economic benefits. The increase in the indefinite-lived intangible trademark assets originated with the acquisitions of the Acquired Hostess Assets described in Note 7, Acquisitions, during fiscal 2013. | |||||||||||||||||||||||||
Net amortization expense for fiscal 2013, 2012, and 2011 was as follows (amounts in thousands): | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Total | $ | 11,741 | $ | 9,253 | $ | 7,176 | |||||||||||||||||||
Estimated amortization of intangibles for 2014 and the next four years thereafter is as follows (amounts in thousands): | |||||||||||||||||||||||||
Amortization of | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
2014 | $ | 11,741 | |||||||||||||||||||||||
2015 | $ | 11,495 | |||||||||||||||||||||||
2016 | $ | 11,069 | |||||||||||||||||||||||
2017 | $ | 10,597 | |||||||||||||||||||||||
2018 | $ | 10,449 |
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Acquisitions | ' | ||||||||||||||||||||||||
Note 7. | Acquisitions | ||||||||||||||||||||||||
Modesto acquisition | |||||||||||||||||||||||||
On July 27, 2013, the company completed the acquisition of certain assets related to a bun line in Modesto, California that will serve the California market for a total cash payment of $10.3 million. This acquisition is included in our DSD Segment and the total goodwill recorded for this acquisition was $4.2 million. | |||||||||||||||||||||||||
Acquired Hostess Assets | |||||||||||||||||||||||||
On July 19, 2013, the company completed its acquisition of the Acquired Hostess Bread Assets for a total cash payment of $355.3 million. The company had previously announced its agreement with Hostess to purchase the Acquired Hostess Bread Assets for $360.0 million, and the bankruptcy court approved the sale in March 2013. The final purchase price paid by the company was adjusted to $355.3 million as a result of a purchase price adjustment related to the Butternut trademark. | |||||||||||||||||||||||||
The company previously filed a complaint in July 2008 alleging that Hostess infringed upon Flowers Foods’ Nature’s Own trademarks by using or intending to use the Nature’s Pride trademark. This lawsuit was settled at the closing of the Acquired Hostess Bread Assets acquisition and we recorded a $1.4 million gain during the twelve weeks ended October 5, 2013 to reflect our estimate of the settlement fair value, determined as the saved future legal expenses as a result of the settlement, at closing. The gain was recorded in selling, distribution and administrative expense in our Consolidated Statements of Income. | |||||||||||||||||||||||||
We believe the acquisition of the Acquired Hostess Bread Assets strengthens the company’s position as the second-largest baker in the U.S. by adding brands and bakeries that are expected to enhance our ability to steadily expand the geographic reach of our fresh breads, buns, rolls and snack cakes into new markets. The Acquired Hostess Bread Assets are included in our DSD Segment. Late in our third quarter we began to re-introduce the newly acquired brands into markets we currently serve through our DSD Segment and new markets as we expand into new regions of the country. The re-introduction of the brands will continue throughout fiscal 2014. | |||||||||||||||||||||||||
During fiscal 2013, the company incurred $16.0 million of acquisition-related costs for the Acquired Hostess Bread Assets. A second proposed Hostess asset purchase agreement provided for the purchase of the Beefsteak brand for $30.0 million. This second agreement was topped by another bidder and the agreement terminated. In connection with this termination we received a break-up fee of $0.9 million during the first quarter of 2013. The acquisition-related costs for the Acquired Hostess Assets and the break-up fee related to the second proposed Hostess acquisition are recorded in the selling, distribution and administrative expense line item in our Consolidated Statements of Income. | |||||||||||||||||||||||||
The following table summarizes the consideration paid for the Acquired Hostess Bread Assets and liabilities assumed based on the estimated fair value at the acquisition date (amounts in thousands and are preliminary): | |||||||||||||||||||||||||
Fair value of consideration transferred: | |||||||||||||||||||||||||
Cash consideration transferred | $ | 355,342 | |||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||||
Property, plant, and equipment | $ | 160,673 | |||||||||||||||||||||||
Identifiable intangible asset — trademarks | 189,000 | ||||||||||||||||||||||||
Financial assets | 1,650 | ||||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired | $ | 351,323 | |||||||||||||||||||||||
Gain on legal settlement | (1,400 | ) | |||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired and gain on settlement | $ | 349,923 | |||||||||||||||||||||||
Goodwill | $ | 5,419 | |||||||||||||||||||||||
The goodwill is expected to be deductible for tax purposes and is included in our DSD Segment. The fair values of the Acquired Hostess Bread Assets are provisional. Revenues were $26.6 million for the Acquired Hostess Bread Assets during fiscal 2013. The identified intangible assets in the table above were assigned indefinite lives and are discussed in Note 6, Goodwill and Other Intangible Assets. The above purchase price allocation is preliminary. | |||||||||||||||||||||||||
Sara Lee California and Earthgrains acquisition of trademark licenses | |||||||||||||||||||||||||
On February 23, 2013, the company completed its acquisition from BBU of (1) perpetual, exclusive, and royalty-free licenses to the Sara Lee and Earthgrains brands for sliced breads, buns, and rolls in the state of California and (2) a closed bakery in Stockton, California for a total cash payment of $50.0 million. In addition, we received a perpetual, exclusive, and royalty-free license to the Earthgrains brand for a broad range of fresh bakery products in the Oklahoma City, Oklahoma market area. The acquisition of the Oklahoma license was completed during fiscal 2012 for immaterial consideration. These acquisitions are included in our DSD Segment. | |||||||||||||||||||||||||
The following table summarizes the consideration paid to acquire these licenses and the amounts of identified assets acquired and liabilities assumed based on the estimated fair value at the acquisition date (amounts in thousands and are preliminary): | |||||||||||||||||||||||||
Fair value of consideration transferred: | |||||||||||||||||||||||||
Cash consideration transferred | $ | 49,950 | |||||||||||||||||||||||
Contingently refundable consideration (the “holdback”) | (7,600 | ) | |||||||||||||||||||||||
Total consideration, net | $ | 42,350 | |||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||||
Property, plant, and equipment | $ | 6,476 | |||||||||||||||||||||||
Identifiable intangible asset — distribution rights | 25,790 | ||||||||||||||||||||||||
Identifiable intangible asset — trademarks | 79,500 | ||||||||||||||||||||||||
Identifiable intangible asset — customer relationships | 12,000 | ||||||||||||||||||||||||
Deferred income taxes, net | (31,345 | ) | |||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired | $ | 92,421 | |||||||||||||||||||||||
Bargain purchase gain | $ | 50,071 | |||||||||||||||||||||||
The primary reason for this acquisition was to expand the company’s footprint into the California markets. The trademarks are non-amortizable assets and the customer relationships are being amortized over 21 years. We believe the acquisition resulted in a bargain purchase because the U.S. Department of Justice (the “DOJ”) required BBU to divest these assets, which resulted in a more favorable price to us than may have resulted from an arms-length negotiation. The bargain purchase gain is recognized in the line item “Gain on Acquisition”. The above purchase price allocation is preliminary. | |||||||||||||||||||||||||
During the third quarter of fiscal 2013 we recorded a measurement period adjustment related to the distribution rights. The fair value of the distribution rights was reduced by $2.0 million as additional information became available. This reduction decreased the amount of the bargain purchase gain by $1.2 million, which is net of deferred taxes of $0.8 million. The measurement period adjustment was recorded as a revision to the first quarter 2013 Condensed Consolidated Balance Sheet and the Condensed Consolidated Statements of Income. | |||||||||||||||||||||||||
The asset purchase agreement includes a holdback provision (the “holdback”) in the amount of $10.0 million of the cash consideration paid at closing that will remain in escrow until disbursed based on the possible occurrence of one of two triggering events. The purpose of the holdback is to encourage the company to increase production capacity serving the California market. The first triggering event relates to the co-pack arrangement and the second triggering event relates to the possible opening of the acquired Stockton Bakery. We entered into a co-pack arrangement with BBU at the acquisition date under which BBU is required to supply the company with Sara Lee California and Earthgrains branded product for a period of up to 18 months ending August 17, 2014. If we terminate the co-pack agreement (“co-pack decision”) or reopen the Stockton Bakery (“bakery decision”) potential payments from the holdback will be made to us. The amount of such payments is determined based on the company making the co-pack decision and/or the bakery decision by certain specified dates. The total amount available under the holdback is capped at $10.0 million. The table below reflects the potential payments to us under each scenario (amounts in thousands): | |||||||||||||||||||||||||
February 23, 2013 – | November 21, 2013 – | February 19, 2014 – | May 20, 2014 – | ||||||||||||||||||||||
20-Nov-13 | 18-Feb-14 | 19-May-14 | 17-Aug-14 | ||||||||||||||||||||||
Co-pack decision | $ | 10,000 | $ | 7,500 | $ | 5,000 | $ | — | |||||||||||||||||
Bakery decision | $ | 10,000 | $ | 10,000 | $ | 7,500 | $ | 5,000 | |||||||||||||||||
If we do not make the co-pack decision by May 19, 2014 or the bakery decision by August 17, 2014, any remaining amount of the holdback will be distributed to BBU. The holdback fair value of $7.6 million represents our assessment, at the time of acquisition for inclusion into the purchase price allocation, of the probability that we will terminate the co-pack arrangement and/or open the Stockton bakery. This probability is assessed at each reporting period and changes in the fair value of the holdback are recorded through earnings in the period of change. There were no changes as a result of the probability assessment in the second or third quarter of fiscal 2013. We notified BBU of our intent to terminate the co-pack agreement and expect to receive $7.5 million for this decision. As a result of our notification, during the fourth quarter of fiscal 2013, we recorded a $0.1 million reduction to the fair value (recorded in selling, distribution and administrative expense). The holdback amount is recorded in accounts and notes receivable on the Consolidated Balance Sheet. | |||||||||||||||||||||||||
Sales from the Sara Lee California and Earthgrains acquisitions during fiscal 2013 were $79.7 million. We incurred $1.5 million in acquisition-related costs during fiscal 2013. These expenses are included in the selling, distribution and administrative line item in the company’s Consolidated Statement of Income. Since the acquisition date, we developed distribution territories to sell to independent distributors who serve California. The territory development took place in several phases in fiscal 2013. Amounts received upon sale of these new distributor territories are shown in our Consolidated Statement of Cash Flows as an investing activity. | |||||||||||||||||||||||||
Lepage acquisition | |||||||||||||||||||||||||
On July 21, 2012, we completed the acquisition of Lepage Bakeries, Inc. (“Lepage”) in two separate but concurrent transactions. Pursuant to the Acquisition Agreement dated May 31, 2012 (the “Acquisition Agreement”), by and among Flowers, Lobsterco I, LLC, a Maine single-member limited liability company and direct wholly owned subsidiary of Flowers (“Lobsterco I”), Lepage, RAL, Inc., a Maine corporation (“RAL”), Bakeast Company, a Maine general partnership (“Bakeast Partnership”), Bakeast Holdings, Inc., a Delaware corporation (“Bakeast Holdings,” and collectively with Lepage, RAL and Bakeast Partnership, the “Acquired Entities”), and the equityholders of the Acquired Entities named in the Acquisition Agreement (collectively, the “Equityholders”), Lobsterco I purchased from the Equityholders all of the issued and outstanding shares of the Acquired Entities in exchange for approximately $318.6 million in cash and $17.7 million in deferred obligations, which is the fair value of gross payments of $20.0 million. | |||||||||||||||||||||||||
Pursuant to the Agreement and Plan of Merger dated May 31, 2012 (the “Merger Agreement”), by and among Flowers, Lobsterco II, LLC, a Maine single-member limited liability company and direct wholly owned subsidiary of Flowers (“Lobsterco II”), Aarow Leasing, Inc., a Maine corporation (“Aarow”), The Everest Company, Incorporated, a Maine corporation (“Everest,” and together with Aarow, the “Acquired Companies”), and certain equityholders of Lepage, the Acquired Companies merged with and into Lobsterco II (the “Merger”) and all of the issued and outstanding shares of common stock of the Acquired Companies were exchanged for 3,267,972 shares of Flowers common stock. | |||||||||||||||||||||||||
The Lepage acquisition has been accounted for as a business combination. The results of Lepage’s operations are included in the company’s Consolidated Financial Statements beginning on July 21, 2012 and are included in the company’s DSD Segment. | |||||||||||||||||||||||||
The aggregate purchase price was $382.2 million as described in the table below. We incurred $7.1 million in acquisition-related costs during fiscal 2012 for Lepage. These expenses are included in the selling, distribution and administrative line item in the company’s Consolidated Statement of Income for the fifty-two weeks ending on December 29, 2012. | |||||||||||||||||||||||||
The following table summarizes the consideration transferred to acquire Lepage and the amounts of identified assets acquired and liabilities assumed based on the fair value at the acquisition date (amounts in thousands): | |||||||||||||||||||||||||
Fair value of consideration transferred: | |||||||||||||||||||||||||
Cash | $ | 318,605 | |||||||||||||||||||||||
Deferred payment obligations | 17,663 | ||||||||||||||||||||||||
Flowers Foods, Inc. common stock | 45,887 | ||||||||||||||||||||||||
Total fair value of consideration transferred | $ | 382,155 | |||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||||
Financial assets | $ | 11,658 | |||||||||||||||||||||||
Inventories | 4,537 | ||||||||||||||||||||||||
Property, plant, and equipment | 59,970 | ||||||||||||||||||||||||
Assets held for sale — Distributor routes | 16,098 | ||||||||||||||||||||||||
Identifiable intangible assets | 256,400 | ||||||||||||||||||||||||
Deferred income taxes, net | (1,137 | ) | |||||||||||||||||||||||
Financial liabilities | (17,076 | ) | |||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired | $ | 330,450 | |||||||||||||||||||||||
Goodwill | $ | 51,705 | |||||||||||||||||||||||
Approximately $18.4 million of the cash consideration was for a tax adjustment paid to the Equityholders at the closing of the acquisition in connection with certain incremental tax liabilities incurred by those Equityholders due to the joint election made by the parties under Section 338(h)(10) of the Internal Revenue Code. Total goodwill increased $0.9 million since the end of fiscal 2012, consisting of an increase of $0.3 million for the final working capital adjustment payment, a decrease of $1.0 million for a tax adjustment (recorded in financial liabilities in the table above), an increase of $0.1 million for assets held for sale, and an increase of $1.5 million for accrued liabilities (recorded in financial liabilities in the table above). The payment for the working capital adjustment was $0.2 million and was made during our second quarter of fiscal 2013. | |||||||||||||||||||||||||
The deferred payment obligations represent the fair value of the fixed payments of $1,250,000 beginning on the first business day of each of the sixteen calendar quarters following the fourth anniversary of the closing of the acquisition (total of $20.0 million in gross payments). The first payment will be made by Flowers on October 1, 2016 and the final payment will be made on July 1, 2020. The difference between the fair value and the gross payments of $2.3 million is recorded as a reduction to the liability and is being amortized to interest expense over eight years. | |||||||||||||||||||||||||
We issued 3,267,972 shares of Flowers common stock with a fair value of $45.9 million to certain equityholders of Lepage. The number of shares issued was calculated by dividing $50.0 million by the average closing price of Flowers common stock for the twenty consecutive trading day period ending five trading days prior to the closing. The shares issued to the equityholders were separated into five categories with each category having a different holding period requirement. As a result, each holding period had a fair value assignment based on an implied fair value which was determined using the Black-Scholes call option formula for an option expiring on each restriction lapse date. The estimated exercise price is equal to the stock price on the last trading day before the closing on July 21, 2012 of $13.65. The table below outlines the determination of fair value and provides the assumptions used in the calculation: | |||||||||||||||||||||||||
Restriction lapse year | 2012 | 2013 | 2014 | 2015 | 2016 | Total | |||||||||||||||||||
Value of Flowers shares issued (thousands) | $ | 25,000 | $ | 10,000 | $ | 5,000 | $ | 5,000 | $ | 5,000 | $ | 50,000 | |||||||||||||
Implied fair value of restricted shares (thousands) | $ | 23,626 | $ | 9,154 | $ | 4,447 | $ | 4,363 | $ | 4,297 | $ | 45,887 | |||||||||||||
Exercise price (per share) | $ | 13.65 | $ | 13.65 | $ | 13.65 | $ | 13.65 | $ | 13.65 | |||||||||||||||
Expected term (yrs) | 0.37 | 1 | 2 | 3 | 4 | ||||||||||||||||||||
Volatility (%) | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | |||||||||||||||
Risk-free rate (%) | 0.1 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.4 | % | |||||||||||||||
Dividend yield (%) | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||||||||
The following table presents the intangible assets subject to amortization (amounts in thousands, except amortization periods): | |||||||||||||||||||||||||
Amount | Weighted average | ||||||||||||||||||||||||
amortization years | |||||||||||||||||||||||||
Customer relationships | $ | 69,000 | 25 | ||||||||||||||||||||||
Non-compete agreements | 2,400 | 4 | |||||||||||||||||||||||
$ | 71,400 | 24.3 | |||||||||||||||||||||||
Lepage operates three bakeries, two in Lewiston, Maine, and one in Brattleboro, Vermont. Lepage serves customers in the New England and New York markets with fresh bakery products sold under the Country Kitchen and Barowsky’s brands. This acquisition provides a DSD platform to more effectively market the Nature’s Own and Tastykake brands in the Northeast. | |||||||||||||||||||||||||
The primary reasons for the acquisition were to expand the company’s footprint into the northeastern United States and to distribute Nature’s Own and Tastykake products throughout the Lepage territories. In addition to the amortizable intangible assets, there is an additional $185.0 million in indefinite-lived trademark intangible assets. Goodwill of $51.7 million is allocated to the DSD Segment. Approximately $11.9 million of goodwill is deductible for income tax purposes over fifteen years. | |||||||||||||||||||||||||
The fair value of trade receivables is $7.4 million. The gross amount of the receivable is $7.5 million of which $0.1 million is determined to be uncollectible. We did not acquire any other class of receivables as a result of the acquisition. | |||||||||||||||||||||||||
Acquisition pro formas | |||||||||||||||||||||||||
Lepage contributed revenues of $80.7 million and income from operations of $12.4 million for fiscal 2012. The following unaudited pro forma consolidated results of operations have been prepared as if the acquisition of Tasty and Lepage occurred at the beginning of fiscal 2011 and as if the acquisition of the Acquired Hostess Bread Assets occurred at the beginning of fiscal 2012. Unaudited pro forma consolidated results of operations for the Sara Lee California and Earthgrains asset acquisitions are not included because the company determined that they are immaterial. Hostess filed for bankruptcy and ceased operations in November 2012 (the “Hostess Shutdown”). As a result, there were no sales related to the Acquired Hostess Assets for fiscal 2013 because of the Hostess Shutdown and, as a result, there is no data to include in the pro forma presentation below (amounts in thousands, except per share data): | |||||||||||||||||||||||||
For Fiscal | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
As reported | $ | 3,751,005 | $ | 3,046,491 | $ | 2,773,356 | |||||||||||||||||||
Pro forma | $ | 3,751,005 | $ | 3,902,864 | $ | 2,995,233 | |||||||||||||||||||
Net income: | |||||||||||||||||||||||||
As reported | $ | 230,894 | $ | 136,121 | $ | 123,428 | |||||||||||||||||||
Pro forma | $ | 227,076 | $ | 128,464 | $ | 128,022 | |||||||||||||||||||
Basic net income per common share: | |||||||||||||||||||||||||
As reported | $ | 1.11 | $ | 0.66 | $ | 0.61 | |||||||||||||||||||
Pro forma | $ | 1.09 | $ | 0.62 | $ | 0.62 | |||||||||||||||||||
Diluted net income per common share: | |||||||||||||||||||||||||
As reported | $ | 1.09 | $ | 0.66 | $ | 0.6 | |||||||||||||||||||
Pro forma | $ | 1.07 | $ | 0.61 | $ | 0.61 | |||||||||||||||||||
These amounts have been calculated after applying the company’s accounting policies and adjusting the results to reflect additional depreciation and amortization that would have been charged assuming the fair value adjustments to property, plant, and equipment, and amortizable intangible assets had been applied. In addition, pro forma adjustments have been made for the interest incurred for financing the acquisitions with either the credit facility or the senior notes and to conform Tasty’s revenue recognition policies to ours. Lepage’s revenue recognition policy was consistent with ours and adjustments are not required. Taxes have also been adjusted for the effect of the items discussed. These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisition occurred on the date indicated or that may result in the future. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||||||||||
Note 8. | Derivative Financial Instruments | ||||||||||||||||||||||||||||||||
The company measures the fair value of its derivative portfolio using the fair value as 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 in active markets | |||||||||||||||||||||||||||||||||
Level 2: Modeled fair value with model inputs that are all observable market values | |||||||||||||||||||||||||||||||||
Level 3: Modeled fair value with at least one model input that is not an observable market value | |||||||||||||||||||||||||||||||||
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, 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 28, 2013, the company’s commodity hedge portfolio contained derivatives with a fair value of $(11.5) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions): | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Other current | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||||||||||||||||
Total | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Other current | (10.4 | ) | (0.2 | ) | — | (10.6 | ) | ||||||||||||||||||||||||||
Other long-term | (0.7 | ) | (0.4 | ) | — | (1.1 | ) | ||||||||||||||||||||||||||
Total | (11.1 | ) | (0.6 | ) | — | (11.7 | ) | ||||||||||||||||||||||||||
Net Fair Value | $ | (11.1 | ) | $ | (0.4 | ) | $ | — | $ | (11.5 | ) | ||||||||||||||||||||||
As of December 29, 2012, the company’s commodity hedge portfolio contained derivatives with a fair value of $(3.2) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions): | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Other current | (2.5 | ) | (0.5 | ) | — | (3.0 | ) | ||||||||||||||||||||||||||
Other long-term | (0.1 | ) | (0.1 | ) | — | (0.2 | ) | ||||||||||||||||||||||||||
Total | (2.6 | ) | (0.6 | ) | — | (3.2 | ) | ||||||||||||||||||||||||||
Net Fair Value | $ | (2.6 | ) | $ | (0.6 | ) | $ | — | $ | (3.2 | ) | ||||||||||||||||||||||
The positions held in the portfolio are used to hedge economic exposure to changes in various raw material and production input prices and effectively fix the price, or limit increases in prices, for a period of time extending into fiscal 2013. These instruments are designated as cash-flow hedges. The effective portion of changes in fair value for these derivatives is recorded each period in other comprehensive income (loss), and any ineffective portion of the change in fair value is recorded to current period earnings in selling, distribution and administrative expenses. All of our commodity derivatives at December 28, 2013 qualified for hedge accounting. During fiscal years 2013, 2012, and 2011 there was no material income or expense recorded due to ineffectiveness in current earnings due to changes in the fair value of these instruments. | |||||||||||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||||||||||
The company entered into a treasury rate lock on March 28, 2012 to fix the interest rate for the ten-year 4.375% Senior Notes issued on April 3, 2012. The derivative position was closed when the debt was priced on March 29, 2012 with a cash settlement that offset changes in the benchmark treasury rate between the execution of the treasury rate lock and the debt pricing date. This treasury rate lock was designated as a cash flow hedge and the cash settlement was $3.1 million and is being amortized to interest expense over the term of the notes. | |||||||||||||||||||||||||||||||||
The company entered into interest rate swaps with notional amounts of $85.0 million and $65.0 million, respectively, to fix the interest rate on the $150.0 million term loan secured on August 1, 2008 to fund the acquisitions of ButterKrust Bakery and Holsum Bakery, Inc. | |||||||||||||||||||||||||||||||||
The interest rate swap agreements result in the company paying or receiving the difference between the fixed and floating rates at specified intervals calculated based on the notional amount. The interest rate differential to be paid or received was recorded as interest expense. These swap transactions are designated as cash-flow hedges. Accordingly, the effective portion of changes in the fair value of the swaps was recorded each period in other comprehensive income. Any ineffective portions of changes in fair value are recorded to current period earnings in selling, distribution and administrative expenses. There were no interest rate swaps outstanding on December 28, 2013 because the underlying instrument was paid in full. | |||||||||||||||||||||||||||||||||
As of December 29, 2012, the fair value of the interest rate swaps was $(0.9) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions): | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Other current | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | |||||||||||||||||||||||
Total | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||||||||||||
Net Fair Value | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | |||||||||||||||||||||||
During 2013, 2012 and 2011, interest expense of $0.8 million, $2.8 million, and $4.0 million, respectively, was recognized due to periodic settlements of the interest rate swaps. | |||||||||||||||||||||||||||||||||
The company had the following derivative instruments recorded on the Consolidated Balance Sheet, all of which are utilized for the risk management purposes detailed above (amounts in thousands): | |||||||||||||||||||||||||||||||||
Derivatives | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||
Designated as | |||||||||||||||||||||||||||||||||
Hedging | December 28, 2013 | December 29, 2012 | December 28, 2013 | December 29, 2012 | |||||||||||||||||||||||||||||
Instruments | Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||||||||||
Sheet Location | Value | Sheet Location | Value | Sheet Location | Value | Sheet Location | Value | ||||||||||||||||||||||||||
Interest rate contracts | — | $— | — | $ | — | Other current | $ | — | Other current | $ | 867 | ||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Interest rate contracts | — | — | — | — | Other long term | — | Other long term | — | |||||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | Other current assets | 162 | Other current assets | — | Other current | 10,625 | Other current | 3,047 | |||||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | Other long term assets | — | Other long term assets | 9 | Other long term | 1,095 | Other long term | 146 | |||||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Total | $162 | $ | 9 | $ | 11,720 | $ | 4,060 | ||||||||||||||||||||||||||
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 accumulated other comprehensive income (“AOCI”), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax): | |||||||||||||||||||||||||||||||||
Derivatives in | Amount of Gain or (Loss) | ||||||||||||||||||||||||||||||||
Cash Flow Hedging | Recognized in OCI on | ||||||||||||||||||||||||||||||||
Relationships | Derivative (Effective Portion)(Net of tax) | ||||||||||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||||||||||
Interest rate contracts | $ | (205 | ) | $ | (1,221 | ) | $ | (547 | ) | ||||||||||||||||||||||||
Commodity contracts | (24,252 | ) | (325 | ) | (17,304 | ) | |||||||||||||||||||||||||||
Total | $ | (24,457 | ) | $ | (1,546 | ) | $ | (17,851 | ) | ||||||||||||||||||||||||
Derivatives in | Amount of (Gain) or Loss Reclassified | Location of (Gain) or Loss | |||||||||||||||||||||||||||||||
Cash Flow Hedging | from Accumulated OCI into Income | Reclassified from AOCI | |||||||||||||||||||||||||||||||
Relationships | (Effective Portion)(Net of tax) | into Income | |||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | (Effective Portion) | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Interest rate contracts | $ | 502 | $ | 1,732 | $ | 2,431 | Interest expense (income) | ||||||||||||||||||||||||||
Selling, distribution and | |||||||||||||||||||||||||||||||||
Commodity contracts | — | — | — | administrative expenses | |||||||||||||||||||||||||||||
Commodity contracts | 16,639 | 10,622 | (23,393 | ) | Production costs(1) | ||||||||||||||||||||||||||||
Total | $ | 17,141 | $ | 12,354 | $ | (20,962 | ) | ||||||||||||||||||||||||||
1 | Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). | ||||||||||||||||||||||||||||||||
The balance in accumulated other comprehensive loss (income) related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next three years are as follows (amounts in millions and net of tax) at December 28, 2013: | |||||||||||||||||||||||||||||||||
Commodity Price | Interest Rate Risk | Totals | |||||||||||||||||||||||||||||||
Risk Derivatives | Derivatives | ||||||||||||||||||||||||||||||||
Closed contracts | $ | 3 | $ | 1.3 | $ | 4.3 | |||||||||||||||||||||||||||
Expiring in 2014 | 6.6 | — | 6.6 | ||||||||||||||||||||||||||||||
Expiring in 2015 | 0.4 | — | 0.4 | ||||||||||||||||||||||||||||||
Expiring in 2016 and beyond | 0.1 | — | 0.1 | ||||||||||||||||||||||||||||||
Total | $ | 10.1 | $ | 1.3 | $ | 11.4 | |||||||||||||||||||||||||||
The company routinely transfers amounts from other comprehensive income (“OCI”) to earnings as transactions for which cash flow hedges were held occur and impact earnings. Significant situations which do not routinely occur that could cause transfers from OCI to earnings are as follows: (i) an event that causes a hedge to be suddenly ineffective and significant enough that hedge accounting must be discontinued or (ii) 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 overhedged and must discontinue hedge accounting. During fiscal 2013, 2012, and 2011 there were no discontinued hedge positions. | |||||||||||||||||||||||||||||||||
As of December 28, 2013, the company had entered into the following financial contracts to hedge commodity and interest rate risks: | |||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Notional amount | ||||||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||||||
Wheat contracts | $ | 105.8 | |||||||||||||||||||||||||||||||
Soybean oil contracts | 19.1 | ||||||||||||||||||||||||||||||||
Natural gas contracts | 17.9 | ||||||||||||||||||||||||||||||||
Total | $ | 142.8 | |||||||||||||||||||||||||||||||
The company’s derivative instruments contained no credit-risk-related contingent features at December 28, 2013. As of December 28, 2013, the company had $16.9 million recorded in other current assets, and on December 29, 2012, the company had $9.0 million recorded in other current assets representing collateral from or with counterparties for hedged positions. |
Other_Current_and_NonCurrent_A
Other Current and Non-Current Assets | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Other Current and Non-Current Assets | ' | ||||||||
Note 9. | Other Current and Non-Current Assets | ||||||||
Other current assets consist of: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Prepaid assets | $ | 17,176 | $ | 14,544 | |||||
Collateral to counterparties for derivative positions | 16,876 | 8,984 | |||||||
Income taxes receivable | 9,050 | 5,399 | |||||||
Other | 1,209 | 567 | |||||||
Total | $ | 44,311 | $ | 29,494 | |||||
Other non-current assets consist of: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Assets held for sale – property, plant and equipment | $ | 28,188 | $ | 2,301 | |||||
Unamortized debt issuance costs | 3,207 | 3,594 | |||||||
Unamortized financing fees | 3,814 | 2,324 | |||||||
Other | 5,873 | 6,223 | |||||||
Total | $ | 41,082 | $ | 14,442 | |||||
Other_Accrued_Liabilities
Other Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Other Accrued Liabilities | ' | ||||||||
Note 10. | Other Accrued Liabilities | ||||||||
Other accrued liabilities consist of: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Employee compensation | $ | 69,599 | $ | 61,911 | |||||
Fair value of derivative instruments | 10,626 | 3,914 | |||||||
Insurance | 24,908 | 21,195 | |||||||
Bank overdraft | 16,347 | 16,846 | |||||||
Accrued interest | 5,062 | 5,458 | |||||||
Other | 18,033 | 19,682 | |||||||
Total | $ | 144,575 | $ | 129,006 | |||||
Debt_Lease_and_Other_Commitmen
Debt, Lease and Other Commitments | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Debt, Lease and Other Commitments | ' | ||||||||||||||||
Note 11. | Debt, Lease and Other Commitments | ||||||||||||||||
Long-term debt, including capital lease obligations, consisted of the following at December 28, 2013 and December 29, 2012: | |||||||||||||||||
Interest Rate at | Final | December 28, | December 29, | ||||||||||||||
December 28, | Maturity | 2013 | 2012 | ||||||||||||||
2013 | |||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
Unsecured credit facility | 3.88 | % | 2018 | $ | 44,200 | $ | 110,500 | ||||||||||
Unsecured term loan | — | % | 2013 | — | 67,500 | ||||||||||||
Unsecured new term loan | 2.07 | % | 2018 | 296,250 | — | ||||||||||||
4.375% senior notes due April 1, 2022 | 4.38 | % | 2022 | 399,207 | 399,111 | ||||||||||||
Accounts receivable securitization | 0.95 | % | 2015 | 150,000 | — | ||||||||||||
Capital lease obligations | 3.01 | % | 2020 | 15,649 | 10,627 | ||||||||||||
Other notes payable | 2.13 | % | 2020 | 18,444 | 19,274 | ||||||||||||
923,750 | 607,012 | ||||||||||||||||
Current maturities of long-term debt and capital lease obligations | 31,272 | 71,996 | |||||||||||||||
Long-term debt and capital lease obligations | $ | 892,478 | $ | 535,016 | |||||||||||||
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 28, 2013 and December 29, 2012, the bank overdraft balance was $16.3 million and $16.8 million, respectively. | |||||||||||||||||
The company also had standby letters of credit (“LOCs”) outstanding of $15.5 million and $15.8 million at December 28, 2013 and December 29, 2012, respectively, which reduce the availability of funds under 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 Sheet. | |||||||||||||||||
Accounts Receivable Securitization Facility, New Term Loan, Senior Notes, Credit Facility, and Term Loan | |||||||||||||||||
Accounts Receivable Securitization Facility. On July 17, 2013, the company entered into an accounts receivable securitization facility (the “facility”). The facility provides the company up to $150.0 million in liquidity for a term of two years. Under the facility, a wholly-owned, bankruptcy-remote subsidiary purchases, on an ongoing basis, substantially all trade receivables. As borrowings are made under the facility the subsidiary pledges the receivables as collateral. In the event of liquidation of the subsidiary, its creditors would be entitled to satisfy their claims from the subsidiary’s pledged receivables prior to distributions of collections to the company. We include the subsidiary in our Consolidated Financial Statements. The facility contains certain customary representations and warranties, affirmative and negative covenants, and events of default. As of December 28, 2013, the company had $150.0 million outstanding under the facility. As of December 28, 2013, the company was in compliance with all restrictive financial covenants under the facility. | |||||||||||||||||
Optional principal repayments may be made at anytime without premium or penalty. Interest is due two days after our reporting periods end in arrears on the outstanding borrowings and is computed as the cost of funds rate plus an applicable margin of 70 basis points. An unused fee of 25 basis points is applicable on the unused commitment at each reporting period. The company paid financing costs of $0.8 million in connection with the facility, which are being amortized over the life of the facility. | |||||||||||||||||
New Term Loan. On April 5, 2013, the company entered into a senior unsecured delayed-draw term facility (the “new term loan”) with a commitment of up to $300.0 million to partially finance the pending acquisition of the Acquired Hostess Bread Assets and pay acquisition-related costs and expenses. The company drew down the full amount of the new term loan on July 18, 2013 (the borrowing date) to complete the Acquired Hostess Bread Assets acquisition as disclosed in Note 7, Acquisitions. | |||||||||||||||||
The new term loan will amortize in quarterly installments based on the annual percentages in the table below. The first payment is due and payable on the last business day of the first calendar quarter ending after the borrowing date, quarterly payments are due on the last business day of each successive calendar quarter and all remaining outstanding principal is due and payable on the fifth anniversary of the borrowing date. | |||||||||||||||||
Anniversary Year | Percent of Principal Due | ||||||||||||||||
1 | 5 | % | |||||||||||||||
2 | 10 | % | |||||||||||||||
3 | 10 | % | |||||||||||||||
4 | 35 | % | |||||||||||||||
5 | 40 | % | |||||||||||||||
Voluntary prepayments on the new term loan may be made without premium or penalty. Interest is due quarterly in arrears on any outstanding borrowings at a customary Eurodollar rate or the base rate plus applicable margin. The applicable margin ranges from 0.125% to 1.375% for base rate loans and from 1.125% to 2.375% for Eurodollar loans, and is based on the company’s leverage ratio. Interest on base rate loans is payable quarterly in arrears on the last business day of each calendar quarter. Interest on Eurodollar loans is payable in arrears at the end of the interest period and every three months in the case of interest periods in excess of three months. The company paid financing costs of $1.7 million in connection with the new term loan, which are being amortized over the life of the new term loan. A commitment fee of 20 basis points on the daily undrawn portion of the lenders’ commitments commenced on May 1, 2013 and continued until the borrowing date, when the company borrowed the available $300.0 million for the Acquired Hostess Bread Assets acquisition. The new term loan is subject to customary restrictive covenants, including certain limitations on liens and significant acquisitions and financial covenants regarding minimum interest coverage ratio and maximum leverage ratio. | |||||||||||||||||
Senior Notes. On April 3, 2012, the company issued $400.0 million of senior notes. The company pays semiannual interest on the notes on each April 1 and October 1, beginning on October 1, 2012, and the notes will mature on April 1, 2022. The notes bear interest at 4.375% per annum. On any date prior to January 1, 2022, 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 thereof (not including any interest accrued thereon 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 agreement), plus 35 basis points, plus in each case, unpaid interest accrued thereon to, but not including, the date of redemption. At any time on or after January 1, 2022, the company may redeem some or all of the 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 notes are also subject to customary restrictive covenants, including certain limitations on liens and sale and leaseback transactions. | |||||||||||||||||
The face value of the notes is $400.0 million and the current discount on the notes is $0.8 million. The company paid issuance costs (including underwriting fees and legal fees) for issuing the notes of $3.9 million. The issuance costs and the debt discount are being amortized to interest expense over the term of the notes. As of December 28, 2013 and December 29, 2012 the company was in compliance with the restrictive covenants under the notes. | |||||||||||||||||
Credit Facility. On April 5, 2013, the company amended its senior unsecured credit facility (the “credit facility”) to provide for a less restrictive leverage ratio and certain more favorable covenant terms, to update the existing agreement to address changes in law, and to include applicable conforming changes in light of the new term loan. We previously amended the credit facility on November 16, 2012 and on May 20, 2011. The credit facility is a five-year, $500.0 million senior unsecured revolving loan facility. The November 16, 2012 amendment extended the term through November 16, 2017 and included modest improvements to drawn and undrawn pricing. The credit facility contains a provision that permits Flowers to request up to $200 million in additional revolving commitments, for a total of up to $700 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 presently foreseeable financial requirements. As of December 28, 2013 and December 29, 2012, the company was in compliance with all restrictive financial covenants under the credit facility. | |||||||||||||||||
Interest is due quarterly in arrears on any outstanding borrowings at a customary Eurodollar rate or the base rate plus applicable margin. The underlying rate is defined as rates offered in the interbank Eurodollar market, or the higher of the prime lending rate or the federal funds rate plus 0.40%, with a floor rate defined by the one-month interbank Eurodollar market rate plus 1.00%. The applicable margin ranges from 0.025% to 1.025% for base rate loans and from 1.025% to 2.025% for Eurodollar loans. In addition, a facility fee ranging from 0.10% to 0.35% is due quarterly on all commitments under the credit facility. Both the interest margin and the facility fee are based on the company’s leverage ratio. The company paid additional financing costs of $0.6 million in connection with the November 16, 2012 amendment of the credit facility, which, in addition to the remaining balance of the original $1.6 million in financing costs, is being amortized over the life of the credit facility. | |||||||||||||||||
There were $44.2 million and $110.5 million in outstanding borrowings under the credit facility at December 28, 2013 and December 29, 2012, respectively. The highest outstanding daily balance during 2013 was $209.0 million and the lowest outstanding balance was $5.6 million. 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 8, Derivative Financial Instruments. For fiscal 2013 the company borrowed $1,710.0 million in revolving borrowings under the credit facility and repaid $1,776.3 million in revolving borrowings. The amount available under the credit facility is reduced by $15.5 million for letters of credit. On December 28, 2013, the company had $440.3 million available under its credit facility for working capital and general corporate purposes. | |||||||||||||||||
Term Loan. The term loan was paid in full in August 2013. On April 5, 2013, the company amended its credit agreement dated August 1, 2008 (the “amended term loan”), to conform the terms to the new term loan. The amended term loan provided for an amortizing $150.0 million of borrowings through the maturity date of August 1, 2013. Principal payments were due quarterly under the amended term loan beginning on December 31, 2008 at an annual amortization of 10% of the principal balance for each of the first two years, 15% during the third year, 20% during the fourth year, and 45% during the fifth year. The amended term loan included certain customary restrictions, which, among other things, require maintenance of financial covenants and limit encumbrance of assets and creation of indebtedness. Restrictive financial covenants included such ratios as a minimum interest coverage ratio and a maximum leverage ratio. As of December 29, 2012, the company was in compliance with all restrictive financial covenants under the amended term loan. As of December 29, 2012, the amounts outstanding under the amended term loan were $67.5 million. The final payment of $16.9 million, which repaid the amended term loan in full, was made on August 5, 2013. | |||||||||||||||||
Interest on the amended term loan was due quarterly in arrears on outstanding borrowings at a customary Eurodollar rate or the base rate plus applicable margin. The underlying rate was defined as the rate offered in the interbank Eurodollar market or the higher of the prime lending rate or federal funds rate plus 0.5%. The applicable margin ranged from 0.0% to 1.375% for base rate loans and from 0.875% to 2.375% for Eurodollar loans and was based on the company’s leverage ratio. The company paid additional financing costs of $0.1 million in connection with a prior amendment of the amended term loan on May 20, 2011, which, in addition to the remaining balance of the original $0.8 million in financing costs, was amortized over the remaining life of the term loan. | |||||||||||||||||
Credit Ratings. Currently, the company’s credit ratings by Fitch Ratings, Moody’s Investors Service, and Standard & Poor’s are BBB, Baa2, and BBB-, respectively. Changes in the company’s credit ratings do not trigger a change in the company’s available borrowings or costs under the facility, new term loan, senior notes, and credit facility, but could affect future credit availability and cost. | |||||||||||||||||
Assets recorded under capital lease agreements included in property, plant and equipment consist of machinery and equipment and transportation equipment. | |||||||||||||||||
Aggregate maturities of debt outstanding, including capital leases and the associated interest, as of December 28, 2013, are as follows (excluding unamortized debt discount and issuance costs) (amounts in thousands): | |||||||||||||||||
2014 | $ | 31,691 | |||||||||||||||
2015 | 183,013 | ||||||||||||||||
2016 | 72,834 | ||||||||||||||||
2017 | 120,202 | ||||||||||||||||
2018 | 111,753 | ||||||||||||||||
2019 and thereafter | 407,901 | ||||||||||||||||
Total | $ | 927,394 | |||||||||||||||
Leases | |||||||||||||||||
The company leases certain property and equipment under various operating and capital lease arrangements that expire over the next 23 years. The property leases include distribution facilities, thrift store locations, and two manufacturing facilities. The equipment leases include production, sales, distribution, and office equipment. Initial lease terms range from two to 26 years. Many of the operating leases provide the company with the option, after the initial lease term, either to purchase the property at the then fair value or renew its lease at fair value rents for periods from one month to ten years. Rent escalations vary in these leases, from no escalation over the initial lease term, to escalations linked to changes in economic variables such as the Consumer Price Index. Rental expense is recognized on a straight-line basis. The capital leases are primarily used for distribution vehicle financing. Future minimum lease payments under scheduled leases that have initial or remaining non-cancelable terms in excess of one year are as follows: | |||||||||||||||||
Capital Leases | Operating Leases | ||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
2014 | $ | 5,220 | $ | 55,632 | |||||||||||||
2015 | 3,013 | 51,810 | |||||||||||||||
2016 | 2,834 | 45,214 | |||||||||||||||
2017 | 2,702 | 40,840 | |||||||||||||||
2018 | 2,553 | 35,572 | |||||||||||||||
2019 and thereafter | 401 | 277,223 | |||||||||||||||
Total minimum payments | 16,723 | $ | 506,291 | ||||||||||||||
Amount representing interest | 1,074 | ||||||||||||||||
Obligations under capital leases | 15,649 | ||||||||||||||||
Obligations due within one year | 4,801 | ||||||||||||||||
Long-term obligations under capital leases | $ | 10,848 | |||||||||||||||
Rent expense for all operating leases amounted to $90.3 million, $76.8 million, and $70.2 million for fiscal years 2013, 2012, and 2011. | |||||||||||||||||
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 may elect to defer up to 75% of their base salaries, and up to 100% of 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 amount outstanding at December 28, 2013 and December 29, 2012 was $13.1 million and $11.4 million, respectively. | |||||||||||||||||
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 28, 2013. |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | |
Dec. 28, 2013 | ||
Variable Interest Entities | ' | |
Note 12. | Variable Interest Entities | |
The company maintains a transportation agreement with an entity that transports a significant portion of the company’s fresh bakery products from the company’s production facilities to outlying distribution centers. The company represents a significant portion of the entity’s revenue. This entity qualifies as a VIE, but the company has determined it is not the primary beneficiary. | ||
The company has concluded that certain of the trucks and trailers the VIE uses for distributing our products from the manufacturing facilities to the distribution centers qualify as right to use leases. As of December 28, 2013 and December 29, 2012, there was $15.4 million and $10.0 million, respectively, in net property, plant and equipment and capital lease obligations associated with the right to use leases. | ||
The IDs who deliver our products qualify as VIEs. The company typically finances the ID’s route acquisition and also enters into a contract with the ID to sell product at a fixed discount for distribution in the ID’s territory. The combination of the company’s loans to the IDs and the ongoing supply arrangements with the IDs provide a level of protection and funding to the equity owners of the various IDs that would not otherwise be available. | ||
However, 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 distributor territories 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 IDs that are deemed to most significantly impact the ultimate success of the ID 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 IDs. The IDs are responsible for the operations of their respective territories. | ||
The company’s maximum exposure to loss for the IDs relates to the distributor route note receivable for the portion of the territory the IDs financed at the time they acquired the route. The IDs remit payment on their route note receivable each week during the settlement process of their weekly activity. If the IDs discontinued making payment on the note receivable we are permitted under the agreement to withhold settlement funds to cover the IDs note balance. In the event the IDs abandon their territory and have a remaining balance outstanding on the route note receivable, we will take the territory back from the IDs (recording the territory as held for sale) and subsequently sell the territory to another ID. The company’s collateral from the route insures that any potential losses are mitigated. The independent distributors who deliver our products that are formed as sole proprietorships are excluded from this analysis. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Fair Value of Financial Instruments | ' | ||||||||
Note 13. | 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 distributors’ territories by independent distributors. These notes receivable are recorded in the Consolidated Balance Sheet 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 distributor notes is the prevailing market rate at which similar loans would be made to distributors with similar credit ratings and for the same maturities. However, the company financed approximately 3,400 and 2,850 independent distributors as of December 28, 2013 and December 29, 2012, respectively, all with varied financial histories and credit risks. Considering the diversity of credit risks among the independent distributors, the company has no method to accurately determine a market interest rate to apply to the notes. The territories are generally financed for up to ten years and the distributor notes are collateralized by the independent distributors’ territories. The company maintains a wholly-owned subsidiary to assist in financing route purchase activities if requested by new independent sales distributors, using the route and certain associated assets as collateral. These notes receivable earn interest at a fixed rate. | |||||||||
The fair value of the company’s variable rate debt at December 28, 2013 approximates the recorded value. The fair value of the notes issued on April 3, 2012, as discussed in Note 11, Debt, Lease and Other Commitments, is approximately $397.9 million while the carrying value is $399.2 million on December 28, 2013. 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. | |||||||||
For fair value disclosure information about our derivative assets and liabilities see Note 8, Derivative Financial Instruments. For fair value disclosure information about our pension plan net assets see Note 18, Postretirement Plans. | |||||||||
At December 28, 2013 and December 29, 2012, respectively, the carrying value of the distributor notes was as follows (amounts in thousands): | |||||||||
28-Dec-13 | 29-Dec-12 | ||||||||
Distributor notes receivable | $ | 161,560 | $ | 118,481 | |||||
Current portion of distributor notes receivable recorded in accounts and notes receivable, net | 18,715 | 15,758 | |||||||
Long-term portion of distributor notes receivable | $ | 142,845 | $ | 102,723 | |||||
Interest income for the distributor notes receivable was as follows (amounts in thousands): | |||||||||
Interest | |||||||||
Income | |||||||||
Fiscal 2013 | $ | 16,015 | |||||||
Fiscal 2012 | $ | 13,672 | |||||||
Fiscal 2011 | $ | 13,112 | |||||||
At December 28, 2013 and December 29, 2012, the company has evaluated the collectability of the distributor notes and determined that a reserve is not necessary. Payments on these distributor notes are collected by the company weekly in conjunction with the distributor settlement process. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 28, 2013 | ||
Stockholders' Equity | ' | |
Note 14. | 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, has 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 | ||
Our Board of Directors has approved a plan that authorized stock repurchases of up to 67.5 million shares of the company’s common stock. Under the plan, the company may repurchase its common stock in open market or privately negotiated transactions at such times and at such prices as determined to be in the company’s best interest. The company repurchases its common stock primarily for issuance under the company’s stock compensation plans and to fund possible future acquisitions. These purchases may be commenced or suspended without prior notice depending on the then-existing business or market conditions and other factors. As of December 28, 2013, 58,541,104 shares at a cost of $458.3 million have been purchased under this plan. Included in these amounts are 435,935 shares at a cost of $8.8 million purchased during fiscal 2013. | ||
Dividends | ||
During fiscal years 2013, 2012, and 2011, the company paid dividends of $92.5 million, or $0.444 per share, $86.2 million, or $0.420 per share, and $79.1 million, or $0.389 per share, respectively. | ||
Stock Split | ||
On May 25, 2011, the board of directors declared a 3-for-2 stock split of the company’s common stock. The record date for the split was June 10, 2011 and new shares were issued on June 24, 2011. | ||
On May 22, 2013, the board of directors declared a 3-for-2 stock split of the company’s common stock. The record date for the split was June 5, 2013, and new shares were issued on June 19, 2013. All share and per share information has been restated for all prior periods presented giving retroactive effect to the stock split in the accompanying footnotes. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
Note 15. | Stock-Based Compensation | ||||||||||||||||||||||||
Flowers Foods’ 2001 Equity and Performance Incentive Plan, as amended and restated as of April 1, 2009 (“EPIP”), authorizes the compensation committee of the Board of Directors to make awards of options to purchase our common stock, restricted stock, performance stock, and units and deferred stock. The company’s officers, key employees, and non-employee directors (whose grants are generally approved by the full Board of Directors) are eligible to receive awards under the EPIP. The aggregate number of shares that originally could be issued or transferred under the EPIP was 41,906,250 shares. As of December 28, 2013, 3,130,104 shares remain available for issuance. Over the life of the EPIP, the company has only issued options, restricted stock, and deferred stock. The following is a summary of stock options, restricted stock, and deferred stock outstanding under the EPIP. Information relating to the company’s stock appreciation rights which are not issued under the EPIP is also disclosed below. | |||||||||||||||||||||||||
Stock Options | |||||||||||||||||||||||||
The following non-qualified stock options (“NQSOs”) have been granted under the EPIP since fiscal 2011 and have service period remaining. The Black-Scholes option-pricing model was used to estimate the grant date fair value (amounts in thousands, except price data and as indicated): | |||||||||||||||||||||||||
Grant date | 10-Feb-11 | ||||||||||||||||||||||||
Shares granted | 3,213 | ||||||||||||||||||||||||
Exercise price($) | 10.87 | ||||||||||||||||||||||||
Vesting date | 2/10/14 | ||||||||||||||||||||||||
Fair value per share($) | 2.31 | ||||||||||||||||||||||||
Dividend yield(%)(1) | 3 | ||||||||||||||||||||||||
Expected volatility(%)(2) | 29.2 | ||||||||||||||||||||||||
Risk-free interest rate(%)(3) | 2.44 | ||||||||||||||||||||||||
Expected option life (years)(4) | 5 | ||||||||||||||||||||||||
Outstanding at December 28, 2013 | 3,142 | ||||||||||||||||||||||||
1 | Dividend yield — estimated yield based on the historical dividend payment for the four most recent dividend payments prior to the grant date. | ||||||||||||||||||||||||
2 | Expected volatility — based on historical volatility over the expected term using daily stock prices. | ||||||||||||||||||||||||
3 | Risk-free interest rate — United States Treasury Constant Maturity rates as of the grant date over the expected term. | ||||||||||||||||||||||||
4 | Expected option life — The 2011 grant assumptions are based on the simplified formula determined in accordance with Staff Accounting Bulletin No. 110, as the company did not have sufficient historical exercise behavior data to reasonably estimate the expected option life. | ||||||||||||||||||||||||
The stock option activity for fiscal years 2013, 2012, and 2011 pursuant to the EPIP is set forth below: | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
(Amounts in thousands, except price data) | |||||||||||||||||||||||||
Outstanding at beginning of year | 9,541 | $ | 10.71 | 11,135 | $ | 10.45 | 9,820 | $ | 9.77 | ||||||||||||||||
Granted | — | $ | — | — | $ | — | 3,213 | $ | 10.87 | ||||||||||||||||
Exercised | (1,415 | ) | $ | 9.67 | (1,570 | ) | $ | 8.84 | (1,747 | ) | $ | 7.4 | |||||||||||||
Forfeitures | (14 | ) | $ | 10.99 | (24 | ) | $ | 10.88 | (151 | ) | $ | 10.86 | |||||||||||||
Outstanding at end of year | 8,112 | $ | 10.89 | 9,541 | $ | 10.71 | 11,135 | $ | 10.45 | ||||||||||||||||
Exercisable at end of year | 4,978 | 3,973 | 3,387 | ||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | — | $ | — | $ | 2.31 | |||||||||||||||||||
As of December 28, 2013, options outstanding under the EPIP had an average exercise price of $10.89, a weighted average remaining contractual life of 3.00 years, and an aggregate intrinsic value of $84.7 million. | |||||||||||||||||||||||||
As of December 28, 2013, there was $0.2 million of total unrecognized compensation expense related to nonvested stock options. This cost is expected to be recognized on a straight-line basis over a weighted-average period of 0.12 years. | |||||||||||||||||||||||||
The cash received, the windfall tax benefits, and intrinsic value from stock option exercises for fiscal years 2013, 2012, and 2011 are set forth below (amounts in thousands): | |||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Cash received from option exercises | $ | 13,685 | $ | 13,881 | $ | 12,933 | |||||||||||||||||||
Cash tax windfall benefit, net | $ | 5,622 | $ | 2,343 | $ | 3,037 | |||||||||||||||||||
Intrinsic value of stock options exercised | $ | 18,132 | $ | 9,965 | $ | 11,632 | |||||||||||||||||||
Performance-Contingent Restricted Stock Awards | |||||||||||||||||||||||||
Performance-Contingent Total Shareholder Return Shares (“TSR Shares”) | |||||||||||||||||||||||||
Beginning in 2012, certain key employees have been granted performance-contingent restricted stock in the form of TSR Shares. The awards generally vest approximately two years from the date of grant (after the filing of the company’s Annual Report on Form 10-K), and the shares become non-forfeitable if, and to the extent, that on that date the vesting conditions are satisfied. As a result of the delay (June as opposed to January) in the grant of the 2012 awards, the 2012 awards vest approximately 17 months from the date of grant. The 2013 awards vest two years from the date of grant. 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: | |||||||||||||||||||||||||
Percentile | Payout as % | ||||||||||||||||||||||||
of Target | |||||||||||||||||||||||||
90th | 200 | % | |||||||||||||||||||||||
70th | 150 | % | |||||||||||||||||||||||
50th | 100 | % | |||||||||||||||||||||||
30th | 50 | % | |||||||||||||||||||||||
Below 30th | 0 | % | |||||||||||||||||||||||
For performance between the levels described above, the degree of vesting is interpolated on a linear basis. | |||||||||||||||||||||||||
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 is treated as a normal shareholder with respect to voting rights. Dividends declared during the vesting period will accrue and will be paid at vesting for the shares that ultimately vest. The fair value estimate was determined using a Monte Carlo simulation model, which utilizes multiple input variables to determine 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 following performance-contingent TSR Shares have been granted under the EPIP and have service period remaining (amounts in thousands, except price data): | |||||||||||||||||||||||||
Grant date | 1-Jan-13 | 16-Jul-12 | |||||||||||||||||||||||
Shares granted | 414 | 206 | |||||||||||||||||||||||
Vesting date | 3/1/15 | 2/28/14 | |||||||||||||||||||||||
Fair value per share ($) | $ | 17.22 | $ | 15.45 | |||||||||||||||||||||
As of December 28, 2013, there was $3.9 million of total unrecognized compensation cost related to nonvested TSR Shares granted under the EPIP. That cost is expected to be recognized over a weighted-average period of 1.1 years. These grants normally vest in two years. The July 16, 2012 grant vests over one and a half years because it was granted in the middle of the year. | |||||||||||||||||||||||||
Performance-Contingent Return on Invested Capital Shares (“ROIC Shares”) | |||||||||||||||||||||||||
Beginning in 2012, certain key employees have been granted performance-contingent restricted stock in the form of ROIC Shares. The awards generally vest approximately two years from the date of grant (after the filing of the company’s Annual Report on Form 10-K), and the shares become non-forfeitable if, and to the extent that on that date, the vesting conditions are satisfied. As a result of the delay (June as opposed to January) in the grant of the 2012 awards the 2012 awards vest approximately 17 months from the date of grant. The 2013 awards vest two years from the date of grant. Return on Invested Capital is calculated by dividing our profit by the invested capital (“ROIC”). Generally, the performance condition requires the company’s average ROIC to exceed its average weighted “cost of capital” (“WACC”) between 1.75% to 4.75% (the “ROI Target”) over the two fiscal year performance period. The 2012 award is a 17 month performance period and the 2013 award is a two year performance period. If the 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: | |||||||||||||||||||||||||
• | 0% payout if ROIC exceeds WACC by less than 1.75%; | ||||||||||||||||||||||||
• | ROIC above WACC by 1.75% pays 50% of ROI Target; or | ||||||||||||||||||||||||
• | ROIC above WACC by 3.75% pays 100% of ROI Target; or | ||||||||||||||||||||||||
• | ROIC above WACC by 4.75% pays 125% of ROIC Target. | ||||||||||||||||||||||||
For performance between the levels described above, the degree of vesting is interpolated on a linear basis. | |||||||||||||||||||||||||
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. Dividends declared during the vesting period will accrue and will be paid at vesting for 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. For fiscal 2013, we expensed the 2012 awards assuming 125% attainment of the ROI Target and the 2013 awards assuming 100% attainment of the ROI Target. The 2012 award actual attainment was 125%. | |||||||||||||||||||||||||
The following performance-contingent ROIC Shares have been granted under the EPIP and have service period remaining (amounts in thousands, except price data): | |||||||||||||||||||||||||
Grant date | 1-Jan-13 | 16-Jul-12 | |||||||||||||||||||||||
Shares granted | 414 | 206 | |||||||||||||||||||||||
Vesting date | 3/1/15 | 2/28/14 | |||||||||||||||||||||||
Fair value per share ($) | $ | 15.51 | $ | 14.37 | |||||||||||||||||||||
As of December 28, 2013, there was $3.6 million of total unrecognized compensation cost related to nonvested ROIC Shares granted under the EPIP. That cost is expected to be recognized over a weighted-average period of 1.1 years. These grants normally vest in two years. The July 16, 2012 grant vests over one and a half years because it was granted in the middle of the year. | |||||||||||||||||||||||||
Performance-Contingent Restricted Stock | |||||||||||||||||||||||||
Prior to 2012 certain key employees were granted performance-contingent restricted stock. The awards generally vest approximately two years from the date of grant (after the filing of the company’s Annual Report on Form 10-K) and the performance condition requires the company’s “return on invested capital” to exceed its weighted average “cost of capital” by 3.75% (the “ROI Target”) over the two fiscal years immediately preceding the vesting date. If the ROI Target is not met the awards are forfeited. If the ROI Target is satisfied, then the performance-contingent restricted stock grant may be adjusted based on the company’s total return to shareholders (“Company TSR”) percent rank as compared to the total return to shareholders of the S&P Packaged Food & Meat Index (“S&P TSR”) in the manner set forth below: | |||||||||||||||||||||||||
• | If the Company TSR rank is equal to the 50th percentile of the S&P TSR, then no adjustment; | ||||||||||||||||||||||||
• | If the Company TSR rank is less than the 50th percentile of the S&P TSR, the grant shall be reduced by 1.3% for each percentile below the 50th percentile that the Company TSR is less than the 50th percentile of S&P TSR, but in no event shall such reduction exceed 20%; or | ||||||||||||||||||||||||
• | If the Company TSR rank is greater than the 50th percentile of the S&P TSR, the grant shall be increased by 1.3% for each percentile above the 50th percentile that Company TSR is greater than the 50th percentile of S&P TSR, but in no event shall such increase exceed 20%. | ||||||||||||||||||||||||
In connection with the vesting of the performance-contingent restricted stock granted in February 2011, during fiscal 2013, an additional 94,777 of common shares were issued in the aggregate to these certain key employees because the company exceeded the S&P TSR by the maximum amount. At vesting the company paid accumulated dividends of $0.4 million. The tax windfall at vesting of these awards was $2.1 million. | |||||||||||||||||||||||||
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 2013, 2012 and 2011 is set forth below: | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average Fair | Shares | Average Fair | Shares | Average Fair | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
(Amounts in thousands, except price data) | |||||||||||||||||||||||||
Balance at beginning of year | 888 | $ | 12.61 | 864 | $ | 11.11 | 851 | $ | 11.39 | ||||||||||||||||
Initial grant | 828 | $ | 16.37 | 412 | $ | 14.91 | 486 | $ | 10.62 | ||||||||||||||||
Supplemental grant for exceeding the S&P TSR | 95 | $ | 10.62 | — | — | — | — | ||||||||||||||||||
Vested | (571 | ) | $ | 10.62 | (320 | ) | $ | 11.72 | (362 | ) | $ | 11.09 | |||||||||||||
Grant reduction for not achieving the S&P TSR | — | $ | — | (65 | ) | $ | 11.72 | (90 | ) | $ | 11.09 | ||||||||||||||
Forfeitures | (11 | ) | $ | 15.88 | (3 | ) | $ | 11.44 | (21 | ) | $ | 11.21 | |||||||||||||
Balance at end of year | 1,229 | $ | 15.88 | 888 | $ | 12.61 | 864 | $ | 11.11 | ||||||||||||||||
As of December 28, 2013, there was $7.5 million of total unrecognized compensation cost related to nonvested restricted stock granted under the EPIP. That cost is expected to be recognized over a weighted-average period of 1.1 years. The fair value of performance-contingent restricted share awards that vested during fiscal 2013 was $10.6 million. There was a tax windfall of $2.1 million on the vesting (issuance) of performance-contingent awards during fiscal 2013. | |||||||||||||||||||||||||
Deferred Stock Awards | |||||||||||||||||||||||||
Pursuant to the EPIP, the company allows non-employee directors to convert their annual board retainers into deferred stock. The deferred stock has a minimum two year vesting period and will be distributed to the individual (along with accumulated dividends) at a time designated by the individual at the date of conversion. During the first quarter of fiscal 2013, an aggregate of 36,150 shares were converted. The company records compensation expense for this deferred stock over the two-year minimum vesting period based on the closing price of the company’s common stock on the date of conversion. During fiscal 2013, a total of 36,088 deferred shares were exercised for retainer conversions. | |||||||||||||||||||||||||
Pursuant to the EPIP non-employee directors also receive annual grants of deferred stock. This deferred stock vests over one year from the grant date. During the second quarter of fiscal 2013, non-employee directors were granted an aggregate of 54,150 shares of deferred stock. 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 minimum vesting period. During fiscal 2013, there were 45,088 deferred share awards exercised for annual grant awards. | |||||||||||||||||||||||||
On May 31, 2013, the company’s Chief Executive Officer (“CEO”) received a time-based restricted stock award of approximately $1.3 million of restricted stock pursuant to the EPIP. This award will vest 100% on the fourth anniversary of the date of grant provided the CEO remains employed by the company during this period. Dividends will accrue on the award and will be paid to the CEO on the vesting date on all shares that vest. There were 58,500 shares issued for this award at a fair value of $22.25 per share. | |||||||||||||||||||||||||
The deferred stock activity for fiscal years 2013, 2012, and 2011 is set forth below: | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average Fair | Shares | Average Fair | Shares | Average Fair | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
(Amounts in thousands, except price data) | |||||||||||||||||||||||||
Balance at beginning of year | 378 | $ | 11.49 | 347 | $ | 10.95 | 360 | $ | 10.07 | ||||||||||||||||
Issued | 149 | $ | 20.32 | 99 | $ | 13.74 | 114 | $ | 12.9 | ||||||||||||||||
Exercised | (81 | ) | $ | 12.91 | (68 | ) | $ | 12.01 | (127 | ) | $ | 10.2 | |||||||||||||
Balance at end of year | 446 | $ | 14.19 | 378 | $ | 11.49 | 347 | $ | 10.95 | ||||||||||||||||
Outstanding vested at end of year | 269 | $ | 11.08 | 240 | $ | 10.66 | 192 | $ | 10.07 | ||||||||||||||||
Outstanding unvested at end of year | 177 | $ | 18.92 | 138 | $ | 12.96 | 155 | $ | 12.05 | ||||||||||||||||
Shares vesting during the year | 110 | $ | 13.37 | 116 | $ | 12.42 | 133 | $ | 10.3 | ||||||||||||||||
As of December 28, 2013, there was $1.9 million of total unrecognized compensation cost related to deferred stock awards granted under the EPIP. This cost is expected to be recognized over a weighted-average period of 2.3 years. The intrinsic value of deferred stock awards that vested during fiscal 2013 was $2.3 million. There was a tax windfall of $0.1 million on the exercise of deferred share awards during fiscal 2013. | |||||||||||||||||||||||||
Stock Appreciation Rights | |||||||||||||||||||||||||
Prior to 2007, the company allowed non-employee directors to convert their retainers and committee chair fees into rights. These rights vest after one year and can be exercised over nine years. The company records compensation expense for these rights at a measurement date based on changes between the grant price and an estimated fair value of the rights using the Black-Scholes option-pricing model. The liability for these rights at December 28, 2013 and December 29, 2012 was $2.0 million and $1.7 million, respectively, and is recorded in other long-term liabilities. The company paid $1.0 million at the exercise of 54,168 shares during fiscal 2013. | |||||||||||||||||||||||||
The fair value of the rights at December 28, 2013 ranged from $12.63 to $16.45. The following assumptions were used to determine fair value of the rights discussed above using the Black-Scholes option-pricing model at December 28, 2013: dividend yield 2.1%; expected volatility 23.0%; risk-free interest rate 0.40% and expected life of 0.01 years to 1.20 years. | |||||||||||||||||||||||||
The rights activity for fiscal years 2013, 2012, and 2011 is set forth below: | |||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands, except | |||||||||||||||||||||||||
price data) | |||||||||||||||||||||||||
Balance at beginning of year | 195 | 281 | 522 | ||||||||||||||||||||||
Rights exercised | (54 | ) | (86 | ) | (241 | ) | |||||||||||||||||||
Balance at end of year | 141 | 195 | 281 | ||||||||||||||||||||||
Weighted average — grant date fair value | $ | 7.2 | $ | 7.01 | $ | 7.35 | |||||||||||||||||||
The following table summarizes the company’s stock based compensation expense, all of which was recognized in selling, distribution, and administration expense, for fiscal years 2013, 2012 and 2011: | |||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Stock options | $ | 1,776 | $ | 3,374 | $ | 6,803 | |||||||||||||||||||
Performance - contingent restricted stock awards | 11,180 | 4,615 | 4,700 | ||||||||||||||||||||||
Deferred stock awards | 1,769 | 1,384 | 1,479 | ||||||||||||||||||||||
Stock appreciation rights | 1,218 | 743 | 656 | ||||||||||||||||||||||
Total stock based compensation expense | $ | 15,943 | $ | 10,116 | $ | 13,638 |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||
Note 16. | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||
The company’s total comprehensive income 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 2013, reclassifications out of accumulated other comprehensive loss were as follows (amounts in thousands): | |||||||||||||||
Details about Accumulated | Amount Reclassified from Accumulated | Affected Line Item in the Statement | |||||||||||||
Other Comprehensive Income Components (Note 2) | Other Comprehensive Loss | Where Net Income is Presented | |||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||
Interest rate contracts | $ | (816 | ) | $ | (2,816 | ) | $ | (3,952 | ) | Interest income (expense) | |||||
Commodity contracts | (27,055 | ) | (17,272 | ) | 38,038 | Cost of sales, Note 3 | |||||||||
Total before tax | $ | (27,871 | ) | $ | (20,088 | ) | $ | 34,086 | Total before tax | ||||||
Tax (expense) or benefit | 10,730 | 7,734 | (13,124 | ) | Tax (expense) or benefit | ||||||||||
Total net of tax | $ | (17,141 | ) | $ | (12,354 | ) | $ | 20,962 | Net of tax | ||||||
Amortization of defined benefit pension items: | |||||||||||||||
Prior-service credits | $ | 257 | $ | 257 | $ | 257 | Note 1, below | ||||||||
Actuarial losses | (5,378 | ) | (4,786 | ) | (2,849 | ) | Note 1, below | ||||||||
Total before tax | $ | (5,121 | ) | $ | (4,529 | ) | $ | (2,592 | ) | Total before tax | |||||
Tax (expense) or benefit | 1,972 | 1,743 | 1,000 | Tax (expense) or benefit | |||||||||||
Total net of tax | $ | (3,149 | ) | $ | (2,786 | ) | $ | (1,592 | ) | Net of tax benefit | |||||
Total reclassifications | $ | (20,290 | ) | $ | (15,140 | ) | $ | 19,370 | Net of tax benefit | ||||||
Note 1: | These items are included in the computation of net periodic pension cost. See Note 18, 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 2013, changes to accumulated other comprehensive loss, net of income tax, by component were as follows (amounts in thousands): | |||||||||||||||
Gains/Losses on | Defined Benefit | Total | |||||||||||||
Cash Flow Hedges | Pension Plan | ||||||||||||||
Items | |||||||||||||||
Accumulated other comprehensive loss, December 29, 2012 | $ | (4,100 | ) | $ | (110,567 | ) | $ | (114,667 | ) | ||||||
Other comprehensive income before reclassifications | (24,457 | ) | 56,319 | 31,862 | |||||||||||
Reclassified to earnings from accumulated other comprehensive income | 17,141 | 3,149 | 20,290 | ||||||||||||
Accumulated other comprehensive loss, December 28, 2013 | $ | (11,416 | ) | $ | (51,099 | ) | $ | (62,515 | ) | ||||||
Amounts reclassified out of accumulated other comprehensive loss 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 Condensed Consolidated Statements of Cash Flows. The following table presents the net of tax amount of the gain or loss reclassified from accumulated other comprehensive income (“AOCI”) for our commodity contracts (amounts in thousands): | |||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(Amounts in thousands) | |||||||||||||||
Gross (gain) loss reclassified from AOCI into income | $ | 27,055 | $ | 17,272 | $ | (38,038 | ) | ||||||||
Tax (benefit) expense | (10,416 | ) | (6,650 | ) | 14,645 | ||||||||||
Net of tax | $ | 16,639 | $ | 10,622 | $ | (23,393 | ) | ||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Earnings Per Share | ' | ||||||||||||
Note 17. | Earnings Per Share | ||||||||||||
On May 22, 2013, the board of directors declared a 3-for-2 stock split of the company’s common stock. The record date for the split was June 5, 2013, and new shares were issued on June 19, 2013. All share and per share information has been restated for all prior periods presented giving retroactive effect to the stock split. | |||||||||||||
The following is a reconciliation of net income and weighted average shares for calculating basic and diluted earnings per common share for fiscal years 2013, 2012, and 2011 (amounts in thousands, except per share data): | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 230,894 | $ | 136,121 | $ | 123,428 | |||||||
Basic Earnings Per Common Share: | |||||||||||||
Weighted average shares outstanding for common stock | 207,935 | 205,005 | 203,015 | ||||||||||
Weighted average shares outstanding for participating securities | — | — | 66 | ||||||||||
Basic weighted average shares outstanding per common share | 207,935 | 205,005 | 203,081 | ||||||||||
Basic earnings per common share | $ | 1.11 | $ | 0.66 | $ | 0.61 | |||||||
Diluted Earnings Per Common Share: | |||||||||||||
Basic weighted average shares outstanding per common share | 207,935 | 205,005 | 203,081 | ||||||||||
Add: Shares of common stock assumed issued upon exercise of stock options, vesting of performance-contingent restricted stock and deferred stock | 3,992 | 2,669 | 2,241 | ||||||||||
Diluted weighted average shares outstanding per common share | 211,927 | 207,674 | 205,322 | ||||||||||
Diluted earnings per common share | $ | 1.09 | $ | 0.66 | $ | 0.6 | |||||||
There were no anti-dilutive shares for fiscal years 2013, 2012, or 2011. |
Postretirement_Plans
Postretirement Plans | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||||||||
Postretirement Plans | ' | ||||||||||||||||||||||||||||||||||||||||
Note 18. | Postretirement Plans | ||||||||||||||||||||||||||||||||||||||||
The following summarizes the company’s balance sheet related pension and other postretirement benefit plan accounts at December 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Current benefit liability | $ | 1,301 | $ | 1,288 | |||||||||||||||||||||||||||||||||||||
Noncurrent benefit liability | $ | 44,226 | $ | 159,158 | |||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $ | 51,099 | $ | 110,567 | |||||||||||||||||||||||||||||||||||||
The company acquired Tasty on May 20, 2011, at which time we assumed sponsorship of a qualified defined benefit plan and two non-qualified benefit plans. The purchase accounting liabilities were developed for these plans as of the acquisition date and the 2011 net periodic cost was measured for each plan for the portion of the fiscal year subsequent to the acquisition. The total unfunded liability at acquisition for these plans was $29.0 million. One of the Tasty nonqualified defined benefit plans was terminated and all benefit obligations of the plan were settled effective December 31, 2011. Settlement costs of $0.2 million were recognized during 2011 due to the plan termination. The Tasty defined benefit plan merged into the Flowers Plan No. 1 as of December 31, 2012. | |||||||||||||||||||||||||||||||||||||||||
The Company used a measurement date of December 31, 2013 for the defined benefit and postretirement benefit plans described below. | |||||||||||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||||||||||
The company has trusteed, noncontributory defined benefit pension plans covering certain current and former employees. Benefits under the company’s largest pension plan are frozen. The company continues to maintain an ongoing 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. The qualified plans are 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 uses a calendar year end for the measurement date since the plans are based on a calendar year end and because it approximates the company’s fiscal year end. As of December 31, 2013 and December 31, 2012, the assets of the qualified plans included certificates of deposit, marketable equity securities, mutual funds, corporate and government debt securities, private and public real estate partnerships, other diversifying strategies and annuity contracts. The company expects pension income of approximately $9.8 million for fiscal 2014. | |||||||||||||||||||||||||||||||||||||||||
The net periodic pension cost (income) for the company’s pension plans includes the following components for fiscal years 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 708 | $ | 610 | $ | 478 | |||||||||||||||||||||||||||||||||||
Interest cost | 20,089 | 21,670 | 20,923 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (28,680 | ) | (26,301 | ) | (24,712 | ) | |||||||||||||||||||||||||||||||||||
Settlement loss | — | — | 172 | ||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 6,177 | 5,085 | 2,725 | ||||||||||||||||||||||||||||||||||||||
Net periodic pension (income) cost | (1,706 | ) | 1,064 | (414 | ) | ||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Current year actuarial (gain) loss | (90,706 | ) | 28,857 | 67,015 | |||||||||||||||||||||||||||||||||||||
Settlement loss | — | — | (172 | ) | |||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | (6,177 | ) | (5,085 | ) | (2,725 | ) | |||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive loss | (96,883 | ) | 23,772 | 64,118 | |||||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (98,589 | ) | $ | 24,836 | $ | 63,704 | ||||||||||||||||||||||||||||||||||
Actual return on plan assets for fiscal years 2013, 2012, and 2011 was $73.2 million, $41.9 million, and $0.1 million, respectively. | |||||||||||||||||||||||||||||||||||||||||
Approximately $1.9 million will be amortized from accumulated other comprehensive income into net periodic benefit cost in fiscal 2014 relating to the company’s pension plans. The funded status and the amounts recognized in the Consolidated Balance Sheets for the company’s pension plans are as follows: | |||||||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 514,636 | $ | 472,793 | |||||||||||||||||||||||||||||||||||||
Service cost | 708 | 610 | |||||||||||||||||||||||||||||||||||||||
Interest cost | 20,089 | 21,670 | |||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (46,213 | ) | 44,447 | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (25,494 | ) | (24,884 | ) | |||||||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 463,726 | $ | 514,636 | |||||||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 365,671 | $ | 330,085 | |||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 73,174 | 41,891 | |||||||||||||||||||||||||||||||||||||||
Employer contribution | 15,254 | 18,579 | |||||||||||||||||||||||||||||||||||||||
Benefits paid | (25,494 | ) | (24,884 | ) | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 428,605 | $ | 365,671 | |||||||||||||||||||||||||||||||||||||
Funded status, end of year: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 428,605 | $ | 365,671 | |||||||||||||||||||||||||||||||||||||
Benefit obligations | 463,726 | 514,636 | |||||||||||||||||||||||||||||||||||||||
Unfunded status and amount recognized at end of year | $ | (35,121 | ) | $ | (148,965 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||||||||||||||||||
Current liability | (418 | ) | (421 | ) | |||||||||||||||||||||||||||||||||||||
Noncurrent liability | (34,703 | ) | (148,544 | ) | |||||||||||||||||||||||||||||||||||||
Amount recognized at end of year | $ | (35,121 | ) | $ | (148,965 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net actuarial loss before taxes | $ | 87,645 | $ | 184,528 | |||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 462,754 | $ | 513,396 | |||||||||||||||||||||||||||||||||||||
The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets at December 28, 2013 were $463.7 million, $462.8 million, and $428.6 million, respectively. The projected benefit obligation, accumulated benefit obligation and fair value of plan assets for pension plans with an accumulated benefit obligation and projected benefit obligation in excess of plan assets were $514.6 million, $513.4 million, and $365.7 million, respectively, at December 29, 2012. | |||||||||||||||||||||||||||||||||||||||||
Assumptions used in accounting for the company’s pension plans at each of the respective fiscal years ending are as follows: | |||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.75 | % | 4 | % | 4.7 | % | |||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | |||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit (income)/cost: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | 1/1/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4 | % | 4.7 | % | 5.38 | -1% | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 3.5 | % | |||||||||||||||||||||||||||||||||||
-1 | The Tasty pension plans were acquired May 20, 2011. The weighted average discount rate used to determine net periodic pension (income) cost for these plans was 4.98%. | ||||||||||||||||||||||||||||||||||||||||
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. Based on these factors the expected long-term rate of return assumption for the plans was set at 8.0% for fiscal 2013, as compared with the average annual return on the plan assets over the last 15 years of approximately 7.4% (net of expenses). | |||||||||||||||||||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||||||||||||||||||
The Finance Committee (“committee”) of the Board of Directors establishes investment guidelines and strategies and regularly monitors the performance of the plans’ assets. Management 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 committee and members of management meet 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 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, 2013 and December 31, 2012, by asset class are as follows (amounts in thousands): | |||||||||||||||||||||||||||||||||||||||||
Fair value of Pension Plan Assets as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Asset Class | Quoted prices in | Significant | Significant | Total | |||||||||||||||||||||||||||||||||||||
active markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||||
for identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
assets (Level 1) | |||||||||||||||||||||||||||||||||||||||||
Short term investments and cash | $ | — | $ | 5,668 | $ | — | $ | 5,668 | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||
U.S. companies | 109,017 | — | — | 109,017 | |||||||||||||||||||||||||||||||||||||
International companies | 1,525 | — | — | 1,525 | |||||||||||||||||||||||||||||||||||||
Domestic equity funds(h) | 62,705 | — | — | 62,705 | |||||||||||||||||||||||||||||||||||||
International equity funds(a) | — | 67,925 | — | 67,925 | |||||||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||||||
Domestic mutual funds(b) | 20,187 | — | — | 20,187 | |||||||||||||||||||||||||||||||||||||
Private equity funds(c) | — | 20,889 | — | 20,889 | |||||||||||||||||||||||||||||||||||||
Real estate funds(d) | — | — | 13,298 | 13,298 | |||||||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||||||
Guaranteed insurance contracts(e) | — | — | 9,594 | 9,594 | |||||||||||||||||||||||||||||||||||||
Hedged equity funds(f)(h) | — | — | 58,176 | 58,176 | |||||||||||||||||||||||||||||||||||||
Absolute return funds(c) | — | — | 59,727 | 59,727 | |||||||||||||||||||||||||||||||||||||
Other assets and (liabilities)(g) | — | — | 484 | 484 | |||||||||||||||||||||||||||||||||||||
Accrued (expenses) income(g) | — | — | (590 | ) | (590 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 193,434 | $ | 94,482 | $ | 140,689 | $ | 428,605 | |||||||||||||||||||||||||||||||||
Fair value of Pension Plan Assets as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Asset Class | Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||||||||||||||||||||||
Short term investments and cash | $ | — | $ | 18,614 | $ | — | $ | 18,614 | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||
U.S. companies | 72,414 | — | — | 72,414 | |||||||||||||||||||||||||||||||||||||
International companies | 1,532 | — | — | 1,532 | |||||||||||||||||||||||||||||||||||||
Domestic equity funds(h) | 71,589 | — | — | 71,589 | |||||||||||||||||||||||||||||||||||||
International equity funds(a)(h) | — | 57,428 | — | 57,428 | |||||||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||||||
Domestic mutual funds(b)(h) | 22,564 | — | — | 22,564 | |||||||||||||||||||||||||||||||||||||
Private equity funds(c) | — | 24,288 | — | 24,288 | |||||||||||||||||||||||||||||||||||||
Real estate(d) | — | — | 11,564 | 11,564 | |||||||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||||||
Guaranteed insurance contracts(e) | — | — | 9,534 | 9,534 | |||||||||||||||||||||||||||||||||||||
Hedged equity funds(f) | — | — | 34,646 | 34,646 | |||||||||||||||||||||||||||||||||||||
Absolute return funds(c) | — | — | 41,936 | 41,936 | |||||||||||||||||||||||||||||||||||||
Other assets and liabilities(g) | — | — | (534 | ) | (534 | ) | |||||||||||||||||||||||||||||||||||
Accrued income(g) | — | — | 96 | 96 | |||||||||||||||||||||||||||||||||||||
Total | $ | 168,099 | $ | 100,330 | $ | 97,242 | $ | 365,671 | |||||||||||||||||||||||||||||||||
(a) | This class includes funds with the principal strategy to invest primarily in long positions in international equity securities. | ||||||||||||||||||||||||||||||||||||||||
(b) | This class invests primarily in U.S. government issued securities. | ||||||||||||||||||||||||||||||||||||||||
(c) | This class invests primarily in absolute return strategy funds. | ||||||||||||||||||||||||||||||||||||||||
(d) | This class includes funds that invest primarily in U.S. commercial real estate. | ||||||||||||||||||||||||||||||||||||||||
(e) | This class invests primarily guaranteed insurance contracts through various U.S. insurance companies. | ||||||||||||||||||||||||||||||||||||||||
(f) | This class invests primarily in hedged equity funds. | ||||||||||||||||||||||||||||||||||||||||
(g) | This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases. | ||||||||||||||||||||||||||||||||||||||||
(h) | There is a pending sale for an asset in this classification. | ||||||||||||||||||||||||||||||||||||||||
The following table provides information on the pension plan assets that are reported using significant unobservable inputs in the estimation of fair value (amounts in thousands): | |||||||||||||||||||||||||||||||||||||||||
2013 Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||
Real Estate | Guaranteed | Hedged Equity | Absolute | Other Assets and | Totals | ||||||||||||||||||||||||||||||||||||
Funds | Insurance | Funds | Return | Liabilities and | |||||||||||||||||||||||||||||||||||||
Contracts | Funds | Accrued (Expenses) | |||||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 11,564 | $ | 9,534 | $ | 34,646 | $ | 41,936 | $ | (438 | ) | $ | 97,242 | ||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||||||||||
Total gains or losses (realized and unrealized) | 1,336 | — | 4,652 | 4,791 | — | 10,779 | |||||||||||||||||||||||||||||||||||
Purchases | — | 443 | 26,500 | 13,000 | — | 39,943 | |||||||||||||||||||||||||||||||||||
Issues | 558 | — | — | — | — | 558 | |||||||||||||||||||||||||||||||||||
Sales | (160 | ) | (383 | ) | (7,622 | ) | — | — | (8,165 | ) | |||||||||||||||||||||||||||||||
Settlements | — | — | — | — | 332 | 332 | |||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 13,298 | $ | 9,594 | $ | 58,176 | $ | 59,727 | $ | (106 | ) | $ | 140,689 | ||||||||||||||||||||||||||||
The company’s investment policy includes various guidelines and procedures designed to ensure 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, 2013 and December 31, 2012, and target asset allocations for fiscal year 2014 are as follows: | |||||||||||||||||||||||||||||||||||||||||
Percentage of Plan | |||||||||||||||||||||||||||||||||||||||||
Assets at the | |||||||||||||||||||||||||||||||||||||||||
Asset Category | Target | Measurement Date | |||||||||||||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 40-60 | % | 56.6 | 56.4 | |||||||||||||||||||||||||||||||||||||
Fixed income securities | Oct-40 | % | 9.6 | 8.4 | |||||||||||||||||||||||||||||||||||||
Real estate | 0-25 | % | 3.1 | 3.9 | |||||||||||||||||||||||||||||||||||||
Other diversifying strategies(1) | 0-40 | % | 29.8 | 29.1 | |||||||||||||||||||||||||||||||||||||
Short term investments and cash | 0-25 | % | 0.9 | 2.2 | |||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
-1 | Includes absolute return funds, hedged equity funds, and guaranteed insurance contracts. | ||||||||||||||||||||||||||||||||||||||||
Equity securities include 3,030,363 shares of the company’s common stock in the amount of $65.1 million and $47.0 million (15.1% and 12.9% of total plan assets) as of December 31, 2013 and December 31, 2012, respectively. | |||||||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||
Year | Required | Discretionary | Total | ||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
2011 | $ | 7,983 | $ | 5,331 | 13,314 | ||||||||||||||||||||||||||||||||||||
2012 | $ | 9,430 | $ | 9,149 | 18,579 | ||||||||||||||||||||||||||||||||||||
2013 | $ | 5,416 | $ | 9,838 | 15,254 | ||||||||||||||||||||||||||||||||||||
All contributions are made in cash. The required contributions made during fiscal 2013 include $5.0 million to qualified plans and $0.4 million in nonqualified pension benefits paid from corporate assets. The discretionary contributions of $9.8 million made to qualified plans during fiscal 2013 were 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 at which to make the contribution in order to reduce the impact of future contributions. During 2014, the company expects to contribute $13.0 million to our qualified pension plans and expects to pay $0.4 million in nonqualified pension benefits from corporate assets. The expected contributions to qualified pension plans represent the estimated minimum pension contributions required under ERISA and the PPA as well as discretionary contributions. This amount represents estimates that are based on assumptions that are subject to change. The Worker, Retiree, and Employer Recovery Act of 2008 (“WRERA”) was signed into law on December 23, 2008. WRERA granted plan sponsors relief from certain funding requirements and benefit restrictions, and also provided some technical corrections to the PPA. One of the technical corrections allowed the use of asset smoothing, with limitations, for up to a 24-month period in determining funding requirements. The company elected to use asset smoothing beginning with the 2009 plan year. As a result, contributions may be deferred to later years or reduced through market recovery. In October 2009, the IRS released final regulations on certain aspects of minimum funding requirements and benefit restrictions under the PPA. The effective date of the final regulations is for plan years beginning on or after January 1, 2010. During the second quarter of 2012, Congress passed the Moving Ahead for Progress in the 21st Century Act (“MAP-21”), which included pension funding stabilization provisions. The company elected to use the interest rate stabilization provisions of MAP-21 beginning with the 2012 plan year. The measure, which is designed to stabilize the discount rate used to determine funding requirements from the effects of interest rate volatility, is expected to reduce the company’s minimum required pension contributions in the near-term. The company continues to review various contribution scenarios based on current market conditions and options available to plan sponsors under the final PPA regulations, as amended by MAP-21. | |||||||||||||||||||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||||||||||||||||||
The following are benefits paid under the plans during fiscal years 2013, 2012 and 2011 and expected to be paid from fiscal 2014 through fiscal 2023. 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. | |||||||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
2011 | $ | 20,921 | |||||||||||||||||||||||||||||||||||||||
2012 | $ | 24,884 | |||||||||||||||||||||||||||||||||||||||
2013 | $ | 25,494 | |||||||||||||||||||||||||||||||||||||||
Estimated Future Payments: | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 26,002 | |||||||||||||||||||||||||||||||||||||||
2015 | $ | 26,265 | |||||||||||||||||||||||||||||||||||||||
2016 | $ | 26,690 | |||||||||||||||||||||||||||||||||||||||
2017 | $ | 27,085 | |||||||||||||||||||||||||||||||||||||||
2018 | $ | 27,589 | |||||||||||||||||||||||||||||||||||||||
2019 – 2023 | $ | 144,442 | |||||||||||||||||||||||||||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||||||||||
The company evaluated options for delivery of postretirement benefits under the health care reform legislation. As a result of this review, the company established a retiree-only plan as of January 1, 2011 to deliver postretirement medical benefits. Therefore, benefits provided under the company postretirement benefit plans are exempt from lifetime and annual dollar limits on essential health benefits and other health care reform mandates based on long-standing exemptions for such plans under ERISA and the Internal Revenue Code. In addition, the company has communicated to current and future retirees that any excise taxes that may apply to these benefits in the future due to the legislation will be paid by plan participants. As a result, no changes in plan provisions have been measured due to health care reform. | |||||||||||||||||||||||||||||||||||||||||
Dental coverage for eligible retirees is only available under COBRA. Medical coverage is available beginning with fiscal 2012 either through COBRA or the retiree-only medical plan. The plan incorporates employee contributions at COBRA premium levels. Eligibility for the retiree-only medical plan is based on age and length of service and vesting in a Flowers retirement plan. The life insurance plan offers coverage to a closed group of retirees. In December 2003, the Medicare Prescription Drug, Improvement and Modernization Act of 2003 (“MMA”) was enacted. The MMA established a voluntary prescription drug benefit under Medicare, known as “Medicare Part D,” and a federal subsidy to sponsors of retiree health care benefit plans that provide a prescription drug benefit that is at least actuarially equivalent to Medicare Part D. If the retiree is covered under COBRA, coverage terminates at age 65 when the retiree is eligible for Medicare. There is no age 65 limitation for the retiree-only medical plan. The retiree can continue coverage after age 65 at which time Medicare is primary coverage and our plan is secondary coverage. This group does not have filings for the Medicare Part D subsidy. | |||||||||||||||||||||||||||||||||||||||||
On August 4, 2008 the company assumed sponsorship of a medical, dental, and life insurance benefits plan for eligible retired employees from the acquisition of ButterKrust. The ButterKrust plan provides coverage to a limited group. Eligibility for benefits is based on the attainment of certain age and service requirements. Additionally, non-union employees hired after March 1, 2004 are not eligible. Union employees who meet the medical eligibility requirements are also eligible for life insurance benefits. Medical premium levels for retirees and spouses vary by group. The company has determined that the prescription drug benefit provided to some participants in the ButterKrust plan are at least actuarially equivalent to Medicare Part D for certain non-union and all union participants. Other participants in the plan are not eligible for prescription drug benefits. This group does file for the Medicare Part D subsidy. | |||||||||||||||||||||||||||||||||||||||||
As a result of union negotiations in October 2009, eligibility for the ButterKrust plan was only extended through October 26, 2012 for union employees. Only eligible union employees who retired prior to October 26, 2012 can receive benefits under the ButterKrust plan. In addition, certain medical plan provisions were changed in the ButterKrust plan. | |||||||||||||||||||||||||||||||||||||||||
Effective January 1, 2014, the company is delivering retiree medical and dental benefits for Medicare eligible retirees through a health-care reimbursement account. The company will no longer sponsor a medical plan for Medicare eligible retirees and will no longer file for a Medicare Part D subsidy. These changes were recognized at year-end 2013. | |||||||||||||||||||||||||||||||||||||||||
The net periodic benefit (income) cost for the company’s postretirement benefit plans includes the following components for fiscal years 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 341 | $ | 458 | $ | 426 | |||||||||||||||||||||||||||||||||||
Interest cost | 380 | 605 | 687 | ||||||||||||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||||||
Prior service credit | (257 | ) | (257 | ) | (257 | ) | |||||||||||||||||||||||||||||||||||
Actuarial gain | (799 | ) | (299 | ) | (48 | ) | |||||||||||||||||||||||||||||||||||
Total net periodic benefit (income) cost | (335 | ) | 507 | 808 | |||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Current year actuarial (gain) loss* | 240 | (2,492 | ) | (158 | ) | ||||||||||||||||||||||||||||||||||||
Current year prior service credit | (1,110 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of actuarial gain | 799 | 299 | 48 | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | 257 | 257 | 257 | ||||||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive (loss) income | 186 | (1,936 | ) | 147 | |||||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (149 | ) | $ | (1,429 | ) | $ | 955 | |||||||||||||||||||||||||||||||||
* | Includes (gain) loss related to (higher) lower than expected Medicare Part D subsidy receipts. | ||||||||||||||||||||||||||||||||||||||||
Approximately $(1.0) million will be amortized from accumulated other comprehensive income into net periodic benefit cost in fiscal year 2014 relating to the company’s postretirement benefit plans. | |||||||||||||||||||||||||||||||||||||||||
The unfunded status and the amounts recognized in the Consolidated Balance Sheets for the company’s postretirement benefit plans are as follows: | |||||||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 11,481 | $ | 13,889 | |||||||||||||||||||||||||||||||||||||
Service cost | 341 | 458 | |||||||||||||||||||||||||||||||||||||||
Interest cost | 380 | 605 | |||||||||||||||||||||||||||||||||||||||
Participant contributions | 364 | 356 | |||||||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 214 | (2,513 | ) | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,316 | ) | (1,366 | ) | |||||||||||||||||||||||||||||||||||||
Less federal subsidy on benefits paid | 52 | 52 | |||||||||||||||||||||||||||||||||||||||
Plan amendments | (1,110 | ) | — | ||||||||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 10,406 | $ | 11,481 | |||||||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Employer contributions | 952 | 1,010 | |||||||||||||||||||||||||||||||||||||||
Participant contributions | 364 | 356 | |||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,316 | ) | (1,366 | ) | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Funded status, end of year: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Benefit obligations | 10,406 | 11,481 | |||||||||||||||||||||||||||||||||||||||
Unfunded status and amount recognized at end of year | $ | (10,406 | ) | $ | (11,481 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||||||||||||||||||
Current liability | $ | (883 | ) | $ | (867 | ) | |||||||||||||||||||||||||||||||||||
Noncurrent liability | (9,523 | ) | (10,614 | ) | |||||||||||||||||||||||||||||||||||||
Amount recognized at end of year | $ | (10,406 | ) | $ | (11,481 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive (loss) income: | |||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss before taxes | $ | (3,135 | ) | $ | (4,173 | ) | |||||||||||||||||||||||||||||||||||
Prior service (credit) cost before taxes | (1,422 | ) | (570 | ) | |||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive (loss) income | $ | (4,557 | ) | $ | (4,743 | ) | |||||||||||||||||||||||||||||||||||
Assumptions used in accounting for the company’s postretirement benefit plans at each of the respective fiscal years ending are as follows: | |||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.31 | % | 3.34 | % | 4.35 | % | |||||||||||||||||||||||||||||||||||
Health care cost trend rate used to determine benefit obligations: | |||||||||||||||||||||||||||||||||||||||||
Initial rate | 8.5 | % | 8 | % | 8.5 | % | |||||||||||||||||||||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||||||||||||
Year trend reaches the ultimate rate | 2021 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | 1/1/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 3.34 | % | 4.35 | % | 5 | % | |||||||||||||||||||||||||||||||||||
Health care cost trend rate used to determine net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Initial rate | 8 | % | 8.5 | % | 8 | % | |||||||||||||||||||||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||||||||||||
Year trend reaches the ultimate rate | 2019 | 2019 | 2017 | ||||||||||||||||||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. A one-percentage-point change in assumed health care cost trend rates would have the following effects for fiscal years 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||||||
One-Percentage-Point Decrease | One-Percentage-Point Increase | ||||||||||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | Fiscal | Fiscal | Fiscal | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost | $ | (64 | ) | $ | (100 | ) | $ | (98 | ) | $ | 73 | $ | 115 | $ | 124 | ||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | (485 | ) | $ | (667 | ) | $ | (915 | ) | $ | 542 | $ | 744 | $ | 1,022 | ||||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||||||||||||||||||
Company contributions to postretirement plans are as follows (amounts in thousands): | |||||||||||||||||||||||||||||||||||||||||
Year | Employer Net | ||||||||||||||||||||||||||||||||||||||||
Contribution | |||||||||||||||||||||||||||||||||||||||||
2011 | $ | 853 | |||||||||||||||||||||||||||||||||||||||
2012 | $ | 958 | |||||||||||||||||||||||||||||||||||||||
2013 | $ | 900 | |||||||||||||||||||||||||||||||||||||||
2014 (Expected) | $ | 883 | |||||||||||||||||||||||||||||||||||||||
The table above reflects only the company’s share of the benefit cost. The company contributions shown are net of income from federal subsidy payments received pursuant to the MMA. MMA subsidy payments, which reduce the company’s cost for the plans, are shown separately in the benefits table below. Of the $0.9 million expected funding for postretirement benefit plans during 2014, the entire amount will be required to pay for benefits. Contributions by participants to postretirement benefits were $0.4 million, $0.4 million, and $0.4 million for fiscal years 2013, 2012, and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||
Benefit Payments | |||||||||||||||||||||||||||||||||||||||||
The following are benefits paid by the company during fiscal years 2013, 2012 and 2011 and expected to be paid from fiscal 2014 through fiscal 2023. All benefits are expected to be paid from the company’s assets. The expected benefits show the company’s cost without regard to income from federal subsidy payments received pursuant to the MMA. Expected MMA subsidy payments, which reduce the company’s cost for the plans, are shown separately. | |||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Employer Gross | MMA Subsidy | ||||||||||||||||||||||||||||||||||||||||
Contribution | (Income) | ||||||||||||||||||||||||||||||||||||||||
2011 | $ | 919 | $ | (66 | ) | ||||||||||||||||||||||||||||||||||||
2012 | $ | 1,010 | $ | (52 | ) | ||||||||||||||||||||||||||||||||||||
2013 | $ | 952 | $ | (52 | ) | ||||||||||||||||||||||||||||||||||||
Estimated Future Payments: | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 883 | $ | — | |||||||||||||||||||||||||||||||||||||
2015 | $ | 939 | $ | — | |||||||||||||||||||||||||||||||||||||
2016 | $ | 975 | $ | — | |||||||||||||||||||||||||||||||||||||
2017 | $ | 1,013 | $ | — | |||||||||||||||||||||||||||||||||||||
2018 | $ | 1,023 | $ | — | |||||||||||||||||||||||||||||||||||||
2019 – 2023 | $ | 4,435 | $ | — | |||||||||||||||||||||||||||||||||||||
Multiemployer Plans | |||||||||||||||||||||||||||||||||||||||||
In September 2011, the FASB issued guidance for disclosures of multiemployer pension and other postretirement benefit plans. The guidance requires an employer to provide additional quantitative and qualitative disclosures for these plans. The disclosures provide users with more detailed information about an employer’s participation in multiemployer pension plans. We adopted this guidance during 2011 and applied the requirements retrospectively for all periods presented. The required disclosures are presented in the table below. | |||||||||||||||||||||||||||||||||||||||||
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 $1.9 million for fiscal 2013, $1.7 million for fiscal 2012, and $4.2 million for fiscal 2011. The company recorded an expense and a liability in fiscal 2011 of $2.5 million for a complete withdrawal from one particular plan which was paid on February 2, 2012. There were no partial or full withdrawals during fiscal 2013 or fiscal 2012 which led to lower expense during fiscal 2013 and fiscal 2012 when compared to fiscal 2011. | |||||||||||||||||||||||||||||||||||||||||
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 2013, 2012, and 2011. There are no contractually required minimum contributions to the plans as of December 28, 2013. | |||||||||||||||||||||||||||||||||||||||||
The company’s participation in these multiemployer plans for fiscal 2013 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 2013 and 2012 is for the plan’s year-end at December 31, 2013 and 2012, 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. | |||||||||||||||||||||||||||||||||||||||||
Pension Fund | EIN | Pension | FIP/RP Status | Contributions | Surcharge | Expiration Date of | |||||||||||||||||||||||||||||||||||
Protection Act | Pending/Implemented | (Amounts in | Imposed | Collective Bargaining | |||||||||||||||||||||||||||||||||||||
Zone Status | thousands) | Agreement | |||||||||||||||||||||||||||||||||||||||
Pension | 2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Plan No. | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||||
IAM National Pension Fund | 51-6031295 | 2 | Green | Green | No | 104 | 101 | 100 | No | 5/1/16 | |||||||||||||||||||||||||||||||
Retail, Wholesale and Department Store International Union and Industry Pension Fund | 63-0708442 | 1 | Green | Green | No | 130 | 115 | 121 | No | 8/12/17 | |||||||||||||||||||||||||||||||
Western Conference of Teamsters Pension Trust | 91-6145047 | 1 | Green | Green | No | 252 | 283 | 291 | No | 2/4/17 | |||||||||||||||||||||||||||||||
BC&T International Pension Fund | 52-6118572 | 1 | Red | Red | Yes | 939 | 797 | 673 | Yes | 10/31/15 | |||||||||||||||||||||||||||||||
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 years 2013, 2012, and 2011, the total cost and employer contributions were $23.0 million, $20.3 million, and $18.2 million, respectively. | |||||||||||||||||||||||||||||||||||||||||
The company acquired Lepage in fiscal 2012, at which time we assumed sponsorship of the Lepage 401(k) Plan. This plan will be merged into the Flowers Foods 401(k) Retirement Savings Plan upon completion of a detailed review of prior plan operations and administration. During fiscal 2013, the total cost and employer contributions were $0.5 million for the Lepage 401(k) Plan. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note 19. | Income Taxes | ||||||||||||
The company’s provision for income tax expense consists of the following for fiscal years 2013, 2012 and 2011: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Current Taxes: | |||||||||||||
Federal | $ | 73,669 | $ | 54,599 | $ | 60,129 | |||||||
State | 11,325 | 6,602 | 10,109 | ||||||||||
84,994 | 61,201 | 70,238 | |||||||||||
Deferred Taxes: | |||||||||||||
Federal | 7,970 | 9,703 | (1,492 | ) | |||||||||
State | (1,485 | ) | 1,747 | (208 | ) | ||||||||
6,485 | 11,450 | (1,700 | ) | ||||||||||
Income tax expense | $ | 91,479 | $ | 72,651 | $ | 68,538 | |||||||
Income tax expense differs from the amount computed by applying the U.S. federal income tax rate (35%) because of the effect of the following items for fiscal years 2013, 2012, and 2011: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Tax at U.S. federal income tax rate | $ | 112,831 | $ | 73,070 | $ | 67,188 | |||||||
State income taxes, net of federal income tax benefit | 6,396 | 5,427 | 6,546 | ||||||||||
Section 199 qualifying production activities benefit | (7,022 | ) | (5,407 | ) | (5,645 | ) | |||||||
Bargain purchase | (17,524 | ) | — | — | |||||||||
Other | (3,202 | ) | (439 | ) | 449 | ||||||||
Income tax expense | $ | 91,479 | $ | 72,651 | $ | 68,538 | |||||||
Deferred tax assets (liabilities) are comprised of the following: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Self-insurance | $ | 7,227 | $ | 5,633 | |||||||||
Compensation and employee benefits | 13,558 | 11,612 | |||||||||||
Deferred income | 7,397 | 6,697 | |||||||||||
Loss and credit carryforwards | 27,055 | 31,187 | |||||||||||
Equity-based compensation | 14,402 | 12,198 | |||||||||||
Hedging | 7,158 | 2,578 | |||||||||||
Pension | 10,822 | 54,843 | |||||||||||
Postretirement benefits | 7,595 | 7,805 | |||||||||||
Other | 16,084 | 13,453 | |||||||||||
Deferred tax assets valuation allowance | (2,895 | ) | (4,545 | ) | |||||||||
Deferred tax assets | 108,403 | 141,461 | |||||||||||
Depreciation | (86,235 | ) | (88,494 | ) | |||||||||
Intangible assets | (67,923 | ) | (60,304 | ) | |||||||||
Bargain purchase | (31,345 | ) | — | ||||||||||
Other | (3,250 | ) | (2,671 | ) | |||||||||
Deferred tax liabilities | (188,753 | ) | (151,469 | ) | |||||||||
Net deferred tax (liability) asset | $ | (80,350 | ) | $ | (10,008 | ) | |||||||
The company’s effective tax rate was impacted by the bargain purchase gain on acquisition, which was recorded net of deferred taxes as a component of income before income taxes. The gain was treated as a permanent item in the tax provision, and favorably impacts the rate by approximately 5.2%. On September 13, 2013, the IRS and Treasury released final regulations regarding the deduction and capitalization of expenditures related to tangible property. The company is in the process of evaluating the impact of these regulations and does not expect a material impact to the financial statements. Tax legislation adopted in January 2013 had an immaterial impact on the rate. | |||||||||||||
The company has a deferred tax asset of $15.7 million related to a federal net operating loss carryforward which we expect to fully utilize. Additionally, the company and various subsidiaries have a net deferred tax asset of $9.9 million related to state net operating loss carryforwards with expiration dates through fiscal 2025. The utilization of a portion of these state carryforwards could be limited in the future; therefore, a valuation allowance 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. | |||||||||||||
The gross amount of unrecognized tax benefits was $4.8 million and $7.3 million as of December 28, 2013 and December 29, 2012, respectively. This decrease is primarily due to the expiration of the statute of limitations on several previously unrecognized tax benefits. These amounts are exclusive of interest accrued and are recorded in other long-term liabilities on the Consolidated Balance Sheet. If recognized, the $4.8 million (less $1.1 million related to tax imposed in other jurisdictions) would impact the effective rate. | |||||||||||||
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 an accrued interest balance of approximately $0.7 million and $0.7 million at December 28, 2013 and December 29, 2012, respectively. | |||||||||||||
The company defines the federal jurisdiction as well as various state jurisdictions as “major” jurisdictions. With limited exceptions, the company is no longer subject to federal or state examinations for years prior to 2010. | |||||||||||||
At this time, we do not anticipate material changes to the amount of gross unrecognized tax benefits over the next twelve months. | |||||||||||||
The following is a reconciliation of the total amounts of unrecognized tax benefits for fiscal years 2013, 2012 and 2011: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Unrecognized tax benefit at beginning of fiscal year | $ | 7,304 | $ | 8,709 | $ | 4,823 | |||||||
Gross increases — tax positions in a current period | — | 331 | 876 | ||||||||||
Gross increases — acquisitions | 500 | — | 3,863 | ||||||||||
Lapses of statutes of limitations | (2,995 | ) | (1,736 | ) | (853 | ) | |||||||
Unrecognized tax benefit at end of fiscal year | $ | 4,809 | $ | 7,304 | $ | 8,709 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |
Dec. 28, 2013 | ||
Commitments and Contingencies | ' | |
Note 20. | Commitments and Contingencies | |
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. | ||
The company has recorded current liabilities of $24.9 million and $21.2 million related to self-insurance reserves at December 28, 2013 and December 29, 2012, 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. The amount of the company’s ultimate liability in respect of these matters may differ materially from these estimates. | ||
In the event the company ceases to utilize the independent distribution form of doing business or exits a territory, the company is contractually required to purchase the territory from the independent distributor. | ||
See Note 11, Debt, Lease and Other Commitments, for additional information. |
Segment_Reporting
Segment Reporting | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||||
Segment Reporting | ' | ||||||||||||||||||||||||||||||||||||
Note 21. | Segment Reporting | ||||||||||||||||||||||||||||||||||||
The company’s DSD Segment produces fresh and frozen packaged bread, rolls, and snack products and the Warehouse Segment produces frozen bread, rolls, tortillas, and snack products. The company evaluates each segment’s performance based on income or loss before interest and income taxes, excluding unallocated expenses, and charges which the company’s management deems to be an overall corporate cost or a cost not reflective of the segments’ core operating businesses. Information regarding the operations in these reportable segments is as follows for fiscal years 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 3,167,256 | $ | 2,541,135 | $ | 2,291,011 | |||||||||||||||||||||||||||||||
Warehouse | 785,498 | 648,889 | 618,982 | ||||||||||||||||||||||||||||||||||
Eliminations: | |||||||||||||||||||||||||||||||||||||
Sales from Warehouse to DSD | (132,506 | ) | (111,254 | ) | (110,870 | ) | |||||||||||||||||||||||||||||||
Sales from DSD to Warehouse | (69,243 | ) | (32,279 | ) | (25,767 | ) | |||||||||||||||||||||||||||||||
$ | 3,751,005 | $ | 3,046,491 | $ | 2,773,356 | ||||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 100,792 | $ | 84,290 | $ | 74,378 | |||||||||||||||||||||||||||||||
Warehouse | 17,032 | 18,267 | 19,768 | ||||||||||||||||||||||||||||||||||
Other(1) | 667 | 133 | 492 | ||||||||||||||||||||||||||||||||||
$ | 118,491 | $ | 102,690 | $ | 94,638 | ||||||||||||||||||||||||||||||||
Income from operations: | |||||||||||||||||||||||||||||||||||||
DSD(2) | $ | 350,531 | $ | 233,196 | $ | 203,248 | |||||||||||||||||||||||||||||||
Warehouse | 48,517 | 36,230 | 27,351 | ||||||||||||||||||||||||||||||||||
Other(1) | (63,815 | ) | (50,915 | ) | (41,573 | ) | |||||||||||||||||||||||||||||||
$ | 335,233 | $ | 218,511 | $ | 189,026 | ||||||||||||||||||||||||||||||||
Net interest (expense) income | $ | (12,860 | ) | $ | (9,739 | ) | $ | 2,940 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 322,373 | $ | 208,772 | $ | 191,966 | |||||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 80,528 | $ | 52,375 | $ | 61,017 | |||||||||||||||||||||||||||||||
Warehouse | 8,187 | 10,809 | 14,379 | ||||||||||||||||||||||||||||||||||
Other(1) | 10,466 | 4,075 | 3,766 | ||||||||||||||||||||||||||||||||||
$ | 99,181 | $ | 67,259 | $ | 79,162 | ||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 2,146,209 | $ | 1,638,826 | |||||||||||||||||||||||||||||||||
Warehouse | 233,591 | 245,195 | |||||||||||||||||||||||||||||||||||
Other(3) | 124,214 | 111,828 | |||||||||||||||||||||||||||||||||||
$ | 2,504,014 | $ | 1,995,849 | ||||||||||||||||||||||||||||||||||
-1 | Represents the company’s corporate head office amounts and acquisition costs. | ||||||||||||||||||||||||||||||||||||
-2 | Includes the gain on acquisition of $50.1 million in fiscal 2013. | ||||||||||||||||||||||||||||||||||||
-3 | Represents the company’s corporate head office assets including primarily cash and cash equivalents, deferred taxes and deferred financing costs. | ||||||||||||||||||||||||||||||||||||
Sales by product category in each reportable segment are as follows for fiscal years 2013, 2012, and 2011 (amounts in thousands): | |||||||||||||||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||||||||||||||
Total | DSD | Warehouse | Total | DSD | Warehouse | Total | DSD | Warehouse | |||||||||||||||||||||||||||||
Branded Retail | $ | 2,046,916 | $ | 1,905,002 | $ | 141,914 | $ | 1,590,726 | $ | 1,486,887 | $ | 103,839 | $ | 1,421,229 | $ | 1,326,992 | $ | 94,237 | |||||||||||||||||||
Store Branded Retail | 645,117 | 504,587 | 140,530 | 544,670 | 426,771 | 117,899 | 499,661 | 373,971 | 125,690 | ||||||||||||||||||||||||||||
Non-retail and Other | 1,058,972 | 688,424 | 370,548 | 911,095 | 595,198 | 315,897 | 852,466 | 564,281 | 288,185 | ||||||||||||||||||||||||||||
Total | $ | 3,751,005 | $ | 3,098,013 | $ | 652,992 | $ | 3,046,491 | $ | 2,508,856 | $ | 537,635 | $ | 2,773,356 | $ | 2,265,244 | $ | 508,112 | |||||||||||||||||||
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Information | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Unaudited Quarterly Financial Information | ' | ||||||||||||||||||||
Note 22. | Unaudited Quarterly Financial Information | ||||||||||||||||||||
Results of operations for each of the four quarters in the respective fiscal years are as follows. Each quarter represents a period of twelve weeks, except the first quarter, which includes sixteen weeks. During the company’s fourth quarter of fiscal 2013, we identified and recorded an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) for an environmental liability recorded in an acquisition to reduce selling, distribution and administrative expenses and reduce accrued liabilities. This entry should have been recorded in the fourth quarter of fiscal 2012 when the company was contractually relieved of the liability. As described in Note 6, Goodwill and Other Intangible Assets, during fiscal 2013 we also recorded two out-of-period adjustments to goodwill and other balance sheet accounts totaling $2.0 million ($1.1 million in second quarter 2013 and $0.9 million in fourth quarter 2013) to correct the opening balance sheets of prior acquisitions. We evaluated the impact of these adjustments on our previously issued financial statements for each of the periods affected and concluded that the impact was not material. We also evaluated the impact of recording the corrections in our fiscal 2013 financial statements and concluded that the impact is not material. | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||
Sales | 2013 | $ | 1,130,810 | $ | 898,153 | $ | 878,492 | $ | 843,550 | ||||||||||||
2012 | $ | 898,206 | $ | 681,561 | $ | 717,282 | $ | 749,442 | |||||||||||||
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately) | 2013 | $ | 585,298 | $ | 471,614 | $ | 467,798 | $ | 447,511 | ||||||||||||
2012 | $ | 478,978 | $ | 365,658 | $ | 382,508 | $ | 390,666 | |||||||||||||
Net income. | 2013 | $ | 112,026 | $ | 46,460 | $ | 33,888 | $ | 38,520 | * | |||||||||||
2012 | $ | 37,943 | $ | 28,380 | $ | 31,231 | $ | 38,567 | |||||||||||||
Basic net income per share | 2013 | $ | 0.54 | $ | 0.22 | $ | 0.16 | $ | 0.18 | * | |||||||||||
2012 | $ | 0.19 | $ | 0.14 | $ | 0.15 | $ | 0.18 | |||||||||||||
Diluted net income per share | 2013 | $ | 0.53 | $ | 0.22 | $ | 0.16 | $ | 0.18 | * | |||||||||||
2012 | $ | 0.19 | $ | 0.14 | $ | 0.15 | $ | 0.18 | |||||||||||||
* | Includes an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) described above. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 28, 2013 | ||
Subsequent Events | ' | |
Note 23. | Subsequent Events | |
Dividend. On February 14, 2014, the Board of Directors declared a dividend of $0.1125 per share on the company’s common stock to be paid on March 14, 2014 to shareholders of record on February 28, 2014. | ||
Amendment to Credit Facility and New Term Loan. On February 14, 2013, we amended our existing $500.0 million senior unsecured revolving credit facility (as amended, the “credit facility”) and existing unsecured term loan (as amended, the “new term loan”). The credit facility amendment provides for a reduced interest rate and facility fee and extends the term to five years from the amendment date. The new term loan amendment reduces the applicable interest rate. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles 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. | |||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||
Variable Interest Entities. The incorporated independent distributors (“IDs”) who deliver our products qualify as variable interest entities (“VIEs”). The company typically finances the ID and also enters into a contract with the ID to sell product at a fixed discount for distribution in the ID’s territory. The combination of the company’s loans to the IDs and the ongoing supply arrangements with the IDs provides a level of protection to the equity owners of the various IDs that would not otherwise be available. However, 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 distributor territories or (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 company’s maximum exposure related to the distributor route notes receivable of these VIEs is less than 10% of the total distributor route notes receivable for the consolidated company. See Note 12, Variable Interest Entity, for additional disclosure. | |||||||||||||||||
Fiscal Year End | ' | ||||||||||||||||
Fiscal Year End. The company operates on a 52-53 week fiscal year ending the Saturday nearest December 31. Fiscal 2013, fiscal 2012, and fiscal 2011 consisted of 52 weeks. Fiscal 2014 will consist of 53 weeks. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition. The company recognizes revenue from the sale of product at the time of delivery when title and risk of loss pass to the customer. 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. Price promotion discount expense is recorded as a reduction to gross sales when the discounted product is sold to the customer. Coupon expense estimates are calculated and recorded as a reduction to gross sales using the number of coupons dropped to consumers and the estimated redemption percentage and value, at the time the coupons are issued. Estimates for customer rebates assume that customers will meet the estimates of required quantities to qualify for payment and are recorded as a reduction to gross sales. Cooperative advertising expense is recorded as a reduction to gross sales based on our proportion of the estimated advertising costs of the underlying program and are recognized at the time the advertising takes place. Product returns are recorded as a reduction to gross sales based on the actual returns in the week following the quarter end. | |||||||||||||||||
The consumer packaged goods industry has used scan-based trading technology over several years to share information between the supplier and retailer. An extension of this technology allows the retailer to take ownership of our goods when the consumer purchases the goods rather than at the time they are delivered to the retailer. Consequently, revenue on these sales is not recognized until the product is purchased by the consumer. This technology is referred to as pay-by-scan (“PBS”). In fiscal years 2013, 2012, and 2011, the company recorded $1,116.4 million, $863.4 million, and $821.0 million, respectively, in sales through PBS. | |||||||||||||||||
Revenue on PBS sales is recognized when the product is purchased by the end consumer because that is when title and risk of loss is transferred. Non-PBS sales are recognized when the product is delivered to the customer since that is when title and risk of loss is transferred. | |||||||||||||||||
The company’s production facilities deliver our products to independent distributors, who deliver our products to outlets of retail accounts that are within the distributors’ geographic territory. PBS is utilized primarily in certain national and regional retail accounts (“PBS Outlet”). Generally, no revenue is recognized by the company upon delivery of our products by the company to the distributor or upon delivery of our products by the distributor to a PBS Outlet. It is recognized when our products are purchased by the end consumer. Product inventory in the PBS Outlet is reflected as inventory on the company’s balance sheet. The balance of PBS inventory at December 28, 2013 and December 29, 2012 was $6.4 million and $5.6 million, respectively. | |||||||||||||||||
A distributor performs a physical inventory of our products at each PBS Outlet weekly and reports the results to the company. The inventory data submitted by the distributor for each PBS Outlet is compared with the product delivery data. Product delivered to a PBS Outlet that is not recorded in the inventory data has been purchased by the consumer/customer of the PBS Outlet and is recorded as sales revenue by the company. | |||||||||||||||||
The company repurchases territories from and sells territories to independent distributors from time to time. At the time the company purchases a territory from an independent distributor, the fair value purchase price of the territory is recorded as “Assets Held for Sale — Distributor Routes”. Upon the sale of that territory to a new independent distributor, generally a note receivable of up to ten years is recorded for the sales price of the territory (for those situations when the company provides direct financing to the distributor) with a corresponding credit to assets held for sale to relieve the carrying amount of the territory. Any difference between the amount of the note receivable (i.e., the sales price) and the territory’s carrying value is recorded as a gain or a loss in selling, distribution and administrative expenses because the company considers its distributor activity a cost of distribution. Since the distributor has the right to require the company to repurchase the territory at the original purchase price within the first six-month period following the date of sale, no gain is recorded on the sale of the territory until after the six-month period is completed (except that gains of $5,000 or less are recognized immediately upon the sale). Upon expiration of the six-month period, the amount deferred during this period is recorded and the remaining gain on the sale is recorded over the remaining term of the note. In instances where a territory is sold for less than its carrying value, a loss is recorded at the date of sale and any impairment of a territory held for sale is recorded at such time when the impairment occurs. The deferred gains were $22.4 million and $17.3 million at December 28, 2013 and December 29, 2012, respectively, and are recorded in other long-term liabilities on the Consolidated Balance Sheet. The company recorded net gains of $5.5 million during fiscal 2013, $2.6 million during fiscal 2012, and $2.4 million during fiscal 2011 related to the sale of territories as a component of selling, distribution and administrative expenses. | |||||||||||||||||
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 as cash and cash equivalents. | |||||||||||||||||
Accounts Receivable | ' | ||||||||||||||||
Accounts Receivable. Accounts receivable consists of trade receivables, current portions of distributor notes receivable, and miscellaneous receivables. The company maintains allowances for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments for trade receivables, distributor notes receivable, and miscellaneous receivables. Bad debts are charged to this reserve after all attempts to collect the balance are exhausted. If the financial condition of the company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required. In determining past due or delinquent status of a customer, the aged trial balance is reviewed on a weekly basis by sales management and generally any accounts older than seven weeks are considered delinquent. Activity in the allowance for doubtful accounts is as follows (amounts in thousands): | |||||||||||||||||
Beginning | Charged to | Write-Offs | Ending | ||||||||||||||
Balance | Expense | and Other | Balance | ||||||||||||||
Fiscal 2013 | $ | 386 | $ | 4,110 | $ | 2,898 | $ | 1,598 | |||||||||
Fiscal 2012 | $ | 171 | $ | 1,991 | $ | 1,776 | $ | 386 | |||||||||
Fiscal 2011 | $ | 522 | $ | 414 | $ | 765 | $ | 171 | |||||||||
The increase from fiscal 2012 to fiscal 2013 for the amount charged to the allowance for accounts receivable was from a significant increase in the number of new customers added during the year. These new customers contributed to the volume increases recognized in our overall sales increases. | |||||||||||||||||
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 years 2013, 2012 and 2011 accounted for 43.5%, 45.1% and 45.6% of sales, respectively. Our largest customer, Walmart/Sam’s Club, percent of sales for fiscal years 2013, 2012 and 2011 was as follows: | |||||||||||||||||
Percent of Sales | |||||||||||||||||
DSD | Warehouse | Total | |||||||||||||||
Fiscal 2013 | 17 | % | 3.1 | % | 20.1 | % | |||||||||||
Fiscal 2012 | 17.5 | % | 3.2 | % | 20.7 | % | |||||||||||
Fiscal 2011 | 17.8 | % | 3.8 | % | 21.6 | % | |||||||||||
Inventories | ' | ||||||||||||||||
Inventories. Inventories at December 28, 2013 and December 29, 2012 are valued at lower of cost or market. Costs for raw materials and packaging are recorded at moving average cost. Finished goods inventories are at average costs. | |||||||||||||||||
The company will write down inventory to market for estimated unmarketable inventory equal to the difference between the cost of inventory and the estimated market 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 | ||||||||||||||
Balance | Expense | and Other | Balance | ||||||||||||||
Fiscal 2013 | $ | 38 | $ | 1,210 | $ | 1,155 | $ | 93 | |||||||||
Fiscal 2012 | $ | 58 | $ | 947 | $ | 967 | $ | 38 | |||||||||
Fiscal 2011 | $ | 231 | $ | 765 | $ | 938 | $ | 58 | |||||||||
Shipping Costs | ' | ||||||||||||||||
Shipping Costs. Shipping costs are included in the selling, distribution and administrative line item of the Consolidated Statements of Income. For fiscal years 2013, 2012, and 2011, shipping costs were $815.8 million, $675.6 million, and $630.1 million, respectively, including delivery fees paid to independent distributors. | |||||||||||||||||
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. | |||||||||||||||||
Property, Plant and Equipment and Depreciation | ' | ||||||||||||||||
Property, Plant and Equipment and Depreciation. Property, plant and equipment is stated at cost. Depreciation expense is computed using the straight-line method based on the estimated useful lives of the depreciable assets. Certain equipment held under capital leases of $22.5 million and $15.6 million at December 28, 2013 and December 29, 2012, respectively, is classified as property, plant and equipment and the related obligations are recorded as liabilities. Depreciation of assets held under capital leases is included in depreciation and amortization expense. Total accumulated depreciation for assets held under capital leases was $7.0 million and $5.6 million at December 28, 2013 and December 29, 2012, respectively. | |||||||||||||||||
Buildings are depreciated over ten to forty years, machinery and equipment over three to twenty-five years, and furniture, fixtures, and transportation equipment over three to fifteen years. Property under capital leases and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the property. Depreciation expense for fiscal years 2013, 2012, and 2011 was $106.7 million, $93.4 million and $87.5 million, respectively. The company recorded an immaterial amount of capitalized interest during fiscal 2013, 2012, and 2011. 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 income from operations. | |||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||
Goodwill and Other Intangible Assets. The company accounts for goodwill in a purchase business combination as the excess of the cost over the fair value of net assets acquired. Business combinations can also result in other intangible assets being recognized. Amortization of intangible assets, if applicable, occurs over their estimated useful lives. The company tests goodwill for impairment on an annual basis (or an interim basis if an event occurs that indicates the fair value of a reporting unit may be below its carrying value) using a two-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. No impairment resulted from the annual review performed in fiscal years 2013, 2012, or 2011. Identifiable intangible assets that are determined to have an indefinite useful economic life are not amortized, but are separately tested for impairment, at least annually, using a one-step fair value based approach or when certain indicators of potential impairment are present. We also reassess the indefinite-lived classification to determine if it is appropriate to reclassify these as finite lived assets that will require amortization. See Note 6, Goodwill and Other Intangible Assets, for additional disclosure. | |||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||
Impairment of Long-Lived Assets. The company determines whether there has been an impairment of long-lived assets, excluding goodwill, and identifiable intangible assets that are determined to have indefinite useful economic lives, when indicators of potential impairment are present. In the event that facts and circumstances indicate that the cost of any long-lived assets may be impaired, an evaluation of recoverability would be performed. If an evaluation is required, the estimated future gross, undiscounted cash flows associated with the asset would be compared to the asset’s carrying amount to determine if a write-down to market value is required. Future adverse changes in market conditions or poor operating results of underlying long-lived assets could result in losses or an inability to recover the carrying value of the long-lived assets that may not be reflected in the assets’ current carrying values, thereby possibly requiring an impairment charge in the future. There were no impairment charges during fiscal years 2013, 2012, or 2011. | |||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
Derivative Financial Instruments. 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, and shortening, along with pulp, paper, and petroleum-based packaging products. The company uses natural gas as fuel for firing ovens. The company also periodically enters into interest rate derivatives to hedge exposure to changes in interest rates. The company measures the fair value of its derivative portfolio using the fair value as 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. When quoted market prices for identical assets or liabilities are not available, the company bases fair value upon internally developed models that use current market observable inputs, such as exchange-quoted futures prices and yield curves. See Note 8, Derivative Financial Instruments, for additional disclosure. | |||||||||||||||||
Treasury Stock | ' | ||||||||||||||||
Treasury Stock. The company records acquisitions of its common stock for treasury at cost. Differences between 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 14, Stockholders’ Equity, for additional disclosure. | |||||||||||||||||
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 $28.1 million, $19.1 million, and $16.8 million for fiscal years 2013, 2012, and 2011, 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. See Note 15, Stock-Based Compensation, for additional disclosure. | |||||||||||||||||
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. The net balance of capitalized software development costs included in plant, property and equipment was $14.8 million and $7.5 million at December 28, 2013 and December 29, 2012, respectively. Amortization expense of capitalized software development costs, which is included in depreciation and amortization expense in the Consolidated Statements of Income, was $3.2 million, $1.6 million, and $1.4 million in fiscal years 2013, 2012, and 2011, 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 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 were 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 asset 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 19, Income Taxes, for additional disclosure. | |||||||||||||||||
Activity in the deferred tax asset valuation allowance is as follows (amounts in thousands): | |||||||||||||||||
Beginning | Charged to | Other | Ending | ||||||||||||||
Balance | (Income) | Balance | |||||||||||||||
Fiscal 2013 | $ | 4,545 | $ | (1,650 | ) | $ | 0 | $ | 2,895 | ||||||||
Fiscal 2012 | $ | 4,874 | $ | (782 | ) | $ | 453 | $ | 4,545 | ||||||||
Fiscal 2011 | $ | 2,691 | $ | (415 | ) | $ | 2,598 | $ | 4,874 | ||||||||
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 on 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 and historical trends and data. Though the company does not expect them to do so, actual settlements and claims could differ materially from those estimated. Material differences in actual settlements and claims could have an adverse effect on our results of operations and financial condition. | |||||||||||||||||
Net Income Per Common Share | ' | ||||||||||||||||
Net Income Per Common Share. Basic net income per share is computed by dividing net income by 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. Our nonvested performance contingent restricted stock awards granted prior to the February 9, 2010 grant are considered participating securities since the share-based awards contain a non-forfeitable right to dividend equivalents irrespective of whether the awards ultimately vest. As a result, we computed basic earnings per common share under the two-class method for those awards. The performance contingent restricted stock awards granted on and after February 9, 2010 do not contain a non-forfeitable right to dividend equivalents and are included in the computation for diluted net income per share. See Note 17, Earnings Per Share, for additional disclosure. | |||||||||||||||||
Pension/OPEB Obligations | ' | ||||||||||||||||
Pension/OPEB Obligations. The company records net periodic benefit costs and obligations related to its three defined benefit pension and two other post employment benefit (“OPEB”) plans based on actuarial valuations. These valuations reflect key assumptions determined by management, including the discount rate and expected long-term rate of return on plan assets. The expected long-term rate of return assumption considers the asset mix of the plans’ portfolios, past performance of these assets, the anticipated future economic environment, and long-term performance of individual asset classes, and other factors. Material changes in benefit costs and obligations may occur in the future due to experience different than assumed and changes in these assumptions. Future benefit obligations and annual benefit costs could be impacted by changes in the discount rate, changes in the expected long-term rate of return, changes in the level of contributions to the plans’, and other factors. Effective January 1, 2006, the company curtailed its largest defined benefit pension plan that covered the majority of its workforce. Benefits under this plan were frozen, and no future benefits will accrue under this plan. The company still maintains a smaller unfrozen pension plan for certain eligible unionized employees. | |||||||||||||||||
The company determines the fair value of substantially all its plans’ assets utilizing market quotes rather than developing “smoothed” values, “market related” values, or other modeling techniques. Plan asset gains or losses in a given year are included with other actuarial gains and losses due to remeasurement of the plans’ projected benefit obligations (“PBO”). If the total unrecognized gain or loss exceeds 10% of the larger of (i) the PBO or (ii) the market value of plan assets, the excess of the total unrecognized gain, or loss is amortized over the expected average future lifetime of participants in the frozen pension plans. 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. See Note 18, Postretirement Plans, for additional disclosure. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. | |||||||||||||||||
Other Comprehensive Income | ' | ||||||||||||||||
Other Comprehensive Income. The company reports comprehensive income in two separate but consecutive financial statements. In December 2011, the FASB issued guidance to present reclassifications out of accumulated other comprehensive income. See Note 16, Accumulated Other Comprehensive Income (Loss), for these additional required disclosure. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Allowance for Doubtful Accounts Activity | ' | ||||||||||||||||
Activity in the allowance for doubtful accounts is as follows (amounts in thousands): | |||||||||||||||||
Beginning | Charged to | Write-Offs | Ending | ||||||||||||||
Balance | Expense | and Other | Balance | ||||||||||||||
Fiscal 2013 | $ | 386 | $ | 4,110 | $ | 2,898 | $ | 1,598 | |||||||||
Fiscal 2012 | $ | 171 | $ | 1,991 | $ | 1,776 | $ | 386 | |||||||||
Fiscal 2011 | $ | 522 | $ | 414 | $ | 765 | $ | 171 | |||||||||
Percentage of Sales from Largest Customers | ' | ||||||||||||||||
Our largest customer, Walmart/Sam’s Club, percent of sales for fiscal years 2013, 2012 and 2011 was as follows: | |||||||||||||||||
Percent of Sales | |||||||||||||||||
DSD | Warehouse | Total | |||||||||||||||
Fiscal 2013 | 17 | % | 3.1 | % | 20.1 | % | |||||||||||
Fiscal 2012 | 17.5 | % | 3.2 | % | 20.7 | % | |||||||||||
Fiscal 2011 | 17.8 | % | 3.8 | % | 21.6 | % | |||||||||||
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 | ||||||||||||||
Balance | Expense | and Other | Balance | ||||||||||||||
Fiscal 2013 | $ | 38 | $ | 1,210 | $ | 1,155 | $ | 93 | |||||||||
Fiscal 2012 | $ | 58 | $ | 947 | $ | 967 | $ | 38 | |||||||||
Fiscal 2011 | $ | 231 | $ | 765 | $ | 938 | $ | 58 | |||||||||
Valuation Allowance of Deferred Tax Assets | ' | ||||||||||||||||
Summary of Valuation Allowance | ' | ||||||||||||||||
Activity in the deferred tax asset valuation allowance is as follows (amounts in thousands): | |||||||||||||||||
Beginning | Charged to | Other | Ending | ||||||||||||||
Balance | (Income) | Balance | |||||||||||||||
Fiscal 2013 | $ | 4,545 | $ | (1,650 | ) | $ | 0 | $ | 2,895 | ||||||||
Fiscal 2012 | $ | 4,874 | $ | (782 | ) | $ | 453 | $ | 4,545 | ||||||||
Fiscal 2011 | $ | 2,691 | $ | (415 | ) | $ | 2,598 | $ | 4,874 |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Summary of Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
The table below summarizes our goodwill and other intangible assets at December 28, 2013 and December 29, 2012, respectively, each of which is explained in additional detail below (amounts in thousands): | |||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Goodwill | $ | 282,404 | $ | 269,897 | |||||||||||||||||||||
Amortizable intangible assets, net of amortization | 201,710 | 201,884 | |||||||||||||||||||||||
Indefinite-lived intangible assets | 455,000 | 186,500 | |||||||||||||||||||||||
Total goodwill and other intangible assets | $ | 939,114 | $ | 658,281 | |||||||||||||||||||||
Carrying Amount of Goodwill by Segment | ' | ||||||||||||||||||||||||
The changes in the carrying amount of goodwill, by segment, during fiscal 2012 and fiscal 2013, are as follows (amounts in thousands): | |||||||||||||||||||||||||
DSD | Warehouse | Total | |||||||||||||||||||||||
Balance as of December 31, 2011 | $ | 212,629 | $ | 7,101 | $ | 219,730 | |||||||||||||||||||
Change in goodwill related to acquisitions | 50,167 | — | 50,167 | ||||||||||||||||||||||
Balance as of December 29, 2012 | $ | 262,796 | $ | 7,101 | $ | 269,897 | |||||||||||||||||||
Change in goodwill related to acquisitions | 12,507 | — | 12,507 | ||||||||||||||||||||||
Balance as of December 28, 2013 | $ | 275,303 | $ | 7,101 | $ | 282,404 | |||||||||||||||||||
Changes to Goodwill by Acquisition | ' | ||||||||||||||||||||||||
The table below presents the changes to goodwill by acquisition from December 31, 2011 to December 29, 2012 (amounts in thousands): | |||||||||||||||||||||||||
Lepage | Tasty | Total | |||||||||||||||||||||||
Adjustment for spare parts and supplies | $ | — | $ | 76 | $ | 76 | |||||||||||||||||||
Adjustment for inventory | — | 42 | 42 | ||||||||||||||||||||||
Adjustment to assets held for sale | — | (69 | ) | (69 | ) | ||||||||||||||||||||
Adjustment for accrued liabilities | — | 169 | 169 | ||||||||||||||||||||||
Acquisitions during fiscal 2012 | 49,949 | — | 49,949 | ||||||||||||||||||||||
Change in goodwill during fiscal 2012 | $ | 49,949 | $ | 218 | $ | 50,167 | |||||||||||||||||||
The table below presents the changes to goodwill by acquisition from December 29, 2012 to December 28, 2013 (amounts in thousands): | |||||||||||||||||||||||||
Modesto | Acquired Hostess | Lepage | Other | Total | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Working capital adjustments | $ | — | $ | — | $ | 315 | $ | — | $ | 315 | |||||||||||||||
Acquisition-related tax adjustments | — | — | (1,016 | ) | — | (1,016 | ) | ||||||||||||||||||
Adjustment to assets held for sale | — | — | 63 | — | 63 | ||||||||||||||||||||
Adjustment for accrued liabilities | — | — | 2,394 | — | 2,394 | ||||||||||||||||||||
Adjustment to property, plant and equipment | — | — | — | 1,123 | 1,123 | ||||||||||||||||||||
Acquisitions during fiscal 2013 | 4,209 | 5,419 | — | — | 9,628 | ||||||||||||||||||||
Change in goodwill during fiscal 2013 | $ | 4,209 | $ | 5,419 | $ | 1,756 | $ | 1,123 | $ | 12,507 | |||||||||||||||
Amortizable Intangible Assets | ' | ||||||||||||||||||||||||
As of December 28, 2013 and December 29, 2012, the company had the following amounts related to amortizable intangible assets (amounts in thousands): | |||||||||||||||||||||||||
December 28, 2013 | December 29, 2012 | ||||||||||||||||||||||||
Asset | Cost | Accumulated | Net Value | Cost | Accumulated | Net | |||||||||||||||||||
Amortization | Amortization | Value | |||||||||||||||||||||||
Trademarks | $ | 71,727 | $ | 11,697 | $ | 60,030 | $ | 71,727 | $ | 9,243 | $ | 62,484 | |||||||||||||
Customer relationships | 169,921 | 32,688 | 137,233 | 157,921 | 24,275 | 133,646 | |||||||||||||||||||
Non-compete agreements | 4,274 | 2,751 | 1,523 | 4,274 | 1,719 | 2,555 | |||||||||||||||||||
Distributor relationships | 4,123 | 1,199 | 2,924 | 4,123 | 924 | 3,199 | |||||||||||||||||||
Supplier agreements | 1,050 | 1,050 | — | 1,050 | 1,050 | — | |||||||||||||||||||
Total | $ | 251,095 | $ | 49,385 | $ | 201,710 | $ | 239,095 | $ | 37,211 | $ | 201,884 | |||||||||||||
Net Amortization Expense | ' | ||||||||||||||||||||||||
Net amortization expense for fiscal 2013, 2012, and 2011 was as follows (amounts in thousands): | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Total | $ | 11,741 | $ | 9,253 | $ | 7,176 | |||||||||||||||||||
Estimated Amortization of Intangibles | ' | ||||||||||||||||||||||||
Estimated amortization of intangibles for 2014 and the next four years thereafter is as follows (amounts in thousands): | |||||||||||||||||||||||||
Amortization of | |||||||||||||||||||||||||
Intangibles | |||||||||||||||||||||||||
2014 | $ | 11,741 | |||||||||||||||||||||||
2015 | $ | 11,495 | |||||||||||||||||||||||
2016 | $ | 11,069 | |||||||||||||||||||||||
2017 | $ | 10,597 | |||||||||||||||||||||||
2018 | $ | 10,449 |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Summary of Potential Payment of Holdback Amount | ' | ||||||||||||||||||||||||
The table below reflects the potential payments to us under each scenario (amounts in thousands): | |||||||||||||||||||||||||
February 23, 2013 – | November 21, 2013 – | February 19, 2014 – | May 20, 2014 – | ||||||||||||||||||||||
November 20, 2013 | February 18, 2014 | May 19, 2014 | August 17, 2014 | ||||||||||||||||||||||
Co-pack decision | $ | 10,000 | $ | 7,500 | $ | 5,000 | $ | — | |||||||||||||||||
Bakery decision | $ | 10,000 | $ | 10,000 | $ | 7,500 | $ | 5,000 | |||||||||||||||||
Fair Value of Stock Consideration | ' | ||||||||||||||||||||||||
The table below outlines the determination of fair value and provides the assumptions used in the calculation: | |||||||||||||||||||||||||
Restriction lapse year | 2012 | 2013 | 2014 | 2015 | 2016 | Total | |||||||||||||||||||
Value of Flowers shares issued (thousands) | $ | 25,000 | $ | 10,000 | $ | 5,000 | $ | 5,000 | $ | 5,000 | $ | 50,000 | |||||||||||||
Implied fair value of restricted shares (thousands) | $ | 23,626 | $ | 9,154 | $ | 4,447 | $ | 4,363 | $ | 4,297 | $ | 45,887 | |||||||||||||
Exercise price (per share) | $ | 13.65 | $ | 13.65 | $ | 13.65 | $ | 13.65 | $ | 13.65 | |||||||||||||||
Expected term (yrs) | 0.37 | 1 | 2 | 3 | 4 | ||||||||||||||||||||
Volatility (%) | 25 | % | 25 | % | 25 | % | 25 | % | 25 | % | |||||||||||||||
Risk-free rate (%) | 0.1 | % | 0.2 | % | 0.2 | % | 0.3 | % | 0.4 | % | |||||||||||||||
Dividend yield (%) | 3 | % | 3 | % | 3 | % | 3 | % | 3 | % | |||||||||||||||
Pro Forma Consolidated Results of Operations | ' | ||||||||||||||||||||||||
Unaudited pro forma consolidated results of operations for the Sara Lee California and Earthgrains asset acquisitions are not included because the company determined that they are immaterial. Hostess filed for bankruptcy and ceased operations in November 2012 (the “Hostess Shutdown”). As a result, there were no sales related to the Acquired Hostess Assets for fiscal 2013 because of the Hostess Shutdown and, as a result, there is no data to include in the pro forma presentation below (amounts in thousands, except per share data): | |||||||||||||||||||||||||
For Fiscal | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||
As reported | $ | 3,751,005 | $ | 3,046,491 | $ | 2,773,356 | |||||||||||||||||||
Pro forma | $ | 3,751,005 | $ | 3,902,864 | $ | 2,995,233 | |||||||||||||||||||
Net income: | |||||||||||||||||||||||||
As reported | $ | 230,894 | $ | 136,121 | $ | 123,428 | |||||||||||||||||||
Pro forma | $ | 227,076 | $ | 128,464 | $ | 128,022 | |||||||||||||||||||
Basic net income per common share: | |||||||||||||||||||||||||
As reported | $ | 1.11 | $ | 0.66 | $ | 0.61 | |||||||||||||||||||
Pro forma | $ | 1.09 | $ | 0.62 | $ | 0.62 | |||||||||||||||||||
Diluted net income per common share: | |||||||||||||||||||||||||
As reported | $ | 1.09 | $ | 0.66 | $ | 0.6 | |||||||||||||||||||
Pro forma | $ | 1.07 | $ | 0.61 | $ | 0.61 | |||||||||||||||||||
Acquired Hostess Bread Asset | ' | ||||||||||||||||||||||||
Schedule of Identified Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||||||||||
The following table summarizes the consideration paid for the Acquired Hostess Bread Assets and liabilities assumed based on the estimated fair value at the acquisition date (amounts in thousands and are preliminary): | |||||||||||||||||||||||||
Fair value of consideration transferred: | |||||||||||||||||||||||||
Cash consideration transferred | $ | 355,342 | |||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||||
Property, plant, and equipment | $ | 160,673 | |||||||||||||||||||||||
Identifiable intangible asset — trademarks | 189,000 | ||||||||||||||||||||||||
Financial assets | 1,650 | ||||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired | $ | 351,323 | |||||||||||||||||||||||
Gain on legal settlement | (1,400 | ) | |||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired and gain on settlement | $ | 349,923 | |||||||||||||||||||||||
Goodwill | $ | 5,419 | |||||||||||||||||||||||
Sara Lee and Earthgrains acquisition of trademark licenses | ' | ||||||||||||||||||||||||
Schedule of Identified Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||||||||||
The following table summarizes the consideration paid to acquire these licenses and the amounts of identified assets acquired and liabilities assumed based on the estimated fair value at the acquisition date (amounts in thousands and are preliminary): | |||||||||||||||||||||||||
Fair value of consideration transferred: | |||||||||||||||||||||||||
Cash consideration transferred | $ | 49,950 | |||||||||||||||||||||||
Contingently refundable consideration (the “holdback”) | (7,600 | ) | |||||||||||||||||||||||
Total consideration, net | $ | 42,350 | |||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||||
Property, plant, and equipment | $ | 6,476 | |||||||||||||||||||||||
Identifiable intangible asset — distribution rights | 25,790 | ||||||||||||||||||||||||
Identifiable intangible asset — trademarks | 79,500 | ||||||||||||||||||||||||
Identifiable intangible asset — customer relationships | 12,000 | ||||||||||||||||||||||||
Deferred income taxes, net | (31,345 | ) | |||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired | $ | 92,421 | |||||||||||||||||||||||
Bargain purchase gain | $ | 50,071 | |||||||||||||||||||||||
Lepage Bakeries Inc | ' | ||||||||||||||||||||||||
Schedule of Identified Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||||||||||
The following table summarizes the consideration transferred to acquire Lepage and the amounts of identified assets acquired and liabilities assumed based on the fair value at the acquisition date (amounts in thousands): | |||||||||||||||||||||||||
Fair value of consideration transferred: | |||||||||||||||||||||||||
Cash | $ | 318,605 | |||||||||||||||||||||||
Deferred payment obligations | 17,663 | ||||||||||||||||||||||||
Flowers Foods, Inc. common stock | 45,887 | ||||||||||||||||||||||||
Total fair value of consideration transferred | $ | 382,155 | |||||||||||||||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed: | |||||||||||||||||||||||||
Financial assets | $ | 11,658 | |||||||||||||||||||||||
Inventories | 4,537 | ||||||||||||||||||||||||
Property, plant, and equipment | 59,970 | ||||||||||||||||||||||||
Assets held for sale — Distributor routes | 16,098 | ||||||||||||||||||||||||
Identifiable intangible assets | 256,400 | ||||||||||||||||||||||||
Deferred income taxes, net | (1,137 | ) | |||||||||||||||||||||||
Financial liabilities | (17,076 | ) | |||||||||||||||||||||||
Net recognized amounts of identifiable assets acquired | $ | 330,450 | |||||||||||||||||||||||
Goodwill | $ | 51,705 | |||||||||||||||||||||||
Schedule of Intangible Assets Subject to Amortization | ' | ||||||||||||||||||||||||
The following table presents the intangible assets subject to amortization (amounts in thousands, except amortization periods): | |||||||||||||||||||||||||
Amount | Weighted average | ||||||||||||||||||||||||
amortization years | |||||||||||||||||||||||||
Customer relationships | $ | 69,000 | 25 | ||||||||||||||||||||||
Non-compete agreements | 2,400 | 4 | |||||||||||||||||||||||
$ | 71,400 | 24.3 | |||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||
Net Fair Value of Commodity Price Risk | ' | ||||||||||||||||||||||||||||||||
As of December 28, 2013, the company’s commodity hedge portfolio contained derivatives with a fair value of $(11.5) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions): | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||
Other current | $ | — | $ | 0.2 | $ | — | $ | 0.2 | |||||||||||||||||||||||||
Total | — | 0.2 | — | 0.2 | |||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Other current | (10.4 | ) | (0.2 | ) | — | (10.6 | ) | ||||||||||||||||||||||||||
Other long-term | (0.7 | ) | (0.4 | ) | — | (1.1 | ) | ||||||||||||||||||||||||||
Total | (11.1 | ) | (0.6 | ) | — | (11.7 | ) | ||||||||||||||||||||||||||
Net Fair Value | $ | (11.1 | ) | $ | (0.4 | ) | $ | — | $ | (11.5 | ) | ||||||||||||||||||||||
As of December 29, 2012, the company’s commodity hedge portfolio contained derivatives with a fair value of $(3.2) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions): | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Other current | (2.5 | ) | (0.5 | ) | — | (3.0 | ) | ||||||||||||||||||||||||||
Other long-term | (0.1 | ) | (0.1 | ) | — | (0.2 | ) | ||||||||||||||||||||||||||
Total | (2.6 | ) | (0.6 | ) | — | (3.2 | ) | ||||||||||||||||||||||||||
Net Fair Value | $ | (2.6 | ) | $ | (0.6 | ) | $ | — | $ | (3.2 | ) | ||||||||||||||||||||||
Net Fair Value of Interest Rate Swaps | ' | ||||||||||||||||||||||||||||||||
As of December 29, 2012, the fair value of the interest rate swaps was $(0.9) million, which is recorded in the following accounts with fair values measured as indicated (amounts in millions): | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||
Other current | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | |||||||||||||||||||||||
Total | — | (0.9 | ) | — | (0.9 | ) | |||||||||||||||||||||||||||
Net Fair Value | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | |||||||||||||||||||||||
Derivative Instruments Located on Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||||||
The company had the following derivative instruments recorded on the Consolidated Balance Sheet, all of which are utilized for the risk management purposes detailed above (amounts in thousands): | |||||||||||||||||||||||||||||||||
Derivatives | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||||
Designated as | |||||||||||||||||||||||||||||||||
Hedging | December 28, 2013 | December 29, 2012 | December 28, 2013 | December 29, 2012 | |||||||||||||||||||||||||||||
Instruments | Balance | Fair | Balance | Fair | Balance | Fair | Balance | Fair | |||||||||||||||||||||||||
Sheet Location | Value | Sheet Location | Value | Sheet Location | Value | Sheet Location | Value | ||||||||||||||||||||||||||
Interest rate contracts | — | $— | — | $ | — | Other current | $ | — | Other current | $ | 867 | ||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Interest rate contracts | — | — | — | — | Other long term | — | Other long term | — | |||||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | Other current assets | 162 | Other current assets | — | Other current | 10,625 | Other current | 3,047 | |||||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Commodity contracts | Other long term assets | — | Other long term assets | 9 | Other long term | 1,095 | Other long term | 146 | |||||||||||||||||||||||||
liabilities | liabilities | ||||||||||||||||||||||||||||||||
Total | $162 | $ | 9 | $ | 11,720 | $ | 4,060 | ||||||||||||||||||||||||||
Derivative Instruments for Deferred Gains and (Losses) on Closed Contracts and Effective Portion for Changes in Fair Value Recorded in Accumulated Other Comprehensive Income | ' | ||||||||||||||||||||||||||||||||
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 accumulated other comprehensive income (“AOCI”), all of which are utilized for the risk management purposes detailed above (amounts in thousands and net of tax): | |||||||||||||||||||||||||||||||||
Derivatives in | Amount of Gain or (Loss) | ||||||||||||||||||||||||||||||||
Cash Flow Hedging | Recognized in OCI on | ||||||||||||||||||||||||||||||||
Relationships | Derivative (Effective Portion)(Net of tax) | ||||||||||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||||||||||
Interest rate contracts | $ | (205 | ) | $ | (1,221 | ) | $ | (547 | ) | ||||||||||||||||||||||||
Commodity contracts | (24,252 | ) | (325 | ) | (17,304 | ) | |||||||||||||||||||||||||||
Total | $ | (24,457 | ) | $ | (1,546 | ) | $ | (17,851 | ) | ||||||||||||||||||||||||
Derivatives in | Amount of (Gain) or Loss Reclassified | Location of (Gain) or Loss | |||||||||||||||||||||||||||||||
Cash Flow Hedging | from Accumulated OCI into Income | Reclassified from AOCI | |||||||||||||||||||||||||||||||
Relationships | (Effective Portion)(Net of tax) | into Income | |||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | (Effective Portion) | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||
Interest rate contracts | $ | 502 | $ | 1,732 | $ | 2,431 | Interest expense (income) | ||||||||||||||||||||||||||
Selling, distribution and | |||||||||||||||||||||||||||||||||
Commodity contracts | — | — | — | administrative expenses | |||||||||||||||||||||||||||||
Commodity contracts | 16,639 | 10,622 | (23,393 | ) | Production costs(1) | ||||||||||||||||||||||||||||
Total | $ | 17,141 | $ | 12,354 | $ | (20,962 | ) | ||||||||||||||||||||||||||
1 | Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Related to Derivative Transactions | ' | ||||||||||||||||||||||||||||||||
The balance in accumulated other comprehensive loss (income) related to commodity price risk and interest rate risk derivative transactions that are closed or will expire over the next three years are as follows (amounts in millions and net of tax) at December 28, 2013: | |||||||||||||||||||||||||||||||||
Commodity Price | Interest Rate Risk | Totals | |||||||||||||||||||||||||||||||
Risk Derivatives | Derivatives | ||||||||||||||||||||||||||||||||
Closed contracts | $ | 3 | $ | 1.3 | $ | 4.3 | |||||||||||||||||||||||||||
Expiring in 2014 | 6.6 | — | 6.6 | ||||||||||||||||||||||||||||||
Expiring in 2015 | 0.4 | — | 0.4 | ||||||||||||||||||||||||||||||
Expiring in 2016 and beyond | 0.1 | — | 0.1 | ||||||||||||||||||||||||||||||
Total | $ | 10.1 | $ | 1.3 | $ | 11.4 | |||||||||||||||||||||||||||
Financial Contracts Hedging Commodity and Interest Rate Risks | ' | ||||||||||||||||||||||||||||||||
As of December 28, 2013, the company had entered into the following financial contracts to hedge commodity and interest rate risks: | |||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Notional amount | ||||||||||||||||||||||||||||||||
(Millions) | |||||||||||||||||||||||||||||||||
Wheat contracts | $ | 105.8 | |||||||||||||||||||||||||||||||
Soybean oil contracts | 19.1 | ||||||||||||||||||||||||||||||||
Natural gas contracts | 17.9 | ||||||||||||||||||||||||||||||||
Total | $ | 142.8 | |||||||||||||||||||||||||||||||
Other_Current_and_NonCurrent_A1
Other Current and Non-Current Assets (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Components of Other Current Assets | ' | ||||||||
Other current assets consist of: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Prepaid assets | $ | 17,176 | $ | 14,544 | |||||
Collateral to counterparties for derivative positions | 16,876 | 8,984 | |||||||
Income taxes receivable | 9,050 | 5,399 | |||||||
Other | 1,209 | 567 | |||||||
Total | $ | 44,311 | $ | 29,494 | |||||
Components of Other Non-Current Assets | ' | ||||||||
Other non-current assets consist of: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Assets held for sale – property, plant and equipment | $ | 28,188 | $ | 2,301 | |||||
Unamortized debt issuance costs | 3,207 | 3,594 | |||||||
Unamortized financing fees | 3,814 | 2,324 | |||||||
Other | 5,873 | 6,223 | |||||||
Total | $ | 41,082 | $ | 14,442 | |||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Components of Other Accrued Liabilities | ' | ||||||||
Other accrued liabilities consist of: | |||||||||
December 28, | December 29, | ||||||||
2013 | 2012 | ||||||||
(Amounts in thousands) | |||||||||
Employee compensation | $ | 69,599 | $ | 61,911 | |||||
Fair value of derivative instruments | 10,626 | 3,914 | |||||||
Insurance | 24,908 | 21,195 | |||||||
Bank overdraft | 16,347 | 16,846 | |||||||
Accrued interest | 5,062 | 5,458 | |||||||
Other | 18,033 | 19,682 | |||||||
Total | $ | 144,575 | $ | 129,006 | |||||
Debt_Lease_and_Other_Commitmen1
Debt, Lease and Other Commitments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||
Long-Term Debt | ' | ||||||||||||||||
Long-term debt, including capital lease obligations, consisted of the following at December 28, 2013 and December 29, 2012: | |||||||||||||||||
Interest Rate at | Final | December 28, | December 29, | ||||||||||||||
December 28, | Maturity | 2013 | 2012 | ||||||||||||||
2013 | |||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
Unsecured credit facility | 3.88 | % | 2018 | $ | 44,200 | $ | 110,500 | ||||||||||
Unsecured term loan | — | % | 2013 | — | 67,500 | ||||||||||||
Unsecured new term loan | 2.07 | % | 2018 | 296,250 | — | ||||||||||||
4.375% senior notes due April 1, 2022 | 4.38 | % | 2022 | 399,207 | 399,111 | ||||||||||||
Accounts receivable securitization | 0.95 | % | 2015 | 150,000 | — | ||||||||||||
Capital lease obligations | 3.01 | % | 2020 | 15,649 | 10,627 | ||||||||||||
Other notes payable | 2.13 | % | 2020 | 18,444 | 19,274 | ||||||||||||
923,750 | 607,012 | ||||||||||||||||
Current maturities of long-term debt and capital lease obligations | 31,272 | 71,996 | |||||||||||||||
Long-term debt and capital lease obligations | $ | 892,478 | $ | 535,016 | |||||||||||||
Outstanding Principal of New Term Loan is Due and Payable on Fifth Anniversary of Draw Date | ' | ||||||||||||||||
The new term loan will amortize in quarterly installments based on the annual percentages in the table below. The first payment is due and payable on the last business day of the first calendar quarter ending after the borrowing date, quarterly payments are due on the last business day of each successive calendar quarter and all remaining outstanding principal is due and payable on the fifth anniversary of the borrowing date. | |||||||||||||||||
Anniversary Year | Percent of Principal Due | ||||||||||||||||
1 | 5 | % | |||||||||||||||
2 | 10 | % | |||||||||||||||
3 | 10 | % | |||||||||||||||
4 | 35 | % | |||||||||||||||
5 | 40 | % | |||||||||||||||
Aggregate Maturities of Debt Outstanding (Including Capital Leases) | ' | ||||||||||||||||
Aggregate maturities of debt outstanding, including capital leases and the associated interest, as of December 28, 2013, are as follows (excluding unamortized debt discount and issuance costs) (amounts in thousands): | |||||||||||||||||
2014 | $ | 31,691 | |||||||||||||||
2015 | 183,013 | ||||||||||||||||
2016 | 72,834 | ||||||||||||||||
2017 | 120,202 | ||||||||||||||||
2018 | 111,753 | ||||||||||||||||
2019 and thereafter | 407,901 | ||||||||||||||||
Total | $ | 927,394 | |||||||||||||||
Future Minimum Lease Payments under Scheduled Leases | ' | ||||||||||||||||
Future minimum lease payments under scheduled leases that have initial or remaining non-cancelable terms in excess of one year are as follows: | |||||||||||||||||
Capital Leases | Operating Leases | ||||||||||||||||
(Amounts in thousands) | |||||||||||||||||
2014 | $ | 5,220 | $ | 55,632 | |||||||||||||
2015 | 3,013 | 51,810 | |||||||||||||||
2016 | 2,834 | 45,214 | |||||||||||||||
2017 | 2,702 | 40,840 | |||||||||||||||
2018 | 2,553 | 35,572 | |||||||||||||||
2019 and thereafter | 401 | 277,223 | |||||||||||||||
Total minimum payments | 16,723 | $ | 506,291 | ||||||||||||||
Amount representing interest | 1,074 | ||||||||||||||||
Obligations under capital leases | 15,649 | ||||||||||||||||
Obligations due within one year | 4,801 | ||||||||||||||||
Long-term obligations under capital leases | $ | 10,848 | |||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||
Dec. 28, 2013 | |||||||||
Carrying Value Of Distributor Notes | ' | ||||||||
At December 28, 2013 and December 29, 2012, respectively, the carrying value of the distributor notes was as follows (amounts in thousands): | |||||||||
December 28, 2013 | December 29, 2012 | ||||||||
Distributor notes receivable | $ | 161,560 | $ | 118,481 | |||||
Current portion of distributor notes receivable recorded in accounts and notes receivable, net | 18,715 | 15,758 | |||||||
Long-term portion of distributor notes receivable | $ | 142,845 | $ | 102,723 | |||||
Interest Income for Distributor Notes Receivable | ' | ||||||||
Interest income for the distributor notes receivable was as follows (amounts in thousands): | |||||||||
Interest | |||||||||
Income | |||||||||
Fiscal 2013 | $ | 16,015 | |||||||
Fiscal 2012 | $ | 13,672 | |||||||
Fiscal 2011 | $ | 13,112 |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||
Cash Received, Windfall Tax Benefits, and Intrinsic Value from Stock Option Exercises | ' | ||||||||||||||||||||||||
The cash received, the windfall tax benefits, and intrinsic value from stock option exercises for fiscal years 2013, 2012, and 2011 are set forth below (amounts in thousands): | |||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Cash received from option exercises | $ | 13,685 | $ | 13,881 | $ | 12,933 | |||||||||||||||||||
Cash tax windfall benefit, net | $ | 5,622 | $ | 2,343 | $ | 3,037 | |||||||||||||||||||
Intrinsic value of stock options exercised | $ | 18,132 | $ | 9,965 | $ | 11,632 | |||||||||||||||||||
Payout Determined from Total Shareholder Return Shares | ' | ||||||||||||||||||||||||
Group TSR”). The Company TSR compared to the Peer Group TSR will determine the payout as set forth below: | |||||||||||||||||||||||||
Percentile | Payout as % | ||||||||||||||||||||||||
of Target | |||||||||||||||||||||||||
90th | 200 | % | |||||||||||||||||||||||
70th | 150 | % | |||||||||||||||||||||||
50th | 100 | % | |||||||||||||||||||||||
30th | 50 | % | |||||||||||||||||||||||
Below 30th | 0 | % | |||||||||||||||||||||||
Deferred Stock Activity | ' | ||||||||||||||||||||||||
The deferred stock activity for fiscal years 2013, 2012, and 2011 is set forth below: | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average Fair | Shares | Average Fair | Shares | Average Fair | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
(Amounts in thousands, except price data) | |||||||||||||||||||||||||
Balance at beginning of year | 378 | $ | 11.49 | 347 | $ | 10.95 | 360 | $ | 10.07 | ||||||||||||||||
Issued | 149 | $ | 20.32 | 99 | $ | 13.74 | 114 | $ | 12.9 | ||||||||||||||||
Exercised | (81 | ) | $ | 12.91 | (68 | ) | $ | 12.01 | (127 | ) | $ | 10.2 | |||||||||||||
Balance at end of year | 446 | $ | 14.19 | 378 | $ | 11.49 | 347 | $ | 10.95 | ||||||||||||||||
Outstanding vested at end of year | 269 | $ | 11.08 | 240 | $ | 10.66 | 192 | $ | 10.07 | ||||||||||||||||
Outstanding unvested at end of year | 177 | $ | 18.92 | 138 | $ | 12.96 | 155 | $ | 12.05 | ||||||||||||||||
Shares vesting during the year | 110 | $ | 13.37 | 116 | $ | 12.42 | 133 | $ | 10.3 | ||||||||||||||||
Stock Appreciation Rights Activity | ' | ||||||||||||||||||||||||
The rights activity for fiscal years 2013, 2012, and 2011 is set forth below: | |||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands, except | |||||||||||||||||||||||||
price data) | |||||||||||||||||||||||||
Balance at beginning of year | 195 | 281 | 522 | ||||||||||||||||||||||
Rights exercised | (54 | ) | (86 | ) | (241 | ) | |||||||||||||||||||
Balance at end of year | 141 | 195 | 281 | ||||||||||||||||||||||
Weighted average — grant date fair value | $ | 7.2 | $ | 7.01 | $ | 7.35 | |||||||||||||||||||
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 administration expense, for fiscal years 2013, 2012 and 2011: | |||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||
Stock options | $ | 1,776 | $ | 3,374 | $ | 6,803 | |||||||||||||||||||
Performance - contingent restricted stock awards | 11,180 | 4,615 | 4,700 | ||||||||||||||||||||||
Deferred stock awards | 1,769 | 1,384 | 1,479 | ||||||||||||||||||||||
Stock appreciation rights | 1,218 | 743 | 656 | ||||||||||||||||||||||
Total stock based compensation expense | $ | 15,943 | $ | 10,116 | $ | 13,638 | |||||||||||||||||||
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 EPIP and have service period remaining (amounts in thousands, except price data): | |||||||||||||||||||||||||
Grant date | January 1, 2013 | July 16, 2012 | |||||||||||||||||||||||
Shares granted | 414 | 206 | |||||||||||||||||||||||
Vesting date | 3/1/15 | 2/28/14 | |||||||||||||||||||||||
Fair value per share ($) | $ | 17.22 | $ | 15.45 | |||||||||||||||||||||
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 2013, 2012 and 2011 is set forth below: | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number of | Weighted | ||||||||||||||||||||
Shares | Average Fair | Shares | Average Fair | Shares | Average Fair | ||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||
(Amounts in thousands, except price data) | |||||||||||||||||||||||||
Balance at beginning of year | 888 | $ | 12.61 | 864 | $ | 11.11 | 851 | $ | 11.39 | ||||||||||||||||
Initial grant | 828 | $ | 16.37 | 412 | $ | 14.91 | 486 | $ | 10.62 | ||||||||||||||||
Supplemental grant for exceeding the S&P TSR | 95 | $ | 10.62 | — | — | — | — | ||||||||||||||||||
Vested | (571 | ) | $ | 10.62 | (320 | ) | $ | 11.72 | (362 | ) | $ | 11.09 | |||||||||||||
Grant reduction for not achieving the S&P TSR | — | $ | — | (65 | ) | $ | 11.72 | (90 | ) | $ | 11.09 | ||||||||||||||
Forfeitures | (11 | ) | $ | 15.88 | (3 | ) | $ | 11.44 | (21 | ) | $ | 11.21 | |||||||||||||
Balance at end of year | 1,229 | $ | 15.88 | 888 | $ | 12.61 | 864 | $ | 11.11 | ||||||||||||||||
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 EPIP and have service period remaining (amounts in thousands, except price data): | |||||||||||||||||||||||||
Grant date | January 1, 2013 | July 16, 2012 | |||||||||||||||||||||||
Shares granted | 414 | 206 | |||||||||||||||||||||||
Vesting date | 3/1/15 | 2/28/14 | |||||||||||||||||||||||
Fair value per share ($) | $ | 15.51 | $ | 14.37 | |||||||||||||||||||||
Nonqualified Stock Options | ' | ||||||||||||||||||||||||
Non-Qualified Stock Options, Grant Information and Valuation Assumptions | ' | ||||||||||||||||||||||||
The following non-qualified stock options (“NQSOs”) have been granted under the EPIP since fiscal 2011 and have service period remaining. The Black-Scholes option-pricing model was used to estimate the grant date fair value (amounts in thousands, except price data and as indicated): | |||||||||||||||||||||||||
Grant date | February 10, 2011 | ||||||||||||||||||||||||
Shares granted | 3,213 | ||||||||||||||||||||||||
Exercise price($) | 10.87 | ||||||||||||||||||||||||
Vesting date | 2/10/14 | ||||||||||||||||||||||||
Fair value per share($) | 2.31 | ||||||||||||||||||||||||
Dividend yield(%)(1) | 3 | ||||||||||||||||||||||||
Expected volatility(%)(2) | 29.2 | ||||||||||||||||||||||||
Risk-free interest rate(%)(3) | 2.44 | ||||||||||||||||||||||||
Expected option life (years)(4) | 5 | ||||||||||||||||||||||||
Outstanding at December 28, 2013 | 3,142 | ||||||||||||||||||||||||
1 | Dividend yield — estimated yield based on the historical dividend payment for the four most recent dividend payments prior to the grant date. | ||||||||||||||||||||||||
2 | Expected volatility — based on historical volatility over the expected term using daily stock prices. | ||||||||||||||||||||||||
3 | Risk-free interest rate — United States Treasury Constant Maturity rates as of the grant date over the expected term. | ||||||||||||||||||||||||
4 | Expected option life — The 2011 grant assumptions are based on the simplified formula determined in accordance with Staff Accounting Bulletin No. 110, as the company did not have sufficient historical exercise behavior data to reasonably estimate the expected option life. | ||||||||||||||||||||||||
Stock Option | ' | ||||||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||||||
The stock option activity for fiscal years 2013, 2012, and 2011 pursuant to the EPIP is set forth below: | |||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||
Options | Weighted | Options | Weighted | Options | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
Price | Price | Price | |||||||||||||||||||||||
(Amounts in thousands, except price data) | |||||||||||||||||||||||||
Outstanding at beginning of year | 9,541 | $ | 10.71 | 11,135 | $ | 10.45 | 9,820 | $ | 9.77 | ||||||||||||||||
Granted | — | $ | — | — | $ | — | 3,213 | $ | 10.87 | ||||||||||||||||
Exercised | (1,415 | ) | $ | 9.67 | (1,570 | ) | $ | 8.84 | (1,747 | ) | $ | 7.4 | |||||||||||||
Forfeitures | (14 | ) | $ | 10.99 | (24 | ) | $ | 10.88 | (151 | ) | $ | 10.86 | |||||||||||||
Outstanding at end of year | 8,112 | $ | 10.89 | 9,541 | $ | 10.71 | 11,135 | $ | 10.45 | ||||||||||||||||
Exercisable at end of year | 4,978 | 3,973 | 3,387 | ||||||||||||||||||||||
Weighted average fair value of options granted during the year | $ | — | $ | — | $ | 2.31 | |||||||||||||||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||||
Dec. 28, 2013 | |||||||||||||||
Summary of Reclassifications Out of Accumulated Other Comprehensive Loss | ' | ||||||||||||||
During fiscal 2013, reclassifications out of accumulated other comprehensive loss were as follows (amounts in thousands): | |||||||||||||||
Details about Accumulated | Amount Reclassified from Accumulated | Affected Line Item in the Statement | |||||||||||||
Other Comprehensive Income Components (Note 2) | Other Comprehensive Loss | Where Net Income is Presented | |||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||
Gains and losses on cash flow hedges: | |||||||||||||||
Interest rate contracts | $ | (816 | ) | $ | (2,816 | ) | $ | (3,952 | ) | Interest income (expense) | |||||
Commodity contracts | (27,055 | ) | (17,272 | ) | 38,038 | Cost of sales, Note 3 | |||||||||
Total before tax | $ | (27,871 | ) | $ | (20,088 | ) | $ | 34,086 | Total before tax | ||||||
Tax (expense) or benefit | 10,730 | 7,734 | (13,124 | ) | Tax (expense) or benefit | ||||||||||
Total net of tax | $ | (17,141 | ) | $ | (12,354 | ) | $ | 20,962 | Net of tax | ||||||
Amortization of defined benefit pension items: | |||||||||||||||
Prior-service credits | $ | 257 | $ | 257 | $ | 257 | Note 1, below | ||||||||
Actuarial losses | (5,378 | ) | (4,786 | ) | (2,849 | ) | Note 1, below | ||||||||
Total before tax | $ | (5,121 | ) | $ | (4,529 | ) | $ | (2,592 | ) | Total before tax | |||||
Tax (expense) or benefit | 1,972 | 1,743 | 1,000 | Tax (expense) or benefit | |||||||||||
Total net of tax | $ | (3,149 | ) | $ | (2,786 | ) | $ | (1,592 | ) | Net of tax benefit | |||||
Total reclassifications | $ | (20,290 | ) | $ | (15,140 | ) | $ | 19,370 | Net of tax benefit | ||||||
Note 1: | These items are included in the computation of net periodic pension cost. See Note 18, 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. | ||||||||||||||
Changes to Accumulated Other Comprehensive Loss, Net of Income Tax | ' | ||||||||||||||
During fiscal 2013, changes to accumulated other comprehensive loss, net of income tax, by component were as follows (amounts in thousands): | |||||||||||||||
Gains/Losses on | Defined Benefit | Total | |||||||||||||
Cash Flow Hedges | Pension Plan | ||||||||||||||
Items | |||||||||||||||
Accumulated other comprehensive loss, December 29, 2012 | $ | (4,100 | ) | $ | (110,567 | ) | $ | (114,667 | ) | ||||||
Other comprehensive income before reclassifications | (24,457 | ) | 56,319 | 31,862 | |||||||||||
Reclassified to earnings from accumulated other comprehensive income | 17,141 | 3,149 | 20,290 | ||||||||||||
Accumulated other comprehensive loss, December 28, 2013 | $ | (11,416 | ) | $ | (51,099 | ) | $ | (62,515 | ) | ||||||
Gain or Loss Reclassified From Accumulated Other Comprehensive Income for Commodity Contracts | ' | ||||||||||||||
The following table presents the net of tax amount of the gain or loss reclassified from accumulated other comprehensive income (“AOCI”) for our commodity contracts (amounts in thousands): | |||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||
2013 | 2012 | 2011 | |||||||||||||
(Amounts in thousands) | |||||||||||||||
Gross (gain) loss reclassified from AOCI into income | $ | 27,055 | $ | 17,272 | $ | (38,038 | ) | ||||||||
Tax (benefit) expense | (10,416 | ) | (6,650 | ) | 14,645 | ||||||||||
Net of tax | $ | 16,639 | $ | 10,622 | $ | (23,393 | ) | ||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
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 years 2013, 2012, and 2011 (amounts in thousands, except per share data): | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income | $ | 230,894 | $ | 136,121 | $ | 123,428 | |||||||
Basic Earnings Per Common Share: | |||||||||||||
Weighted average shares outstanding for common stock | 207,935 | 205,005 | 203,015 | ||||||||||
Weighted average shares outstanding for participating securities | — | — | 66 | ||||||||||
Basic weighted average shares outstanding per common share | 207,935 | 205,005 | 203,081 | ||||||||||
Basic earnings per common share | $ | 1.11 | $ | 0.66 | $ | 0.61 | |||||||
Diluted Earnings Per Common Share: | |||||||||||||
Basic weighted average shares outstanding per common share | 207,935 | 205,005 | 203,081 | ||||||||||
Add: Shares of common stock assumed issued upon exercise of stock options, vesting of performance-contingent restricted stock and deferred stock | 3,992 | 2,669 | 2,241 | ||||||||||
Diluted weighted average shares outstanding per common share | 211,927 | 207,674 | 205,322 | ||||||||||
Diluted earnings per common share | $ | 1.09 | $ | 0.66 | $ | 0.6 | |||||||
Postretirement_Plans_Tables
Postretirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||||||||
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 28, 2013 and December 29, 2012: | |||||||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Current benefit liability | $ | 1,301 | $ | 1,288 | |||||||||||||||||||||||||||||||||||||
Noncurrent benefit liability | $ | 44,226 | $ | 159,158 | |||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss, net of tax | $ | 51,099 | $ | 110,567 | |||||||||||||||||||||||||||||||||||||
Fair Value of Plan Assets by Asset Class | ' | ||||||||||||||||||||||||||||||||||||||||
The fair values of all of the company pension plan assets at December 31, 2013 and December 31, 2012, by asset class are as follows (amounts in thousands): | |||||||||||||||||||||||||||||||||||||||||
Fair value of Pension Plan Assets as of December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||
Asset Class | Quoted prices in | Significant | Significant | Total | |||||||||||||||||||||||||||||||||||||
active markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||||
for identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
assets (Level 1) | |||||||||||||||||||||||||||||||||||||||||
Short term investments and cash | $ | — | $ | 5,668 | $ | — | $ | 5,668 | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||
U.S. companies | 109,017 | — | — | 109,017 | |||||||||||||||||||||||||||||||||||||
International companies | 1,525 | — | — | 1,525 | |||||||||||||||||||||||||||||||||||||
Domestic equity funds(h) | 62,705 | — | — | 62,705 | |||||||||||||||||||||||||||||||||||||
International equity funds(a) | — | 67,925 | — | 67,925 | |||||||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||||||
Domestic mutual funds(b) | 20,187 | — | — | 20,187 | |||||||||||||||||||||||||||||||||||||
Private equity funds(c) | — | 20,889 | — | 20,889 | |||||||||||||||||||||||||||||||||||||
Real estate funds(d) | — | — | 13,298 | 13,298 | |||||||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||||||
Guaranteed insurance contracts(e) | — | — | 9,594 | 9,594 | |||||||||||||||||||||||||||||||||||||
Hedged equity funds(f)(h) | — | — | 58,176 | 58,176 | |||||||||||||||||||||||||||||||||||||
Absolute return funds(c) | — | — | 59,727 | 59,727 | |||||||||||||||||||||||||||||||||||||
Other assets and (liabilities)(g) | — | — | 484 | 484 | |||||||||||||||||||||||||||||||||||||
Accrued (expenses) income(g) | — | — | (590 | ) | (590 | ) | |||||||||||||||||||||||||||||||||||
Total | $ | 193,434 | $ | 94,482 | $ | 140,689 | $ | 428,605 | |||||||||||||||||||||||||||||||||
Fair value of Pension Plan Assets as of December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Asset Class | Quoted Prices in | Significant | Significant | Total | |||||||||||||||||||||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||||||||||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||
Assets (Level 1) | |||||||||||||||||||||||||||||||||||||||||
Short term investments and cash | $ | — | $ | 18,614 | $ | — | $ | 18,614 | |||||||||||||||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||||||||||||||||||
U.S. companies | 72,414 | — | — | 72,414 | |||||||||||||||||||||||||||||||||||||
International companies | 1,532 | — | — | 1,532 | |||||||||||||||||||||||||||||||||||||
Domestic equity funds(h) | 71,589 | — | — | 71,589 | |||||||||||||||||||||||||||||||||||||
International equity funds(a)(h) | — | 57,428 | — | 57,428 | |||||||||||||||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||||||||||||||||||
Domestic mutual funds(b)(h) | 22,564 | — | — | 22,564 | |||||||||||||||||||||||||||||||||||||
Private equity funds(c) | — | 24,288 | — | 24,288 | |||||||||||||||||||||||||||||||||||||
Real estate(d) | — | — | 11,564 | 11,564 | |||||||||||||||||||||||||||||||||||||
Other types of investments: | |||||||||||||||||||||||||||||||||||||||||
Guaranteed insurance contracts(e) | — | — | 9,534 | 9,534 | |||||||||||||||||||||||||||||||||||||
Hedged equity funds(f) | — | — | 34,646 | 34,646 | |||||||||||||||||||||||||||||||||||||
Absolute return funds(c) | — | — | 41,936 | 41,936 | |||||||||||||||||||||||||||||||||||||
Other assets and liabilities(g) | — | — | (534 | ) | (534 | ) | |||||||||||||||||||||||||||||||||||
Accrued income(g) | — | — | 96 | 96 | |||||||||||||||||||||||||||||||||||||
Total | $ | 168,099 | $ | 100,330 | $ | 97,242 | $ | 365,671 | |||||||||||||||||||||||||||||||||
(a) | This class includes funds with the principal strategy to invest primarily in long positions in international equity securities. | ||||||||||||||||||||||||||||||||||||||||
(b) | This class invests primarily in U.S. government issued securities. | ||||||||||||||||||||||||||||||||||||||||
(c) | This class invests primarily in absolute return strategy funds. | ||||||||||||||||||||||||||||||||||||||||
(d) | This class includes funds that invest primarily in U.S. commercial real estate. | ||||||||||||||||||||||||||||||||||||||||
(e) | This class invests primarily guaranteed insurance contracts through various U.S. insurance companies. | ||||||||||||||||||||||||||||||||||||||||
(f) | This class invests primarily in hedged equity funds. | ||||||||||||||||||||||||||||||||||||||||
(g) | This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases. | ||||||||||||||||||||||||||||||||||||||||
(h) | There is a pending sale for an asset in this classification. | ||||||||||||||||||||||||||||||||||||||||
Plan Asset and Target Allocation | ' | ||||||||||||||||||||||||||||||||||||||||
The plan asset allocation as of the measurement dates December 31, 2013 and December 31, 2012, and target asset allocations for fiscal year 2014 are as follows: | |||||||||||||||||||||||||||||||||||||||||
Percentage of Plan | |||||||||||||||||||||||||||||||||||||||||
Assets at the | |||||||||||||||||||||||||||||||||||||||||
Asset Category | Target | Measurement Date | |||||||||||||||||||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||
Equity securities | 40-60 | % | 56.6 | 56.4 | |||||||||||||||||||||||||||||||||||||
Fixed income securities | Oct-40 | % | 9.6 | 8.4 | |||||||||||||||||||||||||||||||||||||
Real estate | 0-25 | % | 3.1 | 3.9 | |||||||||||||||||||||||||||||||||||||
Other diversifying strategies(1) | 0-40 | % | 29.8 | 29.1 | |||||||||||||||||||||||||||||||||||||
Short term investments and cash | 0-25 | % | 0.9 | 2.2 | |||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||
-1 | Includes absolute return funds, hedged equity funds, and guaranteed insurance contracts. | ||||||||||||||||||||||||||||||||||||||||
Summary of Effect of One Percent Change in Assumed Health Care Cost | ' | ||||||||||||||||||||||||||||||||||||||||
A one-percentage-point change in assumed health care cost trend rates would have the following effects for fiscal years 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||||||
One-Percentage-Point Decrease | One-Percentage-Point Increase | ||||||||||||||||||||||||||||||||||||||||
For the Year Ended | For the Year Ended | ||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | Fiscal | Fiscal | Fiscal | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Effect on total of service and interest cost | $ | (64 | ) | $ | (100 | ) | $ | (98 | ) | $ | 73 | $ | 115 | $ | 124 | ||||||||||||||||||||||||||
Effect on postretirement benefit obligation | $ | (485 | ) | $ | (667 | ) | $ | (915 | ) | $ | 542 | $ | 744 | $ | 1,022 | ||||||||||||||||||||||||||
Multi Employer Plans | ' | ||||||||||||||||||||||||||||||||||||||||
Pension Fund | EIN | Pension | FIP/RP Status | Contributions | Surcharge | Expiration Date of | |||||||||||||||||||||||||||||||||||
Protection Act | Pending/Implemented | (Amounts in | Imposed | Collective Bargaining | |||||||||||||||||||||||||||||||||||||
Zone Status | thousands) | Agreement | |||||||||||||||||||||||||||||||||||||||
Pension | 2013 | 2012 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Plan No. | ($) | ($) | ($) | ||||||||||||||||||||||||||||||||||||||
IAM National Pension Fund | 51-6031295 | 2 | Green | Green | No | 104 | 101 | 100 | No | 5/1/16 | |||||||||||||||||||||||||||||||
Retail, Wholesale and Department Store International Union and Industry Pension Fund | 63-0708442 | 1 | Green | Green | No | 130 | 115 | 121 | No | 8/12/17 | |||||||||||||||||||||||||||||||
Western Conference of Teamsters Pension Trust | 91-6145047 | 1 | Green | Green | No | 252 | 283 | 291 | No | 2/4/17 | |||||||||||||||||||||||||||||||
BC&T International Pension Fund | 52-6118572 | 1 | Red | Red | Yes | 939 | 797 | 673 | Yes | 10/31/15 | |||||||||||||||||||||||||||||||
Net Periodic Pension Cost | ' | ||||||||||||||||||||||||||||||||||||||||
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 years 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 708 | $ | 610 | $ | 478 | |||||||||||||||||||||||||||||||||||
Interest cost | 20,089 | 21,670 | 20,923 | ||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (28,680 | ) | (26,301 | ) | (24,712 | ) | |||||||||||||||||||||||||||||||||||
Settlement loss | — | — | 172 | ||||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | 6,177 | 5,085 | 2,725 | ||||||||||||||||||||||||||||||||||||||
Net periodic pension (income) cost | (1,706 | ) | 1,064 | (414 | ) | ||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Current year actuarial (gain) loss | (90,706 | ) | 28,857 | 67,015 | |||||||||||||||||||||||||||||||||||||
Settlement loss | — | — | (172 | ) | |||||||||||||||||||||||||||||||||||||
Amortization of actuarial loss | (6,177 | ) | (5,085 | ) | (2,725 | ) | |||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive loss | (96,883 | ) | 23,772 | 64,118 | |||||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive loss | $ | (98,589 | ) | $ | 24,836 | $ | 63,704 | ||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 514,636 | $ | 472,793 | |||||||||||||||||||||||||||||||||||||
Service cost | 708 | 610 | |||||||||||||||||||||||||||||||||||||||
Interest cost | 20,089 | 21,670 | |||||||||||||||||||||||||||||||||||||||
Actuarial (gain) loss | (46,213 | ) | 44,447 | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (25,494 | ) | (24,884 | ) | |||||||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 463,726 | $ | 514,636 | |||||||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 365,671 | $ | 330,085 | |||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 73,174 | 41,891 | |||||||||||||||||||||||||||||||||||||||
Employer contribution | 15,254 | 18,579 | |||||||||||||||||||||||||||||||||||||||
Benefits paid | (25,494 | ) | (24,884 | ) | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | 428,605 | $ | 365,671 | |||||||||||||||||||||||||||||||||||||
Funded status, end of year: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | 428,605 | $ | 365,671 | |||||||||||||||||||||||||||||||||||||
Benefit obligations | 463,726 | 514,636 | |||||||||||||||||||||||||||||||||||||||
Unfunded status and amount recognized at end of year | $ | (35,121 | ) | $ | (148,965 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||||||||||||||||||
Current liability | (418 | ) | (421 | ) | |||||||||||||||||||||||||||||||||||||
Noncurrent liability | (34,703 | ) | (148,544 | ) | |||||||||||||||||||||||||||||||||||||
Amount recognized at end of year | $ | (35,121 | ) | $ | (148,965 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Net actuarial loss before taxes | $ | 87,645 | $ | 184,528 | |||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation at end of year | $ | 462,754 | $ | 513,396 | |||||||||||||||||||||||||||||||||||||
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 | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.75 | % | 4 | % | 4.7 | % | |||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 4 | % | |||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic benefit (income)/cost: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | 1/1/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4 | % | 4.7 | % | 5.38 | %(1) | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | 8 | % | 8 | % | 8 | % | |||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 3.5 | % | |||||||||||||||||||||||||||||||||||
-1 | The Tasty pension plans were acquired May 20, 2011. The weighted average discount rate used to determine net periodic pension (income) cost for these plans was 4.98%. | ||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs in Estimation of Fair Value | ' | ||||||||||||||||||||||||||||||||||||||||
The following table provides information on the pension plan assets that are reported using significant unobservable inputs in the estimation of fair value (amounts in thousands): | |||||||||||||||||||||||||||||||||||||||||
2013 Changes in Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||||||||||||||||
Real Estate | Guaranteed | Hedged Equity | Absolute | Other Assets and | Totals | ||||||||||||||||||||||||||||||||||||
Funds | Insurance | Funds | Return | Liabilities and | |||||||||||||||||||||||||||||||||||||
Contracts | Funds | Accrued (Expenses) | |||||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 11,564 | $ | 9,534 | $ | 34,646 | $ | 41,936 | $ | (438 | ) | $ | 97,242 | ||||||||||||||||||||||||||||
Actual return on plan assets: | |||||||||||||||||||||||||||||||||||||||||
Total gains or losses (realized and unrealized) | 1,336 | — | 4,652 | 4,791 | — | 10,779 | |||||||||||||||||||||||||||||||||||
Purchases | — | 443 | 26,500 | 13,000 | — | 39,943 | |||||||||||||||||||||||||||||||||||
Issues | 558 | — | — | — | — | 558 | |||||||||||||||||||||||||||||||||||
Sales | (160 | ) | (383 | ) | (7,622 | ) | — | — | (8,165 | ) | |||||||||||||||||||||||||||||||
Settlements | — | — | — | — | 332 | 332 | |||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Ending balance at December 31, 2013 | $ | 13,298 | $ | 9,594 | $ | 58,176 | $ | 59,727 | $ | (106 | ) | $ | 140,689 | ||||||||||||||||||||||||||||
Company Contributions | ' | ||||||||||||||||||||||||||||||||||||||||
Company contributions to qualified and nonqualified plans are as follows: | |||||||||||||||||||||||||||||||||||||||||
Year | Required | Discretionary | Total | ||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
2011 | $ | 7,983 | $ | 5,331 | 13,314 | ||||||||||||||||||||||||||||||||||||
2012 | $ | 9,430 | $ | 9,149 | 18,579 | ||||||||||||||||||||||||||||||||||||
2013 | $ | 5,416 | $ | 9,838 | 15,254 | ||||||||||||||||||||||||||||||||||||
Benefits Expected to be Paid from Plans Assets | ' | ||||||||||||||||||||||||||||||||||||||||
The following are benefits paid under the plans during fiscal years 2013, 2012 and 2011 and expected to be paid from fiscal 2014 through fiscal 2023. 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. | |||||||||||||||||||||||||||||||||||||||||
Pension Benefits | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
2011 | $ | 20,921 | |||||||||||||||||||||||||||||||||||||||
2012 | $ | 24,884 | |||||||||||||||||||||||||||||||||||||||
2013 | $ | 25,494 | |||||||||||||||||||||||||||||||||||||||
Estimated Future Payments: | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 26,002 | |||||||||||||||||||||||||||||||||||||||
2015 | $ | 26,265 | |||||||||||||||||||||||||||||||||||||||
2016 | $ | 26,690 | |||||||||||||||||||||||||||||||||||||||
2017 | $ | 27,085 | |||||||||||||||||||||||||||||||||||||||
2018 | $ | 27,589 | |||||||||||||||||||||||||||||||||||||||
2019 – 2023 | $ | 144,442 | |||||||||||||||||||||||||||||||||||||||
Net Periodic Postretirement Benefit Cost | ' | ||||||||||||||||||||||||||||||||||||||||
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 years 2013, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 341 | $ | 458 | $ | 426 | |||||||||||||||||||||||||||||||||||
Interest cost | 380 | 605 | 687 | ||||||||||||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||||||||
Prior service credit | (257 | ) | (257 | ) | (257 | ) | |||||||||||||||||||||||||||||||||||
Actuarial gain | (799 | ) | (299 | ) | (48 | ) | |||||||||||||||||||||||||||||||||||
Total net periodic benefit (income) cost | (335 | ) | 507 | 808 | |||||||||||||||||||||||||||||||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income: | |||||||||||||||||||||||||||||||||||||||||
Current year actuarial (gain) loss* | 240 | (2,492 | ) | (158 | ) | ||||||||||||||||||||||||||||||||||||
Current year prior service credit | (1,110 | ) | — | — | |||||||||||||||||||||||||||||||||||||
Amortization of actuarial gain | 799 | 299 | 48 | ||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit | 257 | 257 | 257 | ||||||||||||||||||||||||||||||||||||||
Total recognized in other comprehensive (loss) income | 186 | (1,936 | ) | 147 | |||||||||||||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | $ | (149 | ) | $ | (1,429 | ) | $ | 955 | |||||||||||||||||||||||||||||||||
* | Includes (gain) loss related to (higher) lower than expected Medicare Part D subsidy receipts. | ||||||||||||||||||||||||||||||||||||||||
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 | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine benefit obligations: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 12/31/13 | 12/31/12 | 12/31/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 4.31 | % | 3.34 | % | 4.35 | % | |||||||||||||||||||||||||||||||||||
Health care cost trend rate used to determine benefit obligations: | |||||||||||||||||||||||||||||||||||||||||
Initial rate | 8.5 | % | 8 | % | 8.5 | % | |||||||||||||||||||||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||||||||||||
Year trend reaches the ultimate rate | 2021 | 2019 | 2019 | ||||||||||||||||||||||||||||||||||||||
Weighted average assumptions used to determine net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Measurement date | 1/1/13 | 1/1/12 | 1/1/11 | ||||||||||||||||||||||||||||||||||||||
Discount rate | 3.34 | % | 4.35 | % | 5 | % | |||||||||||||||||||||||||||||||||||
Health care cost trend rate used to determine net periodic cost: | |||||||||||||||||||||||||||||||||||||||||
Initial rate | 8 | % | 8.5 | % | 8 | % | |||||||||||||||||||||||||||||||||||
Ultimate rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||||||||||||||||||
Year trend reaches the ultimate rate | 2019 | 2019 | 2017 | ||||||||||||||||||||||||||||||||||||||
Company Contributions | ' | ||||||||||||||||||||||||||||||||||||||||
Company contributions to postretirement plans are as follows (amounts in thousands): | |||||||||||||||||||||||||||||||||||||||||
Year | Employer Net | ||||||||||||||||||||||||||||||||||||||||
Contribution | |||||||||||||||||||||||||||||||||||||||||
2011 | $ | 853 | |||||||||||||||||||||||||||||||||||||||
2012 | $ | 958 | |||||||||||||||||||||||||||||||||||||||
2013 | $ | 900 | |||||||||||||||||||||||||||||||||||||||
2014 (Expected) | $ | 883 | |||||||||||||||||||||||||||||||||||||||
Benefits Expected to be Paid from Plans Assets | ' | ||||||||||||||||||||||||||||||||||||||||
The following are benefits paid by the company during fiscal years 2013, 2012 and 2011 and expected to be paid from fiscal 2014 through fiscal 2023. All benefits are expected to be paid from the company’s assets. The expected benefits show the company’s cost without regard to income from federal subsidy payments received pursuant to the MMA. Expected MMA subsidy payments, which reduce the company’s cost for the plans, are shown separately. | |||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Employer Gross | MMA Subsidy | ||||||||||||||||||||||||||||||||||||||||
Contribution | (Income) | ||||||||||||||||||||||||||||||||||||||||
2011 | $ | 919 | $ | (66 | ) | ||||||||||||||||||||||||||||||||||||
2012 | $ | 1,010 | $ | (52 | ) | ||||||||||||||||||||||||||||||||||||
2013 | $ | 952 | $ | (52 | ) | ||||||||||||||||||||||||||||||||||||
Estimated Future Payments: | |||||||||||||||||||||||||||||||||||||||||
2014 | $ | 883 | $ | — | |||||||||||||||||||||||||||||||||||||
2015 | $ | 939 | $ | — | |||||||||||||||||||||||||||||||||||||
2016 | $ | 975 | $ | — | |||||||||||||||||||||||||||||||||||||
2017 | $ | 1,013 | $ | — | |||||||||||||||||||||||||||||||||||||
2018 | $ | 1,023 | $ | — | |||||||||||||||||||||||||||||||||||||
2019 – 2023 | $ | 4,435 | $ | — | |||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 11,481 | $ | 13,889 | |||||||||||||||||||||||||||||||||||||
Service cost | 341 | 458 | |||||||||||||||||||||||||||||||||||||||
Interest cost | 380 | 605 | |||||||||||||||||||||||||||||||||||||||
Participant contributions | 364 | 356 | |||||||||||||||||||||||||||||||||||||||
Actuarial loss (gain) | 214 | (2,513 | ) | ||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,316 | ) | (1,366 | ) | |||||||||||||||||||||||||||||||||||||
Less federal subsidy on benefits paid | 52 | 52 | |||||||||||||||||||||||||||||||||||||||
Plan amendments | (1,110 | ) | — | ||||||||||||||||||||||||||||||||||||||
Benefit obligation at end of year | $ | 10,406 | $ | 11,481 | |||||||||||||||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Employer contributions | 952 | 1,010 | |||||||||||||||||||||||||||||||||||||||
Participant contributions | 364 | 356 | |||||||||||||||||||||||||||||||||||||||
Benefits paid | (1,316 | ) | (1,366 | ) | |||||||||||||||||||||||||||||||||||||
Fair value of plan assets at end of year | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Funded status, end of year: | |||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Benefit obligations | 10,406 | 11,481 | |||||||||||||||||||||||||||||||||||||||
Unfunded status and amount recognized at end of year | $ | (10,406 | ) | $ | (11,481 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in the balance sheet: | |||||||||||||||||||||||||||||||||||||||||
Current liability | $ | (883 | ) | $ | (867 | ) | |||||||||||||||||||||||||||||||||||
Noncurrent liability | (9,523 | ) | (10,614 | ) | |||||||||||||||||||||||||||||||||||||
Amount recognized at end of year | $ | (10,406 | ) | $ | (11,481 | ) | |||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive (loss) income: | |||||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss before taxes | $ | (3,135 | ) | $ | (4,173 | ) | |||||||||||||||||||||||||||||||||||
Prior service (credit) cost before taxes | (1,422 | ) | (570 | ) | |||||||||||||||||||||||||||||||||||||
Amounts recognized in accumulated other comprehensive (loss) income | $ | (4,557 | ) | $ | (4,743 | ) | |||||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 28, 2013 | |||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
The company’s provision for income tax expense consists of the following for fiscal years 2013, 2012 and 2011: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Current Taxes: | |||||||||||||
Federal | $ | 73,669 | $ | 54,599 | $ | 60,129 | |||||||
State | 11,325 | 6,602 | 10,109 | ||||||||||
84,994 | 61,201 | 70,238 | |||||||||||
Deferred Taxes: | |||||||||||||
Federal | 7,970 | 9,703 | (1,492 | ) | |||||||||
State | (1,485 | ) | 1,747 | (208 | ) | ||||||||
6,485 | 11,450 | (1,700 | ) | ||||||||||
Income tax expense | $ | 91,479 | $ | 72,651 | $ | 68,538 | |||||||
Reconciliation of Effective Tax Amount | ' | ||||||||||||
Income tax expense differs from the amount computed by applying the U.S. federal income tax rate (35%) because of the effect of the following items for fiscal years 2013, 2012, and 2011: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Tax at U.S. federal income tax rate | $ | 112,831 | $ | 73,070 | $ | 67,188 | |||||||
State income taxes, net of federal income tax benefit | 6,396 | 5,427 | 6,546 | ||||||||||
Section 199 qualifying production activities benefit | (7,022 | ) | (5,407 | ) | (5,645 | ) | |||||||
Bargain purchase | (17,524 | ) | — | — | |||||||||
Other | (3,202 | ) | (439 | ) | 449 | ||||||||
Income tax expense | $ | 91,479 | $ | 72,651 | $ | 68,538 | |||||||
Components of Deferred Tax Assets and (Liabilities) | ' | ||||||||||||
Deferred tax assets (liabilities) are comprised of the following: | |||||||||||||
December 28, | December 29, | ||||||||||||
2013 | 2012 | ||||||||||||
(Amounts in thousands) | |||||||||||||
Self-insurance | $ | 7,227 | $ | 5,633 | |||||||||
Compensation and employee benefits | 13,558 | 11,612 | |||||||||||
Deferred income | 7,397 | 6,697 | |||||||||||
Loss and credit carryforwards | 27,055 | 31,187 | |||||||||||
Equity-based compensation | 14,402 | 12,198 | |||||||||||
Hedging | 7,158 | 2,578 | |||||||||||
Pension | 10,822 | 54,843 | |||||||||||
Postretirement benefits | 7,595 | 7,805 | |||||||||||
Other | 16,084 | 13,453 | |||||||||||
Deferred tax assets valuation allowance | (2,895 | ) | (4,545 | ) | |||||||||
Deferred tax assets | 108,403 | 141,461 | |||||||||||
Depreciation | (86,235 | ) | (88,494 | ) | |||||||||
Intangible assets | (67,923 | ) | (60,304 | ) | |||||||||
Bargain purchase | (31,345 | ) | — | ||||||||||
Other | (3,250 | ) | (2,671 | ) | |||||||||
Deferred tax liabilities | (188,753 | ) | (151,469 | ) | |||||||||
Net deferred tax (liability) asset | $ | (80,350 | ) | $ | (10,008 | ) | |||||||
Reconciliation of Total Amounts of Unrecognized Tax Benefits | ' | ||||||||||||
The following is a reconciliation of the total amounts of unrecognized tax benefits for fiscal years 2013, 2012 and 2011: | |||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||
2013 | 2012 | 2011 | |||||||||||
(Amounts in thousands) | |||||||||||||
Unrecognized tax benefit at beginning of fiscal year | $ | 7,304 | $ | 8,709 | $ | 4,823 | |||||||
Gross increases — tax positions in a current period | — | 331 | 876 | ||||||||||
Gross increases — acquisitions | 500 | — | 3,863 | ||||||||||
Lapses of statutes of limitations | (2,995 | ) | (1,736 | ) | (853 | ) | |||||||
Unrecognized tax benefit at end of fiscal year | $ | 4,809 | $ | 7,304 | $ | 8,709 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||||||||||||||||||
Information Regarding Operations in Reportable Segments | ' | ||||||||||||||||||||||||||||||||||||
Information regarding the operations in these reportable segments is as follows for fiscal years 2013, 2012, and 2011: | |||||||||||||||||||||||||||||||||||||
Fiscal | Fiscal | Fiscal | |||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||
(Amounts in thousands) | |||||||||||||||||||||||||||||||||||||
Sales: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 3,167,256 | $ | 2,541,135 | $ | 2,291,011 | |||||||||||||||||||||||||||||||
Warehouse | 785,498 | 648,889 | 618,982 | ||||||||||||||||||||||||||||||||||
Eliminations: | |||||||||||||||||||||||||||||||||||||
Sales from Warehouse to DSD | (132,506 | ) | (111,254 | ) | (110,870 | ) | |||||||||||||||||||||||||||||||
Sales from DSD to Warehouse | (69,243 | ) | (32,279 | ) | (25,767 | ) | |||||||||||||||||||||||||||||||
$ | 3,751,005 | $ | 3,046,491 | $ | 2,773,356 | ||||||||||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 100,792 | $ | 84,290 | $ | 74,378 | |||||||||||||||||||||||||||||||
Warehouse | 17,032 | 18,267 | 19,768 | ||||||||||||||||||||||||||||||||||
Other(1) | 667 | 133 | 492 | ||||||||||||||||||||||||||||||||||
$ | 118,491 | $ | 102,690 | $ | 94,638 | ||||||||||||||||||||||||||||||||
Income from operations: | |||||||||||||||||||||||||||||||||||||
DSD(2) | $ | 350,531 | $ | 233,196 | $ | 203,248 | |||||||||||||||||||||||||||||||
Warehouse | 48,517 | 36,230 | 27,351 | ||||||||||||||||||||||||||||||||||
Other(1) | (63,815 | ) | (50,915 | ) | (41,573 | ) | |||||||||||||||||||||||||||||||
$ | 335,233 | $ | 218,511 | $ | 189,026 | ||||||||||||||||||||||||||||||||
Net interest (expense) income | $ | (12,860 | ) | $ | (9,739 | ) | $ | 2,940 | |||||||||||||||||||||||||||||
Income before income taxes | $ | 322,373 | $ | 208,772 | $ | 191,966 | |||||||||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 80,528 | $ | 52,375 | $ | 61,017 | |||||||||||||||||||||||||||||||
Warehouse | 8,187 | 10,809 | 14,379 | ||||||||||||||||||||||||||||||||||
Other(1) | 10,466 | 4,075 | 3,766 | ||||||||||||||||||||||||||||||||||
$ | 99,181 | $ | 67,259 | $ | 79,162 | ||||||||||||||||||||||||||||||||
Assets by Segment | ' | ||||||||||||||||||||||||||||||||||||
As of | |||||||||||||||||||||||||||||||||||||
December 28, | December 29, | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
DSD | $ | 2,146,209 | $ | 1,638,826 | |||||||||||||||||||||||||||||||||
Warehouse | 233,591 | 245,195 | |||||||||||||||||||||||||||||||||||
Other(3) | 124,214 | 111,828 | |||||||||||||||||||||||||||||||||||
$ | 2,504,014 | $ | 1,995,849 | ||||||||||||||||||||||||||||||||||
-1 | Represents the company’s corporate head office amounts and acquisition costs. | ||||||||||||||||||||||||||||||||||||
-2 | Includes the gain on acquisition of $50.1 million in fiscal 2013. | ||||||||||||||||||||||||||||||||||||
-3 | Represents the company’s corporate head office assets including primarily cash and cash equivalents, deferred taxes and deferred financing costs. | ||||||||||||||||||||||||||||||||||||
Sales by Product Category in Each Reportable Segment | ' | ||||||||||||||||||||||||||||||||||||
Sales by product category in each reportable segment are as follows for fiscal years 2013, 2012, and 2011 (amounts in thousands): | |||||||||||||||||||||||||||||||||||||
Fiscal 2013 | Fiscal 2012 | Fiscal 2011 | |||||||||||||||||||||||||||||||||||
Total | DSD | Warehouse | Total | DSD | Warehouse | Total | DSD | Warehouse | |||||||||||||||||||||||||||||
Branded Retail | $ | 2,046,916 | $ | 1,905,002 | $ | 141,914 | $ | 1,590,726 | $ | 1,486,887 | $ | 103,839 | $ | 1,421,229 | $ | 1,326,992 | $ | 94,237 | |||||||||||||||||||
Store Branded Retail | 645,117 | 504,587 | 140,530 | 544,670 | 426,771 | 117,899 | 499,661 | 373,971 | 125,690 | ||||||||||||||||||||||||||||
Non-retail and Other | 1,058,972 | 688,424 | 370,548 | 911,095 | 595,198 | 315,897 | 852,466 | 564,281 | 288,185 | ||||||||||||||||||||||||||||
Total | $ | 3,751,005 | $ | 3,098,013 | $ | 652,992 | $ | 3,046,491 | $ | 2,508,856 | $ | 537,635 | $ | 2,773,356 | $ | 2,265,244 | $ | 508,112 | |||||||||||||||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 28, 2013 | |||||||||||||||||||||
Results of Operations for Each Quarter | ' | ||||||||||||||||||||
Results of operations for each of the four quarters in the respective fiscal years are as follows. Each quarter represents a period of twelve weeks, except the first quarter, which includes sixteen weeks. | |||||||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||||||||||
(Amounts in thousands, except per share data) | |||||||||||||||||||||
Sales | 2013 | $ | 1,130,810 | $ | 898,153 | $ | 878,492 | $ | 843,550 | ||||||||||||
2012 | $ | 898,206 | $ | 681,561 | $ | 717,282 | $ | 749,442 | |||||||||||||
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately) | 2013 | $ | 585,298 | $ | 471,614 | $ | 467,798 | $ | 447,511 | ||||||||||||
2012 | $ | 478,978 | $ | 365,658 | $ | 382,508 | $ | 390,666 | |||||||||||||
Net income. | 2013 | $ | 112,026 | $ | 46,460 | $ | 33,888 | $ | 38,520 | * | |||||||||||
2012 | $ | 37,943 | $ | 28,380 | $ | 31,231 | $ | 38,567 | |||||||||||||
Basic net income per share | 2013 | $ | 0.54 | $ | 0.22 | $ | 0.16 | $ | 0.18 | * | |||||||||||
2012 | $ | 0.19 | $ | 0.14 | $ | 0.15 | $ | 0.18 | |||||||||||||
Diluted net income per share | 2013 | $ | 0.53 | $ | 0.22 | $ | 0.16 | $ | 0.18 | * | |||||||||||
2012 | $ | 0.19 | $ | 0.14 | $ | 0.15 | $ | 0.18 | |||||||||||||
* | Includes an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) described above. |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Dec. 28, 2013 | |
Segment | |
Basis of Presentation [Line Items] | ' |
General Information | 'General. Flowers Foods, Inc. (the "company") is one of the largest producers and marketers of bakery products in the United States. The company consists of two business segments direct-store-delivery ("DSD Segment") and warehouse delivery segment ("warehouse segment"). The DSD segment focuses on the production and marketing of bakery products to U.S. customers in the Southeast, Mid-Atlantic,and Southwest as well as select markets in the Northeast, California and Nevada primarily through its DSD system. The warehouse segment produces snack cakes and breads and rolls that are shipped both fresh and frozen to national retail, foodservice, vending, and co-pack customers through their warehouse channels. |
Number of business segments | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $843,550,000 | $878,492,000 | $898,153,000 | $749,442,000 | $717,282,000 | $681,561,000 | $1,130,810,000 | $898,206,000 | $3,751,005,000 | $3,046,491,000 | $2,773,356,000 |
Inventory | 100,851,000 | ' | ' | 91,010,000 | ' | ' | ' | ' | 100,851,000 | 91,010,000 | ' |
Deferred gain on sale of assets held for sale | 22,400,000 | ' | ' | 17,300,000 | ' | ' | ' | ' | 22,400,000 | 17,300,000 | ' |
Net gain on sale of territories | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | 2,600,000 | 2,400,000 |
Shipping costs | ' | ' | ' | ' | ' | ' | ' | ' | 815,800,000 | 675,600,000 | 630,100,000 |
Equipment held under capital leases | 22,500,000 | ' | ' | 15,600,000 | ' | ' | ' | ' | 22,500,000 | 15,600,000 | ' |
Total accumulated depreciation for assets held under capital leases | 7,000,000 | ' | ' | 5,600,000 | ' | ' | ' | ' | 7,000,000 | 5,600,000 | ' |
Depreciation expense | ' | ' | ' | ' | ' | ' | ' | ' | 106,700,000 | 93,400,000 | 87,500,000 |
Advertising and marketing costs | ' | ' | ' | ' | ' | ' | ' | ' | 28,100,000 | 19,100,000 | 16,800,000 |
Amortization expense of capitalized software development costs | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | 1,600,000 | 1,400,000 |
Capitalized software development costs | 14,800,000 | ' | ' | 7,500,000 | ' | ' | ' | ' | 14,800,000 | 7,500,000 | ' |
Plan asset amortization conditional percentage | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Pay By Scan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,116,400,000 | 863,400,000 | 821,000,000 |
Inventory | 6,400,000 | ' | ' | 5,600,000 | ' | ' | ' | ' | 6,400,000 | 5,600,000 | ' |
Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of distributor route notes receivables | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Gain on sale of territories recognized immediately | ' | ' | ' | ' | ' | ' | ' | ' | $5,000 | ' | ' |
Maximum | Building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '40 years | ' | ' |
Maximum | Machinery and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '25 years | ' | ' |
Maximum | Furniture Fixtures And Transportation Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '15 years | ' | ' |
Maximum | Capitalized Software Development Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' |
Maximum | Sale of Territory | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes receivable maturity period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Minimum | Building | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Minimum | Machinery and Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Minimum | Furniture Fixtures And Transportation Equipment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Minimum | Capitalized Software Development Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life, years | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' |
Top 10 Customers | Sales Revenue, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of sales | ' | ' | ' | ' | ' | ' | ' | ' | 43.50% | 45.10% | 45.60% |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts Activity (Detail) (Allowance for Doubtful Accounts, Current, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Allowance for Doubtful Accounts, Current | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning Balance | $386 | $171 | $522 |
Charged to Expense | 4,110 | 1,991 | 414 |
Write-Offs and Other | 2,898 | 1,776 | 765 |
Ending Balance | $1,598 | $386 | $171 |
Percentage_of_Sales_from_Large
Percentage of Sales from Largest Customers (Detail) (Sales Revenue, Net, Wal-Mart/Sam's Club) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of sales, Total | 20.10% | 20.70% | 21.60% |
DSD | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of sales, Total | 17.00% | 17.50% | 17.80% |
Warehouse | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' |
Percentage of sales, Total | 3.10% | 3.20% | 3.80% |
Activity_in_Inventory_Reserve_
Activity in Inventory Reserve Allowance (Detail) (Inventory Valuation Reserve, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Inventory Valuation Reserve | ' | ' | ' |
Inventory [Line Items] | ' | ' | ' |
Beginning Balance | $38 | $58 | $231 |
Charged to Expense | 1,210 | 947 | 765 |
Write-Offs and Other | 1,155 | 967 | 938 |
Ending Balance | $93 | $38 | $58 |
Activity_in_Deferred_Tax_Valua
Activity in Deferred Tax Valuation Allowance (Detail) (Valuation Allowance of Deferred Tax Assets, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Valuation Allowance of Deferred Tax Assets | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Beginning Balance | $4,545 | $4,874 | $2,691 |
Charged to (Income) | -1,650 | -782 | -415 |
Other | 0 | 453 | 2,598 |
Ending Balance | $2,895 | $4,545 | $4,874 |
Notes_Receivable_Additional_In
Notes Receivable - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Interest income from distributor notes | $16 | $13.70 | $13.10 |
Maximum | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Financing period of territories, years | 10 | ' | ' |
Assets_Held_for_Sale_Distribut1
Assets Held for Sale - Distributor Routes - Additional Information (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ' | ' |
Assets held for sale, distributor routes | $26,564 | $30,116 |
Independent distributor territories held and operated | 625 | 310 |
Summary_of_Goodwill_and_Other_
Summary of Goodwill and Other Intangible Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Goodwill And Other Intangible Assets [Line Items] | ' | ' | ' |
Goodwill | $282,404 | $269,897 | $219,730 |
Amortizable intangible assets, net of amortization | 201,710 | 201,884 | ' |
Indefinite-lived intangible assets | 455,000 | 186,500 | ' |
Total goodwill and other intangible assets | $939,114 | $658,281 | ' |
Carrying_Amount_of_Goodwill_by
Carrying Amount of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
DSD | DSD | Warehouse | Warehouse | Warehouse | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $269,897 | $219,730 | $262,796 | $212,629 | $7,101 | $7,101 | $7,101 |
Change in goodwill related to acquisitions | 12,507 | 50,167 | 12,507 | 50,167 | ' | ' | ' |
Ending balance | $282,404 | $269,897 | $275,303 | $262,796 | $7,101 | $7,101 | $7,101 |
Changes_to_Goodwill_by_Acquisi
Changes to Goodwill by Acquisition (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 |
Goodwill [Line Items] | ' | ' |
Working capital adjustments | $315 | ' |
Adjustment for spare parts and supplies | ' | 76 |
Acquisition-related tax adjustments | -1,016 | ' |
Adjustment for inventory | ' | 42 |
Adjustment to assets held for sale | 63 | -69 |
Adjustment for accrued liabilities | 2,394 | 169 |
Adjustment to property, plant and equipment | 1,123 | ' |
Acquisitions during fiscal year | 9,628 | 49,949 |
Change in goodwill during fiscal year | 12,507 | 50,167 |
Modesto | ' | ' |
Goodwill [Line Items] | ' | ' |
Acquisitions during fiscal year | 4,209 | ' |
Change in goodwill during fiscal year | 4,209 | ' |
Acquired Hostess Bread Asset | ' | ' |
Goodwill [Line Items] | ' | ' |
Acquisitions during fiscal year | 5,419 | ' |
Change in goodwill during fiscal year | 5,419 | ' |
Lepage Bakeries Inc | ' | ' |
Goodwill [Line Items] | ' | ' |
Working capital adjustments | 315 | ' |
Acquisition-related tax adjustments | -1,016 | ' |
Adjustment to assets held for sale | 63 | ' |
Adjustment for accrued liabilities | 2,394 | ' |
Acquisitions during fiscal year | ' | 49,949 |
Change in goodwill during fiscal year | 1,756 | 49,949 |
Other | ' | ' |
Goodwill [Line Items] | ' | ' |
Adjustment to property, plant and equipment | 1,123 | ' |
Change in goodwill during fiscal year | 1,123 | ' |
Tasty Baking Company | ' | ' |
Goodwill [Line Items] | ' | ' |
Adjustment for spare parts and supplies | ' | 76 |
Adjustment for inventory | ' | 42 |
Adjustment to assets held for sale | ' | -69 |
Adjustment for accrued liabilities | ' | 169 |
Change in goodwill during fiscal year | ' | $218 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Jul. 13, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 |
Reclassification from property plant and equipment to goodwill | Reclassification from accrued liabilities to goodwill | Trademarks | Trademarks | |||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Change in goodwill | $12,507 | $50,167 | $1,100 | $900 | ' | ' |
Additional indefinite lived intangible assets separately identified from goodwill | $455,000 | $186,500 | ' | ' | $455,000 | $186,500 |
Amortizable_Intangible_Assets_
Amortizable Intangible Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | $251,095 | $239,095 |
Accumulated Amortization | 49,385 | 37,211 |
Net Value | 201,710 | 201,884 |
Trademarks | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 71,727 | 71,727 |
Accumulated Amortization | 11,697 | 9,243 |
Net Value | 60,030 | 62,484 |
Customer Relationships | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 169,921 | 157,921 |
Accumulated Amortization | 32,688 | 24,275 |
Net Value | 137,233 | 133,646 |
Noncompete Agreements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 4,274 | 4,274 |
Accumulated Amortization | 2,751 | 1,719 |
Net Value | 1,523 | 2,555 |
Distribution Rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 4,123 | 4,123 |
Accumulated Amortization | 1,199 | 924 |
Net Value | 2,924 | 3,199 |
Supply Agreement | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Cost | 1,050 | 1,050 |
Accumulated Amortization | $1,050 | $1,050 |
Net_Amortization_Expense_Detai
Net Amortization Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Finite Lived Intangible Assets Amortization Expense [Line Items] | ' | ' | ' |
Net amortization expense, Total | $11,741 | $9,253 | $7,176 |
Estimated_Net_Amortization_of_
Estimated Net Amortization of Intangibles (Detail) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Schedule Of Estimated Future Amortization Expense [Line Items] | ' |
2014 | $11,741 |
2015 | 11,495 |
2016 | 11,069 |
2017 | 10,597 |
2018 | $10,449 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 6 Months Ended | ||||||||||||||
Feb. 23, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Feb. 23, 2013 | Jul. 27, 2013 | Dec. 28, 2013 | Jul. 27, 2013 | Jul. 19, 2013 | Oct. 05, 2013 | Dec. 28, 2013 | Jan. 11, 2013 | Dec. 28, 2013 | Feb. 23, 2013 | Dec. 28, 2013 | Jul. 13, 2013 | Apr. 20, 2013 | Dec. 28, 2013 | Aug. 17, 2014 | Oct. 05, 2013 | Feb. 23, 2013 | Oct. 05, 2013 | Jul. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Jul. 13, 2013 | Jul. 13, 2013 | Dec. 28, 2013 | |
Maximum | Modesto | Modesto | Modesto | Acquired Hostess Bread Asset | Acquired Hostess Bread Asset | Acquired Hostess Bread Asset | Acquired Hostess Bread Asset | Acquired Hostess Bread Asset | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Lepage Bakeries Inc | Lepage Bakeries Inc | Lepage Bakeries Inc | Lepage Bakeries Inc | Lepage Bakeries Inc | Lepage Bakeries Inc | Lepage Bakeries Inc | Lepage Bakeries Inc | Lepage Bakeries Inc | |||||
DSD | Agreement Two | Agreement Two | Scenario, Forecast | Fair Value Adjustment Reduction | Distribution Rights | Distribution Rights | Pennsylvania | Maine | Vermont | 338(h)(10) Election Payment | Working Capital Payment | DSD | |||||||||||||||||||
Fair Value Adjustment Reduction | Facility | Facility | Facility | ||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition | ' | ' | ' | ' | ' | $10,300,000 | ' | ' | $355,300,000 | ' | $355,342,000 | ' | ' | $49,950,000 | ' | ' | ' | ' | ' | ' | ' | ' | $318,600,000 | ' | ' | ' | ' | ' | $18,400,000 | $200,000 | ' |
Goodwill acquired | ' | 9,628,000 | 49,949,000 | ' | ' | ' | 4,209,000 | 4,200,000 | ' | ' | 5,419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,949,000 | ' | ' | ' | ' | ' | ' |
Bid price to purchase assets | ' | ' | ' | ' | ' | ' | ' | ' | 360,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on legal settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | 7,100,000 | ' | ' | ' | ' | ' | ' |
Aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | ' | 42,350,000 | ' | ' | ' | ' | ' | ' | ' | ' | 382,155,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Breakup fee received for unsuccessful bid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales related to acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,600,000 | ' | ' | ' | ' | ' | ' | 79,700,000 | ' | ' | ' | ' | ' | ' | 80,700,000 | ' | ' | ' | ' | ' | ' |
Intangible assets amortization period | '21 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Identifiable intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,790,000 | 2,000,000 | 256,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Bargain purchase gain | ' | 50,071,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,071,000 | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred income taxes, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,345,000 | ' | ' | ' | ' | ' | 800,000 | ' | ' | 1,137,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Holdback | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | 7,500,000 | ' | ' | 7,500,000 | 7,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Holdback amount available | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Co-pack arrangement period | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in holdback | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred cash payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,663,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of gross payments of deferred obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued during acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,267,972 | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 382,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related tax adjustments | ' | 1,016,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,016,000 | ' | ' | ' | ' | ' | ' | ' |
Adjustment to assets held for sale | ' | 63,000 | -69,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,000 | ' | ' | ' | ' | ' | ' | ' |
Adjustment for accrued liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' |
Working capital adjustments | ' | 315,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 315,000 | ' | ' | ' | ' | ' | ' | ' |
Business acquisition deferred payment terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The deferred payment obligations represent the fair value of the fixed payments of $1,250,000 beginning on the first business day of each of the sixteen calendar quarters following the fourth anniversary of the closing of the acquisition (total of $20.0 million in gross payments). The first payment will be made by Flowers on October 1, 2016 and the final payment will be made on July 1, 2020. The difference between the fair value and the gross payments of $2.3 million is recorded as a reduction to the liability and is being amortized to interest expense over eight years. | ' | ' | ' | ' | ' | ' | ' |
Business acquisition deferred payments fixed periodic payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition deferred payments, frequency of periodic payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Sixteen calendar quarters following the fourth anniversary of the closing of the acquisition | ' | ' | ' | ' | ' | ' | ' |
Business acquisition gross deferred payment | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition deferred payment unamortized discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred payment unamortized discount amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | ' | ' | ' | ' | ' | ' | ' | ' |
Implied fair value of restricted shares | ' | 45,887,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,887,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Value of Flowers shares issued | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock price, last trading day before closing | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13.65 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Bakeries operated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | 2 | 1 | ' | ' | ' |
Indefinite lived trademark | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 185,000,000 | ' | ' | ' | ' | ' | ' | ' |
Goodwill | ' | 282,404,000 | 269,897,000 | 219,730,000 | ' | ' | ' | ' | ' | ' | 5,419,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,705,000 | ' | ' | ' | ' | ' | ' | ' | 51,705,000 |
Goodwill deductible for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,900,000 | ' | ' | ' | ' | ' | ' | ' |
Fair value of trade receivable | ' | 7,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross amount receivable | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bad debt | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from operation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,400,000 | ' | ' | ' | ' | ' | ' |
Schedule_of_Identified_Assets_
Schedule of Identified Assets Acquired and Liabilities Assumed (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Feb. 23, 2013 | Feb. 23, 2013 | Dec. 28, 2013 | Feb. 23, 2013 | Feb. 23, 2013 | Feb. 23, 2013 | Jul. 21, 2012 | Jul. 19, 2013 | Oct. 05, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Sara Lee and Earthgrains acquisition of trademark licenses | Lepage Bakeries Inc | Acquired Hostess Bread Asset | Acquired Hostess Bread Asset | Acquired Hostess Bread Asset | Acquired Hostess Bread Asset | |||||
Distribution Rights | Trademarks | Customer Relationships | Trademarks | |||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $415,813 | $318,476 | $164,485 | ' | ' | ' | ' | ' | ' | $318,605 | ' | ' | ' | ' |
Cash consideration transferred | ' | ' | ' | ' | 49,950 | ' | ' | ' | ' | 318,600 | 355,300 | ' | 355,342 | ' |
Deferred payment obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,663 | ' | ' | ' | ' |
Contingently refundable consideration (the "holdback") | ' | ' | ' | -10,000 | -7,600 | -7,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Flowers Foods, Inc. common stock | 45,887 | ' | ' | ' | ' | ' | ' | ' | ' | 45,887 | ' | ' | ' | ' |
Total consideration, net | ' | ' | ' | ' | 42,350 | ' | ' | ' | ' | 382,155 | ' | ' | ' | ' |
Financial assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,658 | ' | ' | 1,650 | ' |
Inventories | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,537 | ' | ' | ' | ' |
Property, plant, and equipment | ' | ' | ' | ' | 6,476 | ' | ' | ' | ' | 59,970 | ' | ' | 160,673 | ' |
Assets held for sale - Distributor routes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,098 | ' | ' | ' | ' |
Identifiable intangible assets | ' | ' | ' | ' | ' | ' | 25,790 | 79,500 | 12,000 | 256,400 | ' | ' | ' | 189,000 |
Deferred income taxes, net | ' | ' | ' | ' | -31,345 | ' | ' | ' | ' | -1,137 | ' | ' | ' | ' |
Financial liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,076 | ' | ' | ' | ' |
Net recognized amounts of identifiable assets acquired | ' | ' | ' | ' | 92,421 | ' | ' | ' | ' | 330,450 | ' | ' | 349,923 | ' |
Goodwill | 282,404 | 269,897 | 219,730 | ' | ' | ' | ' | ' | ' | 51,705 | ' | ' | 5,419 | ' |
Net recognized amounts of identifiable assets acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 351,323 | ' |
Gain on legal settlement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,400 | -1,400 | ' |
Bargain purchase gain | $50,071 | ' | ' | ' | $50,071 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Potential_Payment_o
Summary of Potential Payment of Holdback Amount (Detail) (USD $) | Feb. 23, 2013 | Nov. 20, 2013 | Nov. 20, 2013 | 19-May-14 | Feb. 18, 2014 | Aug. 17, 2014 | 19-May-14 | Feb. 18, 2014 |
In Thousands, unless otherwise specified | Co-pack decision | Bakery decision | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | Scenario, Forecast | |
Co-pack decision | Co-pack decision | Bakery decision | Bakery decision | Bakery decision | ||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Potential payment holdback amount | $10,000 | $10,000 | $10,000 | $5,000 | $7,500 | $5,000 | $7,500 | $10,000 |
Fair_Value_of_Stock_Considerat
Fair Value of Stock Consideration (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 |
Fair Value Measurements [Line Items] | ' |
Value of Flowers shares issued | $50,000 |
Implied fair value of restricted shares | 45,887 |
Fiscal Years 2012 | ' |
Fair Value Measurements [Line Items] | ' |
Value of Flowers shares issued | 25,000 |
Implied fair value of restricted shares | 23,626 |
Exercise price (per share) | $13.65 |
Expected term (yrs) | '4 months 13 days |
Volatility (%) | 25.00% |
Risk-free rate (%) | 0.10% |
Dividend yield (%) | 3.00% |
Fiscal Year 2013 | ' |
Fair Value Measurements [Line Items] | ' |
Value of Flowers shares issued | 10,000 |
Implied fair value of restricted shares | 9,154 |
Exercise price (per share) | $13.65 |
Expected term (yrs) | '1 year |
Volatility (%) | 25.00% |
Risk-free rate (%) | 0.20% |
Dividend yield (%) | 3.00% |
Fiscal Year 2014 | ' |
Fair Value Measurements [Line Items] | ' |
Value of Flowers shares issued | 5,000 |
Implied fair value of restricted shares | 4,447 |
Exercise price (per share) | $13.65 |
Expected term (yrs) | '2 years |
Volatility (%) | 25.00% |
Risk-free rate (%) | 0.20% |
Dividend yield (%) | 3.00% |
Fiscal Year 2015 | ' |
Fair Value Measurements [Line Items] | ' |
Value of Flowers shares issued | 5,000 |
Implied fair value of restricted shares | 4,363 |
Exercise price (per share) | $13.65 |
Expected term (yrs) | '3 years |
Volatility (%) | 25.00% |
Risk-free rate (%) | 0.30% |
Dividend yield (%) | 3.00% |
Fiscal Year 2016 | ' |
Fair Value Measurements [Line Items] | ' |
Value of Flowers shares issued | 5,000 |
Implied fair value of restricted shares | $4,297 |
Exercise price (per share) | $13.65 |
Expected term (yrs) | '4 years |
Volatility (%) | 25.00% |
Risk-free rate (%) | 0.40% |
Dividend yield (%) | 3.00% |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets Subject to Amortization (Detail) (Lepage Bakeries Inc, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' |
Amount | $71,400 |
Weighted average amortization years | '24 years 3 months 18 days |
Customer Relationships | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amount | 69,000 |
Weighted average amortization years | '25 years |
Noncompete Agreements | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Amount | $2,400 |
Weighted average amortization years | '4 years |
Pro_Forma_Consolidated_Results
Pro Forma Consolidated Results of Operations (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Acquisition [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales, As reported | $843,550 | $878,492 | $898,153 | $749,442 | $717,282 | $681,561 | $1,130,810 | $898,206 | $3,751,005 | $3,046,491 | $2,773,356 | |
Sales, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | 3,751,005 | 3,902,864 | 2,995,233 | |
Net income, As reported | 38,520 | [1] | 33,888 | 46,460 | 38,567 | 31,231 | 28,380 | 112,026 | 37,943 | 230,894 | 136,121 | 123,428 |
Net income, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | $227,076 | $128,464 | $128,022 | |
Basic net income per common share, As reported | $0.18 | [1] | $0.16 | $0.22 | $0.18 | $0.15 | $0.14 | $0.54 | $0.19 | $1.11 | $0.66 | $0.61 |
Basic net income per common share, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | $1.09 | $0.62 | $0.62 | |
Diluted net income per common share, As reported | $0.18 | [1] | $0.16 | $0.22 | $0.18 | $0.15 | $0.14 | $0.53 | $0.19 | $1.09 | $0.66 | $0.60 |
Diluted net income per common share, Pro forma | ' | ' | ' | ' | ' | ' | ' | ' | $1.07 | $0.61 | $0.61 | |
[1] | Includes an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) described above. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 17, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Mar. 28, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Aug. 01, 2008 | Aug. 01, 2008 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
4.375% Senior Notes | 4.375% Senior Notes | Cash Flow Hedging | Other Current Assets | Other Current Assets | Interest Rate Contracts | Interest Rate Contracts | Interest rate risk derivatives | Interest rate risk derivatives | Interest rate risk derivatives | |||||
Cash Flow Hedging | Cash Flow Hedging | |||||||||||||
ButterKrust | Holsum | |||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commodity derivatives fair value, net | ' | ($11,500,000) | ($3,200,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | 4.38% | 4.38% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument term | '2 years | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash settlement on hedge | ' | 3,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of interest rate swap | ' | ' | ' | ' | ' | ' | 142,800,000 | ' | ' | 85,000,000 | 65,000,000 | ' | ' | ' |
Term loan outstanding | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of interest rate swaps | ' | ' | -900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | 28,875,000 | 23,411,000 | 10,172,000 | ' | ' | ' | ' | ' | ' | ' | 800,000 | 2,800,000 | 4,000,000 |
Discontinued hedge positions | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative instrument, asset | ' | ' | ' | ' | ' | ' | ' | $16,900,000 | $9,000,000 | ' | ' | ' | ' | ' |
Net_Fair_Value_of_Commodity_Pr
Net Fair Value of Commodity Price Risk (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | $0.20 | ' |
Liabilities | -11.7 | -3.2 |
Net Fair Value | -11.5 | -3.2 |
Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 0.2 | ' |
Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | -10.6 | -3 |
Other LongTerm Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | -1.1 | -0.2 |
Level 1 | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | -11.1 | -2.6 |
Net Fair Value | -11.1 | -2.6 |
Level 1 | Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | -10.4 | -2.5 |
Level 1 | Other LongTerm Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | -0.7 | -0.1 |
Level 2 | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 0.2 | ' |
Liabilities | -0.6 | -0.6 |
Net Fair Value | -0.4 | -0.6 |
Level 2 | Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Assets | 0.2 | ' |
Level 2 | Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | -0.2 | -0.5 |
Level 2 | Other LongTerm Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liabilities | ($0.40) | ($0.10) |
Net_Fair_Value_of_Interest_Rat
Net Fair Value of Interest Rate Swaps (Detail) (USD $) | Dec. 29, 2012 |
In Millions, unless otherwise specified | |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | ($0.90) |
Net Fair Value | -0.9 |
Other Current Liabilities | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | -0.9 |
Level 1 | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | ' |
Net Fair Value | ' |
Level 1 | Other Current Liabilities | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | ' |
Level 2 | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | -0.9 |
Net Fair Value | -0.9 |
Level 2 | Other Current Liabilities | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | -0.9 |
Level 3 | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | ' |
Net Fair Value | ' |
Level 3 | Other Current Liabilities | ' |
Derivatives, Fair Value [Line Items] | ' |
Liabilities | ' |
Derivative_Instruments_Located
Derivative Instruments Located on Consolidated Balance Sheet (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | $162 | $9 |
Derivative Liabilities | 11,720 | 4,060 |
Interest Rate Contracts | Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | ' | 867 |
Commodity Contract | Other Current Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 10,625 | 3,047 |
Commodity Contract | Other LongTerm Liabilities | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Liabilities | 1,095 | 146 |
Commodity Contract | Other Current Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | 162 | ' |
Commodity Contract | Other Long Term Assets | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivative Assets | ' | $9 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments Located on the Condensed Consolidated Statements of Income, Utilized for Risk Management Purposes (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)(Net of tax) | ($24,457) | ($1,546) | ($17,851) | |||
Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion)(Net of tax) | 17,141 | 12,354 | -20,962 | |||
Interest Rate Contracts | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)(Net of tax) | -205 | -1,221 | -547 | |||
Interest Rate Contracts | Interest Expense (Income) | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion)(Net of tax) | 502 | 1,732 | 2,431 | |||
Commodity Contract | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)(Net of tax) | -24,252 | -325 | -17,304 | |||
Commodity Contract | Production Costs | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | |||
Amount of (Gain) or Loss Reclassified from Accumulated OCI into Income (Effective Portion)(Net of tax) | $16,639 | [1] | $10,622 | [1] | ($23,393) | [1] |
[1] | Included in Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately). |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) Related to Derivative Transactions (Detail) (USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | ($24,457,000) | ($1,546,000) | ($17,851,000) |
Closed or Expiring Over Next Three Years | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 11,400,000 | ' | ' |
Closed or Expiring Over Next Three Years | Closed Contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Estimated amount of derivatives to be reclassified in income from AOCI | 4,300,000 | ' | ' |
Closed or Expiring Over Next Three Years | Expiring in 2014 | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 6,600,000 | ' | ' |
Closed or Expiring Over Next Three Years | Expiring in 2015 | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 400,000 | ' | ' |
Closed or Expiring Over Next Three Years | Expiring in 2016 and beyond | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 100,000 | ' | ' |
Commodity price risk derivatives | Closed or Expiring Over Next Three Years | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 10,100,000 | ' | ' |
Commodity price risk derivatives | Closed or Expiring Over Next Three Years | Closed Contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Estimated amount of derivatives to be reclassified in income from AOCI | 3,000,000 | ' | ' |
Commodity price risk derivatives | Closed or Expiring Over Next Three Years | Expiring in 2014 | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 6,600,000 | ' | ' |
Commodity price risk derivatives | Closed or Expiring Over Next Three Years | Expiring in 2015 | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 400,000 | ' | ' |
Commodity price risk derivatives | Closed or Expiring Over Next Three Years | Expiring in 2016 and beyond | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 100,000 | ' | ' |
Interest rate risk derivatives | Closed or Expiring Over Next Three Years | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive income (loss) related to commodity price risk and interest rate risk derivative transactions | 1,300,000 | ' | ' |
Interest rate risk derivatives | Closed or Expiring Over Next Three Years | Closed Contracts | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Estimated amount of derivatives to be reclassified in income from AOCI | $1,300,000 | ' | ' |
Financial_Contracts_Hedging_Co
Financial Contracts Hedging Commodity and Interest Rate Risk (Detail) (Cash Flow Hedging, USD $) | Dec. 28, 2013 |
In Millions, unless otherwise specified | |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional amount of interest rate swap | $142.80 |
Wheat Contracts | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional amount of interest rate swap | 105.8 |
Soybean Oil Contracts | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional amount of interest rate swap | 19.1 |
Natural Gas Contracts | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional amount of interest rate swap | $17.90 |
Components_of_Other_Current_As
Components of Other Current Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets, Current [Line Items] | ' | ' |
Prepaid assets | $17,176 | $14,544 |
Collateral to counterparties for derivative positions | 16,876 | 8,984 |
Income taxes receivable | 9,050 | 5,399 |
Other | 1,209 | 567 |
Total | $44,311 | $29,494 |
Components_of_Other_NonCurrent
Components of Other Non-Current Assets (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets Noncurrent [Line Items] | ' | ' |
Assets held for sale - property, plant and equipment | $28,188 | $2,301 |
Unamortized debt issuance costs | 3,207 | 3,594 |
Unamortized financing fees | 3,814 | 2,324 |
Other | 5,873 | 6,223 |
Total | $41,082 | $14,442 |
Components_of_Other_Accrued_Li
Components of Other Accrued Liabilities (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Other Current Liabilities [Line Items] | ' | ' |
Employee compensation | $69,599 | $61,911 |
Fair value of derivative instruments | 10,626 | 3,914 |
Insurance | 24,908 | 21,195 |
Bank overdraft | 16,347 | 16,846 |
Accrued interest | 5,062 | 5,458 |
Other | 18,033 | 19,682 |
Total | $144,575 | $129,006 |
Long_Term_Debt_and_Capital_Lea
Long Term Debt and Capital Leases (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Unsecured credit facility | $44,200 | $110,500 |
Unsecured term loan | ' | 67,500 |
4.375% senior notes due April 1, 2022 | 399,207 | 399,111 |
Accounts receivable securitization | 150,000 | ' |
Capital lease obligations | 15,649 | 10,627 |
Other notes payable | 18,444 | 19,274 |
Total debt | 923,750 | 607,012 |
Current maturities of long-term debt and capital lease obligations | 31,272 | 71,996 |
Long-term debt and capital lease obligations | 892,478 | 535,016 |
Unsecured Credit Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 3.88% | ' |
Final Maturity | '2018 | ' |
Unsecured Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Final Maturity | '2013 | ' |
New Term Loan | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 2.07% | ' |
Final Maturity | '2018 | ' |
Unsecured term loan | $296,250 | ' |
4.375% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 4.38% | ' |
Final Maturity | '2022 | ' |
Accounts Receivable Securitization Facility | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 0.95% | ' |
Final Maturity | '2015 | ' |
Capital Lease Obligations | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 3.01% | ' |
Final Maturity | '2020 | ' |
Other Notes Payables | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest Rate | 2.13% | ' |
Final Maturity | '2020 | ' |
Long_Term_Debt_and_Capital_Lea1
Long Term Debt and Capital Leases (Parenthetical) (Detail) (4.375% Senior Notes) | 12 Months Ended | |
Dec. 28, 2013 | Mar. 28, 2012 | |
4.375% Senior Notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Interest rate | 4.38% | 4.38% |
Senior notes due year | 1-Apr-22 | ' |
Debt_Lease_and_Other_Commitmen2
Debt, Lease and Other Commitments - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 28, 2013 | Jul. 17, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Apr. 05, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Apr. 05, 2013 | Feb. 14, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Apr. 05, 2013 | Dec. 28, 2013 | Apr. 05, 2013 | Dec. 28, 2013 | Jul. 17, 2013 | Dec. 28, 2013 | Apr. 05, 2013 | Dec. 28, 2013 | Apr. 05, 2013 | Dec. 28, 2013 | Apr. 05, 2013 | Dec. 28, 2013 | Apr. 05, 2013 | Apr. 05, 2013 | Aug. 05, 2013 | Apr. 05, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Apr. 05, 2013 | Apr. 05, 2013 | Apr. 05, 2013 | Apr. 05, 2013 | Apr. 03, 2012 | Dec. 28, 2013 | Apr. 03, 2012 | Apr. 03, 2012 | Mar. 28, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | |
Deferred Salaries | Deferred Bonus | New Term Loan | New Term Loan | Standby Letters of Credit | Standby Letters of Credit | New Credit Facility | New Credit Facility | New Credit Facility | New Credit Facility | Revolving Credit Facility | Letter of Credit | Minimum | Minimum | Maximum | Maximum | Accounts Receivable Securitization Facility | Accounts Receivable Securitization Facility | Base Rate Loans | Base Rate Loans | Base Rate Loans | Base Rate Loans | Eurodollar Loans | Eurodollar Loans | Eurodollar Loans | Eurodollar Loans | Federal Funds Rate | Amended Term Loans | Amended Term Loans | Amended Term Loans | Amended Term Loans | Amended Term Loans | Amended Term Loans | Amended Term Loans | Amended Term Loans | Indenture | Indenture | Indenture | Indenture | 4.375% Senior Notes | 4.375% Senior Notes | Redeemable Senior Notes | ||||||
New Credit Facility | New Credit Facility | Minimum | Minimum | Maximum | Maximum | Minimum | Minimum | Maximum | Maximum | New Credit Facility | Base Rate Loans | Base Rate Loans | Eurodollar Loans | Eurodollar Loans | Prior To January First Two Thousand And Twenty Two | Change Of Control Triggering Event | |||||||||||||||||||||||||||||||
New Credit Facility | New Credit Facility | New Credit Facility | New Credit Facility | Minimum | Maximum | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank overdraft balance | $16,347,000 | ' | $16,347,000 | $16,846,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility outstanding daily balance during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | 15,800,000 | 44,200,000 | ' | ' | 110,500,000 | ' | 440,300,000 | 209,000,000 | ' | 5,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument face amount | 150,000,000 | ' | 150,000,000 | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | 400,000,000 | 400,000,000 | ' | ' | ' | ' | ' |
Debt instrument term | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Accounts receivable securitization | 150,000,000 | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument covenant compliance | ' | ' | 'As of December 28, 2013, the company was in compliance with all restrictive financial covenants under the facility. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.70% | ' | 0.13% | 0.03% | 1.38% | 1.03% | 1.13% | 1.03% | 2.38% | 2.03% | 0.40% | ' | 0.50% | ' | ' | 0.00% | 1.38% | 0.88% | 2.38% | ' | ' | ' | ' | ' | ' | ' |
Unused borrowing fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional financing costs | 1,700,000 | ' | 2,456,000 | 558,000 | 2,108,000 | ' | ' | ' | ' | ' | ' | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | 3,900,000 | ' | ' | ' | ' | ' |
Commitment Fee Basis Points | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | 700,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Price to redeem notes as a percentage of principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | 100.00% | 101.00% | ' | ' | ' |
Variable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.35% | ' | ' | ' | ' | ' | ' |
Term loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-22 | 1-Jan-22 |
Notes bearing interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.38% | ' |
Discount on notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' |
Line of credit facility, amount available | 15,500,000 | ' | 15,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000,000 | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, additional borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum interest rate in addition to interbank Eurodollar market rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Facility fee range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.10% | ' | 0.35% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing costs | 3,814,000 | ' | 3,814,000 | 2,324,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,710,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility, repaid borrowings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,776,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual amortization of principal balance for first year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual amortization of principal balance for second year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual amortization of principal balance for third year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual amortization of principal balance for fourth year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual amortization of principal balance for fifth year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts outstanding under term loan | ' | ' | ' | 67,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of term loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized financing costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease arrangements expiration period | '23 years | ' | '23 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Lease term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '26 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating lease period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 month | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expense | ' | ' | 90,300,000 | 76,800,000 | 70,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of amount deferred, maximum | ' | ' | ' | ' | ' | 75.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred compensation liability outstanding | $13,100,000 | ' | $13,100,000 | $11,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
All_Outstanding_Principal_of_N
All Outstanding Principal of New Term Loan is Due and Payable on Fifth Anniversary of Draw Date (Detail) (New Term Loans) | 1 Months Ended |
Apr. 05, 2013 | |
New Term Loans | ' |
Schedule Of Debt Instruments [Line Items] | ' |
1 | 5.00% |
2 | 10.00% |
3 | 10.00% |
4 | 35.00% |
5 | 40.00% |
Aggregate_Maturities_of_Debt_O
Aggregate Maturities of Debt Outstanding (Including Capital Leases) (Detail) (USD $) | Dec. 28, 2013 |
In Thousands, unless otherwise specified | |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ' |
2014 | $31,691 |
2015 | 183,013 |
2016 | 72,834 |
2017 | 120,202 |
2018 | 111,753 |
2019 and thereafter | 407,901 |
Total | $927,394 |
Future_Minimum_Lease_Payments_
Future Minimum Lease Payments under Scheduled Leases (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Future Minimum Payments Under Non-Cancelable Operating Leases With Initial Terms Of One-Year Or More [Line Items] | ' | ' |
2014 | $5,220 | ' |
2015 | 3,013 | ' |
2016 | 2,834 | ' |
2017 | 2,702 | ' |
2018 | 2,553 | ' |
2019 and thereafter | 401 | ' |
Total minimum payments | 16,723 | ' |
Amount representing interest | 1,074 | ' |
Obligations under capital leases | 15,649 | 10,627 |
Obligations due within one year | 4,801 | ' |
Long-term obligations under capital leases | 10,848 | ' |
2014 | 55,632 | ' |
2015 | 51,810 | ' |
2016 | 45,214 | ' |
2017 | 40,840 | ' |
2018 | 35,572 | ' |
2019 and thereafter | 277,223 | ' |
Total minimum payments | $506,291 | ' |
Variable_Interest_Entity_Addit
Variable Interest Entity - Additional Information (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Variable Interest Entity [Line Items] | ' | ' |
Property, plant and equipment, net | $867,004 | $725,836 |
VIE | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Property, plant and equipment, net | $15,400 | $10,000 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 28, 2013 | Dec. 29, 2012 | |
Fair Value Disclosures [Line Items] | ' | ' |
Number of independent distributors | 3,400 | 2,850 |
Long term debt carrying value | $399,207,000 | $399,111,000 |
4.375% Senior Notes | ' | ' |
Fair Value Disclosures [Line Items] | ' | ' |
Debt obligations | $397,900,000 | ' |
Maximum | ' | ' |
Fair Value Disclosures [Line Items] | ' | ' |
Financing period of territories, years | 10 | ' |
Carrying_Value_of_Distributor_
Carrying Value of Distributor Notes (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Of Financial Instruments [Abstract] | ' | ' |
Distributor notes receivable | $161,560 | $118,481 |
Current portion of distributor notes receivable recorded in accounts and notes receivable, net | 18,715 | 15,758 |
Long-term portion of distributor notes receivable | $142,845 | $102,723 |
Interest_Income_for_Distributo
Interest Income for Distributor Notes Receivable (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Interest income relating to the distributor notes | $16,015 | $13,672 | $13,112 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
22-May-13 | 25-May-11 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | 500,000,000 | 500,000,000 | ' |
Common stock, par value | ' | ' | $0.00 | $0.01 | ' |
Preferred stock, shares authorized | ' | ' | 1,000,000 | ' | ' |
Stock repurchase plan, shares authorized | ' | ' | 67,500,000 | ' | ' |
Treasury stock total shares acquired | ' | ' | 58,541,104 | ' | ' |
Treasury stock total shares acquired, value | ' | ' | $458,300,000 | ' | ' |
Stock repurchases, shares acquired | ' | ' | 435,935 | ' | ' |
Stock repurchases, value acquired | ' | ' | 8,819,000 | 18,726,000 | 26,598,000 |
Dividends paid, amount | ' | ' | $92,454,000 | $86,234,000 | $79,081,000 |
Dividends paid, per common share | ' | ' | $0.44 | $0.42 | $0.39 |
Stock split | 1.5 | 1.5 | 1.5 | ' | 1.5 |
Series A Preferred Stock | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 200,000 | 200,000 | ' |
Preferred stock, par value | ' | ' | $100 | $100 | ' |
Additional Series Of Preferred Stock | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | 800,000 | 800,000 | ' |
Preferred stock, par value | ' | ' | $0.01 | $0.01 | ' |
May 25, 2011 Stock Split | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Record date of stock split | ' | ' | 10-Jun-11 | ' | ' |
May 22, 2013 Stock Split | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' |
Record date of stock split | ' | ' | 5-Jun-13 | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 4 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | 31-May-13 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Apr. 20, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | 31-May-13 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Chief Executive Officer | Return On Invested Capital | Return On Invested Capital | Return On Invested Capital | Return On Invested Capital | TSR Rank Less Than 50th Percentile Of S&P TSR | TSR Rank Greater Than 50th Percentile Of S&P TSR | Minimum | Maximum | Weighted Average Cost of Capital | Weighted Average Cost of Capital | Weighted Average Cost of Capital | Weighted Average Cost of Capital | 2012 awards | 2013 awards | Performance Contingent Restricted Stock | Total share holder return | Deferred Stock | Deferred Stock | Deferred Stock | Deferred Stock | Deferred Stock | Deferred Stock | Deferred Stock Activity | Deferred Stock Activity | Deferred Stock Activity | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Stock Appreciation Rights | Restricted Stock Award | Stock Option | Stock Option | Stock Option | Performance Contingent Total Shareholder Return Shares | Performance Contingent Total Shareholder Return Shares | Total Shareholders Return | Performance Contingent Return On Invested Capital Shares | ||||
Range One | Range Two | Range Three | Range One | Range Two | Range Three | Non Employee Directors | Retainer Conversion | Annual Grant Awards | Minimum | Minimum | Maximum | Chief Executive Officer | Performance contingent Awards 2012 | Performance contingent Awards 2013 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of shares that may be issued or transferred under EPIP | 41,906,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for issuance | 3,130,104 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options outstanding average exercise price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.89 | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $84,700,000 | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to nonvested restricted stock granted by the EPIP | 3,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,500,000 | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | 3,600,000 |
Expected weighted-average period to recognize compensation cost (years) | '1 year 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 1 month 6 days | ' | ' | ' | ' | ' | ' | '2 years 3 months 18 days | ' | ' | ' | ' | ' | ' | ' | '1 month 13 days | ' | ' | ' | ' | ' | '1 year 1 month 6 days |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '17 months | '2 years | ' | ' |
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. | ' |
Vesting period | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | '1 year | '1 year | ' | ' | '2 years | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months |
Return on investment target over the two fiscal years immediately preceding the vesting date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 4.75% | ' | ' | ' | ' | ' | ' | 3.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares that can be earned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of payout | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of payout, ROIC above WACC | ' | ' | ' | ' | ' | 1.75% | 3.75% | 4.75% | ' | ' | ' | ' | ' | 50.00% | 100.00% | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ROI target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of actual ROI attainment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid on vested performance-contingent restricted stock awards | 386,000 | 255,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum percentage of change in grant | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional common shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 94,777 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of change in grant | ' | ' | ' | ' | ' | ' | ' | ' | 1.30% | 1.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting tax windfall | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of shares vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax shortfall on vesting (issuance) of performance-contingent awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred shares exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,088 | 45,088 | ' | 81,000 | 68,000 | 127,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate shares converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,150 | ' | 54,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock award | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares issued | ' | ' | ' | 58,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $22.25 | ' | ' | ' | ' | ' | ' | ' |
Exercisable period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '9 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other long-term liabilities | 51,199,000 | 48,891,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | 1,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued during period, value, stock options exercised | $13,685,000 | $13,881,000 | $12,933,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation arrangement by share-based payment award, options, exercises in period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,168 | ' | ' | ' | ' | 1,415,000 | 1,570,000 | 1,747,000 | ' | ' | ' | ' |
Fair value of rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.63 | $16.45 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend yield | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 days | '1 year 2 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_ShareBased_Payment
Schedule of Share-Based Payment Award, Non-Qualified Stock Options, Valuation Assumptions (Detail) (Grant Date February 10, 2011, Stock Options, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Feb. 10, 2011 | |
Grant Date February 10, 2011 | Stock Options | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | |
Shares granted | ' | 3,213 | |
Exercise price | ' | $10.87 | |
Vesting date | 10-Feb-14 | ' | |
Fair value per share | ' | $2.31 | |
Dividend yield | ' | 3.00% | [1] |
Expected volatility | ' | 29.20% | [2] |
Risk-free interest rate | ' | 2.44% | [3] |
Expected option life (years) | ' | '5 years | [4] |
Options, Outstanding at end of period | ' | 3,142 | |
[1] | Dividend yield - estimated yield based on the historical dividend payment for the four most recent dividend payments prior to the grant date. | ||
[2] | Expected volatility - based on historical volatility over the expected term using daily stock prices. | ||
[3] | Risk-free interest rate - United States Treasury Constant Maturity rates as of the grant date over the expected term. | ||
[4] | Expected option life - The 2011 grant assumptions are based on the simplified formula determined in accordance with Staff Accounting Bulletin No. 110, as the company did not have sufficient historical exercise behavior data to reasonably estimate the expected option life. |
Stock_Option_Activity_Detail
Stock Option Activity (Detail) (Stock Option, USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Stock Option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options, Outstanding at beginning of period | 9,541,000 | 11,135,000 | 9,820,000 |
Options, Granted | ' | ' | 3,213,000 |
Options, Exercised | -1,415,000 | -1,570,000 | -1,747,000 |
Options, Forfeited | -14,000 | -24,000 | -151,000 |
Options, Outstanding at end of period | 8,112,000 | 9,541,000 | 11,135,000 |
Options, Exercisable at end of period | 4,978,000 | 3,973,000 | 3,387,000 |
Weighted Average Exercise Price, Outstanding at beginning of year | $10.71 | $10.45 | $9.77 |
Weighted Average Exercise Price, Granted | ' | ' | $10.87 |
Weighted Average Exercise Price, Exercised | $9.67 | $8.84 | $7.40 |
Weighted Average Exercise Price, Forfeitures | $10.99 | $10.88 | $10.86 |
Weighted Average Exercise Price, Outstanding at end of year | $10.89 | $10.71 | $10.45 |
Weighted average fair value of options granted during the year | ' | ' | $2.31 |
Cash_Received_Windfall_Tax_Ben
Cash Received, Windfall Tax Benefit, and Intrinsic Value from Stock Option Exercises (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Stock Based Compensation [Abstract] | ' | ' | ' |
Cash received from option exercises | $13,685 | $13,881 | $12,933 |
Cash tax windfall benefit, net | 5,622 | 2,343 | 3,037 |
Intrinsic value of stock options exercised | $18,132 | $9,965 | $11,632 |
Performance_Contingent_Total_S
Performance Contingent Total Shareholder Return Shares (Detail) (Total Shareholders Return) | 12 Months Ended |
Dec. 28, 2013 | |
90th Percentile | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' |
Percentile | 90.00% |
Payout as % of Target | 200.00% |
70th Percentile | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' |
Percentile | 70.00% |
Payout as % of Target | 150.00% |
50th Percentile | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' |
Percentile | 50.00% |
Payout as % of Target | 100.00% |
30th Percentile | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' |
Percentile | 30.00% |
Payout as % of Target | 50.00% |
Below 30th Percentile | ' |
Schedule of Share based Compensation Arrangements by Share based Payment Award, Equity Instruments, Other Than Options, Restricted Stock Units [Line Items] | ' |
Percentile | 30.00% |
Payout as % of Target | 0.00% |
Performance_Contingent_TSR_Sha
Performance Contingent TSR Shares (Detail) (Total Shareholders Return, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 |
Grant Date First January Twenty Thirteen | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares granted | 414 |
Vesting date | 1-Mar-15 |
Fair value per share | $17.22 |
Grant Date Sixteen July Two Thousand And Twelve | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares granted | 206 |
Vesting date | 28-Feb-14 |
Fair value per share | $15.45 |
Performance_Contingent_ROIC_Sh
Performance Contingent ROIC Shares (Detail) (Return On Invested Capital, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 |
Grant Date First January Twenty Thirteen | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares granted | 414 |
Vesting date | 1-Mar-15 |
Fair value per share | $15.51 |
Grant Date Sixteen July Two Thousand And Twelve | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares granted | 206 |
Vesting date | 28-Feb-14 |
Fair value per share | $14.37 |
PerformanceContingent_Restrict
Performance-Contingent Restricted Stock Activity (Detail) (Performance Contingent Restricted Stock, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Performance Contingent Restricted Stock | ' | ' | ' |
Number of Shares | ' | ' | ' |
Outstanding unvested at beginning of period | 888 | 864 | 851 |
Number of Shares, Initial grant | 828 | 412 | 486 |
Number of Shares, Supplemental grant for exceeding the S&P TSR | 95 | ' | ' |
Number of Shares, Vested | -571 | -320 | -362 |
Number of Shares, Grant reduction for not achieving the S&P TSR | ' | -65 | -90 |
Number of Shares, Forfeitures | -11 | -3 | -21 |
Outstanding unvested at end of period | 1,229 | 888 | 864 |
Weighted Average Fair Value | ' | ' | ' |
Weighted Average Fair Value, Balance at beginning of period | $12.61 | $11.11 | $11.39 |
Weighted Average Fair Value, Initial grant | $16.37 | $14.91 | $10.62 |
Weighted Average Fair Value, Supplemental grant for exceeding the S&P TSR | $10.62 | ' | ' |
Weighted Average Fair Value, Vested | $10.62 | $11.72 | $11.09 |
Weighted Average Fair Value, Grant reduction for not achieving the S&P TSR | ' | $11.72 | $11.09 |
Weighted Average Fair Value, Forfeitures | $15.88 | $11.44 | $11.21 |
Weighted Average Fair Value, Balance at end of period | $15.88 | $12.61 | $11.11 |
Deferred_Stock_Activity_Detail
Deferred Stock Activity (Detail) (Deferred Stock Activity, USD $) | 12 Months Ended | ||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Deferred Stock Activity | ' | ' | ' |
Number of Shares | ' | ' | ' |
Number of Shares, Balance at beginning of year | 378,000 | 347,000 | 360,000 |
Number of shares, Issued | 149,000 | 99,000 | 114,000 |
Number of shares, Exercised | -81,000 | -68,000 | -127,000 |
Number of shares, Balance at end of year | 446,000 | 378,000 | 347,000 |
Outstanding vested at end of year | 269,000 | 240,000 | 192,000 |
Outstanding unvested at end of year | 177,000 | 138,000 | 155,000 |
Shares vesting during the year | 110,000 | 116,000 | 133,000 |
Weighted Average Fair Value | ' | ' | ' |
Weighted Average Fair Value, Balance at beginning of period | $11.49 | $10.95 | $10.07 |
Weighted Average Fair Value, Initial grant | $20.32 | $13.74 | $12.90 |
Weighted Average Fair Value, Rights exercised | $12.91 | $12.01 | $10.20 |
Weighted Average Fair Value, Balance at end of period | $14.19 | $11.49 | $10.95 |
Outstanding vested at end of year | $11.08 | $10.66 | $10.07 |
Outstanding unvested at end of year | $18.92 | $12.96 | $12.05 |
Shares vesting during the year | $13.37 | $12.42 | $10.30 |
Stock_Appreciation_Rights_Acti
Stock Appreciation Rights Activity (Detail) (Stock Appreciation Rights, USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Stock Appreciation Rights | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Outstanding unvested at beginning of period | 195 | 281 | 522 |
Number of Rights, Rights exercised | -54 | -86 | -241 |
Outstanding unvested at end of period | 141 | 195 | 281 |
Weighted average - grant date fair value | $7.20 | $7.01 | $7.35 |
Summary_of_Companys_Stock_Base
Summary of Company's Stock Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock based compensation | $15,943 | $10,116 | $13,638 |
Stock Option | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock based compensation | 1,776 | 3,374 | 6,803 |
Performance Contingent Restricted Stock | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock based compensation | 11,180 | 4,615 | 4,700 |
Deferred Stock | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock based compensation | 1,769 | 1,384 | 1,479 |
Stock Appreciation Rights | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Total stock based compensation | $1,218 | $743 | $656 |
Reclassifications_Out_of_Accum
Reclassifications Out of Accumulated Other Comprehensive Loss (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Gain and loss on cash flow hedges reclassified from AOCI into Income | ($27,871) | ($20,088) | $34,086 |
Tax (expense) or benefit | 10,730 | 7,734 | -13,124 |
Total net of tax | -17,141 | -12,354 | 20,962 |
Prior-service credits | 257 | 257 | 257 |
Actuarial losses | -5,378 | -4,786 | -2,849 |
Total before tax | -5,121 | -4,529 | -2,592 |
Tax (expense) or benefit | 1,972 | 1,743 | 1,000 |
Total net of tax | -3,149 | -2,786 | -1,592 |
Total reclassifications | -20,290 | -15,140 | 19,370 |
Interest Rate Contracts | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Gain and loss on cash flow hedges reclassified from AOCI into Income | -816 | -2,816 | -3,952 |
Commodity Contract | ' | ' | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' |
Gain and loss on cash flow hedges reclassified from AOCI into Income | 27,055 | 17,272 | -38,038 |
Tax (expense) or benefit | -10,416 | -6,650 | 14,645 |
Total net of tax | $16,639 | $10,622 | ($23,393) |
Changes_to_Accumulated_Other_C
Changes to Accumulated Other Comprehensive Loss, Net of Income Tax, By Component (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive loss, Gains(Losses) on Cash Flow Hedges, beginning balance | ($4,100) | ' | ' |
Other comprehensive income before reclassifications, Gains(Losses) on Cash Flow Hedges | -24,457 | ' | ' |
Reclassified to earnings from accumulated other comprehensive income, Gains(Losses) on Cash Flow Hedges | 17,141 | 12,354 | -20,962 |
Accumulated other comprehensive loss, Gains(Losses) on Cash Flow Hedges, ending balance | -11,416 | -4,100 | ' |
Accumulated other comprehensive loss, Defined Benefit Pension Plan Items, beginning balance | -110,567 | ' | ' |
Other comprehensive income before reclassifications, Defined Benefit Pension Plan Items | 56,319 | ' | ' |
Reclassified to earnings from accumulated other comprehensive income, Defined Benefit Pension Plan Items | 3,149 | 2,786 | 1,592 |
Accumulated other comprehensive loss, Defined Benefit Pension Plan Items, ending balance | -51,099 | -110,567 | ' |
Accumulated other comprehensive loss, beginning balance | -114,667 | ' | ' |
Other comprehensive income before reclassifications | 31,862 | ' | ' |
Reclassified to earnings from accumulated other comprehensive income | 20,290 | 15,140 | -19,370 |
Accumulated other comprehensive loss, ending balance | ($62,515) | ($114,667) | ' |
Gain_or_Loss_Reclassified_from
Gain or Loss Reclassified from Accumulated Other Comprehensive Income for Commodity Contracts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Gross (gain) loss reclassified from AOCI into income | ($27,871) | ($20,088) | $34,086 |
Tax (benefit) expense | 10,730 | 7,734 | -13,124 |
Net of tax | -17,141 | -12,354 | 20,962 |
Commodity Contract | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Gross (gain) loss reclassified from AOCI into income | 27,055 | 17,272 | -38,038 |
Tax (benefit) expense | -10,416 | -6,650 | 14,645 |
Net of tax | $16,639 | $10,622 | ($23,393) |
Earning_Per_Share_Additional_I
Earning Per Share - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
22-May-13 | 25-May-11 | Dec. 28, 2013 | Dec. 31, 2011 | |
Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Stock split | 1.5 | 1.5 | 1.5 | 1.5 |
May 22, 2013 Stock Split | ' | ' | ' | ' |
Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Record date of stock split | ' | ' | 5-Jun-13 | ' |
Basic_and_Diluted_Earnings_per
Basic and Diluted Earnings per Common Share (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income | $38,520 | [1] | $33,888 | $46,460 | $38,567 | $31,231 | $28,380 | $112,026 | $37,943 | $230,894 | $136,121 | $123,428 |
Weighted average shares outstanding for common stock | ' | ' | ' | ' | ' | ' | ' | ' | 207,935 | 205,005 | 203,015 | |
Weighted average shares outstanding for participating securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66 | |
Basic weighted average shares outstanding per common share | ' | ' | ' | ' | ' | ' | ' | ' | 207,935 | 205,005 | 203,081 | |
Basic earnings per common share | $0.18 | [1] | $0.16 | $0.22 | $0.18 | $0.15 | $0.14 | $0.54 | $0.19 | $1.11 | $0.66 | $0.61 |
Basic weighted average shares outstanding per common share | ' | ' | ' | ' | ' | ' | ' | ' | 207,935 | 205,005 | 203,081 | |
Add: Shares of common stock assumed issued upon exercise of stock options, vesting of performance-contingent restricted stock and deferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 3,992 | 2,669 | 2,241 | |
Diluted weighted average shares outstanding per common share | ' | ' | ' | ' | ' | ' | ' | ' | 211,927 | 207,674 | 205,322 | |
Diluted earnings per common share | $0.18 | [1] | $0.16 | $0.22 | $0.18 | $0.15 | $0.14 | $0.53 | $0.19 | $1.09 | $0.66 | $0.60 |
[1] | Includes an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) described above. |
Summary_of_Companys_Balance_Sh
Summary of Company's Balance Sheet Related Pension and Other Postretirement Benefit Plan (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Post-Retirement Plans [Abstract] | ' | ' |
Current benefit liability | $1,301 | $1,288 |
Noncurrent benefit liability | 44,226 | 159,158 |
Accumulated other comprehensive loss, net of tax | $51,099 | $110,567 |
Postretirement_Plans_Additiona
Postretirement Plans - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | 20-May-11 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Feb. 02, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | |
Lepage 401(k) Plan | Discretionary | Maximum | Maximum | Maximum | Minimum | Tasty Qualified Plan | Tasty Nonqualified Plan | Common Stock | Common Stock | Net Periodic Pension Cost | Net Periodic Pension Cost | Net Periodic Pension Cost | Net Periodic Pension Cost | Projected Benefit Obligation | Projected Benefit Obligation | Accumulated Benefit Obligations | Accumulated Benefit Obligations | Fair Value Of Plan Assets | Fair Value Of Plan Assets | Qualified Pension Plans | Qualified Pension Plans | Non Qualified Pension Plans | Non Qualified Pension Plans | Multiemployer Plans | Multiemployer Plans | Multiemployer Plans | Multiemployer Plans | Red Zone | Yellow Zone | Green Zone | ||||
Required | Required | |||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfunded liability at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | $29,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected pension income for fiscal 2014 | 9,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual return on plan assets | 73,174,000 | 41,891,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,174,000 | 41,891,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization from accumulated other comprehensive income into net periodic benefit cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000,000 | 1,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated benefit obligation and projected benefit obligation in excess of plan assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 463,700,000 | 514,600,000 | 462,800,000 | 513,400,000 | 428,600,000 | 365,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected long-term rate of return on plan assets | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 8.00% | 8.00% | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average annual return on the plan assets over the last 15 years | 7.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defined benefit plan equity securities included in common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,030,363 | 3,030,363 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of total plan assets | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.10% | 12.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity securities, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,100,000 | 47,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contribution of company to company pension plans | ' | ' | ' | ' | 9,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,254,000 | 18,579,000 | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Expected company contribution | 883,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,000,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions by participants | 364,000 | 356,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense under plans | -2,041,000 | 1,570,000 | 222,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 1,700,000 | 4,200,000 | ' | ' | ' | ' |
Defined Benefit Pension Plan, Liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 2,500,000 | ' | ' | ' |
Contribution of pension fund in excess of total contribution | ' | ' | ' | ' | ' | 5.00% | 5.00% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of funded under multi employer plans | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of funded under multi employer plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Less than 65 percent | 'Between 65 and less than 80 percent | 'At least 80 percent |
Total cost and employer contributions | $23,000,000 | $20,300,000 | $18,200,000 | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Components_of_Net_Periodic_Ben
Components of Net Periodic Benefit (Income) Cost (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Amortization of prior service credit | $257 | $257 | $257 | |||
Total recognized in other comprehensive (loss) income | -5,378 | -4,786 | -2,849 | |||
Net Periodic Pension Cost | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Service cost | 708 | 610 | 478 | |||
Interest cost | 20,089 | 21,670 | 20,923 | |||
Expected return on plan assets | -28,680 | -26,301 | -24,712 | |||
Settlement loss | ' | ' | 172 | |||
Actuarial gain | 6,177 | 5,085 | 2,725 | |||
Net periodic pension (income) cost | -1,706 | 1,064 | -414 | |||
Current year actuarial (gain) loss | -90,706 | 28,857 | 67,015 | |||
Settlement loss | ' | ' | -172 | |||
Amortization of actuarial gain | -6,177 | -5,085 | -2,725 | |||
Total recognized in other comprehensive (loss) income | -96,883 | 23,772 | 64,118 | |||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | -98,589 | 24,836 | 63,704 | |||
Net Periodic Postretirement Benefit Cost | ' | ' | ' | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |||
Service cost | 341 | 458 | 426 | |||
Interest cost | 380 | 605 | 687 | |||
Prior service credit | -257 | -257 | -257 | |||
Actuarial gain | -799 | -299 | -48 | |||
Net periodic pension (income) cost | -335 | 507 | 808 | |||
Current year actuarial (gain) loss | 240 | [1] | -2,492 | [1] | -158 | [1] |
Current year prior service credit | -1,110 | ' | ' | |||
Amortization of actuarial gain | 799 | 299 | 48 | |||
Amortization of prior service credit | 257 | 257 | 257 | |||
Total recognized in other comprehensive (loss) income | 186 | -1,936 | 147 | |||
Total recognized in net periodic benefit cost and other comprehensive (income) loss | ($149) | ($1,429) | $955 | |||
[1] | Includes (gain) loss related to (higher) lower than expected Medicare Part D subsidy receipts. |
Funded_Status_and_Amounts_Reco
Funded Status and Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Participant contributions | $364 | $356 | $400 |
Fair value of plan assets at beginning of year | 365,671 | ' | ' |
Actual return on plan assets | 73,174 | 41,891 | 100 |
Participant contributions | 364 | 356 | 400 |
Fair value of plan assets at end of year | 428,605 | 365,671 | ' |
Fair value of plan assets | 428,605 | 365,671 | ' |
Current liability | -1,301 | -1,288 | ' |
Noncurrent liability | -44,226 | -159,158 | ' |
Net Periodic Pension Cost | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 514,636 | 472,793 | ' |
Service cost | 708 | 610 | 478 |
Interest cost | 20,089 | 21,670 | 20,923 |
Actuarial (gain) loss | -46,213 | 44,447 | ' |
Benefits paid | -25,494 | -24,884 | -20,921 |
Benefit obligation at end of year | 463,726 | 514,636 | 472,793 |
Fair value of plan assets at beginning of year | 365,671 | 330,085 | ' |
Actual return on plan assets | 73,174 | 41,891 | ' |
Employer contribution | 15,254 | 18,579 | ' |
Benefits paid | -25,494 | -24,884 | -20,921 |
Fair value of plan assets at end of year | 428,605 | 365,671 | 330,085 |
Fair value of plan assets | 428,605 | 365,671 | 330,085 |
Benefit obligations | 463,726 | 514,636 | 472,793 |
Unfunded status and amount recognized at end of year | -35,121 | -148,965 | ' |
Current liability | -418 | -421 | ' |
Noncurrent liability | -34,703 | -148,544 | ' |
Amount recognized at end of year | -35,121 | -148,965 | ' |
Net actuarial (gain) loss before taxes | 87,645 | 184,528 | ' |
Accumulated benefit obligation at end of year | 462,754 | 513,396 | ' |
Net Periodic Postretirement Benefit Cost | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 11,481 | 13,889 | ' |
Service cost | 341 | 458 | 426 |
Interest cost | 380 | 605 | 687 |
Participant contributions | 364 | 356 | ' |
Actuarial (gain) loss | 214 | -2,513 | ' |
Benefits paid | -1,316 | -1,366 | ' |
Less federal subsidy on benefits paid | 52 | 52 | ' |
Plan amendments | -1,110 | ' | ' |
Benefit obligation at end of year | 10,406 | 11,481 | 13,889 |
Employer contribution | 952 | 1,010 | ' |
Participant contributions | 364 | 356 | ' |
Benefits paid | -1,316 | -1,366 | ' |
Benefit obligations | 10,406 | 11,481 | 13,889 |
Unfunded status and amount recognized at end of year | -10,406 | -11,481 | ' |
Current liability | -883 | -867 | ' |
Noncurrent liability | -9,523 | -10,614 | ' |
Amount recognized at end of year | -10,406 | -11,481 | ' |
Net actuarial (gain) loss before taxes | -3,135 | -4,173 | ' |
Prior service (credit) cost before taxes | -1,422 | -570 | ' |
Accumulated benefit obligation at end of year | ($4,557) | ($4,743) | ' |
Weighted_Average_Assumptions_U
Weighted Average Assumptions Used for Pension Plans (Detail) | 12 Months Ended | |||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Weighted average assumptions used to determine net periodic cost, Expected return on plan assets | 8.00% | ' | ' | |
Net Periodic Pension Cost | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Weighted average assumptions used to determine net periodic cost, Discount rate | 4.00% | 4.70% | 5.38% | [1] |
Weighted average assumptions used to determine benefit obligations, Discount rate | 4.75% | 4.00% | 4.70% | |
Weighted average assumptions used to determine benefit obligations, Rate of compensation increase | 4.00% | 4.00% | 4.00% | |
Weighted average assumptions used to determine net periodic cost, Expected return on plan assets | 8.00% | 8.00% | 8.00% | |
Weighted average assumptions used to determine net periodic cost, Rate of compensation increase | 4.00% | 4.00% | 3.50% | |
Net Periodic Pension Cost | Benefit Obligations | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Weighted average assumptions used to determine Measurement date | '12/31/2013 | '12/31/2012 | '12/31/2011 | |
Net Periodic Pension Cost | Net (Income) Cost | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Weighted average assumptions used to determine Measurement date | '1/1/2013 | '1/1/2012 | '1/1/2011 | |
Net Periodic Postretirement Benefit Cost | Benefit Obligations | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Weighted average assumptions used to determine benefit obligations, Measurement date | '12/31/2013 | '12/31/2012 | '12/31/2011 | |
Weighted average assumptions used to determine benefit obligations, Discount rate | 4.31% | 3.34% | 4.35% | |
Health care cost trend rate, Initial rate | 8.50% | 8.00% | 8.50% | |
Health care cost trend rate, Ultimate rate | 5.00% | 5.00% | 5.00% | |
Health care cost trend rate, Year trend reaches the ultimate rate | '2021 | '2019 | '2019 | |
Net Periodic Postretirement Benefit Cost | Net Periodic Benefit Cost | ' | ' | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | |
Weighted average assumptions used to determine net periodic cost, Measurement date | '1/1/2013 | '1/1/2012 | '1/1/2011 | |
Weighted average assumptions used to determine net periodic cost, Discount rate | 3.34% | 4.35% | 5.00% | |
Health care cost trend rate, Initial rate | 8.00% | 8.50% | 8.00% | |
Health care cost trend rate, Ultimate rate | 5.00% | 5.00% | 5.00% | |
Health care cost trend rate, Year trend reaches the ultimate rate | '2019 | '2019 | '2017 | |
[1] | The Tasty pension plans were acquired May 20, 2011. The weighted average discount rate used to determine net periodic pension (income) cost for these plans was 4.98%. |
Weighted_Average_Assumptions_U1
Weighted Average Assumptions Used for Pension Plans (Parenthetical) (Detail) (Tasty Baking Company) | Dec. 28, 2013 |
Tasty Baking Company | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Weighted average assumptions used to determine benefit obligations, Discount rate | 4.98% |
Plans_Fair_Value_of_Plan_Asset
Plans Fair Value of Plan Assets by Asset Class (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | $428,605 | $365,671 | ||
Short Term Investments And Cash | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 5,668 | 18,614 | ||
Equity Securities | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 71,589 | [1] | |
Equity Securities | Domestic Equity Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 62,705 | [1] | ' | |
Equity Securities | Us Companies | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 109,017 | 72,414 | ||
Equity Securities | International Companies | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 1,525 | 1,532 | ||
Equity Securities | International Equity Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 67,925 | [2] | 57,428 | [1],[2] |
Fixed Income Securities | Domestic Mutual Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 20,187 | [3] | 22,564 | [1],[3] |
Fixed Income Securities | Private Equity Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 20,889 | [4] | 24,288 | [4] |
Real Estate Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 13,298 | [5] | 11,564 | [5] |
Other Investments | Guaranteed Insurance Contracts | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 9,594 | [6] | 9,534 | [6] |
Other Investments | Hedge Funds, Equity | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 58,176 | [1],[7] | 34,646 | [7] |
Other Investments | Absolute Return Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 59,727 | [4] | 41,936 | [4] |
Other Assets And Liabilities | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 484 | [8] | -534 | [8] |
Accrued (Expenses) Income | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | -590 | [8] | 96 | [8] |
Level 1 | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 193,434 | 168,099 | ||
Level 1 | Equity Securities | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | ' | 71,589 | [1] | |
Level 1 | Equity Securities | Domestic Equity Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 62,705 | [1] | ' | |
Level 1 | Equity Securities | Us Companies | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 109,017 | 72,414 | ||
Level 1 | Equity Securities | International Companies | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 1,525 | 1,532 | ||
Level 1 | Fixed Income Securities | Domestic Mutual Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 20,187 | [3] | 22,564 | [1],[3] |
Level 2 | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 94,482 | 100,330 | ||
Level 2 | Short Term Investments And Cash | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 5,668 | 18,614 | ||
Level 2 | Equity Securities | International Equity Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 67,925 | [2] | 57,428 | [1],[2] |
Level 2 | Fixed Income Securities | Private Equity Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 20,889 | [4] | 24,288 | [4] |
Level 3 | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 140,689 | 97,242 | ||
Level 3 | Guaranteed Insurance Contracts | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 9,594 | 9,534 | ||
Level 3 | Hedge Funds, Equity | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 58,176 | 34,646 | ||
Level 3 | Absolute Return Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 59,727 | 41,936 | ||
Level 3 | Real Estate Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 13,298 | [5] | 11,564 | [5] |
Level 3 | Other Investments | Guaranteed Insurance Contracts | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 9,594 | [6] | 9,534 | [6] |
Level 3 | Other Investments | Hedge Funds, Equity | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 58,176 | [1],[7] | 34,646 | [7] |
Level 3 | Other Investments | Absolute Return Funds | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 59,727 | [4] | 41,936 | [4] |
Level 3 | Other Assets And Liabilities | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | 484 | [8] | -534 | [8] |
Level 3 | Accrued (Expenses) Income | ' | ' | ||
Schedule of Pension Plan Assets by Fair Value [Line Items] | ' | ' | ||
Fair value of plan assets | ($590) | [8] | $96 | [8] |
[1] | There is a pending sale for an asset in this classification | |||
[2] | This class includes funds with the principal strategy to invest primarily in long positions in international equity securities. | |||
[3] | This class invests primarily in U.S. government issued securities. | |||
[4] | This class invests primarily in absolute return strategy funds. | |||
[5] | This class includes funds that invest primarily in U.S. commercial real estate. | |||
[6] | This class invests primarily guaranteed insurance contracts through various U.S. insurance companies. | |||
[7] | This class invests primarily in hedged equity funds. | |||
[8] | This class includes accrued interest, dividends, and amounts receivable from asset sales and amounts payable for asset purchases. |
Significant_Unobservable_Input
Significant Unobservable Inputs in Estimation of Fair Value (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 | Dec. 28, 2013 |
In Thousands, unless otherwise specified | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | ||
Real Estate Funds | Guaranteed Insurance Contracts | Hedge Funds, Equity | Absolute Return Funds | Other Assets And Liabilities And Accrued Income | ||||
Schedule of Pension and Other Postretirement Benefits Changes in Benefit Obligation and Fair Value of Plan Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $428,605 | $365,671 | $97,242 | $11,564 | $9,534 | $34,646 | $41,936 | ($438) |
Total gains or losses (realized and unrealized) | ' | ' | 10,779 | 1,336 | ' | 4,652 | 4,791 | ' |
Purchases | ' | ' | 39,943 | ' | 443 | 26,500 | 13,000 | ' |
Issues | ' | ' | 558 | 558 | ' | ' | ' | ' |
Sales | ' | ' | -8,165 | -160 | -383 | -7,622 | ' | ' |
Settlements | ' | ' | 332 | ' | ' | ' | ' | 332 |
Transfers out of Level 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at end of year | $428,605 | $365,671 | $140,689 | $13,298 | $9,594 | $58,176 | $59,727 | ($106) |
Plan_Asset_and_Target_Asset_Al
Plan Asset and Target Asset Allocations (Detail) | 12 Months Ended | |||
Dec. 28, 2013 | Dec. 29, 2012 | |||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Percentage of Plan Assets at the Measurement Date | 100.00% | 100.00% | ||
Equity Securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Target Allocation 2013, Minimum | 40.00% | ' | ||
Target Allocation 2013, Maximum | 60.00% | ' | ||
Percentage of Plan Assets at the Measurement Date | 56.60% | 56.40% | ||
Fixed Income Securities | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Target Allocation 2013, Minimum | 10.00% | ' | ||
Target Allocation 2013, Maximum | 40.00% | ' | ||
Percentage of Plan Assets at the Measurement Date | 9.60% | 8.40% | ||
Real Estate Funds | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Target Allocation 2013, Minimum | 0.00% | ' | ||
Target Allocation 2013, Maximum | 25.00% | ' | ||
Percentage of Plan Assets at the Measurement Date | 3.10% | 3.90% | ||
Other Diversifying Strategies | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Target Allocation 2013, Minimum | 0.00% | [1] | ' | |
Target Allocation 2013, Maximum | 40.00% | [1] | ' | |
Percentage of Plan Assets at the Measurement Date | 29.80% | [1] | 29.10% | [1] |
Short Term Investments And Cash | ' | ' | ||
Schedule of Defined Benefit Plan Asset Allocation Targets [Line Items] | ' | ' | ||
Target Allocation 2013, Minimum | 0.00% | ' | ||
Target Allocation 2013, Maximum | 25.00% | ' | ||
Percentage of Plan Assets at the Measurement Date | 0.90% | 2.20% | ||
[1] | Includes absolute return funds, hedged equity funds, and guaranteed insurance contracts. |
Company_Contributions_Detail
Company Contributions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
Expected company contribution | $883 | ' | ' |
Net Periodic Pension Cost | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
Contribution of company to company pension plans | 15,254 | 18,579 | 13,314 |
401K (DC Plan) | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
Contribution of company to company pension plans | 900 | 958 | 853 |
Required | Net Periodic Pension Cost | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
Contribution of company to company pension plans | 5,416 | 9,430 | 7,983 |
Discretionary | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
Contribution of company to company pension plans | 9,838 | ' | ' |
Discretionary | Net Periodic Pension Cost | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
Contribution of company to company pension plans | $9,838 | $9,149 | $5,331 |
Benefits_Expected_to_be_Paid_f
Benefits Expected to be Paid from Plans Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Net Periodic Pension Cost | ' | ' | ' |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' | ' | ' |
Benefits paid | $25,494 | $24,884 | $20,921 |
2014 | 26,002 | ' | ' |
2015 | 26,265 | ' | ' |
2016 | 26,690 | ' | ' |
2017 | 27,085 | ' | ' |
2018 | 27,589 | ' | ' |
2019 - 2023 | 144,442 | ' | ' |
Net Periodic Postretirement Benefit Cost | ' | ' | ' |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' | ' | ' |
Benefits paid | 1,316 | 1,366 | ' |
Federal subsidy on benefits paid | -52 | -52 | ' |
Net Periodic Postretirement Benefit Cost | Employer Gross Contribution | ' | ' | ' |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' | ' | ' |
Benefits paid | 952 | 1,010 | 919 |
2014 | 883 | ' | ' |
2015 | 939 | ' | ' |
2016 | 975 | ' | ' |
2017 | 1,013 | ' | ' |
2018 | 1,023 | ' | ' |
2019 - 2023 | 4,435 | ' | ' |
Net Periodic Postretirement Benefit Cost | MMA Subsidy (Income) | ' | ' | ' |
Schedule of Pension and Other Postretirement Benefits Expected Benefit Payments [Line Items] | ' | ' | ' |
Federal subsidy on benefits paid | -52 | -52 | -66 |
2014 | ' | ' | ' |
2015 | ' | ' | ' |
2016 | ' | ' | ' |
2017 | ' | ' | ' |
2018 | ' | ' | ' |
2019 - 2023 | ' | ' | ' |
Summary_of_Effect_of_One_Perce
Summary of Effect of One Percent Point Change in Assumed Health Care Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Assumed Health Care Cost Trend Rates, Effect of One Percentage Point Change [Line Items] | ' | ' | ' |
One-Percentage Point Decrease, Effect on total of service and interest cost | ($64) | ($100) | ($98) |
One-Percentage Point Decrease, Effect on postretirement benefit obligation | -485 | -667 | -915 |
One-Percentage Point Increase, Effect on total of service and interest cost | 73 | 115 | 124 |
One-Percentage Point Increase, Effect on postretirement benefit obligation | $542 | $744 | $1,022 |
Employer_Contributions_Detail
Employer Contributions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
IAM National Pension Fund | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
EIN | '516031295 | ' | ' |
Pension Plan No. | '002 | ' | ' |
Pension Protection Act Zone Status | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | 'No | ' | ' |
Surcharge Imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Agreement | 1-May-16 | ' | ' |
Contributions | $104 | $101 | $100 |
Retail Wholesale And Department Store International Union And Industry Pension Fund | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
EIN | '630708442 | ' | ' |
Pension Plan No. | '001 | ' | ' |
Pension Protection Act Zone Status | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | 'No | ' | ' |
Surcharge Imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Agreement | 12-Aug-17 | ' | ' |
Contributions | 130 | 115 | 121 |
Western Conference Of Teamsters Pension Trust | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
EIN | '916145047 | ' | ' |
Pension Plan No. | '001 | ' | ' |
Pension Protection Act Zone Status | 'Green | 'Green | ' |
FIP/RP Status Pending/ Implemented | 'No | ' | ' |
Surcharge Imposed | 'No | ' | ' |
Expiration Date of Collective Bargaining Agreement | 4-Feb-17 | ' | ' |
Contributions | 252 | 283 | 291 |
BC&T International Pension Fund | ' | ' | ' |
Defined Contribution Benefit Plans [Line Items] | ' | ' | ' |
EIN | '526118572 | ' | ' |
Pension Plan No. | '001 | ' | ' |
Pension Protection Act Zone Status | 'Red | 'Red | ' |
FIP/RP Status Pending/ Implemented | 'Implemented | ' | ' |
Surcharge Imposed | 'Yes | ' | ' |
Expiration Date of Collective Bargaining Agreement | 31-Oct-15 | ' | ' |
Contributions | $939 | $797 | $673 |
Components_of_Income_Tax_Expen
Components of Income Tax Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Components Of Income Tax Expense Benefit [Line Items] | ' | ' | ' |
Current Taxes: Federal | $73,669 | $54,599 | $60,129 |
Current Taxes: State | 11,325 | 6,602 | 10,109 |
Current Taxes: Total | 84,994 | 61,201 | 70,238 |
Deferred Taxes: Federal | 7,970 | 9,703 | -1,492 |
Deferred Taxes: State | -1,485 | 1,747 | -208 |
Deferred Income Taxes, Total | 6,485 | 11,450 | -1,700 |
Income tax expense | $91,479 | $72,651 | $68,538 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | Jan. 01, 2011 | |
Income Taxes [Line Items] | ' | ' | ' | ' |
U.S. federal income tax rate | 35.00% | ' | ' | ' |
Income tax provision percentage | 5.20% | ' | ' | ' |
Federal net operating loss carryforwards | $15,700,000 | ' | ' | ' |
State net operating loss carryforwards | 9,900,000 | ' | ' | ' |
Operating loss carryforwards expiration year | 'Through fiscal 2025 | ' | ' | ' |
Gross amount of unrecognized tax benefits | 4,809,000 | 7,304,000 | 8,709,000 | 4,823,000 |
Unrecognized tax benefits that would impact effective tax rate | 4,800,000 | ' | ' | ' |
Unrecognized tax benefit, accrued interest | 700,000 | 700,000 | ' | ' |
State and Local Jurisdiction | ' | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | $1,100,000 | ' | ' | ' |
Reconciliation_of_Effective_Ta
Reconciliation of Effective Tax Amount (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Rate Reconciliation [Line Items] | ' | ' | ' |
Tax at U.S. federal income tax rate | $112,831 | $73,070 | $67,188 |
State income taxes, net of federal income tax benefit | 6,396 | 5,427 | 6,546 |
Section 199 qualifying production activities benefit | -7,022 | -5,407 | -5,645 |
Bargain purchase | -17,524 | ' | ' |
Other | -3,202 | -439 | 449 |
Income tax expense | $91,479 | $72,651 | $68,538 |
Components_of_Deferred_Tax_Ass
Components of Deferred Tax Assets and (Liabilities) (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets And Liabilities [Line Items] | ' | ' |
Self-insurance | $7,227 | $5,633 |
Compensation and employee benefits | 13,558 | 11,612 |
Deferred income | 7,397 | 6,697 |
Loss and credit carryforwards | 27,055 | 31,187 |
Equity-based compensation | 14,402 | 12,198 |
Hedging | 7,158 | 2,578 |
Pension | 10,822 | 54,843 |
Postretirement benefits | 7,595 | 7,805 |
Other | 16,084 | 13,453 |
Deferred tax assets valuation allowance | -2,895 | -4,545 |
Deferred tax assets | 108,403 | 141,461 |
Depreciation | -86,235 | -88,494 |
Intangible assets | -67,923 | -60,304 |
Bargain purchase | -31,345 | ' |
Other | -3,250 | -2,671 |
Deferred tax liabilities | -188,753 | -151,469 |
Net deferred tax (liability) asset | ($80,350) | ($10,008) |
Reconciliation_of_Total_Amount
Reconciliation of Total Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Income Tax Contingency [Line Items] | ' | ' | ' |
Unrecognized tax benefit at beginning of fiscal year | $7,304 | $8,709 | $4,823 |
Gross increases - tax positions in a current period | ' | 331 | 876 |
Gross increases - acquisitions | 500 | ' | 3,863 |
Lapses of statutes of limitations | -2,995 | -1,736 | -853 |
Unrecognized tax benefit at end of fiscal year | $4,809 | $7,304 | $8,709 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 |
In Millions, unless otherwise specified | ||
Commitment And Contingencies [Line Items] | ' | ' |
Self-insurance reserves, current liabilities | $24.90 | $21.20 |
Information_Regarding_Operatio
Information Regarding Operations in Reportable Segments (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | $843,550 | $878,492 | $898,153 | $749,442 | $717,282 | $681,561 | $1,130,810 | $898,206 | $3,751,005 | $3,046,491 | $2,773,356 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 118,491 | 102,690 | 94,638 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 335,233 | 218,511 | 189,026 | |||
Net interest (expense) income | ' | ' | ' | ' | ' | ' | ' | ' | -12,860 | -9,739 | 2,940 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 99,181 | 67,259 | 79,162 | |||
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 322,373 | 208,772 | 191,966 | |||
DSD | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,167,256 | 2,541,135 | 2,291,011 | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,098,013 | 2,508,856 | 2,265,244 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 100,792 | 84,290 | 74,378 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 350,531 | [1] | 233,196 | [1] | 203,248 | [1] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 80,528 | 52,375 | 61,017 | |||
Warehouse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 785,498 | 648,889 | 618,982 | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 652,992 | 537,635 | 508,112 | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 17,032 | 18,267 | 19,768 | |||
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | 48,517 | 36,230 | 27,351 | |||
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 8,187 | 10,809 | 14,379 | |||
Sales From Warehouse To DSD | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | -132,506 | -111,254 | -110,870 | |||
Sales From DSD To Warehouse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Sales | ' | ' | ' | ' | ' | ' | ' | ' | -69,243 | -32,279 | -25,767 | |||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 667 | [2] | 133 | [2] | 492 | [2] |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | -63,815 | [2] | -50,915 | [2] | -41,573 | [2] |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | $10,466 | [2] | $4,075 | [2] | $3,766 | [2] |
[1] | Represents the company's corporate head office assets including primarily cash and cash equivalents, deferred taxes and deferred financing costs. | |||||||||||||
[2] | Represents the company's corporate head office amounts and acquisition costs. |
Assets_by_Segment_Detail
Assets by Segment (Detail) (USD $) | Dec. 28, 2013 | Dec. 29, 2012 | ||
In Thousands, unless otherwise specified | ||||
Assets: | ' | ' | ||
Assets | $2,504,014 | $1,995,849 | ||
DSD | ' | ' | ||
Assets: | ' | ' | ||
Assets | 2,146,209 | 1,638,826 | ||
Warehouse | ' | ' | ||
Assets: | ' | ' | ||
Assets | 233,591 | 245,195 | ||
Other | ' | ' | ||
Assets: | ' | ' | ||
Assets | $124,214 | [1] | $111,828 | [1] |
[1] | Represents the company's corporate head office assets including primarily cash and cash equivalents, deferred taxes and deferred financing costs. |
Information_Regarding_Operatio1
Information Regarding Operations in Reportable Segments (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 28, 2013 |
Segment Reporting Information [Line Items] | ' |
Gain on acquisition | $50,071 |
Sales_by_Product_Category_in_E
Sales by Product Category in Each Reportable Segment (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | $843,550 | $878,492 | $898,153 | $749,442 | $717,282 | $681,561 | $1,130,810 | $898,206 | $3,751,005 | $3,046,491 | $2,773,356 |
Branded Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,046,916 | 1,590,726 | 1,421,229 |
Store Branded Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 645,117 | 544,670 | 499,661 |
Non-Retail and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,058,972 | 911,095 | 852,466 |
DSD | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,098,013 | 2,508,856 | 2,265,244 |
DSD | Branded Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,905,002 | 1,486,887 | 1,326,992 |
DSD | Store Branded Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 504,587 | 426,771 | 373,971 |
DSD | Non-Retail and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 688,424 | 595,198 | 564,281 |
Warehouse | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 652,992 | 537,635 | 508,112 |
Warehouse | Branded Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 141,914 | 103,839 | 94,237 |
Warehouse | Store Branded Retail | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | 140,530 | 117,899 | 125,690 |
Warehouse | Non-Retail and Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales | ' | ' | ' | ' | ' | ' | ' | ' | $370,548 | $315,897 | $288,185 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Information - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 28, 2013 | Jul. 13, 2013 | Dec. 28, 2013 |
Selling, General and Administrative Expenses | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' |
Out-of-period adjustments | $4.40 | ' | ' |
Out-of-period adjustments, net of tax | 2.7 | ' | ' |
Goodwill and Other Assets | ' | ' | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' |
Out-of-period adjustments | $0.90 | $1.10 | $2 |
Quarterly_Financial_Informatio
Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 4 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 28, 2013 | Oct. 05, 2013 | Jul. 13, 2013 | Dec. 29, 2012 | Oct. 06, 2012 | Jul. 14, 2012 | Apr. 20, 2013 | Apr. 21, 2012 | Dec. 28, 2013 | Dec. 29, 2012 | Dec. 31, 2011 | |
Schedule Of Quarterly Financial Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Sales | $843,550 | $878,492 | $898,153 | $749,442 | $717,282 | $681,561 | $1,130,810 | $898,206 | $3,751,005 | $3,046,491 | $2,773,356 | |
Materials, supplies, labor and other production costs (exclusive of depreciation and amortization shown separately) | 447,511 | 467,798 | 471,614 | 390,666 | 382,508 | 365,658 | 585,298 | 478,978 | 1,972,221 | 1,617,810 | 1,473,201 | |
Net income | $38,520 | [1] | $33,888 | $46,460 | $38,567 | $31,231 | $28,380 | $112,026 | $37,943 | $230,894 | $136,121 | $123,428 |
Basic net income per share | $0.18 | [1] | $0.16 | $0.22 | $0.18 | $0.15 | $0.14 | $0.54 | $0.19 | $1.11 | $0.66 | $0.61 |
Diluted net income per share | $0.18 | [1] | $0.16 | $0.22 | $0.18 | $0.15 | $0.14 | $0.53 | $0.19 | $1.09 | $0.66 | $0.60 |
[1] | Includes an out-of-period adjustment of $4.4 million ($2.7 million, net of tax) described above. |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Parenthetical) (Detail) (Selling, General and Administrative Expenses, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Dec. 28, 2013 |
Selling, General and Administrative Expenses | ' |
Schedule Of Quarterly Financial Information [Line Items] | ' |
Out-of-period adjustments | $4.40 |
Out-of-period adjustments, net of tax | $2.70 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | Dec. 28, 2013 | Apr. 05, 2013 | Feb. 14, 2013 | Feb. 14, 2014 |
In Millions, except Per Share data, unless otherwise specified | New Credit Facility | New Credit Facility | Subsequent Event | |
Dividend Declared | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Dividend declaration date | ' | ' | ' | 14-Feb-14 |
Dividend per share on common stock | ' | ' | ' | $0.11 |
Dividend to be paid date | ' | ' | ' | 14-Mar-14 |
Dividend record date | ' | ' | ' | 28-Feb-14 |
Line of credit facility, amount available | $15.50 | $500 | $500 | ' |